ICFR, which is a London-based regulatory think tank, said Prada will help shape its agenda and develop relationships with financial industry bodies, academic institutions, regulators and market participants.
Prada is a senior figure in the world of financial regulation. He was the chairman of France's regulator Autorité des Marchés Financiers until December 2008. He also served as chairman of the technical committee for the Madrid-based International Organisation of Securities Commissions until May last year.
He is currently a member of the Financial Crisis Advisory Group, which was set up by the International Accounting Standards Board and the US Financial Accounting Standards Board to advise on financial reporting issues arising from the crisis. He is also chairman of the International Valuation Standards Council.