EC strengthens supervisors and standard-setters

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26 Feb 2009

The European Commission has adopted measures to strengthen the supervisory framework for EU financial markets and to provide funding for bodies involved in financial reporting standards at the EU and international levels, including the IASB.

Strengthening CESR, CEBS, CEIOPS
Under the new rules, the three committees that supervise the securities, banking, and insurance sectors will benefit from a clearer operational framework and more efficient decision-making processes.
The committees are
The Commission's action contains a non-exhaustive list of tasks that the Committees are expected to perform and introduces qualified majority voting when consensus cannot be reached. Measures adopted by the three Committees remain non-binding. However, member states that do not follow those measures must be prepared to present the reasons for this choice.

Funding IASB/IASCF, EFRAG, PIOB, and CESR, CEBS, CEIOPS

The Commission is proposing that the three committees, as well as the following three bodies involved in the standard-setting process for financial reporting and auditing at both EU and international level, should be provided with financial support from the EU budget:

Total funding of the six groups would amount to €36.2 million over the period 1 January 2010 until 31 December 2013, as follows:

Recipient

2010

2011

2012

2013

Total

IASCF/IASB

€0

€5,000

€5,000

€5,000

€15,000

EFRAG

€3,000

€3,000

€3,000

€3,000

€12,000

PIOB

€300

€300

€300

€300

€1,200

CESR, CEBS, CEIOPS Combined

€2,000

€2,000

€2,000

€2,000

€8,000

The funding proposal now passes to the Council and the European Parliament for consideration.
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