EC strengthens supervisors and standard-setters
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.
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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
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:
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- Commission Funding Proposal (PDF 131k)
- Press Release on Strengthening and Funding (PDF 90k)
