EU proposes funding for IASCF, PIOB, and EFRAG
27 Jan 2009
The European Commission has issued proposals that would strengthen the financial supervisory structure in Europe and provide an allocation of the EU Budget to provide direct funding of the IASCF, IFAC's Public Interest Oversight Board (PIOB) and the European Financial Reporting Advisory Group (EFRAG) – all private-sector bodies involved in the setting of accounting and auditing standards.
Under the new rules, the three committees that supervise, respectively, the securities, banking and insurance sectors – CESR, CEBS, and CEIOPS – will benefit from a 'clearer operational framework and more efficient decision-making processes', as well as enhanced funding. The proposal for financial support, which totals €36.2 million, now goes to the Council and the European Parliament for joint decision.
Under the proposals:
- The IASCF would receive €5 million a year for three years 2011, 2012, 2013
- EFRAG would receive €3 million a year for four years 2010-2013
- The PIOB would receive €300 thousand a year for four years 2010-2013
- CESR, CEBS, and CEIOPS would receive €2 million a year for four years 2010-2013
Click for:
- EC Press Release (PDF 90k)
- Commission Proposal (PDF 131k)
- EC Staff Analysis for Commission Proposal (PDF 634k).
