26 January 2009

Commission proposes direct funding of financing supervisory committees

The Commission proposes providing direct funding from the Community budget to the 3L3 Committees and to key international and European bodies involved in the standard setting process for financial reporting and auditing.

The Commission proposes providing direct funding from the Community budget to the 3L3 Lamfalussy Committees and to key international and European bodies involved in the standard setting process for financial reporting and auditing.

 

The Commission proposed the establishment of a Community programme, providing direct funding from the Community budget to CESR, CEBS and CEIOPS. The other bodies are the International Accounting Standards Committee Foundation (IASCF), the European Financial Reporting Advisory Group (EFRAG) and the Public Interest Oversight Body (PIOB).

 

The total amount to be borne by the Community’s budget is EUR 36.2 million for the 2010 – 2013 period. The Programme is a four year programme aligned with the duration of the financial perspectives 2007 – 2013.

 

The proposal will now enter the co-decision procedure with a view to adoption by the European Parliament and the Council.

 

Press release

Commission proposal

Staff working document

 

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