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Document 32009D0716
Community programme to support financial services, financial reporting and auditing (2010-2013)
This summary has been archived and will not be updated, because the summarised document is no longer in force or does not reflect the current situation.
Community programme to support financial services, financial reporting and auditing (2010-2013)
The financial crisis which began in October 2008 has raised new questions in the area of financial supervision. The Member States and the European Commission therefore consider it necessary to review the funding arrangements of the supervisory committees in order to make them more independent. The Community programme to support financial services, financial reporting and auditing appears to be able to meet this new requirement.
ACT
Decision No 716/2009/EC of the European Parliament and of the Council of 16 September 2009 establishing a Community programme to support specific activities in the field of financial services, financial reporting and auditing.
SUMMARY
The aim of the Programme is to support the activities or actions of certain bodies in the fields of financial services, financial reporting and auditing. It applies to two types of activity:
Beneficiaries of the Programme
The following bodies may benefit from the Programme:
Other bodies may also benefit from the Programme provided they meet the following criteria:
Award of grants
The European Commission awards grants to the EFRAG, the IASCF and the PIOB in the form of operating grants, to cover expenses such as the running of secretariats and the remuneration of employees.
The support structures of the European supervisory committees receive funding in the form of action grants covering the following activities:
The Commission awards funding in the form of grants to other bodies which have submitted an appropriate work programme and estimated overall budget.
Grant beneficiaries are obliged to indicate, on a website or in the annual report, that they have received funding from the budget of the European Union.
The financial reference amount is EUR 38.7 million for the period 2010-2013.
Monitoring procedures
The Commission shall ensure that a technical and financial report, and an activity and financial report are submitted annually by the beneficiary of the grant. It may exercise supervision and financial control, as may the Court of Auditors.
Context
This Programme is introduced as part of the period of reflection which followed the financial crisis of October 2008. This period has been marked by a range of initiatives such as the adoption of the Communication from the Commission of 29 October 2008 – From financial crisis to recovery: A European framework for action, and the establishment of the De Larosière Group of experts responsible for considering the future supervisory architecture in Europe.
At the same time, the G20 summit held in Washington on 15 November 2008 also highlighted the need to improve international coordination between financial supervisory bodies.
References
Act |
Entry into force |
Deadline for transposition in the Member States |
Official Journal |
Decision 716/2009/EC |
15.10.2009 |
1.7.2010 |
OJ L 253 of 25.9.2009 |
RELATED ACTS
Communication from the Commission of 29 October 2008 – From financial crisis to recovery: A European framework for action [COM(2008) 706 final – Not published in the Official Journal].
This Communication emphasises the need to redefine the regulatory and supervisory model of the European Union financial sector.
Last updated: 05.05.2010