10 Amendments of Pervenche BERÈS related to 2009/0001(COD)
Amendment 13 #
Proposal for a decision
Recital 2 a (new)
Recital 2 a (new)
(2a) The financial crisis has highlighted the need to improve the governance of the International Accounting Standards Board along the lines set out in the European Parliament resolution of 24 April 2008 on International Financial Reporting Standards (IFRS) and the Governance of the International Accounting Standards Board (IASB).
Amendment 14 #
Proposal for a decision
Recital 7 a (new)
Recital 7 a (new)
(7a) Sufficient funding should be set aside for a Community contribution to the functioning of the level 3 Lamfalussy committees and international accounting standard setting, and in particular to the International Accounting Standards Committee Foundation, including the International Accounting Standards Board and its European voice, the European Financial Reporting Advisory Group (EFRAG).
Amendment 15 #
Proposal for a decision
Recital 7 b (new)
Recital 7 b (new)
(7b) Community funding of the level 3 committees and the European Financial Reporting Advisory Group (EFRAG), the International Accounting Standards Committee Foundation (IASCF) and the Public Interest Oversight Board (PIOB) should, in particular in the specific case of the IASCF, be made conditional upon practical fulfilment of the governance requirements laid down by the Community.
Amendment 16 #
Proposal for a decision
Recital 2
Recital 2
(2) In a global economy, there is also a need to converge standards between jurisdictions or develop international standards under a transparent and democratic process. It is therefore important that the Community plays a role in the international standard setting process for financial markets. To ensure that interests of the Community are respected and that global standards are of high- quality and compatible with the Community legislation, it is essential that the interests of the Community are adequately represented in the international standard setting processes.
Amendment 17 #
Proposal for a decision
Recital 4
Recital 4
(4) It is therefore appropriate to provide a Community programme for the possibility to co-finance activities of the European Financial Reporting Advisory Group (EFRAG), the International Accounting Standards Committee Foundation (IASCF) and the Public Interest Oversight Board (PIOB), which pursue, in accordance with Article 162 of Commission Regulation (EC, Euratom) No 2342/2002 of 23 December 2002, laying down detailed rules for the implementation of Council Regulation (EC, Euratom) No 1605/2002 , aims of a general European interest by designing standards, endorsing standards or supervising standard setting processes in the field of financial reporting and auditing.
Amendment 18 #
Proposal for a decision
Recital 8
Recital 8
(8) In addition to changing their funding patterns, IASCF and EFRAG are currently undergoing governance reforms to make sure that their structure and processes ensure their ability to accomplish their public interest mission in an independent and, efficient manner. These reforms should be in place by the time the, transparent and democratic manner. These reforms, the importance of which has been stressed by the G20 and the de Larosière Group, as well as in the Commission Communication of 4 March 2009 for the Spring European Council, entitled 'Driving European recovery', must be in place before a Community co- financing startsprogramme is established.
Amendment 19 #
Proposal for a decision
Recital 13 a (new)
Recital 13 a (new)
(13a) The crisis in the financial market has highlighted the need for reform of the regulatory and supervisory models for the European Union’s financial sector. In particular, the Commission reported in its Communication of 29 October 2008 entitled 'From financial crisis to recovery: A European framework for action' (COM(2008)0706), that it had set up a group of experts chaired by Jacques de Larosière with a mandate to consider the organisation of European financial institutions to ensure prudential soundness, the orderly functioning of markets and stronger European cooperation on financial stability oversight, early warning mechanisms and crisis management, including the management of cross-border and cross- sectoral risks. The group of experts' remit includes looking at cooperation between the EU and other major jurisdictions to help ensure financial stability at the global level. The Commission should present the practical outcome of that work to the European Parliament and the Council as soon as possible and no later than 1 July 2010, together with any legislative proposals needed to deal with the failings identified in the provisions for cooperation on oversight.
Amendment 21 #
Proposal for a decision
Article 11 – paragraph 1
Article 11 – paragraph 1
1. The Commission shall ensure that for any action financed by the Programme, the beneficiary submits annually a technical and financial report on the progress of work and that a final report is submitted after the completion of the action. The Commission shall determine the form and content of the reports. Beneficiaries shall also submit an annual report to the European Parliament.
Amendment 22 #
Proposal for a decision
Article 11 – paragraph 1 a (new)
Article 11 – paragraph 1 a (new)
1a. Prior to the entry into force of this Programme, the European Union shall conclude an agreement with the international beneficiary organisations with a view to ensuring that the Court of Auditors and the European Anti-Fraud Office (OLAF) are empowered to exercise supervisory powers.
Amendment 23 #
Proposal for a decision
Annex – Section A – indent 2
Annex – Section A – indent 2