BETA

Awaiting Council 1st reading position / budgetary conciliation convocation



2016/0110(COD) Union programme to support specific activities in the field of financial reporting and auditing (2014-2020): co-financing of EFRAG for the period of 2017-2020
RoleCommitteeRapporteurShadows
Opinion BUDG
Opinion CONT
Lead ECON STOLOJAN Theodor Dumitru (EPP) BERÈS Pervenche (S&D), KAMALL Syed (ECR), VAN NIEUWENHUIZEN Cora (ALDE), VIEGAS Miguel (GUE/NGL), GIEGOLD Sven (Verts/ALE), VON STORCH Beatrix (EFD), KAPPEL Barbara (ENF)
Opinion JURI
Lead committee dossier: ECON/8/06240
Legal Basis TFEU 114

Activites

  • 2017/04/27 Decision by Parliament, 1st reading/single reading
  • 2017/03/22 Approval in committee of the text agreed at 1st reading interinstitutional negotiations
    • PE602.849
  • 2016/10/14 Committee report tabled for plenary, 1st reading/single reading
    • A8-0291/2016 summary
  • 2016/10/11 Committee decision to open interinstitutional negotiations with report adopted in committee
  • 2016/10/11 Vote in committee, 1st reading/single reading
  • 2016/04/28 Committee referral announced in Parliament, 1st reading/single reading
  • 2016/04/13 Legislative proposal published
    • COM(2016)0202 summary
    • DG {'url': 'http://ec.europa.eu/info/departments/economic-and-financial-affairs_en', 'title': 'Economic and Financial Affairs'}, MOSCOVICI Pierre

Documents

  • Legislative proposal published: COM(2016)0202
  • Committee report tabled for plenary, 1st reading/single reading: A8-0291/2016
  • Approval in committee of the text agreed at 1st reading interinstitutional negotiations: PE602.849
  • Decision by Parliament, 1st reading/single reading: T8-0141/2017
AmendmentsDossier
22 2016/0110(COD)
2016/09/09 ECON 22 amendments...
source: 589.120

History

(these mark the time of scraping, not the official date of the change)

procedure/stage_reached
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Awaiting Council 1st reading position / budgetary conciliation convocation
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Provisional agreement between Parliament and Council on final act
activities/6/docs
  • url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2017-0141 type: Decision by Parliament, 1st reading/single reading title: T8-0141/2017
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Decision by Parliament, 1st reading/single reading
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activities/5/docs
  • type: Approval in committee of the text agreed at 1st reading interinstitutional negotiations title: PE602.849
activities/6/type
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Vote in plenary scheduled
activities/5
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2017-03-22T00:00:00
body
unknown
type
Approval in committee of the text agreed at 1st reading interinstitutional negotiations
procedure/Mandatory consultation of other institutions
Old
Economic and Social Committee
New
European Economic and Social Committee
activities/0/docs/0/celexid
CELEX:52016PC0202:EN
activities/0/docs/0/celexid
CELEX:52016PC0202:EN
activities/5/date
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2017-05-16T00:00:00
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2017-04-27T00:00:00
activities/0/commission/0/DG/url
Old
http://ec.europa.eu/dgs/economy_finance/index_en.htm
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http://ec.europa.eu/info/departments/economic-and-financial-affairs_en
activities/5/date
Old
2017-03-14T00:00:00
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2017-05-16T00:00:00
other/0/dg/url
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http://ec.europa.eu/dgs/economy_finance/index_en.htm
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http://ec.europa.eu/info/departments/economic-and-financial-affairs_en
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2017-02-14T00:00:00
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2017-03-14T00:00:00
activities/5/date
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2017-01-16T00:00:00
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2017-02-14T00:00:00
activities/2
date
2016-10-11T00:00:00
body
unknown
type
Committee decision to open interinstitutional negotiations with report adopted in committee
activities/3
date
2016-10-11T00:00:00
body
EP
type
Vote in committee, 1st reading/single reading
committees
activities/4
body
EP
docs
url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2016-0291&language=EN type: Committee report tabled for plenary, 1st reading/single reading title: A8-0291/2016
type
Committee report tabled for plenary, 1st reading/single reading
committees
date
2016-10-14T00:00:00
activities/5/date
Old
2017-01-17T00:00:00
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2017-01-16T00:00:00
procedure/Modified legal basis
Rules of Procedure of the European Parliament EP 150
procedure/stage_reached
Old
Awaiting committee decision
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Awaiting Parliament 1st reading / single reading / budget 1st stage
activities/2/date
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2016-12-13T00:00:00
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2017-01-17T00:00:00
activities/2/date
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2016-12-01T00:00:00
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2016-12-13T00:00:00
activities/2
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2016-10-11T00:00:00
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EP
type
Vote scheduled in committee, 1st reading/single reading
activities/3
date
2016-12-01T00:00:00
body
EP
type
Indicative plenary sitting date, 1st reading/single reading
activities/1/committees/2/shadows/3
group
GUE/NGL
name
VIEGAS Miguel
committees/2/shadows/3
group
GUE/NGL
name
VIEGAS Miguel
activities/2
date
2016-10-11T00:00:00
body
EP
type
Vote scheduled in committee, 1st reading/single reading
activities/1/committees/2/shadows/0
group
S&D
name
BERÈS Pervenche
committees/2/shadows/0
group
S&D
name
BERÈS Pervenche
activities/1/committees/2/shadows/2
group
Verts/ALE
name
GIEGOLD Sven
activities/1/committees/2/shadows/3
group
EFD
name
VON STORCH Beatrix
committees/2/shadows/2
group
Verts/ALE
name
GIEGOLD Sven
committees/2/shadows/3
group
EFD
name
VON STORCH Beatrix
activities/1/committees/2/shadows/0
group
ECR
name
KAMALL Syed
activities/1/committees/2/shadows/1
group
ALDE
name
VAN NIEUWENHUIZEN Cora
committees/2/shadows/0
group
ECR
name
KAMALL Syed
committees/2/shadows/1
group
ALDE
name
VAN NIEUWENHUIZEN Cora
activities/1/committees/2/shadows
  • group: ENF name: KAPPEL Barbara
committees/2/shadows
  • group: ENF name: KAPPEL Barbara
activities/1/committees/2/date
2016-05-12T00:00:00
activities/1/committees/2/rapporteur
  • group: EPP name: STOLOJAN Theodor Dumitru
committees/2/date
2016-05-12T00:00:00
committees/2/rapporteur
  • group: EPP name: STOLOJAN Theodor Dumitru
activities/0/docs/0/text
  • PURPOSE: to propose the continuation of the financing of the European Financial Reporting Advisory Group (EFRAG) for the period 2017-2020.

    PROPOSED ACT: Regulation of the European Parliament and of the Council.

    ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.

    BACKGROUND: in 2009, the European Parliament and the Council established a Community Programme to support specific activities in the field of financial services, financial reporting and auditing. This programme was extended with the Regulation (EU) No 258/2014 of the European Parliament and the Council ("Financing Regulation"). The beneficiaries of the extended programme are the International Financial Reporting Standards Foundation (IFRS Foundation), the European Financial Reporting Advisory Group (EFRAG) and the Public Interest Oversight Board (PIOB).

    EFRAG was established in 2001 as a private organisation to provide the Commission with technical expertise in financial reporting matters.

    On the basis of Regulation (EU) No 258/2014, the IFRS Foundation and the PIOB benefit from Union co-financing in the form of operating grants until 31 December 2020.

    In view of the uncertainties related to a major governance reform the organisation was undergoing in 2014, the co-legislators decided to limit its financing period until the end of 2016 and called on the Commission to submit a legislative proposal, if appropriate, to continue financing of EFRAG after 31 December 2016.

    On 12 November 2013, the Commission published the report of Philippe Maystadt, special advisor to the Commissioner responsible for internal market and services, in which he outlined potential reforms to EFRAG governance aimed at reinforcing the Union's contribution to the development of international accounting standards.

    The Commission closely monitored the implementation of the reform of EFRAG governance and found that it successfully implemented the conclusions of the special advisor’s report, by implementing a new governance structure which has increased the legitimacy and representativeness of EFRAG. As a result, EFRAG is now well equipped to strengthen the legitimacy of its positions and significantly contribute to the objective of Europe speaking with one voice. 

    Therefore, it is appropriate to propose to continue financing of EFRAG for the period 2017-2020 in order to meet the long-term objectives of the Union programme to support specific activities in the field of financial reporting and auditing.

    CONTENT: this proposal seeks to amend Regulation (EU) No 258/2014 in order to increase the budget of the Union Programme to support specific activities in the field of financial reporting and auditing for the period of 2014-2020 and to support the activities of EFRAG, which contribute to the achievement of the policy objectives of the Union in relation to financial reporting.

    In line with the Financing Regulation, EFRAG was allocated an amount of EUR 9 303 000 for the period 2014-2016. The current regulation proposes to allocate to EFRAG an additional amount of EUR 13 831 000 for the period 2017-2020.

    BUDGETARY IMPLICATIONS: the proposed regulation prolongation of the financing of EFRAG for the period 2017-2020 will increase the total budget of the programme to support specific activities in the field of financial reporting and auditing from EUR 43.176 million to approximately EUR 57 million.

activities/1
date
2016-04-28T00:00:00
body
EP
type
Committee referral announced in Parliament, 1st reading/single reading
committees
procedure/dossier_of_the_committee
ECON/8/06240
procedure/stage_reached
Old
Preparatory phase in Parliament
New
Awaiting committee decision
activities
  • date: 2016-04-13T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2016/0202/COM_COM(2016)0202_EN.pdf title: COM(2016)0202 type: Legislative proposal published celexid: CELEX:52016PC0202:EN body: EC type: Legislative proposal published commission: DG: url: http://ec.europa.eu/dgs/economy_finance/index_en.htm title: Economic and Financial Affairs Commissioner: MOSCOVICI Pierre
committees
  • body: EP responsible: False committee_full: Budgets committee: BUDG
  • body: EP responsible: False committee_full: Budgetary Control committee: CONT
  • body: EP responsible: True committee_full: Economic and Monetary Affairs committee: ECON
  • body: EP responsible: False committee_full: Legal Affairs committee: JURI
links
other
  • body: EC dg: url: http://ec.europa.eu/dgs/economy_finance/index_en.htm title: Economic and Financial Affairs commissioner: MOSCOVICI Pierre
procedure
Mandatory consultation of other institutions
Economic and Social Committee
reference
2016/0110(COD)
subtype
Legislation
legal_basis
Treaty on the Functioning of the EU TFEU 114
stage_reached
Preparatory phase in Parliament
summary
Amending Regulation (EU) No 258/2014
instrument
Regulation
title
Union programme to support specific activities in the field of financial reporting and auditing (2014-2020): co-financing of EFRAG for the period of 2017-2020
type
COD - Ordinary legislative procedure (ex-codecision procedure)
subject
2.50.08 Financial services, financial reporting and auditing