Press Release: Financial markets: Commission adopts measures to strengthen supervisory committees and standard-setting bodies for accounting and auditing

The European Commission adopted a set of decisions to strengthen the supervisory framework for EU financial markets, in order to improve supervisory cooperation and convergence between Member States and to reinforce financial stability. Under the new rules, the three committees that supervise, respectively, the securities, banking and insurance sectors will benefit from a clearer operational framework and more efficient decision-making processes. In addition, the Commission proposed that these committees, as well as key bodies involved in the standard-setting process for financial reporting and auditing at both EU and international level, should be provided with financial support from the EU budget so that they can achieve their objectives as rapidly and efficiently as possible. The proposal for financial support now passes to the Council and the European Parliament for consideration.