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Grants Work programme 2011

Under EU Decision 716/2009/EC, the European Commission gives financial support in the form of grants to specific organizations in the field of financial services supervisory convergence, and in relation to financial reporting and auditing. The beneficiaries of grants are listed in the annex of the above-mentioned Decision. For 2011 they are:

  • EFRAG, the European Financial Reporting and Advisory Group
  • PIOB, the Public Interest Oversight Board
  • the International Financial Reporting Standards (IFRS) Foundation

Operating grants are awarded to EFRAG, PIOB and the IFRS Foundation to support all activities of their organizations, with maximum ceilings of 50% for EFRAG and 25% of PIOB's and IFRS Foundation's annual costs. The total grant programme of DG Internal Market and Services for 2011 is 7.35 million euros for the three beneficiaries.

The secretariats of CEBS (Committee of European Banking Supervisors), CEIOPS (Committee of European Insurance and Occupational Pensions Regulators) and CESR (Committee of European Securities Regulators) received until 2010 action grants for the support of specific projects, mostly IT development projects and training of national supervisors. On 01/01/2011 they have been transformed into European Supervisory Authorities (ESAs) and enjoy a different financing regime.