Pilot Project - “Capacity building of end-users and non-industry stakeholders in Union policy making in the area of financial services”
The objective of this 2012 operating grant is to provide a financial contribution for the year 2012 for the establishment and functioning of a European financial expertise centre to the direct benefit of European end-users and non-industry stakeholders in the financial services area.
The beneficiaries of this grant will be selected through an open procedure. The call for proposals was launched on 16 December 2011 and applications had to be submitted by 31 January 2012. The maximum amount of Union contribution is 1.250.000 € which is further limited to maximum 60% of the total eligible costs of the proposed work programme.
Specific activities in the field of financial services, financial reporting and auditing
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 2012 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 2012 is 7.45 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 01/01/2012 they have been transformed into European Supervisory Authorities (ESAs) and enjoy a different financing regime.