AMENDMENTS XM United in diversity XM. European Parliament 2016/0110(COD) Draft report Theodor Dumitru Stolojan (PE585.

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1 European Parliament Committee on Economic and Monetary Affairs 2016/0110(COD) AMENDMENTS 2-23 Draft report Theodor Dumitru Stolojan (PE v01-00) on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 258/2014 establishing a Union Programme to support specific activities in the field of financial reporting and auditing for the period of (COM(2016)0202 C8-0145/ /0110(COD)) AM\ docx PE v02-00 United in diversity

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3 2 Notis Marias Recital 1 (1) Βάσει του κανονισμού (ΕΕ) αριθ. 258/2014 του Ευρωπαϊκού Κοινοβουλίου και του Συμβουλίου 8, το Ίδρυμα Διεθνών Προτύπων Χρηματοοικονομικής Αναφοράς (Ίδρυμα ΔΠΧΑ), το οποίο είναι ο νόμιμος διάδοχος του Ιδρύματος της Επιτροπής Διεθνών Λογιστικών Προτύπων (ΙΕΔΛΠ), και το Συμβούλιο Εποπτείας Δημοσίου Συμφέροντος (PIOB) λαμβάνουν συγχρηματοδότηση από την Ένωση, υπό μορφή επιχορηγήσεων λειτουργίας, έως τις 31 Δεκεμβρίου Κανονισμός (ΕΕ) αριθ. 258/2014 του Ευρωπαϊκού Κοινοβουλίου και του Συμβουλίου, της 3ης Απριλίου 2014, περί θεσπίσεως προγράμματος της Ένωσης για την υποστήριξη συγκεκριμένων δραστηριοτήτων στον τομέα της χρηματοοικονομικής αναφοράς και της ελεγκτικής κατά την περίοδο , και για την κατάργηση της απόφασης αριθ. 716/2009 (ΕΕ L 105 της , σ. 1). (1) Βάσει του κανονισμού (ΕΕ) αριθ. 258/2014 του Ευρωπαϊκού Κοινοβουλίου και του Συμβουλίου 8, το Ίδρυμα Διεθνών Προτύπων Χρηματοοικονομικής Αναφοράς (Ίδρυμα ΔΠΧΑ), το οποίο είναι ο νόμιμος διάδοχος του Ιδρύματος της Επιτροπής Διεθνών Λογιστικών Προτύπων (ΙΕΔΛΠ), και το Συμβούλιο Εποπτείας Δημοσίου Συμφέροντος (PIOB) λαμβάνουν συγχρηματοδότηση από την Ένωση, υπό μορφή επιχορηγήσεων λειτουργίας, έως τις 31 Δεκεμβρίου 2020, προκειμένου μέσα από τον καθορισμό των Διεθνών Προτύπων Χρηματοοικονομικής Αναφοράς και των Διεθνών Λογιστικών Προτύπων να επιτευχθεί χρηματοοικονομική σταθερότητα. 8 Κανονισμός (ΕΕ) αριθ. 258/2014 του Ευρωπαϊκού Κοινοβουλίου και του Συμβουλίου, της 3ης Απριλίου 2014, περί θεσπίσεως προγράμματος της Ένωσης για την υποστήριξη συγκεκριμένων δραστηριοτήτων στον τομέα της χρηματοοικονομικής αναφοράς και της ελεγκτικής κατά την περίοδο , και για την κατάργηση της απόφασης αριθ. 716/2009 (ΕΕ L 105 της , σ. 1). Or. el 3 Beatrix von Storch Recital 2 AM\ docx 3/3 PE v02-00

4 (2) The European Financial Reporting Advisory Group (EFRAG), on the basis of Regulation (EU) No 258/2014, benefits from Union co-financing in the form of operating grants until 31 December (2) The European Financial Reporting Advisory Group (EFRAG), on the basis of Regulation (EU) No 258/2014, benefits from Union co-financing in the form of operating grants until 31 December It should receive no further funding and should be dissolved. 4 Notis Marias Recital 3 (3) Στις 12 Νοεμβρίου 2013 η Επιτροπή δημοσίευσε την έκθεση του κ. Philippe Maystadt, ειδικού συμβούλου του Επιτρόπου που είναι αρμόδιος για την εσωτερική αγορά και τις υπηρεσίες («έκθεση του ειδικού συμβούλου»), στην οποία σκιαγραφούνται ενδεχόμενες μεταρρυθμίσεις στη διακυβέρνηση της ΕΣΟΧΑ οι οποίες θα ενίσχυαν τη συμβολή της Ένωσης στην κατάρτιση διεθνών λογιστικών προτύπων. (3) Στις 12 Νοεμβρίου 2013 η Επιτροπή δημοσίευσε την έκθεση του κ. Philippe Maystadt, ειδικού συμβούλου του Επιτρόπου που είναι αρμόδιος για την εσωτερική αγορά και τις υπηρεσίες («έκθεση του ειδικού συμβούλου»), στην οποία σκιαγραφούνται ενδεχόμενες μεταρρυθμίσεις στη διακυβέρνηση της ΕΣΟΧΑ οι οποίες θα ενίσχυαν τη συμβολή της Ένωσης στην κατάρτιση διεθνών λογιστικών προτύπων, τα οποία θα πρέπει να ενισχύσουν τη διεθνή συγκρισιμότητα, καθώς και τη διαφάνεια στην απεικόνιση της πραγματικής οικονομικής κατάστασης των οικονομικών μονάδων. Or. el 5 Notis Marias Recital 4 PE v /4 AM\ docx

5 (4) Η Επιτροπή παρακολούθησε εκ του σύνεγγυς την υλοποίηση της μεταρρύθμισης στη διακυβέρνηση της ΕΣΟΧΑ και ενημέρωσε δεόντως το Ευρωπαϊκό Κοινοβούλιο και το Συμβούλιο για την πρόοδο της υλοποίησης. Η Επιτροπή διαπίστωσε ότι η ΕΣΟΧΑ εφάρμοσε με επιτυχία τα συμπεράσματα της έκθεσης του ειδικού συμβούλου, υλοποιώντας μια νέα δομή διακυβέρνησης, η οποία ενίσχυσε τη νομιμοποίηση και την αντιπροσωπευτικότητα της ΕΣΟΧΑ. Ως εκ τούτου, είναι σκόπιμο να συνεχιστεί η χρηματοδότηση της ΕΣΟΧΑ για την περίοδο , προκειμένου να επιτευχθούν οι μακροπρόθεσμοι στόχοι του προγράμματος της Ένωσης για την υποστήριξη συγκεκριμένων δραστηριοτήτων στον τομέα της χρηματοοικονομικής αναφοράς και της ελεγκτικής. (4) Η Επιτροπή παρακολούθησε εκ του σύνεγγυς την υλοποίηση της μεταρρύθμισης στη διακυβέρνηση της ΕΣΟΧΑ και ενημέρωσε δεόντως το Ευρωπαϊκό Κοινοβούλιο και το Συμβούλιο για την πρόοδο της υλοποίησης. Or. el 6 Beatrix von Storch Recital 4 (4) The Commission closely monitored the implementation of the reform of EFRAG governance and informed duly the European Parliament and the Council of the progress in its implementation. The Commission found that EFRAG successfully implemented the conclusions of the special advisor s report, by implementing a new governance structure, which has increased the legitimacy and representativeness of (4) The Commission closely monitored the implementation of the reform of EFRAG governance and informed duly the European Parliament and the Council of the progress in its implementation. Financing of EFRAG for the period should not be continued. The Union should not support specific activities in the field of financial reporting and auditing. AM\ docx 5/5 PE v02-00

6 EFRAG. Therefore it is appropriate to continue financing of EFRAG for the period in order to meet the long-term objectives of the Union programme to support specific activities in the field of financial reporting and auditing. 7 Miguel Viegas Recital 4 a (new) (4-A) É conveniente ter em conta a subrepresentação do interesse público relativamente ao interesse privado nos diversos órgãos de gestão do EFRAG pelo que a nova estrutura de governação do EFRAG deverá colmatar esse défice de representação. Or. pt 8 Sven Giegold on behalf of the Verts/ALE Group Recital 4 a (new) (4 a) Article 9(3) of Regulation (EU) No 258/2014 requires the Commission to prepare an annual report on the activity of the IFRS Foundation as regards the development of IFRS, of PIOB and of EFRAG. Such annual report should also refer to the follow-up and implementation of the recommendations and demands PE v /6 AM\ docx

7 made in the European Parliament's resolution of 7 June 2016 on International Accounting Standards (IAS) evaluation and the activities of the IFRS Foundation, EFRAG and PIOB, as well as recommendations and demands made in future resolutions of the European Parliament. As beneficiaries of funding awarded under the Union Programme, the IFRS Foundation, PIOB and EFRAG shall report annually on the implementation of Union policies in the field of financial reporting and auditing, in particular by referring to the follow-up and implementation of the recommendations and demands made in past or future resolutions of the European Parliament. In addition, the IFRS Foundation, PIOB and EFRAG are encouraged to participate regularly, at least annually, in hearings organised by the European Parliament in order to provide a full account on the development of international financial reporting and auditing standards. 9 Miguel Viegas Recital 4 b (new) (4-B) A Comissão Europeia deverá apresentar uma proposta no sentido de transformar o EFRAG numa agência pública, de acordo com a posição expressa pelo Parlamento Europeu. Or. pt AM\ docx 7/7 PE v02-00

8 10 Syed Kamall Recital 4 b (new) (4 a) The activities and performance of EFRAG do not appear to have been disadvantaged by it being granted funding over a shorter timeframe than that of PIOB and the IFRS Foundation. It is recognised that there is a need to balance the objectives of EFRAG accountability with organisational continuity and planning. Justification On the basis of regulation (EU) No 258/2014 the IFRS Foundation and PIOB was granted funding until 31 December 2020, in contrast EFRAG funding was granted until The ECR believes that this shorter funding period has contributed to positive changes, including but not limited to increased interaction between EFRAG and the European Parliament. ECR also recognises the practical needs of EFRAG when planning for the future, especially in terms of staff contracts. 11 Miguel Viegas Recital 4 c (new) (4-C) A Comissão Europeia deverá fornecer ao Parlamento Europeu e ao Conselho mais informação regular sobre a articulação do trabalho da Fundação IFRS, do EFRAG e do PIOB, tendo em conta que estes três organismos são financiadas pelo orçamento da União e trabalham para o mesmo fim. PE v /8 AM\ docx

9 Or. pt 12 Cora van Nieuwenhuizen, Theodor Dumitru Stolojan, Pervenche Berès, Sven Giegold Recital 5 a (new) (5 a) EFRAG's field of activity is currently limited to that which is described in the special advisor's report and, considering that multiple additional tasks and responsibilities that have been attributed to EFRAG in the European Parliament's resolution of 7 June 2016, EFRAG should ensure that those additional tasks and responsibilities are to be actively monitored and reported upon. 13 Beatrix von Storch Recital 6 (6) Since the objective of this Regulation, namely increasing the budget of a Union programme for the period 2017 to 2020 in order to support the activities of EFRAG, which contribute to the achievement of the policy objectives of the Union in relation to financial reporting, cannot be sufficiently achieved by the Member States but can rather, by reason of its scale and effects, be better achieved at Union level, the Union may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European deleted AM\ docx 9/9 PE v02-00

10 Union. In accordance with the principle of proportionality, as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve that objective. 14 Notis Marias Recital 6 (6) Δεδομένου ότι ο στόχος του παρόντος κανονισμού, ήτοι η αύξηση του προϋπολογισμού ενός προγράμματος της Ένωσης για την περίοδο 2017 έως 2020, για να υποστηριχθούν οι δραστηριότητες της ΕΣΟΧΑ, οι οποίες συμβάλλουν στην επίτευξη των στόχων πολιτικής της Ένωσης σχετικά με τη χρηματοοικονομική αναφορά, δεν μπορεί να επιτευχθεί επαρκώς από τα κράτη μέλη, μπορεί όμως, λόγω της κλίμακας και των αποτελεσμάτων του, να επιτευχθεί καλύτερα στο επίπεδο της Ένωσης, η Ένωση μπορεί να λάβει μέτρα, σύμφωνα με την αρχή της επικουρικότητας, η οποία διατυπώνεται στο άρθρο 5 της Συνθήκης για την Ευρωπαϊκή Ένωση. Σύμφωνα με την αρχή της αναλογικότητας, όπως διατυπώνεται στο ίδιο άρθρο, ο παρών κανονισμός δεν υπερβαίνει τα απαιτούμενα για την επίτευξη του εν λόγω στόχου, (6) Δεδομένου ότι ο στόχος του παρόντος κανονισμού, ήτοι η αύξηση του προϋπολογισμού ενός προγράμματος της Ένωσης για την περίοδο 2017 έως 2020, για να υποστηριχθούν οι δραστηριότητες της ΕΣΟΧΑ, οι οποίες θα έπρεπε να συμβάλλουν σε μεγαλύτερο βαθμό στη βελτίωση των Διεθνών Προτύπων Χρηματοοικονομικής Αναφοράς, δεν μπορεί να επιτευχθεί επαρκώς από τα κράτη μέλη, μπορεί όμως, λόγω της κλίμακας και των αποτελεσμάτων του, να επιτευχθεί καλύτερα στο επίπεδο της Ένωσης, η Ένωση μπορεί να λάβει μέτρα, σύμφωνα με την αρχή της επικουρικότητας, η οποία διατυπώνεται στο άρθρο 5 της Συνθήκης για την Ευρωπαϊκή Ένωση. Σύμφωνα με την αρχή της αναλογικότητας, όπως διατυπώνεται στο ίδιο άρθρο, ο παρών κανονισμός δεν υπερβαίνει τα απαιτούμενα για την επίτευξη του εν λόγω στόχου, Or. el 15 Beatrix von Storch PE v /10 AM\ docx

11 Article 1 paragraph 1 point 1 Regulation (EU) No 258/2014 Article 3 paragraph 1 point a point i (i) EFRAG; deleted Justification Previous text. 16 Beatrix von Storch Article 1 paragraph 1 point 2 point a Regulation (EU) No 258/2014 Article 6 paragraph 1 1. The financial envelope for the implementation of the Programme for the period 2014 to 2020 shall be EUR in current prices.; deleted Justification Previous text. 17 Beatrix von Storch Article 1 paragraph 1 point 2 point b Regulation (EU) No 258/2014 Article 6 paragraph 3 point a AM\ docx 11/11 PE v02-00

12 (a) for EFRAG: EUR ; deleted Justification Previous text. 18 Sven Giegold on behalf of the Verts/ALE Group Article 1 paragraph 1 point 2 a point a (new) Regulation (EU) No 258/2014 Article 9 paragraph 4 a (new) (2 a) Article 9 is amended as follows: (a) the following paragraph is inserted: '4a. With regard to the IFRS Foundation, the report referred to in paragraph 3 shall also assess: (a) whether further progress has been made as regards the governance of the IFRS Foundation and the IASB, in particular in terms of transparency, prevention of conflicts of interest and diversity of hired experts, and whether and what steps have been taken to ensure broad representation of interests (such as consumer representation agencies and finance ministries) and public accountability in order to guarantee highquality accounting standards; (b) and identify the actions undertaken within IFRS in order to enhance democratic legitimacy, transparency, accountability and integrity which, inter alia, are related to public PE v /12 AM\ docx

13 access to documents, open dialogue with diverse stakeholders, the establishment of mandatory transparency registers and rules on transparency of lobby meetings as well as internal rules, in particular the prevention of conflicts of interest.' 19 Sven Giegold on behalf of the Verts/ALE Group Article 1 paragraph 1 point 2 a point b (new) Regulation (EU) No 258/2014 Article 9 paragraph 5 Present text 5. With regard to PIOB or its successor organisation, the report referred to in paragraph 3 shall cover developments in the diversification of funding. If funding by the IFAC in a given year reaches more than two-thirds of the total annual PIOB funding, the Commission shall propose to limit its annual contribution for that year to a maximum of EUR (2 a) Article 9 is amended as follows: (b) paragraph 5 is replaced by the following: '5. With regard to PIOB or its successor organisation, the report referred to in paragraph 3 shall cover developments in the diversification of funding and it shall assess the efforts undertaken to ensure integrity in the auditing profession. If funding by the IFAC in a given year reaches more than two-thirds of the total annual PIOB funding, the Commission shall propose to limit its annual contribution for that year to a maximum of EUR ' 20 Pervenche Berès Article 1 paragraph 1 point 2 a point a (new) AM\ docx 13/13 PE v02-00

14 Regulation (EU) No 258/2014 Article 9 paragraph 6 subparagraph 2 Present text If appropriate, the Commission shall submit a legislative proposal to continue financing of EFRAG after 31 December (2 a) Article 9 is amended as follows: (a) in paragraph 6, the second subparagraph is replaced by the following: 'If appropriate, the Commission shall submit a legislative proposal to transform EFRAG into a public agency in the long term;' 21 Sven Giegold on behalf of the Verts/ALE Group Article 1 paragraph 1 point 2 a point c (new) Regulation (EU) No 258/2014 Article 9 paragraph 6 a (new) (2 a) Article 9 is amended as follows: (c) the following paragraph is inserted:: '6a. With regard to EFRAG, the report referred to in paragraph 3 shall assess: (a) whether the 'expanded public good' criterion as defined in the special advisor s report (i.e. that accounting standards should neither jeopardise financial stability in the Union nor hinder the economic development of the Union), has been fully respected during the endorsement process undertaken during the previous year; (b) whether the European Parliament and the Council have been involved at an early stage when developing financial PE v /14 AM\ docx

15 reporting standards in general and in the endorsement process in particular; (c) whether a more diversified and balanced financing structure, including on the basis of fees and public sources has been achieved and whether formal steps have been undertaken in order to encourage Member States that do not already have a National Funding Mechanism to establish one; and (d) identify the actions undertaken within EFRAG in order to enhance democratic legitimacy, transparency, accountability and integrity which, inter alia, concern public access to documents, open dialogue with diverse stakeholders, the establishment of mandatory transparency registers and rules on transparency of lobby meetings as well as internal rules, in particular prevention of conflict of interests.' 22 Pervenche Berès Article 1 paragraph 1 point 2 a point b (new) Regulation (EU) No 258/2014 Article 9 paragraph 7 Present text 7. The Commission shall transmit the report referred to in paragraph 3 to the European Parliament and to the Council no later than 30 June each year. (2 a) Article 9 is amended as follows: (b) paragraph 7 is replaced by the following: '7. The Commission shall transmit, for approval, the report referred to in paragraph 3 to the European Parliament and to the Council no later than 30 June each year.'. AM\ docx 15/15 PE v02-00

16 23 Sven Giegold on behalf of the Verts/ALE Group Article 1 paragraph 1 point 2 a point d (new) Regulation (EU) 258/2014 Article 9 paragraph 9 a (new) (2 a) Article 9 is amended as follows: (d) the following paragraph is added: '9a. From 2017, the IFRS Foundation, PIOB and EFRAG shall prepare an annual report on the implementation of Union policies in the field of financial reporting and auditing and participate regularly, at least annually, in hearings organised by the European Parliament in order to give a full account of the development of international financial reporting and auditing standards. The report shall cover the following: (a) follow-up and implementation of the recommendations and demands made in past or future resolutions of the European Parliament; (b) whether further progress has been made as regards governance, in particular in terms of transparency, and what steps have been taken to ensure broad representation of interests and public accountability; and (c) identify the actions undertaken in order to enhance democratic legitimacy, transparency, accountability and integrity which, inter alia, concern public access to documents, transparency of lobby meetings as well as the prevention of conflicts of interest.' PE v /16 AM\ docx

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