Overview
Lobbying Costs
250,000€
Financial year: Apr 2015 - Apr 2016
Lobbyists (Full time equivalent)
1.5 Fte (2)
Lobbyists with EP accreditation
0
High-level Commission meetings
3
Lobbying Costs over the years
-
Info
Financial Reporting Council (FRC)
EU Transparency Register
891654116196-35 First registered on 24 Feb 2015
Goals / Remit
The FRC is responsible for promoting high quality corporate governance and reporting to foster investment. We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work.
We represent UK interests in international standard-setting. We also monitor and take action to promote the quality of corporate reporting and auditing. We operate independent disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.Main EU files targeted
The FRC follows EU initiatives, policies and legislative files of relevance to our areas of responsibility, e.g. audit, accounting/financial reporting, corporate governance and actuarial. This includes legislative files such as the shareholders rights directive, evaluation of IAS regulation, the reform of EFRAG, implementation of the audit directive and regulation; but also EU initiatives such as the Communication on long-term financing of the EU, EU CSR strategy, Capital Markets Union etc.
Address
Head Office
Financial Reporting Council
8th Floor, 125 London Wall
London EC2Y 5AS
UNITED KINGDOMEU Office
Rue de la Science 14 b
Brussels 1040
BELGIUM -
People
Total lobbyists declared
2
Employment time Lobbyists 75% 2 Lobbyists (Full time equivalent)
1.5
Lobbyists with EP accreditation
No lobbyists with EP accreditations
Complementary Information
In addition, a number of people within the FRC are involved at EU level in the activities described under heading 9 as members of Commission consultative or expert groups. However, such activities will constitute significantly less than 25% of their time.
Person in charge of EU relations
Ms Cecilia Thorn (Head of International Relations)
Person with legal responsibility
Ms Anne McArthur (General Counsel & Company Secretary)
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Categories
Category
VI - Organisations representing local, regional and municipal authorities, other public or mixed entities, etc.
Subcategory
Other public or mixed entities, created by law whose purpose is to act in the public interest
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Networking
Affiliation
FRC is a regulator & independent standard-setter and not a membership organisation.
Member organisations
None declared
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Financial Data
Closed financial year
Apr 2015 - Apr 2016
Lobbying costs for closed financial year
250,000€
Other financial info
None declared
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EU Structures
Groups (European Commission)
The FRC is active in the Committee of European Auditing Oversight Bodies (CEAOB) established in 2016 to improve cooperation between European national audit authorities in the EU. The CEAOB contributes to the proper application of EU audit legislation by facilitating supervisory convergence.
The FRC is also a member of the Commission’s Informal Expert Group on the evaluation of the IAS Regulation.ACC
As the UK standard setter, the FRC is a member of the European Financial Reporting Advisory Group (EFRAG). EFRAG is an organisation established by a broad group of organisations representing the European accounting profession, preparers, users, and national standard-setters with the following goals: to provide technical expertise to the European Commission concerning the use of IAS within the Europe, to participate in IASB's standard setting process, and to coordinate within the EU the development of views concerning international accounting standards. The function of the Committee is a regulatory one and consists in providing an opinion on the Commission proposals to adopt an international accounting standard as envisaged under Article 3 of the IAS Regulation.
We are also members of the EFRAG TEG, EFRAG Insurance Accounting Working Group, and attend the Accounting Regulatory Committee.Groups (European Parliament)
None
Communication activities
The FRC is active in the UK with regards to the implementation of the audit directive and regulation, the non-financial reporting directive and corporate govenance reform in the UK.
With regards to the audit directive and regulation we published our first Developments in Audit Report as the UK competent authority in July 2016. This was updated in February 2017. https://www.frc.org.uk/Our-Work/Audit-and-Actuarial-Regulation/Report-on-Developments-in-Audit.aspx
We also updated our audit firm governance code and amended the UK Corporate Governance Code to reflect changes in the audit regime.
The FRC is currently working on updating our Guidance on the Strategic Report to bring it in line with the Non-Financial Reporting Directive.
We recently issued the UK's technical actuarial standards which take account of the second occupational pensions directive.Other activities
None declared
Meetings
Meetings
3 meetings found. Download meetings
The list below only covers meetings held since November 2014 with commissioners, their cabinet members or directors-general at the European Commission; other lobby meetings with lower-level staff may have taken place, but the European Commission doesn't proactively publish information about these meetings. For more information about which commissioner is responsible for which portfolio, check out this link: https://commissioners.ec.europa.eu/index_en All information below comes from European Commission web pages.
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Date 23 Apr 2015 Location Brussels Subject Company law DG Justice and Consumers Attending - Paraskevi Michou (Acting Director-General)
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Date 22 Apr 2015 Location Brussels Subject Financial Policy Cabinet Cabinet of Commissioner Jonathan Hill Portfolio Financial Stability, Financial Services and Capital Markets Union Attending - Matthew Baldwin (Cabinet member)
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Date 20 Feb 2015 Location London Subject Financial Services Policy Cabinet Cabinet of Commissioner Jonathan Hill Portfolio Financial Stability, Financial Services and Capital Markets Union Attending - Jonathan Hill (Commissioner)
Other Lobbyists