EU told to fund private-sector oversight bodies

The European Commission on Monday told the European Union that it should help fund private sector financial oversight groups to make them more accountable.

EU funding for the International Accounting Standards Committee Foundation (IASCF), the Public Interest Oversight Body, (PIOB) and the European Financial Reporting Advisory Group (EFRAG) would reduce conflicts of interest, EU spokesman Oliver Drewes told Associated Press.

EU governments and the European Parliament would need to approve the new funding.