The European Commission, the Financial Services Agency of Japan, the IOSCO, and the US Securities and Exchange Commission have proposed the creation of a new monitoring body within the governance structure of the IASC Foundation.

This body would meet regularly with the IASCF Trustees to:

· Review and comment on the IASB's work programme.

· Participate in – and have final approval in the selection of - IASCF Trustees.

· Review the Trustees' oversight activities.