The CoP is the Committee of Principals for the Anglo-American Cataloguing Rules (AACR) and Resource Description and Access (RDA) which is the main group overseeing the development of RDA. If you haven’t seen it yet you will be interested in reading their Response to Library of Congress’ Working Group on the Future of Bibliographic Control written before the holidays.
“We feel strongly that suspension of work on RDA development is counter-productive to providing future benefits to both the American and international library community from this product, and thus we will be continuing with the development of RDA. The Library of Congress has long been a valued partner in AACR and RDA. Loss of such valued input at this stage would be regrettable and we request that LC continue its involvement in the development of RDA as planned. [original emphasis]“
They also touch on the testing of FRBR and mention a couple of ongoing projects considering RDA to be one of them.