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Procedure : 2013/0045(CNS)
Document stages in plenary
Document selected : A7-0230/2013

Texts tabled :

A7-0230/2013

Debates :

PV 02/07/2013 - 18

Votes :

PV 03/07/2013 - 8.5

Texts adopted :

P7_TA(2013)0312

Texts adopted
Wednesday, 3 July 2013 - Strasbourg Provisional edition
Implementing enhanced cooperation in the area of financial transaction tax *
P7_TA-PROV(2013)0312A7-0230/2013

European Parliament legislative resolution of 3 July 2013 on the proposal for a Council directive implementing enhanced cooperation in the area of financial transaction tax (COM(2013)0071 – C7-0049/2013 – 2013/0045(CNS))

(Special legislative procedure – consultation)

The European Parliament ,

–  having regard to the Commission proposal to the Council (COM(2013)0071),

–  having regard to Article 113 of the Treaty on the Functioning of the European Union , pursuant to which the Council consulted Parliament (C7-00049/2013),

–  having regard to Rule 55 of its Rules of Procedure,

–  having regard to the report of the Committee on Economic and Monetary Affairs and the opinion of the Committee on Budgets (A7-0230/2013),

1.  Approves the Commission proposal as amended;

2.  Calls on the Commission to demonstrate, in a comprehensive impact assessment and cost-benefit analysis, that any enhanced cooperation will respect the competences, rights and obligations of non-participating Member States;

3.  Calls on the Commission to alter its proposal accordingly, in accordance with Article 293(2) of the Treaty on the Functioning of the European Union;

4.  Calls on the Council to notify Parliament if it intends to depart from the text approved by Parliament;

5.  Asks the Council to consult Parliament again if it intends to substantially amend the Commission proposal;

6.  Instructs its President to forward its position to the Council, the Commission and the national parliaments.

Text proposed by the Commission   Amendment
Amendment 1
Proposal for a directive
Recital 1
(1)  In 2011, the Commission took note of a debate on-going at all levels on additional taxation of the financial sector. The debate originates from the desire to ensure that the financial sector fairly and substantially contributes to the costs of the crisis and that it is taxed in a fair way vis-à-vis other sectors for the future, to dis-incentivise excessively risky activities by financial institutions, to complement regulatory measures aimed at avoiding future crises and to generate additional revenue for general budgets or specific policy purposes.
(1)  In 2011, the Commission took note of a debate on-going at all levels on additional taxation of the financial sector. The debate originates from the desire to ensure that the financial sector fairly and substantially contributes to the costs of the crisis and that it is taxed in a fair way vis-à-vis other sectors for the future, to dis-incentivise excessively risky activities by financial institutions, to complement regulatory measures aimed at avoiding future crises and reducing speculation, and to generate additional revenue for general budgets, inter alia as a contribution to fiscal consolidation or specific policy purposes towards sustainability and the stimulation of growth, education and employment with particular focus on youth employment . The introduction of a financial transaction tax (FTT) thus shows a positive distribution and steering capacity by appropriately supplementing existing regulatory reform initiatives.
Amendment 2
Proposal for a directive
Recital 1 a (new)
(1a)  According to the European Council's conclusions of 8 February 2013 on the Multiannual Financial Framework 2014-2020, part of the revenues from FTT should be allocated to the Union budget as genuine own resources. The use of FTT revenue as Union own resources is possible under the enhanced cooperation procedure only if national contributions of participating Member States to the Union budget would be reduced by the same amount and would avoid the disproportionate contribution by participating Member States compared to non-participating Member States. Once FTT is implemented at Union level, all or part of the amount of the own resources originating from FTT should be added to the national contributions of the Member States in order to gather new funding sources for European investment without a reduction of the national contributions of the participating Member States to the Union budget..
Amendment 3
Proposal for a directive
Recital 1 b (new)
(1b)  Prior to the introduction of FTT the Commission should demonstrate that enhanced cooperation will not undermine the internal market or economic, social and territorial cohesion. It should also demonstrate that it neither constitutes a barrier to, or discrimination in relation to, trade between Member States, nor distorts competition between them. The Commission should present a new robust analysis and impact assessment, of the consequences the proposal for a common FTT on participating and non-participating Member States and on the internal market as a whole.
Amendment 4
Proposal for a directive
Recital 2 a (new)
(2a)  FTT will truly achieve its objectives only if it is introduced at global level. The enhanced cooperation of 11 Member States therefore constitutes a first step towards FTT at Union-level and, ultimately, at a global level. The Union will continuously advocate the global introduction of FTT and will urge for FTT to be put on the agenda of G-20 and G-8 summits.
Amendment 5
Proposal for a directive
Recital 3
(3)  In order to prevent distortions through measures taken unilaterally by the participating Member States, bearing in mind the extremely high mobility of most of the relevant financial transactions, and thus to improve the proper functioning of the internal market, it is important that the basic features of a FTT in the participating Member States are harmonised at Union level. Incentives for tax arbitrage between the participating Member States and allocation distortions between financial markets in those States, as well as possibilities for double or non-taxation should thereby be avoided.
(3)   Several of the 11 participating Member States have already established, or are in the process of establishing, a form of FTT. In order to prevent distortions through measures taken unilaterally by the participating Member States, bearing in mind the extremely high mobility of most of the relevant financial transactions, and thus to improve the proper functioning of the internal market, it is important that the basic features of a FTT in the participating Member States are harmonised at Union level. Incentives for tax arbitrage between the participating Member States and allocation distortions between financial markets in those States, as well as possibilities for double or non-taxation should thereby be avoided.
Amendment 6
Proposal for a directive
Recital 3 a (new)
(3a)  In light of the substantial progress with regard to European financial market regulation, such as Regulation (EU) No 575/2013 of the European Parliament and of the Council of 27 June 2013 on prudential requirements for credit institutions and investment firms 2 , Directive 2013/36/EU and this Directive, participating Member States that have introduced banking levies in light of the recent financial crisis should review the necessity of such taxes and their compatibility with the rules and the aims of Union law and the internal market.
2. OJ L 176, 27.6.2013, p. 1.
Amendment 7
Proposal for a directive
Recital 3 b (new)
(3b)  Any harmonisation of FTT amongst participating Member States should not result in extra-territorial taxation infringing the potential tax base of non-participating Member States.
Amendment 8
Proposal for a directive
Recital 4
(4)  The improvement of the operation of the internal market, in particular the avoidance of distortions between the participating Member States requires that a FTT applies to a broadly determined range of financial institutions and transactions, to trade in a wide range of financial instruments, including structured products, both in the organised markets and over-the-counter , as well as to the conclusion of all derivative contracts and to material modifications of the operations concerned.
(4)  The improvement of the operation of the internal market, in particular the avoidance of distortions between the participating Member States, the reduction of the possibility for tax fraud, tax evasion and aggressive tax planning, the risk of relocation of risk and regulatory arbitrage, requires that FTT should apply to a broadly determined range of financial institutions and transactions, to trade in a wide range of financial instruments, including structured products, both in the organised markets and over-the-counter , as well as to the conclusion of all derivative contracts, including contracts for difference, currency spot exchange markets and speculative forward transactions, and to material modifications of the operations concerned.
Amendment 9
Proposal for a directive
Recital 8
(8)  With the exception of the conclusion or material modification of derivative contracts, the trade on primary markets and transactions relevant for citizens and businesses such as conclusion of insurance contracts, mortgage lending, consumer credits or payment services should be excluded from the scope of FTT, so as not to undermine the raising of capital by companies and governments and to avoid impact on households.
(8)  With the exception of the conclusion or material modification of derivative contracts, the trade on primary markets and transactions relevant for citizens and businesses such as conclusion of insurance contracts, mortgage lending, consumer credits or payment services should be excluded from the scope of FTT, so as not to undermine the raising of capital by companies and governments and to avoid a negative impact on households and the real economy .
Amendment 10
Proposal for a directive
Recital 13 a (new)
(13a)  With a view to strengthening the position of regulated markets, and in particular of stock exchange trading, which is strictly regulated, controlled and transparent, as opposed to unregulated, less controlled and less transparent over-the-counter (OTC) trading, Member States should apply higher tax rates to OTC transactions. This will make it possible to effect a shift in trading from markets with little or no regulation to regulated markets. The higher rates should not apply to financial transactions of OTC derivatives where they objectively reduce risks and therefore serve the real economy.
Amendment 11
Proposal for a directive
Recital 15 a (new)
(15a)  Non-financial enterprises execute significant transactions on financial markets in order to reduce risks directly associated with their commercial business. FTT should not apply to those institutions when they execute such transactions. However, where non-financial enterprises engage in speculative transactions that are not associated with the reduction of risk in their commercial activities, they should be treated as financial institutions and FTT should apply to them.
Amendment 12
Proposal for a directive
Recital 15 b (new)
(15b)  In order to make tax avoidance a high-cost and low-profit venture and to ensure better enforcement, the residence and issuance principle should be complemented by the ‘transfer of legal title principle’.
Amendment 13
Proposal for a directive
Recital 15 c (new)
(15c)  Where appropriate, the Commission should enter into negotiations with third countries in order to facilitate the collection of FTT. The Commission should also revise its definition of uncooperative jurisdictions and should update its action plan against tax fraud, tax evasion and aggressive tax planning accordingly.
Amendment 14
Proposal for a directive
Recital 16
(16)  The minimum tax rates should be set at a level sufficiently high for the harmonisation objective of a common FTT to be achieved. At the same time, they have to be low enough so that delocalisation risks are minimised.
deleted
Amendment 15
Proposal for a directive
Recital 19
(19)  In order to prevent tax fraud and evasion the participating Member States should be obliged to adopt appropriate measures.
(19)  In order to prevent tax fraud, tax evasion and aggressive tax planning, such as substitution, the participating Member States should be obliged to adopt appropriate measures.
Amendment 16
Proposal for a directive
Recital 19 a (new)
(19a)  The Commission should establish an expert working group (FTT Committee) comprising representatives from all Member States, the Commission, the European Central Bank (ECB) and the European Supervisory Authority (European Securities and Markets Authority) (ESMA) to assess the effective implementation of this Directive and prevent tax fraud, tax evasion and aggressive tax planning and to preserve the integrity of the internal market. The FTT Committee should supervise financial transactions in order to detect abusive arrangements as defined in Article 14, to propose countermeasures in a duly manner and to coordinate the implementation of those countermeasures at national level if required. It should make full use of Union law in the field of taxation and financial services regulation and of the instruments for cooperation on tax matters established by international organisations including the OECD and the Council of Europe. Where appropriate, the representatives of the participating Member States should be able to form a sub-group in order to address matters that do not affect the non-participating Member States regarding implementation of FTT.
Amendment 17
Proposal for a directive
Recital 19 b (new)
(19b)  Member States have an obligation to cooperate at administrative level in the field of taxation pursuant to Directive 2011/16/EU and to give each other mutual assistance for the recovery of claims relating to taxes, duties and other measures pursuant to Directive 2010/24/EU.
Amendment 18
Proposal for a directive
Recital 21
(21)  In order to allow the adoption of more detailed rules in certain technical areas, regarding registration, accounting, reporting obligations and other obligations intended to ensure that FTT due to the tax authorities is effectively paid to the tax authorities, and their timely adaptation as appropriate, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of specifying the measures necessary to this effect. It is of particular importance that the Commission carries out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing-up delegated acts, should ensure a timely and appropriate transmission of relevant documents to the Council.
(21)  In order to allow the adoption of more detailed rules in certain technical areas, regarding registration, accounting, reporting obligations and other obligations intended to ensure that FTT due to the tax authorities is effectively paid to the tax authorities, and their timely adaptation as appropriate, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of specifying the measures necessary to this effect. It is of particular importance that the Commission carries out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing-up delegated acts, should ensure a simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and to the Council.
Amendment 19
Proposal for a directive
Article 2 – paragraph 1 – point 2 – point c
(c) the conclusion of derivatives contracts before netting or settlement;
(c) the conclusion of derivatives contracts, including contracts for difference and speculative forward transactions, before netting or settlement;
Amendment 20
Proposal for a directive
Article 2 – paragraph 1 – point 2 – point c a (new)
(ca) currency spots on the foreign exchange markets;
Amendment 21
Proposal for a directive
Article 2 – paragraph 1 – point 2 – point e
(e) a repurchase agreement, a reverse repurchase agreement, a securities lending and borrowing agreement;
(e) a repurchase agreement, a reverse repurchase agreement, a securities lending and borrowing agreement, including cancelled orders made when engaging in high-frequency trading ;
Amendment 22
Proposal for a directive
Article 2 – paragraph 1 – point 3 a (new)
(3a) ‘sovereign issuer’ means a sovereign issuer as defined in point (d) of Article 2(1) of Regulation (EU) No 236/2012;
Amendment 23
Proposal for a directive
Article 2 – paragraph 1 – point 3 b (new)
(3b) ‘sovereign debt’ means a sovereign debt as defined in point (f) Article 2(1) of Regulation (EU) No 236/2012;
Amendment 24
Proposal for a directive
Article 2 – paragraph 1 – point 7 a (new)
(7a)  ‘SME growth market’ means a multi-trading facility that is registered as an SME growth market in accordance with Article 35 of Directive [MiFID];
Amendment 25
Proposal for a directive
Article 2 – paragraph 1 – point 12 a (new)
(12a) ‘high-frequency trading’ means algorithmic trading in financial instruments at speeds where the physical latency of the mechanism for transmitting, cancelling or modifying orders becomes the determining factor in the time taken to communicate the instruction to a trading venue or to execute a transaction;
Amendment 26
Proposal for a directive
Article 2 – paragraph 1 – point 12 b (new)
(12b) ‘high-frequency trading strategy’ means a trading strategy for dealing on own account in a financial instrument which involves high-frequency trading and has at least two of the following characteristics:
(i) it uses co-location facilities, direct market access or proximity hosting;
(ii) it relates to a daily portfolio turnover of at least 50 %;
(iii) the proportion of orders cancelled (including partial cancellations) exceeds 20 %;
(iv) the majority of positions taken are unwound within the same day;
(v) over 50 % of the orders or transactions made on trading venues offering discounts or rebates to orders which provide liquidity are eligible for such rebates.
Amendment 27
Proposal for a directive
Article 2 – paragraph 2
2.  Each of the operations referred to in points (a), (b), (c) and (e) of paragraph 1(2) shall be considered to give rise to a single financial transaction. Each exchange as referred to in point (d) thereof shall be considered to give rise to two financial transactions. Each material modification of an operation as referred to in points (a) to (e) of paragraph 1(2) shall be considered to be a new operation of the same type as the original operation. A modification is considered to be material in particular where it involves a substitution of at least one party, in case the object or scope of the operation, including its temporal scope, or the consideration agreed upon is altered, or where the original operation would have attracted a higher tax had it been concluded as modified.
2.  Each of the operations referred to in points (a), (b), (c) and (e) of paragraph 1(2) shall be considered to give rise to a single financial transaction. Each exchange as referred to in point (d) thereof shall be considered to give rise to two financial transactions. Each material modification of an operation as referred to in points (a) to (e) of paragraph 1(2) shall be considered to be a new operation of the same type as the original operation. A modification is considered to be material in particular where it involves a substitution of at least one party, in case the object or scope of the operation, including its temporal scope, or the consideration agreed upon is altered, or where the original operation would have attracted a higher tax had it been concluded as modified. Any novation of transactions carried out for the purposes of clearing or settlement by a CCP or by another clearing house or settlement system operator or interoperable systems as defined in Directive 98/26/EC shall not constitute a material modification under this paragraph.
Amendment 28
Proposal for a directive
Article 2 – paragraph 3 – point d
(d) where the average annual value of financial transactions in two consecutive calendar years does not exceed fifty per cent of the overall average net annual turnover, as defined in Article 28 of Directive 78/660/EEC, the undertaking, institution, body or person concerned shall be entitled, upon request, to be considered as not being or no longer being a financial institution.
(d) where the average annual value of financial transactions in two consecutive calendar years does not exceed 20 % of the overall average net annual turnover, as defined in Article 28 of Directive 78/660/EEC, the undertaking, institution, body or person concerned shall be entitled, upon request, to be considered as not being or no longer being a financial institution.
Amendment 29
Proposal for a directive
Article 2 – paragraph 3 – point d a (new)
(da) the calculation of the average annual value of financial transactions referred to in that point shall not take account of financial transactions concerning non-OTC derivative contracts which meet one of the criteria referred to in Article 10 of Commission Delegated Regulation (EU) No 149/2013 of 19 December 2012 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on indirect clearing arrangements, the clearing obligation, the public register, access to a trading venue, non-financial counterparties, and risk mitigation techniques for OTC derivatives contracts not cleared by a CCP 1 .
1 OJ L 52, 23.2.2013, p. 11.
Amendment 30
Proposal for a directive
Article 3 – paragraph 1 a (new)
1a.  In the event of the implementation of FTT in Member States other than the 11 participating Member States, it will be extended to those other Member States on mutual terms.
Amendment 31
Proposal for a directive
Article 3 – paragraph 2 – point a
(a)  Central Counter Parties (CCPs) where exercising the function of a CCP;
(a)  Central Counter Parties (CCPs) where exercising the function of a CCP, or other clearing houses, settlement agents or systems, as defined in Directive 98/26/EC, where exercising their function of clearing, including any possible novation, or settlement;
Amendment 32
Proposal for a directive
Article 3 – paragraph 2 – point c a (new)
(ca)  SME growth markets;
Amendment 33
Proposal for a directive
Article 3 – paragraph 2 – point cb (new)
(cb)  A person who holds himself out on the financial markets on a continuous basis as being willing to deal on own account by buying and selling financial instruments against his proprietary capital (market maker),when performing an essential function with regard to illiquid bonds and shares in his role of liquidity provider, as provided for in the agreement between the market maker and the organised venue where the financial transaction is carried out, where that transaction is not part of a high-frequency trading strategy.
Amendment 34
Proposal for a directive
Article 3 – paragraph 2 – subparagraph 1 a (new)
The Commission shall adopt, in accordance with Article 16, delegated acts specifying the conditions under which a financial instrument will be deemed to be illiquid for the purposes of this Directive.

Amendment 35
Proposal for a directive
Article 3 – paragraph 4 – point g a (new)
(ga) the transfer of the right to dispose of a financial instrument as owner and any equivalent operation implying the transfer of the risk associated with the financial instrument between entities of a group or between entities of a network of decentralised banks, where these transfers are carried out in order to fulfil a legal or prudential liquidity requirement that is set by national or Union law.
Amendment 36
Proposal for a directive
Article 4 – paragraph 1 – point e a (new)
(ea) it is a branch of an institution established in a participating Member State pursuant to point (c);
Amendment 37
Proposal for a directive
Article 4 – paragraph 1 – point g
(g) it is party, acting either for its own account or for the account of another person, or is acting in the name of a party to the transaction, to a financial transaction in a structured product or one of the financial instruments referred to in Section C of Annex I of Directive 2004/39/EC issued within the territory of that Member State, with the exception of instruments referred to in points (4) to (10) of that Section which are not traded on an organised platform .
(g) it is party, acting either for its own account or for the account of another person, or is acting in the name of a party to the transaction, to a financial transaction in a structured product or one of the financial instruments referred to in Section C of Annex I of Directive 2004/39/EC issued within the territory of that Member State.
Amendment 38
Proposal for a directive
Article 4 – paragraph 2 a (new)
2a.  For the purposes of this Directive, a financial instrument shall be deemed to be issued within the territory of a participating Member State where any of the following conditions is fulfilled:
(a) it is a security or a derivative relating to such security and the registered office of the issuer of the security is located in that Member State;
(b) it is a derivative other than one referred to in point (a) and is admitted to trading in an organised platform and the public law governing the trading conducted under the systems of the platform is the law of that Member State;
(c) it is a financial instrument other than one referred to in point (a) or (b), which is cleared by a CCP or other clearing houses or settlement agents or systems as defined by Directive 98/26/EC where the law governing the CCP or the system concerned is the law of that Member State;
(d) it is a financial instrument other than one referred to in point (a), (b) or (c), and the applicable law relating to the agreement under which the transaction in the relevant financial instrument has been carried out is the law of that Member State;
(e) it is a structured instrument and at least 50% of the value of assets backing the structured instrument are referring to financial instruments issued by a legal person that is registered in a participating Member State.
Amendment 39
Proposal for a directive
Article 4 a (new)
Article 4a

Transfer of legal title

1.  A financial transaction in relation to which no FTT has been levied shall be deemed legally unenforceable and shall not result in a transfer of legal title of the underlying instrument.
2.  A financial transaction in relation to which no FTT has been levied shall be deemed not to fulfil the requirements for central clearing under Regulation (EU) No 648/2012 of the European Parliament and the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories 1 or the own funds requirements under Regulation (EU) No 575/2013 of the European Parliament and the Council of 27 June 2013 on prudential requirements for credit institutions and investment firms.
3.  In the event of automatic electronic payment schemes with or without the participation of payment settlement agents, revenue authorities of a Member State may establish a system of automatic electronic collection of FTT and certificates for transferring legal title.
1. OJ L 201, 27.7.2012, p. 1.
Amendment 40
Proposal for a directive
Article 9 – paragraph 2 – subparagraph 2
Those rates shall not be lower than :

Those rates shall be :

(a)  0.1% in respect of the financial transactions referred to in Article 6;
(a)  0.1% in respect of the financial transactions referred to in Article 6 except for those referred to in point (5) of Article 2(1). with a maturity of up to three months ;
(b)  0.01% in respect of financial transactions referred to in Article 7.
(b)  0.01% in respect of financial transactions referred to in Article 7;
(ba) 0,01% in respect of the financial transactions referred to in point (5) of Article 2(1) with a maturity of up to three months.
Amendment 41
Proposal for a directive
Article 9 – paragraph 3 a (new)
3a.  Notwithstanding paragraph 3, participating Member States shall apply a higher rate than those specified in paragraph 2 to OTC financial transactions referred to in Articles 6 and 7. Financial transactions of OTC derivatives which are objectively measurable as reducing risks as defined by Article 10 of Commission Delegated Regulation (EU) No 149/2013 shall not be subject to that higher rate.
Amendment 42
Proposal for a directive
Article 11 – paragraph 2
2.  The Commission may , in accordance with Article 16 adopt delegated acts specifying the measures to be taken pursuant to paragraph 1 by the participating Member States.
2.  The Commission shall , in accordance with Article 16 adopt delegated acts specifying the measures to be taken pursuant to paragraph 1 by the participating Member States.
Amendment 43
Proposal for a directive
Article 11 – paragraph 5 – subparagraph 2
The Commission may adopt implementing acts providing for uniform methods of collection of the FTT due. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 18(2).

The Commission shall adopt implementing acts providing for uniform methods of collection of the FTT due and prevention of tax fraud, tax evasion and aggressive tax planning. Member States may adopt additional measures . Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 18(2).

Amendment 44
Proposal for a directive
Article 11 – paragraph 6 a (new)
6a.  The administrative burden imposed on tax authorities through the introduction of FTT shall be kept to a minimum. To that end, the Commission shall encourage cooperation between national tax authorities.
Amendment 45
Proposal for a directive
Article 11 – paragraph 6 b (new)
6b.  Member States shall, on an annual basis, submit to the Commission and to Eurostat transaction volumes against which revenues have been collected by type of institution. They shall make that information public.
Amendment 46
Proposal for a directive
Article 12
The participating Member States shall adopt measures to prevent tax fraud and evasion.

The participating Member States shall adopt measures to prevent tax fraud, tax evasion and aggressive tax planning .

Amendment 47
Proposal for a directive
Article 15 a (new)
1.  The Commission shall establish an expert working group (the FTT Committee) comprising representatives from all Member States, the Commission, the ECB, and ESMA, to assist participating Member States in the effective implementation of this Directive and prevent tax fraud, tax evasion and aggressive tax planning and to preserve the integrity of the internal market.
2.  The FTT Committee shall assess the effective implementation of this Directive, assess the effects on the internal market and detect avoidance schemes including abusive arrangements as defined in Article 14 in order to propose countermeasures, where appropriate, making full use of Union law in the field of taxation and financial services regulation and of the instruments for cooperation on tax matters established by international organisations.
3.  In order to assess matters with regard to the effective execution of FTT the participating Member States may form a sub-committee of the FTT Committee, comprising representatives of the participating Member States. The sub-committee shall only be in charge of matters that do not affect the non-participating Member States regarding the effective execution of FTT.
Amendment 48
Proposal for a directive
Article 16 – paragraph 2
2.  The delegation of powers referred to in Article 11(2) shall be conferred for an indeterminate period of time from the date referred to in Article 19 .
2.  The delegation of powers referred to in Article 11(2) shall be conferred for an indeterminate period of time from the date referred to in Article 21 .
Amendment 49
Proposal for a directive
Article 16 – paragraph 3
3.  The delegation of power referred to in Article 11(2) may be revoked at any time by the Council. A decision of revocation shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of the delegated acts already in force.
3.  The delegation of power referred to in Article 11(2) may be revoked at any time by the European Parliament or by the Council. A decision of revocation shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.
Amendment 50
Proposal for a directive
Article 16 – paragraph 4
4.  As soon as it adopts a delegated act, the Commission shall notify it to the Council.
4.  As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council.
Amendment 51
Proposal for a directive
Article 16 – paragraph 5
5.  A delegated act adopted pursuant to Article 11(2) shall enter into force only if no objection has been expressed by the Council within a period of 2 months of notification of that act to the Council or if, before the expiry of that period, the Council has informed the Commission that it will not object. That period shall be extended by 2 months at the initiative of the Council.
5.  A delegated act adopted pursuant to Article 11(2) shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of 2 months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by 2 months at the initiative of the European Parliament or of the Council.
Amendment 52
Proposal for a directive
Article 19 – paragraph 1
1.  Every five years and for the first time by 31 December 2016, the Commission shall submit to the Council a report on the application of this Directive, and, where appropriate, a proposal.
1.  Every three years and for the first time by 31 December 2016, the Commission shall submit to the European Parliament and the Council a report on the application of this Directive, and, where appropriate, a proposal.
Amendment 53
Proposal for a directive
Article 19 – paragraph 2
In that report the Commission shall, at least, examine the impact of the FTT on the proper functioning of the internal market, the financial markets and the real economy and it shall take into account the progress on taxation of the financial sector in the international context.

In that report the Commission shall, at least, examine the impact of the FTT on the proper functioning of the internal market, the financial markets and the real economy and it shall take into account the progress on taxation of the financial sector in the international context. Based on the results of that examination, necessary adjustments shall be undertaken.

Amendment 54
Proposal for a directive
Article 19 – paragraph 2 a (new)
In addition, the Commission shall assess the impact of certain provisions, such as the appropriate scope of FTT and the rate of taxation with regards to pension funds, taking due account of the diverse risk profiles and business models.

Amendment 55
Proposal for a directive
Article 20 – paragraph 1 – subparagraph 2 a (new)
For instruments referred to in point 3a of Article 2(1) the rate referred to in point (a) of Article 9(2) shall be 0,05% until 1 January 2017.

For institutions referred to in point (8)(f) of Article 2(1) , the rate referred to in point (a) of Article 9(2) shall be 0,05% and the rate referred to in point (b) of Article 9(2) shall be 0,005% until 1 January 2017.

Last updated: 12 July 2013Legal notice