18

result(s)

Word(s)
Publication type
Policy area
Author
Keyword
Date

Regulatory Technical Standards on Strong Customer Authentication and Secure Communication

15-11-2016

This briefing is drawn up to support ECON’s work on scrutiny of delegated acts, in particular the discussion taking place on 29 November 2016 on the draft Regulatory Technical Standards (RTS on Strong Customer Authentication and Secure Communication ‘SCA&SC’) under the revised Payment Services Directive (PSD2) 2015/2366 (Art.98).

This briefing is drawn up to support ECON’s work on scrutiny of delegated acts, in particular the discussion taking place on 29 November 2016 on the draft Regulatory Technical Standards (RTS on Strong Customer Authentication and Secure Communication ‘SCA&SC’) under the revised Payment Services Directive (PSD2) 2015/2366 (Art.98).

Free movement of capital

01-10-2016

The free movement of capital is not only the youngest of all Treaty freedoms, but — because of its unique third-country dimension — also the broadest. Initially, the Treaties did not prescribe full liberalisation of capital movements; Member States only had to remove restrictions to the extent necessary for the functioning of the common market. However, economic and political circumstances globally and in Europe changed, and thus the European Council confirmed the progressive realisation of the Economic ...

The free movement of capital is not only the youngest of all Treaty freedoms, but — because of its unique third-country dimension — also the broadest. Initially, the Treaties did not prescribe full liberalisation of capital movements; Member States only had to remove restrictions to the extent necessary for the functioning of the common market. However, economic and political circumstances globally and in Europe changed, and thus the European Council confirmed the progressive realisation of the Economic and Monetary Union (EMU) in 1988. This included more coordination of national economic and monetary policies. Consequently, stage one of EMU introduced complete freedom for capital transactions, introduced first through a Council directive and later on enshrined in the Maastricht Treaty. Since then, the Treaty prohibits any restriction on capital movements and payments, both between Member States and between Member States and third countries. The principle was directly effective, i.e. it required no further legislation at either EU or Member States’ level.

European System of Financial Supervision (ESFS)

01-10-2016

The European System of Financial Supervision (ESFS) was created as a decentralised, multi-layered system of micro- and macro-prudential authorities in order to ensure consistent and coherent financial supervision in the EU. This supervisory system is currently undergoing major changes further to the introduction of a Banking Union.

The European System of Financial Supervision (ESFS) was created as a decentralised, multi-layered system of micro- and macro-prudential authorities in order to ensure consistent and coherent financial supervision in the EU. This supervisory system is currently undergoing major changes further to the introduction of a Banking Union.

Financial services: Major legislative proposals

01-10-2016

In 1999 the Commission put forward the Financial Services Action Plan (FSAP), a set of 42 measures to create an effective single market in financial services. The measures harmonised the Member States’ rules on banking, securities trading, insurance and old age pensions, and other financial services. The FSAP is an integral part of the Lisbon Agenda, whose successor is the EU 2020 Strategy, which likewise encompasses the financial field.

In 1999 the Commission put forward the Financial Services Action Plan (FSAP), a set of 42 measures to create an effective single market in financial services. The measures harmonised the Member States’ rules on banking, securities trading, insurance and old age pensions, and other financial services. The FSAP is an integral part of the Lisbon Agenda, whose successor is the EU 2020 Strategy, which likewise encompasses the financial field.

Direct taxation: Personal and company taxation

01-10-2016

The field of direct taxation is not directly governed by European Union rules. Nevertheless, a number of directives and the case-law of the Court of Justice of the European Union (CJEU) are helping to establish harmonised standards for company taxation and the taxation of private individuals. Moreover, communications have been issued emphasising the importance of preventing tax evasion and double taxation. Tax rulings for large companies in certain Member States, which could potentially result in ...

The field of direct taxation is not directly governed by European Union rules. Nevertheless, a number of directives and the case-law of the Court of Justice of the European Union (CJEU) are helping to establish harmonised standards for company taxation and the taxation of private individuals. Moreover, communications have been issued emphasising the importance of preventing tax evasion and double taxation. Tax rulings for large companies in certain Member States, which could potentially result in distortions of competition, are also a subject of political debate.

Indirect taxation

01-10-2016

Indirect taxes include value added tax (VAT) and duties on alcohol, tobacco and energy. In contrast to value added tax, duties are specific taxes. The common VAT system, on the other hand, is generally applicable to the manufacture and sale of goods, as well as the provision of services, to be bought and sold for consumption within the EU. EU legislative activities are aimed at coordinating and harmonising VAT law and harmonising duties on alcohol and tobacco for the purpose of a proper functioning ...

Indirect taxes include value added tax (VAT) and duties on alcohol, tobacco and energy. In contrast to value added tax, duties are specific taxes. The common VAT system, on the other hand, is generally applicable to the manufacture and sale of goods, as well as the provision of services, to be bought and sold for consumption within the EU. EU legislative activities are aimed at coordinating and harmonising VAT law and harmonising duties on alcohol and tobacco for the purpose of a proper functioning of the internal market. In addition, various taxes have been set in the field of energy to protect the environment and public health.

Information on IFRS (International Accounting Standards)

01-09-2016

International Financial Reporting Standards (IFRS) are issued by an international private organisation, the International Accounting Standards Board (IASB). The EU has to endorse IFRS 'as they are' in order to be fully compliant. Non-endorsement or carve-outs are possible, but EU firms have still to comply with the full IFRS if they want to benefit from IFRS’ global acceptance, e.g. in the US, permitting a European company to use IFRS only without the need to adapt the accounting to national generally ...

International Financial Reporting Standards (IFRS) are issued by an international private organisation, the International Accounting Standards Board (IASB). The EU has to endorse IFRS 'as they are' in order to be fully compliant. Non-endorsement or carve-outs are possible, but EU firms have still to comply with the full IFRS if they want to benefit from IFRS’ global acceptance, e.g. in the US, permitting a European company to use IFRS only without the need to adapt the accounting to national generally accepted accounting principles (national GAAP).One important draft standard under discussion is IFRS 9 prescribing how financial instruments are accounted for. It shall replace the current standard (IAS 39) which was criticised for not taking declining values of financial assets during the financial crisis adequately into account. This leaflet lists the publications which have been prepared for the discussion of IFRS.

Banking Union: Essential Terms and Technical Abbreviations

15-07-2016

This abbreviation list lists and explains relevant terms frequently used in the area of documents related to the Banking Union, more specifically in relation to the Single Supervisory Mechanism (SSM), the Single Resolution Mechanism (SRM) and the application of the Capital Requirements Directive (CRD IV) and the Capital Requirements Regulation (CRR). The list of abbreviations may be updated and extended in order to take account of new developments and needs. This document was provided by Policy ...

This abbreviation list lists and explains relevant terms frequently used in the area of documents related to the Banking Union, more specifically in relation to the Single Supervisory Mechanism (SSM), the Single Resolution Mechanism (SRM) and the application of the Capital Requirements Directive (CRD IV) and the Capital Requirements Regulation (CRR). The list of abbreviations may be updated and extended in order to take account of new developments and needs. This document was provided by Policy Department A at the request of the ECON Committee.

IFRS Accounting Standards Endorsement Procedure

16-05-2016

International Financial Reporting Standards (IFRS) are issued by an international private organisation, the International Accounting Standards Board (IASB). In order to become binding law in the EU, they must be ‘endorsed’ in a specific procedure prescribed in Article 3(1) and 6 Regulation No 1606/2002 and Articles 5a(1)-(4) and Article 10-11 Council Decision 1999/468/EC, i.e. the ‘Regulatory Procedure with Scrutiny’. All standards and interpretations are adopted as Commission Regulations to have ...

International Financial Reporting Standards (IFRS) are issued by an international private organisation, the International Accounting Standards Board (IASB). In order to become binding law in the EU, they must be ‘endorsed’ in a specific procedure prescribed in Article 3(1) and 6 Regulation No 1606/2002 and Articles 5a(1)-(4) and Article 10-11 Council Decision 1999/468/EC, i.e. the ‘Regulatory Procedure with Scrutiny’. All standards and interpretations are adopted as Commission Regulations to have directly binding effect without the need for national implementation.

The Basis of the Endorsement Procedure for IFRS Accounting Standards

16-05-2016

international Financial Reporting Standards (IFRS) are issued by an international private organisation, the International Accounting Standards Board (IASB). In order to become binding law in the EU, they must be ‘endorsed’ in a specific procedure prescribed in Article 3(1) and 6 Regulation No 1606/2002 and Articles 5a(1)-(4) and Articles 10-11 Council Decision 1999/468/EC, i.e. the ‘Regulatory Procedure with Scrutiny’. All standards and interpretations are adopted as Commission Regulations to have ...

international Financial Reporting Standards (IFRS) are issued by an international private organisation, the International Accounting Standards Board (IASB). In order to become binding law in the EU, they must be ‘endorsed’ in a specific procedure prescribed in Article 3(1) and 6 Regulation No 1606/2002 and Articles 5a(1)-(4) and Articles 10-11 Council Decision 1999/468/EC, i.e. the ‘Regulatory Procedure with Scrutiny’. All standards and interpretations are adopted as Commission Regulations to have directly binding effect without the need for national implementation.

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