1434

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Financial Supervision and Regulation in the US - Dodd-Frank Reform

13-12-2018

The paper provides a concise overview of the Dodd-Frank Act, the challenges of its implementation, and efforts to roll back the Act, in large part due to what are viewed to be vague and impractical provisions. This document was provided by Policy Department A at the request of the ECON Committee.

The paper provides a concise overview of the Dodd-Frank Act, the challenges of its implementation, and efforts to roll back the Act, in large part due to what are viewed to be vague and impractical provisions. This document was provided by Policy Department A at the request of the ECON Committee.

External author

Prof Joseph R. Mason; Jeff D. Balcombe; W. Scott Dalrymple

European Council conclusions - A rolling check-list of commitments to date

12-12-2018

The role of the European Council – to 'provide the Union with the necessary impetus for its development' and to define its 'general political directions and priorities' – has evolved rapidly over the last decade. Since June 2014, the European Council Oversight Unit within the European Parliamentary Research Service (EPRS), the European Parliament's in-house research service and think-tank, has been monitoring and analysing the European Council's delivery on commitments made in the conclusions of ...

The role of the European Council – to 'provide the Union with the necessary impetus for its development' and to define its 'general political directions and priorities' – has evolved rapidly over the last decade. Since June 2014, the European Council Oversight Unit within the European Parliamentary Research Service (EPRS), the European Parliament's in-house research service and think-tank, has been monitoring and analysing the European Council's delivery on commitments made in the conclusions of its meetings. This overview of European Council conclusions is a new, updated and more comprehensive edition of the Rolling Check-List which has been published regularly by the European Council Oversight Unit since 2014. It is designed to review the degree of progress in achieving the goals that the European Council has set itself and to assist the Parliament in exercising its important oversight role in this field.

Corporate taxation of a significant digital presence

07-12-2018

Despite achieving unprecedented growth and profit rates, the digital economy seems to be relatively undertaxed when compared to more traditional 'bricks and mortar' companies. The current rules are based on the physical presence of taxpayers and assets, and there is a general understanding that they are not suited to taxing a digital economy characterised by reliance on intangible assets and ubiquitous services whose location is often hard to determine. International bodies are currently working ...

Despite achieving unprecedented growth and profit rates, the digital economy seems to be relatively undertaxed when compared to more traditional 'bricks and mortar' companies. The current rules are based on the physical presence of taxpayers and assets, and there is a general understanding that they are not suited to taxing a digital economy characterised by reliance on intangible assets and ubiquitous services whose location is often hard to determine. International bodies are currently working on how to adapt tax rules to the digital reality. The European Commission adopted a proposal in March 2018. It would allow taxation on the basis of digital rather than physical presence linked with the EU, for digital activities generating turnover of over €7 million, and with more than 100 000 users or 3 000 business-to-business contracts annually. The proposal has met with mixed reactions from stakeholders. Although there is growing recognition that digital companies should pay similar tax rates to traditional companies, some consider the initiative to be premature given the ongoing search for a compromise at the level of the Organisation for Economic Co-operation and Development (OECD), which is thought of as the permanent solution. The report by Parliament’s Committee on Economic and Monetary Affairs (ECON) proposes to widen the scope and reach of the tax, and increase clarity for tax authorities and companies. The plenary vote on the report is expected during the December session. Second edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

Interim digital services tax on revenues from certain digital services

07-12-2018

According to the European Commission the digital economy is relatively under-taxed when compared with traditional businesses. Certain inherent characteristics such as reliance on cross-border provision of services without physical presence, easy transfers of intangible assets, and novel ways to create value make it particularly easy for enterprises to limit their tax liabilities. In order to provide a solution to this problem, in March 2018 the Commission adopted the 'fair taxation of the digital ...

According to the European Commission the digital economy is relatively under-taxed when compared with traditional businesses. Certain inherent characteristics such as reliance on cross-border provision of services without physical presence, easy transfers of intangible assets, and novel ways to create value make it particularly easy for enterprises to limit their tax liabilities. In order to provide a solution to this problem, in March 2018 the Commission adopted the 'fair taxation of the digital economy' package, comprised of two proposals. One concerns a permanent reform of corporate tax regime while the second is a proposal for a directive on the common system of a digital services tax on revenues resulting from the provision of certain digital services, which would apply as an interim measure until the permanent reform has been implemented. The tax is to cover businesses above two thresholds: total annual worldwide revenues exceeding €750 million and annual revenues in the EU exceeding €50 million. The proposed single rate is at 3 %, levied on gross revenues resulting from the provision of certain digital services where user value creation is essential. Parliament’s Committee on Economic and Monetary Affairs (ECON) adopted a report proposing to widen the scope and reach of the tax. The plenary vote is expected during the December session. Second edition. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure.

Outlook for the European Council and Euro Summit, 13-14 December 2018

07-12-2018

EU leaders’ discussions will mainly focus on the 2021-2027 Multiannual Financial Framework (MFF), the single market and migration. EU leaders will hold their first substantial exchange of views on the 2021-2027 MFF, debating its political priorities, the overall level of expenditure and the timetable for the MFF negotiations. On migration and the single market, the European Council will review the implementation and state of play of its previous orientations. Other items to be addressed include the ...

EU leaders’ discussions will mainly focus on the 2021-2027 Multiannual Financial Framework (MFF), the single market and migration. EU leaders will hold their first substantial exchange of views on the 2021-2027 MFF, debating its political priorities, the overall level of expenditure and the timetable for the MFF negotiations. On migration and the single market, the European Council will review the implementation and state of play of its previous orientations. Other items to be addressed include the challenge of disinformation, the fight against racism and xenophobia and climate change, as well as external relations, in particular the preparation of the EU-Arab summit on 24-25 February 2019. They will also be informed on preparations for the 2019-202 4Strategic Agenda. The Euro Summit is expected to discuss the reform of European Monetary Union as well as the taxation of digital companies.

Economic Dialogue with the European Commission on the 2019 European Semester Cycle

07-12-2018

Vice-President Dombrovskis and Commissioner Moscovici have been invited to an Economic Dialogue and Exchange of Views on the launch of the 2019 European Semester and the Commission opinions on the 2019 Draft Budgetary Plans of the Euro Area Member States, in line with the relevant EU law. This briefing note covers the main elements of the 2019 European Semester Package, proposed by the Commission, and the 2019 Draft Budgetary Plans of the Euro Area Member States, including the specific situation ...

Vice-President Dombrovskis and Commissioner Moscovici have been invited to an Economic Dialogue and Exchange of Views on the launch of the 2019 European Semester and the Commission opinions on the 2019 Draft Budgetary Plans of the Euro Area Member States, in line with the relevant EU law. This briefing note covers the main elements of the 2019 European Semester Package, proposed by the Commission, and the 2019 Draft Budgetary Plans of the Euro Area Member States, including the specific situation of Italy. It gives an overview of the implementation of the previous Semester Cycles and of the on-going work to strengthen the governance and the resilience of EMU.

Thematic overview: Member States whose 2019 DBPs are "at risk of non-compliance" with the Stability and Growth Pact

07-12-2018

This briefing gives an overview of recent European Commission (COM) opinions on the budgetary situation of five Member States (Belgium, Spain, France, Portugal and Slovenia) whose 2019 Draft Budgetary Plans (DBPs) are assessed to be “at risk of non-compliance” with their obligations under the Stability and Growth Pact (SGP) and of one country (Italy) whose 2019 DBP is considered to be in particularly serious non-compliance with its obligations under the SGP. This briefing will be updated as further ...

This briefing gives an overview of recent European Commission (COM) opinions on the budgetary situation of five Member States (Belgium, Spain, France, Portugal and Slovenia) whose 2019 Draft Budgetary Plans (DBPs) are assessed to be “at risk of non-compliance” with their obligations under the Stability and Growth Pact (SGP) and of one country (Italy) whose 2019 DBP is considered to be in particularly serious non-compliance with its obligations under the SGP. This briefing will be updated as further assessments by the COM become available during spring 2019.

Fair taxation of the digital economy

05-12-2018

In order to make tax rules fit for the digital economy, the European Commission proposed two Council directives in March 2018: a short-term solution, to be delivered by an interim digital services tax on revenues from certain digital services, and a permanent reform of the corporate tax rules, based on the concept of 'significant digital presence'. The European Parliament is expected to vote on the proposals during its December plenary session.

In order to make tax rules fit for the digital economy, the European Commission proposed two Council directives in March 2018: a short-term solution, to be delivered by an interim digital services tax on revenues from certain digital services, and a permanent reform of the corporate tax rules, based on the concept of 'significant digital presence'. The European Parliament is expected to vote on the proposals during its December plenary session.

Enabling sovereign bond-backed securities

05-12-2018

This briefing analyses the IA accompanying the legislative proposal of the Commission to enable market-led sovereign bond-backed securities (SBBS). The problem definition and the objectives of the IA do not follow entirely the better regulation guidelines. Nevertheless, the policy options, including the baseline scenario, seem logical and pertinent, lacking, however, necessary specification and precision. The assessment focusses on direct effects on the euro-area sovereign bonds market, expecting ...

This briefing analyses the IA accompanying the legislative proposal of the Commission to enable market-led sovereign bond-backed securities (SBBS). The problem definition and the objectives of the IA do not follow entirely the better regulation guidelines. Nevertheless, the policy options, including the baseline scenario, seem logical and pertinent, lacking, however, necessary specification and precision. The assessment focusses on direct effects on the euro-area sovereign bonds market, expecting no direct social or environmental impacts. The IA does not include the mandatory 12-week public consultation nor a comprehensive cost and benefit assessment of the initiative. It also omits, without explanation, a number of relevant issues, so that it seems like a missed opportunity to provide comprehensive and transparent support to evidence-based policy making.

Exchange of views with Mrs Elke König, Chair of the Single Resolution Board

05-12-2018

This briefing presents selected issues regarding the work of the Single Resolution Board (SRB) in advance of the exchange of views with Mrs Elke König, Chair of the SRB, in ECON on 6 December 2018. The briefing thematically covers the following: (i) Pending response to the EP 2017 Banking Union report, (ii) Updated information in the resolution case of Banco Popular, including the Valuation 3 report, (iii) SRB’s 2018 MREL policy; (iv) The backstop to the Single Resolution Fund (SRF); (v) Liquidity ...

This briefing presents selected issues regarding the work of the Single Resolution Board (SRB) in advance of the exchange of views with Mrs Elke König, Chair of the SRB, in ECON on 6 December 2018. The briefing thematically covers the following: (i) Pending response to the EP 2017 Banking Union report, (ii) Updated information in the resolution case of Banco Popular, including the Valuation 3 report, (iii) SRB’s 2018 MREL policy; (iv) The backstop to the Single Resolution Fund (SRF); (v) Liquidity in resolution, including the summary of external briefings commissioned by the ECON Committee; (vi) Brexit-related issues, (vii) Bank liquidation regime, (viii) Other publications including the SRB’s 2019 work programme and the 2018 contributions to the SRF.

Upcoming events

17-12-2018
Fact Finding Visit to Italy: 17 - 18 December 2018
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PETI
18-12-2018
What mattered in 2018 and why? What think tanks are thinking
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EPRS
08-01-2019
Table ronde autour du livre ‘Paul Collowald, pionnier d'une Europe à unir’
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EPRS

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