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Implementation of Macroeconomic Imbalance Procedure - State-of-Play (June 2018)

21-06-2018

This note presents the Member States' situation with respect to the Macroeconomic Imbalance Procedure, taking into account recent assessments and decisions by the European Commission and the Council. It also gives an overview of relevant comments on the MIP published by other institutions. A separate EGOV note describes the MIP procedure. This document is regularly updated.

This note presents the Member States' situation with respect to the Macroeconomic Imbalance Procedure, taking into account recent assessments and decisions by the European Commission and the Council. It also gives an overview of relevant comments on the MIP published by other institutions. A separate EGOV note describes the MIP procedure. This document is regularly updated.

New EU insolvency rules give troubled businesses a chance to start anew

19-06-2018

In 2012, the Commission proposed to recast the 2000 Insolvency Regulation in order to address the cross-border aspects of insolvency in the EU. Adopted in 2015, the recast regulation introduced clear rules on the jurisdiction and law applicable to a debtor's insolvency proceedings and made mandatory the recognition of those proceedings in other EU Member States. Its remit was expanded to include not only bankruptcy but also hybrid and pre-insolvency proceedings, as well as debt discharges and debt ...

In 2012, the Commission proposed to recast the 2000 Insolvency Regulation in order to address the cross-border aspects of insolvency in the EU. Adopted in 2015, the recast regulation introduced clear rules on the jurisdiction and law applicable to a debtor's insolvency proceedings and made mandatory the recognition of those proceedings in other EU Member States. Its remit was expanded to include not only bankruptcy but also hybrid and pre-insolvency proceedings, as well as debt discharges and debt adjustments for natural persons (consumers and sole traders). In late 2016, as a further step and a follow up to the Insolvency Recommendation of 2014, the Commission proposed to adopt a directive on business restructuring, which would provide new legal tools to rescue viable businesses in distress and give honest but bankrupt entrepreneurs a second chance. The proposal focuses on three key elements: common principles on early restructuring tools, which would help companies to continue operating and preserve jobs; rules to allow entrepreneurs to benefit from a second chance through a discharge of debt; and targeted measures allowing Member States to increase the efficiency of insolvency, restructuring and discharge procedures. The initiative is a key deliverable under the capital markets union action plan. It will also contribute substantially to addressing the high levels of non-performing loans in banks' balance sheets. The draft report was presented to the Parliament’s Committee on Legal Affairs (JURI) in September 2017. In May 2018 the Council reached agreement on part of the proposal.

Tax collection in Greece: State of play - June 2018

19-06-2018

This briefing provides an overview of taxation developments in Greece, based on the following recent data: (1) latest publicly available facts and figures from the Greek tax administration, Eurostat and the OECD; (2) progress on tax reforms as assessed by the Commission in its latest publicly available reports under the ESM programme for Greece.

This briefing provides an overview of taxation developments in Greece, based on the following recent data: (1) latest publicly available facts and figures from the Greek tax administration, Eurostat and the OECD; (2) progress on tax reforms as assessed by the Commission in its latest publicly available reports under the ESM programme for Greece.

Fostering cross-border investment – Law applicable to the third-party effects of assignments of claims

18-06-2018

The Commission is proposing to harmonise the conflict of law rules in regard to the applicable national law applicable to third-party effects in the case of cross-border assignments of rights. This initial appraisal of the Commission’s impact assessment on the proposal observes that the impact assessment is characterised by a lack of quantitative evidence and this is acknowledged explained by the impact assessment itself. The IA, however, still seems to make a reasonable case for the proposal on ...

The Commission is proposing to harmonise the conflict of law rules in regard to the applicable national law applicable to third-party effects in the case of cross-border assignments of rights. This initial appraisal of the Commission’s impact assessment on the proposal observes that the impact assessment is characterised by a lack of quantitative evidence and this is acknowledged explained by the impact assessment itself. The IA, however, still seems to make a reasonable case for the proposal on the basis mostly of legal analysis and supported by anecdotal evidence gathered through the stakeholder consultation.

Money laundering - Recent cases from a EU banking supervisory perspective

18-06-2018

This briefing (1) provides some insight into recent cases of breaches or alleged breaches of anti-money laundering (AML) rules by SSM supervised banks and (2) identifies some common prudential features. The briefing also outlines (3) the respective roles of European and national authorities in applying AML legislation that have been further specified in the 5th AML Directive adopted by the EP Plenary on 19 April, and (4) ways that have been proposed to further improve the AML supervisory framework ...

This briefing (1) provides some insight into recent cases of breaches or alleged breaches of anti-money laundering (AML) rules by SSM supervised banks and (2) identifies some common prudential features. The briefing also outlines (3) the respective roles of European and national authorities in applying AML legislation that have been further specified in the 5th AML Directive adopted by the EP Plenary on 19 April, and (4) ways that have been proposed to further improve the AML supervisory framework. This briefing is an updated version of the April 2018 EGOV briefing prepared for the hearing: ‘Combat of Money Laundering in the EU Banking Sector’ organised by the European Parliament’s Special Committee on Financial Crimes, Tax Evasion and Tax Avoidance (TAX3) on 26 April 2018.

Plenary round-up – Strasbourg, June 2018

15-06-2018

The June plenary session highlights were the continuation of the debate on the future of Europe with the Prime Minister of the Netherlands, Mark Rutte, and the preparation of the European Council meeting of 28 and 29 June 2018. The European Commission and Council participated in discussions on, inter alia, the independence of the judiciary in Poland, humanitarian emergencies in the Mediterranean and solidarity in the EU, and the economic and monetary union package. VP/HR Federica Mogherini's statements ...

The June plenary session highlights were the continuation of the debate on the future of Europe with the Prime Minister of the Netherlands, Mark Rutte, and the preparation of the European Council meeting of 28 and 29 June 2018. The European Commission and Council participated in discussions on, inter alia, the independence of the judiciary in Poland, humanitarian emergencies in the Mediterranean and solidarity in the EU, and the economic and monetary union package. VP/HR Federica Mogherini's statements on the Iran nuclear deal, the annual report on human rights and democracy in the world (2017), and on the Georgian occupied territories ten years after the Russian invasion, were also discussed. Debates followed on the first anniversary of the signature of the Istanbul Convention and on the closure of the ivory market to combat poaching. Parliament approved the proposal to amend the regulation on OTC derivatives, an agreement on common rules in the field of civil aviation, on monitoring and reporting of CO2 emissions and on fuel consumption of heavy-duty vehicles. It approved the final text of a proposed directive on proportionality tests for new national professional regulations. It also approved the new composition of Parliament after 'Brexit', and further macro-financial assistance to Ukraine.

Common corporate tax base (CCTB)

15-06-2018

The European Commission has decided to re-launch the common consolidated corporate tax base (CCCTB) project in a two-step approach, with the publication on 25 October 2016 of two new interconnected proposals on a common corporate tax base (CCTB) and a common consolidated corporate tax base (CCCTB). The 2016 CCTB provides for the determination of a single set of rules for calculation of the corporate tax base. Companies operating across borders in the EU would no longer have to deal with 28 different ...

The European Commission has decided to re-launch the common consolidated corporate tax base (CCCTB) project in a two-step approach, with the publication on 25 October 2016 of two new interconnected proposals on a common corporate tax base (CCTB) and a common consolidated corporate tax base (CCCTB). The 2016 CCTB provides for the determination of a single set of rules for calculation of the corporate tax base. Companies operating across borders in the EU would no longer have to deal with 28 different sets of national rules when calculating their taxable profits. The intention is that the proposed CCTB is a step on the way towards re-establishing the link between taxation and the place where profits are made, via an apportionment formula to be introduced through the new CCCTB proposal. The legislative proposal falls under the consultation procedure. In the European Parliament, it was assigned to the Economic and Monetary Affairs Committee. The committee adopted its report on 21 February 2018. Parliament adopted its opinion in plenary on 15 March 2018. The proposal is now in the hands of the Council. Third edition, based on an original briefing by Gustaf Gimdal. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure.

Common consolidated corporate tax base (CCCTB)

15-06-2018

The European Commission has decided to re-launch the common consolidated corporate tax base (CCCTB) project in a two-step approach, with the publication on 25 October 2016 of two new interconnected proposals: on a common corporate tax base (CCTB), and on a common consolidated corporate tax base (CCCTB). Building on the 2016 CCTB proposal, the 2016 CCCTB proposal introduces the consolidation aspect of this double initiative. Companies operating across borders in the EU would no longer have to deal ...

The European Commission has decided to re-launch the common consolidated corporate tax base (CCCTB) project in a two-step approach, with the publication on 25 October 2016 of two new interconnected proposals: on a common corporate tax base (CCTB), and on a common consolidated corporate tax base (CCCTB). Building on the 2016 CCTB proposal, the 2016 CCCTB proposal introduces the consolidation aspect of this double initiative. Companies operating across borders in the EU would no longer have to deal with 28 different sets of national rules when calculating their taxable profits. Consolidation means that there would be a ‘one-stop-shop’ – the principal tax authority – where one of the companies of a group, that is, the principal taxpayer, would file a tax return. To distribute the tax base among Member States concerned, a formulary apportionment system is introduced. The legislative proposal falls under the consultation procedure. The report was adopted in the ECON committee on 21 February and Parliament’s opinion in plenary on 15 March 2018. the proposal is thus now in the hands of the Council. Third edition, based on an original briefing by Gustaf Gimdal. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure.

Regular Public hearing with Danièle Nouy, Chair of the ECB Supervisory Board

15-06-2018

This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European Central Bank (ECB) in ECON, scheduled for 19 June 2018. The following issues are addressed in this briefing: (i) Brexit; (ii) the policy debate as to whether and how the EU supervisory approach to Anti-Money Laundering (AML) could be further strenghened; (iii) the latest release of the ECB’s Supervisory Banking Statistics; (iv) summaries of recent ECB/SSM publications (v) as well as summaries ...

This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European Central Bank (ECB) in ECON, scheduled for 19 June 2018. The following issues are addressed in this briefing: (i) Brexit; (ii) the policy debate as to whether and how the EU supervisory approach to Anti-Money Laundering (AML) could be further strenghened; (iii) the latest release of the ECB’s Supervisory Banking Statistics; (iv) summaries of recent ECB/SSM publications (v) as well as summaries of external briefing papers provided for the ECON Committee which analyse the settings of the ongoing EBA/ECB stress test.

Country-Specific Recommendations in banking - June 2018

14-06-2018

Financial sector reforms have been flagged by the Commission in its Communication on the 2018 European Semester as the policy area where Member States have made the most progress during last year. This briefing focuses on the banking recommendations addressed by the Council to individual Member States within the framework of the European Semester over the past years (2011-2018). It takes a rather broad approach and covers all recommendations targeting individual Member States’ banking sectors from ...

Financial sector reforms have been flagged by the Commission in its Communication on the 2018 European Semester as the policy area where Member States have made the most progress during last year. This briefing focuses on the banking recommendations addressed by the Council to individual Member States within the framework of the European Semester over the past years (2011-2018). It takes a rather broad approach and covers all recommendations targeting individual Member States’ banking sectors from a financial stability perspective or in respect of the financing of their economies and access to finance. It takes stock of these banking relevant country-specific recommendations issued since 2011, looks in detail at the main topics addressed and gives an overview of the implementation by Member States as assessed by the Commission. The briefing is regularly updated.

Upcoming events

25-06-2018
State Aid and EU funding - Are they compatible?
Hearing -
CONT
25-06-2018
HEARING ON THE FACEBOOK/CAMBRIDGE ANALYTICA CASE - Part 2
Hearing -
LIBE
26-06-2018
Espionage in Europe throughout the ages
Other event -
EPRS

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