176

result(s)

Word(s)
Publication type
Author
Keyword
Date

Level-2 measures and reports under the Credit Rating Agencies Regulation

28-04-2017

This briefing has been drawn up to support ECON’s work on the scrutiny of delegated acts, in particular as regards the discussion of 3 May 2017 on the implementing measures under Regulation (EC) No 1060/2009 on Credit Rating Agencies (CRAs).

This briefing has been drawn up to support ECON’s work on the scrutiny of delegated acts, in particular as regards the discussion of 3 May 2017 on the implementing measures under Regulation (EC) No 1060/2009 on Credit Rating Agencies (CRAs).

Tax evasion, money laundering and tax transparency in the EU Overseas Countries and Territories: Ex-Post Impact Assessment

20-04-2017

This study aims to present the legal, political and institutional framework governing offshore practices in the Overseas Countries and Territories (OCTs) of the European Union, which are under the sovereignty of four Member States: Denmark, France, the Netherlands and the United Kingdom. The institutional arrangements of the OCTs with the relevant EU Member States directly affect the possibility to establish policies and adopt regulations, including on taxation and money laundering. Regardless of ...

This study aims to present the legal, political and institutional framework governing offshore practices in the Overseas Countries and Territories (OCTs) of the European Union, which are under the sovereignty of four Member States: Denmark, France, the Netherlands and the United Kingdom. The institutional arrangements of the OCTs with the relevant EU Member States directly affect the possibility to establish policies and adopt regulations, including on taxation and money laundering. Regardless of the level of control of the EU Member States over their OCTs, implementation of the law by the local authorities is of concern in a number of the UK and Dutch OCTs, both in terms of structural weaknesses, but also because of limited financial and human resources. In the case of the French OCTs, suboptimal oversight controls and lack of information make it difficult to supervise financial activities. The opening analysis compares the French, Dutch and British cases in terms of combating tax evasion, money laundering and enhancing tax transparency; explores the case of Greenland; and draws conclusions on how the EU could better use its leverage in these overseas territories. The analysis is based on the detailed annexed contributions, written by external experts, which cover in detail the OCTs under French, Dutch, and British rule. This ex-post impact assessment has been produced by the European Parliamentary Research Service at the request of the European Parliament's Committee of Inquiry into Money Laundering, Tax Avoidance and Tax Evasion (PANA) to assist it in the context of its ongoing work.

External author

Prof. Alexandre Maitrot de la Motte of the University of Paris-Est Creteil, Prof. Dr H.E. Bröring, Prof. Dr O.O. Cherednychenko, Prof. Dr H.G. Hoogers and G. Karapetian LL.M. (Department of Constitutional Law, Administrative Law and Public Administration/Groningen Centre for European Financial Services Law (GCEFSL), University of Groningen), Dr Peter Clegg of the University of the West of England

Emission performance standards for new passenger cars and light commercial vehicles

12-04-2017

According to the various reports and assessments presented in this briefing, the existing cars and vans regulations appear to be well implemented, with the majority of car and van manufacturers meeting their CO2 specific emission targets in 2015, and some well on their way to reaching the 2020/2021 targets. However, the ultimate aim of the regulations is to deliver a significant reduction in real-world CO2 emissions. While CO2 emissions as measured on the test cycle is one element of this, there ...

According to the various reports and assessments presented in this briefing, the existing cars and vans regulations appear to be well implemented, with the majority of car and van manufacturers meeting their CO2 specific emission targets in 2015, and some well on their way to reaching the 2020/2021 targets. However, the ultimate aim of the regulations is to deliver a significant reduction in real-world CO2 emissions. While CO2 emissions as measured on the test cycle is one element of this, there are other external trends that influence CO2 emissions from cars and vans, including the total number of cars and vans and the distance covered, and the level and composition of fuels. The effectiveness of the legislation should be considered in conjunction with other policy instruments, including laboratory test cycles, embedded emissions or the use of CO2-linked vehicle taxation. In addition, any future evaluation of the regulations and the setting of new effective emission limits should take into account the introduction of the new worldwide harmonised light vehicles test procedure (WLTP) in September 2017, and the entry into force of the new type approval regulation. To significantly reduce transport emissions, the setting out of new CO2 emission targets could include the adoption of a number of measures that would allow for better monitoring of real driving emissions. In order to achieve lasting and sustainable emission reductions in the transport sector, and rebuild the trust of consumers in the regulatory system and the car industry, a much broader and holistic approach appears necessary. This could consist of a systemic and integrated approach combining various policy instruments, accommodating the use of alternative energies in transport, increased vehicle energy efficiency and intelligent management of transport demand and infrastructure.

Combating sexual abuse of children Directive 2011/93/EU

11-04-2017

This European implementation assessment analyses the implementation of Directive 2011/93/EU on combating the sexual abuse and sexual exploitation of children and child pornography. This study, written in-house, focuses on the following areas: prevention, identification of victims, investigation and prosecution, and assistance and protection for victims. It begins with a contextualisation of the directive and presents the provisions of the EU legal framework. The assessment highlights a number of ...

This European implementation assessment analyses the implementation of Directive 2011/93/EU on combating the sexual abuse and sexual exploitation of children and child pornography. This study, written in-house, focuses on the following areas: prevention, identification of victims, investigation and prosecution, and assistance and protection for victims. It begins with a contextualisation of the directive and presents the provisions of the EU legal framework. The assessment highlights a number of outstanding challenges, in particular in prevention of child sexual abuse, where research shows inadequate implementation of the directive. The assessment then examines the issue of identification of child victims and finds several shortcomings, including how victims’ disclosures are dealt with. The last section of the assessment focuses on the investigative and judicial proceedings phase, where necessary improvements in the application of child-friendly justice are underlined.

The Written Statement Directive

04-04-2017

The Written Statement Directive obliges employers to provide employees with a written statement on the essential aspects of the work contract or employment relationship. Despite the fact that the directive was transposed into the legal systems of all Member States, the reports show several cases of its incorrect or inadequate implementation. Furthermore, new forms of employment have emerged since the directive's adoption in 1991, which it does not cover. Court of Justice jurisprudence clarifying ...

The Written Statement Directive obliges employers to provide employees with a written statement on the essential aspects of the work contract or employment relationship. Despite the fact that the directive was transposed into the legal systems of all Member States, the reports show several cases of its incorrect or inadequate implementation. Furthermore, new forms of employment have emerged since the directive's adoption in 1991, which it does not cover. Court of Justice jurisprudence clarifying several of the directive's provisions has to be taken into account as well. The European Parliament has called on the European Commission to update the Written Statement Directive so that it would react to these challenges. Similarly, the EESC has recommended that the existing legislation be updated. Furthermore, the representatives of various stakeholder groups have voiced requests to update this piece of EU legislation. Last, but not least, the European Commission itself has expressed the willingness to revise the Written Statement Directive as part of the REFIT exercise. It is expected that the Commission will submit this proposal on 26 April 2017.

US Presidential executive action

31-03-2017

Since Donald Trump took office as President of the United States in January 2017, he has fulfilled several of his campaign promises by signing executive orders (EOs) and memoranda. These executive actions have raised questions, including what actions the President may legally and unilaterally take, for what purposes the President may use his executive authority, and what he can actually do without passing through Congress. Although the data are not comprehensive, as not all presidential actions have ...

Since Donald Trump took office as President of the United States in January 2017, he has fulfilled several of his campaign promises by signing executive orders (EOs) and memoranda. These executive actions have raised questions, including what actions the President may legally and unilaterally take, for what purposes the President may use his executive authority, and what he can actually do without passing through Congress. Although the data are not comprehensive, as not all presidential actions have to be published, a historical perspective may help to give insight into how US Presidents have used their executive authority. It appears that since George Washington, all Presidents have, to different extents, made use of their executive authority to advance their policy views and organise their administration. Unilateral Presidential policy-making has raised tensions, in particular with Congress, to which the US Constitution confers all legislative powers. President Barack Obama was heavily criticised by his opponents for advancing his policy goals without Congress and by signing executive orders (making policy with the 'stroke of a pen'). Despite a Republican majority in both houses of Congress, President Trump appears to be following the same pattern. He signed two executive orders on the day of his inauguration and other presidential actions have followed, including a presidential memorandum to withdraw the US from the Trans-Pacific Partnership Agreement (TPP). However, to date, the most controversial EO introduced temporary measures restricting entry to the country for refugees and citizens from seven countries defined as of 'particular concern' on national security grounds. The order led to massive protests in the US and across the world, was challenged in court, and was finally temporarily put on hold nationwide by a federal judge. On 6 March, President Trump signed a new EO revoking the contested one and introducing new measures, limiting immigration from six of the countries. But this EO too has run into legal hurdles.

EU Energy Independence, Security of Supply and Diversification of Sources

31-03-2017

This report summarises the presentations and discussions during the workshop ‘EU Energy Independence, Security of Supply and Diversification of Sources’ organised on 6 February 2017 by Policy Department A for the Committee on Industry, Research and Energy (ITRE). The aim of the workshop was to evaluate the current and future EU gas import dependence and to identify and assess possible policy initiatives to enhance the security of gas supply in the EU by further diversification of sources and routes ...

This report summarises the presentations and discussions during the workshop ‘EU Energy Independence, Security of Supply and Diversification of Sources’ organised on 6 February 2017 by Policy Department A for the Committee on Industry, Research and Energy (ITRE). The aim of the workshop was to evaluate the current and future EU gas import dependence and to identify and assess possible policy initiatives to enhance the security of gas supply in the EU by further diversification of sources and routes. The workshop and this report will also support the ITRE Committee in its evaluation of proposals for review of EU legislation related to this topic.

External author

Luc VAN NUFFEL, Koen RADEMAEKERS, Jessica YEARWOOD

EBA Draft Regulatory Technical Standards on Strong Customer Authentication and Secure Communication

22-03-2017

Art. 98 PSD2 mandated the European Banking Authority (EBA) to prepare draft Regulatory Technical Standards on strong customer authentication and secure communication (RTS on SCA&SC) in close cooperation with the ECB. After extensive consultation, the EBA finalised the draft on 23 February 2017 in the light of the feedback received. The final draft RTS balances the possibility for new providers and new payment services, with the introduction of a framework that ensures common IT approaches which ensure ...

Art. 98 PSD2 mandated the European Banking Authority (EBA) to prepare draft Regulatory Technical Standards on strong customer authentication and secure communication (RTS on SCA&SC) in close cooperation with the ECB. After extensive consultation, the EBA finalised the draft on 23 February 2017 in the light of the feedback received. The final draft RTS balances the possibility for new providers and new payment services, with the introduction of a framework that ensures common IT approaches which ensure a high level of security, e.g. by proper authentication of the payer.

Hybrid mismatches with third countries

21-03-2017

Hybrid mismatch is a situation where a cross-border activity is treated differently for tax purposes by the countries involved, resulting in favourable tax treatment. Hybrid mismatches are used as aggressive tax planning structures, which in turn trigger policy reactions to neutralise their tax effects. When adopting the Anti-Tax Avoidance Directive in July 2016, the Council requested that the Commission put forward a proposal on hybrid mismatches involving third countries. The amendment proposed ...

Hybrid mismatch is a situation where a cross-border activity is treated differently for tax purposes by the countries involved, resulting in favourable tax treatment. Hybrid mismatches are used as aggressive tax planning structures, which in turn trigger policy reactions to neutralise their tax effects. When adopting the Anti-Tax Avoidance Directive in July 2016, the Council requested that the Commission put forward a proposal on hybrid mismatches involving third countries. The amendment proposed by the Commission on 25 October broadens the provisions of the directive accordingly. It seeks to neutralise mismatches by obliging Member States to deny the deduction of payments by taxpayers or by requiring taxpayers to include a payment or a profit in their taxable income. As this is a tax measure, Parliament is consulted only, and the proposal will be adopted by the Council. The Economic and Monetary Affairs Committee is preparing Parliament's opinion.

Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories

20-03-2017

Regulation 648/2012 intends to make derivative markets more stable, transparent and efficient. It implements G20 commitments on over-the-counter derivatives and on the mitigation of risks on financial markets. It establishes several important principles and rules applicable to derivative contracts, such as a clearing obligation or a reporting obligation, but also rules applicable to subjects active in the financial markets, such as central counterparties or trade repositories. The implementation ...

Regulation 648/2012 intends to make derivative markets more stable, transparent and efficient. It implements G20 commitments on over-the-counter derivatives and on the mitigation of risks on financial markets. It establishes several important principles and rules applicable to derivative contracts, such as a clearing obligation or a reporting obligation, but also rules applicable to subjects active in the financial markets, such as central counterparties or trade repositories. The implementation reports of the European Commission, as well as reports of the European Securities and Markets Authority and of the European Systemic Risk Board, show that the regulation in its current state needs several changes and amendments. These reports note the existing challenges linked with procyclicality, frontloading, management of systemic risk or the position of central counterparties and of the European Securities and Markets Authority. Furthermore, the unclear language of the regulation, missing and unclear definitions (e.g. 'client' or 'assets') and the issues linked with transparency should be considered when it comes to be amended. The European Parliament has called on the Commission on several occasions to update the financial legislation and improve the compliance with commitments on OTC derivatives reform set by the G20. Similarly, the European Economic and Social Committee has noted the need to update the existing legislation. Last, but not least, the European Commission itself has expressed the willingness to come forward with a new legislative proposal that will update the existing system of OTC derivatives, central counterparties and trade repositories. It is expected that the Commission will submit this proposal in June 2017.

Upcoming events

03-05-2017
EU action to combat marine litter
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03-05-2017
Workshop on Sectarianism in the Middle East and North Africa
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AFET
03-05-2017
Business and human rights in EU External Policies
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