165

result(s)

Word(s)
Publication type
Author
Keyword
Date

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.

Access to the occupation of road transport operator and to the international road haulage market

15-03-2017

Regulation (EC) No 1071/2009 and Regulation (EC) No 1072/2009 set out a common legal framework to access road transport operator business and the road haulage market. The different analyses and studies carried out at European level show that the two regulations had positive effects on the internal market (such as harmonisation, introduction of quantitative criteria, clarification of terms, linking of the international cabotage to international carriage operations) and are an appropriate tool to deal ...

Regulation (EC) No 1071/2009 and Regulation (EC) No 1072/2009 set out a common legal framework to access road transport operator business and the road haulage market. The different analyses and studies carried out at European level show that the two regulations had positive effects on the internal market (such as harmonisation, introduction of quantitative criteria, clarification of terms, linking of the international cabotage to international carriage operations) and are an appropriate tool to deal with this issue. Nevertheless, several shortcomings were identified, considerably limiting the efficiency of the two legislative acts. Improvements are therefore needed, in particular regarding cabotage performance, rules enforcement, clarifying problematic terms, letterbox companies, and infringements. At the same time, harmonising the issues interpreted differently by Member States will benefit the market as a whole. The situations experienced by stakeholders, as well as best practices, could provide useful input for future approaches in this field. Beyond specific provisions and particular issues to be clarified and/or improved, the existing evaluations show that the most appropriate approach for the future would be a progressive opening of the haulage market and a deeper harmonisation at economic, legal and social level across the European Union.

The Legisprudential Role of National Parliaments in the European Union

10-03-2017

National parliaments’ contribution to the law-making process at European level should focus on the overall rationality of the draft legislative proposals. The Early Warning Mechanism must not be limited to considerations regarding the breach of the principle of subsidiarity, but also encompass the principle of conferral and the principle of proportionality. The Political Dialogue could be enhanced to acknowledge the legisprudential role assigned to national parliaments, encompassing configurations ...

National parliaments’ contribution to the law-making process at European level should focus on the overall rationality of the draft legislative proposals. The Early Warning Mechanism must not be limited to considerations regarding the breach of the principle of subsidiarity, but also encompass the principle of conferral and the principle of proportionality. The Political Dialogue could be enhanced to acknowledge the legisprudential role assigned to national parliaments, encompassing configurations akin to the green or red card without the need to amend the Treaties.

External author

Luís Heleno TERRINHA

Review Clauses in EU Legislation: A Rolling Check-List (5th edition)

10-03-2017

This check-list presents a comprehensive overview of ‘review clauses’, that is to say, review, evaluation and reporting provisions contained in recent EU legislative acts and programmes. It is produced by the Policy Cycle Unit of the European Parliamentary Research Service (EPRS), the EP's in-house research service and think- tank, with a view to supporting parliamentary committees in monitoring the evaluation of EU law, policies and programmes, thus feeding the ex-post analysis into the ex-ante ...

This check-list presents a comprehensive overview of ‘review clauses’, that is to say, review, evaluation and reporting provisions contained in recent EU legislative acts and programmes. It is produced by the Policy Cycle Unit of the European Parliamentary Research Service (EPRS), the EP's in-house research service and think- tank, with a view to supporting parliamentary committees in monitoring the evaluation of EU law, policies and programmes, thus feeding the ex-post analysis into the ex-ante phase of the policy cycle. The European Parliament is strongly committed to the concept of better law-making, and particularly to the effective use of ex-ante impact assessment and ex-post evaluation throughout the whole legislative cycle. It is in this spirit that Parliament shows a particular interest in following the transposition, implementation and enforcement of EU law and EU programmes and, more generally, monitoring the impact, operation, effectiveness and delivery of policy and programmes in practice.

Special Reports of the European Court of Auditors: A Rolling Check-List of recent findings

10-03-2017

This rolling check-list presents a comprehensive overview of the European Court of Auditors' (ECA) special reports, concentrating on those relevant for the 2015 EU discharge procedure. The document seeks to link the topics discussed by the special reports to the relevant debates and positions within the European Parliament, including notably the working documents of the Budgetary Control Committee, to the work of the various specialised parliamentary committees, and to individual Members' questions ...

This rolling check-list presents a comprehensive overview of the European Court of Auditors' (ECA) special reports, concentrating on those relevant for the 2015 EU discharge procedure. The document seeks to link the topics discussed by the special reports to the relevant debates and positions within the European Parliament, including notably the working documents of the Budgetary Control Committee, to the work of the various specialised parliamentary committees, and to individual Members' questions. It is produced by the Policy Cycle Unit of the European Parliamentary Research Service (EPRS), the Parliament's in-house research service and think-tank, as part of its on-going support for parliamentary committees and individual Members, helping them to scrutinise the executive in its implementation of EU law, policies and programmes. The European Parliament is strongly committed to the concept of better law-making, and particularly to the effective use of ex-ante impact assessment and ex-post evaluation throughout the whole legislative cycle. It is in this spirit that the Parliament has a particular interest in following the transposition, implementation and enforcement of EU law, and, more generally, in monitoring the impact, operation, effectiveness and delivery of policy and programmes in practice.

Subsidiarity as a Means to Enhance Cooperation between EU Institutions and National Parliaments

08-03-2017

The Treaty of Lisbon has entrusted national parliaments with the responsibility to monitor the respect of the principle of subsidiarity in new EU legislative proposals adopted in areas of non-exclusive EU competence (so-called Early Warning System). The Commission has been the primary interlocutor of parliaments in this framework, although Parliament also receives and follows-up on national parliaments’ reasoned opinions. Despite positive developments visible both at EU and national level, important ...

The Treaty of Lisbon has entrusted national parliaments with the responsibility to monitor the respect of the principle of subsidiarity in new EU legislative proposals adopted in areas of non-exclusive EU competence (so-called Early Warning System). The Commission has been the primary interlocutor of parliaments in this framework, although Parliament also receives and follows-up on national parliaments’ reasoned opinions. Despite positive developments visible both at EU and national level, important challenges remain, in particular in relation to the limited scope offered by the Early Warning System for more political engagement.

External author

Diane Fromage

The Eurovignette and the framework to promote a European electronic toll service (EETS)

06-03-2017

The various reports and assessments show that there are considerable differences in the way vehicle road charges have been implemented across Member States. This means that a fully integrated market is yet to be reached. This is partly due to the flexibility contained in the various legislations which allowed Member States to apply systems that first and foremost fitted with their needs. As transport policy has increasingly become more interlinked with reducing emissions, these differences have become ...

The various reports and assessments show that there are considerable differences in the way vehicle road charges have been implemented across Member States. This means that a fully integrated market is yet to be reached. This is partly due to the flexibility contained in the various legislations which allowed Member States to apply systems that first and foremost fitted with their needs. As transport policy has increasingly become more interlinked with reducing emissions, these differences have become more problematic. The available evidence shows that there are qualitative differences between the road charging systems with distance-based charges being the most effective option. Indeed, it is clear that a move towards this system has been happening for some time now, and that road charges generally vary depending on emissions. The reviews did not find evidence of discrimination against any HGV users. In the area of electronic tolling, substantial variations can also be found. While dedicated short-range communications (DSRC) is the most used system, significant challenges around inter-operability remain. In fact some argue that none of the current systems in use under EETS will increase operability. Technological advances are nevertheless making harmonising these services easier. Although some argue that the gradual harmonisation seen to date has more to do with new technologies than with EU legislation. While a harmonised system is important for the internal market, road charges have also become closely linked with the reduction in emissions according to the 'polluter pay' principle. Following that logic, it would be difficult not to consider road charges for all vehicles. Especially since passenger car emissions make up a higher proportion of GHG emissions than HGVs. Indeed, the Commission's consultation on the topic confirms that wide ranging options are being considered. A broader scope raises more challenges, and as road charges get more sophisticated, i.e. time-based for example, more care needs to be taken that rates do not discriminate against some road users, in particular non-nationals. However, road charges currently make up only a very small proportion of the total costs for the transport sector, which means that behavioural changes solely based on these charges are likely to be limited. To significantly reduce transport emissions, much broader actions will be required.

EU-US trade and investment relations: Effects on tax evasion, money laundering and tax transparency

06-03-2017

This ex-post impact assessment analyses EU-US trade and investment relations to assess whether and, if so, to what extent these relations have impacted on issues related to tax evasion, money laundering and tax transparency. The EU and US economies are highly intertwined, generating together half the world’s gross domestic product and more than 30 % of global trade. Overall, trade and investment relations between the European Union and the United States do not seem to have impacted on US efforts ...

This ex-post impact assessment analyses EU-US trade and investment relations to assess whether and, if so, to what extent these relations have impacted on issues related to tax evasion, money laundering and tax transparency. The EU and US economies are highly intertwined, generating together half the world’s gross domestic product and more than 30 % of global trade. Overall, trade and investment relations between the European Union and the United States do not seem to have impacted on US efforts to combat tax evasion, strengthen anti-money laundering legislation, and its implementation, and boost tax transparency. While some progress has been made in the ongoing negotiation of the Transatlantic Trade and Investment Partnership (TTIP), which also aims to establish regulatory cooperation between the EU and the USA on financial services, progress has been below expectations. The United States has set up mechanisms for information exchange with EU Member States, has signed tax treaties with almost all EU Member States, and has developed a robust legal framework to address money laundering and combat terrorism financing. Despite being largely compliant with the recommendations of the Financial Action Task Force, however, challenges remain on questions of beneficial ownership, cross-border exchange of information, privacy issues, and designated non-financial businesses and professions.

Upcoming events

23-03-2017
Hearing on the Unitary Patent: state of play
Hearing -
JURI
23-03-2017
US Politics today: Understanding recent dynamics
Other event -
EPRS
23-03-2017
Youth Guarantee and Youth Employment Initiative: Lessons from implementation
Workshop -
EMPL

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