### 3. the eba shall facilitate the adoption of the opinion in accordance with its general coordination function under article 31 of regulation (eu) no 1093/2010. ### 3. the esma shall facilitate the adoption of the opinion in accordance with its general coordination function under article 31 of regulation (eu) no 1093/2010.


### 5. the eba and competent authorities shall duly consider the opinion of the college reached in accordance with paragraph 1 , including any recommendations aimed at addressing shortcomings of the envisaged action or supervisory measure envisaged on an issuer of significant asset-referenced tokens or on the entities and crypto-asset service providers referred to in points (d) to (h) of article 99(2). where the eba or a competent authority does not agree with an opinion of the college , including any recommendations aimed at addressing shortcomings of the envisaged action or supervisory measure envisaged , its decision shall contain full reasons and an explanation of any significant deviation from that opinion or recommendations. ### 5. the esma and competent authorities shall duly consider the opinion of the college reached in accordance with paragraph 1 , including any recommendations aimed at addressing shortcomings of the envisaged action or supervisory measure envisaged on an issuer of significant asset-referenced tokens or on the entities and crypto-asset service providers referred to in points (d) to (h) of article 99(2). where the esma or a competent authority does not agree with an opinion of the college , including any recommendations aimed at addressing shortcomings of the envisaged action or supervisory measure envisaged , its decision shall contain full reasons and an explanation of any significant deviation from that opinion or recommendations.


### the eba , as the chair; ### the esma , as the chair;


### esma; ### eba;


### relevant supervisory authorities of third countries with which the eba has concluded an administrative agreement in accordance with article 108. ### relevant supervisory authorities of third countries with which the esma has concluded an administrative agreement in accordance with article 108.


### 6. in order to ensure the consistent and coherent functioning of colleges , the eba shall , in cooperation with esma and the european system of central banks , develop draft regulatory standards specifying the conditions under which the entities referred to in points (d) to (g) of paragraph 2 are to be considered as the most relevant and the details of the practical arrangements referred to in paragraph 5. ### 6. in order to ensure the consistent and coherent functioning of colleges , the esma shall , in cooperation with eba and the european system of central banks , develop draft regulatory standards specifying the conditions under which the entities referred to in points (d) to (g) of paragraph 2 are to be considered as the most relevant and the details of the practical arrangements referred to in paragraph 5.


### the eba shall submit those draft regulatory standards to the commission by [please insert date 12 months after the entry into force]. ### the esma shall submit those draft regulatory standards to the commission by [please insert date 12 months after the entry into force].


### any delegation of supervisory tasks from the competent authority of the issuer of significant e-money tokens to the eba or another competent authority , or from the eba to the competent authority in accordance with article 120; ### any delegation of supervisory tasks from the competent authority of the issuer of significant e-money tokens to the esma or another competent authority , or from the esma to the competent authority in accordance with article 120;


### 2. where the college issues an opinion in accordance with paragraph 1 , at the request of any member of the college and upon adoption by a majority of the college in accordance with paragraph 4 , the opinion may include any recommendations aimed at addressing shortcomings of the envisaged action or measure envisaged by the competent authorities or by the eba. ### 2. where the college issues an opinion in accordance with paragraph 1 , at the request of any member of the college and upon adoption by a majority of the college in accordance with paragraph 4 , the opinion may include any recommendations aimed at addressing shortcomings of the envisaged action or measure envisaged by the competent authorities or by the esma.


### 5. the competent authority of the issuer of significant e-money tokens , eba or any competent authority for the entities and crypto-asset service providers referred to in points (d) to (g) of article 101(2) shall duly consider the opinion of the college reached in accordance with paragraph 1 , including any recommendations aimed at addressing shortcomings of any envisaged action or supervisory measure. where the eba or a competent authority do not agree with an opinion of the college , including any recommendations aimed at addressing shortcomings of the envisaged action or supervisory measure , its decision shall contain full reasons and an explanation of any significant deviation from that opinion or recommendations. ### 5. the competent authority of the issuer of significant e-money tokens , esma or any competent authority for the entities and crypto-asset service providers referred to in points (d) to (g) of article 101(2) shall duly consider the opinion of the college reached in accordance with paragraph 1 , including any recommendations aimed at addressing shortcomings of any envisaged action or supervisory measure. where the esma or a competent authority do not agree with an opinion of the college , including any recommendations aimed at addressing shortcomings of the envisaged action or supervisory measure , its decision shall contain full reasons and an explanation of any significant deviation from that opinion or recommendations.


### 4 the eba’s powers and competences on issuers of significant asset-referenced tokens and issuers of significant e-money tokens ### 4 the esma's powers and competences on issuers of significant asset-referenced tokens and issuers of significant e-money tokens


### the powers conferred on the eba by articles 104 to 107 , or on any official or other person authorised by the eba , shall not be used to require the disclosure of information which is subject to legal privilege. ### the powers conferred on the esma by articles 104 to 107 , or on any official or other person authorised by the esma , shall not be used to require the disclosure of information which is subject to legal privilege.


### 1. in order to carry out its duties under article 98 , the eba may by simple request or by decision require the following persons to provide all information necessary to enable the eba to carry out its duties under this regulation: ### 1. in order to carry out its duties under article 98 , the esma may by simple request or by decision require the following persons to provide all information necessary to enable the esma to carry out its duties under this regulation:


### 3. when requiring to supply information under paragraph 1 by decision , the eba shall: ### 3. when requiring to supply information under paragraph 1 by decision , the esma shall:


### indicate the right to appeal the decision before the eba’s board of appeal and to have the decision reviewed by the court of justice of the european union (‘court of justice’) in accordance with articles 60 and 61 of regulation (eu) no 1093/2010. ### indicate the right to appeal the decision before the esma’s board of appeal and to have the decision reviewed by the court of justice of the european union (‘court of justice’) in accordance with articles 60 and 61 of regulation (eu) no 1093/2010.


### 5. the eba shall without delay send a copy of the simple request or of its decision to the competent authority of the member state where the persons referred to in paragraph 1 concerned by the request for information are domiciled or established. ### 5. the esma shall without delay send a copy of the simple request or of its decision to the competent authority of the member state where the persons referred to in paragraph 1 concerned by the request for information are domiciled or established.


### 1. in order to carry out its duties under article 98 of this regulation , eba may conduct investigations on issuers of significant asset-referenced tokens and issuers of significant e-money tokens. to that end , the officials and other persons authorised by the eba shall be empowered to: ### 1. in order to carry out its duties under article 98 of this regulation , esma may conduct investigations on issuers of significant asset-referenced tokens and issuers of significant e-money tokens. to that end , the officials and other persons authorised by the esma shall be empowered to:


### 2. the officials and other persons authorised by the eba for the purposes of the investigations referred to in paragraph 1 shall exercise their powers upon production of a written authorisation specifying the subject matter and purpose of the investigation. that authorisation shall also indicate the periodic penalty payments provided for in article 114 where the production of the required records , data , procedures or any other material , or the answers to questions asked to issuers of significant asset-referenced tokens or issuers of significant e-money tokens are not provided or are incomplete , and the fines provided for in article 113 , where the answers to questions asked to issuers of significant asset-referenced tokens or issuers of significant e-money tokens are incorrect or misleading. ### 2. the officials and other persons authorised by the esma for the purposes of the investigations referred to in paragraph 1 shall exercise their powers upon production of a written authorisation specifying the subject matter and purpose of the investigation. that authorisation shall also indicate the periodic penalty payments provided for in article 114 where the production of the required records , data , procedures or any other material , or the answers to questions asked to issuers of significant asset-referenced tokens or issuers of significant e-money tokens are not provided or are incomplete , and the fines provided for in article 113 , where the answers to questions asked to issuers of significant asset-referenced tokens or issuers of significant e-money tokens are incorrect or misleading.


### 3. the issuers of significant asset-referenced tokens and issuers of significant e-money tokens are required to submit to investigations launched on the basis of a decision of the eba. the decision shall specify the subject matter and purpose of the investigation , the periodic penalty payments provided for in article 114 , the legal remedies available under regulation (eu) no 1093/2010 and the right to have the decision reviewed by the court of justice. ### 3. the issuers of significant asset-referenced tokens and issuers of significant e-money tokens are required to submit to investigations launched on the basis of a decision of the esma. the decision shall specify the subject matter and purpose of the investigation , the periodic penalty payments provided for in article 114 , the legal remedies available under regulation (eu) no 1093/2010 and the right to have the decision reviewed by the court of justice.


### 4. in due time before an investigation referred to in paragraph 1 , the eba shall inform the competent authority of the member state where the investigation is to be carried out of the investigation and of the identity of the authorised persons. officials of the competent authority concerned shall , upon the request of the eba , assist those authorised persons in carrying out their duties. officials of the competent authority concerned may also attend the investigations upon request. ### 4. in due time before an investigation referred to in paragraph 1 , the esma shall inform the competent authority of the member state where the investigation is to be carried out of the investigation and of the identity of the authorised persons. officials of the competent authority concerned shall , upon the request of the esma , assist those authorised persons in carrying out their duties. officials of the competent authority concerned may also attend the investigations upon request.


### the decision adopted by the eba referred to in paragraph 3 is authentic; ### the decision adopted by the esma referred to in paragraph 3 is authentic;


### 7. for the purposes of point (b) paragraph 6 , the national judicial authority may ask the eba for detailed explanations , in particular relating to the grounds the eba has for suspecting that an infringement of this regulation has taken place and the seriousness of the suspected infringement and the nature of the involvement of the person subject to the coercive measures. however , the national judicial authority shall not review the necessity for the investigation or demand that it be provided with the information on the eba’s file. the lawfulness of the eba’s decision shall be subject to review only by the court of justice following the procedure set out in regulation (eu) no 1093/2010. ### 7. for the purposes of point (b) paragraph 6 , the national judicial authority may ask the esma for detailed explanations , in particular relating to the grounds the esma has for suspecting that an infringement of this regulation has taken place and the seriousness of the suspected infringement and the nature of the involvement of the person subject to the coercive measures. however , the national judicial authority shall not review the necessity for the investigation or demand that it be provided with the information on the esma’s file. the lawfulness of the esma’s decision shall be subject to review only by the court of justice following the procedure set out in regulation (eu) no 1093/2010.


### 1. in order to carry out its duties under article 98 of this regulation , the eba may conduct all necessary on-site inspections at any business premises of the issuers of significant asset-referenced tokens and issuers of significant e-money tokens. ### 1. in order to carry out its duties under article 98 of this regulation , the esma may conduct all necessary on-site inspections at any business premises of the issuers of significant asset-referenced tokens and issuers of significant e-money tokens.


### 2. the officials and other persons authorised by the eba to conduct an on-site inspection may enter any business premises of the persons subject to an investigation decision adopted by the eba and shall have all the powers stipulated in article 105(1). they shall also have the power to seal any business premises and books or records for the period of , and to the extent necessary for , the inspection. ### 2. the officials and other persons authorised by the esma to conduct an on-site inspection may enter any business premises of the persons subject to an investigation decision adopted by the esma and shall have all the powers stipulated in article 105(1). they shall also have the power to seal any business premises and books or records for the period of , and to the extent necessary for , the inspection.


### 3. in due time before the inspection , the eba shall give notice of the inspection to the competent authority of the member state where the inspection is to be conducted. where the proper conduct and efficiency of the inspection so require , the eba , after informing the relevant competent authority , may carry out the on-site inspection without prior notice to the issuer of significant asset-referenced tokens or the issuer of significant e-money tokens. ### 3. in due time before the inspection , the esma shall give notice of the inspection to the competent authority of the member state where the inspection is to be conducted. where the proper conduct and efficiency of the inspection so require , the esma , after informing the relevant competent authority , may carry out the on-site inspection without prior notice to the issuer of significant asset-referenced tokens or the issuer of significant e-money tokens.


### 4. the officials and other persons authorised by the eba to conduct an on-site inspection shall exercise their powers upon production of a written authorisation specifying the subject matter and purpose of the inspection and the periodic penalty payments provided for in article 114 where the persons concerned do not submit to the inspection. ### 4. the officials and other persons authorised by the esma to conduct an on-site inspection shall exercise their powers upon production of a written authorisation specifying the subject matter and purpose of the inspection and the periodic penalty payments provided for in article 114 where the persons concerned do not submit to the inspection.


### 5. the issuer of significant asset-referenced tokens or the issuer of significant e-money tokens shall submit to on-site inspections ordered by decision of the eba. the decision shall specify the subject matter and purpose of the inspection , appoint the date on which it is to begin and indicate the periodic penalty payments provided for in article 114 , the legal remedies available under regulation (eu) no 1093/2010 as well as the right to have the decision reviewed by the court of justice. ### 5. the issuer of significant asset-referenced tokens or the issuer of significant e-money tokens shall submit to on-site inspections ordered by decision of the esma. the decision shall specify the subject matter and purpose of the inspection , appoint the date on which it is to begin and indicate the periodic penalty payments provided for in article 114 , the legal remedies available under regulation (eu) no 1093/2010 as well as the right to have the decision reviewed by the court of justice.


### 6. officials of , as well as those authorised or appointed by , the competent authority of the member state where the inspection is to be conducted shall , at the request of the eba , actively assist the officials and other persons authorised by the eba. officials of the competent authority of the member state concerned may also attend the onsite inspections. ### 6. officials of , as well as those authorised or appointed by , the competent authority of the member state where the inspection is to be conducted shall , at the request of the esma , actively assist the officials and other persons authorised by the esma. officials of the competent authority of the member state concerned may also attend the onsite inspections.


### 7. the eba may also require competent authorities to carry out specific investigatory tasks and on-site inspections as provided for in this article and in article 105(1) on its behalf. ### 7. the esma may also require competent authorities to carry out specific investigatory tasks and on-site inspections as provided for in this article and in article 105(1) on its behalf.


### 8. where the officials and other accompanying persons authorised by the eba find that a person opposes an inspection ordered pursuant to this article , the competent authority of the member state concerned shall afford them the necessary assistance , requesting , where appropriate , the assistance of the police or of an equivalent enforcement authority , so as to enable them to conduct their on-site inspection. ### 8. where the officials and other accompanying persons authorised by the esma find that a person opposes an inspection ordered pursuant to this article , the competent authority of the member state concerned shall afford them the necessary assistance , requesting , where appropriate , the assistance of the police or of an equivalent enforcement authority , so as to enable them to conduct their on-site inspection.


### the decision adopted by the eba referred to in paragraph 4 is authentic; ### the decision adopted by the esma referred to in paragraph 4 is authentic;


### 11. for the purposes of paragraph 10 , point (b) , the national judicial authority may ask the eba for detailed explanations , in particular relating to the grounds the eba has for suspecting that an infringement of this regulation has taken place and the seriousness of the suspected infringement and the nature of the involvement of the person subject to the coercive measures. however , the national judicial authority shall not review the necessity for the investigation or demand that it be provided with the information on the eba’s file. the lawfulness of the eba’s decision shall be subject to review only by the court of justice following the procedure set out in regulation (eu) no 1093/2010. ### 11. for the purposes of paragraph 10 , point (b) , the national judicial authority may ask the esma for detailed explanations , in particular relating to the grounds the esma has for suspecting that an infringement of this regulation has taken place and the seriousness of the suspected infringement and the nature of the involvement of the person subject to the coercive measures. however , the national judicial authority shall not review the necessity for the investigation or demand that it be provided with the information on the esma’s file. the lawfulness of the esma’s decision shall be subject to review only by the court of justice following the procedure set out in regulation (eu) no 1093/2010.


### in order to carry out its duties under article 98 and without prejudice to article 84 , the eba and the competent authorities shall provide each other with the information required for the purposes of carrying out their duties under this regulation without undue delay. for that purpose , competent authorities shall exchange with the eba any information related to: ### in order to carry out its duties under article 98 and without prejudice to article 84 , the esma and the competent authorities shall provide each other with the information required for the purposes of carrying out their duties under this regulation without undue delay. for that purpose , competent authorities shall exchange with the esma any information related to:


### administrative agreements on exchange of information between the eba and third countries ### administrative agreements on exchange of information between the esma and third countries


### 1. in order to carry out its duties under article 98 , the eba may conclude administrative agreements on exchange of information with the supervisory authorities of third countries only if the information disclosed is subject to guarantees of professional secrecy which are at least equivalent to those set out in article 111. ### 1. in order to carry out its duties under article 98 , the esma may conclude administrative agreements on exchange of information with the supervisory authorities of third countries only if the information disclosed is subject to guarantees of professional secrecy which are at least equivalent to those set out in article 111.


### 2. exchange of information referred to in paragraph 1 shall be intended for the performance of the tasks of the eba or those supervisory authorities. ### 2. exchange of information referred to in paragraph 1 shall be intended for the performance of the tasks of the esma or those supervisory authorities.


### 3. with regard to transfer of personal data to a third country , the eba shall apply regulation (eu) no 2018/1725. ### 3. with regard to transfer of personal data to a third country , the esma shall apply regulation (eu) no 2018/1725.


### the eba may disclose the information received from supervisory auth orities of third countries only where the eba or a competent authority has obtained the express agreement of the supervisory authority that has transmitted the information and , where applicable , the information is disclosed only for the purposes for which that supervisory authority gave its agreement or where such disclosure is necessary for legal proceedings. ### the esma may disclose the information received from supervisory authorities of third countries only where the esma or a competent authority has obtained the express agreement of the supervisory authority that has transmitted the information and , where applicable , the information is disclosed only for the purposes for which that supervisory authority gave its agreement or where such disclosure is necessary for legal proceedings.


### where an issuer of significant asset-referenced tokens or an issuer of significant e-money tokens engages in activities other than those covered by this regulation , the eba shall cooperate with the authorities responsible for the supervision or oversight of such other activities as provided for in the relevant union or national law , including tax authorities. ### where an issuer of significant asset-referenced tokens or an issuer of significant e-money tokens engages in activities other than those covered by this regulation , the esma shall cooperate with the authorities responsible for the supervision or oversight of such other activities as provided for in the relevant union or national law , including tax authorities.


### the obligation of professional secrecy shall apply to the eba and all persons who work or who have worked for the eba or for any other person to whom the eba has delegated tasks , including auditors and experts contracted by the eba. ### the obligation of professional secrecy shall apply to the esma and all persons who work or who have worked for the esma or for any other person to whom the esma has delegated tasks , including auditors and experts contracted by the esma.


### supervisory measures by the eba ### supervisory measures by the esma


### 1. where the eba finds that an issuer of a significant asset-referenced tokens has committed one of the infringements listed in annex v , it may take one or more of the following actions: ### 1. where the esma finds that an issuer of a significant asset-referenced tokens has committed one of the infringements listed in annex v , it may take one or more of the following actions:


### 2. where the eba finds that an issuer of a significant e-money tokens has committed one of the infringements listed in annex vi , it may take one or more of the following actions: ### 2. where the esma finds that an issuer of a significant e-money tokens has committed one of the infringements listed in annex vi , it may take one or more of the following actions:


### 3. when taking the actions referred to in paragraphs 1 and 2 , the eba shall take into account the nature and seriousness of the infringement , having regard to the following criteria: ### 3. when taking the actions referred to in paragraphs 1 and 2 , the esma shall take into account the nature and seriousness of the infringement , having regard to the following criteria:


### 4. before taking the actions referred in points (d) to (g) and point (j) of paragraph 1 , the eba shall inform esma and , where the significant asset-referenced tokens refers union currencies , the central banks of issues of those currencies. ### 4. before taking the actions referred in points (d) to (g) and point (j) of paragraph 1 , the esma shall inform eba and , where the significant asset-referenced tokens refers union currencies , the central banks of issues of those currencies.


### 5. before taking the actions referred in points (a) to (c) of paragraph 2 , the eba shall inform the competent authority of the issuer of significant e-money tokens and the central bank of issue of the currency that the significant e-money token is referencing. ### 5. before taking the actions referred in points (a) to (c) of paragraph 2 , the esma shall inform the competent authority of the issuer of significant e-money tokens and the central bank of issue of the currency that the significant e-money token is referencing.


### 6. the eba shall notify any action taken pursuant to paragraph 1 and 2 to the issuer of significant asset-referenced tokens or the issuer of significant e-money tokens responsible for the infringement without undue delay and shall communicate that action to the competent authorities of the member states concerned and the commission. the eba shall publicly disclose any such decision on its website within 10 working days from the date when that decision was adopted. ### 6. the esma shall notify any action taken pursuant to paragraph 1 and 2 to the issuer of significant asset-referenced tokens or the issuer of significant e-money tokens responsible for the infringement without undue delay and shall communicate that action to the competent authorities of the member states concerned and the commission. the esma shall publicly disclose any such decision on its website within 10 working days from the date when that decision was adopted.


### a statement asserting that it is possible for eba’s board of appeal to suspend the application of the contested decision in accordance with article 60(3) of regulation (eu) no 1093/2010. ### a statement asserting that it is possible for esma ’s board of appeal to suspend the application of the contested decision in accordance with article 60(3) of regulation (eu) no 1095/2010.


### 4. for issuers of significant e-money tokens , the maximum amount of the fine referred to in paragraph 1 shall up to 5% of the annual turnover , as defined under relevant union law , in the preceding business year , or twice the amount or profits gained or losses avoided because of the infringement where those can be determined. ### 4. for issuers of significant e-money tokens , the maximum amount of the fine referred to in paragraph 1 shall up to 15% of the annual turnover , as defined under relevant union law , in the preceding business year , or twice the amount or profits gained or losses avoided because of the infringement where those can be determined.


### 1. the eba shall , by decision , impose periodic penalty payments in order to compel: ### 1. the esma shall , by decision , impose periodic penalty payments in order to compel:


### 4. a periodic penalty payment shall be imposed for a maximum period of six months following the notification of the eba’s decision. following the end of the period , the eba shall review the measure. ### 4. a periodic penalty payment shall be imposed for a maximum period of six months following the notification of the eba’s decision. following the end of the period , the esma shall review the measure.


### 1. the eba shall disclose to the public every fine and periodic penalty payment that has been imposed pursuant to articles 113 and 114 unless such disclosure to the public would seriously jeopardise the financial stability or cause disproportionate damage to the parties involved. such disclosure shall not contain personal data within the meaning of regulation (eu) 2016/679172 . ### 1. the esma shall disclose to the public every fine and periodic penalty payment that has been imposed pursuant to articles 113 and 114 unless such disclosure to the public would seriously jeopardise the financial stability or cause disproportionate damage to the parties involved. such disclosure shall not contain personal data within the meaning of regulation (eu) 2016/679172 .


### 3. where the eba decides to impose no fines or penalty payments , it shall inform the european parliament , the council , the commission , and the competent authorities of the member state concerned accordingly and shall set out the reasons for its decision. ### 3. where the esma decides to impose no fines or penalty payments , it shall inform the european parliament , the council , the commission , and the competent authorities of the member state concerned accordingly and shall set out the reasons for its decision.


### 1. where , in carrying out its duties under articles 98 , the eba finds that there are serious indications of the possible existence of facts liable to constitute one or more of the infringements listed in annexes v or vi , the eba shall appoint an independent investigation officer within the eba to investigate the matter. the appointed officer shall not be involved or have been directly or indirectly involved in the supervision of the issuers of significant asset-referenced tokens or issuers of significant e-money tokens and shall perform its functions independently from the eba. ### 1. where , in carrying out its duties under articles 98 , the esma finds that there are serious indications of the possible existence of facts liable to constitute one or more of the infringements listed in annexes v or vi , the esma shall appoint an independent investigation officer within the esma to investigate the matter. the appointed officer shall not be involved or have been directly or indirectly involved in the supervision of the issuers of significant asset-referenced tokens or issuers of significant e-money tokens and shall perform its functions independently from the esma.


### 2. the investigation officer referred to in paragraph 1 shall investigate the alleged infringements , taking into account any comments submitted by the persons who are subject to the investigations , and shall submit a complete file with his findings to eba. ### 2. the investigation officer referred to in paragraph 1 shall investigate the alleged infringements , taking into account any comments submitted by the persons who are subject to the investigations , and shall submit a complete file with his findings to esma.


### 4. where carrying out his tasks , the investigation officer shall have access to all documents and information gathered by the eba in its supervisory activities. ### 4. where carrying out his tasks , the investigation officer shall have access to all documents and information gathered by the esma in its supervisory activities.


### 5. upon completion of his or her investigation and before submitting the file with his findings to the eba , the investigation officer shall give the persons subject to the investigations the opportunity to be heard on the matters being investigated. the investigation officer shall base his or her findings only on facts on which the persons concerned have had the opportunity to comment. ### 5. upon completion of his or her investigation and before submitting the file with his findings to the esma , the investigation officer shall give the persons subject to the investigations the opportunity to be heard on the matters being investigated. the investigation officer shall base his or her findings only on facts on which the persons concerned have had the opportunity to comment.


### 7. when submitting the file with his findings to the eba , the investigation officer shall notify the persons who are subject to the investigations. the persons subject to the investigations shall be entitled to have access to the file , subject to the legitimate interest of other persons in the protection of their business secrets. the right of access to the file shall not extend to confidential information affecting third parties or the eba’s internal preparatory documents. ### 7. when submitting the file with his findings to the esma , the investigation officer shall notify the persons who are subject to the investigations. the persons subject to the investigations shall be entitled to have access to the file , subject to the legitimate interest of other persons in the protection of their business secrets. the right of access to the file shall not extend to confidential information affecting third parties or the esma’s internal preparatory documents.


### 8. on the basis of the file containing the investigation officer’s findings and , when requested by the persons subject to the investigations , after having heard those persons in accordance with article 117 , the eba shall decide if one or more of the infringements of provisions listed in annex v or vi have been committed by the issuer of significant asset-referenced tokens or the issuer of significant e-money tokens subject to the investigations and , in such a case , shall take a supervisory measure in accordance with article 112 and/or impose a fine in accordance with article 113. ### 8. on the basis of the file containing the investigation officer’s findings and , when requested by the persons subject to the investigations , after having heard those persons in accordance with article 117 , the esma shall decide if one or more of the infringements of provisions listed in annex v or vi have been committed by the issuer of significant asset-referenced tokens or the issuer of significant e-money tokens subject to the investigations and , in such a case , shall take a supervisory measure in accordance with article 112 and/or impose a fine in accordance with article 113.


### 9. the investigation officer shall not participate in eba’s deliberations or in any other way intervene in eba’s decision-making process. ### 9. the investigation officer shall not participate in esma’s deliberations or in any other way intervene in esma’s decision-making process.


### 11. the eba shall refer matters to the appropriate national authorities for investigation and possible criminal prosecution where , in carrying out its duties under this regulation , it finds that there are serious indications of the possible existence of facts liable to constitute criminal offences. in addition , the eba shall refrain from imposing fines or periodic penalty payments where a prior acquittal or conviction arising from identical fact or facts which are substantially the same has already acquired the force of res judicata as the result of criminal proceedings under national law. ### 11. the esma shall refer matters to the appropriate national authorities for investigation and possible criminal prosecution where , in carrying out its duties under this regulation , it finds that there are serious indications of the possible existence of facts liable to constitute criminal offences. in addition , the esma shall refrain from imposing fines or periodic penalty payments where a prior acquittal or conviction arising from identical fact or facts which are substantially the same has already acquired the force of res judicata as the result of criminal proceedings under national law.


### 1. before taking any decision pursuant to articles 112 , 113 and 114 , the eba shall give the persons subject to the proceedings the opportunity to be heard on its findings. the eba shall base its decisions only on findings on which the persons subject to the proceedings have had an opportunity to comment. ### 1. before taking any decision pursuant to articles 112 , 113 and 114 , the esma shall give the persons subject to the proceedings the opportunity to be heard on its findings. the esma shall base its decisions only on findings on which the persons subject to the proceedings have had an opportunity to comment.


### 2. paragraph 1 shall not apply if urgent action is needed in order to prevent significant and imminent damage to the financial stability or consumer protection. in such a case the eba may adopt an interim decision and shall give the persons concerned the opportunity to be heard as soon as possible after taking its decision. ### 2. paragraph 1 shall not apply if urgent action is needed in order to prevent significant and imminent damage to the financial stability or consumer protection. in such a case the esma may adopt an interim decision and shall give the persons concerned the opportunity to be heard as soon as possible after taking its decision.


### 3. the rights of the defence of the persons subject to investigations shall be fully respected in the proceedings. they shall be entitled to have access to the eba’s file , subject to the legitimate interest of other persons in the protection of their business secrets. the right of access to the file shall not extend to confidential information or the eba’s internal preparatory documents. ### 3. the rights of the defence of the persons subject to investigations shall be fully respected in the proceedings. they shall be entitled to have access to the esma’s file , subject to the legitimate interest of other persons in the protection of their business secrets. the right of access to the file shall not extend to confidential information or the esma’s internal preparatory documents.


### 1. the eba shall charge fees to the issuers of significant asset-referenced tokens and the issuers of significant e-money tokens in accordance with this regulation and in accordance with the delegated acts adopted pursuant to paragraph 3. those fees shall cover the eba’s expenditure relating to the supervision of issuers of significant asset-referenced tokens and the supervision of issuers of significant e-money token issuers in accordance with article 98 , as well as the reimbursement of costs that the competent authorities may incur carrying out work pursuant to this regulation , in particular as a result of any delegation of tasks in accordance with article 120. ### 1. the esma shall charge fees to the issuers of significant asset-referenced tokens and the issuers of significant e-money tokens in accordance with this regulation and in accordance with the delegated acts adopted pursuant to paragraph 3. those fees shall cover the esma’s expenditure relating to the supervision of issuers of significant asset-referenced tokens and the supervision of issuers of significant e-money token issuers in accordance with article 98 , as well as the reimbursement of costs that the competent authorities may incur carrying out work pursuant to this regulation , in particular as a result of any delegation of tasks in accordance with article 120.


### 2. the amount of the fee charged to an individual issuer of significant asset-referenced tokens shall be proportionate to the size of its reserve assets and shall cover all costs incurred by the eba for the performance of its supervisory tasks in accordance with this regulation. ### 2. the amount of the fee charged to an individual issuer of significant asset-referenced tokens shall be proportionate to the size of its reserve assets and shall cover all costs incurred by the esma for the performance of its supervisory tasks in accordance with this regulation.


### the amount of the fee charged to an individual issuer of significant e-money tokens shall be proportionate to the size of the e-money issued in exchanged of funds and shall cover all costs incurred by the eba for the performance of its supervisory tasks in accordance with this regulation. ### the amount of the fee charged to an individual issuer of significant e-money tokens shall be proportionate to the size of the e-money issued in exchanged of funds and shall cover all costs incurred by the esma for the performance of its supervisory tasks in accordance with this regulation.


### 3. the commission shall adopt a delegated act in accordance with article 121 by [please insert date 12 months after entry into force] to specify the type of fees , the matters for which fees are due , the amount of the fees and the manner in which they are to be paid and the methodology to calculate the maximum amount per entity under paragraph 2 that can be charged by the eba. ### 3. the commission shall adopt a delegated act in accordance with article 121 by [please insert date 12 months after entry into force] to specify the type of fees , the matters for which fees are due , the amount of the fees and the manner in which they are to be paid and the methodology to calculate the maximum amount per entity under paragraph 2 that can be charged by the esma.


### delegation of tasks by the eba to competent authorities ### delegation of tasks by the esma to competent authorities


### 1. where necessary for the proper performance of a supervisory task for issuers of significant asset-referenced tokens or significant e-money tokens , the eba may delegate specific supervisory tasks to the competent authority of a member state. such specific supervisory tasks may , in particular , include the power to carry out requests for information in accordance with article 104 and to conduct investigations and on-site inspections in accordance with article 105 and article 106. ### 1. where necessary for the proper performance of a supervisory task for issuers of significant asset-referenced tokens or significant e-money tokens , the esma may delegate specific supervisory tasks to the competent authority of a member state. such specific supervisory tasks may , in particular , include the power to carry out requests for information in accordance with article 104 and to conduct investigations and on-site inspections in accordance with article 105 and article 106.


### 2. prior to delegation of a task , the eba shall consult the relevant competent authority about: ### 2. prior to delegation of a task , the esma shall consult the relevant competent authority about:


### the transmission of necessary information by and to the eba. ### the transmission of necessary information by and to the esma.


### 3. in accordance with the regulation on fees adopted by the commission pursuant to article 119(3) , the eba shall reimburse a competent authority for costs incurred as a result of carrying out delegated tasks. ### 3. in accordance with the regulation on fees adopted by the commission pursuant to article 119(3) , the esma shall reimburse a competent authority for costs incurred as a result of carrying out delegated tasks.


### an evaluation of the cooperation between the competent authorities , the eba and esma , and an assessment of advantages and disadvantages of the competent authorities and the eba being responsible for supervision under this regulation; ### an evaluation of the cooperation between the competent authorities , the eba and esma , and an assessment of advantages and disadvantages of the competent authorities and the esma being responsible for supervision under this regulation;


### 5. where providing one or more crypto-asset services , credit institutions authorised under directive 2013/36/eu shall not be subject to the provisions of chapter i of title v , except articles 57 and 58. ### 5. where providing one or more crypto-asset services , credit institutions authorised under directive 2013/36/eu , central counterparties authorised under regulation 648/2012/eu , central securities depositories authorised under regulation 909/2014/eu and regulated markets authorised under directive 2014/65/eu shall not be subject to the provisions of chapter i of title v , except articles 57 and 58.


### (1) ‘distributed ledger technology’ or ‘dlt’ means a type of technology that support the distributed recording of encrypted data; ### (1) ‘distributed ledger technology’ or ‘dlt’ means a type of technology that refers to the protocols and supporting infrastructure that allow computers in different locations to propose and validate transactions and update records in a synchronised way across a network.


### (2) ‘crypto-asset’ means a digital representation of value or rights which may be transferred and stored electronically , using distributed ledger technology or similar technology; ### (2) ‘crypto-asset’ means a digital representation of value or rights for direct investment or finance purposes , which may be transferred and stored electronically , using distributed ledger technology or similar technology;


### (5) ‘utility token’ means a type of crypto-asset which is intended to provide digital access to a good or service , available on dlt , and is only accepted by the issuer of that token; ### (5) ‘utility token’ means a type of crypto-asset which is intended to provide digital access to a fungible good or service , available on dlt , and is only accepted by the issuer of that token;


### is a legal entity; ### is a legal entity or a decentralised autonomous organisation;


### 9. the crypto-asset white paper shall be drawn up in at least one of the official languages of the home member state or in a language customary in the sphere of international finance. ### 9. the crypto-asset white paper shall be drawn up in at least one of the official languages of the home member state or in english.


### 1. no issuer of asset-referenced tokens shall , within the union , offer such tokens to the public , or seek an admission of such assets to trading on a trading platform for crypto-assets , unless such issuers have been authorised to do so in accordance with article 19 by the competent authority of their home member state. ### 1. no person or legal entity shall offer asset-referenced tokens to the public or seek an admission of such assets to trading on a trading platform for crypto-assets in the union , unless the issuers of such asset-referenced token has been authorised to do so in accordance with article 19 by the competent authority of their home member state.


### 7. the eba shall , in close cooperation with esma , develop draft regulatory technical standards to specify the procedure for the approval of a crypto-asset white paper referred to in paragraph 4. ### 7. the esma shall develop draft regulatory technical standards to specify the procedure for the approval of a crypto-asset white paper referred to in paragraph 4.


### eba shall submit those draft regulatory technical standards to the commission by [please insert date 12 months after the entry into force]. ### esma shall submit those draft regulatory technical standards to the commission by [please insert date 12 months after the entry into force].


### 4. the eba shall , in close cooperation with esma , develop draft regulatory technical standards to specify the information that an application shall contain , in addition to the information referred to in paragraph 2. ### 4. the esma shall develop draft regulatory technical standards to specify the information that an application shall contain , in addition to the information referred to in paragraph 2.


### the eba shall submit those draft regulatory technical standards to the commission by [please insert date 12 months after the entry into force]. ### the esma shall submit those draft regulatory technical standards to the commission by [please insert date 12 months after the entry into force].


### 5. the eba shall , in close cooperation with esma , develop draft implementing technical standards to establish standard forms , templates and procedures for the application for authorisation. ### 5. the esma shall develop draft implementing technical standards to establish standard forms , templates and procedures for the application for authorisation.


### the eba shall submit those draft implementing technical standards to the commission by [please insert date 12 months after the entry into force]. ### the esma shall submit those draft implementing technical standards to the commission by [please insert date 12 months after the entry into force].


### 4. the crypto-asset white paper shall be drawn up in at least one of the official languages of the home member state or in a language customary in the sphere of international finance. ### 4. the crypto-asset white paper shall be drawn up in at least one of the official languages of the home member state or in english.


### 1. competent authorities shall , within one month after having received the non-binding opinion referred to in article 18(4) , take a fully reasoned decision granting or refusing authorisation to the applicant issuer and , and , within 5 working days , notify that decision to applicant issuers. where an applicant issuer is authorised , its crypto-asset white paper shall be deemed to be approved. ### 1. competent authorities shall , within six weeks after having received the non-binding opinion referred to in article 18(4) , take a fully reasoned decision granting or refusing authorisation to the applicant issuer and , and , within 5 working days , notify that decision to applicant issuers. where an applicant issuer is authorised , its crypto-asset white paper shall be deemed to be approved.


### 1. competent authorities shall withdraw the authorisation of issuers of asset-referenced tokens in any of the following situations: ### 1. competent authorities shall have the power to withdraw the authorisation of issuers of asset-referenced tokens in any of the following situations:


### 2. issuers of asset-referenced tokens shall as soon as possible and in a clear , accurate and transparent manner disclose on their website the outcome of the audit of the reserve assets referred to in article 32. ### 2. issuers of asset-referenced tokens shall publish as soon as possible on their website a brief , clear , accurate and transparent summary of the audit report as well as the full audit report in relation to the reserve assets referred to in article 32.


### 5. the eba , in close cooperation with esma , shall develop draft regulatory technical standards to specify the requirements , templates and procedures for complaint handling. ### 5. the esma shall develop draft regulatory technical standards to specify the requirements , templates and procedures for complaint handling.


### the eba shall submit those draft regulatory technical standards to the commission by ... [please insert date 12 months after the date of entry into force of this regulation]. ### the esma shall submit those draft regulatory technical standards to the commission by ... [please insert date 12 months after the date of entry into force of this regulation].


### 1. issuers of asset-referenced tokens shall maintain and implement effective policies and procedures to prevent , identify , manage and disclose conflicts of interest between themselves and: ### 1. issuers of asset-referenced tokens shall implement and maintain effective policies and procedures to prevent , identify , manage and disclose conflicts of interest between themselves and:


### any natural persons who either own , directly or indirectly , more than 20% of the asset-backed crypto-asset issuer's share capital or voting rights , or who exercise , by any other means , a power of control over the said issuer; ### any natural persons who either own , directly or indirectly , more than 20% of the asset-referenced crypto-asset issuer's share capital or voting rights , or who exercise , by any other means , a power of control over the said issuer;


### 5. the eba shall develop draft regulatory technical standards to specify: ### 5. the esma shall develop draft regulatory technical standards to specify:


### the custody of the reserve assets , as specified in article 33; ### the custody of the reserve assets , including the segregation of assets , as specified in article 33;


### 10. issuers of asset-backed crypto-assets shall have systems and procedures in place that are adequate to safeguard the security , integrity and confidentiality of information as required by regulation (eu) 2021/xx of the european parliament and of the council56 . those systems shall record and safeguard relevant data and information collected and produced in the course of the issuers’ activities. ### 10. issuers of asset-referenced tokens shall have systems and procedures in place that are adequate to safeguard the security , integrity and confidentiality of information as required by regulation (eu) 2021/xx of the european parliament and of the council56 . those systems shall record and safeguard relevant data and information collected and produced in the course of the issuers’ activities.


### 12. the eba , in close cooperation with esma , shall develop draft regulatory technical standards specifying the minimum content of the governance arrangements on: ### 12. the esma shall develop draft regulatory technical standards specifying the minimum content of the governance arrangements on:


### the eba shall submit those draft regulatory technical standards to the commission by [please insert date 12 months after entry into force]. ### the esma shall submit those draft regulatory technical standards to the commission by [please insert date 12 months after entry into force].


### 4. the eba , in close cooperation with esma , shall develop draft regulatory technical standards further specifying: ### 4. the esma shall develop draft regulatory technical standards further specifying:


### 4. notes that tax base harmonisation such as the common corporate tax base or the ‘business in europe: framework for income taxation’ could reduce the cost of tax compliance for smes that operate in more than one member state; ### 4. notes that tax base harmonisation such as the common corporate tax base or the befit ‘business in europe: framework for income taxation’ could reduce the cost of tax compliance for smes that operate in more than one member state;


### 6. notes that the eu has developed coordination mechanisms such as peer review procedures within the code of conduct group and country-specific recommendations in the context of the european semester; points out that the commission has recommended to six member states that they curb aggressive tax planning as part of the 2020 country-specific recommendations; ### 6. notes that the eu has developed coordination mechanisms such as peer review procedures within the code of conduct group and country-specific recommendations in the context of the european semester; points out that the commission has recommended to six member states that they curb aggressive tax planning as part of the 2020 country-specific recommendations; points out that there is a need for stronger cooperation between member states in order to boost the role of fiscal policies as a tool for the eu's economic recovery;


### 7. highlights that the ideal level for tax policy coordination is on the international stage through the g20/oecd; notes that eu tax proposals based on international agreements have historically been more likely to be adopted by the council; ### 7. highlights that the ideal level for tax policy coordination is on the international stage through the g20/oecd; notes that eu tax proposals based on international agreements have historically been more likely to be adopted by the council; recalls that the commission announced , in its communication on business taxation for the 21st century , a proposal for a directive that will reflect the oecd model rules with the necessary adjustments for the implementation of pillar ii on minimum effective taxation;


### 9. notes that digitalisation and a heavy reliance on intangible assets that pose challenges to the current tax system warrant a high degree of policy coordination; deplores the fact that some member states have pressed ahead with the introduction of national digital taxes despite ongoing negotiations at eu and oecd levels; stresses that these national measures should be phased out following the implementation of an effective international solution; ### 9. notes that digitalisation and a heavy reliance on intangible assets that pose challenges to the current tax system warrant a high degree of policy coordination; deplores the fact that some member states have pressed ahead with the introduction of national digital taxes despite ongoing negotiations at eu and oecd levels; stresses that these national measures should be phased out following the implementation of an effective international solution , one which does not undermine the competitiveness of national and european markets or harm companies in the digital and other strategic sectors , especially smes;


### — having regard to its resolution of 10 february 2021 on the new circular economy action plan1 , ### deleted


### — having regard to the commission communication of 20 may 2020 entitled ‘eu biodiversity strategy for 2030 – bringing nature back into our lives’ (com(2020)0380) , ### deleted


### — having regard to the commission communication of 20 may 2020 entitled ‘a farm to fork strategy for a fair , healthy and environmentally-friendly food system’ (com(2020)0381) , ### deleted


### — having regard to the commission communication of 11 march 2020 entitled ‘a new circular economy action plan for a cleaner and more competitive europe’ (com(2020)0098) , ### deleted


### — having regard to the commission proposal of 4 march 2020 for a regulation of the european parliament and of the council establishing the framework for achieving climate neutrality and amending regulation (eu) 2018/1999 (european climate law) (com(2020)0080) , ### deleted


### a. whereas the fiscal system must be reformed if the state is to continue establishing the preconditions for inclusive and sustainable well-being; ### a. whereas the fiscal system must be reformed to help companies to be more competitive , to encourage private initiative investments , so that more jobs can be generated and the states continue guaranteeing the collection of revenue to finance their essential functions and a sustainable well-being;


### b. whereas the economic recovery and the climate crisis have increased the need to mobilise more resources and re-evaluate the current taxation policies; ### b. whereas the economic recovery , the ecological transition and the digitization of the economy involve very profound changes that force us to re-evaluate the current taxation policies so that this transition is fair , helping our companies and our smes to be more competitive and to continue creating jobs;


### c. whereas tax morale is generally higher in countries that tax more heavily , which is evidence for the willingness of citizens to pay tax in return for effective public services9 ; ### deleted


### c. whereas tax morale is generally higher in countries that tax more heavily , which is evidence for the willingness of citizens to pay tax in return for effective public services9 ; ### c. whereas tax morale is generally higher in territories with lower taxes , which is evidence that lowering taxes can increase collection and boost the economy , the willingness of citizens and companies to pay tax in return for effective public services;


### d. whereas the 2011 eu flagship initiative for a resource-efficient europe called for 10 % of total government taxation revenue to come from environmental taxation; ### deleted


### d. whereas the 2011 eu flagship initiative for a resource-efficient europe called for 10 % of total government taxation revenue to come from environmental taxation; ### d. whereas environmental taxation; environmental tax revenue in the eu amounted to €330.6 billion , corresponding to 2.4% of gdp in 2019 according to eurostat; whereas according to the commission beginning of the last decade some member states have achieved , through various steps of environmental tax reforms , a share of environmental tax revenues in total taxes of more than 10%;


### e. whereas small and medium-sized enterprises (smes) are particularly affected by the complexities of the tax system and tax compliance , disproportionately so compared to multinational enterprises (mnes); ### e. whereas small and medium-sized enterprises (smes) and middle classes are particularly affected by the complexities of the tax system and tax compliance , the objective of fiscal reforms must be to reduce the tax burden on them;


### 1. considers that covid-19 has given the eu a unique chance for a proper and holistic analysis of tax systems , how individual taxes interact and how they can be better coordinated to produce more flexible , resilient , green and fairer tax systems; recommends that member states take this opportunity to build a new social-fiscal contract with citizens; underlines that this will help not only with raising revenues , but also with building trust and accountability between citizens and the state; stresses the need for coordination at eu level to avoid distortions and subsequent revenue losses; ### 1. considers that the structural changes that our economies are experiencing as a result of digitization , climate goals and the crisis derived from the global pandemic covid-19 has given the eu and its member states a unique chance to strengthen free and single market and make ourselves more competitive in strategic sectors; in order to achieve that it is necessary a proper and holistic analysis of tax systems , how individual taxes interact and how they can be better coordinated to become more attractive to private investment and job creation , more competitive ,sustainable fairer tax systems ; calls on the member states take into account this opportunity to simplify their tax systems , to strengthen the single market , to reduce the existing tax burdens on smes and the middle classes ; underlines that this will help not only with raising revenues , but also to stimulate economic growth and job creation , as well as to build trust and accountability between citizens and the state;stresses the need for coordination at eu level while respecting the competences of the member sates and free tax competition;


### 1. considers that covid-19 has given the eu a unique chance for a proper and holistic analysis of tax systems , how individual taxes interact and how they can be better coordinated to produce more flexible , resilient , green and fairer tax systems; recommends that member states take this opportunity to build a new social-fiscal contract with citizens; underlines that this will help not only with raising revenues , but also with building trust and accountability between citizens and the state; stresses the need for coordination at eu level to avoid distortions and subsequent revenue losses; ### 1. considers that covid-19 has highlighted certain inefficiencies regarding the design of tax systems and provides an opportunity for a holistic analysis of tax systems , how individual taxes interact and how they can be better coordinated to produce more flexible , resilient ,and fairer tax systems; underlines that tax reform does not necessarily imply higher overall levels of taxation;


### 2. highlights that current tax systems , and the fiscal capacities of member states , are already facing and will increasingly face severe shocks , such as the need for large public investments to sustain the economic recovery and the green transition , the ageing of our societies and the consequent reduction in the working-age population , the digital transformation of our labour markets , increased tax competition and the existing tax gap10 ; ### 2. highlights that current tax systems , and the fiscal capacities of member states , are already facing and will increasingly face severe shocks , for this reason , europe has to opt for its strategic autonomy , it has to compete to be a world leader in strategic sectors and it has to transform and modernize its industry to achieve the balance of public accounts , the economic recovery , job creation and the green transition , the ageing of our societies and the consequent reduction in the working-age population , the digital transformation of our labour markets;


### 2. highlights that current tax systems , and the fiscal capacities of member states , are already facing and will increasingly face severe shocks , such as the need for large public investments to sustain the economic recovery and the green transition , the ageing of our societies and the consequent reduction in the working-age population , the digital transformation of our labour markets , increased tax competition and the existing tax gap10 ; ### 2. highlights that current tax systems , and the fiscal capacities of member states , are already facing challenges , such as the need for large public investments to sustain the economic recovery and the green and digital transition , the ageing of our societies and the consequent reduction in the working-age population , the transformation of our labour markets , increased tax competition and the existing tax gap10 ; notes that the revenue gap can also be closed by a more prudent approach to fiscal policy;


### 3. underlines that taxation and tax collection have shifted the tax incidence from wealth to income , from capital to labour income and consumption , from mnes to smes , and from the financial sector to the real economy; observes with concern this shift in the tax burden from more mobile to less mobile taxpayers , resulting in a lower average tax burden for the very income-rich11 ; ### 3. takes note of the commisson’s observation that the tax burden in the eu has consistently increased since 2010 and that in 2018 , tax revenues , measured as percentage of gdp , increased slightly in the european union (eu-27) up to 40.2 %; takes note that in 2018 ,revenues remained almost equally distributed among indirect taxes , direct taxes and social contributions and that the distribution of revenues by tax base (consumption , labour and capital) remained stable compared with previous years (around 52 % from labour , 28 % from consumption and 20 % from capital) , observes with concern this shift in the tax burden from more mobile to less mobile taxpayers , resulting in a lower average tax burden for the very income-rich[1];


### 4. points out that technological progress and economic integration are making the taxpayers and tax bases of all types of tax increasingly mobile12 ; notes that this could reinforce the tendency to rely on immobile tax bases; ### 4. points out that technological progress and economic integration are making the taxpayers and tax bases of all types of tax increasingly mobile; calls on member states to increase their efforts in the digitalization of the tax administration and to strengthen international cooperation in order to better deal with the tendency to rely on immobile tax bases;


### 5. observes that in spite of the numerous calls for shifting taxation from labour to pollution , revenues from taxes on pollution and resources in particular have remained very low , and yet they offer a potential source for increasing revenue through the application of the ‘polluter pays’ principle and are difficult to evade owing to the character of the tax base; ### 5. observes that revenues from taxes on pollution and resources have remained very low; notes that they may offer a potential source for increasing revenue through the application of the ‘polluter pays’ principle and are difficult to evade owing to the character of the tax base;


### 5. observes that in spite of the numerous calls for shifting taxation from labour to pollution , revenues from taxes on pollution and resources in particular have remained very low , and yet they offer a potential source for increasing revenue through the application of the ‘polluter pays’ principle and are difficult to evade owing to the character of the tax base; ### 5. observes that following the numerous calls for shifting taxation from labour to pollution led to the fact that environmental tax revenue covering energy taxes , transport taxes as well as pollution and resource taxes increased in absolute terms between2002 and 2019 according to eurostat , highlights in this regard that they offer an existing source for revenue through the application of the‘ polluter pays’ principle;


### 6. notes that a significant amount of government funding is channeled through tax expenditure in the form of exemptions , deductions , credits , deferrals and reduced tax rates13 ; ### deleted


### 6. notes that a significant amount of government funding is channeled through tax expenditure in the form of exemptions , deductions , credits , deferrals and reduced tax rates13 ; ### 6. notes that a significant amount of government funding is channeled through tax expenditure in the form of exemptions , deductions , credits , deferrals and reduced tax rates13in order to achieve certain policy objectives such as increased levels or research and development;


### 7. notes that covid-19 has demonstrated that the current disproportionate reliance on labour income taxes and social contributions , which puts the onus on continued high levels of employment and consumption to fund government spending and policies , is neither sustainable nor economically effective; ### 7. take notes that covid-19 has demonstrated that those member states having before the health crisis sound fiscal policies and a functioning tax system had been in a better position to deal with the economic and social hardship of citizens and smes; calls on member states to improve their tax systems , especially strengthening tax collection and enforcement as suggested in the commission’s communication of 3 march 2021 (com(2021) 105 final) in order to pay off debts faster and to ease the current disproportionate reliance on labour income taxes and social contributions , which impedes sustainable economic development and job creation; welcomes in this regard the commission’s communication of 15 july 2020(com(2020)0312) sketching out measures aiming at reducing tax obstacles for businesses in the single market that will improve the business environment , enhance business competitiveness and contribute to economic growth;


### 8. notes with concern that the impact of the covid-19 pandemic is highly regressive , with the poorest households being the most severely hit14 ; regrets that large companies that realise excess profits , such as e-commerce businesses and wealthy individuals who realise significant capital gains through speculation , are often undertaxed; ### 8. notes with concern the asymmetric impact of the covid-19 pandemic on societies , acknowledges that the poorest households , the self-employed and workers of smes , have been the most severely hit; calls in this regard on member states to supportinternational efforts at the g20/oecd level to close existing legal loopholes that enable mainly digital mnes and high income individuals to engage in aggressive tax practices and enjoy the benefits of double non-taxation;


### 8. notes with concern that the impact of the covid-19 pandemic is highly regressive , with the poorest households being the most severely hit14 ; regrets that large companies that realise excess profits , such as e-commerce businesses and wealthy individuals who realise significant capital gains through speculation , are often undertaxed; ### 8. notes with concern that the impact of the covid-19 pandemic is highly regressive , with the poorest households being the most severely hit14 ; regrets that the current tax system is not properly equipped to tax certain e-commerce businesses that have benefitted from the shift to a "stay at home economy"; stresses the necessity for an international agreement on oecd level to remedy this shortcoming;


### 9. highlights that environmental taxes have the potential to cover the need for additional revenue while supporting a resilient , competitive , sustainable and carbon-free economy; calls on member states to consider expanding the tax base for environmental taxes through inter alia natural resource taxes , distance-based charges in the transport sector , fuel prices , and the taxation of deforestation , landfill , incineration , pesticides and fertilizers; ### 9. takes note that the total revenue from taxes and social contributions increased in theeu-27 between 1995 and 2019 reaching 41 ,1 % of gdp according to the most recent available eurostat data in 2019 , highlights that environmental taxes , which raised tax revenues by 113000 million since 2002 , have the potential to cover the need for additional revenue while supporting a resilient , competitive , sustainable and carbon-free economy; calls on member states to consider the modification of these taxes in order to alleviate households and to reach that households are no longer the main payers of both transport and pollution taxes (55 ,4%according to eurostat) ;taking into account that ecological transition cannot be achieved only by means of sanctions and fiscal pressure , but also through citizen education and incentives that motivate companies to achieve the ue climate priorities;


### 9. highlights that environmental taxes have the potential to cover the need for additional revenue while supporting a resilient , competitive , sustainable and carbon-free economy; calls on member states to consider expanding the tax base for environmental taxes through inter alia natural resource taxes , distance-based charges in the transport sector , fuel prices , and the taxation of deforestation , landfill , incineration , pesticides and fertilizers; ### 9. highlights that environmental taxes have the potential to cover the need for additional revenue while supporting a resilient , competitive , sustainable and carbon-free economy;


### 11. warns that national budgets cannot rely on environmental taxes alone , as some of these revenues will fall as environmental harm decreases over time; calls on member states to develop holistic tax reforms , shifting taxation from labour to not only pollution but also capital and wealth16 ; ### 11. warns that national budgets cannot rely on taxes alone to balance budgets;


### 11. warns that national budgets cannot rely on environmental taxes alone , as some of these revenues will fall as environmental harm decreases over time; calls on member states to develop holistic tax reforms , shifting taxation from labour to not only pollution but also capital and wealth16 ; ### 11. warns that relying solely on environmental taxes represents a risk to adequate and stable tax bases , as some of these revenues will fall as environmental harm decreases over time;


### 12. calls on member states to revise tax expenditure in all tax areas; calls on member states to perform annual , detailed and public cost-benefit analyses of each tax provision; ### 12. calls on member states to review tax expenditure in all tax areas; calls on member states to perform annual , detailed and public cost-benefit analyses of each tax provision;


### 13. observes that there is also room for significant revenue and efficiency gains at tax administration level; notes that an effective and efficient tax administration , as well as a high degree of tax certainty , can encourage investment and foster competitiveness; ### 13. observes that there is also room for significant revenue and efficiency gains at tax administration level; notest hat an effective , efficient and digitized tax administration , as well as a high degree of tax certainty , needs to serve the tax payers and can encourage investment and foster competitiveness;


### 13. observes that there is also room for significant revenue and efficiency gains at tax administration level; notes that an effective and efficient tax administration , as well as a high degree of tax certainty , can encourage investment and foster competitiveness; ### 13. observes that there is also room for significant revenue and efficiency gains at tax administration level; underlines that an effective and efficient tax administration , as well as a high degree of tax certainty , can encourage investment , foster competitiveness and is thus conducive to generating economic growth;


### 14. welcomes initiatives taken by the commission within the framework of the green deal; notes with concern that no clear and holistic guidance exists on how taxation should contribute to achieving the goals set out in the green deal and considers that the taxation system should therefore be reformed; ### 14. reminds the commissioner for economy that he should focus on making our tax systems simpler , clearer and easier to use as outlined in the mission letter from the commission president as of 1 december 2019. welcomes initiatives taken by the commission within the framework of the green deal; notes with concern that no clear and holistic guidance exists on how taxation could contribute to achieving the goals set out in the green deal ; stresses the need to opt for the free market and free competition , instead of standing up for new taxes , because this will not lead to a true public awareness of the importance of fighting climate change; asks member states to apply favourable tax treatment to certain sustainable and environmentally friendly business models and to use it as an incentive for other companies;


### 14. welcomes initiatives taken by the commission within the framework of the green deal; notes with concern that no clear and holistic guidance exists on how taxation should contribute to achieving the goals set out in the green deal and considers that the taxation system should therefore be reformed; ### 14. takes note of the initiatives taken by the commission within the framework of the green deal; notes that no clear and holistic guidance exists on how taxation may contribute to achieving the goals set out in the green deal;


### 16. welcomes the commission’s soon-to-be-published revision of the energy taxation directive17 ; calls on member states to agree to close tax exemptions for aviation and maritime fuels , increase minimum rates and restore the level playing field; calls on the commission to launch a proposal for a progressive european kerosene tax; ### 16. takes note of the commission’s soon-to-be-published revision of the energy taxation directive17 ;


### 16. welcomes the commission’s soon-to-be-published revision of the energy taxation directive17 ; calls on member states to agree to close tax exemptions for aviation and maritime fuels , increase minimum rates and restore the level playing field; calls on the commission to launch a proposal for a progressive european kerosene tax; ### 16. looks forward to the commission’s soon-to-be-published revision of the energy taxation directive[1]; calls on the commission to present an impact assessment based equally on concerns of the protection of the environment and of international competitiveness of the aviation and maritime sector before suggesting unilateral measures;


### 17. calls on the commission to propose an sme tax simplification package that aims to make tax compliance more streamlined and easier for small and medium-sized businesses; ### 17. welcomes the oecd’s recommendations of november 2020 on supporting smes[1]; calls on the commission to follow-up on oecd’s suggestions , to put the taxpayer at the center of the tax system rather than the tax administration ,and to propose a sme tax simplification package that aims to make tax compliance more streamlined and easier for small and medium-sized businesses;


### 17. calls on the commission to propose an sme tax simplification package that aims to make tax compliance more streamlined and easier for small and medium-sized businesses; ### 17. calls on the commission to propose an sme tax simplification package that aims to make tax compliance more streamlined and easier for small and medium-sized businesses , particularly when cross-border economic activities are concerned;


### 18. recalls on the commission and the member states to carry out regular gender impact assessments of fiscal policies from a gender equality perspective; ### deleted


### – having regard to the commission’s spring 2021 european economic forecast of 12 may 2021 , ### – having regard to the commission’s summer 2021 economic forecast of 7 july 2021 ,


### a. whereas the european semester plays an essential role in coordinating economic and budgetary policies in the member states; ### a. whereas the european semester plays an essential role in coordinating economic and budgetary policies in the member states thereby safeguarding the macroeconomic stability of the economic and monetary union;


### b. whereas according to the commission’s forecasts , the gdp growth rate for 2021 stands at 4.3 % of gdp per capita in the euro area and 4.2 % in the eu 27 , and is expected to rise to 4.4 % respectively in 2022; ### b. whereas according to the commission’s summer economic forecast , the gdp growth rate for 2021 stands at 4.5 % of gdp per capita in the euro area and 4.8% % in the eu 27 , and is expected to rise to 4.5 % respectively in 2022;


### c. whereas according to the commission spring 2021 economic forecast , the drop in economic activity has been less than previously expected , thanks to the emergency support measures designed to provide liquidity to businesses and protect the income and jobs of eu citizens; ### c. whereas according to the commission summer 2021 economic forecast , the drop in economic activity has been less than previously expected , thanks to the emergency support measures designed to provide liquidity to businesses and protect the income and jobs of eu citizens;


### d. whereas the eu economy is expected to reach its pre-crisis level of quarterly output in the course of 2021 , with economic activity rebounding in all member states; ### d. whereas according to the summer economic forecast , real gdp is projected to return to its pre-crisis level in the last quarter of 2021 in both the eu and the euro area , whereas , for the euro area , this is one quarter earlier than expected in the spring forecast;


### f. whereas in 2020 , member states provided total fiscal support estimated at more than 6.5 % of gdp , and as a result , the euro area and eu aggregate government deficit increased from historically low levels of around 0.5 % of gdp in 2019 to around 7 % in 2020 , which will inevitably be reflected in the aggregate debt levels; ### f. whereas in 2020 , member states provided total fiscal support estimated at more than 6.5 % of gdp , and as a result , the euro area and eu aggregate government deficit increased from levels of around 0.5 % of gdp in 2019 to around 7 % in 2020 , which will inevitably be reflected in significantly higher aggregate debt levels;


### g. whereas the ratio of public debt to gdp in the eu is forecast at 94 % this year , while the euro area debt-to-gdp ratio is forecast to follow the same trend , rising to 102 % this year; ### g. whereas the ratio of public debt to gdp in the eu is forecast at 94 % this year , while the euro area debt-to-gdp ratio is forecast to follow the same trend , rising to 102 % this year; whereas this raises significant doubts in relation to long-term debt sustainability;


### h. whereas reference values of up to 3 % of planned or actual government deficit and 60 % of debt to gdp are defined by the tfeu; ### h. whereas reference values of up to 3 % of planned or actual government deficit and 60 % of debt to gdp are defined by the treaty on the functioning of the european union (tfeu) and should therefore guide economic policy-making in the union;


### 1. notes that the european economy is recovering from the devastating impact of the global pandemic; remains concerned about low growth potential compared to other regions in the post-pandemic recovery; ### 1. notes that the european economy is recovering from the devastating impact of the global pandemic; remains concerned about low growth potential compared to other regions in the post-pandemic recovery; notes that some member states have suffered from structurally low growth levels even before the pandemic;


### 2. acknowledges that despite the progress with vaccination campaigns , substantial risks to the forecasts remain from an epidemiological and economic perspective , which in turn could delay the transition to a more sustainable and future-proof economy; ### 2. acknowledges that despite the progress with vaccination campaigns , substantial risks to the economic development remain from an epidemiological and economic perspective;


### 4. is pleased that , according to the commission , economic activity in the eu is expected to pick up in all member states , with acceleration as of the second half of 2021 , as containment measures are gradually relaxed and vaccination progresses , reflecting the growth impulse stemming from the implementation of the national recovery and resilience plans; remains concerned , however , that the speed of the recovery will vary across member states and regions; ### 4. is pleased that , according to the commission , economic activity in the eu is expected to pick up in all member states , with further acceleration as of the second half of 2021 , as containment measures are gradually relaxed and vaccination progresses , reflecting the growth impulse stemming from the implementation of the national recovery and resilience plans as well as national programmes; remains concerned , however , that the speed of the recovery will vary across member states and regions;


### 5. notes that the general escape clause of the stability and growth pact will continue to be applied in 2022 and is expected to be deactivated as of 2023; notes , furthermore , that the decision to deactivate the general escape clause should be taken as an overall assessment of the state of the economy based on quantitative criteria , with the level of economic activity in the eu compared to pre-crisis levels as the key quantitative criterion; points out that country-specific situations will continue to be taken into account after the deactivation of the general escape clause; ### 5. notes that the general escape clause of the stability and growth pact will continue to be applied in 2022 and is expected to be deactivated as of 2023; notes , furthermore , that the decision to deactivate the general escape clause should be taken as an overall assessment of the state of the economy based on quantitative criteria , with the level of economic activity in the eu compared to pre-crisis levels as one of the key quantitative criterion; points out that country-specific situations will continue to be taken into account after the deactivation of the general escape clause; calls on the commission to use the deactivation period to reform the eu fiscal framework towards a streamlined framework which uses clear and observable indicators , while eliminating unnecessary complexities , and introduces robust enforcement mechanisms to ensure that rules are enforced consistently and impartially;


### 5. notes that the general escape clause of the stability and growth pact will continue to be applied in 2022 and is expected to be deactivated as of 2023; notes , furthermore , that the decision to deactivate the general escape clause should be taken as an overall assessment of the state of the economy based on quantitative criteria , with the level of economic activity in the eu compared to pre-crisis levels as the key quantitative criterion; points out that country-specific situations will continue to be taken into account after the deactivation of the general escape clause; ### 5. notes that the general escape clause of the stability and growth pact will continue to be applied in 2022 and is expected to be deactivated as of 2023; notes that this date should not be further pushed; points out that country-specific situations may be taken into account after the deactivation of the general escape clause;


### 6. is concerned that according to the baseline scenario of the commission’s latest debt sustainability monitor , the debt ratio in the euro area is to peak at 104.6 % in 2024 and 2025 , while the debt ratio in the union is to peak at 96.5 % in 2024 , before declining once again; ### 6. is gravely concerned that according to the baseline scenario of the commission’s latest debt sustainability monitor , the debt ratio in the euro area is to peak at 104.6 % in 2024 and 2025 , while the debt ratio in the union is to peak at 96.5 % in 2024 , before declining once again; notes that these high aggregated debt levels are not only a consequence of the covid-19 crisis , but also of lax fiscal policies over the past years and poor enforcement of the eu's fiscal rules;


### 8. highlights that fiscal policy should remain agile and adjust to the evolving situation as warranted , and that a premature withdrawal of fiscal support should be avoided; further highlights the expectation that economic activity will gradually normalise in the second half of 2021 and agrees that member states’ fiscal policies should become more differentiated in 2022 , duly taking into account the state of the recovery , fiscal sustainability and the need to reduce economic , social and territorial divergences; ### 8. highlights that fiscal policy should remain agile and adjust to the evolving situation as warranted; further highlights the expectation that economic activity will gradually normalise in the second half of 2021 and agrees that member states’ fiscal policies should become more differentiated in 2022 , duly taking into account the state of the recovery , expected growth rates and fiscal sustainability;


### 8. highlights that fiscal policy should remain agile and adjust to the evolving situation as warranted , and that a premature withdrawal of fiscal support should be avoided; further highlights the expectation that economic activity will gradually normalise in the second half of 2021 and agrees that member states’ fiscal policies should become more differentiated in 2022 , duly taking into account the state of the recovery , fiscal sustainability and the need to reduce economic , social and territorial divergences; ### 8. highlights that fiscal policy should remain agile and adjust to the evolving situation as warranted , and that a premature or rapid withdrawal of fiscal support should be avoided; further highlights the expectation that economic activity will gradually normalise in the second half of 2021 and agrees that member states’ fiscal policies should become more differentiated in 2022 , duly taking into account the state of the recovery , fiscal sustainability and the need to reduce economic , social and territorial divergences;


### 9. notes that member states with high debt should use the rrf to finance additional investment to support the recovery , while pursuing a prudent fiscal policy; stresses the importance of the member states using the potential of the rff to support the necessary structural changes and the transformation to more globally competitive , future-proof , agile industries; agrees that the growth of nationally financed current expenditure should be kept under control and be limited for member states with high debt , allowing fiscal measures to maximise support to the recovery without pre-empting future fiscal trajectories and creating a permanent burden on public finances; ### 9. notes that member states with high debt levels should use the rrf to finance additional investment to support the recovery , while pursuing a prudent fiscal policy; stresses the importance of the member states using the potential of the rff to support the necessary structural changes and the transformation to more globally competitive , future-proof , agile industries; agrees that the growth of current expenditure should be kept under control and be limited for member states with high debt levels , allowing fiscal measures to maximise support to the recovery without pre-empting future fiscal trajectories and creating a permanent burden on public finances;


### 12. notes that environmental sustainability , productivity , fairness and macroeconomic stability remain the guiding principles of the eu’s economic agenda; stresses , furthermore , that the digital transformation of our societies , businesses and economies is crucial in order to increase europe’s productivity and competitiveness for a robust recovery , in line with the digital decade; ### deleted


### 12. notes that environmental sustainability , productivity , fairness and macroeconomic stability remain the guiding principles of the eu’s economic agenda; stresses , furthermore , that the digital transformation of our societies , businesses and economies is crucial in order to increase europe’s productivity and competitiveness for a robust recovery , in line with the digital decade; ### 12. notes that environmental sustainability , productivity , competitiveness , fairness and macroeconomic stability remain the guiding principles of the eu’s economic agenda; stresses , furthermore , that the digital transformation of our societies , businesses and economies is crucial in order to increase europe’s productivity and competitiveness for a robust recovery , in line with the digital decade; considers that the growing digital gaps and divides across regions (urban/rural) and between socioeconomic groups (gender/income/age) must be addressed as a matter of urgency through digital decade strategy to ensure inclusive participation in the digital economy and digital transformation;


### 13. highlights that the rrf is an unprecedented opportunity for all member states to address key structural challenges and investment needs , while embracing the green and digital transitions; ### 13. highlights that the rrf is an unprecedented opportunity for all member states to address key structural challenges and investment needs , while embracing the green and digital transitions; calls on member states to make the most of this opportunity and to use it to transform their economies and make them more competitive;


### 14. calls for a focus on fiscal structural reforms , including reforms enhancing efficient spending , and acknowledges that high-quality public finance resource management is crucial; ### 14. calls for a focus on fiscal structural reforms , including reforms enhancing efficient spending , and acknowledges that high-quality public finance resource management , and the due ex-ante and ex-post control by independent authorities of the use of those resources is crucial for the correct application of funding in the pursuit of economic recovery;


### 14. calls for a focus on fiscal structural reforms , including reforms enhancing efficient spending , and acknowledges that high-quality public finance resource management is crucial; ### 14. calls for a focus on fiscal structural reforms , including reforms enhancing efficient spending , as well as reforms strengthening competitiveness and acknowledges that high-quality public finance resource management is crucial;


### 15. welcomes the fact that the updated new european industrial strategy , the european digital strategy and all the other relevant strategies set out the framework for speeding up europe’s recovery and transition towards a cleaner , more digital , and more resilient economic and industrial model , as well as for building a stronger and more resilient single market; ### 15. welcomes the fact that the updated new european industrial strategy , the sme strategy , the european digital strategy and all the other relevant strategies set out the framework for speeding up europe’s recovery and transition towards a cleaner , more digital , and more resilient economic and industrial model , as well as for building a stronger and more resilient single market;


### 16. highlights that tackling structural challenges is crucial for a sustainable recovery and continued growth , and that implementing reforms to address structural vulnerabilities is key not only to improving the ability to withstand and cope with existing challenges but also to accomplishing the twin transitions in a sustainable and fair manner; ### 16. notes that many member states are suffering from structural challenges hindering their growth potential; highlights that tackling structural challenges is crucial for a sustainable recovery and continued growth , and that implementing reforms to address structural vulnerabilities is key not only to improving the ability to withstand and cope with existing challenges but also to accomplishing the twin transitions in a sustainable and fair manner;