# C_2016075EN.01030102.xml

| 26.2.2016 | EN | Official Journal of the European Union | C 75/301 |
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26.2.2016

EN

Official Journal of the European Union

C 75/301

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P7_TA(2013)0312

Implementing enhanced cooperation in the area of financial transaction tax *

European Parliament legislative resolution of 3 July 2013 on the proposal for a Council directive implementing enhanced cooperation in the area of financial transaction tax (COM(2013)0071 — C7-0049/2013 — 2013/0045(CNS))

(Special legislative procedure — consultation)

(2016/C 075/45)

The European Parliament,

The European Parliament

| — | having regard to the Commission proposal to the Council (COM(2013)0071), |
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—

having regard to the Commission proposal to the Council (COM(2013)0071),

| — | having regard to Article 113 of the Treaty on the Functioning of the European Union, pursuant to which the Council consulted Parliament (C7-0049/2013), |
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—

having regard to Article 113 of the Treaty on the Functioning of the European Union, pursuant to which the Council consulted Parliament (C7-0049/2013),

| — | having regard to Rule 55 of its Rules of Procedure, |
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—

having regard to Rule 55 of its Rules of Procedure,

| — | having regard to the report of the Committee on Economic and Monetary Affairs and the opinion of the Committee on Budgets (A7-0230/2013), |
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—

having regard to the report of the Committee on Economic and Monetary Affairs and the opinion of the Committee on Budgets (A7-0230/2013),

| 1. | Approves the Commission proposal as amended; |
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1.

Approves the Commission proposal as amended;

| 2. | Calls on the Commission to demonstrate, in a comprehensive impact assessment and cost-benefit analysis, that any enhanced cooperation will respect the competences, rights and obligations of non-participating Member States; |
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2.

Calls on the Commission to demonstrate, in a comprehensive impact assessment and cost-benefit analysis, that any enhanced cooperation will respect the competences, rights and obligations of non-participating Member States;

| 3. | Calls on the Commission to alter its proposal accordingly, in accordance with Article 293(2) of the Treaty on the Functioning of the European Union; |
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3.

Calls on the Commission to alter its proposal accordingly, in accordance with Article 293(2) of the Treaty on the Functioning of the European Union;

| 4. | Calls on the Council to notify Parliament if it intends to depart from the text approved by Parliament; |
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4.

Calls on the Council to notify Parliament if it intends to depart from the text approved by Parliament;

| 5. | Asks the Council to consult Parliament again if it intends to substantially amend the Commission proposal; |
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5.

Asks the Council to consult Parliament again if it intends to substantially amend the Commission proposal;

| 6. | Instructs its President to forward its position to the Council, the Commission and the national parliaments. |
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6.

Instructs its President to forward its position to the Council, the Commission and the national parliaments.

Amendment 1

Amendment 1

Proposal for a directive

Proposal for a directive

Recital 1

Recital 1

| Text proposed by the Commission | Amendment |
| --- | --- |
| (1) | In 2011, the Commission took note of a debate on-going at all levels on additional taxation of the financial sector. The debate originates from the desire to ensure that the financial sector fairly and substantially contributes to the costs of the crisis and that it is taxed in a fair way vis-à-vis other sectors for the future, to dis-incentivise excessively risky activities by financial institutions, to complement regulatory measures aimed at avoiding future crises and to generate additional revenue for general budgets or specific policy purposes. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(1)

In 2011, the Commission took note of a debate on-going at all levels on additional taxation of the financial sector. The debate originates from the desire to ensure that the financial sector fairly and substantially contributes to the costs of the crisis and that it is taxed in a fair way vis-à-vis other sectors for the future, to dis-incentivise excessively risky activities by financial institutions, to complement regulatory measures aimed at avoiding future crises and to generate additional revenue for general budgets or specific policy purposes.

| (1) | In 2011, the Commission took note of a debate on-going at all levels on additional taxation of the financial sector. The debate originates from the desire to ensure that the financial sector fairly and substantially contributes to the costs of the crisis and that it is taxed in a fair way vis-à-vis other sectors for the future, to dis-incentivise excessively risky activities by financial institutions, to complement regulatory measures aimed at avoiding future crises
  and reducing speculation,
  and to generate additional revenue for general budgets
  , inter alia as a contribution to fiscal consolidation
  or specific policy purposes
  towards sustainability and the stimulation of growth, education and employment with particular focus on youth employment
  .
  The introduction of a financial transaction tax (FTT) thus shows a positive distribution and steering capacity by appropriately supplementing existing regulatory reform initiatives. |
| --- | --- |

(1)

In 2011, the Commission took note of a debate on-going at all levels on additional taxation of the financial sector. The debate originates from the desire to ensure that the financial sector fairly and substantially contributes to the costs of the crisis and that it is taxed in a fair way vis-à-vis other sectors for the future, to dis-incentivise excessively risky activities by financial institutions, to complement regulatory measures aimed at avoiding future crises
  and reducing speculation,
  and to generate additional revenue for general budgets
  , inter alia as a contribution to fiscal consolidation
  or specific policy purposes
  towards sustainability and the stimulation of growth, education and employment with particular focus on youth employment
  .
  The introduction of a financial transaction tax (FTT) thus shows a positive distribution and steering capacity by appropriately supplementing existing regulatory reform initiatives.

and reducing speculation,

, inter alia as a contribution to fiscal consolidation

towards sustainability and the stimulation of growth, education and employment with particular focus on youth employment

The introduction of a financial transaction tax (FTT) thus shows a positive distribution and steering capacity by appropriately supplementing existing regulatory reform initiatives.

Amendment 2

Amendment 2

Proposal for a directive

Proposal for a directive

Recital 1 a (new)

Recital 1 a (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | (1a) | According to the European Council's conclusions of 8 February 2013 on the Multiannual Financial Framework 2014-2020, part of the revenues from FTT should be allocated to the Union budget as genuine own resources. The use of FTT revenue as Union own resources is possible under the enhanced cooperation procedure only if national contributions of participating Member States to the Union budget would be reduced by the same amount and would avoid the disproportionate contribution by participating Member States compared to non-participating Member States. Once FTT is implemented at Union level, all or part of the amount of the own resources originating from FTT should be added to the national contributions of the Member States in order to gather new funding sources for European investment without a reduction of the national contributions of the participating Member States to the Union budget.. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(1a)

(1a)

According to the European Council's conclusions of 8 February 2013 on the Multiannual Financial Framework 2014-2020, part of the revenues from FTT should be allocated to the Union budget as genuine own resources. The use of FTT revenue as Union own resources is possible under the enhanced cooperation procedure only if national contributions of participating Member States to the Union budget would be reduced by the same amount and would avoid the disproportionate contribution by participating Member States compared to non-participating Member States. Once FTT is implemented at Union level, all or part of the amount of the own resources originating from FTT should be added to the national contributions of the Member States in order to gather new funding sources for European investment without a reduction of the national contributions of the participating Member States to the Union budget..

According to the European Council's conclusions of 8 February 2013 on the Multiannual Financial Framework 2014-2020, part of the revenues from FTT should be allocated to the Union budget as genuine own resources. The use of FTT revenue as Union own resources is possible under the enhanced cooperation procedure only if national contributions of participating Member States to the Union budget would be reduced by the same amount and would avoid the disproportionate contribution by participating Member States compared to non-participating Member States. Once FTT is implemented at Union level, all or part of the amount of the own resources originating from FTT should be added to the national contributions of the Member States in order to gather new funding sources for European investment without a reduction of the national contributions of the participating Member States to the Union budget..

Amendment 3

Amendment 3

Proposal for a directive

Proposal for a directive

Recital 1 b (new)

Recital 1 b (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | (1b) | Prior to the introduction of FTT the Commission should demonstrate that enhanced cooperation will not undermine the internal market or economic, social and territorial cohesion. It should also demonstrate that it neither constitutes a barrier to, or discrimination in relation to, trade between Member States, nor distorts competition between them. The Commission should present a new robust analysis and impact assessment, of the consequences the proposal for a common FTT on participating and non-participating Member States and on the internal market as a whole. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(1b)

(1b)

Prior to the introduction of FTT the Commission should demonstrate that enhanced cooperation will not undermine the internal market or economic, social and territorial cohesion. It should also demonstrate that it neither constitutes a barrier to, or discrimination in relation to, trade between Member States, nor distorts competition between them. The Commission should present a new robust analysis and impact assessment, of the consequences the proposal for a common FTT on participating and non-participating Member States and on the internal market as a whole.

Prior to the introduction of FTT the Commission should demonstrate that enhanced cooperation will not undermine the internal market or economic, social and territorial cohesion. It should also demonstrate that it neither constitutes a barrier to, or discrimination in relation to, trade between Member States, nor distorts competition between them. The Commission should present a new robust analysis and impact assessment, of the consequences the proposal for a common FTT on participating and non-participating Member States and on the internal market as a whole.

Amendment 4

Amendment 4

Proposal for a directive

Proposal for a directive

Recital 2 a (new)

Recital 2 a (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | (2a) | FTT will truly achieve its objectives only if it is introduced at global level. The enhanced cooperation of 11 Member States therefore constitutes a first step towards FTT at Union-level and, ultimately, at a global level. The Union will continuously advocate the global introduction of FTT and will urge for FTT to be put on the agenda of G-20 and G-8 summits. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(2a)

(2a)

FTT will truly achieve its objectives only if it is introduced at global level. The enhanced cooperation of 11 Member States therefore constitutes a first step towards FTT at Union-level and, ultimately, at a global level. The Union will continuously advocate the global introduction of FTT and will urge for FTT to be put on the agenda of G-20 and G-8 summits.

FTT will truly achieve its objectives only if it is introduced at global level. The enhanced cooperation of 11 Member States therefore constitutes a first step towards FTT at Union-level and, ultimately, at a global level. The Union will continuously advocate the global introduction of FTT and will urge for FTT to be put on the agenda of G-20 and G-8 summits.

Amendment 5

Amendment 5

Proposal for a directive

Proposal for a directive

Recital 3

Recital 3

| Text proposed by the Commission | Amendment |
| --- | --- |
| (3) | In order to prevent distortions through measures taken unilaterally by the participating Member States, bearing in mind the extremely high mobility of most of the relevant financial transactions, and thus to improve the proper functioning of the internal market, it is important that the basic features of a FTT in the participating Member States are harmonised at Union level. Incentives for tax arbitrage between the participating Member States and allocation distortions between financial markets in those States, as well as possibilities for double or non-taxation should thereby be avoided. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(3)

In order to prevent distortions through measures taken unilaterally by the participating Member States, bearing in mind the extremely high mobility of most of the relevant financial transactions, and thus to improve the proper functioning of the internal market, it is important that the basic features of a FTT in the participating Member States are harmonised at Union level. Incentives for tax arbitrage between the participating Member States and allocation distortions between financial markets in those States, as well as possibilities for double or non-taxation should thereby be avoided.

| (3) | Several of the 11 participating Member States have already established, or are in the process of establishing, a form of FTT.
  In order to prevent distortions through measures taken unilaterally by the participating Member States, bearing in mind the extremely high mobility of most of the relevant financial transactions, and thus to improve the proper functioning of the internal market, it is important that the basic features of a FTT in the participating Member States are harmonised at Union level. Incentives for tax arbitrage between the participating Member States and allocation distortions between financial markets in those States, as well as possibilities for double or non-taxation should thereby be avoided. |
| --- | --- |

(3)

Several of the 11 participating Member States have already established, or are in the process of establishing, a form of FTT.
  In order to prevent distortions through measures taken unilaterally by the participating Member States, bearing in mind the extremely high mobility of most of the relevant financial transactions, and thus to improve the proper functioning of the internal market, it is important that the basic features of a FTT in the participating Member States are harmonised at Union level. Incentives for tax arbitrage between the participating Member States and allocation distortions between financial markets in those States, as well as possibilities for double or non-taxation should thereby be avoided.

Several of the 11 participating Member States have already established, or are in the process of establishing, a form of FTT.

Amendment 6

Amendment 6

Proposal for a directive

Proposal for a directive

Recital 3 a (new)

Recital 3 a (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | (3a) | In light of the substantial progress with regard to European financial market regulation, such as Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012

   (1)

  , Directive 2013/36/EU and this Directive, participating Member States that have introduced banking levies in light of the recent financial crisis should review the necessity of such taxes and their compatibility with the rules and the aims of Union law and the internal market. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(3a)

(3a)

In light of the substantial progress with regard to European financial market regulation, such as Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012

   (1)

  , Directive 2013/36/EU and this Directive, participating Member States that have introduced banking levies in light of the recent financial crisis should review the necessity of such taxes and their compatibility with the rules and the aims of Union law and the internal market.

In light of the substantial progress with regard to European financial market regulation, such as Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012

1

, Directive 2013/36/EU and this Directive, participating Member States that have introduced banking levies in light of the recent financial crisis should review the necessity of such taxes and their compatibility with the rules and the aims of Union law and the internal market.

Amendment 7

Amendment 7

Proposal for a directive

Proposal for a directive

Recital 3 b (new)

Recital 3 b (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | (3b) | Any harmonisation of FTT amongst participating Member States should not result in extra-territorial taxation infringing the potential tax base of non-participating Member States. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(3b)

(3b)

Any harmonisation of FTT amongst participating Member States should not result in extra-territorial taxation infringing the potential tax base of non-participating Member States.

Any harmonisation of FTT amongst participating Member States should not result in extra-territorial taxation infringing the potential tax base of non-participating Member States.

Amendment 8

Amendment 8

Proposal for a directive

Proposal for a directive

Recital 4

Recital 4

| Text proposed by the Commission | Amendment |
| --- | --- |
| (4) | The improvement of the operation of the internal market, in particular the avoidance of distortions between the participating Member States requires that a FTT
  applies
  to a broadly determined range of financial institutions and transactions, to trade in a wide range of financial instruments, including structured products, both in the organised markets and ‘over-the-counter’, as well as to the conclusion of all derivative contracts and to material modifications of the operations concerned. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(4)

The improvement of the operation of the internal market, in particular the avoidance of distortions between the participating Member States requires that a FTT
  applies
  to a broadly determined range of financial institutions and transactions, to trade in a wide range of financial instruments, including structured products, both in the organised markets and ‘over-the-counter’, as well as to the conclusion of all derivative contracts and to material modifications of the operations concerned.

a

applies

| (4) | The improvement of the operation of the internal market, in particular the avoidance of distortions between the participating Member States
  , the reduction of the possibility for tax fraud, tax evasion and aggressive tax planning, the risk of relocation of risk and regulatory arbitrage,
  requires that FTT
  should apply
  to a broadly determined range of financial institutions and transactions, to trade in a wide range of financial instruments, including structured products, both in the organised markets and ‘over-the-counter’, as well as to the conclusion of all derivative contracts
  , including contracts for difference, currency spot exchange markets and speculative forward transactions,
  and to material modifications of the operations concerned. |
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(4)

The improvement of the operation of the internal market, in particular the avoidance of distortions between the participating Member States
  , the reduction of the possibility for tax fraud, tax evasion and aggressive tax planning, the risk of relocation of risk and regulatory arbitrage,
  requires that FTT
  should apply
  to a broadly determined range of financial institutions and transactions, to trade in a wide range of financial instruments, including structured products, both in the organised markets and ‘over-the-counter’, as well as to the conclusion of all derivative contracts
  , including contracts for difference, currency spot exchange markets and speculative forward transactions,
  and to material modifications of the operations concerned.

, the reduction of the possibility for tax fraud, tax evasion and aggressive tax planning, the risk of relocation of risk and regulatory arbitrage,

should apply

, including contracts for difference, currency spot exchange markets and speculative forward transactions,

Amendment 9

Amendment 9

Proposal for a directive

Proposal for a directive

Recital 8

Recital 8

| Text proposed by the Commission | Amendment |
| --- | --- |
| (8) | With the exception of the conclusion or material modification of derivative contracts, the trade on primary markets and transactions relevant for citizens and businesses such as conclusion of insurance contracts, mortgage lending, consumer credits or payment services should be excluded from the scope of FTT, so as not to undermine the raising of capital by companies and governments and to avoid impact on households. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(8)

With the exception of the conclusion or material modification of derivative contracts, the trade on primary markets and transactions relevant for citizens and businesses such as conclusion of insurance contracts, mortgage lending, consumer credits or payment services should be excluded from the scope of FTT, so as not to undermine the raising of capital by companies and governments and to avoid impact on households.

| (8) | With the exception of the conclusion or material modification of derivative contracts, the trade on primary markets and transactions relevant for citizens and businesses such as conclusion of insurance contracts, mortgage lending, consumer credits or payment services should be excluded from the scope of FTT, so as not to undermine the raising of capital by companies and governments and to avoid
  a negative
  impact on households
  and the real economy
  . |
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(8)

With the exception of the conclusion or material modification of derivative contracts, the trade on primary markets and transactions relevant for citizens and businesses such as conclusion of insurance contracts, mortgage lending, consumer credits or payment services should be excluded from the scope of FTT, so as not to undermine the raising of capital by companies and governments and to avoid
  a negative
  impact on households
  and the real economy
  .

a negative

and the real economy

Amendment 10

Amendment 10

Proposal for a directive

Proposal for a directive

Recital 13 a (new)

Recital 13 a (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | (13a) | With a view to strengthening the position of regulated markets, and in particular of stock exchange trading, which is strictly regulated, controlled and transparent, as opposed to unregulated, less controlled and less transparent over-the-counter (OTC) trading, Member States should apply higher tax rates to OTC transactions. This will make it possible to effect a shift in trading from markets with little or no regulation to regulated markets. The higher rates should not apply to financial transactions of OTC derivatives where they objectively reduce risks and therefore serve the real economy. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(13a)

(13a)

With a view to strengthening the position of regulated markets, and in particular of stock exchange trading, which is strictly regulated, controlled and transparent, as opposed to unregulated, less controlled and less transparent over-the-counter (OTC) trading, Member States should apply higher tax rates to OTC transactions. This will make it possible to effect a shift in trading from markets with little or no regulation to regulated markets. The higher rates should not apply to financial transactions of OTC derivatives where they objectively reduce risks and therefore serve the real economy.

With a view to strengthening the position of regulated markets, and in particular of stock exchange trading, which is strictly regulated, controlled and transparent, as opposed to unregulated, less controlled and less transparent over-the-counter (OTC) trading, Member States should apply higher tax rates to OTC transactions. This will make it possible to effect a shift in trading from markets with little or no regulation to regulated markets. The higher rates should not apply to financial transactions of OTC derivatives where they objectively reduce risks and therefore serve the real economy.

Amendment 11

Amendment 11

Proposal for a directive

Proposal for a directive

Recital 15 a (new)

Recital 15 a (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | (15a) | Non-financial enterprises execute significant transactions on financial markets in order to reduce risks directly associated with their commercial business. FTT should not apply to those institutions when they execute such transactions. However, where non-financial enterprises engage in speculative transactions that are not associated with the reduction of risk in their commercial activities, they should be treated as financial institutions and FTT should apply to them. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(15a)

(15a)

Non-financial enterprises execute significant transactions on financial markets in order to reduce risks directly associated with their commercial business. FTT should not apply to those institutions when they execute such transactions. However, where non-financial enterprises engage in speculative transactions that are not associated with the reduction of risk in their commercial activities, they should be treated as financial institutions and FTT should apply to them.

Non-financial enterprises execute significant transactions on financial markets in order to reduce risks directly associated with their commercial business. FTT should not apply to those institutions when they execute such transactions. However, where non-financial enterprises engage in speculative transactions that are not associated with the reduction of risk in their commercial activities, they should be treated as financial institutions and FTT should apply to them.

Amendment 12

Amendment 12

Proposal for a directive

Proposal for a directive

Recital 15 b (new)

Recital 15 b (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | (15b) | In order to make tax avoidance a high-cost and low-profit venture and to ensure better enforcement, the residence and issuance principle should be complemented by the ‘transfer of legal title principle’. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(15b)

(15b)

In order to make tax avoidance a high-cost and low-profit venture and to ensure better enforcement, the residence and issuance principle should be complemented by the ‘transfer of legal title principle’.

In order to make tax avoidance a high-cost and low-profit venture and to ensure better enforcement, the residence and issuance principle should be complemented by the ‘transfer of legal title principle’.

Amendment 13

Amendment 13

Proposal for a directive

Proposal for a directive

Recital 15 c (new)

Recital 15 c (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | (15c) | Where appropriate, the Commission should enter into negotiations with third countries in order to facilitate the collection of FTT. The Commission should also revise its definition of uncooperative jurisdictions and should update its action plan against tax fraud, tax evasion and aggressive tax planning accordingly. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(15c)

(15c)

Where appropriate, the Commission should enter into negotiations with third countries in order to facilitate the collection of FTT. The Commission should also revise its definition of uncooperative jurisdictions and should update its action plan against tax fraud, tax evasion and aggressive tax planning accordingly.

Where appropriate, the Commission should enter into negotiations with third countries in order to facilitate the collection of FTT. The Commission should also revise its definition of uncooperative jurisdictions and should update its action plan against tax fraud, tax evasion and aggressive tax planning accordingly.

Amendment 14

Amendment 14

Proposal for a directive

Proposal for a directive

Recital 16

Recital 16

| Text proposed by the Commission | Amendment |
| --- | --- |
| (16) | The minimum tax rates should be set at a level sufficiently high for the harmonisation objective of a common FTT to be achieved. At the same time, they have to be low enough so that delocalisation risks are minimised. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(16)

(16)

The minimum tax rates should be set at a level sufficiently high for the harmonisation objective of a common FTT to be achieved. At the same time, they have to be low enough so that delocalisation risks are minimised.

The minimum tax rates should be set at a level sufficiently high for the harmonisation objective of a common FTT to be achieved. At the same time, they have to be low enough so that delocalisation risks are minimised.

deleted

deleted

Amendment 15

Amendment 15

Proposal for a directive

Proposal for a directive

Recital 19

Recital 19

| Text proposed by the Commission | Amendment |
| --- | --- |
| (19) | In order to prevent tax fraud
  and
  evasion the participating Member States should be obliged to adopt appropriate measures. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(19)

In order to prevent tax fraud
  and
  evasion the participating Member States should be obliged to adopt appropriate measures.

and

| (19) | In order to prevent tax fraud
  , tax
  evasion
  and aggressive tax planning, such as substitution,
  the participating Member States should be obliged to adopt appropriate measures. |
| --- | --- |

(19)

In order to prevent tax fraud
  , tax
  evasion
  and aggressive tax planning, such as substitution,
  the participating Member States should be obliged to adopt appropriate measures.

, tax

and aggressive tax planning, such as substitution,

Amendment 16

Amendment 16

Proposal for a directive

Proposal for a directive

Recital 19 a (new)

Recital 19 a (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | (19a) | The Commission should establish an expert working group (FTT Committee) comprising representatives from all Member States, the Commission, the European Central Bank (ECB) and the European Supervisory Authority (European Securities and Markets Authority) (ESMA) to assess the effective implementation of this Directive and prevent tax fraud, tax evasion and aggressive tax planning and to preserve the integrity of the internal market. The FTT Committee should supervise financial transactions in order to detect abusive arrangements as defined in Article 14, to propose countermeasures in a duly manner and to coordinate the implementation of those countermeasures at national level if required. It should make full use of Union law in the field of taxation and financial services regulation and of the instruments for cooperation on tax matters established by international organisations including the OECD and the Council of Europe. Where appropriate, the representatives of the participating Member States should be able to form a sub-group in order to address matters that do not affect the non-participating Member States regarding implementation of FTT. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(19a)

(19a)

The Commission should establish an expert working group (FTT Committee) comprising representatives from all Member States, the Commission, the European Central Bank (ECB) and the European Supervisory Authority (European Securities and Markets Authority) (ESMA) to assess the effective implementation of this Directive and prevent tax fraud, tax evasion and aggressive tax planning and to preserve the integrity of the internal market. The FTT Committee should supervise financial transactions in order to detect abusive arrangements as defined in Article 14, to propose countermeasures in a duly manner and to coordinate the implementation of those countermeasures at national level if required. It should make full use of Union law in the field of taxation and financial services regulation and of the instruments for cooperation on tax matters established by international organisations including the OECD and the Council of Europe. Where appropriate, the representatives of the participating Member States should be able to form a sub-group in order to address matters that do not affect the non-participating Member States regarding implementation of FTT.

The Commission should establish an expert working group (FTT Committee) comprising representatives from all Member States, the Commission, the European Central Bank (ECB) and the European Supervisory Authority (European Securities and Markets Authority) (ESMA) to assess the effective implementation of this Directive and prevent tax fraud, tax evasion and aggressive tax planning and to preserve the integrity of the internal market. The FTT Committee should supervise financial transactions in order to detect abusive arrangements as defined in Article 14, to propose countermeasures in a duly manner and to coordinate the implementation of those countermeasures at national level if required. It should make full use of Union law in the field of taxation and financial services regulation and of the instruments for cooperation on tax matters established by international organisations including the OECD and the Council of Europe. Where appropriate, the representatives of the participating Member States should be able to form a sub-group in order to address matters that do not affect the non-participating Member States regarding implementation of FTT.

Amendment 17

Amendment 17

Proposal for a directive

Proposal for a directive

Recital 19 b (new)

Recital 19 b (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | (19b) | Member States have an obligation to cooperate at administrative level in the field of taxation pursuant to Directive 2011/16/EU and to give each other mutual assistance for the recovery of claims relating to taxes, duties and other measures pursuant to Directive 2010/24/EU. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(19b)

(19b)

Member States have an obligation to cooperate at administrative level in the field of taxation pursuant to Directive 2011/16/EU and to give each other mutual assistance for the recovery of claims relating to taxes, duties and other measures pursuant to Directive 2010/24/EU.

Member States have an obligation to cooperate at administrative level in the field of taxation pursuant to Directive 2011/16/EU and to give each other mutual assistance for the recovery of claims relating to taxes, duties and other measures pursuant to Directive 2010/24/EU.

Amendment 18

Amendment 18

Proposal for a directive

Proposal for a directive

Recital 21

Recital 21

| Text proposed by the Commission | Amendment |
| --- | --- |
| (21) | In order to allow the adoption of more detailed rules in certain technical areas, regarding registration, accounting, reporting obligations and other obligations intended to ensure that FTT due to the tax authorities is effectively paid to the tax authorities, and their timely adaptation as appropriate, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of specifying the measures necessary to this effect. It is of particular importance that the Commission carries out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing-up delegated acts, should ensure a timely and appropriate transmission of relevant documents to the Council. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(21)

In order to allow the adoption of more detailed rules in certain technical areas, regarding registration, accounting, reporting obligations and other obligations intended to ensure that FTT due to the tax authorities is effectively paid to the tax authorities, and their timely adaptation as appropriate, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of specifying the measures necessary to this effect. It is of particular importance that the Commission carries out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing-up delegated acts, should ensure a timely and appropriate transmission of relevant documents to the Council.

| (21) | In order to allow the adoption of more detailed rules in certain technical areas, regarding registration, accounting, reporting obligations and other obligations intended to ensure that FTT due to the tax authorities is effectively paid to the tax authorities, and their timely adaptation as appropriate, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of specifying the measures necessary to this effect. It is of particular importance that the Commission carries out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing-up delegated acts, should ensure a
  simultaneous,
  timely and appropriate transmission of relevant documents
  to the European Parliament and
  to the Council. |
| --- | --- |

(21)

In order to allow the adoption of more detailed rules in certain technical areas, regarding registration, accounting, reporting obligations and other obligations intended to ensure that FTT due to the tax authorities is effectively paid to the tax authorities, and their timely adaptation as appropriate, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of specifying the measures necessary to this effect. It is of particular importance that the Commission carries out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing-up delegated acts, should ensure a
  simultaneous,
  timely and appropriate transmission of relevant documents
  to the European Parliament and
  to the Council.

simultaneous,

to the European Parliament and

Amendment 19

Amendment 19

Proposal for a directive

Proposal for a directive

Article 2 — paragraph 1 — point 2 — point c

Article 2 — paragraph 1 — point 2 — point c

| Text proposed by the Commission | Amendment |
| --- | --- |
| (c) | the conclusion of derivatives contracts before netting or settlement; |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(c)

the conclusion of derivatives contracts before netting or settlement;

| (c) | the conclusion of derivatives contracts
  , including contracts for difference and speculative forward transactions,
  before netting or settlement; |
| --- | --- |

(c)

the conclusion of derivatives contracts
  , including contracts for difference and speculative forward transactions,
  before netting or settlement;

, including contracts for difference and speculative forward transactions,

Amendment 20

Amendment 20

Proposal for a directive

Proposal for a directive

Article 2 — paragraph 1 — point 2 — point c a (new)

Article 2 — paragraph 1 — point 2 — point c a (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | (ca) | currency spots on the foreign exchange markets; |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(ca)

(ca)

currency spots on the foreign exchange markets;

currency spots on the foreign exchange markets;

Amendment 21

Amendment 21

Proposal for a directive

Proposal for a directive

Article 2 — paragraph 1 — point 2 — point e

Article 2 — paragraph 1 — point 2 — point e

| Text proposed by the Commission | Amendment |
| --- | --- |
| (e) | a repurchase agreement, a reverse repurchase agreement, a securities lending and borrowing agreement; |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(e)

a repurchase agreement, a reverse repurchase agreement, a securities lending and borrowing agreement;

| (e) | a repurchase agreement, a reverse repurchase agreement, a securities lending and borrowing agreement
  , including cancelled orders made when engaging in high-frequency trading
  ; |
| --- | --- |

(e)

a repurchase agreement, a reverse repurchase agreement, a securities lending and borrowing agreement
  , including cancelled orders made when engaging in high-frequency trading
  ;

, including cancelled orders made when engaging in high-frequency trading

Amendment 22

Amendment 22

Proposal for a directive

Proposal for a directive

Article 2 — paragraph 1 — point 3 a (new)

Article 2 — paragraph 1 — point 3 a (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | (3a)
     
  ‘sovereign issuer’ means a sovereign issuer as defined in point (d) of Article 2(1) of Regulation (EU) No 236/2012; |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(3a)
     
  ‘sovereign issuer’ means a sovereign issuer as defined in point (d) of Article 2(1) of Regulation (EU) No 236/2012;

(3a)

‘sovereign issuer’ means a sovereign issuer as defined in point (d) of Article 2(1) of Regulation (EU) No 236/2012;

Amendment 23

Amendment 23

Proposal for a directive

Proposal for a directive

Article 2 — paragraph 1 — point 3 b (new)

Article 2 — paragraph 1 — point 3 b (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | (3b)
     
  ‘sovereign debt’ means a sovereign debt as defined in point (f) Article 2(1) of Regulation (EU) No 236/2012; |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(3b)
     
  ‘sovereign debt’ means a sovereign debt as defined in point (f) Article 2(1) of Regulation (EU) No 236/2012;

(3b)

‘sovereign debt’ means a sovereign debt as defined in point (f) Article 2(1) of Regulation (EU) No 236/2012;

Amendment 24

Amendment 24

Proposal for a directive

Proposal for a directive

Article 2 — paragraph 1 — point 7 a (new)

Article 2 — paragraph 1 — point 7 a (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | (7a)
     
  ‘SME growth market’ means a multi-trading facility that is registered as an SME growth market in accordance with Article 35 of Directive [MiFID]; |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(7a)
     
  ‘SME growth market’ means a multi-trading facility that is registered as an SME growth market in accordance with Article 35 of Directive [MiFID];

(7a)

‘SME growth market’ means a multi-trading facility that is registered as an SME growth market in accordance with Article 35 of Directive [MiFID];

Amendment 25

Amendment 25

Proposal for a directive

Proposal for a directive

Article 2 — paragraph 1 — point 12 a (new)

Article 2 — paragraph 1 — point 12 a (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | (12a)
     
  ‘high-frequency trading’ means algorithmic trading in financial instruments at speeds where the physical latency of the mechanism for transmitting, cancelling or modifying orders becomes the determining factor in the time taken to communicate the instruction to a trading venue or to execute a transaction; |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(12a)
     
  ‘high-frequency trading’ means algorithmic trading in financial instruments at speeds where the physical latency of the mechanism for transmitting, cancelling or modifying orders becomes the determining factor in the time taken to communicate the instruction to a trading venue or to execute a transaction;

(12a)

‘high-frequency trading’ means algorithmic trading in financial instruments at speeds where the physical latency of the mechanism for transmitting, cancelling or modifying orders becomes the determining factor in the time taken to communicate the instruction to a trading venue or to execute a transaction;

Amendment 26

Amendment 26

Proposal for a directive

Proposal for a directive

Article 2 — paragraph 1 — point 12 b (new)

Article 2 — paragraph 1 — point 12 b (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | (12b)
     
  ‘high-frequency trading strategy’ means a trading strategy for dealing on own account in a financial instrument which involves high-frequency trading and has at least two of the following characteristics: |
| | (i) | it uses co-location facilities, direct market access or proximity hosting; |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(12b)
     
  ‘high-frequency trading strategy’ means a trading strategy for dealing on own account in a financial instrument which involves high-frequency trading and has at least two of the following characteristics:

(12b)

‘high-frequency trading strategy’ means a trading strategy for dealing on own account in a financial instrument which involves high-frequency trading and has at least two of the following characteristics:

(i)

(i)

it uses co-location facilities, direct market access or proximity hosting;

it uses co-location facilities, direct market access or proximity hosting;

| (ii) | it relates to a daily portfolio turnover of at least 50 %; |
| --- | --- |

(ii)

(ii)

it relates to a daily portfolio turnover of at least 50 %;

it relates to a daily portfolio turnover of at least 50 %;

| (iii) | the proportion of orders cancelled (including partial cancellations) exceeds 20 %; |
| --- | --- |

(iii)

(iii)

the proportion of orders cancelled (including partial cancellations) exceeds 20 %;

the proportion of orders cancelled (including partial cancellations) exceeds 20 %;

| (iv) | the majority of positions taken are unwound within the same day; |
| --- | --- |

(iv)

(iv)

the majority of positions taken are unwound within the same day;

the majority of positions taken are unwound within the same day;

| (v) | over 50 % of the orders or transactions made on trading venues offering discounts or rebates to orders which provide liquidity are eligible for such rebates. |
| --- | --- |

(v)

(v)

over 50 % of the orders or transactions made on trading venues offering discounts or rebates to orders which provide liquidity are eligible for such rebates.

over 50 % of the orders or transactions made on trading venues offering discounts or rebates to orders which provide liquidity are eligible for such rebates.

Amendment 27

Amendment 27

Proposal for a directive

Proposal for a directive

Article 2 — paragraph 2

Article 2 — paragraph 2

| Text proposed by the Commission | Amendment |
| --- | --- |
| 2.   Each of the operations referred to in points (a), (b), (c) and (e) of paragraph 1(2) shall be considered to give rise to a single financial transaction. Each exchange as referred to in point (d) thereof shall be considered to give rise to two financial transactions. Each material modification of an operation as referred to in points (a) to (e) of paragraph 1(2) shall be considered to be a new operation of the same type as the original operation. A modification is considered to be material in particular where it involves a substitution of at least one party, in case the object or scope of the operation, including its temporal scope, or the consideration agreed upon is altered, or where the original operation would have attracted a higher tax had it been concluded as modified. | 2.   Each of the operations referred to in points (a), (b), (c) and (e) of paragraph 1(2) shall be considered to give rise to a single financial transaction. Each exchange as referred to in point (d) thereof shall be considered to give rise to two financial transactions. Each material modification of an operation as referred to in points (a) to (e) of paragraph 1(2) shall be considered to be a new operation of the same type as the original operation. A modification is considered to be material in particular where it involves a substitution of at least one party, in case the object or scope of the operation, including its temporal scope, or the consideration agreed upon is altered, or where the original operation would have attracted a higher tax had it been concluded as modified.
  Any novation of transactions carried out for the purposes of clearing or settlement by a CCP or by another clearing house or settlement system operator or interoperable systems as defined in Directive 98/26/EC shall not constitute a material modification under this paragraph. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

2.   Each of the operations referred to in points (a), (b), (c) and (e) of paragraph 1(2) shall be considered to give rise to a single financial transaction. Each exchange as referred to in point (d) thereof shall be considered to give rise to two financial transactions. Each material modification of an operation as referred to in points (a) to (e) of paragraph 1(2) shall be considered to be a new operation of the same type as the original operation. A modification is considered to be material in particular where it involves a substitution of at least one party, in case the object or scope of the operation, including its temporal scope, or the consideration agreed upon is altered, or where the original operation would have attracted a higher tax had it been concluded as modified.

2.   Each of the operations referred to in points (a), (b), (c) and (e) of paragraph 1(2) shall be considered to give rise to a single financial transaction. Each exchange as referred to in point (d) thereof shall be considered to give rise to two financial transactions. Each material modification of an operation as referred to in points (a) to (e) of paragraph 1(2) shall be considered to be a new operation of the same type as the original operation. A modification is considered to be material in particular where it involves a substitution of at least one party, in case the object or scope of the operation, including its temporal scope, or the consideration agreed upon is altered, or where the original operation would have attracted a higher tax had it been concluded as modified.
  Any novation of transactions carried out for the purposes of clearing or settlement by a CCP or by another clearing house or settlement system operator or interoperable systems as defined in Directive 98/26/EC shall not constitute a material modification under this paragraph.

Any novation of transactions carried out for the purposes of clearing or settlement by a CCP or by another clearing house or settlement system operator or interoperable systems as defined in Directive 98/26/EC shall not constitute a material modification under this paragraph.

Amendment 28

Amendment 28

Proposal for a directive

Proposal for a directive

Article 2 — paragraph 3 — point d

Article 2 — paragraph 3 — point d

| Text proposed by the Commission | Amendment |
| --- | --- |
| (d) | where the average annual value of financial transactions in two consecutive calendar years does not exceed
  fifty per cent
  of the overall average net annual turnover, as defined in Article 28 of Directive 78/660/EEC, the undertaking, institution, body or person concerned shall be entitled, upon request, to be considered as not being or no longer being a financial institution. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(d)

where the average annual value of financial transactions in two consecutive calendar years does not exceed
  fifty per cent
  of the overall average net annual turnover, as defined in Article 28 of Directive 78/660/EEC, the undertaking, institution, body or person concerned shall be entitled, upon request, to be considered as not being or no longer being a financial institution.

fifty per cent

| (d) | where the average annual value of financial transactions in two consecutive calendar years does not exceed
  20 %
  of the overall average net annual turnover, as defined in Article 28 of Directive 78/660/EEC, the undertaking, institution, body or person concerned shall be entitled, upon request, to be considered as not being or no longer being a financial institution. |
| --- | --- |

(d)

where the average annual value of financial transactions in two consecutive calendar years does not exceed
  20 %
  of the overall average net annual turnover, as defined in Article 28 of Directive 78/660/EEC, the undertaking, institution, body or person concerned shall be entitled, upon request, to be considered as not being or no longer being a financial institution.

20 %

Amendment 29

Amendment 29

Proposal for a directive

Proposal for a directive

Article 2 — paragraph 3 — point d a (new)

Article 2 — paragraph 3 — point d a (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | (da) | the calculation of the average annual value of financial transactions referred to in that point shall not take account of financial transactions concerning non-OTC derivative contracts which meet one of the criteria referred to in Article 10 of Commission Delegated Regulation (EU) No 149/2013 of 19 December 2012 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on indirect clearing arrangements, the clearing obligation, the public register, access to a trading venue, non-financial counterparties, and risk mitigation techniques for OTC derivatives contracts not cleared by a CCP

   (2)

  . |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(da)

(da)

the calculation of the average annual value of financial transactions referred to in that point shall not take account of financial transactions concerning non-OTC derivative contracts which meet one of the criteria referred to in Article 10 of Commission Delegated Regulation (EU) No 149/2013 of 19 December 2012 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on indirect clearing arrangements, the clearing obligation, the public register, access to a trading venue, non-financial counterparties, and risk mitigation techniques for OTC derivatives contracts not cleared by a CCP

   (2)

  .

the calculation of the average annual value of financial transactions referred to in that point shall not take account of financial transactions concerning non-OTC derivative contracts which meet one of the criteria referred to in Article 10 of Commission Delegated Regulation (EU) No 149/2013 of 19 December 2012 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on indirect clearing arrangements, the clearing obligation, the public register, access to a trading venue, non-financial counterparties, and risk mitigation techniques for OTC derivatives contracts not cleared by a CCP

2

.

Amendment 30

Amendment 30

Proposal for a directive

Proposal for a directive

Article 3 — paragraph 1 a (new)

Article 3 — paragraph 1 a (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | 1a.
     
  In the event of the implementation of FTT in Member States other than the 11 participating Member States, it will be extended to those other Member States on mutual terms. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

1a.
     
  In the event of the implementation of FTT in Member States other than the 11 participating Member States, it will be extended to those other Member States on mutual terms.

1a.

In the event of the implementation of FTT in Member States other than the 11 participating Member States, it will be extended to those other Member States on mutual terms.

Amendment 31

Amendment 31

Proposal for a directive

Proposal for a directive

Article 3 — paragraph 2 — point a

Article 3 — paragraph 2 — point a

| Text proposed by the Commission | Amendment |
| --- | --- |
| (a) | Central Counter Parties (CCPs) where exercising the function of a CCP; |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(a)

Central Counter Parties (CCPs) where exercising the function of a CCP;

| (a) | Central Counter Parties (CCPs) where exercising the function of a CCP,
  or other clearing houses, settlement agents or systems, as defined in Directive 98/26/EC, where exercising their function of clearing, including any possible novation, or settlement; |
| --- | --- |

(a)

Central Counter Parties (CCPs) where exercising the function of a CCP,
  or other clearing houses, settlement agents or systems, as defined in Directive 98/26/EC, where exercising their function of clearing, including any possible novation, or settlement;

or other clearing houses, settlement agents or systems, as defined in Directive 98/26/EC, where exercising their function of clearing, including any possible novation, or settlement;

Amendment 32

Amendment 32

Proposal for a directive

Proposal for a directive

Article 3 — paragraph 2 — point c a (new)

Article 3 — paragraph 2 — point c a (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | (ca) | SME growth markets; |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(ca)

(ca)

SME growth markets;

SME growth markets;

Amendment 33

Amendment 33

Proposal for a directive

Proposal for a directive

Article 3 — paragraph 2 — point cb (new)

Article 3 — paragraph 2 — point cb (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | (cb) | A person who holds himself out on the financial markets on a continuous basis as being willing to deal on own account by buying and selling financial instruments against his proprietary capital (market maker),when performing an essential function with regard to illiquid bonds and shares in his role of liquidity provider, as provided for in the agreement between the market maker and the organised venue where the financial transaction is carried out, where that transaction is not part of a high-frequency trading strategy. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(cb)

(cb)

A person who holds himself out on the financial markets on a continuous basis as being willing to deal on own account by buying and selling financial instruments against his proprietary capital (market maker),when performing an essential function with regard to illiquid bonds and shares in his role of liquidity provider, as provided for in the agreement between the market maker and the organised venue where the financial transaction is carried out, where that transaction is not part of a high-frequency trading strategy.

A person who holds himself out on the financial markets on a continuous basis as being willing to deal on own account by buying and selling financial instruments against his proprietary capital (market maker),when performing an essential function with regard to illiquid bonds and shares in his role of liquidity provider, as provided for in the agreement between the market maker and the organised venue where the financial transaction is carried out, where that transaction is not part of a high-frequency trading strategy.

Amendment 34

Amendment 34

Proposal for a directive

Proposal for a directive

Article 3 — paragraph 2 — subparagraph 1 a (new)

Article 3 — paragraph 2 — subparagraph 1 a (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | The Commission shall adopt, in accordance with Article 16, delegated acts specifying the conditions under which a financial instrument will be deemed to be illiquid for the purposes of this Directive. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

The Commission shall adopt, in accordance with Article 16, delegated acts specifying the conditions under which a financial instrument will be deemed to be illiquid for the purposes of this Directive.

The Commission shall adopt, in accordance with Article 16, delegated acts specifying the conditions under which a financial instrument will be deemed to be illiquid for the purposes of this Directive.

Amendment 35

Amendment 35

Proposal for a directive

Proposal for a directive

Article 3 — paragraph 4 — point g a (new)

Article 3 — paragraph 4 — point g a (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | (ga) | the transfer of the right to dispose of a financial instrument as owner and any equivalent operation implying the transfer of the risk associated with the financial instrument between entities of a group or between entities of a network of decentralised banks, where these transfers are carried out in order to fulfil a legal or prudential liquidity requirement that is set by national or Union law. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(ga)

(ga)

the transfer of the right to dispose of a financial instrument as owner and any equivalent operation implying the transfer of the risk associated with the financial instrument between entities of a group or between entities of a network of decentralised banks, where these transfers are carried out in order to fulfil a legal or prudential liquidity requirement that is set by national or Union law.

the transfer of the right to dispose of a financial instrument as owner and any equivalent operation implying the transfer of the risk associated with the financial instrument between entities of a group or between entities of a network of decentralised banks, where these transfers are carried out in order to fulfil a legal or prudential liquidity requirement that is set by national or Union law.

Amendment 36

Amendment 36

Proposal for a directive

Proposal for a directive

Article 4 — paragraph 1 — point e a (new)

Article 4 — paragraph 1 — point e a (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | (ea) | it is a branch of an institution established in a participating Member State pursuant to point (c); |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(ea)

(ea)

it is a branch of an institution established in a participating Member State pursuant to point (c);

it is a branch of an institution established in a participating Member State pursuant to point (c);

Amendment 37

Amendment 37

Proposal for a directive

Proposal for a directive

Article 4 — paragraph 1 — point g

Article 4 — paragraph 1 — point g

| Text proposed by the Commission | Amendment |
| --- | --- |
| (g) | it is party, acting either for its own account or for the account of another person, or is acting in the name of a party to the transaction, to a financial transaction in a structured product or one of the financial instruments referred to in Section C of Annex I of Directive 2004/39/EC issued within the territory of that Member State
  , with the exception of instruments referred to in points (4) to (10) of that Section which are not traded on an organised platform
  . |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

(g)

it is party, acting either for its own account or for the account of another person, or is acting in the name of a party to the transaction, to a financial transaction in a structured product or one of the financial instruments referred to in Section C of Annex I of Directive 2004/39/EC issued within the territory of that Member State
  , with the exception of instruments referred to in points (4) to (10) of that Section which are not traded on an organised platform
  .

, with the exception of instruments referred to in points (4) to (10) of that Section which are not traded on an organised platform

| (g) | it is party, acting either for its own account or for the account of another person, or is acting in the name of a party to the transaction, to a financial transaction in a structured product or one of the financial instruments referred to in Section C of Annex I of Directive 2004/39/EC issued within the territory of that Member State. |
| --- | --- |

(g)

it is party, acting either for its own account or for the account of another person, or is acting in the name of a party to the transaction, to a financial transaction in a structured product or one of the financial instruments referred to in Section C of Annex I of Directive 2004/39/EC issued within the territory of that Member State.

Amendment 38

Amendment 38

Proposal for a directive

Proposal for a directive

Article 4 — paragraph 2 a (new)

Article 4 — paragraph 2 a (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | 2a.
     
  For the purposes of this Directive, a financial instrument shall be deemed to be issued within the territory of a participating Member State where any of the following conditions is fulfilled: |
| | (a) | it is a security or a derivative relating to such security and the registered office of the issuer of the security is located in that Member State; |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

2a.
     
  For the purposes of this Directive, a financial instrument shall be deemed to be issued within the territory of a participating Member State where any of the following conditions is fulfilled:

2a.

For the purposes of this Directive, a financial instrument shall be deemed to be issued within the territory of a participating Member State where any of the following conditions is fulfilled:

(a)

(a)

it is a security or a derivative relating to such security and the registered office of the issuer of the security is located in that Member State;

it is a security or a derivative relating to such security and the registered office of the issuer of the security is located in that Member State;

| (b) | it is a derivative other than one referred to in point (a) and is admitted to trading in an organised platform and the public law governing the trading conducted under the systems of the platform is the law of that Member State; |
| --- | --- |

(b)

(b)

it is a derivative other than one referred to in point (a) and is admitted to trading in an organised platform and the public law governing the trading conducted under the systems of the platform is the law of that Member State;

it is a derivative other than one referred to in point (a) and is admitted to trading in an organised platform and the public law governing the trading conducted under the systems of the platform is the law of that Member State;

| (c) | it is a financial instrument other than one referred to in point (a) or (b), which is cleared by a CCP or other clearing houses or settlement agents or systems as defined by Directive 98/26/EC where the law governing the CCP or the system concerned is the law of that Member State; |
| --- | --- |

(c)

(c)

it is a financial instrument other than one referred to in point (a) or (b), which is cleared by a CCP or other clearing houses or settlement agents or systems as defined by Directive 98/26/EC where the law governing the CCP or the system concerned is the law of that Member State;

it is a financial instrument other than one referred to in point (a) or (b), which is cleared by a CCP or other clearing houses or settlement agents or systems as defined by Directive 98/26/EC where the law governing the CCP or the system concerned is the law of that Member State;

| (d) | it is a financial instrument other than one referred to in point (a), (b) or (c), and the applicable law relating to the agreement under which the transaction in the relevant financial instrument has been carried out is the law of that Member State; |
| --- | --- |

(d)

(d)

it is a financial instrument other than one referred to in point (a), (b) or (c), and the applicable law relating to the agreement under which the transaction in the relevant financial instrument has been carried out is the law of that Member State;

it is a financial instrument other than one referred to in point (a), (b) or (c), and the applicable law relating to the agreement under which the transaction in the relevant financial instrument has been carried out is the law of that Member State;

| (e) | it is a structured instrument and at least 50 % of the value of assets backing the structured instrument are referring to financial instruments issued by a legal person that is registered in a participating Member State. |
| --- | --- |

(e)

(e)

it is a structured instrument and at least 50 % of the value of assets backing the structured instrument are referring to financial instruments issued by a legal person that is registered in a participating Member State.

it is a structured instrument and at least 50 % of the value of assets backing the structured instrument are referring to financial instruments issued by a legal person that is registered in a participating Member State.

Amendment 39

Amendment 39

Proposal for a directive

Proposal for a directive

Article 4 a (new)

Article 4 a (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | Article 4a




  Transfer of legal title




  1.
     
  A financial transaction in relation to which no FTT has been levied shall be deemed legally unenforceable and shall not result in a transfer of legal title of the underlying instrument.




  2.
     
  A financial transaction in relation to which no FTT has been levied shall be deemed not to fulfil the requirements for central clearing under Regulation (EU) No 648/2012 of the European Parliament and the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories

   (3)

  or the own funds requirements under Regulation (EU) No 575/2013 of the European Parliament and the Council of 27 June 2013 on prudential requirements for credit institutions and investment firms.




  3.
     
  In the event of automatic electronic payment schemes with or without the participation of payment settlement agents, revenue authorities of a Member State may establish a system of automatic electronic collection of FTT and certificates for transferring legal title. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

Article 4a

Article 4a

Transfer of legal title

Transfer of legal title

1.
     
  A financial transaction in relation to which no FTT has been levied shall be deemed legally unenforceable and shall not result in a transfer of legal title of the underlying instrument.

1.

A financial transaction in relation to which no FTT has been levied shall be deemed legally unenforceable and shall not result in a transfer of legal title of the underlying instrument.

2.
     
  A financial transaction in relation to which no FTT has been levied shall be deemed not to fulfil the requirements for central clearing under Regulation (EU) No 648/2012 of the European Parliament and the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories

   (3)

  or the own funds requirements under Regulation (EU) No 575/2013 of the European Parliament and the Council of 27 June 2013 on prudential requirements for credit institutions and investment firms.

2.

A financial transaction in relation to which no FTT has been levied shall be deemed not to fulfil the requirements for central clearing under Regulation (EU) No 648/2012 of the European Parliament and the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories

3

or the own funds requirements under Regulation (EU) No 575/2013 of the European Parliament and the Council of 27 June 2013 on prudential requirements for credit institutions and investment firms.

3.
     
  In the event of automatic electronic payment schemes with or without the participation of payment settlement agents, revenue authorities of a Member State may establish a system of automatic electronic collection of FTT and certificates for transferring legal title.

3.

In the event of automatic electronic payment schemes with or without the participation of payment settlement agents, revenue authorities of a Member State may establish a system of automatic electronic collection of FTT and certificates for transferring legal title.

Amendment 40

Amendment 40

Proposal for a directive

Proposal for a directive

Article 9 — paragraph 2 — subparagraph 2

Article 9 — paragraph 2 — subparagraph 2

| Text proposed by the Commission | Amendment |
| --- | --- |
| Those rates shall
  not be lower than
  : | Those rates shall
  be
  : |
| (a) | 0,1 % in respect of the financial transactions referred to in Article 6; |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

Those rates shall
  not be lower than
  :

not be lower than

Those rates shall
  be
  :

be

(a)

0,1 % in respect of the financial transactions referred to in Article 6;

| (a) | 0,1 % in respect of the financial transactions referred to in Article 6
  except for those referred to in point (5) of Article 2(1). with a maturity of up to three months
  ; |
| --- | --- |

(a)

0,1 % in respect of the financial transactions referred to in Article 6
  except for those referred to in point (5) of Article 2(1). with a maturity of up to three months
  ;

except for those referred to in point (5) of Article 2(1). with a maturity of up to three months

| (b) | 0,01 % in respect of financial transactions referred to in Article 7. |
| --- | --- |

(b)

0,01 % in respect of financial transactions referred to in Article 7.

| (b) | 0,01 % in respect of financial transactions referred to in Article 7; |
| --- | --- |

(b)

0,01 % in respect of financial transactions referred to in Article 7;

| (ba) | 0,01 % in respect of the financial transactions referred to in point (5) of Article 2(1) with a maturity of up to three months. |
| --- | --- |

(ba)

(ba)

0,01 % in respect of the financial transactions referred to in point (5) of Article 2(1) with a maturity of up to three months.

0,01 % in respect of the financial transactions referred to in point (5) of Article 2(1) with a maturity of up to three months.

Amendment 41

Amendment 41

Proposal for a directive

Proposal for a directive

Article 9 — paragraph 3 a (new)

Article 9 — paragraph 3 a (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | 3a.
     
  Notwithstanding paragraph 3, participating Member States shall apply a higher rate than those specified in paragraph 2 to OTC financial transactions referred to in Articles 6 and 7. Financial transactions of OTC derivatives which are objectively measurable as reducing risks as defined by Article 10 of Commission Delegated Regulation (EU) No 149/2013 shall not be subject to that higher rate. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

3a.
     
  Notwithstanding paragraph 3, participating Member States shall apply a higher rate than those specified in paragraph 2 to OTC financial transactions referred to in Articles 6 and 7. Financial transactions of OTC derivatives which are objectively measurable as reducing risks as defined by Article 10 of Commission Delegated Regulation (EU) No 149/2013 shall not be subject to that higher rate.

3a.

Notwithstanding paragraph 3, participating Member States shall apply a higher rate than those specified in paragraph 2 to OTC financial transactions referred to in Articles 6 and 7. Financial transactions of OTC derivatives which are objectively measurable as reducing risks as defined by Article 10 of Commission Delegated Regulation (EU) No 149/2013 shall not be subject to that higher rate.

Amendment 42

Amendment 42

Proposal for a directive

Proposal for a directive

Article 11 — paragraph 2

Article 11 — paragraph 2

| Text proposed by the Commission | Amendment |
| --- | --- |
| 2.   The Commission
  may
  , in accordance with Article 16 adopt delegated acts specifying the measures to be taken pursuant to paragraph 1 by the participating Member States. | 2.   The Commission
  shall
  , in accordance with Article 16 adopt delegated acts specifying the measures to be taken pursuant to paragraph 1 by the participating Member States. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

2.   The Commission
  may
  , in accordance with Article 16 adopt delegated acts specifying the measures to be taken pursuant to paragraph 1 by the participating Member States.

may

2.   The Commission
  shall
  , in accordance with Article 16 adopt delegated acts specifying the measures to be taken pursuant to paragraph 1 by the participating Member States.

shall

Amendment 43

Amendment 43

Proposal for a directive

Proposal for a directive

Article 11 — paragraph 5 — subparagraph 2

Article 11 — paragraph 5 — subparagraph 2

| Text proposed by the Commission | Amendment |
| --- | --- |
| The Commission
  may
  adopt implementing acts providing for uniform methods of collection of the FTT due. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 18(2). | The Commission
  shall
  adopt implementing acts providing for uniform methods of collection of the FTT due
  and prevention of tax fraud, tax evasion and aggressive tax planning. Member States may adopt additional measures
  . Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 18(2). |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

The Commission
  may
  adopt implementing acts providing for uniform methods of collection of the FTT due. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 18(2).

may

The Commission
  shall
  adopt implementing acts providing for uniform methods of collection of the FTT due
  and prevention of tax fraud, tax evasion and aggressive tax planning. Member States may adopt additional measures
  . Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 18(2).

shall

and prevention of tax fraud, tax evasion and aggressive tax planning. Member States may adopt additional measures

Amendment 44

Amendment 44

Proposal for a directive

Proposal for a directive

Article 11 — paragraph 6 a (new)

Article 11 — paragraph 6 a (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | 6a.
     
  The administrative burden imposed on tax authorities through the introduction of FTT shall be kept to a minimum. To that end, the Commission shall encourage cooperation between national tax authorities. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

6a.
     
  The administrative burden imposed on tax authorities through the introduction of FTT shall be kept to a minimum. To that end, the Commission shall encourage cooperation between national tax authorities.

6a.

The administrative burden imposed on tax authorities through the introduction of FTT shall be kept to a minimum. To that end, the Commission shall encourage cooperation between national tax authorities.

Amendment 45

Amendment 45

Proposal for a directive

Proposal for a directive

Article 11 — paragraph 6 b (new)

Article 11 — paragraph 6 b (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | 6b.
     
  Member States shall, on an annual basis, submit to the Commission and to Eurostat transaction volumes against which revenues have been collected by type of institution. They shall make that information public. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

6b.
     
  Member States shall, on an annual basis, submit to the Commission and to Eurostat transaction volumes against which revenues have been collected by type of institution. They shall make that information public.

6b.

Member States shall, on an annual basis, submit to the Commission and to Eurostat transaction volumes against which revenues have been collected by type of institution. They shall make that information public.

Amendment 46

Amendment 46

Proposal for a directive

Proposal for a directive

Article 12

Article 12

| Text proposed by the Commission | Amendment |
| --- | --- |
| The participating Member States shall adopt measures to prevent tax fraud
  and
  evasion. | The participating Member States shall adopt measures to prevent tax fraud
  , tax
  evasion
  and aggressive tax planning
  . |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

The participating Member States shall adopt measures to prevent tax fraud
  and
  evasion.

and

The participating Member States shall adopt measures to prevent tax fraud
  , tax
  evasion
  and aggressive tax planning
  .

, tax

and aggressive tax planning

Amendment 47

Amendment 47

Proposal for a directive

Proposal for a directive

Article 15 a (new)

Article 15 a (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | 1.
     
  The Commission shall establish an expert working group (the FTT Committee) comprising representatives from all Member States, the Commission, the ECB, and ESMA, to assist participating Member States in the effective implementation of this Directive and prevent tax fraud, tax evasion and aggressive tax planning and to preserve the integrity of the internal market. |
| | 2.
     
  The FTT Committee shall assess the effective implementation of this Directive, assess the effects on the internal market and detect avoidance schemes including abusive arrangements as defined in Article 14 in order to propose countermeasures, where appropriate, making full use of Union law in the field of taxation and financial services regulation and of the instruments for cooperation on tax matters established by international organisations. |
| | 3.
     
  In order to assess matters with regard to the effective execution of FTT the participating Member States may form a sub-committee of the FTT Committee, comprising representatives of the participating Member States. The sub-committee shall only be in charge of matters that do not affect the non-participating Member States regarding the effective execution of FTT. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

1.
     
  The Commission shall establish an expert working group (the FTT Committee) comprising representatives from all Member States, the Commission, the ECB, and ESMA, to assist participating Member States in the effective implementation of this Directive and prevent tax fraud, tax evasion and aggressive tax planning and to preserve the integrity of the internal market.

1.

The Commission shall establish an expert working group (the FTT Committee) comprising representatives from all Member States, the Commission, the ECB, and ESMA, to assist participating Member States in the effective implementation of this Directive and prevent tax fraud, tax evasion and aggressive tax planning and to preserve the integrity of the internal market.

2.
     
  The FTT Committee shall assess the effective implementation of this Directive, assess the effects on the internal market and detect avoidance schemes including abusive arrangements as defined in Article 14 in order to propose countermeasures, where appropriate, making full use of Union law in the field of taxation and financial services regulation and of the instruments for cooperation on tax matters established by international organisations.

2.

The FTT Committee shall assess the effective implementation of this Directive, assess the effects on the internal market and detect avoidance schemes including abusive arrangements as defined in Article 14 in order to propose countermeasures, where appropriate, making full use of Union law in the field of taxation and financial services regulation and of the instruments for cooperation on tax matters established by international organisations.

3.
     
  In order to assess matters with regard to the effective execution of FTT the participating Member States may form a sub-committee of the FTT Committee, comprising representatives of the participating Member States. The sub-committee shall only be in charge of matters that do not affect the non-participating Member States regarding the effective execution of FTT.

3.

In order to assess matters with regard to the effective execution of FTT the participating Member States may form a sub-committee of the FTT Committee, comprising representatives of the participating Member States. The sub-committee shall only be in charge of matters that do not affect the non-participating Member States regarding the effective execution of FTT.

Amendment 48

Amendment 48

Proposal for a directive

Proposal for a directive

Article 16 — paragraph 2

Article 16 — paragraph 2

| Text proposed by the Commission | Amendment |
| --- | --- |
| 2.   The delegation of powers referred to in Article 11(2) shall be conferred for an indeterminate period of time from the date referred to in Article
  19
  . | 2.   The delegation of powers referred to in Article 11(2) shall be conferred for an indeterminate period of time from the date referred to in Article
  21
  . |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

2.   The delegation of powers referred to in Article 11(2) shall be conferred for an indeterminate period of time from the date referred to in Article
  19
  .

19

2.   The delegation of powers referred to in Article 11(2) shall be conferred for an indeterminate period of time from the date referred to in Article
  21
  .

21

Amendment 49

Amendment 49

Proposal for a directive

Proposal for a directive

Article 16 — paragraph 3

Article 16 — paragraph 3

| Text proposed by the Commission | Amendment |
| --- | --- |
| 3.   The delegation of power referred to in Article 11(2) may be revoked at any time by the Council. A decision of revocation shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of
  the
  delegated acts already in force. | 3.   The delegation of power referred to in Article 11(2) may be revoked at any time by the
  European Parliament or by the
  Council. A decision of revocation shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of
  any
  delegated acts already in force. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

3.   The delegation of power referred to in Article 11(2) may be revoked at any time by the Council. A decision of revocation shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of
  the
  delegated acts already in force.

the

3.   The delegation of power referred to in Article 11(2) may be revoked at any time by the
  European Parliament or by the
  Council. A decision of revocation shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of
  any
  delegated acts already in force.

European Parliament or by the

any

Amendment 50

Amendment 50

Proposal for a directive

Proposal for a directive

Article 16 — paragraph 4

Article 16 — paragraph 4

| Text proposed by the Commission | Amendment |
| --- | --- |
| 4.   As soon as it adopts a delegated act, the Commission shall notify it to the Council. | 4.   As soon as it adopts a delegated act, the Commission shall notify it
  simultaneously to the European Parliament and
  to the Council. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

4.   As soon as it adopts a delegated act, the Commission shall notify it to the Council.

4.   As soon as it adopts a delegated act, the Commission shall notify it
  simultaneously to the European Parliament and
  to the Council.

simultaneously to the European Parliament and

Amendment 51

Amendment 51

Proposal for a directive

Proposal for a directive

Article 16 — paragraph 5

Article 16 — paragraph 5

| Text proposed by the Commission | Amendment |
| --- | --- |
| 5.   A delegated act adopted pursuant to Article 11(2) shall enter into force only if no objection has been expressed by the Council within a period of 2 months of notification of that act to the Council or if, before the expiry of that period, the Council
  has
  informed the Commission that
  it
  will not object. That period shall be extended by 2 months at the initiative of the Council. | 5.   A delegated act adopted pursuant to Article 11(2) shall enter into force only if no objection has been expressed
  either
  by the
  European Parliament or the
  Council within a period of 2 months of notification of that act to the
  European Parliament and the
  Council or if, before the expiry of that period, the
  European Parliament and the
  Council
  have both
  informed the Commission that
  they
  will not object. That period shall be extended by 2 months at the initiative
  of the European Parliament or
  of the Council. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

5.   A delegated act adopted pursuant to Article 11(2) shall enter into force only if no objection has been expressed by the Council within a period of 2 months of notification of that act to the Council or if, before the expiry of that period, the Council
  has
  informed the Commission that
  it
  will not object. That period shall be extended by 2 months at the initiative of the Council.

has

it

5.   A delegated act adopted pursuant to Article 11(2) shall enter into force only if no objection has been expressed
  either
  by the
  European Parliament or the
  Council within a period of 2 months of notification of that act to the
  European Parliament and the
  Council or if, before the expiry of that period, the
  European Parliament and the
  Council
  have both
  informed the Commission that
  they
  will not object. That period shall be extended by 2 months at the initiative
  of the European Parliament or
  of the Council.

either

European Parliament or the

European Parliament and the

European Parliament and the

have both

they

of the European Parliament or

Amendment 52

Amendment 52

Proposal for a directive

Proposal for a directive

Article 19 — paragraph 1

Article 19 — paragraph 1

| Text proposed by the Commission | Amendment |
| --- | --- |
| Every
  five
  years and for the first time by 31 December 2016, the Commission shall submit to the Council a report on the application of this Directive, and, where appropriate, a proposal. | Every
  three
  years and for the first time by 31 December 2016, the Commission shall submit to the
  European Parliament and the
  Council a report on the application of this Directive, and, where appropriate, a proposal. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

Every
  five
  years and for the first time by 31 December 2016, the Commission shall submit to the Council a report on the application of this Directive, and, where appropriate, a proposal.

five

Every
  three
  years and for the first time by 31 December 2016, the Commission shall submit to the
  European Parliament and the
  Council a report on the application of this Directive, and, where appropriate, a proposal.

three

European Parliament and the

Amendment 53

Amendment 53

Proposal for a directive

Proposal for a directive

Article 19 — paragraph 2

Article 19 — paragraph 2

| Text proposed by the Commission | Amendment |
| --- | --- |
| In that report the Commission shall, at least, examine the impact of the FTT on the proper functioning of the internal market, the financial markets and the real economy and it shall take into account the progress on taxation of the financial sector in the international context. | In that report the Commission shall, at least, examine the impact of the FTT on the proper functioning of the internal market, the financial markets and the real economy and it shall take into account the progress on taxation of the financial sector in the international context.
  Based on the results of that examination, necessary adjustments shall be undertaken. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

In that report the Commission shall, at least, examine the impact of the FTT on the proper functioning of the internal market, the financial markets and the real economy and it shall take into account the progress on taxation of the financial sector in the international context.

In that report the Commission shall, at least, examine the impact of the FTT on the proper functioning of the internal market, the financial markets and the real economy and it shall take into account the progress on taxation of the financial sector in the international context.
  Based on the results of that examination, necessary adjustments shall be undertaken.

Based on the results of that examination, necessary adjustments shall be undertaken.

Amendment 54

Amendment 54

Proposal for a directive

Proposal for a directive

Article 19 — paragraph 2 a (new)

Article 19 — paragraph 2 a (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | In addition, the Commission shall assess the impact of certain provisions, such as the appropriate scope of FTT and the rate of taxation with regards to pension funds, taking due account of the diverse risk profiles and business models. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

In addition, the Commission shall assess the impact of certain provisions, such as the appropriate scope of FTT and the rate of taxation with regards to pension funds, taking due account of the diverse risk profiles and business models.

In addition, the Commission shall assess the impact of certain provisions, such as the appropriate scope of FTT and the rate of taxation with regards to pension funds, taking due account of the diverse risk profiles and business models.

Amendment 55

Amendment 55

Proposal for a directive

Proposal for a directive

Article 20 — paragraph 1 — subparagraph 2 a (new)

Article 20 — paragraph 1 — subparagraph 2 a (new)

| Text proposed by the Commission | Amendment |
| --- | --- |
| | For instruments referred to in point 3a of Article 2(1) the rate referred to in point (a) of Article 9(2) shall be 0,05 % until 1 January 2017. |
| | For institutions referred to in point (8)(f) of Article 2(1) , the rate referred to in point (a) of Article 9(2) shall be 0,05 % and the rate referred to in point (b) of Article 9(2) shall be 0,005 % until 1 January 2017. |

Text proposed by the Commission

Text proposed by the Commission

Amendment

Amendment

For instruments referred to in point 3a of Article 2(1) the rate referred to in point (a) of Article 9(2) shall be 0,05 % until 1 January 2017.

For instruments referred to in point 3a of Article 2(1) the rate referred to in point (a) of Article 9(2) shall be 0,05 % until 1 January 2017.

For institutions referred to in point (8)(f) of Article 2(1) , the rate referred to in point (a) of Article 9(2) shall be 0,05 % and the rate referred to in point (b) of Article 9(2) shall be 0,005 % until 1 January 2017.

For institutions referred to in point (8)(f) of Article 2(1) , the rate referred to in point (a) of Article 9(2) shall be 0,05 % and the rate referred to in point (b) of Article 9(2) shall be 0,005 % until 1 January 2017.

---

(1)  

  OJ L 176, 27.6.2013, p. 1.

1

OJ L 176, 27.6.2013, p. 1.

(2)  

  OJ L 52, 23.2.2013, p. 11.

2

OJ L 52, 23.2.2013, p. 11.

(3)  

  OJ L 201, 27.7.2012, p. 1.

3

OJ L 201, 27.7.2012, p. 1.

---