33 Amendments of Philippe DE BACKER related to 2013/0045(CNS)
Amendment 24 #
Draft legislative resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
(1a) 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 those Member States which do not participate in it.
Amendment 30 #
Proposal for a directive
Recital 1 a (new)
Recital 1 a (new)
(1a) Prior to the introduction of an FTT the Commission shall demonstrate that enhanced cooperation will not undermine the internal market or economic, social and territorial cohesion. It shall also demonstrate that it does not constitute a barrier to or discrimination in trade between Member States, nor distort competition between them. The Commission shall present a new robust analysis and impact assessment, of the consequences the proposal for a common FTT both on participating and non participating countries as well as on the Single Market as a whole.
Amendment 34 #
Proposal for a directive
Recital 2 a (new)
Recital 2 a (new)
(2a) According to the difference in scope between the initial Commission proposal for a common FTT and existing national financial transaction tax regimes this enhanced cooperation in regard to FTT may not be regarded as furthering the Union's objectives, protecting its interests and reinforcing its integration process within the meaning of Article 20 TEU.
Amendment 39 #
Proposal for a directive
Recital 3 a (new)
Recital 3 a (new)
(3a) Any harmonisation of FTTs amongst participating Member States must not result in extra-territorial taxation infringing on the potential tax base for other non participating EU countries.
Amendment 44 #
Proposal for a directive
Recital 4 a (new)
Recital 4 a (new)
Amendment 55 #
Proposal for a directive
Recital 15 a (new)
Recital 15 a (new)
(15a) The FTT should not be levied on parties to the transaction that is not located within a participating Member State. This is to respect the sovereignty of the jurisdiction of non-participating Member States and third countries. Fundamental principles of international taxation limit a states right to taxation to its own jurisdiction. Every infringement on this fundamental principle may lead to undesirable counter measures from affected jurisdictions. Accordingly, FTT should only be levied on Financial Institutions within the territory of a participating Member State.
Amendment 56 #
Proposal for a directive
Recital 15 b (new)
Recital 15 b (new)
(15b) The residence principle should not be complemented by the "transfer of legal title principle" in this Directive.
Amendment 58 #
Proposal for a directive
Recital 16
Recital 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 as well as increases in the cost of funding for business. The tax rate should not in any way reduce the value of pension rights.
Amendment 60 #
Proposal for a directive
Recital 19 a (new)
Recital 19 a (new)
Amendment 72 #
Proposal for a directive
Article 2 – paragraph 1 – point 2 – point b
Article 2 – paragraph 1 – point 2 – point b
Amendment 81 #
Proposal for a directive
Article 2 – paragraph 1 – point 7 a (new)
Article 2 – paragraph 1 – point 7 a (new)
(7a) 'market maker' means a market maker as defined in article 4 of Directive [MiFID], 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;
Amendment 82 #
Proposal for a directive
Article 2 – paragraph 1 – point 7 b (new)
Article 2 – paragraph 1 – point 7 b (new)
Amendment 83 #
Proposal for a directive
Article 2 – paragraph 1 – point 7 c (new)
Article 2 – paragraph 1 – point 7 c (new)
(7 c) 'SME, small and medium-sized enterprises' means a company that has an average market capitalisation of less than EUR 200 000 000 in accordance with Article 4 (12) in Regulation No.../...[MiFID];
Amendment 85 #
Proposal for a directive
Article 2 – paragraph 1 – point 8 – point e
Article 2 – paragraph 1 – point 8 – point e
Amendment 88 #
Proposal for a directive
Article 2 – paragraph 1 – point 8 – point f
Article 2 – paragraph 1 – point 8 – point f
Amendment 93 #
Proposal for a directive
Article 2 – paragraph 1 – point 8 – point j
Article 2 – paragraph 1 – point 8 – point j
Amendment 103 #
Proposal for a directive
Article 3 – paragraph 2 – point c a (new)
Article 3 – paragraph 2 – point c a (new)
(ca) SME growth markets;
Amendment 105 #
Proposal for a directive
Article 3 – paragraph 2 – point c b (new)
Article 3 – paragraph 2 – point c b (new)
(cb) Small and medium-sized enterprises;
Amendment 106 #
Proposal for a directive
Article 3 – paragraph 2 – point c c (new)
Article 3 – paragraph 2 – point c c (new)
(c c) a pension fund or an institution for occupational retirement provision as defined in Article 6(a) of Directive 2003/41/EC of the European Parliament and of the Council36 , an investment manager of such fund or institution;
Amendment 107 #
Proposal for a directive
Article 3 – paragraph 2 – point c d (new)
Article 3 – paragraph 2 – point c d (new)
(cd) an undertaking for collective investments in transferable securities (UCITS) as defined in Article 1(2) of Directive 2009/65/EC of the European Parliament and of the Council35 and a management company as defined in Article 2(1)(b) of Directive 2009/65/EC;
Amendment 108 #
Proposal for a directive
Article 3 – paragraph 2 – point c e (new)
Article 3 – paragraph 2 – point c e (new)
(ce) a branch or subsidiary of an institution established in a participating Member State pursuant to point (c) of Article 4 paragraph 1 but operating in a non participating Member State where it is not trading in an instrument issued in a participating Member State;
Amendment 109 #
Proposal for a directive
Article 3 – paragraph 2 – point c f (new)
Article 3 – paragraph 2 – point c f (new)
(cf) Financial institutions acting as market makers or undertaking transactions associated with that activity including the hedging of risks resulting from that activity.
Amendment 110 #
Proposal for a directive
Article 3 – paragraph 2 – point c g (new)
Article 3 – paragraph 2 – point c g (new)
(cg) A venture capital or social entrepreneurship fund that operate under the EU-wide passport as respectively defined by article 3 of the Regulation (EU) 345/2013 on European venture capital funds and by article 3 of the Regulation (EU) 346/2013 on social entrepreneurship funds;
Amendment 115 #
Proposal for a directive
Article 3 – paragraph 4 – point g a (new)
Article 3 – paragraph 4 – point g a (new)
(ga) instruments issued in non- participating Member States.
Amendment 120 #
Proposal for a directive
Article 3 – paragraph 4 – point g b (new)
Article 3 – paragraph 4 – point g b (new)
(gb) Intragroup transactions between entities of a consolidated group and entities of a network of decentralised banks under the condition that the respective financial instruments are owned by them and similar types of transactions comprising the transfer of the risk linked to the financial instrument;
Amendment 122 #
Proposal for a directive
Article 3 – paragraph 4 – point g c (new)
Article 3 – paragraph 4 – point g c (new)
(g c) A reverse repurchase agreement, a repurchase agreement, a contractual agreement on securities lending and borrowing.
Amendment 127 #
Proposal for a directive
Article 3 – paragraph 4 – point g g (new)
Article 3 – paragraph 4 – point g g (new)
(gg) bonds and transactions in financial instruments related to hedging or market making activities in bond markets.
Amendment 132 #
Proposal for a directive
Article 4 – paragraph 1 – point g
Article 4 – paragraph 1 – point g
(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.
Amendment 134 #
Proposal for a directive
Article 4 – paragraph 2 – point c
Article 4 – paragraph 2 – point c
Amendment 142 #
Proposal for a directive
Article 9 – paragraph 2 – subparagraph 2 – point a
Article 9 – paragraph 2 – subparagraph 2 – point a
(a) 0.01% in respect of the financial transactions referred to in Article 6;
Amendment 144 #
Proposal for a directive
Article 9 – paragraph 2 – subparagraph 2 – point b
Article 9 – paragraph 2 – subparagraph 2 – point b
(b) 0.001% in respect of financial transactions referred to in Article 7.
Amendment 152 #
Proposal for a directive
Article 10 – paragraph 3
Article 10 – paragraph 3
Amendment 163 #
Proposal for a directive
Article 15 a (new)
Article 15 a (new)
Article 15 a Establishment of the FTT Committee 1. The Commission shall establish an expert working group (the FTT Committee) comprising representatives from all EU Member States, the Commission, the ECB, and ESMA to assist participating Member States in the effective implementation of this Directive and prevent tax fraud, evasion and avoidance and to preserve the integrity of the Single market. 2. The FTT Committee shall assess the effective implementation of this Directive, assess the effects on the single market, for participating and non participating Member States, 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 including the OECD and the Council of Europe.