EU Commission Proposal For An EU Financial Transaction
On February 14tth 2013 the EU Commission adopted a proposal (COM (2013) 71 final) for a directive implementing enhanced cooperation in the area of financial transaction tax ("FTT"). Even though only eleven of the EU's 27 Member States support the FTT, a majority of the EU's 27 Member States have given their permission for the legislation to proceed through an enhanced cooperation process.
The aim of the proposal is for financial institutions to make a fairer contribution following the financial crisis. A secondary aim is to try and avoid fragmentation i.e. each Member State imposing its own FTT. A third objective is that the FTT will support regulatory measures in encouraging the financial sector to engage in more responsible activities, geared towards the real economy.
The proposal is that a common FTT be put in place in relation to all financial transactions on condition that at least one party to the transaction is established in a participating Member State and that a financial institution established in a participating Member State is a party to a transaction 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.
The scope of the proposed directive is very wide. The definition of "Financial Transaction" includes the purchase and sale of financial instruments, transfer between entities of a group of a right to dispose of a financial instrument, derivative contracts, exchanges, repos, reverse repos, securities lending and borrowing agreements.
The concept of "established in a participating Member State" is drafted similarly broadly to include not...
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