The Regulation of Cross-Border Financial Services in the EU Internal Market: A Primer for Third Countries

2001 ◽  
Author(s):  
Terry L. Hart
Keyword(s):  
Financial Services ◽  
Internal Market ◽  
Cross Border ◽  
The Eu

scholarly journals Small and medium sized enterprises (SMEs) and transfer pricing

2012 ◽  
Vol 60 (2) ◽  
pp. 349-356
Author(s):  
Veronika Solilová
Keyword(s):  
Home Country ◽  
Transfer Pricing ◽  
Internal Market ◽  
International Taxation ◽  
Member States ◽  
Compliance Costs ◽  
Cross Border ◽  
Tax Systems ◽  
Important Position ◽  
The Eu

Small and medium sized enterprises have very important position in the EU economy, mainly in the area of growth and employment. However, most of SMEs are active only in their home country and only a few of them participate in cross-border activities. Furthermore, their activities in the internal market are limited by great deal of obstacles, mainly in the form of different tax systems which generate excessive compliance costs of taxation and the existence of different SMEs definitions for various purposes in Member states. In addition, from the view of the international taxation issues, the most important obstacles can be considered a transfer pricing and cross-border loss compensations. In this area, SMEs are facing specific problems and have specific needs. The aim of the paper is to analyze and evaluate the specific transfer pricing issues of SMEs and propose recommendations for them.

Liberalisation of Service Mobility in the EU’s International Trade Agreements: As External as it Gets

2013 ◽  
Vol 15 (3) ◽  
pp. 245-261
Author(s):  
Johanna Jacobsson
Keyword(s):  
International Trade ◽  
Trade Agreements ◽  
Internal Market ◽  
Common Denominator ◽  
Service Trade ◽  
International Trade Agreements ◽  
Cross Border ◽  
Common Position ◽  
External Position ◽  
The Eu

Abstract The concept of the EU single market logically implies the adoption of a common external position on matters which it is primarily concerned with. In respect of goods and capital, such a position has gradually been formulated. With regard to people and services, national priorities continue to prevent the adoption of a united stance externally. Concentrating on the EU’s commitments under the WTO’s GATS Agreement, this article explains how the lack of a common position is due to the incomplete harmonisation of the internal market. This is especially evident in the case of the so-called ‘Mode 4’ that regulates the cross-border movement of natural persons supplying services. As long as the internal market is incomplete, the EU’s offer in respect of service trade negotiations remains fragmented along national lines. A single EU offer also poses the risk that the lowest common denominator becomes the basis of the EU’s common position.

scholarly journals Should Denmark and Sweden Join the Banking Union?

2020 ◽  
Vol 6 (2) ◽  
pp. 317-326
Author(s):  
Svend E Hougaard Jensen ◽  
Dirk Schoenmaker
Keyword(s):  
Decision Making ◽  
Euro Area ◽  
Internal Market ◽  
Banking Union ◽  
Cross Border ◽  
Country Level ◽  
Important Policy ◽  
Pros And Cons ◽  
Policy Discussion ◽  
The Eu

Abstract An important policy discussion on joining the banking union is currently taking place in Denmark and Sweden. In this article we review the pros and cons of joining. The main rationale for joining the banking union is the importance of cross-border banking in the EU internal market. Reviewing the banking systems, we find that banks in Denmark and Sweden have the same cross-border characteristics as those in the euro area countries, suggesting a similar rationale for joining the banking union. Moreover, both countries have large banks which may be too big to save at country level, but not at the banking union level. Nevertheless, there are some governance concerns. While euro area countries have an automatic and full say in all banking union arrangements, the non-euro area countries (the ‘out’ countries) lack certain formal powers in ultimate decision-making; however, we find that this may be less of a problem in practice. If necessary, the ‘out’ countries would have the ‘nuclear option’ of leaving the banking union.

scholarly journals Transposition of the Services Directive and subsidiarity: A view from Galicia

European View ◽  
2019 ◽  
Vol 18 (1) ◽  
pp. 37-44
Author(s):  
Alberto Núñez Feijóo
Keyword(s):  
Status Quo ◽  
Internal Market ◽  
Shared Responsibility ◽  
European Law ◽  
European Regions ◽  
Member States ◽  
Cross Border ◽  
Vested Interests ◽  
The Status ◽  
The Eu

The implementation of the directive on services in the internal market has been a challenge in many parts of the EU. This is particularly true with regard to the interaction between the member states and their public entities, for example, the interaction between the Kingdom of Spain and Galicia. Implementing the directive in Spain required the passage of important legislation, at both the Spanish and Galician levels, and this took several years. Galicia’s experience is particularly interesting since the implementation of the directive had to take into account the community’s cross-border business activities with Portugal. This article argues that European regions, especially those with legislative powers, cannot confine themselves to merely being recipients of matched funding from the EU budget. Instead, they must take shared responsibility and work together as equal collaborators in implementing European law, even where it clashes with the status quo and the vested interests of certain minorities.

The emerging geography of European financial centres: Fragmentation in the European Union and concentration in the UK?

2020 ◽  
pp. 096977642097581
Author(s):  
Martin Heneghan ◽  
Sarah Hall
Keyword(s):  
Social Sciences ◽  
European Union ◽  
Financial Services ◽  
The European Union ◽  
Services Sector ◽  
Financial Centre ◽  
Financial Services Sector ◽  
Cross Border ◽  
The Uk ◽  
The Eu

The United Kingdom’s (UK) withdrawal from the European Union (EU) will reshape the geography of European finance. From January 2021, the UK will no longer be able to sell financial services cross-border into the EU’s Single Market as it has done as a Member State. Through what are called passporting rights, these financial services exports from London to the EU have been central to London’s competitiveness as an international financial centre and the wider importance of financial services in the UK’s political economy. They have also provided a range of financial services to businesses and individuals in Europe. In this commentary, we examine the implications of Brexit for the financial services sector and for conceptual understandings of finance in economic geography and cognate social sciences. We argue that at the European scale, Brexit is giving rise to growing fragmentation of financial services to a range of European financial centres. Meanwhile, within the UK, finance is likely to become more concentrated in London as renewed processes of spatial concentration that have characterised previous economic shocks develop. Our analysis shows that that in order to understand these seemingly diverging geographies it is necessary to understand financial services as both economic and political practices.

Brexit: what are the options for the financial services industry?

2016 ◽  
Vol 17 (4) ◽  
pp. 45-53 ◽  
Author(s):  
David Sahr ◽  
Mark Compton ◽  
Alexandria Carr ◽  
Guy Wilkes ◽  
Alexander Behrens
Keyword(s):  
Financial Services ◽  
Political Development ◽  
The European Union ◽  
Content Type ◽  
Cross Border ◽  
The Future ◽  
Financial Services Firms ◽  
The Uk ◽  
The Impact ◽  
The Eu

Purpose To explain the impact for financial services firms of the UK’s vote to leave the European Union (EU) and to assess the possible options for conducting cross-border financial services between the UK and EU in the future. Key to this is the likely loss of the EU “passport” for financial services that allows a firm licensed in one EU state to offer its services freely throughout all EU states. Design/methodology/approach Explains the process by which the UK will leave the EU and negotiate future trading arrangements; the key considerations for financial services firms doing cross-border business in the EU; the various options for cross-border business in the future; and the key steps financial services firms should be taking to respond to the vote to leave the EU. Findings Many issues still remain uncertain and are unlikely to be resolved for a number of years, but long lead times to implement solutions mean that firms should be considering their options now. Practical implications Firms should be evaluating their current reliance on EU passports and the alternative options that might be suited to their business, such as the “quasi-passports” available under certain specific EU laws or relocation of part or all of their business. Originality/value Legal analysis and practical guidance concerning an unprecedented political development with profound impacts on financial services in Europe, by experts with long-term experience of EU negotiations and financial services gained from working for the British government, regulators and regulated firms.

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