scholarly journals The EU financial transactions tax: Antecedents and current debate

2013 ◽  
Vol 60 (3) ◽  
pp. 311-321 ◽  
Author(s):  
Yiannis Kitromilides ◽  
Ana González
Keyword(s):  
Financial Sector ◽  
Current Debate ◽  
Tobin Tax ◽  
Cross Border ◽  
Tax Systems ◽  
Global Coordination ◽  
National Tax ◽  
The Uk ◽  
Financial Transactions ◽  
The Eu

The paper deals with the development of the Financial Transactions Tax (FTT) policy idea and its feasibility in the absence of global coordination. New taxes are evaluated in terms of how they fit into existing national tax systems. Increasingly, however, cross-border issues assume greater significance in tax design and this is particularly pertinent in the case of FTT which has a long history. The various changes in tax systems and the economic environments within which they operate since the original ?Tobin Tax? proposal are noted and the way they affect the debate on FTT are discussed. The proposal to introduce a unilateral FTT in the EU and its feasibility are examined. In terms of achieving its fundamental objectives the feasibility of the tax is crucial unless, as may be the case in the UK, the need to rebalance the economy away from the financial sector is a more urgent priority.

23. Particular sectors

2021 ◽  
pp. 1019-1055
Author(s):  
Richard Whish ◽  
David Bailey
Keyword(s):  
Competition Law ◽  
Transport Sector ◽  
Current Debate ◽  
Electronic Communications ◽  
Digital Platforms ◽  
Military Equipment ◽  
Eu Competition Law ◽  
Competition Rules ◽  
The Uk ◽  
The Eu

This chapter deals with four issues. First it will briefly examine three sectors of the economy that are wholly or partly excluded from EU competition law, namely nuclear energy, military equipment and agriculture; the special regime that once existed for coal and steel products under the former European Coal and Steel Community (‘the ECSC’) Treaty is also mentioned in passing. Secondly, it will explain the application of the EU competition rules apply to the transport sector. Thirdly, the chapter will consider the specific circumstances of four so-called ‘regulated industries’, electronic communications, post, energy and water, where a combination of legislation, regulation and competition law seek to promote competition. Last, but by no means least, the current debate concerning digital platforms is discussed where it is likely that ex ante regulatory rules will be introduced, both in the EU and the UK, to address concerns about anti-competitive conduct and a tendency towards the monopolisation of markets.

scholarly journals Benchmarking Marketing Intangibles: Need for Coordinated Transfer Pricing Regimes

2017 ◽  
Vol 3 (2) ◽  
Author(s):  
Lakshana Radhakrishnan
Keyword(s):  
Transfer Pricing ◽  
Tax Policies ◽  
Profit Shifting ◽  
International Consensus ◽  
Effective Implementation ◽  
Cross Border ◽  
Tax Regimes ◽  
Cross Country ◽  
Tax Systems ◽  
National Tax

Tax competitive policies can be effective in cases of a collaborated cross-border effort with international consensus on minimum thresholds and mechanisms for cross-country cooperation. However, aggressive uncoordinated tax competitiveness destroys value and shrinks the growth and prosperity of the industry. Hence, there is a need for tax certainty and common standards in international transfer pricing. The OECD has provided a framework for countries to move towards universal tax regimes that have common tax policies and coordinated implementation systems. This paper highlights the issue of AMP (advertising, marketing and promotion) costs in transfer pricing and seeks to establish the need for coordination among national tax systems. Ensuring consistency among the tax policies of the world’s nations is important for preventing instances of BEPS (base erosion and profit shifting) that are the products of the gaps between elaborately drafted and extremely complicated tax legislations. Creation of universal tax principles and their effective implementation is the only solution to this problem.

scholarly journals The Use of English Before Swiss Courts: The Current Debate

sui generis ◽  
2020 ◽  
Author(s):  
Lorenz Raess
Keyword(s):  
Civil Procedure ◽  
Current Debate ◽  
Standard Language ◽  
Present Contribution ◽  
Political Issue ◽  
Procedure Code ◽  
International Private Law ◽  
The Uk ◽  
Commercial Courts ◽  
The Eu

In the aftermath of the Brexit referendum in 2016 and the withdrawal of the UK from the EU on 31 January 2020, several jurisdictions established so-called «international commercial courts», at which English is the standard language. Thus far, there have been few such initiatives in Switzerland. However, according to the ongoing revisions to both the Federal Act on International Private Law and the Swiss Civil Procedure Code, it is intended to allow the use of English in certain situations. Unsurprisingly, this has given rise to a wideranging debate in multilingual Switzerland. The present contribution outlines this discussion and proposes several practical solutions on how to deal with this delicate political issue.

Part V Legal and Conduct Risk in Interconnected Financial Markets, 19 ‘Brexit’

2018 ◽  
Author(s):  
Mccormick Roger ◽  
Stears Chris
Keyword(s):  
Member State ◽  
Financial Markets ◽  
Financial Institutions ◽  
Member States ◽  
Cross Border ◽  
Legal Risks ◽  
The Uk ◽  
The Eu

This chapter considers the legal risks raised by Brexit. These include change of law risk for financial markets and especially for institutions that wish to do cross-border business in the EU. For example, while the UK remains in the EU, financial institutions carrying on certain ‘regulated activities’ are afforded so-called ‘passporting’ rights pursuant to which, broadly, they can take advantage of the fact that they are established and appropriately authorised in one member state to do business in other member states, without the need for separate permissions or authorisations in those other states. If the UK leaves the EU, such passporting rights may be terminated unless the Brexit negotiation results in them being preserved in some way.

Regulation of Commodities Trading

2020 ◽  
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Eu Legislation ◽  
Cross Border ◽  
The Global Financial Crisis ◽  
The Uk ◽  
Domestic Level ◽  
The Eu ◽  
Commodities Markets ◽  
The Way

This book is the first to draw together the numerous different regulations which affect how commodities are traded in the EU. Having long been a largely deregulated industry, intense scrutiny in the aftermath of the global Financial Crisis in 2008 has left commodities trading subject to a raft of harmonized regulations, many of which have yet to be finalized. Regulation of both the physical and the financial commodities markets is undergoing significant change and participants and their advisers are struggling to understand the changes in each jurisdiction as well as the cross-border implications. The book pulls together these various pieces of EU legislation and examines how they influence the way that commodities are traded in Europe. It also provides coverage of regulation at domestic level in key jurisdictions active in the marketplace, namely the UK, US, Switzerland, and Singapore. Divided into eight sections, the book includes analysis of the commodities trading houses (including their motives and methods), the main trading venues, trading practices, and potential illicit practices and market abuses. Each section has a detailed transnational component in which the position in each specific jurisdiction is explained, drawing parallels and setting out the differences between these countries.

Consumer Protection in EU Residential Mortgage Markets: Common EU Rules on Mortgage Credit in the Mortgage Credit Directive

2014 ◽  
Vol 16 ◽  
pp. 223-253 ◽  
Author(s):  
Tatjana Josipović
Keyword(s):  
Consumer Protection ◽  
Financial Sector ◽  
The European Union ◽  
Mortgage Loans ◽  
Mortgage Markets ◽  
Residential Mortgage ◽  
Cross Border ◽  
Mortgage Credit ◽  
Mortgage Credit Directive ◽  
The Eu

AbstractFor many years now, there has been an attempt in the European Union to create a common legal framework for mortgage credit contracts and cross-border activities in the mortgage financial sector. One of the greatest challenges has been the establishment of a corresponding level of consumer protection in EU residential mortgage markets. This issue has become particularly important at the time of financial crisis. Consumers are increasingly exposed to the risk of losing their homes because of failing to fulfil, in due time, their obligations arising from mortgage loans, and thus losing confidence in the EU financial sector. Therefore, the European Union has intensified its efforts to improve consumers’ ability to inform themselves of the potential risks when entering into mortgage loans and mortgaging their real property. On 4 February 2014 the EU adopted the new rules on mortgage credits in the Mortgage Credit Directive. The main objective of the Directive is to increase the protection of consumers in EU mortgage markets from the risks of defaults and foreclosures. A higher level of protection must be ensured by consumers’ increased information capacity related to mortgage credits, as well as by developing a responsible mortgage lending practice across the EU. The Mortgage Credit Directive is also aimed at contributing to the gradual establishment of a single internal market for mortgage credits. In this chapter, the author analyses previous and current attempts by the EU to establish a uniform market of mortgage loans, and assesses the possible impact of the Mortgage Credit Directive on the protection of consumers in the market of mortgage credits and on the development of cross-border activities in the mortgage financial sector. Special emphasis is placed on the possible impact of the new EU rules on mortgages on national protection measures aimed at consumer protection at the time of financial crisis. The transposition of the Mortgage Credit Directive will undoubtedly contribute to a higher level of consumer protection when consumers enter into home loan contracts. However, the question arises whether, because of different levels of harmonisation of some rules laid down in the Directive, its implementation will actually contribute to an increase in cross-border home loans. The possibility for Member States to opt for increased consumer protection in some aspects of credit agreements when implementing the Directive, or the existence of different options for the exercise of individual rights that they may use cannot bring about an integration of mortgage credit markets.

scholarly journals Transport Sector Impacts of a Border between Ireland and Northern Ireland after a Hard Brexit

2019 ◽  
Vol 2019 ◽  
pp. 1-14
Author(s):  
Khaoula Morchid ◽  
Margaret O’Mahony
Keyword(s):  
Environmental Impacts ◽  
Simulation Software ◽  
Transport Infrastructure ◽  
Transport Sector ◽  
Border Crossings ◽  
Cross Border ◽  
Processing Times ◽  
The Uk ◽  
The Impact ◽  
The Eu

More than half of British voters chose to leave the European Union (EU) leading to a series of negotiations between the United Kingdom and the EU. The withdrawal of the UK from the EU is widely referred to as Brexit. As the only country that shares a land border with the UK, the impact of Brexit on Ireland is expected to be greater than on any other European country. The objective of the research is to evaluate the potential impact of Brexit on the transport sector in Ireland at a micro level by focusing on cross‐border commuters and by also assessing the impact on road freight transport. Potential crossing scenarios are examined at six crossing locations. Assuming a hard border is implemented, each crossing is modelled in VISSIM, a microscopic traffic flow simulation software, using traffic data from Transport Infrastructure Ireland (TII) and dwell time estimated based on the US–Canada border crossings. Six scenarios are considered to determine the impact on cross‐border traffic at different flow conditions and with varying levels of technology used in border infrastructure leading to short versus long processing times. The paper evaluates travel measures including delays, queue lengths and emissions. The worst‐case scenario has a vehicle delay of 18.4 min and the highest delay‐associated costs across all locations modelled are estimated at €60.7 million per year. Estimated emissions generated at the border crossings raise concerns about environmental impacts of a hard Brexit. Interviews with stakeholders emphasized the critical role of technology in reducing the impact of a hard Brexit on cross‐border commuters and on the freight sector. A key finding is the importance of using technology tools to facilitate controls and reduce processing times. The results indicate that technology use leads to significant time and cost savings as well as reduced environmental impacts.

The Icesave Dispute in the Aftermath of the Icelandic Financial Crisis: Revisiting the Principles of State Liability, Prohibition of State Aid and Non-discrimination in European Law

2011 ◽  
Vol 2 (3) ◽  
pp. 356-372 ◽  
Author(s):  
Maria Elvira Méndez-Pinedo
Keyword(s):  
Financial Crisis ◽  
The Netherlands ◽  
State Aid ◽  
European Law ◽  
Cross Border ◽  
Border Dispute ◽  
State Liability ◽  
The Uk ◽  
Bank Collapse ◽  
The Eu

This study focuses on the Icesave dispute and Icesave agreements between Iceland, the UK and The Netherlands in the light of European law (EU and EEA law) and explores two main issues: 1) the State liability for breaches of EU/EEA law on the basis of Directive 94/19/EC following a systemic bank collapse in Iceland; and 2) the principle of non-discriminatory interplay between the nationalisation of Icelandic banks (State aid) and the payment of the minimum guarantee of €20.887 to depositors of Icesave accounts in the branches of Landsbanki in the UK and The Netherlands. This dispute was handled through diplomatic negotiations. The author is highly critical of the methodology followed. This cross-border dispute brought to light new complex problems in a grey area of European law which should have been brought before the highest European courts. Icesave also seems to have turned Icelanders against the process of European integration and the EU.

scholarly journals ‘Winning Back Control’: Migration, Borders and Visions of Political Community

2021 ◽  
pp. 002088172110020
Author(s):  
Oliver Schmidtke
Keyword(s):  
Policy Formation ◽  
Political Community ◽  
The European Union ◽  
Political Issue ◽  
Cross Border ◽  
Major Reform ◽  
Key Issues ◽  
The Uk ◽  
Integration Project ◽  
The Eu

This article focuses on the governance of migration and borders as key issues of Brexit in a dual sense: as a contested political issue centrally fueling the Brexit debates and as an area of policy formation. First, the article addresses how Brexit has changed free movement as a key principle of the European integration project and transformed cross-border mobility between the European Union (EU) and the UK in a post-Brexit European border regime. Second, it discusses how the politicization of migration during the Brexit campaign has accentuated competing visions of political community. With a view to the effects of Brexit on the governance of migration and borders in Europe, the article demonstrates how the Brexit debates have emphasized the prominence of exclusionary nationalism, while they have simultaneously created new opportunities for the EU to launch a major reform of its migration and asylum policies.

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