The document provides an analysis of the impact of the 2006 Services Directive in the Euro zone. It begins with an introduction that outlines the purpose and structure of the paper. It then discusses the history and background of the Services Directive, including its aims to remove barriers to cross-border trade in services. The key sectors covered by the directive are also examined, such as retail, professional services, tourism, and education. Excluded sectors like healthcare, transport, and gambling are also noted. Finally, the legal basis of the directive in articles 3, 49 and 56 of the TFEU relating to free movement are reviewed as the foundation for establishing the single market in services across the EU.
Euro shorts 16.12.16 including Brexit: European Parliament briefing and Brexi...Cummings
The European Parliament has published a briefing on the potential impact of Brexit on the UK and EU financial services industry. The European Parliament President has written to the European Council President to express concerns about the European Parliament's secondary role in Brexit negotiations. The European Commission has published an overview of Level 2 measures relating to various EU financial services legislation.
This document discusses Montenegro's progress in meeting the requirements to join the European Union (EU). It provides an overview of Montenegro's relationship with the EU since 2001 and the steps it has taken towards membership, including receiving candidate status in 2009. It then summarizes Montenegro's status in negotiating the 35 policy chapters that are required to be closed before accession, noting that 2 chapters have been provisionally closed, 20 chapters have been opened for negotiation, and 13 chapters have yet to be opened. Finally, it provides brief summaries of several key negotiation chapters, including free movement of goods, competition policy, financial services, and information society and media.
The document discusses debarment of companies from public contracts in the European Union. It provides context on the development of debarment and the issues it presents. It then summarizes the key aspects of the new EU Public Procurement Directives implemented in 2014, including strengthened mandatory grounds for exclusion/debarment such as conviction for corruption, fraud, or other criminal offenses. The directives aim to increase transparency and prevent conflicts of interest in public procurement through measures like mandatory reporting of violations and record keeping of high-value contracts.
Regional Intergovernmental Regulations on Trade in Services EU L.docxsodhi3
Regional Intergovernmental Regulations on Trade in Services
EU Law on Trade in Services
The EU is a common market not only for goods but also for services and (as discussed later in the chapter) labor. In comparison with GATS, the Treaty Establishing the European Community (EC Treaty), and the Lisbon Treaty of 2010 are the principal source of law in the EU, and create a much more open and liberal market for services (and business in general) between and among its member states. The EC Treaty provides that, within the EU, “restrictions on the freedom to provide services”56 and “restrictions on the freedom of establishment”57 are to be progressively abolished. In essence, service suppliers and entrepreneurs have consistently acquired (as the EU integrates and EU law evolves) greater rights to do business in all EU member states.
The EU freedom to provide services relates to economic activities carried out on a temporary or nonpermanent basis. It applies, for example, when a Danish firm of consultants advises businesses in Greece or an Italian construction company erects a building in Spain.
The EU right of establishment authorizes a natural person or a company to settle permanently in a member state and carry on a business.58 It includes the right to set up and carry on a business both as an individual and as an employer.59
Concern has been expressed that some cases fall between the scope of both of these guarantees.60 An example would be a British camera crew filming scenes in France and Germany. Because the crew is neither establishing itself nor providing or receiving services, neither of the two guarantees fits exactly. However, in several cases, the European Court of Justice has read the two provisions together and hinted that it regards them as part of a general right of a self-employed person to pursue activities throughout the EU regardless of the location of his principal office or the kind of economic endeavor in which he is involved.61
To ensure that the right of establishment and the freedom to provide services are meaningful guarantees, the EC Treaty declares that the self-employed and the employees of service suppliers are entitled to travel freely within the member states of the EU and to carry on their activities free from discrimination.62 In order to “create a real internal services market by 2010” the EU enacted the so-called Services Directive in 2006 (Directive 2006/123/EC). This legislation aims to “facilitate freedom of establishment for providers in other Member States and the freedom of provision of services between Member States.” The directive (which was required to be implemented by all members by December 29, 2009) was intended to “increase the choice offered to recipients and improve the quality of services both for consumers and businesses using these services.”
As often happens, all EU nations did not meet the deadline for enacting legislation implementing the directive. In June 2010, the EU Commission sen ...
The Asia Pacific Economic Cooperation (APEC) is an international forum composed of twenty-one member economies within the Asia- Pacific region. Its purpose is “to sustain the growth and development of the region for the common good of its peoples” by encouraging trade. APEC builds on WTO General Agreement on Trade and Services (GATS) principles for the progressive liberalisation of trade in services through the reduction of regulatory restrictions, leading to reciprocal agreements between member economies where appropriate.
Legal shorts 28.11.14 including FCA reminder of new ‘connect’ portal for firm...Cummings
The document provides a summary of recent developments in the financial services industry, including:
1) The FCA reminding firms of its new online portal for regulatory applications and notifications.
2) The UK government withdrawing its legal challenge to the EU cap on bankers' bonuses.
3) A speech by the EU Commissioner for financial services emphasizing putting consumers first.
4) Various regulatory developments and guidance from organizations such as the FCA, JMLSG, and IOSCO.
The document discusses a proposed EU directive on allowing companies to transfer their registered office across borders within the EU in a tax-neutral manner while maintaining corporate identity. It would allow companies to relocate without liquidating. The proposal outlines administrative processes for the transfer, including informing employees, submitting reports to shareholders on the implications, and approval by shareholders. It aims to balance free movement rights with legal and tax obligations. The directive could help realize freedom of establishment in the EU single market by facilitating cross-border corporate mobility.
The document summarizes the final report of the Expert Group on e-Invoicing, which was established by the European Commission to propose a European e-Invoicing Framework. [1] The report defines business requirements for widespread adoption of e-invoicing, identifies gaps in the current market, and recommends a framework to address these gaps. [2] The recommendations include harmonizing legal/VAT frameworks, adopting common invoice standards, prioritizing the needs of SMEs, and establishing processes to implement the framework across Europe. [3] The Commission is seeking public consultation on the report's analysis and recommendations by February 2010.
Euro shorts 16.12.16 including Brexit: European Parliament briefing and Brexi...Cummings
The European Parliament has published a briefing on the potential impact of Brexit on the UK and EU financial services industry. The European Parliament President has written to the European Council President to express concerns about the European Parliament's secondary role in Brexit negotiations. The European Commission has published an overview of Level 2 measures relating to various EU financial services legislation.
This document discusses Montenegro's progress in meeting the requirements to join the European Union (EU). It provides an overview of Montenegro's relationship with the EU since 2001 and the steps it has taken towards membership, including receiving candidate status in 2009. It then summarizes Montenegro's status in negotiating the 35 policy chapters that are required to be closed before accession, noting that 2 chapters have been provisionally closed, 20 chapters have been opened for negotiation, and 13 chapters have yet to be opened. Finally, it provides brief summaries of several key negotiation chapters, including free movement of goods, competition policy, financial services, and information society and media.
The document discusses debarment of companies from public contracts in the European Union. It provides context on the development of debarment and the issues it presents. It then summarizes the key aspects of the new EU Public Procurement Directives implemented in 2014, including strengthened mandatory grounds for exclusion/debarment such as conviction for corruption, fraud, or other criminal offenses. The directives aim to increase transparency and prevent conflicts of interest in public procurement through measures like mandatory reporting of violations and record keeping of high-value contracts.
Regional Intergovernmental Regulations on Trade in Services EU L.docxsodhi3
Regional Intergovernmental Regulations on Trade in Services
EU Law on Trade in Services
The EU is a common market not only for goods but also for services and (as discussed later in the chapter) labor. In comparison with GATS, the Treaty Establishing the European Community (EC Treaty), and the Lisbon Treaty of 2010 are the principal source of law in the EU, and create a much more open and liberal market for services (and business in general) between and among its member states. The EC Treaty provides that, within the EU, “restrictions on the freedom to provide services”56 and “restrictions on the freedom of establishment”57 are to be progressively abolished. In essence, service suppliers and entrepreneurs have consistently acquired (as the EU integrates and EU law evolves) greater rights to do business in all EU member states.
The EU freedom to provide services relates to economic activities carried out on a temporary or nonpermanent basis. It applies, for example, when a Danish firm of consultants advises businesses in Greece or an Italian construction company erects a building in Spain.
The EU right of establishment authorizes a natural person or a company to settle permanently in a member state and carry on a business.58 It includes the right to set up and carry on a business both as an individual and as an employer.59
Concern has been expressed that some cases fall between the scope of both of these guarantees.60 An example would be a British camera crew filming scenes in France and Germany. Because the crew is neither establishing itself nor providing or receiving services, neither of the two guarantees fits exactly. However, in several cases, the European Court of Justice has read the two provisions together and hinted that it regards them as part of a general right of a self-employed person to pursue activities throughout the EU regardless of the location of his principal office or the kind of economic endeavor in which he is involved.61
To ensure that the right of establishment and the freedom to provide services are meaningful guarantees, the EC Treaty declares that the self-employed and the employees of service suppliers are entitled to travel freely within the member states of the EU and to carry on their activities free from discrimination.62 In order to “create a real internal services market by 2010” the EU enacted the so-called Services Directive in 2006 (Directive 2006/123/EC). This legislation aims to “facilitate freedom of establishment for providers in other Member States and the freedom of provision of services between Member States.” The directive (which was required to be implemented by all members by December 29, 2009) was intended to “increase the choice offered to recipients and improve the quality of services both for consumers and businesses using these services.”
As often happens, all EU nations did not meet the deadline for enacting legislation implementing the directive. In June 2010, the EU Commission sen ...
The Asia Pacific Economic Cooperation (APEC) is an international forum composed of twenty-one member economies within the Asia- Pacific region. Its purpose is “to sustain the growth and development of the region for the common good of its peoples” by encouraging trade. APEC builds on WTO General Agreement on Trade and Services (GATS) principles for the progressive liberalisation of trade in services through the reduction of regulatory restrictions, leading to reciprocal agreements between member economies where appropriate.
Legal shorts 28.11.14 including FCA reminder of new ‘connect’ portal for firm...Cummings
The document provides a summary of recent developments in the financial services industry, including:
1) The FCA reminding firms of its new online portal for regulatory applications and notifications.
2) The UK government withdrawing its legal challenge to the EU cap on bankers' bonuses.
3) A speech by the EU Commissioner for financial services emphasizing putting consumers first.
4) Various regulatory developments and guidance from organizations such as the FCA, JMLSG, and IOSCO.
The document discusses a proposed EU directive on allowing companies to transfer their registered office across borders within the EU in a tax-neutral manner while maintaining corporate identity. It would allow companies to relocate without liquidating. The proposal outlines administrative processes for the transfer, including informing employees, submitting reports to shareholders on the implications, and approval by shareholders. It aims to balance free movement rights with legal and tax obligations. The directive could help realize freedom of establishment in the EU single market by facilitating cross-border corporate mobility.
The document summarizes the final report of the Expert Group on e-Invoicing, which was established by the European Commission to propose a European e-Invoicing Framework. [1] The report defines business requirements for widespread adoption of e-invoicing, identifies gaps in the current market, and recommends a framework to address these gaps. [2] The recommendations include harmonizing legal/VAT frameworks, adopting common invoice standards, prioritizing the needs of SMEs, and establishing processes to implement the framework across Europe. [3] The Commission is seeking public consultation on the report's analysis and recommendations by February 2010.
This document discusses barriers to the free movement of goods, capital, services, and people within the East African Community (EAC) common market. It identifies specific restrictions in the laws and regulations of EAC member states that inhibit the free flow of these factors of production between countries. Over 50 non-tariff barriers to trade in goods and at least 63 measures inconsistent with the free movement of services were identified. Restrictions on capital flows are also common, affecting the majority of capital operations that should be liberalized under the common market protocol. While economic integration has increased intra-regional trade volumes, full implementation of the common market remains incomplete due to the various legal and regulatory restrictions maintained by EAC member states.
The document summarizes the EBA's FinTech roadmap based on feedback from its consultation on its approach to financial technology. Key points include:
- Respondents supported the EBA's work on FinTech and priorities like authorizations, sandboxes, and business model impacts.
- The roadmap sets priorities for 2018-2019 including monitoring regulations, risks, and consumer issues to promote innovation while ensuring stability and protection.
- An EBA FinTech Knowledge Hub will facilitate knowledge sharing between authorities and firms to help monitor FinTech's effects.
The WTO agreements establish rules for international trade and are the result of negotiations between member countries. The key agreements cover trade in goods, services, and intellectual property. They aim to ensure trade flows freely and predictably by reducing barriers and resolving disputes. The agreements establish principles like non-discrimination and transparency. They have expanded trade significantly since the original GATT and help resolve issues through agreed upon procedures and mechanisms.
Action Plan On E Signatures And E Identification To Facilitate The Provision ...Victor Gridnev
This document is an action plan from the European Commission to enhance the cross-border interoperability of e-signatures and e-identification. It notes that a lack of interoperability creates barriers to cross-border markets in the EU. The plan proposes actions to improve the legal recognition and technical standards of e-signatures and identity authentication methods to facilitate electronic access to public services across borders. It aims to simplify business and citizen access to digital government and support other EU initiatives requiring electronic identification and signatures.
Announcement MiFID II Main Changes for authorisationsAtoZForex.com
CySEC highlights the main changes introduced by MiFID II, MiFIR, and the relevant delegated and implementing regulations, which affect the authorisation
requirements for CIFs.
This brief covers the Treatment of Professional Services within the CARIFORUM-EC Economic Partnership Agreement (EPA), which was concluded on December 16, 2007, and signed in October 15, 2008.
Eu Action Plan On eSignatures And eIdentificationFriso de Jong
This document presents an action plan from the European Commission to enhance the cross-border interoperability of e-signatures and e-identification. It aims to facilitate the provision of cross-border public services in the EU single market. The plan contains two parts, with the first focusing on improving the use of qualified electronic signatures and advanced electronic signatures based on qualified certificates across borders. The second part addresses enhancing the cross-border interoperability of electronic identities. Key actions include establishing trust in e-signatures from other EU countries and enabling validation of e-signatures that originate from outside a member state. The plan seeks to build on existing EU legal frameworks while addressing technical and organizational barriers limiting the cross-border use of e-signatures
The EPA agreement between Cariforum and the EU contains comprehensive rules on services and investment. It liberalizes over 90% of sectors for EU investment in Cariforum states and provides opportunities for Caribbean professionals to supply services in the EU. Notably, the EU has opened its entertainment services sector to CSS from Cariforum without quotas. The agreement also includes a protocol on cultural cooperation to facilitate movement of artists between the regions. While Cariforum's commitments are more limited in scope, most states have opened key business services sectors. The agreement establishes dispute settlement procedures for violations of commitments.
This proposal is part of the Digital Finance package, a package of measures to further enable and support the potential of digital finance in terms of innovation and competition while mitigating the risks.It is in line with the Commission priorities to make Europe fit for the digital age and to build a future-ready economy that works for the people.The digital finance package includes a new Strategy on digital finance for the EU financial sector with the aim to ensure that the EU embraces the digital revolution and drives it withinnovative European firms in the lead, making the benefits of digital finance available to European consumers and businesses.In addition to this proposal, the package also includes a proposal for a pilot regime on distributed ledger technology (DLT) market infrastructures, a proposal for digital operational resilience, and a proposal to clarify or amend certain related EU financial services rules.
The document provides guidance to beneficiaries of the "Strengthening Media Freedom" grant on project implementation procedures. It outlines the key bodies involved - the EU Delegation, Eptisa as the implementing partner, and the coordinator and co-applicants as beneficiaries. It describes the main parts of the grant contract and requirements for partnership agreements. The document explains the process for minor and major modifications to contracts, requiring notifications or addenda respectively. It also covers financial management, procurement, monitoring, visibility and other implementation aspects.
European Union Legislative and Regulatory UpdateManagedFunds
This new educational and informational resource offers users in depth information on the many legislative and regulatory issues facing the hedge fund and managed futures industries in the EU.
Along with current status and scope of the issues, the presentation also lists MFA’s views on the issues and key concerns. This extensive guide covers a number of issues, including:
Financial Transaction Tax
Markets in Financial Instruments Directive (MiFID) and Markets in Financial Instruments Regulation (MiFIR)
Market Abuse Directive (MAD) and Market Abuse Regulation (MAR)
Shadow Banking
Alternative Investment Fund Managers Directive (AIFMD)
European Markets Infrastructure Regulation (EMIR)
European Short Selling Regulation
European Union Member State Short Selling Bans
This document proposes a Council Directive implementing enhanced cooperation in the area of financial transaction tax among 11 EU member states. It summarizes the background and objectives of the original 2011 Commission proposal for an EU-wide FTT, and explains how this new proposal is adapted for the context of enhanced cooperation among a subset of willing member states. The proposal is based on the original objectives but makes some changes to clarify provisions and strengthen anti-avoidance measures in light of the new multi-national framework.
The European Union (EU) has a history of proactively framing laws governing emerging issues. A notable example is
the EU's General Data Protection Regulation (GDPR), which set a global standard for privacy protection by granting
comprehensive rights to EU citizens over their personal data, regardless of where the data is stored or used. The EU
has also taken a leading role in combating climate change and reducing greenhouse gas emissions through its
Emissions Trading System.
Public document: Regulation proposal for Crypto-Assets MichalGromek
Regulation of the European Parliament and of the Council on Markets in Crypto-Assets and amending Directive (EU) 2019/1937 COM(2020) 593/3 2020/0265 (COD). Featuring: Advisory, Custodianship, Stable Tokens, Cryptocurrency Brokerage, Creation of Digital Currency and Cryptocurrencies.
This document proposes revisions to the 1990 EU Directive on package travel and assisted travel arrangements. The tourism industry has significantly changed since 1990 with the rise of internet sales and airline sector liberalization, creating ambiguity around what types of travel combinations are covered by the Directive. The proposal aims to establish a level playing field for operators, reduce costs for cross-border businesses, clarify coverage of new travel combinations, and increase consumer protection by replacing outdated provisions. It was developed through extensive stakeholder consultations and impact assessments.
Agenda of the workshop on Public finance management and audit in Jordan, Amman 4-5 November 2014. For further information please contact brian.finn@oecd.org.
The document summarizes a workshop on work permits for foreign service providers, workers, and business people in Vietnam. Session I discusses the current law on the presence of foreign natural persons for business purposes in Vietnam, including an introduction on the EU-Vietnam Free Trade Agreement (EVFTA) context. It then covers presentations on the current law regarding entry, visas, residency requirements, and procedures. Session II discusses current law on relevant issues like minimum wage, social security, taxation, and workers' remuneration and remittance. The discussions aim to support implementation of the EVFTA and address remaining problems in practice.
The document discusses the PSI Directive and its implementation in Italy. It summarizes the key principles of the Directive, including encouraging public sector bodies to make documents available for re-use. It also discusses Italy's transposition of the Directive, related court cases brought by companies reusing cadastral data, and suggestions for ensuring neutrality and non-discrimination in access to public sector information.
EU exit and financial services report_FINAL (1)Matt Bailey
This document discusses the risks to London's financial services sector from the UK's exit from the EU. It notes that London is Europe's financial hub and a leading global center, and that EU membership has provided two key advantages - access to skilled migrant workers and passporting rights allowing UK firms to operate across the EU single market. Brexit puts both of these at risk. Losing passporting could force major restructuring of operations and cost the sector billions. Uncertainty over immigration policy may also deter EU talent. While opportunities exist in developing new markets and fintech, protecting access to the EU single market is viewed as critical for London to maintain its role as a top global financial center.
How To Write A 200 Word Essay About Myself In 202Tiffany Daniels
The document discusses the creation and effects of the Berlin Wall. It was built in 1961 by East German leaders to prevent East Berlin citizens from fleeing to West Berlin. The wall divided the city and was 155km long, with armed guards and death strips. It had profound effects on Berlin, separating families and friends and stunting economic growth in East Berlin. Over time, the wall became a symbol of the Cold War and the suppression of freedom by the Soviet bloc.
Writing A Science Essay - Wondering How To Write ATiffany Daniels
This document provides instructions for requesting an assignment writing service from HelpWriting.net. It outlines a 5-step process: 1) Create an account with valid email and password. 2) Complete a 10-minute order form providing instructions, sources, and deadline. 3) Review bids from writers and select one based on qualifications. 4) Receive the paper and authorize payment if pleased. 5) Request revisions until fully satisfied, with a refund option for plagiarized content. The service aims to provide original, high-quality assignments through an online bidding system.
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Ähnlich wie A Legal Analysis of the Service Directive 2006 123 EC and its impact in Euro zone.pdf
This document discusses barriers to the free movement of goods, capital, services, and people within the East African Community (EAC) common market. It identifies specific restrictions in the laws and regulations of EAC member states that inhibit the free flow of these factors of production between countries. Over 50 non-tariff barriers to trade in goods and at least 63 measures inconsistent with the free movement of services were identified. Restrictions on capital flows are also common, affecting the majority of capital operations that should be liberalized under the common market protocol. While economic integration has increased intra-regional trade volumes, full implementation of the common market remains incomplete due to the various legal and regulatory restrictions maintained by EAC member states.
The document summarizes the EBA's FinTech roadmap based on feedback from its consultation on its approach to financial technology. Key points include:
- Respondents supported the EBA's work on FinTech and priorities like authorizations, sandboxes, and business model impacts.
- The roadmap sets priorities for 2018-2019 including monitoring regulations, risks, and consumer issues to promote innovation while ensuring stability and protection.
- An EBA FinTech Knowledge Hub will facilitate knowledge sharing between authorities and firms to help monitor FinTech's effects.
The WTO agreements establish rules for international trade and are the result of negotiations between member countries. The key agreements cover trade in goods, services, and intellectual property. They aim to ensure trade flows freely and predictably by reducing barriers and resolving disputes. The agreements establish principles like non-discrimination and transparency. They have expanded trade significantly since the original GATT and help resolve issues through agreed upon procedures and mechanisms.
Action Plan On E Signatures And E Identification To Facilitate The Provision ...Victor Gridnev
This document is an action plan from the European Commission to enhance the cross-border interoperability of e-signatures and e-identification. It notes that a lack of interoperability creates barriers to cross-border markets in the EU. The plan proposes actions to improve the legal recognition and technical standards of e-signatures and identity authentication methods to facilitate electronic access to public services across borders. It aims to simplify business and citizen access to digital government and support other EU initiatives requiring electronic identification and signatures.
Announcement MiFID II Main Changes for authorisationsAtoZForex.com
CySEC highlights the main changes introduced by MiFID II, MiFIR, and the relevant delegated and implementing regulations, which affect the authorisation
requirements for CIFs.
This brief covers the Treatment of Professional Services within the CARIFORUM-EC Economic Partnership Agreement (EPA), which was concluded on December 16, 2007, and signed in October 15, 2008.
Eu Action Plan On eSignatures And eIdentificationFriso de Jong
This document presents an action plan from the European Commission to enhance the cross-border interoperability of e-signatures and e-identification. It aims to facilitate the provision of cross-border public services in the EU single market. The plan contains two parts, with the first focusing on improving the use of qualified electronic signatures and advanced electronic signatures based on qualified certificates across borders. The second part addresses enhancing the cross-border interoperability of electronic identities. Key actions include establishing trust in e-signatures from other EU countries and enabling validation of e-signatures that originate from outside a member state. The plan seeks to build on existing EU legal frameworks while addressing technical and organizational barriers limiting the cross-border use of e-signatures
The EPA agreement between Cariforum and the EU contains comprehensive rules on services and investment. It liberalizes over 90% of sectors for EU investment in Cariforum states and provides opportunities for Caribbean professionals to supply services in the EU. Notably, the EU has opened its entertainment services sector to CSS from Cariforum without quotas. The agreement also includes a protocol on cultural cooperation to facilitate movement of artists between the regions. While Cariforum's commitments are more limited in scope, most states have opened key business services sectors. The agreement establishes dispute settlement procedures for violations of commitments.
This proposal is part of the Digital Finance package, a package of measures to further enable and support the potential of digital finance in terms of innovation and competition while mitigating the risks.It is in line with the Commission priorities to make Europe fit for the digital age and to build a future-ready economy that works for the people.The digital finance package includes a new Strategy on digital finance for the EU financial sector with the aim to ensure that the EU embraces the digital revolution and drives it withinnovative European firms in the lead, making the benefits of digital finance available to European consumers and businesses.In addition to this proposal, the package also includes a proposal for a pilot regime on distributed ledger technology (DLT) market infrastructures, a proposal for digital operational resilience, and a proposal to clarify or amend certain related EU financial services rules.
The document provides guidance to beneficiaries of the "Strengthening Media Freedom" grant on project implementation procedures. It outlines the key bodies involved - the EU Delegation, Eptisa as the implementing partner, and the coordinator and co-applicants as beneficiaries. It describes the main parts of the grant contract and requirements for partnership agreements. The document explains the process for minor and major modifications to contracts, requiring notifications or addenda respectively. It also covers financial management, procurement, monitoring, visibility and other implementation aspects.
European Union Legislative and Regulatory UpdateManagedFunds
This new educational and informational resource offers users in depth information on the many legislative and regulatory issues facing the hedge fund and managed futures industries in the EU.
Along with current status and scope of the issues, the presentation also lists MFA’s views on the issues and key concerns. This extensive guide covers a number of issues, including:
Financial Transaction Tax
Markets in Financial Instruments Directive (MiFID) and Markets in Financial Instruments Regulation (MiFIR)
Market Abuse Directive (MAD) and Market Abuse Regulation (MAR)
Shadow Banking
Alternative Investment Fund Managers Directive (AIFMD)
European Markets Infrastructure Regulation (EMIR)
European Short Selling Regulation
European Union Member State Short Selling Bans
This document proposes a Council Directive implementing enhanced cooperation in the area of financial transaction tax among 11 EU member states. It summarizes the background and objectives of the original 2011 Commission proposal for an EU-wide FTT, and explains how this new proposal is adapted for the context of enhanced cooperation among a subset of willing member states. The proposal is based on the original objectives but makes some changes to clarify provisions and strengthen anti-avoidance measures in light of the new multi-national framework.
The European Union (EU) has a history of proactively framing laws governing emerging issues. A notable example is
the EU's General Data Protection Regulation (GDPR), which set a global standard for privacy protection by granting
comprehensive rights to EU citizens over their personal data, regardless of where the data is stored or used. The EU
has also taken a leading role in combating climate change and reducing greenhouse gas emissions through its
Emissions Trading System.
Public document: Regulation proposal for Crypto-Assets MichalGromek
Regulation of the European Parliament and of the Council on Markets in Crypto-Assets and amending Directive (EU) 2019/1937 COM(2020) 593/3 2020/0265 (COD). Featuring: Advisory, Custodianship, Stable Tokens, Cryptocurrency Brokerage, Creation of Digital Currency and Cryptocurrencies.
This document proposes revisions to the 1990 EU Directive on package travel and assisted travel arrangements. The tourism industry has significantly changed since 1990 with the rise of internet sales and airline sector liberalization, creating ambiguity around what types of travel combinations are covered by the Directive. The proposal aims to establish a level playing field for operators, reduce costs for cross-border businesses, clarify coverage of new travel combinations, and increase consumer protection by replacing outdated provisions. It was developed through extensive stakeholder consultations and impact assessments.
Agenda of the workshop on Public finance management and audit in Jordan, Amman 4-5 November 2014. For further information please contact brian.finn@oecd.org.
The document summarizes a workshop on work permits for foreign service providers, workers, and business people in Vietnam. Session I discusses the current law on the presence of foreign natural persons for business purposes in Vietnam, including an introduction on the EU-Vietnam Free Trade Agreement (EVFTA) context. It then covers presentations on the current law regarding entry, visas, residency requirements, and procedures. Session II discusses current law on relevant issues like minimum wage, social security, taxation, and workers' remuneration and remittance. The discussions aim to support implementation of the EVFTA and address remaining problems in practice.
The document discusses the PSI Directive and its implementation in Italy. It summarizes the key principles of the Directive, including encouraging public sector bodies to make documents available for re-use. It also discusses Italy's transposition of the Directive, related court cases brought by companies reusing cadastral data, and suggestions for ensuring neutrality and non-discrimination in access to public sector information.
EU exit and financial services report_FINAL (1)Matt Bailey
This document discusses the risks to London's financial services sector from the UK's exit from the EU. It notes that London is Europe's financial hub and a leading global center, and that EU membership has provided two key advantages - access to skilled migrant workers and passporting rights allowing UK firms to operate across the EU single market. Brexit puts both of these at risk. Losing passporting could force major restructuring of operations and cost the sector billions. Uncertainty over immigration policy may also deter EU talent. While opportunities exist in developing new markets and fintech, protecting access to the EU single market is viewed as critical for London to maintain its role as a top global financial center.
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How To Write A 200 Word Essay About Myself In 202Tiffany Daniels
The document discusses the creation and effects of the Berlin Wall. It was built in 1961 by East German leaders to prevent East Berlin citizens from fleeing to West Berlin. The wall divided the city and was 155km long, with armed guards and death strips. It had profound effects on Berlin, separating families and friends and stunting economic growth in East Berlin. Over time, the wall became a symbol of the Cold War and the suppression of freedom by the Soviet bloc.
Writing A Science Essay - Wondering How To Write ATiffany Daniels
This document provides instructions for requesting an assignment writing service from HelpWriting.net. It outlines a 5-step process: 1) Create an account with valid email and password. 2) Complete a 10-minute order form providing instructions, sources, and deadline. 3) Review bids from writers and select one based on qualifications. 4) Receive the paper and authorize payment if pleased. 5) Request revisions until fully satisfied, with a refund option for plagiarized content. The service aims to provide original, high-quality assignments through an online bidding system.
The document provides instructions for requesting and obtaining writing assistance from HelpWriting.net. It outlines a 5-step process: 1) Create an account with a password and email. 2) Complete a 10-minute order form with instructions, sources, and deadline. 3) Review bids from writers and choose one. 4) Review the completed paper and authorize payment if satisfied. 5) Request revisions to ensure satisfaction, with a refund option for plagiarized work. The summary focuses on outlining the key steps in the process for obtaining writing help.
001 Contractions In College Essays Worst Essay AdmissioTiffany Daniels
Here is a 193-word speech on spider phobias:
Good evening everyone. Today I want to talk about a very common phobia - the fear of spiders. Many people suffer from arachnophobia, which is an irrational fear of spiders. For someone with this phobia, even seeing a picture of a spider can cause a panic attack. Their fear is completely disproportionate to the actual threat or danger posed by spiders.
So where does this phobia come from? For many people, it stems from early childhood experiences of seeing a spider or being told scary stories about spiders. The small size and unusual appearance of spiders, with their long legs and hairy bodies, also creeps many people out. Additionally, some species
Sample Of An Expository Essay. Online assignment writing service.Tiffany Daniels
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A Legal Analysis of the Service Directive 2006 123 EC and its impact in Euro zone.pdf
1. 1
A Legal Analysis of the Service Directive 2006/123/EC and its
impact in Euro zone
Mustafa Lika
Department of Law, Beder University, Albania
Abstract
The Services Directive facilitates the free movement of services throughout the EU by removing
administrative and legislative barriers to service activities. Services are by far the largest sector
of the European economy. They account on average for around 70 % of GDP and of total
employment in EU Member States1
. The objective of the Services Directive is to release the
unused potential of services as the engine for economic growth and job creation.
This paper aims to analyze the impact that the Service Directive has had into the euro zone. This
impact is going to be achieved by doing a legal analysis of the directive and also by analyzing
the specific sectors that the directive covers.
The structure of the paper is as follow. The first part provides a general overview of the service
directive and its relevance on the economy of the member states. Second part introduces the
history for service directive and sectors that are covered by this directive. Third part analyses the
legal basis of the service directive, followed by the relevance of this directive for the EU member
states. In the end, the paper provides some conclusions.
Introduction
Since the inception of the EU, internal market has been defined as an area without frontiers in
which the free movement of goods, persons, services and capital is ensured. The internal market
is one of the pillars of the European Union. Completed in 1992, the single market is an area
without internal frontiers in which persons, goods, services and capital can move freely, in
accordance with the Treaty establishing the European Community2
. The internal market is
1
User guide, The Internal Market Information System (IMI) and the Services Directive, 2009, page 8.
2
http://europa.eu/legislation_summaries/internal_market/internal_market_general_framework/index_en.htm.
2. 2
essential for prosperity, growth and employment in the EU, contributing to the achievement of its
objectives under the Lisbon strategy. As an integrated, open and competitive area, it in fact
promotes mobility, competitiveness and innovation within the EU policies.
Before the enactment of the Service directive a lot of administrative barriers existed to service
undertakings to set up their business or providing their services, in particular in another Member
State. There were many difficulties for service providers to establish themselves, in particular in
other Member States. For example, businesses may have to wait months or even years before
getting all the necessary licenses and permits. Also the Businesses wanting to set up in another
Member State face difficulties and costs just to find out what the legal and administrative
formalities are.
The Service Directive aims to maximize the benefits of the Single Market for consumers and
businesses. Businesses will be able to establish themselves anywhere in the EU saving time and
money. The Services Directive also provides that Member States must remove needless barriers
and ensure that full information is available to businesses on applicable requirements and
formalities. Service providers will be able to obtain information and complete administrative
formalities through points of single contact in each Member State. The Points of Single Contact
(PSCs) are e-government portals for entrepreneurs active in the service sector3
. They will be able
to complete all formalities to set up a business and achieve their activities online. Another
important service is that the Service providers will effectively be able to provide their services
across borders into other Member States without any restriction.
History
The Services Directive was one of the most important proposals brought forward under the
Lisbon Agenda, which was adopted by the Heads of State and Government of the European
Union in 2000 with the intention of strengthening the competitiveness of the European Union.
The negotiation and transposition of the Directive was a long and difficult process. The draft
Directive was first tabled by the European Commission in 20044
. A revised draft was proposed
by the Commission in April 2006 and the Directive was adopted in December 2006. In
3
http://ec.europa.eu/internal_market/eu-go/index_en.htm.
4
European Communities, Handbook on implementation of the service Directive, 2007, page30
3. 3
December 2009 was the last period that the member states had to implement this regulation in
their own legislation.
Sectors that Service Directive cover
The Services Directive applies to services, defined as self-employed economic activities
normally provided for remuneration. Thus, it applies neither to salaried workers, nor to the
industrial production of goods, nor to activities which are directly connected with the exercise of
official authority (police, administration of justice). The Services Directive applies to all
activities and sectors that are not expressly excluded from its scope of application.
As all the directives that cover one or some sectors also the service directive covers different
service sectors. The list is not exhaustive but I am going to list some of them.
Distributive trades (like supermarkets, small shops);
The activities of most of the regulated professions (like legal and fiscal advisers, architects,
engineers);
Services in the field of tourism (such as services of travel agencies and tourist guides);
Services in the area of installation and maintenance of equipment;
Real estate services;
Services in the area of training and education (such as languages or driving schools);
Accommodation and food services (such as hotels, restaurants, bars, catering services);
Leisure services (such as services provided by sports centers and amusement parks);
Sectors that Service Directive do not cover
The Services Directive explicitly excludes a number of services from its scope. These exclusions
are optional in the sense that Member States may exclude these sectors or not it depends on the
willpower of the specific member state. These sectors are:
4. 4
Non-economic services of general interest5
(services which are not performed for an economic
concern),
Financial services6
(including banking services, credit services, securities and investment
funds),
Electronic communication services and networks7
(voice telephony and electronic mail
services),
Services in the field of transport8
(it covers air transport, maritime and inland waterways
transport, including port services, as well as road and rail transport, including in particular urban
transport, taxis and ambulances),
Healthcare9
(accounting services, cleaning services, secretarial and administration services, the
provision and maintenance of medical equipment as well as the services of medical research
centers, are not covered by this exclusion, this restriction covers only the sector that deals with
the human health),
Gambling activities10
(including in particular, numeric games such as lotteries, scratch cards,
gambling services etc),
Audiovisual and radio broadcasting services11
(including television and showing of films in
cinemas, etc),
Private security services12
(Services such as, for instance the sale, delivery, installation and
maintenance of technical security devices, are not covered by the exclusion).
5
DIRECTIVE 2006/123/EC, OJ, L 376/51 Article 2(2)(a).
6
DIRECTIVE 2006/123/EC, OJ, L 376/51 Article 2(2)(b).
7
DIRECTIVE 2006/123/EC, OJ, L 376/51 Article 2(2)(c).
8
DIRECTIVE 2006/123/EC, OJ, L 376/51 Article 2(2)(d).
9
DIRECTIVE 2006/123/EC, OJ, L 376/51 Article 2(2)(f).
10
DIRECTIVE 2006/123/EC, OJ, L 376/51 Article 2(2)(h).
11
DIRECTIVE 2006/123/EC, OJ, L 376/51 Article 2(2)(g).
12
DIRECTIVE 2006/123/EC, OJ, L 376/51 Article 2(2)(k).
5. 5
Legal Basis
In view of the principles of freedom of establishment and freedom to provide services,
mentioned respectively in Articles 49 and 56 of the TFEU, the Services Directive intends to help
realize the full potential of the services sector, by removing unjustified or unequal legal and
administrative barriers to the creation of a business by a service provider or to its cross-border
activities in the EU.
Firstly the legal background for the creation of service directive starts in the article 3 of TFEU
that states:
Article 3
1. The Union shall have exclusive competence in the following areas:
(a) customs union;13
This article lets the fairway to the commission to make changes by shaping new directives that
would create new economic opportunities for the businesses.
Another legal basis that has shaped the service directive is article 49 of TFEU that mention:
Article 49
Within the framework of the provisions set out below, restrictions on the freedom of
establishment of nationals of a Member State in the territory of another Member State shall
be prohibited. Such prohibition shall also apply to restrictions on the setting-up of agencies,
branches or subsidiaries by nationals of any Member State established in the territory of
any Member State.
Freedom of establishment shall include the right to take up and pursue activities as self-
employed persons and to set up and manage undertakings, in particular companies or firms
within the meaning of the second paragraph of Article 54, under the conditions laid down
for its own nationals by the law of the country where such establishment is effected, subject
to the provisions of the Chapter relating to capital14
.
This article stipulates that if any member state makes any restriction to any other member state
individuals this is going to be prohibited because with the entering into force the TFEU the
13
Treaty on functioning of European Union, 2012, C 326/51.
14
Treaty on functioning of European Union, 2012, C 326/67
6. 6
freedom of establishment the freedom to provide services is going to be made without any
stopping within the respective member state.
Also the Article 56 stipulates that the restriction in the freedom to provide services within the
member states is not alloyed.
Article 56
Within the framework of the provisions set out below, restrictions on freedom to provide services
within the Union shall be prohibited in respect of nationals of Member States who are established in a
Member State other than that of the person for whom the services are intended.15
The Services Directive sets up a comprehensive system which builds not only upon the existing
Treaty fundamental freedoms but also the important body of Internal Market legislation
applicable to the services sector. This means that the service directive has found a favorable
ground in the EU system to be implemented and to provide very good fruits for the today
economy but also for the future economy.
Directive Legal Analysis
In this directive the crucial parts that explain all the directive are :
Article 5 talks for Simplification of procedures between member states. According to Article 5,
Member States have to examine all procedures and formalities applicable to access to a service
activity, if these procedures are not sufficiently, simplify them.
The article 6-8 talks for the Points of Single Contact. The Point of single contact is an e-
government portal for entrepreneurs active in the service sector. On the basis of Article 6,
Member States are obliged to ensure that service providers can complete all procedures and
formalities needed for access to and exercise of their service activities through “points of single
contact”. This is one of the obligations of result in the Services Directive.
Articles 9 – 13 talks for the Authorizations, including: Conditions for granting authorizations
(non- discriminatory). Also Articles 9 to 13 establish a number of general principles for the
15
Treaty on functioning of European Union, 2012, C 326/70
7. 7
review and adaptation of authorization schemes. In order to avoid gaps in implementation and to
ensure that these principles are complied with at all levels, Member States should consider
embodying these principles in their horizontal framework legislation implementing the Directive.
Article 14 speaks for the list of prohibited requirements (economic test, involvement of
competitors, nationality requirements etc. Article 14 establishes a list of requirements which
Member States cannot impose for access to or exercise of a service activity. These requirements
are discriminatory or are in other ways particularly restrictive and thus cannot be maintained.
Article 16 speaks in general for the freedom to provide services. Article 16 provides for the
freedom to provide cross-border services without unjustified restrictions. It is one of the basis of
the Services Directive. It applies to all services falling within the scope of application of the
Directive.
Case Law
Another important part for having a better understanding for Service Directive is also the Case
Law. The Court of Justice of the European Union has already issued some important first
judgments on the interpretation of the Services Directive. The judgments concern the exclusion
of 'healthcare services' and 'social services' from the scope of application of the Directive.
In the Case Femarbel16
, after recalling at the outset the principle that the Directive shall apply to
all services and sectors that are not expressly excluded from its scope of application, the Court of
Justice dealt with the exceptions of 'healthcare services' and 'social services', referred to in
Article 2(2)(f) and Article 2(2)(j) respectively.
In the Case Société fiduciaire nationale d'expertise comptable17
, the Court of Justice interpreted
the obligation to remove all total prohibitions on commercial communications by the regulated
professions under Article 24.
It stated that the Article must be interpreted as precluding national legislation which totally
prohibits the members of a regulated profession, such as the profession of qualified accountant,
from engaging in canvassing.
16
Case C‑57/12.
17
C-119/09.
8. 8
In the Case OSA18
, the Court of Justice stated that Article 17(11) must be interpreted as
excluding the service provided by collective management societies to the users of copyright
protected work from the scope of Article 16.
Importance for member states
The 2012 Commission study on the impact of the Services Directive has shown that the
measures adopted by Member States to implement the Services Directive are bringing an
additional 0.8% of EU GDP over time, with the majority of the effect materializing during the 5-
10 years following implementation. Service providers however still face obstacles when they
want to operate cross-border. Economic analysis has shown that if Member States were to stop
almost all the remaining restrictions, additional gains of up to 1.8% of GDP could be achieved
leading to a total economic gain of about 2.6% of GDP19
.
The Services Directive considerably facilitates the establishment of a business in a Member
State. This concerns cases in which an individual or a company intends to set up an
establishment in another country. The Directive also benefits providers who want to establish in
their own Member State, as they will also take advantage of simplified rules and procedures.
The Services Directive also facilitates the activity of service providers who want to supply their
services across borders to other Member States without setting up an establishment there. Such
would be the case of an architect from France who crosses the border to design a house in
Germany, or an event organizer from Finland who runs an open-air festival in Estonia20
. In this
case, the Services Directive lays down the principle of ‘freedom to provide services’, which
means that Member States should, in general, not impose their own national requirements on
incoming service providers, which are already legitimately established in another Member State.
All these opportunities make that the member states have very much interest in respecting the
service directive in a wide point of view.
18
C-351/12.
19
THE ECONOMIC IMPACT OF THE SERVICES DIRECTIVE, European Commission, 2012, page 20.
20
Pierre Mathijsen, Mathijsens guide to European Union law, page 295
9. 9
Conclusions
As soon as I have done my work on this paper I have reached on some conclusions which are:
The objective of the directive is to provide a legal framework that will eliminate the obstacles to
the freedom of establishment for service providers and the free movement of services between
the Members States.
Services Directive will improve the operating environment for services providers within the EU,
as well as improve the quality and range of services available to consumers and reduce the prices
of those services for consumers.
The Services Directive will deliver large benefits to citizens, consumers, service providers,
national administrations and the EU as a whole. Employment and income will increase although
Trust and confidence in the Single Market will also increase through the new administrative co-
operation provisions contained in the Directive.
10. 10
Bibliography
1. C-119/09
2. C-351/12
3. Case C‑57/12
4. DIRECTIVE 2006/123/EC, OJ, L 376/51 Article 2(2)(a)
5. European Communities, Handbook on implementation of the service
Directive, 2007
6. http://ec.europa.eu/internal_market/eu-go/index_en.htm.
7. http://europa.eu/legislation_summaries/internal_market/internal_market_gen
eral_framework/index_en.htm.
8. Pierre Mathijsen, Mathijsens guide to European Union law
9. THE ECONOMIC IMPACT OF THE SERVICES DIRECTIVE, European
Commission, 2012
10. Treaty on functioning of European Union, 2012, C 326/51
11. User guide, The Internal Market Information System (IMI) and the Services
Directive, 2009