Report of the Department of Finance. To the Oireachtas. Under Section 2 (5) of the European Union (Scrutiny) Act, July to December 2016

Transcription

1 Report of the Department of Finance To the Oireachtas Under Section 2 (5) of the European Union (Scrutiny) Act, 2002 July to December P a g e

2 Introduction This report has two parts. The first part sets out the principal developments during the Slovak Presidency of the Council of the European Union in the second half of 2016 as well as expected developments during the Maltese Presidency (first half of 2017) in the policy areas which fall within the functional responsibilities of the Department of Finance at EU level. In Part 1 - the following topics are covered: EU-UK European Semester and Economic Governance Financial Services Tax EU Budget (A Glossary of Terms used in Part 1 is included at the end of this section.) Part 2 of the report sets out, in tabular form, details of significant European Commission legislative proposals, Communications and Green or White papers for which Scrutiny Notes have been submitted to the Oireachtas by the Department of Finance in the reporting period. A selection of relevant websites where further information may be obtained is shown below. Relevant Useful Websites EU Legislation printed in the Official Journal Website search for EU legislation Economic and Financial Affairs Council (Ecofin) Information Department of Finance website: Department of Public Expenditure and Reform website: Slovak Presidency Maltese Presidency Joint Committee on Finance and Public Expenditure and Reform Irish Institute for European Affairs ess/committees_list/fpert-committee/ 2 P a g e

3 PART 1 Overview of the Slovak Presidency (July to December 2016) The Slovak Republic took over the Presidency of the Council in July 2016, as the second member of the current Trio Presidency (comprising the Netherlands, the Slovak Republic and Malta) for what was its first Presidency. The Slovak Presidency concentrated on four key areas: an economically strong Europe, a modern single market, sustainable migration and asylum policies and a globally engaged Europe. 1. EU-UK Following the outcome of the UK referendum on EU membership in June 2016, an informal meeting of the EU 27 was convened on 29 June 2016 with European Heads of State or Government (HoSG) adopting a joint statement outlining a number of principles with regard to the negotiations. Most notably the statement asserts the indivisibility of the free movement of goods, capital, services and people, i.e. the four freedoms, and the principle of no negotiations without notification. In preparation for the negotiation process, the Council together with the European Commission undertook a round of informal bilateral meetings with all Sherpas, to reflect on the process and objectives of the EU for the negotiations ahead, particularly as regards to the European Council guidelines. Following this process, a further statement was adopted by HoSG at the December 2016 European Council which reaffirmed the principles set out in the June Statement. It also set out the procedural arrangements regarding the conduct of the Article 50 negotiation including on the political oversight of the process by the European Council. 2. The European Semester & Economic Governance European Semester The 2017 Annual Semester cycle was launched with the publication of the 2017 Annual Growth Survey on 16 November As in previous years, it identified three key priorities for the EU: re-launching investment, structural reform and responsible fiscal policies. The 2017 Alert Mechanism Report was also published alongside the AGS, marking the beginning of the 2017 Macroeconomic Imbalance Procedure cycle. Ireland, and 12 other Member States, were identified as requiring Indepth Reviews under the Macroeconomic Imbalance Procedure. The Annual Growth Survey and Alert Mechanism Report were discussed by the ECOFIN and its preparatory Committees and Council Conclusions on both documents were prepared for adoption at ECOFIN in early To strengthen the Euro Area dimension of the European Semester, the Commission also published proposals for the 2017 Euro Area Recommendations with the Annual Growth Survey and Alert Mechanism Report. The Euro Area Recommendation proposals were discussed at Eurogroup, ECOFIN and the preparatory Committees. Following this, draft council conclusions were formed and went forward to Ecofin and European Council in early Economic Governance - Deepening Economic and Monetary Union (EMU) The Slovak Republic Presidency continued to progress the Commission s economic governance proposals stemming from the Five Presidents Report on Completing EMU, published 22 June At the December 2016 Ecofin, the Commission 3 P a g e

4 presented an update on progress achieved thus far under Stage 1 of this report including the establishment of new National Competitiveness Authorities and the reorganisation of the European Semester cycle. The Commission published a White Paper on the Future of Europe in March Financial Services In the Financial Services area, the Slovak presidency reached a number of milestones including political agreement with the European Parliament on the Money Market Funds Regulation and Prospectus Regulation as well as a Council General Approach on revisions to the fourth Anti-Money Laundering Directive. The European Venture Capital Funds/Social Entrepreneurship funds also reached Council General Approach in December Under Banking Union, less substantive progress was made, although regular discussions took place, on the proposal for a European Deposit Insurance Scheme at meetings of an Ad-Hoc Council Working Party. On the Banking side, a priority for certain Member States was to further progress risk reduction measures in the financial sector and these proposals were put forward by the European Commission in November Taxation Direct Taxation In November 2016, ECOFIN agreement was reached on the Fourth Amendment to the Directive on Administrative Cooperation. The amendment provides access for tax administrations to information about beneficial owners of companies and other information held for anti-money laundering purposes. On 25th October 2016, the European Commission published its Tax package on Building a fair, competitive and stable corporate tax system for the EU which includes the re-launched Common Consolidated Corporate Tax Base (CCCTB) proposal. The CCCTB proposal will be split into two separate Directives a Directive for a Common Corporate Tax Base and a second Directive to achieve the Consolidation of the common tax base. The Commission s tax package also contains an amendment of the Anti-Tax Avoidance Directive (ATAD 2) tackling hybrid mismatch arrangements and a Directive on Double Taxation Dispute Resolution Mechanisms in the European Union. ATAD 2 aims to prevent hybrid mismatches arising between Member States and third countries. Hybrid mismatches result in double non-taxation when entities or instruments are treated differently under the tax rules of different countries. This Directive builds on the measures included in the first Anti-Tax-Avoidance Directive which prevent such mismatches arising between different Member States. Final agreement on the Directive is expected to be reached early in the Maltese Presidency. The purpose of the Double Taxation Dispute Resolution Mechanisms Directive is to provide for a greater dispute resolution mechanism to prevent double taxation from 4 P a g e

5 arising from cross border activity. The Directive proposes to builds on the existing EU Arbitration Convention by broadening its scope and enhancing its enforceability and effectiveness. Indirect Taxation The Slovak Presidency also focussed on the fight against tax fraud and evasion. Work was undertaken on the negotiation of a draft agreement between the EU and Norway on administrative co-operation, combatting fraud and recovery of claims in the field of VAT. Council Ministers at Ecofin on 8 November 2016 took note of the state of play and asked the Commission to continue and to complete the negotiations on that basis. The aim of the agreement, if concluded, will be to establish a common framework for cooperation between EU member states and Norway, in a manner similar to cooperation amongst the Member States themselves. The framework would cover the exchange of information and best practices regarding VAT fraud, as well as cooperation in the recovery of VAT claims. At the same Ecofin, Council adopted conclusions on improvements to VAT rules for cross-border transactions. The conclusions relate in particular to a) the VAT identification number as an additional condition for application of an exemption in respect of an intra-eu supply; b) improving the quality and reliability of data used in the EU's VAT information exchange system in order to better tackle VAT fraud; and c) determining the VAT treatment of the transaction chain, including 'triangular transactions' (where goods are shipped from a Member State other than that of the supplier and the customer). Five new VAT dossiers were published by the Commission in December 2016 under the Slovak Presidency four proposals related to modernising VAT on e-commerce, including VAT rating of e-publications, and a proposal to introduce a General Reverse Charge Mechanism. This work will now be taken forward under the Maltese Presidency. 5. EU Budget In the EU Budget area, as part of the regular budget process, the Slovak Presidency reached agreement on Council recommendations for the discharge to the Commission of the annual EU Budget (for 2015) based on the European Court of Auditors report, and the preparation of the Council budget guidelines to the Commission for their preparation of the next annual EU Budget (for 2018). EU Budget Multiannual Financial Framework The Slovaks used their Presidency to reach final agreement for the EU annual budget 2017, and to seek Council agreement for the Mid-Term Review as part of the current Multiannual Financial Framework The Mid-Term Review discussions remain ongoing, and will now be considered by the Maltese Presidency. 5 P a g e

6 Overview of the Maltese Presidency (January to June 2017) Malta took over the Presidency of the Council as the third and final member of the current Trio Presidency for what is its first presidency. The priorities of the Maltese Presidency are to ensure the swift implementation of agreed migration measures, to develop the Single Market, to ensure the security of EU citizens, to improve social inclusion within the EU, to develop the EUs global strategy and, finally, to continue the development of EU maritime policy. 1. EU-UK The statement adopted by the EU27 at December 2016 European Council, reiterated that the Council stands ready to commence negotiations once the UK gives formal notification. Once Article 50 is triggered a two year time limit commences, so that the UK will exit from the EU two years from the trigger date unless all Member States agree to extend the time period. After the UK gives formal notification of its intension to leave, it will then fall to the remaining 27 members of the European Council to agree on guidelines setting out the broad approach for the negotiations between the EU and the UK, and the mandate granting a negotiating framework to the Commission. The UK triggered the Article 50 notification on 28 March Following the notification of Article 50, there will be a meeting of the HOSG in EU27 format at end April to adopt the Council negotiation guidelines. It is then envisaged that a further HOSG meeting in EU27 format would be required to agree the negotiation directives, with negotiations expected to commence in June. 2. The European Semester & Economic Governance European Semester Effective management of the 2017 European Semester will be a priority for the Maltese Presidency throughout its six month tenure. Following approval by Ecofin in January 2017, the Euro Area Recommendations were endorsed by Heads of State of Government at the March European Council and thereafter adopted at Ecofin. In February, the Country Reports on each EU Member State were published. These Country Reports contain the analysis underpinning the Country Specific Recommendations and incorporate the in-depth reviews for those Member States identified in the Alert Mechanism Report as requiring further review under the Macroeconomic Imbalance Procedure. The Country Reports will be discussed at ECOFIN and its preparatory Committees. In May, the Commission will publish its Country Specific Recommendation proposals and the Maltese Presidency will steer the Country Specific Recommendation review process through the relevant Council formations and their preparatory Committees. The Country Specific Recommendations will be adopted at the July ECOFIN following endorsement by the June European Council. 6 P a g e

7 Economic Governance - Deepening Economic and Monetary Union (EMU) The White Paper on the Future of Europe was published by the Commission on the 1 st of March This is to coincide with the 60 th anniversary of the Treaty of Rome. It is a discussion document that will be supplemented by a number of reflection papers including papers on the Future of EMU and the future of the EU s finances. However, prior to publication, we have no definitive clarity on the content of these reflection papers. 3. Financial Services In Financial Services Malta will prioritise Capital Markets Union related files and seek to reach political agreement with the European Parliament on Securitisation and Venture Capital Funds. They are also aiming to get agreement with the European Parliament on revisions to the fourth Anti-Money Laundering Directive. In late November 2016, the Commission adopted a package of proposals on reducing risk in the financial sector, comprising six discrete files. These include amendments to the Capital Requirements Regulation and Directive, the Bank Recovery and Resolution Directive and the Single Resolution Mechanism Regulation. These will be negotiated simultaneously and the European Deposit Insurance Scheme file will be progressed in parallel. The other file aimed at reducing risk in the financial sector is the proposal on Recovery and Resolution of Central Counterparties, on which Malta have planned a number of meetings during their Presidency. Capital market union files; securitisation and Venture Capital Funds will be the main focus for the Maltese Presidency, where they will seek to reach a general approach. As with other ECOFIN dossiers however, progress on Financial Services will be affected by the UK triggering of Article 50 as well as elections in Germany, France and the Netherlands in Taxation Direct Taxation The Maltese Presidency have indicated they will focus on securing agreement for the second Anti-Tax Avoidance Directive (ATAD 2) and the Dispute Resolution Mechanism Directive. Early agreement of the ATAD 2 proposal is expected. Efforts will also focus on the Code of Conduct Group s work towards agreeing a black list of third countries which fail to meet international tax governance criteria. Other files that will be discussed include the Common Corporate Tax Base proposal. Indirect Taxation Malta intend to make significant progress on the newly published VAT proposals on the General Reverse Charge Mechanism and the four proposals related to the modernising of VAT on e-commerce. General Reverse Charge Mechanism is an anti-fraud proposal which the Czech Republic and Austria have pressed strongly to introduce but a number of Member 7 P a g e

8 States are of the view that it will create more fraud than it will counter. The proposal allows for a General Reverse Charge Mechanism to apply to certain Member States fulfilling pre-defined criteria, on a voluntary basis and to all goods and services with an invoice threshold of more than 10,000. This option offers a short-term solution to Member States particularly affected by carousel fraud. The Modernisation of VAT on e-commerce proposals are decidedly more technical, detailed and longer term focussed than the General Reverse Charge Mechanism but Malta will aim to progress the files as much as possible during their term. The dossiers form part of the Digital Single Market strategy and the VAT Action Plan to move towards a VAT system based on destination (where tax is charged in the Member State of the consumer). The proposals aim to simplify and make the application of VAT to cross-border supplies more competitive. They provide that destination VAT is extended to cross-border supplies of goods and supplies of goods from third countries into the EU, and to all services (telecommunications, broadcasting and electronically supplied services having already been included), and that this is facilitated through the use of the One-Stop Shop system. Simplification measures include the revision of thresholds for low activity so that supplies under 10,000 can be treated as domestic supplies and supplies under 100,000 only need one piece of evidence to determine the location of the customer. Greater coordination between Member States on cross-border audits is included, as is general implementation measures, including provision for the Member State of the supplier to pay an annual collection/administration fee of 5% of VAT processed, to the Member State of the consumer. The fourth dossier under the e-commerce proposals relates to the VAT rating of publications. The proposal aims to modernise and harmonise the VAT rating of books and publications so that Member States will have the power to apply any rate, including the zero rate, to books and publications supplied electronically or in physical format. 5. EU Budget In the EU Budget area, the main priority for the Maltese Presidency will be to reach final agreement on the review of the Financial Regulation. The Presidency will also be seeking final agreement on the Mid-Term Review and to progress discussions in relation to the post 2020 Multiannual Financial Framework period. Separately, the final report of the High Level Group on Own Resources was presented at Ecofin in January and will feed in to proposals for the next Multiannual Financial Framework. EU & International Division Department of Finance April P a g e

9 GLOSSARY OF TERMS AS USED IN PART 1 (as they appear) Topic Page Explanation Trio Presidency European Semester Euro Area Recommendations (EAR) Macroeconomic Imbalances Procedure Five Presidents Report White Paper on the Future of Europe Money Market Fund Regulation Prospectus Regulation European Deposit Insurance Scheme 3,5 Since 2007, the national rotating presidencies of the EU have been divided into groups of three successive presidencies, known as Trios, cooperating to ensure a more coherent approach to the Council s work over an 18-month period rather than just the six months of each Presidency. The current trio is the Netherlands, Slovakia and Malta. 3, 6 The European Semester is the EU's annual cycle of economic policy guidance and surveillance, culminating in the adoption of Country Specific Recommendations addressed to each Member State in May/June. 3, 6 Recommendations on the economic policy of the Euro Area as a whole, adopted as part of the European Semester cycle of economic policy coordination. 3 The system of macroeconomic surveillance which seeks to identify emerging economic imbalances in individual EU Member States and provide related policy advice in the Country Specific Recommendations. 3 A report published in June 2015 under the personal authority of the Presidents of the European Commission, European Parliament, Eurogroup, ECB and Euro Summit outlining proposals for the next stages in completing the Economic and Monetary Union. The Report acts as the basis for ongoing discussions at Council and Committee level. 4, 7 On 1 March 2017, the European Commission published a White Paper on the Future of Europe. It contains differing scenarios of where the EU could be in The paper also provides a short summary of the effect of these scenarios on key policy areas. During 2017, it will be supplemented with five reflection papers on the following topics: the social dimension of Europe, harnessing globalisation, deepening economic and monetary union, the future of European defence and the future of EU finances. 4 A proposal to preserve the integrity and stability of the internal market, the proposed regulation introduces new rules that will make the Money Market Funds more resilient to future financial crisis and at the same time secure their financing role for the economy. 4 The EU is updating its rules on the prospectuses. A prospectus is a legal document that companies issue to potential investors about the securities they are issuing and about themselves. The proposal for a new regulation on prospectuses would simplify the rules and streamline related administrative procedures, and make it cheaper and simpler for small businesses to access capital markets. 4, 7 European Deposit Insurance Scheme is a Commission proposal for a mutualised European Deposit Insurance Scheme. This is the final pillar of Banking Union and is necessary to ensure that savings are equally protected in all Member States, thus further weakening the link between banks and the sovereign. 9 P a g e

10 Topic Page Explanation Administrative Cooperation Directive (DAC) Common Consolidated Corporate Tax Base (CCCTB) Commission Anti-Tax Avoidance proposal 4 This directive is aimed at strengthening administrative cooperation in the field of direct taxation so as to enable Member States to better combat tax evasion and tax fraud. 4, 7 The Common Consolidated Corporate Tax Base refers to a Commission proposal for a common system of rules for calculating and filing corporate tax within the EU. 4, 7 A proposal for a Directive published by the Commission in January 2016 which seeks to implement reforms to the international tax system. Double Taxation Dispute Resolution Mechanisms Directive 4, 7 The proposed Council Directive on Double Taxation Dispute Resolution Mechanisms in the EU lays down rules to resolve disputes between Member States on how to eliminate double taxation of income from business and the rights of taxpayers in this context Reverse Charge Mechanism 5, 7 The Reverse Charge Mechanism moves the responsibility for the recording of a VAT transaction from the seller to the buyer of a good or service. Multiannual Financial Framework Country Specific Recommendations (CSRs) Capital Markets Union Recovery and Resolution of Central Counterparties proposal 5 The Multiannual Financial Framework sets the limits for the annual general budgets of the European Union. It determines how much in total and how much for different areas of activity the EU could use each year when it enters into legally binding obligations over a period of not less than 5 years. 6 The recommendations are adopted each May/June as the culmination of the annual European Semester cycle. The Country Specific Recommendations are based on a thorough assessment of each Member State's plans for sound public finances and policy measures to boost growth and jobs. CSRs are addressed to Member States individually and to the Euro Area as a whole. 6 Capital Markets Union is a series of legislative proposals and industry initiatives which will focus on alternative sources of funding, through the development of a more balanced and diversified European financial system, which complements bankbased financing with deep and developed capital markets. 6 A central clearing counterparty (CCP) is an organisation that acts as the counterparty to both sides of a transaction in a financial instrument. The aim of the proposal is to ensure that both CCPs and national authorities in the EU have the means to act decisively in a crisis scenario. 10 P a g e

11 Topic Page Explanation Code of Conduct on Business Taxation High Level Group on Own Resources 7 This is a forum, established in 1998, for officials from Member States to address preferential regimes and harmful tax competition in the EU. 7 A high-level group on Own Resources was established in 2014 to examine how the system of financing the EU budget can be made more transparent, fair, simple and democratically accountable. [Part 1 Ends] 11 P a g e

12 Part 2 Six-monthly report on Developments in the EU Summary of significant draft EU legislative proposals submitted by the Departments of Finance for review by the Oireachtas July to December P a g e

13 Commission Proposal Number 1. COM (2016) COM (2016) COM (2016) COM (2016) 314 Proposal DRAFT General Budget of the European Union for the financial year General Introduction - General statement of revenue and expenditure by section Proposal for a DECISION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the mobilisation of the European Union Solidarity Fund to provide for the payment of advances in the general budget of the Union for 2017 Proposal for a DECISION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the mobilisation of the Flexibility Instrument to finance immediate budgetary measures to address the on-going migration, refugee and security crisis Proposal for a DECISION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the mobilisation of the Contingency Margin in 2017 Date Submitted for Review by Department Update Submitted 19/08/2016 Amended by COM (2016) 679 Amending Letter No 1 of the Draft General Budget. Submitted 29/07/2016 Published 18/07/2016. Valid until 31/12/2017 Adopted 14/12/2016. Submitted 29/07/2016 Adopted 14/12/2016. Submitted 29/07/2016 Valid until 31/12/2017 Adopted 14/12/ P a g e

14 5. COM (2016) 450 Sorsha Foran / Shane McNamee / Gillian Martin Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and amending Directive 2009/101/EC Submitted 03/08/2016 Reviewed 29/09/2016 For further scrutiny Response submitted by D/Finance 08/12/2016 Negotiating Mandate agreed in December, followed by opinions on the beneficial ownership provisions from the Council Legal Services and the European Data Protection Supervisor. Expect the European Parliament vote on amendments to take place in H1 2017, which will be followed by trilogues negotiations. 6. COM (2015) 461 Maire Rooney / Philippa Barry / Suzanne Stephens 7. Com (2016) 597 Brendan Coogan / Anthony Maloney Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulation (EU) No 345/2013 on European venture capital funds and Regulation (EU) No 346/2013 on European social entrepreneurship funds Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulations (EU) No 1316/2013 and (EU) 2015/1017 as regards the extension of the duration of the European Fund for Strategic Investments as well as the introduction of technical enhancements for that Fund and the European Investment Advisory Hub Submitted 12/08/2016 Submitted 12/10/2016 Council general approach in December The Maltese Presidency aim to reach political agreement during the Presidency. On 6 th December 2016, the European Council welcomed the agreement reached at Ecofin on the extension of EFSI. The European Parliament is still preparing its position on the proposal before commencing the Trilogue negotiation process under the Maltese Presidency. Despite this delay the intention is still to have an agreement with the European Parliament during the first half of P a g e

15 8. Com (2016) 604 Proposal for a COUNCIL REGULATION amending Regulation (EU, Euratom) No 1311/2013 laying down the multiannual financial framework for the years Submitted 13/10/2016 Ongoing discussions at Council level European Parliament consent required. 9. Com (2016) Com (2016) Com (2016) Com (2016) 624 Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the financial rules applicable to the general budget of the Union and amending Regulation (EC) No 2012/2002, Regulations (EU) No 1296/2013, (EU) 1301/2013, (EU) No 1303/2013, EU No 1304/2013, (EU) No 1305/2013, (EU) No 1306/2013, (EU) No 1307/2013, (EU) No 1308/2013, (EU) No 1309/2013, (EU) No 1316/2013, (EU) No 223/2014,(EU) No 283/2014, (EU) No 652/2014 of the European Parliament and of the Council and Decision No 541/2014/EU of the European Parliament and of the Council Proposal for an amendment of the Interinstitutional Agreement of 2 December 2013 between the European Parliament, the Council and the Commission on budgetary discipline, on cooperation in budgetary matters and on sound financial management DRAFT AMENDING BUDGET No 4 TO THE GENERAL BUDGET 2016 Update of appropriations to reflect the latest developments on migration and security issues, reduction of payment and commitment appropriations as a result of the Global Transfer, extension of EFSI, modification of the staff establishment plan of Frontex and update of revenue appropriations (Own resources) Proposal for a DECISION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the mobilisation of the Contingency Margin in 2016 Submitted 13/10/2016 Submitted 13/10/2016 Ongoing discussions at Council level. Ongoing discussions at Council level. Submitted 28/10/2016 Adopted 1/12/2016. Submitted 28/10/2016 Adopted 14/12/ P a g e

16 13. Com (2016) Com (2016) Com (2016) Com (2016) 683 Brendan Crowley / Patrick Jacques 17. Com (2016) 685 Brendan Crowley / Patrick Jacques 18. Com (2016) 686 Brendan Crowley / Patrick Jacques DRAFT AMENDING BUDGET No 5 TO THE GENERAL BUDGET 2016 Implementation of the Own Resources Decision No 2014/335/EU further to the closing of the ratification process and its entry into force on 1 October 2016 Proposal for a DECISION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the mobilisation of the Contingency Margin in 2017 AMENDING LETTER No 1 TO THE DRAFT GENERAL BUDGET 2017 Proposal for a Council Directive on a Common Consolidated Corporate Tax Base Proposal for a Council Directive on a Common Corporate Tax Base Proposal for a Council Directive on Double Taxation Dispute Resolution Mechanisms in the European Union Submitted 08/11/2016 Adopted 1/12/2016. Submitted 17/11/2016 Submitted 17/11/2016 Submitted 15/11/2016 Reviewed 01/12/2016, 06/12/2016, 13/12/2016 For further scrutiny Reasoned Opinion issued by Committee on 15/12/16 Submitted 15/11/2016 Reviewed 01/12/2016, 06/12/2016, 13/12/2016 For further scrutiny Reasoned Opinion issued by Committee on 15/12/16 Submitted 15/11/2016 Ongoing discussions at Council level. EU budget 2017 adopted on 1/12/16. Discussions underway at Council Working Parties. Discussions underway at Council Working Parties. Discussions underway at Council Working Parties. 16 P a g e

17 19. Com (2016) 687 Brendan Crowley / Patrick Jacques Proposal for a Council Directive amending Directive (EU) 2016/1164 as regards hybrid mismatches with third countries Submitted 15/11/2016 Political agreement reached at February ECOFIN. Legal agreement expected in March Com (2016) 856 Niall O Sullivan / Will Joyce Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, and (EU) 2015/2365 Submitted 19/12/2016 Three more Council meetings are scheduled under the Maltese Presidency in relation to the CCP Recovery & Resolution legislative proposal. Negotiations are still at an early stage. 17 P a g e