13 Amendments of Alfredo PALLONE related to 2013/0045(CNS)
Amendment 31 #
Proposal for a directive
Recital 1 a (new)
Recital 1 a (new)
(1a) The revenues from the FTT should be allocated to the budget of the European Union as genuine own resources. This should not lead to a reduction of the respective national contributions of the participating Member States to the Union budget.
Amendment 35 #
Proposal for a directive
Recital 2 a (new)
Recital 2 a (new)
(2a) The FTT will truly achieve its objectives if it is introduced at global level. The enhanced cooperation of 11 Member States therefore only constitutes the first step towards a FTT on Union- level and ultimately on global level. The Union will continuously advocate a global introduction and will urge for a FTT being put on the G-20 agenda.
Amendment 52 #
Proposal for a directive
Recital 13 a (new)
Recital 13 a (new)
(13a) With a view to strengthening the position of regulated markets and in particular of stock exchange trading, which is strictly regulated, controlled and transparent, against unregulated, less controlled and less transparent OTC trading, Member states should apply higher tax rates to OTC transactions. This will make it possible to effect a shift in trading from markets with little or no regulation to regulated markets. The higher rates should not apply to financial transactions of OTC derivatives where they objectively reduce risks and therefore serve the real economy.
Amendment 57 #
Proposal for a directive
Recital 16
Recital 16
Amendment 73 #
Proposal for a directive
Article 2 – paragraph 1 – point 2 – point b
Article 2 – paragraph 1 – point 2 – point b
Amendment 77 #
Proposal for a directive
Article 2 – paragraph 1 – point 2 – point e
Article 2 – paragraph 1 – point 2 – point e
Amendment 90 #
Proposal for a directive
Article 2 – paragraph 1 – point 8 – point f
Article 2 – paragraph 1 – point 8 – point f
(f) a pension fund or an institution for occupational retirement provision as defined in Article 6(a) of Directive 2003/41/EC of the European Parliament and of the Council, an investment manager of such fund or institution on the activities and supervision of institutions for occupational retirement provision or a funded or partly funded pension institution subject to the Regulation 883/2004/EC, an investment manager of such fund or institution, and an entity set up for the purpose of investment of such funds or institutions acting solely and exclusively in the interest of such funds or institutions, shall not be considered a financial institution for the purposes of this Directive;
Amendment 96 #
Proposal for a directive
Article 2 – paragraph 1 – point 12 a (new)
Article 2 – paragraph 1 – point 12 a (new)
(12a) ‘market making activities’ means the activities of an investment firm, a credit institution, a third-country entity, or a firm as referred to in point (1) of Article (2) of Directive 2004/39/EC, that deals as principal in a financial instrument whether traded on or outside a trading venue, in any of the following capacities: (i) by posting firm, simultaneous two-way quotes of comparable size and at competitive prices, with the result of providing liquidity on a regular and ongoing basis to the market; (ii) as part of its usual business, by fulfilling orders initiated by clients or in response to clients’ requests to trade; (iii) by hedging positions (including securities borrowing activities) arising from the fulfilment of tasks under points (i) and (ii);
Amendment 113 #
Proposal for a directive
Article 3 – paragraph 4 – point g a (new)
Article 3 – paragraph 4 – point g a (new)
(ga) Transactions between entities of a group of the right to dispose of a financial instrument as owner and any equivalent operation implying the transfer of the risk associated with the financial instrument, in cases not subject to point (a)
Amendment 119 #
Proposal for a directive
Article 3 – paragraph 4 – point g b (new)
Article 3 – paragraph 4 – point g b (new)
(gb) transactions in the context of repurchase agreements, reverse repurchase agreements, securities or commodities lending and securities or commodities borrowing.
Amendment 123 #
Proposal for a directive
Article 3 – paragraph 4 – point g c (new)
Article 3 – paragraph 4 – point g c (new)
(g c) transactions in the context of market making activities;
Amendment 140 #
Proposal for a directive
Article 9 – paragraph 2 – subparagraph 2 – introductory part
Article 9 – paragraph 2 – subparagraph 2 – introductory part
Those rates shall not be lower thanbe:
Amendment 148 #
Proposal for a directive
Article 9 – paragraph 3 a (new)
Article 9 – paragraph 3 a (new)
(3a) Notwithstanding paragraph 3, participating Member States shall apply a higher rate than those specified in paragraph 2 to OTC financial transactions referred to in Articles 6 and 7. Financial transactions of OTC derivatives which are objectively measurable as reducing risks as defined by Article 10 of Regulation 149/2013 shall not be subject to this higher rate.