FISCO Conference

THE FISCO JOINT CONFERENCE ON FISCAL COMPLIANCE BARRIERS RELATED TO POST-TRADING WITHIN THE EU

organised by DG Internal Market and Services with the participation of DG Internal Market and Services, DG Taxation and Customs Union, OECD and Industry

TUESDAY, 23 OCTOBER 2007

The aim of the EU Clearing and Settlement Fiscal Compliance Experts' Group – FISCO - is to give advice on the removal of fiscal compliance barriers to the post-trading of EU cross-border securities transactions. The key issues considered by the FISCO Group are Giovannini Barriers 11 and 12 on withholding and transaction tax procedures respectively. (Two other Expert Groups have also been set up for the Giovannini barriers on clearing and settlement: the CESAME Group on market-led initiatives to dismantle industry related barriers to cross-border clearing and settlement and the Legal Certainty Group to tackle legal clearing and settlement barriers.)

In line with its mandate, the Group issued its First Report, a Fact Finding Study in 2006 describing the inefficiencies identified in current withholding and transaction tax procedures. The Study also analyses how these procedures hinder the functioning of capital markets and increase the cost of cross-border settlement.

The FISCO Group has also issued a Second Report on Solutions to the fiscal compliance barriers outlined above. The Report was presented at a Conference in Brussels, on 23 October 2007. The aim of the Report is to offer suggestions for solutions to many of the administrative and efficiency problems identified by the FISCO Group. These suggestions take into account the impact of modern technology and will build on EU legislation promoting cooperation between national tax authorities.

Both reports and other FISCO documents are available on the FISCO website.

The Commission will use the FISCO findings as a basis for discussion with the Member States in line with its established policy of prior consultation on tax issues led by Directorate-General Taxation and Customs Union.

 
Conference Programme

 
Introductory Speakers (10.00-11.00)

Comments on the FISCO progress and results. The FISCO Fact Finding Study and The Second FISCO Report on Solutions (SRS).

• Jörgen Holmquist, Director-General, DG MARKT
• Robert Verrue, Director-General, DG TAXUD
• Jeffrey Owens, Director, OECD Centre for Tax Policy and Administration

Panel on Withholding Tax Procedures (11.00-13.00)

Presentation of the FISCO SRS on Withholding Tax Procedures.
Moderator: Mario Nava, DG MARKT

• Klaus Zinkeisen, FISCO
• Philip Kerfs, FISCO
• Chris Gilbert, JP Morgan
• Denis Harrington, Principal Officer, Collector-General's Division, Revenue Commissioners, Ireland
• Keith Lawson, ICI, Washington

Lunch (13.00-14.00)

Panel on Transaction Tax Procedures (14.00-15.30)

Presentation of the FISCO SRS on Transaction Tax Procedures
Moderator: Anne Rutberg, FISCO

• Steven McGrady, FISCO
• Lars Afrell, The Ministry of Finance, Sweden
• Bob Harding, HM Treasury, UK

The Way Forward (15.30-16.30)

Moderator: Professor Alberto Giovannini

• David Wright, Director, DG MARKT
• Anso Thiré, Managing Director, Corporate Strategy and Public Affairs, Euroclear
• Mathias Papenfuss, Member of the Executive Board, Clearstream
• Guido Ravoet, Secretary General, EBF

Conclusions (16.30-17.00)

• Martin Power, Head of Cabinet of Commissioner McCreevy