Consultation with stakeholders (EUSD, Expert Group on Savings Taxation)
The EUSD Group consists of tax experts from banking, insurance, investment funds, asset management and related sectors of the European Union in addition to an expert of consumer rights in financial services (Group members and their alternates). The experts have been proposed by Europe-wide Trade associations in the aforementioned sectors to represent the views of market operators for the Commission's Services review of the functioning of the Directive as provided by its Article 18. In order to increase the participation of representatives from all categories of stakeholders in the work of the Commission's expert groups, members of Europe-wide civil society organizations can apply to join the EUSD Group at any time.
In addition, the Commission may also call, where appropriate, on the expertise of the group on tax aspects of other financial subjects, for example for the Commission's and Member States' responses to the FATCA rules (US Foreign Account Tax Compliance Act) and the implementation of the Directive on administrative cooperation in (direct) taxation as far as the reporting of information related to financial services is concerned.
For practical reasons, English has been chosen as the only working language of the group, as it is the language currently used in the financial services sector. A meeting of the group took place on 27 June 2013, and two meetings in 2012: 16 March and 26 September. The next meeting of the group will take place on 28 April 2014 (agenda).
Second review of the Directive
For the second review of the Directive in 2011, contributions were received from
- the Association for Financial Markets in Europe,
- Insurance Europe (formerly known as the Comité Européen des Assurances) ,
- the European Banking Federation,
- the European Fund and Asset Management Association , and
- the European Federation of Financial Advisers and Financial Intermediaries.
These contributions were received following a meeting of the Group on 17 February 2011 concerning preparatory work for the review. A further meeting of the group took place on the 28 October 2011 where the Commission services presented their preliminary findings for the review.
Following the adoption of the amending proposal, the Commission services received written comments from the Trade associations represented in the Group. Two meetings of the Group took place: 3 March and 22 June 2009. These meetings provided the Commission services with useful information for better assisting the Council for the discussions on the amending proposal.
What are the tasks of the EUSD Group?
The objective of the group (EUSD = "European Union Savings Directive") is to provide the Commission with the viewpoint of the European Union market operators on the application of the Directive in Member States and, at the same time, facilitate a first scrutiny of the possible impact on markets of any amendments to the Directive which could come up for consideration as a result of the review process.
The Group's original mandate was in force until 31 December 2008. The Commission has extended the mandate of the expert Group until 30 June 2014 (see current version of the mandate). The scope of the mandate has been widened to allow the Commission to call, where appropriate, on the expertise of the group on tax aspects of other financial subjects.
First review of the Directive
For the first review of the Directive, the Commission services prepared a working document containing 26 questions on the operation of the Directive. The experts and the Trade Associations represented in the EUSD Group have provided written contributions to this document. Additional issues which the Trade Associations consider relevant are contained in a summary document, which also includes additional oral comments given during the three meetings held by the Expert Group in 2007.
The Trade Associations have also provided contributions to a working document presented to national experts in Working Party IV on direct taxation and other contributions which they considered relevant.
The Commission services have also asked the EUSD Group to reply to a quantitative questionnaire () to provide data input for the review. The responses received are included in the attached table .
Summary records are available for the four meetings of the group which took place for the first review of the Directive.