Brussels, 18/04/2005 (Agence Europe) - The Commission has indicated in a press statement that it is holding its first FISCO meeting on 15 April. This group brings together financial experts who will advise on issues linked to the system on the removal of fiscal compliance barriers to the clearing and settlement of cross-border securities transactions within the EU. The FISCO group has set itself two years to identify the solutions for enabling Member States to have sustainable fiscal tax receipts while avoiding competition distortions between financial institutions.
Le FISCO grouped is the third experts group to be set up by the Commission to tackle the specific obstacles to the integration of system for cross border clearing and settlement. Operational since July 2004, the CESAME group is in charge of ensuring a follow-up to the measures taken by the market to help integration of national delivery compensation systems. (EUROPE 8822). A group of 30 experts has focused since the end of January on issues of legal security in this sector (EUROPE 8800).
The overall objective of this initiative (the same as the study at the Commission's services) is to determine whether a legislative initiative is necessary European-wide and whether this will help integration of the national compensation and delivery regulation. The results of the public consultation the Commission launched in 2004 indicate that most sector actors support a European directive (EUROPE 8914).