FISCO: Clearing and settlement expert group looks at fiscal obstacles

15 April 2005

The Commission’s Clearing and Settlement Fiscal Compliance expert group (FISCO) met for the first time on 15 April. The group will look at the fiscal barriers to cross-border buying and selling of stocks and shares that were identified in the Giovannini reports.

Within the next two years the group will produce a study whether national fiscal compliance procedures should be more closely aligned, and will advise on ways to remove or substantially reduce these barriers.

FISCO will look at alternative ways for Member States to secure their tax receipts, while permitting all financial institutions across the European Union to compete on an equal footing. It will liaise with the CESAME group and the “Group of 30” and other international bodies.

Press release

List FISCO Group
Mr. Francis BARRIER - SEGL/FIS
Mr. Joseph DE WOLF - Banque Nationale de Belgique
Dr. Daniel DEAK - Corvinus University Budapest, Faculty of Business Administration
Mr. Gabriele ESCALAR - Studio Associato Legale Tributario
Mr. Charles HELLIER - Linklaters
Mr. Philip KERFS - Euroclear
Mr. Erkki KONTKANEN - The Finnish Bankers Association
Mr. Koen MARSOUL - Ernst&Young
Mr. Steven MCGRADY - Stamp Taxes Group, KPMG LLP
Mr. Jeffrey NASLUND - Deutsche Börse Group/Clearstream International
Dr. Martine PETERS - Clifford Chance
Mr. Jan ROELS - Deloitte & Touche Belastingconsulenten CVBA
Ms. Anne RUTBERG - Mannheimer Swartling
Mr. Francisco URIA - Asociación Española de Banca
Mr. Klaus ZINKEISEN - Deutsche Bank AG

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