Press Release: Clearing and settlement: Commission expert group examines EU fiscal compliance barriers to cross border securities trading

The European Commission’s Clearing and Settlement Fiscal Compliance expert group ('FISCO') on 19 April 2006 issued a Fact Finding Study examining EU Member States' fiscal compliance procedures for clearing and settlement of cross-border securities transactions. The Study analysed how these procedures were hindering the functioning of capital markets and increasing the cost of cross-border settlement, particularly in relation to withholding and transaction taxes. The FISCO group was to issue a further report proposing solutions by early 2007.