ECONOMIC AND FINANCIAL AFFAIRS, AND INTERNATIONAL TRADE

MEMBERSHIP: Chairman: Baroness Cohen of Pimlico

Lord Trimble

Co-opted Members: : Lord Browne of Madingley, Lord Haskins, Baroness Hooper, Lord Jordan, Lord Moser, Baroness Northover, Lord Trefgarne, Lord Woolmer of Leeds

(FOR FURTHER INFORMATION PLEASE CONTACT THE CLERK, ROBERT WHITEWAY, 020 7219 3140)

I.  DOCUMENTS AWAITING CONSIDERATION BY THE SUB-COMMITTEE

*Unnumbered	European Court of Auditors (ECA) Annual Report on Implementation of the Budget concerning the financial year 2008 (2009/C 26901) [2.12.09] (HMT) Sifted 8 December 2009; To be considered at meeting on 12 Jan 10
*15361/09 COM (09) 595	Communication from the Commission: a financial package for the accession negotiations with Croatia (HMT) Sifted 1 December 2009; To be considered at meeting on 12 Jan 10
*15427/09 + ADD 1 COM (09) 596	Proposal for a Council Decision providing macro-financial assistance to Bosnia-Herzegovina; Commission staff working document - Ex ante evaluation statement - Macro-financial Assistance to Bosnia and Herzegovina (HMT) Sifted 1 December 2009. Override - letter received from the Minister. To be considered at meeting on 12 Jan 10
15615/09 CON/2009/88	Opinion of the European Central Bank of 26 October 2009 on a proposal for a Regulation of the European Parliament and of the Council on Community macro-prudential oversight of the financial system and establishing a European Systemic Risk Board and a proposal for a Council Decision entrusting the European Central Bank with specific tasks concerning the functioning of the European Systemic Risk Board (HMT) Sifted 15 December 2009

II.  DOCUMENTS HELD UNDER SCRUTINY AWAITING THE OUTCOME OF CORRESPONDENCE WITH MINISTERS

11338/04 COM (04) 468	Amended proposal for a Council Directive amending Directive 77/388/EEC as regards value added tax on services provided in the postal sector (HMT) (COM(04) 468)
Not on IPEX	Sifted 7 September 2004; Letters to the Government 20 Oct 04, 16 Nov 06, 27 Apr 09, 15 Jul 09 - Rt Hon Stephen Timms MP, Financial Secretary; Letter to the Chairman 25 Oct 06, 2 Jul 09; Request for information on the progress of document

11067/05 + ADD 1 COM (05) 261 11067/05 SEM + ADD 1 COM (05) 261	Proposal for a Council Directive on Passenger Car Related Taxes; Supplementary EM on European Community Legislation: Proposal for a Council Directive on passenger car related taxes (HMT)
Not on IPEX	Sifted 11 October 2005; Supplementary EM Sifted 15 November 2005; Letters to the Government 26 Oct 05, 20 Dec 05, 15 Mar 06, 27 Apr 09, 15 Jul 09 - Rt Hon Stephen Timms MP, Financial Secretary; Letters to the Chairman 8 Nov 05, 31 Jan 06, 30 Apr 07, 10 Dec 07, 2 Jul 09; Request for information on progress of this document
5091/06 + Add 1 COM (05) 661	Proposal for a Council Regulation on the indication of the country of origin of certain products imported from third countries and Annex thereto (DTI, now BERR, now BIS w.e.f. 8 Jun 09)
Not on IPEX	Sifted 7 February 2006; Letters to the Government 8 Mar 06, 28 Apr 09, 20 May 09 - Gareth Thomas MP, Minister of State; Letter to the Chairman 1 May 09; Request for information on progress of document
7512/07 + ADD 1, 2 COM (07) 52	Proposal for a Council Directive amending Directive 2003/96/EC as regards the adjustments of special tax arrangements for gas oil used as motor fuel for commercial purposes and the coordination of taxation of unleaded petrol and gas oil used as motor fuel (HMT)
IPEX	Sifted17 April 2007; Letters to the Government 2 May 07, 13 Jun 07, 27 Apr 09, 15 Jul 09 - Rt Hon Stephen Timms MP, Financial Secretary; Letter to the Chairman 2 Jun 07; Request for information on progress of this document
16209/07 16210/07 + ADD 1, 2 COM (07) 746 COM (07) 747 16209/1/07 16210/1/07 + ADD 1,2 COM (07) 746 COM (07) 747	Proposal for a Council Directive amending Directive 2006/112/EC on the Common System of Value Added Tax, as regards the Treatment of Insurance and Financial Services; Proposal for a Council Regulation laying down implementing measures for Directive 2006/112/EC on the common system of Value Added Tax, as regards the treatment of Insurance and Financial Services; Commission staff working document - Impact assessment; Commission staff working document - Summary Impact assessment (HM Treasury) Proposal for a Council Directive amending directive 2006/112/EC on the common system of Value Added Tax, as regards the treatment of insurance and financial services REV 1; implementing measures REV 1; Staff working document - Impact Assessment; Staff working document - Summary of Impact Assessment (HMT)
IPEX	Sifted 15 January 2008; REV 1 Sifted 22 April 2008; Letters to the Government 29 Apr 08, 27 Apr 09, 15 Jul 09 - Rt Hon Stephen Timms MP, Financial Secretary; Letter to the Chairman 2 Jul 09 Request for further updates on progress of negotiations
16774/08 16776/08 COM (08) 805 COM (08) 807	Communication from the Commission to the Council, the European Parliament, the European Economic and Social Committee on a Coordinated Strategy to improve the fight against VAT Fraud in the European Union; Proposal for a Council Directive amending Directive 2006/112/EC on the Common System of VAT to Combat Tax evasion linked to import and export transactions (HMT)
IPEX	Sifted 13 January 2009; Letters to the Government 4 Feb 09, 18 Mar 09, 20 May 09 - Rt Hon Stephen Timms MP, Financial Secretary; (16774/08 - held under scrutiny, 16776/08 cleared from scrutiny - 3 Feb 09); Letters to the Chairman 18 Feb 09, 11 May 09; Request for updates on progress of negotiations of 16774/08
5011/09 COM (08) 854	Proposal for a Council Regulation, amending Regulation (EC) No 1334/2000, setting up a Community regime for the control of exports of dual-use items and technology (BERR, ) now BIS w.e.f. 8 Jun 09)
IPEX	Sifted 27 January 2009; Letters to the Government 4 Feb 09, 13 May 09, 28 Oct 09 Ian Lucas MP, Minister for Business and Regulatory Reform; Letters to the Chairman 18 Feb 09, 12 Oct 09; Request for further updates on the progress of negotiations
5991/09 COM (09) 20 5985/09 COM (09) 21	Communication from the Commission to the Council on the Technological Developments in the field of e-invoicing and measures aimed at further simplifying, modernising and harmonising the VAT invoicing rules; Proposal for a Council Directive amending Directive 2006/112/EC on the common system of Value Added Tax as regards the rules on invoicing (HMT)
IPEX	Sifted 24 February 2009; Letter to the Government 18 Mar 09 - Rt Hon Stephen Timms MP, Financial Secretary; (5991/09 cleared from scrutiny, 5985/09 held under scrutiny - 17 Mar 09); Request for results of Governments consultation with UK business
6035/09 COM (09) 29	Proposal for a Council Directive on administrative cooperation in the field of taxation (HMT)
IPEX	Sifted 3 March 2009; Letters to the Government 18 Mar 09, 14 Oct 09, 25 Nov 09 - Cleared from scrutiny - Rt Hon Stephen Timms MP, Financial Secretary; Letters to the Chairman 30 Jul 09, 9 Nov 09; Request for further information
7955-09 7956-09	Council Decision establishing, in accordance with Article 104(*) of the Treaty, whether effective action has been taken by the United Kingdom in response to the Council Recommendation of 8 July 2008 pursuant to Article 104(7); Council Recommendation to the United Kingdom with a view to bringing an end to the situation of an excessive Government Deficit (HMT)
No COM number Not on IPEX	Sifted 19 May 2009; Letter to the Government 9 Jun 09; Request for further information
9052/09 COM (09) 199	Recommendation for a Council Decision granting mutual assistance for Romania and proposal for a Council Decision providing EU Medium-term financial assistance for Romania (HMT)
IPEX	Sifted 12 May 2009; Considered at meeting 9 Jun 09 - Override of Scrutiny Letter to the Government 19 June 09 - Ian Pearson, Economic Secretary Request for further information
11734/09 COM (09) 325	Communication from the Commission to the Council and the European Parliament on the VAT group option provided for in Article 11 of Council Directive 2006/112/EC (HMT)
IPEX	Sifted 28 August 2009; Letter to the Government 23 Oct 09 - Rt Hon Stephen Timms MP, Financial Secretary; Letter to the Chairman 4 Dec 09; Request for reaction of other Member States
12425/09 COM (09) 384	Proposal for a Council Regulation amending Regulation (EC) No 1083/2006 concerning general provisions on the European Regional Development Fund, the European Social Fund and the Cohesion Fund as regards simplification of certain requirements and as regards certain provisions relating to financial management (BIS)
IPEX	Sifted 23 September 2009; Letter to the Government 23 Oct 09 - Kevin Brennan MP, Parliamentary under Secretary in the Cabinet Office; Letter to the Chairman 7 Dec 09; Request for further information and to provide updates of negotiations
12886/09 12889/09 + ADD 1	Proposal for a Council Regulation on administrative co-operation and combating fraud in the field of Value Added Tax (recast); Report from the Commission to the Council and the European Parliament on the application of Council Regulation (EC) No 1798/2003 concerning administrative co-operation in the field of Value Added Tax; Commission staff working document on evaluating the Member States replies to the questionnaire relating to the Application of Council Regulation (EC) o No 1798/2003 concerning administrative co-operation in the field of Value Added Tax (HMT)
IPEX	Sifted 13 October 2009; Letter to the Government 23 Oct 09 - Rt Hon Stephen Timms MP, Financial Secretary; Request for further information

13648/09 13645/09 13652/09 13653/09 13654/09 13656/09 13657/09 13658/09 COM (09) 499 COM (09) 500 COM (09) 501 COM (09) 502 COM (09) 503 SEC (09) 1233 SEC (09) 1234 SEC (09) 1235	Proposal for a Regulation of the European Parliament and the Council on Community macro prudential oversight of the financial system and establishing a European Systemic Risk Board; Proposal for a Council Decision entrusting the European Central Bank with specific tasks concerning the functioning of the European Systemic Risk Board; Proposal for a Regulation of the European Parliament and of the Council establishing a European Banking Authority; Proposal for a Regulation of the European Parliament and of the Council establishing a European Insurance and Occupational Pensions Authority; Proposal for a Regulation of the European Parliament and of the Council establishing a European Securities and Markets Authority; Commission staff working document - accompanying document to 13652/09, 13653/09, 13654/09 - Possible amendments to Financial Services legislation; Commission staff working document - accompanying document to 13648/09, 13645/09, 13652/09, 13653/09, 13654/09 - Impact assessment; Commission staff working document - summary of impact assessment (HMT)
IPEX	Sifted 20 October 2009; Letters to the Government 28 Oct 09 - Lord Myners, Financial Services Secretary, 25 Nov 09; Letter to the Chairman 26 Oct 09, 7 Dec 09; Minister to give evidence on 10 Nov 09
†15049/09 + ADD 1-3 COM (09) 561	Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee, the European Court of Justice and the European Central Bank an EU Framework for cross-border crisis management in the banking sector; Commission staff working document - Impact assessment; Commission staff working document - Summary of impact assessment (HMT) Sifted 24 November 2009; Letter to the Government 10 Dec 09 - Lord Myners, Financial Secretary;

III.  DOCUMENTS UNDER SCRUTINY:

In connection with the Sub Committee's Inquiry into "Directive on Alternative Investment Fund Managers"

9494/09 + ADD 1, 2 COM (09) 207	Proposal for a Directive of the European Parliament and of the Council on Alternative Investment Fund Managers and amending Directives 2004/39/EC; Commission Staff Working Document - Impact Assessment; Commission Staff Working Document - Executive Summary of the Impact Assessment (HMT)
IPEX	Sifted 2 June 2009; Letter to the Government 9 Jun 09, 10 Dec 09 - Lord Myners, Financial Services Secretary; Minister gave evidence before Committee on 14 July 09

In connection with the Sub Committee's Inquiry into "Ensuring efficient, safe and sound derivatives markets"

11873/09 + ADD 1, 2 COM (09) 332	Communication from the Commission - Ensuring efficient, safe and sound derivatives markets (HMT)
IPEX	Sifted 23 September 2009; Letter to the Government 28 Oct 09 - Lord Myners, Financial Services Secretary; Letter to the Chairman 26 Oct 09; Awaiting Commission's proposals on this subject
†15047/09 COM (09) 563	Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee, the Committee of the Regions and the European Central Bank - Ensuring efficient, safe and sound derivatives markets: Future policy actions (HMT) Sifted 24 November 2009; Letter to the Government 10 Dec 09 - Lord Myners, Financial Secretary; Expressed intention to carry out a short inquiry into the Commission's intended future policy actions

iv.  Documents cleared from scrutiny, awaiting outcome of Correspondence with Ministers

SEC (09) 610	Preliminary Draft Budget (PDB) of the European Communities 2010 (HMT)
Not on IPEX	Sifted 16 June 2009 Letters to the Government 24 Jun 09, 8 Jul 09 - Cleared from Scrutiny, 25 Nov 09 - Ian Pearson MP, Economic Secretary; Letters to the Chairman 24 Jul 09, 4 Nov 09, 17 Nov 09, 7 Dec 09 Sub-Committee's Report to be published 30 Jul 09 "The EC Budget 2010" (20th Report, HL Paper 146) Request to be updated on progress of negotiations
16361/07 COM (07) 776	Proposal for a Regulation of the European Parliament and of the Council amending Council Regulation (EC) No 2223/96 on the European System of national and regional accounts in the Community as regards the implementing powers conferred on the Commission (ONS)
IPEX	Sifted 22 January 2008; Letter to the Government 6 Feb 08 - Cleared from Scrutiny - Angela Eagle, Exchequer Secretary; Request for further information on Regional Accounts
†15733/08 + ADD 1,2 COM (08) 727 IPEX	Proposal for a Council Directive amending Directive 2003/48/EC on taxation of savings income in the form of interest payments (HMT) Sifted 9 December 2008; Letter to the Government 14 Jan 09, 4 Dec 09 - Cleared from scrutiny - Rt Hon Stephen Timms MP, Financial Secretary; Letter to the Chairman 26 Nov 09 Asks if the benefits are proportional to the cost of implementation
17247/08 COM (08) 839	Proposal for Council Decision on the signing, on behalf of the European Community, of the cooperation agreement between the European Community and its Member States, of the one part, and the principality of Liechtenstein, of the other part, to combat fraud and any other illegal activity to the detriment of their financial interest; Proposal for a Council Decision on the conclusion, on behalf of the European Community, of the cooperation agreement between the European Community and its Member States, of the one part, and the Principality of Liechtenstein, of the other part, to combat fraud and any other illegal activity to the detriment of their financial interest (HMT)
IPEX	Sifted 27 January 2009; Considered at meeting 3 Feb 09 - Cleared from Scrutiny; Letter to the Government 4 Feb 09 - Rt Hon Stephen Timms MP, Financial Secretary; Letter to the Chairman 12 Oct 09 Request for update on final form of agreement
5783/09 + ADD 1 COM (09) 14	Proposal for a Decision of the European Parliament and of the Council of (…) establishing a Community programme to support specific activities in the field of financial services, financial reporting and auditing; Commission staff working document (BERR, now BIS w.e.f. 8 Jun 09)
IPEX	Sifted 3 March 2009; Letter to the Government 11 Mar 09, 23 Apr 09, 24 Jun 09 - Ian Pearson MP, Economic Secretary; Letters to the Chairman 20 Apr 09, 1 Jun 09, 15 Oct 09; Considered at meeting 22 Apr 09 - Cleared from Scrutiny;
8812/09 COM (09) 164	Report from the Commission: State Aid Scoreboard - Spring 2009 update - Special Edition on State Aid Interventions in the Current Financial and Economic Crisis (BERR, now BIS w.e.f. 8 Jun 09)
IPEX	Sifted 19 May 2009 Letter to the Government 5 Jun 09 - Cleared from Scrutiny, 5 Nov 09 - Lord Myners, Financial Services Secretary; Letter to the Chairman 19 Oct 09 Request to receive updates on Commission opinions on the Government's restructuring policies for banks in receipt of state aid in the UK
8937/09	Proposal for a Council Regulation amending Regulation (EC) no. 332/2002 establishing a facility providing medium-term financial assistance for Member States' balances of payments (HMT)
No COM number Not on IPEX	Sifted 19 May 2009 Considered at meeting 9 Jun 09 - Cleared from Scrutiny Letter to the Government 19 June 09 - Ian Pearson MP, Economic Secretary; Letter to the Chairman 29 Jul 09 Request for further information
9281/09 COM (09) 201	Communication from the Commission: Promoting Good Governance in Tax matters (HMT)
IPEX	Sifted 2 June 2009 Letter to the Government 9 Jun 09 - Cleared from Scrutiny - Rt Hon Stephen Timms MP, Financial Secretary; Letter to the Chairman 29 Jun 09; Request to be updated following discussions at June ECOFIN
†12093/09 + ADD 1,2 COM (09) 362	Proposal for a Directive of the European Parliament and of the Council amending Directives 2006/48/EC and 2006/49/EC as regards capital requirements for the trading book and for Re-securitisations, and the supervisory review of remuneration policies (HMT)
IPEX	Sifted 28 August 2009; Letter to the Government 14 Oct 09, 10 Dec 09 - Cleared from scrutiny - Lord Myners, Financial Services Secretary; Letter to the Chairman 30 Sep 09, 17 Nov 09; Request for further information
†13868/09 COM (09) 511	Proposal for a Council Decision amending Directive 2006/112/EC as regards an optional and temporary application of the reverse charge mechanism in relation to supplies of certain goods and services susceptible to fraud (HMT)
IPEX	Sifted 20 October 2009; Letter to the Government 28 Oct 09, 4 Dec 09 - Cleared from scrutiny - Rt Hon Stephen Timms MP, Financial Secretary; Letter to the Chairman 17 Nov 09; To be considered at meeting on 1 Dec 09 Request for update on outcome of negotiations and impact assessment
†14343/09 + ADD 1 COM (09) 513	Proposal for a Council Decision providing Community macro-financial assistance to Serbia; Commission staff working document (HMT) Sifted 24 November 2009; Letter to the Government 4 Dec 09 - Cleared from scrutiny - Ian Pearson MP, Economic Secretary; Request for details on the economic policy conditions

v.  Reports awaiting Government Response

	No Government responses outstanding