1. FR NMPG Convenor – Axelle Wurmser

2. French Financial Transaction Tax FTT : FR NMPG Follow-up (SMPG in OSAKA – November 2012)
The FR NMPG has decided it should write a Market Practice related to the FTT
After two workshops with both CA FR NMPG + S&R FR NMPG, following decisions were made:
Two separate MPs will be required, one related to the 56X messaging (Corporate actions messaging)
Another one for the 54X messaging
Fundamentals
Only the paragraph BUSINESS SCOPE will be common in the two MPs
The group will never try to copy parts of the existing official documents as those are somehow legal. What will be done is give the web link to existing official documentation
The group anticipates that more work has to be done for the CA MP and in specific that activity diagram. On the contrary, parts of the flow diagrams dor SandR are already described, so the work for the SandR MP should be easier
The objective is to be able to provide a first draft end-of-year 2012
Proposal
The FR N MPG also proposes to update the text that has been on the web smpg.info to update it accordingly

3. French Financial Transaction Tax FTT : FR NMPG Follow-up (SMPG in OSAKA – November 2012)
Contextual news
Reminder :
November 9th, 2012 is the first date for sending declaration files to Euroclear France,
November 24th 2012 is the first payment date. The amount of tax collected will be known then covering an activity of 4 months as the law was applicable as of August 1st.
A consultation was open until October 15th, All major actors including AFTI, AMAFI have sent questions to the FR Authorities that have not received any answer yet.
During the ECOFIN meeting held on 9 October 2012, the European Community informed the European Council tha 7 member states (Austria, Belgium, France, Germany, Greece, Portugal, and Slovenia) have submitted requests to the EC for a proposal to introduce an EU FTT + 4 countries (Estonia, Italy, Slovakian and Spain) will also participate to the procedure.
Enhanced cooperation procedure (which allows a limited number of Member states (at least 9 countries) to adopt measures that only apply to those Member States will be used.
Target date for implementation of the European Union Financial Transaction Tax is January 2014.
The US also announced they could implement a Financial Transaction Tax.
The FR MP will only be a DRAFT for discussion as
(1) many other countries are (or will be) concerned in medium term
(2) the schemas and/or processes to put in place for the European Union Financial Transaction Tax will be different from what is in place for the FR FTT.