There are also open issues with currency transactions if levied only nationally.[8] Including only exchange traded equity and bonds in the tax base would give about EUR 20 billion in the EU-27.[9] If derivative products are included, revenue estimates would be much higher, up to EUR 150 billion according to some calculations.

(a) public companies listed on a stock exchange and subject to disclosure requirements (either by stock exchange rules or through law or enforceable means), which impose requirements to ensure adequate transparency of beneficial ownership;

As for procedural guarantees, Member States would be obliged to decide on applications within 60 days (all groups), and within 30 days for Erasmus Mundus and Marie Curie fellows.

Revision of the ISD could therefore allow for a (proportionate) application of provisions relating to reporting, transparency, and disclosure requirements to those ATSs which closely resemble exchanges.

Revision of the ISD could therefore allow for a (proportionate) application of provisions relating to reporting, transparency, and disclosure requirements to those ATSs which closely resemble exchanges.

Whereas new portfolio management techniques for collective investment undertakings investing primarily in shares are based on the replication of stock-indices and/or indices on debt securities ; whereas it is desirable to permit UCITS to replicate well known and recognised stock-indices; whereas therefore it is necessary to introduce more flexible risk-spreading rules for UCITS investing in shares and/or debt securities ; whereas in order to ensure transparency of the stock-indices which the Member States consider to be replicable by harmonised UCITS and a wide acceptance of such indices, it is desirable to provide for adequate publication of the list of repl ...[+++]icable stock-indices and an indication about where updated information can be obtained, possibly by electronic means ;