It should be understood that the provisions on ownership of intangible assets laid down in this Regulation do not cover intangible rights that are not transferable under relevant national laws.

It should be understood that the provisions on ownership of intangible assets laid down in this Regulation do not cover intangible rights that are not transferable under relevant national laws.

It should be understood that the provision regarding ownership of intangible assets does not cover intangible rights that are not transferable under relevant national laws.

47. Welcomes the international discussions on the updating of the OECD guidelines on transfer pricing, i.e. the shifting of profits to tax havens to avoid paying taxes in both developed and developing countries; urges the Commission and the Member States to take immediate action, and review the current rules, on transfer pricing, in particular in relation to the shift of risks and intangibles, the artificial splitting of ownership of assets between legal entities in a group, and transactions between these entities that would rarely take place between independents; calls on the Commission to develop the system of advance pricing agreeme ...[+++]nt applicable to transfer pricing, whereby a new requirement would be added to the existing obligations under the EU Transfer Pricing Documentation guidelines; suggests that the documentation, as well as the tax declaration requirements, should be broader for transactions with blacklisted jurisdictions;

4. Regrets that the Court of Auditors identified the need to improve the Agency's asset management; it found, in particular, unexplained differences between the recorded annual and cumulated depreciation and that for internally created intangible assets, accounting procedures and information on costs were not reliable; notes that evidence of a physical inventory of administrative equipment within the required period was lacking;

However, within the Single Market IPR are equally important to small and medium-sized enterprises (SMEs), who use them to protect their intangible assets and to gain access to vital ‘start-up’ finance and venture capital.