Considerations on COM(2016)201 - Conclusion of the Amending Protocol to the Agreement with Monaco providing for measures equivalent to those laid down in Council Directive 2003/48/EC

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dossier COM(2016)201 - Conclusion of the Amending Protocol to the Agreement with Monaco providing for measures equivalent to those laid down in ...
document COM(2016)201 EN
date October 11, 2016
 
table>(1)In accordance with Council Decision (EU) 2016/1392 (2), the Amending Protocol to the Agreement between the European Community and the Principality of Monaco providing for measures equivalent to those laid down in Council Directive 2003/48/EC (‘the Amending Protocol’) was signed on 12 July 2016, subject to its conclusion at a later date.
(2)The text of the Amending Protocol which is the result of the negotiations, duly reflects the negotiating directives issued by the Council as it aligns the Agreement between the European Community and the Principality of Monaco providing for measures equivalent to those laid down in Council Directive 2003/48/EC (3) (the ‘Agreement’) with the latest developments at international level concerning automatic exchange of information, namely, with the Global Standard for automatic exchange of financial account information in tax matters developed by the Organisation for Economic Cooperation and Development (OECD). The Union, the Member States and the Principality of Monaco have actively participated in the work of the Global Forum of the OECD to support the development and implementation of that Global Standard. The text of the Agreement, as amended by the Amending Protocol, is the legal basis for implementing the Global Standard in the relations between the Union and the Principality of Monaco.

(3)The European Data Protection Supervisor was consulted in accordance with Article 28(2) of Regulation (EC) No 45/2001 of the European Parliament and of the Council (4).

(4)The Amending Protocol should be approved,