What changed, Council Directive (EU) 2016/1164 of 12 July 2016 laying down rules against tax avoidance p…

+ ## CHAPTER I / **GENERAL PROVISIONS**
− ### art_1
+ ### Article 1 — Scope
− Article 1
+ 1. This Directive applies to all taxpayers that are subject to corporate tax in one or more Member States, including permanent establishments in one or more Member States of entities resident for tax purposes in a third country.
− This Directive applies to all taxpayers that are subject to corporate tax in one or more Member States, including permanent establishments in one or more Member States of entities resident for tax purposes in a third country.
+ 2. Article 9a also applies to all entities that are treated as transparent for tax purposes by a Member State.
− ### art_2
+ ### Article 2 — Definitions
− Article 2
+ 
+ (1) ‘borrowing costs’ means interest expenses on all forms of debt, other costs economically equivalent to interest and expenses incurred in connection with the raising of finance as defined in national law, including, without being limited to, payments under profit participating loans, imputed inte…
+ (2) ‘exceeding borrowing costs’ means the amount by which the deductible borrowing costs of a taxpayer exceed taxable interest revenues and other economically equivalent taxable revenues that the taxpayer receives according to national law;
− | (1) | ‘borrowing costs’ means interest expenses on all forms of debt, other costs economically equivalent to interest and expenses incurred in connection with the raising of finance as defined in national law, including, without being limited to, payments under profit participating loans, imputed …
− | --- | --- |
+ (3) ‘tax period’ means a tax year, calendar year or any other appropriate period for tax purposes;
− | (2) | ‘exceeding borrowing costs’ means the amount by which the deductible borrowing costs of a taxpayer exceed taxable interest revenues and other economically equivalent taxable revenues that the taxpayer receives according to national law; |
− | --- | --- |
+ (4) ‘associated enterprise’ means: (a) an entity in which the taxpayer holds directly or indirectly a participation in terms of voting rights or capital ownership of 25 percent or more or is entitled to receive 25 percent or more of the profits of that entity; (b) an individual or entity which holds…
− | (3) | ‘tax period’ means a tax year, calendar year or any other appropriate period for tax purposes; |
− | --- | --- |
+ (5) ‘financial undertaking’ means any of the following entities: (a) a credit institution or an investment firm as defined in point (1) of Article 4(1) of Directive 2004/39/EC of the European Parliament and of the Council (1) or an alternative investment fund manager (AIFM) as defined in point (b) o…
− | (4) | ‘associated enterprise’ means:(a)an entity in which the taxpayer holds directly or indirectly a participation in terms of voting rights or capital ownership of 25 percent or more or is entitled to receive 25 percent or more of the profits of that entity;(b)an individual or entity which holds…
− | --- | --- |
− | (a) | an entity in which the taxpayer holds directly or indirectly a participation in terms of voting rights or capital ownership of 25 percent or more or is entitled to receive 25 percent or more of the profits of that entity; |
− | (b) | an individual or entity which holds directly or indirectly a participation in terms of voting rights or capital ownership in a taxpayer of 25 percent or more or is entitled to receive 25 percent or more of the profits of the taxpayer; |
+ (6) ‘transfer of assets’ means an operation whereby a Member State loses the right to tax the transferred assets, whilst the assets remain under the legal or economic ownership of the same taxpayer;
− | (5) | ‘financial undertaking’ means any of the following entities:(a)a credit institution or an investment firm as defined in point (1) of Article 4(1) of Directive 2004/39/EC of the European Parliament and of the Council (5) or an alternative investment fund manager (AIFM) as defined in point (b)…
− | --- | --- |
− | (a) | a credit institution or an investment firm as defined in point (1) of Article 4(1) of Directive 2004/39/EC of the European Parliament and of the Council (5) or an alternative investment fund manager (AIFM) as defined in point (b) of Article 4(1) of Directive 2011/61/EU of the European Parlia…
− | (b) | an insurance undertaking as defined in point (1) of Article 13 of Directive 2009/138/EC of the European Parliament and of the Council (8); |
− | (c) | a reinsurance undertaking as defined in point (4) of Article 13 of Directive 2009/138/EC; |
− | (d) | an institution for occupational retirement provision falling within the scope of Directive 2003/41/EC of the European Parliament and of the Council (9), unless a Member State has chosen not to apply that Directive in whole or in part to that institution in accordance with Article 5 of that D…
− | (e) | pension institutions operating pension schemes which are considered to be social security schemes covered by Regulation (EC) No 883/2004 of the European Parliament and of the Council (10) and Regulation (EC) No 987/2009 of the European Parliament and of the Council (11) as well as any legal …
− | (f) | an alternative investment fund (AIF) managed by an AIFM as defined in point (b) of Article 4(1) of Directive 2011/61/EU or an AIF supervised under the applicable national law; |
− | (g) | UCITS in the meaning of Article 1(2) of Directive 2009/65/EC; |
− | (h) | a central counterparty as defined in point (1) of Article 2 of Regulation (EU) No 648/2012 of the European Parliament and of the Council (12); |
− | (i) | a central securities depository as defined in point (1) of Article 2(1) of Regulation (EU) No 909/2014 of the European Parliament and of the Council (13). |
+ (7) ‘transfer of tax residence’ means an operation whereby a taxpayer ceases to be resident for tax purposes in a Member State, whilst acquiring tax residence in another Member State or third country;
− | (6) | ‘transfer of assets’ means an operation whereby a Member State loses the right to tax the transferred assets, whilst the assets remain under the legal or economic ownership of the same taxpayer; |
− | --- | --- |
+ (8) ‘transfer of a business carried on by a permanent establishment’ means an operation whereby a taxpayer ceases to have taxable presence in a Member State whilst acquiring such presence in another Member State or third country without becoming resident for tax purposes in that Member State or thir…
− | (7) | ‘transfer of tax residence’ means an operation whereby a taxpayer ceases to be resident for tax purposes in a Member State, whilst acquiring tax residence in another Member State or third country; |
− | --- | --- |
+ (9) ‘hybrid mismatch’ means a situation involving a taxpayer or, with respect to Article 9(3), an entity where: (a) a payment under a financial instrument gives rise to a deduction without inclusion outcome and: (i) such payment is not included within a reasonable period of time; and (ii) the mismat…
− | (8) | ‘transfer of a business carried on by a permanent establishment’ means an operation whereby a taxpayer ceases to have taxable presence in a Member State whilst acquiring such presence in another Member State or third country without becoming resident for tax purposes in that Member State or …
− | --- | --- |
+ (10) ‘consolidated group for financial accounting purposes’ means a group consisting of all entities which are fully included in consolidated financial statements drawn up in accordance with the International Financial Reporting Standards or the national financial reporting system of a Member State;
− | (9) | ‘hybrid mismatch’ means a situation between a taxpayer in one Member State and an associated enterprise in another Member State or a structured arrangement between parties in Member States where the following outcome is attributable to differences in the legal characterisation of a financial…
− | --- | --- |
− | (a) | a deduction of the same payment, expenses or losses occurs both in the Member State in which the payment has its source, the expenses are incurred or the losses are suffered and in another Member State (‘double deduction’); or |
− | (b) | there is a deduction of a payment in the Member State in which the payment has its source without a corresponding inclusion for tax purposes of the same payment in the other Member State (‘deduction without inclusion’). |
+ (11) ‘structured arrangement’ means an arrangement involving a hybrid mismatch where the mismatch outcome is priced into the terms of the arrangement or an arrangement that has been designed to produce a hybrid mismatch outcome, unless the taxpayer or an associated enterprise could not reasonably ha…
− ### art_3
+ ### Article 3 — Minimum level of protection
− Article 3
+ ## CHAPTER II / **MEASURES AGAINST TAX AVOIDANCE**
− ### art_4
+ ### Article 4 — Interest limitation rule
− Article 4
+ (a) an entity which is permitted or required to apply the rules on behalf of a group, as defined according to national tax law;
− | (a) | an entity which is permitted or required to apply the rules on behalf of a group, as defined according to national tax law; |
− | --- | --- |
+ (b) an entity in a group, as defined according to national tax law, which does not consolidate the results of its members for tax purposes.
− | (b) | an entity in a group, as defined according to national tax law, which does not consolidate the results of its members for tax purposes. |
− | --- | --- |
+ (a) to deduct exceeding borrowing costs up to EUR 3 000 000 ;
− | (a) | to deduct exceeding borrowing costs up to EUR 3 000 000; |
− | --- | --- |
+ (b) to fully deduct exceeding borrowing costs if the taxpayer is a standalone entity.
− | (b) | to fully deduct exceeding borrowing costs if the taxpayer is a standalone entity. |
− | --- | --- |
+ (a) loans which were concluded before 17 June 2016, but the exclusion shall not extend to any subsequent modification of such loans;
− | (a) | loans which were concluded before 17 June 2016, but the exclusion shall not extend to any subsequent modification of such loans; |
− | --- | --- |
+ (b) loans used to fund a long-term public infrastructure project where the project operator, borrowing costs, assets and income are all in the Union.
− | (b) | loans used to fund a long-term public infrastructure project where the project operator, borrowing costs, assets and income are all in the Union. |
− | --- | --- |
+ (a) fully deduct its exceeding borrowing costs if it can demonstrate that the ratio of its equity over its total assets is equal to or higher than the equivalent ratio of the group and subject to the following conditions: (i) the ratio of the taxpayer's equity over its total assets is considered to …
− | (a) | fully deduct its exceeding borrowing costs if it can demonstrate that the ratio of its equity over its total assets is equal to or higher than the equivalent ratio of the group and subject to the following conditions:(i)the ratio of the taxpayer's equity over its total assets is considered t…
− | --- | --- |
− | (i) | the ratio of the taxpayer's equity over its total assets is considered to be equal to the equivalent ratio of the group if the ratio of the taxpayer's equity over its total assets is lower by up to two percentage points; and |
− | (ii) | all assets and liabilities are valued using the same method as in the consolidated financial statements referred to in paragraph 8; |
+ (b) deduct exceeding borrowing costs at an amount in excess of what it would be entitled to deduct under paragraph 1. This higher limit to the deductibility of exceeding borrowing costs shall refer to the consolidated group for financial accounting purposes in which the taxpayer is a member and be c…
− | (b) | deduct exceeding borrowing costs at an amount in excess of what it would be entitled to deduct under paragraph 1. This higher limit to the deductibility of exceeding borrowing costs shall refer to the consolidated group for financial accounting purposes in which the taxpayer is a member and …
− | --- | --- |
− | (i) | first, the group ratio is determined by dividing the exceeding borrowing costs of the group vis-à-vis third-parties over the EBITDA of the group; and |
− | (ii) | second, the group ratio is multiplied by the EBITDA of the taxpayer calculated pursuant to paragraph 2. |
+ (a) to carry forward, without time limitation, exceeding borrowing costs which cannot be deducted in the current tax period under paragraphs 1 to 5;
− | (a) | to carry forward, without time limitation, exceeding borrowing costs which cannot be deducted in the current tax period under paragraphs 1 to 5; |
− | --- | --- |
+ (b) to carry forward, without time limitation, and back, for a maximum of three years, exceeding borrowing costs which cannot be deducted in the current tax period under paragraphs 1 to 5; or
− | (b) | to carry forward, without time limitation, and back, for a maximum of three years, exceeding borrowing costs which cannot be deducted in the current tax period under paragraphs 1 to 5; or |
− | --- | --- |
+ (c) to carry forward, without time limitation, exceeding borrowing costs and, for a maximum of five years, unused interest capacity, which cannot be deducted in the current tax period under paragraphs 1 to 5.
− | (c) | to carry forward, without time limitation, exceeding borrowing costs and, for a maximum of five years, unused interest capacity, which cannot be deducted in the current tax period under paragraphs 1 to 5. |
− | --- | --- |
+ 8. For the purposes of paragraphs 1 to 7, the taxpayer may be given the right to use consolidated financial statements prepared under accounting standards other than the International Financial Reporting Standards or the national financial reporting system of a Member State.
− 8. For the purpose of this Article, the consolidated group for financial accounting purposes consists of all entities which are fully included in consolidated financial statements drawn up in accordance with the International Financial Reporting Standards or the national financial reporting system o…
+ ### Article 5 — Exit taxation
− ### art_5
− Article 5
− 
+ (a) a taxpayer transfers assets from its head office to its permanent establishment in another Member State or in a third country in so far as the Member State of the head office no longer has the right to tax the transferred assets due to the transfer;
− | (a) | a taxpayer transfers assets from its head office to its permanent establishment in another Member State or in a third country in so far as the Member State of the head office no longer has the right to tax the transferred assets due to the transfer; |
− | --- | --- |
+ (b) a taxpayer transfers assets from its permanent establishment in a Member State to its head office or another permanent establishment in another Member State or in a third country in so far as the Member State of the permanent establishment no longer has the right to tax the transferred assets du…
− | (b) | a taxpayer transfers assets from its permanent establishment in a Member State to its head office or another permanent establishment in another Member State or in a third country in so far as the Member State of the permanent establishment no longer has the right to tax the transferred asset…
− | --- | --- |
+ (c) a taxpayer transfers its tax residence to another Member State or to a third country, except for those assets which remain effectively connected with a permanent establishment in the first Member State;
− | (c) | a taxpayer transfers its tax residence to another Member State or to a third country, except for those assets which remain effectively connected with a permanent establishment in the first Member State; |
− | --- | --- |
+ (d) a taxpayer transfers the business carried on by its permanent establishment from a Member State to another Member State or to a third country in so far as the Member State of the permanent establishment no longer has the right to tax the transferred assets due to the transfer.
− | (d) | a taxpayer transfers the business carried on by its permanent establishment from a Member State to another Member State or to a third country in so far as the Member State of the permanent establishment no longer has the right to tax the transferred assets due to the transfer. |
− | --- | --- |
+ (a) a taxpayer transfers assets from its head office to its permanent establishment in another Member State or in a third country that is party to the Agreement on the European Economic Area (EEA Agreement);
− | (a) | a taxpayer transfers assets from its head office to its permanent establishment in another Member State or in a third country that is party to the Agreement on the European Economic Area (EEA Agreement); |
− | --- | --- |
+ (b) a taxpayer transfers assets from its permanent establishment in a Member State to its head office or another permanent establishment in another Member State or a third country that is party to the EEA Agreement;
− | (b) | a taxpayer transfers assets from its permanent establishment in a Member State to its head office or another permanent establishment in another Member State or a third country that is party to the EEA Agreement; |
− | --- | --- |
+ (c) a taxpayer transfers its tax residence to another Member State or to a third country that is party to the EEA Agreement;
− | (c) | a taxpayer transfers its tax residence to another Member State or to a third country that is party to the EEA Agreement; |
− | --- | --- |
+ (d) a taxpayer transfers the business carried on by its permanent establishment to another Member State or a third country that is party to the EEA Agreement.
− | (d) | a taxpayer transfers the business carried on by its permanent establishment to another Member State or a third country that is party to the EEA Agreement. |
− | --- | --- |
+ This paragraph shall apply to third countries that are party to the EEA Agreement if they have concluded an agreement with the Member State of the taxpayer or with the Union on the mutual assistance for the recovery of tax claims, equivalent to the mutual assistance provided for in Council Directive…
− This paragraph shall apply to third countries that are party to the EEA Agreement if they have concluded an agreement with the Member State of the taxpayer or with the Union on the mutual assistance for the recovery of tax claims, equivalent to the mutual assistance provided for in Council Directive…
+ (a) the transferred assets or the business carried on by the permanent establishment of the taxpayer are sold or otherwise disposed of;
− | (a) | the transferred assets or the business carried on by the permanent establishment of the taxpayer are sold or otherwise disposed of; |
− | --- | --- |
+ (b) the transferred assets are subsequently transferred to a third country;
− | (b) | the transferred assets are subsequently transferred to a third country; |
− | --- | --- |
+ (c) the taxpayer's tax residence or the business carried on by its permanent establishment is subsequently transferred to a third country;
− | (c) | the taxpayer's tax residence or the business carried on by its permanent establishment is subsequently transferred to a third country; |
− | --- | --- |
+ (d) the taxpayer goes bankrupt or is wound up;
− | (d) | the taxpayer goes bankrupt or is wound up; |
− | --- | --- |
+ (e) the taxpayer fails to honour its obligations in relation to the instalments and does not correct its situation over a reasonable period of time, which shall not exceed 12 months.
− | (e) | the taxpayer fails to honour its obligations in relation to the instalments and does not correct its situation over a reasonable period of time, which shall not exceed 12 months. |
− | --- | --- |
+ ### Article 6 — General anti-abuse rule
− ### art_6
− 
− Article 6
+ ### Article 7 — Controlled foreign company rule
− ### art_7
− 
− Article 7
+ (a) in the case of an entity, the taxpayer by itself, or together with its associated enterprises holds a direct or indirect participation of more than 50 percent of the voting rights, or owns directly or indirectly more than 50 percent of capital or is entitled to receive more than 50 percent of th…
− | (a) | in the case of an entity, the taxpayer by itself, or together with its associated enterprises holds a direct or indirect participation of more than 50 percent of the voting rights, or owns directly or indirectly more than 50 percent of capital or is entitled to receive more than 50 percent o…
− | --- | --- |
+ (b) the actual corporate tax paid on its profits by the entity or permanent establishment is lower than the difference between the corporate tax that would have been charged on the entity or permanent establishment under the applicable corporate tax system in the Member State of the taxpayer and the…
− | (b) | the actual corporate tax paid on its profits by the entity or permanent establishment is lower than the difference between the corporate tax that would have been charged on the entity or permanent establishment under the applicable corporate tax system in the Member State of the taxpayer and…
− | --- | --- |
+ (a) the non-distributed income of the entity or the income of the permanent establishment which is derived from the following categories: (i) interest or any other income generated by financial assets; (ii) royalties or any other income generated from intellectual property; (iii) dividends and incom…
− | (a) | the non-distributed income of the entity or the income of the permanent establishment which is derived from the following categories:(i)interest or any other income generated by financial assets;(ii)royalties or any other income generated from intellectual property;(iii)dividends and income …
− | --- | --- |
− | (i) | interest or any other income generated by financial assets; |
− | (ii) | royalties or any other income generated from intellectual property; |
− | (iii) | dividends and income from the disposal of shares; |
− | (iv) | income from financial leasing; |
− | (v) | income from insurance, banking and other financial activities; |
− | (vi) | income from invoicing companies that earn sales and services income from goods and services purchased from and sold to associated enterprises, and add no or little economic value; |
+ (b) the non-distributed income of the entity or permanent establishment arising from non-genuine arrangements which have been put in place for the essential purpose of obtaining a tax advantage. For the purposes of this point, an arrangement or a series thereof shall be regarded as non-genuine to th…
− | (b) | the non-distributed income of the entity or permanent establishment arising from non-genuine arrangements which have been put in place for the essential purpose of obtaining a tax advantage.For the purposes of this point, an arrangement or a series thereof shall be regarded as non-genuine to…
− | --- | --- |
+ (a) with accounting profits of no more than EUR 750 000 , and non-trading income of no more than EUR 75 000 ; or
− | (a) | with accounting profits of no more than EUR 750 000, and non-trading income of no more than EUR 75 000; or |
− | --- | --- |
+ (b) of which the accounting profits amount to no more than 10 percent of its operating costs for the tax period.
− | (b) | of which the accounting profits amount to no more than 10 percent of its operating costs for the tax period. |
− | --- | --- |
+ ### Article 8 — Computation of controlled foreign company income
− ### art_8
− 
− Article 8
+ 
+ ### Article 9 — Hybrid mismatches
+ 
+ 1. To the extent that a hybrid mismatch results in a double deduction:
+ 
+ (a) the deduction shall be denied in the Member State that is the investor jurisdiction; and
+ 
+ (b) where the deduction is not denied in the investor jurisdiction, the deduction shall be denied in the Member State that is the payer jurisdiction.
+ 
+ Nevertheless, any such deduction shall be eligible to be set off against dual inclusion income whether arising in a current or subsequent tax period.
+ 
+ 2. To the extent that a hybrid mismatch results in a deduction without inclusion:
+ (a) the deduction shall be denied in the Member State that is the payer jurisdiction; and
+ 
+ (b) where the deduction is not denied in the payer jurisdiction, the amount of the payment that would otherwise give rise to a mismatch outcome shall be included in income in the Member State that is the payee jurisdiction.
+ 
+ 3. A Member State shall deny a deduction for any payment by a taxpayer to the extent that such payment directly or indirectly funds deductible expenditure giving rise to a hybrid mismatch through a transaction or series of transactions between associated enterprises or entered into as part of a stru…
+ 
+ 4. A Member State may exclude from the scope of:
+ 
+ (a) point (b) of paragraph 2 of this Article hybrid mismatches as defined in points (b), (c), (d) or (f) of the first subparagraph of Article 2(9);
+ 
+ (b) points (a) and (b) of paragraph 2 of this Article hybrid mismatches resulting from a payment of interest under a financial instrument to an associated enterprise where: (i) the financial instrument has conversion, bail-in or write down features; (ii) the financial instrument has been issued with…
+ 
+ 5. To the extent that a hybrid mismatch involves disregarded permanent establishment income which is not subject to tax in the Member State in which the taxpayer is resident for tax purposes, that Member State shall require the taxpayer to include the income that would otherwise be attributed to the…
− ### art_9
+ 6. To the extent that a hybrid transfer is designed to produce a relief for tax withheld at source on a payment derived from a transferred financial instrument to more than one of the parties involved, the Member State of the taxpayer shall limit the benefit of such relief in proportion to the net t…
− Article 9
+ ### Article 9b — Tax residency mismatches
− 1. To the extent that a hybrid mismatch results in a double deduction, the deduction shall be given only in the Member State where such payment has its source.
+ To the extent that a deduction for payment, expenses or losses of a taxpayer who is resident for tax purposes in two or more jurisdictions is deductible from the tax base in both jurisdictions, the Member State of the taxpayer shall deny the deduction to the extent that the other jurisdiction allows…
− 2. To the extent that a hybrid mismatch results in a deduction without inclusion, the Member State of the payer shall deny the deduction of such payment.
+ ## CHAPTER III / **FINAL PROVISIONS**
− ### art_10
+ ### Article 10 — Review
− Article 10
+ By derogation from the first subparagraph, the Commission shall evaluate the implementation of Articles 9 and 9b, and in particular the consequences of the exemption set in point (b) of Article 9(4), by 1 January 2022 and report to the Council thereon.
+ 
+ ### Article 11 — Transposition
− ### art_11
− Article 11
− 
+ 
+ 5a. By way of derogation from paragraph 1, Member States shall, by 31 December 2019, adopt and publish the laws, regulations and administrative provisions necessary to comply with Article 9. They shall communicate to the Commission the text of those provisions without delay.
+ They shall apply those provisions from 1 January 2020.
+ 
+ When Member States adopt those provisions, they shall contain a reference to this Directive or be accompanied by such a reference on the occasion of their official publication. Member States shall determine how such reference is to be made.
+ 
+ 
+ ### Article 12 — Entry into force
+ 
+ This Directive shall enter into force on the twentieth day following that of its publication in the *Official Journal of the European Union*.
+ 
+ ### Article 13 — Addressees
+ 
+ This Directive is addressed to the Member States.
+ 
+ (1) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, …
+ 
+ (2) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).
+ (3) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).
+ 
+ (4) Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1).
+ 
+ (5) Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision (OJ L 235, 23.9.2003, p. 10).
− ### art_12
+ (6) Regulation (EC) No 883/2004 of the European Parliament and of the Council of 29 April 2004 on the coordination of social security systems (OJ L 166, 30.4.2004, p. 1).
− Article 12
+ (7) Regulation (EC) No 987/2009 of the European Parliament and of the Council of 16 September 2009 laying down the procedure for implementing Regulation (EC) No 883/2004 on the coordination of social security systems (OJ L 284, 30.10.2009, p. 1).
− This Directive shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
+ (8) Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (OJ L 201, 27.7.2012, p. 1).
− ### art_13
+ (9) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).
− Article 13
+ (10) Council Directive 2010/24/EU of 16 March 2010 concerning mutual assistance for the recovery of claims relating to taxes, duties and other measures (OJ L 84, 31.3.2010, p. 1).
− This Directive is addressed to the Member States.