The Austrian EU Presidency and Financial Services...Presidency, the Austrian Presidency will...

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The Austrian EU Presidency and Financial Services

1 July to 31 December 2018

Kreab Brussels2-4 Rond-Point Schuman - 1040 Brussels, Belgiumwww.kreab.com/brussels - @KreabEU

Table of Contents

Priorities of the Austrian Presidency 2

Key Financial Services Initiatives and Legislative Dossiers 3

Organisation of the Austrian Presidency 11

Austria’s position in the European Union 12

Annex I – Contact Information 13

Permanent Representation of Austria to the European Union 13

ECOFIN and Customs, Economic and Financial Policy Unit 13

Austrian Government 15

Austrian Ministry for Finance 16

Austrian Central Bank 22

Austrian Financial Services Authority 24

Annex II – CVs of Key Austrian Ministers 26

Annex III – Provisional Calendar 28

Annex IV – Key Council Meetings 30

Annex V – Country Fact Sheet 31

Annex VI – The EU Presidency 32

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Priorities of the Austrian Presidency

From July until December 2018 Austria will, for the third time, assume the role of the Presidency of the Council of the European Union during a challenging time, both in Europe and beyond. The EU is facing a wide range of challenges including migration, security, Brexit, a new relationship with the United States, tensions with Russia, and questions around the future of the EU itself.

The Presidency’s efforts will strive to strengthen the EU, help it connect more with its citizens and re-establish trust – its motto being “a Europe that protects.” Austria’s approach will be based on further developing the principle of subsidiarity and its priorities will be: i) security and migration; ii) securing prosperity and competitiveness through digitilisation; and iii) stability in the neighbourhood – rapprochement of the Western Balkans/Southeastern Europe.

Next to these priorities, the Austrians will lead the Council through two very decisive issues for the EU. Firstly, a political deal must be reached with the United Kingdom on its withdrawal agreement from the EU; Austria will focus on safeguarding the unity of the EU-27 and setting the foundations for a successful future relationship. Secondly, negotiations on the Multiannual Financial Framework (MFF) for 2021-2027 will begin in earnest and the Presidency will seek to ensure budgeted resources lead to efficiency gains and provide clear added value for the EU as a whole. Lastly, the Austrian Presidency takes place shortly ahead of the May 2019 European Parliamentary elections, therefore it is expected to run its Presidency at a high intensity to ensure it finalizes negotiations on as many legislative proposals as possible.

Regarding security and migration, the Austrian Presidency aims to build on the ongoing reform of the Common European Asylum System, and re-focus and strengthen the European Border and Coast Guard Agency FRONTEX, so as to guarantee the effective protection of the EU’s external borders. In this regard, the Presidency aims to increase cooperation with third countries and provide assistance to those in need of protection when journeying to the EU. Simultaneously, efforts will be made to educate those in third countries on what qualifying requirements are needed in order to be granted asylum so as to discourage attempts at the dangerous journey to Europe. The Austrian Presidency will also promote efficient information exchange between the security authorities of EU Member States as well as the interoperability of the relevant databases.

On prosperity and competitiveness through digitalisation, the Austrian Presidency views it as essential that the EU avoids overregulation and makes progress in the fields of innovation and digitalisation. Completing the Digital Single Market, modernising public administration on a broad scale and renewing industrial policy are viewed as key steps here. The Presidency will also prioritise the EU’s work on the taxation of the digital economy to ensure that profits are taxed in the country where they are generated.

Finally, Austria will also devote substantial efforts to the promotion of strong relationships between the EU and its neighbours. Namely the Western Balkan/South Eastern European states will take centre stage. Driven by economic and security concerns, and building on the work of the Bulgarian Presidency and the European Commission’s Enlargement Strategy presented in February 2018, the Austrian Presidency seeks to develop a concrete EU position regarding accession talks.

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Key Financial Services Initiatives and Legislative Dossiers

The Austrian Presidency takes office during a transitional period for the European Union, with initial Brexit negotiations nearing conclusion, European Parliamentary elections in May 2019 and the Commission’s mandate coming to an end. Therefore, the Austrians will aim to conclude negotiations on as many files as possible, most-likely only to be the ‘low-hanging fruit’ as overall, the financial services sector is not an overarching priority for the Austrian Presidency.

Nevertheless, the Austrians will need to finalise inter-institutional negotiations on what arguably the most pressing proposal in the financial services sphere; the Risk Reduction Measures (RRM) package. The package includes the Capital Requirements Regulation (CRR) II and Directive (CRD) V, Bank Recovery and Resolution Directive (BRRD) and the Single Resolution Mechanism Regulation (SRMR) and will need to be finalised by year’s end in order to meet internationally agreed implementation deadlines for certain elements. Additionally, the non-performing loans package will be a priority due to the political sensitivity of the topic. On risk-sharing the Austrians are only aiming to continue technical work on the European Deposit Insurance Scheme (EDIS).

Regarding the Capital Markets Union (CMU), the Presidency will aim to finalise inter-institutional negotiations on the pan-European Pensions Product (PEPP) as well reach general approach agreements on the prudential requirements for investment firms (PRIF) and European Markets Infrastructure Regulation review (EMIR REFIT) and EMIR II.2 proposals. Other areas where the Presidency is only aiming to continue work on are the European Supervisory Authorities (ESAs) Review and covered bonds proposals, and the FinTech and Sustainable Finance initiatives.

Finally regarding taxation, the Presidency will prioritise work on digital taxation.

The key proposals during the Austrian Presidency are:

> Risk Reduction Measures (CRD/CRR & BRRD/SRMR) – trialogues > Non-performing loans package > EMIR REFIT > EMIR II.2

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Risk Reduction Measures (RRM) Package

The RRM Package is one of the core dossiers where the Austrian Presidency will prioritise work, with the Bulgarian Presidency reaching a General Approach in May and the European Parliament (EP) finalising its position on all elements of the package in June, the Austrians will be able to start inter-institutional negotiations. The only hurdle remaining is the EP plenary approval of the trialogue negotiations mandate, which is expected during the 2 July plenary session. Trialogues will therefore kick-off during the first two weeks of July and negotiations will begin in earnest following the summer recess, in any case the Austrians will push to complete negotiations before end-December 2018.

European Markets Infrastructure Regulation (EMIR REFIT)

With the review of the EMIR (REFIT) the Commission proposed targeted amendments to the regulation to increase the proportionality of clearing obligations, remove obstacles to clearing, simplify the reporting obligation and harmonise risk mitigation techniques for non-cleared over-the-counter (OTC) trades. The Council’s General Approach was finalised under the Estonian Presidency in December 2017. With the Parliament recently finalising its position and providing the mandate to proceed to trialogues, the file will be one of the first to be addressed by the Austrians. Overall, the proposal is expected to progress smoothly as the co-legislators’ positions are largely aligned with the exception to the potential exemption for Pension Scheme Arrangements (PSAs) from the clearing obligation.

European Markets Infrastructure Regulation Central Counterparties Supervision (EMIR II.2)

Contrary to the uncontroversial negotiations on the EMIR REFIT review, discussions on the proposed further amendments to EMIR on third country supervision and Euroclearing have proven to be more challenging, as these changes are highly politically sensitive and tied to the ongoing Brexit negotiations. Additionally, Member States heavily fragmented positions on extending ESMA’s powers to include the supervision of the EU Central Counterparties (CCPs) has hampered negotiations. While the European Parliament reached a formal position on 16 June, the Bulgarian Presidency was not able to reach a General Approach agreement. Therefore, the Bulgarians are handing over the file to the Austrian Presidency who will continue work towards a consensus on the new governance structures (and avoid any link to the ESAs review) as well as the enhanced involvement of ESMA. As such, negotiations will continue in the Council with a view to potentially strike a deal in October at the earliest, with subsequent trialogues to begin shortly after.

European Markets Infrastructure Regulation – European Central Bank Statute (Article 22)

Following the Commission proposal to amend EMIR, which provisioned for enhanced European oversight of third country CCPs via ESMA and central banks, the European Central Bank (ECB) issued a recommendation to amend Article 22 of its Statute which would grant additional regulatory powers on clearing and payment systems in line with the proposed framework. The file in the Council is coupled together with the EMIR II.2 proposal, meaning that a General Approach can only be agreed once Member States have agreed on the powers that would be extended to the ECB and the Central Banks of Issue under the EMIR II.2 file. In the meantime, the Parliament has formalised its position and adopted its Report on 20 June.

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Review of the European Supervisory Authorities (ESAs)

Following constructive but rather slow and technical discussions on the package under the departing Bulgarian Presidency, the Austrian Presidency will continue to steer discussions with technical experts and attachés in order to draft and present the first compromises. A common position on the most contentious elements of the Commission proposal remains to be found, including the new governance and funding structure for the ESAs, greater control over delegation/outsourcing schemes, and new direct ESMA supervisory powers. Given the large amount of work remaining on the file, and numerous sources of potential political roadblocks, reaching a General Approach before year’s end still appears ambitious and would require the Presidency to devote a degree of focus and energy it does not appear willing to commit.

Future of the Economic and Monetary Union (EMU)

The deepening of the EMU is a key priority for the Commission as witnessed by the EMU December package published in December 2017. In order to complete the EMU and address its shortcomings, the Commission published in May 2018 a proposal to establish a ‘stabilisation’ function, along with a Reform Support Programme. As the Bulgarian Presidency succeeded in reaching a General Approach on the Risk Reduction Measures package, this could act as a precursor to the adoption of ‘risk sharing’ measures under the Austrian Presidency. The June European Council summit will be key in this regard as Member States will signal if these plans are to move forward as a clear split remains between Member States that support risk sharing measures and those who advocate for more risk reduction. Austria falls into the latter group, however, will be expected move negotiations forward regarding the establishment of a ‘common backstop’ for the Banking Union.

FinTech

The European Commission published its FinTech Action Plan in March 2018, which contained many predominantly non-legislative actions and recommendations on how industry should manage its development. Alongside the Action Plan, the Commission presented the only legislative proposal on crowdfunding and peer-to-peer (P2P) finance. Some of the actions put forward in the FinTech Action Plan include the set-up of an EU FinTech Lab by Q2 2018, the publication of a report on cryptocurrencies by end-2018, the publication of a report with best-practices for regulatory sandboxes by Q1 2019, the organization of public-private workshops to explore the barriers limiting information sharing on cyber threats by Q2 2018 as well as the development of a strategy on distributed ledger technology and blockchain.

Prudential Review of Investment Firms (PRIF)

The Commission’s legislative proposal outlining new more proportional prudential requirements for investment firms was published in late December 2017. Under the Bulgarian Presidency, negotiations have progressed at a modest pace as policy makers are generally in agreement with the proposal’s aims. The Commission is hoping to finalise work on the file before the end of its mandate and is therefore pushing the Council and Parliament to expedite work on the file. However, whilst the official line from both institutions remains that this file is a priority, behind closed doors appetite is waning as other more pressing files take up the legislative processing power of the EU. Additionally, highly politically charged issues around a strengthened third country equivalence regime will most likely slow negotiations in the Council and Parliament. For the Austrian Presidency, a General Approach and potentially the start of trialogue negotiations is within reach but will require a level of energy that they may not be willing to commit here.

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Cross Border Distribution Funds (CBDF)

As part of its CMU Package, the European Commission released a Regulation and Directive on the cross-border distribution of funds (UCITS/AIFs) in March 2018. The proposals aim to remove barriers for funds, making cross-border distribution simpler, quicker and cheaper and to increase competition. The Directive contained inter alia an explicit requirement for Member States to require the UCITS manager / AIFM to establish a physical presence in order to service retail clients. Under the Bulgarian Presidency the overall tone was largely positive and a General Approach agreement was reached, in the European Parliament however negotiations are yet to begin. Once the EP has formalised its position trialogue negotiations may well kick-off during the Austrian’s tenure, although this proposal is not seen as a priority for either institution.

Digital Taxation

In March 2018 the European Commission launched two new legislative proposals aimed at ensuring greater fairness of the taxation of the digital economy. The Commission proposed new permanent long-term rules that would allow Member States to tax profits that are generated domestically as well as an interim solution where Member States may set a temporary 3% rate on consolidated annual revenue, or digital services provided in the EU. The Bulgarian Presidency started technical work on the proposals and held a political debate on the temporary solution at the informal April ECOFIN. Furthermore, the Commission and France have stated that they are willing to adopt the temporary solution by the end-2018. Nevertheless, despite the Austrian Presidency’s commitment to prioritise digital taxation, progress is likely to be limited as a large group of Member States have expressed that they would prefer a global solution led by the OECD.

Public Country-by-country Reporting (CBCR)

Little to no progress was made under the Bulgarian Presidency as the German Government is yet to crystallize its position on the proposal. At the the latest Council Working Party in June, the German representative reiterated that an official position is yet to be formulated thus progress will likely remain slow under the Austrian Presidency. Even if a political agreement were to be reached here it is expected that a legal challenge would be awaiting given the highly controversial nature of the legal base here.

Common (Consolidated) Corporate Tax Base (C(C)CTB)

Progress during the Bulgarian Presidency has been rather limited as discussions have only been held at the technical level and even with the Commission and European Parliament willingness to see progress, at the end of the day it is all down to the Council. Taxation Commissioner Pierre Moscovici, has on multiple occasions stated that the CCCTB is a key step towards the modernisation of the European tax system. The CCCTB proposal is likely to remain at a standstill, as it could potentially narrow the tax base for some Member States. Therefore, no substantial progress under the Austrian Presidency is expected.

Covered Bonds

The European Commission’s March 2018 legislative proposal on covered bonds aims to establish a robust EU label to help develop markets without (established) covered bonds activities to ease cross-border and attract third-country investment. The Bulgarian Presidency has held preliminary discussions on the proposals which have been generally positive but lacked any real substance. Therefore, the Austrian Presidency is expected to conduct more in-depth negotiations and potentially increase the pace of work here although it is not seen as a top priority.

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Sovereign Bond-Backed Securities (SBBS)

In May 2018, the European Commission presented a legislative proposal outlining a framework for SBBSs. SBBSs are securitised financial products which can increase liquidity and diversify bank’s balance sheets without debt mutualisation between Member States. Considering the strength of concerns previously raised by Member States with regard to any such proposal, the Bulgarian Presidency did not begin negotiations; the Austrians are expected to only kick-off discussions.

Central Counterparty Recovery and Resolution (CCP R&R)

This proposal was originally released by the European Commission in November 2016 and since then has fallen down the Council’s priority list given the strong links between the CCP R&R and EMIR II.2. In light of this parallel legislative work on EMIR II.2, work has been suspended on the CCP R&R pending progress on the former. The Austrian Presidency could attempt to breathe new life into the file and work towards a General Approach under its mandate should negotiations advance on the CCP supervision question; this prevented the departing Bulgarian Presidency from chairing any meetings on CCP R/R. Given that the European Parliament adopted its position on the file in January 2018, trialogue negotiations could begin as soon as the Council reaches a General Approach.

Non-Performing Loans (NPLs)

Following-up on the Council’s July 2017 Action Plan on non-performing loans (NPLs), the Commission delivered its NPL package in March 2018. The package included two legislative proposals, a regulation on minimum loss coverage for non-performing exposures (prudential backstops) and a directive on credit servicers and purchasers, and the recovery of collateral. Additionally, a blueprint providing non-binding guidance on the establishment of asset management companies designed specifically for NPLs was published alongside. Thus far, negotiations on both legislative files in the Council have been very limited, as the Bulgarian Presidency was keen to reach a General Approach on the Risk Reduction Measures package before kicking-off negotiations here. It is expected that Austrian Presidency will progress more swiftly now as an agreement on RRM was reached.

Pan-European Personal Pensions (PEPP)

The Bulgarian Presidency succeeded in making substantial progress on the PEPP proposal, reaching a General Approach agreement just before the end of its tenure. In the European Parliament, the Economic and Monetary Affairs (ECON) Committee vote is set to take place on 11 July, meaning trialogue negotiations will likely start in earnest after the summer recess. There will likely be substantial differences between the two institutions’ positions, notably on the role of national competent authorities and EIOPA, as well as the detailed functioning of sub-accounts. Finalisation of inter-institutional negotiations during their mandate should however still be in reach for the Austrian Presidency.

European Deposit Insurance Scheme (EDIS)

Given the recent agreement on the Risk Reduction Measures package, it is now expected that further political guidance on the Economic and Monetary Union (EMU) reforms will be provided by European leaders at the European Council Summit in June. Part of which would likely be the re-examination of the Banking Union roadmap of 2016. This will take place just before the start of the Austrian Presidency and is expected to either pave the way forward or block EDIS. Most likely EDIS will, if adopted, be implemented in two phases, the first phase would mandate liquidity support and not the sharing of losses, even so any progress on EDIS will be hard fought and drawn out.

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SLL/Assignment of Claims

As part of its March 2018 CMU package, the European Commission’s proposal on SLL/assignment of claims aims to improve the legal certainty of cross-border transactions in securities and claims, and to tackle the long-standing concern of fragmented securities law markets across the EU. In spite of much work already having been undertaken by EU institutions to improve post-trade services (such as clearing, settlement and collateral management) the area still remains a source of concern. As the Bulgarian Presidency held only a kick-off meeting, it is expected the Austrian Presidency will begin work in earnest nevertheless progress in the Council is expected to be difficult and slow as the proposal is not seen as a priority.

Money Market Funds (MMF) – Level 2

In April 2018 the Commission published a delegation regulation amending the Money Market Funds (MMF) Regulation, with regard to simple, transparent and standardised (STS) securitisations and asset-backed commercial papers (ABCPs), requirements for assets received as part of reverse repurchase agreements and credit quality assessment methodologies. This is the final Level 2 measure foreseen under the MFF still to be finalised. The 3 months scrutiny period for the European Parliament and Council will expire on 10 July, falling in the beginning of the Austrian Presidency’s term. Therefore, it is expected that this Level 2 act will pass without objection in the Council (and the EP) before being published in the Official Journal of the EU.

Financial Transactions Tax (FTT)

German Finance Minister Olaf Scholz may have given new impetus to the file after recently stating that the FTT could be used to help plug the EU budget gap following the UK’s departure. These comments were further supported by a proposal presented by French President Emmanuel Macron and German Chancellor Angela Merkel on an “Eurozone budget.” It included an EU-wide FTT inspired by the current French model that would help fund the EU. However, the 10 Participating Member States (PMS) currently negotiating the existing FTT proposal through the enhanced cooperation procedure have only agreed to consider this new proposal and with reports suggesting that Merkel’s own government is split on the issue, progress is expected to remain slow.

Sustainable Finance

Following the Commission’s High-Level Expert Group (HLEG) on Sustainable Finance final report published in January 2018 and the Commission’s ensuing Action Plan, the first five legislative proposals foreseen under the initiative were published in May 2018. The Commission is aiming to sign off the core initiative, the so-called ‘EU sustainable taxonomy’ before the end its mandate, however the Austrian Presidency has not prioritised work here and will likely progress negotiations at a modest pace.

Crowdfunding

Under the Bulgarian Presidency, crowdfunding was not regarded as a priority with only one meeting taking place on the proposal. Similarly, pace in the European Parliament is slow as the rapporteurship was only assigned to Ashely Fox (ECR, UK) in June. In light of this, the Austrian Presidency will certainly make more progress than their predecessors, nevertheless the proposal it is not a priority and will only continue work at a modest pace.

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Securities Financing Transactions Regulation (SFTR) – Level 2

The European Commission is expected to adopt a batch of regulatory technical standards (RTS) foreseen under the SFTR submitted by the European Securities and Markets Authority (ESMA) in March 2017, which notably includes the final RTS on SFT reporting. The original deadline to adopt the RTS was June 2017, but it was clearly pushed back. If the Commission eventually adopts the RTS, the Austrian Presidency will conduct the scrutiny procedure of these measures in the Council.

Cybersecurity

In September 2017, the European Commission published the long-awaited cybersecurity package, a comprehensive set of measures aimed at strengthening cyber resilience across the EU. The package attempts to address many cybersecurity challenges and offers comprehensive solutions. In terms of legislative measures, the Commission has published a proposal reforming the mandate of the European Union Agency for Network and Information Security (ENISA) and establishing an EU cybersecurity certification framework for ICT products and services (the ‘Cybersecurity Act’). In the European Parliament, work is progressing, and is expected to adopt its position on 10 July, while in the Council, the Bulgarian Presidency reached a General Approach agreement. The Austrian Presidency plans to kick-off trialogues and is aiming to reach an final agreement by December 2018.

Multiannual Financial Framework (MFF)

The next EU budget for 2021-2027, the Multiannual Financial Framework, is currently being negotiated amongst Member States and will shape the future of the EU debate during the Austrian Presidency. The Commission’s proposal(s), presented throughout May and June, also include sector specific budgetary proposals. The Commission proposed to fill the Brexit budget gap through cost savings, new revenues and additional contributions from each Member State. Austria, Sweden and Netherlands have already however expressed their opposition to raising their contributions, whereas France and Germany have agreed to raise theirs under certain conditions. Divergences between Member States are clearly deep and the European Parliament’s desire to increase the budget will do nothing to ease negotiations here. Despite these obstacles, Commissioner Günther Oettinger in charge of the EU Budget, is aiming to adopt the proposals before the next European Parliamentary elections in May 2019.

Securitization – Level 2

Following on from the agreement reached on the Securitisation Package during the Maltese Presidency in Spring 2017, discussions have now begun on implementing measures. The latest European Banking Authority (EBA) Guidelines aim to provide a single consistent interpretation of the “Simple Transparent Standardised” criteria for the parties to a qualifying transaction (the originators, sponsors, SSPEs, investors and competent authorities). The interpretations provided by the regulator have been designed with respect to the principle of proportionality i.e. the comprehensiveness of the interpretation is reflective of the perceived level of ambiguity or uncertainty embedded in each STS requirement. This work will continue throughout the course of the year ahead of the regime going live in January 2019.

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Shareholders Rights Directive (SHRD) – Level 2

The revised SHRD will be fully applicable in June 2019 with exception to Articles 3a, 3b and 3c, for which the application date is envisaged to be 24 months following the adoption of implementing acts by the Commission. To recall, the recast Directive provides for enhanced transparency requirements for institutional investors and asset managers, introduces ‘say on pay’ rules to ensure a stronger link between management pay and performance as well as requirements for companies’ transactions with related parties. On 12 April the Commission issued its draft implementing regulation laying down minimum requirements implementing the provisions of the Shareholders Directive on shareholder identification, the transfer of information and the facilitation of the exercise of shareholders rights, accompanied by an Annex, as foreseen in the directive, which are expected to be endorsed by the European Commission by July. Further to these implementing measures, the Commission is bound to adopt Guidelines on the presentation of the remuneration report (non-binding guidance) to foster more standardized and comparable presentation. The legal deadline for the adoption of the implementing acts and the Guidelines is set for 10 September 2018, however, according to Commission sources, the Guidelines will most likely face a certain delay.

Company Law Package

In April 2018 the European Commission published its Company Law Package which contained two proposals. Firstly, a proposal on the use of digital tools and processes in company law. Secondly, on cross-border conversions, mergers and divisions and the protection of stakeholders in case of cross-border operations. The overarching goal of the package is to enhance the general business environment in Europe, which is viewed to be constrained in certain Member States due to red tape, and to ensure that cost of business in Europe decreases. In terms of timing and given its publication late into the Commission’s mandate, it is uncertain at this stage if these proposals will get enough traction to be agreed upon before the end of the current parliamentary term (May 2019). This package is not seen as a priority by the Austrians and progress is therefore likely to be limited.

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Organisation of the Austrian Presidency

On 1 July 2018, Austria will take over the role of Council Presidency Chair for the third time. The Presidency is being coordinated by the Federal Chancellery (BKA), currently headed by Chancellor Sebastian Kurz and represented in Brussels by the Permanent Representative to the EU Nikolaus Marschik and in Vienna by Gernot Blümel (Federal Minister within the Federal Chancellery for the EU, Arts, Culture and Media) and Juliane Bogner-Strauß, (Federal Minister within the Federal Chancellery for Women, Families and Youth). The Austrian Presidency will be based in Vienna.

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Austria’s position in the European Union

Austria intends to increase its visibility in Europe and the world through its upcoming Presidency. It will aim to prevent a split in the EU and to act as a bridge-builder. Accession negotiations with the Western Balkans (one of the important “niches” for Austrian EU activities), the security situation in neighbouring countries and the need for dialogue with Russia will be key issues during the Presidency. Overall, the Austrian Government believes that the EU “should do less but more efficiently” and further apply the principle of subsidiarity in the relationship between the European Union and its Member States.

Attitude toward the EU

Austria’s accession to the European Union on 1 January 1995 marked the completion of the process of its integration efforts, which had started long before the submission of its application for EC membership by then Minister of Foreign Affairs, Alois Mock, on 17 July 1989. Austria’s economy has greatly benefited from its involvement in the growing internal market, since its accession, exports have tripled, and 13,000 new jobs have been created every year. In recent years, Euroscepticism has grown markedly in Austria, albeit voters still show little support for leaving the EU – some 23 per cent in end of 2016.

Domestic Political Scene

Austria is a federal parliamentary republic with a head of government – the chancellor – and a head of state – the president. The country consists of nine states (Bund slander) where both regional and federal governments exercise executive power. The Federal Parliament consists of two chambers: the Lower House (Nationalrat) – directly elected – and the Upper House (Bundesrat) – elected by regional parliaments. During the latest elections held on October 2017, the Austrian People’s Party (OVP) emerged as the largest party in the National Council winning 31.5% of the vote. The Social Democratic Party (SPO) finished second with 26,9, finishing slightly ahead of the Freedom Party of Austria (FPO), who received 26%. The leader of the largest party, Sebastian Kurz, became Chancellor and entered a coalition with the Eurosceptic Freedom Party of Austria, giving the party control of six ministries, including defence, home and foreign affairs.

Austria in the EU

Johannes Hahn is the Austrian Commissioner in the College of Commissioners and holds the European Neighbourhood Policy & Enlargement Negotiations portfolio. He has strong links to the Austrian People’s Party, having begun his political career in the youth branch of the party where he served as chairman of the Vienna group from 1980 to 1985. Prior to joining the Juncker Commission, he served as Commissioner for Regional Policy under the Barroso Commission, from 2010 to 2014, and as Minister for Science and Research from 2007 to 2010.

The country’s 18 seats in the European Parliament are distributed between the Austrian People’s Party (ÖVP, 5 seats, EPP affiliated), the Social Democratic Party (SPÖ, 5 seats, PES affiliated), the Freedom Party (FPÖ, 4 seats, EAF affiliated), the Green Alternative (GRÜNE, 3 seats, EGF affiliated) and NEOS (1 seat, ALDE affiliated).

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ANNEX IContact Information

Austrian Presidency Website: www.eu2018.at

Twitter: www.twitter.com/eu2018

Permanent Representation of Austria to the European UnionAddress: Avenue de Cortenbergh 30 - 1040 BruxellesTelephone: +32 2 2345 100 Email: [email protected]

Permanent Representative Nikolaus Marschik Tel.: +32 2 2345 130 Email: [email protected]

Deputy Permanent Representative Thomas Oberreiter Tel: +32 2 2345 129 Email: [email protected]

Representative to the Political Alexander Kmenttand Security Committee (PSC) Tel: +32 2 2345 239 Email: [email protected]

Press Officer Sebastian Köberl Tel: +32 2 2345 145 Email: [email protected]

Ecofin and Customs, Economic Eva Maria Liebmann-Pesendorferand Financial Policy Head of Unit Tel: +32 2 2345 112/147 Email: [email protected]

Christina Kohlmaier Economic and Financial Policy Tel: +32 2 2345 112/147 Email: [email protected]

Valentin Wegerth EU Budget Tel: +32 2 2345 112/147 Email: [email protected]

14ANNEX I - Contact Information

Markus Maruszcak EU Budget Tel: +32 2 2345 112/147 Email: [email protected]

Barbara Herbolzheimer EU Budget Tel: +32 2 2345 112/147 Email: [email protected]

Andreas Pink Financial Services Tel: +32 2 2345 112/147 Email: [email protected]

Kurt Mlekusch Financial Services Tel: +32 2 2345 112/147 Email: [email protected]

Gerald Lederer Financial Services Tel: +32 2 2345 112/147 Email: [email protected]

Naida Mujic Financial Services Tel: +32 2 2345 112/147 Email: [email protected] Peter Podiwinsky Taxation Tel: +32 2 2345 112/147 Email: [email protected]

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Austrian Government Address: Federal Chancellery – Bundeskanzleramt; Ballhausplatz 2; 1010 Vienna; AustriaTel.: +43 0800 222 666Email: [email protected] / [email protected]

ANNEX I - Contact Information

Sebastian Kurz Federal Chancellor Tel: +43 1 531 15-0

Hartwig Löger Minister of Finance Switchboard: +43 1 51433-500000 Email: [email protected]

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Austrian Ministry for Finance

Address: Ministry for Finance, Johannesgasse 5, 1010 Vienna Tel: +43 1 514 33-0Website: www.english.bmf.gv.at

The current Minister of Finance is Hartwig Löger, who has held this position since 2017. A former business executive before joining the Ministry, Mr Löger served in various positions across the private sector, notably as an industry representative in the banking and insurance division of the Vienna Chamber of Commerce.

The Ministry is responsible for the administration of revenue at the federal level, including the federal government budget, matters of finance concerning the European Union, taxes, duties and tariffs. It formulates and implements the country’s budgetary policy.



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6222

22

Austrian Central Bank

Address: Otto-Wagner-Platz 3 1090 ViennaTel: (+43-1) 404 20-0 Email: [email protected]: www.oenb.at

The Oesterreichische Nationalbank (OeNB) is the Austrian central bank and part of the Eurosystem. It participates in international organizations and offers extensive information services to the general public. The OeNB’s core business areas are: monetary policy, financial stability, banknotes and coins, statistics, and payments.



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Austrian Financial Markets Supervision Authority

Address: Otto-Wagner-Platz 5; A-1090 ViennaTel: (+43) 1 249 59 0Email: [email protected]: www.fma.gv.at

The Financial Market Authority (FMA) is an integrated supervisory authority established in 2002, it supervises all market participants and functions under a single roof. The FMA supervises banks, insurance undertakings, pension companies, corporate provision funds, investment firms and investment services providers, investment funds, financial conglomerates and stock exchange companies. It additionally monitors compliance with legal requirements, fairness and transparency in relation to trading of stock-exchange listed securities (the supervision of markets and stock exchanges).

The FMA conducts further work in many international, particularly European, organisations helping to draw up common supervisory standards and in so doing represents the interests of Austria as a financial marketplace.



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26

ANNEX IICVs of Key Austrian Ministers

Sebastian KurzFederal Chancellor

Born 27 August, 1986Became the youngest head of government in the world, at the age of 31 Fulfilled his military service from 2004 to 2005

Since 2017 Federal Chancellor of Austria 2017 Chairman of the Organisation for Security and Cooperation in Europe (OSCE)2014-2017 Federal Minister for Europe, Integration and Foreign Affairs 2013-2014 Federal Minister for European and International Affairs 2013 Elected as Member of Austrian Parliament 2011-2013 State Secretary at the Federal Ministry of Interior2009 Appointed Chairman of the Austrian People’s Party (ÖVP)2005 Started studying Law at the University Vienna1996-2004 Gymnasium Erlgasse, Vienna

Karin Kneissl Federal Minister for Europe, Integration and Foreign Affairs

Born 18 January, 1965PhD in International Law, École Nationale d’Administration and Bachelor’s degree in Law and Oriental Languages, University of Vienna

Since 2017 Federal Minister for Europe, Integration and Foreign Affairs2011-2015 Board position at Whistleblowing Austria2004-2010 Member of the Municipal Council of Seibersdorf 1990-1998 Diplomatic Service: International Law Office of the Cabinet of ÖVP Foreign Minister Alois Mock and was posted in Paris and Madrid

Hartwig LögerFederal Minister of Finance

Born 15 July 1965Took courses in International Management at the Vienna University of Economics and specialised in Insurance at the University of St. Gallen

Since 2017 Federal Minister of Finance2016-2017 Sector representative, banking and insurance division, Austrian Chamber of Commerce2011-2016 Sector representative, banking and insurance division, Vienna Chamber of Commerce 2014-2018 President of Sportunion Austria (a sports association)

27ANNEX II - CVs of Key Austrian Ministers

Hubert FuchsState Secretary of Finance

Born 13 January 1969PhD in Law and Master’s in Law from University of SalzburgPhD in Business Administration and Master’s in Business Administration from Vienna University of Economics

Since 2017 State Secretary of FinanceSince 2013 Member of the National Council Chartered Public Accountant and Tax Consultant

Margarete SchramböckFederal Minister for Digital and Economic Affairs

Born 12 May 1970PhD in social and economic sciences, Vienna University of Economics and Business Degree in Business Administration, Vienna University of Economics and Business

Since 2018 Federal Minister for Digital and Economic Affairs2017-2018 Federal Minister of Science, Research and Economics2016-2017 CEO Telekom Austria2014-2016 CEO Dimension Data Austria2008-2011 CEO NextiraOne Germany2002-2011 CEO NextiraOne Austria1995-2002 Management functions at Alcatel

Gernot Blümel Federal Minister for the EU, Arts, Culture and Media

Born 24 October 1981 MBA and Master’s Degree in Philosophy, University of Vienna

Since 2018 Federal Minister for the EU, Arts, Culture and Media2015-2017 Member of City Council, Vienna City Senate2015-2016 State Secretary General, ÖVP Vienna2013-2015 Secretary General and spokesperson of the ÖVP2009-2011 Speaker at the Federal Ministry for European and International Affairs2006-2008 Parliamentary assistant & assistant in the office of the Second President of the National CouncilJune 2011 Cabinet of the Vice Chancellor2008-2010 Vice President of the Young EPP

28

ANNEX IIIProvisional Calendar

01 July – 31 December 2018draft calendarversion 23/05/18

JULYMON TUE WED THU FRI SAT SUN

1

2EP Plenary(Strasbourg)

3EP Plenary(Strasbourg)PSC

4EP Plenary(Strasbourg)Coreper IICoreper I

5EP Plenary(Strasbourg)PSCVisit EC (Vienna)

6Coreper I Visit EC (Vienna)

7 8

9 10PSC

11Coreper IICoreper ICoreper Art. 50 (poss.)PSC

12EUROGROUPInformal JHA(Innsbruck)

13ECOFIN Coreper IInformal JHA(Innsbruck)

14 15

16FACAGRIFISHInformal COMPET (Vienna)

17GAC Art. 50 (poss.)PSCInformal COMPETResearch (Vienna)

18Coreper IICoreper I

19Coreper I visitPSCInformal EPSCO (Vienna)

20Coreper I visitInformal EPSCO (Vienna)

21Coreper I visit BE National Holiday

22

23 24ECOFIN Budget (poss.)PSC

25Coreper IICoreper ICoreper Art. 50

26Coreper II visit PSC (poss.)

27Coreper II visit

28Coreper II visit

29

30 31

AUGUSTMON TUE WED THU FRI SAT SUN

1 2 3 4 5

6 7 8 9 10 11 12

13 14 15Assumption

16 17 18 19

20 21 22 23 24 25 26

27PSC (poss.)

28 29Informal Defence (Vienna)

30Informal Defence (Vienna)Gymnich (Vienna)

31PSC (poss.)Gymnich (Vienna)

SEPTEMBERMON TUE WED THU FRI SAT SUN

1 2

3Informal Youth (Vienna)

4PSCConciliation Cte. (poss.)


6PSC

7Coreper IInformal ECOFIN (Vienna)

8Informal ECOFIN (Vienna)

9

10EP Plenary(Strasbourg)AGRIFISH (poss.)Informal Health (Vienna)

11EP Plenary(Strasbourg)PSCInformal Health (Vienna)

12EP Plenary(Strasbourg)Coreper IICoreper ICoreper Art. 50PSCPSC visit

13EP Plenary(Strasbourg)PSC visit Conference on Securityand Migration – Promoting Partnership and Resilience(Vienna)

14Coreper IPSC visit Conference on Security and Migration – Promoting Partnership and Resilience(Vienna)Informal FACDevelopment (Brussels)

15 16

17Informal TTE Energy (Linz)

18GACGAC Art. 50 PSC Informal TTE Energy (Linz)


20PSCInformal Meeting of Heads of State/Government (Salzburg)

21Coreper I

22 23Informal AGRIFISH (Schloss Hof, Lower Austria)

24Informal AGRIFISH (Schloss Hof, Lower Austria)

25PSCInformal AGRIFISH (Schloss Hof, Lower Austria)

26Coreper IICoreper ICoreper Art. 50

27COMPETPSC

28COMPET Research

29 30

The Council sessions will be confirmed in the light of provisional agendas for Council meetings during the 2nd semester of 2018

29ANNEX III - Provisional Calendar

OCTOBERMON TUE WED THU FRI SAT SUN

1EP Plenary(Strasbourg)EUROGROUP(Luxembourg)

2EP Plenary(Strasbourg)ECOFIN (Luxembourg) PSC



5Coreper IInformal FAC Trade (Innsbruck)

6 7

8 9ENVI (Luxembourg) Conciliation Cte. (poss.) PSC

10Coreper IICoreper ICoreper Art. 50PSC

11EPSCO (Luxembourg)JHA (Luxembourg)

12JHA (Luxembourg)Coreper IInformal GenderEquality (Vienna)

13 14

15FAC (Luxembourg)AGRIFISH(Luxembourg)

16Tripartite Social SummitGAC (Luxembourg) GAC Art. 50(Luxembourg)AGRIFISH(Luxembourg) PSC

17Coreper IPSC

18EUROPEAN COUNCILEUROPEAN COUNCIL Art. 50ASEM Summit

19ASEM Summit

20 21




25EP Plenary (Strasbourg)PSC

26AT National Holiday

27 28

29Informal ENVI/TTE (Graz)

30PSCInformal ENVI/TTE (Graz)

31Coreper II Coreper IPSC

NOVEMBERMON TUE WED THU FRI SAT SUN

1All Saints’ Day

2All Souls’ Day

3 4

5EUROGROUP

6ECOFIN PSC


8PSC

9FAC TradeCoreper I

10 11

12EP Plenary(Strasbourg)GAC


14EP Plenary(Strasbourg)Coreper IICoreper IPSC


16ECOFIN BudgetCoreper I

17 18

19FACAGRIFISH

20FAC DefenceAGRIFISH Conciliation Cte. (poss.)

21Coreper II Coreper IPSC (poss.)

22PSC

23Coreper I

24 25

26EYCSFAC Development

27EYCSPSC

28EP Plenary (Brussels) Coreper I

29EP Plenary (Brussels)COMPETCoreper IIPSC

30GAC Cohesion (poss.)COMPET Research Space Coreper I (poss.)

DECEMBERMON TUE WED THU FRI SAT SUN

1 2

3EUROGROUPTTE Transport

4ECOFINTTE TelecomPSC

5Coreper II Coreper IPSC

6JHAEPSCO

7JHAEPSCO HealthCoreper I (poss.)

8 9

10EP Plenary(Strasbourg)FAC

11EP Plenary(Strasbourg)GAC PSC

12EP Plenary(Strasbourg)Coreper IPSC

13EP Plenary(Strasbourg)EUROPEAN COUNCIL

14EUROPEAN COUNCILCoreper I

15 16

17AGRIFISH

18AGRIFISHPSCCoreper I (poss.)

19TTE EnergyCoreper II

20ENVIPSC

21 22 23

24 25Christmas Day

26Christmas Day

27 28 29 30

31

EU-ASEAN-FM meeting in Brussels at the end of the year (tbc)

30

ANNEX IVKey Council Meetings

Informal meetings will take place in Austria. In July meetings will be held in Austria, and in October they will take place in Luxembourg in October. All other meetings will take place in Brussels.

European Council

> 18-19 October> 13-14 December

Eurogroup and ECOFIN Council

Council Configurations:

> 12 July (Eurogroup)> 13 July (ECOFIN)> 24 July (ECOFIN Budget) (poss.)> 1 October (Eurogroup)> 2 October (ECOFIN)> 5 November (Eurogroup) > 6 November (ECOFIN)> 16 November (ECOFIN Budget)> 3 December (Eurogroup)> 4 December (ECOFIN)

Foreign and General Affairs Councils (FAC/GAC)

Council Configurations:

> 16 July (FAC)> 17 July (GAC Art. 50) (poss.)> 18 September (GAC and GAC Art. 50)> 15 October (FAC)> 16 October (GAC and GAC Art. 50)> 19 November (FAC)> 20 November (FAC Defence)> 26 November (FAC Development)> 30 November (GAC Cohesion) (poss.)> 10 December (FAC)> 11 December (GAC)

31

ANNEX VCountry Fact Sheet

Introduction

“Once the center of power for the large Austro-Hungarian Empire, Austria was reduced to a small republic after its defeat in World War I. Following annexation by Nazi Germany in 1938 and subsequent occupation by the victorious Allies in 1945, Austria’s status remained unclear for a decade. A State Treaty signed in 1955 ended the occupation, recognized Austria’s independence, and forbade unification with Germany. A constitutional law that same year declared the country’s «perpetual neutrality» as a condition for Soviet military withdrawal. The Soviet Union’s collapse in 1991 and Austria’s entry into the EU in 1995 have altered the meaning of this neutrality. A prosperous, democratic country, Austria entered the EU Economic and Monetary Union in 1999.”

Geography

Location: Central Europe, north of Italy and Slovenia

Area: 83,871 sq km

Capital: Vienna

People

Population: 8,754,413 (July 2017 est.)

Median age: 44 years

Population growth rate: 0.47% (2017 est.)

Religions: Catholic 73.8% (includes Roman Catholic 73.6%, other Catholic 0.2%), Protestant 4.9%, Muslim 4.2%, Orthodox 2.2%, other 0.8% (includes other Christian), none 12%, unspecified 2% (2001 est.)

Languages: German (official nationwide) 88.6%, Turkish 2.3%, Serbian 2.2%, Croatian (official in Burgenland) 1.6%, other (includes Slovene, official in South Carinthia, and Hungarian, official in Burgenland) 5.3% (2001 est.).

32

ANNEX VIThe EU Presidency

The Role of the EU Presidency

The main function of the Presidency of the Council of the EU is to preside over the legislative and political process, ensuring continuity of the EU agenda. The Presidency rotates every six months, and the hosting Member State has two tasks. Firstly, the Presidency is tasked, to plan, organise, and chair meetings in the Council, its preparatory bodies, and in various EU meetings. The Council comprises of Government Ministers, with different representatives in the various formations of the Council. For instance, economic, finance and tax affairs are covered by ministers in the ECOFIN Council. Secondly, the Presidency represents the Council in relations with other EU institutions, for instance in the EP. In this context, it is responsible for promoting initiatives for integration, the smooth functioning of EU institutions,and ensuring consistent European policy.

How the EU Presidency works

The Council of the EU is one of the decision-making institutions of the EU, and assuming the Presidency is an important role. The Presidency presides over all Council configurations, except the Foreign Affairs Council, which is chaired by the High Representative for Foreign Affairs and Security Policy. The Lisbon Treaty served to reduce the role of the Presidency by officially separating the European Council (Heads of State and Government) from the Council of the European Union (Ministers). The European Council since 1 December 2014, sets the strategic direction of the EU, while the Council of Ministers is the formal legislative body representing Member States. President of the European Council is Donald Tusk (Poland), was re-elected for a second term until 30 November 2019. Another important change introduced in 2007 means that the Presidency programme is now shared by three Member States over an 18-month period to improve consistency and realism in EU policy priorities. The Bulgarian Presidency is the second of its trio, which includes Estonia (H2 2017) and Austria (H2 2018).

Voting rules

Within qualify majority voting (QMV), a new voting system has been applicable since 1 November 2014. In order for a legislative act to be adopted under the new arrangements, it must have the support of at least 55 % of the EU Member States (i.e. 15 Member States in a Union of 28), representing at least 65% of the population. A blocking minority must represent Member States with at least 35% of the EU population, plus one member, meaning that at least four Council members are required. When the Council acts on its own initiative, the qualified majority shall be defined as at least 72% of the members of the Council, representing Member States comprising of at least 65% of the population of these States. Until March 2017, any Member State may request that the old voting system, based on size and population, be applied instead of the new system.

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