This bloomberg piece has a little more color on the situation:
http://www.bloomberg.com/news/artic...ision-on-eu-financial-transaction-tax-in-2016
“The countries that had reservations last time have withdrawn them, so some countries now want to take a look at the possible consequences of the text” that will be drawn up by the European Commission, Schaeuble told reporters on Tuesday. “We want to have a decision by year-end, a positive one, if possible.”
The 10-nation group agreed that the European Commission, the EU’s executive arm, will present draft legislation before the end of the year and further analysis will be done on the potential impact of the tax, including on pension funds, Austrian Finance Minister Hans Joerg Schelling said.
“It’s the first time we really have a clear agreement from all the countries on proposals that are precise," French Finance Minister Michel Sapin said. The work that’s been done “reassured the smaller countries, such as Slovenia and Slovakia,” he said.
Under the Austrian proposal, “harmonized taxation” would initially be applied to transactions of stocks issued in one of the participating countries. “All shares” would be taxed after a transition period “unless participating member states decide otherwise.”
The tax would cover “all derivatives,” though initially products “with public debt to 100 percent as direct underlying” would be exempt. Repurchase agreements, which are used for short-term financing, as well as transactions of public debt managers would also be excluded. Market makers, who provide liquidity, would be subject to reduced tax rates.
