European FATCA petition against discrimination by financial institutions

A group of people residing in the European Union, with (also) the American nationality, in July has started a European petition against discrimination by financial institutions:

The aim of this petition

To ask the European Parliament and the Council as is their right to order ESMA to investigate the 11 National Competent Authorities of Luxembourg, Ireland, Germany, the Netherlands, France, Belgium, Austria, Sweden, Italy, Spain, and Denmark that allow discrimination on the basis of nationality in EU regulated financial documents namely Key Information Documents, Prospectuses, Marketing material and Websites. Those documents are entirely regulated by many directives and regulations that constitute the legal framework of the Capital Markets Union also known as passporting.

Discrimination in such documents is a gross breach of Article 21.2 of the Charter of Fundamental Rights and article 18 of the Treaty of the Functioning of the European Union.

We are making available 1300 such discriminating documents by major European, British and American asset management companies for PETI, JURI, LIBE, MEPs, the Commission should they be interested, the public and journalists to see.

In addition there is the grave question of EU citizenship and its legal implications within the EU. The fact that due to FATCA IGAs Member States’ governments and EU financial institutions exchange the data of dual EU US citizens with a non Member State raises the fundamental question of European citizenship as bi nationals are now considered US citizens by Member States’ governments and EU financial institutions alike.

Since the Micheletti case, governments must grant or retrieve nationality “with due regard of Community law”.

“Logically the Micheletti decision must also apply when signing treaties or IGAs such as FATCA through which we partially lost our EU citizenship through Member States’ governments actions and entirely our EU citizenship for financial institutions who consider now us US citizens.”

The fact that:

1. FATCA IGAs are bilateral agreements,
2. the Commission has no mandate to negotiate with the US from Member States and
3. there is such a thing as the Payment Account Directive

are totally irrelevant issues against the legal arguments raised in this petition.

On the site more explanation is to be found:

 

More information:

Over Ellen Timmer, advocaat ondernemingsrecht @Pellicaan

Verbonden aan Pellicaan Advocaten, http://www.pellicaan.nl/, kantoor Rotterdam, telefoon 088-6272287, fax 088-6272280, e-mail ellen.timmer@pellicaan.nl ||| Weblogs: algemeen: https://ellentimmer.com/ || modernisering ondernemingsrecht: http://flexbv.wordpress.com/ ||| Motto: goede bedoelingen rechtvaardigen geen slechte regels
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