28.1.2015

Official Journal of the European Union

C 28/1

COMMUNICATION FROM THE COMMISSION

amending the Annex to the Communication from the Commission to the Member States on the application of Articles 107 and 108 of the Treaty on the Functioning of the European Union to short-term export-credit insurance

(2015/C 28/01)

I. INTRODUCTION

(1)

The Communication from the Commission to the Member States on the application of Articles 107 and 108 of the Treaty on the Functioning of the European Union to short-term export-credit insurance (1) (the ‘Communication’) stipulates in paragraph 13 that State insurers (2) cannot provide short-term export-credit insurance for marketable risks. Marketable risks are defined in paragraph 9 as commercial and political risks with a maximum risk period of less than two years, on public and non-public buyers in the countries listed in the Annex to that Communication.

(2)

As a consequence of the difficult situation in Greece, a lack of insurance or reinsurance capacity to cover exports to Greece was observed in the years 2012 and 2013. That situation led the Commission to amend the Communication by temporarily removing Greece from the list of marketable risks countries in 2013 (3) and in 2014 (4). The most recent modification expires on 31 December 2014. As a consequence, as from 1 January 2015, Greece would in principle be considered again as marketable, since all Member States are included in the list of marketable countries listed in the Annex to the Communication.

(3)

However, in accordance with paragraph 36 of the Communication, several months before the temporary removal ceases, the Commission began to review the situation in order to determine whether the current market situation justifies the expiry of Greece's removal from the list of marketable risk countries in 2015, or whether market capacity is still insufficient to cover all economically justifiable risks, so that a prolongation is needed.

II. ASSESSMENT

(4)

When determining whether the lack of sufficient private capacity to cover all economically justifiable risks justifies the prolongation of the temporary removal of Greece from the list of marketable risk countries, the Commission consulted and sought information from Member States, private credit insurers and other interested parties. The Commission published an information request on the availability of short-term export-credit insurance for exports to Greece on 13 November 2014 (5). The deadline for replies expired on 28 November 2014. Twenty replies were received from Member States and private insurers.

(5)

The information submitted to the Commission in the context of the public information request indicates that private export-credit insurance capacity has been increasing for Greece. The total insured turnover for Greek risks substantially increased in 2014. Private export-credit insurers demonstrated increased willingness to provide insurance coverage for exports to Greece and in all trade sectors. At the same time, State insurers continued to register decreasing demand for credit insurance for exports to Greece, which corroborates the increased availability of private insurance.

(6)

The economic outlook for Greece has also been improving (6). According to the Commission's European Economic Forecast — Autumn 2014, the Greek economy is expected to return to growth during 2014, after six years of recession. Greece's economy is projected to grow by 0,6 % in real terms in 2014. The recovery is projected to gain strength in 2015. Private consumption is expected to rebound fast and exports to continue performing strongly. On the other hand, credit conditions for Greece remain tight.

(7)

Reflecting a gradual improvement in sentiment towards Greece, government bond spreads and the stock exchange index (ATHEX) continued to recover until early September 2014. However, a reversal of this trend was noticed in the last quarter of 2014, due to political developments in Greece. This reflects investors' perception that even though macroeconomic conditions for Greece are steadily improving, uncertainties about the extent and speed of economic recovery remain significant.

(8)

In those circumstances the Commission expects that private export-credit insurers will be cautious in enlarging their exposures and providing insurance coverage for exports to Greece. Despite the positive trend of recovery observed on the private insurance market over 2014 (see recital 5), the developments registered in the last quarter of 2014 are likely to cause a reduction of the supply of export-credit insurance by private insurers. There is therefore a high risk that the private supply of export-credit insurance to Greece will remain below demand in the near future.

(9)

For those reasons, the Commission anticipates a lack of sufficient private capacity to cover all economically justifiable risks. At the same time, in particular if there is greater clarity regarding the future political and economic policies of Greece, it is likely that private insurers will resume increasing their exposure, as they did in the first nine months of 2014. Therefore, a 12-month prolongation of the removal of Greece from the list of marketable countries could be excessive. In those circumstances, the Commission has decided to prolong the removal of Greece from the list of marketable risks countries until 30 June 2015.

III. AMENDMENT TO THE COMMUNICATION

(10)

The following amendment to the Communication from the Commission to the Member States on the application of Articles 107 and 108 of the Treaty on the Functioning of the European Union to short-term export-credit insurance will apply from 23 January 2015 until 30 June 2015:

—

the Annex is replaced by the following:

‘LIST OF MARKETABLE RISK COUNTRIES

—	All Member States with the exception of Greece

—

Australia

—

Canada

—

Iceland

—

Japan

—	New Zealand

—

Norway

—	Switzerland

—	United States’.

(1) OJ C 392, 19.12.2012, p. 1.

(2) A State insurer is defined by the Communication as a company or other organisation that provides export-credit insurance with the support of, or on behalf of, a Member State, or a Member State that provides export-credit insurance.

(3) OJ C 398, 22.12.2012, p. 6.

(4) OJ C 372, 19.12.2013, p. 1.

(5) http://ec.europa.eu/competition/consultations/2014_export_greece/index_en.html

(6) For example: S&P and Fitch: B from B– in September/May 2014; Moody's: Caa1 from Caa2 in September.

28.1.2015

Official Journal of the European Union

C 28/4

Euro exchange rates (1)

27 January 2015

(2015/C 28/04)

1 euro =

	Currency	Exchange rate
USD	US dollar	1,1306
JPY	Japanese yen	133,08
DKK	Danish krone	7,4483
GBP	Pound sterling	0,74725
SEK	Swedish krona	9,3089
CHF	Swiss franc	1,0170
ISK	Iceland króna
NOK	Norwegian krone	8,8130
BGN	Bulgarian lev	1,9558
CZK	Czech koruna	27,872
HUF	Hungarian forint	312,17
PLN	Polish zloty	4,2300
RON	Romanian leu	4,4693
TRY	Turkish lira	2,6768
AUD	Australian dollar	1,4233
CAD	Canadian dollar	1,4085
HKD	Hong Kong dollar	8,7652
NZD	New Zealand dollar	1,5199
SGD	Singapore dollar	1,5167
KRW	South Korean won	1 219,73
ZAR	South African rand	13,1080
CNY	Chinese yuan renminbi	7,0603
HRK	Croatian kuna	7,6900
IDR	Indonesian rupiah	14 114,02
MYR	Malaysian ringgit	4,0741
PHP	Philippine peso	49,839
RUB	Russian rouble	76,6695
THB	Thai baht	36,808
BRL	Brazilian real	2,9284
MXN	Mexican peso	16,5181
INR	Indian rupee	69,4010

(1) Source: reference exchange rate published by the ECB.

28.1.2015

Official Journal of the European Union

C 28/5

COMMISSION DECISION

of 26 January 2015

setting up the ‘EU Joint Transfer Pricing Forum’ expert group

(2015/C 28/05)

THE EUROPEAN COMMISSION,

Having regard to the Treaty on the Functioning of the European Union,

Whereas:

(1)	Commission Decision 2011/C 24/03 (1) which set up the EU Joint Transfer Pricing Forum expires on 31 March 2015.

(2)

Given the importance of transfer pricing tax matters as an Internal Market issue, the positive experience with the EU Joint Transfer Pricing Forum in assisting and advising the Commission, and the Commission’s continuous need for such a body, in order to achieve a more uniform application of transfer pricing rules within the Union, it is necessary to set up a new expert group EU Joint Transfer Pricing Forum and to define its tasks and its structure.

(3)	The EU Joint Transfer Pricing Forum should assist and advise the Commission on transfer pricing tax issues.

(4)	The EU Joint Transfer Pricing Forum should be composed of governmental and non-governmental sector experts in the field of transfer pricing. It is also desirable to be able to replace members in order to maintain a balanced representation of relevant areas of expertise and areas of interest.

(5)	Rules on disclosure of information by members of the EU Joint Transfer Pricing Forum should be laid down.

(6)	Personal data should be processed in accordance with Regulation (EC) No 45/2001 of the European Parliament and of the Council (2).

(7)	Decision 2011/C 24/03 should be repealed.

(8)	It is appropriate to fix a period for the application of this Decision,

HAS DECIDED AS FOLLOWS:

Article 1

Subject matter

The group of experts called the EU Joint Transfer Pricing Forum, hereinafter referred to as ‘the Forum’, is hereby set up.

Article 2

Task

The Forum’s tasks shall be:

(a)	to create a platform where business, civil society and national tax administration experts can discuss transfer pricing problems which constitute obstacles to cross-border business activities within the Union;

(b)	to advise the Commission on transfer pricing tax issues;

(c)	to assist the Commission in finding practical solutions, compatible with the OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations.

Article 3

Consultation

1. The Commission may consult the Forum on any matter relating to transfer pricing.

2. The Chairperson of the Forum may advise the Commission to consult the Forum on a specific question.

Article 4

Membership – Appointment

1. Members of the Forum shall be Member States’ tax administrations and 18 organisations (3).

2. Each Member State’s tax administration shall appoint one representative to the Forum who shall be a civil servant dealing with transfer pricing matters.

3. Organisations shall be appointed by the Director-General of the Directorate-General for Taxation and Customs Union from organisations who have responded to a dedicated call for applications and who have nominated as their representatives suitably qualified experts.

4. Organisations deemed suitable for membership but not appointed may be placed on a reserve list, which the Commission may use for the appointment of replacements.

5. Organisations shall be appointed for two years. They shall remain in office until such time as they are replaced or their term of office ends. Their term of office may be renewed.

6. Organisations may be replaced for the remainder of their term of office in any of the following cases:

(a)	where the organisation resigns;

(b)	where the organisation is no longer capable of contributing effectively to the work of the Forum;

(c)	where it is desirable in order to maintain a balanced representation of relevant areas of expertise and areas of interest.

7. The names of the organisations shall be published in the Register of Commission expert groups and other similar entities (‘the Register’) and on a dedicated website.

8. Personal data shall be collected, processed and published in accordance with Regulation (EC) No 45/2001.

Article 5

Operation

1. The Director-General of the Directorate-General for Taxation and Customs Union shall appoint the Chairperson of the group. Meeting documents shall be prepared under the responsibility of the Chairperson, in consultation with the Commission’s representative.

2. In agreement with the Commission’s representative, the Forum may set up sub-groups to examine specific questions on the basis of terms of reference defined by the Forum. Such sub-groups shall be disbanded as soon as their mandate is fulfilled.

3. The Commission’s representative may invite on an ad hoc basis experts from outside the Forum with specific competence in a subject on the agenda to participate in the work of the Forum or subgroup. In addition, the Commission’s representative may give observer status to individuals, organisations as defined in rule 8(3) of the Horizontal rules on expert groups (4), candidate countries, and the OECD.

4. Members of the Forum and their representatives, as well as invited experts and observers, shall comply with the obligations of professional secrecy laid down by the Treaties and their implementing rules, as well as with the Commission’s rules on security regarding the protection of EU classified information, laid down in the Annex to Commission Decision 2001/844/EC, ECSC, Euratom (5). Should they fail to respect these obligations, the Commission may take all appropriate measures.

5. In principle, the meetings of the Forum and its sub-groups shall be held on Commission premises. The Commission shall provide secretarial services. Other Commission officials with an interest in the proceedings may attend meetings of the Forum and its sub-groups.

6. The Forum shall adopt its rules of procedure on the basis of the standard rules of procedure for expert groups.

7. The Commission shall publish all relevant documents on the activities carried out by the Forum such as agendas, minutes and participants’ submissions, either in the Register or via a link from the Register to a dedicated website where information can be found. Exceptions to publication are possible where disclosure of a document would undermine the protection of a public or private interest as defined in Article 4 of Regulation (EC) No 1049/2001 of the European Parliament and of the Council (6).

Article 6

Meeting expenses

1. Participants in the activities of the Forum shall not be remunerated for the services they render.

2. Travel and, where appropriate, subsistence expenses incurred by participants in the activities of the Forum shall be reimbursed by the Commission in accordance with the provisions in force within the Commission.

3. Those expenses shall be reimbursed within the limits of the available appropriations allocated under the annual procedure for the allocation of resources.

Article 7

Repeal

Decision 2011/C 24/03 is repealed.

Article 8

Applicability

This Decision shall apply until 31 March 2019.

Done at Brussels, 26 January 2015.

For the Commission

Pierre MOSCOVICI

Member of the Commission

(1) Commission Decision 2011/C 24/03 of 25 January 2011 setting up the EU Joint Transfer Pricing Forum expert group (OJ C 24, 26.1.2011, p. 3).

(2) Regulation (EC) No 45/2001 of the European Parliament and of the Council of 18 December 2000 on the protection of individuals with regard to the processing of personal data by the Community institutions and bodies and on the free movement of such data (OJ L 8, 12.1.2001, p. 1).

(3) Organisations in the broad sense of the word including companies, associations, Non-Governmental-Organisations, trade unions, universities, research institutes, Union agencies, Union bodies and international organisations.

(4) Framework for Commission Expert Groups: Horizontal Rules and Public Register, C(2010) 7649 final.

(5) Commission Decision 2001/844/EC, ECSC, Euratom of 29 November 2001 amending its internal Rules of Procedure (OJ L 317, 3.12.2001, p. 1).

(6) Regulation (EC) No 1049/2001 of the European Parliament and of the Council of 30 May 2001 regarding public access to European Parliament, Council and Commission documents (OJ L 145, 31.5.2001, p. 43). [These exceptions are intended to protect public security, military affairs, international relations, financial, monetary or economic policy, privacy and integrity of the individual, commercial interests, court proceedings and legal advice, inspections/investigations/audits and the institution’s decision-making process.]

28.1.2015

Official Journal of the European Union

C 28/10

Prior notification of a concentration

(Case M.7420 — ZF/TRW)

(Text with EEA relevance)

(2015/C 28/10)

On 22 January 2015, the European Commission received a notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1) by which ZF Friedrichshafen AG (‘ZF’, Germany) acquires within the meaning of Article 3(1)(b) of the Merger Regulation sole control over TRW Automotive Holdings Corp. (‘TRW’, USA), by way of purchase of shares.

The business activities of the undertakings concerned are:

— for ZF: worldwide supplier of products for automotive and industrial applications. ZF’s automotive business concentrates on powertrain and chassis technology,

— for TRW: worldwide manufacturer of automotive components focused on active and passive safety technologies.

3.	On preliminary examination, the European Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved.

The European Commission invites interested third parties to submit their possible observations on the proposed operation to the European Commission.

Observations must reach the European Commission not later than 10 days following the date of this publication. Observations can be sent to the European Commission by fax (+32 22964301), by email to COMP-MERGER-REGISTRY@ec.europa.eu or by post, under reference number M.7420 — ZF/TRW, to the following address:

European Commission

Directorate-General for Competition

Merger Registry

1049 Bruxelles/Brussel

BELGIQUE/BELGIË

(1) OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).

		ISSN 1977-091X
Official Journal of the European Union		C 28

English edition	Information and Notices	Volume 58 28 January 2015

Notice No	Contents	page
	II Information
	INFORMATION FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES
	European Commission
2015/C 028/01	Communication from the Commission amending the Annex to the Communication from the Commission to the Member States on the application of Articles 107 and 108 of the Treaty on the Functioning of the European Union to short-term export-credit insurance	1
2015/C 028/02	Non-opposition to a notified concentration (Case M.7394 — Fujitsu/Panasonic/DBJ/JV) ( 1 )	3
2015/C 028/03	Non-opposition to a notified concentration (Case M.7474 — QIA/BPP/Songbird) ( 1 )	3

	IV Notices
	NOTICES FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES
	European Commission
2015/C 028/04	Euro exchange rates	4
2015/C 028/05	Commission Decision of 26 January 2015 setting up the EU Joint Transfer Pricing Forum expert group	5
	NOTICES FROM MEMBER STATES
2015/C 028/06	Information communicated by Member States regarding closure of fisheries	8
2015/C 028/07	Information communicated by Member States regarding closure of fisheries	8
2015/C 028/08	Information communicated by Member States regarding closure of fisheries	9
2015/C 028/09	Information communicated by Member States regarding closure of fisheries	9

	V Announcements
	PROCEDURES RELATING TO THE IMPLEMENTATION OF COMPETITION POLICY
	European Commission
2015/C 028/10	Prior notification of a concentration (Case M.7420 — ZF/TRW) ( 1 )	10

Date and time of closure	20.12.2014
Duration	20.12.2014-31.12.2014
Member State	Germany
Stock or Group of stocks	RED/51214D
Species	Redfish (Sebastes spp.)
Zone	Union and international waters of V; international waters of XII and XIV
Type(s) of fishing vessels	—
Reference number	86/TQ43