The Council of the European Union has published a note from the General Secretariat concerning the state of play of the ongoing enhanced cooperation procedure for the introduction of a Financial Transaction Tax (FTT). According to the note, the participating Member States have indicated that further negotiations on FTT and drafting of a compromise text of the future Directive will be made against the basis of the agreed upon broad lines relating to a number of the building blocks of FTT (the "Core Engine"). As provided in the note, this "Core Engine" includes the following: I. Territoriality Shares: Cumulation of...