The Economic and Monetary Affairs Committee (ECON) in EP has adopted its reports on the enhanced cooperation procedure for a Financial Transaction Tax (FTT) and on EP's own-initiative procedure for a motion on reforming the structure of the EU banking sector. Regarding the FTT, where EP is limited to expressing an opinion, ECON supported the Commission's original proposals, although it wants to introduce a transitional period until 2017 where trades in sovereign bonds and trades of pension funds would be subject to a reduced tax rate. ECON also inserted a principle whereby acquisition of legal ownership rights is linked to payment of the tax. The final text of the reports adopted are not available yet. The adoption of EP's position in plenary session vote should take place before the summer recess. (Source: Banking Reform: Banks Should Operate on Behalf of the Real Economy, FTT: MEPs Push Wide Scope and Attention to Pension Funds, OEIL File for FTT and OEIL File for Bank Structural Reform)