The general secretariat to the Council of the EU issued a note on June 3, 2016 setting out the state of play with regard to the proposal to introduce a financial transaction tax by 10 EU Member States. The note discusses possible outcomes of ongoing discussions on the following issues: 1) the scope of the tax with regard to shares 2) exemptions for market makers, 3) the scope of the tax with regard to derivative transactions. It is apparent from the note that agreement has not yet been reached on any of these issues.