In July last year the Commission brought forward a proposed Regulation designed to establish the European Public Prosecutor’s Office (EPPO). The EPPO would be responsible for investigating, prosecuting and bringing to judgment the perpetrators of offences against the Union’s financial interests (PIF crimes). The proposal is subject to the UK’s opt-in arrangements, but the Coalition Agreement of 2010 had ruled out the UK’s participation. In October 2013, alongside the national parliaments of 10 other Member States, this House, and the House of Commons, issued reasoned opinions challenging the Commission’s proposal on the grounds of subsidiarity. Sufficient reasoned opinions were submitted by national parliaments triggering a ‘yellow card’, and the Commission was forced to review the proposal. In December 2013, it announced its decision to persevere with the proposed Regulation unamended. The Commission’s disappointing response to the ‘yellow card’ was the catalyst for our decision to launch this inquiry into the proposed EPPO and its ramifications for the UK, in particular the UK’s future relationship with the EU’s current antifraud body OLAF and Eurojust. This report sets out the Committee’s concerns with the two texts currently under discussion in the Council and their potentially significant impact on the UK’s future relationships with OLAF and Eurojust. The Committee fears that under the Commission’s proposed model an EPPO enjoying exclusive competence for PIF crimes would be in danger of being overwhelmed by its workload, and its structure would not be sufficiently robust to enable it to monitor its investigations and prosecutions in the Member States