### contribute to the establishment of high quality common regulatory and supervisory standards and practices , in particular by providing opinions to the community institutions and by developing guidelines , recommendations , and draft technical standards which shall be based on the legislation referred to in article 1 ; ### contribute to a consistent application of union law , in particular by contributing to a common supervisory culture , ensuring consistent , efficient , and effective application of the legislation referred to in article 1 , preventing regulatory arbitrage , mediating and settling disagreements between competent authorities , ensuring a coherent functioning of colleges of supervisors and taking actions , inter alia , in emergency situations ;


### where the commission has adopted a decision pursuant to paragraph 1 , the authority may adopt individual decisions requiring competent authorities to take the necessary action in accordance with the legislation referred to in article 1 to address any risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system by ensuring that financial market participants and competent authorities satisfy the requirements laid down in that legislation . ### where the esrb has adopted a decision pursuant to paragraph 1 , the authority may adopt individual decisions requiring competent authorities to take the necessary action in accordance with this regulation and the legislation referred to in article 1 to address any risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system by ensuring that financial market participants and competent authorities satisfy the requirements laid down in that legislation .


### contribute to developing high quality and uniform supervisory standards , including reporting standards ; ### contribute to developing high quality and uniform supervisory standards , including accounting and reporting standards ;


### 2the authority shall cooperate closely with the esrb . it shall provide the esrb with regular and up - to - date information necessary for the achievement of its tasks . any data necessary for the achievement of its tasks that are not in summary or collective form shall be provided without delay to the esrb upon a reasoned request , as specified in article [ 15 ] of regulation no … . / … [ esrb ] . ### 2the authority shall cooperate closely with the esrb . it shall provide the esrb with regular and up - to - date information necessary for the achievement of its tasks . any data necessary for the achievement of its tasks that are not in summary or collective form shall be provided without delay to the esrb upon a reasoned request , as specified in article [ 15 ] of regulation no … . / … [ esrb ] . the authority shall develop an adequate protocol for the disclosure of confidential information regarding individual financial institutions .


### the securities and markets stakeholder group may submit opinions and advice to the authority on any issue related to the tasks of the authority specified in articles 7 and 8 . ### the securities and markets stakeholder group shall submit opinions and advice to the authority on any issue . any conflict of interest of members of the securities and market stakeholder group has to be disclosed whenever the stakeholder group issues opinions and advice .


### the chairperson shall be appointed by the board of supervisors on the basis of merit , skills , knowledge of financial market participants and markets , and experience relevant to financial supervision and regulation , following an open selection procedure . ### the chairperson shall be appointed by the european parliament on the basis of merit , skills , knowledge of financial market participants and markets , and experience relevant to financial supervision and regulation , following an open selection procedure managed by the board of supervisors who shall select the three strongest candidates for consideration by the european parliament .


### competent authorities shall establish and regularly update public passenger transport plans covering all relevant transport modes for the territory for which they are responsible . these public transport plans shall define the objectives of public transport policy and the means to implement them covering all relevant transport modes for the territory for which they are responsible . they shall at least include : ### agglomerations with more than 200 000 inhabitants must have a transport plan . the competent authorities shall draw up public passenger transport plans and update them as necessary . if interregional services are involved , the transport plans shall be adopted accordingly . these public transport plans shall define the objectives of public transport policy .


### competent authorities shall make available to all interested parties relevant information for the preparation of an offer under a competitive tender procedure . this shall include information on passenger demand , fares , costs and revenues related to the public passenger transport covered by the tender and details of the infrastructure specifications relevant for the operation of the required vehicles or rolling stock to enable them to draft well informed business plans . rail infrastructure managers shall support competent authorities in providing all relevant infrastructure specifications . non - compliance with the provisions set out above shall be subject to the legal review provided for in article 5 . ### competent authorities shall make available to all interested parties relevant information for the preparation of an offer under a competitive tender procedure . this shall include estimates drawn up by the authority concerning passenger demand , fares and revenues and information on likely costs linked to the retention of staff related to the public passenger transport covered by the tender and details of the infrastructure specifications relevant for the operation of the required vehicles or rolling stock to enable them to draft well informed business plans . rail infrastructure managers shall support competent authorities in providing all relevant infrastructure specifications . non - compliance with the provisions set out above shall be subject to the legal review provided for in article 5 .


### where they concern the annual provision of less than 300 000 kilometres of public passenger transport services or less than 150 000 kilometres in the case of a public service contract including public transport by rail . ### where they concern the annual provision of less than 5 000 000 kilometres of public passenger transport services or less than 5 000 000 kilometres in the case of a public service contract including public transport by rail , or


### for contracts with an estimated value equal or above eur 5 . 000 . 000 the commission should approve the intended exclusion if the international agreement concerning market access in the field of public procurement between the union and the country where the goods and / or services originate contains , for the goods and / or services for which the exclusion is proposed , explicit market access reservations taken by the union . where such an agreement does not exist , the commission should approve the exclusion where the third country maintains restrictive procurement measures leading to a lack of substantial reciprocity in market opening between the union and the third country concerned . a lack of substantial reciprocity should be presumed where restrictive procurement measures result in serious and recurring discriminations of eu economic operators , goods and services . ### for contracts with an estimated value equal or above eur 5 . 000 . 000 the commission should approve the intended exclusion if the international agreement concerning market access in the field of public procurement between the union and the country where the goods and / or services originate contains , for the goods and / or services for which the exclusion is proposed , explicit market access reservations taken by the union . where such an agreement does not exist , the commission should approve the exclusion where the third country maintains restrictive procurement measures leading to a lack of substantial market opening between the union and the third country concerned . a lack of substantial level playing field vis - à - vis market opening should be presumed where restrictive procurement measures result in serious and recurring discriminations of eu economic operators , goods and services .


### should an investigation be initiated , the commission shall publish a notice in the official journal of the union , inviting interested parties and member states to provide all relevant information to the commission within a specified period of time . ### should an investigation be initiated , the commission shall publish a notice in the official journal of the union , inviting interested parties and member states to provide all relevant information to the commission within three months .


### the assessment by the commission of whether restrictive procurement measures are maintained by the third country concerned shall be made on the basis of the information supplied by interested parties and member states and / or facts collected by the commission during its investigation , and shall be concluded within a period of nine months after the initiation of the investigation . in duly justified cases this period may be extended by three months . ### the assessment by the commission of whether restrictive procurement measures are maintained by the third country concerned shall be made on the basis of the information supplied by interested parties and member states and / or facts collected by the commission during its investigation , and shall be concluded within a period of six months after the initiation of the investigation . in duly justified cases this period may be extended by three months .


### the european monitoring centre for drugs and drug addiction established by regulation 1920 / 2006 / ec of the european parliament and of the council of 12 december 200618 should have a central role in the exchange of information on new psychoactive substances and in the assessment of the health , social and safety risks that they pose . __________________ 18 oj l 376 , 27 . 12 . 2006 , p . 1 . ### the european monitoring centre for drugs and drug addiction established by regulation 1920 / 2006 / ec of the european parliament and of the council of 12 december 200618 should have a central role in the exchange and coordination of information on new psychoactive substances and in the assessment of the health , social and safety risks that they pose . given that under the scope of this regulation there is an increase in the amount of information expected to be collected and managed by the agency , specific support should be envisaged and provided . __________________ 18 oj l 376 , 27 . 12 . 2006 , p . 1 .


### information from member states is crucial for the effective functioning of the procedures leading to decision on market restriction of new psychoactive substances . therefore , member states should collect , on a regular basis , data on the use of new psychoactive substances , related health , safety and social problems and policy responses , in accordance with the emcdda framework for data collection for the key epidemiological indicators and other relevant data . they should share this data . ### information from member states is crucial for the effective functioning of the procedures leading to decision on market restriction of new psychoactive substances . therefore , member states should monitor and collect , on a regular basis , data on the use of any new psychoactive substances , related health , safety and social problems and policy responses , in accordance with the emcdda framework for data collection for the key epidemiological indicators and other relevant data . they should share this data notably with the emcdda , europol and the european commission .


### in the application of this regulation , the commission should consult member states ' experts , relevant union agencies , civil society and economic operators . ### in the application of this regulation , the commission should consult member states ' experts , relevant union agencies , civil society , economic operators and any other relevant stakeholder .


### this regulation respects fundamental rights and observes the principles recognised by the charter of fundamental rights of the european union , including the freedom to conduct a business , the right to property and the right to an effective remedy , ### this regulation respects fundamental rights and observes the principles recognised by the charter of fundamental rights of the european union and of the european convention of human rights , including the freedom to conduct a business , the right to property , the right of access to preventive healthcare and the right to benefit from medical treatment ,


### the scientific committee of the emcdda shall carry out the risk assessment on the basis of information on the risks of the substance and on its uses , including commercial and industrial uses , provided by the member states , the commission , the emcdda , europol , the european medicines agency , the european chemicals agency , the european food safety authority and on the basis of any other relevant scientific evidence . it shall take into consideration all opinions held by its members . the emcdda shall support the risk assessment and shall identify information needs , including targeted studies or tests . ### the scientific committee of the emcdda shall carry out the risk assessment on the basis of information on the risks of the substance and on its uses , like its patterns and dosage , including commercial and industrial uses , provided by the member states , the commission , the emcdda , europol , the european medicines agency , the european chemicals agency , the european food safety authority and on the basis of any other relevant scientific evidence . it shall take into consideration all opinions held by its members . the emcdda shall support the risk assessment and shall identify information needs , including targeted studies or tests .


### by [ five years after the entry into force of this regulation ] at the latest and every five years thereafter , the commission shall assess the implementation , application and effectiveness of this regulation and publish a report . ### by [ five years after the entry into force of this regulation ] at the latest and every five years thereafter , the commission shall assess the implementation , application and effectiveness of this regulation and publish a report . in this respect , the commission , the emcdda and europol shall conduct post - risk assessments based on epidemiological and sociological studies of new psychoactive substances .


### names , titles and functions of public office holders , civil servants and interest representatives in relation with their professional activities shall be disclosed unless , given the particular circumstances , disclosure would adversely affect the persons concerned . other personal data shall be disclosed in accordance with the conditions regarding lawful processing of such data laid down in ec legislation on the protection of individuals with regard to the processing of personal data . ### personal data shall not be disclosed if such disclosure would harm the privacy or the integrity of the person concerned . such harm does not arise : – if the data relate solely to the professional activities of the person concerned unless , given the particular circumstances , there is reason to assume that disclosure would adversely affect that person ; – if the data relate solely to a public person unless , given the particular circumstances , there is reason to assume that disclosure would adversely affect that person or other persons related to him or her ; – if the data have already been published with the consent of the person concerned . personal data shall nevertheless be disclosed if an overriding public interest requires disclosure . in such cases , the institution , body , office or agency shall be required to specify the public interest . it shall give reasons why , in the specific case , the public interest outweighs the interests of the person concerned . where an institution , body , office or agency refuses access to a document on the basis of this paragraph , it shall consider whether partial access to that document is possible .


### the exceptions as laid down in this article shall only apply for the period during which protection is justified on the basis of the content of the document . the exceptions may apply for a maximum period of 30 years . in the case of documents covered by the exceptions relating to the protection of personal data or commercial interests and in the case of sensitive documents , the exceptions may , if necessary , continue to apply after this period . ### the exceptions as laid down in this article shall not apply to documents transmitted in the framework of procedures leading to a legislative act or delegated or implementing act of general application , or to documents relating to the implementation of union acts and policies or use and beneficiaries of union funds . the exceptions may apply only for as long as is justified by the content of the document and in any event for a maximum period of 30 years . at each request and in any event at regular intervals , the applicability of the exception shall be reviewed .


### where an application concerns a document originating from a member state , other than documents transmitted in the framework of procedures leading to a legislative act or a non - legislative act of general application , the authorities of that member state shall be consulted . the institution holding the document shall disclose it unless the member state gives reasons for withholding it , based on the exceptions referred to in article 4 or on specific provisions in its own legislation preventing disclosure of the document concerned . the institution shall appreciate the adequacy of reasons given by the member state insofar as they are based on exceptions laid down in this regulation . ### where an application concerns a document originating from a member state , other than documents transmitted in the framework of procedures leading to a legislative act or a delegated or implementing act of general application , the authorities of that member state shall be consulted in case of doubt as to whether the document could be covered by one of the exceptions . the institution holding the document shall disclose it , unless the member state gives reasons for withholding it , based on the exceptions referred to in article 4 . the institution shall appreciate the adequacy of reasons given by the member state and take a decision on the basis of its own judgment as to whether the exceptions cover the document concerned . this article shall not apply to documents relating to the implementation of union acts or policies or of use and beneficiaries of union funds , or to documents of member states acting in their capacity as members of the council .


### in exceptional cases , for example in the event of an application relating to a very long document or to a very large number of documents , the time - limit provided for in paragraph 1 may be extended by 15 working days , provided that the applicant is notified in advance and that detailed reasons are given . ### in exceptional cases , for example in the event of an application relating to a very long document or to a very large number of documents , the time - limit provided for in paragraph 1 may be extended only once for a maximum period of 15 working days , provided that the applicant is notified in advance and that detailed reasons are given .


### in exceptional cases , for example in the event of an application relating to a very long document or to a very large number of documents , the time limit provided for in paragraph 1 may be extended by 15 working days , provided that the applicant is notified in advance and that detailed reasons are given . ### in exceptional cases , for example in the event of an application relating to a very long document or to a very large number of documents , the time limit provided for in paragraph 1 may be extended only once for a maximum period of 15 working days , provided that the applicant is notified in advance and that detailed reasons are given .


### failure by the institution to reply within the prescribed time limit shall be considered as a negative reply and shall entitle the applicant to institute court proceedings against the institution and / or make a complaint to the ombudsman , under the relevant provisions of the ec treaty . ### failure by the institution to reply within the prescribed time limit shall be considered as a positive reply and shall entitle the applicant to have access to the document .


### as invasive alien species are numerous , it is important to ensure that priority is afforded to addressing the subset of invasive alien species considered to be of union concern . a list of such invasive alien species considered to be of union concern should therefore be drawn up . an invasive alien species should be considered of union concern if the damage it is causing in the affected member states is so significant that it justifies the adoption of dedicated measures the scope of which extends across the union , including in the member states that are not yet affected or even unlikely to be affected . in order to ensure that the subset of invasive alien species of union concern remains proportionate , the list should be developed in line with a gradual and phased - in approach including an initial capping of the number of invasive alien species of union concern to the top 3% of some 1500 invasive alien species in europe and be focused on those species that cause or are likely to cause significant economic damage , including that deriving from biodiversity loss . ### as invasive alien species are numerous , it is important to ensure that priority is afforded to addressing the subset of invasive alien species considered to be of union concern . a list of such invasive alien species considered to be of union concern should therefore be drawn up . an invasive alien species should be considered of union concern if the damage it is causing in the affected member states is so significant that it justifies the adoption of dedicated measures the scope of which extends across the union , including in the member states that are not yet affected or even unlikely to be affected . in order to ensure that the subset of invasive alien species of union concern remains proportionate , the list should be developed in line with a gradual and phased - in approach and be focused on those species that cause or are likely to cause significant economic damage , including that deriving from biodiversity loss .


### some of the species that are invasive in the union may be native in some of the union ' s outermost regions and vice versa . in the communication from the commission on ‘ the outermost regions : an asset for europe’18 it was recognised that the remarkable biodiversity of the outermost regions calls for the development and implementation of measures to prevent and manage invasive alien species in those regions as defined by the treaty on the functioning of the european union taking into account european council decisions 2010 / 718 / eu of 29 october 2010 amending the status with regard to the european union of the island of saint - barthélemy19 and 2012 / 419 / eu of 11 july 2012 amending the status of mayotte with regard to the european union20 . therefore all the provisions of these new rules should apply to the union ' s outermost regions except for provisions relating to invasive alien species of union concern which are native to those regions . in addition , to allow for the necessary protection of the biodiversity in such regions , it is necessary that the concerned member states draw up , as a complement to the list of invasive alien species of union concern , specific lists of invasive alien species for their outermost regions to which these new rules should also apply . __________________ 18 com 642 final . 19 oj l 325 , 9 . 12 . 2010 , p . 4 . 20 oj l 204 , 31 . 7 . 2012 , p . 131 . ### some of the species that are invasive in the union may be native in some of the union ' s outermost regions and vice versa . in the communication from the commission on ‘ the outermost regions : an asset for europe’18 it was recognised that the remarkable biodiversity of the outermost regions calls for the development and implementation of measures to prevent and manage invasive alien species in those regions as defined by the treaty on the functioning of the european union taking into account european council decisions 2010 / 718 / eu of 29 october 2010 amending the status with regard to the european union of the island of saint - barthélemy19 and 2012 / 419 / eu of 11 july 2012 amending the status of mayotte with regard to the european union20 . therefore all the provisions of these new rules should apply to the union ' s outermost regions except for provisions relating to invasive alien species of union concern which are native to those regions . in addition , to allow for the necessary protection of the biodiversity in such regions , it is necessary that the concerned member states draw up , as a complement to the list of invasive alien species of union concern , specific lists of invasive alien species for their outermost regions to which these new rules should also apply . this list shall be kept open and revised , as new invasive alien species are identified and considered to pose a risk . __________________ 18 com 642 final . 19 oj l 325 , 9 . 12 . 2010 , p . 4 . 20 oj l 204 , 31 . 7 . 2012 , p . 131 .


### a large proportion of invasive alien species are introduced unintentionally into the union . it is therefore crucial to manage the pathways of unintentional introduction . action in this area would need to be gradual , given the relatively limited experience in this field . action should include voluntary measures , such as the actions proposed by the international maritime organisation ' s guidelines for the control and management of ships ' biofouling , and mandatory measures and should build on the experience gained in the union and in member states in managing certain pathways , including measures established through the international convention for the control and management of ships ballast water and sediments . ### a large proportion of invasive alien species are introduced unintentionally into the union . it is therefore crucial to manage the pathways of unintentional introduction . action in this area would need to be gradual , given the relatively limited experience in this field . action should include voluntary measures , such as the actions proposed by the international maritime organisation ' s guidelines for the control and management of ships ' biofouling , and mandatory measures and should build on the experience gained in the union and in member states in managing certain pathways , including measures established through the international convention for the control and management of ships ballast water and sediments . accordingly the commission shall take all appropriate steps to encourage member states to ratify the convention including promoting opportunities for debate between national ministers . notwithstanding the provisions for member state action plans laid down in article 11 , the commission shall , three years from the date of implementation of this regulation , report on member states ' implementation of the aforementioned voluntary measures and shall if appropriate come forward with legislative proposals to incorporate such measures into union law .


### ‘ invasive alien species of union concern’ means invasive alien species whose negative impact has been deemed such as to require concerted action at the level of the union pursuant to article 4 ; ### ‘ invasive alien species of union concern’ means invasive alien species whether non - native to the union or native to certain regions of the union but alien to others , or taxonomic groups of species , whose negative impact has been deemed such as to require concerted action at the level of the union pursuant to article 4 .


### a description of the current distribution of the species including whether the species is already present in the union or in neighbouring countries ; ### a description of the current distribution of the species including whether the species is already present in the union as a native or alien species or in neighbouring countries ;


### a quantified forecast of the damage costs at union level demonstrating the significance for the union , so as to further justify action because the overall damage would outweigh the cost of mitigation ; ### an assessment of the potential costs at union level ;


### a description of the possible uses and benefits deriving from those uses of the species . ### a description of the possible uses and benefits that may be derived from the species .


### member states shall ban any intentional release into the environment , that is the process by which an organism is placed into the environment , for any purpose , without the necessary measures to prevent its escape and spread , of invasive alien species other than invasive alien species of union concern for which member states consider , on the basis of scientific evidence , that the adverse impact from their release and spread , even where not fully ascertained , is of significance on their national territory . ### member states shall ban any intentional release into the environment of invasive alien species other than invasive alien species of union concern for which member states consider , on the basis of the best available scientific evidence , that the adverse impact from their release and spread is of significance on their national territory .


### the minimum set of data sent by the ecall in - vehicle system shall include only the minimum information required for the appropriate handling of emergency calls . ### when processing data , ecall service providers and third party service providers shall comply with the data minimisation principle meaning that only the data necessary to achieve the purpose pursued should be collected . consequently , the ' minimum set of data ' sent by the ecall in - vehicle system shall include only the time of incident , the precise location including direction of driving , the vehicle identification , the ecall identifier giving the severity of the incident , information about a possible service provider .


### the commission shall be empowered to adopt delegated acts in accordance with article 9 which shall define further the requirement of the absence of traceability and tracking and the privacy enhancing technologies referred to in paragraph 1 as well as the modalities of the private data processing and of the user information referred to in paragraph 3 . ### the commission shall be empowered to adopt delegated acts in accordance with article 9 which shall define further the privacy enhancing technologies referred to in paragraph 1 as well as the modalities of the private data processing and of the user information referred to in paragraph 3 .


### as soon as it adopts a delegated act , the commission shall notify it simultaneously to the european parliament and to the council . ### the commission shall be empowered to adopt delegated acts in accordance with article 9 which shall define further the privacy enhancing technologies referred to in paragraph 1 as well as the modalities of the private data processing and of the user information referred to in paragraph 3 .


### associated undertakings should be included in consolidated accounts by means of the equity method . member states should be entitled permit or require that a jointly managed undertaking be proportionately consolidated within consolidated financial statements . ### associated undertakings should be included in consolidated accounts either by means of the equity method or by means of the book value method . member states should be entitled to permit or require that a jointly managed undertaking be proportionately consolidated within consolidated financial statements .


### the member states are strongly encouraged to develop electronic publication systems that allow undertakings to file accounting data , including statutory financial statements , only once and in a form that allows multiple users to access and use the data easily . such systems should , however , not be burdensome to small and medium - sized undertakings . ### a harmonised electronic format for reporting would be very beneficial for undertakings established in the union , since it would facilitate the creation of a one - stop - shop reporting system which could also be used in other fields . therefore , preparation of financial statements in extensible business reporting language should be mandatory with effect from 1 january 2018 , after an appropriate period has elapsed for preparation and testing . creation of such a system should not , however , be burdensome to small and medium sized undertakings .


### the reports should serve to facilitate governments of resource - rich countries in implementing the eiti principles and criteria and account to their citizens for payments such governments receive from undertakings active in the extractive industry or loggers of primary forests operating within their jurisdiction . the report should incorporate disclosures on a country and project basis , where a project is considered as the lowest level of operational reporting unit at which the undertaking prepares regular internal management reports , such as a concession , geographical basin , etc and where payments have been attributed to such projects . in the light of the overall objective of promoting good governance in these countries , the materiality of payments to be reported should be assessed in relation to the recipient government . various criteria on materiality could be envisaged such as payments of an absolute amount , or a percentage threshold and these can be defined through a delegated act . the reporting regime should be subject to a review and a report by the commission within five years of the entry into force of the directive . the review should consider the effectiveness of the regime and take into account international developments including issues of competitiveness and energy security . the review should also take into account the experience of preparers and users of the payments information and consider whether it would be appropriate to include additional payment information such as effective tax rates and recipient details , such as bank account information . ### the disclosures should serve to facilitate governments of resource - rich countries in implementing the eiti principles and criteria , amongst other voluntary reporting standards , and account to their citizens for payments such governments receive from undertakings operating within their jurisdiction . the disclosures should be on a country - by - country and project - by - project basis , where a project is considered as the lowest level of operational reporting unit at which the undertaking prepares regular internal management reports such as a contract , licence , lease or other legal agreement under which an undertaking operates , which give rise to specific revenue liabilities and where payments have been attributed to such projects . in the light of the overall objective of promoting good governance in these countries , the materiality of payments to be reported should be assessed in relation to the recipient government . various criteria on materiality could be envisaged such as payments of an absolute amount , or a percentage threshold and these can be defined through a delegated act . in any case , both materiality of payments and definition of projects shall take into account the local and regional impact of the operation . the reporting regime should be subject to a review and a report by the commission within three years of the entry into force of the directive . the review should consider the effectiveness of the regime and take into account international developments including issues of competitiveness and energy security . the review should also take into account the experience of preparers and users of the payments information and consider whether it would be appropriate to include additional financial information and recipient details , such as bank account information .


### in order to take account of future changes to the laws of the member states and in the legislation of the union concerning company types , the commission should be empowered to adopt delegated acts in accordance with article 290 of the treaty in respect of updating the lists of undertakings contained in annexes i and ii . the use of delegated acts is also necessary to adapt the undertaking size criteria , as with the passage of time inflation will erode their real value . it is of particular importance that the commission carry out appropriate consultations during its preparatory work , including at expert level . in order to ensure a relevant and appropriate level of disclosure of payments to governments by the extractive industry and loggers of primary forests and to ensure uniform application of this directive , the commission should be empowered to adopt delegated acts in accordance with article 290 of the treaty in respect of the specification of the concept of materiality of payments . ### in order to take account of future changes to the laws of the member states and in the legislation of the union concerning company types , the commission should be empowered to adopt delegated acts in accordance with article 290 of the treaty in respect of adapting the undertaking size criteria , as with the passage of time inflation will erode their real value , and for the purposes of adopting international accounting standards . regulation no 1606 / 2002 of the european parliament and of the council of 19 july 2002 on the application of international accounting standards1 should be amended accordingly . it is of particular importance that the commission carry out appropriate consultations during its preparatory work , including at expert level . in order to ensure a relevant and appropriate level of disclosure of payments to governments by the extractive industry and loggers of primary forests and to ensure uniform application of this directive , the commission should be empowered to adopt delegated acts in accordance with article 290 of the treaty in respect of the specification of the concept of materiality of payments . _______________ 1 oj l 243 , 11 . 9 . 2002 , p . 1 .


### ' production cost ' means the purchase price of raw materials , consumables and other costs directly attributable to the item in question . a reasonable proportion of other costs indirectly attributable to the item in question may be included to the extent that they relate to the period of production . distribution costs shall not be included ; ### ' production cost ' means the purchase price of raw materials , consumables and other costs directly attributable to the item in question . a reasonable proportion of other costs indirectly attributable to the item in question shall be included to the extent that they relate to the period of production . distribution costs shall not be included ;


### the annual financial statements shall constitute a composite whole and shall for all undertakings comprise , as a minimum , the balance sheet , the profit and loss account and the notes to the financial statements . ### the annual financial statements shall constitute a composite whole and shall for all undertakings comprise , as a minimum , the balance sheet , the profit and loss account , the notes to the financial statements and a cash - flow statement .


### items in the profit and loss account and balance sheet shall be presented having regard to the substance of the reported transaction or arrangement ; ### items in the profit and loss account and balance sheet shall be classified and presented having regard not only to the legal form but also to the economic substance of the reported transaction or arrangement ;


### recognition , measurement , presentation , and disclosure in annual financial statements shall have regard to the materiality of the relevant items . ### presentation and disclosure in annual financial statements shall have regard to the materiality of the relevant items .


### member states may permit the purchase price or production cost of stocks of goods of the same category and all fungible items including investments to be calculated either on the basis of weighted average prices or on the basis of the ‘ first in , first out’ method , or a similar method . ### member states may permit the purchase price or production cost of stocks of goods of the same category and all fungible items including investments to be calculated either on the basis of weighted average prices or on the basis of the ‘ first in , first out’ method , the ‘ last in , first out’ method , or a similar method .


### a provision shall represent the best estimate of the expenses likely to be incurred , or in the case of a liability , the amount required to settle it at the balance sheet date . ### a provision shall represent the best objective estimate of the expenses likely to be incurred , or in the case of a liability , the amount required to settle it at the balance sheet date .


### consolidated financial statements shall show the assets , liabilities , financial positions , profits or losses of the undertakings included in a consolidation as if there were a single undertaking . ### consolidated financial statements shall show the assets , liabilities , financial positions , cash flows , profits or losses of the undertakings included in a consolidation as if there were a single undertaking .


### when this article is applied for the first time , the associated undertaking shall be shown in the consolidated balance sheet at an amount corresponding to the proportion of the associated undertaking ' s capital and reserves represented by the participating interest . the difference between that amount and the book value calculated in accordance chapters 2 and 3 shall be disclosed separately in the consolidated balance sheet or in the notes to the consolidated financial statements . that difference shall be calculated as at the date as at which that method is used for the first time . in addition , member states may permit or require the calculation of the difference as at the date of acquisition of the shares or , where the shares were acquired in two or more stages , as at the date on which the undertaking became an associated undertaking . ### when this article is applied for the first time , the associated undertaking shall be shown in the consolidated balance sheet either : at its book value calculated in accordance with chapters 2 and 3 . the difference between that value and the amount corresponding to the proportion of capital and reserves represented by the participating interest shall be disclosed separately in the consolidated balance sheet or in the notes to the consolidated financial statements . that difference shall be calculated as at the date as at which that method is used for the first time ; or at an amount corresponding to the proportion of the associated undertaking ' s capital and reserves represented by the participating interest . the difference between that amount and the book value calculated in accordance with chapters 2 and 3 shall be disclosed separately in the consolidated balance sheet or in the notes to the consolidated financial statements . that difference shall be calculated as at the date as at which that method is used for the first time . a member state may prescribe the application of one or other of and above . the consolidated balance sheet or the notes to the accounts must indicate whether or has been used . in addition , for the purposes of and above , member states may permit or require the calculation of the difference as at the date of acquisition of the shares or , where the shares were acquired in two or more stages , as at the date on which the undertaking became an associated undertaking .


### the following types of payments shall be reported : ### the following types of payments and information shall be reported :


### a member state shall require any large undertaking or any public interest entity active in the extractive industry or the logging of primary forests and governed by its national law to draw up a consolidated report on payments to governments in accordance with articles 37 and 38 if that parent undertaking is under the obligation to prepare consolidated financial statements as laid down in article 23 to 23 of this directive . ### a member state shall require any large undertaking or any public interest entity governed by its national law to draw up a consolidated report on payments to governments in accordance with articles 37 and 38 if that parent undertaking is under the obligation to prepare consolidated financial statements as laid down in article 23 to 23 of this directive .


### no credit institution may take deposits unless it is a member of such a scheme . ### no credit institution may take deposits unless it is a member of such a scheme and fulfil requirements by supervisory authorities . it is necessary for supervisory authorities to have a rigorous licensing procedure to assess the soundness of the business plan for each institution that make use of the deposit guarantee scheme .


### the crisis in the financial markets which has unfolded since 2008 has put the issue of financial reporting and auditing at the centre of the union ' s political agenda . a well - functioning common financial reporting framework is essential for the internal market , for the effective functioning of the capital markets and for the realization of the integrated market for financial services in the eu . ### the crisis in the financial markets which has unfolded since 2008 has put the issue of financial reporting and auditing at the centre of the union ' s political agenda . a well - functioning common financial reporting framework is essential for the internal market , for the effective functioning of the capital markets and for the realization of the integrated market for financial services in the eu . in light of the preliminary findings from the uk competition commission of the statutory audit market for ftse 350 companies on 22 february 2013 , auditors , in particular , must ensure they are strictly independent from issuers in order to facilitate the effective functioning of eu capital markets and work on behalf of the shareholder , not issuer management .


### in a global economy , there is a need for a global accounting language . international financial reporting standards developed by the international accounting standards board are adopted and used in many jurisdictions around the world . such international accounting standards need to be developed under a transparent and democratically accountable process . to ensure that the interests of the union are respected and that global standards are of high quality and compatible with union law , it is essential that the interests of the union are adequately taken into account in that international standard - setting process . ### in a global economy , there is a need for a global accounting language , while taking into account the many different accounting traditions and languages already used . international financial reporting standards developed by the international accounting standards board are adopted and used in many jurisdictions around the world , although it must be noted that there are no processes currently in place to ensure that ifrs have been fully implemented in those jurisdictions . such international accounting standards need to be developed under a transparent and democratically accountable process . to ensure that the interests of the union are respected and that global standards are of high quality and compatible with union law , it is vital that the iasb accepts the central idea at the heart of european accounting , which is the requirement for accounts to be prepared on a prudent basis and to be true and fair for all the functions required of accounts by union law .


### in a global economy , there is a need for a global accounting language . international financial reporting standards developed by the international accounting standards board are adopted and used in many jurisdictions around the world . such international accounting standards need to be developed under a transparent and democratically accountable process . to ensure that the interests of the union are respected and that global standards are of high quality and compatible with union law , it is essential that the interests of the union are adequately taken into account in that international standard - setting process . ### in a global economy , there is a need for a global accounting language . international financial reporting standards developed by the international accounting standards board are adopted and used in many jurisdictions around the world . such international accounting standards need to be developed under a transparent and democratically accountable process . to ensure that the interests of the union are respected and that global standards are of high quality and compatible with union law , it is essential that the interests of the union are adequately taken into account in that international standard - setting process . these interests include the maintenance of the ' true and fair view ' principle , working towards a standardised definition , and usage , of the ' going concern ' of a company for both preparers of accounts and auditors and , in light of the european council conclusions on 22 may 2013 , country - by - country reporting for all large companies .


### according to regulation no 1606 / 2002 of the european parliament and of the council of 19 july 2002 on the application of international accounting standards , ifrs should be incorporated into union law to be applied by companies with securities listed on a regulated market in the union , provided that the ifrs meet the criteria set out in that regulation . ifrs therefore play a major role in the functioning of the internal market and thus the union has a direct interest in ensuring that the process through which ifrs are developed and approved delivers standards that are consistent with the requirements of the legal framework of the internal market . ### according to regulation no 1606 / 2002 of the european parliament and of the council of 19 july 2002 on the application of international accounting standards , ifrs should only be incorporated into union law to be applied by companies with securities listed on a regulated market in the union , provided that the ifrs meet the criteria set out in that regulation and the requirements of the fourth council directive 78 / 660 / eec of 25 july 1978 and the seventh council directive 83 - 3497eec of 13 june 1983 . ifrs therefore play a major role in the functioning of the internal market and thus the union has a direct interest in ensuring that the process through which ifrs are developed and approved delivers standards that are consistent with the requirements of the legal framework of the internal market . it should be noted that the ias regulation 2002 uses the conceptual framework from 2001 which has now been changed in several significant manners , particularly around the word ' prudence ' , which includes not booking unrealised profits , and stewardship , which includes the capital maintenance function of accounts .


### ifrs are issued by the iasb and related interpretations are issued by the ifrs interpretations committee , two bodies within the international financial reporting standards foundation . it is therefore important to establish appropriate funding arrangements for the ifrs foundation . ### ifrs are issued by the iasb and related interpretations are issued by the ifrs interpretations committee , two bodies within the international financial reporting standards foundation . it is therefore important to establish appropriate funding arrangements for the ifrs foundation . these funding arrangements will be reliant on the iasb achieving certain milestones in terms of updating its own governance and specific standards and also overhauling its conceptual framework to ensure it properly reflects union company law requirements .


### the european financial reporting advisory group was founded in 2001 by european organisations representing issuers , investors and the accountancy profession involved in the financial reporting process . in accordance with regulation no 1606 / 2002 , efrag provides the commission with opinions on whether an accounting standard issued by the iasb or an interpretation issued by the ifrs interpretations committee , which is to be endorsed , complies with the endorsement criteria set out in that regulation . efrag is also taking up the role of the ‘ single european accounting voice’ in the global arena . in that capacity , efrag provides input to the iasb ' s standard - setting process . ### the european financial reporting advisory group was founded in 2001 by european organisations representing issuers and the accountancy profession involved in the financial reporting process . in accordance with regulation no 1606 / 2002 , efrag provides the commission with opinions on whether an accounting standard issued by the iasb or an interpretation issued by the ifrs interpretations committee , which is to be endorsed , complies with the endorsement criteria set out in that regulation .


### bodies working in the field of accounting and auditing are highly dependent on funding and play major roles in the union which are decisive for the functioning of the internal market . the proposed beneficiaries of the programme established by decision no 716 / 2009 / ec have been co - financed by operating grants from the union budget , which has allowed them to increase their independence from private - sector and ad - hoc funding , thereby raising their capacity and credibility . ### bodies working in the field of accounting and auditing are highly dependent on funding and play major roles in the union which are decisive for the functioning of the internal market . the proposed beneficiaries of the programme established by decision no 716 / 2009 / ec have been co - financed by operating grants from the union budget , which has allowed them to increase their financial independence from private - sector and ad - hoc sources , thereby raising their capacity and credibility . public funding in itself however should not be seen as having confirmed this independence from the private sector . in particular , greater transparency around membership of the iasb ' s and efrag ' s board and other committees should be required to ensure all stakeholders are represented in the endorsement process . all employees of efrag and iasb should be required to declare other relevant financial or job interests or commitments .


### experience has shown that union co - financing ensures that beneficiaries benefit from clear , stable , diversified , sound and adequate funding and it contributes to enabling the beneficiaries to accomplish their public interest mission in an independent and efficient manner . therefore , sufficient funding should continue to be provided by means of a union contribution towards the functioning of international accounting and auditing standard - setting , and in particular to the ifrs foundation , efrag and the piob . ### experience has shown that union co - financing ensures that beneficiaries benefit from clear , stable , diversified , sound and adequate funding and it contributes to enabling the beneficiaries to accomplish their public interest mission in an independent and efficient manner . therefore , sufficient funding should continue to be provided by means of a union contribution towards the functioning of international accounting and auditing standard - setting , and in particular to the ifrs foundation , efrag and the piob . any body receiving union funds should ensure the economical use of public money at all times .


### this regulation should provide for the possibility of co - financing activities of certain bodies pursuing an objective forming part of and supporting the union policy in the field of designing standards , endorsing standards or supervising standard - setting processes related to financial reporting and auditing . ### this regulation should provide for the possibility of co - financing activities of certain bodies pursuing an objective forming part of and supporting the union policy in the field of designing standards , endorsing standards or supervising standard - setting processes related to financial reporting and auditing . this financing should only be given to the bodies in question if it is clear that european accounting concepts , in particular around prudence and the requirement for a true and fair view , are embedded at the core of their conceptual frameworks or structures .


### the programme covers the activities of developing or providing input to the development of standards , applying , assessing or monitoring standards or overseeing standard - setting processes in support of the implementation of union policies in the field of financial reporting and auditing . ### the programme covers the activities of developing or providing input to the development of standards , applying , assessing or monitoring standards or overseeing standard - setting processes in support of the implementation of union policies in the field of financial reporting and auditing . priority shall be given to ' true and fair view ' , to country - by - country reporting and a standardised definition , and usage , of ' going concern ' .


### the financial envelope for the implementation of this regulation over the period 2014 - 2020 shall be eur 58 010 000 in current prices . ### the financial envelope for the implementation of this regulation over the period 2014 - 2020 shall be eur 58 010 000 in current prices , although this figure can be reduced or adjusted if it is found that the beneficiaries have not achieved certain milestones .


### online dispute resolution offers a simple and low - cost out - of - court solution to disputes arising from cross - border online transactions . however , there is currently a lack of mechanisms that allow consumers and traders to resolve such disputes via electronic means . this leads to consumer detriment , acts as a barrier to cross - border online transactions , creates an uneven playing field for traders and thus hampers the development of electronic commerce . ### online dispute resolution offers a simple , effective and low - cost out - of - court solution to disputes arising from cross - border online transactions . however , there is currently a lack of mechanisms that allow consumers and traders to resolve such disputes via electronic means . this leads to consumer detriment , acts as a barrier to cross - border online transactions , creates an uneven playing field for traders and thus hampers the development of electronic commerce .


### this regulation should not apply to disputes between consumers and traders that arise from the cross - border sale of goods or provision of services offline . this regulation should not apply to disputes between traders . ### this regulation should not apply to disputes between consumers and traders that arise from the sale of goods or provision of services offline . this regulation should apply to neither claims by traders against consumers nor disputes between traders .


### this regulation aims at creating an online dispute resolution platform at european level . the odr platform should take the form of an interactive website offering a single point of entry to consumers and traders seeking to resolve disputes out - of - court which have arisen from a cross - border e - commerce transaction . it should allow consumers and traders to submit complaints by filling in an electronic complaint form available in all official languages of the union and transmit complaints to an alternative dispute resolution entity competent to deal with the dispute concerned . the platform should offer to adr entities and the parties the possibility of conducting the dispute resolution procedure via the platform . ### this regulation aims at creating an online dispute resolution platform at european level . the odr platform should take the form of a dedicated interactive website offering a single point of entry to consumers and traders seeking to resolve disputes out - of - court which have arisen from a cross - border e - commerce transaction . it should provide general information regarding the out - of - court settlement of contractual disputes between traders and consumers arising from the online sale of goods or provision of services . it should allow consumers and traders to submit complaints by filling in an electronic complaint form available in all official languages of the union and inform them of the possibility of seeking assistance from facilitators if necessary in completing the form correctly . it should transmit complaints to an alternative dispute resolution entity competent to deal with the dispute concerned . the platform should offer to adr entities and the parties the possibility of conducting the dispute resolution procedure via the platform .


### the purpose of this regulation is to contribute to the functioning of the internal market , and in particular its digital dimension , and to the achievement of a high level of consumer protection by providing a platform facilitating the impartial , transparent , effective and fair out - of - court resolution of disputes between consumers and traders online . ### the purpose of this regulation is to contribute to the effective functioning of the internal market , and in particular its digital dimension , and to the achievement of a high level of consumer protection by providing an online platform facilitating the impartial , transparent , effective and fair out - of - court resolution of disputes between consumers and traders online .


### this regulation shall apply to the out - of - court resolution of contractual disputes arising from the cross - border online sale of goods or provision of services between consumers and traders through the intervention of an alternative dispute resolution entity complying with directive [ office of publications please insert number of directive of the european parliament and of the council on alternative dispute resolution for consumer disputes and amending regulation no 2006 / 2004 and directive 2009 / 22 / ec ] and involving the use of a european online dispute resolution platform . ### this regulation shall apply to the out - of - court resolution of contractual disputes arising from the cross - border online sale of goods or provision of services between consumers and traders through the intervention of an extrajudicial dispute resolution entity complying with directive [ office of publications please insert number of directive of the european parliament and of the council on alternative dispute resolution for consumer disputes and amending regulation no 2006 / 2004 and directive 2009 / 22 / ec ] and involving the use of a european online dispute resolution platform .


### the commission shall be responsible for the odr platform as regards its development , its operation , its maintenance and as regards data security . ### the commission shall be responsible for the odr platform as regards its development and operation and as regards translations , user - friendliness maintenance , funding and data security . the development , operation , user - friendliness and maintenance of the platform shall respect the principles ‘ privacy by design’ and , as far as possible ‘ design for all’ .


### a complaint submitted to the platform shall be processed if the complaint form is fully completed . ### a complaint submitted to the odr platform shall only be processed if all the necessary sections of the complaint form are fully completed . if this is not the case , the odr platform shall inform the complainant party of the decision not to process the form and the reasons why . the platform shall also offer the complainant party the services of a facilitator in completing his electronic claim form should he so desire . if this is the case , the facilitator shall contact the complainant party for this purpose .


### at or immediately after the conclusion of the contract , the organiser shall provide the traveller with a copy of the contract or a confirmation of the contract on a durable medium . ### at or immediately after the conclusion of the contract , the organiser shall provide the traveller with a copy of the contract or a confirmation of the contract .


### such measures should aim at removing incentives for the fleets of the country allowing non - sustainable fishing to fish on the stock of common interest . this can be achieved by , for example , restricting imports of fish products caught by vessels conducting fisheries on a stock of common interest under the responsibility of a country allowing non - sustainable fishing , restricting the provision of port services to those vessels or avoiding that union fishing vessels or union fishing equipment may be used for fishing the stock of common interest under the responsibility of the country allowing non - sustainable fishing . ### such measures should aim to remove incentives for the fleets of the country allowing non - sustainable fishing to fish on the stock of common interest . this can be achieved by , for example , restricting imports of all fish and fishery products originating from a country allowing non - sustainable fishing , restricting the provision of port services to vessels flying the flag of that country or preventing union fishing vessels or union fishing equipment from being used for fishing the stock of common interest under the responsibility of the country allowing non - sustainable fishing .


### this regulation lays down the framework for the adoption of certain measures regarding fisheries - related activities and policies by third countries with the aim of ensuring long - term sustainability of fish stocks of common interest between the european union and those third countries . ### this regulation lays down a framework for the adoption by the commission of certain measures regarding the fisheries - related activities and policies of third countries and has the aim of ensuring the long - term sustainability of fish stocks of common interest between the european union and those third countries .


### ' stock of common interest ' means a fish stock whose geographical distribution makes it available to the fleets of both member states and third countries and whose management requires the cooperation between these third countries and the union ; ### ' stock of common interest ' means a fish stock whose geographical distribution makes it available to the fleets of both member states and third countries and whose management requires the cooperation between these third countries and the union , or a fish stock managed under rfmos&#160 ; to which the union is a contracting party ;


### has adopted such measures without due regard to the rights , interests and duties of others including the european union , and those fishery management measures lead to fishing activities which would lead the stock below the levels that can produce maximum sustainable yield , when considered in conjunction with measures taken by the union either autonomously or in cooperation with other countries . ### has adopted such measures without due regard to the rights , interests and duties of others including the european union , and those fishery management measures lead to fishing activities which would lead the stock below the levels that can produce maximum sustainable yield , when considered in conjunction with measures taken by the union either autonomously or in cooperation with other countries , or has failed or refused to adopt the management measures approved within the rfmo that manages the stock .


### for the purposes of paragraph 1 , the stock levels that can produce maximum sustainable yield shall be determined on the basis of best available scientific advice . ### for the purposes of paragraph 1 , best available scientific advice shall determine the stock levels that can produce maximum sustainable yield .


### impose restrictions of the use of union ports by vessels flying the flag of the country allowing non - sustainable fishing that fish the stock of common interest and by vessels transporting fish and fishery products stemming from the stock of common interest that had been caught either by vessels flying the flag of the country allowing non - sustainable fishing or by vessels authorised by it while flying another flag ; such restrictions shall not apply in cases of force majeure or distress within the meaning of article 18 of the unclos for services strictly necessary to remedy those situations ; ### impose restrictions on the use of union ports by fishing vessels flying the flag of the country allowing non - sustainable fishing ; such restrictions shall not apply in cases of force majeure or distress within the meaning of article 18 of the unclos for services strictly necessary to remedy those situations ;


### made effective in conjunction with restrictions on fishing by union vessels or on production or consumption within the union applicable to fish , and fishery products made of or containing such fish , of the species for which the measures have been adopted pursuant to this regulation . these restrictions , in the case of associated species , may apply only when these are caught while conducting fisheries on the stock of common interest . ### made effective in conjunction with restrictions on fishing by union vessels or on production or consumption within the union applicable to fish , and fishery products made of or containing such fish , of the species for which the measures have been adopted pursuant to this regulation .


### prior to adopting measures pursuant to article 4 , the commission shall provide the third country concerned with a reasonable opportunity to respond to the notification in writing and to remedy the situation . ### prior to adopting measures pursuant to article 4 , the commission shall provide the third country concerned with the opportunity to respond to the notification in writing and to remedy the situation before a clear deadline .


### considering the communiqué of g20 finance ministers and central bank governors of 15 april 2011 on ensuring that participants on commodity derivatives markets should be subject to appropriate regulation and supervision , the exemptions from directive 2004 / 39 / ec for various participants active in commodity derivative markets should be modified to ensure that activities by firms , which are not part of a financial group , involving the hedging of production - related and other risks as well as the provision of investment services in commodity or exotic derivatives on an ancillary basis to clients of the main business remain exempt , but that firms specialising in trading commodities and commodity derivatives are brought within this directive . ### considering the communiqué of g20 finance ministers and central bank governors of 15 april 2011 on ensuring that participants on commodity derivatives markets should be subject to appropriate regulation and supervision , the exemptions from directive 2004 / 39 / ec for various participants active in commodity derivative markets should be modified to ensure that activities by firms , which are not part of a financial group , involving the hedging of production - related and other risks as well as the provision of investment services in commodity or exotic derivatives on an ancillary basis to clients of the main business remain exempt . it has to be kept in mind that firms whose main business is producing and / or supplying a commodity and which trade on own account in commodity derivatives as an ancillary activity are already subject to tailor - made regulatory oversight and to regulatory reporting obligations specifically to spot and physical forward transactions by virtue of regulation 2011 / 1227 / ec and are subject to regulatory reporting obligations in respect of standard derivative transactions and regulatory oversight by virtue of regulation [ ] . firms specialising in trading commodities and commodity derivatives however should be brought within this directive .


### provided that in all cases this is an ancillary activity to their main business , when considered on a group basis , and that main business is not the provision of investment services within the meaning of this directive or banking services under directive 2006 / 48 / ec ; ### provided that in all cases this is an ancillary activity to their main business when considered on a group basis or to the main business of the owners and their affiliates where the services are provided by jointly managed undertakings , and that main business is not the provision of investment services within the meaning of this directive or banking services under directive 2006 / 48 / ec ;


### firms which provide investment services and / or perform investment activities consisting exclusively in dealing on own account on markets in financial futures or options or other derivatives and on cash markets for the sole purpose of hedging positions on derivatives markets or which deal for the accounts of other members of those markets or make prices for them and which are guaranteed by clearing members of the same markets , where responsibility for ensuring the performance of contracts entered into by such firms is assumed by clearing members of the same markets ; ### firms : which provide investment services and / or perform investment activities consisting exclusively in dealing on own account on markets in financial futures or options or other derivatives and on cash markets for the sole purpose of hedging positions on derivatives markets , or which deal for the accounts of other members of those markets or make prices for them and which are guaranteed by clearing members of the same markets , where responsibility for ensuring the performance of contracts entered into by such firms is assumed by clearing members of the same markets ;


### transmission system operators as defined in article 2 of directive 2009 / 72 / ec or article 2 of directive 2009 / 73 / ec when carrying out their tasks under those directives or regulation 714 / 2009 or regulation 715 / 2009 or network codes or guidelines adopted pursuant those regulations . ### transmission and distribution system operators as defined in article 2 and of directive 2009 / 72 / ec or article 2 and of directive 2009 / 73 / ec as well as storage and lng system operators as defined in article 2 and respectively of directive 2009 / 73 / ec and persons acting as their service providers when carrying out the system operators’ tasks under those directives or regulation 714 / 2009 or regulation 715 / 2009 or network codes or guidelines adopted pursuant those regulations , such as the issuance of transmission rights , or other capacity rights , and the provision of a platform for secondary trading , and any other persons when buying and / or selling such transmission rights or other capacity rights ; this exemption applies only with regard to the aforementioned activities .


### the criteria for determining whether an activity is ancillary to the main business shall take into account at least the following elements : - the extent to which the activity is objectively measurable as reducing risks directly related to the commercial activity or treasury financing activity , - the capital employed for carrying out the activity . ### the criteria for determining whether an activity is ancillary to the main business shall take into account at least the following elements : the extent to which the activity is objectively measurable as reducing risks directly related to the commercial activity or treasury financing activity , the capital employed for carrying out the activity or the risk stemming from the activity , both as a proportion to the activities of the group , the activity relates to the management of commodity risks or other risk arising from the commercial business of the group .


### position limits and reporting ### position management and reporting


### the limits or arrangements shall be transparent and non - discriminatory , specifying the persons to whom they apply and any exemptions , and taking account of the nature and composition of market participants and of the use they make of the contracts admitted to trading . they shall specify clear quantitative thresholds such as the maximum number of contracts persons can enter , taking account of the characteristics of the underlying commodity market , including patterns of production , consumption and transportation to market . ### the limits or arrangements shall be transparent and non - discriminatory , specifying the persons to whom they apply and any exemptions , and taking account of the nature and composition of market participants the use they make of the contracts admitted to trading and the characteristics of the underlying commodity market , including patterns of production , consumption and transportation to market .


### the commission shall be empowered to adopt delegated acts in accordance with article 94 to determine the limits or alternative arrangements on the number of contracts which any person can enter into over a specified period of time and the necessary equivalent effects of the alternative arrangements established in accordance with paragraph 1 , as well as the conditions for exemptions . the limits or alternative arrangements shall take account of the conditions referred to in paragraph 1 and the limits that have been set by regulated markets , mtfs and otfs . the limits or alternative arrangements determined in the delegated acts shall also take precedence over any measures imposed by competent authorities pursuant to article 72 paragraph of this directive . ### the commission shall be empowered to adopt delegated acts in accordance with article 94 to determine the limits or alternative arrangements on the open positions in a commodity derivative which any person can hold and the necessary equivalent effects of the alternative arrangements established in accordance with paragraph 1 , as well as the conditions for exemptions . the limits or alternative arrangements shall take account of the conditions referred to in paragraph 1 and the limits or alternative arrangements that have been set by regulated markets , mtfs and otfs . the limits or alternative arrangements determined in the delegated acts shall also take precedence over any measures imposed by competent authorities pursuant to article 72 of this directive .


### in order to enable the publication mentioned in point of paragraph 1 , member states shall require members and participants of regulated markets , mtfs and otfs to report to the respective trading venue the details of their positions in real - time , including any positions held on behalf of their clients . ### in order to enable the publication mentioned in point of paragraph 1 , member states shall require members and participants of regulated markets , mtfs and otfs to report to the respective trading venue the details of their positions on a weekly basis , including any positions held on behalf of their clients .


### options , futures , swaps , and any other derivative contract relating to commodities that can be physically settled provided that they are traded on a regulated market , otf , or an mtf ; ### options , futures , swaps , and any other derivative contract relating to commodities that are not intended to be physically settled provided that they are traded on a regulated market , otf , or an mtf ;


### options , futures , swaps , and any other derivative contract relating to commodities that can be physically settled provided that they are traded on a regulated market , an otf , and / or an mtf ; ### options , futures , swaps , and any other derivative contract relating to commodities that can be physically settled provided that they are traded on a regulated market , an otf and / or an mtf and are not entered into for commercial purposes and display the characteristics of other derivative financial instruments ;


### options , futures , swaps , forwards and any other derivative contracts relating to commodities , that can be physically settled not otherwise mentioned in c . 6 and not being for commercial purposes , which have the characteristics of other derivative financial instruments , having regards to whether , inter alia , they are cleared and settled through recognised clearing houses or are subject to regular margin calls ; ### options , futures , swaps , forwards and any other derivative contracts relating to commodities , that are not intended to physically settled not otherwise mentioned in c . 6 and not being for commercial purposes , which have the characteristics of other derivative financial instruments , having regards to whether , inter alia , they are cleared and settled through recognised clearing houses or are subject to regular margin calls ;


### union support provided under this regulation to each partner country shall be differentiated in form and amounts according to the partner country ' s commitment to reforms and its progress in implementing these reforms . such differentiation shall reflect the level of ambition of the country ' s partnership with the union , its progress in building deep and sustainable democracy , its progress in implementing agreed reform objectives , the country ' s needs and capacities , and the potential impact of union support . ### union support provided under this regulation to each partner country shall be differentiated in form and amounts according to the partner country ' s commitment to development and reforms and its progress in implementing these reforms . such differentiation shall reflect the level of ambition of the country ' s partnership with the union , its progress in building deep and sustainable democracy , its progress in implementing agreed reform objectives , the country ' s needs and capacities , and the potential impact of union support .


### the indicative allocations of funds to the joint operational programmes shall be based primarily on the population of the eligible areas . when determining the indicative allocations , adjustments may be made to reflect the need for a balance between the contributions from the european regional development fund and the contributions provided under the budget of this instrument as well as other factors affecting the intensity of cooperation , such as the specific characteristics of border areas and their capacity to manage and absorb union support . ### the indicative allocations of funds to the joint operational programmes shall be based primarily on the population of the eligible areas . when determining the indicative allocations , adjustments may be made to reflect the need for a balance between the contributions from the european regional development fund and the contributions provided under the budget of this instrument as well as other factors affecting the intensity of cooperation , such as the specific characteristics of border areas and their capacity to manage and absorb union support . the allocation of funding on the basis of any other criteria must be set out in greater detail .


### the european globalisation adjustment fund was established by regulation no 1927 / 2006 of the european parliament and of the council of 20 december 2006 on establishing the european globalisation adjustment fund for the duration of the financial framework from 1 january 2007 to 31 december 2013 to enable the union to show solidarity towards workers made redundant as a result of major structural changes in world trade patterns due to globalisation and to provide support for their rapid reintegration into employment . this initial objective of the egf remains valid . ### the european globalisation adjustment fund was established by regulation no 1927 / 2006 of the european parliament and of the council of 20 december 2006 on establishing the european globalisation adjustment fund for the duration of the financial framework from 1 january 2007 to 31 december 2013 to enable the union to react symbolically to its low popularity and show solidarity towards workers made redundant as a result of major structural changes in world trade patterns due to globalisation and to provide support for their rapid reintegration into employment . this engagement clearly helps workers made redundant but adds little value to the union economy .


### the communication from the commission to the european parliament , the council , the european economic and social committee and the committee of the regions on ' a budget for europe 2020 ' [ 20 ] recognises the role of the egf as a flexible fund to support workers who lose their jobs and help them to find another job as rapidly as possible . the union should continue to provide , for the duration of the multiannual financial framework from 1 january 2014 to 31 december 2020 , specific , one - off support to facilitate the re - integration into employment of redundant workers in areas , sectors , territories or labour markets suffering the shock of serious economic disruption . given its purpose , which is to provide support in situations of urgency and unexpected circumstances , the egf should remain outside the multiannual financial framework . ### the communication from the commission to the european parliament , the council , the european economic and social committee and the committee of the regions on ' a budget for europe 2020 ' [ 20 ] recognises the role of the egf as a flexible fund to support workers who lose their jobs and help them to find another job as rapidly as possible . the union should continue to provide , for the duration of the multiannual financial framework from 1 january 2014 to 31 december 2020 , specific , one - off support to facilitate the re - integration into employment of redundant workers in areas , sectors , territories or labour markets suffering the shock of serious economic disruption . given its purpose , which is to provide support in situations of urgency and unexpected circumstances , as well as its limitation in time , the egf remains outside the multiannual financial framework and employs unused funds .


### at the initiative of the applicant member state , a financial contribution may be made for the preparatory , management , information and publicity , control and reporting activities . ### at the initiative of the applicant member state , a financial contribution , limited to 5 % of the total , may be made for the preparatory , management , information and publicity , control and reporting activities .


### following the entry into force of a decision on a financial contribution in accordance with article 15 the commission shall pay the financial contribution to the member state in form of a pre - financing of at least 50 % of the union ' s financial contribution to the member state , in principle within 15 days , followed where necessary in form of intermediate and final payments . the pre - financing shall be cleared when the financial contribution is wound up in accordance with article 18 . ### following the entry into force of a decision on a financial contribution in accordance with article 15 the commission shall pay the financial contribution to the member state in form of a pre - financing of up to 50 % of the union ' s financial contribution to the member state , in principle within 15 days , followed by intermediate and / or final payments . the pre - financing shall be cleared when the financial contribution is wound up in accordance with article 18 .


### by 1 august of every second year year , and for the first time in 2015 , the commission shall present to the european parliament and to the council a quantitative and qualitative report on the activities under this regulation and regulation 1927 / 2006 in the previous two years . the report shall focus mainly on the results achieved by the egf and shall in particular contain information relating to applications submitted , decisions adopted , actions funded , including their complementarity with actions funded by other union funds , notably the european social fund and the european agricultural fund for rural development , and the winding - up of financial contributions made . it should also document those applications that have been rejected or reduced owing to a lack of sufficient appropriations or to non - eligibility . ### by 1 august of every second year , and for the first time in 2015 , the commission shall present to the european parliament and to the council a quantitative and qualitative comprehensive report on the activities under this regulation and regulation 1927 / 2006 in the previous two years . the report shall focus mainly on the results achieved by the egf and shall in particular contain information relating to applications submitted , decisions adopted , number of workers supported and finding stable employment within one year from the date of application , actions funded , including their complementarity with actions funded by other union funds , notably the european social fund and the european agricultural fund for rural development , and the winding - up of financial contributions made . it should also document those applications that have been rejected or reduced owing to a lack of sufficient appropriations or to non - eligibility .


### the report shall be transmitted for information to the european economic and social committee , the committee of the regions and the social partners . ### the report shall be transmitted for information to the court of auditors , the european economic and social committee , the committee of the regions and the social partners .


### the results of the evaluation shall be transmitted , for information , to the european parliament , the council , the european economic and social committee , the committee of the regions and the social partners . ### the results of the evaluation shall be transmitted , for information , to the european parliament , the council , the court of auditors , the european economic and social committee , the committee of the regions and the social partners . the recommendations of the evaluation should be taken into account for the design of new programmes in the area of employment and social affairs .


### ensuring that expenditure funded is based on verifiable supporting documents , and is correct and regular ; ### ensuring that expenditure funded is based on verifiable supporting documents , and is legal and regular ;


### the commission , in its responsibility for the implementation of the general budget of the european union , shall take every step necessary to verify that the actions financed are carried out in accordance with the principles of sound and efficient financial management . it is the responsibility of the applicant member state to ensure that it has smoothly functioning management and control systems . the commission shall satisfy itself that such systems are in place . ### the commission , in its responsibility for the implementation of the general budget of the european union , shall take every step necessary to verify that the actions financed are carried out in accordance with the principles of sound and efficient financial management . it is the responsibility of the applicant member state to ensure that it has smoothly functioning management and control systems . the commission shall satisfy itself that such systems are in place . if irregularities are detected , amounts wrongly paid should be recovered primarily by offsetting ; and , where appropriate , the protection of the union ' s financial interests in accordance with article 325 of the treaty may include effective , proportional and deterrent penalties .


### in cases where the amount of the actual cost of an action is less than the estimated amount quoted pursuant to article 15 , the commission shall adopt a decision , by means of an implementing act , requiring the member state to reimburse the corresponding amount of the financial contribution received . ### in cases where the amount of the actual cost of an action is less than the estimated amount quoted pursuant to article 15 , the commission shall adopt a decision , if recovering by offsetting is not feasible , by means of an implementing act , requiring the member state to reimburse the corresponding amount of the financial contribution received .


### the delegations of power referred to in this regulation shall be conferred for an indeterminate period of time from the date of entry into force of this regulation . ### the delegations of power referred to in this regulation shall be conferred for the period that this regulation is in force .


### it is important to provide sufficient flexibility to competent authorities to set emission limit values that ensure that , under normal operating conditions , emissions do not exceed the emission levels associated with the best available techniques . to this end , the competent authority may set emission limits that differ from the emission levels associated with the best available techniques in terms of the values , periods of time and reference conditions applied , so long as it can be demonstrated , through the results of emission monitoring , that emissions have not exceeded the emission levels associated with the best available techniques . ### it is important to provide sufficient flexibility to competent authorities to set emission limit values that ensure that , under normal operating conditions , emissions do not exceed the emission levels associated with the best available techniques . compliance with the emission limit values that are set in permits results in operational levels below those emission limit values . to this end , the competent authority may set emission limits that differ from the emission levels associated with the best available techniques in terms of the values , periods of time and reference conditions applied , so long as it can be demonstrated , through the results of emission monitoring , that emissions have not exceeded the emission levels associated with the best available techniques .


### the measures necessary for the implementation of this directive should be adopted in accordance with council decision 1999 / 468 / ec of 28 june 1999 laying down the procedures for the exercise of implementing powers conferred on the commission . ### according to article 291 tfeu , rules and general principles concerning mechanisms for control , by member states , of the commission ' s exercise of implementing powers are to be laid down in advance by a regulation adopted in accordance with the ordinary legislative procedure . pending the adoption of that new regulation , and given the necessity to adopt and implement as soon as possible this directive , control by member states should be exercised in accordance with the provisions of council decision 1999 / 468 / ec of 28 june 1999 laying down the procedures for the exercise of implementing powers conferred on the commission , insofar as those provisions remain compatible with the amended treaties . references to those provisions should nevertheless be replaced with references to the rules and principles set out in the new regulation as soon as that regulation enters into force .


### in order to allow the provisions of this directive to be adapted to scientific and technical progress on the basis of best available techniques , the commission should be empowered to adopt delegated acts in accordance with article 290 of the treaty in respect of the adaptation of certain parts of annexes v , vi and vii to such scientific and technical progress . in the case of waste incineration plants and waste co - incineration plants , this may include the establishment of criteria to allow derogations from continuous monitoring of total dust emissions . it is of particular importance that the commission consult experts during its preparatory work , in accordance with the commitments made in the commission communication of 9 december 2009 on the implementation of article 290 of the treaty on the functioning of the european union . ### in order to allow the provisions of this directive to be adapted to scientific and technical progress on the basis of best available techniques , the commission should be empowered to adopt delegated acts in accordance with article 290 tfeu in respect of adopting the bat conclusions and supplementing or amending the emission limit values and rules on monitoring and compliance already established under this directive . in the case of waste incineration plants and waste co - incineration plants , this may include the establishment of criteria to allow derogations from continuous monitoring of total dust emissions .


### ' operator ' means any natural or legal person who operates or controls in whole or in part the installation or combustion plant , waste incineration plant or waste co - incineration plant or , where this is provided for in national law , to whom decisive economic power over the technical functioning of the installation or plant has been delegated ; ### ‘ operator’ means any natural or legal person who operates or controls the installation or combustion plant , waste incineration plant or waste co - incineration plant or , where this is provided for in national law , to whom decisive economic power over the technical functioning of the installation or plant has been delegated ;


### ' baseline report ' means information on the state of soil and groundwater contamination by relevant hazardous substances ; ### ‘ baseline report’ means quantified information on the state of soil and groundwater contamination by significant amounts of relevant hazardous substances ;