### the statutory auditor or the audit firm shall comply with the international auditing standards referred to in article 26 of directive 2006 / 43 / ec when carrying out the statutory audit of public - interest entities as long as those standards are in conformity with the requirements of this regulation . ### the statutory auditor or the audit firm shall comply with the international auditing standards referred to in article 26 of directive 2006 / 43 / ec when carrying out the statutory audit of public - interest entities .


### without prejudice to article 55 of directive 2004 / 39 / ec , article 53 of directive 2006 / 48 / ec of the european parliament and of the council , article 15 of directive 2007 / 64 / ec , article 106 of directive 2009 / 65 / ec , the first paragraph of article 3 of directive 2009 / 110 / ec and article 72 of directive 2009 / 138 / ec of the european parliament and of the council35 , the statutory auditor or audit firm carrying out the statutory audit of a public - interest entity shall have a duty to report promptly to the competent authorities supervising public - interest entities any fact or decision concerning that public - interest entity of which he , she or it has become aware while carrying out that statutory audit and which is liable to bring about any of the following : ### the statutory auditor or audit firm carrying out the statutory audit of a public - interest entity shall report promptly to the audit committee , the administrative and supervisory body any fact or decision concerning that public - interest entity of which he , she or it has become aware while carrying out that statutory audit . the reporting is to bring about any of the following :


### it is also important that the role of the audit committee in the selection of a new statutory auditor or audit firm be reinforced , for the benefit of a more informed decision of the general meeting of shareholders or members of the audited entity . hence , when making a proposal to the general meeting , the board should explain whether it follows the recommendation of the audit committee and , if not , why . the recommendation of the audit committee should include at least two possible choices for the audit engagement and a duly justified preference for one of them , so that the general meeting can make a real choice . in order to provide a fair and proper justification in its recommendation , the audit committee should use the results of a mandatory selection procedure organised by the audited entity , under the responsibility of the audit committee . in such selection procedure , the audited entity should invite statutory auditors or audit firms , including smaller ones , to present proposals for the audit engagement . tender documents should contain transparent and non - discriminatory selection criteria to be used for the evaluation of proposals . considering , however , that this selection procedure could entail disproportionate costs for companies with reduced market capitalisation or small and medium - sized public - interest entities having regard to their dimension , it is appropriate to relieve such entities from this obligation . ### it is also important that the role of the audit committee in the selection of a new statutory auditor or audit firm be reinforced , for the benefit of a more informed decision of the general meeting of shareholders or members of the audited entity . hence , when making a proposal to the general meeting , the board should explain whether it follows the recommendation of the audit committee and , if not , why . the recommendation of the audit committee should include at least two possible choices for the audit engagement , a comprehensive assessment of both proposals , and a duly justified preference for one of them , so that the general meeting can make a real choice . in order to provide a fair and proper justification in its recommendation , the audit committee should use the results of a mandatory tender procedure organised by the audited entity , under the responsibility of the audit committee . in such a tender procedure , the audited entity should publish a call to auditors or audit firms to present proposals for the audit engagement . tender documents should contain transparent and non - discriminatory selection criteria to be used for the evaluation of proposals .


### bookkeeping and preparing accounting records and financial statements ; ### bookkeeping services including the calculations of current and deferred taxes and preparing accounting records and financial statements as well as financial information ;


### any other statutory duty related to audit work imposed by union legislation to the statutory auditor or audit firm . ### any other statutory duty related to audit work imposed by union and / or national legislation to the statutory auditor or audit firm ;


### however , article 32 shall apply from [ … ] [ the date of the entry into force of the regulation ] and article 10 shall apply from [ … ] [ 3 years after the entry into force of the regulation ] . ### however , article 32 shall apply from [ … ] [ the date of the entry into force of the regulation ] .


### it is also important that the role of the audit committee in the selection of a new statutory auditor or audit firm be reinforced , for the benefit of a more informed decision of the general meeting of shareholders or members of the audited entity . hence , when making a proposal to the general meeting , the board should explain whether it follows the recommendation of the audit committee and , if not , why . the recommendation of the audit committee should include at least two possible choices for the audit engagement and a duly justified preference for one of them , so that the general meeting can make a real choice . in order to provide a fair and proper justification in its recommendation , the audit committee should use the results of a mandatory selection procedure organised by the audited entity , under the responsibility of the audit committee . in such selection procedure , the audited entity should invite statutory auditors or audit firms , including smaller ones , to present proposals for the audit engagement . tender documents should contain transparent and non - discriminatory selection criteria to be used for the evaluation of proposals . considering , however , that this selection procedure could entail disproportionate costs for companies with reduced market capitalisation or small and medium - sized public - interest entities having regard to their dimension , it is appropriate to relieve such entities from this obligation . ### it is also important that the role of the audit committee in the selection of a new statutory auditor or audit firm be reinforced , for the benefit of a more informed decision of the general meeting of shareholders or members of the audited entity . hence , when making a proposal to the general meeting , the board should explain whether it follows the recommendation of the audit committee and , if not , why . it should equally provide reasons if it proposes to renew an audit engagement following a tender procedure . the recommendation of the audit committee should include at least two possible choices for the audit engagement , a comprehensive assessment of both proposals , and a duly justified preference for one of them , so that the general meeting can make a real choice . in order to provide a fair and proper justification in its recommendation , the audit committee should use the results of a mandatory selection procedure organised by the audited entity , under the responsibility of the audit committee . in such selection procedure , the audited entity should invite statutory auditors or audit firms , including smaller ones , to present proposals for the audit engagement . tender documents should contain transparent and non - discriminatory selection criteria to be used for the evaluation of proposals . considering , however , that this selection procedure could entail disproportionate costs for companies with reduced market capitalisation or small and medium - sized public - interest entities having regard to their dimension , it is appropriate to relieve such entities from this obligation .


### a statutory auditor or an audit firm carrying out statutory audit of public - interest entities shall not directly or indirectly provide to the audited entity , to its parent undertaking and to its controlled undertakings non - audit services . ### a statutory auditor or an audit firm carrying out statutory audit of public - interest entities shall not directly or indirectly provide to the audited entity , to its parent undertaking or to its controlled undertakings prohibited non - audit services .


### persons or firms referred to in paragraph 2 shall not solicit or accept money , gifts or favours from anyone with whom the statutory audit or audit firm has a contractual relationship . ### persons or firms referred to in paragraph 2 shall not solicit or accept gifts or favours from the audited entity unless a reasonable and informed third party would consider the value insignificant .


### adequate internal organisation of statutory auditors and audit firms should contribute to preventing any threats to their independence . thus , owners or shareholders of an audit firm , as well as those managing it , should not intervene in the carrying out of a statutory audit in any way which jeopardises the independence and objectivity of the statutory auditor who carries out the statutory audit on behalf of the audit firm . additionally , statutory auditors and audit firms should establish appropriate internal policies and procedures in relation to employees and other persons involved in the statutory audit activity within their organisations in order to ensure compliance with their statutory obligations . those policies and procedures should in particular seek to prevent and address any threats to independence and ensure the quality , integrity and thoroughness of the statutory audit . those policies and procedures should be proportionate in view of the scale and complexity of the business of the statutory auditor or audit firm . ### adequate internal organisation of statutory auditors and audit firms should contribute to preventing any threats to their independence . thus , owners or shareholders of an audit firm , as well as those managing it , should not intervene in the carrying out of a statutory audit in any way which jeopardises the independence and objectivity of the statutory auditor who carries out the statutory audit on behalf of the audit firm . additionally , statutory auditors and audit firms should establish appropriate internal policies and procedures in relation to employees and other persons involved in the statutory audit activity within their organisations in order to ensure compliance with their statutory obligations . those policies and procedures should in particular seek to prevent and address any threats to independence and ensure the quality , integrity and thoroughness of the statutory audit . those policies and procedures should be proportionate in view of the scale and complexity of the business of the statutory auditor or audit firm and the audited entities .


### be responsible for the procedure on the selection of statutory auditor or audit firm and recommend the statutory auditor or audit firm to be appointed in accordance with articles 32 ; ### be responsible for the procedure on the selection of statutory auditor or audit firm and recommend the statutory auditor or audit firm to be appointed by the audited companies annual general meeting in accordance with articles 32 ;


### it is also important that the role of the audit committee in the selection of a new statutory auditor or audit firm be reinforced , for the benefit of a more informed decision of the general meeting of shareholders or members of the audited entity . hence , when making a proposal to the general meeting , the board should explain whether it follows the recommendation of the audit committee and , if not , why . the recommendation of the audit committee should include at least two possible choices for the audit engagement and a duly justified preference for one of them , so that the general meeting can make a real choice . in order to provide a fair and proper justification in its recommendation , the audit committee should use the results of a mandatory selection procedure organised by the audited entity , under the responsibility of the audit committee . in such selection procedure , the audited entity should invite statutory auditors or audit firms , including smaller ones , to present proposals for the audit engagement . tender documents should contain transparent and non - discriminatory selection criteria to be used for the evaluation of proposals . considering , however , that this selection procedure could entail disproportionate costs for companies with reduced market capitalisation or small and medium - sized public - interest entities having regard to their dimension , it is appropriate to relieve such entities from this obligation . ### it is also important that the role of the audit committee in the selection of a new statutory auditor or audit firm be reinforced , for the benefit of a more informed decision of the general meeting of shareholders or members of the audited entity . this would lead to more transparency in the selection procedure and to strengthened accountability vis - à - vis shareholders . hence , when making a proposal to the general meeting , the board should explain whether it follows the recommendation of the audit committee and , if not , why . it should equally provide reasons if it proposes to renew an audit engagement following a tender procedure . the recommendation of the audit committee should include at least two possible choices for the audit engagement , a comprehensive assessment of both proposals , and a duly justified preference for one of them , so that the general meeting can make a real choice . in order to provide a fair and proper justification in its recommendation , the audit committee should use the results of a mandatory tender procedure organised by the audited entity , under the responsibility of the audit committee . in such tender procedure , the audited entity should publish a call to auditors or audit firms to present proposals for the audit engagement . tender documents should contain transparent and non - discriminatory selection criteria to be used for the evaluation of proposals . considering , however , that this tender procedure could entail disproportionate costs for companies with reduced market capitalisation or small and medium - sized public - interest entities having regard to their dimension , it is appropriate to relieve such entities from this obligation .


### in order to address the familiarity threat and therefore reinforce the independence of auditors and audit firms , it is important to establish a maximum duration of the audit engagement of a statutory auditor or audit firm in a particular audited entity . an appropriate gradual rotation mechanism should also be established with regard to the most senior personnel involved in the statutory audit , including the key audit partners carrying out the statutory audit on behalf of the audit firm . it is also important to provide for an appropriate period within which such statutory auditor or audit firm may not carry out the statutory audit of the same entity . in order to ensure a smooth transition , the former auditor should transfer a handover file with relevant information to the incoming auditor . ### in order to address the familiarity threat and therefore reinforce the independence of auditors and audit firms , it is important to establish a maximum duration of the audit engagement of a statutory auditor or audit firm in a particular audited entity . furthermore , a comprehensive , transparent and independent evaluation of audit quality should be regularly and appropriately documented . this comprehensive evaluation should form the basis for the auditor selection by the general meeting , which follows a tender procedure at least every 7 years . moreover , an appropriate gradual rotation mechanism should be established with regard to the most senior personnel involved in the statutory audit , including the key audit partners carrying out the statutory audit on behalf of the audit firm .


### designing and implementing internal control or risk management procedure related to the preparation and / or control of financing information included in the financial statements and advice on risk ; ### designing or implementing internal control , risk management or financial information technology systems related to the preparation and / or control of financial information included in the financial statements that : form a significant part of the internal control over financial reporting of the audited entity , or generate information that is significant to the accounting records or financial statements that are subject to the statutory audit ;


### at least one member of the audit committee shall have competence in auditing and another member in accounting and / or auditing . the committee members as a whole shall have competence relevant to the sector in which the audited entity is operating . ### at least one member of the audit committee shall have competence in auditing . the committee members as a whole shall have competence relevant to the sector in which the audited entity is operating .


### the audited entity shall be free to invite any statutory auditors or audit firms to submit proposals for the provision of the statutory audit service on the condition that article 33 is respected and that at least one of the invited auditors or firms is not one who received more than 15% of the total audit fees from large public - interest entities in the member state concerned in the previous calendar year ; ### any statutory auditor or audit firm is free to submit proposals for the provision of the statutory audit service on the condition that article 33 is respected ;


### unless it concerns the renewal of an audit engagement in accordance with the second subparagraph of article 33 , the recommendation of the audit committee referred to in paragraph 2 of this article , shall be prepared following a selection procedure organized by the audited entity respecting the following criteria : ### the recommendation of the audit committee referred to in paragraph 2 shall be prepared following a selection procedure organised by the audited entity respecting the following criteria :


### the audited entity shall prepare tender documents to the intention of the invited statutory auditor or audit firm . those tender documents shall allow them to understand the business of the audited entity and the type of statutory audit that is to be carried out . the tender documents shall contain transparent and non - discriminatory selection criteria that shall be used by the audited entity to evaluate the proposals made by statutory auditors or audit firms ; ### the audit committee shall prepare tender documents to the intention of the invited statutory auditor or audit firm . those tender documents shall allow them to understand the business of the audited entity and the type of statutory audit that is to be carried out . the tender documents shall contain transparent and non - discriminatory selection criteria that shall be used by the audited entity to evaluate the proposals made by statutory auditors or audit firms ;


### the starting and ending dates of the phases of audit procedures set out in the audit plan ; ### the starting and ending dates of the statutory audits ;


### the audited entity shall be able to demonstrate to the competent authority referred to in article 35 that the selection procedure was conducted in a fair manner . ### the audit committee shall be able to demonstrate to the competent authority referred to in article 35 that the selection procedure was conducted in a fair manner .


### for the purposes of this article , related financial audit services shall mean : ### for the purposes of this article , audit - related and other assurance services shall mean in particular :


### unless it concerns the renewal of an audit engagement in accordance with the second subparagraph of article 33 , the recommendation of the audit committee referred to in paragraph 2 of this article , shall be prepared following a selection procedure organized by the audited entity respecting the following criteria : ### the recommendation of the audit committee referred to in paragraph 2 of this article , shall be prepared following a tender procedure organised by the audited entity respecting the following criteria :


### the audited entity shall evaluate the proposals made by the statutory auditors or audit firms in accordance with the selection criteria predefined in the tender documents . the audited entity shall prepare a report on the conclusions of the selection procedure , which shall be validated by the audit committee . the audited entity and the audit committee shall take into consideration any inspection report on the applicant statutory auditor or audit firm referred to in article 40 and published by the competent authority pursuant to article 44 ; ### the audit committee entity shall perform a comprehensive assessment of the proposals made by the statutory auditors or audit firms in accordance with the selection criteria predefined in the tender documents . the audited entity shall prepare a report on the conclusions of the selection procedure , which shall be validated by the audit committee . the audited entity and the audit committee shall take into consideration any inspection report on the applicant statutory auditor or audit firm referred to in article 40 and published by the competent authority pursuant to article 44 ;


### indicate and explain judgments about material uncertainty that may cast doubt about the entity ' s ability to continue as a going concern ; ### indicate and explain how events or conditions that have been identified in the course of the statutory audit may cast significant doubt about the audited entity ' s ability to continue as a going concern and whether they give rise to a material uncertainty ;


### for the purposes of this article , non - audit services shall mean : ### for the purposes of this article , prohibited non - audit services shall mean :


### it is also important that the role of the audit committee in the selection of a new statutory auditor or audit firm be reinforced , for the benefit of a more informed decision of the general meeting of shareholders or members of the audited entity . hence , when making a proposal to the general meeting , the board should explain whether it follows the recommendation of the audit committee and , if not , why . the recommendation of the audit committee should include at least two possible choices for the audit engagement and a duly justified preference for one of them , so that the general meeting can make a real choice . in order to provide a fair and proper justification in its recommendation , the audit committee should use the results of a mandatory selection procedure organised by the audited entity , under the responsibility of the audit committee . in such selection procedure , the audited entity should invite statutory auditors or audit firms , including smaller ones , to present proposals for the audit engagement . tender documents should contain transparent and non - discriminatory selection criteria to be used for the evaluation of proposals . considering , however , that this selection procedure could entail disproportionate costs for companies with reduced market capitalisation or small and medium - sized public - interest entities having regard to their dimension , it is appropriate to relieve such entities from this obligation . ### it is also important that the role of the audit committee in the selection of a new statutory auditor or audit firm be reinforced , for the benefit of a more informed decision of the general meeting of shareholders or members of the audited entity . hence , when making a proposal to the general meeting , the board should explain whether it follows the recommendation of the audit committee and , if not , why . it should equally provide reasons if it proposes to renew an audit engagement following a tender procedure . the recommendation of the audit committee should include at least two possible choices for the audit engagement , a comprehensive assessment of both proposals , and a duly justified preference for one of them , so that the general meeting can make a real choice . in order to provide a fair and proper justification in its recommendation , the audit committee should use the results of a mandatory selection procedure organised by the audited entity , under the responsibility of the audit committee . in such selection procedure , the audited entity should invite statutory auditors or audit firms , including smaller ones , to present proposals for the audit engagement . tender documents should contain transparent and non - discriminatory selection criteria to be used for the evaluation of proposals . considering , however , that this selection procedure could entail disproportionate costs for companies with reduced market capitalisation or small and medium - sized public - interest entities having regard to their dimension , it is appropriate to relieve such entities from this obligation .


### the audited entity shall evaluate the proposals made by the statutory auditors or audit firms in accordance with the selection criteria predefined in the tender documents . the audited entity shall prepare a report on the conclusions of the selection procedure , which shall be validated by the audit committee . the audited entity and the audit committee shall take into consideration any inspection report on the applicant statutory auditor or audit firm referred to in article 40 and published by the competent authority pursuant to article 44 ; ### the audit committee shall perform a comprehensive assessment of the proposals made by the statutory auditors or audit firms in a transparent and systematic approach that shall include the consideration of professional competencies of the auditor or audit firm which are necessary to perform the statutory audit in compliance with relevant ethical requirements and international standards on auditing referred to in article 20 . the audited entity and the audit committee shall take into consideration any inspection report on the applicant statutory auditor or audit firm referred to in article 40 and published by the competent authority pursuant to article 44 ;


### the statutory auditor or the audit firm shall also have a duty to report any facts and decisions of which he , she or it becomes aware in the course of carrying out the statutory audit of an undertaking having close links with the public - interest entity for which he , she or it is also carrying out the statutory audit . ### the statutory auditor or the audit firm shall also have a duty to report any facts and decisions according to points , or of the first subparagraphof which he , she or it becomes aware in the course of carrying out a statutory audit of an undertaking controlled by the public - interest entity for which he , she or it is also carrying out the statutory audit . the audit committee , administrative and supervisory body will undertake appropriate steps to immediately inform the competent authorities supervising public interest entities about these reported facts and decisions .


### the provision of services other than statutory audit to audited entities by statutory auditors , audit firms or members of their networks may compromise their independence . therefore , it is appropriate to require the statutory auditor , the audit firm and the members of their network not to provide non - audit services to their audited entities . the provision of non - audit services by an audit firm to a company would prevent that audit firm from carrying out statutory audit of that company , thus resulting in a reduction of the audit firms available to provide statutory audit , in particular with regard to the audit of large public - interest entities where the market is concentrated . as a result , in order to secure that a minimum number of audit firms is able to provide audit services to large public - interest entities , it is appropriate to request that audit firms of significant dimension focus their professional activity on the carrying out of statutory audit and are not allowed to undertake other services unconnected to their statutory audit function such as consultancy or advisory services . ### the provision of services other than statutory audit to audited entities by statutory auditors , audit firms or members of their networks may compromise their independence . therefore , it is appropriate to require safeguards in the form of a prohibition of certain non - audit services the statutory auditor cannot perform to their audited entities , as well as re - tendering , at the behest of the audit committee , of any non - audit service and financial audit related services above a 30% threshold .


### the public - interest entity shall appoint a statutory auditor or audit firm for an initial engagement that shall not be shorter than two years . the public - interest entity may renew this engagement only once . the maximum duration of the combined two engagements shall not exceed 6 years . where throughout a continuous engagement of 6 years two statutory auditors or audit firms have been appointed , the maximum duration of the engagement of each statutory auditor or audit firm shall not exceed 9 years . ### the public - interest entity shall appoint a statutory auditor or audit firm for an initial engagement that shall not be shorter than three years . the public - interest entity may renew this engagement only once . the maximum duration of the combined engagements shall not exceed 12 years . a public tender shall be conducted at the latest after 6 years of renewed audit engagements . where at least two statutory auditors or audit firms have been appointed , the maximum duration of the combined engagements shall not exceed 15 years .


### the statutory auditor or audit firm shall establish an appropriate gradual rotation mechanism with regard to the most senior personnel involved in the statutory audit , including at least the persons who are registered as statutory auditors . the gradual rotation mechanism shall be undertaken in phases on the basis of individuals rather than of a complete team . it shall be proportionate in view of the scale and the dimension of the activity of the statutory auditor or audit firm . ### the statutory auditor or audit firm shall establish an appropriate gradual rotation mechanism with regard to the most senior personnel involved in the statutory audit , including at least the persons who are registered as statutory auditors . the gradual rotation mechanism shall be undertaken in phases on the basis of individuals rather than the entire engagement team . it shall be proportionate in view of the scale and the dimension of the activity of the statutory auditor or audit firm .


### council regulation no 1605 / 2002 of 25 june 2002 on the financial regulation applicable to the general budget of the european communities , lays down the budgetary principles and financial rules which should be respected in all legislative acts . it is necessary to amend certain provisions of the financial regulation in order to take account of the amendments introduced by the treaty of lisbon . ### council regulation no 1605 / 2002 of 25 june 2002 on the financial regulation applicable to the general budget of the european communities , lays down the budgetary principles and financial rules which should be respected in all legislative acts . it is necessary to amend certain provisions of the financial regulation in order to take account of the amendments introduced by the treaty of lisbon and of the establishment of the european external action service , pursuant to council decision 2010 / 427 / eu of 26 july 20101 establishing the organisation and functioning of the european external action service . 1 oj l 201 , 3 . 8 . 2010 , p . 30 .


### increase by at least 15&#160 ; % in quantity , as compared with the previous calendar year ; or ### increase by at least 12 , 5&#160 ; % in quantity , as compared with the previous calendar year ; or


### paragraph 1 shall not apply to eba beneficiary countries , nor shall it apply to countries with a share not exceeding 8 % of european union imports of products listed in annex v or ix , whichever is applicable . ### paragraph 1 shall not apply to eba beneficiary countries , nor shall it apply to countries with a share for the relevant products referred to in article 29 not exceeding 6 % of total european union imports of the same products listed in annex v or ix , whichever is applicable .


### as intra - corporate transfers consist of temporary migration , the applicant should provide evidence that the third - country national will be able to transfer back to an entity belonging to the same group and established in a third country at the end of the assignment . that evidence may consist of the relevant provisions under the work contract . an assignment letter should be produced providing evidence that the third - country national manager or specialist possesses the professional qualifications needed in the member state to which they have been admitted to occupy the post or the regulated profession . ### an assignment letter should be produced providing evidence that the third - country national manager or specialist possesses the professional qualifications needed in the member state to which they have been admitted to occupy the post or the regulated profession .


### ‘ manager’ means any person working in a senior position who principally directs the management of the host entity , receiving general supervision or direction principally from the board of directors or stockholders of the business or equivalent ; this position includes : directing the host entity or a department or sub - division of the host entity , supervising and controlling the work of other supervisory , professional or managerial employees , having the authority personally to hire and dismiss or recommend hiring , dismissing or other personnel actions ; ### ‘ manager’ means any person working in a senior position who principally directs the management of the host entity within the structure of a company and who principally carries out management functions , receiving general supervision or direction principally from the board of directors or stockholders of the business or equivalent ;


### ‘ manager’ means any person working in a senior position , who principally directs the management of the host entity , receiving general supervision or direction principally from the board of directors or stockholders of the business or equivalent ; this position includes : directing the host entity or a department or sub - division of the host entity , supervising and controlling the work of other supervisory , professional or managerial employees , having the authority personally to hire and dismiss or recommend hiring , dismissing or other personnel actions ; ### ‘ manager’ means any person working in a senior position who principally carries out directing functions , receiving general supervision or direction principally from the board of directors or stockholders of the business or equivalent ;


### proposal for a regulation of the european parliament and of the council establishing for the period 2014 to 2020 the rights and citizenship programme ### proposal for a regulation of the european parliament and of the council establishing for the period 2014 to 2020 the equality , rights and citizenship programme


### the communication from the commission on europe 20207 sets out a strategy for smart , sustainable and inclusive growth . supporting and promoting the rights of persons within the union , tackling discrimination and inequalities and promoting citizenship contribute to the promotion of the specific objectives and flagship initiatives of the europe 2020 strategy . ### the communication from the commission on europe 20207 sets out a strategy for smart , sustainable and inclusive growth . supporting and promoting the rights of persons within the union , promoting equality between women and men , tackling discrimination and inequalities , protecting the rights of persons with disabilities and promoting citizenship contribute to the promotion of the specific objectives and flagship initiatives of the europe 2020 strategy .


### the commission , supported by the [ european banking authority ] , shall submit to the european parliament and to the council by 31 december 2015 a report on the progress towards the implementation of this directive . this report should cover notably the possibility to determine the target level on the basis of covered deposits , without diminishing the protection of depositors . ### the commission , supported by the [ european banking authority ] , shall submit to the european parliament and to the council by 31 december 2015 a report on the progress towards the implementation of this directive . this report should cover notably : - the target level on the basis of covered deposits , with an assessment of the relevance of the percentage set or an assessment of other regulatory options ; - the cumulative effect of the regulatory obligations of credit institutions , such as capital requirements ; - the impact on the diversity of banking models , bearing in mind the need to safeguard it . all this work shall be carried out in such a way that protection of depositors is maintained .


### this directive shall apply to all deposit guarantee schemes on a statutory or contractual basis and to institutional protection schemes recognized as deposit guarantee schemes . ### this directive shall apply to all deposit guarantee schemes recognised pursuant to article 3 . they may take the form of statutory , contractual or institutional protection schemes as referred to in article 80 of directive 2006 / 48 / ec , whereby the relevant authorities shall have to examine , whether the laid down criteria of equal risk profiles by the members of an institutional protection scheme with regard to the zero weighting defined in article 80 of directive 2006 / 48 / ec are still met . in case of notable discrepancies , the respective institution shall be instructed by the relevant authorities to become a member of a dgs on a statutory basis .


### deposit guarantee schemes shall raise the available financial means by regular contributions from their members on 30 june and 30 december of each year . this shall not prevent additional financing from other sources . one - off entry fees may not be requested . ### deposit guarantee schemes shall raise the available financial means by annual or more frequent contributions from their members 2 ) a system of ex - post funding subject to eba rules on capital adequacy 3 ) a combination of the above this shall not prevent additional financing from other sources . one - off entry fees may not be requested .


### the determination of the degree of risk incurred and the calculation of contributions shall be based on the elements referred to in annex i and ii . ### the determination of the degree of risk incurred and the calculation of contributions shall be based on the elements referred to in annex i and ii , whereby the european banking authority shall review on a regular base whether the criteria for the risk based contributions which are set out in annex i and ii are adequate to reflect the true coverage of at least a medium - sized failure of an institution . in case of obvious discrepancies the eba shall have the power to demand national authorities within the member states to instruct its relevant schemes for necessary adjustments .


### if a credit institution ceases to be member of a scheme and joins another scheme , the contributions paid during the 6 months preceding the withdrawal of membership shall be reimbursed or transferred to the other scheme . this shall not apply if a credit institution has been excluded from a scheme pursuant to article 3 . ### if a credit institution ceases to be member of a scheme and joins another scheme the first scheme shall transfer the share of the available financial means assigned to the credit institution to the other scheme given that this does not risk the stability of the first scheme . this shall not apply if a credit institution has been excluded from a scheme pursuant to article 3 .


### without prejudice to any other rights which they may have under national law and subject to paragraph 3 , schemes which make payments under guarantee shall have the right of subrogation to the rights of depositors in liquidation proceedings for an amount equal to their payments . ### without prejudice to any other rights which they may have under national law and subject to paragraph 3 , schemes which make payments under guarantee within a national framework shall have the right of subrogation to the rights of depositors in liquidation proceedings for an amount equal to their payments . rights subject to the right of subrogation referred to in this paragraph , shall have the first rank after the right of depositor referred to in paragraph 1 and before all other rights against the liquidator .


### ' available financial means ' means cash , deposits and low - risk assets with a residual term to final maturity of 24 months or less , which can be liquidated within a time limit not exceeding the limit set by article 7 ; ### ' available financial means ' means cash , deposits and low - risk assets with a residual term to final maturity of 24 months or less , which can be liquidated within a time limit not exceeding the limit set by article 7 and all other callable guarantees or loans ;


### [ only where applicable : ] your deposit is guaranteed by an institutional guarantee scheme [ recognized / not recognized ] as a deposit guarantee scheme . this means that all banks that are members of this scheme mutually support each other in order to avoid a bank failure . however , if a bank failure would nevertheless occur , your deposits will be repaid up to eur 100 000 . ### [ only where applicable : ] your deposit is guaranteed also by an institutional guarantee scheme [ recognized / not recognized ] as a deposit guarantee scheme . this means that all institutions that are members of this scheme mutually support each other in order to avoid a failure . however , if a bank failure would nevertheless occur , your deposits within the framework of dgs recognized under national law will be repaid up to eur 100 000 .


### deposit guarantee schemes shall raise the available financial means by regular contributions from their members on 30 june and 30 december of each year . this shall not prevent additional financing from other sources . one - off entry fees may not be requested . ### deposit guarantee schemes shall raise the available financial means by annual contributions from their members . this shall not prevent additional financing from other sources .


### vehicles of category m1 , n1 and o2 : four years after the date on which the vehicle was first registered , then two years and thereafter annually ; ### – vehicles of category m1 , n1 and o2 : four years after the date on which the vehicle was first registered , and thereafter every two years ;


### ‘ roadworthiness test’ means a verification that the parts and components of a vehicle comply with its safety and environmental characteristics in force at the time of approval , first registration or entry into service , as well as at the time of retrofitting ; ### ' roadworthiness test’ means a verification that a vehicle displays the required functionality for use on public roads in terms of its safety and environmental characteristics ;


### – two - or three - wheel vehicles – vehicle categories l1e , l2e , l3e , l4e , l5e , l6e and l7e , ### – two - or three - wheel vehicles – vehicle categories l3e , l4e , l5e , l6e and l7e ,


### solid investigation results show that 8% of the accidents involving motorcycles are caused or linked to technical defects . motorcycle riders are the group of road users with the highest safety risk , with rising trend in the number of fatalities . moped drivers are overrepresented in the number of fatalities , with more than 1 , 400 drivers killed on the roads in 2008 . the scope of vehicles to be tested shall therefore be extended to the highest risk group of road users , the powered two - or three - wheel vehicles . ### solid investigation results show that 8% of the accidents involving motorcycles are caused or linked to technical defects . motorcycle riders are the group of road users with the highest safety risk , with rising trend in the number of fatalities . the scope of vehicles to be tested shall therefore be extended to the highest risk group of road users , the powered two - or three - wheel vehicles . mopeds , although overrepresented in the number of fatal accidents , should not be included given that such a wide scope of periodic roadworthiness tests would be impractical and would go against the principle of proportionality .


### – vehicles of categories l1e , l2e , l3e , l4e , l5e , l6e and l7e : four years after the date on which the vehicle was first registered , then two years and thereafter annually ; ### – vehicles of categories l1e , l2e , l3e , l4e , l5e , l6e and l7e : four years after the date on which the vehicle was first registered , then two years ;


### vehicles of categories l1e , l2e , l3e , l4e , l5e , l6e and l7e : four years after the date on which the vehicle was first registered , then two years and thereafter annually ; ### – vehicles of categories l3e , l4e , l5e , l6e and l7e : four years after the date on which the vehicle was first registered , and thereafter every two years ;


### the free movement of workers is also a key element to the development of a genuine union labour market , allowing workers to move from high unemployment areas to areas where there are labour shortages , helping more people find posts better suited to their skills and overcoming bottlenecks in the labour market . ### the free movement of workers is also a key element to the development of a genuine union labour market , allowing workers to move to areas where there are labour shortages , helping more people find posts better suited to their skills and overcoming bottlenecks in the labour market .


### the free movement of workers is also a key element to the development of a genuine union labour market , allowing workers to move from high unemployment areas to areas where there are labour shortages , helping more people find posts better suited to their skills and overcoming bottlenecks in the labour market . ### the free movement of workers is also a key element to the development of a genuine union labour market , allowing workers to move to areas offering more employment opportunities , helping more people find posts better suited to their skills and overcoming bottlenecks in the labour market .


### member states should make information about employment terms and conditions more widely available to workers from other member states , to employers and to other interested parties . ### member states should make information about employment terms , conditions , and benefits more widely available and accessible in the relevant languages to workers from other member states , to employers and to other interested parties .


### for the purpose of separate sale of roaming services , operators shall make sure that facilities are in place by 1 july 2014 at the latest , to ensure that the customer can use domestic mobile services and separate roaming services offered by an alternative roaming operator while keeping their mobile number . in order to enable the separate sale of roaming services , operators may in particular allow the use of a ‘ eu roaming profile’ on the same sim card and the use of the same terminal alongside domestic mobile services . pricing for interconnection related to the provision of this facility shall be cost - orientated and there should be no direct charges to consumers for the use of this facility . ### for the purpose of separate sale of roaming services in accordance with article 4 , operators shall make sure that facilities are in place by 1&#160 ; june 2014 at the latest , to ensure that their customers can use domestic mobile services and separate roaming services offered by an alternative roaming operator while keeping their mobile number and while using the same terminal . pricing for interconnection and additional support services related to the provision of these facilities shall be cost - orientated and there should be no direct charges to consumers for the use of this facility .


### berec , after consulting stakeholders and in close co - operation with the commission , shall lay down , within a reasonable period of time not exceeding three months after the adoption of this regulation , guidelines with regard to harmonised technical solutions relating to the facility for separate roaming services and to harmonised procedures to change the provider of roaming services . upon a reasoned request from the berec , the commission may extend that period . ### berec , after consulting stakeholders and in close co - operation with the commission , shall lay down , within a reasonable period of time not exceeding three months after the adoption of this regulation , guidelines with regard to harmonised technical solutions relating to the facility for the separate sale of roaming services and to harmonised procedures to change the provider of roaming services , and relating to the facility for enabling access to local data roaming services . upon a reasoned request from berec , the commission may extend that period . where necessary , after consulting stakeholders and in close cooperation with the commission , berec may update the guidelines .


### with effect from 1 july 2012 the average wholesale charge that the operator of a visited network may levy from the roaming customer ' s home provider for the provision of regulated data roaming services by means of that visited network shall not exceed a safeguard limit of eur 0 , 30 , eur 0 , 20 as of 1 july 2013 and eur 0 , 10 as of 1 july 2014 per megabyte of data transmitted . without prejudice to article 13 the maximum average wholesale charge for the provision of regulated data roaming services shall remain at eur 0 , 10 per megabyte of data transmitted for the duration of this regulation . ### with effect from 1 july 2012 the average wholesale charge that the operator of a visited network may levy from the roaming customer ' s home provider for the provision of regulated data roaming services by means of that visited network shall not exceed a safeguard limit of eur 0 , 23 , eur 0 , 17 as of 1 july 2013 , eur 0 , 10 as of 1 july 2014 and eur 0 , 08 as of 1 july 2015 per megabyte of data transmitted . without prejudice to article 13 the maximum average wholesale charge for the provision of regulated data roaming services shall remain at eur 0 , 08 per megabyte of data transmitted for the duration of this regulation .


### with effect from 1 july 2012 , the retail charge of a euro - sms tariff which a home provider may levy from its roaming customer for a regulated roaming sms message sent by that roaming customer may vary for any roaming sms message but shall not exceed eur 0 , 10 . without prejudice to articles 13 and 19 , the regulated maximum retail charge for the euro - sms tariff shall remain at eur 0 , 10 until 30 june 2016 . ### with effect from 1 july 2012 , the retail charge of a euro - sms tariff which a home provider may levy from its roaming customer for a regulated roaming sms message sent by that roaming customer shall decrease to eur 0 , 09 on 1 july 2012 , eur 0 , 07 on 1 july 2013 and to eur 0 , 06 on 1 july 2014 . without prejudice to articles 13 and 19 , the regulated maximum retail charge for the euro - sms tariff shall remain at eur 0 , 06 until 30 june 2016 .


### at the time of making or renewing a contract on mobile communication services , home providers shall provide all customers individually with full information on the possibility to choose an alternative roaming provider and facilitate the conclusion of a contract with an alternative roaming provider . customers concluding a contract with the home provider for roaming services shall explicitly confirm that they have been informed of such possibility . the providers of mobile communications services shall not prevent retailers serving as their points of sale to offer contracts for separate roaming services with alternative roaming providers . ### at the time of making or renewing a contract on mobile communication services , providers of domestic mobile communications services shall provide all customers individually with full information on the possibility to choose an alternative roaming provider and shall not hinder the conclusion of a contract with an alternative roaming provider . customers concluding a contract with the provider of domestic mobile communications services shall explicitly confirm that they have been informed of such possibility . the providers of mobile communications services shall not prevent retailers serving as their points of sale to offer contracts for separate roaming services with alternative roaming providers .


### with effect from 1 july 2014 , home providers shall inform all their roaming customers of the possibility to unsubscribe from their existing roaming services and to opt for roaming services from an alternative roaming provider . the roaming customers shall be given a period of two months within which to make their choice known to their home provider . roaming customers who have not expressed their choice within that period shall have the right to opt for an alternative roaming provider at any moment , in line with paragraphs 3 and 4 . ### with effect from 1 june 2014 , providers of domestic mobile communications services shall inform all their roaming customers of the possibility to unsubscribe from their existing roaming services and to opt for roaming services offered by an alternative roaming provider in accordance with paragraph 1 . the roaming customers shall be given a period of two months within which to make their choice known to their providers of domestic mobile communications services . in case a customer chooses to switch to an alternative roaming provider within this time limit , the switch should be carried out within a maximum period of one working day . roaming customers who have not expressed their choice within that period shall have the right to opt for an alternative roaming provider at any moment , in line with paragraphs 3 and 4 .


### consumers should have the right to opt for the separate sale of roaming services from their domestic mobile package . basic principles should be laid down with regard to the provision of a separate sale of roaming services which should be introduced in a coordinated manner across the union . consumers should be able to choose a different provider for roaming services without changing their number , and in a manner which ensures interoperability of services , with roaming services being provided anywhere in the union and with the same level of quality . ### in the member states where their contract for the provision of domestic mobile services is concluded , consumers should have the right to opt for the separate sale of retail roaming services from their domestic mobile package . consumers should be able to choose a different provider for retail roaming services without changing their number , and in a manner which ensures interoperability of services , with retail roaming services being provided anywhere in the union .


### those measures , designed to amend non - essential elements of this directive by supplementing it , shall be adopted in accordance with the regulatory procedure with scrutiny referred to in article 49 . ### the commission shall not consider it mandatory to bring forward delegated acts in these areas and shall only propose measures when they are essential for the proper functioning of this directive .


### in addition to article 27 , member states shall ensure that where an aifm acquires 30 % or more of the voting rights of an issuer or a non - listed company , that aifm makes the information set out in the second and third subparagraphs available to the issuer , the non - listed company , their respective shareholders and representatives of employees or , where there are no such representatives , to the employees themselves . ### in addition to article 27 , member states shall ensure that where an aifm acquires a controlling influence over a non - listed company , that aifm makes the following information available to the non - listed company concerned , its shareholders and representatives of employees .


### the depositary shall be liable to the aifm and the investors of the aif for any losses suffered by them as a result of its failure to perform its obligations pursuant to this directive . ### the depositary shall be liable to the aifm and the investors of the aif for any losses suffered by them as a result of its unjustifiable failure to perform its obligations pursuant to this directive .


### the scope of this directive should be confined to the management of collective investment undertakings which raise capital from a number of investors with a view to investing it in accordance with a defined investment policy on the principle of risk - spreading for the benefit of those investors . this directive should not apply to the management of pension funds or managers of non - pooled investments such as endowments , sovereign wealth funds or assets hold on own account by credit institutions , insurance or reinsurance undertakings . this directive should neither apply to actively managed investments in the form of securities , such as certificates , managed futures , or index - linked bonds . it should , however , cover managers of all collective investment undertakings which are not required to be authorised as ucits . investment firms authorised under directive 2004 / 39 / ec on markets in financial instruments should not be required to obtain an authorisation under this directive in order to provide investment services in respect of aif . investment firms can however only provide investment services in respect of aif , if and to the extent the units or shares thereof can be marketed in accordance with this directive . ### the scope of this directive should be confined to the management of collective investment undertakings which raise capital from a number of investors with a view to investing it in accordance with a defined investment policy for the benefit of those investors . this directive should not apply to the management of pension funds or managers of non - pooled investments such as endowments , sovereign wealth funds , central banks or assets held on own account by credit institutions , pension funds or insurance or reinsurance undertakings . this directive should also not apply to the management of collective investment undertakings which are authorised in accordance with national law and marketed only in their home member state . this directive should neither apply to actively managed investments in the form of securities , such as certificates , managed futures , or index - linked bonds . it should , however , cover managers of all collective investment undertakings which are not required to be authorised as ucits . investment firms authorised under directive 2004 / 39 / ec on markets in financial instruments should not be required to obtain an authorisation under this directive in order to market units or shares of an aif or provide investment services in respect of aif . investment firms can however only provide investment services in respect of aif , if and to the extent the units or shares thereof can be marketed in accordance with this directive . this directive should not apply to industrial holding companies whose shares are traded on an eu regulated market in so far as they hold shares in their subsidiaries or associated companies for the purpose of pursuing an industrial business strategy .


### the commission shall adopt implementing measures with a view to determining the procedures under which aifm managing portfolios of aif whose assets under management do not exceed the threshold set out in paragraph 2 may exercise their right under paragraph 3 . ### the commission shall lay down , by means of delegated acts in accordance with articles 49 , 49a and 49b , measures with a view to determining the procedures under which aifm managing portfolios of aif whose assets under management do not exceed the threshold set out in paragraph 2 may exercise their right under paragraph 3 .


### aifm managing one or more aif which either individually or in aggregation acquires 30 % or more of the voting rights of an issuer or of a non - listed company domiciled in the community , as appropriate ; ### aifm managing one or more aif which either individually or in aggregation acquires a controlling influence over a non - listed company domiciled in the community , as appropriate ;


### the commission shall be assisted by the european securities committee established by commission decision 2001 / 528 / ec of 6 june 2001 establishing the european securities committee . ### the powers to adopt delegated acts referred to in articles 2 , 9 , 10 , 11 , 12 , 13 , 16 , 18 , 19 20 , 21 , 24 , 25 , 28 , 29 , 31 , 33 , 37 , 37 , 38 , 38 , 39 , 39 , 45 46 , 47 and 53 shall be conferred on the commission for a period of five years following the entry into force of this directive . the commission shall make a legislative report regarding renewal of the delegated powers at the latest 12 months before the end of the five - year period and , where appropriate , this shall be accompanied by a legislative proposal . the report must specify the period and articles for which extension of the delegated acts is requested .


### the date on which the threshold was reached or exceeded . ### the date on which the controlling influence was reached or exceeded .


### liability to aif investors may be invoked either directly or indirectly through the aifm , depending on the legal nature of the relationship between the depositary , the aifm and the investors . the depositary ' s liability shall not be affected by any delegation referred to in paragraph 4 . ### the depositary ' s liability shall not normally be affected by any delegation referred to in paragraph 4 . however , liability may be shifted to the authorised third party that has been entrusted to carry out its custodial tasks . the shift shall be materialised by a contract between the aifm , the depositary , the third party and investors . this arrangement is subject to the authorisation of the home member state . in case of loss of financial instruments , where a depositary contract exists that allows transfer and re - use of assets , the period for restitution shall be in accordance with the terms of the contract .


### the scope of this directive should be confined to the management of collective investment undertakings which raise capital from a number of investors with a view to investing it in accordance with a defined investment policy on the principle of risk - spreading for the benefit of those investors . this directive should not apply to the management of pension funds or managers of non - pooled investments such as endowments , sovereign wealth funds or assets hold on own account by credit institutions , insurance or reinsurance undertakings . this directive should neither apply to actively managed investments in the form of securities , such as certificates , managed futures , or index - linked bonds . it should , however , cover managers of all collective investment undertakings which are not required to be authorised as ucits . investment firms authorised under directive 2004 / 39 / ec on markets in financial instruments should not be required to obtain an authorisation under this directive in order to provide investment services in respect of aif . investment firms can however only provide investment services in respect of aif , if and to the extent the units or shares thereof can be marketed in accordance with this directive . ### the scope of this directive should be confined to the management of collective investment undertakings which raise capital from a number of investors with a view to investing it in accordance with a defined investment policy on the principle of risk - spreading for the benefit of those investors . this directive should not apply to the management of aif managed exclusively for their parent undertaking or subsidiaries , or of pension funds or managers of non - pooled investments such as endowments , sovereign wealth funds or assets held on own account by credit institutions , insurance or reinsurance undertakings , or to the management of investment products authorised in accordance with national law and sold only nationally on the territory of a respective member state , or to national , regional and local governments and government investment vehicles and bodies or institutions which manage funds supporting social security and pension systems or employee participation schemes . this directive should neither apply to actively managed investments in the form of securities , such as certificates , managed futures , or index - linked bonds . in order to avoid regulatory overlap , the scope of this directive should not apply to closed - ended collective investment undertakings listed on a regulated market which are subject to regulation under directive 2001 / 34 / ec of the european parliament and of the council of 28 may 2001 on the admission of securities to official stock exchange listing and on information to be published on those securities 1 , directive 2004 / 109 / ec of the european parliament and of the council of 15 december 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market 2 and directive 2003 / 71 / ec of the european parliament and of the council of 4 november 2003 on the prospectus to be published when securities are offered to the public or admitted to trading 3 . to provide a harmonised approach , the commission should as soon as possible , and at the very latest by the date of entry into force of this directive , review these directives and , where appropriate , bring forward legislative proposals to ensure equivalent regulation . this directive should cover managers of all collective investment undertakings which are not required to be authorised as ucits . investment firms authorised under directive 2004 / 39 / ec on markets in financial instruments should not be required to obtain an authorisation under this directive in order to provide investment services in respect of aif . investment firms can however only provide investment services in respect of aif , if and to the extent the units or shares thereof can be marketed in accordance with this directive . _____________ 1 oj l 184 , 6 . 7 . 2001 , p . 1 . 2 oj l 390 , 31 . 12 . 2004 , p . 38 . 3 oj l 345 , 31 . 12 . 2003 , p . 64 .


### an aifm shall , for each of the aif it manages , make available an annual report for each financial year . the annual report shall be made available to investors and competent authorities no later than four months following the end of the financial year . ### an aifm shall , for each of the aif it manages , make available an annual report for each financial year . the annual report shall be made available to investors and competent authorities no later than four months following the end of the financial year or , in the case of an aif investing in other aif , no later than six months following the end of the financial year .


### the depositary shall be a credit institution having its registered office in the community and be authorised in accordance with directive 2006 / 48 / ec of the european parliament and council of 14 june 2006 relating to the taking up and pursuit of the business of credit institutions . ### the depositary shall be either : a credit institution having its registered office in the community and authorised in accordance with directive 2006 / 48 / ec of the european parliament and council of 14 june 2006 relating to the taking up and pursuit of the business of credit institutions ; or an investment firm authorised in accordance with directive 2004 / 39 / ec and which provides the ancillary service of safe - keeping and administration of financial instruments for the account of clients in accordance with section b of annex i to that directive , having its registered office in the community ; or a person subject to prudential regulation and ongoing supervision and which can furnish sufficient financial and professional guarantees to be able to effectively perform the relevant depositary functions and meet the commitments inherent in those functions . in addition to the provisions laid down in points , and of the first subparagraph , for aif which exclusively or predominantly hold immovable property and / or transferable securities as defined by point 18 of article 4 of directive 2004 / 39 / ec and whose investment strategy mainly involves holding such immovable property and transferable securities for the medium or long term , the depositary may be a person which carries out depositary functions as part of professional or business activities in respect of which it is subject to mandatory professional registration recognised by law or to legal or regulatory provisions or rules of professional conduct and which can furnish sufficient financial and professional guarantees to be able to effectively perform the relevant depositary functions and meet the commitments inherent in those functions . member states shall determine which of the categories of institutions referred to this paragraph are eligible to be depositaries .


### in particular the commission should be empowered to adopt the measures necessary for the implementation of this directive . in this respect , the commission should be able to adopt measures determining the procedures under which aifm managing portfolios of aif whose assets under management do not exceed the threshold set out in this directive may exercise their right to be treated as aifm covered by this directive . these measures are also designed to specify the criteria to be used by competent authorities to assess whether aifm comply with their obligations as regards their conduct of business , the type of conflicts of interests aifm have to identify , as well as the reasonable steps aifm are expected to take in terms of internal and organizational procedures in order to identify , prevent , manage and disclose conflicts of interest . they are designed to specify the risk management requirements to be employed by aifm as a function of the risks which the aifm incurs on behalf of the aif that it manages as well as any arrangements needed to enable aifm to manage the particular risks associated with short selling transactions , including any relevant restrictions that might be needed to protect the aif from undue risk exposures . they are designed to specify the liquidity management requirements of this directive and in particular the minimum liquidity requirements for aif . they are designed to specify the requirements that originators of securitisation instruments have to meet in order for an aifm to be allowed to invest in such instruments issued after 1 january 2011 . they are as well designed to specify the requirements that aifm have to comply with when investing in such securitisation instruments . they are designed to specify the criteria under which a valuator can be considered independent in the meaning of this directive . they are designed to specify the conditions under which the delegation of aifm functions should be approved and the conditions under which the manager could no longer be considered to be the manager of the aif in case of excessive delegation . they are designed to specify the content and format of the annual report that aifm have to make available for each aif they manage and to specify the disclosure obligations of aifm to investors and reporting requirements to competent authorities as well as their frequency . they are designed to specify the disclosure requirements imposed on aifm as regards leverage and the frequency of reporting to competent authorities and of disclosure to investors . they are designed to setting limits to the level of leverage aifm can employ when managing aif they are designed to determine the detailed content and the way aifm acquiring controlling influence in issuers and non - listed companies should fulfil their information obligation towards issuers and non - listed companies and their respective shareholders and representatives of employees , including the information to be provided in the annual reports of the aif they manage . they are designed to specify the types of restrictions or conditions that can be imposed on the marketing of aif to professional investor in the home member state of the aifm . they are designed to specify general criteria for assessing equivalence of valuation standards of third countries where the valuator is established in a third country , the equivalence of legislation of third countries regarding depositaries and , for the purpose of the authorisation of aifm established in third countries , the equivalence of prudential regulation and ongoing supervision . they are designed to specify general criteria for assessing whether third countries grant community aifm effective market access comparable to that granted by the community to aifm from third countries . they are designed to specify the modalities , content and frequency of exchange of information regarding aifm between the competent authorities of the home member state of the aifm and other competent authorities where the aifm individually or collectively with other aifm may have an impact on the stability of systemically relevant financial institutions and the orderly functioning of markets . they are designed to specify the procedures for on - the - spot verifications and investigations . ### the commission should be empowered to adopt delegated acts in accordance with article 290 of the treaty on the functioning of the european union . in particular the commission should be empowered to adopt the measures necessary for the implementation of this directive . in this respect , the commission should be able to adopt measures determining the procedures under which aifm managing portfolios of aif whose assets under management do not exceed the threshold set out in this directive may exercise their right to be treated as aifm covered by this directive . these measures are also designed to specify the criteria to be used by competent authorities to assess whether aifm comply with their obligations as regards their conduct of business , the type of conflicts of interests aifm have to identify , as well as the reasonable steps aifm are expected to take in terms of internal and organizational procedures in order to identify , prevent , manage and disclose conflicts of interest . they are designed to specify the risk management requirements to be employed by aifm as a function of the risks which the aifm incurs on behalf of the aif that it manages as well as any arrangements needed to enable aifm to manage the particular risks associated with short selling transactions , including any relevant restrictions that might be needed to protect the aif from undue risk exposures . they are designed to specify the liquidity management requirements of this directive and in particular the minimum liquidity requirements for aif . they are designed to specify the requirements that originators of securitisation instruments have to meet in order for an aifm to be allowed to invest in such instruments issued after 1 january 2011 . they are as well designed to specify the requirements that aifm have to comply with when investing in such securitisation instruments . they are designed to specify the criteria under which a valuator can be considered independent in the meaning of this directive . they are designed to specify the conditions under which the delegation of aifm functions should be approved and the conditions under which the manager could no longer be considered to be the manager of the aif in case of excessive delegation . they are designed to specify the content and format of the annual report that aifm have to make available for each aif they manage and to specify the disclosure obligations of aifm to investors and reporting requirements to competent authorities as well as their frequency . they are designed to specify the disclosure requirements imposed on aifm as regards leverage and the frequency of reporting to competent authorities and of disclosure to investors . they are designed to setting limits to the level of leverage aifm can employ when managing aif . they are designed to determine the detailed content and the way aifm acquiring controlling influence in issuers and non - listed companies should fulfil their information obligation towards issuers and non - listed companies and their respective shareholders and representatives of employees , including the information to be provided in the annual reports of the aif they manage . they are designed to specify the types of restrictions or conditions that can be imposed on the marketing of aif to professional investor in the home member state of the aifm . they are designed to specify general criteria for assessing equivalence of valuation standards of third countries where the valuator is established in a third country , the equivalence of legislation of third countries regarding depositaries and , for the purpose of the authorisation of aifm established in third countries , the equivalence of prudential regulation and ongoing supervision . they are designed to specify general criteria for assessing whether third countries grant community aifm effective market access comparable to that granted by the community to aifm from third countries . they are designed to specify the modalities , content and frequency of exchange of information regarding aifm between the competent authorities of the home member state of the aifm and other competent authorities where the aifm individually or collectively with other aifm may have an impact on the stability of systemically relevant financial institutions and the orderly functioning of markets . they are designed to specify the procedures for on - the - spot verifications and investigations . they are designed to state that the fund valuation standards of a specific third country are equivalent to those applicable in the community where the valuator is established in a third country . they are designed to state that the legislation on depositaries of a specific third country is equivalent to this directive . they are designed to state that the legislation on prudential regulation and ongoing supervision of aifm in a specific third country is equivalent to this directive . they are designed to state whether a specific third country grants community aifm effective market access comparable to that granted by the community to aifm from that third country . they are designed to specify standard models for notification and attestations and to specify the procedure for the exchange of information between competent authorities .


### the depositary shall be a credit institution having its registered office in the community and be authorised in accordance with directive 2006 / 48 / ec of the european parliament and council of 14 june 2006 relating to the taking up and pursuit of the business of credit institutions . ### the depositary shall be either : a credit institution having its registered office in the community and authorised in accordance with directive 2006 / 48 / ec of the european parliament and of the council of 14 june 2006 relating to the taking up and pursuit of the business of credit institutions ; or an investment firm authorised in accordance with directive 2004 / 39 / ec ; or or , for a closed - ended fund , a legal person which is subject to prudential regulation and ongoing supervision and which can furnish sufficient financial and professional guarantees to be able to effectively perform the relevant depository functions and meet the commitments inherent in those functions .


### it is therefore appropriate to extend autonomous trade preferences to pakistan by suspending for a limited period of time all tariffs for certain products of export interest to pakistan . the provision of these trade preferences would not cause any meaningful adverse effects on the domestic market of the union and would not affect negatively least developed members of the world trade organisation . ### it is therefore appropriate to extend autonomous trade preferences to pakistan by suspending for a limited period of time all tariffs for certain products of export interest to pakistan . the provision of these trade preferences should not cause any meaningful adverse effects on the domestic market of the union and should not affect negatively least developed members of the world trade organisation .


### the commission may adopt delegated acts in accordance with article 5 for the purpose of amending the annexes in order to introduce amendments and technical adjustments necessary following amendments to the combined nomenclature codes and to the taric subdivisions . ### the commission may adopt , by way of delegated acts in accordance with article 5 , measures for the purpose of amending the annexes in order to introduce amendments and technical adjustments made necessary both following amendments to the combined nomenclature codes or to the taric subdivisions and in the light of the annual impact assessments on developments concerning the importation of products covered by this regulation .


### it is therefore appropriate to extend autonomous trade preferences to pakistan by suspending for a limited period of time all tariffs for certain products of export interest to pakistan . the provision of these trade preferences would not cause any meaningful adverse effects on the domestic market of the union and would not affect negatively least developed members of the world trade organisation . ### given the hardship being suffered by the pakistani people due to the devastating floods it is therefore appropriate to extend exceptional autonomous trade preferences to pakistan by suspending for a limited period of time all tariffs for certain products of export interest to pakistan . the provision of these trade preferences would cause limited adverse effects on the domestic market of the union and would not affect negatively least developed members of the world trade organisation .


### the commission may adopt delegated acts in accordance with article 5 for the purpose of amending the annexes in order to introduce amendments and technical adjustments necessary following amendments to the combined nomenclature codes and to the taric subdivisions . ### the commission shall present by 31 october 2011 a report to the european parliament and the council on the evolution of imports between 1 january and 30 june 2011 of products covered by this regulation . 2 . where the commission concludes , in its report , that the volume of imports of one of the products included in annex i originating from pakistan exceeds the volume of such imports in the corresponding period of 2010 by twenty percentage points , the commission may adopt a delegated act , in accordance with article 9 , to subject the imports of that product to tariff rate quotas for imports of that product in the year 2012 by amending annex ii . 3 . the tariff rate quota provided for under paragraph 2 shall take the form of a duty free quota limited to the level of imports of that product in 2010 increased by 20% . by way of derogation from article 1 , upon the entry into force of the delegated act , imports in excess of that tariff rate quota shall be subject to most - favoured nation or other applicable duties .


### in particular , the european council underlined its firm commitment to grant exclusively to pakistan increased market access to the union through the immediate and time limited reduction of duties on key imports from pakistan . ### in particular , the european council underlined its firm commitment to grant exclusively to pakistan increased market access to the union through the exceptional , immediate and time limited reduction of duties on key imports from pakistan .


### ' public documents ' means documents issued by authorities of a member state and having formal evidentiary value relating to : birth ; b ) death ; c ) name ; d ) marriage and registered partnership ; e ) parenthood ; f ) adoption ; g ) residence ; h ) citizenship and nationality ; real estate ; j ) legal status and representation of a company or other undertaking ; k ) intellectual property rights ; l ) absence of a criminal record ; ### ' public documents ' means the following documents issued by authorities of a member state : extracts from register of births ; b ) extracts from register of deaths ; c ) change of name certificates ; d ) extracts from marriage and civil partnership register ; e ) certificates of parenthood ; f ) certificates of adoption ; g ) population registry certificates ; h ) citizenship and nationality certificates ; extracts from real estate registers ; j ) extracts from company registers k ) extracts from intellectual property registers ; l ) extracts from criminal records ;


### the aim of this regulation is not to change the substantive law of the member states relating to birth , death , name , marriage , registered partnership , parenthood , adoption , residence , citizenship or nationality , real estate , legal status of a company or other undertaking , intellectual property rights or absence of a criminal record . ### the aim of this regulation is not to change the substantive law of the member states relating to birth , death , name , marriage , registered partnership , parenthood , adoption , residence , citizenship or nationality , intellectual property rights or absence of a criminal record .


### the scope of this regulation should cover public documents drawn up by authorities of the member states and having formal evidentiary value relating to birth , death , name , marriage or registered partnership , parenthood , adoption , residence , citizenship , nationality , real estate , legal status and representation of a company or other undertaking , intellectual property rights and absence of a criminal record . simplification of the acceptance of these categories of public documents between the member states should bring tangible benefits to union citizens and companies or other undertakings . because of their different legal nature , documents drawn up by private persons should be excluded from its scope . documents drawn up by authorities of third countries should likewise fall outside the scope of this regulation . ### the scope of this regulation should cover extracts from civil registers and certain other public registers , such as population and intellectual property registers , as well as criminal records . simplification of the acceptance of these categories of public documents between the member states should bring tangible benefits to union citizens and companies or other undertakings . because of their different legal nature , documents drawn up by private persons should be excluded from its scope . documents drawn up by authorities of third countries should likewise fall outside the scope of this regulation .


### ' public documents ' means documents issued by authorities of a member state and having formal evidentiary value relating to : birth ; b ) death ; c ) name ; d ) marriage and registered partnership ; e ) parenthood ; f ) adoption ; g ) residence ; h ) citizenship and nationality ; real estate ; j ) legal status and representation of a company or other undertaking ; k ) intellectual property rights ; l ) absence of a criminal record ; ### ' public documents ' means the following documents issued by authorities of a member state : extracts from register of births ; b ) extracts from register of deaths ; c ) change of name certificates ; d ) extracts from marriage and civil partnership register ; e ) certificates of parenthood ; f ) certificates of adoption ; g ) extracts from population register ; h ) citizenship and nationality certificates ; k ) extracts from intellectual property registers ; l ) extracts from criminal records ; certificate of good conduct ;


### the economic well - being of the european union relies on sustained creativity and innovation . therefore measures for their effective protection are indispensible in ensuring its future prosperity . ### the economic and cultural well - being of the european union relies on sustained creativity and innovation . therefore measures for their effective protection and the ability to develop or introduce new tools to access creative works are indispensible in ensuring its future prosperity .


### the fight against racism and xenophobia and discrimination based on any ground , including sex , race , colour , ethnic or social origin , genetic features , language , religion or belief , political or any other opinion , membership of a national minority , property , birth , disability , age or sexual orientation ; ### the fight against racism and xenophobia and discrimination based on any ground , including gender , gender expression , gender identity , race , colour , ethnic or social origin , genetic features , language , religion or belief , political or any other opinion , membership of a national minority , property , birth , disability , age or sexual orientation ;


### member states should retain the power to ensure an adequate level of social protection for the staff of undertaking providing port services . this regulation shall not affect the application of the social and labour rules of the member states . in cases of limitation of the number of port service providers , where the conclusion of a port service contract may entail a change of port service operator , it should be possible for the competent authorities to ask the chosen service operator to apply the provisions of council directive 2001 / 23 / ec on the approximation of the laws of the member states relating to the safeguarding of employees ' rights in the event of transfers of undertakings , businesses or parts of undertakings or businesses11 . __________________ 11 oj l 82 , 22 . 3 . 2001 , p . 16 . ### member states should retain the power to ensure an adequate level of social protection for the staff of undertaking providing port services . this regulation shall not affect the application of the social and labour rules of the member states , as this will be discussed at eu level in the social dialogue committee for ports . in cases of limitation of the number of port service providers , where the conclusion of a port service contract may entail a change of port service operator , it should be possible for the competent authorities to ask the chosen service operator to apply the provisions of council directive 2001 / 23 / ec on the approximation of the laws of the member states relating to the safeguarding of employees ' rights in the event of transfers of undertakings , businesses or parts of undertakings or businesses11 . __________________ 11 oj l 82 , 22 . 3 . 2001 , p . 16 .


### prohibited elements and features may include but are not limited to texts , symbols , names , trade marks , figurative or other signs , misleading colours , inserts or other additional material such as adhesive labels , stickers , onserts , scratch - offs and sleeves or relate to the shape of the tobacco product itself . cigarettes with a diameter of less than 7 . 5 mm shall be deemed to be misleading . ### prohibited elements and features may include but are not limited to texts , symbols , names , trade marks , figurative or other signs , , inserts or other additional material such as adhesive labels , stickers , onserts , scratch - offs and sleeves


### cover 75 % of the external area of both the front and back surface of the unit packet and any outside packaging ; ### cover 50 % of the external area of both the front and back surface of the unit packet and any outside packaging ;


### ‘ characterising flavour’ means a distinguishable aroma or taste other than tobacco , resulting from an additive or combination of additives , including but not limited to fruit , spice , herb , alcohol , candy , menthol or vanilla observable before or upon intended use of the tobacco product ; ### ‘ characterising flavour’ means a distinctive sweet , fruity or confectionary - like taste resulting from a flavouring or combination of flavourings , observable before or upon intended use of the tobacco product . for the purpose of this definition , tobacco and menthol are not considered a sweet , fruity or confectionary - like taste ;


### for cigarette packets the general warning and the information message shall be printed on the lateral sides of the unit packets . these warnings shall have a width of not less than 20 mm and a height of not less than 43 mm . for roll - your - own tobacco the information message shall be printed on the surface that becomes visible when opening the unit packet . both the general warning and the information message shall cover 50% of the surface on which they are printed . ### for cigarette packets the general warning and the information message shall be printed on the lateral sides of the unit packets . for roll - your - own tobacco the information message shall be printed on the surface that becomes visible when opening the unit packet . both the general warning and the information message shall cover 50% of the surface on which they are printed .


### in order to ensure the integrity and the visibility of health warnings and maximise their efficacy , provisions should be made regarding the dimension of the warnings as well as regarding certain aspects of the appearance of the tobacco package , including the opening mechanism . the package and the products may mislead consumers , in particular young people , suggesting that products are less harmful . for instance , this is the case with certain texts or features , such as ‘ low - tar’ , ‘ light’ , ‘ ultra - light’ , ‘ mild’ , ‘ natural’ , ‘ organic’ , ‘ without additives’ , ‘ without flavours’ , ‘ slim’ , names , pictures , and figurative or other signs . likewise , the size and appearance of individual cigarettes can mislead consumers by creating the impression that they are less harmful . a recent study has also shown that smokers of slim cigarettes were more likely to believe that their own brand might be less harmful . this should be addressed . ### in order to ensure the integrity and the visibility of health warnings and maximise their efficacy , provisions should be made regarding the dimension of the warnings as well as regarding certain aspects of the appearance of the tobacco package , including the opening mechanism . the package and the products may mislead consumers , in particular young people , suggesting that products are less harmful . for instance , this is the case with certain texts or features , such as ‘ low - tar’ , ‘ light’ , ‘ ultra - light’ , ‘ mild’ , ‘ natural’ or ‘ organic’ . in case the package creates a misleading impression that the cigarettes are less harmful , health warnings must be adapted accordingly .


### however , a member state may maintain more stringent national provisions , applicable to all products alike , in areas covered by the directive , on grounds of overriding needs relating to the protection of public health . a member state may also introduce more stringent provisions , on grounds relating to the specific situation of this member state and provided the provisions are justified by the need to protect public health . such national provisions shall be notified to the commission together with the grounds for maintaining or introducing them . the commission shall , within six months from the date of receiving the notification , approve or reject the provisions after having verified , taking into account the high level of health protection achieved through this directive , whether or not they are justified , necessary and proportionate to their aim and whether or not they are a means of arbitrary discrimination or a disguised restriction on trade between the member states . in the absence of a decision by the commission within this period the national provisions shall be deemed to be approved . ### however , a member state may maintain more stringent national provisions , applicable to all products alike , in areas covered by the directive , on grounds of overriding needs relating to the protection of public health . a member state may also introduce more stringent provisions , on grounds relating to the specific situation of this member state and provided the provisions are justified by the need to protect public health . such national provisions shall be notified to the commission together with the grounds for maintaining or introducing them . the commission shall , within six months from the date of receiving the notification , approve or reject the provisions after having verified , taking into account the high level of health protection achieved through this directive , whether or not they are justified , necessary and proportionate to their aim , compliant with the treaty and the eu’s international obligations , including wto obligations , and whether or not they are a means of arbitrary discrimination or a disguised restriction on trade between the member states . in the absence of a decision by the commission within this period the national provisions shall be deemed to be approved .