### the value of statutory audit for the audited entity would be particularly enhanced if the communication between the statutory auditor or the audit firm , on the one hand , and the audit committee , on the other hand , was reinforced . further to the regular dialogue during the carrying out of the statutory audit , it is important that the statutory auditor or the audit firm submits to the audit committee an additional and more detailed report on the results of the statutory audit . it should be possible to make such additional detailed reports available to the supervisors of public - interest entities , but not to the public . ### the value of statutory audit for the audited entity would be particularly enhanced if the communication between the statutory auditor or the audit firm , on the one hand , and the audit committee , on the other hand , was reinforced . this would contribute to increased transparency , strengthened accountability and professional ethics . further to the regular dialogue during the carrying out of the statutory audit , it is important that the statutory auditor or the audit firm submits to the audit committee an additional and more detailed report on the results of the statutory audit . it should be possible to make such additional detailed reports available to the supervisors of public - interest entities and if possible , to the extent that they do not concern the business secrets of the audited entity , to the public .


### a statutory auditor or an audit firm shall establish appropriate and effective organisational and administrative arrangements to prevent , identify , eliminate or manage and disclose any threats to independence referred to in article 11 ; ### a statutory auditor or an audit firm shall establish appropriate and effective organisational and administrative arrangements to prevent , identify , eliminate or manage and disclose to the audit committee of the audited entity any threats to independence referred to in article 11 ;


### a statutory auditor or an audit firm shall establish adequate policies and procedures to ensure that outsourcing of important audit functions is not undertaken in such a way as to impair the quality of the statutory auditor’s or audit firm’s internal control and the ability of the competent authorities to supervise the statutory auditor ' s or audit firm ' s compliance with the obligations laid down in this regulation ; ### a statutory auditor or an audit firm shall establish adequate policies and procedures to ensure that outsourcing of important audit functions is not undertaken in such a way as to impair the quality of the statutory auditor’s or audit firm’s internal control and the ability of the competent bodies to supervise the statutory auditor ' s or audit firm ' s compliance with the obligations laid down in this regulation ;


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


### 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 ;


### 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 or control of financial information included in the financial statements ;


### being involved in the decision - taking of the audited entity and the provision of the services referred to in points and of paragraph 3 shall be considered as affecting such independence in all cases . ### being involved in the decision - taking of the audited entity and the provision of non - audit services shall be considered as affecting such independence in all cases .


### where an audit firm generates more than one third of its annual audit revenues from large public - interest entities and belongs to a network whose members have combined annual audit revenues which exceed eur 1 500 million within the european union , it shall comply with the following conditions : ### where an audit firm generates more than one third of its annual audit revenues from large public - interest entities and belongs to a network whose members have combined annual audit revenues which exceed eur 1 500 million within the european union , whereas revenues from audits for which more than one audit firm has been appointed shall not be factored in the calculation of these thresholds , it shall comply with the following conditions :


### describe the used methodology , including how much of the balance sheet has been directly verified and how much has been based on system and compliance testing ; ### describe the used methodology ;


### 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 ;


### 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 :


### 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 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 the audit firm 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 audit committee to evaluate the proposals made by statutory auditors or audit firms ;


### 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 ;


### in the case of a credit institution or insurance undertaking , the administrative or supervisory board shall submit its draft proposal to the competent authority referred to in article 35 . the competent authority referred to in article 35 shall have the right to veto the choice proposed in the recommendation . any such opposition shall be duly justified . ### the administrative or supervisory board shall submit its draft proposal to the competent authority referred to in article 35 . the draft proposal to competent authority referred to in article 35 shall be accompanied by the results of the comprehensive assessment referred to in article 32 and and they shall have the right to veto the choice proposed in the recommendation . any such opposition shall be duly justified .


### the competent authorities shall not formally approve or endorse the contingency plans . they may however provide an opinion on the contingency plans or on draft contingency plans , should the audit firms consult them in advance . ### the competent authorities shall advise esma on the general status of contingency plans .


### in 2010 - 2011 , as part of the required impact assessment exercise , the european commission held a public consultation in order to gather information on the most appropriate manner in which regulation no 1185 / 2003 should be amended . the conclusion of the impact assessment is that the regulation should be amended so that all sharks must be landed with their fins still attached . it is necessary and appropriate for the achievement of the basic objective of the conservation of shark stocks , and in view of the outcome of the public consultation , to amend regulation no 1185 / 2003 accordingly ; ### in 2010 - 2011 , as part of the required impact assessment exercise , the european commission held a public consultation in order to gather information on the most appropriate manner in which regulation no 1185 / 2003 should be amended . the results of the consultation show that the ' fins - remain - attached ' approach is regarded as the preferred option . the conclusion of the impact assessment is that the regulation should be amended so that all sharks must be landed with their fins still attached . it is necessary and appropriate for the achievement of the basic objective of the conservation of shark stocks , and in view of the outcome of the public consultation , to amend regulation no 1185 / 2003 accordingly ;


### 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 .


### to define the principles , conditions and limits on grounds of public or private interest governing the right of public access to documents of the institutions of the european union , as defined in article 3 , provided for in article 15 of the treaty on the functioning of the european union in such a way as to grant the public the widest possible access to documents , ### to define the principles , conditions and limits on grounds of public or private interest governing the right of access to documents of the institutions of the european union , as defined in article 3 c ) , provided for in article 15 of the treaty on the functioning of the european union in such a way as to ensure the widest possible access to documents ,


### ‘ intra - corporate transfer’ means the temporary secondment of a third - country national from an undertaking established outside the territory of a member state and to which the third - country national is bound by a work contract , to an entity belonging to the undertaking or to the same group of undertakings which is established inside this territory ; ### ‘ intra - corporate transfer’ means the temporary secondment of a third - country national from an undertaking established outside the territory of a member state and to which the third - country national is bound by a work contract , to an entity belonging to the undertaking or to the same group of undertakings which is established inside this territory , for occupational or training purposes ;


### provide evidence that he or she has the professional qualifications needed in the member state to which he or she has been admitted for the position of manager or specialist or , for graduate trainees , the higher education qualifications required ; ### provide evidence that he or she has the professional qualifications or higher education qualifications needed in the member state to which he or she has been admitted for the position of manager or specialist or , for graduate trainees , the professional qualifications and corresponding professional experience or the higher education qualifications required ;


### citizens should be able to exercise fully the rights deriving from the citizenship of the union . they should be able to exercise their right to move and reside freely in the union , their right to vote for and stand as a candidate in european parliament and municipal elections , their right to consular protection and their right to petition the european parliament . they should feel at ease about living , travelling and working in another member state , trusting that their rights are protected , no matter where in the union they happen to be . ### citizens should be able to exercise fully the rights deriving from the citizenship of the union and from international conventions that the eu has acceded to . they should be able to exercise their right to move and reside freely in the union , their right to vote for and stand as a candidate in european parliament and municipal elections , their right to consular protection and their right to petition the european parliament . they should feel at ease about living , travelling and working in another member state , trusting that their rights are protected , no matter where in the union they happen to be , and that access for persons with disabilities on an equal basis with others is ensured .


### non - discrimination based on sex , racial or ethnic origin religion or belief , disability , age or sexual orientation and equality between women and men are values common to the member states . combating all forms of discrimination is an ongoing goal which requires coordinated action , including by the allocation of funding . ### pursuant to the articles 10 and 19 of the tfeu , the union shall aim to combat discrimination based on sex , racial or ethnic origin , religion or belief , disability , age or sexual orientation and mainstream equality . non - discrimination is also enshrined in article 21 of the charter of fundamental rights of the european union . combating all forms of discrimination and the protection of the rights of persons with disabilities derived from the accession of the eu to the un convention on the rights of persons with disabilities are on - going goals which require coordinated action , including by the allocation of funding . pursuant to articles 2 and 3 of the article 8 of tfeu , equality between women and men is a fundamental value and objective of the eu and the eu should promote gender equality in all its activities . equality between women and men is also enshrined in article 23 of the charter of fundamental rights of the european union . promoting gender equality across the eu is done through a dual approach of specific actions and effective gender mainstreaming in both policies and budgetary allocations .


### 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 .


### to promote the effective implementation of the principles of non discrimination on the grounds of sex , racial or ethnic origin , religion or belief , disability , age or sexual orientation , including equality between women and men and the rights of persons with disabilities and of the elderly ; ### to promote the effective implementation of the principles of non discrimination on the grounds of sex , racial or ethnic origin , religion or belief , disability , age or sexual orientation , including gender equality and the rights of persons with disabilities and of the elderly ;


### the indicators to measure the achievement of the objectives set out in paragraph 1 shall be , inter alia , the european perception of the respect , exercise and implementation of these rights and the number of complaints . ### the indicators to measure the achievement of the objectives set out in paragraph 1 shall be , inter alia , the qualitative and quantitative data collected , at european level , on the respect , exercise and implementation of these rights and the number of complaints .


### in order to make it easier to take up and pursue the business of credit institutions , it is necessary to eliminate the differences between the laws of the member states as regards the rules on deposit guarantee schemes to which these institutions are subject . ### in order to make it easier to take up and pursue the business of credit institutions , it is necessary to eliminate all differences between the laws of the member states as regards the rules on deposit guarantee schemes to which these institutions are subject , and thereby ensure full harmonisation .


### directive 94 / 19 / ec was based on the principle of minimum harmonisation . consequently , a variety of deposit guarantee schemes with very distinct features were established in the union . this caused market distortions for credit institutions and limited the benefits of the internal market for depositors . ### directive 94 / 19 / ec was based on the principle of minimum harmonisation . consequently , a variety of deposit guarantee schemes with very distinct features were established in the union . this caused market distortions for credit institutions and limited the benefits of the internal market for depositors . full harmonisation is therefore of utmost importance in order to eliminate these distortions .


### ' deposit ' means any credit balance which results from funds left in an account or from temporary situations deriving from normal banking transactions and which a credit institution must repay under the legal and contractual conditions applicable . ### ' deposit ' means any credit balance which results from funds left in an account or from temporary situations deriving from normal banking transactions including fixed term deposits , savings deposits and registered deposits and which a credit institution must repay under the legal and contractual conditions applicable .


### the european banking authority shall periodically conduct peer reviews pursuant to article 15 of the [ eba regulation ] in this regard . deposit guarantee schemes shall be bound to professional secrecy referred to in article 56 of that regulation when exchanging information with the european banking authority . ### the european banking authority shall periodically conduct peer reviews pursuant to article 15 of the [ eba regulation ] in this regard . deposit guarantee schemes shall be bound to professional secrecy referred to in article 56 of that regulation when exchanging information with the european banking authority . additionally the european banking authority shall have the power to examine the stress resistance of deposit guarantee schemes annually via different scenarios of predefined breaking points on the basis of updated figures to sort out if an adjustment of the current calculation model and the target level might be appropriate . in this context the stress resistance test shall be based on the following scenarios : a low - impact scenario b ) a medium - impact scenario c ) high - impact scenario


### the amount referred to in paragraph 1 shall be reviewed periodically by the commission at least once every five years . if appropriate , the commission shall submit to the european parliament and to the council a proposal for a directive to adjust the amount referred to in paragraph 1 , taking account in particular of developments in the banking sector and the economic and monetary situation in the union . the first review shall not take place before 31 december 2015 unless unforeseen events necessitate an earlier review . . ### the amount referred to in paragraph 1 shall be reviewed periodically by the commission , supported by the european banking authority , at least once every five years . if appropriate , the commission shall submit to the european parliament and to the council a proposal for a directive to adjust the amount referred to in paragraph 1 , taking account in particular of developments in the banking sector and the economic and monetary situation in the union . the first review shall not take place before 31 december 2015 unless unforeseen events necessitate an earlier review . .


### 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 .


### the competent authorities may entirely or partially exempt a credit institution from the obligation referred to in paragraph 2 if the sum of payments referred to in paragraphs 1 and 2 would jeopardize the settlement of claims of other creditors against it . such exemption shall not be granted for a longer period than 6 months but may be renewed on request of the credit institution . ### the competent authorities may entirely or partially exempt a credit institution from the obligation referred to in paragraph 2 if the sum of payments referred to in paragraphs 1 and 2 would jeopardize the settlement of claims of other creditors against it . such exemption shall not be granted for a longer period than 6 months but may be renewed on request of the credit institution . the concerned sum shall be contributed at a later point in time , when the payment does not jeopardize anymore the settlement of claims of other creditors .


### [ 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 .


### frequency of tests should be adapted according to the type of vehicle and to their mileage . vehicles are more likely to present technical deficiencies when they reach a certain age and , in particular when intensively used , after a certain mileage . it is therefore appropriate to increase the test frequency for older vehicles and for vehicles with high mileage . ### frequency of tests should be adapted according to the type of vehicle . vehicles are more likely to present technical deficiencies when they reach a certain age . it is therefore appropriate to test older vehicles at regular intervals .


### ‘ 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 ;


### 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 .


### directive 2001 / 83 / ec provides that certain types of information are subject to control by the member states ' national competent authorities prior to their dissemination . this concerns information about non - interventional scientific studies , or accompanying measures to prevention and medical treatment , or information which presents the medicinal product in the context of the condition to be prevented or treated . in the case of medicinal products for human use authorised pursuant to title ii of regulation no 726 / 2004 , provision should also be made for certain types of information to be subject to prior vetting by the european medicines agency . ### directive 2001 / 83 / ec provides that certain types of information are subject to control by the member states ' national competent authorities prior to their dissemination . this concerns information about non - interventional scientific studies based on experimental observation , or accompanying measures to prevention and medical treatment , or information which presents the medicinal product in the context of the condition to be prevented or treated . in the case of medicinal products for human use authorised pursuant to title ii of regulation no 726 / 2004 , provision should also be made for certain types of information to be subject to prior vetting by the european medicines agency , and for the agency to monitor the measures to be taken by the manufacturer following a report of adverse reactions , and the consequent immediate updating of the literature .


### therefore rules should be introduced to mandate the obligation to meet reasonable requests for wholesale access to public mobile communications networks for the purpose of providing roaming services . such requests should only be refused on the basis of objective and duly substantiated criteria , which should be determined on a case by case basis by the national regulatory authorities following the dispute resolution procedure referred to in article 17 . in order to ensure a level playing field , wholesale access for the purpose of providing roaming services should be granted in accordance with the regulatory obligations laid down in this regulation applicable at the wholesale level and should take into account the different cost elements necessary for the provision of such access . a consistent regulatory approach to the wholesale access for the provision of roaming services would avoid distortions between member states . ### therefore rules should be introduced to mandate the obligation to meet reasonable requests for wholesale access to public mobile communications networks for the purpose of providing roaming services . such requests should only be refused on the basis of objective and duly substantiated criteria , which should be determined on a case by case basis by the national regulatory authorities following the dispute resolution procedure referred to in article 17 . in order to ensure a level playing field , wholesale access for the purpose of providing roaming services should be granted in a non - discriminatory manner providing equivalent terms and conditions and in accordance with the regulatory obligations laid down in this regulation applicable at the wholesale level and should take into account the different cost elements necessary for the provision of such access . a consistent regulatory approach to the wholesale access for the provision of roaming services would avoid distortions between member states .


### 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 .


### 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 .


### any switch to or from an alternative roaming provider shall be free of charge and shall not entail conditions or restrictions pertaining to elements of the subscription other than roaming , and shall be carried out within five working days , save that where a roaming customer who has subscribed to a domestic package which includes roaming prices other than the eurotariff , euro - sms tariff or euro - data tariff , the home provider may delay the switch from the old to the new subscription concerning roaming services for a specified period not exceeding three months . ### any switch to an alternative roaming provider shall be free of charge and shall not entail conditions or restrictions pertaining to elements of the subscription other than the roaming service provided by the alternative roaming provider , and shall be carried out within one working day , save that where a roaming customer who has subscribed to a package which includes roaming prices other than the eurotariff , euro - sms tariff or euro - data tariff , the provider of domestic mobile communications services may delay the switch from the old to the new subscription concerning roaming services for a specified period not exceeding two months .


### 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 .


### 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 .


### the average wholesale charge referred to in paragraph 1 shall apply between any pair of operators and shall be calculated over a twelve - month period or any such shorter period as may remain before the end of the period of application of a maximum average wholesale charge as provided for in this paragraph or the expiry of this regulation . the maximum average wholesale charge shall decrease to eur 0 , 10 and eur 0 , 06 , on 1 july 2013 and on 1 july 2014 respectively . without prejudice to article 13 , the maximum average wholesale charge shall remain at eur 0 , 06 for the duration of this regulation . ### the average wholesale charge referred to in paragraph 1 shall apply between any pair of operators and shall be calculated over a twelve - month period or any such shorter period as may remain before the end of the period of application of a maximum average wholesale charge as provided for in this paragraph or the expiry of this regulation . the maximum average wholesale charge shall decrease to eur 0 , 10 and eur 0 , 07 , on 1 july 2013 , on 1 july 2014 and 0 , 06 on 1 july 2015 respectively . without prejudice to article 13 , the maximum average wholesale charge shall remain at eur 0 , 06 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 .


### with regard to receiver manufacture and security , security requirements make it necessary for this task to be entrusted only to a member state which has access to the prs or to undertakings established on the territory of a member state which has access to the prs . furthermore , the receiver manufacturer must have been duly authorised in advance by the european gnss agency established by means of regulation no xxx / 20109 and must comply with the rules laid down by its internal approval authority . it is the responsibility of the competent prs authorities to continuously monitor compliance both with the approval standards issued by the approval authority and with specific technical requirements stemming from the minimum common standards . ### with regard to receiver manufacture and security , security requirements make it necessary for this task to be entrusted only to a member state which has designated a competent prs authority or to undertakings established on the territory of a member state which has designated a competent prs authority . furthermore , the receiver manufacturer must have been duly authorised in advance by the european gnss agency established by means of regulation no xxx / 20109 and must comply with the rules laid down by its internal approval authority . it is the responsibility of the competent prs authorities to continuously monitor compliance both with the approval standards issued by the approval authority and with specific technical requirements stemming from the minimum common standards .


### if it emerges that data relating to the prs have been disclosed to third parties not authorised to receive them , the commission shall launch an inquiry , inform the council and the parliament of the results of its investigations and take appropriate measures to remedy the consequences of the improper disclosure . ### if it emerges that data relating to the prs have been disclosed to third parties not authorised to receive them , the commission shall take appropriate measures to make sure that the breach does not continue and shall : inform the originator ; assess the potential damage caused to the interests of the eu or of the member states ; take appropriate measures to prevent a recurrence ; and notify the appropriate authorities of the action taken .


### any member state which uses the prs may either manufacture prs receivers and the associated security modules itself , or else assign the task to undertakings established on the territory of a member state which uses the prs . the council or the commission may assign the task of manufacturing prs receivers and the associated security modules to a member state which uses the prs , or to undertakings established on the territory of a member state which uses the prs . ### any member state which has designated a competent prs authority may either manufacture prs receivers and the associated security modules itself , or else assign the task to undertakings established on the territory of a member state which has designated a competent prs authority . the council or the commission may assign the task of manufacturing prs receivers and the associated security modules to a member state which has designated a competent prs authority , or to undertakings established on the territory of a member state which has designated a competent prs authority .


### a derogation may be granted from the commission ' s consistent policy of not authorising state operating aid for the production , processing and marketing of agricultural products listed in annex i to the treaty in order to mitigate the specific constraints on farming in the smaller aegean islands as a result of their remoteness , insularity and distant location , small area , mountainous terrain and climate and their economic dependency on a small number of products . ### a derogation may be granted from the commission ' s consistent policy of not authorising state operating aid for the production , processing and marketing of agricultural products listed in annex i to the treaty in order to mitigate the specific constraints on farming in the smaller aegean islands as a result of their remoteness , insularity and distant location , small area , mountainous terrain and climate , their economic dependency on a small number of products and their distance from markets .


### this regulation lays down specific measures for agriculture to mitigate the difficulties caused by the isolation , remoteness , insularity and small size of the smaller aegean islands , referred to as ' smaller islands ' . ### this regulation lays down specific measures for agriculture to mitigate the difficulties caused by the isolation , remoteness , insularity , distance from markets and small size of the smaller aegean islands , referred to as ' smaller islands ' .


### for the agricultural products covered by annex i to the treaty , to which articles 107 , 108 and 109 thereof apply , the commission may authorise , in accordance with article 108 of the treaty , operating aid in the sectors producing , processing and marketing those products , with a view to mitigating the specific constraints on farming in the smaller islands as a result of their isolation , remoteness , insularity , small size , mountainous terrain and climate and their economic dependency on a small number of products . ### for the agricultural products covered by annex i to the treaty , to which articles 107 , 108 and 109 thereof apply , the commission may authorise , in accordance with article 108 of the treaty , operating aid in the sectors producing , processing and marketing those products , with a view to mitigating the specific constraints on farming in the smaller islands as a result of their isolation , remoteness , insularity , small size , mountainous terrain and climate and their economic dependency on a small number of products and their distance from markets .


### 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 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 .


### it is necessary to ensure that aifm operate subject to robust governance controls . aifm should be managed and organised so as to minimise conflicts of interest . recent developments underline the crucial need to separate asset safe - keeping and management functions , and segregate investor assets from those of the manager . to this end , the aifm has to appoint a depositary and entrust it with the booking of investor money on a segregated account , the safe - keeping of financial instruments and the verification of whether the aif or the aifm on behalf of the aif has obtained ownership of all other assets . ### it is necessary to ensure that aifm operate subject to robust governance controls appropriate to their nature , scale and complexity . aifm should be managed and organised so as to minimise conflicts of interest . recent developments underline the crucial need to separate asset safe - keeping and management functions , and segregate investor assets from those of the manager . to this end , the aifm has to appoint a depositary and entrust it with the booking of investor money on a segregated account , the safe - keeping of financial instruments and the verification of whether the aif or the aifm on behalf of the aif has obtained ownership of all other assets .


### given that aifm employing high levels of leverage in their investment strategies may , under certain conditions , contribute to the build up of systemic risk or disorderly markets , special requirements should be imposed on aifm using certain techniques giving rise to particular risks . the information needed to detect , monitor and respond to those risks has not been collected in a consistent way throughout the community , and shared across member states so as to identify potential sources of risk to the stability of financial markets in the community . to remedy this situation , special requirements should apply to aifm , which consistently use high levels of leverage in their investment strategies . those aifm should be obliged to disclose information regarding their use and sources of leverage . that information should be aggregated and shared with other authorities in the community , so as to facilitate a collective analysis of the impact of the leverage of those aifm on the financial system in the community , as well as a common response . ### given that aifm employing high levels of leverage in their investment strategies may , under certain conditions , contribute to the build up of systemic risk or disorderly markets , special reporting requirements should be imposed on aifm employing leverage . the information needed to detect , monitor and respond to those risks has not been collected in a consistent way throughout the community , and shared across member states so as to identify potential sources of risk to the stability of financial markets in the community . to remedy this situation , special reporting requirements should apply to aifm which use high levels of leverage in their investment strategies . those aifm should be obliged to disclose information regarding their use and sources of leverage . that information should be aggregated in a central register under the auspices of the european systemic risk board established under regulation 2009 / . . . / ec and shared with other authorities in the community , the european securities and markets authority established under regulation 2009 / . . . / ec and competent authorities in third countries , where appropriate , so as to facilitate a collective analysis of the impact of the leverage of those aifm on the financial system in the community , as well as a common response . a central register under the auspices of the esrb for banks that provide prime broker services to aif shall also be set up in directives 2006 / 48 / ec and 2006 / 49 / ec .


### activities of aifm based on the use of high levels of leverage could be detrimental to the stability and efficient functioning of financial markets . it is considered necessary to allow the commission to impose limits on the level of leverage that aifm could use , in particular in those cases where aifm employ high levels of leverage on a systematic basis . the limits to the maximum amount of leverage should take into account aspects related to the source of leverage and the strategies employed by the aifm . they should also take into account the essentially dynamic nature of the management of leverage by most aifm using a high level of leverage . in this respect the limits to leverage could for example either consist in a threshold that should not be breached at any point in time or a limit on the average leverage employed during a given period . ### activities of aifm based on the use of high levels of leverage could be detrimental to the stability and efficient functioning of financial markets . leverage is a difficult concept to define . the competent authorities of the home member state of the aifm should however have the possibility of imposing limits on the level of leverage that aifm could use in times of extreme market stress . member states should inform the european securities markets authority and the commission of any such measure .


### the commission shall adopt implementing measures : ### the commission shall lay down , by means of delegated acts in accordance with articles 49 , 49a and 49b , measures :


### 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 .


### the commission shall adopt implementing measures further specifying the following : ### the commission shall lay down , by means of delegated acts in accordance with articles 49 , 49a and 49b , measures further specifying the following :


### the commission shall adopt implementing measures further specifying : ### the commission shall lay down , by means of delegated acts in accordance with articles 49 , 49a and 49b , measures further specifying :


### 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 .


### 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 .


### those measures , designed to amend 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 order to ensure cross - sectoral consistency and to remove misalignment between the interest of firms that repackage loans into tradeable securities and other financial instruments and aifm that invest in these securities or other financial instruments on behalf of one or more aif , the commission shall adopt implementing measures laying down the requirements in the following areas : ### in order to ensure cross - sectoral consistency and to remove misalignment between the interest of firms that repackage loans into tradeable securities and other financial instruments and aifm that invest in these securities or other financial instruments on behalf of one or more aif , the commission shall lay down by means of delegated acts , in accordance with articles 49 , 49a and 49b , measures laying down the requirements in the following areas :


### 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 shall only propose measures when they are essential for the proper functioning of this directive .


### the commission shall adopt implementing measures further specifying the disclosure obligations of aifm and the frequency of the disclosure referred to in paragraph 2 . these measures shall be adapted to the type of aifm to which they apply . ### the commission shall lay down , by means of delegated acts in accordance with articles 49 , 49a and 49b , measures further specifying the disclosure obligations of aifm and the frequency of the disclosure referred to in paragraph 2 . these measures shall be adapted to the type of aifm to which they apply .


### the commission shall adopt implementing measures further specifying the disclosure requirements with regard to leverage and the frequency of reporting to competent authorities and of disclosure to investors . ### the commission shall lay down , by means of delegated acts in accordance with articles 49 , 49a and 49b , measures further specifying the disclosure requirements with regard to leverage and the frequency of reporting to competent authorities and of disclosure to investors .


### 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 . ### it is mandatory for the commission to bring forward delegated acts in these areas and the commission shall ensure that such acts are in force within two years of the prescribed date for implementation of this directive .


### the commission shall adopt implementing measures specifying the detailed content of the information to be provided under paragraphs 1 and 2 . ### the commission shall lay down , by means of delegated acts in accordance with articles 49 , 49a and 49b , measures specifying the detailed content of the information to be provided under paragraphs 1 and 2 .


### 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 . ### it is mandatory for the commission to bring forward delegated acts in these areas and the commission shall ensure that such acts are in force within two years of the date prescribed for implementation of this directive .


### the commission shall adopt implementing measures specifying the criteria for assessing the equivalence of the valuation standards and rules of third countries as referred to in paragraph . ### the commission shall lay down , by means of delegated acts in accordance with articles 49 , 49a and 49b , measures specifying the criteria for assessing the equivalence of the valuation standards and rules of third countries as referred to in paragraph .


### the commission shall adopt implementing measures specifying the criteria for assessing the equivalence of the prudential regulation , supervision and standards of third countries as referred to in paragraph 1 . ### the commission shall lay down , by means of delegated acts in accordance with articles 49 , 49a and 49b , measures specifying the criteria for assessing the equivalence of the prudential regulation , supervision and standards of third countries as referred to in paragraph 1 .


### 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 . ### it is mandatory for the commission to bring forward delegated acts in these areas and the commission shall ensure that such acts are in force by the prescribed date for implementation of this directive .


### the commission shall adopt implementing measures specifying the modalities , content and frequency of the information to be exchanged pursuant to paragraph 1 . ### the commission shall lay down , by means of delegated acts in accordance with articles 49 , 49a and 49b , measures specifying the modalities , content and frequency of the information to be exchanged pursuant to paragraph 1 .


### 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 .


### 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 commission shall adopt implementing measures further specifying the content and format of the annual report . these measures shall be adapted to the type of aifm to which they apply . ### the commission shall lay down , by means of delegated acts in accordance with articles 49 , 49a and 49b , measures further specifying the content and format of the annual report . these measures shall be adapted to the type of aifm to which they apply .


### aifm shall ensure that aif investors receive the following information before they invest in the aif , as well as any changes thereof : ### aifm shall ensure that the following information is made available to aif investors before they invest in the aif , as well as any changes thereof :


### the commission shall adopt implementing measures further specifying the reporting obligations referred to in paragraphs 1 , 2 and 3 and their frequency . ### the commission shall lay down , by means of delegated acts in accordance with articles 49 , 49a and 49b , measures further specifying the reporting obligations referred to in paragraphs 1 , 2 and 3 and their frequency .


### home member states shall ensure that all information received under article 24 , aggregated in respect of all aifm that it supervises , are made available to other competent authorities through the procedure set out in article 46 on supervisory co - operation . it shall , without delay , also provide information through this mechanism , and bilaterally to other member states directly concerned , if an aifm under its responsibility could potentially constitute an important source of counterparty risk to a credit institution or other systemically relevant institution in other member states . ### home member states shall ensure that all information received under article 21 , aggregated in respect of all aifm that it supervises , are made available to other competent authorities within the community and the esma . the competent authorities of the home member states shall , without delay , provide information through the procedure set out in article 46 on supervisory cooperation , and bilaterally to other member states directly concerned , if an aifm under its responsibility could potentially constitute an important source of counterparty risk to a credit institution or other systemically relevant institution in other member states .


### in exceptional circumstances and when this is required in order to ensure the stability and integrity of the financial system , the competent authorities of the home member state may impose additional limits to the level of leverage that aifm can employ . measures taken by the competent authorities of the home member states shall have a temporary nature and should comply with the provisions adopted by the commission pursuant to paragraph 3 . ### in exceptional circumstances and when this is required in order to ensure the stability and integrity of the financial system , the competent authorities of the home member state of the aifm may impose limits to the level of leverage that aifm can employ . the home member state of the aif , the esma , the esrb and the commission should be informed about any such measure .


### 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 commission shall adopt implementing measures determining : ### the commission shall lay down , by means of delegated acts in accordance with articles 49 , 49a and 49b , measures determining :


### the aif annual report shall include the following additional information for each issuer and non listed company in which the aif has invested : ### the aif annual report shall include the following additional information for each non listed company in which the aif has invested :


### the commission shall , in accordance with the procedure referred to in article 49 , adopt implementing measures specifying the following : ### the commission shall lay down , by means of delegated acts in accordance with articles 49 , 49a and 49b , measures specifying the following :


### on the basis of the criteria referred to in paragraph 2 , the commission shall , in accordance with the procedure referred to in article 49 , adopt implementing measures , stating that the valuation standards and rules of a third country legislation are equivalent to those applicable in the community . ### on the basis of the criteria referred to in paragraph 2 , the commission shall lay down , by means of delegated acts in accordance with articles 49 , 49a and 49b , measures stating that the valuation standards and rules of a third country legislation are equivalent to those applicable in the community . it is mandatory for the commission to bring forward delegated acts in these areas and the commission shall ensure that such acts are in force within two years of the prescribed date for implementation of this directive .


### on the basis of the criteria referred to in paragraph 3 , the commission shall , in accordance with the procedure referred to in article 49 , adopt implementing measures , stating that prudential regulation , supervision and standards of a third country are equivalent to this directive . ### on the basis of the criteria referred to in paragraph 3 , the commission shall lay down , by means of delegated acts in accordance with articles 49 , 49a and 49b , measures stating that prudential regulation , supervision and standards of a third country are equivalent to this directive . it is mandatory for the commission to bring forward delegated acts in these areas and the commission shall ensure that such acts are in force within two years of the prescribed date for implementation of this directive .


### the commission shall adopt implementing measures aimed at establishing : ### the commission shall lay down , by means of delegated acts in accordance with articles 49 , 49a and 49b , measures aimed at establishing :


### the commission shall , in accordance with the procedure referred to in article 49 , adopt implementing measures relating to the procedures for exchange of information between competent authorities . ### the commission shall lay down , by means of delegated acts in accordance with articles 49 , 49a and 49b , measures relating to the procedures for exchange of information between competent authorities . it is mandatory for the commission to bring forward delegated acts in these areas and the commission shall ensure that such acts are in force by the prescribed date for implementation of this directive .


### the commission shall adopt implementing measures concerning procedures for on - the - spot verifications and investigations . ### the commission shall lay down , by means of delegated acts in accordance with articles 49 , 49a and 49b , measures concerning procedures for on - the - spot verifications and investigations .


### 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 competition for the european capital of culture title shall only be open to cities . candidate cities may involve their surrounding regions . however , the applications shall be made under the name of the leading city and , if selected , the title will be awarded to this city . ### the competition for the european capital of culture title shall only be open to cities , of all sizes . candidate cities may involve their surrounding regions . however , the applications shall be made under the name of the leading city and , if selected , the title will be awarded to this city .


### humanitarian aid is of course the primary instrument in this kind of situation and the union has been at the forefront in this field since the beginning of the emergency . ### humanitarian aid is of course the primary instrument in this kind of situation and the union has been at the forefront in this field since the beginning of the emergency pledging in excess of eur 415 million in emergency aid to pakistan .


### it will be important to use all available means to support pakistan ' s recovery from this emergency and progress towards future development . ### it will be important to use all available means to support pakistan ' s recovery from this emergency , including the proposed exceptional trade measures to boost pakistan ' s exports in order to contribute to its future economic development .


### 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 . on receipt of this mandate , the commission proposed a package identifying 75 tariff lines specific to pakistan ' s core export sectors in those areas worst hit by the floods , asserting that an increase in pakistani exports to the eu of no less than eur 100 million a year would provide real , substantial and worthwhile assistance to the region .


### entitlement to benefit from the autonomous trade preferences is conditional on pakistan ' s compliance with the relevant rules of origin of products and the procedures related thereto as well as involvement in effective administrative cooperation with the union in order to prevent any risk of fraud . serious and systematic violations of the conditions for the entitlement to the preferential arrangement , fraud or failure to provide administrative cooperation for the verification of origin of goods should constitute reasons for a temporary suspension of the preferences . in this respect , the commission should be permitted to adopt , if necessary , such temporary measures . ### entitlement to benefit from the exceptional autonomous trade preferences is conditional on pakistan ' s compliance with the relevant rules of origin of products and the procedures related thereto as well as involvement in effective administrative cooperation with the union in order to prevent any risk of fraud . serious and systematic violations of the conditions for the entitlement to the preferential arrangement , fraud or failure to provide administrative cooperation for the verification of origin of goods should constitute reasons for a temporary suspension of the preferences . in this respect , the commission should be permitted to adopt , if necessary , such temporary measures .


### 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 .


### union multilingual standard forms should be established in all official languages of the union for public documents relating to birth , death , marriage , registered partnership and legal status and representation of a company or other undertaking in order to avoid the need for union citizens and companies or other undertakings to produce translations in cases where they would otherwise be required . ### union multilingual standard forms should be established in all official languages of the union for public documents relating to birth , death , marriage and registered partnership in order to avoid the need for union citizens to produce translations in cases where they would otherwise be required .


### union multilingual standard forms should be issued upon request to citizens and companies or other undertakings entitled to receive the equivalent public documents existing in the issuing member state and under the same conditions . the standard forms should have the same formal evidentiary value as the equivalent public documents drawn up by the authorities of the issuing member state , leaving the choice to union citizens and companies or other undertakings in each individual case to use them or the equivalent national documents . union multilingual standard forms should not produce legal effects as regards the recognition of their content in the member states where they are presented . the commission should develop detailed guidance on their use , by associating central authorities for that purpose . ### union multilingual standard forms should be issued upon request to citizens entitled to receive the equivalent public documents existing in the issuing member state and under the same conditions . the standard forms should have the same formal evidentiary value as the equivalent public documents drawn up by the authorities of the issuing member state , leaving the choice to union citizens in each individual case to use them or the equivalent national documents . union multilingual standard forms should not produce legal effects as regards the recognition of their content in the member states where they are presented . the commission should develop detailed guidance on their use , by associating central authorities for that purpose .


### union multilingual standard forms shall be accepted by the authorities of the member states where they are presented without legalisation or similar formality . ### union multilingual standard forms shall be used in dealings with the authorities of the member states where they are presented without legalisation or similar formality .


### intellectual property rights are vital business assets that help to ensure that innovators and creators get a fair return for their work and that their investment in research and new ideas is protected . ### intellectual property rights are vital business assets that help to ensure that innovators and creators get a fair return for their work and that their investment in research and new ideas is protected . a balanced level of protection is required to allow innovators and creators to develop and invent new tools which offer access to creative works , thereby increasing the overall market and income for goods and services which are protected by intellectual property rights .


### in its resolution on the enforcement of intellectual property rights in the internal market of 1 march 2010 , the council invited the commission , the member states and industry to provide the observatory with available reliable and comparable data on counterfeiting and piracy and to jointly develop and agree , in the context of the observatory , on plans to collect further information . the council also invited the observatory to publish each year a comprehensive annual report covering the scope , scale and principal characteristics of counterfeiting and piracy as well as its impact on the internal market . that annual report should be prepared with the information provided by the authorities of the member states , the commission and the private sector , within the limits of data protection law , on the scope , scale and principal characteristics of counterfeiting and piracy as well as its impact on the internal market . ### in its resolution on the enforcement of intellectual property rights in the internal market of 1 march 2010 , the council invited the commission , the member states and industry to provide the observatory with available reliable and comparable data on counterfeiting and piracy and to jointly develop and agree , in the context of the observatory , on plans to collect further information . the council also invited the observatory to publish each year a comprehensive annual report covering the scope , scale and principal characteristics of counterfeiting and piracy as well as its impact on the internal market . that annual report should be prepared primarily with the information derived from extensive , independent , multidisciplinary and reliable research commissioned and published transparently by the observatory and secondarily with the information provided by the authorities of the member states , the commission , the private sector and stakeholders from civil society , within the limits of data protection law , on the scope , scale and principal characteristics of counterfeiting and piracy as well as its impact on the internal market .


### the office should offer a forum that brings together public authorities and the private sector , ensuring the collection , analysis and dissemination of relevant objective , comparable and reliable data regarding the value of intellectual property rights and the infringements of those rights , the development of best practices and strategies to protect intellectual property rights , and raising public awareness of the impacts of intellectual property rights infringements . furthermore , the office should fulfil additional tasks , such as to improve the understanding of the value of intellectual property rights , enhance the expertise of persons involved in the enforcement of intellectual property rights by appropriate training measures , increase knowledge on techniques to prevent counterfeiting , and improve cooperation with third countries and international organisations . ### the office should offer a forum that brings together public authorities and the private sector , ensuring the collection , analysis and dissemination of relevant objective , comparable and reliable data regarding the value of intellectual property rights and the infringements of those rights , the development of best practices and strategies to protect intellectual property rights , and raising public awareness of the impacts of intellectual property rights infringements . furthermore , the office should fulfil additional tasks , such as to improve the understanding of the value of intellectual property rights , enhance the expertise of persons involved in the enforcement of intellectual property rights by appropriate training measures , increase knowledge on techniques to prevent counterfeiting , and improve cooperation with third countries and international organisations . moreover , the observatory should analyse the possibilities for effective competition with unauthorised content online and the effect of competition on levels of unauthorised content .


### establishing a methodology for the collection , analysis and reporting of independent , objective , comparable and reliable data related to infringements of intellectual property rights ; ### establishing a transparent methodology for the collection , analysis and reporting of independent , objective , comparable and reliable data related to infringements of intellectual property rights ;


### the assistance measures shall take into account the specific features of crisis or urgency situations and countries or situations where there is a serious lack of fundamental freedoms , where human security is most at risk or where human rights organisations and defenders operate under the most difficult conditions . ### the assistance measures shall take into account the specific features of crisis or urgency situations and countries or situations where there is a serious lack of fundamental freedoms , where human security is most at risk or where human rights organisations and defenders operate under the most difficult conditions . particular attention should be paid to situations in which women are being exposed to physical and psychological violence .


### strategy papers shall set out the european union ' s strategy for its assistance under this regulation , based on the union ' s priorities , the international situation and the activities of the main partners . they shall be consistent with the overall purpose , objectives , scope , and principles of this regulation . ### strategy papers shall set out the european union ' s strategy for its assistance under this regulation , based on the union ' s priorities , the international situation and the activities of the main partners . they shall be consistent with the overall purpose , objectives , scope , and principles of this regulation , and they should integrate the principles of gender mainstreaming .


### strategy papers shall set out the priority areas selected for financing by the union during the period of validity of this regulation , the specific objectives , the expected results and the performance indicators . they shall also give the indicative financial allocation , both overall and per priority area ; this may be given in the form of a range , where appropriate . ### strategy papers shall set out the priority areas selected for financing by the union during the period of validity of this regulation , the specific objectives , the expected results and the performance indicators , including gender equality performance indicators . they shall also give the indicative financial allocation , both overall and per priority area ; this may be given in the form of a range , where appropriate .


### the objective of article 56 of the treaty on the functioning of the european union is to eliminate restrictions on freedom to provide services in the union . in accordance with article 58 of the treaty on the functioning of the european union should be achieved within the framework of the provisions of the title relating to transport , more specifically article 100 . ### the objective of article 56 of the treaty on the functioning of the european union is to eliminate restrictions on freedom to provide services in the union . in accordance with article 58 of the treaty on the functioning of the european union , this should be achieved within the framework of the provisions of the title relating to transport , more specifically article 100 .


### a member state that deems it necessary to maintain more stringent national provisions for aspects falling inside the scope of this directive should be allowed to do so , for all products alike , on grounds of overriding needs relating to the protection of public health . a member state should also be allowed to introduce more stringent provisions , applying to all products alike , on grounds relating to the specific situation of this member state and provided the provisions are justified by the need to protect public health . more stringent national provisions should be necessary and proportionate , not constitute a means of arbitrary discrimination or a disguised restriction on trade between member states . stricter national provisions require prior notification to , and approval from , the commission taking into account the high level of health protection achieved through this directive . ### a member state that deems it necessary to maintain more stringent national provisions for aspects falling inside the scope of this directive should be allowed to do so , for all products alike , on grounds of overriding needs relating to the protection of public health . a member state should also be allowed to introduce more stringent provisions , applying to all products alike , on grounds relating to the specific situation of this member state and provided the provisions are justified by the need to protect public health . more stringent national provisions should be necessary and proportionate , not constitute a means of arbitrary discrimination or a disguised restriction on trade between member states and consistent with wto international obligations . stricter national provisions require prior notification to , and approval from , the commission taking into account the high level of health protection achieved through this directive .


### member states should remain free to maintain or introduce national legislations applying to all products alike for aspects falling outside the scope of this directive , provided they are compatible with the treaty and do not jeopardise the full application of this directive . accordingly , member states could , for instance , maintain or introduce provisions providing standardisation of packaging of tobacco products provided that those provisions are compatible with the treaty , with wto obligations and do not affect the full application of this directive . a prior notification is required for technical regulations pursuant to directive 98 / 34 / ec of the european parliament and of the council of 22 june 1998 laying down a procedure for the provision of information in the field of technical standards and regulations and on rules on information society services44 . ### member states should remain free to maintain or introduce national legislations applying to all products alike for aspects falling outside the scope of this directive , provided they are compatible with the treaty and with the wto provisions , and do not jeopardise the full application of this directive . a prior notification is required for technical regulations pursuant to directive 98 / 34 / ec of the european parliament and of the council of 22 june 1998 laying down a procedure for the provision of information in the field of technical standards and regulations and on rules on information society services44 .


### ‘ 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 ;


### ‘ flavouring’ means an additive that imparts aroma and / or taste ; ### ‘ flavouring’ means an additive that imparts aroma and / or taste except for menthol


### goods or services originating in least - developed countries listed in annex i to regulation no 732 / 2008 shall be treated as covered goods and services . ### goods or services originating in the following classifications of third countries shall be treated as covered goods and services :


### upon request of contracting authorities / entities the commission shall assess whether to approve , for contracts with an estimated value equal or above eur 5 . 000 . 000 exclusive of value - added tax the exclusion from procedures for the award of contracts tenders comprising goods or services originating outside the union , if the value of the non - covered goods or services exceeds 50 % of the total value of the goods or services constituting the tender , under the following conditions . ### where the commission makes a decision in accordance with article 10 , contracting authorities / entities shall exclude , for contracts with an estimated value equal or above eur 5 . 000 . 000 exclusive of value - added tax the exclusion from procedures for the award of contracts tenders comprising goods or services originating outside the union , if the value of the non - covered goods or services exceeds 75 % of the total value of the goods or services constituting the tender , under the following conditions .


### where contracting authorities / entities receive tenders that meet the conditions of paragraph 1 for which they intend to request the exclusion for that reason , they shall notify the commission . during the notification procedure the contracting authority / entity may continue its analysis of the tenders . ### where contracting authorities / entities receive tenders that meet the conditions of paragraph 1 for which they exclude for that reason , they shall notify the commission . during the notification procedure the contracting authority / entity may continue its analysis of the tenders .


### the investigation referred to in paragraph 1 is conducted on the basis of the criteria laid down in article 6 . ### when pursuing an investigation under paragraph 1 , the commission shall examine the following :


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