### for the purpose of enabling it to exercise parliamentary scrutiny of europol ' s activities in accordance with article 53 , access to european union classified information and sensitive non - classified information processed by or through europol may be granted to the european parliament and its representatives upon request . 2 . access to european union classified information and sensitive non - classified information shall be in compliance with the basic principles and minimum standards as referred to in article 69 . the details shall be governed by a working arrangement concluded between europol and the european parliament . ### for the purpose of enabling it to exercise parliamentary scrutiny of europol ' s activities in accordance with article 53 , access to european union classified information and sensitive non - classified information processed by or through europol shall be granted to the european parliament and its representatives upon request , after consultation of the data provider and after deletion of personal data . 2 . access to european union classified information and sensitive non - classified information shall be in compliance with the basic principles and minimum standards laid down in the decision of the bureau of the european parliament of 15 april 2013 concerning the rules governing the treatment of confidential information by the european parliament1 . the details shall be governed by a working arrangement concluded between europol and the european parliament on the basis of annex ii of the framework agreement on relations between the european parliament and the european commission . _____________ 1 not yet published in the official journal


### before appointment , the candidate selected by the management board may be invited to make a statement before the competent committee of the european parliament and to answer questions put by its members . ### before appointment , the candidate selected by the management board shall , if invited to , make a statement before the competent committee of the european parliament and to answer questions put by its members .


### the executive director shall be appointed by the management board , from a list of candidates proposed by the commission , following an open and transparent selection procedure . ### the executive director shall be appointed by the management board , in accordance with a cooperation procedure , which shall be as follows : on the basis of a list drawn up by the commission after a call for candidates and a transparent selection procedure , applicants will be asked , before appointment , to address the council and the competent parliamentary scrutiny committee and , if requested by it , the european parliament , and to reply to questions ; the parliamentary scrutiny committee , the european parliament and the council of the european union will then give their opinions and state their orders of preference ; the management board will appoint the executive director taking these opinions into account .


### four deputy executive directors , including one responsible for training , shall assist the executive director . the deputy executive director for training shall be responsible for managing the europol academy and its activities . the executive director shall define the tasks of the others . ### three deputy executive directors shall assist the executive director . the executive director shall define their tasks .


### all legislative measures implementing the decisions 2009 / 371 / jha and decision 2005 / 681 / jha are repealed with effect from the date of application of this regulation . 2 . all non - legislative measures implementing decision 2009 / 371 / jha which sets up the european police office and decision 2005 / 681 / jha which sets up cepol shall remain in force following the [ date of application of this regulation ] , unless otherwise decided by the management board of europol in the implementation of this regulation . ### all legislative measures implementing decision 2009 / 371 / jha are repealed with effect from the date of application of this regulation . 2 . all non - legislative measures implementing decision 2009 / 371 / jha which sets up the european police office shall remain in force following the [ date of application of this regulation ] , unless otherwise decided by the management board of europol in the implementation of this regulation .


### – sexual abuse and sexual exploitation of women and children . ### – sexual abuse and sexual exploitation of individuals .


### for the purposes of private placements of securities , investment firms and credit institutions should be entitled to treat as qualified investors those natural or legal persons that are considered to be or that they treat as professional clients , or that are recognized eligible counterparties in accordance with directive 2004 / 39 / ec of the european parliament and of the council of 21 april 2004 on markets in financial instruments amending council directives 85 / 611 / eec and 93 / 6 / eec and directive 2000 / 12 / ec of the european parliament and of the council and repealing council directive 93 / 22 / eec . an alignment of the relevant provisions of directives 2003 / 71 / ec and 2004 / 39 / ec in this sense would reduce complexity and costs for investment firms in the event of private placements because the firms would be able to define the persons to whom the placement is to be addressed relying on their own list of professional clients and eligible counterparties . therefore , the definition of qualified investors in directive 2003 / 71 / ec should be widened to include those persons . ### for the purposes of private placements of securities , investment firms and credit institutions should be entitled to treat as qualified investors those natural or legal persons that are considered to be or that they treat as professional clients , or that are recognized eligible counterparties in accordance with directive 2004 / 39 / ec of the european parliament and of the council of 21 april 2004 on markets in financial instruments . an alignment of the relevant provisions of directives 2003 / 71 / ec and 2004 / 39 / ec in this sense would reduce complexity and costs for investment firms in the event of private placements because the firms would be able to define the persons to whom the placement is to be addressed relying on their own list of professional clients and eligible counterparties . the issuer should be able to rely on the list of professional clients and eligible counterparties that has been drawn up in accordance with annex ii of directive 2004 / 39 / ec . therefore , the definition of qualified investors in directive 2003 / 71 / ec should be widened to include those persons and no separate register should be maintained .


### a valid prospectus , drawn up by the issuer or the offeror and available to the public at the time of the final placement of securities through financial intermediaries or in any subsequent resale of securities , provides sufficient information for investors to make informed investment decisions . therefore , financial intermediaries placing or subsequently reselling the securities should be entitled to rely upon the initial prospectus published by the issuer or the offeror as long as this is valid and duly supplemented in accordance with article 9 and article 16 of directive 2003 / 71 / ec and the issuer or the offeror responsible for drawing up such prospectus consents to its use . in this case no other prospectus should be required . however , in case the issuer or the offeror responsible for drawing up such initial prospectus does not consent to its use , the financial intermediary should be required to publish a new prospectus . ### a valid prospectus , drawn up by the issuer or the offeror and available to the public at the time of the final placement of securities through financial intermediaries or in any subsequent resale of securities , provides sufficient information for investors to make informed investment decisions . therefore , financial intermediaries placing or subsequently reselling the securities should be entitled to rely upon the initial prospectus published by the issuer or the offeror as long as this is valid and duly supplemented in accordance with articles 9 and 16 of directive 2003 / 71 / ec and the issuer or the offeror responsible for drawing up such prospectus and any other entity which , pursuant to national law , is liable for the accuracy of the content of such prospectus consents to its use . the issuer or the offeror should be able to attach conditions to his or her consent . in the event that consent to use the prospectus has been given , the issuer or the offeror responsible for drawing up the initial prospectus should be liable for the information stated therein and no other prospectus should be required . however , where the issuer or the offeror responsible for drawing up such initial prospectus does not consent to its use , the financial intermediary should be required to publish a new prospectus . in that case , the financial intermediary should be liable for the information stated in the prospectus . where the financial intermediary chooses to use the initial prospectus without consent or beyond the terms of the consent given , the intermediary should also be liable for the information stated in the initial prospectus .


### when the prospectus is supplemented , harmonization at community level of the time frame for the exercise by investors of the right of withdrawal of their previous acceptances would provide certainty to issuers making cross border offers of securities . to provide flexibility to issuers from member states with traditionally longer time frame in this regard , the issuer , the offeror or the person asking for the admission to trading on a regulated market should be able to extend voluntarily the term for the exercise of that right . ### when the prospectus is supplemented , harmonization at community level of the time frame for the exercise by investors of the right of withdrawal of their previous acceptances would provide certainty to issuers making cross border offers of securities . to provide flexibility to issuers from member states with traditionally longer time frame in this regard , the issuer , the offeror or the person asking for the admission to trading on a regulated market should be able to extend voluntarily the term for the exercise of that right . to improve legal certainty the supplement to the prospectus should specify when the right of withdrawal ends .


### the measures necessary for the implementation of this directive should be adopted in accordance with council decision 1999 / 468 / ec of 28 june 1999 laying down the procedures for the exercise of implementing powers conferred on the commission . ### the measures necessary for the implementation of this directive should be adopted in accordance with article 291 of the treaty and with council decision 1999 / 468 / ec of 28 june 1999 laying down the procedures for the exercise of implementing powers conferred on the commission .


### in order to take account of technical developments on financial markets and to ensure uniform application of this directive , the commission shall adopt implementing measures concerning the adjustment of the limits referred to in points and of article 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 provided for in article 5a of decision 1999 / 468 / ec . ### in order to take account of technical developments on financial markets and to ensure uniform application of this directive , the commission shall lay down , by means of delegated acts in accordance with articles 24 , 24a and 24b , measures concerning the adjustment of the limits referred to in points and of article 1 .


### however , member states shall ensure that no civil liability shall attach to any person solely on the basis of the summary , including any translation thereof , unless it is misleading , inaccurate or inconsistent , when read together with the other parts of the prospectus , and it does not provide key information enabling investors to take informed investment decisions and to compare the securities with other investment products . ### however , member states shall ensure that no civil liability shall attach to any person solely on the basis of the key information document , including any translation thereof , unless it is misleading , inaccurate or inconsistent , when read together with the other parts of the prospectus . key investor information shall contain a clear warning in this respect .


### in article 8 , the following paragraph 3a is inserted after paragraph 3 : ' 3a . if securities are guaranteed by a member state , an issuer , an offeror or a person asking for the admission to trading on a regulated market , when drawing up a prospectus in accordance with article 1 . 3 , shall be entitled to omit information about such guarantors . ' ### in article 8 , the following paragraphs are inserted after paragraph 3 : ' 3a . if securities are guaranteed by a member state , an issuer , an offeror or a person asking for the admission to trading on a regulated market , when drawing up a prospectus in accordance with article 1 . 3 , shall be entitled to omit information about such guarantors . 3b . there shall be no requirement for the prospectus or any supplements thereto to contain information about central bank lending or other liquidity facilities provided to a particular credit institution by an escb central bank . '


### in this case , the registration document shall be supplemented in accordance with article 16 . the securities and summary notes shall be subject to a separate approval . ### in this case , the registration document shall be supplemented in accordance with article 16 . the securities note and key information document shall be subject to a separate approval .


### every significant new factor , material mistake or inaccuracy relating to the information included in the prospectus which is capable of affecting the assessment of the securities and which arises or is noted between the time when the prospectus is approved and the final closing of the offer to the public or , as the case may be , the time when trading on a regulated market begins , whichever occurs earlier , shall be mentioned in a supplement to the prospectus . such a supplement shall be approved in the same way in a maximum of seven working days and published in accordance with at least the same arrangements as were applied when the original prospectus was published . the summary , and any translations thereof , shall also be supplemented , if necessary to take into account the new information included in the supplement . 2 . investors who have already agreed to purchase or subscribe for the securities before the supplement is published shall have the right , exercisable within two working days after the publication of the supplement , to withdraw their acceptances . this period may be extended by the issuer , the offeror or the person asking for the admission to trading on a regulated market . ### every significant new factor , material mistake or inaccuracy relating to the information included in the prospectus which is capable of affecting the assessment of the securities and which arises or is noted between the time when the prospectus is approved and the final closing of the offer to the public or , as the case may be , the time when trading on a regulated market begins , whichever occurs earlier , shall be mentioned in a supplement to the prospectus . in the event that the final closing of the offer takes place before an admission of the same securities to trade , the issuer may make further use of the existing prospectus and may update it by way of a supplement . such a supplement shall be immediately submitted to the competent authority and published in accordance with at least the same arrangements as were applied when the original prospectus was published . the key information document and any translations thereof , shall also be supplemented , if necessary to take into account the new information included in the supplement . 2 . investors who have already agreed to purchase or subscribe for the securities before the supplement is published shall have the right , exercisable within two working days after the publication of the supplement , to withdraw their acceptances in the event of adverse developments , provided that settlement has not yet taken place . this period may be extended by the issuer , the offeror or the person asking for the admission to trading on a regulated market . the final date of the right of withdrawal shall be stated in the supplement .


### reduction of the impact of fisheries on the marine environment ; ### minimisation and , where possible , elimination of the impact of fisheries on the marine environment ;


### in order to stimulate innovation in fisheries , the emff may support projects aiming at developing or introducing new or substantially improved products compared to the state of art , new or improved processes , new or improved management and organisation systems . ### in order to stimulate innovation in fisheries , the emff may support projects provided they contribute to the achievement of article 2 and 3 a of the [ cfp regulation ] aiming at developing or introducing new or substantially improved products compared to the state of art , new or improved processes , new or improved management and organisation systems .


### in order to be able to recover the funds paid for compensation , schemes making payments to compensate investors for failure of a depositary or a third party should have the right of subrogation to the rights of the investor , investment firm or undertakings for collective investment in transferable securities in liquidation proceedings for amounts equal to their payments . this directive should not be intended to diminish the responsibility of investment firms or ucits to recover assets from a depositary or custodian . ### in order to be able to recover the funds paid for compensation , schemes making payments to compensate investors for failure of a depositary or a third party should have the right of subrogation to the rights of the investor or investment firm in liquidation proceedings for amounts equal to their payments . this directive should not be intended to diminish the responsibility of investment firms to recover assets from a depositary or custodian .


### directive 2009 / 65 / ec of the european parliament and of the council of 13 july 2009 on the coordination of laws , regulations and administrative provisions relating to undertakings for collective investment in transferable securities requires the ucits ' assets to be safe kept by a depositary . if the depositary or one of its subcustodians defaults and is unable to return the financial instruments held in custody , this affects the value of the ucits units or shares . in order to increase protection in this situation , unit and share holders in ucits should benefit from the same level of protection as if they were investing directly into the financial instruments concerned , should the entity holding the financial instruments become unable to return them . unit holders and share holders in ucits should receive compensation for the loss of value of the ucits . at the same time , they should be able to keep the ucits units or shares in order to preserve their right to redeem them when they consider this is adequate . ### directive 2009 / 65 / ec of the european parliament and of the council of 13 july 2009 on the coordination of laws , regulations and administrative provisions relating to undertakings for collective investment in transferable securities requires the ucits ' assets to be safe kept by a depositary . during 2011 , the commission will make proposals to amend directive 2009 / 65 / ec to clarify the depositary ' s liability where the depositary or one of its subcustodians defaults and is unable to return the financial instruments held in custody . after completing its review of directive 2009 / 65 / ec , the commission should analyse in which situations the failure of a ucits depositary or a sub - custodian could affect the value of the ucits units or shares . that analysis should be submitted to the european parliament and council by 31 december 2012 , together with legislative proposals if necessary .


### the functioning of the schemes is currently highly differentiated in member states and this directive aims at introducing further harmonisation while leaving some flexibility to member states as to the detailed organisation of the schemes . the commission should be empowered to adopt delegated acts on certain essential features of the functioning of schemes in accordance with article 290 of the treaty . in particular the delegated acts should be adopted in respect of the method to determine the potential liabilities of the schemes , the alternative funding arrangements that schemes must have in place to be able , where necessary , to obtain short term funding , the criteria to determine the contributions by entities covered by the schemes and the factors to be considered in assessing the ability of additional contributions to not jeopardise the stability of the financial system of a member states . in order to determine the conditions of application of the provisions concerning the financing of the schemes , the european securities and markets authority established by regulation … / … of the european parliament and of the council [ esma ] should develop technical standards relative to the details to be made public by the schemes . ### the functioning of the schemes is currently highly differentiated in member states and this directive aims at introducing further harmonisation while leaving some flexibility to member states as to the detailed organisation of the schemes . the commission should be empowered to adopt delegated acts on certain essential features of the functioning of schemes in accordance with article 290 of the treaty . in particular the delegated acts should be adopted in respect of the method to determine the potential liabilities of the schemes , the alternative funding arrangements that schemes must have in place to be able , where necessary , to obtain short term funding , the criteria to determine the contributions by entities covered by the schemes and the factors to be considered in assessing the ability of additional contributions to not jeopardise the stability of the financial system of a member states . in order to determine the conditions of application of the provisions concerning the financing of the schemes , the european supervisory authority established by regulation no1095 / 2010 of the european parliament and of the council of 24 november 2010 ' ) should develop draft implementing technical standards relative to the details to be made public by the schemes .


### the borrowing mechanism should not impinge any fiscal responsibility of the member states . the borrowing schemes should be able to make recourse to the borrowing possibility provided for in this directive after exhausting the funds collected to reach the target fund level and the additional calls for contribution to their members . while respecting the supervision of investor - compensation schemes by member states , esma should contribute to the achievement of the objective of making it easier for investment firms and ucits to pursue their activities while at the same time ensuring effective protection for investors . to that end , esma should confirm that the conditions of borrowing between investor - compensation schemes laid down in this directive are fulfilled and state , within the strict limits set by this directive , the amounts to be lent by each scheme , the initial interest rate as well as the duration of the loan . in this respect , esma should also collect information on investor - compensation schemes , in particular on the amount of covered monies and financial instruments in each scheme , confirmed by competent authorities . it should inform the other investor - compensation schemes about their obligation to lend . ### the borrowing mechanism should not impinge any fiscal responsibility of the member states . the borrowing schemes should be able to make recourse to the borrowing possibility provided for in this directive after exhausting the funds collected to reach the target fund level and the additional calls for contribution to their members . while respecting the supervision of investor - compensation schemes by member states , esa should contribute to the achievement of the objective of making it easier for investment firms to pursue their activities while at the same time ensuring effective protection for investors . to that end , esa should confirm that the conditions of borrowing between investor - compensation schemes laid down in this directive are fulfilled and state , within the strict limits set by this directive , the amounts to be lent by each scheme , the initial interest rate as well as the duration of the loan . in this respect , esa should also collect information on investor - compensation schemes , in particular on the amount of covered monies and financial instruments in each scheme , confirmed by competent authorities . it should inform the other investor - compensation schemes about their obligation to lend .


### the commission should be empowered to adopt delegated acts in accordance with article 290 of the treaty . in particular , the delegated acts should be adopted in respect of the determination of the method to calculate the target fund level to be established by the schemes and to modify this target fund level , the percentage of the determined ceiling of the funds available for lending between national compensation schemes , the procedure to deal with investors ' claims and the technical criteria to calculate the loss of value of a ucits in the circumstances covered by this directive . the commission should also be empowered to amend , by means of delegated acts , the percentage of funds available for lending taking into account the developments in the financial markets . ### the commission should be empowered to adopt delegated acts in accordance with article 290 of the treaty . in particular , the delegated acts should be adopted in respect of the determination of the method to calculate the target fund level to be established by the schemes and to modify this target fund level , the percentage of the determined ceiling of the funds available for lending between national compensation schemes and the procedure to deal with investors ' claims . the commission should also be empowered to amend , by means of delegated acts , the percentage of funds available for lending , taking into account the developments in the financial markets .


### ' investor ' means , in relation to investment business , any person who has entrusted money or instruments to an investment firm , and in relation to the activities of ucits , a unit holder or share holder in a ucits ; ### ' investor ' means , in relation to investment business , any person who has entrusted money or instruments to an investment firm ;


### ' third party ' means , in relation to investment business , an institution with whom an investment firm has deposited financial instruments held by it on behalf of its clients as referred to in article 17 of directive 2006 / 73 / ec or with whom such an institution has sub - deposited the financial instruments ; in relation to a ucits business , an institution with whom a ucits depositary has entrusted assets on behalf of the ucits ; ### ' third party ' means , in relation to investment business , an institution with whom an investment firm has deposited financial instruments held by it on behalf of its clients as referred to in article 17 of directive 2006 / 73 / ec or with whom such an institution has sub - deposited the financial instruments ;


### each member state shall ensure that within its territory one or more investor - compensation schemes are introduced and officially recognized . except in the circumstances envisaged in the second subparagraph and in article 5 , no investment firm authorized in that member state or ucits authorized in that member state may carry on investment business or carry on activities as a ucits , unless it belongs to such a scheme . ### each member state shall ensure that within its territory one or more investor - compensation schemes are introduced and officially recognised . except in the circumstances envisaged in the second subparagraph and in article 5 , no investment firm authorized in that member state may carry on investment business unless it belongs to such a scheme .


### the competent authorities have determined that an investment firm appears , for the time being , for reasons directly related to the financial circumstances of the investment firm or the financial circumstances of any third party with whom financial instruments have been deposited by the investment firm , to be unable to meet its obligations arising out of investors ' claims and has no early prospect of being able to do so , ### the competent authorities have determined that an investment firm appears , for the time being , for reasons directly related to the financial circumstances of the investment firm or the financial circumstances of any third party with whom financial instruments or money that does not fall within the scope of directive 94 / 19 / ec of the european parliament and of the council of 30 may 1994 on deposit - guarantee schemes have been deposited by the investment firm , to be unable to meet its obligations arising out of investors ' claims and has no early prospect of being able to do so ;


### article 3 claims arising out of transactions in connection with which a criminal conviction has been obtained for money laundering , as defined in article 1 of directive 2005 / 60 / ec of the european parliament and of the council , or arising out of conduct that is prohibited under directive 2003 / 6 / ec of the european parliament and of the council , shall be excluded from any compensation under investor - compensation schemes . ### article 3 claims arising out of transactions in connection with which a criminal conviction has been obtained for money laundering , as defined in article 1 of directive 2005 / 60 / ec of the european parliament and of the council , arising out of conduct that is prohibited under directive 2003 / 6 / ec of the european parliament and of the council , or related to the financing of terrorist groups as defined in council recommendation of 9 december 1999* , shall be excluded from any compensation under investor - compensation schemes . ________________ * oj c 373 , 23 . 12 . 1999 p . 1 .


### member states shall ensure that schemes provide for coverage of eur 50 000 for each investor in respect of the claims referred to in article 2 or . ### member states shall ensure that schemes provide for cover of not less than eur 50 000 for each investor in respect of the claims referred to in article 2 .


### the commission may adjust by means of delegated acts the amount referred in paragraph 1 , taking into account the following parameters : ### the commission may adjust by means of delegated acts in accordance with article 13a and subject to the conditions of articles 13b and 13c , the amount referred in paragraph 1 , taking into account the following parameters :


### member states shall ensure that schemes have in place adequate alternative funding arrangements to enable them to obtain short term funding to meet claims against the scheme once the pre - funded amount has been exhausted . those arrangements may include borrowing facilities from commercial banks . they may also include borrowing facilities from public institutions provided that those facilities are based on commercial grounds . ### in order to further assist the operation of the scheme member states shall ensure that the following conditions are met : schemes are able to levy their members in order to make payments with the period defined in article 9 . in order to facilitate this , schemes may levy in anticipation of payments as well as after payments have been made ; a limit is placed on the annual contribution of firms , having regard to their ability to make contributions , and reviewed every four years ; and competent authorities have the power to take action against any firm that fails to pay a levy on request .


### the method to determine the potential liabilities of schemes as referred to in paragraph 1 ; ### the method to determine the potential liabilities of schemes and the risk based contributions as referred to in paragraph 1 ;


### in order to ensure uniform conditions of application of paragraph 7 , subparagraph 2 , the european securities and markets authority established by regulation … / … of the european parliament and of the council [ esma ] shall develop draft technical standards to specify the details of the information to be published by the schemes . esma shall submit the draft technical standards referred to in the first subparagraph to the commission by 31 december 2012 . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in article 7e of regulation . . . / . . . . [ esma ] . ### in order to ensure uniform conditions of application of paragraph 7 , subparagraph 2 , esa shall develop draft implementing technical standards to specify the details of the information to be published by the schemes . esa shall submit the draft implementing technical standards referred to in the first subparagraph to the commission by 31 december 2012 . the commission may adopt the draft implementing technical standards referred to in the first subparagraph in accordance with the procedure laid down in article 15 of regulation no1095 / 2010 .


### the situation referred to in point of this subparagraph is due to a lack of funds as referred to in article 4a ; ### the scheme which finds itself in the situation referred to in point of this subparagraph had previously reached the target fund level referred to in article 4a ;


### member states shall ensure that the contributions levied by the borrowing scheme are sufficient to reimburse the amount borrowed and to re - establish the target level fund as soon as possible and at latest within a ten - year period after the reception of the loan . ### member states shall ensure that the contributions levied by the borrowing scheme are sufficient to reimburse the amount borrowed and to re - establish the target level fund as soon as possible and at latest within a five - year period after the reception of the loan .


### article 5 if an investment firm , ucits , depositary or third party required by article 2 to belong to a scheme do not meet their respective obligations incumbent on it as a member of that scheme , the competent authorities which issued the investment firm authorization or the ucits authorization shall be notified and , in cooperation with the compensation scheme , shall take all measures appropriate , including the imposition of penalties , to ensure that the investment firm , ucits , depositary or third party meets its obligations . 2 . if the measures referred to in paragraph 1 fail to secure compliance on the part of the investment firm , ucits , depositary or third party , the scheme may , with the express consent of the competent authorities , give not less than 12 months ' notice of its intention of excluding the investment firm , ucits , depositary or third party from membership of the scheme . the scheme shall continue to provide the coverage referred to in article 2 and in respect of investment business or ucits activities carried on during that period . if , on expiry of the period of notice , the investment firm , ucits , depositary or third party has not met its obligations , the compensation scheme may , again having obtained the express consent of the competent authorities , exclude it . 3 . an investment firm , ucits , depositary or third party , excluded from an investor - compensation scheme , may continue to carry on investment business , its ucits activities or be entrusted with investors ' and ucits financial instruments under the following conditions : before its exclusion , it had made alternative compensation arrangements ensuring that investors and ucits would enjoy cover that is at least equivalent to that offered by the officially recognized scheme and that the characteristics of such alternative compensation arrangements would be equivalent to those of the officially recognized scheme ; b ) the competent authority responsible for the authorization of the investment firm or ucits , has confirmed that the conditions referred to in letter a ) are met . 4 . if an investment firm or a ucits , the exclusion of which is proposed under paragraph 2 is unable to make alternative arrangements which comply with the conditions imposed in paragraph 3 , the competent authorities which issued its authorization shall : with respect to the investment firm for which it has issued the authorization , withdraw the authorization without delay ; with respect to the ucits it has approved , withdraw the authorization without delay . 5 . where a depositary or a third party , the exclusion of which is proposed under paragraph 2 is unable to make alternative arrangements which comply with the conditions imposed in paragraph 3 , it shall not be allowed to be entrusted with investors ' or ucits assets . ### article 5 if an investment firm or third party required by article 2 to belong to a scheme does not meet its respective obligations incumbent on it as a member of that scheme , the competent authorities which issued the investment firm authorisation shall be notified and , in cooperation with the compensation scheme , shall take all measures appropriate , including the imposition of penalties , to ensure that the investment firm or third party meets its obligations . 2 . if the measures referred to in paragraph 1 fail to secure compliance on the part of the investment firm or third party , the scheme may , with the express consent of the competent authorities , give not less than 12 months ' notice of its intention of excluding the investment firm or third party from membership of the scheme . the scheme shall continue to provide the coverage referred to in article 2 and in respect of investment business carried on during that period . if , on expiry of the period of notice , the investment firm or third party has not met its obligations , the compensation scheme may , again having obtained the express consent of the competent authorities , exclude it . 3 . an investment firm or third party , excluded from an investor - compensation scheme , may continue to carry on investment business or be entrusted with investors ' financial instruments under the following conditions : before its exclusion , it had made alternative compensation arrangements ensuring that investors would enjoy cover that is at least equivalent to that offered by the officially recognized scheme and that the characteristics of such alternative compensation arrangements would be equivalent to those of the officially recognised scheme ; the competent authority responsible for the authorization of the investment firm has confirmed that the conditions referred to in point are met . 4 . if an investment firm , the exclusion of which is proposed under paragraph 2 is unable to make alternative arrangements which comply with the conditions imposed in paragraph 3 , the competent authorities which issued its authorisation shall withdraw it without delay . 5 . where a third party , the exclusion of which is proposed under paragraph 2 , is unable to make alternative arrangements which comply with the conditions imposed in paragraph 3 , it shall not be allowed to be entrusted with investors ' assets .


### after the withdrawal of an investment firm ' s authorization or ucits ' authorization , the coverage referred to in article 2 and shall continue to be provided in respect of investment business transacted up to the time of that withdrawal . ### after the withdrawal of an investment firm ' s authorisation , the coverage referred to in article 2 and shall continue to be provided in respect of investment business transacted up to the time of that withdrawal .


### the cover provided for in article 4 and shall apply to the investor ' s aggregate claim on the same investment firm or the same ucits under this directive irrespective of the number of accounts , the currency and location within the union . ### the cover provided for in article 4 and shall apply to the investor ' s aggregate claim on the same investment firm under this directive irrespective of the number of accounts , the currency and location within the union .


### the commission shall adopt , by means of delegated acts in accordance with article 13a and subject to the conditions of articles 13b and 13c , measures to determine the procedure to deal with investors ' claims and the technical criteria to calculate the loss of value of a ucits as a result of the events mentioned under article 2 and . ### the commission shall adopt , by means of delegated acts in accordance with article 13a and subject to the conditions of articles 13b and 13c , measures to determine the procedure to deal with investors ' claims .


### notwithstanding the time limit laid down in the first subparagraph of paragraph 2 , where an investor or any other person entitled to or having an interest in investment business has been charged with an offence arising out of or in relation to money laundering as defined in article 1 of directive 2005 / 60 / ec or is the subject of action for contravention of directive 2003 / 6 / ec , the compensation scheme may suspend any payment pending the judgment of the court or determination of a competent authority . ### notwithstanding the time limit laid down in the first subparagraph of paragraph 2 , where an investor or any other person entitled to or having an interest in investment business has been charged with an offence arising out of or in relation to money laundering as defined in article 1 of directive 2005 / 60 / ec or in relation to the financing of terrorist groups as defined in council recommendation of 9 december 19991 , or is the subject of action for contravention of directive 2003 / 6 / ec , the compensation scheme may suspend any payment pending the judgment of the court or determination of a competent authority . ________________ 1 oj c 373 , 23 . 12 . 1999 p . 1 .


### member states shall ensure that each investment firm or ucits takes appropriate measures to make available to actual and intending investors the information necessary for the identification of the investor - compensation scheme of which the investment firm or ucits and its branches within the union are members or any alternative arrangement provided for under the second subparagraph of article 2 or article 5 . investors shall be informed of the provisions of the investor - compensation scheme or any alternative arrangement applicable , including the amount and scope of the cover offered by the compensation scheme and any rules laid down by the member states pursuant to article 2 . that information shall be made available in a readily comprehensible manner . ### member states shall ensure that each investment firm takes appropriate measures to make available to actual and intending investors the information necessary for the identification of the investor - compensation scheme of which the investment firm and its branches within the union are members or any alternative arrangement provided for under the second subparagraph of article 2 or article 5 . investors shall be informed of the provisions of the investor - compensation scheme or any alternative arrangement applicable , including the amount and scope of the cover offered by the compensation scheme and any rules laid down by the member states pursuant to article 2 . that information shall be made available in a readily comprehensible manner .


### if the third party that holds financial instruments belonging to an investor in relation to investment business or the depositary or third party to whom the assets of the ucits have been entrusted are located in a third country in which the judiciary system does not allow the scheme to subrogate to the rights of the investment firm or the ucits member states shall ensure that the investment firm or the ucits return to the scheme amounts equal to their payments in case they receive any amount in the liquidation proceedings . ### if the third party that holds financial instruments belonging to an investor in relation to investment business is located in a third country in which the judiciary system does not allow the scheme to subrogate to the rights of the investment firm , member states shall ensure that the investment firm return to the scheme amounts equal to their payments in case they receive any amount in the liquidation proceedings .


### – strengthening of the role and visibility of the multilingual europe direct and your europe web portal as key elements of a ‘ one - stop - shop’ information system on union citizens ' rights ; ### – strengthening of the role and visibility of the multilingual europe direct and your europe web portal , including information on the mobility among union students , as key elements of a ‘ one - stop - shop’ information system on union citizens ' rights ;


### – strengthening of the role and visibility of problem solving tools , such as solvit , to allow union citizens to better make use of and defend their rights . ### – a significant strengthening of the role and visibility of efficient problem solving tools , such as solvit , to allow union citizens to better make use of and defend their rights .


### this directive should specify the minimum obligations which insurance undertakings and insurance intermediaries should have in providing information to customers . a member state should be able to in this area maintain or adopt more stringent provisions which may be imposed on insurance intermediaries and insurance undertakings independently of the provisions of their home member state where they are pursuing insurance mediation activities on its territory provided that any such more stringent provisions comply with union law , including directive 2000 / 31 / ec of the european parliament and of the council of 8 june 2000 on certain legal aspects of information society services , in particular electronic commerce , in the internal market . a member state which proposes to apply and applies provisions regulating insurance intermediaries and the sale of insurance products in addition to those set out in this directive should ensure that the administrative burden stemming from these provisions is proportionate for consumer protection . in the interest of consumer protection and in order to prevent mis - selling of insurance products , member states should be permitted to apply exceptionally the more stringent requirements to such insurance intermediaries conducting insurance mediation on an ancillary basis if they consider it necessary and proportionate . ### this directive should specify the minimum obligations which insurance undertakings and insurance intermediaries should have in providing information to customers . a member state should be able to in this area maintain or adopt more stringent provisions which may be imposed on insurance intermediaries and insurance undertakings independently of the provisions of their home member state where they are pursuing insurance mediation activities on its territory provided that any such more stringent provisions comply with union law , including directive 2000 / 31 / ec of the european parliament and of the council of 8 june 2000 on certain legal aspects of information society services , in particular electronic commerce , in the internal market . a member state which proposes to apply and applies provisions regulating insurance intermediaries and the sale of insurance products in addition to those set out in this directive should ensure that the administrative burden stemming from these provisions is proportionate for consumer protection . in the interest of consumer protection and in order to prevent mis - selling of insurance products , member states should be permitted to apply the more stringent requirements to such insurance intermediaries conducting insurance mediation on an ancillary basis if they consider it necessary and proportionate .


### . ‘ insurance mediation’ means the activities of advising on , proposing or carrying out other work preparatory to the conclusion of contracts of insurance , concluding such contracts or assisting in the administration and performance of such contracts , in particular in the event of a claim , and the activity of professional management of claims and loss adjusting . these activities shall be considered to be insurance mediation also if carried on by an insurance undertaking without the intervention of an insurance intermediary . ### . ‘ insurance mediation’ means the activities of advising on , proposing or carrying out other work preparatory to the conclusion of contracts of insurance , concluding such contracts or assisting in the administration and performance of such contracts , in particular in the event of a claim , and the activity of professional management of claims and loss adjusting . these activities shall be considered to be insurance mediation also if carried on by an insurance undertaking without the intervention of an insurance intermediary . comparing information regarding insurance products and prices on a website should be considered as insurance intermediation .


### . ‘ contingent commission’ means a remuneration in the form of a commission where the amount payable is based on the achievement of agreed targets relating to the business placed by the intermediary with that insurer ; ### . ' contingent commission ' means a remuneration in the form of a commission based on the achievement of pre - agreed targets or thresholds relating to the volume of business placed by the intermediary with the insurer ,


### it is not under a contractual obligation to conduct insurance mediation business exclusively with one or more insurance undertakings and does not give advice on the basis of a fair analysis . in that case , it shall provide the names of the insurance undertakings with which it may and does conduct business ; ### it is not under a contractual obligation to conduct insurance mediation business exclusively with one or more insurance undertakings and does not give advice on the basis of a fair and independent analysis . in that case , it shall provide the names of the insurance undertakings with which it may and does conduct business ;


### the details referred to in points and of paragraph 1 shall be modulated according to the complexity of the insurance product being proposed and the level of financial risk to the customer . ### the details referred to in points and of paragraph 1 shall be modulated according to the complexity of the insurance product being proposed and the level of financial risk to the customer and the distribution route .


### when the insurance intermediary or the insurance undertaking inform the customer that it gives its advice on the basis of a fair analysis , it is obliged to give that advice on the basis of an analysis of a sufficiently large number of insurance contracts available on the market , to enable it to make a recommendation , in accordance with professional criteria , regarding which insurance contract would be adequate to meet the customer ' s needs . ### when the insurance intermediary or the insurance undertaking inform the customer that it provides its advice on the basis of a fair analysis , it is obliged to provide that advice on the basis of an analysis of a sufficiently large number of insurance contracts available on the market , to enable it to make a recommendation , in accordance with professional criteria , regarding which insurance contract would be adequate to meet the customer ' s needs .


### prior to the conclusion of a contract , whether or not advice is given , the insurance intermediary or insurance undertaking shall give the customer the relevant information about the insurance product in a comprehensible form to allow the customer to make an informed decision , while taking into account the complexity of the insurance product and the type of costumer . ### prior to the conclusion of a contract , whether or not advice is provided , the insurance intermediary or insurance undertaking shall provide the customer the relevant information about the insurance product in a comprehensible form to allow the customer to make an informed decision , while taking into account the complexity of the insurance product and the type of costumer . it shall be provided in a standardised information sheet , in a plain language , and containing the key information of the insurance contract .


### the information referred to in articles 16 , 17 and 18 need not be given when the insurance intermediary or insurance undertaking mediates in the insurance of large risks , in the case of mediation by reinsurance intermediaries or reinsurance undertakings , or in relation to professional customers as specified in the annex . ### the information referred to in articles 16 , 17 and 18 need not be provided when the insurance intermediary or insurance undertaking mediates in the insurance of large risks , in the case of mediation by reinsurance intermediaries or reinsurance undertakings , or in relation to professional customers as specified in the annex .


### the applicability of some specific provisions of commission regulation no 507 / 2006 of 29 march 2006 on the conditional marketing authorisation for medicinal products for human use falling within the scope of regulation no 726 / 2004 of the european parliament and of the council and commission regulation no 1234 / 2008 of 24 november 2008 concerning the examination of variations to the terms of marketing authorisations for medicinal products for human use and veterinary medicinal products , depends on the recognition at union level in the framework of decision 2119 / 98 / ec , of an emergency situation or of a pandemic situation with respect to human influenza . those provisions allow for the accelerated marketing of certain medicinal products in case of urgent needs , by means , respectively , of a conditional marketing authorisation and of the temporary possibility to grant a variation to the terms of a marketing authorisation for a human influenza vaccine even where certain non - clinical or clinical data are missing . however , in spite of the utility of such provisions in the event of a crisis , there is to date no specific procedure for issuing such recognitions at union level . it is therefore appropriate to provide for such a procedure as part of the standards of quality and safety for medicinal products . ### the applicability of some specific provisions of commission regulation no 507 / 2006 of 29 march 2006 on the conditional marketing authorisation for medicinal products for human use falling within the scope of regulation no 726 / 2004 of the european parliament and of the council and commission regulation no 1234 / 2008 of 24 november 2008 concerning the examination of variations to the terms of marketing authorisations for medicinal products for human use and veterinary medicinal products , depends on the recognition at union level in the framework of decision 2119 / 98 / ec , of an emergency situation or of a pandemic situation with respect to human influenza . those provisions allow for the accelerated marketing of certain medicinal products in case of urgent needs , by means , respectively , of a conditional marketing authorisation and of the temporary possibility to grant a variation to the terms of a marketing authorisation for a human influenza vaccine even where certain non - clinical or clinical data are missing . however , in spite of the utility of such provisions in the event of a crisis , there is to date no specific procedure for issuing such recognitions at union level . it is therefore appropriate to provide for such a procedure as part of the standards of quality and safety for medicinal products . the declaration of an emergency situation at union level should be without prejudice to the effects of a decision taken by the world health organisation to trigger the production of vaccines from seasonal to pandemic


### the rights inherent to citizenship of the union are incorporated in the charter of fundamental rights of the european union . according to the charter ' s preamble , the union ' places the individual at the heart of its activities , by establishing a citizenship of the union and by creating an area of freedom , security and justice ' . chapter v of the charter sets down ' citizens ' rights ' , including , in its article 45 , the right of every citizen of the union to move and reside freely within the territory of the member states . ### the rights inherent to citizenship of the union are incorporated in the charter of fundamental rights of the european union . according to the charter ' s preamble , the union ‘ is founded on the indivisible and universal values of human dignity , freedom , equality and solidarity contributes to the preservation and to the development of these common values’ and ' places the individual at the heart of its activities , by establishing the citizenship of the union and by creating an area of freedom , security and justice ' . chapter v of the charter sets down ' citizens ' rights ' , including , in its article 45 , the right of every citizen of the union to move and reside freely within the territory of the member states .


### in the eu citizenship report 2010 ‘ dismantling the obstacles to eu citizens’ rights ‘ , the commission addressed the main obstacles which citizens still encounter in their daily lives when they seek to exercise their rights as union citizens , in particular in cross - border situations and outlined 25 concrete actions to remove these obstacles . one of the obstacles identified in this context was lack of information . the commission concluded , in the eu citizenship report 2010 , that union citizens are prevented from enjoying their rights because they lack awareness of them and announced its intention to step up the dissemination of information to union citizens about their rights , in particular about their right to free movement . ### in the eu citizenship report 2010 ‘ dismantling the obstacles to eu citizens’ rights ‘ , the commission addressed the main violations , discriminations and obstacles which citizens still encounter in their daily lives when they seek to exercise their rights as union citizens , in particular in cross - border situations and outlined 25 concrete actions to remove these obstacles . one of the obstacles identified in this context was lack of information . the commission concluded , in the eu citizenship report 2010 , that union citizens are prevented from enjoying their rights because they lack awareness of them and announced its intention to step up the dissemination of information to union citizens about their rights , in particular about their right to free movement .


### in particular , union citizens considering whether to make use of their right to free movement should be informed about their rights to acquire or preserve social security rights by virtue of the union rules on coordination of social security systems ; these rules ensure that they will not lose out on their social security rights when choosing to move within europe . they should further be informed about their right to obtain recognition of their professional qualifications and about the social and civic competences which form part of the european framework of ‘ key competences for lifelong learning’ and which can equip them to fully participate in civic life and empower them to exercise their rights under union law . ### in particular , union citizens considering whether to make use of their right to free movement should be informed about their rights to acquire or preserve social security rights by virtue of the union rules on coordination of social security systems ; these rules ensure that they will not lose out on their social security rights when choosing to move within europe . they should further be informed about their right to obtain recognition of their educational and professional qualifications and about the social and civic competences which form part of the european framework of ‘ key competences for lifelong learning’ and which can equip them to fully participate in civic life and empower them to exercise their rights under union law .


### – to stimulate a debate about the impact and potential of the right to free movement , as an inalienable aspect of union citizenship , in particular in terms of strengthening societal cohesion and mutual understanding between union citizens and the bond between citizens and the union . ### – to stimulate a debate about the significance , impact and potential benefit of union citizenship , as well as the impact and potential of the right to free movement , as an inalienable aspect of union citizenship , in particular in terms of strengthening societal cohesion and mutual understanding between union citizens and the bond between citizens and the union .


### – strengthening of the role and visibility of the multilingual europe direct and your europe web portal as key elements of a ' one - stop - shop ' information system on union citizens ' rights ; ### – significant strengthening of the role and visibility of the commission , european parliament , europe direct and your europe multilingual web portal as key elements of a ' one - stop - shop ' information system on union citizens ' rights , while respecting the principle of multilingualism ;


### when executing tasks at external borders and consulates in accordance with the schengen acquis on borders and visas , member states carry out activities in the interest of and on behalf of all other member states in the schengen area and thus performing a public service for the union . to express solidarity , the instrument should contribute to supporting operating costs related to border control and visa policy and enable member states to systematically maintain capabilities crucial for that service for all . such support consists of full reimbursement of a choice of costs related to the objectives under this instrument and will form an integral part of the national programmes . ### when executing tasks at external borders and consulates in accordance with the schengen acquis on borders and visas , member states carry out activities in the interest of and on behalf of all other member states in the schengen area and thus performing a public service for the union . the instrument should contribute to supporting operating costs related to border control and visa policy and enable member states to systematically maintain capabilities crucial for that service for all . such support consists of full reimbursement of a choice of specific costs related to the objectives under this instrument and will form an integral part of the national programmes .


### the achievement of this objective shall be measured against indicators such as , inter alia , the number of consular posts equipped , secured and / or enhanced to ensure the efficient processing of visa applications and provide quality of service to visa applicants ### the achievement of this objective shall be measured by the commission against indicators such as , inter alia , the number of consular posts equipped , secured and / or enhanced to ensure the efficient processing of visa applications and provide quality of service to visa applicants and the number of apprehended overstayers .


### the achievement of this objective shall be measured against indicators such as , inter alia , the development of equipment for border control and the apprehensions of irregular third - country nationals at the external border in correspondence with the risk of the relevant section of the external border . ### the achievement of this objective shall be measured by the commission against indicators such as , inter alia , the development of equipment for border control and the apprehensions of irregular third - country nationals at the external border in correspondence with the risk of the relevant section of the external border .


### the renewed copenhagen process defined an ambitious and global vision for vocational education and training policy in europe , and requested support from union educational programmes to the agreed priorities , including international mobility and reforms implemented by the member states . ### the renewed copenhagen process defined an ambitious and global vision for vocational education and training policy in europe , and requested support from union educational programmes to the agreed priorities , including international mobility and reforms implemented by the member states . that policy should be supported and prioritised within the programme . moreover , since vocational education and training plays an essential role when fostering good conditions for research and innovation , it is of special interest to highlight this part .


### it is necessary to strengthen the intensity and volume of european cooperation between schools , and of the mobility of school staff and learners in order to address the priorities set out in the agenda for european cooperation on schools for the 21st century , namely to improve the quality of school education in the union in the fields of competence development and in order to improve equity and inclusion within school systems and institutions , as well as to reinforce the teaching profession and school leadership . in this context , particular importance should be given to the strategic targets on reducing early school leaving , improving performance in basic skills , improving participation and quality in early childhood education and care , as well as to targets on reinforcing the professional competences of school teachers and school leaders , and improving the educational chances of children with a migrant background and those at socio economic disadvantage . ### it is necessary to strengthen the intensity and volume of european cooperation between schools , and of the mobility of school staff and learners in order to address the priorities set out in the agenda for european cooperation on schools for the 21st century , namely to improve the quality of school education in the union in the fields of competence development and in order to improve equity and inclusion within school systems and institutions , as well as to reinforce the teaching profession and school leadership . in this context , particular importance should be given to the strategic targets on reducing early school leaving , improving performance in basic skills , improving participation and quality in early childhood education and care , as well as to targets on reinforcing the professional competences of school teachers and school leaders , and improving the educational chances of children with a migrant background and those at socio economic disadvantage . furthermore , emphasis should be put on enhancing language skills in order to respond to the globalisation of many workplaces .


### the programme should contribute to develop excellence in european integration studies world - wide , it should in particular support institutions that have a european governance structure , cover the whole spectrum of policy fields that are of interest for the union , are non profit organisations and provide recognised academic degrees . ### the programme should contribute to develop excellence in european integration studies world - wide , it should in particular support institutions that have a european governance structure , cover the whole spectrum of policy fields that are of interest for the union , are non profit organisations and provide recognised academic degrees . this should also include youth organisations and experts on youth policy .


### for this purpose , it is recommended to extend the use of the single framework for the transparency of qualifications and competences under decision no2241 / 2004 / ec of the european parliament and of the council of 15 december 2004 , the european qualifications framework under recommendation of the european parliament and of the council of 23 april 2008 , the european credit system for vocational education and training under recommendation of the european parliament and of the council of 18 june 2009 and the european credit transfer and accumulation system . ### for this purpose , it is recommended to extend the use of the single framework for the transparency of qualifications and competences under decision no2241 / 2004 / ec of the european parliament and of the council of 15 december 2004 , the european qualifications framework under recommendation of the european parliament and of the council of 23 april 2008 , the european credit system for vocational education and training under recommendation of the european parliament and of the council of 18 june 2009 and the european credit transfer and accumulation system . furthermore , it is important to advocate and strengthen the implementation of vocational education strategies and policies within the programme .


### the programme covers education at all levels , in a lifelong learning perspective , in particular higher education , vocational education and training and adult learning , school education and youth . ### the programme covers education at all levels , in a lifelong learning perspective , in particular higher education , vocational education and training and adult learning , school education , non - formal training and youth .


### ‘ non formal setting’ means a learning context that is often planned and organised , but not part of the formal education and training system . ### ‘ non - formal training’ means an organised process that provides people with the possibility to develop their values , skills and competencies other than the ones developed in the framework formal education and training system .


### ‘ support for policy reform’ means any type of activity aimed at supporting and facilitating the modernization of education and training systems through the process of policy cooperation between member states , in particular the open methods of coordination ; ### ‘ support for policy reform’ means any type of activity aimed at supporting and facilitating the modernization of education and training systems through the process of policy cooperation between member states , in particular the open methods of coordination , including structured dialogue with civil society , organisations providing non - formal training and youth organisations .


### ‘ staff’ means persons who , either on a professional or voluntary basis , are involved in education , training or youth non - formal learning . it may include teachers , trainers , school leaders , youth workers and non - educational staff ; ### ‘ staff’ means persons who , either on a professional or voluntary basis , are involved in education , training or non - formal learning . it may include teachers , trainers , school leaders , youth workers and non - educational staff ;


### ‘ youth activity’ means an out - of - school activity carried out by a young person , either individually or in group , characterized by a non - formal learning approach ; ### ‘ youth activity’ means an out - of - school activity carried out by a young person , either individually or in group , characterized by a non - formal training approach ;


### to promote the emergence of a european lifelong learning area , trigger policy reforms at national level , support the modernisation of education and training systems , including non - formal learning , and support european cooperation in the youth field , notably through enhanced policy cooperation , better use of recognition and transparency tools and the dissemination of good practices ; ### to promote the emergence of a european lifelong learning area with special focus on vocational education and training , trigger policy reforms at national level , support the modernisation of education and training systems , including non - formal learning , and support european cooperation in the youth field , notably through enhanced policy cooperation , better use of recognition and transparency tools and the dissemination of good practices ;


### transnational mobility of higher education and vocational training students as well as of young people involved in non - formal activities between the participating countries as referred in article 18 . this mobility may take the form of studying at a partner institution , traineeships abroad or participating in youth activities , notably volunteering . degree mobility at masters level shall be supported through the student loan guarantee facility as referred to in article 14 . ### transnational mobility of higher education , vocational training and adult learning students as well as of young people involved in non - formal activities between the participating countries as referred in article 18 . this mobility may take the form of studying at a partner institution , traineeships abroad or participating in youth activities , notably volunteering . degree mobility at masters level shall be supported through the student loan guarantee facility as referred to in article 14 .


### transnational mobility of higher education and vocational training students as well as of young people involved in non - formal activities between the participating countries as referred in article 18 . this mobility may take the form of studying at a partner institution , traineeships abroad or participating in youth activities , notably volunteering . degree mobility at masters level shall be supported through the student loan guarantee facility as referred to in article 14 . ### transnational mobility of higher education and vocational training students as well as of young people involved in non - formal activities between the participating countries as referred in article 18 . this mobility may take the form of studying at a partner institution , traineeships abroad or participating in activities , notably volunteering . degree mobility at masters level shall be supported through the student loan guarantee facility as referred to in article 14 .


### dialogue with relevant european stakeholders . ### dialogue with relevant european stakeholders including businesses .


### the member states shall take all appropriate measures to remove legal and administrative obstacles to the proper functioning of the programme , including the administration of visas . . ### the member states shall take all appropriate measures to remove legal and administrative obstacles to the proper and effective functioning of the programme , including the administration of visas .


### this regulation shall apply to ships entitled to fly the flag of a member state or operating under its authority . ### this regulation shall apply to ships entitled to fly the flag of a member state or operating under its authority . article 4 , article 5 - and article 11b of this regulation also apply to non eu ships calling at a port or anchorage of a member state to engage in a ship / port interface .


### to provide the ship recycling facility with all the ship - relevant information necessary for the development of the ship recycling plan required by article 7 ; ### to provide the ship recycling facility with all the ship - relevant information necessary for the development of the ship recycling plan required by article 7 , or in cases where the ship owner is not in possession of such information , to inform the ship recycling facility and collaborate with them to ensure that any lacunae are adequately resolved ;


### in the event of a significant decline of average market prices for eels used for restocking , as compared to those of eels used for other purposes , the member state concerned shall inform the commission . the commission , by means of delegated acts adopted in accordance with article 12a and in order to address the situation , may temporarily reduce the percentages of eels used for restocking as referred to in paragraph 2 . 7 . the commission shall , not later than 31 december 2012 , report to the european parliament and the council and evaluate the measures concerning restocking including the evolution of market prices . ### in the event of a significant decline of average market prices for eels used for restocking , as compared to those of eels used for other purposes , the member state concerned shall inform the commission . the commission , by means of delegated acts adopted in accordance with article 12a and in order to address the situation , may temporarily reduce the percentages of eels used for restocking as referred to in paragraph 2 where the eel management plan is in compliance with article 2 . 7 . the commission shall , not later than 31 december 2012 , report to the european parliament and the council and evaluate the measures concerning restocking including the evolution of market process . the commission shall , not later than 31 october 2013 , report to the european parliament and the council and evaluate the measures concerning restocking , taking into account the latest scientific advice on the conditions under which restocking is likely to contribute to the increase of the spawning stock biomass .


### the approximation of national measures at union level , based on an agreement on accessibility requirements for public sector bodies ' websites , is necessary in order to put an end to fragmentation . it would reduce uncertainty for web - developers and would foster interoperability . by using accessibility requirements which are technology neutral , innovation will not be hampered and may possibly even be stimulated . ### the approximation of national measures at union level , based on an agreement on accessibility requirements for public sector bodies ' websites , is necessary in order to put an end to fragmentation . it would reduce uncertainty for web - developers and would foster interoperability . by using accessibility requirements which are technology neutral and based on open standards , innovation will not be hampered and may possibly even be stimulated .


### a harmonised approach should also allow union public sector bodies and enterprises to gain economic and social benefits from extending the provision of on - line services to include more citizens and customers . this should increase the potential of the internal market for web - accessibility products and services . the resulting market growth should allow undertakings to contribute to economic growth and jobs creation within the union . strengthening the internal market should make investment in the union more attractive . governments should benefit from cheaper provision of web - accessibility . ### a harmonised approach should also allow union public sector bodies and enterprises to gain economic and social benefits from extending the provision of on - line services to include more citizens and customers . this should increase the potential of the internal market for web - accessibility products and services and further the completion of the digital single market . the resulting market growth should allow undertakings to contribute to economic growth and jobs creation within the union . strengthening the internal market should make investment in the union more attractive . governments should benefit from cheaper provision of web - accessibility .


### citizens should benefit from wider access to online public sector services and should receive services and information which will facilitate the enjoyment of their rights across the union , notably their right to move and reside freely within the territory of the union and their freedom of establishment and to provide services . ### citizens should benefit from wider access to online public sector services and should receive services and information which will facilitate the enjoyment of their rights across the union , notably their right to move and reside freely within the territory of the union , their right of access to information and their freedom of establishment and to provide services .


### in a way which facilitates interoperability with a variety of user agents and assistive technologies at union and international level . ### in a way which facilitates interoperability on the basis of open standards with a variety of user agents and assistive technologies at union and international level .


### enrolment in higher education or university ### enrolment in vocational and higher education or university


### distribution of the fines fines collected in accordance with article 3 of this regulation shall constitute other revenue , as referred to in article 311 of the treaty , and shall be distributed , in proportion to their share in the total gross national income of the eligible member states , between member states whose currency is the euro and which are not the subject of an excessive imbalance procedure within the meaning of regulation no [ … / … ] and do not have an excessive deficit as determined in accordance with article 126 of the treaty . ### allocation of the fines fines collected in accordance with article 3 of this regulation shall constitute other revenue , as referred to in article 311 tfeu , and shall be allocated to the permanent crisis mechanism . until the establishment of the european monetary fund , those fines shall be credited to the european financial stability facility .


### such risk sharing instrument shall be used exclusively for loans and guarantees , as well as other financial facilities , to finance operations co - financed by the european regional development fund or the cohesion fund , regarding expenditure which is not covered by article 56 . ### such risk sharing instrument shall be used exclusively for loans and guarantees , as well as other financial facilities , to finance operations co - financed by the european regional development fund or the cohesion fund , regarding expenditure which is not covered by article 56 . for the member states meeting one of the conditions set out in article 77 , that risk - sharing instrument shall also be used for operations linked to cohesion policy objectives which are not co - financed by national strategic reference framework programmes .


### traceability and accounting , information on the use of the funds and monitoring and control systems ; and ### traceability and accounting , governance structure in close consultation with the member state and participating financial institutions , information on the use of the leverage factor , the use of the funds and monitoring and control systems ; and


### regulation of the european parliament and of the council laying down general provisions for macro - financial assistance to third countries ### regulation of the european parliament and of the council laying down general provisions for macro - financial assistance to third countries and territories


### at present , macro - financial assistance to third countries is based on ad - hoc country specific decisions of the european parliament and of the council . this reduces the efficiency and effectiveness of the assistance by causing unnecessary delays between requests for macro - financial assistance and their actual implementation . ### the framework regulation aims at clarifying the rules and improving the efficiency and effectiveness of the union assistance , inter alia by strengthening the application of the pre - conditions , improving the transparency and formalising the political assessment by the commission , improving the democratic effectiveness and democratic scrutiny .


### appropriate procedures and instruments should be provided for in advance to enable the union to ensure that macro - financial assistance can be made available expeditiously , especially when circumstances call for immediate action . this would also increase the clarity and transparency of the criteria applicable to the implementation of macro - financial assistance . ### appropriate procedures and instruments should be provided for in advance in order to enable the union to make macro - financial assistance available expeditiously , especially when circumstances call for immediate action and to increase the clarity and transparency of the criteria applicable to the implementation of macro - financial assistance .


### macro - financial assistance should support the beneficiary countries ' commitments to common values with the union , including democracy , the rule of law , good governance , respect for human rights , sustainable development and poverty reduction , as well as to the principles of open , rules - based and fair trade . ### macro - financial assistance should include measures to improve the beneficiary countries ' commitments to common values with the union , including democracy , the rule of law , good governance , respect for human rights , sustainable development and poverty reduction , as well as to the principles of open , rules - based and fair trade . the fulfilment of these objectives should be regularly monitored by the commission .


### in order to ensure uniform conditions for the implementation of this regulation , as regards the approval and management of macro - financial assistance operations in beneficiary countries , implementing powers should be conferred on the commission . those powers should be exercised in accordance with regulation 182 / 2011 of the european parliament and of the council laying down the rules and general principles concerning mechanisms for control by member states of the commission’s exercise of implementing powers . ### in order to ensure uniform conditions for the implementation of this regulation , implementing powers should be conferred on the commission . those powers should be exercised in accordance with regulation no 182 / 2011 of the european parliament and of the council laying down the rules and general principles concerning mechanisms for control by member states of the commission’s exercise of implementing powers .


### this regulation lays down general provisions for the granting of macro - financial assistance to eligible third countries and territories as set out in article 2 . ### this regulation lays down general provisions for the granting of union macro - financial assistance to eligible third countries and territories referred to in article 2 .


### macro - financial assistance shall be an exceptional financial instrument of untied and undesignated balance - of - payments support to eligible third countries and territories . it shall aim at restoring a sustainable external finance situation for countries facing external financing difficulties . it shall underpin the implementation of strong adjustment and structural reform measures designed to remedy balance of payments difficulties . ### macro - financial assistance shall be an exceptional financial instrument of untied and undesignated balance - of - payments support to beneficiary countries . it shall aim at restoring a sustainable external finance situation for beneficiary countries facing external financing difficulties . it shall underpin the implementation by such beneficiary countries of relevant bilateral agreements and programmes with the union and shall be aimed at strong adjustment and structural reform measures designed to remedy balance of payments difficulties .


### eligible countries ### eligible countries and territories


### the third countries and territories eligible for macro - financial assistance shall be : ### the third countries and territories eligible for macro - financial assistance provided that they fulfil the conditionality criteria in article 6 shall be :


### the amounts of macro - financial assistance provided in grants under this regulation shall be consistent with the budget appropriations established in the multi - annual financial framework . ### the amounts of macro - financial assistance provided under this regulation in the form of a grant shall be consistent with the budget appropriations established in the multi - annual financial framework .


### the amounts of macro - financial assistance provided in loans under this regulation shall be provisioned in accordance with council regulation 480 / 2009 of 25 may 2009 on the guarantee fund for external actions . ### the amounts of macro - financial assistance provided under this regulation in the form of a loan shall be provisioned in accordance with council regulation no 480 / 2009 of 25 may 2009 establishing a guarantee fund for external actions .


### annual appropriations shall be authorised by the budgetary authority within the limits of the financial framework . the corresponding reference amounts for the period 2011 to 2013 are set out in annex ii . ### annual appropriations shall be authorised by the budgetary authority within the limits of the multi - annual financial framework .


### the amount of the assistance shall be based on the residual external financing needs of the beneficiary country . these shall be established by the commission in cooperation with international financial institutions , based on a comprehensive and well documented quantitative assessment . in particular , the commission will draw on the latest balance of payments projections for the country in question produced by the imf and take into account the expected financial contributions from multilateral donors . ### the proposed amount of the assistance shall be based on the residual external financing needs of the beneficiary country . these shall be established by the commission in cooperation with the imf and other european or multilateral financial institutions , based on a comprehensive and well documented quantitative assessment . in particular , the commission shall draw on the latest balance of payments projections for the beneficiary country in question produced by the imf and other european or multilateral financial institutions and take into account the expected financial contributions from multilateral donors as well as pre - existing deployment of the union ' s other external financing instruments in the country concerned .


### if the conditions referred to in article 1 , article 2 , article 4 and article 6 are met , macro - financial assistance shall be granted by the commission acting in accordance with article 14 . ### upon receiving the request , the commission shall make an assessment as to whether the conditions referred to in article 1 , article 2 , article 4 and article 6 are met for granting macro - financial assistance . if those conditions are met , the commission shall determine the amount and the form of the assistance under the conditions referred to in article 5 and article 3 respectively .


### the decision to provide a loan shall specify the amount , the maximum average maturity , the maximum number of instalments of the macro - financial assistance . the decision to provide a grant shall specify the amount , and the maximum number of instalments . in both cases the availability period of the macro - financial assistance shall be defined . as a rule , it shall not exceed three years . ### for the purpose of paragraph 2 the commission shall be empowered to adopt delegated acts in accordance with article 14a to establish and to amend annex iia in order to provide macro - financial assistance to a particular country or territory . in the delegated act the commission shall , inter alia , stipulate the following : all delegated acts shall stipulate the beneficiary of the assistance , the total maximum amount of the assistance , the form of the assistance , and the availability period of the assistance . the decision to provide a loan shall specify the amount , the maximum average maturity , the maximum number of instalments of the macro - financial assistance . the decision to provide a grant shall specify the amount , and the maximum number of instalments . the decision to provide a grant shall be accompanied by a justification of the grant of assistance . 3a . as a rule , the availability period of the macro - financial assistance shall not exceed three years .


### following the approval of the decision granting macro - financial assistance , the commission , acting in accordance with article 14 , shall agree the policy measures referred to in article 6 , , and with the beneficiary country . ### following the adoption of the delegated act on granting macro - financial assistance , the commission , acting in accordance with article 14 , shall agree in the memorandum of understanding the policy measures referred to in article 6 , , , and with the beneficiary country .


### following the approval of the decision granting macro - financial assistance , the commission shall agree the detailed financial terms of the assistance with the beneficiary country . these shall be laid down in a grant or loan agreement . ### following the adoption of the delegated act on granting macro - financial assistance , the commission shall agree the detailed financial terms of the assistance with the beneficiary country . these shall be laid down in a grant or loan agreement .


### beneficiary countries shall regularly check that financing provided from the budget of the union has been properly used , take appropriate measures to prevent irregularities and fraud , and , if necessary , take legal action to recover any funds provided under this regulation that have been misappropriated . ### any agreements resulting from this regulation shall contain provisions ensuring that beneficiary countries shall regularly check that financing provided from the budget of the union has been properly used , take appropriate measures to prevent irregularities and fraud , and , if necessary , take legal action to recover any funds provided under this regulation that have been misappropriated .


### the commission shall regularly evaluate the results and efficiency of macro - financial assistance in order to ascertain whether the objectives have been met and enable it to formulate recommendations with a view to improving future operations . ### the commission shall regularly evaluate the results and efficiency of macro - financial assistance regarding each and every particular recipient country or territory in order to ascertain whether the objectives have been met and enable it to formulate recommendations with a view to improving future operations . when evaluating the functioning of the political conditionality and measures under article 6 , the commission shall consult the eeas .


### the commission shall send ex - post evaluation reports to the european parliament and the council , assessing the extent to which recently completed mfa operations have contributed to the aims of the assistance . ### the commission shall send ex - post evaluation reports to the european parliament , the council and the court of auditors , assessing the extent to which recently completed macro - financial assistance operations regarding a particular recipient country or territory have contributed to the aims of the assistance .


### common budgetary provisions ### common budgetary provisions and information requirements on national public debt issuance


### having regard to the treaty on the functioning of the european union , and in particular the first subparagraph of article 42 and article 43 thereof , ### having regard to the treaty on the functioning of the european union , and in particular the first subparagraph of article 42 , article 43 and article 349 thereof ,


### consistency of the measures taken under posei programmes with measures implemented under other instruments of the common agricultural policy , and in particular the common organisations of markets , rural development , product quality , animal welfare and protection of the environment , must be ensured . ### consistency of the measures taken under posei programmes with measures implemented under other instruments of the common agricultural policy , and in particular the common organisations of markets , rural development , product quality , animal welfare , the protection of the environment and trade policy must be ensured .


### depending on the annual evaluation of the implementation of measures included in the posei programmes , the member states may submit to the commission proposals for amendments thereto within the context of the financial allocation referred to in article 29 and , to bring them more into line with the requirements of the outermost regions and the strategy proposed . the commission shall adopt by means of an implementing act the uniform measures for the submission of proposals for amendments to the programme . ### depending on the annual evaluation of the implementation of measures included in the posei programmes , the member states may submit to the commission , by 30 september of each year at the latest , proposals for amendments thereto for the following year within the context of the financial allocation referred to in article 29 and , to bring them more into line with the requirements of the outermost regions and the strategy proposed . the commission shall adopt by means of an implementing act the uniform measures for the submission of proposals for amendments to the programme .


### where applicable , the need not to obstruct the potential development of local products . ### the need to encourage the potential development of local products .


### the aid amount established for each measure or action in order to achieve one or more objectives for the programme . ### the aid amount established for each measure in order to achieve one or more objectives for the programme .


### individual aid ; ### the unit amount of aid ;