### the commission shall manage the component of the programme where such management is not entrusted to another entity . ### the commission shall manage the component of the programme only where it will achieve the objectives of the component of the programme more effectively than by entrusting such management to another entity . in other cases , the commission shall delegate the management of the component of the programme to agency , european space agency or other entities , as referred to in article 32 .


### the commission may entrust other tasks to the agency , including undertaking communication , promotion , and marketing of data and information activities , as well as other activities related to user uptakes with regard to the programme ' s components other than galileo and egnos . ### the commission may entrust other tasks to the agency .


### the commission shall manage the component of the programme where such management is not entrusted to another entity . ### the commission shall manage the component of the programme only where it will achieve the objectives of the component of the programme more effectively than by entrusting such management to another entity . in other cases , the commission shall delegate the management of the component of the programme to the agency , to the european space agency or to other entities referred to in article 32 .


### the commission shall promote and ensure the uptake and use of the data and services provided by the programme ' s components in the public and private sectors , including by supporting appropriate development of those services and by fostering a stable long - term environment . it shall develop synergies between the applications of the various components of the programme . it shall ensure complementarity , consistency , synergies and links between the programme and other union actions and programmes . ### the commission shall ensure complementarity , consistency , synergies and links between the programme and other union actions and programmes .


### when necessary for the smooth functioning of the programme and the smooth provision of the services provided by the programme ' s components , the commission shall , by means of implementing acts , determine the technical and operational specifications required for the implementation of and evolution of those components and of the services they provide after having consulted users and all the other relevant stakeholders . when determining those technical and operational specifications , the commission shall avoid reducing the general security level and to meet a backward compatibility imperative . ### when necessary for the smooth functioning of the programme and the smooth provision of the services provided by the programme ' s components , the commission shall , by means of implementing acts , determine the high - level requirements including for security for the implementation of and evolution of those components and of the services they provide after having consulted users and all the other relevant stakeholders . when determining those high - level requirements , the commission shall avoid reducing the general security level and to meet a backward compatibility imperative .


### the commission shall have overall responsibility for the implementation of the programme , including in the field of security . it shall , in accordance with this regulation , determine the priorities and long - term evolution of the programme and shall supervise its implementation , having due regard to its impact on other policies of the union . ### the commission shall have overall responsibility for the implementation of the programme , and the responsibility in the field of security for the components of the programme not entrusted to the agency pursuant to article 30 . it shall , in accordance with this regulation , determine the priorities and long - term evolution of the programme and shall supervise its implementation , having due regard to its impact on other policies of the union .


### enhanced public scrutiny of corporate income taxes borne by multinational undertakings carrying out activities in the union is an essential element to further foster corporate responsibility , to contribute to the welfare through taxes , to promote fairer tax competition within the union through a better informed public debate and to restore public trust in the fairness of the national tax systems . such public scrutiny can be achieved by means of a report on income tax information , irrespective of where the ultimate parent undertaking of the multinational group is established . ### enhanced public scrutiny of corporate income taxes borne by multinational undertakings carrying out activities in the union is an essential element to promote corporate accountability , further foster corporate responsibility , to contribute to the welfare through taxes , to prevent exploitation of the loopholes in tax systems within the union through a better informed public debate and to restore public trust in the fairness of the national tax systems . such public scrutiny can be achieved by means of a report on income tax information , irrespective of where the ultimate parent undertaking of the multinational group is established .


### member states shall require ultimate parent undertakings governed by their national laws and having a consolidated net turnover exceeding eur 750 000 000 as well as undertakings governed by their national laws that are not affiliated undertakings and having a net turnover exceeding eur 750 000 000 to draw up and publish a report on income tax information on an annual basis . ### member states shall require ultimate parent undertakings governed by their national laws and having a consolidated net turnover exceeding eur 750 000 000 , as well as undertakings governed by their national laws that are not affiliated undertakings and having a net turnover exceeding eur 750 000 000 to draw up and publish a report on income tax information on an annual basis .


### calling for a globally fair and modern international tax system in november 2015 , the g20 endorsed the oecd ‘ action plan on base erosion and profit shifting’ which aimed at providing governments with clear international solutions to address the gaps and mismatches in existing rules which allow corporate profits to shift to locations of no or low taxation , where no real value creation may take place . in particular , beps action 13 introduces a country - by - country reporting by certain multinational undertakings to national tax authorities on a confidential basis . on 27 january 2016 , the commission adopted the ‘ anti - tax avoidance package’ . one of the objectives of that package is to transpose into union law , the beps action 13 by amending council directive 2011 / 16 / eu20 . __________________ 20 council directive 2011 / 16 / eu of 15 february 2011 on administrative cooperation in the field of taxation and repealing directive 77 / 799 / eec . ### calling for a globally fair and modern international tax system in november 2015 , the g20 endorsed the oecd ' action plan on base erosion and profit shifting ' which aimed at providing governments with clear international solutions to address the gaps and mismatches in existing rules which allow corporate profits to shift to locations of no or low taxation , where no real value creation may take place . the beps initiative fell short of the pledge that the g20 finance ministers issued in st . petersburg in september 2013 when they stated that ' profits should be taxed where economic activities deriving the profits are performed and where value is created . ' [ 1 ] the failure of the beps process to meet its original objectives underlines the importance of heightened country - level reporting for all large enterprises . in particular , beps action 13 introduces a country - by - country reporting by certain multinational undertakings to national tax authorities on a confidential basis . on 27 january 2016 , the commission adopted the ' anti - tax avoidance package ' . one of the objectives of that package is to transpose into union law , the beps action 13 by amending council directive 2011 / 16 / eu20 . however , taxing profits where the value is created requires a more comprehensive approach to country - by - country reporting that is based on public reporting . __________________ 20 council directive 2011 / 16 / eu of 15 february 2011 on administrative cooperation in the field of taxation and repealing directive 77 / 799 / eec .


### member states shall require the medium - sized and large subsidiary undertakings referred to in article 3 and which are governed by their national laws and controlled by an ultimate parent undertaking which has a consolidated net turnover exceeding eur 750 000 000 and which is not governed by the law of a member state , to publish the report on income tax information of that ultimate parent undertaking on an annual basis . ### member states shall require the medium - sized and large subsidiary undertakings referred to in article 3 and that are governed by their national laws and controlled by an ultimate parent undertaking which has a consolidated net turnover exceeding eur 750 000 000 , and which is not governed by the law of a member state , to publish a report on income tax information of that ultimate parent undertaking as regards the next financial year , to the extent the information is available to the subsidiary undertaking . when the information is not available , the subsidiary undertaking shall request its ultimate parent undertaking not governed by the law of a member state to provide it with all the information required to enable it to meet its obligation . if despite that the information is not provided , the subsidiary shall publish a report on itself and the undertakings and branches it controls . the report shall identify whether income tax information on the ultimate parent undertaking is provided .


### enhanced public scrutiny of corporate income taxes borne by multinational undertakings carrying out activities in the union is an essential element to further foster corporate responsibility , to contribute to the welfare through taxes , to promote fairer tax competition within the union through a better informed public debate and to restore public trust in the fairness of the national tax systems . such public scrutiny can be achieved by means of a report on income tax information , irrespective of where the ultimate parent undertaking of the multinational group is established . ### enhanced public scrutiny of corporate income taxes borne by multinational undertakings carrying out activities in the union does not directly contribute to efforts to combat tax avoidance or tax fraud but might lead to a better informed public debate on corporate taxation . the obligation to disclose potential sensitive commercial information and the increased , disproportionate compliance costs to companies can , however , distort competition and damage the attractiveness of the eu as an investment destination .


### member states shall require branches which are opened in their territories by an undertaking which is not governed by the law of a member state to publish on an annual basis the report on income tax information of the ultimate parent undertaking referred to in point of paragraph 5 of this article . ### member states shall require branches opened in their territories by an undertaking which is not governed by the law of a member state to publish on an annual basis a report on income tax information of the ultimate parent undertaking or the non - affiliated undertaking referred to in point of paragraph 5 of this article as regards the next financial year , if the information is available to the person designated to carry out the disclosure formalities referred to in article 48e . when the information is not available , such person shall request the ultimate parent undertaking not governed by the law of a member state or the non - affiliated undertaking referred to in point of paragraph 5 of this article to provide all information required to meet their obligations . if despite that the information is not provided , the report shall contain information on the undertaking that has the branch and the undertakings and branches it controls . the report shall identify whether income tax information on the ultimate parent undertaking or the non - affiliated undertaking is provided .


### the undertaking which opened the branch is either an affiliated undertaking of a group which is controlled by an ultimate parent undertaking not governed by the law of a member state and which has a consolidated net turnover exceeding eur 750 000 000 or an undertaking that is not an affiliated and which has a net turnover exceeding eur 750 000 000 ; ### the undertaking which opened the branch is either an affiliated undertaking of a group which is controlled by an ultimate parent undertaking not governed by the law of a member state and which has a consolidated net turnover exceeding eur 750 000 000 000 or an undertaking that is not an affiliated and which has a net turnover exceeding eur 750 000 000 000 ;


### member states shall require ultimate parent undertakings governed by their national laws and having a consolidated net turnover exceeding eur 750 000 000 as well as undertakings governed by their national laws that are not affiliated undertakings and having a net turnover exceeding eur 750 000 000 to draw up and publish a report on income tax information on an annual basis . ### member states shall require ultimate parent undertakings governed by their national laws and having a consolidated net turnover exceeding eur 750 000 000 as reflected in their consolidated financial statements as well as undertakings governed by their national laws that are not affiliated undertakings and having a net turnover exceeding eur 750 000 000 as reflected in their consolidated financial statements to draw up and publish a report on income tax information as regards the last financial year .


### calling for a globally fair and modern international tax system in november 2015 , the g20 endorsed the oecd ‘ action plan on base erosion and profit shifting’ which aimed at providing governments with clear international solutions to address the gaps and mismatches in existing rules which allow corporate profits to shift to locations of no or low taxation , where no real value creation may take place . in particular , beps action 13 introduces a country - by - country reporting by certain multinational undertakings to national tax authorities on a confidential basis . on 27 january 2016 , the commission adopted the ‘ anti - tax avoidance package’ . one of the objectives of that package is to transpose into union law , the beps action 13 by amending council directive 2011 / 16 / eu20 . __________________ 20 council directive 2011 / 16 / eu of 15 february 2011 on administrative cooperation in the field of taxation and repealing directive 77 / 799 / eec . ### calling for a globally fair and modern international tax system in november 2015 , the g20 endorsed the oecd ‘ action plan on base erosion and profit shifting’ which aimed at providing governments with clear international solutions to address the gaps and mismatches in existing rules which allow corporate profits to shift to locations of no or low taxation , where no real value creation may take place . in particular , beps action 13 introduces a country - by - country reporting by certain multinational undertakings to national tax authorities on a confidential basis . the globally - agreed standard thus rejected public disclosure of this sensitive commercial information that would allow foreign companies to draw conclusions on trade secrets and the potential of market exploitations of their competitors . on 27 january 2016 , the commission adopted the ‘ anti - tax avoidance package’ , going beyond the oecd beps framework . one of the objectives of that package is to transpose into union law , the beps action 13 by amending council directive 2011 / 16 / eu20 . __________________ 20 council directive 2011 / 16 / eu of 15 february 2011 on administrative cooperation in the field of taxation and repealing directive 77 / 799 / eec .


### under a sub - section titled ' what are the key risks that are specific to the issuer ? ' a brief description of no more than five of the most material risk factors specific to the issuer contained in the category of highest materiality according to article 16 . ### under a sub - section titled ' what are the key risks that are specific to the issuer ? ' a brief and clear description of no more than five of the most material risk factors specific to the issuer contained in the category of highest materiality according to article 16 ; the number of risk factors may be increased to no more than eight where necessary .


### the introduction of the summary shall contain the name of the securities , the identity and contact details of the issuer , the offeror or the person seeking admission , the identity and contact details of the home competent authority and the date of the document . it shall contain warnings that : ### the introduction shall contain : the name of the securities ; the identity and contact details of the issuer , including its lei ; the offeror including its lei where appropriate ; or the person seeking admission ; the identity and contact details of the home competent authority and the date of the document . it shall contain warnings that :


### this regulation constitutes an essential step towards the completion of the capital markets union as set out in the communication from the commission to the european parliament , the council , the european economic and social committee and the committee of the regions , entitled ' action plan on building a capital markets union ' of 30 september 2015 . the aim of the capital markets union is to help businesses tap into more diverse sources of capital from anywhere within the european union , make markets work more efficiently and offer investors and savers additional opportunities to put their money to work , in order to enhance growth and create jobs . ### this regulation constitutes an essential step towards the completion of the capital markets union as set out in the communication from the commission to the european parliament , the council , the european economic and social committee and the committee of the regions , entitled ' action plan on building a capital markets union ' of 30 september 2015 . the aim of the capital markets union is to help businesses tap into more diverse sources of capital from anywhere within the european union , make markets work more efficiently and offer investors and savers additional opportunities to put their money to work , in order to enhance growth and create jobs , in particular for smes .


### the aim of this regulation is to ensure investor protection and market efficiency , while enhancing the single market for capital . the provision of information which , according to the nature of the issuer and of the securities , is necessary to enable investors to make an informed investment decision ensures , together with rules on the conduct of business , the protection of investors . moreover , such information provides an effective means of increasing confidence in securities and thus of contributing to the proper functioning and development of securities markets . the appropriate way to make this information available is to publish a prospectus . ### the aim of this regulation is to ensure investor protection and market efficiency , while enhancing the single market for capital and facilitating the access of smes to that market . the provision of information which , according to the nature of the issuer and of the securities , is necessary to enable investors to make an informed investment decision ensures , together with rules on the conduct of business , the protection of investors . moreover , such information provides an effective means of increasing confidence in securities and thus of contributing to the proper functioning and development of securities markets . the appropriate way to make this information available is to publish a prospectus .


### the risk factors featured in a prospectus shall be limited to risks which are specific to the issuer and / or the securities and are material for taking an informed investment decision , as corroborated by the content of the registration document and the securities note . they shall be allocated across a maximum of three distinct categories which shall differentiate them by their relative materiality based on the issuer ' s assessment of the probability of their occurrence and the expected magnitude of their negative impact . ### the risk factors featured in a prospectus shall be limited to risks which are specific to the issuer and / or the securities and are material for taking an informed investment decision , as corroborated by the content of the registration document and the securities note .


### an offer of securities addressed to fewer than 150 natural or legal persons per member state , other than qualified investors ; ### addressed to fewer than 500 natural or legal persons per member state , other than qualified investors ; existing shareholders and employees shall not be included when calculating the number of persons to whom the offer is addressed ;


### a member state may exempt offers of securities to the public from the prospectus requirement of paragraph 1 provided that : the offer is made only in that member state , and the total consideration of the offer is less than a monetary amount calculated over a period of 12 months , which shall not exceed eur 10 000 000 . member states shall notify the commission and esma of the exercise of the option under this paragraph , including the consideration of the offer chosen below which the exemption for domestic offers applies . ### offers of securities to the public shall be exempt from the prospectus requirement of paragraph 1 provided that : the offer is not subject to notification in accordance with article 24 , and the total consideration of the offer is less than a monetary amount calculated over a period of 12 months , which shall not exceed eur 10 000 000 . member states shall not impose or maintain disclosure requirements for offers exempted under this paragraph .


### smes may choose to draw up a prospectus under the minimum disclosure regime for smes in the case of an offer of securities to the public provided that they have no securities admitted to trading on a regulated market . ### smes and mid - cap enterprises as well as issuers referred to in article 3 may choose to draw up an eu growth prospectus under the proportionate disclosure regime set out in this article in the case of an offer of securities to the public except where the securities are to be admitted to trading on a regulated market .


### the competent authority of each host member state may require that the summary referred to in article 7 be translated into its official language or languages , but it shall not require the translation of any other part of the prospectus . ### the competent authority of each host member state shall require that the summary referred to in article 7 be written in the official languages , or in one of the official languages , used in the part of the member state where the security is offered , or in another language accepted by the competent authorities of that member state , or , where it has been written in a different language , it shall be translated into one of those languages . the translation shall faithfully and accurately reflect the content of the original summary . the competent authority of each host member state shall not require the translation of any other part of the prospectus . if a security is offered in a member state through marketing documents written in one or more official languages of that member state , the summary shall be written in at least the corresponding official languages .


### the minimum information required to be disclosed by smes under the specific disclosure regime should be calibrated in a way that focuses on information that is material and relevant for companies of such size and their investors , and should aim at ensuring proportionality between the size of the company and its fundraising needs , on the one hand , and the cost of producing a prospectus , on the other hand . in order to ensure smes can draw up prospectuses without incurring costs that are not proportionate to their size , and thus the size of their fundraising , the specific disclosure regime for smes should be more flexible than that applying to companies on regulated markets to the extent compatible with ensuring that the key information necessary to the investors is disclosed . ### the minimum information required to be disclosed by smes under the specific disclosure regime should be calibrated in a way that focuses on information that is material and relevant for companies of such size and their investors , and should aim at ensuring proportionality between the size of the company and its fundraising needs , on the one hand , and the cost of producing a prospectus , on the other hand . in order to ensure smes can draw up prospectuses without incurring costs that are not proportionate to their size , and thus the size of their fundraising , the specific disclosure regime for smes should be more flexible than that applying to companies on regulated markets to the extent compatible with ensuring that the information material to investors is disclosed .


### for offers of securities to the public of a consideration below eur 500 000 , the cost of producing a prospectus in accordance with this regulation is likely to be disproportionate to the envisaged proceeds of the offer . it is therefore appropriate that the requirement to draw up a prospectus under this regulation should not apply to offers of such small scale . member states should refrain to impose at national level disclosure requirements which would constitute a disproportionate or unnecessary burden in relation to such offers and thus increase fragmentation of the internal market . ### for offers of securities to the public with a total consideration in the union of less than eur 1 000 000 , the cost of producing a prospectus in accordance with this regulation is likely to be disproportionate to the envisaged proceeds of the offer . it is therefore appropriate that the requirement to draw up a prospectus under this regulation should not apply to offers of such small scale . member states should , moreover , refrain from imposing at national level disclosure requirements which would constitute a disproportionate or unnecessary burden in relation to such offers and thus increase fragmentation of the internal market .


### an offer of securities with a total consideration in the union of less than eur 500 000 , which shall be calculated over a period of 12 months ; ### an offer of securities with a total consideration in the union of less than eur 1 000 000 , which shall be calculated over a period of 12 months ;


### the summary shall be drawn up as a short document written in a concise manner and of a maximum of six sides of a4 - sized paper when printed . it shall : ### the summary shall be drawn up as a short document written in a concise manner and of a maximum of six sides of a4 - sized paper when printed , which may be increased to a maximum of 10 sides where necessary . it shall :


### smes may choose to draw up a prospectus under the minimum disclosure regime for smes in the case of an offer of securities to the public provided that they have no securities admitted to trading on a regulated market . ### issuers may choose to draw up a prospectus under the proportionate disclosure regime set out in this article provided that they have no securities admitted to trading on a regulated market and provided that they are either : making an offer of securities to the public with a total consideration in the union of a monetary amount not exceeding eur 10 000 000 , calculated over a period of 12 months , and which is notified in accordance with article 24 ; or smes making an offer of securities to the public in at least one member state .


### without prejudice to article 30 of regulation no 1095 / 2010 , esma shall organise and conduct at least one peer review of the scrutiny and approval procedures of competent authorities , including notifications of approval between competent authorities . the peer review shall also assess the impact of different approaches with regard to scrutiny and approval by competent authorities on issuers ' ability to raise capital in the european union . the report on this peer review shall be published no later that three years after the date of application of this regulation . in the context of this peer review , esma shall , where appropriate , request opinions or advice from the securities and markets stakeholder group referred to in article 37 of regulation no 1095 / 2010 . ### without prejudice to article 30 of regulation no 1095 / 2010 , esma shall organise and conduct at least one peer review of the scrutiny and approval procedures of competent authorities , including notifications of approval between competent authorities . the peer review shall also assess the impact of different approaches with regard to scrutiny and approval by competent authorities on issuers ' ability to raise capital in the european union . the report on this peer review shall be published no later than three years after the date of application of this regulation . in the context of this peer review , esma shall take into account advice from the securities and markets stakeholder group referred to in article 37 of regulation no 1095 / 2010 .


### the level of fees charged by the competent authority of the home member state for the approval of prospectuses , registration documents , including universal registration documents , supplements and amendments , as well as for the filing of universal registration documents , amendments thereto and final terms , shall be disclosed to the public at least on the website of the competent authority . ### the level of fees charged by the competent authority of the home member state for the approval of prospectuses , registration documents , including universal registration documents , supplements and amendments , as well as for the filing of universal registration documents , amendments thereto and final terms , shall be proportionate and shall be disclosed to the public at least on the website of the competent authority .


### where offers of securities to the public are addressed only to domestic investors in one member state , and thus have no cross - border effects , and where such offers do not exceed a total consideration of eur 10 000 000 , the passport mechanism under this regulation is not needed and drawing up a prospectus may represent a disproportionate cost . therefore it is appropriate to allow member states to decide to exempt such kinds of offers from the prospectus obligation set out in this regulation , taking into account the level of domestic investor protection they deem to be appropriate . in particular , member states should be free to set out in their national law the threshold between eur 500 000 and eur 10 000 000 , expressed as the total consideration of the offer over a period of 12 months , from which this exemption should apply . ### where offers of securities to the public are addressed only to domestic investors in one member state , and thus have no cross - border effects , and where such offers do not exceed a total of eur 10 000 000 , expressed as the total consideration of the offer over a period of 12 months , the passport mechanism under this regulation is not needed and drawing up a prospectus may represent a disproportionate cost . therefore member states should exempt such kinds of offers from the disclosure obligation set out in this regulation .


### be written in a language and a style that facilitate the understanding of the information , in particular , in language that is clear , non - technical , succinct and comprehensible . ### be written in a language and a style that facilitate the understanding of the information , in particular , in language that is clear , non - technical , succinct and comprehensible for the type of investor concerned .


### the risk factors featured in a prospectus shall be limited to risks which are specific to the issuer and / or the securities and are material for taking an informed investment decision , as corroborated by the content of the registration document and the securities note . they shall be allocated across a maximum of three distinct categories which shall differentiate them by their relative materiality based on the issuer ' s assessment of the probability of their occurrence and the expected magnitude of their negative impact . ### the risk factors featured in a prospectus shall be limited to risks which are specific to the issuer and / or the securities and are relevant for taking an informed investment decision , as corroborated by the content of the registration document and the securities note .


### member states cooperate with each other and the european commission regarding interoperability between national systems and the classification referred to in paragraph 1 . ### member states cooperate with each other and the european commission regarding interoperability between national systems and the european classification of skills / competence qualifications and occupations being developed by the commission . the commission shall keep the member states informed about the development of the european classification .


### organisation of the work for eures in the member state , including the delivery of support services in accordance with chapter iv ; ### organisation of the work for eures in the member state , including ensuring a coordinated transfer to the eures portal of information on job vacancies , job applications and cvs in accordance with article 14 ;


### member states may require eures partners to contribute to ### whilst respecting the principle of proportionality , member states , through their national coordination offices , may require eures members and eures partners to contribute to :


### each member state shall set up a system to authorise eures partners to participate in the eures network , monitor their activities and their compliance with national and union law when applying this regulation . this system shall be transparent , proportionate and respect the principles of equal treatment for applicant organisations and due process of law . ### each member state shall , by &#8230 ; [ two years after the entry into force of this regulation ] , have in place a system to admit eures members and partners , to monitor their activities and their compliance with national and union law when applying this regulation . this system shall be transparent , proportionate and respect the principles of equal treatment for applicant organisations and due process of law .


### member states may require eures partners to contribute to ### member states shall require eures partners to contribute to :


### all job applications and cv ' s available with its public employment services as well as those provided by its eures partners , provided that the workers concerned have consented to making the information also available to the eures portal under the terms defined in paragraph 3 . ### all job applications and cv ' s available with its public employment services as well as those provided by other eures members and , where relevant , eures partners , provided that the workers concerned have consented to making the information also available to the eures portal under the terms defined in paragraph 3 .


### large differences exist between member states with respect to their waste management performance , particularly as regards recycling of municipal waste . in order to take account of those differences , those member states which in 2013 recycled less than 20% of their municipal waste according to eurostat data should be given additional time to comply with the preparing for re - use and recycling targets established for 2025 and 2030 . in light of average annual progression rates observed in member states over the past fifteen years , those member states would need to increase their recycling capacity at levels that are well - above past averages to meet those targets . in order to ensure that steady progress towards the targets is made and that implementation gaps are tackled in due time , member states that are given additional time should meet interim - targets and establish an implementation plan . ### large differences exist between member states with respect to their waste management performance , particularly as regards recycling of municipal waste . in order to motivate member states performing below the eu average and to increase compliance , achievable and understandable targets should be set . such targets should act as minimum standards and should be without prejudice to better performing member states who wish to exceed the agreed targets within the given timeframe .


### estonia , greece , croatia , latvia , malta , romania and slovakia may obtain five additional years for the attainment of the targets referred to in paragraph 2 and . the member state shall notify the commission of its intention to make use of this provision at the latest 24 months before the respective deadlines laid down in paragraphs 2 and . in the event of an extension , the member state shall take the necessary measures to increase the preparing for re - use and the recycling of municipal waste to a minimum of 50% and 60% by weight , by 2025 and 2030 respectively . ### in order to motivate member states performing below the eu average and to increase compliance , achievable and understandable targets shall be set .


### member states should , for the purposes of calculating whether the preparation for re - use and recycling targets are achieved , be able to take into account products and components that are prepared for re - use by recognised re - use operators and by deposit - refund schemes and the recycling of metals that takes place in conjunction with incineration . in order to ensure a uniform calculation of this data , the commission will adopt detailed rules on the determination of recognised preparation for re - use operators and deposit - refund schemes , on the quality criteria for recycled metals and on the collection , verification and reporting of data . ### member states should , for the purposes of calculating whether the preparation for re - use and recycling targets are achieved , be able to take into account products and components that are prepared for re - use by recognised re - use operators and by deposit - refund schemes and the recycling of metals that takes place in conjunction with incineration .


### compliance with the obligation to set up separate collection systems for paper , metal , plastic and glass is essential in order to increase preparing for re - use and recycling rates in member states . in addition bio - waste should be collected separately to contribute to an increase in preparing for re - use and recycling rates and the prevention of contamination of dry recyclable materials . ### where technically , environmentally and economically practicable , separate collection systems for paper , metal , plastic and glass and bio - waste should be promoted in order to increase preparing for re - use and recycling rates and to prevent the contamination of dry recyclable material in the member states .


### member states shall make use of adequate economic instruments to provide incentives for the application of the waste hierarchy . ### member states may make use of adequate economic instruments to provide incentives for the application of the waste hierarchy .


### persons having the status of worker , with the meaning of article 45 tfeu ; ### persons having the status of employee ;


### monitor and report regularly to the commission on capital flows towards sustainable investment ; ### monitor and report regularly to the commission based on data and , ideally , independent peer reviewed research on any causal links between the taxonomy and shifts in capital flows toward sustainable investment ;


### it is of particular importance that the commission when preparing the development of the technical screening criteria , carry out appropriate consultations in line with better regulation requirements . the process for the establishment and the update of the technical screening criteria should also involve relevant stakeholders and build on the advice of experts with proven knowledge and experience in the relevant areas . for that purpose , the commission should set up a platform on sustainable finance . this platform should be composed of experts representing both the public and the private sector . public sector representatives should include experts from the european environmental agency , the european supervisory authorities and the european investment bank . private sector experts should include representatives of relevant stakeholders , including financial market actors , universities , research institutes , associations and organisations . the platform should advise the commission on the development , analysis and review of technical screening criteria , including their potential impact on the valuation of assets that until the adoption of the technical screening criteria were considered as green assets under existing market practices . the platform should also advise the commission on whether the technical screening criteria are suitable for further uses in future union policy initiatives aimed at facilitating sustainable investment . ### it is of particular importance that the commission when preparing the development of the technical screening criteria , carry out appropriate consultations in line with better regulation requirements . the process for the establishment and the update of the technical screening criteria should also involve relevant stakeholders and build on the advice of experts with proven knowledge and global experience in the relevant areas . for that purpose , the commission should set up a platform on sustainable finance . this platform should be composed of experts representing both the public and the private sector . public sector representatives should include experts from the european environmental agency , the european supervisory authorities and the european investment bank . private sector experts should reflect the breadth of the sector and include representatives of relevant stakeholders , including financial market actors , universities , research institutes , associations and organisations . where necessary the platform should be allowed to request advice from non - members . the platform should advise the commission on the development , analysis and review of technical screening criteria , including their potential impact on the valuation of assets that until the adoption of the technical screening criteria were considered as green assets under existing market practices . the platform should also advise the commission on whether the technical screening criteria are suitable for further uses in future union policy initiatives aimed at facilitating sustainable investment .


### circular economy and waste prevention and recycling , where that activity leads to significant inefficiencies in the use of materials in one or more stages of the life - cycle of products , including in terms of durability , reparability , upgradability , reusability or recyclability of products ; or where that activity leads to a significant increase in the generation , incineration or disposal of waste ; ### circular economy and waste prevention and recycling , where that activity leads to significant inefficiencies in the use of materials in one or more stages of the life - cycle of products , including in terms of durability , reparability , upgradability , reusability or recyclability of products ; or where that activity leads to a significant increase in the generation of waste or unjustified deviation from the waste hierarchy ;


### assist the commission to analyse requests from stakeholders to develop or revise technical screening criteria for a given economic activity ; ### assist the commission to analyse requests from stakeholders to develop or revise technical screening criteria based on data and scientific research whenever available or globally accepted indicators if unavailable for a given economic activity ;


### the appropriateness of extending the scope of this regulation to cover other sustainability objectives , in particular social objectives ; ### the appropriateness of extending the scope of this regulation to cover other sustainability objectives , in particular social objectives provided that they are not conflicting ;


### a new results - oriented partnership framework with third countries which takes account of all union policies and instruments should be developed . as part of that new partnership framework , the external investment plan should be established in order to support investments in regions outside the union , while contributing to the achievement of the sustainable development goal . it should also fulfil the objectives of the 2030 agenda for sustainable development and the objectives pursued by the other financing instruments for external action . ### a new results - oriented partnership framework with third countries which takes account of all union policies and instruments should be developed . as part of that new partnership framework , the external investment plan should be established in order to support investments in regions outside the union , while contributing to the achievement of the general objectives set out in article 3 of this decision . it should also fulfil the objectives of the 2030 agenda for sustainable development and the objectives pursued by the other financing instruments for external action .


### member states shall evaluate and approve the waste reception and handling plan , monitor its implementation and ensure its re - approval at least every three years after it has been approved or re - approved , and after significant changes in the operation of the port have taken place . these changes shall include , but not be limited to , structural changes in traffic to the port , development of new infrastructure , changes in the demand and provision of port reception facilities , and new on - board treatment techniques . ### member states shall evaluate and approve the waste reception and handling plan , monitor its implementation and ensure its re - approval at least every five years after it has been approved or re - approved , and after significant changes in the operation of the port have taken place . these changes shall include , but not be limited to , structural changes in traffic to the port , development of new infrastructure , changes in the demand and provision of port reception facilities , and new on - board treatment techniques .


### if the next port of call is located outside the union , or there are good reasons to believe that adequate facilities are not available in the next port of call , or this port is unknown , the member state shall require the ship to deliver all its waste before departure . ### if , on the basis of the available information , including information electronically available in the information , monitoring and enforcement system referred to in article 14 of this directive or in gsis , it cannot be established that adequate facilities are available in the next port of call , or this port is unknown , the member state shall require the ship to deliver , before departure , all waste that cannot be adequately received and handled at the next port of call .


### member states shall ensure that the costs of operating port reception facilities for the reception and treatment of waste from ships , other than cargo residues , shall be covered through the collection of a fee from ships . those costs include the elements listed in annex 4 . ### member states shall ensure that the costs of operating port reception facilities for the reception and treatment of waste from ships , other than cargo residues , are covered through the collection of a fee from ships . those costs include the elements listed in annex 4 .


### the indirect fee shall cover the indirect administrative costs , as well as a significant part of the direct operational costs , as determined in annex 4 . the significant part of the direct operational costs shall represent at least 30 % of the total yearly direct costs for actual delivery of the waste ; ### the indirect fee shall cover the indirect administrative costs , as well as a significant part of the direct operational costs , as determined in annex 4 . the significant part of the direct operational costs shall represent at least 30 % of the total direct costs for actual delivery of the waste during the previous year ;


### the fees shall be reduced if the ship’s design , equipment and operation are such that it can be demonstrated that the ship produces reduced quantities of waste , and manages its waste in a sustainable and environmentally sound manner . the commission shall be empowered by means of delegated acts in accordance with article 19 , to define the criteria for determining that a ship meets the requirements stated in this paragraph in relation to the ship’s on - board waste management . ### the commission shall adopt implementing acts to establish criteria indicating that waste on the ship in question is managed in a sustainable and environmentally - sound manner . those implementing acts shall be adopted in accordance with the examination procedure referred to in article 20 .


### the indirect fee shall not cover the waste from exhaust gas cleaning systems , the costs of which shall be covered on the basis of the types and quantities of waste delivered . ### the indirect fee shall not cover the waste from exhaust gas cleaning systems , the costs of which shall be covered on the basis of the types and quantities of waste delivered , nor shall it cover waste actively and passively collected by fishing vessels engaged in fishing for litter schemes .


### under normal or reasonably foreseeable conditions of use , the goods pose a serious risk , including one where the effects are not immediate , which requires rapid intervention by the competent authority ; ### under normal or reasonably foreseeable conditions of use , the goods pose a serious risk to safety or health of users , persons or to the environment , including one where the effects are not immediate , which requires rapid intervention by the competent authority ;


### following completion of its assessment , the commission may issue an opinion identifying concerns that should , in its view , be addressed in the solvit case and , where appropriate , making recommendations to assist in solving the case . ### within two months of receipt of the request referred to in paragraph 1 , the commission shall issue an opinion identifying concerns that should , in its view , be addressed in the solvit case and , where appropriate , making recommendations to assist in solving the case . the two months period does not include the time necessary for receiving the additional information and documents as provided for in paragraph 2 .


### while a competent authority is assessing goods before deciding whether or not it should deny or restrict market access , it should not be able to take decisions suspending market access , except where rapid intervention is required to prevent harm to safety and health of users or to prevent the goods being made available where the making available of such goods is generally prohibited on grounds of public morality or public security , including for example the prevention of crime . ### while a competent authority is assessing goods before deciding whether or not it should deny or restrict market access , it should not be able to take decisions suspending market access , except where rapid intervention is required to prevent harm to safety or health of users , persons or to the environment , or to prevent the goods being made available where the making available of such goods is generally prohibited on grounds of public morality or public security , including for example the prevention of crime .


### where a competent authority of a member state has doubts as regards goods which the economic operator claims are lawfully marketed in another member state , the competent authority shall contact the relevant economic operator without delay and shall carry out an assessment the goods . ### where , as part of their market control activities , a competent authority of the member state of destination has reasonable doubts as to whether goods that are made available or are going to be made available on its market are lawfully marketed in another member state , the competent authority shall contact the competent authority of that other member state and the relevant economic operator without delay , and shall carry out an assessment of the goods .


### the concept of overriding reasons of public interest is an evolving concept developed by the court of justice in its case - law in relation to articles 34 and 36 of the treaty . this concept covers , inter alia , the effectiveness of fiscal supervision , the fairness of commercial transactions , protection of consumers , protection of the environment , the maintenance of press diversity and the risk of seriously undermining the financial balance of the social security system . such overriding reasons , where legitimate differences exist from one member state to another , may justify the application of national rules by the competent authorities . however , such decisions need to be duly justified , and the principle of proportionality must always be respected , regard being had to whether the competent authority has in fact made the least restrictive decision possible . furthermore , administrative decisions restricting or denying market access in respect of goods lawfully marketed in another member state must not be based on the mere fact that the goods under assessment fulfil the legitimate public objective pursued by the member state in a different way from the way that domestic goods in that member state fulfil that objective . ### the concept of overriding reasons of public interest is an evolving concept developed by the court of justice in its case - law in relation to articles 34 and 36 of the treaty . this concept covers , inter alia , the effectiveness of fiscal supervision , the fairness of commercial transactions , protection of consumers , protection of the environment , the maintenance of press diversity and the risk of seriously undermining the financial balance of the social security system . such overriding reasons , where legitimate differences exist from one member state to another , may justify the application of national rules by the competent authorities . however , such decisions need to be duly justified , fully and thoroughly explained , and the principle of proportionality must always be respected , regard being had to whether the competent authority has in fact made the least restrictive decision possible . as part of this regulation , the commission and the member states are encouraged , with the aim of reducing internal market barriers and improve the functioning of the single market for goods , to initiate an assessment process as to whether all the national rules are still fit for purpose and are not creating disproportionate non - tariff barriers . furthermore , administrative decisions restricting or denying market access in respect of goods lawfully marketed in another member state must not be based on the mere fact that the goods under assessment fulfil the legitimate public objective pursued by the member state in a different way from the way that domestic goods in that member state fulfil that objective . the commission is encouraged to provide non - binding guidance on the concept of overriding reasons of public interest and on how to apply the principle of mutual recognition . competent authorities should have the ability and opportunity to provide contributions to and deliver feedback on the guidance .


### the union may finance the following activities in support of this regulation : ### the union shall finance the following activities in support of this regulation :


### all market participants shall have access to the balancing market , be it individually or through aggregation . balancing market rules and products shall respect the need to accommodate increasing shares of variable generation as well as increased demand responsiveness and the advent of new technologies . ### all prequalified market participants shall have access to the balancing market , be it individually or through aggregation . balancing market rules and products shall respect the need to accommodate increasing shares of variable generation as well as increased demand responsiveness and the advent of new technologies .


### where the european resource adequacy assessment identifies a resource adequacy concern member states shall identify any regulatory distortions that caused or contributed to the emergence of the concern . ### where national assessments or the european resource adequacy assessment identifies a resource adequacy concern member states shall identify any regulatory distortions that caused or contributed to the emergence of the concern .


### there shall be no maximum limit of the wholesale electricity price unless it is set at the value of lost load as determined in accordance with article 10 . there shall be no minimum limit of the wholesale electricity price unless it is set at a value of minus 2000 &#8364 ; or less and , in the event that it is or anticipated to be reached , set at a lower value for the following day . this provision shall apply , inter alia , to bidding and clearing in all timeframes and include balancing energy and imbalance prices . ### there shall be no&#160 ; limit of the wholesale electricity price unless it is set at the value of lost load as determined in accordance with article 10 . this provision shall apply , inter alia , to bidding and clearing in all timeframes and include balancing energy and imbalance prices .


### capacity mechanisms shall not create unnecessary market distortions and not limit cross - border trade . the amount of capacity committed in the mechanism shall not go beyond what is necessary to address the concern . ### capacity mechanisms shall be designed in a way which does not create unnecessary market distortions and limit cross - border trade . the amount of capacity committed in the mechanism shall not go beyond what is necessary to address the concern .


### a procedure for the revision of decisions and recommendations adopted by regional operational centres in accordance with article 39 . ### a procedure for the revision of recommendations adopted by regional security coordinators in accordance with article 39 .


### where the european resource adequacy assessment identifies a resource adequacy concern member states shall identify any regulatory distortions that caused or contributed to the emergence of the concern . ### where a national resource adequacy assessment identifies a resource adequacy concern member states shall identify any regulatory distortions that caused or contributed to the emergence of the concern .


### a procedure for consulting the transmission system operators of the system operation region in the exercise of its operational duties and tasks , in accordance with article 37 ; ### a procedure for sharing analysis and consulting the regional security coordinator ' s proposals with transmission system operators of the capacity calculation region ;


### a procedure for the revision of decisions and recommendations adopted by regional operational centres in accordance with article 39 . ### a procedure for the revision of recommendations issued by regional security coordinators in accordance with article 39 .


### capacity mechanisms shall not create unnecessary market distortions and not limit cross - border trade . the amount of capacity committed in the mechanism shall not go beyond what is necessary to address the concern . ### capacity mechanisms shall be designed in a way which does not create unnecessary market distortions and not limit cross - border trade . the amount of capacity committed in the mechanism shall not go beyond what is necessary to address the concern .


### regional operational centres established pursuant to article 32 shall annually calculate the maximum entry capacity available for the participation of foreign capacity taking into account the expected availability of interconnection and the likely concurrence of system stress between the system where the mechanism is applied and the system in which the foreign capacity is located . a calculation is required for each bidding zone border . ### transmission system operators shall annually calculate , in coordination with the tsos concerned , the maximum entry capacity available for the participation of foreign capacity taking into account the expected availability of interconnection and the likely concurrence of system stress between the system where the mechanism is applied and the system in which the foreign capacity is located . a calculation is required for each bidding zone border .


### regional operational centres shall provide transmission system operators of the system operation region with all the information necessary to implement the decisions and recommendations proposed by the regional operational centres . ### regional security coordinators shall provide transmission system operators of the capacity calculation region with all the information necessary to implement recommendations proposed by the regional security coordinators .


### actions which prevent price formation on the basis of demand and supply or constitute a disincentive to the development of more flexible generation , low carbon generation , or more flexible demand shall be avoided ; ### actions which prevent price formation on the basis of demand and supply shall be avoided ;


### balancing energy shall be procured separately from balancing capacity . procurement processes shall be transparent while at the same time respecting confidentiality . ### balancing energy shall be procured separately from balancing capacity . when economically efficient and subject to approval by the national regulatory authority , procurement of balancing energy and balancing capacity may be performed under an integrated process . procurement processes shall be transparent while at the same time respecting confidentiality .


### where non - market based curtailment or redispatching is used , it shall be subject to financial compensation by the system operator requesting the curtailment or redispatching to the owner of the curtailed or redispatched generation or demand facility . financial compensation shall at least be equal to the highest of the following elements : ### where non - market based curtailment or redispatching is used , it shall be subject to financial compensation by the system operator requesting the curtailment or redispatching to the owner of the curtailed or redispatched generation or demand facility .


### by [ op : twelve months after entry into force ] , all transmission system operators shall establish regional operational centres in accordance with the criteria set out in this chapter . regional operational centres shall be established in the territory of one of the member states of the region where it will operate . ### by [ op : twelve months after entry into force ] , all transmission system operators shall establish regional security coordinators in accordance with the criteria set out in this chapter . regional security coordinators shall be established in the territory of one of the member states of the capacity calculation region where it will operate .


### guarantee the capability of transmission and distribution networks to transmit electricity produced from renewable energy sources or high - efficiency cogeneration with minimum possible curtailment or redispatching . that shall not prevent network planning from taking into account limited curtailment or redispatching where this is shown to be more economically efficient and does not exceed 5 % of installed capacities using renewable energy sources or high - efficiency cogeneration in their area ; ### guarantee the capability of transmission and distribution networks to transmit electricity produced from renewable energy sources or high - efficiency cogeneration with minimum possible curtailment or redispatching . that shall not prevent network planning from taking into account limited curtailment or redispatching where this is shown to be more economically efficient and does not exceed&#160 ; 2 % of installed capacities using renewable energy sources or high - efficiency cogeneration in their area ;


### the responsible system operators shall report at least once per year to the competent regulatory authority on curtailment or downward redispatching of generating installations using renewable energy sources or high - efficiency cogeneration and on measures taken to reduce the need for such curtailment or downward redispatching in the future . curtailment or redispatching of generating installations using renewable energy sources or high - efficiency cogeneration shall be subject to compensation pursuant to paragraph 6 . ### the responsible system operators shall report at least once per year to the competent regulatory authority on curtailment or downward redispatching of generating installations using renewable energy sources or high - efficiency cogeneration and on measures taken to reduce the need for such curtailment or downward redispatching in the future .


### development of demand response ; ### adopting recommendations relating to development of demand response ;


### ‘ congestion’ means a situation in which all requests from market participants to trade between two bidding zones cannot be accommodated because they would significantly affect the physical flows on network elements which cannot accommodate those flows ; ### ‘ congestion’ means a situation in which all requests from market participants to trade cannot be accommodated because they would significantly affect the physical flows on network elements which cannot accommodate those flows ;


### 90 % of the net revenues from the sale of electricity on the day - ahead market that the generating or demand facility would have generated without the curtailment or redispatching request . where financial support is granted to generating or demand facilities based on the electricity volume generated or consumed , lost financial support shall be deemed part of the net revenues . ### net revenues from the sale of electricity on the day - ahead market that the generating or demand facility would have generated without the curtailment or redispatching request . where financial support is granted to generating or demand facilities based on the electricity volume generated or consumed , lost financial support shall be deemed part of the net revenues .


### the procurement of upward balancing capacity and downward balancing capacity shall be carried out separately . the contracting shall be performed for not longer than one day before the provision of the balancing capacity and the contracting period shall have a maximum of one day . ### the procurement of upward balancing capacity and downward balancing capacity shall be carried out separately , except in cases described in article 32 of commission regulation . . . / . . . establishing a guideline on electricity balancing . the contracting shall be performed on short - term basis for not longer than one day before the provision of the balancing capacity and the contracting period shall have a maximum of one day . when cost efficient , the contracting may be partially performed on a longer term basis with a longer contacting period .


### drafting and endorsing the statutes and rules of procedure of the regional operational centre ; ### drafting and endorsing the statutes and rules of procedure of the regional security coordinator ;


### the resources curtailed or redispatched shall be selected amongst generation or demand facilities submitting offers for curtailment or redispatching using market - based mechanisms and be financially compensated . non - market - based curtailment or redispatching of generation or redispatching of demand response shall only be used where no market - based alternative is available , where all available market - based resources have been used , or where the number of generation or demand facilities available in the area where suitable generation or demand facilities for the provision of the service are located is too low to ensure effective competition . the provision of market - based resources shall be open to all generation technologies , storage and demand response , including operators located in other member states unless technically not feasible . ### the resources curtailed or redispatched shall be selected amongst generation or demand facilities submitting offers for curtailment or redispatching using market - based mechanisms and be financially compensated . in the event of critical grid situations caused by regional excess demand or supply of electricity a flexible configuration of demand , storage or supply facilities , shall be exempted from grid fees and other charges when helping to avoid costly grid congestion and subsequent curtailment measures . in case of incremental electricity consumption via demand response measures , grid fee exemption is granted irrespective of the end use of the electricity . that includes flexible demand units shifting their load to a later point of time via energy storage units . likewise , electricity from flexible renewable generation units that increase system efficiency by offering market - based flexibility options instead of curtailment measures shall be compensated by exemption from any charges and taxes related to the electricity retail prices . non - market - based curtailment or redispatching of generation or redispatching of demand response shall only be used where no market - based alternative is available , where all available market - based resources have been used , or where the number of generation or demand facilities available in the area where suitable generation or demand facilities for the provision of the service are located is too low to ensure effective competition . the provision of market - based resources shall be open to all generation technologies , storage and demand response and sector coupling technologies , including operators located in other member states unless technically not feasible . in order to fulfil the eu emission target the eligibility of market - based flexibility options should depend on their carbon emission intensity . facilities should only be eligible to participate in a marked - based procurement model if its emissions are below 450 gr co2 / kwh and at least 10% of fuel requirements are based on renewable energy sources . in case the consumed fuel has a res share physically below 10% the remaining fraction can be offset by virtual blending activities via guarantees of origin . also small - scale units of at least 100kw capacity should be eligible to participate .


### barriers to cross - border electricity flows and cross - border transactions on electricity markets and related services markets shall be avoided ; ### barriers to cross - zonal electricity flows and cross - zonal transactions on electricity markets and related services markets shall be avoided ;


### the procurement of upward balancing capacity and downward balancing capacity shall be carried out separately . the contracting shall be performed for not longer than one day before the provision of the balancing capacity and the contracting period shall have a maximum of one day . ### the procurement of upward balancing capacity and downward balancing capacity shall be carried out separately .


### transmission system operators shall clearly establish beforehand how any congestion income will be used , and report on the actual use of that income . on an annual basis , and by 31 july each year , the national regulatory authorities shall publish a report setting out the amount of revenue collected for the 12 - month period ending on 30 june of the same year and how that revenue was used , including the specific projects the income has been used for or the amount placed on a separate account line , together with verification that that use complies with this regulation and the methodology developed pursuant to paragraph 3 . ### transmission system operators shall report on the actual use of that income . on an annual basis the national regulatory authorities shall publish a report setting out the amount of revenue collected for the 12 - month period ending on 31 december of the same year and how that revenue was used .


### transmission system operators shall not limit the volume of interconnection capacity to be made available to other market participants in order to solve congestion inside their own control area or as a means of managing flows on a border between two control areas observed even without any transaction , that is to say flows over control areas caused by origin and destination within one control area . ### transmission system operators shall not limit the volume of interconnection capacity to be made available to other market participants in order to solve congestion inside their own control area , except for congestion on internal network elements with cross - border relevance . transmission system operators may limit the volume of interconnection capacity to be made available to market participants as a means of managing flows on a border between two control areas observed even without any transaction , that is to say flows over control areas caused by origin and destination within one control area , which are below the level of threshold established within capacity calculation region .


### coordinated operation and planning of transmission and distribution networks ; ### adopting recommendations relating to coordinated operation and planning of transmission and distribution networks in cooperation with entso for electricity ;


### each regional operational centre shall perform all the following functions in the system operation region where it is established and regional operational centres shall perform at least the following functions , set out in more detail in annex i : ### regional coordination centres shall provide all the following services in the system operation region where they are established :


### the european resource adequacy assessment shall cover the overall adequacy of the electricity system to supply current and projected demands for electricity for a ten - year period from the date of that assessment , in a yearly resolution . ### the european resource adequacy assessment shall cover the overall adequacy of the electricity system to supply current and projected demands for electricity with respect to the availability of primary resources for a ten - year period from the date of that assessment , in a yearly resolution .


### in order to ensure an optimal bidding zone definition in closely interconnected areas , a bidding zone review shall be carried out . that review shall include analysis of the configuration of bidding zones in a coordinated manner with the involvement of affected stakeholders from all affected member states , following the process in accordance with articles 32 to 34 of regulation 2015 / 1222 . the agency shall approve and may request amendments to the methodology and assumptions that will be used in the bidding zone review process as well as the alternative bidding zone configurations considered . ### in order to ensure an optimal bidding zone definition in closely interconnected areas and prevent cross - border flows causing internal congestion , a bidding zone review shall be carried out . that review shall include analysis of the configuration of bidding zones in a coordinated manner with the involvement of affected stakeholders from all affected member states , following the process in accordance with articles 32 to 34 of regulation 2015 / 1222 . according to the above - mentioned regulation , the review should result in a joint proposal to maintain or amend the bidding zone configuration to the participating member states and the participating regulatory authorities . the agency shall approve and may request amendments to the methodology and assumptions that will be used in the bidding zone review process as well as the alternative bidding zone configurations considered .


### setting fundamental principles for well - functioning , integrated electricity markets , which allow non - discriminatory market access for all resource providers and electricity customers , empower consumers , enable demand response and energy efficiency , facilitate aggregation of distributed demand and supply , and contribute to the decarbonisation of the economy by enabling market integration and market - based remuneration of electricity generated from renewable sources ; ### setting fundamental principles for well - functioning , integrated electricity markets , which allow non - discriminatory market access for all resource providers and electricity customers , empower consumers , enable demand response and energy efficiency , facilitate aggregation of distributed demand and supply , as well as enable market integration and market - based remuneration of electricity generated from renewable sources ;


### by [ op : twelve months after entry into force ] , all transmission system operators shall establish regional operational centres in accordance with the criteria set out in this chapter . regional operational centres shall be established in the territory of one of the member states of the region where it will operate . ### by [ op : twelve months after entry into force ] , all transmission system operators shall establish regional security coordinators in accordance with the criteria set out in this chapter . regional security coordinators shall be established in the territory of one of the member states of the capacity calculation region where it will operate .


### regional operational centres shall report shortcomings identified in the monitoring process under paragraph 1 to entso for electricity , the regulatory authorities of the system operation region , the agency and the competent authorities of member states responsible for the prevention and management of crisis situations . ### regional security coordinators shall report shortcomings identified in the monitoring process under paragraph 1 to entso for electricity , the regulatory authorities of the security - coordinated region , the agency and the competent authorities of member states responsible for the prevention and management of crisis situations .


### transmission system operators shall clearly establish beforehand how any congestion income will be used , and report on the actual use of that income . on an annual basis , and by 31 july each year , the national regulatory authorities shall publish a report setting out the amount of revenue collected for the 12 - month period ending on 30 june of the same year and how that revenue was used , including the specific projects the income has been used for or the amount placed on a separate account line , together with verification that that use complies with this regulation and the methodology developed pursuant to paragraph 3 . ### transmission system operators shall report on the actual use of congestion income . on an annual basis , the national regulatory authorities shall publish a report setting out the amount of revenue collected for the 12 - month period ending on 31 december of the same year and how that revenue was used .


### by [ op : one year after entry into force ] member states shall establish a single estimate of the value of lost load for their territory , expressed in &#8364 ; / mwh . that estimate shall be reported to the commission and made publically available . member states may establish different voll per bidding zone if they have several bidding zones in their territory . in establishing voll , member states shall apply the methodology developed pursuant to article 19 . ### by [ op : one year after entry into force ] member states shall establish a single estimate of the value of lost load for their territory , expressed in &#8364 ; / mwh . that estimate shall take into account economic conditions of consumers and shall be reported to the commission and made publically available . member states may establish different voll per bidding zone if they have several bidding zones in their territory . member states may establish different voll per group of similar consumers . in establishing voll , member states shall apply the methodology developed pursuant to article 19 .


### regional operational centres shall report shortcomings identified in the monitoring process under paragraph 1 to entso for electricity , the regulatory authorities of the system operation region , the agency and the competent authorities of member states responsible for the prevention and management of crisis situations . ### regional security coordinators shall report shortcomings identified in the monitoring process under paragraph 1 to entso for electricity , the regulatory authorities of the capacity calculation region , the agency and the competent authorities of member states responsible for the prevention and management of crisis situations .


### regional operational centres shall establish their costs in a transparent manner and report them to the agency and to the regulatory authorities of the system operation region . ### regional security coordinators shall establish their costs in a transparent manner and report them to the agency and to the regulatory authorities of the security - coordinated region .


### by way of derogation from paragraph 1 , until [ op : two years after entry into force ] market operators may apply limits on maximum clearing prices for day - ahead and intraday timeframes in accordance with articles 41 and 54 of regulation 2015 / 1222 . in the event that limits are , or are anticipated to be , reached , they shall be raised for the following day . ### by way of derogation from paragraph 1 , nominated electricity market operators may apply harmonized limits on maximum clearing prices for single day - ahead coupling and single intra - day coupling time frames in accordance with articles 41 and 54 of regulation 2015 / 1222 . such harmonized limits shall be set at the value close to the value of lost load . in the event that limits are , or are anticipated to be , reached , they shall be raised for the following day .


### by [ op : one year after entry into force ] member states shall establish a single estimate of the value of lost load for their territory , expressed in &#8364 ; / mwh . that estimate shall be reported to the commission and made publically available . member states may establish different voll per bidding zone if they have several bidding zones in their territory . in establishing voll , member states shall apply the methodology developed pursuant to article 19 . ### by [ op : one year after entry into force ] member states or by the member state designated authority shall establish a single estimate of the value of lost load for their territory , expressed in &#8364 ; / mwh . that estimate shall be reported to the commission and made publically available . member states may establish different voll per bidding zone if they have several bidding zones in their territory . in establishing voll , member states shall apply the methodology developed pursuant to article 19 .


### by way of derogation from paragraph 1 , until [ op : two years after entry into force ] market operators may apply limits on maximum clearing prices for day - ahead and intraday timeframes in accordance with articles 41 and 54 of regulation 2015 / 1222 . in the event that limits are , or are anticipated to be , reached , they shall be raised for the following day . ### by way of derogation from paragraph 1 , nominated electricity market operators may apply harmonized limits on maximum clearing prices for single day - ahead coupling and single intra - day coupling in accordance with articles 41 and 54 of regulation 2015 / 1222 . such harmonized limits shall be set at the value close to the value of lost load . in the event that limits are , or are anticipated to be , reached , they shall be raised for the following day .


### barriers to cross - border electricity flows and cross - border transactions on electricity markets and related services markets shall be avoided ; ### barriers to cross - zonal electricity flows and cross - zonal transactions on electricity markets and related services markets shall be avoided ;


### the european border and coast guard shall , in the performance of its tasks , take into account the special needs of children , victims of trafficking in human beings , persons in need of medical assistance , persons in need of international protection , persons in distress at sea and other persons in a particularly vulnerable situation . ### the european border and coast guard shall , in the performance of its tasks , take into account the special needs of children , in particular unaccompanied minors and children with disabilities , victims of trafficking in human beings , persons in need of medical assistance , persons in need of international protection , persons in distress at sea and other persons in a particularly vulnerable situation .


### the european border and coast guard agency should organise the appropriate technical and operational assistance to member states so as to reinforce their capacity to implement their obligations with regard to the control of the external borders , and to face challenges at the external border resulting from irregular immigration or cross - border crime . in this respect , the european border and coast guard agency should , at the request of a member state or on its own initiative , organise and coordinate joint operations for one or more member states and deploy european border and coast guard teams as well as the necessary technical equipment , and it may deploy experts from its own staff . ### the european border and coast guard agency should offer appropriate additional technical and operational assistance to member states so as to reinforce their capacity to implement their obligations with regard to the control of the external borders , and to face challenges at the external border . in this respect , the european border and coast guard agency should , at the request of a member state , engage in joint operations for one or more member states and deploy european border and coast guard teams as well as the necessary technical equipment , and it may deploy experts from its own staff as required and when requested .


### where a member state does not take the necessary corrective measures in accordance with a decision of the management board referred to in article 12 or in the event of disproportionate migratory pressure at the external border , rendering the control of the external borders ineffective to such an extent that it risks putting in jeopardy the functioning of the schengen area , the commission , after consulting the agency , may adopt a decision by means of an implementing act , identifying the measures to be implemented by the agency and requiring the member state concerned to cooperate with the agency in the implementation of those measures . those implementing acts shall be adopted in accordance with the examination procedure referred to in article 79 . ### in the event of disproportionate migratory pressure at the external border , rendering the control of the external borders ineffective to such an extent that it risks putting in jeopardy the security and well - being of member states , the commission , after consulting the agency and the member state bearing the disproportionate pressure , may adopt a decision by means of an implementing act , identifying the measures to be implemented by the agency and the member state concerned . those implementing acts shall be adopted in accordance with the examination procedure referred to in article 79 .


### in a spirit of shared responsibility , the role of the european border and coast guard agency should be to regularly monitor the management of the external borders . the agency should ensure proper and effective monitoring not only through risk analysis , information exchange and eurosur , but also through presence of experts from its own staff in member states . the agency should therefore be able to deploy liaison officers to specific member states for a period of time during which the liaison officer reports to the executive director . the report of the liaison officers should form part of the vulnerability assessment . ### undertaking a shared responsibility with the member states , the role of the european border and coast guard agency should be to regularly monitor the management of the eu external borders . the agency should ensure proper and effective monitoring not only through risk analysis , information exchange and eurosur , but also through the presence of experts from its own staff on the ground , in full cooperation with member states and respecting the rights of non - schengen countries . the agency should therefore be able to deploy liaison officers to specific member states for a period of time during which the liaison officer reports to the executive director . the report of the liaison officers should form part of the vulnerability assessment .


### report regularly to the executive director on the situation at the external border and the capacity of the member state concerned to deal effectively with the situation at the external borders ; ### report regularly to the executive director and to the head of the relevant national authority on the situation at the external border and the capacity of the member state concerned to deal effectively with the situation ;


### deploy european border and coast guard teams and technical equipment to provide assistance in screening , identification and fingerprinting in the framework of the migration management support teams at hotspot areas ; ### deploy european border and coast guard teams and technical equipment to provide assistance to the european asylum support office and / or national authorities in each member state which are responsible for border control or for other tasks carried out at the external border in terms of screening , identifying and fingerprinting in the framework of the migration management support teams at hotspot areas ;


### a european border and coast guard is hereby set up to ensure a european integrated border management at the external borders with a view to managing migration effectively and ensuring a high level of internal security within the union , while safeguarding the free movement of persons therein . ### a european border and coast guard is hereby set up to ensure a european integrated border management at the external borders with a view to reducing pressure at the eu’s external border , managing migration effectively and ensuring a high level of internal security within the union , while safeguarding the free movement of persons therein .


### in the performance of its tasks the european border and coast guard shall ensure that no person is disembarked in , forced to enter , conducted to or otherwise handed over or returned to the authorities of a country in contravention of the principle of non - refoulement , or from which there is a risk of expulsion or return to another country in contravention of that principle . ### in the performance of its tasks the european border and coast guard shall ensure that no person is disembarked in , forced to enter , conducted to or otherwise handed over or returned to the authorities of a country in contravention of the principle of non - refoulement .


### the european border and coast guard shall guarantee the protection of fundamental rights in the performance of its tasks under this regulation in accordance with relevant union law , in particular the charter of fundamental rights of the european union , relevant international law , including the convention relating to the status of refugees and obligations related to access to international protection , in particular the principle of non - refoulement . for that purpose , the agency shall draw up and further develop and implement a fundamental rights strategy . ### the european border and coast guard shall respect protection of human rights in the performance of its tasks under this regulation .


### the fundamental rights officer shall be consulted on the operational plans drawn up in accordance with articles 15 , 16 and 32 and shall have access to all information concerning respect for fundamental rights , in relation to all the activities of the agency . ### the fundamental rights officer shall have access to all information concerning respect for fundamental rights .


### the agency shall establish and further develop common core curricula for the training of border guards and provide training at european level for instructors of the national border guards of member states , including with regard to fundamental rights , access to international protection and relevant maritime law . the agency shall draw up the common core curricula after consulting the consultative forum . member states shall integrate the common core curricula in the training of their national border guards and staff involved in return - related tasks . ### the agency shall establish and further develop common core curricula for the training of border guards and provide training at european level for instructors of the national border guards of member states , including with regard to fundamental rights , and relevant maritime law . the agency shall draw up the common core curricula after consulting the consultative forum . member states shall integrate the common core curricula in the training of their national border guards and staff involved in return - related tasks .


### the executive director together with the host member state shall draw up an operational plan as referred to in article 15 immediately and in any event no later than three working days from the date of the decision . ### the executive director together with the host member state shall draw up an operational plan as referred to in article 15 immediately and in any event no later than three working days from the date of the decision , by making use of existing plans and procedures ;


### a european border and coast guard is hereby set up to ensure a european integrated border management at the external borders with a view to managing migration effectively and ensuring a high level of internal security within the union , while safeguarding the free movement of persons therein . ### in order to assist in dealing with the present emergency , a european border and coast guard is hereby set up on a temporary basis to improve european border management at the external borders with a view to helping deal with the problems of irregular migration and ensuring a high level of internal security across the member states , while safeguarding as far as possible the free movement of persons therein .


### the management board may establish a small - sized executive board composed of the chairperson of the management board , one representative of the commission and three members of the management board , to assist it and the executive director with regard to the preparation of the decisions , programmes and activities to be adopted by the management board and when necessary , because of urgency , to take certain provisional decisions on behalf of the management board . ### the management board may establish a small - sized executive board composed of the chairperson of the management board , one representative of the commission and three members of the management board as well as a representative of the member state requiring assistance , to assist it and the executive director with regard to the preparation of the decisions , programmes and activities to be adopted by the management board and when necessary , because of urgency , to take certain provisional decisions on behalf of the management board .


### the european border and coast guard shall , in the performance of its tasks , take into account the special needs of children , victims of trafficking in human beings , persons in need of medical assistance , persons in need of international protection , persons in distress at sea and other persons in a particularly vulnerable situation . ### the european border and coast guard shall , in the performance of its tasks , take into account the special needs of children , persons in need of medical assistance , persons in distress at sea and other persons in a particularly vulnerable situation .


### the member states where the foreign direct investment is planned or has been completed shall take utmost account of the commission ' s opinion and provide an explanation to the commission in case its opinion is not followed . ### the member states where the foreign direct investment is planned or has been completed may take account of advice received .


### in order to facilitate the cooperation with other member states and the screening of foreign direct investment by the commission , member states should notify their screening mechanisms and any amendment thereto to the commission , and should report on the application of their screening mechanisms on a regular basis . for the same reason , member states that do not have a screening mechanism should also report on the foreign direct investments that took place in their territory , on the basis of the information available to them . ### in order to facilitate the cooperation with other member states and the screening of foreign direct investment by the commission , member states should notify their screening mechanisms and any amendments thereto to the commission , noting that national security is the responsibility of the member state . for the same reason , member states that do not have a screening mechanism should also be invited to report on the foreign direct investments that took place in their territory , on the basis of the information available to them .