### comments pursuant to paragraphs 2 or opinions pursuant to paragraph 3 shall be addressed to the member state where the foreign direct investment is planned or has been completed within a reasonable period of time , and in any case no later than 25 working days following receipt of the information referred to in paragraphs 1 or 4 . in cases where the opinion of the commission follows comments from other member states , the commission shall have 25 additional working days for issuing the opinion . ### comments pursuant to paragraphs 2 or opinions pursuant to paragraph 3 shall be addressed without delay to the member state where the foreign direct investment is planned or has been completed , and in any case no later than 25 working days following receipt of the information referred to in paragraphs 1 or 4 . in cases where the opinion of the commission follows comments from other member states , the commission shall have 25 additional working days for issuing the opinion .


### the framework for the screening of foreign direct investment should provide the member states and the commission with the means to address risks to security or public order in a comprehensive manner , and to adapt to changing circumstances , whilst maintaining the necessary flexibility for member states to screen foreign direct investments on grounds of security and public order taking into account their individual situations and national circumstances . ### the framework for the screening of foreign direct investment should provide the member states and the commission with the means to address risks to security or public order , and to adapt to changing circumstances , whilst maintaining the necessary flexibility for member states to screen foreign direct investments on grounds of security and public order , taking into account their individual situations and national circumstances , and fully respecting member states decision - making on the screening of foreign direct investments .


### comments pursuant to paragraphs 2 or opinions pursuant to paragraph 3 shall be addressed to the member state where the foreign direct investment is planned or has been completed within a reasonable period of time , and in any case no later than 25 working days following receipt of the information referred to in paragraphs 1 or 4 . in cases where the opinion of the commission follows comments from other member states , the commission shall have 25 additional working days for issuing the opinion . ### indications pursuant to paragraphs 2 or paragraph 3 shall be addressed to the member state where the foreign direct investment is planned or has been completed and to the commission within a reasonable period of time , and in any case no later than 25 working days following receipt of the information referred to in paragraphs 1 or 4 .


### a mechanism which enables member states to cooperate and assist each other where a foreign direct investment in one member state may affect the security or public order of other member states should be set up . member states should be able to provide comments to a member state in which the investment is planned or has been completed , irrespective of whether the member states providing comments or the member states in which the investment is planned or has been completed maintain a screening mechanism or are screening the investment . the comments of member states should also be forwarded to the commission . the commission should also have the possibility , where appropriate , to issue an opinion to the member state in which the investment is planned or has been completed , irrespective of whether this member state maintains a screening mechanism or is screening the investment and irrespective of whether other member states have provided comments . ### a coordination mechanism which enables member states to cooperate and assist each other where a foreign direct investment in one member state may affect the security or public order of other member states should be set up . member states should be able to provide comments to a member state in which the investment is planned or has been completed , irrespective of whether the member states providing comments or the member states in which the investment is planned or has been completed maintain a screening mechanism or are screening the investment . the comments of member states can also be forwarded to the commission . the commission should also have the possibility , where appropriate , to issue a non - binding opinion to the member state in which the investment is planned or has been completed , irrespective of whether this member state maintains a screening mechanism or is screening the investment and irrespective of whether other member states have provided comments . this non - binding opinion shall not be made public .


### projects or programmes of union interest shall include in particular those projects and programmes which involve a substantial amount or a significant share of eu funding , or which are covered by union legislation regarding critical infrastructure , critical technologies or critical inputs . an indicative list of projects or programmes of union interest is included in annex 1 . ### projects or programmes of union interest shall include in particular those projects and programmes which involve a substantial amount or a significant share of eu funding , or which are covered by union legislation regarding critical infrastructure , and critical technologies . an indicative list of projects or programmes of union interest is included in annex 1 .


### the commission shall address its opinion to the member state concerned within a reasonable period of time , and in any case no later than 25 working days following receipt of the information requested by the commission pursuant to paragraph 2 . where a member state has a screening mechanism in place as referred to in article 3 and the information on foreign direct investment undergoing screening has been received by the commission pursuant to article 8 , the opinion shall be delivered no later than 25 working days following receipt of such information . where additional information is needed to issue an opinion , the 25 - day period shall run from the date of receipt of the additional information . ### the commission shall address its opinion to the member state concerned without delay , and in any case no later than 25 working days following receipt of the information requested by the commission pursuant to paragraph 2 . where the information on foreign direct investment undergoing screening has been received by the commission pursuant to article 8 , the opinion shall be delivered no later than 25 working days following receipt of such information . where additional information is needed to issue an opinion , the 25 - day period shall run from the date of receipt of the additional information .


### the commission may request from the member state where the foreign direct investment is planned or has been completed any information necessary to issue the opinion referred to in paragraph 1 . ### the commission may request from the member state where the foreign direct investment is planned or has been completed any information necessary , as referred to in article 10 , to issue the opinion referred to in paragraph 1 .


### member states that maintain screening mechanisms shall provide the commission with an annual report on the application of their screening mechanisms . for each reporting period , the report shall include in particular information on : ### by . . . [ 2 years after the entry into force of this regulation ] , and every two years thereafter , member states that maintain screening mechanisms shall provide the commission with a report on the application of their screening mechanisms . for each reporting period , the report shall include in particular information on :


### ' foreign investor ' means a natural person of a third country or an undertaking of a third country intending to make or having made a foreign direct investment ; ### ' foreign investor ' means a natural person of a third country or an undertaking of a third country intending to make or having made a foreign direct investment , as well as a natural person or an undertaking based in a member state but effectively controlled or financed by a third country ;


### - the security of supply of critical inputs ; or ### - the strategic autonomy of the union , its member states , and the value chain of critical technologies and sectors , and the security of supply of critical input ; the security of supply of food including agricultural land and other agricultural assets or


### confidential information , including commercially - sensitive information , made available by foreign investors and undertaking concerned shall be protected . ### member states shall guarantee the absolute confidentiality of information , including commercially - sensitive information and business secrets , made available by foreign investors and the undertaking concerned in screening procedures .


### each member state shall appoint a foreign direct investment screening contact point for the screening of foreign direct investment . the commission and other member states shall involve these fdi screening contact points on all issues related to implementation of this regulation . ### each member state shall appoint a foreign direct investment screening contact point for the screening of foreign direct investment . the commission shall provide a central screening point through which member states are able to closely cooperate with one another . the commission and other member states shall involve these fdi screening contact points on all issues related to implementation of this regulation .


### ' foreign investor ' means a natural person of a third country or an undertaking of a third country intending to make or having made a foreign direct investment ; ### ' foreign investor ' means a natural person or an undertaking of a third country , or a natural person or an undertaking registered in a member state that is financially linked or directly or indirectly controlled by a natural person or an undertaking of a third country , intending to make or having made a foreign direct investment in the union ;


### the production of sodium or potassium methylate or ethylate shall be carried out in accordance with the following requirements : ### the production of sodium or potassium methylate or ethylate shall be carried out in accordance with point of part i and the following requirements :


### from 1 january 2019 : acetaldehyde production ### from 1 january 2018 : where mercury is used as a catalyst


### the use of mercury and mercury compounds in asgm accounts for a significant share of mercury use and emissions worldwide , and should therefore be regulated . ### the use of mercury and mercury compounds in asgm accounts for a significant share of mercury use and emissions worldwide , and should therefore be regulated immediately .


### the use of dental amalgam in an encapsulated form and the implementation of amalgam separators should be made mandatory to protect dental practitioners and patients from mercury exposure and to ensure that resulting mercury waste are not released into the environment , but are collected and subjected to sound waste management . given the size of the undertakings from the dentristy sector concerned by this change , it is appropriate to provide sufficient time to adapt to the new provision . ### the use of dental amalgam in an encapsulated form and the implementation of amalgam separators should be made mandatory to protect dental practitioners and patients from mercury exposure and to ensure that resulting mercury waste are , under no circumstances , released into the environment , but are collected and subjected to sound and legal waste management . given the size of the undertakings from the dentistry sector concerned by this change , it is appropriate to provide sufficient time to adapt to the new provision .


### assist , advise and cooperate with the commission as well as nras , on request or on its own initiative , on any technical matter within its mandate , and assist and advise the european parliament and the council on request ; ### assist , advise , including by means of reports , and cooperate with the nras and the commission , on request or on its own initiative , on any matter regarding electronic communications within its competence ;


### berec shall pursue the same objectives as those of national regulatory authorities referred to in article 3 of the directive . in particular , berec shall ensure a consistent implementation of the regulatory framework for electronic communications within the scope referred to in paragraph 2 and thereby contribute to the development of the internal market . it shall also promote access to , and take - up of , very high capacity data connectivity ; competition in the provision of electronic communications networks , services and associated facilities ; and the interests of the citizens of the union . ### berec shall contribute to the achievement of the objectives of national regulatory and other competent authorities referred to in article 3 of directive [ . . . ] . in particular , berec shall cooperate with the nras to ensure a consistent regulatory approach for the implementation of the regulatory framework for electronic communications within the scope referred to in paragraph 2 and thereby contribute to the development of the internal market . it shall also promote access to , and take - up of , very high capacity data connectivity ; competition in the provision of electronic communications networks , services and associated facilities ; and the interests of the citizens of the union .


### berec should be independent as regards operational and technical matters and should enjoy legal , administrative and financial autonomy . to that end , it is necessary and appropriate that berec should be a body of the union having legal personality and exercising the powers conferred upon it . ### the berec office should be independent as regards operational and technical matters and should enjoy legal , administrative and financial autonomy .


### in so far as is necessary in order to achieve the objectives set out in this regulation and perform its tasks , berec may cooperate with competent union bodies , agencies , offices and advisory groups , with competent authorities of third countries and / or with international organisations , in accordance to article 26 . ### in so far as is necessary in order to achieve the objectives set out in this regulation and perform its tasks , berec may , where appropriate , consult the relevant nras and cooperate with competent union bodies , agencies , offices and advisory groups , with competent authorities of third countries and / or with international organisations .


### support on - the - job trainings and traineeships for students , young entrepreneurs and graduates . ### support on - the - job trainings and traineeships for students , young entrepreneurs and graduates , including their mobility from one member state to another .


### the commission shall conclude an agreement with the european investment bank on the establishment of a european fund for strategic investments . the purpose of the efsi shall be to support investments in the union and to ensure increased access to financing for companies having up to 3000 employees , with a particular focus on small and medium enterprises , through the supply of risk bearing capacity to the eib . 2 . the efsi agreement shall be open to accession by member states . subject to the consent of existing contributors , the efsi agreement shall also be open to accession by other third parties , including national promotional banks or public agencies owned or controlled by member states , and private sector entities . ### this regulation establishes a european fund for strategic investments , an eu guarantee and an eu guarantee fund . 2 . to that effect , this regulation provides for the commission to negotiate a draft agreement with the european investment bank for the management of the european fund for strategic investments . this agreement shall solely contain technical and administrative elements , and shall be in full compliance with the requirements set - out in this regulation . 3 . the commission shall be empowered to enter into the efsi agreement on behalf of the union , and to accept later amendments to it , by means of a delegated act in accordance with article 17 , provided that the efsi agreement meets the requirements of this regulation . 4 . the purpose of the efsi shall be to support investments in the union conducive to competitive and sustainable growth with a view to overcome the investment gap among its member states . through the supply of risk bearing capacity to the eib the efsi shall : - support long term , productive and strategic investments ; - ensure increased access to financing for companies having up to 3000 employees , with a particular focus on start - ups , micro - enterprises , small , and medium - sized enterprises , small mid - caps . 5 . the efsi agreement shall be open to accession by member states under the terms laid out in the efsi agreement . subject to the consent of existing contributors , the efsi agreement shall also be open to accession by other third parties , including national promotional banks or public agencies owned or controlled by member states , and private sector entities . 6 . guarantees under this regulation shall only be committed by the investment committee to operations and projects that shall be contractually agreed and signed within three years after the commitment . if the operations and projects are not singed within three years after the commitment , the commitment has to expire .


### provided that all relevant eligibility criteria are fulfilled , member states may use european structural and investment funds to contribute to the financing of eligible projects in which the eib is investing with the support of the eu guarantee . ### provided that all relevant eligibility criteria are fulfilled , member states may use european structural and investment funds , in accordance with eu state aid rules , to contribute to the financing of eligible projects in which the eib is investing with the support of the eu guarantee , provided that both the eligibility criteria of the relevant instruments and of the efsi are fulfilled . .


### decisions on the use of the efsi support for infrastructure and large mid - cap projects should be made by an investment committee . the investment committee should be composed of independent experts who are knowledgeable and experienced in the areas of investment projects . the investment committee should be accountable to a steering board of the efsi , who should supervise the fulfilment of the efsi ' s objectives . to effectively benefit from the experience of the eif , the efsi should support funding to the eif to allow the eif to undertake individual projects in the areas of small and medium enterprises and small mid - cap companies . ### decisions on the use of the efsi guarantee should be made by the investment committee , in conformity with the objectives laid down in this regulation . the investment committee should be composed of independent experts who are knowledgeable and experienced in the areas of investment projects . the independence of the investment committee is a key factor in ensuring the trust and the participation of the private sector in the investment plan . to effectively benefit from the experience of the eif , the efsi should support funding to the eif to allow the eif to undertake individual projects in the areas of small and medium enterprises and mid - cap companies .


### the eu guarantee shall be granted for eib financing and investment operations approved by the investment committee referred to in article 3 or funding to the eif in order to conduct eib financing and investment operations in accordance with article 7 . the operations concerned shall be consistent with union policies and support any of the following general objectives : ### the eu guarantee shall be granted for eib financing and investment operations approved by the investment committee referred to in article 3 or funding to the eif in order to conduct eib financing and investment operations in accordance with article 7 . the operations concerned shall be economically viable and compliant with union policies , as set out in union legislation and the requirements defined therein , and support any of the following objectives ' .


### for as long as the only contributors to the efsi are the union and the eib , the number of members and votes within the steering board shall be allocated based on the respective size of contributions in the form of cash or guarantees . ### members of the steering board shall be allocated between the commission and the eib .


### the union shall provide a guarantee to the eib for financing or investment operations carried out within the union covered by this regulation . the eu guarantee shall be granted as a guarantee on demand in respect of instruments referred to in article 6 . ### the union shall provide an irrevocable and unconditional guarantee for financing or investment operations carried out within the union , or operations between a member state and a country falling within the scope of the european neighbourhood policy including strategic partnership , the enlargement policy , and the european economic area or the european free trade association , or between a member state and an overseas country or territory , as set out in annex ii of the treaty on the functioning of the european union , covered by this regulation and the efsi agreement . the eu guarantee shall be granted as a guarantee on demand in respect of instruments referred to in article 6 .


### an eu guarantee fund shall be established from which the eib may be paid in the event of a call on the eu guarantee . 2 . the guarantee fund shall be endowed by : payments from the general budget of the union , returns on guarantee fund resources invested , amounts recovered from defaulting debtors in accordance with the recovery procedure laid down in the efsi agreement as provided for in article 2 , any other payments received by the union in accordance with the efsi agreement . 3 . endowments to the guarantee fund provided for in points and of paragraph 2 shall constitute internal assigned revenues in accordance with article 21 of regulation no 966 / 2012 . 4 . the resources of the guarantee fund provided to it under paragraph 2 shall be directly managed by the commission and invested in accordance with the principle of sound financial management and follow appropriate prudential rules . 5 . endowments to the guarantee fund referred to in paragraph 2 shall be used to reach an appropriate level to reflect the total eu guarantee obligations . the target amount shall be set at 50% of the union ' s total guarantee obligations . the target amount shall initially be met by the gradual payment of resources referred to in paragraph 2 . if there have been calls on the guarantee during the initial constitution of the guarantee fund , endowments to the guarantee fund provided for in points , and of paragraph 2 shall also contribute to meet the target amount up to an amount equal to the calls on the guarantee . 6 . by 31 december 2018 , and every year thereafter , the commission shall review the adequacy of the level of the guarantee fund taking into account any reduction of resources resulting from the activation of the guarantee and the eib ' s assessment submitted in accordance with article 10 . the commission shall be empowered to adopt delegated acts in accordance with article 17 adjusting the target amount provided for in paragraph 5 by a maximum of 10% to better reflect the potential risk of the eu guarantee being called . 7 . following an adjustment in year n of the target amount or an assessment on the adequacy of the level of the guarantee fund in accordance with the review provided for in paragraph 6 : any surplus shall be paid in one transaction to a special heading in the statement of revenue in the general budget of the european union of the year n + 1 , any replenishment of the guarantee fund shall be paid in annual tranches during a maximum period of three years starting on year n + 1 . 8 . from 1 january 2019 , if as a result of calls on the guarantee , the level of the guarantee fund falls below 50% of the target amount , the commission shall submit a report on exceptional measures that may be required to replenish it . 9 . subsequent to a call on the eu guarantee , endowments to the guarantee fund provided for in points , and of paragraph 2 over and above the target amount shall be used to restore the eu guarantee up to its initial amount . ### an eu guarantee fund shall be established which shall constitute a liquidity cushion from which the eib shall be paid in the event of a call on the eu guarantee . 2 . the guarantee fund shall be endowed by : contributions from the general budget of the union ; returns on guarantee fund resources invested ; amounts recovered from defaulting debtors in accordance with the recovery procedure laid down in the efsi agreement as provided for in point of article 2 ; revenues and any other payments received by the union in accordance with the efsi agreement . 3 . endowments to the guarantee fund provided for in points , and of paragraph 2 shall constitute internal assigned revenues in accordance with article 21 of regulation no 966 / 2012 . 4 . the resources of the guarantee fund provided to it under paragraph 2 shall be directly managed by the commission and invested in accordance with the principle of sound financial management and follow appropriate prudential rules . 5 . endowments to the guarantee fund referred to in paragraph 2 shall be used to reach an appropriate level to reflect the total eu guarantee obligations . the target amount shall be set at 50% of the union ' s total guarantee obligations . the target amount shall initially be met by 2022 at the latest through the gradual payment of resources referred to in point of paragraph 2 as well as endowments to the guarantee fund provided for in points , and of paragraph 2 . 5a . the necessary appropriations to meet the initial target amount shall be gradually authorised by the european parliament and the council in the framework of the annual budgetary procedure , taking due account of all means available under the council regulation no 1311 / 2013 of 2 december 2013 laying down the multiannual financial framework 2014 - 2020 , with particular recourse to the global margin for commitments and the flexibility instrument . the financing of the guarantee fund , both in respect of commitment and payment appropriations , shall be reviewed by the european parliament and the council in the context of the post - electoral review / revision of the multiannual financial framework 2014 - 2020 , to be launched by the end of 2016 at the latest , as foreseen in article 2 of council regulation no 1311 / 2013 . in the event that redeployments from eu programmes were agreed in the framework of the annual budgetary procedure as source of financing for the eu guarantee in the years preceding the mff review / revision , the european parliament and the council shall restore their initial budgets . 6 . by 31 december 2018 , and every year thereafter , the commission shall review the adequacy of the level of the guarantee fund taking into account any reduction of resources resulting from the activation of the guarantee and the eib ' s assessment submitted in accordance with article 10 . the commission shall be empowered to adopt delegated acts in accordance with article 17 adjusting downwards the target level provided for in paragraph 5 by a maximum of 10% to better reflect the potential risk of the eu guarantee being called . 7 . following an adjustment in year n of the target level or an assessment on the adequacy of the resources available in the guarantee fund in accordance with the review provided for in paragraph 6 : any surplus in the guarantee fund shall constitute internal assigned revenue in accordance with article 21 of regulation no 966 / 2012 for any lines which may have been used as a source of redeployment to the efsi guarantee fund , any replenishment of the guarantee fund shall be paid in annual tranches during a maximum period of three years starting on year n + 1 . 8 . if as a result of calls on the guarantee , the resources of the guarantee fund fall below 50% of the liabilities that have been incurred at the given moment the commission shall submit a report on exceptional measures that may be required to replenish it . 9 . subsequent to a call on the eu guarantee , endowments to the guarantee fund provided for in points , and of paragraph 2 shall be used to restore the eu guarantee up to its target amount . any remaining remuneration shall constitute internal assigned revenue in accordance with article 21 of regulation no 966 / 2012 for any lines which may have been used as a source of redeployment to the efsi guarantee fund . 9a . in the event that additional surplus remains , after requirements under paragraphs 7 and 9 have been fully met , the commission shall present a proposal on an increase of the overall level of the eu guarantee , leading to a reinforcement of the investment plan .


### in accordance with the treaty on the functioning of the european union , infrastructure and project investments supported under efsi should be consistent with state aid rules . to that end , the commission has announced that it will formulate a set of core principles , for the purpose of state aid assessments , which a project will have to meet to be eligible for support under the efsi . if a project meets these criteria and receives support from the efsi , the commission has announced that any national complementary support , will be assessed under a simplified and accelerated state aid assessment whereby the only additional issue to be verified by the commission will be the proportionality of public support . the commission has also announced that it will provide further guidance on the set of core principles with a view to ensuring an efficient use of public funds . ### in accordance with the treaty on the functioning of the european union , infrastructure and project investments supported under efsi should be consistent with state aid rules . existing rules on state aid should apply to the efsi without any change .


### since the objectives of this regulation , namely to support investments in the union and to ensure increased access to financing for companies having up to 3000 employees , cannot be sufficiently achieved by the member states by reason of the disparities in their fiscal capacity to act but can rather , by reason of its scale and effects , be better achieved at union level , the union may adopt measures , in accordance with the principle of subsidiarity as set out in article 5 of the treaty on european union . in accordance with the principle of proportionality , as set out in that article , this regulation does not go beyond what is necessary in order to achieve those objectives , ### it has yet to be shown that the objectives of this regulation , namely to support investments in the union and to ensure increased access to financing for companies having up to 3000 employees , cannot be sufficiently achieved by the member states by reason of the disparities in their fiscal capacity to act but can rather , by reason of its scale and effects , be better achieved at union level , in accordance with the principle of subsidiarity and proportionality as set out in article 5 of the treaty on european union ,


### throughout the economic and financial crisis , the union has made efforts to promote growth , in particular through initiatives set out in the europe 2020 strategy that put in place an approach for smart , sustainable and inclusive growth . the european investment bank has also strengthened its role in instigating and promoting investment within the union , partly by way of an increase in capital in january 2013 . further action is required to ensure that the investment needs of the union are addressed and that the liquidity available on the market is used efficiently and channelled towards the funding of viable investment projects . ### throughout the economic and financial crisis , the union has made efforts to promote growth , in particular through initiatives set out in the europe 2020 strategy that put in place an approach for smart , sustainable and inclusive growth . the european investment bank has also strengthened its role in instigating and promoting investment within the union , partly by way of an increase in capital in january 2013 .


### the investment environment within the union should be improved by removing barriers to investment , reinforcing the single market and by enhancing regulatory predictability . the work of the efsi , and investments across europe generally , should benefit from this accompanying work . ### the investment environment within the union should be improved by carrying out necessary structural reforms , removing barriers to investment , reinforcing the single market and by enhancing regulatory predictability and reducing regulatory red tape . the work of the efsi , and investments across europe generally , should benefit from this accompanying work .


### the investment committee shall be composed of six independent experts and the managing director . independent experts shall have a high level of relevant market experience in project finance and be appointed by the steering board for a renewable fixed term of three years . ### the investment committee shall be composed of eight independent experts and the managing director . independent experts shall have a high level of relevant market experience in project structuring and project financing , as well as macroeconomic expertise . the investment committee shall have a pluridisciplinary composition encompassing a broad range of expertise in various sectors , such as research and development , transport and smes . it shall be appointed by the steering board for a renewable fixed term of three years .


### the efsi agreement shall provide that the efsi shall be governed by a steering board , which shall determine the strategic orientation , the strategic asset allocation and operating policies and procedures , including the investment policy of projects that efsi can support and the risk profile of the efsi , in conformity with the objectives under article 5 . the steering board shall elect one of its members to be chairperson . 2 . for as long as the only contributors to the efsi are the union and the eib , the number of members and votes within the steering board shall be allocated based on the respective size of contributions in the form of cash or guarantees . the steering board shall take decisions by consensus . 3 . when other parties accede to the efsi agreement in accordance with article 1 , the number of members and votes within the steering board shall be allocated based on the respective size of contributions from contributors in the form of cash or guarantees . the number of members and votes of the commission and the eib , according to paragraph 2 , shall be recalculated accordingly . the steering board shall strive to make decisions by consensus . if the steering board is not able to decide by consensus within a deadline set by the chairperson , the steering board shall take a decision by simple majority . no decision of the steering board shall be adopted if the commission or the eib votes against it . 4 the efsi agreement shall provide that the efsi shall have a managing director , who shall be responsible for the day - to - day management of the efsi and the preparation and chairing of meetings of the investment committee referred to in paragraph 5 . the managing director shall be assisted by a deputy managing director . . the managing director shall report every quarter on the activities of the efsi to the steering board . the managing director and the deputy managing director shall be appointed by the steering board on a joint proposal of the commission and the eib for a renewable fixed term of three years . 5 . the efsi agreement shall provide that the efsi shall have an investment committee , which shall be responsible for examining potential operations in line with the efsi investment policies and approving the support of the eu guarantee for operations in line with article 5 , irrespective of their geographic location . the investment committee shall be composed of six independent experts and the managing director . independent experts shall have a high level of relevant market experience in project finance and be appointed by the steering board for a renewable fixed term of three years . decisions of the investment committee shall be taken by simple majority . ### the efsi agreement shall provide that the efsi shall be governed by a steering board . the steering board shall determine the strategic orientation , the strategic asset allocation and operating policies and procedures , including the investment policy of projects that efsi can support and the risk profile of the efsi , in conformity with this regulation and set up investment guidelines in addition to but not in conflict with those of article 5 for the use of the eu guarantee to be implemented by the investment committee . the commission shall be empowered to adopt delegated acts in accordance with article 17 concerning the investment guidelines . 2 . for as long as the only contributors to the efsi are the union and the eib , the number of members and votes within the steering board shall be allocated based on the respective size of contributions in the form of cash or guarantees . the steering board shall take decisions by consensus . 3 . when other parties accede to the efsi agreement in accordance with article 1 , the number of members and votes within the steering board shall be allocated based on the respective size of contributions from contributors in the form of cash or guarantees . the number of members and votes of the commission and the eib , according to paragraph 2 , shall be recalculated accordingly . the steering board shall strive to make decisions by consensus . if the steering board is not able to decide by consensus within a deadline set by the chairperson , the steering board shall take a decision by simple majority . no decision of the steering board shall be adopted if the commission or the eib votes against it . 4 the efsi agreement shall provide that the efsi shall have a managing director , who shall be responsible for the day - to - day management of the efsi and the preparation and chairing of meetings of the investment committee referred to in paragraph 5 . the managing director shall be assisted by a deputy managing director . the managing director shall report every quarter on the activities of the efsi to the steering board . the managing director and the deputy managing director shall be appointed by the steering board on a joint proposal of the commission and the eib for a renewable fixed term of three years . 5 . the efsi agreement shall provide that the efsi shall have an investment committee , which shall be responsible for examining potential operations that are fully in line with objectives and criteria established in article 5 of this regulation and irrespective of their geographic location . the investment committee shall be composed of at least six independent experts and the managing director . in appointing the experts to the investment committee , the steering board shall ensure that the composition of the investment committee is diversified and that these experts have a high level of relevant market experience in project structuring and project financing in the areas of investment projects as listed in article 5 . 2 . the investment committee shall be appointed by the steering board for a renewable fixed term of up to three years the experts shall be appointed in an open and transparent selection procedure . decisions of the investment committee shall be taken by simple majority .


### the investment committee shall be composed of six independent experts and the managing director . independent experts shall have a high level of relevant market experience in project finance and be appointed by the steering board for a renewable fixed term of three years . ### the investment committee shall be composed of six independent experts and the managing director . independent experts shall have a high level of relevant market experience in project finance , and expertise in the general objectives referred to article 5 . experts shall be appointed by the steering board following an open and transparent procedure for a fixed term of three years , renewable only once . it must be ensured that project selection is based on eib principles and guided by a set of sustainability criteria as defined in article 5 .


### in addition , the eu guarantee shall be granted for support of dedicated investment platforms and national promotional banks , via the eib , that invest in operations meeting the requirements of this regulation . in that case , the steering board shall specify policies regarding eligible investment platforms . ### in addition , the eu guarantee shall be granted for support of dedicated investment platforms and national promotional banks , via the eib , that invest in operations meeting the requirements of this regulation . in that case , specify policies are specified regarding eligible investment platforms . the commission shall ensure that any redeployment of funds from the eu budget does not adversely affect programmes . that fund basic or early - stage scientific research .


### comprehensive action is required to reverse the vicious circle created by a lack of investment . structural reforms and fiscal responsibility are necessary preconditions for stimulating investment . along with a renewed impetus towards investment financing , these preconditions can contribute to establishing a virtuous circle , where investment projects help support employment and demand and lead to a sustained increase in growth potential . ### comprehensive action is required to reverse the vicious circle created by a lack of competitiveness and thus investment . structural reforms and fiscal responsibility are necessary preconditions for stimulating competitiveness . along with a renewed impetus towards investment financing , these necessary preconditions can contribute to establishing a virtuous circle , where investment projects help support employment and demand and lead to a sustained increase in growth potential .


### in order to enable the efsi to support investments , the union should grant a guarantee of an amount equal to eur 16 000 000 000 . when provided on a portfolio basis , the guarantee coverage should be capped depending upon the type of instrument , such as debt , equity or guarantees , as a percentage of the volume of the portfolio of outstanding commitments . it is expected that when the guarantee is combined with eur 5 000 000 000 to be provided by the eib , that the efsi support should generate eur 60 800 000 000 additional investment by the eib and eif . this eur 60 800 000 000 supported by the efsi is expected to generate a total of eur 315 000 000 000 in investment in the union within the period 2015 to 2017 . guarantees that are attached to projects which are completed without a call on a guarantee are available for supporting new operations . ### in order to enable the efsi to support investments , the union should grant a guarantee of an amount equal to eur 16 000 000 000 . when provided on a portfolio basis , the guarantee coverage should be capped depending upon the type of instrument , such as debt , equity or guarantees , as a percentage of the volume of the portfolio of outstanding commitments . it is expected that when the guarantee is combined with eur 5 000 000 000 to be provided by the eib , that the efsi support should generate eur 60 800 000 000 additional investment by the eib and eif . this eur 60 800 000 000 supported by the efsi is expected to generate a total of eur 315 000 000 000 in additional investment in the union within the period 2015 to 2017 . additional member state contributions to the efsi ' s capital would increase this amount and thereby bring the fund ' s investment closer to actual needs . guarantees that are attached to projects which are completed without a call on a guarantee are available for supporting new operations .


### the coverage of the guarantee over a particular type of instrument portfolio , referred to in article 6 , shall be determined by the risk of that portfolio . the eu guarantee shall be eligible to provide either first loss guarantees on a portfolio basis or a full guarantee . the eu guarantee may be granted on a pari passu basis with other contributors . ### the coverage of the guarantee over a particular type of instrument portfolio , referred to in article 6 , shall be determined by the risk of that portfolio and by the type of instrument . the eu guarantee shall be eligible to provide either first loss guarantees on a portfolio basis or a full guarantee . the eu guarantee may be granted on a pari passu basis with other contributors .


### in accordance with the treaty on the functioning of the european union , infrastructure and project investments supported under efsi should be consistent with state aid rules . to that end , the commission has announced that it will formulate a set of core principles , for the purpose of state aid assessments , which a project will have to meet to be eligible for support under the efsi . if a project meets these criteria and receives support from the efsi , the commission has announced that any national complementary support , will be assessed under a simplified and accelerated state aid assessment whereby the only additional issue to be verified by the commission will be the proportionality of public support . the commission has also announced that it will provide further guidance on the set of core principles with a view to ensuring an efficient use of public funds . ### in accordance with the treaty on the functioning of the european union , infrastructure and project investments supported under efsi should be consistent with state aid rules . the commission has also announced that it will provide further guidance on the set of core principles with a view to ensuring an efficient use of public funds .


### in order to enable the efsi to support investments , the union should grant a guarantee of an amount equal to eur 16 000 000 000 . when provided on a portfolio basis , the guarantee coverage should be capped depending upon the type of instrument , such as debt , equity or guarantees , as a percentage of the volume of the portfolio of outstanding commitments . it is expected that when the guarantee is combined with eur 5 000 000 000 to be provided by the eib , that the efsi support should generate eur 60 800 000 000 additional investment by the eib and eif . this eur 60 800 000 000 supported by the efsi is expected to generate a total of eur 315 000 000 000 in investment in the union within the period 2015 to 2017 . guarantees that are attached to projects which are completed without a call on a guarantee are available for supporting new operations . ### in order to enable the efsi to support investments , the union should grant a temporary guarantee of an amount less or equal to eur 8 000 000 000 at any point in time . when provided on a portfolio basis , the guarantee coverage should be capped depending upon the type of instrument , such as debt , equity or guarantees , as a percentage of the volume of the portfolio of outstanding commitments .


### the efsi should target investments that are expected to be economically and technically viable , which may entail a degree of appropriate risk , whilst still meeting the particular requirements for efsi financing . ### the efsi should only target investments that are expected to be economically and technically viable and are thus are expected to repay creditors in order to avoid the socialisation of losses and the privatisation of gains . such investments may entail a degree of appropriate risk whilst still meeting the particular requirements for efsi financing .


### the economic and financial crisis has led to a lowering of the level of investments within the union . investment has fallen by approximately 15% since its peak in 2007 . the union suffers in particular from a lack of investment as a consequence of market uncertainty regarding the economic future and the fiscal constraints on member states . this lack of investment slows economic recovery and negatively affects job creation , long - term growth prospects and competitiveness . ### the economic and financial crisis has led to a lowering of the level of investments within the union . investment has fallen by approximately 15% since its peak in 2007 . the union suffers in particular from a lack of competitiveness . this lack of competitiveness slows economic recovery and negatively affects investment , long - term growth prospects and job creation .


### the managing director shall report every quarter on the activities of the efsi to the steering board . ### the managing director shall report every quarter on the activities of the efsi to the eib board of directors


### the commission and the eib shall develop , update and disseminate , on a regular and structured basis , information on current and future investments which significantly contribute to achieving eu policy objectives . ### the projects displayed on the european investment project directory shall be for visibility to investors and information purposes only , and shall be without prejudice to decisions on the final projects selected for support under this regulation or under any other eu instrument or public funding .


### in order to enable the efsi to support investments , the union should grant a guarantee of an amount equal to eur 16 000 000 000 . when provided on a portfolio basis , the guarantee coverage should be capped depending upon the type of instrument , such as debt , equity or guarantees , as a percentage of the volume of the portfolio of outstanding commitments . it is expected that when the guarantee is combined with eur 5 000 000 000 to be provided by the eib , that the efsi support should generate eur 60 800 000 000 additional investment by the eib and eif . this eur 60 800 000 000 supported by the efsi is expected to generate a total of eur 315 000 000 000 in investment in the union within the period 2015 to 2017 . guarantees that are attached to projects which are completed without a call on a guarantee are available for supporting new operations . ### in order to enable the efsi to support investments , the union should grant a temporary guarantee of no more than eur 16 000 000 000 at any point in time . when provided on a portfolio basis , the guarantee coverage should be capped depending upon the type of instrument , such as debt , equity or guarantees , as a percentage of the volume of the portfolio of outstanding commitments . it is expected that when the guarantee is combined with eur 5 000 000 000 to be provided by the eib , that the efsi support should generate significant additional investment by the eib and eif . this lending , supported by the efsi is expected by the commission to generate a total of eur 315 000 000 000 in additional investment in the union within the period of three years from the entry into force of this regulation . . guarantees that are attached to projects which are completed without a call on a guarantee are available for supporting new operations .


### the commission shall , by 30 june of each year , send to the european parliament , the council and the court of auditors an annual report on the situation of the guarantee fund and the management thereof in the previous calendar year . ### the commission shall , by 30 june of each year until the end of the programme , send to the european parliament , the council and the court of auditors an annual report on the situation of the guarantee fund and the management thereof in the previous calendar year , including an assessment of the adequacy of the target amount , of the level of the guarantee fund and of the need for replenishment of the guarantee fund . the annual report shall contain the presentation of the financial position of the guarantee fund at the end of the previous year , the financial flows during the previous calendar year as significant transactions and any relevant information on the financial accounts . the report will also include information about the financial management , the performance and the risk of the fund at the end of the previous year . .


### the efsi should target projects delivering high societal and economic value . in particular , the efsi should target projects that promote job creation , long - term growth and competitiveness . the efsi should support a wide range of financial products , including equity , debt or guarantees , to best accommodate the needs of the individual project . this wide range of products should allow the efsi to adapt to market needs whilst encouraging private investment in the projects . the efsi should not be a substitute for private market finance but should instead catalyse private finance by addressing market failures so as to ensure the most effective and strategic use of public money . the requirement for consistency with state aid principles should contribute to such effective and strategic use . ### the efsi should target projects delivering economic value . in particular , the efsi should target projects that promote long - term growth , competitiveness and thus job creation , . the efsi should support a wide range of financial products , including equity , debt or guarantees , to best accommodate the needs of the individual project . this wide range of products should allow the efsi to adapt to market needs whilst encouraging private investment in the projects . the efsi should not be a substitute for or crowd out private market finance but should instead catalyse private finance by addressing market failures so as to ensure the most effective and strategic use of public money . the requirement for consistency with state aid principles should contribute to such effective and strategic use .


### the inclusion of actions in the rolling work programme shall be subject to compliance with a set of rules and admission criteria before being included in the rolling work programme . those rules and criteria and any amendments thereof shall be an integral part of the rolling work programme . ### the inclusion of actions in the rolling work programme shall be subject to compliance with a set of selection criteria , as set out in article 6a , before being included in the rolling work programme . the actions of the rolling work programme shall be prioritised in accordance with article 6b . those rules and criteria and any amendments thereof shall be an integral part of the rolling work programme .


### the rolling work programme shall identify , prioritise , document , select , design , implement and evaluate the actions referred to in article 5 , as well as promote their results . ### the rolling work programme shall cover the actions referred to in article 5 .


### member states should comply with the emission reduction commitments set out in this directive for 2020 and 2030 . so as to ensure demonstrable progress towards the 2030 commitments , member states should meet intermediate emission levels in 2025 , set on the basis of a linear trajectory between their emission levels for 2020 and those defined by the emission reduction commitments for 2030 , unless this would entail disproportionate costs . where the 2025 emissions cannot be so limited , member states should explain the reasons in their reports under this directive . ### so as to ensure demonstrable progress towards the 2030 commitments , member states should comply with the emission reduction commitments set out in this directive for 2020 , 2025 and 2030 on the basis of a linear trajectory between their emission levels for 2020 and those defined by the emission reduction commitments for 2030 .


### member states may establish adjusted annual national emission inventories for so2 , nox , nh3 , nmvoc and pm2 , 5 in accordance with annex iv where non - compliance with their national emission reduction commitments or their intermediate emission levels would result from applying improved emission inventory methods updated in accordance with scientific knowledge . ### member states may establish adjusted annual national emission inventories for so2 , nox , nh3 , nmvoc and pm2 , 5 in accordance with annex iv where non - compliance with their national emission reduction commitments would result from applying improved emission inventory methods updated in accordance with scientific knowledge .


### the reports referred to in paragraph 1 may include an evaluation of the environmental and socioeconomic impacts of this directive . ### the reports referred to in paragraph 1 shall include an evaluation of the environmental and socioeconomic impacts of this directive .


### without prejudice to paragraph 1 , member states shall take all the necessary measures not entailing disproportionate costs to limit their 2025 anthropogenic emissions of so2 , nox , nmvoc , nh3 , pm2 , 5 and ch4 . the levels of those emissions shall be determined on the basis of fuels sold , by a linear reduction trajectory established between their emission levels for 2020 and the emission levels defined by the emission reduction commitments for 2030 . ### without prejudice to paragraph 1 , member states shall take all the necessary measures not entailing disproportionate costs to limit their 2025 anthropogenic emissions of so2 , nox , nmvoc , nh3 and pm2 , 5 . the levels of those emissions shall be determined on the basis of fuels sold , by a linear reduction trajectory established between their emission levels for 2020 and the emission levels defined by the emission reduction commitments for 2030 .


### member states shall consult , in accordance with relevant union legislation , the public and competent authorities , which , by reason of their specific environmental responsibilities in the field of air pollution , quality and management at all levels , are likely to be concerned by the implementation of the national air pollution control programmes , on their draft national air pollution control programme and any significant updates prior to their finalisation . where appropriate , transboundary consultations shall be ensured in accordance with relevant union legislation . ### member states shall , in accordance with relevant union legislation , ensure that members of the public including , in accordance with national law and practice , those stakeholders affected by , or having an interest in the environmental decision - making process are consulted in the drawing up or review of national air pollution control programmes , or both . member states shall also consult competent authorities , which , by reason of their specific environmental responsibilities in the field of air pollution , quality and management at all levels , are likely to be concerned by the implementation of the national air pollution control programmes , on their draft national air pollution control programme and all updates prior to their finalisation . where appropriate , transboundary consultations shall be ensured in accordance with relevant union legislation .


### low - emission manure spreading approaches ; ### low - emission manure spreading techniques ;


### member states shall , as a minimum , limit their annual anthropogenic emissions of sulphur dioxide , nitrogen oxides , volatile organic compounds other than methane , ammonia , particulate matter and methane in accordance with the national emission reduction commitments applicable from 2020 and 2030 , as laid down in annex ii . ### member states shall , as a minimum , limit their annual anthropogenic emissions of sulphur dioxide , nitrogen oxides , non - methane volatile organic compounds , particulate matter and methane in accordance with the national emission reduction commitments applicable from 2020 , 2025 and 2030 , and of ammonia from 2020 and 2030 , as laid down in annex ii .


### the commission shall in any case report as above for the year 2025 , and shall also include information on the achievement of the intermediate emission levels referred to in article 4 paragraph 2 and the reasons for any non - achievement . it shall identify the need for further action also considering the sectorial impacts of implementation . ### on the basis of these reports , the commission shall identify the need for further action also considering the sectorial impacts of implementation .


### where the commission has raised no objections within nine months from the date of receipt of the relevant report referred to in article 7 , paragraphs 4 , 5 and 6 , the member state concerned shall consider the use of the flexibility applied to be accepted and valid for that year . where the commission considers the use of a flexibility not to be in accordance with the applicable requirements and criteria , it shall adopt a decision and inform the member state that it cannot be accepted . ### where the commission has raised no objections within six months from the date of receipt of the relevant report referred to in article 7 , paragraphs 5 and 6 , the member state concerned shall consider the use of the flexibility applied to be accepted and valid for that year . where the commission considers the use of a flexibility not to be in accordance with the applicable requirements and criteria , it shall , within nine months from the date of receipt of the relevant report , adopt a decision and inform the member state that it cannot be accepted , accompanied by an explanatory justification .


### where relevant , an explanation of the reasons why the intermediate emission levels for 2025 cannot be met without measures entailing disproportionate costs ; ### an explanation of the measures taken to achieve national emission reduction commitments ;


### the policy options considered to meet the emission reduction commitments for 2020 and 2030 onwards and the intermediate emission levels determined for 2025 and to contribute to further improve the air quality , and their analysis , including the method of analysis ; the individual or combined impacts of the polices and measures on emission reductions , air quality and the environment ; and the associated uncertainties ; ### the policy options considered to meet the emission reduction commitments for 2020 , 2025 and 2030 onwards and to contribute to further improve the air quality , and their analysis , including the method of analysis ; the individual or combined impacts of the polices and measures on emission reductions , air quality and the environment ; and the associated uncertainties ;


### in order to promote cost - effective achievement of the national emission reduction commitments and of the intermediate emission levels , member states should be entitled to account for emission reductions from international maritime traffic if emissions from that sector are lower than the levels of emissions that would result from compliance with union law standards , including the sulphur limits for fuels set in directive 1999 / 32 / ec of the council . 21 member states should also have the possibility to jointly meet their commitments and intermediate emission levels regarding methane and of making use of decision n°406 / 2009 / ec of the european parliament and of the council for so doing . 22 for the purpose of checking compliance with their national emission ceilings , emission reduction commitments and intermediate emission levels , member states could adjust their national emission inventories in view of improved scientific understanding and methodologies regarding emissions . the commission could object to the use of any of these flexibilities by a member state , should the conditions set out in this directive not be met . __________________ 21 council directive 1999 / 32 / ec of 26 april 1999 relating to a reduction in the sulphur content of certain liquid fuels and amending directive 93 / 12 / eec . 22 decision n°406 / 2009 / ec of the european parliament and of the council of 23 april 2009 on the effort of member states to reduce their greenhouse gas emissions to meet the community’s greenhouse gas emission reduction commitments up to 2020 . ### in order to promote cost - effective achievement of the national emission reduction commitments , member states should have the possibility to jointly meet their commitments regarding methane and of making use of decision n°406 / 2009 / ec of the european parliament and of the council for so doing . 22 for the purpose of checking compliance with their national emission ceilings , emission reduction commitments and emission levels , member states could adjust their national emission inventories in view of improved scientific understanding and methodologies regarding emissions . the commission could object to the use of such flexibility by a member state , should the conditions set out in this directive not be met . __________________ 22 decision n°406 / 2009 / ec of the european parliament and of the council of 23 april 2009 on the effort of member states to reduce their greenhouse gas emissions to meet the community’s greenhouse gas emission reduction commitments up to 2020 .


### the commission , assisted by the european environment agency , shall review and assess whether the use of any of the flexibilities for a particular year fulfils the relevant requirements and criteria . ### the commission , assisted by the european environment agency , shall review and assess whether the use of the flexibility or adjustment for a particular year fulfils the relevant requirements and criteria .


### member states may jointly implement their methane emission reduction commitments and intermediate emission levels referred to in annex ii , provided that they meet the following conditions : ### member states may jointly implement their methane emission reduction commitments referred to in annex ii , provided that they meet the following conditions :


### the commission may establish guidance on the elaboration and implementation of national air pollution control programmes . ### the commission shall establish guidance on the elaboration and implementation of national air pollution control programmes .


### the commission shall , every five years at least , report to the european parliament and the council on the progress on implementing this directive , including an assessment of its contribution to the achievement of the objectives of this directive . ### the commission shall , every 30 months at least , report to the european parliament and the council on the progress on implementing this directive , including an assessment of its contribution to the achievement of the objectives of this directive and the reasons for non - achievement , where applicable .


### member states shall provide their national air pollution control programme to the commission [ within three months of the date referred to in article 17 , date to be inserted by opoce ] and updates every two years thereafter . ### member states shall provide their national air pollution control programme to the commission [ within three months of the date referred to in article 17 , date to be inserted by opoce ] and updates every four years thereafter .


### an assessment of how selected policies and measures ensure coherence with plans and programmes set up in other relevant policy areas . ### an assessment of how selected policies and measures ensure coherence with plans and programmes set up in other relevant policy areas , including air quality plans laid down in directive 2008 / 50 / ec .


### member states shall ensure , if practicable , the monitoring of adverse impacts of air pollution upon ecosystems in accordance with the requirements laid down in annex v . ### member states shall ensure the monitoring of adverse impacts of air pollution upon ecosystems in accordance with the requirements laid down in annex v .


### the commission , assisted by the european environment agency and the member states shall regularly review the national emission inventory data . this review shall involve the following : ### the commission , assisted by the european environment agency and the member states shall regularly review the national emission inventory data and national air pollution control programmes . this review shall involve the following :


### inorganic fertilisers shall be spread in line with the foreseeable requirements of the receiving crop or grassland with respect to nitrogen and phosphorus , also taking into account the existing nutrient content in the soil and the nutrients from other fertilizers . ### spreading inorganic fertilisers in line with the foreseeable requirements of the receiving crop or grassland with respect to nitrogen and phosphorus , also taking into account the existing nutrient content in the soil and the nutrients from other fertilizers .


### member states shall consult , in accordance with relevant union legislation , the public and competent authorities , which , by reason of their specific environmental responsibilities in the field of air pollution , quality and management at all levels , are likely to be concerned by the implementation of the national air pollution control programmes , on their draft national air pollution control programme and any significant updates prior to their finalisation . where appropriate , transboundary consultations shall be ensured in accordance with relevant union legislation . ### member states shall , in accordance with relevant union legislation , ensure that members of the public including , in accordance with national law and practice , those stakeholders affected by , or having an interest in the environmental decision - making process are consulted in the drawing up or review of national air pollution control programmes , or both . member states shall also consult competent authorities , which , by reason of their specific environmental responsibilities in the field of air pollution , quality and management at all levels , are likely to be concerned by the implementation of the national air pollution control programmes , on their draft national air pollution control programme and all updates prior to their finalisation . where appropriate , transboundary consultations shall be ensured in accordance with relevant union legislation .


### in addition to the requirement to ensure adequate and effective means to enforce compliance in article 11 , member states shall ensure that contractual and non - contractual remedies are also available for consumers harmed by unfair commercial practices in order to eliminate all the effects of those unfair commercial practices in accordance with their national law . ### member states shall ensure that contractual and non - contractual remedies are available for consumers harmed by unfair commercial practices , in accordance with their national law .


### this directive does not prevent member states from adopting provisions to protect the legitimate interests of consumers with regard to aggressive or misleading marketing or selling practices in the context of unsolicited visits by a trader to a consumer ' s home , or with regard to commercial excursions organised by a trader with the aim or effect of promoting or selling products to consumers , provided that such provisions are justified on grounds of public policy or the protection of the respect for private life . ### this directive does not prevent member states from adopting provisions to protect the legitimate interests of consumers with regard to specific marketing or selling practices in the context of unsolicited visits by a trader to a consumer ' s home that are identified as aggressive or misleading , or with regard to commercial excursions organised by a trader with the aim or effect of promoting or selling products to consumers , provided that such provisions are proportionate , non - discriminatory and justified by overriding reasons in the public interest .


### where appropriate , the intentional or negligent character of the infringement ; ### the intentional or negligent character of the infringement ;


### ‘ contract for the supply of digital content which is not supplied on tangible medium’ means a contract under which a trader supplies or undertakes to supply specific digital content to the consumer and the consumer pays or undertakes to pay the price thereof . this also includes contracts where the consumer provides or undertakes to provide personal data to the trader , except where the personal data provided by the consumer is exclusively processed by the trader for the purpose of supplying the digital content , or for the trader to comply with legal requirements to which the trader is subject , and the trader does not process this data for any other purpose ; ### ‘ contract for the supply of digital content which is not supplied on tangible medium’ means a contract under which a trader supplies or undertakes to supply digital content to the consumer and the consumer pays or undertakes to pay the price . this also includes contracts where the consumer provides or undertakes to provide personal data to the trader , except where the personal data provided by the consumer is exclusively processed by the trader for the purpose of supplying the digital content , or for the trader to comply with legal requirements to which the trader is subject , and the trader does not process this data for any other purpose ;


### ‘ digital service contract’ means a contract under which a trader supplies or undertakes to supply a digital service to the consumer and the consumer pays or undertakes to pay the price thereof . this also includes contracts where the consumer provides or undertakes to provide personal data to the trader , except where the personal data provided by the consumer is exclusively processed by the trader for the purpose of supplying the digital service , or for the trader to comply with legal requirements to which the trader is subject , and the trader does not process this data for any other purpose ; ### ‘ digital service contract’ means a contract under which a trader supplies or undertakes to supply a digital service to the consumer and the consumer pays or undertakes to pay the price . this also includes contracts where the consumer provides or undertakes to provide personal data to the trader , except where the personal data provided by the consumer is exclusively processed by the trader for the purpose of supplying the digital service , or for the trader to comply with legal requirements to which the trader is subject , and the trader does not process this data for any other purpose ;


### furthermore , any fines imposed as penalties should take into account the annual turnover and profits of the infringing trader and any fines that have been imposed on the trader in other member states for the same infringement in , particular , in the context of the widespread infringements of consumer law and widespread infringements with a union dimension that are subject to coordinated investigation and enforcement in accordance with regulation 2017 / 2394 . ### furthermore , any fines imposed as penalties should take into account any fines that have been imposed on the trader in other member states for the same infringement in , particular , in the context of the widespread infringements of consumer law and widespread infringements with a union dimension that are subject to coordinated investigation and enforcement in accordance with regulation 2017 / 2394 .


### when deciding for which purpose the revenues from fines are used , member states should take into account the ultimate objective of consumer legislation and its enforcement which is the protection of the general interest of consumers . member states should therefore consider allocating at least part of the revenues from fines to enhance consumer protection within their jurisdictions , such as supporting consumer movement or activities aimed at empowering consumers . ### when deciding for which purpose the revenues from fines are used , member states should take into account the ultimate objective of consumer legislation and its enforcement which is the protection of the general interest of consumers . member states should therefore allocate the revenues from fines to provide redress or to enhance consumer protection within their jurisdictions , including allocating them to activities aimed at empowering consumers , delivered either directly by the member state or through national consumer organisations .


### where , as a result of the coordination mechanism under regulation 2017 / 2394 , a single national competent authority within the meaning of that regulation imposes a fine on the trader responsible for the widespread infringement or the widespread infringement with a union dimension , it should be able to impose a fine of at least 4 % of the trader’s annual turnover in all member states concerned by the coordinated enforcement action . ### where , as a result of the coordination mechanism under regulation 2017 / 2394 , a single national competent authority within the meaning of that regulation imposes a fine on the trader responsible for the widespread infringement or the widespread infringement with a union dimension , it should be able to impose a maximum fine of 4 % of the trader’s annual turnover in the member state or member states concerned by the coordinated enforcement action .


### the main parameters determining ranking of offers presented to the consumer as result of his search query on the online marketplace ; ### a brief description listing the main parameters determining ranking of offers presented to the consumer as result of his search query on the online marketplace ;


### where applicable , any relevant interoperability of digital content and digital services with hardware and software that the trader is aware of or can reasonably be expected to have been aware of . ### where applicable , any relevant interoperability of digital content and digital services with hardware and software different from the ones with which digital content or services of the same type are normally used .


### to facilitate more consistent application of penalties , in particular in intra - union infringements , widespread infringements and widespread infringements with a union dimension referred to in regulation 2017 / 2394 , common non - exhaustive criteria should be introduced for the application of fines . these criteria should include the cross - border nature of the infringement , namely whether the infringement has harmed consumers also in other member states . any redress provided by the trader to consumers for the harm caused should also be taken into account . repeated infringements by the same perpetrator shows a propensity to commit such infringements and is therefore a significant indication of the gravity of the conduct and , accordingly , of the need to increase the level of the penalty to achieve effective deterrence . the criterion of financial benefits gained , or losses avoided , due to the infringement is especially relevant where the national law provides for fines as penalties and sets the maximum fine as percentage of the trader’s turnover and where the infringement concerns only one or some of the markets in which the trader is operating . ### to facilitate more consistent application of penalties , in particular in intra - union infringements , widespread infringements and widespread infringements with a union dimension , as defined in regulation 2017 / 2394 , common non - exhaustive criteria should be introduced for the application of fines . any redress provided by the trader to consumers for the harm caused should be taken into account . repeated infringements by the same perpetrator shows a propensity to commit such infringements and is therefore a significant indication of the gravity of the conduct and , accordingly , of the need to increase the level of the penalty to achieve effective deterrence . the criterion of financial benefits gained , or losses avoided , due to the infringement is especially relevant where the national law provides for fines as penalties and sets the maximum fine as percentage of the trader’s turnover and where the infringement concerns only one or some of the markets in which the trader is operating .


### ‘ digital service’ means a service allowing the consumer the creation , processing or storage of , or access to , data in digital form ; or a service allowing the sharing of or any other interaction with data in digital form uploaded or created by the consumer and other users of that service , including video and audio sharing and other file hosting , word processing or games offered in the cloud computing environment and social media . ### ‘ digital service’ means a service allowing the consumer the creation , processing or storage of , or access to , data in digital form ; or a service allowing the sharing of or any other interaction with data in digital form uploaded or created by the consumer and other users of that service .


### when deciding about the allocation of revenues from fines member states shall take into account the general interest of consumers . ### member states shall use revenues from fines to promote the protection of the general interest of consumers , including through the establishment of a fund dedicated to providing redress in cases of consumer harm , and , where applicable , of any other harms , such as harm to environmental interests or harm to other protected public interests , suffered as a result of the infringement .


### such a practice can therefore be qualified as contrary to directive 2005 / 29 / ec based on a case by case assessment of relevant elements . in order to facilitate the application of existing law by member states ' consumer and food authorities , guidance on the application of current eu rules to situations of dual quality of food products was provided in the commission notice of 26 . 9 . 2017 ' on the application of eu food and consumer protection law to issues of dual quality of products – the specific case of food ' . 46 in this context , the commission ' s joint research centre is currently developing a common approach to the comparative testing of food products . __________________ 46 c6532 . ### such a practice can therefore be qualified as contrary to directive 2005 / 29 / ec based on a case by case assessment of relevant elements . in order to facilitate the application of existing law by member states ' consumer and food authorities , guidance on the application of current union rules to situations of dual quality of food products was provided in the commission notice of 26 . 9 . 2017 ' on the application of eu food and consumer protection law to issues of dual quality of products – the specific case of food ' . 46 in this context , the commission ' s joint research centre is currently developing a common approach to the comparative testing of food products , which could have an application as a european - wide , harmonised methodology . __________________ 46 c6532 .


### where the penalty to be imposed is a fine , the infringing trader’s annual turnover and net profits as well as any fines imposed for the same or other infringements of this directive in other member states shall also be taken into account in the determination of its amount . ### where the penalty to be imposed is a fine , any fines imposed for the same infringements of this directive in other member states shall also be taken into account in the determination of its amount .


### the co - financing rate for the cohesion fund at the level of each priority shall not be higher than 70 % . ### the co - financing rate for the cohesion fund at the level of each priority shall not be higher than 85 % .


### 70 % for the less developed regions ; ### 85 % for the less developed regions ;


### 55 % for the transition regions ; ### 65 % for the transition regions ;


### 40 % for the more developed regions . ### 50 % for the more developed regions .


### 2022 : 0 . 5 % ; ### 2022 : 3 % ;


### the co - financing rate for interreg programmes shall be no higher than 70 % . ### the co - financing rate for interreg programmes shall be no higher than 85 % .


### the commission should have the possibility , in specific cases , to ask the council to indicate its views and orientation on the wider implications of the absence of an opinion , including the institutional , legal , political and international implications . the commission should take account of any position expressed by the council within 3 months after the referral . in duly justified cases , the commission may indicate a shorter deadline in the referral . ### the commission should have the possibility , in specific cases , to ask the council to indicate its views and orientation on the wider implications of the absence of an opinion , including the institutional , legal , political , financial and international implications . the commission should take account of any position expressed by the council within 3 months after the referral . in duly justified cases , the commission may indicate a shorter deadline in the referral .


### in order to increase the added value of the appeal committee its role should therefore be strengthened by providing for the possibility of holding a further meeting of the appeal committee whenever no opinion is delivered . the appropriate level of representation at the further meeting of the appeal committee should be ministerial level , to ensure a political discussion . to allow the organisation of such a further meeting the timeframe for the appeal committee to deliver an opinion should be extended . ### in order to increase the added value of the appeal committee its role should therefore be strengthened by providing for the possibility , in exceptional circumstances , of holding a further meeting of the appeal committee whenever no opinion is delivered . the appropriate level of representation at the further meeting of the appeal committee should be ministerial level , to ensure a political discussion . to allow the organisation of such a further meeting the timeframe for the appeal committee to deliver an opinion should be extended .


### while the commission is empowered to decide in such cases , due to the particular sensitivity of the issues at stake , member states should also fully assume their responsibility in the decision - making process . this , however , is not the case when member states are not able to reach a qualified majority , due to , amongst others , a significant number of abstentions or non - appearances at the moment of the vote . ### while the commission is empowered to decide in such cases , due to the particular sensitivity of the issues at stake , member states should also fully assume their responsibility in the decision - making process . this , however , is not the case when member states are not able to reach a qualified majority , due to a variety of reasons including a significant number of abstentions or non - appearances at the moment of the vote .


### implementing partners shall target that at least 50 % of the investment under the sustainable infrastructure policy window contribute to meeting the union objectives on climate and environment . ### implementing partners shall target that at least 30 % of total investments and 50 % of investments under the sustainable infrastructure policy window contribute to meeting the union objectives on climate and environment . social investments to correct negative social impacts arising from the eu ' s climate or environmental policies shall also be understood as contributing to these objectives .


### low infrastructure investment rates in the union during the financial crisis undermined the union ' s ability to boost sustainable growth , competitiveness and convergence . sizeable investments in the european infrastructure are fundamental to meet the union ' s sustainability targets , including the 2030 energy and climate targets . accordingly , support from the investeu fund should target investments into transport , energy , including energy efficiency and renewable energy , environmental , climate action , maritime and digital infrastructure . to maximise the impact and the value added of union financing support , it is appropriate to promote a streamlined investment process enabling visibility of the project pipeline and consistency across relevant union programmes . bearing in mind security threats , investment projects receiving union support should take into account principles for the protection of citizens in public spaces . this should be complementary to the efforts made by other union funds such as the european regional development fund providing support for security components of investments in public spaces , transport , energy and other critical infrastructure . ### low infrastructure investment rates in the union during the financial crisis undermined the union ' s ability to boost sustainable growth , competitiveness and convergence . sizeable investments in the european infrastructure are fundamental to meet the union ' s sustainability targets , including the 2030 energy and climate targets . accordingly , support from the investeu fund should target investments into transport , energy , including energy efficiency and renewable energy , environmental , climate action , maritime and digital infrastructure . support should also be given to vital infrastructural and social investments related to the transformation of regions brought about by the achievement of the eu ' s climate policy objectives , including , in particular , mining regions . to maximise the impact and the value added of union financing support , it is appropriate to promote a streamlined investment process enabling visibility of the project pipeline and consistency across relevant union programmes . bearing in mind security threats , investment projects receiving union support should take into account principles for the protection of citizens in public spaces . this should be complementary to the efforts made by other union funds such as the european regional development fund providing support for security components of investments in public spaces , transport , energy and other critical infrastructure .


### a vehicle of category m3 , n2 or n3 as defined in table 3 in the annex . ### a vehicle of category m3 class 1 , n2 or n3 which is powered by alternative fuels as defined by article 2 paragraph 1 of directive 2014 / 94 / eu and as defined in table 3 in the annex .


### the efsi was established for an initial period of three years and with the aim of mobilising at least eur 315 billion in investments . given its success , the commission is committed to the doubling of the efsi , both in terms of duration and financial capacity . the legal extension covers the period of the current multiannual financial framework and should provide a total of at least half a trillion euro investments by 2020 . in order to enhance the firepower of the efsi even further and reach the aim of doubling the investment target , member states should also contribute as a matter of priority . ### the efsi was established for an initial period of three years and with the aim of mobilising at least eur 315 billion in investments . the commission is committed to the doubling of the efsi , both in terms of duration and financial capacity . the legal extension covers the period of the current multiannual financial framework and should provide a total of at least half a trillion euro investments by 2020 . in order to enhance the firepower of the efsi even further and reach the aim of doubling the investment target , member states should also contribute as a matter of priority .


### the investeu fund should be open to contributions from third countries that are members of the european free trade association , acceding countries , candidates and potential candidates , countries covered by the neighbourhood policy and other countries , in accordance with the conditions laid down between the union and those countries . this should allow continuing cooperating with the relevant countries , where appropriate , in particular in the fields of research and innovation as well as smes . ### the investeu fund should be open to contributions from third countries that are members of the european free trade association , acceding countries , candidates and potential candidates , countries covered by the neighbourhood policy and other countries , in accordance with the conditions laid down between the union and those countries .


### low infrastructure investment rates in the union during the financial crisis undermined the union ' s ability to boost sustainable growth , competitiveness and convergence . sizeable investments in the european infrastructure are fundamental to meet the union ' s sustainability targets , including the 2030 energy and climate targets . accordingly , support from the investeu fund should target investments into transport , energy , including energy efficiency and renewable energy , environmental , climate action , maritime and digital infrastructure . to maximise the impact and the value added of union financing support , it is appropriate to promote a streamlined investment process enabling visibility of the project pipeline and consistency across relevant union programmes . bearing in mind security threats , investment projects receiving union support should take into account principles for the protection of citizens in public spaces . this should be complementary to the efforts made by other union funds such as the european regional development fund providing support for security components of investments in public spaces , transport , energy and other critical infrastructure . ### low infrastructure investment rates in the union during the financial crisis prevented the union from boosting sustainable growth and competitiveness . sizeable investments in the european infrastructure are fundamental to meet the union ' s sustainability targets , including the 2030 energy and climate targets . accordingly , support from the investeu fund should target investments into transport , energy , including energy efficiency and renewable energy , environmental , climate action , maritime and digital infrastructure . to maximise the impact and the value added of union financing support , it is appropriate to promote a streamlined investment process enabling visibility of the project pipeline and consistency across relevant union programmes . bearing in mind security threats , investment projects receiving union support should take into account principles for the protection of citizens in public spaces . this should be complementary to the efforts made by other union funds such as the european regional development fund providing support for security components of investments in public spaces , transport , energy and other critical infrastructure .


### where point of article 5 applies , in relation to the offer of information society services directly to a child , the processing of the personal data of a child shall be lawful where the child is at least 13 years old . where the child is below the age of 13 years , such processing shall be lawful only if and to the extent that consent is given or authorised by the holder of parental responsibility over the child . ### where point of article 5 applies , in relation to the offer of information society services directly to a child , the processing of the personal data of a child shall be lawful where the child is at least 16 years old . where the child is below the age of 16 years , such processing shall be lawful only if and to the extent that consent is given or authorised by the holder of parental responsibility over the child .


### this directive should apply from 1 april 2019 , so that the last summer - time period subject to the rules of directive 2000 / 84 / ec should start , in every member state , at 1 . 00 a . m . , coordinated universal time , on 31 march 2019 . member states that , after that summer - time period , intend to adopt a standard time corresponding to the time applied during the winter season in accordance with directive 2000 / 84 / ec should change their standard time at 1 . 00 a . m . , coordinated universal time , on 27 october 2019 , so that similar and lasting changes occurring in different member states take place simultaneously . it is desirable that member states take the decisions on the standard time that each of them will apply as from 2019 in a concerted manner . ### it is necessary to give member states adequate time to prepare national analyses and public consultations concerning the effects of the discontinuing seasonal changes and repealing directive 2000 / 84 / ec and to adopt a well - coordinated approach to its implementation .


### a lively public debate is taking place on summer - time arrangements and some member states have already expressed their preference to discontinue the application of such arrangements . in the light of these developments , it is necessary to continue safeguarding the proper functioning of the internal market and to avoid any significant disruptions thereto caused by divergences between member states in this area . therefore , it is appropriate to put an end in a coordinated way to summer - time arrangements . ### a number of citizens ' initiatives have highlighted citizens ' concerns about the biannual clock change and member states should be given the time and opportunity to carry out their own public consultations and impact assessments in order to better understand the implications of discontinuing season time changes in all regions .