### the commission shall report to the european parliament and to the council by 28 february 2024 and every five years thereafter on the operation of this regulation , its contribution to the eu ' s overall 2030 greenhouse gas emission reduction target and its contribution to the goals of the paris agreement , and may make proposals if appropriate . ### within six months of the facilitative dialogue which is to be convened under the unfccc in 2018 to take stock of the collective efforts of parties in relation to progress towards the global long - term goal , and within six months of the global stocktake in 2023 and every five years thereafter , the commission shall submit a report to the european parliament and to the council on the operation of this regulation , its contribution to the eu ' s overall 2030 , 2040 and 2050 greenhouse gas emission reduction targets and assess its contribution to the long - term mitigation goals of the paris agreement and the need to update this regulation to enhance the union´s climate action . that report shall be accompanied , where appropriate , by legislative proposals .


### - critical technologies , including artificial intelligence , robotics , semiconductors , technologies with potential dual use applications , cybersecurity , space or nuclear technology ; ### - critical and strategic technologies , critical components , including artificial intelligence , robotics , semiconductors , technologies with potential dual use applications , cybersecurity , aerospace , defense , space or nuclear technology , raw materials , next - generation it , high - end numerical control machinery and robotics , agriculture machinery ; ,


### pursuant to the international commitments undertaken in the world trade organisation , the organisation for economic cooperation and development , and in the trade and investment agreements concluded with third countries , the union and members states may adopt restrictive measures relating to foreign direct investment on the grounds of security or public order , subject to certain requirements . ### pursuant to the international commitments undertaken in the world trade organisation , the organisation for economic cooperation and development , and in the trade and investment agreements concluded with third countries , the union and members states may adopt restrictive measures relating to foreign direct investment on the grounds of security , public order , strategic interest , fundamental rights or the protection of key technologies , subject to certain requirements .


### where the commission considers that a foreign direct investment is likely to affect projects or programmes of union interest on grounds of security or public order , the commission may issue an opinion addressed to the member state where the foreign direct investment is planned or has been completed . ### where the commission considers that a foreign direct investment is likely to affect projects or programmes of union interest on grounds of security or public order , the commission shall issue an opinion addressed to the member state where the foreign direct investment is planned or has been completed .


### furthermore , the commission should have the possibility to screen foreign direct investments likely to affect projects and programmes of union interest on grounds of security or public order . this would give the commission a tool to protect projects and programmes which serve the union as whole and represent an important contribution to its economic growth , jobs and competitiveness . this should include in particular projects and programmes involving a substantial eu funding or established by union legislation regarding critical infrastructure , critical technologies or critical inputs . for greater clarity , an indicative list of projects or programmes of union interest in relation to which foreign direct investment can be subject to a screening by the commission should be listed in an annex . ### furthermore , the commission should have the possibility to screen foreign direct investments likely to affect projects and programmes of union interest on grounds of security or public order . this would give the commission a tool to protect projects and programmes which serve the union as whole and represent an important contribution to its economic growth , jobs , security , strategic interest and competitiveness . this should include in particular projects and programmes involving eu funding or established by union legislation regarding critical infrastructure , defence , critical technologies or critical inputs . for greater clarity , an indicative list of projects or programmes of union interest in relation to which foreign direct investment should be subject to a screening by the commission should be listed in an annex . this list should be promptly updated whenever new projects or programmes are established .


### 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 eu funding , or which are covered by union legislation regarding critical infrastructure , defence , critical technologies or critical inputs . an indicative and non - exhaustive list of projects or programmes of union interest is included in annex 1 .


### - the security of supply of critical inputs ; or ### - the security and continuity of supply of critical inputs of , inter alia , rare materials , water , energy and agriculture ; or


### - critical infrastructure , including energy , transport , communications , data storage , space or financial infrastructure , as well as sensitive facilities ; ### - critical infrastructure , whether physical or virtual , including energy , transport , water distribution , media , communications , data storage , space or financial infrastructure , financial services and markets , health as well as sensitive facilities and any security and defense infrastructure ;


### the funding of the investment , on the basis of information available to the member state . ### the funding of the investment and its legal source , on the basis of information available to the member state .


### member states shall ensure that the information requested by the commission and other member states pursuant to articles 8 and 9 is made available to the commission and the requesting member states without undue delay . ### member states shall ensure that the information requested by the commission pursuant to articles 8 and 9 is made available to the commission without undue delay .


### in determining whether a foreign direct investment is likely to affect security or public order , member states and the commission may take into account whether the foreign investor is controlled by the government of a third country , including through significant funding . ### in determining whether a foreign direct investment is likely to affect security or public order , member states and the commission shall take into account whether the foreign investor is controlled by the government , directly or indirectly , of a third country , including through significant funding , especially if that government does not fully respect international human rights law , international humanitarian law and is not complying with relevant international arms control norms such as the arms trade treaty , whether opaque ownership structures are used where the ultimate owner is not clear , or if common market rules are contravened . the commission or member states may assess positively geopolitical factors , such as whether the undertaking is based in a nato country .


### in determining whether a foreign direct investment is likely to affect security or public order , member states and the commission may take into account whether the foreign investor is controlled by the government of a third country , including through significant funding . ### in determining whether a foreign direct investment is likely to affect economic and union security or public order , member states and the commission shall take into account : - whether it is a foreign government - controlled transaction , including through significant funding and subsidies , extended credit and lending issued by state - owned financial institutions , which may directly or indirectly influence the decision - making process ; - whether such investment could lead to the establishment or consolidation of a monopolistic structure or could undermine the functioning of the union value chains based on strategic industries .


### cooperation between member states pursuant to this article shall take place through the contact points referred to in article 12 . ### cooperation between member states pursuant to this article shall take place through coordination group referred to in article 12 .


### several member states have put in place measures according to which they may restrict the movement of capital between member states and between member states and third countries on grounds of public policy or public security . those measures reflect member states ' objectives and concerns with respect to foreign direct investment , and result in a number of different measures in terms of scope and procedure . other member states do not have such mechanisms . ### several member states have put in place measures according to which they may restrict the movement of capital between member states and third countries on grounds of public policy or public security . those measures reflect member states ' objectives and stakeholders ' concerns with respect to foreign direct investment , and result in a number of different measures in terms of scope and procedure . other member states which do not have such mechanisms should follow the best practices of those who have such mechanisms in place .


### where the commission considers that a foreign direct investment is likely to affect projects or programmes of union interest on grounds of security or public order , the commission should have the possibility to address an opinion to the member states in which such investment is planned or completed within a reasonable timeframe . the member states should take utmost account of the opinion and provide an explanation to the commission if they do not follow this opinion , in compliance with their duty of sincere cooperation under article 4 teu . the commission should also have the possibility to request from those member states the information necessary for its screening of such investment . ### where the commission considers that a foreign direct investment is likely to affect projects or programmes of union interest on grounds of economic and union security or public order , the commission shall address an opinion to the member states in which such investment is planned or completed within a reasonable timeframe . the member states shall take duly account of the opinion and provide an explanation to the commission if they do not follow this opinion , in compliance with their duty of sincere cooperation under article 4 teu . the commission should also have the possibility to request from those member states the information necessary for its screening of such investment .


### member states that do not maintain screening mechanisms shall provide the commission with an annual report covering foreign directs investments that took place in their territory , on the basis of information available to them . ### member states that do not maintain screening mechanisms shall undertake to introduce them and shall provide the commission with an annual report covering foreign directs investments that took place in their territory , on the basis of information available to them .


### furthermore , the commission should have the possibility to screen foreign direct investments likely to affect projects and programmes of union interest on grounds of security or public order . this would give the commission a tool to protect projects and programmes which serve the union as whole and represent an important contribution to its economic growth , jobs and competitiveness . this should include in particular projects and programmes involving a substantial eu funding or established by union legislation regarding critical infrastructure , critical technologies or critical inputs . for greater clarity , an indicative list of projects or programmes of union interest in relation to which foreign direct investment can be subject to a screening by the commission should be listed in an annex . ### furthermore , the commission shall have the possibility to scrutinize foreign direct investments likely to affect projects and programmes of union interest on grounds of economic and union security or public order . this would give the commission a tool to protect projects and programmes which serve the union as whole and represent an important contribution to its economic growth , jobs and competitiveness . this should include in particular projects and programmes involving eu funding or established by union legislation regarding critical and strategic infrastructure and borders , critical technologies , defence or critical inputs . for greater clarity , an indicative , but not exhaustive , list of projects or programmes of union interest in relation to which foreign direct investment can be subject to a screening by the commission should be listed in an annex .


### member states shall inform the commission and the other member states of any foreign direct investments that are undergoing screening within the framework of their screening mechanisms , within 5 working days from the start of the screening . as part of the information , and when applicable , the screening member states shall endeavour to indicate whether it considers that the foreign direct investment undergoing screening is likely to fall within the scope of regulation no 139 / 2004 . ### member states shall inform the commission , which will update other member states within 5 working days from the start of the screening , of any foreign direct investments that are undergoing screening within the framework of their screening mechanisms . as part of the information , and when applicable , the screening member states shall endeavour to indicate whether it considers that the foreign direct investment undergoing screening is likely to fall within the scope of regulation no 139 / 2004 .


### foreign direct investment contributes to the union ' s growth , by enhancing its competitiveness , creating jobs and economies of scale , bringing in capital , technologies , innovation , expertise , and by opening new markets for the union ' s exports . it supports the objectives of the commission ' s investment plan for europe and contributes to other union projects and programmes . ### foreign direct investment contributes to the union ' s growth , by enhancing its competitiveness , creating and maintaining&#160 ; jobs and economies of scale , bringing in capital , technologies , innovation , expertise , and by opening new markets for the union ' s exports and guaranteeing reciprocity . it supports the objectives of the commission ' s investment plan for europe and contributes to other union projects and programmes .


### member states shall establish timeframes for issuing screening decisions . such timeframes shall allow them to take into account the comments of member states referred to in article 8 and the opinion of the commission referred to in articles 8 and 9 . ### member states shall establish timeframes for issuing screening decisions and make them publicly available . such timeframes shall allow them to take into account the comments of member states referred to in article 8 and the opinion of the commission referred to in articles 8 and 9 .


### the member states where the foreign direct investment is planned or has been completed shall give due consideration to the comments of the other member states referred to in paragraph 2 and to the opinion of the commission referred to in paragraph 3 . ### the member states where the foreign direct investment is planned or has been completed shall give due consideration to the comments and the opinion of the commission referred to in paragraph 3 .


### the commission may screen foreign direct investments that are likely to affect projects or programmes of union interest on the grounds of security or public order . ### the commission shall scrutinize foreign direct investments that are likely to affect projects or programmes of union interest on the grounds of economic security and union security or public order .


### the commission or a member state which duly considers that a foreign direct investment is likely to affect its security or public order may request from the member state where the foreign direct investment is planned or has been completed , any information necessary to provide comments referred to in paragraph 2 , or to issue the opinion referred to in paragraph 3 . ### the commission when considers , on basis of the comments and opinions provided under paragraph 2 , that a foreign direct investment is likely to affect its security or public order may request additional information from the member state where the foreign direct investment is planned or has been completed and share this information with other member states in appropriate fora .


### 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 shall 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 .


### manufacturing processes involving the use of mercury and / or mercury compounds that did not exist prior to 1 january 2018 shall be prohibited . ### manufacturing processes involving the use of mercury and / or mercury compounds that did not exist prior to the entry into force of this regulation shall be prohibited .


### temporarily stored in above - ground facilities dedicated to and equipped for the temporary storage of mercury . ### permanently stored , in a solidified and stabilised form , in salt mines that are adapted for the disposal of mercury , or in deep underground hard rock formations providing a level of safety and confinement equivalent to that of those salt mines ;


### the manufacturing and placing on the market of new mercury - added products and the establishment of new mercury - based manufacturing processes would increase the use of mercury and of mercury compounds and mercury emissions within the union . such new activities should therefore be prohibited unless an assessment demonstrates that these uses would provide significant environmental and health benefits and that no technically and economically feasible mercury - free alternatives providing such benefits are available . ### the manufacturing and placing on the market of new mercury - added products and the establishment of new mercury - based manufacturing processes would increase the use of mercury and of mercury compounds and mercury emissions within the union . such new activities should therefore be prohibited unless an assessment demonstrates that these uses would provide significant health benefits and that no technically feasible mercury - free alternatives providing such benefits are available .


### 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 . ### pending the total elimination of the use of mercury in dentistry , 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 is not released into the environment , but is collected and subjected to sound waste management .


### article 12 evaluation and review at the latest [ po insert date : 18 months after the entry into force of this regulation ] the eib shall evaluate the functioning of the efsi . the eib shall submit its evaluation to the european parliament , the council and the commission ; at the latest [ po insert date : 18 months after the entry into force of this regulation ] the commission shall evaluate the use of the eu guarantee and the functioning of the guarantee fund , including the use of endowments according to article 8 . the commission shall submit its evaluation to the european parliament and the council . 2 . by 30 june 2018 and every three years thereafter : the eib shall publish a comprehensive report on the functioning of the efsi ; the commission shall publish a comprehensive report on the use of the eu guarantee and the functioning of the guarantee fund . 3 . the eib , in cooperation with the eif as appropriate , shall contribute to and provide the necessary information for the commission evaluation and report under paragraph 1 and 2 respectively . 4 . the eib and eif shall on a regular basis provide the european parliament , the council and the commission with all their independent evaluation reports which assess the practical results achieved by the specific activities of the eib and eif under this regulation . 5 . at the latest [ po insert date three years after the entry into force of this regulation ] , the commission shall submit a report to the european parliament and the council on the application of this regulation accompanied by any relevant proposal . ### article 12 evaluation at the latest [ po insert date : 12 months after the entry into force of this regulation ] the eib shall submit an evaluation on the functioning of the efsi to the european parliament , the council and the commission ; at the latest [ po insert date : 12 months after the entry into force of this regulation ] the commission shall evaluate the use of the eu guarantee and the functioning of the guarantee fund , including the use of endowments according to article 8 . the commission shall annually submit its evaluation to the european parliament and the council . 2 . annually , and 6 months after the date of termination of the agreement of efsi : the eib shall publish a comprehensive report on the functioning of the efsi ; the commission shall publish a comprehensive report on the use of the eu guarantee and the functioning of the guarantee fund . 3 . the eib , in cooperation with the eif as appropriate , shall contribute to and provide the necessary information for the commission evaluation and report under paragraph 1 and 2 respectively . 4 . the eib and eif shall on a regular basis provide the european parliament , the council and the commission with all their independent evaluation reports which assess the practical results achieved by the specific activities of the eib and eif under this regulation . 5 . at the latest [ po insert date three years after the entry into force of this regulation ] , the commission shall submit a report to the european parliament and the council on the application of this regulation and the evaluation of the eligibility criteria applied by the investment committee and defined in article 5 , accompanied by any relevant proposal .


### 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 commission and the eib shall develop , update and disseminate , on a regular , structured and transparent basis , information on current and future investments which significantly contribute to achieving eu policy objectives , specifically information concerning energy and the environment for 2020 , 2030 so as to accelerate the transition to a low - carbon , circular and sharing economy .


### the efsi should target projects with a higher risk - return profile than existing eib and union instruments to ensure additionality over existing operations . the efsi should finance projects across the union , including in the countries most affected by the financial crisis . the efsi should only be used where financing is not available from other sources on reasonable terms . ### the efsi should target projects with a higher risk - return profile than existing eib and union instruments to ensure additionality over existing operations . the efsi should finance sustainable projects across the union , particularly in the countries most affected by the financial crisis . the efsi should only be used where financing is not available from other sources on favourable terms .


### many small and medium enterprises , as well as mid - cap companies , across the union require assistance to attract market financing , especially as regards investments that carry a greater degree of risk . the efsi should help these businesses to overcome capital shortages by allowing the eib and the european investment fund to provide direct and indirect equity injections , as well as to provide guarantees for high - quality securitisation of loans , and other products that are granted in pursuit of the aims of the efsi . ### many small , medium and micro enterprises across the union require assistance to attract market financing , especially as regards investments that carry a greater degree of risk . the efsi should help these businesses to overcome capital shortages by allowing the eib and the european investment fund to provide direct and indirect equity injections , as well as to provide guarantees for high - quality securitisation of loans , and other products that are granted in pursuit of the aims of the efsi .


### 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 support for large projects should be made , in a transparent manner , by an investment committee . the investment committee should be composed of independent experts who have been appropriately selected in accordance with the principle of accountability and are knowledgeable and experienced in the areas of investment projects . they should be approved only after a hearing and vote in the european parliament . 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 , medium and micro enterprises and innovative start - ups .


### 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 . t 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 . it is expected that this eur 60 800 000 000 supported by the efsi will be able 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 .


### the eib should regularly evaluate activities supported by the efsi with a view to assessing their relevance , performance and impact and to identifying aspects that could improve future activities . such evaluations should contribute to accountability and analysis of sustainability . ### the eib and the investment committee should regularly evaluate and report on activities supported by the efsi with a view to assessing their relevance , performance and impact and to identifying aspects that could improve future activities . such evaluations and reporting should be made public and contribute to accountability and analysis of sustainability .


### 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 investment . in order to stimulate investment , it is necessary to abolish eu austerity policies and revive measures that can help to establish a virtuous circle , where investment projects help support long - term employment and demand , leading to a sustained increase in growth and development potential .


### 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 31 march of each year , send to the european parliament , the council and the court of auditors the annual accounts , the financial statement and an annual report in accordance with regulation no 996 / 2012 on the situation of the efsi and the management thereof in the previous calendar year . this report shall also give information on the adequacy of the level of the eu guarantee and , if necessary , recommendations on adjusting its level .


### 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 and regional promotional banks , via the eib , that invest in operations meeting the requirements of this regulation . furthermore , in order to treat energy efficiency as an energy source in its own right , the eu guarantee shall only be granted for eib financing and investment operations if a comparison , on the basis of a level playing - field where energy efficiency and demand - side response are competing on equal terms with generation capacity , is carried out whenever it is technically feasible and in accordance with the principles and criteria set out in annex 1a , while having in mind justifiable urgent and exceptional energy security considerations .


### 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 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 high societal and economic value . in particular , the efsi should target projects that promote job creation , long - term sustainable 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 and as a means of further enhancing cohesion across the union . the requirement for consistency with state aid principles should contribute to such effective and strategic use .


### 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 investment as a consequence of fiscal constraints on member states and sluggish growth , thereby resulting in market uncertainty regarding the economic future . this lack of investment , which has been particularly severe in member states most affected by the crisis , slows economic recovery and negatively affects job creation , long - term growth prospects and competitiveness .


### the eib should regularly evaluate activities supported by the efsi with a view to assessing their relevance , performance and impact and to identifying aspects that could improve future activities . such evaluations should contribute to accountability and analysis of sustainability . ### the eib and the investment committee should regularly evaluate and report on activities supported by the efsi with a view to assessing their added value to existing union funded activities , relevance , performance and impact and to identifying aspects that could improve future activities . such evaluations should contribute to public accountability , sound financial management , transparency and analysis of economic , environmental and social sustainability .


### 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 commission and the eib shall develop , update and disseminate , on a regular , structured and transparent basis , information on current and future investments which significantly contribute to achieving eu policy objectives .


### any other payments received by the union in accordance with the efsi agreement . ### any other contributions received by the union in accordance with the efsi agreement .


### the steering board shall take decisions by consensus . ### the steering board shall take decisions by consensus and shall make its decisions public and accessible .


### 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 solid experience in the assessment and financing of innovative projects of high environmental and social value and shall be appointed by the steering board for a once renewable fixed term of three years .


### article 12 evaluation and review at the latest [ po insert date : 18 months after the entry into force of this regulation ] the eib shall evaluate the functioning of the efsi . the eib shall submit its evaluation to the european parliament , the council and the commission ; at the latest [ po insert date : 18 months after the entry into force of this regulation ] the commission shall evaluate the use of the eu guarantee and the functioning of the guarantee fund , including the use of endowments according to article 8 . the commission shall submit its evaluation to the european parliament and the council . 2 . by 30 june 2018 and every three years thereafter : the eib shall publish a comprehensive report on the functioning of the efsi ; the commission shall publish a comprehensive report on the use of the eu guarantee and the functioning of the guarantee fund . 3 . the eib , in cooperation with the eif as appropriate , shall contribute to and provide the necessary information for the commission evaluation and report under paragraph 1 and 2 respectively . 4 . the eib and eif shall on a regular basis provide the european parliament , the council and the commission with all their independent evaluation reports which assess the practical results achieved by the specific activities of the eib and eif under this regulation . 5 . at the latest [ po insert date three years after the entry into force of this regulation ] , the commission shall submit a report to the european parliament and the council on the application of this regulation accompanied by any relevant proposal . ### article 12 evaluation at the latest [ po insert date : 12 months after the entry into force of this regulation ] the eib shall submit an evaluation on the functioning of the efsi to the european parliament , the council and the commission ; at the latest [ po insert date : 12 months after the entry into force of this regulation ] the commission shall evaluate the use of the eu guarantee and the functioning of the guarantee fund , including the use of endowments according to article 8 . the commission shall annually submit its evaluation to the european parliament and the council . 2 . annually , and 6 months after the date of termination of the agreement of efsi : the eib shall publish a comprehensive report on the functioning of the efsi ; the commission shall publish a comprehensive report on the use of the eu guarantee and the functioning of the guarantee fund . 3 . the eib , in cooperation with the eif as appropriate , shall contribute to and provide the necessary information for the commission evaluation and report under paragraph 1 and 2 respectively . 4 . the eib and eif shall on a regular basis provide the european parliament , the council and the commission with all their independent evaluation reports which assess the practical results achieved by the specific activities of the eib and eif under this regulation . 5 . at the latest [ po insert date three years after the entry into force of this regulation ] , the commission shall submit a report to the european parliament and the council on the application of this regulation and the evaluation of the eligibility criteria applied by the investment committee and defined in article 5 , accompanied by any relevant proposal .


### eib loans , guarantees , counter - guarantees , capital market instruments , any other form of funding or credit enhancement instrument , equity or quasi - equity participations . these instruments shall be granted , acquired or issued for the benefit of operations carried out in the union , including cross - border operations between a member state and a third country , in compliance with this regulation and where eib financing has been granted in accordance with a signed agreement which has neither expired nor been cancelled ; ### eib loans , guarantees , counter - guarantees , capital market instruments , microfinance and any other form of funding or credit enhancement instrument , equity or quasi - equity participations . these instruments shall be granted , acquired or issued for the benefit of operations carried out in the union , in compliance with this regulation and where eib financing has been granted in accordance with a signed agreement which has neither expired nor been cancelled .


### the commission and the eib , with support from the member states , shall promote the creation of a transparent pipeline of current and potential future investment projects in the union . the pipeline is without prejudice to the final projects selected for support according to article 3 . ### the commission and the eib shall create a transparent pipeline of current and potential investment projects in the union . member states may contribute to its establishment and management .


### in accordance with its own transparency policies on access to documents and information , the eib shall make publicly available on its website information relating to all eib financing and investment operations and how they contribute to the general objectives referred to in article 5 . ### the eib shall make publicly available on its website detailed information relating to all eib financing and investment operations and the projects it finances directly or indirectly , and how they contribute to the general objectives referred to in article 5 .


### 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 target investments that are expected to be economically , socially and environmentally sustainable and technically viable , which may in some cases entail a high degree of risk , whilst still meeting the particular requirements for efsi financing .


### 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 . t 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 . it is expected that this eur 60 800 000 000 supported by the efsi will be able 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 .


### decisions of the investment committee shall be taken by simple majority . ### decisions of the investment committee shall be taken by simple majority and its decisions shall be public and accessible .


### eib funding to the eif enabling it to undertake loans , guarantees , counter - guarantees , any other form of credit enhancement instrument , capital market instruments and equity or quasi - equity participations . these instruments shall be granted , acquired or issued for the benefit of operations carried out in the union , in compliance with this regulation and where eif financing has been granted in accordance with a signed agreement which has neither expired nor been cancelled . ### eib funding to the eif enabling it to undertake loans , guarantees , counter - guarantees , capital market instruments and equity or quasi - equity participations . credit enhancement instruments such as project bonds shall not be granted until the evaluation of the project bond initiative has been carried out as requested by the relevant eu decision . these instruments shall be granted , acquired or issued for the benefit of operations carried out in the union , in compliance with this regulation and where eif financing has been granted in accordance with a signed agreement which has neither expired nor been cancelled .


### the eib should regularly evaluate activities supported by the efsi with a view to assessing their relevance , performance and impact and to identifying aspects that could improve future activities . such evaluations should contribute to accountability and analysis of sustainability . ### the eib and the investment committee should regularly evaluate and report on activities supported by the efsi with a view to assessing their relevance , performance and impact and to identifying aspects that could improve future activities . such evaluations should contribute to public accountability and analysis of economic , environmental and social sustainability .


### eib loans , guarantees , counter - guarantees , capital market instruments , any other form of funding or credit enhancement instrument , equity or quasi - equity participations . these instruments shall be granted , acquired or issued for the benefit of operations carried out in the union , including cross - border operations between a member state and a third country , in compliance with this regulation and where eib financing has been granted in accordance with a signed agreement which has neither expired nor been cancelled ; ### eib loans , guarantees , counter - guarantees , capital market instruments , microfinance and any other form of funding or credit enhancement instrument , equity or quasi - equity participations . these instruments shall be granted , acquired or issued for the benefit of operations carried out in the union , including cross - border operations between a member state and a third country , in compliance with this regulation and where eib financing has been granted in accordance with a signed agreement which has neither expired nor been cancelled ;


### 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 support for large projects should be made , in a transparent manner , by an investment committee . the investment committee should be composed of independent experts who have been appropriately selected in accordance with the principle of accountability and are knowledgeable and experienced in the areas of investment projects . they should be approved only after a hearing and vote in the european parliament . 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 , medium and micro enterprises and innovative start - ups .


### in its financing and investment operations , the eib shall not support any activities carried out for illegal purposes , including money laundering , financing of terrorism , tax fraud and tax evasion , corruption , or fraud affecting the financial interests of the union . in particular the eib shall not participate in any financing or investment operation through a vehicle located in a non - cooperative jurisdiction , in line with its policy towards weakly regulated or non - cooperative jurisdictions based on policies of the union , the organisation for economic cooperation and development or the financial action task force . ### in its financing and investment operations , the eib shall not support any activities carried out for illegal purposes , including money laundering , financing of terrorism , financing of activities in connection with organised crime , tax fraud and tax evasion , corruption , or fraud affecting the financial interests of the eu . in particular , the eib shall not participate in any financing or investment operation through a vehicle located in a non - cooperative jurisdiction , in line with its policy towards weakly regulated or non - cooperative jurisdictions based on eu policies , or in member states that adopt aggressive tax planning , such as luxembourg , ireland and the netherlands , the organisation for economic cooperation and development or the financial action task force .


### the eib , in cooperation with the eif as appropriate , shall report semi - annually to the commission on eib financing and investment operations under this regulation . the report shall include an assessment of compliance with the requirements on the use of the eu guarantee and the key performance indicators established pursuant to article 2 . the report shall also include statistical , financial and accounting data on each eib financing and investment operation and on an aggregated basis . ### the eib and the steering board , in cooperation with the eif as appropriate , shall report quarterly to the commission on eib financing and investment operations under this regulation . the report shall include an assessment of compliance with the requirements on the use of the eu guarantee and the key performance indicators established pursuant to article 2 . the report shall also include statistical , financial and accounting data on each eib financing and investment operation and on an aggregated basis .


### 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 .


### 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 .


### 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 using appropriate indicators including numbers of premature deaths , years of life lost , hospital admissions , and areas of ecosystems , including natura 2000 areas , exposed to air pollution in excess of critical loads and levels .


### 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 , volatile organic compounds other than methane , ammonia , particulate matter , methane and mercury in accordance with the national emission reduction commitments applicable from 2020 , 2025 and 2030 , as laid down in annex ii .


### member states shall , where appropriate , coordinate the monitoring of air pollution impacts with other monitoring programmes established by virtue of union legislation , including directive 2008 / 50 / ec and directive 2000 / 60 / ec of the european parliament and of the council . 30 __________________ 30 directive 2000 / 60 / ec of the european parliament and of the council of 23 october 2000 establishing a framework for community action in the field of water policy ### member states shall coordinate the monitoring of air pollution impacts with other monitoring programmes established by virtue of union legislation , including directive 2008 / 50 / ec and directive 2000 / 60 / ec of the european parliament and of the council . 30 __________________ 30 directive 2000 / 60 / ec of the european parliament and of the council of 23 october 2000 establishing a framework for community action in the field of water policy


### 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 . ### member states should comply with the emission reduction commitments set out in this directive for 2020 , 2025 and 2030 .


### member states should prepare and annually update national emission inventories for the pollutants set out in table b of annex i , in accordance with the requirements set out therein . ### member states shall prepare and annually update national emission inventories for the pollutants set out in table b of annex i , in accordance with the requirements set out therein .


### where a national air pollution control programme is updated under article 6 , the member state concerned shall inform the commission thereof within two months . ### where a national air pollution control programme is updated under article 6 , the member state concerned shall communicate the updated programme to the commission within two months .


### members states that intend to apply paragraphs 1 , 2 and 3 shall inform the commission by 30 september of the year preceding the reporting year concerned . that information shall include the pollutants and sectors concerned and , where available , the magnitude of the impacts upon national emission inventories . ### members states that intend to apply paragraph 1 shall inform the commission by 30 september of the year preceding the reporting year concerned . that information shall include the sectors concerned and , where available , the magnitude of the impacts upon national emission inventories .


### member states shall draw up and adopt a national air pollution control programme in accordance with part 2 of annex iii in order to limit their annual anthropogenic emissions in accordance with article 4 . ### member states shall draw up and adopt a national air pollution control programme in accordance with part 2 of annex iii in order to limit their annual anthropogenic emissions in accordance with article 4 , and to achieve the objectives of the directive pursuant to article 1 .


### an assessment of the progress made with implementation of the programme , the reduction of emissions and the reduction of concentrations ; ### an assessment of the progress made with implementation of the programme , the reduction of emissions , the reduction of concentrations and associated environmental , public health and socio - economic benefits ;


### 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 non - governmental organisations promoting environmental protection , consumer organisations , organisations representing the interests of sensitive populations and other relevant health - care bodies are given early and effective opportunities to participate in the preparation and modification or review of national air pollution control programmes prior to their finalisation . member states shall also consult those 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 . transboundary consultations shall be ensured in accordance with relevant union legislation , including article 25 of directive 2008 / 50 / ec .


### 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 .


### 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 . ### in order to limit the atmospheric emissions of air pollutants and to effectively contribute to the union objective of achieving air quality that does not give rise to significant negative impacts on and risks to health , and to reducing the levels deposition of acidifying and eutrophying pollutants below critical loads and levels , binding national emission reduction commitments are set in this directive for 2020 , 2025 and 2030 .


### member states decide to make use of any of the flexibilities set out in article 5 . ### member states decide to make use of the flexibility set out in article 5 .


### 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 ;


### 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 . ### inorganic fertilisers shall as far as possible be replaced by organic fertilisers . where inorganic fertilisers continue to be applied , they 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 .


### take account of the need to reduce air pollutant emissions for the purpose of reaching compliance with air quality objectives in their territories and , where appropriate in neighbouring member states ; ### ensure sufficient measures to reduce air pollutant emissions for the purpose of reaching compliance with air quality objectives in their territories and in neighbouring member states ;


### 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 national emission ceiling regime established by directive 2001 / 81 / ec should therefore be revised in order to align it with the international commitments of the union and the member states . ### the national emission ceiling regime established by directive 2001 / 81 / ec should therefore be revised in order to ensure compliance with the international commitments of the union and the member states .


### specific transparency requirements for online marketplaces should therefore be provided in directive 2011 / 83 / eu to inform consumers using online marketplaces about the main parameters determining ranking of offers , whether they enter into a contract with a trader or a non - trader , whether consumer protection law applies and which trader is responsible for the performance of the contract and for ensuring consumer rights when these rights apply . this information should be provided in a clear and comprehensible manner and not only through a reference in the standard terms and conditions or similar contractual document . the information requirements for online marketplaces should be proportionate and need to strike a balance between a high level of consumer protection and the competitiveness of online marketplaces . online marketplaces should not be required to list specific consumer rights when informing consumers about their applicability or non - applicability . the information to be provided about the responsibility for ensuring consumer rights depends on the contractual arrangements between the online marketplace and the relevant third party traders . online marketplace may refer to the third party trader as being solely responsible for ensuring consumer rights or describe its specific responsibilities where it assumes the responsibility for certain aspects of the contract , for example , delivery or the exercise of the right of withdrawal . the obligation to provide information about the main parameters determining ranking of search results is without prejudice to any trade secrets regarding the underlying algorithms . this information should explain the main default parameters used by the marketplace but does not have to be presented in a customized manner for each individual search query . ### specific transparency requirements for online marketplaces should therefore be provided in directive 2011 / 83 / eu to inform consumers using online marketplaces about the main parameters determining ranking of offers , whether they enter into a contract with a trader or a non - trader , whether consumer protection law applies and which trader is responsible for the performance of the contract and for ensuring consumer rights when these rights apply . this information should be provided in a clear and comprehensible manner and not only through a reference in the standard terms and conditions or similar contractual document . the information requirements for online marketplaces should be proportionate and need to strike a balance between a high level of consumer protection and the competitiveness of online marketplaces . online marketplaces should not be required to list specific consumer rights when informing consumers about their applicability or non - applicability . the information to be provided about the responsibility for ensuring consumer rights depends on the contractual arrangements between the online marketplace and the relevant third party traders . online marketplace may refer to the third party trader as being solely responsible for ensuring consumer rights or describe its specific responsibilities where it assumes the responsibility for certain aspects of the contract , for example , delivery or the exercise of the right of withdrawal . the obligation to provide information about the main parameters and about the weighting used to determine the ranking of search results is without prejudice to any trade secrets regarding the underlying algorithms . this information should explain the main default parameters used by the marketplace but does not have to be presented in a customized manner for each individual search query .


### contractual remedies shall include , as a minimum , the possibility for the consumer to unilaterally terminate the contract . ### contractual remedies shall include , as a minimum , the possibility for the consumer to unilaterally terminate the contract and be entitled to a price reduction .


### using editorial content in the media , or providing information to a consumer’s online search query , to promote a product where a trader has paid for the promotion without making that clear in the content or search results or by images or sounds clearly identifiable by the consumer . this is without prejudice to directive 2010 / 13 / eu48 . __________________ 48 directive 2010 / 13 / eu of the european parliament and of the council of 10 march 2010 on the coordination of certain provisions laid down by law , regulation or administrative action in member states concerning the provision of audiovisual media services . ### using editorial content in the media , or providing information to a consumer’s online search query , to promote a product or service , including via a more favourable positioning thereof in the search results , where a trader has supported the promotion , in exchange for payment or in kind , without making that clear in the content or search results or by images or sounds clearly identifiable by the consumer . this is without prejudice to directive 2010 / 13 / eu48 . __________________ 48 directive 2010 / 13 / eu of the european parliament and of the council of 10 march 2010 on the coordination of certain provisions laid down by law , regulation or administrative action in member states concerning the provision of audiovisual media services .


### directive 2011 / 83 / eu should also not apply to situations where the trader only collects metadata , such as the ip address , browsing history or other information collected and transmitted for instance by cookies , except where this situation is considered a contract under national law . it should also not apply to situations where the consumer , without having concluded a contract with the trader , is exposed to advertisements exclusively in order to gain access to digital content or a digital service . however , member states should remain free to extend the application of the rules of directive 2011 / 83 / eu to such situations or to otherwise regulate such situations which are excluded from the scope of that directive . ### directive 2011 / 83 / eu should also not apply to situations where the consumer , without having concluded a contract with the trader , is exposed to advertisements exclusively in order to gain access to digital content or a digital service . however , member states should remain free to extend the application of the rules of directive 2011 / 83 / eu to such situations or to otherwise regulate such situations which are excluded from the scope of that directive .


### 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 marketing or selling practices that the member state has identified as being aggressive or misleading in the context of unsolicited telephone calls to a private number or home phone , or 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 and are proportionate and non - discriminatory .


### to ensure that member state authorities can impose effective , proportionate and dissuasive penalties in relation to widespread infringements of consumer law and to widespread infringements with a union dimension that are subject to coordinated investigation and enforcement in accordance with regulation 2017 / 2394 , fines should be introduced as a mandatory element of penalties for such infringements . in order to ensure deterrence of the fines , member states should set in their national law the maximum fine for such infringements at a level that is at least 4 % of the trader ' s annual turnover in the member state concerned . ### to ensure that member state authorities can impose effective , proportionate and dissuasive penalties in relation to widespread infringements of consumer law and to widespread infringements with a union dimension that are subject to coordinated investigation and enforcement in accordance with regulation 2017 / 2394 , fines should be introduced as a mandatory element of penalties for such infringements . in order to ensure deterrence of the fines , member states should set in their national law the maximum fine for such infringements at a level that is at least 4 % of the trader ' s global turnover calculated on the basis of the total turnover in the previous financial year in the member state or member states concerned .


### member states shall ensure that the penalties for widespread infringements and widespread infringements with a union dimension within the meaning of regulation no 2017 / 2934 include the possibility to impose fines , the maximum amount of which shall be at least 4% of the trader’s annual turnover in the member state or member states concerned . ### member states shall ensure that the penalties for widespread infringements and widespread infringements with a union dimension within the meaning of regulation no 2017 / 2394 include the possibility to impose fines , the maximum amount of which shall be at least 4% of the trader’s global turnover calculated on the annual total for the previous year in the member state or member states concerned .


### member states shall ensure that the penalties for widespread infringements and widespread infringements with a union dimension within the meaning of regulation no 2017 / 2934 include the possibility to impose fines , the maximum amount of which shall be at least 4 % of the trader ' s annual turnover in the member state or member states concerned . ### member states shall ensure that the penalties for widespread infringements and widespread infringements with a union dimension within the meaning of regulation no 2017 / 2394 include the possibility to impose fines , the maximum amount of which shall be at least 4 % of the trader ' s total worldwide annual turnover .


### 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 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 . these criteria should also be taken into consideration where the infringement has taken place prior to the entry into force of the legislation , but its effects on consumers are continuing to produce clear and demonstrable damage or negative effects .


### ‘ 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 thereof . this also includes contracts where the consumer provides or undertakes to provide data to the trader , except where the 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 ;


### when deciding about the allocation of revenues from fines member states shall take into account the general interest of consumers . ### when deciding about the allocation of revenues from fines member states shall take into account the general interest of consumers . in particular , member states must allocate the majority of the revenues to a fund for directly compensating consumers for all the damage they have suffered as a result 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 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 data to the trader , except where the 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 content and digital services are often supplied online under contracts where the consumer does not pay a price but provides personal data to the trader . digital services are characterised by continuous involvement of the trader over the duration of the contract to enable the consumer to make use of the service , for instance , access to , creation , processing , storing or sharing of data in digital form . examples of digital services are subscription contracts to content platforms , cloud storage , webmail , social media and cloud applications . the continuous involvement of the service provider justifies the application of the rules on the right of withdrawal provided in directive 2011 / 83 / eu that effectively allow the consumer to test the service and decide , during the 14 - day period from the conclusion of the contract , whether to keep it or not . in contrast , contracts for the supply of digital content which is not supplied on a tangible medium are characterised by one - off action by the trader to supply to the consumer a specific piece or pieces of digital content , such as specific music or video files . this one - off nature of the provision of digital content is at the basis of the exception from the right of withdrawal pursuant to article 16 of directive 2011 / 83 / eu , whereby the consumer loses the right of withdrawal when the performance of the contract is started , such as download or streaming of the specific content . ### digital content and digital services are often supplied online under contracts where the consumer does not pay a price but provides data to the trader . digital services are characterised by continuous involvement of the trader over the duration of the contract to enable the consumer to make use of the service , for instance , access to , creation , processing , storing or sharing of data in digital form . examples of digital services are subscription contracts to content platforms , cloud storage , webmail , social media and cloud applications . the continuous involvement of the service provider justifies the application of the rules on the right of withdrawal provided in directive 2011 / 83 / eu that effectively allow the consumer to test the service and decide , during the 14 - day period from the conclusion of the contract , whether to keep it or not . in contrast , contracts for the supply of digital content which is not supplied on a tangible medium are characterised by one - off action by the trader to supply to the consumer a specific piece or pieces of digital content , such as specific music or video files . this one - off nature of the provision of digital content is at the basis of the exception from the right of withdrawal pursuant to article 16 of directive 2011 / 83 / eu , whereby the consumer loses the right of withdrawal when the performance of the contract is started , such as download or streaming of the specific content .


### these common non - exhaustive criteria for the application of penalties may not be relevant in deciding on penalties regarding every infringement , in particular regarding non - serious infringements . member states should also take account of other general principles of law applicable to the imposition of penalties , such as the principle of non bis in idem . ### these common non - exhaustive criteria for the application of penalties may not be relevant in deciding on penalties regarding every infringement , in particular regarding non - serious infringements . member states should also take account of other general principles of law applicable to the imposition of penalties , such as the principle of ne bis in idem . this means that a trader sanctioned for infringing regulation 2016 / 679 should not be sanctioned again under this directive .


### the mid - term and the retrospective evaluation shall be carried out in a timely manner to feed into the decision - making process in accordance with the timeline set out article 40 of regulation no [ cpr ] . ### the mid - term and the retrospective evaluation shall be carried out in a timely manner to feed into the decision - making process in accordance with the timeline set out article 40 of regulation no [ cpr ] . the evaluation shall aspire to full public transparency in order to inform the public of the use of the funds , apart from any security related details deemed due to operational requirements as well as respect for the safety and / or privacy of individual not fit for wider dissemination .


### to preserve the schengen acquis and to strengthen its functioning , member states have , since 6 april 2017 , been obliged to carry out systematic checks against relevant databases on eu citizens who are crossing the eu’s external borders . furthermore , the commission issued a recommendation to member states to make better use of police checks and cross - border cooperation . solidarity among member states , clarity about the division of tasks , respect for fundamental rights and freedoms and the rule of law , a strong attention to the global perspective and the necessary coherence with the external dimension of security should be key principles guiding the union and member states’ action towards the development of an effective and genuine security union . ### to preserve the schengen acquis and to strengthen its functioning , member states have , since 6 april 2017 , been obliged to carry out systematic checks against relevant databases on eu citizens who are crossing the eu’s external borders . furthermore , the commission issued a recommendation to member states to make better use of police checks and cross - border cooperation . solidarity among member states , clarity about the division of tasks , respect for fundamental rights and freedoms and the rule of law and a strong attention to the duty towards ensuring the maximum security for eu citizens that is the key principles guiding the union institutions towards ensuring a safe and secure europe .


### in the rome declaration signed on 25 september 2017 , leaders of 27 member states affirmed their determination to a safe and secure europe and to build a union where all citizens feel safe and can move freely , where the external borders are secured , with an efficient , responsible and sustainable migration policy , respecting international norms , as well as a europe determined to fight terrorism and organised crime . ### in the rome declaration signed on 25 march 2017 , leaders of 27 member states affirmed their determination to a safe and secure europe and to build a union where all citizens feel safe and can move freely , where the external borders are secured , with an efficient , responsible and sustainable migration policy , respecting international norms , as well as a europe determined to fight terrorism and organised crime .


### producer organisations or associations of producer organisations whose member or member of their members consider that they are affected by a prohibited trading practice shall have the right to submit a complaint . ### producer organisations or associations of producer organisations inside and outside the union whose member or member of their members consider that they are affected by a prohibited trading practice implemented in the union shall have the right to submit a complaint .


### supports access to innovative digital services , such as those offered via digital service infrastructures ; ### supports access to innovative digital services , such as those offered via digital service infrastructures , as well as in emergency and crisis communications ;


### the system established by regulation no 182 / 2011 has , overall , proven to work well in practice and struck an appropriate institutional balance as regards the roles of the commission and the other actors involved . that system should therefore continue to function unchanged except for certain targeted amendments concerning specific aspects of procedure at the level of the appeal committee . these amendments are intended to ensure wider political accountability and ownership of politically sensitive implementing acts without , however , modifying the legal and institutional responsibilities for implementing acts as organised by regulation no 182 / 2011 . ### it has become evident that there are marked limitations to the system established by regulation no 182 / 2011 in those cases in which member states fail to reach the majorities required in the committees set up by the basic acts and deliver a ' no opinion ' instead of taking a position . in such cases , the commission is called upon to adopt decisions that are often extremely problematic , for politically sensitive matters which lie outside the commission ' s remit but fall within the political preserve of the european parliament and the council , especially where this concerns decisions that have a direct impact on citizens and enterprises , as for example in the field of health and safety of humans , animals or plants . that system should therefore be changed radically to ensure wider political accountability and ownership of politically sensitive implementing acts without , however , modifying the legal and institutional responsibilities for implementing acts as organised by regulation no 182 / 2011 .


### 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 european parliament and the council to indicate their 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 european parliament and the council within 3 months after the referral . in duly justified cases , the commission may indicate a shorter deadline in the referral .


### since the investment plan for europe was presented in november 20143 , the conditions for an uptake in investment have improved and confidence in europe ' s economy and growth are returning . the union is now in its fourth year of moderate recovery , with gross domestic product growing at 2% in 2015 . the comprehensive efforts initiated with the investment plan are already delivering concrete results , despite the fact that macroeconomic effects of larger investment projects cannot be immediate . investment is expected to pick up gradually throughout 2016 and 2017 although it remains below historical levels . _________________ 3 com 903 final . ### it is regrettable that the efsi has failed to tackle the problem of the investment gap in the eu , and it should be noted that the problem of the lack of investment arises from a serious lack of aggregate demand and from the impact of austerity policies . a radical change needs to be effected in the way that investments are approached in europe , by addressing the real causes of the crisis and revising the economic governance framework so as to give a permanent boost to productive investments able to generate added value for the real economy and for society in all european countries .


### 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 plan has failed to address the investment gap in europe and has been insufficiently diversified both sectorally and geographically , due to sub - optimal allocation of investment , funding projects with a high environmental impact and dubious additionality . despite this , after barely one year of the efsi being in operation , and without the independent evaluation to which the efsi’s potential extension was linked being conducted , the commission has launched a proposal on the doubling of the efsi , in terms both of duration and of financial capacity .


### the overall amount of the part of the eu guarantee under the member state compartment pertaining to the member state , its provisioning rate , the amount of the contribution from funds under shared management , the constitution phase of the provisioning in accordance with an annual financial plan and the amount of the resulting contingent liability to be covered by a back - to - back guarantee provided by the member state concerned ; ### the overall amount of the part of the eu guarantee under the member state compartment pertaining to the member state or region , its provisioning rate , the amount of the contribution from funds under shared management , the constitution phase of the provisioning in accordance with an annual financial plan and the amount of the resulting contingent liability to be covered by a back - to - back guarantee provided by the member state or region concerned ;


### the commission shall be advised by an advisory board which shall have two configurations , namely representatives of implementing partners and representatives of member states . ### the&#160 ; steering committee&#160 ; shall be advised by an advisory board which shall have two configurations , namely representatives of implementing partners and representatives of member states .


### alternative fuels infrastructure , including electric charging infrastructure . ### zero - emission alternative fuels infrastructure , including electric charging infrastructure .


### 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 , provided that the principles and rights that are enshrined in the european treaties and in the charter of fundamental rights of the european union are respected . this should allow continuing cooperating with the relevant countries , where appropriate , in particular in the fields of research and innovation as well as smes .


### if the level of provisions for that part of the eu guarantee under the member state compartment reaches 10 % of the initial provisioning , the member state concerned shall provide to the common provisioning fund up to 5 % of the initial provisioning upon request by the commission . ### if the level of provisions for that part of the eu guarantee under the member state compartment reaches 10 % of the initial provisioning , the member state or region concerned shall provide to the common provisioning fund up to 5 % of the initial provisioning upon request by the commission .


### the commission shall immediately inform the member state where , as a result of calls on that part of the eu guarantee under the member state compartment , the level of provisions for that part of the eu guarantee falls below 20 % of the initial provisioning ; ### the commission shall immediately inform the member state , or region if applicable , where , as a result of calls on that part of the eu guarantee under the member state compartment , the level of provisions for that part of the eu guarantee falls below 20 % of the initial provisioning ;


### the sustainability of the union economy and its growth ; ### the sustainable development of the union economy ;


### the financing and investment operations may fall under one or more of the following areas : ### the financing and investment operations may fall under one or more of the following areas but shall not support activities related to production , processing , distribution , storage or combustion of fossil fuels :