### 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 agriculture , research , transport and smes . it shall be appointed by the steering board for a renewable fixed term of three years . when appointing the committee , the steering board shall take into account the gender balance of the members .


### the purpose of the efsi should be to help resolve the difficulties in financing and implementing productive investments in the union and to ensure increased access to financing . it is intended that increased access to financing should be of particular benefit to small and medium enterprises . it is also appropriate to extend the benefit of such increased access to financing to mid - cap companies , which are companies having up to 3000 employees . overcoming europe ' s current investment difficulties should contribute to strengthening the union ' s economic , social and territorial cohesion . ### the purpose of the efsi should be to help resolve the difficulties in financing and implementing productive investments in the union and to ensure increased access to financing . it is intended that increased access to financing should be of particular benefit to small and medium enterprises . it is also appropriate to extend the benefit of such increased access to financing to mid - cap companies , which are companies having up to 3000 employees . overcoming europe ' s current investment difficulties should contribute to strengthening the union ' s economic , social and territorial cohesion , particularly in rural , remote and disadvantaged areas .


### 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 , sustainable and economic added value . in particular , the efsi should target projects that promote creation of quality and long - term jobs , long - term growth and competitiveness , especially infrastructure measures . 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 and involvement of rural communities in the projects . the efsi should not be a substitute for private market finance but should instead catalyse private finance by addressing market failures , without adding to administrative burden or creating additional payment systems , which would undermine the efficiency of the efsi objectives , 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 .


### infrastructure projects in the environmental , natural resources , urban development and social fields ; ### infrastructure projects in the environmental , agricultural , natural resources , rural and urban development and social fields ;


### 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 experience in project structuring and 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 agricultural , rural development and sustainability , transport , research and smes . a specialist in agricultural policies and rural and sustainable development and a specialist in environmental policy shall be appointed as independent experts in the investment committee . the investment committee shall be appointed by the steering board for a renewable fixed term of three years .


### ‘ operating hours’ means the time , expressed in hours , during which a combustion plant is discharging emissions into the air ; ### ‘ operating hours’ means the time , expressed in hours , during which a combustion plant is operating and discharging emissions into the air , excluding start - up and shut - down periods ;


### member states may exempt new medium combustion plants which do not operate more than 500 operating hours per year from compliance with the emission limit values set out in part 2 of annex ii . in that case , for plants firing solid fuels , an emission limit value for particulate matter of 100 mg / nm³ shall apply . ### member states may , in extraordinary circumstances , exempt new medium combustion plants which do not operate more than 1000 operating hours per year as a rolling average over a period of 5 years from compliance with the emission limit values set out in part 2 of annex ii . in that case , for plants firing solid fuels , an emission limit value for particulate matter of 100 mg / nm³ shall apply .


### - critical infrastructure , including energy , transport , communications , data storage , space or financial infrastructure , as well as sensitive facilities ; ### - critical and strategic infrastructure , including energy , water , transport , communications and the media , data storage , space , health services , research or financial infrastructure , as well as sensitive facilities and any security and defence infrastructure ;


### 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 .


### it is important to provide legal certainty and to ensure eu wide coordination and cooperation by establishing a framework for the screening of foreign direct investment in the union on grounds of security or public order . this is without prejudice to the sole responsibility of the member states for the maintenance of national security . ### it is important to provide legal certainty and to aim at eu wide cooperation by establishing a framework for the screening of foreign direct investment in the union on grounds of security or public order where strategic interests are affected , including , among others , enabling key technologies , strategic assets , strategic and sensitive data etc . this is without prejudice to the sole responsibility of the member states for the maintenance of national security and public order .


### 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 screen foreign direct investments that are considered to affect projects or programmes of union interest on the grounds of security or public order


### a broad range of investments which establish or maintain lasting and direct links between investors from third countries and undertakings carrying out an economic activity in a member state should be covered . ### investments which establish or maintain lasting and direct links between investors from third countries and undertakings carrying out an economic activity in a member state should be covered , to the extent they relate to security and public order .


### 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 or more than one member state 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 address an opinion to the member states in which such investment is planned or completed within a reasonable timeframe . the member states should take account of the opinion and provide an explanation to the commission if they diverge from the 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 .


### 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 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 and member states 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 , a 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 .


### the framework for the screening of foreign direct investment should provide the member states and the commission with the means to address risks to security or public order in a comprehensive manner , and to adapt to changing circumstances , whilst maintaining the necessary flexibility for member states to screen foreign direct investments on grounds of security and public order taking into account their individual situations and national circumstances . ### the framework for the screening of foreign direct investment should provide the member states and the commission with the means to address risks to security or public order in a comprehensive manner , and to adapt to changing circumstances in global trade , whilst fully safeguarding the prerogatives of the member states to screen foreign direct investments on grounds of security and public order , including , among others , strategic interests , enabling key technologies , strategic assets , strategic and sensitive data , etc . , and taking into account their individual situations and national circumstances . the framework should also facilitate the member states without a screening mechanism adopting one .


### swift ratification of the convention by the union and its member states will encourage major global mercury users and emitters , that are signatories of the convention , to ratify and implement it . ### swift ratification of the convention by the union and its member states will encourage major global mercury users and emitters that are signatories of the convention , to ratify and implement it . further action undertaken by the union , going beyond the convention requirements , would lead the way , as it was the case with regulation no . 1102 / 2008 , for mercury - free products and processes .


### significant progress has been achieved in the union in the past 10 years in the field of mercury management following the adoption of the strategy and of a wide range of measures concerning mercury emissions , supply , demand and use and the management of mercury surplus and stocks . ### significant progress has been achieved in the union in the past 10 years in the field of mercury management , for example by means of the adoption of the strategy and of a wide range of measures concerning mercury emissions , supply , demand and use and the management of mercury surplus and stocks .


### member states shall lay down the rules on penalties applicable to infringements of the provisions of this regulation and shall take all measures necessary to ensure that they are applied . the penalties provided for must be effective , proportionate and dissuasive . the member states shall notify those provisions to the commission by [ xxx ] and shall notify it without delay of any subsequent amendment affecting them . ### member states shall lay down the rules on penalties applicable to infringements of the provisions of this regulation and shall take all measures necessary to ensure that they are applied . the penalties provided for must be effective , proportionate and dissuasive .


### the investment environment within the union should be improved by removing barriers to investment , reinforcing the single market and by enhanci ng regulatory predictability . the work of the efsi , and investments across europe generally , should benefit from this accompanying work . ### the investment environment within the union should be improved by removing barriers to investment and maintaining legal and regulatory certainty . the work of the efsi , and investments across europe generally , should benefit from this accompanying work .


### 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 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 .


### the eib , in cooperation with the eif as appropriate , shall report annually to the european parliament and to the council on eib financing and investment operations . the report shall be made public and include : ### the eib , in cooperation with the eif as appropriate , shall report orally to the european parliament and to the council on eib financing and investment operations every semester as well as annually in written form . both reports shall be made public and include :


### 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 .


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


### 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 .


### 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 .


### 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 .


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


### 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 .


### since the objectives of this directive to further promote the shift from road transport to more environmentally friendly modes of transport , and hence reduce the negative externalities of the union transport system , cannot be sufficiently achieved by the member states but can rather , by reason of the primarily cross - border nature of freight combined transport and interlinked infrastructure , and of the problems this directive is intended to address , be better achieved at union level , the union may adopt measures , in accordance with the principle of subsidiarity as set out in article 5 of the treaty on european union . in accordance with the principle of proportionality as set out in that article , this directive does not go beyond what is necessary in order to achieve those objectives ### the objectives of this directive to further promote the shift from road transport to more environmentally and public - health friendly modes of transport , and hence reduce the negative externalities of the union transport system , cannot be sufficiently achieved by the member states .


### the negative impact of transport on air pollution , greenhouse gas emissions , accidents , noise and congestion continue to pose problems to the economy , health and well - being of european citizens . despite the fact that road transport is the main contributor of those negative effects , road freight transport is estimated to grow by 60 per cent by 2050 . ### the negative impact of transport on air pollution , including emissions of fine particulate matter , greenhouse gas emissions , accidents , noise and congestion continue to pose problems to the economy , health and well - being of european citizens . despite the fact that road transport is the main contributor of those negative effects , road freight transport is estimated to grow by 60&#160 ; per&#160 ; cent by 2050 .


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


### in order to reduce atmospheric nh3 and pm2 , 5 emissions from the main contributors , national air pollution control programmes should include measures applicable to the agricultural sector . member states should be entitled to implement measures other than those set out in this directive with an equivalent level of environmental performance owning to specific national circumstances . ### in order to reduce atmospheric emissions from the main contributors , national air pollution control programmes should include measures applicable to the agricultural sector , without compromising animal welfare . member states should be entitled to implement measures other than those set out in this directive with an equivalent level of environmental performance owning to specific national circumstances .


### the commission may also specify the format and the necessary information concerning member states ' national air pollution control programmes in the form of implementing acts . these implementing acts shall be adopted in accordance with the examination procedure referred to in article 14 . ### the commission shall also specify the format and the necessary information concerning member states ' national air pollution control programmes in the form of implementing acts . these implementing acts shall be adopted in accordance with the examination procedure referred to in article 14 .


### in order to take into account technical developments , the power to adopt acts in accordance with article 290 of the treaty on the functioning of the european union should be delegated to the commission in respect of amending the reporting guidelines set out in annex i , as well as part 1 of annex iii and annexes iv and v to adapt them to technical progress . it is of particular importance that the commission carry out appropriate consultations during its preparatory work , including at expert level . the commission , when preparing and drawing up delegated acts , should ensure a simultaneous , timely and appropriate transmission of relevant documents to the european parliament and to the council . ### acts which concern the amending of the reporting guidelines set out in annex i , as well as part 1 of annex iii and annexes iv and v to adapt them to technical progress , should be submitted to the european parliament and to the council .


### where a basic act is adopted under the ordinary legislative procedure , either the european parliament or the council may at any time indicate to the commission that , in its view , a draft implementing act exceeds the implementing powers provided for in the basic act . in such a case , the commission shall review the draft implementing act , taking account of the positions expressed , and shall inform the european parliament and the council whether it intends to maintain , amend or withdraw the draft implementing act . ### article 11 is replaced by the following : ' where a basic act is adopted under the ordinary legislative procedure , either the european parliament or the council may at any time before the commission refers the matter to the council in accordance with article 6 , indicate to the commission that , in its view , a draft implementing act exceeds the implementing powers provided for in the basic act . in such a case , the commission shall review the draft implementing act , taking account of the positions expressed , and shall within two months : submit an amended version thereof to the committee ; or refer the draft implementing act back to the council in accordance with article 6 ; or withdraw it . the commission shall inform the european parliament and the council of the decision taken . ' .


### 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 . ### the system established by regulation no 182 / 2011 has led to a plethora of implementing acts , making it difficult for parliament and the council to exercise their control function . it is clear from the number of objections that parliament has adopted , particularly to the authorisation of genetically modified organisms or pesticides – matters on which public opinion is clear – that the system of adoption and control of implementing acts takes scant account of democratic parliamentary representation . that system should therefore be changed , particularly through the adoption of targeted amendments concerning specific aspects of procedure at the level of the appeal committee . these amendments are intended to ensure that member state governments assume wider political accountability and ownership of politically sensitive implementing acts .


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


### transparency on the votes of member state representatives at the appeal committee level should be increased and the individual member state representatives ' votes should be made public . ### transparency on the votes of member state representatives at the appeal committee level , and during the prior examination procedure , should be increased , states should be invited to explain their votes and the individual member state representatives’ votes should be made public .


### where no opinion is delivered in the appeal committee pursuant to the second subparagraph of article 6 , the chair may decide that the appeal committee shall hold a further meeting , at ministerial level . in such cases the appeal committee shall deliver its opinion within 3 months of the initial date of referral . ### where no opinion is delivered in the appeal committee pursuant to the second subparagraph of article 6 , the chair may decide that the appeal committee shall hold a further meeting , at ministerial level . in such cases the appeal committee shall deliver its opinion within 2 months of the initial date of referral .


### the commission should have the possibility , in specific cases , to ask the council to indicate its views and orientation on the wider implications of the absence of an opinion , including the institutional , legal , political 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 refer the matter to the council . the commission should adopt the proposal referred back to it by the council .


### while the commission is empowered to decide in such cases , due to the particular sensitivity of the issues at stake , member states should also fully assume their responsibility in the decision - making process . this , however , is not the case when member states are not able to reach a qualified majority , due to , amongst others , a significant number of abstentions or non - appearances at the moment of the vote . ### the option of the commission deciding in cases where the appeal committee takes no decision should therefore be removed .


### there is widespread support from key stakeholders for a definition of clean vehicles taking account of reduction requirements for greenhouse gases and air pollutant emissions from light - and heavy - duty vehicles . to ensure that there are adequate incentives to supporting market - uptake of low - and zero - emission vehicles in the union , provisions for their public procurement under this amendment should be aligned with provisions of union legislation on co2 emission performance of cars and vans for the post - 2020 period26 . action carried out under the amended directive will contribute to compliance with the requirements of these standards . a more ambitious approach for public procurement can provide an important additional market stimulus . _________________ 26 com 676 final . ### there is widespread support from key stakeholders for a definition of clean vehicles taking account of reduction requirements for greenhouse gases and air pollutant emissions from light - and heavy - duty vehicles . to ensure that there are adequate incentives to supporting market - uptake of low - and zero - emission vehicles in the union , provisions for their public procurement under this amendment should be aligned with provisions of union legislation on co2 emission performance of cars and vans for the post - 202026 period . this approach must also be applied to heavy - duty vehicles . action carried out under the amended directive will contribute to compliance with the requirements of these standards . a more ambitious approach for public procurement can provide an important additional market stimulus . the supply of heavy - duty vehicles in particular must be more closely regulated , in part because of the poorly developed market maturity of ‘ clean’ heavy - duty vehicles . _________________ 26 com 676 final .


### vehicle categories m3 , n2 , n3 vehicles vehicle categories m3 , n2 , n3 vehicles ### alternative fuels electricity* , hydrogen , natural gas including biomethane , in gaseous form ) and liquefied form admissible fuels electricity* , hydrogen , fossil fuels** such as : natural gas , including biomethane , in gaseous form ) and liquefied form ) , and other innovative technologies


### this directive shall apply to requirements under the legal systems of the member states restricting access to a regulated profession or its pursuit , or one of its modes of pursuit , including the use of professional titles and the professional activities allowed under such title , falling within the scope of directive 2005 / 36 / ec . ### this directive shall apply to measures under the legal systems of the member states restricting or broadening access to a regulated profession or its pursuit , or one of its modes of pursuit , including the use of professional titles and the professional activities allowed under such title , falling within the scope of directive 2005 / 36 / ec .


### member states shall , by appropriate means , inform citizens , service recipients , representative associations and relevant stakeholders other than the members of the profession before introducing new legislative , regulatory or administrative provisions restricting access to or pursuit of regulated professions , or amending existing ones , and give them the opportunity to make known their views . ### member states shall , by appropriate means , inform citizens , service recipients , representative associations and relevant stakeholders other than the members of the profession before introducing new legislative , regulatory or administrative provisions restricting or broadening access to or pursuit of regulated professions , or amending existing ones , and give them the opportunity to make known their views .


### the reasons for considering that provisions , assessed in accordance with this directive , are justified , necessary and proportionate , and which are communicated to the commission pursuant to paragraphs 5 and 6 of article 59 of directive 2005 / 36 / ec , shall be recorded by the relevant competent authorities in the database of regulated professions , referred to in article 59 paragraph 1 of directive 2005 / 36 / ec and thereafter made publicly available by the commission . ### the reasons for considering that provisions , assessed in accordance with this directive , are justified , necessary . sufficient and proportionate , and which are communicated to the commission pursuant to paragraphs 5 and 6 of article 59 of directive 2005 / 36 / ec , shall be recorded by the relevant competent authorities in the database of regulated professions , referred to in article 59 paragraph 1 of directive 2005 / 36 / ec and thereafter made publicly available by the commission .


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


### the visa application procedure should be as easy as possible for applicants . it should be clear which member state is competent for examining an application for a visa in particular where the intended visit covers several member states . where possible , member states should allow for application forms to be completed and submitted electronically . deadlines should be established for the various steps of the procedure in particular to allow travellers to plan ahead and avoid peak seasons in consulates . ### the visa application procedure should be easy for applicants who are in good standing , while facilitating the checks that should be carried out by the competent authorities responsible for considering applications . it should be clear which member state is competent for examining an application for a visa in particular where the intended visit covers several member states . where possible , member states should allow for application forms to be completed and submitted electronically . deadlines should be established for the various steps of the procedure in particular to allow travellers to plan ahead and avoid peak seasons in consulates .


### 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 ;


### research , innovation and digitisation policy window : comprises research and innovation activities , transfer of research results to the market , demonstration and deployment of innovative solutions and support to scaling up of innovative companies other than smes as well as digitisation of union industry ; ### research , innovation and digitisation policy window : comprises research and innovation activities , transfer of research results to the market , demonstration , and deployment and adaption of innovative solutions and support to scaling up of innovative companies as well as digitisation of union industry , based on the experiences gained under the horizon 2020 financial instruments , in particular the innovfin ;


### sustainable infrastructure policy window : comprises sustainable investment in the areas of transport , energy , digital connectivity , supply and processing of raw materials , space , oceans and water , waste , nature and other environment infrastructure , equipment , mobile assets and deployment of innovative technologies that contribute to the environmental or social sustainability objectives of the union , or to both , or meet the environmental or social sustainability standards of the union ; ### sustainable infrastructure policy window : comprises sustainable investment in the areas of transport , energy in particular the increased deployment of renewable energy , energy efficiency investments , and improving interconnection levels , digital connectivity and access especially in rural areas , supply and processing of raw materials , space , oceans and water , waste and the circular economy , nature and other environment infrastructure , equipment , mobile assets and deployment of innovative technologies that contribute to the environmental or social sustainability objectives of the union , or to both , or meet the environmental or social sustainability standards of the union ;


### social investment and skills policy window : comprises microfinance , social enterprise finance and social economy ; skills , education , training and related services ; social infrastructure ; social innovation ; health and long - term care ; inclusion and accessibility ; cultural activities with a social goal ; integration of vulnerable people , including third country nationals . ### social investment and skills policy window : comprises microfinance , social enterprise finance and social economy ; skills , education , training and related services ; social infrastructure ; social innovation ; health and long - term care ; inclusion and accessibility ; cultural activities in particular with a social goal ; integration of vulnerable people , including third country nationals .


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


### development of digital connectivity infrastructure , in particular through projects supporting deployment of very high capacity digital networks . ### development of digital connectivity infrastructure , in particular through projects supporting deployment of very high capacity digital networks , and improving digital connectivity and access , particularly to rural areas and peripheral regions .


### amounts allocated by a member state under article [ 10 ] of regulation [ [ cpr ] number ] or article [ 75 ] of regulation [ [ cap plan ] number ] shall be used for the provisioning of the part of the eu guarantee under the member state compartment covering financing and investment operations in the member state concerned . ### in line with article21 of regulation xx [ . . . common provisions regulation ] , member states or regions , as applicable and on a voluntary basis , may request the transfer of parts of their financial allocations to investeu . transferred resources shall be implemented in accordance with the rules of investeu . amounts allocated by a member state under article [ 10 ] of regulation [ [ cpr ] number ] or article [ 75 ] of regulation [ [ cap plan ] number ] or , where applicable , by a region , shall be used for the provisioning of the part of the eu guarantee under the member state compartment covering financing and investment operations in the member state or region concerned .


### four members shall be permanent members of all four configurations of the investment committee . in addition , the four configurations shall each have two experts with experience in investment in sectors covered by that policy window . at least one of the permanent members shall have expertise in sustainable investment . the commission shall assign the investment committee members to its appropriate configuration or configurations . the investment committee shall elect a chairperson from among its permanent members . ### five members shall be permanent members of all four configurations of the investment committee . in addition , the four configurations shall each have two experts with experience in investment in sectors covered by that policy window . at least two of the permanent members shall have expertise in sustainable investment . the commission shall assign the investment committee members to its appropriate configuration or configurations . the investment committee shall elect a chairperson from among its permanent members .


### 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 .


### research , innovation and digitisation policy window : comprises research and innovation activities , transfer of research results to the market , demonstration and deployment of innovative solutions and support to scaling up of innovative companies other than smes as well as digitisation of union industry ; ### research , innovation and digitisation policy window : comprises research and innovation activities , transfer of research results to the market , demonstration and deployment of innovative solutions and support to scaling up of innovative companies as well as digitisation of union industry ;


### support of the eu guarantee may be granted for financing and investment operations covered by this regulation for an investment period ending on 31 december 2027 . contracts between the implementing partner and the final recipient or the financial intermediary or other entity referred to in article 13 shall be signed by 31 december 2028 . ### support of the eu guarantee may be granted for financing and investment operations covered by this regulation for an investment period ending on 31 december 2027 . contracts between the implementing partner and the final recipient or the financial intermediary or other entity referred to in article 13 shall be signed by 31 december 2028 . for avoidance of doubt , such dates shall not apply for operations conducted between financial intermediaries and final recipients .


### provision of working capital and investment ; ### provision of working capital and investment , particularly relating to actions that drive an entrepreneurial culture and environment and promote the creation and growth of smes ;


### in order to ensure that interventions under the eu compartment of the investeu fund focus on market failures and sub - optimal investment situations at union level , but , at the same time , satisfy the objectives of best possible geographic outreach , the eu guarantee should be allocated to implementing partners , which alone or together with other implementing partners , can cover at least three member states . however , it is expected that around 75 % of the eu guarantee under the eu compartment would be allocated to implementing partner or partners that can offer financial products under the investeu fund in all member states . ### in order to ensure that interventions under the eu compartment of the investeu fund focus on market failures and sub - optimal investment situations at union level , but , at the same time , satisfy the objectives of best possible geographic outreach , the eu guarantee should be allocated to implementing partners , which alone or together with other implementing partners , can cover at least three member states . however , 75 % of the eu guarantee under the eu compartment would be allocated to the european investment bank .


### expansion of the generation , supply or use of clean and sustainable renewable energy ; ### expansion of the generation , supply or use of clean and sustainable renewable energy which does not damage the land .


### each configuration of the investment committee shall be composed of six remunerated external experts . the experts shall be selected in accordance with [ article 237 ] of the [ financial regulation ] and be appointed by the commission for a fixed term of up to four years . their term shall be renewable but shall not exceed seven years in total . the commission may decide to renew the term of office of an incumbent member of the investment committee without availing itself of the procedure laid down in this paragraph . ### each configuration of the investment committee shall be composed of seven remunerated external experts . the experts shall be selected in accordance with [ article 237 ] of the [ financial regulation ] and be appointed by the commission for a fixed term of up to four years . their term shall be renewable but shall not exceed seven years in total . the commission may decide to renew the term of office of an incumbent member of the investment committee without availing itself of the procedure laid down in this paragraph .


### collaboration projects between academia and industry ; ### collaboration projects between universities or other higher - education establishments and industry ;


### cvs and declarations of interest of each member of the investment committee shall be made public and constantly updated . each member of the investment committee shall communicate without delay to the commission all information needed to check on an ongoing basis the absence of any conflict of interest . ### cvs and declarations of interest of each member of the investment committee shall be made public and constantly updated . each member of the investment committee shall communicate without delay to the commission and the steering committee all information needed to check on an ongoing basis the absence of any conflict of interest .


### provide advice to the commission about market failures and sub - optimal investment situations and market conditions ; ### provide advice to the steering committee about market failures and sub - optimal investment situations and market conditions ;


### the eu guarantee under the member state compartment should be allocated to any implementing partner eligible according to [ article 62 ] of the [ financial regulation ] , including national or regional promotional banks or institutions , the eib , the european investment fund and other multilateral development banks . when selecting implementing partners under the member state compartment , the commission should take into account the proposals made by each member state . in accordance with [ article 154 ] of the [ financial regulation ] , the commission must carry out an assessment of the rules and procedures of the implementing partner to ascertain that they provide a level of protection of the financial interest of the union equivalent to the one provided by the commission . ### the eu guarantee under the member state compartment should be allocated to any implementing partner eligible according to [ article 62 ] of the [ financial regulation ] , including national or regional promotional banks or institutions , the eib group and other multilateral development banks . where the deployment of the member state compartment is to target policy actions already addressed by the eu compartment through similar financing and investment operations , the member state compartment and the eu compartments shall have the same implementing partners . when selecting implementing partners under the member state compartment , the commission should take into account the proposals made by each member state . in accordance with [ article 154 ] of the [ financial regulation ] , the commission must carry out an assessment of the rules and procedures of the implementing partner to ascertain that they provide a level of protection of the financial interest of the union equivalent to the one provided by the commission .


### four members shall be permanent members of all four configurations of the investment committee . in addition , the four configurations shall each have two experts with experience in investment in sectors covered by that policy window . at least one of the permanent members shall have expertise in sustainable investment . the commission shall assign the investment committee members to its appropriate configuration or configurations . the investment committee shall elect a chairperson from among its permanent members . ### five members shall be permanent members of all four configurations of the investment committee . in addition , the four configurations shall each have two experts with experience in investment in sectors covered by that policy window . at least three of the permanent members shall have expertise in the fields of climate action , environmental protection and management . the commission shall assign the investment committee members to its appropriate configuration or configurations . the investment committee shall elect a chairperson from among its permanent members .


### a lively public debate is taking place on summer - time arrangements and some member states have already expressed their preference to discontinue the application of such arrangements . in the light of these developments , it is necessary to continue safeguarding the proper functioning of the internal market and to avoid any significant disruptions thereto caused by divergences between member states in this area . therefore , it is appropriate to put an end in a coordinated way to summer - time arrangements . ### a lively public debate is taking place on summer - time arrangements and some member states have already expressed their preference to discontinue the application of such arrangements . in the light of these developments , it is necessary to continue safeguarding the proper functioning of the internal market and to avoid any significant disruptions thereto caused by divergences between member states in this area . therefore , it is appropriate to put an end in a coordinated way to summer - time arrangements , while grouping the member states into the following three time zones : gmt + 1 , gmt + 2 and gmt + 3 .


### notwithstanding paragraph 1 , member states may still apply a seasonal change of their standard time or times in 2019 , provided that they do so at 1 . 00 a . m . , coordinated universal time , on 27 october 2019 . the member states shall notify this decision in accordance with article 2 . ### notwithstanding paragraph 1 , member states may still apply a seasonal change of their standard time or times in 2019 and 2020 , provided that they do so at 1 . 00 a . m . , coordinated universal time , on 30 october 2021 . the member states shall notify this decision in accordance with article 2 .


### member states shall adopt and publish , by 1 april 2019 at the latest , the laws , regulations and administrative provisions necessary to comply with this directive . they shall forthwith communicate to the commission the text of those provisions . ### member states shall adopt and publish , by 1 april 2020 at the latest , the laws , regulations and administrative provisions necessary to comply with this directive . they shall forthwith communicate to the commission the text of those provisions .


### significant differences between domestic and cross - border tariffs for parcel delivery services should be justified by objective criteria , such as additional costs for transport and a reasonable profit margin . universal service providers providing parcel delivery services should be required to provide such justification without delay . ### significant differences between domestic and cross - border tariffs for parcel delivery services should be justified by objective criteria , such as additional costs for transport and a reasonable profit margin . universal service providers providing parcel delivery services could be required to provide such justification .


### when providing information to the national regulatory authority , it should be taken into account that parcel delivery service providers may have already provided certain information to the same national regulatory authority . parcel delivery services are important for small and medium - sized enterprises and individuals and they should be able to compare easily between different providers . therefore , the services for which tariffs should be provided by universal service providers should be clearly defined . those tariffs should be published by the commission on a dedicated webpage and should , together with the confidential regular provision of the underlying terminal rates , constitute the basis for the national regulatory authorities to assess the affordability of tariffs for cross - border parcel delivery services . parcel delivery service providers other than universal service providers may voluntarily provide , in a comparable form , their national regulatory authority with the tariffs for the same items provided that such items are delivered at the home or the premises of the addressee . ### when providing information to the national regulatory authority , it should be taken into account that parcel delivery service providers may have already provided certain information to the same national regulatory authority . parcel delivery services are important for small and medium - sized enterprises and individuals and they should be able to compare easily between different providers . therefore , the services for which tariffs should be provided by universal service providers should be clearly defined . those tariffs should be published by the commission on a dedicated webpage and should , together with the confidential regular provision of the underlying terminal rates , constitute the basis for the national regulatory authorities to assess the affordability of tariffs for cross - border parcel delivery services . parcel delivery service providers other than universal service providers shall provide , in a comparable form , their national regulatory authority with the tariffs for the same items provided that such items are delivered at the home or the premises of the addressee .


### progress on other initiatives for completing the single market for parcel delivery services . ### progress on other initiatives for establishing the single market for parcel delivery services .


### the power to adopt delegated acts referred to in article 13 shall be conferred on the commission for an indeterminate period of time from the date of entry into force of this directive . ### the power to adopt delegated acts referred to in article 13 shall be conferred on the commission for an indeterminate period of time from [ date of entry into force of this directive ] , unless this power is revoked by the european parliament or the council under article 15a .


### the developments described above need to be gradually streamlined , and statistical legislation in the area of social statistics needs to be modernised , in order to ensure that the high quality social indicators are produced in a more integrated , flexible and efficient manner . at the same time , due consideration must be given to the needs of users , to the burden placed on respondents , to member states resources , the reliability and accuracy of the methods used , technical feasibility of producing the statistics , the time within which they can be available and the reliability of the results . ### the developments described above need to be gradually streamlined , and statistical legislation in the area of social statistics needs to be modernised , in order to ensure that robust , comparable , high quality social indicators are produced in a more integrated manner and as cheaply as possible . at the same time , due consideration must be given to the needs of users , to the burden placed on respondents , to respondents’ privacy , to data protection procedures , to the member state resources required and to the reliability and accuracy of the methods used , the technical feasibility of producing the statistics , the time within which they can be available and the reliability of the results .


### european statistics relating to persons and households are currently collected on the basis of a number of legislative acts covering surveys on persons and households , demographic statistics , population and housing censuses and statistics mainly collected from administrative sources . some data are also gathered from business surveys . despite significant improvements in recent years there is a need to further integrate the collection of statistics based on surveys conducted on persons and households . ### european statistics relating to persons and households are currently collected on the basis of a number of legislative acts covering surveys on persons and households , demographic statistics , population and housing censuses and statistics mainly collected from administrative sources . some data are also gathered from business surveys . despite significant improvements in recent years there is a need to further integrate the collection of statistics based on surveys conducted on persons and households , while ensuring that privacy is fully respected and the highest possible data protection standards are maintained .


### such delegated acts do not impose a significant additional burden or cost on the member states or on respondents ; ### such delegated acts do not impose an additional burden or cost on the member states or on respondents ;


### data shall be based on representative samples drawn from sampling frames set up at national level that allow persons or households to be selected at random , with a known probability of selection . the sampling frames shall aim to cover exhaustively and exclusively the population of interest and shall be regularly updated . they shall contain all the information necessary for the sample design , such as information needed for stratification purposes and for contacting the persons or households . the sampling frame shall also include the information needed to link persons to other administrative records , in so far as is allowed under data protection rules . ### data shall be based on representative samples drawn from sampling frames set up at national level that allow persons or households to be selected at random , with a known probability of selection . the sampling frames shall aim to cover exhaustively and exclusively the population of interest and shall be regularly updated . they shall contain all the information necessary for the sample design , such as information needed for stratification purposes and for contacting the persons or households .


### in 2011 , the european statistical system endorsed in wiesbaden its memorandum on a new conceptual design for household and social statistics . in its view , the european surveys that provide data relating to persons and households should be streamlined , and additional , less frequent microdata collections should be used to complement those core social surveys . furthermore , there should be better access to administrative data , and the re - use of existing data sources and access to new data sources should be developed at national and eu level . ### in 2011 , the european statistical system endorsed in wiesbaden its memorandum on a new conceptual design for household and social statistics . in its view , the european surveys that provide data relating to persons and households should be streamlined , and additional , less frequent microdata collections should be used to complement those core social surveys .


### for the first year of implementation of the plan , the maximum allowable fishing effort shall be substantially reduced from the baseline provided for in paragraph 4 , in accordance with the scientific advice . ### for the first year of implementation of the plan , the maximum allowable fishing effort shall be substantially reduced from the baseline provided for in paragraph 4 , in accordance with the scientific advice and provided that this reduction does not hamper the economic viability of fleets in the short term .


### the objectives of the cfp are , amongst others , to ensure that fishing and aquaculture activities are environmentally sustainable in the long term , to apply the precautionary approach to fisheries management and to implement the ecosystem - based approach to fisheries management . ### the objectives of the cfp are , amongst others , to ensure that fishing and aquaculture activities are environmentally and socio - economically sustainable in the long term , to apply the precautionary approach to fisheries management and to implement the ecosystem - based approach to fisheries management .


### the commission is empowered to adopt delegated acts in accordance with article 18 supplementing this regulation by establishing the following technical conservation measures : ### the commission is empowered to adopt delegated acts in accordance with article 18 of this regulation and article 18 of regulation no 1380 / 2013 supplementing this regulation by establishing technical conservation measures :


### where a member state allows vessels flying its flag to fish with trawls , it shall ensure that such fishing is limited to a maximum of 12 hours per fishing day , five fishing days per week or equivalent . ### where a member state allows vessels flying its flag to fish with trawls , it shall ensure that such fishing is limited to a maximum of 18 hours per fishing day , five fishing days per week or equivalent .


### the objective of the plan provided for in this regulation should be to contribute to the achievement of the cfp , and in particular , reaching and maintaining msy for the target stocks , implementing the landing obligation for demersal stocks subject to minimum conservation reference size , and promoting a fair standard of living for those who depend on fishing activities , bearing in mind coastal fisheries and socio - economic aspects . it should also implement the ecosystem - based approach to fisheries management in order to minimise negative impacts of fishing activities on the marine ecosystem . it should be coherent with the union’s environmental legislation , in particular the objective of achieving good environmental status by 2020 and the objectives of directive 2009 / 147 / ec29and council directive 92 / 43 / eec30 . _________________ 28 directive 2008 / 56 / ec of the european parliament and of the council of 17 june 2008 establishing a framework for community action in the field of marine environmental policy 29 directive 2009 / 147 / ec of the european parliament and of the council of 30 november 2009 on the conservation of wild birds . 30 council directive 92 / 43 / eec of 21 may 1992 on the conservation of natural habitats and of wild fauna and flora . ### the objective of the plan provided for in this regulation should be to contribute to the achievement of the cfp , and in particular , reaching and maintaining msy for the target stocks and promoting a fair standard of living for those who depend on fishing activities , bearing in mind coastal fisheries and socio - economic aspects . it should also implement the ecosystem - based approach to fisheries management in order to minimise negative impacts of fishing activities on the marine ecosystem . it should be coherent with the union’s environmental legislation , in particular the objective of achieving good environmental status by 2020 and the objectives of directive 2009 / 147 / ec29 and council directive 92 / 43 / eec30 . _________________ 28 directive 2008 / 56 / ec of the european parliament and of the council of 17 june 2008 establishing a framework for community action in the field of marine environmental policy . 29 directive 2009 / 147 / ec of the european parliament and of the council of 30 november 2009 on the conservation of wild birds . 30 council directive 92 / 43 / eec of 21 may 1992 on the conservation of natural habitats and of wild fauna and flora .


### where the scientific advice shows that recreational fisheries have a significant impact on the fishing mortality of a particular stock , the council may limit recreational fisheries when setting fishing opportunities in order to avoid exceeding the total target of fishing mortality . ### where the scientific advice shows that recreational fisheries have a significant impact on the fishing mortality of a particular stock , the council may limit recreational fisheries when setting fishing opportunities in order to avoid exceeding the total target of fishing mortality . in any event , to give the mechanism a degree of flexibility , fishing opportunities set for recreational fishermen should cover periods no less than one month long .


### measures in the plan shall be taken on the basis of the best available scientific advice . where there is insufficient data , a comparable degree of conservation of the relevant stocks shall be pursued . ### measures in the plan shall be taken on the basis of the best available scientific advice .


### voluntary activities constitute a rich experience in a non - formal and informal learning context which enhances young people ' s personal , socio - educational and professional development , active citizenship and employability . voluntary activities should not have an adverse effect on potential or existing paid employment , nor should they be seen as a substitute for it . in order to ensure continuity with respect to the volunteering activities that are supported at union level , the volunteering activities under the european voluntary service that fall within the geographical scope of the european solidarity corps should be supported by the latter in the form of cross - border volunteering placements . the other volunteering activities under the european voluntary service that do not fall under the geographical scope of the european solidarity corps should continue to be supported under the programme established by regulation no 1288 / 2013 of the european parliament and of the council establishing ' erasmus + ' : the union programme for education , training , youth and sport20 . with respect to the interpretation of related legislation at union level , both the cross - border volunteering placements under the european solidarity corps and the volunteering activities that continue to be supported under regulation no 1288 / 2013 should be considered equivalent to those carried out under the european voluntary service . __________________ 20 regulation no 1288 / 2013 of the european parliament and of the council of 11 december 2013 establishing ' erasmus + ' : the union programme for education , training , youth and sport and repealing decisions no 1719 / 2006 / ec , no 1720 / 2006 / ec and no 1298 / 2008 / ec , oj l 347 , 20 . 12 . 2013 , p . 50 . ### voluntary activities constitute a rich experience in a non - formal and informal learning context which enhances young people ' s personal , socio - educational and professional development , active citizenship and employability . voluntary activities should not have an adverse effect on potential or existing paid employment , nor should they be seen as a substitute for it . in order to ensure continuity with respect to the volunteering activities that are supported at union level , the volunteering activities under the european voluntary service that fall within the geographical scope of the european solidarity corps should be supported by the latter in the form of cross - border volunteering placements . the other volunteering activities under the european voluntary service that do not fall under the geographical scope of the european solidarity corps should gradually be abandoned . with respect to the interpretation of related legislation at union level , both the cross - border volunteering placements under the european solidarity corps and the volunteering activities that continue to be supported until they have been completed under regulation no 1288 / 2013 should be considered equivalent to those carried out under the european voluntary service .