### the extended efsi should address remaining market failures and sub - optimal investment situations and continue to mobilise private sector financing in investments crucial for europe’s future job creation – including for the youth – , growth and competitiveness with strengthened additionality . they include investments in the areas of energy , environment and climate action , social and human capital and related infrastructure , healthcare , research and innovation , cross - border and sustainable transport , as well as the digital transformation . in particular , the contribution of operations supported by the efsi to achieving the union ' s ambitious targets set at the paris climate conference should be reinforced . energy interconnection priority projects and energy efficiency projects should also be increasingly targeted . in addition , efsi support to motorways should be avoided , unless it is needed to support private investment in transport in cohesion countries or in cross - border transport projects involving at least one cohesion country . for reasons of clarity , although they are already eligible , it should be explicitly laid down that projects in the fields of agriculture , fishery and aquaculture come within the general objectives eligible for efsi support . ### the extended efsi should address remaining market - failures and sub - optimal investment situations and continue to mobilise private sector financing in investments crucial for europe’s future in terms of high and sustainable levels of quality human capital , the creation of good quality jobs , growth and competitiveness with strengthened additionality , as well in terms of increasing social cohesion , social inclusion , and hence enhancing the well - being of citizens of the union . it should also include investments in the areas of energy , environment and climate action , and related infrastructure , healthcare , research and innovation , cross - border and sustainable transport , tourism , as well as the digital transformation . in particular , the contribution of operations supported by the efsi to achieving the union ' s ambitious targets set at the paris climate conference and the union 2050 commitment to reduce greenhouse gas emissions by 80 - 95% should be reinforced . electricity interconnection priority projects , energy efficiency and circular economy projects , especially when they improve union energy security , enabling private individuals and local communities and cooperatives to become actively involved , should also be increasingly targeted , along with the adaptation of energy grids and renewable energy generation storage and distribution as well as alternative energy resources for vehicles and the building sector . findings so far show that the broad support provided by the efsi to energy , energy efficiency and renewable energy projects has been accompanied by a corresponding reduction in ordinary eib investments in those sectors , thereby nullifying the notion of additionality . efsi - financed loans should be granted in addition to ordinary eib investment operations . similarly , in the digital sector , and within the scope of the ambitious union policy on the digital economy , new digital infrastructure targets should be set in order to ensure the bridging of the digital divide and that the union will be a global pioneer in the new age of the , so - called , internet of things , blockchain technology , and cyber - and network - security . moreover , a criterion for the success of the efsi should be the assistance provided to policy areas that suffered from cuts in investments in order to fund the efsi , such as research grants , especially for low technology readiness levels . efsi support to motorways should be avoided , unless it is needed to support private investment in transport in cohesion countries or in cross - border transport projects involving at least one cohesion country . for reasons of clarity , although they are already eligible , it should be explicitly laid down that projects in the fields of agriculture , fishery and aquaculture come within the general objectives eligible for efsi support . efsi support for fossil fuel projects , especially infrastructure and nuclear installations , should be avoided .


### the extended efsi should address remaining market failures and sub - optimal investment situations and continue to mobilise private sector financing in investments crucial for europe’s future job creation – including for the youth – , growth and competitiveness with strengthened additionality . they include investments in the areas of energy , environment and climate action , social and human capital and related infrastructure , healthcare , research and innovation , cross - border and sustainable transport , as well as the digital transformation . in particular , the contribution of operations supported by the efsi to achieving the union’s ambitious targets set at the paris climate conference should be reinforced . energy interconnection priority projects and energy efficiency projects should also be increasingly targeted . in addition , efsi support to motorways should be avoided , unless it is needed to support private investment in transport in cohesion countries or in cross - border transport projects involving at least one cohesion country . for reasons of clarity , although they are already eligible , it should be explicitly laid down that projects in the fields of agriculture , fishery and aquaculture come within the general objectives eligible for efsi support . ### the extended efsi should address remaining market failures and sub - optimal investment situations and continue to mobilise private sector financing in investments crucial for europe’s future job creation , to foster public and private partnerships and to support strategic investments with strengthened additionality and with high social , environmental , territorial and economic added value , embracing the union’s economic , social and territorial cohesion . particular attention should be paid to the regions referred to in article 174 tfeu . included are investments , in line with current economic trends , such as in the areas of energy , environment and climate action , social and human capital and related infrastructure , healthcare , research and innovation , cross - border and sustainable transport , as well as the digital transformation . the contribution of operations supported by the efsi to achieving the union’s ambitious targets set at the paris climate conference should be reinforced . energy interconnection priority projects and energy efficiency projects should also be increasingly targeted . in addition , efsi support to motorways should be avoided , unless it is needed to support investment in transport in cohesion countries or in cross - border transport projects involving at least one cohesion country . for reasons of clarity , although they are already eligible , it should be explicitly laid down that projects in the fields of agriculture , fishery and aquaculture come within the general objectives eligible for efsi support .


### in line with the exceptional market demand for sme financing under the efsi which is expected to continue , the efsi sme window should be enhanced . particular attention should be paid to social enterprises , including through the development and deployment of new instruments . ### in line with the exceptional market demand for sme financing under the efsi which is expected to continue , the efsi sme window should be enhanced . particular attention should be paid to social enterprises , including through the development and deployment of new instruments . the attractiveness of investment in social services such as education , training and healthcare should be increased . more investment is also needed in social inclusion .


### the eib shall target that at least 40 % of efsi financing under the infrastructure and innovation window supports projects with components that contribute to climate action , in line with the cop21 commitments . the steering board shall provide detailed guidance to that end . ; ### the eib shall aim to achieve that at least 40 % of efsi financing in the combined objectives under the infrastructure and innovation window support projects with components that contribute to climate action , in line with the cop21 commitments . efsi financing for smes and mid - cap companies shall not be included in that computation . the steering board shall provide detailed guidance to that end .


### the european investment advisory hub should be enhanced and its activities should focus on needs not covered adequately under current arrangements . it should pay particular attention to supporting the preparation of projects involving two or more member states and projects that contribute to achieving the objectives of cop21 . notwithstanding its objective to build upon existing advisory services of the eib and the commission , so to act as a single technical advisory hub for project financing within the union , the eiah should also contribute actively to the objective of sectorial and geographical diversification of the efsi and support the eib where needed in originating projects . it should also actively contribute to the establishment of investment platforms and provide advice on the combination of other sources of union funding with the efsi . ### the european investment advisory hub should be enhanced and its activities should address any shortcomings in the implementation of the efsi . it should play an instrumental role in empowering project promoters to initiate and develop viable , sustainable and quality projects . it should pay particular attention to supporting the preparation of projects involving two or more member states or regions . the eiah should also contribute actively to the objective of sectorial and geographical diversification of the efsi and proactively support the eib in originating projects and launching operations , as well as in initiating demand , where needed . it should also actively contribute to the establishment of investment platforms and provide advice on the combination of other sources of union funding with the efsi . it is considered necessary for the eiah to establish a strong local presence , where needed , to leverage local knowledge about the efsi and better consider local needs . the eiah should aim to conclude agreements with national promotional banks or institutions in each member state . to achieve those objectives , the staff capacity of the eiah should be commensurate to the tasks that it is called upon to undertake .


### the extended efsi should address remaining market failures and sub - optimal investment situations and continue to mobilise private sector financing in investments crucial for europe’s future job creation – including for the youth – , growth and competitiveness with strengthened additionality . they include investments in the areas of energy , environment and climate action , social and human capital and related infrastructure , healthcare , research and innovation , cross - border and sustainable transport , as well as the digital transformation . in particular , the contribution of operations supported by the efsi to achieving the union ' s ambitious targets set at the paris climate conference should be reinforced . energy interconnection priority projects and energy efficiency projects should also be increasingly targeted . in addition , efsi support to motorways should be avoided , unless it is needed to support private investment in transport in cohesion countries or in cross - border transport projects involving at least one cohesion country . for reasons of clarity , although they are already eligible , it should be explicitly laid down that projects in the fields of agriculture , fishery and aquaculture come within the general objectives eligible for efsi support . ### the extended efsi should address remaining market failures and sub - optimal investment situations and continue to mobilise private sector financing in investments crucial for europe’s future quality job creation – including for the youth , inclusive growth and competitiveness enhancing the social and employment impact , with strengthened additionality . they include investments in the areas of energy , environment and climate action , social and human capital and related infrastructure , social economy , healthcare , research and innovation , cross - border and sustainable transport , as well as the digital transformation . the contribution of operations supported by the efsi to achieve the union ' s ambitious targets set at the paris climate conference should be reinforced . energy interconnection priority projects and energy efficiency projects should also be increasingly targeted . moreover , social infrastructure related projects should be highly targeted . in addition , efsi support to motorways should be avoided , unless it is needed to support private investment in transport in cohesion countries or in cross - border transport projects involving at least one cohesion country . for reasons of clarity , although they are already eligible , it should be explicitly laid down that projects in the fields of agriculture , fishery and aquaculture come within the general objectives eligible for efsi support . given the high rates of poverty and social exclusion in europe , the operations supported by the efsi to tackling this issue should be reinforced .


### it shall also support the preparation of climate action and circular economy projects or components thereof , in particular in the context of cop21 , the preparation of projects in the digital sector , as well as the preparation of projects referred to in the fifth subparagraph of article 5 . ; ### it shall also support the preparation of climate action and circular economy projects or components thereof , in particular in the context of cop21 , especially in less - developed and transition regions in order to make the best impact on employment and social inclusion and tackling poverty including the preparation of projects in the digital sector , as well as the preparation of projects referred to in the fifth subparagraph of article 5 . ;


### article 6 measures in case of threat to plaice , flounder , turbot and brill when scientific advice states that the conservation of any of the baltic stocks of plaice , flounder , turbot or brill is under threat , the commission shall be empowered to adopt delegated acts in accordance with article 15 on specific conservation measures concerning the stock under threat and regarding any of the following : adaptation of fishing capacity and fishing effort ; technical measures , including characteristics of fishing gear , in particular mesh size , twine thickness , size of the gear ; use of the fishing gear , in particular immersion time , depth of gear deployment ; prohibition or limitation to fish in specific areas ; prohibition or limitation to fish during specific time periods ; minimum conservation reference size . 2 . the measures referred to in paragraph 1 shall aim at achieving the objective set out in article 3 and be based on scientific advice . 3 . the member states concerned may submit joint recommendations in accordance with article 18 of regulation no 1380 / 2013 for specific conservation measures as referred to in paragraph 1 . ### article 6 technical conservation measures for plaice , flounder , turbot and brill when scientific advice indicates that remedial measures are needed to ensure that the baltic stocks of plaice , flounder , turbot or brill are managed in accordance with the precautionary approach , the commission shall be empowered to adopt delegated acts in accordance with article 15 on specific conservation measures for by - catches of plaice , flounder , turbot and brill and regarding the following technical measures : characteristics of fishing gear , in particular mesh size , twine thickness , size of the gear ; use of the fishing gear , in particular immersion time , depth of gear deployment ; prohibition or limitation to fish in specific areas ; prohibition or limitation to fish during specific time periods ; minimum conservation reference size . 2 . the measures referred to in paragraph 1 shall aim at achieving the objective set out in article 3 and be based on scientific advice . 3 . the member states concerned may submit joint recommendations in accordance with article 18 of regulation no 1380 / 2013 for specific conservation measures as referred to in paragraph 1 . 4 . the commission shall review the delegated acts referred to in paragraph 1 one year after their adoption , and thereafter every year .


### it is appropriate to establish a multi - species fisheries plan taking into account the dynamics between the stocks of cod , herring and sprat , and also considering the by - catch species of the fisheries for these stocks , namely the baltic stocks of plaice , brill , flounder and turbot . the objective of this plan should be to aim at achieving and maintaining maximum sustainable yields for the stocks concerned . ### it is appropriate to establish a multi - species fisheries plan taking into account the dynamics between the stocks of cod , herring and sprat , and also considering the by - catch species of the fisheries for these stocks , namely the baltic stocks of plaice , brill , flounder and turbot . the objective of this plan should be to re - establish and maintain populations of the species concerned above the levels that are capable of producing the maximum sustainable yields , in accordance with article 2 of regulation 1380 / 2013 .


### achieving and maintaining maximum sustainable yield for the stocks concerned , and ### achieving and maintaining populations of the stocks concerned above levels which can produce the maximum sustainable yield , and


### by way of derogation from article 17 of regulation no 1224 / 2009 , the prior notification obligation laid down in that article shall apply to masters of union fishing vessels of eight metres overall length or more retaining on board at least 300 kg of cod or two tons of pelagic stocks . ### by way of derogation from article 17 of regulation no 1224 / 2009 , the prior notification obligation laid down in that article shall apply to masters of union fishing vessels of twelve metres overall length or more retaining on board at least 300 kg of cod or two tons of pelagic stocks .


### the plan shall aim at contributing to the objectives of the common fisheries policy listed in article 2 of regulation no 1380 / 2013 and in particular : achieving and maintaining maximum sustainable yield for the stocks concerned , and ensuring the conservation of the stocks of plaice , brill , flounder and turbot in line with the precautionary approach . ### the plan shall contribute to attainment of the objectives of the common fisheries policy listed in article 2 of regulation no 1380 / 2013 , and in particular : achieving and maintaining maximum sustainable yield for the stocks concerned , and ensuring , through management of by - catches , that the conservation of the stocks of plaice , brill , flounder and turbot is in line with the precautionary approach .


### article 18 to of regulation no 1380 / 2013 shall apply to the measures under this chapter . 2 . member states concerned may submit joint recommendations in accordance with article 18 of regulation no 1380 / 2013 within the following deadlines : for the measures set out in article 6 and concerning a given calendar year , not later than 1 september of the previous year ; b ) for the measures set out in articles 8 and 9 , for the first time not later than six months after the entry into force of this regulation and thereafter six months after each submission the evaluation of the plan in accordance with article 14 . ### article 18 to of regulation no 1380 / 2013 shall apply to the measures referred to in articles 6 , 8 and 9 . 2 . member states concerned may submit the joint recommendations referred to in articles 6 , 8 and 9 of this regulation for the first time not later than 12 months after the entry into force of this regulation , and thereafter 12 months after each submission of the evaluation of the plan in accordance with article 14 . member states may also submit such recommendations in the event of any abrupt change in the situation for any of the stocks covered by the plan .


### ‘ trapnet’ means large nets , anchored , fixed on stakes or occasionally floating , open at the surface and provided with various types of fish herding and retaining devices , and which are generally divided into chambers closed at the bottom by netting ; ### ‘ trapnet , fyke - net and pound net’ means nets , anchored , fixed on stakes or occasionally floating , open at the surface and provided with various types of fish herding and retaining devices , and which are generally divided into chambers closed at the bottom by netting ;


### the delegation of power referred to in articles 6 , 8 and 9 shall be conferred on the commission for an indeterminate period of time from the date of the entry into force of this regulation . ### the delegation of power referred to in articles 6 , 8 , 9 and 9a shall be conferred on the commission for a period of five years from the date of the entry into force of this regulation .


### the plan shall also apply to plaice , flounder , turbot and brill in ices subdivisions 22 - 32 caught when fishing for the stocks concerned . ### this regulation also provides for measures in respect of by - catches of plaice , flounder , turbot and brill in ices subdivisions 22 - 32 to be applied when fishing for stocks referred to in paragraph 1 .


### the commission shall ensure an evaluation of the impact of this plan on the stocks covered by this regulation and on the fisheries exploiting those stocks , in particular to take account of changes in scientific advice , six years after the entry into force of the plan and , thereafter , every six years . the commission shall submit the results of these evaluations to the european parliament and council . ### the commission shall ensure an evaluation of the impact of this plan on the stocks covered by this regulation and on the fisheries exploiting those stocks , in particular to take account of changes in scientific advice , three years after the entry into force of the plan and , thereafter , every six years . the commission shall submit the results of these evaluations to the european parliament and council .


### the plan shall aim at contributing to the implementation of the landing obligation established in article 15 of regulation no 1380 / 2013 for the stocks concerned and for plaice . ### the plan shall contribute to the implementation of the landing obligation established in article 15 of regulation no 1380 / 2013 for the stocks concerned and for plaice .


### as regards the time - frame , it is expected that for the stocks concerned maximum sustainable yield should be reached by 2015 . it should be maintained from there on . ### as regards the time - frame , it is expected that for the stocks concerned maximum sustainable yield should be reached by 2015 if possible , if not by 2020 at the latest , in accordance with article 2 of regulation 1380 / 2013 .


### the target fishing mortality shall be reached by 2015 and maintained onwards for the stocks concerned within the following ranges : ### in order to reach the objectives set out in article 3 , &#160 ; the target fishing mortality shall be within the following ranges by [ 201x ] and thereafter :


### the financial management of the guarantee fund should be transferred from the eib to the commission , which has an established practice of managing similar investments . by taking over the asset management of the guarantee fund , the commission should be able to streamline and consolidate its asset management activities , building on existing structures and a good track record . ### the possibility of transferring the financial management of the guarantee fund from the eib to the commission should be evaluated in terms of associated costs and benefits in order to ensure maximum efficiency of the use of union financial resources in view of the post - 2020 multiannual financial framework .


### not more than a maximum of one detailed topic for the subject area ' short term business statistics ' , five detailed topics for the subject area ' country - level business statistics ' , two detailed topics for the subject area ' regional business statistics ' and two detailed topics for the subject area ' statistics on international activities ' in an existing delegated act are added or replaced by another detailed topic over a period of five consecutive years . the maximum does not apply to amendments that result from agreements , treaties and conventions and from other international institutions in which the union is a member , and to changes that result from the changes to accounting frameworks of national and regional accounts in accordance with regulation no 549 / 2013 and of balance of payments statistics in accordance with regulation no 184 / 2005 . the number of characteristics for detailed topics of dynamic business statistics shall not increase significantly between two consecutive reference periods and shall not exceed the number of characteristics of the first year of implementation of this regulation ; ### not more than a maximum of one detailed topic for the subject area ' short term business statistics ' , five detailed topics for the subject area ' country - level business statistics ' , two detailed topics for the subject area ' regional business statistics ' and two detailed topics for the subject area ' statistics on international activities ' in an existing delegated act are replaced by another detailed topic over a period of five consecutive years . not more than a maximum of one detailed topic for the subject areas in an existing delegated act are added over a period of five consecutive years . the maximum does not apply to amendments that result from agreements , treaties and conventions and from other international institutions in which the union is a member , and to changes that result from the changes to accounting frameworks of national and regional accounts in accordance with regulation no 549 / 2013 and of balance of payments statistics in accordance with regulation no 184 / 2005 . the number of characteristics for detailed topics of dynamic business statistics shall not increase significantly between two consecutive reference periods and shall not exceed the number of characteristics of the first year of implementation of this regulation ;


### the coordination of economic policies within the union and the euro area and the provision of information to economic agents within the single market requires comparable data on labour market developments including statistics on labour costs , earnings and on the number of occupied and vacant posts . in addition , lifelong learning is a key element in developing and promoting a skilled , trained and adapted workforce , and particular attention should be given to vocational training in enterprises as a crucial contributor to lifelong learning . such data are mainly collected from businesses and should in the future be legislated and better integrated with other business statistics . data on the level and composition of labour costs and on the structure and distribution of earnings are needed to assess medium - term developments of union economies . data on labour cost developments and job vacancies are needed for the short–term monitoring of union economies , including for monetary policy purposes . data on enterprises ' investment in continuing vocational training , the characteristics and volume of such training as well as information on enterprises ' strategies for vocational training are needed to monitor the implementation of the union ' s strategy for enhanced cooperation in vocational education and training . ### the coordination of economic policies within the union and the euro area and the provision of information to economic agents within the single market requires comparable data on labour market developments including statistics on labour costs . in addition , lifelong learning is a key element in developing and promoting a skilled , trained and adapted workforce , and particular attention should be given to vocational training in enterprises as a crucial contributor to lifelong learning . such data are mainly collected from businesses and should in the future be legislated and better integrated with other business statistics . data on labour costs are needed to assess medium - term developments of union economies and for the short–term monitoring of union economies , including for monetary policy purposes .


### the implementing acts referred to in paragraph 1 shall be adopted in accordance with the examination procedure referred to in article 22 . ### the implementing acts referred to in paragraph 1 shall be adopted in accordance with the examination procedure referred to in article 22 . while preparing such implementing acts potential extra costs and administrative burdens on member states or on the respondent shall be taken into account .


### the commission shall be empowered to adopt implementing acts in accordance with the examination procedure referred to in article 22 for the purpose of specifying the statistical data elements referred to in points to , and for specifying the list of statistical data elements applicable for the specific goods or movements and the data compiled by using the particulars of customs declarations referred to in points and of article 12 . ### the commission shall be empowered to adopt delegated acts in accordance with article 21 for the purpose of supplementing the statistical data elements referred to in points to , and for supplementing the list of statistical data elements applicable for the specific goods or movements and the data compiled by using the particulars of customs declarations referred to in points and of article 12 .


### the power to adopt delegated acts referred to in articles 5 , 6 , 9 and 12 shall be conferred on the commission for an indeterminate period of time . ### the power to adopt delegated acts referred to in articles 5 , 6 , 9 , 12 and 13 shall be conferred on the commission for a period of five years . the commission shall draw up a report in respect of the delegation of power not later than nine months before the end of the five - year period . the delegation of power shall be tacitly extended for periods of an identical duration , unless the european parliament or the council opposes such extension not later than three months before the end of each period .


### delegated acts are adopted at least 15 months before the end of the reference period of the data except for the topics of ' innovation ' and ' ict usage and e - commerce ' for which the delegated acts shall be adopted at least six and twelve months respectively before the end of the reference period of the data . ### delegated acts are adopted no later than six months before the beginning of the reference period of the data except for the topics of “innovation” and “ict usage and e - commerce” for which the delegated acts shall be adopted at least three months respectively before the beginning of the reference period of the data .


### the centre shall request europol to provide information on the involvement of criminal groups in the manufacture and distribution of the new psychoactive substance , and in any use of the new psychoactive substance . ### the centre shall request europol to provide , without undue delay , information on the involvement of criminal groups in the development , manufacture , distribution and supply of the new psychoactive substance , and in any use of the new psychoactive substance .


### the centre shall request europol to provide information on the involvement of criminal groups in the manufacture and distribution of the new psychoactive substance , and in any use of the new psychoactive substance . ### the centre shall request europol to provide , without undue delay , information on the involvement of criminal groups in the manufacture , distribution and distribution channels of the new psychoactive substance , and in any use of the new psychoactive substance and other relevant information on the new psychoactive substance .


### no risk assessment shall be carried out where the new psychoactive substance is at an advanced stage of assessment within the united nations system , namely once the world health organisation expert committee on drug dependence has published its critical review together with a written recommendation , except where there is significant information that is new or of particular relevance for the union and that has not been taken into account by the united nations system . ### no risk assessment shall be carried out where the new psychoactive substance is at an advanced stage of assessment within the united nations system , namely once the world health organisation expert committee on drug dependence has published its critical review together with a written recommendation , except where there are sufficient data and information available to suggest the need for a risk assessment report at the union level , the reasons for which shall be indicated in the initial report .


### new psychoactive substances can pose serious cross border threats to health which makes necessary to enhance monitoring , early warning and combating of those threats . ### new psychoactive substances , which may have numerous commercial and industrial uses , as well as scientific uses , can pose serious cross border threats to health , in particular due to their diversity and the speed with which they have been appearing . the rapid growth of the market of those novel products continues to be challenging , making it necessary to enhance monitoring and early warning systems , to assess their health , safety and social risks in order to develop responses such as risk reduction measures in order to combat those threats .


### a first indication of the nature or scale of health and social risks associated with the new psychoactive substance ; ### a first indication of the nature or scale of health , social or safety risks associated with the new psychoactive substance ;


### each member state shall ensure that its reitox national focal points and the europol national unit provide timely and without any undue delay to the centre and europol the available information on new psychoactive substances . the information shall be related to the detection and identification , use and patterns of use , potential and identified risks , manufacture , extraction , distribution , trafficking , commercial , as well as medical and scientific use of these substances . ### each member state shall ensure that its reitox national focal points and the europol national unit provide timely and without any undue delay to the centre and europol the available information on new psychoactive substances . the information shall be related to the detection and identification , use and patterns of use , potential and identified risks , manufacture , extraction , distribution and distribution channels , trafficking , commercial , as well as medical and scientific use of these substances .


### where the centre , the commission or the council , acting by a simple majority of member states , consider that the information shared on a new psychoactive substance collected pursuant to article 5a in one or more member states gives rise to concerns that the new psychoactive substance may pose health or social risks at the union level , the centre shall draw up an initial report on the new psychoactive substance . ### where the centre , the commission or the council , acting by a simple majority of member states , consider that the information shared on a new psychoactive substance collected pursuant to article 5a in one or more member states gives rise to concerns that the new psychoactive substance may pose health , safety or social risks at the union level , the centre shall draw up without undue delay an initial report on the new psychoactive substance .


### an analysis of the social risks associated with the new psychoactive substance , in particular its impact on social functioning , public order and criminal activities , the involvement of criminal groups in the manufacture and distribution of the new psychoactive substance ; ### an analysis of the social risks associated with the new psychoactive substance , in particular its impact on social functioning , public order and criminal activities , the involvement of criminal groups in the manufacture , distribution and distribution channels of the new psychoactive substance ;


### the centre shall request the european medicines agency to provide information on whether , in the union or in any member state , the new psychoactive substance is : ### the centre shall request the european medicines agency to provide , without undue delay , information on whether , in the union or in any member state , the new psychoactive substance is :


### an analysis of the health risks associated with the new psychoactive substance , in particular with respect to its acute and chronic toxicity , abuse liability , dependence - producing potential , and its physical , mental and behavioural effects ; ### an analysis of the health risks associated with the new psychoactive substance , in particular with respect to its acute and chronic toxicity , abuse liability , dependence - producing potential , and its physical , mental and behavioural effects , including contraindications for use with other substances , where available ;


### the centre , in cooperation with europol , shall collect , analyse , assess , and communicate this information in a timely manner to member states with a view to providing member states with any information required for the purposes of early warning and for the purposes of allowing the centre to draw up the initial report or the combined initial report pursuant to article 5b . ### the centre , in cooperation with europol , shall collect , analyse , assess , and communicate this information in a timely manner to member states and to the commission with a view to providing member states and the commission with any information required for the purposes of early warning and for the purposes of allowing the centre to draw up the initial report or the combined initial report pursuant to article 5b .


### no risk assessment should be conducted on a new psychoactive substance if it is subject to an assessment under international law , or if it is an active substance in a medicinal product or in a veterinary medicinal product . ### no risk assessment should be conducted on a new psychoactive substance if it is subject to an assessment under international law , or if it is an active substance in a medicinal product or in a veterinary medicinal product , unless there is sufficient scientific evidence , data or studies available at union level to suggest the need of such assessment .


### no risk assessment should be conducted on a new psychoactive substance if it is subject to an assessment under international law , or if it is an active substance in a medicinal product or in a veterinary medicinal product . ### no risk assessment should be conducted on a new psychoactive substance if it is subject to an assessment under international law , unless there are sufficient data available at union level to suggest the need for a risk assessment report . no risk assessment should be conducted on a new psychoactive substance if it is an active substance in a medicinal product or in a veterinary medicinal product .


### in order to guarantee effective protection of the rights of the persons concerned , legal safeguards and the right to an effective remedy in respect of decisions regarding transfers to the member state responsible should be established , in accordance , in particular , with article 47 of the charter of fundamental rights of the european union . an effective remedy should also be provided in situations when no transfer decision is taken but the applicant claims that another member state is responsible on the basis that he has a family member or , for unaccompanied minors , a relative in another member state . in order to ensure that international law is respected , an effective remedy against such decisions should cover both the examination of the application of this regulation and of the legal and factual situation in the member state to which the applicant is transferred . the scope of the effective remedy should be limited to an assessment of whether applicants ' fundamental rights to respect of family life , the rights of the child , or the prohibition of inhuman and degrading treatment risk to be infringed upon . ### any person subject to this regulation should have the rights to an effective remedy , in the form of an appeal or review , pursuant to the applicable legislation . in order to guarantee effective protection of the rights of the persons concerned , legal safeguards and the right to an effective remedy in respect of decisions regarding transfers to the member state responsible should be established , in accordance , in particular , with article 47 of the charter of fundamental rights of the european union . an effective remedy should also be provided in situations when no transfer decision is taken but the applicant claims that another member state is responsible on the basis that he has a family member or , for unaccompanied minors , a relative in another member state . in order to ensure that international law and the relevant case - law are respected , an effective remedy against such decisions should cover both the examination of the application of this regulation and of the legal and factual situation in the member state to which the applicant is transferred or returned . the main scope of the effective remedy should be an assessment of whether applicants ' fundamental rights to respect of family life , the rights of the child , or the prohibition of inhuman and degrading treatment risk to be infringed upon .


### the best interests of the child shall be a primary consideration for member states with respect to all procedures provided for in this regulation . ### the best interests of the child shall be&#160 ; the primary consideration for member states with respect to all procedures provided for in this regulation .


### each member state where an unaccompanied minor is obliged to be present shall ensure that a representative represents and / or assists the unaccompanied minor with respect to the relevant procedures provided for in this regulation . the representative shall have the qualifications and expertise to ensure that the best interests of the minor are taken into consideration during the procedures carried out under this regulation . such representative shall have access to the content of the relevant documents in the applicant’s file including the specific leaflet for unaccompanied minors . ### each member state where an unaccompanied minor is present shall ensure that a representative represents and / or assists the unaccompanied minor with respect to the relevant procedures provided for in this regulation . the representative shall have the qualifications and expertise to ensure that the best interests of the minor are taken into consideration during the procedures carried out under this regulation . such representative shall have access to the content of the relevant documents in the applicant’s file including the specific leaflet for unaccompanied minors .


### the member state in which an application for international protection is made and which is carrying out the process of determining the member state responsible may , at any time before a member state responsible has been determined , request another member state to take charge of an applicant in order to bring together any family relations , even where that other member state is not responsible under the criteria laid down in articles 10 to 13 and 18 . the persons concerned must express their consent in writing . ### the member state in which an application for international protection is made and which is carrying out the process of determining the member state responsible may , at any time before a member state responsible has been determined , request another member state to take charge of an applicant in order to bring together any family relations or on the basis of family , cultural or social ties or language skills which would facilitate his or her integration into that other member state , even where that other member state is not responsible under the criteria laid down in articles 10 to 13 and 18 . the persons concerned must express their consent in writing .


### member states shall not hold a person in detention for the sole reason that he or she is subject to the procedure established by this regulation . ### member states shall not hold a person in detention for the sole reason that he or she is subject to the procedure established by this regulation . detention shall always remain a measure of last resort and alternatives to detention shall always be a priority . children shall not to be detained as detention can never be in the child ' s best interests .


### that the right to apply for international protection does not encompass any choice of the applicant which member state shall be responsible for examining the application for international protection ; ### that the right to apply for international protection does not encompass any choice of the applicant which member state shall be responsible for examining the application for international protection , except when he or she is eligible for family reunification ;


### ‘ unaccompanied minor’ means a minor who arrives on the territory of the member states unaccompanied by an adult responsible for him or her , whether by law or by the practice of the member state concerned , and for as long as he or she is not effectively taken into the care of such an adult ; it includes a minor who is left unaccompanied after he or she has entered the territory of member states ; ### ‘ unaccompanied minor’ means a minor who arrives on the territory of the member states unaccompanied by an adult responsible for him or her , whether by law or by the practice of the member state concerned , and for as long as he or she is not effectively taken into the care of such an adult ; it includes a minor who is left unaccompanied after he or she has entered the territory of member states , as well as minors who have been separated from both parents or from their previous legal or customary primary care - giver ;


### a key based on the size of the population and of the economy of the member states should be applied as a point of reference in the operation of the corrective allocation mechanism in conjunction with a threshold , so as to enable the mechanism to function as a means of assisting member states under disproportionate pressure . the application of the corrective allocation for the benefit of a member state should be triggered automatically where the number of applications for international protection for which a member state is responsible exceeds 150% of the figure identified in the reference key . in order to comprehensively reflect the efforts of each member state , the number of persons effectively resettled to that member state should be added to the number of applications for international protection for the purposes of this calculation . ### a key based on the size of the population and of the economy of the member states should be applied as a point of reference in the operation of the corrective allocation mechanism in conjunction with a threshold , so as to enable the mechanism to function as a means of assisting member states under disproportionate pressure . the application of the corrective allocation for the benefit of a member state should be triggered automatically where the number of applications for international protection for which a member state is responsible exceeds 150% of the figure identified in the reference key , but taking in consideration the applicant preference motivated by familiar reunification . in order to comprehensively reflect the efforts of each member state , the number of persons effectively resettled to that member state should be added to the number of applications for international protection for the purposes of this calculation . the unaccompanied minors represent a distinct category , and should therefore require specific attention and a distinct key to be applied .


### in order to ensure the speedy determination of responsibility and allocation of applicants for international protection between member states , the deadlines for making and replying to requests to take charge , for making take back notifications , and for carrying out transfers , as well as for making and deciding on appeals , should be streamlined and shortened to the greatest extent possible . ### in order to ensure the speedy determination of responsibility and allocation of applicants for international protection between member states , the deadlines for making and replying to requests to take charge , for making take back notifications , and for carrying out transfers , as well as for making and deciding on appeals , should be shortened to the greatest extent possible while respecting the fundamental rights of applicants .


### 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 . ### 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 steering board shall assign the investment committee members to its appropriate configuration or configurations . the investment committee shall elect a chairperson from among its permanent members .


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


### the sustainability of the union economy and its growth ; ### the sustainable growth of the union economy , aiming towards the achievement of the un sustainable development goals and the objectives of the paris climate agreement ;


### 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 , including multimodal transport , road safety , tourism , energy , in particular the increased deployment of renewable energy , energy efficiency in line with the 2030 and 2050 energy frameworks , improving interconnection levels , digital connectivity and access including in rural areas , supply and processing of raw materials , space , oceans , inland water , waste avoidance 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 , and meet the environmental or social sustainability standards of the union ;


### by 30 september 2025 , the commission shall carry out an interim evaluation on the investeu programme , in particular on the use of the eu guarantee . ### by 31 december 2024 , the commission shall carry out an interim evaluation on the investeu programme , in particular on the use of the eu guarantee .


### with 1 . 8% of eu gdp , down from 2 . 2% in 2009 , infrastructure investment activities in the union in 2016 were about 20% below investment rates before the global financial crisis . thus , while a recovery in investment - to - gdp ratios in the union can be observed , it remains below what might be expected in a strong recovery period and is insufficient to compensate years of underinvestment . more importantly , the current investment levels and forecasts do not cover the union ' s structural investment needs in the face of technological change and global competitiveness , including for innovation , skills , infrastructure , small and medium - sized enterprises and the need to address key societal challenges such as sustainability or population ageing . consequently , continued support is necessary to address market failures and sub - optimal investment situations to reduce the investment gap in targeted sectors to achieve the union ' s policy objectives . ### 8% of eu gdp , down from 2 . 2% in 2009 , infrastructure investment activities in the union in 2016 were about 20% below investment rates before the global financial crisis . thus , while a recovery in investment - to - gdp ratios in the union can be observed , it remains below what might be expected in a strong recovery period and is insufficient to compensate years of underinvestment and growth remains unevenly distributed among member states . more importantly , the current investment levels and forecasts do not cover the union ' s structural investment needs for sustaining a long - term growth rate in the face of technological change and global competitiveness , including for innovation , research , skills , infrastructure , small and medium - sized enterprises , start - ups , and the need to address key societal challenges such as sustainability or population ageing . consequently , continued support is necessary to address market failures and suboptimal investment situations to reduce the investment gap in targeted sectors to achieve the union ' s policy objectives . in this regard it is important that the investeu programme continues to support otherwise difficult to fund projects that provide european citizens with long - term economic , environmental and societal benefits .


### smes policy window : access to and availability of finance for smes and , in duly justified cases , for small mid - cap companies ; ### smes policy window : simplified access to and availability of finance for start - us , smes , including innovative ones , and , in duly justified cases , for small mid - cap companies , in particular to improve global competitiveness , innovation , digitisation and sustainability ;


### the investeu fund shall operate through the following four policy windows that shall address market failures or sub - optimal investment situations within their specific scope : ### the investeu fund shall operate through the following four policy windows that shall address market failures or sub - optimal investment situations within their specific scope , and where relevant shall draw from experience gained under financial instruments that have been operational under the previous multiannual financial framework :


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


### 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 .


### financing and investment operations under the sustainable infrastructure policy window referred to in point of paragraph shall be subject to climate , environmental and social sustainability proofing with a view to minimise detrimental impacts and maximise benefits on climate , environment and social dimension . for that purpose , promoters requesting financing shall provide adequate information based on guidance to be developed by the commission . projects below a certain size defined in the guidance shall be excluded from the proofing . ### financing and investment operations under the sustainable infrastructure policy window referred to in point of paragraph shall be subject to climate , environmental and social sustainability proofing with a view to minimise detrimental impacts and maximise benefits on climate , environment and social dimension . for that purpose , promoters requesting financing shall provide adequate information based on guidance to be developed by the commission , in form of a delegated act and taking into account the criteria established by the [ regulation on the establishment of a framework to facilitate sustainable investment com353 ] to determine whether an economic activity is environmentally sustainable . where appropriate projects below a certain size defined in the guidance may be exempted from the proofing .


### development , smartening and modernisation of sustainable energy infrastructure ; ### development , smartening and modernisation of sustainable energy infrastructure and increasing the level of electricity interconnection between member states ;


### the commission should assess the compatibility of investment and financing operations submitted by the implementing partners with union law and policies whereas the decisions on financing and investment operations should ultimately be taken by an implementing partner . ### as steering committee with an executive role to make decisions in accordance with article 17 , consisting of appointees by the european commission , the european investment bank , the implementing partners , and a non - voting expert appointed by the european parliament , should be established in order to ensure the governance of the investeu programme has the correct balance between policy and banking expertise . the steering committee should assess the compatibility of investment and financing operations submitted by the implementing partners with union law and policies whereas the decisions on financing and investment operations should ultimately be taken by an implementing partner .


### according to the 2018 global risks report issued by the world economic forum , half of the ten most critical risks threatening the global economy relate to the environment . such risks include air , soil and water pollution , extreme weather events , biodiversity losses and failures of climate - change mitigation and adaptation . environmental principles are strongly embedded in the treaties and many of the union ' s policies . therefore , the mainstreaming of environmental objectives should be promoted in the investeu fund related operations . environmental protection and related risk prevention and management should be integrated in the preparation and implementation of investments . the eu should also track its biodiversity - related and air pollution control - related expenditure in order to fulfil the reporting obligations under the convention on biological diversity and directive 2016 / 2284 of the european parliament and of the council15 . investment allocated to environmentally sustainability objectives should therefore be tracked using common methodologies coherent with that developed under other union programmes applying to climate , biodiversity and air pollution management in order to allow assessing the individual and combined impact of investments on the key components of the natural capital , including air , water , land and biodiversity . _________________ 15 directive 2016 / 2284 of the european parliament and of the council of 14 december 2016 on the reduction of national emissions of certain atmospheric pollutants , amending directive 2003 / 35 / ec and repealing directive 2001 / 81 / ec . ### according to the 2018 global risks report issued by the world economic forum , half of the ten most critical risks threatening the global economy relate to the environment . such risks include air , soil and water pollution , extreme weather events , biodiversity losses and failures of climate - change mitigation and adaptation . environmental principles are strongly embedded in the treaties and many of the union ' s policies . therefore , the mainstreaming of environmental objectives should be promoted in the investeu fund related operations . environmental protection and related risk prevention and management for events such as floods , earthquakes , wildfires and other disasters should be integrated in the preparation and implementation of investments . the eu should also track its biodiversity - related and air pollution control - related expenditure in order to fulfil the reporting obligations under the convention on biological diversity and directive 2016 / 2284 of the european parliament and of the council15 . investment allocated to environmentally sustainability objectives should therefore be tracked using common methodologies coherent with that developed under other union programmes applying to climate , biodiversity and air pollution management in order to allow assessing the individual and combined impact of investments on the key components of the natural capital , including air , water , land and biodiversity . _________________ 15 directive 2016 / 2284 of the european parliament and of the council of 14 december 2016 on the reduction of national emissions of certain atmospheric pollutants , amending directive 2003 / 35 / ec and repealing directive 2001 / 81 / ec .


### 2energy : number of households with improved energy consumption classification ### 2energy : number of households , number of public and commercial premises with improved energy consumption classification , including the degree of improvement in the classification or equivalent figure , or number of households renovated to nzeb and passive house standard


### implementing partners shall target that at least 50 % of the investment under the sustainable infrastructure policy window contribute to meeting the union objectives on climate and environment . ### implementing partners shall target that : - at least 65% of the investment under the sustainable infrastructure policy window significantly contribute to meeting the union objectives on climate and environment , in line with the paris agreement ; - at least 35% of the investment under the research , innovation and digitisation policy window contribute to horizon europe objectives ; - a significant share of the guarantee offered to smes and small mid - caps under the sme policy window should support innovative smes ; - at least 30% of the investment under the social investment and skills policy window contribute to the objectives of horizon europe and erasmus + ; the commission together with implementing partners shall seek that the part of the budgetary guarantee used for the siw is distributed aiming at a balance between the actions in the different areas .


### for the eu compartment , the eligible counterparts shall have expressed their interest and shall be able to cover financing and investment operations in at least three member states . the implementing partners may also cover together financing and investment operations in at least three member states by forming a group . ### for the eu compartment , the eligible counterparts shall have expressed their interest and shall be able to cover financing and investment operations in at least three member states . the implementing partners may also cover together financing and investment operations in at least two member states by forming a group . this criteria is also fulfilled when the implementing partners identify a common market failure in their respective markets and address this market failure or suboptimal investment situation with locally adapted , but similar instruments .


### verify their compliance with this regulation and the relevant investment guidelines , giving particular attention to the additionality requirement referred to in [ article 209 ] of the [ financial regulation ] and to the requirement to crowd in private investment referred to in [ article 209 ] of the [ financial regulation ] ; and ### verify their compliance with this regulation and the relevant investment guidelines , giving particular attention to the additionality requirement referred to in [ article 209 ] of the [ financial regulation ] , the sustainability proofing referred to in article 7 , and to the requirement to crowd in private investment referred to in [ article 209 ] of the [ financial regulation ] ; and


### the investeu fund should support investments in tangible and intangible assets to foster growth , investment and employment , and thereby contributing to improved well - being and fairer income distribution in the union . intervention through the investeu fund should complement union support delivered through grants . ### the investeu fund should support investments in tangible and intangible assets to foster sustainable growth , investment and employment , and thereby contributing to improved well - being , environment and fairer income distribution in the union . intervention through the investeu fund should complement and not replace union support delivered through grants . investments should comply with the additionality requirement so that market failures or sub - optimal investment situations can be addressed and investments strive to create long - term high quality employment , public infrastructure and sustainable growth .


### the investeu fund shall operate through the following four policy windows that shall address market failures or sub - optimal investment situations within their specific scope : ### the investeu fund shall operate through the following four policy windows that shall address market failures and / or sub - optimal investment situations within their specific scope :


### 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 micro , small and medium enterprises ;


### as set out in the reflection paper on the social dimension of europe16 and the european pillar of social rights17 , building a more inclusive and fairer union is a key priority for the union to tackle inequality and foster social inclusion policies in europe . inequality of opportunities affects in particular access to education , training and health . investment in the social , skills and human capital - related economy , as well as in the integration of vulnerable populations in the society , can enhance economic opportunities , especially if coordinated at union level . the investeu fund should be used to support investment in education and training , help increase employment , in particular among the unskilled and long - term unemployed , and improve the situation with regard to intergenerational solidarity , the health sector , homelessness , digital inclusiveness , community development , the role and place of young people in society as well as vulnerable people , including third country nationals . the investeu programme should also contribute to the support of european culture and creativity . to counter the profound transformations of societies in the union and of the labour market in the coming decade , it is necessary to invest in human capital , microfinance , social enterprise finance and new social economy business models , including social impact investment and social outcomes contracting . the investeu programme should strengthen nascent social market eco - system , increasing the supply of and access to finance to micro - and social enterprises , to meet the demand of those who need it the most . the report of the high - level task - force on investing in social infrastructure in europe18 has identified investment gaps in social infrastructure and services , including for education , training , health and housing , which call for support , including at the union level . therefore , the collective power of public , commercial and philanthropic capital , as well as support from foundations , should be harnessed to support the social market value chain development and a more resilient union . _________________ 16 com 206 . 17 com 250 . 18 published as european economy discussion paper 074 in january 2018 . ### as set out in the reflection paper on the social dimension of europe16 and the european pillar of social rights17 , and the eu framework for the un convention on the rights of persons with disabilities , building a more inclusive and fairer union is a key priority for the union to tackle inequality and foster social inclusion policies in europe . inequality of opportunities affects in particular access to education , training , culture , employment , health and social services . investment in the social , skills and human capital - related economy , as well as in the integration of vulnerable populations in the society , can enhance economic opportunities , especially if coordinated at union level . the investeu fund should be used to support investment in education and training , help increase employment , in particular among the unskilled and long - term unemployed , and improve the situation with regard to intergenerational solidarity , the health and social services sector , social housing , homelessness , digital inclusiveness , community development , the role and place of young people in society as well as vulnerable people , including third country nationals . the investeu programme should also contribute to the support of european culture and creativity . to counter the profound transformations of societies in the union and of the labour market in the coming decade , it is necessary to invest in human capital , social infrastructure , sustainable and social finance , microfinance , social enterprise finance and new social economy business models , including social impact investment and social outcomes contracting . the investeu programme should strengthen nascent social market eco - system , increasing the supply of and access to finance to micro - and social enterprises and social solidarity institutions , to meet the demand of those who need it the most . the report of the high - level task - force on investing in social infrastructure in europe18 has identified a total investment gap of at least eur 1 , 5 trillion for the period between 2018 and 2030 in social infrastructure and services , including for education , training , health and housing , which call for support , including at the union level . therefore , the collective power of public , commercial and philanthropic capital , as well as support from alternative types of financial providers such as ethical , social and sustainable actors , and from foundations , should be harnessed to support the social market value chain development and a more resilient union . _________________ 16 com 206 . 17 com 250 . 18 published as european economy discussion paper 074 in january 2018 .


### financing and investment operations under the sustainable infrastructure policy window referred to in point of paragraph shall be subject to climate , environmental and social sustainability proofing with a view to minimise detrimental impacts and maximise benefits on climate , environment and social dimension . for that purpose , promoters requesting financing shall provide adequate information based on guidance to be developed by the commission . projects below a certain size defined in the guidance shall be excluded from the proofing . ### financing and investment operations under the sustainable infrastructure policy window referred to in point of paragraph shall be subject to climate , environmental and social sustainability proofing with a view to minimise detrimental impacts and maximise benefits on climate , environment and the social dimension . for that purpose , promoters requesting financing shall provide adequate information based on guidance to be developed by the commission in form of a delegated act and taking into account the criteria established by the [ regulation on the establishment of a framework to facilitate sustainable investment com353 ] . where appropriate , projects below a certain size defined in the guidance may be exempted from the proofing .


### the investeu fund should contribute to improving the competitiveness of the union , including in the field of innovation and digitisation , the sustainability of the union ' s economic growth , the social resilience and inclusiveness and the integration of the union capital markets , including solutions addressing their fragmentation and diversifying sources of financing for the union enterprises . to that end , it should support projects that are technically and economically viable by providing a framework for the use of debt , risk sharing and equity instruments underpinned by a guarantee from the union ' s budget and by contributions from implementing partners . it should be demand - driven while support under the investeu fund should at the same time focus on contributing to meeting policy objectives of the union . ### the investeu fund should contribute to improving the competitiveness of the union , including in the field of innovation and digitisation , the sustainability of the union ' s economic growth , the social resilience and inclusiveness and the integration of the union capital markets , including solutions addressing their fragmentation and diversifying sources of financing for the union enterprises . to that end , it should support projects that are technically and economically viable by providing a framework for the use of debt , risk sharing and equity instruments underpinned by a guarantee from the union ' s budget and by contributions from implementing partners as relevant . it should be demand - driven while support under the investeu fund should at the same time focus on contributing to meeting policy objectives of the union .


### smes policy window : access to and availability of finance for smes and , in duly justified cases , for small mid - cap companies ; ### smes policy window : simplified access to and availability of finance for start - us , smes , including innovative ones , and , in duly justified cases , for small mid - cap companies , in particular to improve global competitiveness , innovation , digitisation and sustainability ;


### small and medium - sized enterprises play a crucial role in the union . however , they face challenges when accessing finance because of their perceived high risk and lack of sufficient collateral . additional challenges arise from smes ' need to stay competitive by engaging in digitisation , internationalisation and innovation activities and skilling up their workforce . moreover , compared to larger enterprises , they have access to a more limited set of financing sources : they typically do not issue bonds , have only limited access to stock exchanges or large institutional investors . the challenge in accessing finance is even greater for those smes whose activities focus on intangible assets . smes in the union rely heavily on banks and debt financing in the form of bank overdrafts , bank loans or leasing . supporting smes that face the above challenges and providing more diversified sources of funding is necessary for increasing the ability of smes to finance their creation , growth and development , withstand economic downturns , and for making the economy and the financial system more resilient during economic downturn or shocks . this is also complementary to the initiatives already undertaken in the context of the capital markets union . the investeu fund should provide an opportunity to focus on specific , more targeted financial products . ### small and medium - sized enterprises represent over 99% of businesses in the union and their economic value is significant and crucial . however , they face challenges when accessing finance because of their perceived high risk and lack of sufficient collateral . gender disparities also need to be addressed , as female creativity and entrepreneurial potential are an under - exploited source of growth and jobs that should be further developed . additional challenges arise from smes ' need to stay competitive by engaging in digitisation , internationalisation and innovation activities and skilling up their workforce . moreover , compared to larger enterprises , they have access to a more limited set of financing sources : they typically do not issue bonds , have only limited access to stock exchanges or large institutional investors . the lack of access to capital for smes is exacerbated by the comparatively small european private equity industry , and the challenge in accessing finance is even greater for those smes whose activities focus on intangible assets . smes in the union rely heavily on banks and debt financing in the form of bank overdrafts , bank loans or leasing . supporting smes that face the above challenges by simplifying their access to finance and providing more diversified sources of funding is necessary for increasing the ability of smes to finance their creation , growth , innovation and sustainable development , ensure their competitiveness , withstand economic downturns , and for making the economy and the financial system more resilient during economic downturn or shocks . this is also complementary to the initiatives already undertaken in the context of the capital markets union . programmes such as cosme have been important for smes in the they have facilitated access to finance in all phases of their lifecycle , and this was added to by efsi for which there was a quick sme uptake . the investeu fund should therefore build on these successes and provide an opportunity to focus on specific , more targeted financial products .


### corporate projects ; ### corporate projects , including training and the promotion of the creation of clusters and business networks ;


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


### railway infrastructure , other rail projects , and maritime ports ; ### railway infrastructure , other rail projects , inland waterways infrastructure and maritime ports ;


### low infrastructure investment rates in the union during the financial crisis undermined the union ' s ability to boost sustainable growth , competitiveness and convergence . sizeable investments in the european infrastructure are fundamental to meet the union ' s sustainability targets , including the 2030 energy and climate targets . accordingly , support from the investeu fund should target investments into transport , energy , including energy efficiency and renewable energy , environmental , climate action , maritime and digital infrastructure . to maximise the impact and the value added of union financing support , it is appropriate to promote a streamlined investment process enabling visibility of the project pipeline and consistency across relevant union programmes . bearing in mind security threats , investment projects receiving union support should take into account principles for the protection of citizens in public spaces . this should be complementary to the efforts made by other union funds such as the european regional development fund providing support for security components of investments in public spaces , transport , energy and other critical infrastructure . ### low infrastructure investment rates in the union during the financial crisis undermined the union ' s ability to boost sustainable growth , competitiveness and convergence . sizeable investments in the european infrastructure , notably with regard to interconnection and energy efficiency and to creating a single european transport area , are fundamental to meet the union ' s sustainability targets , including the eu’s commitments towards the sdgs , and the 2030 energy and climate targets . accordingly , support from the investeu fund should target investments into transport , energy , including energy efficiency and renewable energy , environmental , climate action , maritime and digital infrastructure , supporting e . g . development and deployment of intelligent transport systems . investeu should prioritise areas that are under - invested , and in which additional investment is required , including sustainable mobility energy efficiency , and actions that contribute to the achievement of the 2030 and long - term climate and energy targets . to maximise the impact and the value added of union financing support , it is appropriate to promote a streamlined investment process enabling visibility of the project pipeline and maximising synergies across relevant union programmes in the areas i . a . of transport , energy and digital . bearing in mind security threats , investment projects receiving union support should take into account principles for the protection of citizens in public spaces . this should be complementary to the efforts made by other union funds such as the european regional development fund providing support for security components of investments in public spaces , transport , energy and other critical infrastructure .


### in selecting implementing partners for the deployment of the investeu fund , the commission should consider the counterpart ' s capacity to fulfil the objectives of the investeu fund and contribute its own resources , in order to ensure adequate geographical coverage and diversification , to crowd - in private investors and to provide sufficient risk diversification as well as new solutions to address market failures and sub - optimal investment situations . given its role under the treaties , its capacity to operate in all member states and the existing experience under the current financial instruments and the efsi , the european investment bank group should remain a privileged implementing partner under the investeu fund ' s eu compartment . in addition to the eib group , national promotional banks or institutions should be able to offer a complementary financial product range given that their experience and capabilities at regional level could be beneficial for the maximisation of the impact of public funds on the territory of the union . moreover , it should be possible to have other international financial institutions as implementing partners , in particular when they present a comparative advantage in terms of specific expertise and experience in certain member states . it should also be possible for other entities fulfilling the criteria laid down in the financial regulation to act as implementing partners . ### in selecting implementing partners for the deployment of the investeu fund , the commission should consider the counterpart ' s capacity to fulfil the objectives of the investeu fund and to contribute to it , in order to ensure adequate geographical coverage and diversification , to crowd - in private investors and to provide sufficient risk diversification as well as new solutions to address market failures and sub - optimal investment situations , and ensure economic , social and territorial cohesion . given its role under the treaties , its capacity to operate in all member states and the existing experience under the current financial instruments and the efsi , the eib group should remain a privileged implementing partner under the investeu fund ' s eu compartment . in addition to the eib group , national , regional and local promotional banks or institutions should be able to offer a complementary financial product range given that their experience and capabilities at regional level could be beneficial for the maximisation of the impact of public funds on the territory of the union . moreover , it should be possible to have other international financial institutions as implementing partners , in particular when they present a comparative advantage in terms of specific expertise and experience in certain member states . it should also be possible for other entities fulfilling the criteria laid down in the financial regulation to act as implementing partners .


### 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 commission and the steering board shall be advised by an advisory board which shall comprise of one representative of each implementing partner , one representative of each member state , one representative of the eib , one representative of the commission and one expert for each policy window , appointed by the european economic and social committee .


### the investeu fund should support investments in tangible and intangible assets to foster growth , investment and employment , and thereby contributing to improved well - being and fairer income distribution in the union . intervention through the investeu fund should complement union support delivered through grants . ### the investeu fund should support investments in tangible and intangible assets , including cultural heritage , to foster growth and cohesion , sustainable investment in strategic areas and long - term employment , education and skills and thereby contributing to improved well - being , cultural development and equal opportunities in the union . intervention through the investeu fund should complement union support delivered through grants .


### implementing partners shall target that at least 50 % of the investment under the sustainable infrastructure policy window contribute to meeting the union objectives on climate and environment . ### implementing partners shall target that : - at least 65% of the investment under the sustainable infrastructure policy window significantly contribute to meeting the union objectives on climate and environment , in line with the paris agreement ; - at least 35% of the investment under the research , innovation and digitisation policy window contribute to horizon europe objectives ; - a significant share of the guarantee offered to smes and small mid - caps under the sme policy window should support innovative smes ; - at least 30% of the investment under the social investment and skills policy window contribute to the objectives of horizon europe and erasmus + ; the commission together with implementing partners shall seek that the part of the budgetary guarantee used for the siw is distributed aiming at a balance between the actions in the different areas .


### the financial envelope for the implementation of the measures provided in chapters v and vi shall be eur 525 000 000 . ### the financial envelope for the implementation of the measures provided in chapters v and vi shall be eur 725 000 000 .


### the investeu fund should support investments in tangible and intangible assets to foster growth , investment and employment , and thereby contributing to improved well - being and fairer income distribution in the union . intervention through the investeu fund should complement union support delivered through grants . ### the investeu fund should support investments in tangible and intangible assets to foster sustainable growth , investment and employment , and thereby contributing to improved well - being , environment and fairer income distribution in the union . intervention through the investeu fund should complement and not replace union support delivered through grants . investments should comply with the additionality requirement so that market failures or sub - optimal investment situations can be addressed and investments strive to create long - term high quality employment , public infrastructure and sustainable growth .


### to increase the access to and the availability of finance for smes and , in duly justified cases , for small mid - cap companies ; ### to increase and simplify the access to and the availability of finance for , and to enhance the global competitiveness of , innovative start - ups , smes including micro - enterprises and , in duly justified cases , for small mid - cap companies ;


### 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 , product development and innovation activities , transfer of technologies and research results to the market , supporting market enablers and cooperation between enterprises , demonstration and deployment of innovative solutions and support to scaling up of innovative companies including start - ups and smes as well as digitisation of union industry , based on the experiences gained , in particular with the innovfin ;


### 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 . ### amounts allocated by a member state under article [ 10 ] of regulation [ [ cpr ] number ] or article [ 75 ] of regulation [ [ cap plan ] number ] , or if applicable by a region , &#160 ; 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&#160 ; concerned .


### assisting project promoters , where appropriate , in developing their projects to fulfil the objectives and eligibility criteria set out in articles 3 , 7 and 11 and facilitating development of aggregators for small - scale projects ; however , such assistance does not prejudge the conclusions of the investment committee on the coverage of the support of the eu guarantee to such projects ; ### assisting project promoters , where appropriate , in developing their projects to fulfil the objectives and eligibility criteria set out in articles 3 , 7 and 11 and facilitating development of aggregators for small - scale projects , as well as assist in the formation of thematic and regional investment platforms by providing legal assistance and an appropriate template of an investment platform agreement ; however , such assistance does not prejudge the conclusions of the investment committee on the coverage of the support of the eu guarantee to such projects ;