### every significant new factor , material mistake or inaccuracy relating to the information included in the prospectus which is capable of affecting the assessment of the securities and which arises or is noted between the time when the prospectus is approved and the final closing of the offer to the public or , as the case may be , the time when trading on a regulated market begins , whichever occurs earlier , shall be mentioned in a supplement to the prospectus . such a supplement shall be approved in the same way in a maximum of seven working days and published in accordance with at least the same arrangements as were applied when the original prospectus was published . the summary , and any translations thereof , shall also be supplemented , if necessary to take into account the new information included in the supplement . 2 . investors who have already agreed to purchase or subscribe for the securities before the supplement is published shall have the right , exercisable within two working days after the publication of the supplement , to withdraw their acceptances . this period may be extended by the issuer , the offeror or the person asking for the admission to trading on a regulated market . ### every significant new factor , material mistake or inaccuracy relating to the information included in the prospectus which is capable of affecting the assessment of the securities and which arises or is noted between the time when the prospectus is approved and the final closing of the offer to the public or , as the case may be , the time when trading on a regulated market begins , whichever occurs earlier , shall be mentioned in a supplement to the prospectus . in the event that the final closing of the offer takes place before an admission of the same securities to trade , the issuer may make further use of the existing prospectus and may update it by way of a supplement . such a supplement shall be immediately submitted to the competent authority and published in accordance with at least the same arrangements as were applied when the original prospectus was published . the key information document and any translations thereof , shall also be supplemented , if necessary to take into account the new information included in the supplement . 2 . investors who have already agreed to purchase or subscribe for the securities before the supplement is published shall have the right , exercisable within two working days after the publication of the supplement , to withdraw their acceptances in the event of adverse developments , provided that settlement has not yet taken place . this period may be extended by the issuer , the offeror or the person asking for the admission to trading on a regulated market . the final date of the right of withdrawal shall be stated in the supplement .


### investors who have already agreed to purchase or subscribe for the securities before the supplement is published shall have the right , exercisable within two working days after the publication of the supplement , to withdraw their acceptances . this period may be extended by the issuer , the offeror or the person asking for the admission to trading on a regulated market . ### investors who have already agreed to purchase or subscribe for the securities before the supplement is published shall have the right , exercisable within two working days after the publication of the supplement , to withdraw their acceptances . this period may be extended by the issuer , the offeror or the person asking for the admission to trading on a regulated market , but shall not exceed 10 working days from the date of publication of the supplement .


### in particular , in order to take account of the technical developments in the financial markets and to ensure uniform application of directive 2003 / 71 / ec , the commission should be empowered to adopt implementing measures to update the limits established in that directive . since those measures are of general scope and are designed to amend non - essential elements of directive 2003 / 71 / ec by supplementing it with new non - essential elements , they must be adopted in accordance with the regulatory procedure with scrutiny provided for in article 5a of decision 1999 / 468 / ec . ### in order to take account of the technical developments in the financial markets and to ensure uniform application of directive 2003 / 71 / ec , the commission should be empowered to adopt delegated acts in accordance with article 290 of the treaty on the functioning of the european union concerning the updating of the limits established in directive 2003 / 71 / ec , and specifying the detailed content and specific form of the key information document . in that regard , the commission should take into account ongoing developments regarding prips , .


### as the prospectus can be updated by way of supplements according to directive 2003 / 71 / ec , there is no risk that it may become outdated . therefore , given the time and costs of drafting and approving a prospectus , the validity period of 12 months of the prospectus , base prospectus and registration document should be extended to 24 months provided they are properly supplemented . ### the prospectus can be updated by way of supplements according to directive 2003 / 71 / ec . however , by extending the validity period there is a risk that the prospectus becomes incomplete , as not all information can be adjusted through a supplement . therefore , in order to preserve the readability of the prospectus , the validity period of the prospectus , base prospectus and registration document should be 12 months .


### a valid prospectus , drawn up by the issuer or the offeror and available to the public at the time of the final placement of securities through financial intermediaries or in any subsequent resale of securities , provides sufficient information for investors to make informed investment decisions . therefore , financial intermediaries placing or subsequently reselling the securities should be entitled to rely upon the initial prospectus published by the issuer or the offeror as long as this is valid and duly supplemented in accordance with article 9 and article 16 of directive 2003 / 71 / ec and the issuer or the offeror responsible for drawing up such prospectus consents to its use . in this case no other prospectus should be required . however , in case the issuer or the offeror responsible for drawing up such initial prospectus does not consent to its use , the financial intermediary should be required to publish a new prospectus . ### a valid prospectus , drawn up by the issuer or the offeror and available to the public at the time of the final placement of securities through financial intermediaries or in any subsequent resale of securities , provides sufficient information for investors to make informed investment decisions . therefore , financial intermediaries placing or subsequently reselling the securities should be entitled to rely upon the initial prospectus published by the issuer or the offeror as long as this is valid and duly supplemented in accordance with articles 9 and 16 of directive 2003 / 71 / ec and the issuer or the offeror responsible for drawing up such prospectus and any other entity which , pursuant to national law , is liable for the accuracy of the content of such prospectus consents to its use . the issuer or the offeror should be able to attach conditions to his or her consent . in the event that consent to use the prospectus has been given , the issuer or the offeror responsible for drawing up the initial prospectus should be liable for the information stated therein and no other prospectus should be required . however , where the issuer or the offeror responsible for drawing up such initial prospectus does not consent to its use , the financial intermediary should be required to publish a new prospectus . in that case , the financial intermediary should be liable for the information stated in the prospectus . where the financial intermediary chooses to use the initial prospectus without consent or beyond the terms of the consent given , the intermediary should also be liable for the information stated in the initial prospectus .


### the summary of the prospectus is a key source of information for retail investors . it should be short , simple and easy for targeted investors to understand . it should focus on the key information that investors need in order to be able to make informed investment decisions . its content should not be restricted to any predetermined number of words . the format and content of the summary should be determined in a way that ensures comparability with other investment products that are similar to the investment proposal described in the prospectus . therefore , member states should attach civil liability on the basis of the summary not only if it is misleading , inaccurate or inconsistent , when read together with the other parts of the prospectus , but also if it does not provide key information enabling investors to take informed investment decisions and to compare the securities with other investment products . ### the summary of the prospectus should be replaced by a key information document , which will be a key source of information for retail investors . it should be short , simple , clear and easy for targeted investors to understand . it should focus on essential elements that investors need in order to be able to decide which offers of securities to consider further . it should be concise and should present the information in a specified order to allow harmonisation to the highest extent possible and to facilitate comparability between prospectuses . esma should provide advice to the commission as to the scope of application of key information documents in the context of securities , the potential for the prips initiative to be developed further in the context of the forthcoming review of directive 2004 / 39 / ec and in light thereof as to any consequential implementing measures . member states should ensure that no civil liability attaches to any person solely on the basis of the key information document , including any translation thereof , unless it is misleading , inaccurate or inconsistent , when read together with the other parts of the prospectus . key investor information should contain a clear warning in this respect .


### the summary of the prospectus is a key source of information for retail investors . it should be short , simple and easy for targeted investors to understand . it should focus on the key information that investors need in order to be able to make informed investment decisions . its content should not be restricted to any predetermined number of words . the format and content of the summary should be determined in a way that ensures comparability with other investment products that are similar to the investment proposal described in the prospectus . therefore , member states should attach civil liability on the basis of the summary not only if it is misleading , inaccurate or inconsistent , when read together with the other parts of the prospectus , but also if it does not provide key information enabling investors to take informed investment decisions and to compare the securities with other investment products . ### the summary of the prospectus should be replaced by a key information document , which will be a key source of information for retail investors . it should be short , simple , clear and easy for targeted investors to understand . it should focus on essential elements that investors need in order to be able to make informed investment decisions . it should be concise and should present the information in a specified order to allow harmonisation to the highest extent possible and to facilitate comparability . esma should provide advice to the commission when preparing the necessary level two measures . esma shall take into account developments regarding packaged retail investment products referred to in the commission communication of 30 april 2009 , when providing advice on the implementing measures .


### a prospectus shall be valid for 24 months after its publication for offers to the public or admissions to trading on a regulated market , provided that the prospectus is completed by any supplements required pursuant to article 16 . 2 . in the case of an offering programme , the base prospectus , previously filed , shall be valid for a period of up to 24 months . ### a prospectus shall be valid for 12 months after its publication for offers to the public or admissions to trading on a regulated market , provided that the prospectus is completed by any supplements required pursuant to article 16 . 2 . in the case of an offering programme , the base prospectus , previously filed , shall be valid for a period of up to 12 months .


### the prospectus shall contain information concerning the issuer and the securities to be offered to the public or to be admitted to trading on a regulated market . it shall also include a summary . the summary shall , in a brief manner and in non - technical language , convey the essential characteristics and risks associated with the issuer , any guarantor and the securities , in the language in which the prospectus was originally drawn up . the format and content of the summary of the prospectus shall provide key information in order to enable investors to take informed investment decisions and to compare the securities with other investment products . the summary shall also contain a warning that : ### the prospectus shall contain information concerning the issuer and the securities to be offered to the public or to be admitted to trading on a regulated market . the prospectus shall also include a key information document . the key information document shall , in a brief manner and in non - technical language , convey the essential characteristics and risks associated with the issuer , any guarantor and the securities . it shall be in a common format and in the language in which the prospectus was originally drawn up . the format and content of the key information document of the prospectus shall provide appropriate information about the essential characteristics of the securities concerned in order to enable investors to take informed investment decisions . the key information document shall include information on the following essential elements in respect of the securities concerned : essential information on the issuer , if applicable , the guarantor , and the securities to be offered to the public or to be admitted to trading on a regulated market ; a short description of the risks associated with and essential characteristics of the investment in the relevant security ; details of the offer and admission to trading ; the assets , liabilities and financial position of the securities , if applicable ; the reasons for the offer and prospective use of proceeds , where appropriate ; any rights attaching to the securities ; and the general terms and associated costs . the key information document shall also contain a warning that :


### in particular , in order to take account of the technical developments in the financial markets and to ensure uniform application of directive 2003 / 71 / ec , the commission should be empowered to adopt implementing measures to update the limits established in that directive . since those measures are of general scope and are designed to amend non - essential elements of directive 2003 / 71 / ec by supplementing it with new nonessential elements , they must be adopted in accordance with the regulatory procedure with scrutiny provided for in article 5a of decision 1999 / 468 / ec . ### in order to take account of the technical developments in the financial markets and to ensure uniform application of directive 2003 / 71 / ec , the commission should be empowered to adopt delegated acts in accordance with article 290 of the treaty on the functioning of the european union concerning the updating of the limits established in directive 2003 / 71 / ec , and , following the outcome of the prips initiative , specifying , if necessary , further detail on the content and form of the key information document .


### the prospectus shall contain information concerning the issuer and the securities to be offered to the public or to be admitted to trading on a regulated market . it shall also include a summary . the summary shall , in a brief manner and in non - technical language , convey the essential characteristics and risks associated with the issuer , any guarantor and the securities , in the language in which the prospectus was originally drawn up . the format and content of the summary of the prospectus shall provide key information in order to enable investors to take informed investment decisions and to compare the securities with other investment products . the summary shall also contain a warning that : ### the prospectus shall contain information concerning the issuer and the securities to be offered to the public or to be admitted to trading on a regulated market . the prospectus shall also include a key information document . the key information document shall , in a brief manner and in non - technical language , convey the essential characteristics and risks associated with the issuer , any guarantor and the securities . it shall be in the language in which the prospectus was originally drawn up . the format and content of the key information document of the prospectus shall provide , in conjunction with the prospectus , appropriate information about the essential characteristics of the securities concerned in order to enable investors to determine whether to consider investing in the securities . the key information document shall include information on the following essential elements in respect of the securities concerned : essential information on the issuer , if applicable , the guarantor , and the securities to be offered to the public or to be admitted to trading on a regulated market ; a short description of the risks associated with and essential characteristics of the investment in the relative security ; details of the offer and admission to trading ; the assets , liabilities and financial position of the securities , if applicable ; the reasons for the offer and prospective use of proceeds , where appropriate ; any rights attaching to the securities ; and the general terms and associated costs . the key information document shall also contain a warning that :


### the prospectus shall contain information concerning the issuer and the securities to be offered to the public or to be admitted to trading on a regulated market . it shall also include a summary . the summary shall , in a brief manner and in non - technical language , convey the essential characteristics and risks associated with the issuer , any guarantor and the securities , in the language in which the prospectus was originally drawn up . the format and content of the summary of the prospectus shall provide key information in order to enable investors to take informed investment decisions and to compare the securities with other investment products . the summary shall also contain a warning that : ### the prospectus shall contain information concerning the issuer and the securities to be offered to the public or to be admitted to trading on a regulated market . it shall also include a summary . the summary shall , in a brief manner and in non - technical language , provide key information in the language in which the prospectus was originally drawn up . the summary shall be drawn up in a common format and include information allowing for comparison with other relevant investment products . the summary shall also contain a warning that :


### a valid prospectus , drawn up by the issuer or the offeror and available to the public at the time of the final placement of securities through financial intermediaries or in any subsequent resale of securities , provides sufficient information for investors to make informed investment decisions . therefore , financial intermediaries placing or subsequently reselling the securities should be entitled to rely upon the initial prospectus published by the issuer or the offeror as long as this is valid and duly supplemented in accordance with article 9 and article 16 of directive 2003 / 71 / ec and the issuer or the offeror responsible for drawing up such prospectus consents to its use . in this case no other prospectus should be required . however , in case the issuer or the offeror responsible for drawing up such initial prospectus does not consent to its use , the financial intermediary should be required to publish a new prospectus . ### a valid prospectus , drawn up by the issuer or the offeror and available to the public at the time of the final placement of securities through financial intermediaries or in any subsequent resale of securities , provides sufficient information for investors to make informed investment decisions . therefore , financial intermediaries placing or subsequently reselling the securities should be entitled to rely upon the initial prospectus published by the issuer or the offeror as long as this is valid and duly supplemented in accordance with articles 9 and 16 of directive 2003 / 71 / ec and the issuer or the offeror responsible for drawing up such prospectus consents to its use . the issuer or the offeror should be able to attach conditions to his or her consent . in the event that consent to use the prospectus has been given , the issuer or the offeror responsible for drawing up the initial prospectus should be liable for the information stated therein and no other prospectus should be required . where , notwithstanding such consent , the final terms of the resale prospectus have to be updated , the financial intermediary making use of the prospectus should be liable for the additional information stated in the prospectus , and for updating the final terms with the resale price . however , where the issuer or the offeror responsible for drawing up such initial prospectus does not consent to its use , the financial intermediary should be required to publish a new prospectus . where the financial intermediary chooses to use the initial prospectus without consent , the intermediary should be liable for the information stated in the initial prospectus .


### in order to improve the efficiency of cross border right issues and to adequately take into account the size of issuers , notably credit institutions issuing the securities mentioned in article 1 of directive 2003 / 71 / ec at or above the limit laid down in that article and companies with reduced market capitalization , a proportionate disclosure regime should be introduced for rights issues and for offers of shares of issuers with reduced market capitalization and offers of non - equity securities referred to in article 1 of directive 2003 / 71 / ec issued by credit institutions at or above the limit laid down in that article . ### in order to improve the efficiency of cross border right issues and to adequately take into account the size of issuers , notably credit institutions issuing the securities mentioned in article 1 of directive 2003 / 71 / ec at or above the limit laid down in that article and companies with reduced market capitalization , a proportionate disclosure regime should be introduced for rights issues and for offers of shares of smes referred to in article 2 of directive 2003 / 71 / ec , and issuers with reduced market capitalization and offers of non - equity securities referred to in article 1 of directive 2003 / 71 / ec issued by credit institutions at or above the limit laid down in that article .


### in order to ensure the viability of fisheries and aquaculture in a highly competitive market , it is necessary to lay down provisions granting support for the implementation of the [ regulation no on the common organisation of the markets in fishery and aquaculture products ] as well as for marketing and processing activities carried by operators to maximise the value of fisheries and aquaculture products . particular attention should be paid to the promotion of operations which integrate producing , processing and marketing activities of the supply chain . in order to adapt to the new discard ban policy , the emff should also support the processing of unwanted catches . ### in order to ensure the viability of fisheries and aquaculture in a highly competitive market , it is necessary to lay down provisions granting support for the implementation of the [ regulation no on the common organisation of the markets in fishery and aquaculture products ] as well as for marketing and processing activities carried by operators to maximise the value of fisheries and aquaculture products . particular attention should be paid to the promotion of operations which integrate producing , processing and marketing activities of the supply chain . in order to adapt to the new discard reduction policy , the emff should also support the processing of unwanted catches .


### for the purpose of increasing the quality of the product landed , increasing energy efficiency , contributing to environmental protection or improving safety and working conditions , the emff may support investments improving fishing port infrastructure or landing sites , including investments in facilities for waste and marine litter collection . ### the emff may support investments improving fishing port infrastructure , landing sites and fish markets . the investments shall relate in particular to : the improvement of the quality and freshness of the product landed ; the improvement of landing , processing , storage and auction conditions ; measures to reduce unwanted catches and measures to make best use of unwanted catches of commercial stocks , if any are landed , and to valorise underused components of fish caught ; energy efficiency ; environmental protection , particularly the collection , storage and treatment of waste and marine litter collection ; the improvement of safety and working conditions ; the provision of fuel , ice , water and electricity ; equipment for the repair and maintenance of fishing vessels ; construction , modernisation and extension of quays , to improve safety during landing or loading ; computerised management of fishing activities ; the networking of fishing ports , landing sites and fish markets .


### support shall not contribute to the replacement or modernisation of main or ancillary engines . support shall only be granted to owners of fishing vessels and not more than once during the programming period for the same fishing vessel . ### support shall only be granted to owners of fishing vessels .


### diversification of fisheries activities into other sectors of maritime economy and growth of maritime economy , including mitigation of climate change . ### diversification of fishing activities , including diversification into other sectors of the maritime economy .


### the rules and procedures governing commitments and payments should be simplified so that a regular cash flow is ensured . a pre - financing of 4 % of the contribution from the emff should help speeding up the implementation of the operational programme . ### the rules and procedures governing commitments and payments should be simplified so that a regular cash flow is ensured . a pre - financing of 7 % of the contribution from the emff should help speeding up the implementation of the operational programme .


### for the purpose of increasing the quality of the product landed , increasing energy efficiency , contributing to environmental protection or improving safety and working conditions , the emff may support investments improving fishing port infrastructure or landing sites , including investments in facilities for waste and marine litter collection . ### for the purpose of increasing the quality of the product landed , increasing energy efficiency , contributing to environmental protection , improving safety and working conditions , optimising the provision of fuel , water , ice and electricity , optimising the storage and auction of fisheries products and assuring the computerised management of fishing activities , the emff may support investments improving fishing port infrastructure , landing sites and auction halls , including investments in facilities for waste and marine litter collection .


### member states shall ensure that the schemes may make additional calls for contribution to the members of the scheme in case the target fund level is insufficient to meet the payment of the compensation claims referred to in article 9 . those additional contributions shall not exceed 0 . 5% of the covered monies and financial instruments as referred to in paragraph 2 of this article . those additional contributions shall not jeopardise the stability of the financial system of the member state concerned and be based on affordability criteria . ### member states shall ensure that the schemes may make additional calls for contribution to the members of the scheme in case the target fund level is insufficient to meet the payment of the compensation claims referred to in article 9 . those additional contributions shall not exceed 0 , 3% of the covered monies and financial instruments as referred to in paragraph 2 . those additional contributions shall not jeopardise the stability of the financial system of the member state concerned and be based on affordability criteria .


### member states shall ensure that 10% of the ex - ante funding amount of the schemes referred to in article 4a is available for lending to other schemes under the conditions established in article 4c . the commission may amend , by means of delegated acts in accordance with article 13a and subject to the conditions of articles 13b and 13c , the percentage of the ex - ante funding amount to be made available for lending to other schemes , taking into account the developments in financial markets . ### member states shall ensure that 5% of the ex - ante funding amount of the schemes referred to in paragraph 2 is available for lending to other schemes under the conditions established in article 4b .


### the target fund level shall be financed prior to and irrespective of the occurrence of any event relevant under article 2 or . member states shall ensure that the level of funding for each scheme is reached within a ten - year period after the entry into force of this directive and that each scheme adopts and complies with an appropriate planning in order to fulfil this objective . ### the target fund level shall be financed prior to and irrespective of the occurrence of any event relevant under article 2 or . member states shall ensure that the level of funding for each scheme is reached within a five - year period after the entry into force of this directive and that each scheme adopts and complies with an appropriate planning in order to fulfil this objective .


### the commission shall adopt , by means of delegated acts in accordance with article 13a and subject to the conditions of articles 13b and 13c , measures to determine the method to calculate the value of monies and financial instruments covered by the protection of the investor compensation schemes in order to determine the target fund level to be established by the schemes and to modify the target fund level taking account of the developments in financial markets . ### the commission shall adopt , by means of delegated acts in accordance with article 13a and subject to the conditions of articles 13b and 13c , measures to determine the method to calculate the value of monies and financial instruments covered by the protection of the investor compensation schemes in order to determine the target fund level to be established by the schemes . on the basis of the value of the covered monies calculated every year as referred to in the first subparagraph , and taking account of the developments in financial markets , the commission may amend , by means of delegated acts in accordance with article 13a and subject to the conditions of articles 13b and 13c , the target fund level . in any event , within two years of the ten - year transition period referred to in paragraph 3 , the commission shall submit to the european parliament and council a report on the need to adjust the target fund level provided for under paragraph 2 .


### member states shall ensure that schemes provide for coverage of eur 50 000 for each investor in respect of the claims referred to in article 2 or . ### member states shall ensure that schemes provide for coverage of not less than eur 50 000 for each investor in respect of the claims referred to in article 2 or .


### in order to facilitate an effective cooperation between investor - compensation schemes , the schemes , or , where appropriate , the competent authorities , shall have written cooperation agreements in place . such agreements shall take into account the requirements set out in directive 95 / 46 / ec of the european parliament and of the council . ### in order to facilitate an effective cooperation between investor - compensation schemes , the schemes , or , where appropriate , the competent authorities , shall conclude written cooperation agreements . such agreements shall take into account the requirements set out in directive 95 / 46 / ec of the european parliament and of the council of 24 october 1995 on the protection of individuals with regard to the processing of personal data and on the free movement of such data .


### a scheme shall have the right to borrow from all other schemes referred to in article 2 within the union provided that all of the following conditions are met : ### after the ten - year period referred to in article 4a , a scheme shall have the right to borrow from all other schemes referred to in article 2 within the union provided that all of the following conditions are met :


### each member state shall ensure that within its territory one or more investor - compensation schemes are introduced and officially recognized . except in the circumstances envisaged in the second subparagraph and in article 5 , no investment firm authorized in that member state or ucits authorized in that member state may carry on investment business or carry on activities as a ucits , unless it belongs to such a scheme . ### each member state shall ensure that within its territory one or more investor - compensation schemes are introduced and officially recognised . except in the circumstances envisaged in the second subparagraph and in article 5 , no investment firm authorized in that member state may carry on investment business unless it belongs to such a scheme .


### the commission shall adopt , by means of delegated acts in accordance with article 13a and subject to the conditions of articles 13b and 13c , measures to determine the method to calculate the value of monies and financial instruments covered by the protection of the investor compensation schemes in order to determine the target fund level to be established by the schemes and to modify the target fund level taking account of the developments in financial markets . ### the commission shall adopt , by means of delegated acts in accordance with article 13a and subject to the conditions of articles 13b and 13c , measures to determine the method to calculate the value of monies and financial instruments covered by the protection of the investor compensation schemes in order to determine the target fund level to be established by the schemes . on the basis of the value of the covered monies calculated every year as referred to in the first subparagraph , and taking account of the developments in financial markets , the commission may amend , by means of delegated acts in accordance with article 13a and subject to the conditions of articles 13b and 13c , the target fund level . in any event , within two years of the five - year transition period referred to in paragraph 3 , the commission shall submit to the european parliament and council a report on the need to adjust the target fund level provided for under paragraph 2 .


### member states shall ensure that each scheme establishes a target fund level of at least 0 . 5% of the value of the monies and financial instruments held , administered or managed by the investment firms or ucits that are covered by the protection of the investor compensation scheme . the value of the covered monies and financial instruments shall be calculated every year as at 1 january . ### member states shall ensure that each scheme establishes a target fund level of at least 0 . 1% of the value of the monies and financial instruments held , administered or managed by the investment firms that are covered by the protection of the investor compensation scheme . the member states shall have the power to determine the percentage of the contribution referred to above to be paid ex ante and the percentage to be paid ex post . the value of the covered monies and financial instruments shall be calculated every year as at 31 december .


### member states shall ensure that each scheme establishes a target fund level of at least 0 . 5% of the value of the monies and financial instruments held , administered or managed by the investment firms or ucits that are covered by the protection of the investor compensation scheme . the value of the covered monies and financial instruments shall be calculated every year as at 1 january . ### member states shall ensure that each scheme establishes a target fund level of at least 0 , 3% of the value of the monies and financial instruments held , administered or managed by the investment firms that are covered by the protection of the investor compensation scheme . the value of the covered monies and financial instruments shall be calculated every year as at 31 of december .


### a european year of citizens in 2013 will provide a very timely opportunity to raise the awareness of the general public about the rights attached to union citizenship and thus to contribute to the objective of facilitating the exercise of the right to free movement . ### a european year of citizens in 2013 will provide a very timely opportunity to raise the awareness of the general public about the rights attached to union citizenship , to identify obstacles to the effective exercise of those rights , and thus to contribute to the objective of facilitating the exercise of the right to free movement .


### – to raise union citizens ' awareness of their right to move and reside freely within the european union and more generally the rights guaranteed to union citizens in cross - border situations , including their right to participate in the democratic life of the union ; ### – to raise union citizens ' awareness of their right to move and reside freely within the european union and more generally the rights guaranteed to union citizens in cross - border situations , including their right to participate in the democratic life of the union , in particular their right to vote and their right to stand as candidates in elections to the european parliament and in municipal elections in their member state of residence ;


### the general purpose of the european year shall be to enhance awareness of the rights attached to union citizenship , in order to help citizens make full use of their right to move and reside freely within the territory of the member states . in this context , the european year shall focus , among others , on the opportunities for civic participation and access to rights by union citizens residing in another member state than their own , by students , workers , consumers , and providers of goods and services across the union . ### the general purpose of the european year shall be to enhance awareness of the rights attached to union citizenship and to identify obstacles to the effective exercise of those rights , in order to help citizens make full use of their right to move and reside freely within the territory of the member states . in this context , the european year shall focus , among others , on the opportunities for civic participation and access to rights by union citizens residing in another member state than their own , by students , workers , consumers , and providers of goods and services across the union .


### – use of the existing multilingual participatory tools to stimulate citizens ' contributions in giving tangible effect to their rights and more generally in achieving the objectives of the european year ; ### use and dissemination of the existing multilingual participatory tools to stimulate citizens ' contributions in giving tangible effect to their rights and more generally in achieving the objectives of the european year ;


### – exchange of information , sharing of experience and good practices of national , regional , local administrations and other organisations ; ### - exchange of information , sharing of experience and good practices of national , regional and local administrations and other organisations , including civil society associations and organisations ;


### member states shall ensure the setting - up of appropriate , effective , impartial and independent complaints and redress procedures for the out - of - court settlement of disputes between insurance intermediaries and customers , and between insurance undertakings and customers , using existing bodies where appropriate . member states shall further ensure that all insurance undertakings and insurance intermediaries participate in the procedures for the out - of - court settlement of disputes where the following conditions are met : ### member states shall ensure the setting - up of appropriate , effective , impartial and independent complaints and redress procedures for the out - of - court settlement of disputes between insurance intermediaries and customers , and between insurance undertakings and customers , using existing bodies where appropriate .


### . ‘ tied insurance intermediary’ means any person who carries on the activity of insurance mediation for and on behalf of one or more insurance undertakings or insurance intermediaries , and who acts under the full responsibility of those insurance undertakings or insurance intermediaries , provided that the insurance intermediaries under whose responsibility the person acts do not themselves act under the responsibility of another insurance undertaking or intermediary ; ### . ‘ tied insurance intermediary’ means any person who carries on the activity of insurance mediation for and on behalf of one or more insurance undertakings or insurance intermediaries , and who acts under the full responsibility of those insurance undertakings or insurance intermediaries ;


### consumers should be provided in advance with clear information about the status of the persons who sell the insurance product and about the remuneration which they receive . there is a need to introduce a mandatory status disclosure for european insurance intermediaries and insurance undertakings . this information should be given to the consumer at the pre - contractual stage . its role is to show the relationship between the insurance undertaking and the intermediary as well as the structure and the content of the intermediaries ' remuneration . ### consumers should be provided in advance with clear information about the status of the persons who sell the insurance product . there is a need to introduce a mandatory status disclosure for european insurance intermediaries and insurance undertakings . this information should be given to the consumer at the pre - contractual stage . its role is to show the relationship between the insurance undertaking and the intermediary as well as the structure of the intermediaries ' remuneration .


### member states shall ensure that these bodies cooperate in the resolution of cross - border disputes . ### for business - to - customer transactions , these bodies shall comply with directive xxx / xxxx / eu of the european parliament and of the council of the european union on alternative dispute resolution for consumer disputes . for the purposes of the application of this directive , member states shall ensure that , in the resolution of cross - border disputes , these bodies and the competent authorities cooperate with each other and with the entities responsible for out - of - court complaint and redress procedures referred to above and to the extent permitted by eu directives or regulations in force .


### assess a sufficiently large number of insurance products available on the market . the insurance products should be diversified with regard to their type and issuers or product providers and should not be limited to insurance products issued or provided by entities having close links with the insurance intermediary or insurance undertaking ; and ### assess a range of insurance products available on the market . the insurance products should be diversified with regard to their type and issuers or product providers and should not be limited to insurance products issued or provided by entities having close links with the insurance intermediary or insurance undertaking ; and


### ' advice ' means the provision of a recommendation to a customer , either upon their request or at the initiative of the insurance undertaking or the insurance intermediary ; ### ' advice ' means the provision of a personal recommendation to a customer , either upon their request or at the initiative of the insurance undertaking or the insurance intermediary ;


### when an insurance service or product is offered together with another service or product as a package , the insurance undertaking or , where applicable , the insurance intermediary shall offer and inform the customer that it is possible to buy the components of the package separately and shall provide information of the costs and charges of each component of the package that may be bought through or from it separately . ### when insurance is offered together with another service or product as a package , the insurance undertaking or , where applicable , the insurance intermediary shall inform the customer whether it is possible to buy the components of the package separately and shall provide information of the costs and charges of each component of the package that may be bought through or from it separately .


### the insurance intermediary or insurance undertaking and its services . when advice is provided , information shall specify whether the advice is provided on an independent basis and whether it is based on a broad or on a more restricted analysis of the market and shall indicate whether the insurance intermediary or insurance undertaking will provide the customer with the on - going assessment of the suitability of the insurance product recommended to the customer ; ### the insurance intermediary or insurance undertaking and its services . when advice is provided , information shall specify whether the advice is provided on an independent basis and whether it is based on a broad or on a more restricted analysis of the market and shall indicate whether the insurance intermediary or insurance undertaking will provide the customer with the latest information about the suitability of the insurance product recommended to the customer ;


### when an insurance service or product is offered together with another service or product as a package , the insurance undertaking or , where applicable , the insurance intermediary shall offer and inform the customer that it is possible to buy the components of the package separately and shall provide information of the costs and charges of each component of the package that may be bought through or from it separately . ### in the case of bundling practices , the insurance undertaking or , where applicable , the insurance intermediary shall inform the customer whether it is possible to buy the components of the package separately and , if yes , shall provide information of the costs and charges of each component of the package that may be bought through or from it separately , at the client ' s request .


### where steps taken by the insurance intermediary or insurance undertaking in compliance with articles 15 , 16 and 17 are not sufficient to ensure , with reasonable confidence , that risks of damage to the interests of customers and potential customers arising from conflicts of interest will be prevented , the insurance intermediary or insurance undertaking shall clearly disclose the general nature or sources of conflicts of interest to the customer before undertaking business on the customer ' s behalf . ### an insurance intermediary or insurance undertaking shall maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps designed to prevent conflicts of interest from adversely affecting the interests of its customers .


### awareness of the electoral rights guaranteed to union citizens is of primary importance in this respect . union citizens should be fully aware of their right to vote and stand as candidates in the municipal and european parliament elections in their member state of residence . at the same time , political participation can contribute to the integration of union citizens into the society of their chosen member states of residence . ### awareness of the electoral rights guaranteed to union citizens is of primary importance in this respect . union citizens should be fully aware of their right to vote and stand as candidates in the municipal and european parliament elections in their member state of residence . citizens should also be well informed about their opportunities to be actively involved in european policy - making . at the same time , political participation can contribute to the integration of union citizens into the society of their chosen member states of residence .


### - to stimulate a debate about the impact and potential of the right to free movement , as an inalienable aspect of union citizenship , in particular in terms of strengthening societal cohesion and mutual understanding between union citizens and the bond between citizens and the union . ### - to stimulate a debate about the impact and potential of the right to free movement and its implementation by member states , as an inalienable aspect of union citizenship , without discrimination on the grounds of nationality or ethnic origin and as a fundamental freedom , in particular in terms of strengthening societal cohesion , social integration , employment , quality education and mutual understanding between union citizens and the bond between citizens and the union .


### – to stimulate a debate about the impact and potential of the right to free movement , as an inalienable aspect of union citizenship , in particular in terms of strengthening societal cohesion and mutual understanding between union citizens and the bond between citizens and the union . ### – to stimulate a debate about the impact and potential of the right to free movement , as an inalienable aspect of union citizenship , to encourage in particular the strengthening of societal cohesion and mutual understanding between union citizens and the bond between citizens and the union , and to promote the notion of a common european identity .


### article 20 of the treaty provides for citizenship of the union as additional to national citizenship of the respective member states , stipulating that every person holding the nationality of a member state shall be a citizen of the union . the second paragraph of article 20 specifies that citizens of the union shall enjoy the rights and be subject to the duties provided for in the treaties , and that they shall have , inter alia , the right to move and reside freely within the territory of the member states . the right of union citizens to free movement and residence is further enshrined in article 21 of the treaty . ### article 20 of the treaty provides for citizenship of the union as additional to national citizenship of the respective member states , stipulating that every person holding the nationality of a member state shall be a citizen of the union . the second paragraph of article 20 specifies that citizens of the union shall enjoy the rights and be subject to the duties provided for in the treaties , and that they shall have notably the right to move and reside freely within the territory of the member states . the right of union citizens to free movement and residence is further enshrined in article 21 of the treaty .


### given that the right to free movement significantly improves individuals ' lives , it is vital that information about the existence of this right and the conditions for exercising it is available as broadly as possible . as all union citizens are potential beneficiaries of this right , awareness raising efforts should be made across the union . ### given that the right to free movement significantly improves individuals ' lives , it is vital that easily accessible , transparent information about the existence of this right , the exercise of which also includes obligations to be met by citizens , is available as broadly as possible . as all union citizens are potential beneficiaries of this right , awareness raising efforts should be made across the union .


### a european year of citizens in 2013 will provide a very timely opportunity to raise the awareness of the general public about the rights attached to union citizenship and thus to contribute to the objective of facilitating the exercise of the right to free movement . ### a european year of citizens in 2013 will provide a very timely opportunity to raise the awareness of the general public about the rights and duties attached to union citizenship , to identify obstacles to the effective exercise of those rights , and thus to contribute to the objective of facilitating the exercise of the right to free movement , in particular by ensuring the participation of representatives of civil society . particular efforts should be made to involve those representing young people , students , teachers , cultural workers and the media , given the broad sections of the public to which they have access .


### – exchange of information , sharing of experience and good practices of national , regional , local administrations and other organisations ; ### – exchange of information , sharing of experience and good practices of national , regional and local administrations , associations , non - governmental organisations and other organisations ;


### a european year of citizens in 2013 will provide a very timely opportunity to raise the awareness of the general public about the rights attached to union citizenship and thus to contribute to the objective of facilitating the exercise of the right to free movement . ### a european year of citizens in 2013 will provide a very timely opportunity to raise the awareness of the general public about the rights attached to union citizenship and thus to contribute to the objective of facilitating the exercise of the right to free movement and strengthening european solidarity , european identity and awareness of european values .


### – to stimulate a debate about the impact and potential of the right to free movement , as an inalienable aspect of union citizenship , in particular in terms of strengthening societal cohesion and mutual understanding between union citizens and the bond between citizens and the union . ### – to raise union citizens ' awareness of their right to move and reside freely within the european union and more generally to stimulate a debate about the impact and potential of the right to free movement , as an inalienable aspect of union citizenship , in particular in terms of strengthening societal cohesion and mutual understanding between union citizens and the bond between citizens and the union ;


### – to raise union citizens ' awareness of their right to move and reside freely within the european union and more generally the rights guaranteed to union citizens in cross - border situations , including their right to participate in the democratic life of the union ; ### – to raise union citizens ' awareness of their rights guaranteed to union citizens in cross - border situations , including their right to participate in the democratic life of the union ;


### the right to move and reside freely within the territory of the member states is highly valued by union citizens as a core individual right deriving from union citizenship . as such , it demonstrates and promotes a better understanding of the value of european integration , as well as citizens ' participation in shaping the european union . when extending aspects of their lives beyond national borders by travelling to other member states or settling there , citizens become aware and take advantage of the broad array of rights granted to them under union law in cross - border situations . exercising the right to free movement and residence therefore contributes to making union citizenship a tangible reality in the daily life of citizens . ### the right to move , reside , work and study freely within the territory of the member states , without any kind of discrimination , is highly valued by union citizens as a core individual right , a fundamental freedom and as a personal upgrade at professional level deriving from union citizenship . as such , it demonstrates and promotes a better understanding of the positive aspects of european integration and inclusion , as well as citizens ' participation in shaping the european union . when extending aspects of their lives beyond national borders by travelling to other member states , working , studying or settling there , citizens become aware and take advantage of the broad array of rights granted to them under union law in cross - border situations . exercising the right to free movement and residence therefore contributes to making union citizenship a tangible reality in the daily life of citizens and to strengthening cohesion and togetherness .


### – to raise union citizens ' awareness of how they can tangibly benefit from union rights and policies while living in another member state , and to stimulate their active participation in civic fora on union policies and issues ; ### – to raise union citizens ' awareness of how they can tangibly benefit from union rights and policies while living and working in another member state , of how they can effectively exercise their rights and to stimulate their active participation in civic fora on union policies , issues and political processes ;


### the instrument should also support the development by the european union of it systems which would equip member states with the tools to manage the movement of third - country nationals across borders more efficiently and to ensure a better identification and verification of travellers . to this end , a programme should be established the aim of which is to cover cost for the development of both the central and national components of such systems , ensuring technical consistency , cost savings and a smooth implementation in the member states . ### the instrument should also support the development by the union of it systems which would equip member states with the tools to manage the movement of third - country nationals across borders more efficiently and to ensure more effective identification and verification of travellers , thereby enhancing border security and generating positive economic impacts . to this end , a programme should be established the aim of which is to cover cost for the development of both the central and national components of such systems , ensuring technical consistency , cost savings and a smooth implementation in the member states .


### upon request from one or more national supervisory authorities , from the commission or on its own initiative and after having informed the national supervisory authority concerned , the authority may investigate the alleged incorrect application of community law . ### upon request from one or more national supervisory authorities , from the commission , from the european parliament , the council or a member of the insurance and occupational pensions stakeholder group , or on its own initiative and after having informed the national supervisory authority concerned , the authority may investigate the alleged incorrect application of union law .


### in the case of adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the community , the commission , upon its own initiative or following a request by the authority , the council , or the esrb , may adopt a decision addressed to the authority , determining the existence of an emergency situation for the purposes of this regulation . ### in the case of adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the community , the esrb , upon its own initiative or following a request by the authority , the council , the european parliament or the commission , may issue a warning declaring the existence of an emergency situation in order to enable the authority without further requirements to adopt the individual decisions referred to in paragraph 3 .


### where the commission has adopted a decision pursuant to paragraph 1 , the authority may adopt individual decisions requiring national supervisory authorities to take the necessary action in accordance with the legislation referred to in article 1 to address any risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system by ensuring that financial institutions and national supervisory authorities satisfy the requirements laid down in that legislation . ### where the existence of an emergency situation is declared pursuant to paragraph 1 , the authority shall adopt individual decisions necessary to ensure that national supervisory authorities take the necessary action in accordance with the legislation referred to in article 1 to address any risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system by ensuring that financial institutions and national supervisory authorities satisfy the requirements laid down in that legislation .


### without prejudice to the powers of the commission under article 226 of the treaty , where a national supervisory authority does not comply with the decision of the authority referred to in paragraph 2 within the period laid down therein , the authority may , where the relevant requirements laid down in the legislation referred to in article 1 are directly applicable to financial institutions , adopt an individual decision addressed to a financial institution requiring the necessary action to comply with its obligations under that legislation , including the cessation of any practice . ### without prejudice to the powers of the commission under article 258 of the treaty , where a national supervisory authority does not comply with the decision of the authority referred to in paragraph 2 within the period laid down therein , the authority shall , pursuant to the relevant requirements laid down in the legislation referred to in article 1 , adopt an individual decision addressed to a financial institution requiring the necessary action to comply with its obligations under that legislation , including the cessation of any practice .


### the authority may develop technical standards in the areas specifically set out in the legislation referred to in article 1 . the authority shall submit its draft standards to the commission for endorsement . ### the authority may develop technical standards to complete , update and modify elements that are not essential to the legislative acts referred to in article 1 . the technical standards shall not involve strategic decisions and their content shall be delimited by the legislative acts on which they are based .


### without prejudice to the powers of the commission under article 226 of the treaty , where a national supervisory authority does not comply with the decision referred to in paragraph 4 of this article within the period of time specified therein , and where it is necessary to remedy in a timely manner the non compliance by the national supervisory authority in order to maintain or restore neutral conditions of competition in the market or ensure the orderly functioning and integrity of the financial system , the authority may , where the relevant requirements of the legislation referred to in article 1 are directly applicable to financial institutions , adopt an individual decision addressed to a financial institution requiring the necessary action to comply with its obligations under community law including the cessation of any practice . ### without prejudice to the powers of the commission under article 258 of the treaty , where a national supervisory authority does not comply with the decision referred to in paragraph 4 of this article within the period of time specified therein , and where it is necessary to remedy in a timely manner the non compliance by the national supervisory authority in order to maintain or restore neutral conditions of competition in the market or ensure the orderly functioning and integrity of the financial system , the authority shall , pursuant to the legislation referred to in article 1 , adopt an individual decision addressed to a financial institution requiring the necessary action to comply with its obligations under union law including the cessation of any practice .


### without prejudice to the powers of the commission under article 226 of the treaty , where a national supervisory authority does not comply with the decision of the authority , and thereby fails to ensure that a financial institution complies with requirements directly applicable to it by virtue of the legislation referred to in article 1 , the authority may adopt an individual decision addressed to a financial institution requiring the necessary action to comply with its obligations under community law , including the cessation of any practice . ### without prejudice to the powers of the commission under article 258 of the treaty , where a national supervisory authority does not comply with the decision of the authority , and thereby fails to ensure that a financial institution complies with requirements directly applicable to it by virtue of the legislation referred to in article 1 , the authority shall adopt an individual decision addressed to a financial institution requiring the necessary action to comply with its obligations under union law , including the cessation of any practice .


### if , at the end of the conciliation phase , the national supervisory authorities concerned have failed to reach an agreement , the authority may take a decision requiring them to take specific action or to refrain from action in order to settle the matter , in compliance with community law . ### if , at the end of the conciliation phase , the national supervisory authorities concerned have failed to reach an agreement , the authority shall in accordance with the procedure set out in the second subparagraph of article 29 take a decision to settle the disagreement and to require them to take specific action , in compliance with union law with binding effects on the national supervisory authorities concerned .


### contribute to a consistent application of community legislation , in particular by contributing to a common supervisory culture , ensuring consistent , efficient and effective application of the legislation referred to in article 1 , preventing regulatory arbitrage , mediating and settling disagreements between national supervisory authorities , promoting a coherent functioning of colleges of supervisors and taking actions in emergency situations ; ### contribute to a consistent application of community legislation , in particular by contributing to a common supervisory culture , ensuring consistent , efficient and effective application of the legislation referred to in article 1 , preventing regulatory arbitrage , mediating and settling disagreements between national supervisory authorities , ensuring effective and consistent supervision of financial institutions with eu dimension and a coherent functioning of colleges of supervisors and taking actions , inter alia , in emergency situations ;


### without prejudice to the competences of the community institutions , the authority may develop contacts with supervisory authorities from third countries . it may enter into administrative arrangements with international organisations and the administrations of third countries . ### the authority shall develop contacts with supervisory authorities from third countries . it may enter into administrative arrangements with international organisations and the administrations of third countries .


### the standards shall be adopted by the commission by means of regulations or decisions and published in the official journal of the european union . ### the commission shall adopt technical standards in accordance with articles 7a to 7d , in the form of regulations or decisions .


### the standards shall be adopted by the commission by means of regulations or decisions and published in the official journal of the european union . ### the commission shall adopt delegated acts in accordance with articles 7a to 7d , designed to establish the technical standards referred to in paragraph 1 . those acts shall be in the form of regulations or decisions .


### the national supervisory authorities shall make every effort to comply with those guidelines and recommendations . ### within two months of the issuance of a guideline or recommendation , each national supervisory authority shall decide whether it intends to comply with that guideline or recommendation . in the event that it does not intend to comply , it shall inform the authority , stating reasons . the authority shall publish those reasons .


### where a national supervisory authority has not correctly applied the legislation referred to in article 1 , in particular by failing to ensure that a financial institution satisfies the requirements laid down in that legislation , the authority shall have the powers set out in paragraphs 2 , 3 and 6 of this article . ### where a national supervisory authority has not correctly applied the legislation referred to in article 1 , including the technical standards established in accordance with article 7 , in particular by failing to ensure that a financial institution satisfies the requirements laid down in that legislation , the authority shall have the powers set out in paragraphs 2 , 3 and 6 of this article .


### within three months of receipt of the draft standards , the commission shall decide whether to endorse the draft standards . the commission may extend that period by one month . the commission may endorse the draft standards only in part or with amendments where the community interest so requires . ### within three months of receipt of the draft standards , the commission shall decide whether to endorse , reject or amend the draft standards . the commission may extend that period by one month . the commission shall inform the european parliament and the council of its decision , stating the reasons .


### the delegation of tasks and responsibilities can be a useful instrument in the functioning of the network of supervisors in order to reduce the duplication of supervisory tasks , foster cooperation and thereby streamline the supervisory process as well as reduce the burden imposed on financial institutions . the regulation should therefore provide a clear legal basis for such delegation . delegation of tasks means that tasks are carried out by another supervisory authority instead of the responsible authority , while the responsibility for supervisory decisions remains with the delegating authority . by delegation of responsibilities one national supervisory authority , the delegatee , shall be able to decide upon a certain supervisory matter in its name in lieu of another national supervisory authority . delegations should be governed by the principle of allocating supervisory competence to a supervisor which is well placed to take action in the subject matter . a reallocation of responsibilities can be appropriate for example for reasons of economies of scale or scope , of coherence in group supervision , and of optimal use of technical expertise among national supervisory authorities . relevant community legislation may further specify the principles for reallocation of responsibilities upon agreement . the authority should facilitate delegation agreements between national supervisory authorities by all appropriate means . it should be informed in advance of intended delegation agreements to be able to express an opinion where appropriate . it should centralise the publication of such agreements to ensure timely , transparent and easily accessible information about agreements for all parties concerned . ### the delegation of tasks and responsibilities can be a useful instrument in the functioning of the network of supervisors in order to reduce the duplication of supervisory tasks , foster cooperation and thereby streamline the supervisory process as well as reduce the burden imposed on financial institutions . the regulation should therefore provide a clear legal basis for such delegation . delegation of tasks means that tasks are carried out by another supervisory authority instead of the responsible authority , while the responsibility for supervisory decisions remains with the delegating authority . by delegation of responsibilities one national supervisory authority , the delegatee , shall be able to decide upon a certain supervisory matter in its name in lieu of another national supervisory authority . delegations should be governed by the principle of allocating supervisory competence to a supervisor which is well placed to take action in the subject matter . a reallocation of responsibilities can be appropriate for example for reasons of economies of scale or scope , of coherence in group supervision , and of optimal use of technical expertise among national supervisory authorities . relevant eu legislation may further specify the principles for reallocation of responsibilities upon agreement . the authority should facilitate and monitor delegation agreements between national supervisory authorities by all appropriate means . it should be informed in advance of intended delegation agreements to be able to express an opinion where appropriate . it should centralise the publication of such agreements to ensure timely , transparent and easily accessible information about agreements for all parties concerned . it should identify and promulgate best practices regarding delegation and delegation agreements .


### proposal for a regulation of the european parliament and of the council establishing a european insurance and occupational pensions authority ### proposal for a regulation of the european parliament and of the council establishing a european supervisory authority


### before submitting them to the commission , the authority shall , where appropriate , conduct open public consultations on technical standards and analyse the potential related costs and benefits . ### the authority shall conduct open public consultations on technical standards and analyse the potential related costs and benefits before adopting draft technical standards . the authority shall also request an opinion or advice of the insurance and occupational pensions stakeholder group referred to in article 22 .


### prior to publication of the european list , are only recycled in ship recycling facilities that are located in the union or in a country member of the oecd . ; ### prior to publication of the european list , are only recycled in ship recycling facilities that are duly authorised by the competent authorities in the union or in a member country of the oecd . ;


### the delegation of powers referred to in article7 shall be conferred for an indeterminate period of time . ### the delegation of powers referred to in article7 shall be conferred for a period of three years starting from… * . the commission shall draw up a report in respect of the delegation of power not later than nine months before the end of the three - 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 . _____________ *oj : please insert the date of entry into force of this regulation .


### the delegation of powers referred to in article 7 shall be conferred for an indeterminate period of time . ### the delegation of powers referred to in article 7 shall be conferred on the commission for a period of three years from the entry into force of the present regulation .


### citizens should benefit from wider access to online public sector services and should receive services and information which will facilitate the enjoyment of their rights across the union , notably their right to move and reside freely within the territory of the union and their freedom of establishment and to provide services . ### citizens should benefit from wider access to online public sector services and should receive services and information which will facilitate their daily lives and the enjoyment of their rights across the union , notably their right to move and reside freely within the territory of the union and their freedom of establishment and to provide services .


### web - accessibility refers to principles and techniques to be observed when constructing websites in order to render the content of these websites accessible to all users , in particular people with functional limitations , including persons with disabilities . the content of websites includes textual as well as non - textual information , and also the downloading of forms and two - way interaction , e . g . the processing of digital forms , authentication , and transactions like case handling and payments . ### web - accessibility refers to principles and techniques to be observed when constructing websites in order to render the content of these websites accessible to all users , including persons with disabilities and elderly people . the content of websites includes textual as well as non - textual information , and also the downloading of forms and two - way interaction , e . g . the processing of digital forms , authentication , and transactions like case handling and payments .


### this directive aims at approximating the laws , regulations and administrative provisions of the member states related to the accessibility of the content of public sector bodies ' websites to all users , in particular people with functional limitations , including persons with disabilities . ### this directive aims at approximating the laws , regulations and administrative provisions of the member states related to the accessibility of the content , including audiovisual content , of public sector bodies ' websites to all users , including persons with disabilities and elderly people .


### enforcement of regulation no [ … / … ] 4 should be strengthened by establishing fines for member states whose currency is the euro in case of repetitive non - compliance with the recommendations to address excessive macroeconomic imbalances . ### enforcement of regulation no [ … / … ] should be strengthened by establishing fines for member states whose currency is the euro if they deliberately provide false macroeconomic data .


### fines collected in accordance with article 3 of this regulation shall constitute other revenue , as referred to in article 311 of the treaty , and shall be distributed , in proportion to their share in the total gross national income of the eligible member states , between member states whose currency is the euro and which are not the subject of an excessive imbalance procedure within the meaning of regulation no [ … / … ] and do not have an excessive deficit as determined in accordance with article 126 of the treaty . ### fines collected in accordance with article 3 of this regulation shall constitute other revenue , as referred to in article 311 tfeu , and shall be used in support of achieving the union’s long - term investment and jobs objectives through a union ' s financial stability mechanism , in order to support the adjustment process of member states by providing finance strictly linked to economically viable , socially and environmentally sustainable investment .


### enforcement of regulation no [ … / … ] 4 should be strengthened by establishing fines for member states whose currency is the euro in case of repetitive non - compliance with the recommendations to address excessive macroeconomic imbalances . ### enforcement of regulation no [ … / … ] should be strengthened by establishing fines for member states whose currency is the euro in case of repeated unjustified non - compliance with the recommendations to address excessive macroeconomic imbalances whether deficit or surplus .


### this regulation sets out a system of fines for effective correction of macroeconomic imbalances in the euro area . ### this regulation sets out a system of supervision for effective correction of macroeconomic imbalances in the euro area , including a system of fines .


### in order to alleviate those problems and to speed up the implementation of the operational programmes and projects , as well as to strengthen the economic recovery , it is appropriate that the managing authorities of the member states having experienced serious difficulties with respect to financial stability and which have been granted financial assistance according to one of the financial assistance mechanisms set out above may contribute financial resources from operational programmes to the establishment of risk sharing instruments providing loans or guarantees or other financial facilities , in support of projects and operations foreseen under an operational programme . ### in order to alleviate those problems and to speed up the implementation of the operational programmes and projects , as well as to strengthen the economic recovery , it is appropriate that the managing authorities of all member states may contribute financial resources from operational programmes to the establishment of risk sharing instruments providing loans or guarantees or other financial facilities , in support of projects and operations foreseen under an operational programme .


### in case the conditions referred to in article 6 and 6 are not met , the commission can temporarily suspend , reduce or cancel the disbursement of the assistance . ### in case the conditions referred to in article 6 , and are not met , the commission , in close cooperation with the eeas , can temporarily suspend , reduce or cancel the disbursement of the assistance .


### the disbursement of the assistance shall be conditional on a satisfactory track record of an imf programme . it shall also be conditional on the implementation , within a specific time frame , of a series of clearly defined economic policy measures focusing on structural reforms , to be agreed between the commission and the beneficiary country and to be laid down in a memorandum of understanding . ### the disbursement of the assistance shall be conditional on a satisfactory track record of an imf programme and of respect for the genval political and value - based principles . it shall also be conditional on the implementation , within a specific time frame , of a series of clearly defined economic policy measures focusing on structural reforms , to be agreed between the commission and the beneficiary country and to be laid down in a memorandum of understanding .


### in case the financing needs of the beneficiary country decline fundamentally during the period of disbursement of the macro - financial assistance , the commission , acting in accordance with article 14 , may decide to reduce the amount of funds made available in the context of the assistance , suspend or cancel the assistance . ### in case the financing needs of the beneficiary country decline fundamentally during the period of disbursement of the macro - financial assistance , the commission shall be empowered to adopt delegated acts , in accordance with article 14a , to amend annex iia to reduce the amount of funds made available in the context of the assistance , suspend or cancel the assistance .


### the commission shall verify at regular intervals that the conditions referred to in article 6 and 6 continue to be met . ### the commission shall verify at regular intervals that the conditions referred to in article 6 and continue to be met . the eeas shall verify at regular intervals , and without delay in the case of unforeseen developments , that the conditions referred to in article 6 continue to be met , and inform the commission accordingly .


### the assistance shall be disbursed in successive instalments , conditional upon the fulfilment of the conditions referred to in article 6 and 6 . ### the assistance shall be disbursed in successive instalments , conditional upon the fulfilment of the conditions referred to in article 6 , and .


### this regulation shall enter into force on the twentieth day following that of its publication in the official journal of the european union and shall expire on 31 december 2013 . ### this regulation shall enter into force on the twentieth day following that of its publication in the official journal of the european union .


### following the approval of the decision granting macro - financial assistance , the commission , acting in accordance with article 14 , shall agree the policy measures referred to in article 6 , , and with the beneficiary country . ### following the approval of the decision granting macro - financial assistance , the commission shall be empowered to adopt delegated acts in accordance with article 14a to agree the policy measures referred to in article 6 , , and with the beneficiary country .


### draft legislative resolution ### points out that the financial envelope specified in the legislative proposal constitutes only an indication to the legislative authority and cannot be fixed until agreement is reached on the proposal for a regulation laying down the multiannual financial framework for the years 2014 - 2020 ;


### member states whose currency is the euro and which are subject to an excessive deficit procedure should be monitored more closely to secure a full and timely correction of the excessive deficit . a closer monitoring should ensure early correction of any deviations from the council recommendations to correct the excessive deficit . such monitoring should complement the provisions set out in regulation no 1467 / 97 . the modalities of this closer monitoring should be graduated depending on the stage of the procedure the member state is subject to , as provided for in article 126 of the treaty . ### member states whose currency is the euro and which are subject to an excessive deficit procedure should be monitored more closely to secure a full and timely correction of the excessive deficit . a closer monitoring should ensure early correction of any deviations from the council recommendations to correct the excessive deficit , promoting sustainable growth . such monitoring should complement the provisions set out in regulation no 1467 / 97 . the modalities of this closer monitoring should be graduated depending on the stage of the procedure the member state is subject to , as provided for in article 126 of the treaty .


### there is strong evidence showing the effectiveness of rules - based fiscal frameworks in supporting sound and sustainable fiscal policies . the introduction of national fiscal rules that are consistent with the budgetary objectives set at union level should be a crucial element to ensure the respect of the stability and growth pact provisions . in particular , member states should put in place structural balanced budget rules which transpose into national legislation the main principles of the union fiscal framework . this transposition should be effective through binding rules preferably of a constitutional nature so as to demonstrate the strongest commitment of national authorities in relation to the stability and growth pact . ### there is strong evidence showing the effectiveness of rules - based fiscal frameworks in supporting sound and sustainable fiscal policies . the introduction of national fiscal rules that are consistent with the budgetary objectives set at union level should be a crucial element to ensure the respect of the stability and growth pact provisions . in particular , member states should put in place structural balanced budget rules which transpose into national legislation the main principles of the union fiscal and employment framework . that transposition should be effected through binding national rules so as to demonstrate the strongest commitment of national authorities in relation to the stability and growth pact .


### setting - up a common budgetary timeline for member states whose currency is the euro should better synchronize the key steps in the preparation of national budgets , thus contributing to the effectiveness of the european semester for budgetary policy coordination . adopting a common budgetary timeline should lead to stronger synergies by facilitating policy coordination among member states whose currency is the euro and ensure that the council and commission recommendations are appropriately integrated in the national process for budget adoption . ### setting - up a common budgetary timeline for member states whose currency is the euro should better synchronize the key steps in the preparation of national budgets , thus contributing to the effectiveness of the european semester for budgetary policy coordination and to promote economic growth and sustainable employment . adopting a common budgetary timeline should lead to stronger synergies by facilitating policy coordination among member states whose currency is the euro and ensure that the council and commission recommendations are appropriately integrated in the national process for budget adoption .


### the amendments to the stability and growth pact increase both the guidance , and , for the member states whose currency is the euro , incentives for the setting and the implementation of a prudent budgetary policy , while avoiding excessive government deficits . these provisions have created a more robust framework at the level of the union for the surveillance of national economic policies . ### the amendments to the stability and growth pact increase both the guidance , and , for the member states whose currency is the euro , incentives for the setting and the implementation of a prudent budgetary policy , while avoiding excessive government deficits . these provisions have created a more robust framework at the level of the union for the surveillance of national economic policies . an enhanced surveillance of social policies linked with job creation should be added to these provisions .


### 4 , . the eurogroup shall discuss opinions of the commission on the national budgetary plans and the budgetary situation and prospects in the euro area as a whole on the basis of the overall assessment made by the commission in accordance with paragraph 3 . the assessment shall be made public . ### the eurogroup shall discuss opinions of the commission on the national budgetary plans and the budgetary situation and prospects in the euro area as a whole on the basis of the overall assessment made by the commission in accordance with paragraph 3 . the eurogroup may make recommendations to the council . the assessment shall be made public .


### biased and unrealistic macroeconomic and budgetary forecasts can considerably hamper the effectiveness of budgetary planning and consequently impair commitment to budgetary discipline . forecasts from independent bodies can provide unbiased and realistic macroeconomic forecasts . ### biased and unrealistic macroeconomic and budgetary forecasts can considerably hamper the effectiveness of budgetary planning and consequently impair commitment to budgetary discipline . forecasts from independent bodies can provide unbiased and more realistic macroeconomic forecasts .


### member states shall have in place numerical fiscal rules on the budget balance that implement in the national budgetary processes their medium - term budgetary objective as defined in article 2a of regulation no 1466 / 97 . such rules shall cover the general government as a whole and be of binding , preferably constitutional , nature . ### member states shall have in place numerical fiscal rules on the budget balance that implement in the national budgetary processes their medium - term budgetary objective as defined in article 2a of regulation no 1466 / 97 . such national rules shall cover the general government as a whole and be of binding nature .


### the closer monitoring for member states subject to an excessive deficit procedure should allow the identification of risks in the compliance of a member state ' s deadline to correct the excessive deficit . in the event of such risks being identified , the commission should issue a recommendation to the member state for measures to be taken within a given timeframe that should be presented to the parliament of the member state concerned at its request . this assessment should allow rapid correction of any developments putting at risk the correction of the excessive deficit within the established deadline . assessment of compliance with this commission recommendation should be part of the continuous assessment made by the commission of effective action to correct an excessive deficit . when deciding whether effective action to correct the excessive deficit has been taken , the council should also base its decision on whether or not the member state complied with the commission recommendation . ### a closer review for member states subject to an excessive deficit procedure should allow the identification of risks in the compliance of a member state ' s deadline to correct the excessive deficit . in the event of such risks being identified , the commission should issue a recommendation to the member state for measures to be taken within a given timeframe that should be presented to the parliament of the member state concerned at its request . this assessment should allow rapid correction of any developments putting at risk the correction of the excessive deficit within the established deadline . assessment of compliance with this commission recommendation should be part of the continuous assessment made by the commission of effective action to correct an excessive deficit . when deciding whether effective action to correct the excessive deficit has been taken , the council should also base its decision on whether or not the member state complied with the commission recommendation and to what extend this affects the employment targets . sanctions should be considered in the case of non - compliance . however , each member state should retain its budgetary sovereignty . the council and the commission , in all budgetary assessments in the framework of the excessive deficit procedure , shall give due attention to the implementation of social security systems conducive to the union ' s sustainable growth objectives .


### setting - up a common budgetary timeline for member states whose currency is the euro should better synchronize the key steps in the preparation of national budgets , thus contributing to the effectiveness of the european semester for budgetary policy coordination . adopting a common budgetary timeline should lead to stronger synergies by facilitating policy coordination among member states whose currency is the euro and ensure that the council and commission recommendations are appropriately integrated in the national process for budget adoption . ### setting - up a common budgetary timeline for member states whose currency is the euro can better synchronize the basic data in the preparation of national budgets , thus contributing to the effectiveness of the european semester for budgetary policy coordination and to promote growth and employment . adopting a common budgetary timeline should lead to stronger synergies among member states whose currency is the euro and ensure that the european parliament , council and commission recommendations are appropriately integrated in the national process for budget adoption .


### strong public finances are best ensured at the planning stage and gross errors should be identified as early as possible . member states should benefit not just from the setting of guiding principles and budgetary targets but also from a synchronised monitoring of their budgetary policies . ### balanced public finances are best ensured at the planning stage and gross errors should be identified as early as possible . member states should benefit not just from the setting of guiding principles and budgetary targets but also from a synchronised review of their budgetary policies .


### strong public finances are best ensured at the planning stage and gross errors should be identified as early as possible . member states should benefit not just from the setting of guiding principles and budgetary targets but also from a synchronised monitoring of their budgetary policies . ### strong public finances are best ensured at the planning stage and gross errors should be identified as early as possible . member states should benefit not just from the setting of guiding principles and budgetary targets but also from a synchronised monitoring of their budgetary and growth policies .


### the targeted expenditure and revenue as a percentage of gdp for the general government and their main components , taking into account the conditions and criteria to establish the growth path of government expenditure net of discretionary revenue measures under article 5 of regulation no 1466 / 97 ; ### the targeted expenditure and revenue as a percentage of gdp for the general government and their main components , taking into account the conditions and criteria to establish the growth path of government expenditure net of discretionary revenue measures under article 5 of regulation no 1466 / 97 and its impacts on growth and employment ;