### by way of derogation from article 94 of regulation no [ … ] [ rd ] , for the measures of article 36 to and and of regulation no 1698 / 2005 , member states may continue to undertake new legal commitments to beneficiaries in 2014 pursuant to the rural development programmes adopted on the basis of regulation no 1698 / 2005 even after the financial resources of the 2007 - 2013 programming period have been used up , until the adoption of the respective rural development programme for the 2014 - 2020 programming period . the expenditure incurred on the basis of these commitments shall be eligible in accordance with article 3 of this regulation . ### by way of derogation from article 94 of regulation no [ … ] [ rd ] , member states may continue to undertake new legal commitments to beneficiaries in 2014 , in relation to the measures referred to in articles 20 , 36 , 52 and 63 of regulation no 1698 / 2005 , pursuant to the rural development programmes adopted on the basis of regulation no 1698 / 2005 even after the financial resources of the 2007 - 2013 programming period have been used up , until the adoption of the respective rural development programme for the 2014 - 2020 programming period or until the end of 2014 , by financing it from the funds from the 2014 - 2020 period . the expenditure incurred on the basis of these commitments shall be eligible in accordance with article 3 of this regulation .


### by way of derogation from article 7 of regulation no [ &#8230 ; ] [ rd ] , expenditure relating to legal commitments to beneficiaries , undertaken under the measures of article 36 to and and of regulation no 1698 / 2005 and of article 36 and of that regulation in relation to the annual premium , shall be eligible for an eafrd contribution in the 2014 - 2020 programming period in the following cases : ### by way of derogation from article 7 of regulation no [ &#8230 ; ] [ rd ] , expenditure relating to legal commitments to beneficiaries , undertaken under the measures referred to in articles 20 , 36 , 52 and 63 of regulation 1698 / 2005 , shall be eligible for an eafrd contribution in the 2014 - 2020 programming period in the following cases :


### where necessary , a member state shall make a linear reduction / increase in the value of all payment entitlements and / or the amount of the national reserve as referred to in article 41 in order to ensure compliance with the ceiling determined in annex viii . ### where necessary , a member state shall make a linear reduction in the value of payment entitlements above eur 2 000 and / or the amount of the national reserve as referred to in article 41 in order to ensure compliance with the ceiling determined in annex viii .


### without prejudice to article 25 of regulation no [ hz ] of the european parliament and of the council* , the amounts of direct payments which may be granted in a member state in respect of calendar year 2014 under articles 34 , 52 , 53 and 68 of this regulation and for the aid to silkworm rearers under article 111 of regulation no 1234 / 2007 shall not be higher than the ceilings set out in annex viii to this regulation for that year . where necessary , and in order to comply with the ceilings set out in annex viii , member states shall make a linear reduction in the amounts of direct payments in respect of calendar year 2014 . ### without prejudice to article 25 of regulation no [ hz ] of the european parliament and of the council* , the amounts of direct payments which may be granted in a member state in respect of calendar year 2014 under articles 34 , 52 , 53 and 68 of this regulation and for the aid to silkworm rearers under article 111 of regulation no 1234 / 2007 shall not be higher than the ceilings set out in annex viii to this regulation for that year , minus the amounts resulting from the application of article 136 for calendar year 2015 in accordance with annex viiia to this regulation . where necessary , and in order to comply with the ceilings set out in annex viii , member states shall make a linear reduction in the amounts of direct payments in respect of calendar year 2014 minus the amounts resulting from the application of article 136 for calendar year 2015 in accordance with annex viiia to this regulation .


### without prejudice to article 25 of regulation no [ hz ] of the european parliament and of the council* , the amounts of direct payments which may be granted in a member state in respect of calendar year 2014 under articles 34 , 52 , 53 and 68 of this regulation and for the aid to silkworm rearers under article 111 of regulation no 1234 / 2007 shall not be higher than the ceilings set out in annex viii to this regulation for that year . where necessary , and in order to comply with the ceilings set out in annex viii , member states shall make a linear reduction in the amounts of direct payments in respect of calendar year 2014 . ### without prejudice to article 25 of regulation no [ hz ] of the european parliament and of the council* , the amounts of direct payments which may be granted in a member state in respect of calendar year 2014 under articles 34 , 52 , 53 and 68 of this regulation and for the aid to silkworm rearers under article 111 of regulation no 1234 / 2007 shall not be higher than the ceilings set out in annex viii to this regulation for that year reduced by the amounts resulting from the application of article 136 for the budget year 2015 . where necessary , and in order to comply with the ceilings set out in annex viii , reduced by the amounts resulting from the application of article 136 for the budget year 2015 . member states shall make a linear reduction in the amounts of direct payments in respect of calendar year 2014 .


### in article 59 , the second and the third paragraphs are replaced by the following : ' it shall apply from 1 january 2015 . however , articles 20 , 22 , 35 , 37 and 39 shall apply from the date of entry into force of this regulation . ' ### article 59 is amended as follows : : the second and the third paragraphs are replaced by the following : ' it shall apply from 1 january 2015 . however , articles 18 , 20 , 22 , 28a , 35 , 37 and 39 shall apply from the date of entry into force of this regulation . ' the following paragraph is inserted after the third paragraph : ' articles 29 , 30 , 31 , 32 and 33 shall apply from 1 january 2015 . '


### in article 59 , the second and the third paragraphs are replaced by the following : ' it shall apply from 1 january 2015 . however , articles 20 , 22 , 35 , 37 and 39 shall apply from the date of entry into force of this regulation . ' ### in article 59 , the second and the third paragraphs are replaced by the following : ' it shall apply from 1 january 2015 . however , articles 18 , 20 , 22 , 28a , 35 , 37 and 39 shall apply from the date of entry into force of this regulation . articles 29 , 30 , 31 , 32 and 33 shall only apply from 1 january 2016 . '


### this regulation shall enter into force on the seventh day following that of its publication in the official journal of the european union . it shall apply from 1 january 2014 , except as follows : articles 7 , 8 and 9 shall apply from 16 october 2013 ; articles 18 , 42 , 43 and 45 shall apply from 16 october 2013 as regards expenditure incurred from 16 october 2013 title iii , chapter ii of title v and title vi shall apply from 1 january 2015 . ' ### this regulation shall enter into force on the seventh day following that of its publication in the official journal of the european union . it shall apply from 1 january 2014 . 2 . however , the following provisions shall apply : articles 7 , 8 , 16 , 24a and 25 , from 16 october 2013 ; articles 9 , 18 , 42 and 45 for expenditure incurred from 16 october 2013 without prejudice to article 114a ; article 54 , title iii , title iv and title v from 1 january 2015 , except as regards title v scmo regulation , which shall apply from 1 january 2014 ; article 110 for payments made as from financial year 2016 onwards and articles 110a - 110d for payments made as from financial year 2015 onwards .


### “article 115 entry into force and applicability this regulation shall enter into force on the seventh day following that of its publication in the official journal of the european union . it shall apply from 1 january 2014 , except as follows : articles 7 , 8 and 9 shall apply from 16 october 2013 ; articles 18 , 42 , 43 and 45 shall apply from 16 october 2013 as regards expenditure incurred from 16 october 2013 ; title iii , chapter ii of title v and title vi shall apply from 1 january 2015 . ### “article 115 entry into force and applicability this regulation shall enter into force on the seventh day following that of its publication in the official journal of the european union . it shall apply from 1 january 2014 . articles 7 , 8 , 16 , 24a and 25 shall apply from 16 october 2013 ; articles 9 , 18 , 42 and 45 for expenditure incurred from 16 october 2013 without prejudice to article 114a ; article 54 , title iii , chapter ii of title v and title vi from 1 january 2015 . title vii , chapter iv for expenditure incurred from budget year 2014 onwards . '


### in addition to the amounts referred to in paragraph 4 , the implementing act referred to in that paragraph shall also include the funds transferred to the eafrd in application of article 136a of regulation no 73 / 2009 and article 7 of regulation no [ dp ] and the funds transferred to the eafrd in application of articles 10b and 136 of regulation no 73 / 2009 in respect of calendar year 2013 . ### in accordance with article 90 , the commission shall be empowered to adopt delegated acts for the purposes of amending annex ia where necessary , to also include the funds transferred to the eafrd in application of article 136a of regulation no 73 / 2009 and articles 7 and 14 of regulation no [ dp ] and the funds transferred to the eafrd in application of articles 10b and 136 of regulation no 73 / 2009 in respect of calendar year 2013 .


### correspondence of articles in animal and area related measures under the 2007 - 2013 and the 2014 - 2020 programming periods ### correspondence of articles in measures under the 2007 - 2013 and the 2014 - 2020 programming periods


### regulation no 1698 / 2005 article 20 – modernisation of agricultural holdings article 20 – increasing the added value of agricultural and forestry products article 20 – cooperation as regards the development of new products , processes and technologies in agriculture , forestry and the food industry article 20 – improving and developing infrastructure related to the development and adaptation of agriculture and forestry ### regulation no [ … ] [ rd ] article 18 – investments in physical assets article 18 – investments in physical assets and article 27 – investments in new forestry methods and in the processing and marketing of forestry products article 36 – cooperation article 18 – investments in physical assets and article 27 – investments in new forestry methods and in the processing and marketing of forestry products


### annexes ii , iii and viii to regulation no 73 / 2009 are amended as follows : ### annexes ii , iii and viii to regulation no 73 / 2009 are amended as follows and new annexes viiia and xiia are inserted :


### member state germany sweden ### 2014 42 600 9 000


### member state belgium bulgaria czech republic denmark germany estonia ireland greece spain france croatia italy cyprus latvia lithuania luxembourg hungary malta netherlands austria poland portugal romania slovenia slovakia finland sweden united kingdom ### average size of agricultural holding 29 6 89 60 46 39 32 5 24 52 5 . 9 8 4 16 12 57 7 1 25 19 6 13 3 6 28 34 43 54


### manufacturers’ compliance with the targets under this regulation should be assessed at the community level . manufacturers whose average specific emissions of co2 exceed those permitted under this regulation should pay an excess emissions premium with respect to each calendar year from 1 january 2014 . the premium should be modulated as a function of the extent to which manufacturers fail to comply with their target . in order to ensure consistency , the premium mechanism should be similar to the one set in regulation no 443 / 2009 . the amounts of the excess emissions premium should be considered as revenue in the general budget of the european union . ### manufacturers’ compliance with the targets under this regulation should be assessed at the community level . manufacturers whose average specific emissions of co2 exceed those permitted under this regulation should pay an excess emissions penalty with respect to each calendar year from 1 january 2014 . the penalty should be modulated as a function of the extent to which manufacturers fail to comply with their target . in order to ensure consistency , the penalty mechanism should be similar to the one set in regulation no 443 / 2009 . the amounts of the excess emissions penalty should be considered as revenue in the general budget of the european union .


### the speed of road vehicles has a strong influence on their fuel consumption and co2 emissions . in addition , in the absence of speed limitation for light commercial vehicles , it is possible that there is an element of competition as regards top speed which could lead to oversized powertrains and associated inefficiencies in slower operating conditions . it is therefore appropriate to investigate the feasibility of extending the scope of council directive 92 / 6 / eec on the installation and use of speed limitation devices for certain categories of motor vehicles in the community , with the aim of including light commercial vehicles covered in this regulation . ### the speed of road vehicles has a strong influence on their fuel consumption and co2 emissions . in addition , in the absence of speed limitation for light commercial vehicles , it is possible that there is an element of competition as regards top speed which could lead to oversized powertrains and associated inefficiencies in slower operating conditions . it is therefore appropriate to envisage the possibility of extending the scope of council directive 92 / 6 / eec on the installation and use of speed limitation devices for certain categories of motor vehicles in the community , with the aim of including , as a voluntary option , light commercial vehicles covered in this regulation .


### ' average specific emissions of co2 ' means , in relation to a manufacturer , the average of the specific emissions of co2 of all light commercial vehicles of which it is the manufacturer ; ### ' average specific emissions of co2 ' means , in relation to a manufacturer , the average of the specific emissions of co2 of all light commercial vehicles of which it is the manufacturer , as defined in article 2 of this regulation ;


### in respect of the period 1 january 2014 and every calendar year thereafter , the commission shall impose an excess emissions premium on a manufacturer or pool manager , as appropriate , where a manufacturer ' s average specific emissions of co2 exceed its specific emissions target . ### in respect of the period 1 january 2015 and every calendar year thereafter , the commission shall impose an excess emissions premium on a manufacturer or pool manager , as appropriate , where a manufacturer ' s average specific emissions of co2 exceed its specific emissions target . the excess emissions premiums shall be similar to premiums paid in other sectors under the european emission trading scheme .


### ‘ excess emissions’ means the positive number of grams per kilometre by which a manufacturer’s average specific emissions of co2 taking into account co2 emissions reductions due to innovative technologies approved in accordance with article 11 exceeded its specific emissions target in the calendar year or part of the calendar year to which the obligation under article 4 applies , rounded to the nearest three decimal places ; and ### ‘ excess emissions’ means the positive number of grams per kilometre by which a manufacturer’s average specific emissions of co2 taking into account co2 emissions reductions due to innovative technologies approved in accordance with article 11 and to the use of speed - limiting devices in accordance with article 5 , exceeded its specific emissions target in the calendar year or part of the calendar year to which the obligation under article 4 applies , rounded to the nearest three decimal places ; and


### by 31 october 2016 , and every three years thereafter , measures shall be adopted to amend annex i to adjust the figure m0 , referred to therein , to the average mass of new light commercial vehicles in the previous three calendar years . ### by 31 october 2018 , and every three years thereafter , measures shall be adopted to amend annex i to adjust the figure m0 , referred to therein , to the average mass of new light commercial vehicles in the previous three calendar years .


### the european council , in its conclusions of 19 june 2009 , recommended that a european system of financial supervisors , consisting of a network of national financial supervisors working in tandem with the new european supervisory authorities , the european banking authority , the european insurance and occupational pensions authority , and the european securities and markets authority , be established aimed at upgrading the quality and consistency of national supervision , strengthening oversight of cross - border groups through the setting up of supervisory colleges and establishing a european single rule book applicable to all financial market participants in the internal market . it stressed that the european securities and markets authority should have supervisory powers for credit rating agencies . further , the commission should retain its competence to enforce the treaties and in particular title vii chapter 1 of the treaty on the functioning of the european union regarding the common rules on competition in accordance with the provisions adopted for the implementation of those rules . ### the european council , in its conclusions of 19 june 2009 , recommended that a european system of financial supervisors , consisting of a network of national financial supervisors working in tandem with the new european supervisory authorities , the european supervisory authority , the european supervisory authority , and the european supervisory authority , be established aimed at upgrading the quality and consistency of national supervision , strengthening oversight of cross - border groups through the setting up of supervisory colleges and establishing a european single rule book applicable to all financial market participants in the internal market . it stressed that the european securities and markets authority should have supervisory powers for credit rating agencies . further , the commission should retain its competence to enforce the treaties and in particular title vii chapter 1 of the treaty on the functioning of the european union regarding the common rules on competition in accordance with the provisions adopted for the implementation of those rules . the european supervisory authority has now been established by regulation no . . . / 2010 of the european parliament and of the council .


### in order to reinforce competition between credit rating agencies , to help avoiding possible conflicts of interest under the issuer - pays model , which are particularly virulent regarding the rating of structured finance instruments , and to enhance transparency and the quality of ratings for structured finance instruments , registered or certified credit rating agencies should have the right to access a list of structured finance instruments that are being rated by their competitors . the information for this rating should be provided by the issuer or a related third party for the purpose of the issuance of unsolicited competing ratings on structured finance instruments . the issuance of such unsolicited ratings should promote the use of more than one rating per structured finance instrument . access to the websites should only be granted if a credit rating agency is able to ensure the confidentiality of the requested information . ### in order to reinforce competition between credit rating agencies , to help avoid possible conflicts of interest under the issuer - pays model , which are particularly virulent regarding the rating of structured finance instruments , and to enhance transparency and the quality of ratings for structured finance instruments , registered or certified credit rating agencies should be able to access detailed information on structured finance instruments that are being rated by their appointed competitors in order to be in a position to provide unsolicited ratings . the issuance of such unsolicited ratings should promote the use of more than one rating per structured finance instrument . access to the websites should be granted only if a credit rating agency is able to ensure the confidentiality of the requested information .


### in order to reinforce competition between credit rating agencies , to help avoiding possible conflicts of interest under the issuer - pays model , which are particularly virulent regarding the rating of structured finance instruments , and to enhance transparency and the quality of ratings for structured finance instruments , registered or certified credit rating agencies should have the right to access a list of structured finance instruments that are being rated by their competitors . the information for this rating should be provided by the issuer or a related third party for the purpose of the issuance of unsolicited competing ratings on structured finance instruments . the issuance of such unsolicited ratings should promote the use of more than one rating per structured finance instrument . access to the websites should only be granted if a credit rating agency is able to ensure the confidentiality of the requested information . ### in order to reinforce competition between credit rating agencies , to help avoid possible conflicts of interest under the issuer - pays model , which are particularly virulent regarding the rating of structured finance instruments , and to enhance transparency and the quality of ratings for structured finance instruments , registered or certified credit rating agencies should be able to access information on structured finance instruments that are being rated by their appointed competitors in order to be in a position to provide unsolicited ratings . the issuance of such unsolicited ratings should promote the use of more than one rating per structured finance instrument . access to the websites should be granted only if a credit rating agency is able to ensure the confidentiality of the requested information .


### in order to effectively carry out its duties , the european securities and markets authority should have the right to request all necessary information directly from financial market participants . member states ' authorities should be obliged to assist the european securities and markets authority in enforcing such requests . ### in order to effectively carry out its duties , the european securities and markets authority should have the right to request all necessary information directly from financial market participants . member states ' authorities should be obliged to assist the european securities and markets authority in enforcing such requests and should ensure that the requisite information can be made available without delay .


### in order to effectively exercise its supervisory powers , the european securities and markets authority should have the right to conduct investigations and on - site - inspections . when exercising its supervisory powers , the european securities and markets authority should give the persons which are subject to proceedings an opportunity of being heard in order to respect their rights of defence . ### in order effectively to exercise its supervisory powers , the european supervisory authority should have the right to conduct unannounced investigations and on - site - inspections . when exercising its supervisory powers , the european securities and markets authority should give the persons which are subject to proceedings an opportunity of being heard in order to respect their rights of defence .


### in order to effectively exercise its supervisory powers , the european securities and markets authority should have the right to conduct investigations and on - site - inspections . when exercising its supervisory powers , the european securities and markets authority should give the persons which are subject to proceedings an opportunity of being heard in order to respect their rights of defence . ### in order to effectively exercise its supervisory powers , the european securities and markets authority should have the right to conduct investigations and on - site - inspections . when exercising its supervisory and investigatory powers , the european securities and markets authority should operate its proceedings on a basis of full respect for the rights of defence of the persons and credit agents who are subject to the proceedings , ensuring that there is no breach of professional secrecy as it applies in their member state of residence .


### competent authorities should assist and cooperate with the european securities and markets authority . the latter may delegate specific supervisory tasks to competent authorities for instance where a supervisory task requires knowledge and experience with respect to local conditions , which are more easily available at national level . possible tasks that may be delegated include the carrying out of specific investigatory tasks and on - site inspections , the assessment of an application for registration , but also specific tasks related to day - to - day supervision . the details of such delegation , including the procedures and any compensation to be granted to the national competent authorities should be specified in guidelines . ### competent authorities should communicate any information required pursuant to this regulation and cooperate with the european securities and markets authority . the latter may delegate specific supervisory tasks to competent authorities for instance where a supervisory task requires knowledge and experience with respect to local conditions , which are more easily available at national level . possible tasks that may be delegated include the carrying out of specific investigatory tasks and on - site inspections , the assessment of an application for registration , but also specific tasks related to day - to - day supervision . the details of such delegation , including the procedures and any compensation to be granted to the national competent authorities should be specified in guidelines . for credit rating agencies whose turnover is below [ . . . ] , the european supervisory authority should also be able to delegate part of its supervisory functions to the competent authorities of the member states . the functions relating to registration should not be subject to such delegation .


### the european securities and markets authority should be able to propose to the commission to impose periodic penalty payments . the purpose of those periodic penalty payments should be to achieve that an infringement established by the european securities and markets authority is put to an end , that complete and correct information which the european securities and markets authority has requested is supplied and that credit rating agencies and other persons submit to an investigation . moreover , for deterrence purposes and to compel credit rating agencies to comply with the regulation , the commission should also be able to impose fines , following a request of the european securities and markets authority , where intentionally or negligently , specific provisions of the regulation have been breached . the fine shall be dissuasive and proportionate to the nature and seriousness of the breach , the duration of the breach and the economic capacity of the credit rating agency concerned . detailed criteria for establishing the amount of the fines as well as procedural aspects related to fines should be set out by the commission in a delegated act . member states should only remain competent for laying down and implementing the rules on penalties applicable to the infringement of the obligation of financial firms to use , for regulatory purposes only credit ratings issued by credit rating agencies registered in accordance with this regulation . ### the european supervisory authority should be able to impose periodic penalty payments . the purpose of those periodic penalty payments should be to achieve that an infringement established by the european supervisory authority is put to an end , that complete and correct information which the european supervisory authority has requested is supplied and that credit rating agencies and other persons submit to an investigation . moreover , for deterrence purposes and to compel credit rating agencies to comply with the regulation , the european supervisory authority should also be able to impose fines where , intentionally or negligently , specific provisions of the regulation have been breached . the fine shall be dissuasive and proportionate to the nature and seriousness of the breach , the duration of the breach and the economic capacity of the credit rating agency concerned . detailed criteria for establishing the amount of the fines as well as procedural aspects related to fines should be set out by the commission in a delegated act . member states should only remain competent for laying down and implementing the rules on penalties applicable to the infringement of the obligation of financial firms to use , for regulatory purposes only credit ratings issued by credit rating agencies registered in accordance with this regulation .


### the european securities and markets authority should be able to propose to the commission to impose periodic penalty payments . the purpose of those periodic penalty payments should be to achieve that an infringement established by the european securities and markets authority is put to an end , that complete and correct information which the european securities and markets authority has requested is supplied and that credit rating agencies and other persons submit to an investigation . moreover , for deterrence purposes and to compel credit rating agencies to comply with the regulation , the commission should also be able to impose fines , following a request of the european securities and markets authority , where intentionally or negligently , specific provisions of the regulation have been breached . the fine shall be dissuasive and proportionate to the nature and seriousness of the breach , the duration of the breach and the economic capacity of the credit rating agency concerned . detailed criteria for establishing the amount of the fines as well as procedural aspects related to fines should be set out by the commission in a delegated act . member states should only remain competent for laying down and implementing the rules on penalties applicable to the infringement of the obligation of financial firms to use , for regulatory purposes only credit ratings issued by credit rating agencies registered in accordance with this regulation . ### the european supervisory authority should be able to propose to the commission to impose periodic penalty payments . the purpose of those periodic penalty payments should be to achieve that an infringement established by the european supervisory authority is put to an end , that complete and correct information which the european supervisory authority has requested is supplied and that credit rating agencies and other persons submit to an investigation . moreover , for deterrence purposes and to compel credit rating agencies to comply with the regulation , the commission should also be able to impose fines , following a request of the european supervisory authority , where , intentionally or negligently , any of the provisions of this regulation , including those listed in annex iii , have been breached . such fines should be dissuasive and proportionate to the nature and seriousness of the breach , the duration of the breach and the economic capacity of the credit rating agency concerned . detailed criteria for establishing the amount of the fines as well as procedural aspects related to fines should be set out by the commission in a delegated act . member states should remain competent only for laying down and implementing the rules on penalties applicable to the infringement of the obligation of financial firms to use , for regulatory purposes , only credit ratings issued by credit rating agencies registered in accordance with this regulation .


### a list of the structured finance instruments for which it is in the process of providing a credit rating , identifying the type of the structured finance instrument , the name of the issuer and the date when the rating process was initiated ; ### a list of the structured finance instruments for which it is in the process of providing a credit rating , identifying the type of the structured finance instrument , the name of the issuer and the date when the rating process was initiated , as well as all information utilised by the credit rating agency concerned to determine and / or monitor the credit rating issued for a structured finance product .


### a credit rating agency may submit its application in any of the official languages of the union . ### a credit rating agency shall submit its application in any of the official languages of the union and in a language customary in the sphere of international finance .


### within 5 working days of the adoption of a decision under articles 16 , 17 or 20 esma shall notify the credit rating agency concerned . where esma refuses to register the credit rating agency or withdraws the registration of the credit rating agency , it shall provide full reasons in its decision . ### within five working days of the adoption of a decision under article 16 , 17 or 20 the european supervisory authority shall notify the credit rating agency concerned whether or not it has been registered . where the european supervisory authority refuses to register the credit rating agency or withdraws the registration of the credit rating agency , it shall provide full reasons in its decision .


### esma shall communicate to the commission and the competent authorities any decision under article 16 , 17 or 20 . ### the european supervisory authority shall communicate to the commission , the european supervisory authority , the european supervisory authority and the competent authorities any decision under article 16 , 17 or 20 .


### esma shall publish on its website a list of credit rating agencies registered in accordance with this regulation . that list shall be updated within 5 working days following the adoption of a decision under articles 16 , 17 or 20 . ### the european supervisory authority shall publish on its website a list of credit rating agencies registered in accordance with this regulation . that list shall be updated within five working days of the adoption of a decision under article 16 , 17 or 20 . the commission shall publish that list in the official journal of the european union and shall publish updated lists within 30 working days of the communication of a decision under article 16 , 17 or 20 .


### the commission shall adopt by means of delegated acts in accordance with article 38a a regulation on fees . that regulation shall determine in particular the type of fees and the matters for which fees are due , the amount of the fees and the way in which they are to be paid . the amount of a fee charged to a credit rating agency shall be proportionate to its size and economic strength . ### the commission shall adopt by means of delegated acts in accordance with article 38a , and subject to the conditions of articles 38b and 38c , measures relating to fees . those measures shall determine in particular the type of fees and the matters for which fees are due , the amount of the fees and the way in which they are to be paid . the amount of a fee charged to a credit rating agency shall be proportionate to its size , its economic strength and the complexity of the activities carried out .


### the commission shall adopt by means of delegated acts in accordance with article 38a a regulation on fees . that regulation shall determine in particular the type of fees and the matters for which fees are due , the amount of the fees and the way in which they are to be paid . the amount of a fee charged to a credit rating agency shall be proportionate to its size and economic strength . ### the commission shall be empowered to adopt delegated acts under this article concerning a regulation on fees . that regulation shall determine in particular the type of fees and the matters for which fees are due , the amount of the fees and the way in which they are to be paid . the amount of a fee charged to a credit rating agency shall be proportionate to its size and economic strength .


### the title of the chapter ii in title iii is replaced by ' surveillance by esma ' . ### the title of chapter ii in title iii is replaced by ' supervision by the european supervisory authority ' .


### esma shall issue and update guidelines on : ### the european supervisory authority shall issue and update technical standards on :


### by [ nine months after the entry into force of this regulation . ] , esma shall propose draft technical standards for endorsement by the commission according to article 7 of regulation … / … [ esma ] on : ### by [ nine months after the entry into force of this regulation . ] , the european supervisory authority shall propose draft regulatory technical standards for endorsement by the commission according to article 7 of regulation no … / 2010 [ esma ] on :


### in order to carry out its duties under this regulation , esma may conduct all necessary on - site inspections with our without announcement at the premises of persons referred to in article 23a . ### in order to carry out its duties under this regulation , the european supervisory authority may conduct all necessary on - site inspections with or without prior announcement at the premises of persons referred to in article&#160 ; 23a .


### the officials and other persons authorised by esma to conduct an on - site inspection shall exercise their powers upon production of a written authorisation specifying the subject matter and purpose of the inspection and the periodic penalty payments provided for in article 36b in case the persons concerned do not submit to the inspection . in good time before the inspection , esma shall give notice of the inspection to the competent authority of the member state in whose territory it is to be conducted . ### the officials and other persons authorised by esma to conduct an on - site inspection shall exercise their powers upon production of a written authorisation specifying the subject matter and purpose of the inspection , the persons designated to carry it out and their position within the authority and the periodic penalty payments provided for in article 36b in case the persons concerned do not submit to the inspection . in good time before the inspection , esma shall give notice of the inspection to the competent authority of the member state in whose territory it is to be conducted .


### officials of , as well as those authorised or appointed by the competent authority of the member state in whose territory the inspection is to be conducted shall , at the request of esma , actively assist the officials and other persons authorised by esma . to this end , they shall enjoy the powers set out in paragraph 2 . ### officials of , as well as those authorised or appointed by , the competent authority of the member state in whose territory the inspection is to be conducted shall , at the request of the european supervisory authority , actively assist the officials and other persons authorised by the european supervisory authority . to this end , they shall enjoy the powers set out in paragraph 2 . officials of the competent authority of the member state concerned may also attend the on - site inspections on request .


### where there is one of the breaches listed in annex iii committed by a registered credit rating agency , esma shall take one or more of the following decisions : ### where there is any breach of the provisions of this regulation , including those listed in annex iii , committed by a registered credit rating agency , the european supervisory authority shall take one or more of the following decisions :


### esma may extend the period referred to in point of the first subparagraph by three months in exceptional circumstances relating to the potential for market disruption or financial instability . ### on its own initiative or at the request of the european supervisory authority or the european supervisory authority , the european supervisory authority may extend the period referred to in point of the first subparagraph by three months in exceptional circumstances relating to the potential for market disruption or financial instability .


### in case esma considers that the request is not justified , it shall inform the notifying competent authority . in case esma considers that the request is justified , it shall take appropriate measures to resolve this issue . ### where the european supervisory authority considers that the request is not justified , it shall inform the notifying competent authority in writing , setting out the reasons . where the european supervisory authority considers that the request is justified , it shall take appropriate measures to resolve this issue .


### at esma ' s request , the commission may by decision impose on a credit rating agency a fine where , intentionally or negligently , the credit rating agency has committed one of the breaches listed in annex iii . ### at the request of the european supervisory authority , the commission may by decision impose on a credit rating agency a fine where , intentionally or negligently , the credit rating agency has committed any breaches of the provisions of this regulation , including those listed in annex iii .


### the commission shall adopt by means of delegated acts in accordance with article 38a detailed rules for the implementation of this article , specifying in particular : ### the commission shall be empowered to adopt delegated acts concerning the adoption of detailed rules for the implementation of this article , specifying in particular :


### the commission shall disclose to the public every fine and periodic penalty payment that has been imposed according to articles 36a and 36b . ### the commission shall disclose to the public every fine and periodic penalty payment that has been imposed in accordance with articles 36a and 36b unless such disclosure would seriously jeopardise financial market stability or cause disproportionate damage to the parties involved .


### the commission shall disclose to the public every fine and periodic penalty payment that has been imposed according to articles 36a and 36b . ### the commission shall disclose to the public every fine and periodic penalty payment that has been imposed according to articles 36a and 36b unless such disclosure would seriously jeopardise the financial market or cause disproportionate damage to the parties involved .


### the institution which has commenced an internal procedure for deciding whether to revoke the delegation of power shall inform the other legislator and the commission at the latest one month before the final decision is taken , stating the delegated powers which could be subject to revocation and the reasons for a revocation . ### the institution which has commenced an internal procedure for deciding whether to revoke a delegation of power shall endeavour to inform the other institution and the commission within a reasonable time before the final decision is taken , indicating the delegated powers which could be subject to revocation .


### the european parliament and the council may object to the delegated act within a period of two months from the date of notification . at the initiative of the european parliament or the council this period shall be extended by one month . ### the european parliament and the council may object to the delegated act within a period of three months from the date of notification . on the initiative of the european parliament or the council that period shall be extended by three months .


### if , on expiry of that period , neither the european parliament nor the council has objected to the delegated act , the delegated act shall enter into force at the date stated therein . ### if , on expiry of that period , neither the european parliament nor the council has objected to the delegated act , it shall be published in the official journal of the european union and shall enter into force on the date stated therein .


### it is in the union’s interest to assist beneficiary countries in their efforts to reform their systems in order to align them to those of the union . since the objective of this regulation cannot be sufficiently achieved by the member states and can be better achieved at union’s level , the union may adopt measures in accordance with the principle of subsidiarity as set out in article 5 of the treaty on european union . in accordance with the principle of proportionality as set out in that article , this regulation does not go beyond what is necessary in order to achieve this objective . ### it is in the union’s interest to cooperate with the beneficiary countries during the implementation of assistance under this regulation in order to support their efforts to reform their systems and align them to those of the union . since the objective of this regulation cannot be sufficiently achieved by the member states and can be better achieved at union’s level , the union may adopt measures in accordance with the principle of subsidiarity as set out in article 5 of the treaty on european union . in accordance with the principle of proportionality as set out in that article , this regulation does not go beyond what is necessary in order to achieve this objective .


### . development of physical capital , the improvement of connections with union and regional networks . ### . development of physical capital , especially transport infrastructure , and the improvement of connections with union and regional networks .


### strengthening of the ability of beneficiary countries to fulfil the obligations stemming from membership by supporting progressive alignment with and adoption , implementation and enforcement of the acquis communautaire , structural , cohesion , agricultural and rural development funds and policies of the union . ### strengthening of the ability , and in particular the institutional and administrative capacity , of beneficiary countries to fulfil the obligations stemming from membership by supporting progressive alignment with and adoption , implementation and enforcement of the acquis communautaire , structural , cohesion , agricultural and rural development funds and policies of the union .


### – progress in economic reforms ; the soundness and effectiveness of social and economic development strategies , progress towards smart , sustainable and inclusive growth , including through public investments supported by ipa ; ### – progress in economic reforms ; the soundness and effectiveness of social and economic development strategies , progress towards smart , sustainable and inclusive growth , including through public investments supported by ipa ; progress towards creating a favourable business environment ;


### the types of actions which can be financed by the ipa ; ### the types of actions which can be financed by the ipa and their expected results ;


### since some member states have already put in place restrictions on short selling and since delegated acts and binding technical standards are provided for which should be adopted before the framework to be introduced can be usefully applied , it is necessary to provide for a sufficient period of time . ### since only some member states have already put in place restrictions on short selling , union - wide regulation should come into effect as soon as possible . this is also required because of the remaining high instability of the market and problems surrounding sovereign credit default swaps . the stabilisation envisaged by such union - wide regulation is therefore a matter of great urgency for the union as a whole .


### for the purposes of this regulation , a natural or legal person shall be considered to have an uncovered position in a credit default swap relating to an obligation of a member state or the union , to the extent that the credit default swap is not serving to hedge against the risk of default of the issuer where the natural or legal person has a long position in the sovereign debt of that issuer or any long position in the debt of an issuer for which the price of its debt has a high correlation with the price of the obligation of a member state or the union . the party under a credit default swap that is obliged to make the payment or pay the compensation in the event of a default or a credit event relating to the reference entity does not by reason of that obligation have an uncovered position for the purposes of this paragraph . ### for the purposes of this regulation , a natural or legal person shall be considered to have an uncovered position in a credit default swap relating to an obligation of a member state or the union , to the extent that the credit default swap is not serving to hedge against the risk of a decline in the creditworthiness of the issuer where the natural or legal person has another position whose value is likely to be negatively impacted by such a decline . the party under a credit default swap that is obliged to make the payment or pay the compensation in the event of a default or a credit event relating to the reference entity does not by reason of that obligation have an uncovered position for the purposes of this paragraph .


### for the purposes of this regulation , a natural or legal person shall be considered to have an uncovered position in a credit default swap relating to an obligation of a member state or the union , to the extent that the credit default swap is not serving to hedge against the risk of default of the issuer where the natural or legal person has a long position in the sovereign debt of that issuer or any long position in the debt of an issuer for which the price of its debt has a high correlation with the price of the obligation of a member state or the union . the party under a credit default swap that is obliged to make the payment or pay the compensation in the event of a default or a credit event relating to the reference entity does not by reason of that obligation have an uncovered position for the purposes of this paragraph . ### for the purposes of this regulation , a natural or legal person shall be considered to have an uncovered position in a credit default swap relating to an obligation of a member state or the union , to the extent that the credit default swap is not serving to hedge against the risk of default of the issuer where the natural or legal person has a long position in the sovereign debt of that issuer or the risk of decline in value of any asset of the natural or legal person where the value of the asset is positively correlated to the price of the obligation of a member state or the union . the party under a credit default swap that is obliged to make the payment or pay the compensation in the event of a default or a credit event relating to the reference entity does not by reason of that obligation have an uncovered position for the purposes of this paragraph .


### for the purposes of this regulation , a natural or legal person shall be considered to have an uncovered position in a credit default swap relating to an obligation of a member state or the union , to the extent that the credit default swap is not serving to hedge against the risk of default of the issuer where the natural or legal person has a long position in the sovereign debt of that issuer or any long position in the debt of an issuer for which the price of its debt has a high correlation with the price of the obligation of a member state or the union . the party under a credit default swap that is obliged to make the payment or pay the compensation in the event of a default or a credit event relating to the reference entity does not by reason of that obligation have an uncovered position for the purposes of this paragraph . ### for the purposes of this regulation , a natural or legal person shall be considered to have an uncovered position in a credit default swap relating to an obligation of a member state or the union , to the extent that the credit default swap is not serving to hedge against the risk of default of the issuer where the natural or legal person has a positive risk exposure to the sovereign debt of that issuer or a positive risk exposure to the debt of an issuer for which the price of its debt has a high correlation with the price of the obligation of a member state or the union . the party under a credit default swap that is obliged to make the payment or pay the compensation in the event of a default or a credit event relating to the reference entity does not by reason of that obligation have an uncovered position for the purposes of this paragraph .


### a trading venue that has shares admitted to trading shall establish procedures that ensure that natural or legal persons executing orders on the trading venue mark sell orders as short orders if the seller is entering into a short sale of the share . the trading venue shall publish at least daily a summary of the volume of orders marked as short orders . ### a trading venue that has shares admitted to trading or an investment firm which executes orders on behalf of clients in respect of those instruments outside a trading venue shall establish procedures that ensure that natural or legal persons executing orders on the trading venue or through the investment firm are in a position to mark sell orders as short orders if the seller is entering into a short sale of the share . the trading venue shall publish at least daily a summary of the volume of orders marked as short orders .


### articles 5 , 6 , 7 , 8 and 12 shall not apply to the activities of an investment firm or a third country entity or a local firm that is a member of a trading venue or of a market in a third country , whose legal and supervisory framework has been declared equivalent pursuant to paragraph 2 , when it deals as principal in a financial instrument , whether traded on or outside a trading venue , in either or both of the following capacities : ### articles 5 , 6 , 7 , 8 and 12 and any restrictions or requirements imposed under articles 16 , 17 , 18 or 24 shall not apply to the activities of an investment firm , or a third country entity or a local firm that is a member of a trading venue or of a market in a third country , whose legal and supervisory framework has been declared equivalent pursuant to paragraph 2 , when it deals as principal in a financial instrument , whether traded on or outside a trading venue , in either or both of the following capacities :


### articles 8 and 12 shall not apply to the activities of a natural or legal person when , acting as an authorised primary dealer pursuant to an agreement with an issuer of sovereign debt , it is dealing as principal in a financial instrument in relation to primary or secondary market operations relating to the sovereign debt . ### articles 8 and 12 and any restrictions or requirements imposed in relation to sovereign debt under articles 16 , 17 , 18 or 24 shall not apply to the activities of a natural or legal person who is an authorised primary dealer pursuant to an agreement with an issuer of sovereign debt and who is dealing as principal in a financial instrument in relation to primary or secondary market operations relating to the sovereign debt of a member state .


### the competent authority of the home member state may prohibit the use of the exemption if it considers that the natural or legal person does not satisfy the conditions of the exemption . any prohibition shall be imposed within the thirty calendar day period referred to in the first subparagraph or subsequently if the competent authority becomes aware that there has been any changes in the circumstances of the person so that they no longer satisfy the conditions . ### the competent authority of the home member state may prohibit the use of the exemption if it considers that the natural or legal person does not satisfy the conditions of the exemption . any prohibition shall be imposed within the fifteen calendar day period referred to in the first subparagraph or subsequently if the competent authority becomes aware that there has been any changes in the circumstances of the person so that they no longer satisfy the conditions .


### a competent authority shall publish on its website notice of any decision to impose or renew any measure referred to in articles 16 to 19 . ### both the esma and the competent authority shall publish on their websites notice of any decision to impose or renew any measure referred to in articles 16 to 19 .


### an explanation about the purpose of the transaction and whether it is for the purposes of hedging against a risk or otherwise ; ### an explanation about the purpose of the transaction ;


### the competent authorities shall conclude cooperation agreements on exchange of information with the competent authorities of third countries only where the information disclosed is subject to guarantees of professional secrecy which are at least equivalent to those set out in article 29 . such exchange of information must be intended for the performance of the tasks of those competent authorities . ### the competent authorities shall not enter into cooperation arrangements with third countries which result in obligations for member states other than those concerning the provision of information . cooperation arrangements on exchange of information shall be entered into only where the information disclosed is subject to guarantees of professional secrecy which are at least equivalent to those set out in article 29 . such exchange of information must be intended for the performance of the tasks of those competent authorities .


### the union is committed to implement the resolutions adopted by the general assembly of the united nations , in particular resolutions 61 / 105 and 64 / 72 , which call on states and regional fisheries management organisations to ensure the protection of vulnerable deep - sea marine ecosystems from the destructive impact of bottom fishing gears , as well as the sustainable exploitation of deep - sea fish stocks . ### the union is committed to implement the resolutions adopted by the general assembly of the united nations , in particular resolutions 61 / 105 and 64 / 72 , which call on states and regional fisheries management organisations to ensure the protection of vulnerable deep - sea marine ecosystems from the impact of bottom fishing gears , as well as the sustainable exploitation of deep - sea fish stocks .


### in order to maintain necessary reductions in fishing capacity achieved so far in deep - sea fisheries , it is appropriate to provide that fishing for deep - sea species is subject to a fishing authorisation which limits the capacity of vessels eligible to land deep - sea species . with a view to focus management measures on the part of the fleet most relevant for deep - sea fisheries , the fishing authorisations should be issued according to target or by - catch fishery . ### in order to maintain necessary reductions in fishing capacity achieved so far in deep - sea fisheries , and to focus management measures on the most relevant part of the fleet for deep sea fisheries , it is appropriate to provide that fishing for deep - sea species is subject to a fishing authorisation which limits the capacity of vessels eligible to fish deep - sea species in a targeted manner . it is however necessary that fishing licenses are also delivered for bycatch fishing of deep - sea species , considering that all these fishing activities are likely to occur in areas where deep water vulnerable marine ecosystems may be present , and that they should be protected against the adverse effects that may have these activities , including those using bottom gears . however , the council and parliament regulation no xxx / 2013 from xxx 2013 on the common fisheries policy defines a goal of eliminating discards that also apply to deep - sea species . the novelty of this new requirement should be taken into account so that vessels incidentally capturing deep - sea species and which are not currently subjected to a licensing regime for fishing , are not totally deprived of the opportunity to continue their traditional fishing activities .


### holders of a fishing authorisation allowing the catch of deep - sea species should cooperate in scientific research activities leading to an improvement in the assessment of deep - sea stocks and deep - sea ecosystems . ### holders of a fishing authorisation allowing the catch of deep - sea species should cooperate in scientific research activities leading to an improvement in the assessment of deep - sea stocks and research into deep - sea ecosystems .


### scientific advice concerning certain fish stocks found in the deep - sea indicates that these stocks are particularly vulnerable to exploitation , and that fishing for these stocks should be limited or reduced as a precautionary measure . fishing opportunities for deep - sea stocks should not go beyond those levels which are scientifically advised as precautionary . in the case of advice being absent for lack of sufficient information about stocks or species , no fishing opportunities should be allocated . ### scientific advice concerning certain fish stocks found in the deep - sea indicates that these stocks are particularly vulnerable to exploitation , however there have been quantified improvements in some stocks such as the roundnose grenadier , blue ling and black scabbardfish . fishing opportunities for deep - sea stocks should not go beyond those levels which are scientifically advised as precautionary . in the case of advice being absent for lack of sufficient information about stocks or species , no fishing opportunities should be allocated .


### the vessel ' s master records in the logbook a percentage of deep - sea species equal or superior to 10% of the overall catch weight in the fishing day concerned . ### the vessel ' s master records in the logbook a percentage of the species defined in annex i which is equal or superior to 25% of the overall catch weight in the fishing trip concerned .


### the aggregate fishing capacity measured in gross tonnage and in kilowatt of all fishing vessels holding a fishing authorisation issued by a member state , allowing the catch of deep - sea species , whether as target or by - catch species , shall at no time exceed the aggregate fishing capacity of vessels of that member state which have landed 10 tonnes or more of deep - sea species during any of the two calendar years preceding the entry into force of this regulation , whichever year provides the higher figure . ### the aggregate fishing capacity measured in gross tonnage and in kilowatt of all fishing vessels holding a fishing authorisation issued by a member state , allowing the targeted catch of deep - sea species as defined in article 4 shall at no time exceed the aggregate fishing capacity of vessels of that member state which have landed 10 tonnes or more of deep - sea species during any of the calendar years 2009 - 2011 , whichever year provides the higher figure .


### each application for a fishing authorisation allowing for the catch of deep - sea species whether as target or by - catch species , and for its renewal shall be accompanied by a description of the area where it is intended to conduct fishing activities , the type of gears , the depth range at which the activities will be deployed , and of the individual species targeted . ### each application for a fishing authorisation allowing for the catch of deep - sea species within areas of existing fishing activities , and for its renewal shall be accompanied by a description of the area where it is intended to conduct fishing activities , the type of gears , the depth range at which the activities will be deployed , and of the relevant species .


### in addition to the requirements set out in article 6 , each application for a fishing authorisation for targeted deep sea fisheries , as referred to in article 4 , that allows the use of bottom gears in union waters as referred to in article 2 , shall be accompanied by a detailed fishing plan specifying : ### in addition to the requirements set out in article 6 , each application for an authorisation for fishing deep - water stocks that allows for the use of bottom gears in union waters as defined in article 2 , or in waters under neafc jurisdiction as referred to in article 2 , shall :


### the locations of the intended activities targeting deep - sea species in the deep - sea m&#233 ; tier . the location shall be defined by coordinates in accordance with the world geodetic system of 1984 ; ### list the bottom - sea gear that will be used ;


### any fishing authorisation issued on the basis of an application made in accordance with paragraph 1 shall specify the bottom gear to be used and limit the fishing activities authorised to the area in which the intended fishing activity , as set out in paragraph 1 , and the existing fishing activity , as set out in paragraph 1 , overlap . however , the area of the intended fishing activity can be extended beyond the area of the existing fishing activity if the member state has assessed and documented , based on scientific advice , that such extension would not have significant adverse impacts on vulnerable marine ecosystems . ### without prejudice to article 7 , fishing activities that are to take place in waters defined in paragraph 1 but that are defined as new fishing areas in the meaning of article 3 paragraph 2b shall be subject to a fishing authorisation . applications for such authorisations shall include a detailed project for the exploratory fishing activity that follows the neafc guidelines outlined in annex iia . applications will be accepted if it can be shown that the activity described will have no harmful effects on vulnerable marine ecosystems .


### this regulation shall be construed as a ' multiannual plan ' for the purposes of regulation no 1224 / 2009 . ### this regulation shall be construed as a ' multiannual plan ' for the purposes of the [ common fisheries policy regulation ] .


### deep - sea species shall be regarded as the ' species subject to a multiannual plan ' and the ' stocks subject to a multiannual plan ' for the purposes of regulation no 1224 / 2009 . ### deep - sea species shall be regarded as being ‘ subject to a multiannual plan ' and the ' stocks subject to a multiannual plan ' for the purposes of the [ common fisheries policy regulation ] .


### the master of a vessel , or any other person responsible for the vessel ' s operation , shall be required to take on board the scientific observer whom the member state has assigned for his vessel , unless this is not possible for security reasons . the master shall facilitate the discharging of the scientific observer ' s tasks . ### the master of a vessel , or any other person responsible for the vessel ' s operation , shall be required to take on board the scientific observer whom the member state has assigned for his vessel , in line with the level of coverage for the fishing fleet fixed in the national data collection programme , unless this is not possible for security reasons .


### upon a request from the commission , member states shall submit monthly reports on of effort deployed and / or catches broken down by métier . ### upon a request from the commission , member states shall submit reports on effort deployed and / or catches broken down by métier .


### the power to adopt delegated acts as referred to in article 13 shall be conferred on the commission for an indeterminate period of time . ### the power to adopt delegated acts as referred to in article 13 shall be conferred on the commission for period of three years from the date of entry into force of this regulation . the commission shall draw up a report in respect of the delegation of power no 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 oppose such extension no later than three months before the end of each period .


### sme growth in terms of added - value and number of employees , ### sme growth in terms of added - value and number of employees , broken down by gender , age , area , size and length of business and in accordance with the member states ' rules on the protection of personal data ,


### measures to improve the design , implementation and evaluation of policies affecting the competitiveness and sustainability of enterprises , including disaster resilience , and to secure the development of appropriate infrastructures , world class clusters and business networks , framework conditions and development of sustainable products , services and processes ; ### measures to improve the design , implementation and evaluation of policies affecting the competitiveness and sustainability of enterprises , including disaster resilience , and to secure the development of appropriate infrastructures in both urban and rural areas , world class clusters and business networks , framework conditions and development of sustainable products , services and processes ;


### particular attention shall be paid to young entrepreneurs , new and potential entrepreneurs and female entrepreneurs , as well as specific target groups . ### particular attention shall be paid to young entrepreneurs , as well as new and potential entrepreneurs , both female and male , and to specific target groups such as young men and women .


### the commission may support member states ' measures to build - up entrepreneurial education , skills and attitudes , in particular among potential and new entrepreneurs . ### the commission may support member states ' measures to build - up entrepreneurial education , skills and attitudes , in particular among potential and new female and male entrepreneurs . particular support should be directed at women in rural areas .


### increase of eu citizens that would like to be self employed to 50% ### increase of eu citizens that would like to be self employed


### the commission shall be empowered to adopt delegated acts in accordance with article 6a to amend the technical characteristics related to the names , product descriptions and definitions in annex i and to the composition criteria for honey in annex ii , to take account of technical progress and , where appropriate , of the developments in relevant international standards . ### the commission shall be empowered to adopt delegated acts in accordance with article 6a to amend the technical characteristics related to the composition criteria for honey in annex ii , to take account of technical progress and , where appropriate , of the developments in relevant international standards .


### draft legislative resolution ### recalls its resolution of 8 june 2011 on investing in the future : a new multiannual financial framework for a competitive , sustainable and inclusive europe1 ; reiterates that sufficient additional resources are needed in the next mff in order to enable the union to fulfil its existing policy priorities and the new tasks provided for in the treaty of lisbon , as well as to respond to unforeseen events ; challenges the council , if it does not share this approach , to clearly identify which of its political priorities or projects could be dropped altogether , despite their proven european added value ; ______________ 1 texts adopted , p7_ta0266 .


### 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 ;


### this regulation lays down rules on the issuance of euro circulation coins , including commemorative circulation coins , on the issuance of euro collector coins , and on consultation prior to the destruction of fit euro circulation coins . ### this regulation lays down rules , adopted by consensus , on the issuance of euro circulation coins , including commemorative circulation coins , on the issuance of euro collector coins , and on consultation prior to the destruction of fit euro circulation coins .


### these specific objectives should be achieved by establishing interconnections and interoperability between national transport networks in a resource - efficient way . ### these specific objectives should be achieved by establishing interconnections and interoperability between national transport networks in a resource - efficient way . railway interoperability could be promoted by innovative solutions that improve the compatibility among the different systems , such as on - board equipment and multi - gauge tracks .


### the trans - european transport network shall enable transport services and operations which : ### the trans - european transport network shall strengthen the territorial cohesion of the union , contribute to the full implementation of the single european market , as well as enable transport services and operations which :


### meet the mobility and transport needs of its users within the union and in the relations with third countries , thereby contributing to further economic growth and competitiveness ; ### meet the mobility and transport needs of its users within the union and in the relations with third countries , thereby contributing to further economic growth and competitiveness of the union in a global perspective ;


### are economically efficient , contribute to the objectives of low - carbon and clean transport , fuel security and environmental protection , are safe and secure and have high quality standards , both for passenger and freight transport ; ### are economically efficient , contribute to the objectives of low - carbon and clean transport , fuel security and environmental protection , further reduce greenhouse gas emissions , are safe and secure and have high quality standards , both for passenger and freight transport ;


### promote the most advanced technological and operational concepts ; ### promote the most advanced technological and operational concepts for all types of transport ;


### provide appropriate accessibility of all regions of the union , thereby promoting social , economic and territorial cohesion and supporting inclusive growth . ### provide appropriate accessibility and connectivity of all regions of the union , thereby promoting social , economic and territorial cohesion and supporting inclusive growth .


### the interconnection and interoperability of national transport networks ; ### the interconnection and interoperability of national transport networks as well as cross - border traffic routes ;


### the efficient use of infrastructure ; ### the efficient and adequate use of modern infrastructure ;


### promotion of a broad use of transport with the most carbon neutral effect ; ### the need to promote a broader use of best possible carbon neutral modes of transportation ;


### the broad deployment of new technologies and its ; ### the broad deployment of new technologies and its applications in order to support efficient driving for instance by removing traffic jams or bottlenecks near urban areas or cross - border passages ;


### removing administrative and technical barriers , in particular to the interoperability of the network and to competition ; ### removing administrative and technical barriers , in particular to the interoperability and interconnection of the network and to competition - a step forward to the full implementation of the european single market ;


### ensuring optimal integration of the transport modes ; ### ensuring optimal integration of the transport modes according to conditions and needs on the spot ;


### member states and other project promoters shall give due consideration to ensure that transport infrastructure provides for a high degree of safety and security for passenger and freight movements . ### member states and other project promoters shall give due consideration to ensure that transport infrastructure provides for a high degree of safety and security for passenger and freight movements . transport safety and security should be further consolidated and strengthened through cooperation between member states and with major international actors .


### during infrastructure planning , member states and other project promoters shall give due consideration to the risk assessments and adaptation measures adequately improving the resilience to climate change , in particular in relation to precipitation , floods , storms , high temperature and heat waves , droughts , sea level rise and coastal surges , in compliance with any requirement which may be set out in relevant union legislation . ### during infrastructure planning , member states and other project promoters shall give due consideration to the risk assessments and adaptation measures adequately improving the resilience to extreme weather phenomena , in particular in relation to precipitation , floods , storms , high temperature and heat waves , low temperature and cold spells , droughts , sea level rise and coastal surges , in compliance with any requirement which may be set out in relevant union legislation .


### member states and other project promoters shall carry out environmental assessment of plans and projects in particular as provided in council directives 85 / 337 / eec of 27 june 1985 on the assessment of the effects of certain public and private projects on the environment and 92 / 43 / eec of 21 may 1992 on the conservation of natural habitats and of wild fauna and flora , and directives of the european parliament and of the council : 2000 / 60 / ec of 23 october 2000 establishing a framework for community action in the field of water policy , 2001 / 42 / ec of 27 june 2001 on the assessment of the effects of certain plans and programmes on the environment , and 2009 / 147 / ec of 30 november 2009 on the conservation of wild birds in order to avoid or , when not possible , mitigate or compensate for negative impacts on the environment , such as landscape fragmentation , soil sealing , air and water pollution as well as noise , and to effectively protect biodiversity . ### member states and other project promoters shall carry out environmental assessment of plans and projects in particular as provided in council directives 85 / 337 / eec of 27 june 1985 on the assessment of the effects of certain public and private projects on the environment and 92 / 43 / eec of 21 may 1992 on the conservation of natural habitats and of wild fauna and flora , and directives of the european parliament and of the council : 2000 / 60 / ec of 23 october 2000 establishing a framework for community action in the field of water policy , 2001 / 42 / ec of 27 june 2001 on the assessment of the effects of certain plans and programmes on the environment , and 2009 / 147 / ec of 30 november 2009 on the conservation of wild birds in order to avoid or , when not possible , mitigate or compensate for negative impacts on the environment , such as to landscape fragmentation , reduction of natural habitats , migration barriers , collision of vehicles with animals , soil sealing , air and water pollution as well as noise and to effectively protect biodiversity . new infrastructure programmes and individual projects have to comply with union legislation on environmental protection , noise , water and the protection of flora and fauna .


### – the development of rest areas approximately every 50 kilometres on motorways in order inter alia to provide sufficient parking space for commercial road users with an appropriate level of safety and security ; ### – the development of rest areas at least every 50 kilometres on motorways in order to improve road safety and inter alia provide sufficient parking space for commercial road users with an appropriate level of safety and security ;


### council regulation no 1605 / 2002 of 25 june 2002 on the financial regulation applicable to the general budget of the european communities10 has been substantially amended several times . since further amendments are to be made , including changes to take account of amendments introduced by the treaty of lisbon , the regulation no 1605 / 2002 should be replaced by this regulation , in the interests of clarity . ### council regulation no 1605 / 2002 of 25 june 2002 on the financial regulation applicable to the general budget of the european communities10 has been substantially amended several times . since further amendments are to be made , including changes to take account of amendments introduced by the treaty of lisbon , the regulation no 1605 / 2002 should be replaced by this regulation , according to the treaty of lisbon adopted jointly by the european parliament and the council according to the ordinary legislative procedure , in the interest of clarity .


### regulation no 1605 / 2002 was confined to stating the broad principles and basic rules governing the whole budgetary sector covered by the treaties , while the implementing provisions were laid down in commission regulation no 2342 / 2002 of 23 december 2002 laying down detailed rules for the implementation of council regulation no 1605 / 2002 on the financial regulation applicable to the general budget of the european communities11 in order to produce a better hierarchy of rules and make regulation no 1605 / 2002 easier to read . under the treaty on the functioning of the european union the commission may receive delegation to adopt acts of general application to supplement or amendment certain non - essential elements of legislative acts . as a consequence , some provisions laid down in regulation no 2342 / 2002 , should be incorporated into this regulation . the detailed rules for the application of this regulation adopted by the commission should be confined to technical details and implementing modalities . ### regulation no 1605 / 2002 was confined to stating the broad principles and basic rules governing the whole budgetary sector covered by the treaties , while the implementing provisions were laid down in commission regulation no 2342 / 2002 of 23 december 2002 laying down detailed rules for the implementation of council regulation no 1605 / 2002 on the financial regulation applicable to the general budget of the european communities11 in order to produce a better hierarchy of rules and make regulation no 1605 / 2002 easier to read . under article 290 of the treaty on the functioning of the european union a legislative act may delegate to the commission the power to adopt non - legislative acts only to supplement or amend certain non - essential elements of the legislative act . as a consequence , some provisions laid down in regulation no 2342 / 2002 , should be incorporated into this regulation .


### the rules governing interest generated by pre - financing should be simplified as they generate excessive administrative burden on both recipients of union funds and commission services and create misunderstandings between the commission services and operators and partners . for reasons of simplification , in particular in respect of grant beneficiaries , and in line with the principle of sound financial management , there should no longer be an obligation to generate interest on pre - financing and to recover such interest . [ however , it should be possible to include such obligation in a delegation agreement in order to allow the re - use of interests generated by pre - financing for the programmes managed by some delegates , or its recovery . ### the rules governing interest generated by pre - financing should be simplified as they generate excessive administrative burden on both recipients of union funds and commission services and create misunderstandings between the commission services and operators and partners . for reasons of simplification , in particular in respect of grant beneficiaries , and in line with the principle of sound financial management , there should no longer be an obligation to generate interest on pre - financing and to recover such interest . however , rules should be foreseen in cases in which interest actually accrues , in order to allow the re - use of interests generated by pre - financing for the programmes managed by some delegates , or its recovery .


### the treaty requires that the multiannual financial framework be laid down in the form of a regulation . it is therefore necessary to incorporate certain provisions from the multiannual financial framework for 2007 - 2013 into this regulation . in particular , in order to ensure budgetary discipline , it is necessary to establish a link between the multiannual financial framework and the annual budgetary procedure . it is also necessary to include provisions on commitment of the european parliament and of the council to respect the allocations of commitment appropriations laid down in the basic acts for structural operations , rural development and the european fisheries fund . ### as according to the treaty the multiannual financial framework will in future be laid down in the form of a regulation and the interinstitutional agreement on budgetary discipline and sound financial management has to be amended accordingly it is logical to incorporate certain provisions from the interinstitutional agreement into this regulation . in particular , in order to ensure budgetary discipline , it is necessary to establish a link between the multiannual financial framework and the annual budgetary procedure . it is also necessary to include provisions on commitment of the european parliament and of the council to respect the allocations of commitment appropriations laid down in the basic acts for structural operations , rural development and the european fisheries fund .


### the experience with public private partnerships institutionalised as union bodies under article 185 of regulation no 1605 / 2002 demonstrates that further alternatives should be added in order to increase the choice of instruments to include bodies whose rules are more flexible and accessible to the private partners than those applicable to the union institutions . such alternatives should operate under indirect management . an alternative should be a body established by a basic act and endowed with financial rules which should take into account the principles necessary to ensure sound financial management of union funds . these principles should be adopted in a delegated regulation and should be based on those with which third entities entrusted with budget implementation tasks have to comply . another alternative should be the implementation of ppps by bodies governed by private law of a member state . ### the experience with public private partnerships institutionalised as union bodies under article 185 of regulation no 1605 / 2002 demonstrates that further alternatives should be added in order to increase the choice of instruments to include bodies whose rules are more flexible and accessible to the private partners than those applicable to the union institutions . such alternatives should operate under indirect management . an alternative should be a body established by a basic act and endowed with financial rules which should take into account the principles necessary to ensure sound financial management of union funds . these principles should be adopted in a delegated regulation on which the european court of auditors should be consulted and should be based on those with which third entities entrusted with budget implementation tasks have to comply .


### basic control and audit obligations of member states where they implement the budget indirectly in shared management , which currently exist only in sector - specific regulations , should be , for the purposes of article 317 of the tfeu , introduced in this regulation . therefore it is necessary to include provisions , setting out a coherent framework for all policy areas concerned , on a harmonised administrative structure at national level , common management and control obligations for those structures , annual management declaration of assurance with independent audit opinion thereon and an annual declaration by member states by which they assume the responsibility for the management of union funds they are entrusted with , financial clearance , suspension and correction mechanisms operated by the commission . detailed provisions should remain in sector - specific regulations . ### basic control and audit obligations of member states where they implement the budget indirectly in shared management , which currently exist only in sector - specific regulations , should be , for the purposes of articles 317 and 290 of the tfeu , introduced in this regulation . therefore it is necessary to include provisions , setting out a coherent framework for all policy areas concerned , on a harmonised administrative structure at national level , which does not create any additional control structures but allows the member states to accredit bodies entrusted with the implementation of union funds . the member states should have the competence to determine the entity or organisation carrying out the functions of the accrediting authority , which may be at the same administrative level as the accredited body or already be responsible for the supervision of other authorities at present ; this should not preclude the choice of any other structure on the part of the member states as long as this is in line with the provisions of this regulation . further , common management and control obligations for those structures , annual management declaration of assurance with independent audit opinion thereon and an annual declaration by member states by which they assume the responsibility for the management of union funds they are entrusted with , financial clearance , suspension and correction mechanisms operated by the commission should be contained in this regulation in order to create a coherent legislative framework which also improves the overall legal certainty and the efficiency of controls and remedial actions as well as the protection of the union ' s financial interests . detailed provisions should remain in sector - specific regulations .


### this regulation lays down the rules for the establishment and the implementation of the annual budget of the union , and the presentation and auditing of the accounts . ### this regulation lays down the rules for the establishment and the implementation of the general budget of the european union , and the presentation and auditing of the accounts . 2 . for the purposes of this regulation : - the term ' institution ' refers to the european parliament , the european council and the council , the european commission , the court of justice of the european union and the european court of auditors , the european economic and social committee , the committee of the regions , the european ombudsman , the european data protection supervisor and the european external action service ; - the european central bank shall not be considered as an institution of the union . any reference to the ' union ' shall be understood as a reference to the european union and the european atomic energy community .


### any provision concerning the implementation of the revenue and expenditure of the budget , contained in another legislative act , must comply with the budgetary principles set out in title ii . this regulation shall apply to the european parliament , the european council and the council , the european commission , the court of justice of the european union and the european court of auditors , the european economic and social committee , the committee of the regions , the european ombudsman , the european data protection supervisor and the european external action service ' ) . this regulation shall not apply to the european central bank . this regulation shall apply to the implementation of administrative expenditure relating to the appropriations provided in the budget for the euratom supply agency . ### any provision concerning the implementation of the revenue and expenditure of the budget , contained in another legislative act , must comply with this regulation and the detailed rules for the application of this regulation in accordance with article 199 . any proposal or amendment to a proposal submitted to the legislative authority shall clearly indicate the provisions containing derogations from this regulation or from delegated regulations adopted pursuant to this regulation and shall state the specific reasons justifying such derogations in the respective explanatory memorandum of any such proposal .


### the budget is the instrument which , for each financial year , forecasts and authorises all revenue and expenditure considered necessary for the union and the european atomic energy community . ### all revenue and expenditure have to be included in the budget and its annexes , including , for each financial year , forecasts and all authorised revenue and expenditure considered necessary for the union .


### the revenue and expenditure of the union shall comprise : the revenue and expenditure of the union , including administrative expenditure occasioned for the institutions by the provisions of the treaty on european union relating to the common foreign and security policy , and the operational expenditure occasioned by implementation of those provisions where this is charged to the budget ; the expenditure and revenue of the european atomic energy community . ### the revenue and expenditure of the union shall comprise : the revenue and expenditure of the union ; the revenue and expenditure occasioned for the implementation of the respective european development fund .


### interest yielded by the funds which are the property of the union shall not be due to the union save otherwise provided for in the agreements concluded with the entrusted entities listed in points to of article 55 , and in grant decisions or agreements concluded with beneficiaries . in those cases , such interest shall be re - used for the corresponding programme or recovered . ### interest yielded by the funds which are the property of the union shall not be due to the union save otherwise provided for in the agreements concluded with the entrusted entities listed in points to of article 55 or where interest has actually accrued in the management of the funds . in those cases , such interest shall be re - used for the corresponding programme and set off against the entitlements of the respective recipient , or where this would be impossible , impractical or inefficient , recovered .


### non - differentiated appropriations corresponding to obligations duly contracted at the close of the financial year shall be carried over automatically to the following financial year only . ### non - differentiated appropriations corresponding to obligations duly contracted at the close of the financial year shall be carried over automatically to the following financial year only . the same shall apply to de - committed and unused appropriations not covered by paragraphs 2 and 3 as well as available , unspent margins below the overall ceiling of the multiannual financial framework for each heading , which shall constitute a ' global mff margin ' and be attributed to the different headings in the following financial year according to their needs .


### without prejudice to article 10 , appropriations placed in reserve and appropriations for staff expenditure may not be carried over . ### without prejudice to article 10 , appropriations placed in reserve and appropriations for staff expenditure may not be carried over . for the purpose of this article staff expenditure comprises the remuneration and allowances for members and staff of the institutions to which the staff regulations apply .