### each member state shall require that trustees of any express trust administered in that member state obtain and hold adequate , accurate and up - to - date information on beneficial ownership regarding the trust . that information shall include the identity of : ### each member state shall require that trustees of any express trust created , administered or operated in that member state under the law of a member state or of a third country obtain and hold adequate , accurate and up - to - date information on beneficial ownership regarding the trust . that information shall include the identity of :


### ' 3a . the information referred to in paragraph 1 shall be held in a central register set up by the member state where the trust is administered . ' ; ### ' 3a . the information referred to in paragraph 1 shall be held in the central register of the member state where the trust is set up , administered or managed . ' ;


### whenever entering into a new customer relationship with a trust or other legal arrangement subject to registration of beneficial ownership information pursuant to paragraph 3a , the obliged entities shall collect proof of registration whenever applicable . ' ; ### whenever entering into a new customer relationship with a trust or other type of legal instrument or legal arrangement subject to registration of beneficial ownership information pursuant to paragraph 3a , the obliged entities shall collect proof of registration whenever applicable . ' ;


### “it shall be able to obtain and use information from any obliged entity” ; ### “it shall be able to request , obtain and use additional information from any obliged entity” ;


### member states shall put in place automated centralised mechanisms , such as central registries or central electronic data retrieval systems , which allow the identification , in a timely manner , of any natural or legal persons holding or controlling payment accounts as defined in directive 2007 / 64 / ec and bank accounts held by a credit institution within their territory . member states shall notify the commission of the characteristics of those national mechanisms . ### member states shall put in place automated centralised mechanisms , such as central registries or central electronic data retrieval systems , which allow the identification , in a timely manner , of any natural or legal persons holding or controlling payment accounts as defined in directive 2007 / 64 / ec and bank accounts and safe deposit boxes held by a credit institution within their territory . member states shall notify the commission of the characteristics of those national mechanisms .


### “1 . member states shall ensure that providers of exchanging services between virtual currencies and fiat currencies , custodian wallet providers , currency exchange and cheque cashing offices , and trust or company service providers are licensed or registered , and that providers of gambling services are regulated” ; ### “1 . member states shall ensure that providers of exchanging services between virtual currencies and fiat currencies , custodian wallet providers , currency exchange and cheque cashing offices , issuers , administrators , intermediaries and distributors of virtual currencies , administrators and providers of systems for online payments , and trust or company service providers are licensed or registered , and that providers of gambling services are regulated” ;


### proposal for a regulation of the european parliament and of the council on disclosures relating to sustainable investments and sustainability risks and amending directive 2016 / 2341 ### proposal for a regulation of the european parliament and of the council on disclosures relating to sustainability risks and sustainability performance of investments , amending directive 2016 / 2341 , and directive 2013 / 34 / eu


### a common objective of directive 2009 / 65 / ec of the european parliament and of the council32 , directive 2009 / 138 / ec of the european parliament and of the council33 , directive 2011 / 61 / eu of the european parliament and of the council34 , directive 2014 / 65 / eu of the european parliament and of the council35 , directive 2016 / 97 of the european parliament and of the council36 , directive 2016 / 2341 of the european parliament and of the council37 , regulation no 345 / 2013 of the european parliament and of the council38 and regulation no 346 / 2013 of the european parliament and of the council39 is to facilitate the taking - up and pursuit of the activities of undertakings for collective investment in transferable securities , alternative investment fund managers , insurance undertakings , investment firms , insurance intermediaries , institutions for occupational retirement provision , managers of qualifying venture capital funds , and managers of qualifying social entrepreneurship funds . those directives and regulations ensure more uniform protection of end - investors and make it easier for them to benefit from a wide range of financial products and services , and at the same time provide for rules that enable investors to make informed investment decisions . while those objectives have been largely achieved , disclosures to end - investors on the integration of sustainability risks and sustainable investment targets in investment decision - making by ucits management companies , aifms , insurance undertakings , investment firms which provide portfolio management , iorps , pension providers , euveca managers and eusef managers and disclosures to end - investors on the integration of sustainability risks in advisory processes by insurance intermediaries which provide insurance advice with regard to insurance - based investment products and investment firms which provide investment advice are insufficiently developed because such disclosures are not yet subject to harmonised requirements . _________________ 32 directive 2009 / 65 / ec of the european parliament and of the council of 13 july 2009 on the coordination of laws , regulations and administrative provisions relating to undertakings for collective investment in transferable securities . 33 directive 2009 / 138 / ec of the european parliament and of the council of 25 november 2009 on the taking - up and pursuit of the business of insurance and reinsurance . 34 directive 2011 / 61 / eu of the european parliament and of the council of 8 june 2011 on alternative investment fund managers . 35 directive 2014 / 65 / eu of the european parliament and of the council of 15 may 2014 on markets in financial instruments and amending directive 2002 / 92 / ec and directive 2011 / 61 / eu . 36 directive 2016 / 97 of the european parliament and of the council of 20 january 2016 on insurance distribution . 37 directive 2016 / 2341 of the european parliament and of the council of 14 december 2016 on the activities and supervision of institutions for occupational retirement provision . 38 regulation no 345 / 2013 of the european parliament and of the council of 17 april 2013 on european venture capital funds . 39 regulation no 346 / 2013 of the european parliament and of the council of 17 april 2013 on european social entrepreneurship funds . ### a common objective of directive 2009 / 65 / ec of the european parliament and of the council32 , directive 2009 / 138 / ec of the european parliament and of the council33 , directive 2011 / 61 / eu of the european parliament and of the council34 , directive 2014 / 65 / eu of the european parliament and of the council35 , directive 2016 / 97 of the european parliament and of the council36 , directive 2016 / 2341 of the european parliament and of the council37 , regulation no 345 / 2013 of the european parliament and of the council38 and regulation no 346 / 2013 of the european parliament and of the council39 is to facilitate the taking - up and pursuit of the activities of undertakings for collective investment in transferable securities , alternative investment fund managers , insurance undertakings , investment firms , insurance intermediaries , institutions for occupational retirement provision , managers of qualifying venture capital funds , and managers of qualifying social entrepreneurship funds . those directives and regulations ensure more uniform protection of end - investors and make it easier for them to benefit from a wide range of financial products and services , and at the same time provide for rules that enable investors to make informed investment decisions . while those objectives have been largely achieved , disclosures to end - investors and investors on the integration of sustainability risks , sustainability performance , and sustainable investment targets in investment decision - making by ucits management companies , aifms , insurance undertakings , investment firms which provide portfolio management , iorps , pension providers , euveca managers and eusef managers and disclosures to end - investors and investors on the integration of sustainability risks and sustainability performance in advisory processes by insurance intermediaries which provide insurance advice with regard to insurance - based investment products and investment firms which provide investment advice are insufficiently developed because such disclosures are not yet subject to harmonised sustainability performance indicators and requirements . in order to fulfil their obligations of due diligence to consider material sustainability risks and to incorporate sustainability performance indicators , financial market participants themselves need reliable , comparable and harmonised disclosure of information by investee companies and harmonised accounting standards regarding sustainability indicators . the directive 2013 / 34 / eu lays out obligations relating to accounting and reporting requirements of companies , hence this directive should be updated to include integrated , audited reporting of sustainability risks and performance in order to respond to the increasing need to integrate sustainability considerations in strategy and risk management of companies . review of the directive 2013 / 34 / eu , due by 2018 , presents an opportunity for this end . _________________ 32 directive 2009 / 65 / ec of the european parliament and of the council of 13 july 2009 on the coordination of laws , regulations and administrative provisions relating to undertakings for collective investment in transferable securities . 33 directive 2009 / 138 / ec of the european parliament and of the council of 25 november 2009 on the taking - up and pursuit of the business of insurance and reinsurance . 34 directive 2011 / 61 / eu of the european parliament and of the council of 8 june 2011 on alternative investment fund managers . 35 directive 2014 / 65 / eu of the european parliament and of the council of 15 may 2014 on markets in financial instruments and amending directive 2002 / 92 / ec and directive 2011 / 61 / eu . 36 directive 2016 / 97 of the european parliament and of the council of 20 january 2016 on insurance distribution . 37 directive 2016 / 2341 of the european parliament and of the council of 14 december 2016 on the activities and supervision of institutions for occupational retirement provision . 38 regulation no 345 / 2013 of the european parliament and of the council of 17 april 2013 on european venture capital funds . 39 regulation no 346 / 2013 of the european parliament and of the council of 17 april 2013 on european social entrepreneurship funds .


### a common objective of directive 2009 / 65 / ec of the european parliament and of the council32 , directive 2009 / 138 / ec of the european parliament and of the council33 , directive 2011 / 61 / eu of the european parliament and of the council34 , directive 2014 / 65 / eu of the european parliament and of the council35 , directive 2016 / 97 of the european parliament and of the council36 , directive 2016 / 2341 of the european parliament and of the council37 , regulation no 345 / 2013 of the european parliament and of the council38 and regulation no 346 / 2013 of the european parliament and of the council39 is to facilitate the taking - up and pursuit of the activities of undertakings for collective investment in transferable securities , alternative investment fund managers , insurance undertakings , investment firms , insurance intermediaries , institutions for occupational retirement provision , managers of qualifying venture capital funds , and managers of qualifying social entrepreneurship funds . those directives and regulations ensure more uniform protection of end - investors and make it easier for them to benefit from a wide range of financial products and services , and at the same time provide for rules that enable investors to make informed investment decisions . while those objectives have been largely achieved , disclosures to end - investors on the integration of sustainability risks and sustainable investment targets in investment decision - making by ucits management companies , aifms , insurance undertakings , investment firms which provide portfolio management , iorps , pension providers , euveca managers and eusef managers and disclosures to end - investors on the integration of sustainability risks in advisory processes by insurance intermediaries which provide insurance advice with regard to insurance - based investment products and investment firms which provide investment advice are insufficiently developed because such disclosures are not yet subject to harmonised requirements . __________________ 32 directive 2009 / 65 / ec of the european parliament and of the council of 13 july 2009 on the coordination of laws , regulations and administrative provisions relating to undertakings for collective investment in transferable securities . 33 directive 2009 / 138 / ec of the european parliament and of the council of 25 november 2009 on the taking - up and pursuit of the business of insurance and reinsurance . 34 directive 2011 / 61 / eu of the european parliament and of the council of 8 june 2011 on alternative investment fund managers . 35 directive 2014 / 65 / eu of the european parliament and of the council of 15 may 2014 on markets in financial instruments and amending directive 2002 / 92 / ec and directive 2011 / 61 / eu . 36 directive 2016 / 97 of the european parliament and of the council of 20 january 2016 on insurance distribution . 37 directive 2016 / 2341 of the european parliament and of the council of 14 december 2016 on the activities and supervision of institutions for occupational retirement provision . 38 regulation no 345 / 2013 of the european parliament and of the council of 17 april 2013 on european venture capital funds . 39 regulation no 346 / 2013 of the european parliament and of the council of 17 april 2013 on european social entrepreneurship funds . ### a common objective of directive 2009 / 65 / ec of the european parliament and of the council32 , directive 2009 / 138 / ec of the european parliament and of the council33 , directive 2011 / 61 / eu of the european parliament and of the council34 , directive 2014 / 65 / eu of the european parliament and of the council35 , directive 2016 / 97 of the european parliament and of the council36 , directive 2016 / 2341 of the european parliament and of the council37 , regulation no 345 / 2013 of the european parliament and of the council38 and regulation no 346 / 2013 of the european parliament and of the council39 is to facilitate the taking - up and pursuit of the activities of undertakings for collective investment in transferable securities , alternative investment fund managers , insurance undertakings , investment firms , insurance intermediaries , institutions for occupational retirement provision , managers of qualifying venture capital funds , and managers of qualifying social entrepreneurship funds . those directives and regulations ensure more uniform protection of end - investors and make it easier for them to benefit from a wide range of financial products and services , and at the same time provide for rules that enable investors to make informed investment decisions . while those objectives have been largely achieved , disclosures on the sustainability impact and the integration of sustainability risks and sustainable investment targets in investment decision - making by ucits management companies , aifms , insurance undertakings , investment firms which provide portfolio management , iorps , pension providers , euveca managers and eusef managers and disclosures to end - investors on the integration of sustainability risks in advisory processes by insurance intermediaries which provide insurance advice with regard to insurance - based investment products and investment firms which provide investment advice are insufficiently developed because such disclosures are not yet subject to harmonised indicators and requirements . in order to fulfil their obligations of due diligence concerning the sustainability impact and risks , financial market participants themselves need reliable , comparable and harmonised disclosure of information by investee companies . directive 2013 / 34 / eu of the european parliament and of the council39a lays down obligations relating to accounting and reporting requirements of companies . therefore , that directive should be updated to include integrated , audited reporting of sustainability risks and impact in order to respond to the increasing need to integrate sustainability considerations in strategy and risk management of companies . __________________ 32 directive 2009 / 65 / ec of the european parliament and of the council of 13 july 2009 on the coordination of laws , regulations and administrative provisions relating to undertakings for collective investment in transferable securities . 33 directive 2009 / 138 / ec of the european parliament and of the council of 25 november 2009 on the taking - up and pursuit of the business of insurance and reinsurance . 34 directive 2011 / 61 / eu of the european parliament and of the council of 8 june 2011 on alternative investment fund managers . 35 directive 2014 / 65 / eu of the european parliament and of the council of 15 may 2014 on markets in financial instruments and amending directive 2002 / 92 / ec and directive 2011 / 61 / eu . 36 directive 2016 / 97 of the european parliament and of the council of 20 january 2016 on insurance distribution . 37 directive 2016 / 2341 of the european parliament and of the council of 14 december 2016 on the activities and supervision of institutions for occupational retirement provision . 38 regulation no 345 / 2013 of the european parliament and of the council of 17 april 2013 on european venture capital funds . 39 regulation no 346 / 2013 of the european parliament and of the council of 17 april 2013 on european social entrepreneurship funds . 39a directive 2013 / 34 / eu of the european parliament and of the council of 26 june 2013 on the annual financial statements , consolidated financial statements and related reports of certain types of undertakings , amending directive 2006 / 43 / ec of the european parliament and of the council and repealing council directives 78 / 660 / eec and 83 / 349 / eec .


### in the absence of harmonised union rules on sustainability - related disclosures to end - investors , it is likely that diverging measures will continue to be adopted at national level and different approaches in different financial services sectors might persist . such divergent measures and approaches would continue to cause significant distortions of competition resulting from significant differences in disclosure standards . in addition , a parallel development of market - based practices , based on commercially - driven priorities that produce divergent results currently causes further market fragmentation and might even further exacerbate the functioning of the internal market in the future . divergent disclosure standards and market - based practices make it very difficult to compare between different financial products and services and create an uneven playing field between these products and services and between distribution channels , and erect additional barriers to the internal market . such divergences can also be confusing for end - investors and can distort their investment decisions . in ensuring compliance with the paris climate agreement , member states are likely to adopt divergent national measures which could create obstacles to the smooth functioning of the internal market and be detrimental to financial market participants and financial advisors . in addition , the lack of harmonised rules relating to transparency makes it difficult for end - investors to effectively compare different financial products and services in different member states as to their environmental , social and governance risks and sustainable investment targets . it is therefore necessary to address existing to the functioning of the internal market and to prevent likely future obstacles . ### in the absence of harmonised union rules on sustainability - related disclosures to investors and end - investors , by investors and investee companies , it is likely that diverging measures will continue to be adopted at national level and different approaches in different financial services sectors might persist . such divergent measures and approaches would continue to cause significant distortions of competition resulting from significant differences in disclosure standards . in addition , a parallel development of market - based practices , based on commercially - driven priorities that produce divergent results currently causes further market fragmentation and might even further exacerbate the functioning of the internal market in the future . divergent disclosure standards and market - based practices , and a lack of harmonised set of sustainability performance indicators make it very difficult to compare between different financial products and services and create an uneven playing field between these products and services and between distribution channels , and erect additional barriers to the internal market . such divergences can also be confusing for end - investors and can distort their investment decisions . in ensuring compliance with the paris climate agreement , member states are likely to adopt divergent national measures which could create obstacles to the smooth functioning of the internal market and be detrimental to financial market participants and financial advisors . in addition , the lack of harmonised rules and sustainability performance indicators relating to transparency makes it difficult for investors to effectively compare underlying investee companies and end - investors to effectively compare different financial products and services in different member states as to their environmental , social and governance risks , sustainability performance and sustainable investment targets . it is therefore necessary to address existing to the functioning of the internal market and to prevent likely future obstacles .


### in the absence of harmonised union rules on sustainability - related disclosures to end - investors , it is likely that diverging measures will continue to be adopted at national level and different approaches in different financial services sectors might persist . such divergent measures and approaches would continue to cause significant distortions of competition resulting from significant differences in disclosure standards . in addition , a parallel development of market - based practices , based on commercially - driven priorities that produce divergent results currently causes further market fragmentation and might even further exacerbate the functioning of the internal market in the future . divergent disclosure standards and market - based practices make it very difficult to compare between different financial products and services and create an uneven playing field between these products and services and between distribution channels , and erect additional barriers to the internal market . such divergences can also be confusing for end - investors and can distort their investment decisions . in ensuring compliance with the paris climate agreement , member states are likely to adopt divergent national measures which could create obstacles to the smooth functioning of the internal market and be detrimental to financial market participants and financial advisors . in addition , the lack of harmonised rules relating to transparency makes it difficult for end - investors to effectively compare different financial products and services in different member states as to their environmental , social and governance risks and sustainable investment targets . it is therefore necessary to address existing to the functioning of the internal market and to prevent likely future obstacles . ### in the absence of harmonised union rules on sustainability - related disclosures by issuers and investors , it is likely that diverging measures will continue to be adopted at national level and different approaches in different financial services sectors might persist . such divergent measures and approaches would continue to cause significant distortions of competition resulting from significant differences in disclosure standards . in addition , a parallel development of market - based practices , based on commercially - driven priorities that produce divergent results currently causes further market fragmentation and might even further exacerbate the functioning of the internal market in the future . divergent disclosure standards and market - based practices and the lack of a harmonised set of indicators make it very difficult to compare between different financial products and services and create an uneven playing field between these products and services and between distribution channels , and erect additional barriers to the internal market . such divergences can also be confusing for end - investors and can distort their investment decisions . in ensuring compliance with the paris climate agreement , member states are likely to adopt divergent national measures which could create obstacles to the smooth functioning of the internal market and be detrimental to financial market participants and financial advisors . in addition , the lack of harmonised rules and indicators relating to transparency makes it difficult for investors to effectively compare underlying investee companies and different financial products and services in different member states as to their environmental , social and governance impact and risks and sustainable investment targets . it is therefore necessary to address existing to the functioning of the internal market and to prevent likely future obstacles .


### since sustainability benchmarks serve as standard points of reference against which sustainable investments are measured , end - investors should be informed by means of pre - contractual disclosures about the appropriateness of the designated index , namely the alignment of that index with the sustainable investment target . financial market participants should also disclose the reasons for different weighting and constituents of the designated index compared to a broad market index . to further foster transparency , financial market participants should also indicate where the methodology used for the calculation of the designated index and the broad market index is to be found , so that end - investors have the necessary information on how the underlying assets of the indexes were selected and weighted , which assets were excluded and for what reason , how sustainability - related impacts of the underlying assets were measured , or which data sources were used . such disclosures should allow for effective comparison and contribute to develop a correct perception of sustainably - friendly investments . where no index has been designated as a reference benchmark financial market participants should explain how the sustainable investment target is reached . ### when benchmarks serve as standard points of reference from which sustainable investments are constructed , end - investors should be informed by means of pre - contractual disclosures about the appropriateness of the designated index , namely the alignment of that index with the sustainable investment target . to further foster transparency , financial market participants should also indicate where the methodology used for the calculation of the designated index is to be found , so that end - investors have the necessary information on how the underlying assets of the indexes were selected and weighted , which assets were excluded and for what reason , how sustainability - related impacts of the underlying assets were measured , or which data sources were used . such disclosures should allow for effective comparison and contribute to develop a correct perception of sustainably - friendly investments .


### since sustainability benchmarks serve as standard points of reference against which sustainable investments are measured , end - investors should be informed by means of pre - contractual disclosures about the appropriateness of the designated index , namely the alignment of that index with the sustainable investment target . financial market participants should also disclose the reasons for different weighting and constituents of the designated index compared to a broad market index . to further foster transparency , financial market participants should also indicate where the methodology used for the calculation of the designated index and the broad market index is to be found , so that end - investors have the necessary information on how the underlying assets of the indexes were selected and weighted , which assets were excluded and for what reason , how sustainability - related impacts of the underlying assets were measured , or which data sources were used . such disclosures should allow for effective comparison and contribute to develop a correct perception of sustainably - friendly investments . where no index has been designated as a reference benchmark financial market participants should explain how the sustainable investment target is reached . ### since sustainability benchmarks serve as standard points of reference against which investments are measured , end - investors should be informed by means of pre - contractual disclosures about the appropriateness of the designated index , namely the alignment of that index with the sustainable investment target . financial market participants should also disclose the reasons for different weighting and constituents of the designated index compared to a broad market index . to further foster transparency , financial market participants should also indicate where the methodology used for the calculation of the designated index and the broad market index is to be found , so that end - investors have the necessary information on how the underlying assets of the indexes were selected and weighted , which assets were excluded and for what reason , how sustainability - related impacts and performance of the underlying assets were measured , or which data sources were used . such disclosures should be based on a harmonised set of performance indicators , allowing for effective comparison and contribute to develop a correct perception of sustainability risks and performance of investments . where no index has been designated as a reference benchmark financial market participants should explain how the sustainable investment target is reached or how sustainability risks and sustainability performance indicators have been considered .


### since sustainability benchmarks serve as standard points of reference against which sustainable investments are measured , end - investors should be informed by means of pre - contractual disclosures about the appropriateness of the designated index , namely the alignment of that index with the sustainable investment target . financial market participants should also disclose the reasons for different weighting and constituents of the designated index compared to a broad market index . to further foster transparency , financial market participants should also indicate where the methodology used for the calculation of the designated index and the broad market index is to be found , so that end - investors have the necessary information on how the underlying assets of the indexes were selected and weighted , which assets were excluded and for what reason , how sustainability - related impacts of the underlying assets were measured , or which data sources were used . such disclosures should allow for effective comparison and contribute to develop a correct perception of sustainably - friendly investments . where no index has been designated as a reference benchmark financial market participants should explain how the sustainable investment target is reached . ### since sustainability benchmarks serve as standard points of reference against which sustainable investments are measured , end - investors should be informed by means of pre - contractual disclosures about the appropriateness of the designated index , namely the alignment of that index with the sustainable investment target . financial market participants should also disclose the reasons for different weighting and constituents of the designated index compared to a broad market index . to further foster transparency , financial market participants should also indicate where the methodology used for the calculation of the designated index and the broad market index is to be found , so that end - investors have the necessary information on how the underlying assets of the indexes were selected and weighted , which assets were excluded and for what reason , how sustainability - related impacts of the underlying assets were measured , or which data sources were used . such disclosures , based on a harmonised set of indicators , should allow for effective comparison and contribute to develop a correct perception of sustainably - friendly investments . where no index has been designated as a reference benchmark financial market participants should explain how the sustainable investment target is reached .


### to enhance transparency and inform end - investors , access to information on how sustainability risks are integrated by financial market participants in the investment decision making processes and by financial advisors in advisory processes should be regulated by requiring those entities to maintain that information on their websites . ### to enhance transparency and inform investors and end - investors , access to information on how sustainability performance is taken into account and how sustainability risks are integrated by financial market participants in the investment decision making processes , by financial advisors in advisory processes , and by underlying investee companies in their strategy and operations should be regulated by requiring financial market participants and financial advisors to maintain that information on their websites , and investee companies in their annual integrated , audited reports .


### directive 2013 / 34 / eu of the european parliament and of the council40 impose transparency obligations as regards social , environmental and corporate governance aspects in non - financial reporting . the required form and presentation established by those directives is not , however , suitable for direct use by financial market participants and financial advisors when dealing with end - investors . the financial market participants and financial advisors should have the option to use information in management reports and non - financial statements in accordance with directive 2013 / 34 / eu for the purposes of this regulation , where appropriate . _________________ 40 directive 2013 / 34 / eu of the european parliament and of the council of 26 june 2013 on the annual financial statements , consolidated financial statements and related reports of certain types of undertakings , amending directive 2006 / 43 / ec of the european parliament and of the council and repealing council directives 78 / 660 / eec and 83 / 349 / eec . ### directive 2013 / 34 / eu of the european parliament and of the council40 impose transparency obligations as regards social , environmental and corporate governance aspects in non - financial reporting . the required form and presentation established by those directives is not , however , suitable for direct use by financial market participants and financial advisors when dealing with end - investors . the financial market participants and financial advisors should have the option to use information in management reports and non - financial statements in accordance with directive 2013 / 34 / eu for the purposes of this regulation , where appropriate . to ensure the provision of quality data for investors that is comparable , the transparency obligations of directive 2013 / 34 / eu should be updated to include material sustainability risks and sustainability performance based on harmonised indicators , and be reported in integrated periodical statements that incorporate both financial and non - financial information . _________________ 40 directive 2013 / 34 / eu of the european parliament and of the council of 26 june 2013 on the annual financial statements , consolidated financial statements and related reports of certain types of undertakings , amending directive 2006 / 43 / ec of the european parliament and of the council and repealing council directives 78 / 660 / eec and 83 / 349 / eec .


### directive 2013 / 34 / eu of the european parliament and of the council40 impose transparency obligations as regards social , environmental and corporate governance aspects in non - financial reporting . the required form and presentation established by those directives is not , however , suitable for direct use by financial market participants and financial advisors when dealing with end - investors . the financial market participants and financial advisors should have the option to use information in management reports and non - financial statements in accordance with directive 2013 / 34 / eu for the purposes of this regulation , where appropriate . __________________ 40 directive 2013 / 34 / eu of the european parliament and of the council of 26 june 2013 on the annual financial statements , consolidated financial statements and related reports of certain types of undertakings , amending directive 2006 / 43 / ec of the european parliament and of the council and repealing council directives 78 / 660 / eec and 83 / 349 / eec . ### directive 2013 / 34 / eu of the european parliament and of the council40 impose transparency obligations as regards social , environmental and corporate governance aspects in non - financial reporting . the required form and presentation established by those directives is not , however , suitable for direct use by financial market participants and financial advisors when dealing with end - investors . the financial market participants , financial advisors and publicly listed companies should disclose information on the environmental , social and corporate governance impact and risks in annual management reports and non - financial statements in accordance with directive 2013 / 34 / eu , for the purposes of this regulation . __________________ 40 directive 2013 / 34 / eu of the european parliament and of the council of 26 june 2013 on the annual financial statements , consolidated financial statements and related reports of certain types of undertakings , amending directive 2006 / 43 / ec of the european parliament and of the council and repealing council directives 78 / 660 / eec and 83 / 349 / eec .


### the european banking authority , european insurance and occupational pensions authority and the european securities and markets authority established by regulation no 1093 / 2010 of the european parliament and of the council , 41 regulation no 1094 / 2010 of the european parliament and of the council42 and regulation no 1095 / 2010 of the european parliament and of the council43 respectively should , through the joint committee , develop regulatory technical standards further specifying the details of the presentation and content of the information on sustainability investment targets to be disclosed in pre - contractual documents , periodical reports and websites of financial market participants in accordance with articles 10 to 14 of regulation no 1093 / 2010 , regulation no 1094 / 2010 and of regulation no 1095 / 2010 . the commission should be empowered to adopt those regulatory technical standards . _________________ 41 regulation no 1093 / 2010 of the european parliament and of the council of 24 november 2010 establishing a european supervisory authority , amending decision no 716 / 2009 / ec and repealing commission decision 2009 / 78 / ec . 42 regulation no 1094 / 2010 of the european parliament and of the council of 24 november 2010 establishing a european supervisory authority , amending decision no 716 / 2009 / ec and repealing commission decision 2009 / 79 / ec . 43 regulation no 1095 / 2010 of the european parliament and of the council of 24 november 2010 establishing a european supervisory authority , amending decision no 716 / 2009 / ec and repealing commission decision 2009 / 77 / ec . ### the european banking authority , european insurance and occupational pensions authority and the european securities and markets authority established by regulation no 1093 / 2010 of the european parliament and of the council , 41 regulation no 1094 / 2010 of the european parliament and of the council42 and regulation no 1095 / 2010 of the european parliament and of the council43 respectively should , through the joint committee , develop regulatory technical standards further specifying the details of the presentation and content of the information on sustainability performance and risks to be disclosed in pre - contractual documents , periodical reports published at least annually , and websites of financial market participants in accordance with articles 10 to 14 of regulation no 1093 / 2010 , regulation no 1094 / 2010 and of regulation no 1095 / 2010 . the commission should be empowered to adopt those regulatory technical standards . _________________ 41 regulation no 1093 / 2010 of the european parliament and of the council of 24 november 2010 establishing a european supervisory authority , amending decision no 716 / 2009 / ec and repealing commission decision 2009 / 78 / ec . 42 regulation no 1094 / 2010 of the european parliament and of the council of 24 november 2010 establishing a european supervisory authority , amending decision no 716 / 2009 / ec and repealing commission decision 2009 / 79 / ec . 43 regulation no 1095 / 2010 of the european parliament and of the council of 24 november 2010 establishing a european supervisory authority , amending decision no 716 / 2009 / ec and repealing commission decision 2009 / 77 / ec .


### the european banking authority , european insurance and occupational pensions authority and the european securities and markets authority established by regulation no 1093 / 2010 of the european parliament and of the council , 41 regulation no 1094 / 2010 of the european parliament and of the council42 and regulation no 1095 / 2010 of the european parliament and of the council43 respectively should , through the joint committee , develop regulatory technical standards further specifying the details of the presentation and content of the information on sustainability investment targets to be disclosed in pre - contractual documents , periodical reports and websites of financial market participants in accordance with articles 10 to 14 of regulation no 1093 / 2010 , regulation no 1094 / 2010 and of regulation no 1095 / 2010 . the commission should be empowered to adopt those regulatory technical standards . __________________ 41 regulation no 1093 / 2010 of the european parliament and of the council of 24 november 2010 establishing a european supervisory authority , amending decision no 716 / 2009 / ec and repealing commission decision 2009 / 78 / ec . 42 regulation no 1094 / 2010 of the european parliament and of the council of 24 november 2010 establishing a european supervisory authority , amending decision no 716 / 2009 / ec and repealing commission decision 2009 / 79 / ec . 43 regulation no 1095 / 2010 of the european parliament and of the council of 24 november 2010 establishing a european supervisory authority , amending decision no 716 / 2009 / ec and repealing commission decision 2009 / 77 / ec . ### the european banking authority , european insurance and occupational pensions authority and the european securities and markets authority established by regulation no 1093 / 2010 of the european parliament and of the council , 41 regulation no 1094 / 2010 of the european parliament and of the council42 and regulation no 1095 / 2010 of the european parliament and of the council43 respectively should , through the joint committee , develop regulatory technical standards further specifying the details of the presentation and content of the information on the sustainability impact and risks of investment to be disclosed in pre - contractual documents , periodical and annual integrated reports and websites of financial market participants in accordance with articles 10 to 14 of regulation no 1093 / 2010 , regulation no 1094 / 2010 and of regulation no 1095 / 2010 . the commission should be empowered to adopt those regulatory technical standards . __________________ 41 regulation no 1093 / 2010 of the european parliament and of the council of 24 november 2010 establishing a european supervisory authority , amending decision no 716 / 2009 / ec and repealing commission decision 2009 / 78 / ec . 42 regulation no 1094 / 2010 of the european parliament and of the council of 24 november 2010 establishing a european supervisory authority , amending decision no 716 / 2009 / ec and repealing commission decision 2009 / 79 / ec . 43 regulation no 1095 / 2010 of the european parliament and of the council of 24 november 2010 establishing a european supervisory authority , amending decision no 716 / 2009 / ec and repealing commission decision 2009 / 77 / ec .


### since the objectives of this regulation , namely to strengthen protection for end - investors and improve disclosures to them , including in cases of cross - border purchases for end - investors , cannot be sufficiently achieved by the member states but can be better achieved at union level because of the need to lay down uniform disclosure requirements at union level the union may adopt measures , in accordance with principle of subsidiarity as set out in article 5 of the treaty on the 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 those objectives , ### since the objectives of this regulation , namely to strengthen protection of end - investors and information to investors , improve disclosures to them , and to help financial market participants , investment advisers and publically listed companies integrate environmental , social and governance risks into their investment strategies and company board decisions , cannot be sufficiently achieved by the member states but can be better achieved at union level because of the need to lay down uniform disclosure requirements at union level the union may adopt measures , in accordance with principle of subsidiarity as set out in article 5 of the treaty on the 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 those objectives ,


### since the objectives of this regulation , namely to strengthen protection for end - investors and improve disclosures to them , including in cases of cross - border purchases for end - investors , cannot be sufficiently achieved by the member states but can be better achieved at union level because of the need to lay down uniform disclosure requirements at union level the union may adopt measures , in accordance with principle of subsidiarity as set out in article 5 of the treaty on the 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 those objectives , ### since the objectives of this regulation , namely to strengthen information to investors and improve disclosures to them , and to help financial market participants , investment advisers and publicly listed companies integrate environmental , social and governance risks into their investment strategies and company board decisions , cannot be sufficiently achieved by the member states but can be better achieved at union level because of the need to lay down uniform disclosure requirements at union level the union may adopt measures , in accordance with principle of subsidiarity as set out in article 5 of the treaty on the 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 those objectives ,


### ‘ sustainable investments’ mean any of the following or a combination of any of the following : ### ‘ sustainable investments’ mean products associated with strategies that aim at achieving environmental , social and governance - related impact including any combination of the following , to the extent that the objectives of any one category are in accordance with , and do not significantly harm any of the objectives of the other categories below :


### ‘ sustainable investments’ mean any of the following or a combination of any of the following : ### ‘ sustainable investments’ mean products associated with strategies that aim at achieving environmental , social and governance - related impact , including any combination of the following , to the extent that the objectives of any one category are in accordance with , and do not significantly harm , any of the objectives of the other categories below :


### investments in companies following good governance practices , and in particular companies with sound management structures , employee relations , remuneration of relevant staff and tax compliance ; ### investments in companies following good governance practices , and in particular companies with sound management structures and due diligence procedures , employee relations , remuneration of relevant staff and tax compliance ;


### investments in companies following good governance practices , and in particular companies with sound management structures , employee relations , remuneration of relevant staff and tax compliance ; ### investments in companies following good governance practices , and in particular companies with sound management and due diligence structures , employee relations , remuneration of relevant staff and tax compliance ;


### financial market participants shall publish written policies on the integration of sustainability risks in the investment decision - making process on their websites . ### financial market participants shall have in place written policies on the integration of sustainability risks and on their performance based on sustainability indicators in the investment decision - making process , such as in the areas of governance , asset allocation , investment strategy , risk management , the exercise of shareholder voting and company engagement ; and publish a summary of them in written form on their websites .


### financial market participants shall publish written policies on the integration of sustainability risks in the investment decision - making process on their websites . ### financial market participants that provide services in relation to sustainable investments shall publish written policies on the integration of sustainability risks in the investment decision - making process on their websites .


### financial market participants shall publish written policies on the integration of sustainability risks in the investment decision - making process on their websites . ### financial market participants shall have in place written policies on the integration of sustainability risks and impact in the investment decision - making process , such as in the areas of governance , asset allocation , investment strategy , risk management , the exercise of shareholder voting and company engagement , and shall publish a summary of such policies in written form on their websites .


### insurance intermediaries which provide insurance advice with regard to ibips and investment firms which provide investment advice shall publish written policies on the integration of sustainability risks in investment advice or insurance advice on their websites . ### insurance intermediaries which provide insurance advice with regard to ibips and investment firms which provide investment advice shall have in place written policies on the integration of sustainability risks and on their performance based on sustainability indicator in investment advice or insurance advice , such as in the areas of governance , asset allocation , investment strategy , risk management , the exercise of shareholder voting and company engagement ; and publish a summary of them in written form on their websites .


### insurance intermediaries which provide insurance advice with regard to ibips and investment firms which provide investment advice shall publish written policies on the integration of sustainability risks in investment advice or insurance advice on their websites . ### insurance intermediaries which provide insurance advice with regard to ibips in relation to sustainable investments and investment firms which provide investment advice in relation to sustainable investments shall publish written policies on the integration of sustainability risks in investment advice or insurance advice on their websites .


### insurance intermediaries which provide insurance advice with regard to ibips and investment firms which provide investment advice shall publish written policies on the integration of sustainability risks in investment advice or insurance advice on their websites . ### insurance intermediaries which provide insurance advice with regard to ibips and investment firms which provide investment advice shall have in place written policies on the integration of sustainability risks and impact in investment advice or insurance advice , such as in the areas of governance , asset allocation , investment strategy , risk management , the exercise of shareholder voting and company engagement , and shall publish a summary of such policies in written form on their websites .


### for the purposes of this directive , ' alarm and signal weapons ' shall mean portable devices with a cartridge holder having a gas exit to the front , aside or on the top , which are specifically designed and constructed for the purpose of raising alarm or sending a signal and which are only designed to fire blanks , irritants , other active substances or pyrotechnic ammunition . ### for the purposes of this directive , ' alarm and signal weapons ' shall mean portable devices with a cartridge holder which are only designed to fire blanks , irritants , other active substances or pyrotechnic ammunition and which cannot be converted into firearms using normal tools .


### ' 1 . this directive is without prejudice to the application of national provisions concerning the carrying of weapons , hunting or target shooting . ### paragraph 1 is replaced by the following : ' 1 . this directive is without prejudice to the application of national provisions concerning the carrying of weapons , hunting or target shooting , or to more stringent legislation on illegal arms sales . '


### this directive is without prejudice to the application of national provisions concerning the carrying of weapons , hunting or target shooting . ### in article 2 , paragraph 1 is replaced by the following : this directive is without prejudice to the application of national provisions concerning the carrying of weapons , hunting or target shooting . this directive shall not apply to the acquisition or possession of weapons and ammunition , in accordance with national law , by collectors and bodies concerned with the cultural and historical aspects of weapons and recognised as such by the member state in whose territory they are established .


### for the purposes of identifying and tracing each assembled firearm , member states shall , at the time of manufacture of each firearm or at the time of import to the union , require a unique marking including the name of the manufacturer , the country or place of manufacture , the serial number and the year of manufacture , if not already part of the serial number . this shall be without prejudice to the affixing of the manufacturer ' s trademark . ### for the purpose of identifying and tracing each assembled firearm and each separately sold essential component , member states shall , at the time of manufacture of each firearm and each essential component , or at the time of its being placed on the market or imported into the union , require a unique marking for assembled firearms including the name of the manufacturer , the country or place of manufacture , the serial number and the year of manufacture , if not already part of the serial number . this shall be without prejudice to the affixing of the manufacturer ' s trademark . a serial number shall be attached to essential components which are sold separately . that requirement shall not apply to firearms or essential components that were already on the market at the time of entry into force of this amending directive .


### for the purposes of identifying and tracing each assembled firearm , member states shall , at the time of manufacture of each firearm or at the time of import to the union , require a unique marking including the name of the manufacturer , the country or place of manufacture , the serial number and the year of manufacture , if not already part of the serial number . this shall be without prejudice to the affixing of the manufacturer ' s trademark . ### for the purposes of identifying and tracing each assembled firearm and each separately sold essential firearm component , member states shall , at the time of manufacture of each firearm and each separately sold essential firearm component , or at the time of its being placed on the market or imported in to the union , require a unique marking including the name of the manufacturer , the country or place of manufacture , the serial number and the year of manufacture , if not already part of the serial number . this shall be without prejudice to the affixing of the manufacturer ' s trademark .


### for the purposes of identifying and tracing each assembled firearm , member states shall , at the time of manufacture of each firearm or at the time of import to the union , require a unique marking including the name of the manufacturer , the country or place of manufacture , the serial number and the year of manufacture , if not already part of the serial number . this shall be without prejudice to the affixing of the manufacturer ' s trademark . ### for the purpose of identifying and tracing each assembled firearm and each essential component , member states shall , at the time of manufacture of each firearm and each essential component , or at the time of its being manufactured or imported into the union , require a unique marking including the name of the manufacturer , the country or place of manufacture , the serial number and the year of manufacture , if not already part of the serial number . this shall be without prejudice to the affixing of the manufacturer ' s trademark .


### for the purposes of identifying and tracing each assembled firearm , member states shall , at the time of manufacture of each firearm or at the time of import to the union , require a unique marking including the name of the manufacturer , the country or place of manufacture , the serial number and the year of manufacture , if not already part of the serial number . this shall be without prejudice to the affixing of the manufacturer ' s trademark . ### for the purposes of identifying and tracing each assembled firearm and the essential components thereof , member states shall , at the time of manufacture of each firearm or at the time of import to the union , require a unique marking including the name of the manufacturer , the country or place of manufacture , the serial number and the year of manufacture , if not already part of the serial number . this shall be without prejudice to the affixing of the manufacturer ' s trademark .


### member states shall ensure that each elementary package of complete ammunition is marked so as to provide the name of the manufacturer , the identification batch number , the calibre and the type of ammunition . ### member states shall ensure that each elementary package of complete ammunition is marked so as to provide the name of the manufacturer , the identification batch number , the calibre and the type of ammunition and the marking certifying that the ammunition have been verified in accordance with the provisions of the convention for the reciprocal recognition of proof marks on small arms of 1 july 1969 .


### member states shall make the pursuit of the activity of dealer or broker within their territory conditional upon authorisation on the basis of at least a check of the private and professional integrity and of the abilities of the dealer or broker . in the case of a legal person , the check shall be on the legal person and on the person who directs the undertaking . ### member states shall make the pursuit of the activity of dealer or broker within their territory conditional upon authorisation on the basis of at least a check of the private and professional integrity and of the abilities of the dealer or broker , and also on the basis of the transparency of the commercial activity . in the case of a legal person , the check shall be on the legal person and on the person who directs the undertaking .


### this filing system shall record each firearm ' s type , make , model , calibre and serial number , as well as the names and addresses of the supplier and the person acquiring or possessing the firearm . the record of firearms , including deactivated firearms , shall be maintained until destruction of the firearm has been certified by the competent authorities . ### this filing system shall record each firearm ' s type , make , model , calibre , essential components and serial number , as well as the names and addresses of the supplier and the person acquiring or possessing the firearm . the record of firearms , including deactivated firearms , shall be maintained until destruction of the firearm has been certified by the competent authorities .


### this filing system shall record each firearm ' s type , make , model , calibre and serial number , as well as the names and addresses of the supplier and the person acquiring or possessing the firearm . the record of firearms , including deactivated firearms , shall be maintained until destruction of the firearm has been certified by the competent authorities . ### this data - filing system shall record each firearm ' s type , make , model , calibre and serial number , as well as the names and addresses of the supplier and the person acquiring or possessing the firearm . the record of firearms shall be maintained until destruction of the firearm has been certified by the competent authorities .


### each member state shall ensure that the registries of the dealers and brokers established in their territory are connected to the computerised data - filing system of firearms . ### each member state shall ensure that all data from the registry of the dealers that are established in their territory are included in the computerised data - filing system of firearms .


### are not likely to be a danger to themselves , to public order or to public safety ; having been convicted of a violent intentional crime shall be considered as indicative of such danger . ### cannot objectively be a danger to themselves or others , to public order or to public safety ; having been definitively convicted of an intentional crime against the person shall be considered as indicative of such danger .


### when deemed appropriate with regard to the risks presented by an appliance or a fitting , manufacturers shall , to protect the health and safety of consumers and other end - users , carry out sample testing of the appliance made available on the market , investigate , and , if necessary , keep a register of complaints of non - conforming appliances and fittings , and recalls of such appliances , and shall keep distributors informed of any such monitoring . ### when deemed appropriate with regard to the risks presented by an appliance or a fitting , manufacturers shall , to protect the health and safety of consumers and other end - users , upon a duly justified request of the competent authorities , carry out sample testing of the appliance made available on the market , investigate , and , if necessary , keep a register of complaints of non - conforming appliances and fittings , and recalls of such appliances , and shall keep distributors informed of any such monitoring .


### the certificate shall have a maximum validity period of ten years from the date of its issue . where the type does not satisfy the applicable requirements of this regulation , the notified body shall refuse to issue an eu - type examination certificate and shall inform the applicant accordingly , giving detailed reasons for its refusal . ### where the type does not satisfy the applicable requirements of this regulation , the notified body shall refuse to issue an eu - type examination certificate and shall inform the applicant accordingly , giving detailed reasons for its refusal .


### horizontal financial rules adopted by the european parliament and the council on the basis of article 322 of the treaty on the functioning of the european union apply to this regulation . these rules are laid down in the financial regulation and determine in particular the procedure for establishing and implementing the budget through grants , procurement , prizes , indirect implementation , and provide for checks on the responsibility of financial actors . rules adopted on the basis of article 322 tfeu also concern the protection of the union ' s budget in case of generalised deficiencies as regards the rule of law in the member states , as the respect for the rule of law is an essential precondition for sound financial management and effective eu funding . ### horizontal financial rules adopted by the european parliament and the council on the basis of article 322 of the treaty on the functioning of the european union apply to this regulation . these rules are laid down in the financial regulation and determine in particular the procedure for establishing and implementing the budget through grants , procurement , prizes , indirect implementation , and provide for checks on the responsibility of financial actors . rules adopted on the basis of article 322 tfeu also concern the protection of the union ' s budget in case of generalised deficiencies as regards the rule of law in the member states , as the respect for the rule of law is an essential precondition for sound financial management and effective eu funding . the overall implementation of the customs programme , including contracts financed under it in whole or in part by the budget , should respect the principles of transparency , proportionality , equal treatment and non - discrimination .


### the financial envelope for the implementation of the programme for the period 2021 &#8211 ; 2027 shall be eur 950 000 000 in current prices . ### the financial envelope for the implementation of the programme for the period 2021 &#8211 ; 2027 shall be eur 842 844 00 in 2018 prices .


### draft legislative resolution ### –having regard to the commission communication of 14 september 2016 entitled ‘ connectivity for a competitive digital single market – towards a european gigabit society’ 0587 ) and the accompanying commission staff working document 0300 ) ,


### draft legislative resolution ### –having regard to the commission communication of 14 september 2016 entitled ‘ 5g for europe : an action plan’ 0588 ) and the accompanying commission staff working document 0306 ) ,


### the union has been developing its own space initiatives and programmes since the end of the 1990s , namely the european geostationary navigation overlay service and then galileo and copernicus , which respond to the needs of union citizens and the requirements of public policies . not only should the continuity of those initiatives be ensured but they must also be improved , so that they remain at the forefront in view of new technology development and the transformations in the digital and information and communications technology domains , meet the new needs of users and are able to meet political priorities such as climate change , including monitoring changes in the artic , security and defence . ### the union has been developing its own space initiatives and programmes since the end of the 1990s , namely the european geostationary navigation overlay service and then galileo and copernicus , which respond to the needs of union citizens and the requirements of public policies . not only should the continuity of those initiatives be ensured but their uptake and use must also be improved , so that they remain at the forefront in view of new technology development and provide the transformations in the digital and information and communications technology domains and in the transport sector , meeting the new needs of users and being able to meet the political priorities of all concerned sectors , in particular in the transportation sector .


### sound public governance of the programme requires the strict distribution of responsibilities and tasks among the different entities involved to avoid duplication and reduce cost overruns and delays . ### sound public governance of the programme requires the strict distribution of responsibilities and tasks among the different entities involved , in particular between the european union agency for the space programme and the european space agency , to avoid unnecessary duplication of effort and reduce cost overruns and delays . the commission should coordinate and monitor the tasks and communication based on the principles established in the lisbon treaty 1a and the framework agreement between the european community and the european space agency1b . __________________ 1a art . 189 . 3 lisbon treaty 1b ' whereas the parties recognise that they have specific complementary and mutually reinforcing strengths and are committed to cooperating in an efficient and mututally beneficial manner and to avoiding any unnecessary duplication of effort . '


### to maximise the socio - economic benefits of galileo and egnos , notably in the area of security , the use of the services provided by egnos and galileo in other union policies should be promoted where this is justified and beneficial . ### to maximise the socio - economic benefits of galileo and egnos , notably in the area of safety and security , environmental sustainability and mobility , the use of the services provided by egnos and galileo in other union policies , in particular in the transport sector , should be promoted .


### copernicus should ensure an autonomous access to environmental knowledge and key technologies for earth observation and geo - information services , thereby enabling the union to achieve independent decision - making and actions in the fields of the environment , climate change , civil protection , security , as well as the digital economy , among others . ### copernicus should ensure an autonomous access to environmental knowledge and key technologies for earth observation and geo - information services , thereby enabling the union to achieve independent decision - making and actions in the fields of the environment , climate change , biodiversity , land use , soil protection , ocean health , civil protection and prevention , security , as well as the digital economy , among others .


### for users of satellite communications the user equipment is the all - important operational interface . the eu govsatcom approach makes it possible for most users to continue to use their existing user equipment for govsatcom services in so far as they make use of union technologies . ### for users of satellite communications the user equipment is the all - important operational interface . the eu govsatcom approach should make it possible for users to continue using their existing user equipment for govsatcom services .


### in view of its extended scope , which will no longer be limited to galileo and egnos , the european gnss agency should henceforth be changed . however , the continuity of the activities of the european gnss agency , including continuity as regards rights and obligations , staff and the validity of any decisions taken , should be ensured under the agency . ### in view of its extended scope , which will no longer be limited to galileo and egnos , the european gnss agency should henceforth be changed . where it entrusts tasks to the agency , the commission shall ensure appropriate funding for the management and execution of those tasks , including adequate human and financial resource . however , the continuity of the activities of the european gnss agency , including continuity as regards rights and obligations , staff and the validity of any decisions taken , should be ensured under the agency .


### in view of its extended scope , which will no longer be limited to galileo and egnos , the european gnss agency should henceforth be changed . however , the continuity of the activities of the european gnss agency , including continuity as regards rights and obligations , staff and the validity of any decisions taken , should be ensured under the agency . ### in view of its extended scope , which will no longer be limited to galileo and egnos , the european gnss agency should henceforth be changed . where it entrusts tasks to the agency , the commission shall ensure appropriate funding for the management and execution of those tasks , including adequate human and financial resources . however , the continuity of the activities of the european gnss agency , including continuity as regards rights and obligations , staff and the validity of any decisions taken , should be ensured under the agency .


### ' blending operation ' means actions supported by the eu budget , including within blending facilities pursuant to article 2 of the financial regulation , combining non - repayable forms of support and / or financial instruments from the eu budget with repayable forms of support from development or other public finance institutions , as well as from commercial finance institutions and investors ; ### ' blending operation ' means actions supported by the eu budget , including within blending facilities pursuant to article [ 2 ] of the regulation 2018 / xxx , combining non - repayable forms of support and / or financial instruments and / or budgetary guarantees from the eu budget with repayable forms of support from development or other public finance institutions , as well as from commercial finance institutions and investors ;


### a space surveillance and tracking system aiming to improve , operate and provide data , information and services related to the surveillance and tracking of active and inactive spacecraft , discarded launchers stages , debris and debris fragments that orbit around the earth and complemented by observational parameters related to space weather events and the risk of near earth objects approaching earth monitoring ; ### a space surveillance and tracking system aiming to improve , operate and provide data , information and services related to the surveillance and tracking of active spacecraft and space debris that orbit around the earth and complemented by observational parameters related to space weather events and the risk of near earth objects approaching earth monitoring ;


### provide , or contribute to the provision of , high - quality and up - to - date and , where appropriate , secure space - related data , information and services without interruption and wherever possible at global level , meeting existing and future needs and able to meet the union ' s political priorities , including as regards climate change and security and defence ; ### provide , or contribute to the provision of , high - quality and up - to - date and , where appropriate , secure space - related data , information and services without interruption and wherever possible at global level , support evidence - based decision - making capacity of the union and its member states ;


### enhance the security of the union and its member states , its freedom of action and its strategic autonomy , in particular in terms of technologies and evidence - based decision - making ; ### enhance the security of the union and its member states , its freedom of action and its strategic capacity and capabilities , in particular in terms of technologies and evidence - based decision - making ;


### enhance the security of the union and its member states , its freedom of action and its strategic autonomy , in particular in terms of technologies and evidence - based decision - making ; ### enhance the security , including the cyber security and the safety of the union , its member states and its citizens , its strategic autonomy , in particular in industrial and technological terms ;


### enhance the security of the union and its member states , its freedom of action and its strategic autonomy , in particular in terms of technologies and evidence - based decision - making ; ### enhance the security and the cyber security of the union and its member states , its strategic autonomy , in particular in industrial and technological terms ;


### promote the role of the union in the international arena as a leading actor in the space sector and strengthening its role in tackling global challenges and supporting global initiatives , including with regards to climate change and sustainable development . ### promote the role of the union in the international arena as a leading actor in the space sector and strengthening its role in tackling global challenges and supporting global initiatives , including with regards to climate change and sustainable development of all concerned sectors in particular in the transport sector .


### entrepreneurship , from early stage to scaling - up , in accordance with article 21 and other access to finance provisions as referred to in article 18 and chapter i of title iii ; ### entrepreneurship , including from early stage to scaling - up , in accordance with article 21 and by relying on other access to finance provisions as referred to in article 18 and chapter i of title iii ;


### access to processing and testing facilities ; ### access to processing and testing facilities for private and public sector professionals , students and entrepreneurs ;


### the commission shall take the necessary steps to ensure that the contracts , agreements or other arrangements relating to the activities referred to in the first paragraph contain provisions setting out the appropriate ownership regime for those assets and , as regards point that the union can freely use the prs receivers in accordance with decision 1104 / 2011 / eu . ### the commission shall take the necessary steps to ensure that the contracts , agreements or other arrangements relating to the activities referred to in the second paragraph contain provisions setting out the appropriate ownership and use regime for those assets and , as regards point that the union can freely use and grant the use of the prs receivers in accordance with decision 1104 / 2011 / eu .


### the services , data and information provided by the programme ' s components shall be provided without any express or implied guarantee as regards their quality , accuracy , availability , reliability , speed and suitability for any purpose . to that aim , the commission shall take the necessary steps to ensure that the users of those services , data and information are informed , in an appropriate manner , of the absence of any such guarantee . ### the services , data and information provided by the programme ' s components shall be provided without any express or implied guarantee as regards their quality , accuracy , availability , reliability , speed and suitability for any purpose , unless such a guarantee is required by applicable union law for the provision of the services concerned . to that aim , the commission shall take the necessary steps to ensure that the users of those services , data and information are informed , in an appropriate manner , of the absence of any such guarantee .


### the financial envelope for the implementation of the programme for the period 2021 – 2027 shall be eur [ 16 ] billion in current prices . ### the financial envelope for the implementation of the programme for the period 2021 – 2027 shall be eur 14 , 200 billion in constant prices .


### for copernicus : eur [ 5 , 8 ] billion ; ### for copernicus : eur 5 , 144 billion constant prices


### cross - cutting activities as foreseen by article 3 shall be financed under the programme ' s components . ### activities as foreseen by articles 3 and 6 shall be financed under the programme’s components ;


### to promote in all member states , throughout the supply chain , the widest and most open participation possible of start - ups , new entrants and small and medium sized enterprises and other economic operators , including the requirement of sub - contracting by the tenderers ; ### to promote throughout the union and throughout the supply chain the widest and most open participation possible of all economic operators , and in particular start - ups , new entrants and small and medium sized enterprises , including the requirement of sub - contracting by the tenderers ;


### to foster the autonomy of the union , in particular in technological terms ; ### to foster the strategic autonomy of the union , in particular in industrial and technological terms ;


### any derogation from a request in accordance with paragraph 1 shall be justified by the tenderer . ### any derogation from a request in accordance with paragraph 1 shall be justified by the tenderer and assessed by the contracting authority .


### in the case of a joint call , joint procedures shall be established for selection and evaluation of proposals . the procedures must involve a balanced group of experts appointed by each party . ### in the case of a joint call , joint procedures shall be established for selection and evaluation of proposals . the procedures shall involve a balanced group of independent experts appointed by each party . such experts shall not evaluate , advise or assist on matters with regard to which they have a conflict of interests .


### systematic consideration of the needs of users of the services provided by the programme ' s components , as well as of scientific and technological evolutions relating to those services ; ### systematic consideration of the needs of users , in particular the continuity of services and the stability of the interfaces of the services provided by the programme’s components , as well as of scientific and technological evolutions relating to those services ;


### the commission or , for the tasks referred to in article 30 , the agency may entrust specific tasks to member states or national agencies or to groups of these member states or national agencies . the member states shall take all the necessary measures to ensure the smooth functioning of the programme and the promotion of their use , including by helping to protect the frequencies required for this programme . ### the commission or , for the tasks referred to in article 30 , the agency may entrust specific tasks to member states or to groups of these member states . the member states shall take all the necessary measures to ensure the smooth functioning of the programme and the promotion of their use .


### the commission shall have overall responsibility for the implementation of the programme , including in the field of security . it shall , in accordance with this regulation , determine the priorities and long - term evolution of the programme and shall supervise its implementation , having due regard to its impact on other policies of the union . ### the commission shall have overall responsibility for the implementation of the programme , including in the field of security . it shall , in accordance with this regulation , determine together with member states&#160 ; the priorities and long - term evolution of the programme and shall supervise its implementation , &#160 ; without prejudice to&#160 ; other policies of the union .


### when necessary for the smooth functioning of the programme and the smooth provision of the services provided by the programme ' s components , the commission shall , by means of implementing acts , determine the technical and operational specifications required for the implementation of and evolution of those components and of the services they provide after having consulted users and all the other relevant stakeholders . when determining those technical and operational specifications , the commission shall avoid reducing the general security level and to meet a backward compatibility imperative . those implementing acts shall be adopted in accordance with the examination procedure referred to in article107 . ### when necessary for the smooth functioning of the programme and the smooth provision of the services provided by the programme ' s components , the commission shall , by means of delegated acts , determine high - level requirements , for the implementation of and evolution of those components and of the services they provide after having consulted users , downstream players , and all the other relevant stakeholders . when determining those high - level requirements , the commission shall avoid reducing the general security level and to meet a backward compatibility imperative . those delegated acts shall be adopted in accordance with the examination procedure referred to in article107 .


### as regards galileo and egnos : systems evolution , development of the ground segment and the design and development of satellites ; ### as regards galileo and egnos : end - to - end system implementation , design , development , procurement , deployment , testing and validation of the systems and their evolutions , including ground segment , satellites , and generic user segment ;


### –establish the principles for the remuneration of the european space agency , which shall be proportionate to the difficulty of the tasks to be carried out , in line with market prices and the fees of the other entities involved , including the union , and may , where appropriate , be based on performance indicators ; those fees shall not cover general overheads which are not associated with the activities entrusted to the european space agency by the union . ### –establish the principles for the remuneration of the european space agency , which shall be proportionate to the difficulty of the tasks to be carried out , in line with the fees of the other entities involved , including the union , and may , where appropriate , be based on performance indicators ; those fees shall not cover general overheads which are not associated with the activities entrusted to the european space agency by the union .


### –establish the monitoring and control measures , which shall include , in particular , a cost forecast system , the systematic provision of information to the commission or , where appropriate , to the agency , on costs and schedule , and in the event of a discrepancy between the planned budgets , performance and schedule , corrective action ensuring performance of the tasks assigned within the limits of the allocated budgets and penalties against the european space agency where this discrepancy is directly attributable to it ; ### –establish the monitoring and control measures , which shall include , in particular , a cost forecast system , the systematic provision of information to the commission or , where appropriate , to the agency , on costs and schedule , and in the event of a discrepancy between the planned budgets , performance and schedule , corrective action ensuring performance of the tasks assigned within the limits of the allocated budgets ;


### the commission may entrust , in full or in part , by means of contribution agreements the implementation of the programme ' s components to entities other than those referred to in article 30 and 31 , including : ### the commission may entrust , in full or in part , by means of contribution agreements , the implementation of the following tasks to entities other than those referred to in article 30 and 31 :


### to take account of the experience of the member states in the field of security and draw inspiration from their best practices ; ### to take account of the experience of the member states in the field of security and draw inspiration from their best practices and national laws ;


### galileo and egnos , and the services which they provide , shall be compatible and interoperable with other satellite navigation systems and with conventional means of radio navigation , where the necessary compatibility and interoperability requirements are laid down in international agreements . ### galileo and egnos , and the services which they provide , shall be compatible and interoperable with other satellite navigation systems and with conventional means of radio navigation , where the necessary compatibility and interoperability requirements are laid down in international agreements . in reciprocity , such other satellite navigation systems shall be compatible and interoperable with galileo and egnos .


### actions to provide access to third - party data necessary to generate copernicus services or for use by the union ' s institutions , agencies and decentralised services ; ### actions to provide access to third - party data , including data generated by national agencies in exercise of their national competences , necessary to generate copernicus services or for use by the union ' s institutions , agencies and decentralised services , with priority of those data provided and / or funded by public organisation in member states ;


### –land monitoring and agriculture to provide information on land cover , land use and land use change , urban areas , inland water quantity and quality , forests , agriculture and other natural resources , biodiversity and cryosphere ; ### –land monitoring , infrastructure building and agriculture to provide information on land cover , land use and land use change , urban areas , inland water quantity and quality , forests , agriculture and other natural resources , biodiversity and cryosphere ;


### the establishment , development and operation of a network of ground - based and / or space - based sensors of the member states , including sensors developed through the european space agency and nationally operated union sensors , to survey and track objects and to produce a european catalogue of space objects adapted to the needs of the users referred to in article 55 ; ### the establishment , development and operation of a network of ground - based and / or space - based sensors of the member states , including sensors developed through the european space agency or&#160 ; by the industry&#160 ; and nationally operated union sensors , to survey and track objects and to produce a european catalogue of space objects adapted to the needs of the users referred to in article 55 ;


### the commission shall adopt , by implementing acts , detailed rules on the functioning of the organisational framework of the participation of member states in sst . those implementing acts shall be adopted in accordance with the examination procedure referred to in article 107 . ### the commission shall adopt delegated acts in accordance with article 105 concerning the specific provision on the functioning of the organisational framework of the participation of member states in sst .


### legal persons duly accredited to provide satellite capacities or services in accordance with the security accreditation procedure in article 36 , based on the specific security requirements for the govsatcom component referred to in article 34 . ### legal persons duly accredited to provide satellite capacities or services in accordance with the security accreditation procedure in article 36 .


### legal persons duly accredited to provide satellite capacities or services in accordance with the security accreditation procedure in article 36 , based on the specific security requirements for the govsatcom component referred to in article 34 . ### legal persons duly accredited to provide satellite capacities or services in accordance with the security accreditation procedure in article 36 ,


### the executive director shall be appointed by the administrative board on grounds of merit and documented administrative and managerial skills , as well as relevant competence and experience , from a list of candidates proposed by the commission , after an open and transparent competition , following the publication of a call for expressions of interest in the official journal of the european union or elsewhere . ### the executive director shall be appointed by the administrative board on grounds of merit and documented administrative and managerial skills , as well as relevant competence and experience , from a list of at least three candidates proposed by the commission , after an open and transparent competition , following the publication of a call for expressions of interest in the official journal of the european union or elsewhere .


### on the basis of a proposal from the commission , taking into account the assessment referred to in the first subparagraph , the administrative board may extend the term of office of the executive director once for a period of up to four years . ### on the basis of a proposal from the commission , taking into account the assessment referred to in the first subparagraph , the administrative board may extend the term of office of the executive director once for a period of up to five years .


### headquarters agreement and operating conditions ### headquarters and local offices agreement and operating conditions


### necessary arrangements concerning the accommodation to be provided for the agency in the host member state and the facilities to be made available by that member state together with the specific rules applicable in the host member state to the executive director , members of the administrative board , agency staff and members of their families shall be laid down in a headquarters agreement between the agency and member state where the seat is located , concluded after obtaining the approval of the administrative board . ### necessary arrangements concerning the accommodation to be provided for the agency in the host member states and the facilities to be made available by that member states together with the specific rules applicable in the host member states to the executive director , members of the administrative board , agency staff and members of their families shall be laid down in a headquarters and local offices agreement between the agency and member states where the seats are located , concluded after obtaining the approval of the administrative board .


### the agency shall be open to the participation of third countries that have entered into agreements with the union to this effect . ### the agency shall be open to the participation of third countries and international organisations that have entered into agreements with the union to this effect .


### by 30 june 2024 , and every five years thereafter , the commission shall assess the agency’s performance , in relation to its objectives , mandate , tasks and location , in accordance with commission guidelines . the evaluation shall , in particular , address the possible need to modify the mandate of the agency , and the financial implications of any such modification . it shall also address the agency’s policy on conflicts of interest and the independence and autonomy of the security accreditation board . ### by 30 june 2024 , and every three years thereafter , the commission shall assess the agency’s performance , in relation to its objectives , mandate , tasks and location , in accordance with commission guidelines . the evaluation shall address the possible need to modify the mandate of the agency , in particular regarding the possibility to entrust it with additional tasks , in accordance with article 30 , and the financial implications of any such modification . it shall also address the agency’s policy on conflicts of interest and the independence and autonomy of the security accreditation board .


### the power to adopt delegated acts referred to in articles 52 and 101 shall be conferred on the commission for an indeterminate period until 31 december 2028 . ### the power to adopt delegated acts referred to in articles 52 , 57 , 59 , 60 , 67 and 101 shall be conferred on the commission for an indeterminate period until 31 december 2028 .