### the level of electricity interconnectivity that the member state aims for in 2030 in relation to the 15% target on electricity interconnection ; ### the level of electricity interconnectivity that the member state aims for in 2030 in relation to the 15% indicative target on electricity interconnection as proposed by the commission and , notably , regional market conditions and market potential as well as cost - benefit analyses , as well as measures to increase the tradable capacity in existing infrastructure ;


### the union ' s 2020 energy consumption is no more than 1 483 mtoe of primary energy and no more than 1 086 mtoe of final energy , the union ' s 2030 energy consumption is no more than 1 321 mtoe of primary energy and no more than 987 mtoe of final energy for the first ten - year period ; ### the union ' s 2020 energy consumption is no more than 1 483 mtoe of primary energy , the union ' s 2030 energy consumption is no more than 1 321 mtoe of primary energy for the first ten - year period ;


### consider whether the union ' s milestone of no more than 1483 mtoe of primary energy and no more than 1086 mtoe of final energy in 2020 is achieved ; ### consider whether the union ' s milestone of no more than 1483 mtoe of primary energy or no more than 1086 mtoe of final energy in 2020 is achieved ;


### the level of electricity interconnectivity that the member state aims for in 2030 in relation to the 15% target on electricity interconnection ; ### the level of electricity interconnectivity that the member state aims for in 2030 with a view to achieving the national interconnection level , according to articles 4 and 7b , the roadmap for the achievement of this target and the timeframe for the commissioning of prior investment projects , measures relating to the granting of authorisations of prior investment projects , the qualification of prior investment projects as projects of common interest and the granting of eu funds .


### member states shall describe , in accordance with the structure and format specified in annex i , the current situation for each of the five dimensions of the energy union including of the energy system and greenhouse gas emissions and removals at the time of submission of the national plan or on the basis of the latest available information . member states shall also set out and describe projections for each of the five dimensions of the energy union for the first ten - year period at least until 2040 expected to result from existing policies and measures . ### member states shall describe , in accordance with the structure and format specified in annex i , the current situation for each of the five dimensions of the energy union including of the energy system and greenhouse gas emissions and removals at the time of submission of the national plan or on the basis of the latest available information . member states shall also set out and describe projections for each of the five dimensions of the energy union for the first ten - year period at least until 2030 expected to result from existing policies and measures . member states shall make available to the public the assumptions , parameters and methodologies used for projections and scenarios .


### interactions between existing and planned policies and measures within a policy dimension and between existing and planned policies and measures of different dimensions for the first ten - year period at least until the year 2030 . projections concerning security of supply , infrastructure and market integration shall be linked to robust energy efficiency scenarios . ### interactions between existing and planned policies and measures within a policy dimension and between existing and planned policies and measures of different dimensions for the first ten - year period at least until the year 2030 . the impact of possible interactions with the emission trading system shall be assessed . projections concerning security of supply , infrastructure and market integration shall be linked to robust energy efficiency scenarios .


### as is the case for planning , sectorial union legislation in the energy and climate fields sets out reporting requirements , many of which have been useful tools to drive change at the national level , but those requirements have been introduced at different moments in time which has led to overlaps and insufficient consideration of synergies and interactions between policy areas such as ghg mitigation , renewable energy , energy efficiency and market integration . to strike the right balance between the need to ensure a proper follow - up of the implementation of national plans and the need to reduce administrative burden , member states should establish biennial progress reports on the implementation of the plans and other developments in the energy system . some reporting however , particularly with regard to reporting requirements in the climate field stemming from the united nations framework convention on climate change and union regulations , would still be necessary on a yearly basis . ### as is the case for planning , sectorial union legislation in the energy and climate fields sets out reporting requirements , many of which have been useful tools to drive change at the national level , complementary to market reforms , but those requirements have been introduced at different moments in time which has led to overlaps and cost - inefficiency , as well as insufficient consideration of synergies and interactions between policy areas such as ghg mitigation , renewable energy , energy efficiency and market integration . to strike the right balance between the need to ensure a proper follow - up of the implementation of national plans and the need to reduce administrative burden , member states should establish biennial progress reports on the implementation of the plans and other developments in the energy system . some reporting however , particularly with regard to reporting requirements in the climate field stemming from the united nations framework convention on climate change and union regulations , would still be necessary on a yearly basis .


### the european council also concluded on 24 october 201414 that a reliable and transparent governance system , without any unnecessary administrative burden , should be developed to help ensure that the union meets its energy policy goals , with the necessary flexibility for member states and fully respecting their freedom to determine their energy mix . it emphasized that such governance system should build on existing building blocks , such as national climate programmes , national plans for renewable energy and energy efficiency as well as the need to streamline and bring together separate planning and reporting strands . it also agreed to step up the role and rights of consumers , transparency and predictability for investors , inter alia by systematic monitoring of key indicators for an affordable , safe , competitive , secure and sustainable energy system and to facilitate coordination of national energy policies and foster regional cooperation between member states . __________________ 14 conclusions of the european council 23 - 24 october 2014 . ### the european council also concluded on 24 october 201414 that a reliable and transparent governance system , without any unnecessary administrative burden and with sufficient flexibility for member states , should be developed to help ensure that the union meets its energy policy goals , with the necessary flexibility for member states and fully respecting their freedom to determine their energy mix . it emphasized that such governance system should build on existing building blocks , such as national climate programmes , national plans for renewable energy and energy efficiency as well as the need to streamline and bring together separate planning and reporting strands . it also agreed to step up the role and rights of consumers , transparency and predictability for investors , inter alia by systematic monitoring of key indicators for an affordable , safe , competitive , secure and sustainable energy system and to facilitate coordination of national energy policies and foster regional cooperation between member states . __________________ 14 conclusions of the european council 23 - 24 october 2014 .


### making a financial contribution to a financing platform set up at union level , contributing to renewable energy projects and managed directly or indirectly by the commission ; ### making a voluntary financial contribution to a financing platform set up at union level , contributing to renewable energy projects and managed directly or indirectly by relevant member states with assistance of the commission ; on a request of a member state that made the contribution , within 5 years from the date of the contribution , the funds shall be granted only to projects located in this member state .


### the goal of a resilient energy union with an ambitious climate policy at its core is to give union consumers , both households and businesses , secure , sustainable , competitive and affordable energy , which requires a fundamental transformation of europe ' s energy system . that objective can only be achieved through coordinated action , combining both legislative and non - legislative acts at union and national level . ### the goal of a resilient energy union with an ambitious climate policy at its core is to give union consumers , both households and businesses , secure , sustainable , competitive and affordable energy , and to foster research and innovation by means of attracting investments , which requires a fundamental transformation of europe ' s energy system . that objective can only be achieved through coordinated action , combining both legislative and non - legislative acts at union and national level .


### national objectives with regard to ensuring electricity system adequacy as well as flexibility of the energy system with regard to renewable energy production , including a timeframe for when the objectives should be met ; ### national objectives with regard to ensuring electricity system adequacy , considering low carbon baseload generation as well as flexibility of the energy system with regard to renewable energy production , including a timeframe for when the objectives should be met ;


### member states shall express their contribution in terms of absolute level of primary energy consumption and final energy consumption in 2020 and 2030 , with a linear trajectory for that contribution from 2021 onwards . they shall explain their underlying methodology and the conversion factors used ; ### member states shall express their contribution in terms of absolute level of primary energy consumption or final energy consumption in 2020 and 2030 , with a linear trajectory for that contribution from 2021 onwards . they shall explain their underlying methodology and the conversion factors used ;


### without prejudice to any other union law requirements , member states shall ensure that the public is given early and effective opportunities to participate in the preparation of draft plans referred to in article 9 and attach to the submission of their draft integrated national energy and climate plan to the commission a summary of the public’s views . in so far as the provisions of directive 2001 / 42 / ec are applicable , consultations undertaken in accordance with that directive shall be deemed to satisfy also the obligations to consult the public under this regulation . ### without prejudice to any other union law requirements , member states shall ensure that the public is given opportunities to participate in the preparation of draft plans referred to in article 9 and attach to the submission of their draft integrated national energy and climate plan to the commission a summary of the public’s views . in so far as the provisions of directive 2001 / 42 / ec are applicable , consultations undertaken in accordance with that directive shall be deemed to satisfy also the obligations to consult the public under this regulation . as general principle , excessive administrative and financial burden shall be avoided .


### the union ' s 2020 energy consumption is no more than 1 483 mtoe of primary energy and no more than 1 086 mtoe of final energy , the union ' s 2030 energy consumption is no more than 1 321 mtoe of primary energy and no more than 987 mtoe of final energy for the first ten - year period ; ### the union ' s 2020 energy consumption is presumably no more than 1 483 mtoe of primary energy and no more than 1 086 mtoe of final energy , the union ' s 2030 energy consumption is presumably no more than [ 1 321 ] mtoe of primary energy and no more than [ 987 ] mtoe , of final energy for a ten - year period , subject to the bi - annual revision of the baseline according to article 3 directive 2012 / 27 / eu [ version as amended in accordance with proposal com761 ] ,


### stable long - term low emission strategies are crucial to contribute towards economic transformation , jobs , growth and the achievement of broader sustainable development goals , as well as to move in a fair and cost - effective manner towards the long - term goal set by the paris agreement . furthermore , parties to the paris agreement are invited to communicate , by 2020 , their mid - century , long - term low greenhouse gas emission development strategies . ### stable long - term low emission strategies are crucial to contribute towards economic transformation , jobs , growth and the achievement of broader sustainable development goals , as well as to move in a fair and cost - effective manner towards the long - term goal set by the paris agreement . furthermore , parties to the paris agreement are invited to communicate , by 2020 , their mid - century , long - term low greenhouse gas emission development strategies , notably the reduction of the carbon intensity of the power sector .


### national plans should be stable to ensure transparency and predictability of national policies and measures in order to ensure investor certainty . updates of national plans should however be foreseen once during the ten - year period covered to give member states the opportunity to adapt to significant changing circumstances . for the plans covering the period from 2021 to 2030 , member states should be able to update their plans by 1 january 2024 . targets , objectives and contributions should only be modified to reflect an increased overall ambition in particular as regards the 2030 targets for energy and climate . as part of the updates , member states should make efforts to mitigate any adverse environmental impacts that become apparent as part of the integrated reporting . ### national plans should be stable to ensure transparency and predictability of national policies and measures in order to address the needs of the population of a member state , to contribute to energy security and to ensure investor certainty . updates of national plans should however be foreseen once during the ten - year period covered to give member states the opportunity to adapt to significant changing circumstances . for the plans covering the period from 2021 to 2030 , member states should be able to update their plans by 1 january 2024 . as part of the updates , member states should make efforts to mitigate any adverse environmental impacts that become apparent as part of the integrated reporting . the progressive transition towards the latest generation of biofuels should take account of existing member state investments in first - generation biofuel production .


### national objectives with regard to deployment of domestic energy sources ; ### objectives with regard to deployment of domestic energy sources ;


### expected progress on transition to a low greenhouse gas emission economy including greenhouse gas intensity , co2 intensity of gross domestic product and strategies for related research , development and innovation ; ### expected progress on transition to a low greenhouse gas emission economy including greenhouse gas intensity , co2 intensity of electricity generation , co2 intensity of gross domestic product and strategies for related research , development , innovation and investment ;


### member states shall , well before submitting their draft integrated national energy and climate plan to the commission pursuant to article 9 , identify opportunities for regional cooperation and consult neighbouring member states and the other member states expressing an interest . member states shall set out in their draft integrated national energy and climate plans the results of such regional consultation , including where applicable how comments have been taken into account . ### member states shall , well before submitting their draft integrated national energy and climate plan to the commission pursuant to article 9 , identify opportunities for regional cooperation and consult relevant neighbouring member states . member states shall set out in their draft integrated national energy and climate plans the results of such regional consultation , including where applicable how comments have been taken into account .


### if , on the basis of its aggregate assessment of member states ' integrated national energy and climate progress reports pursuant to article 25 , and supported by other information sources , as appropriate , the commission concludes that the union is at risk of not meeting the objectives of the energy union and , in particular , for the first ten - years period , the targets of the union ' s 2030 framework for climate and energy , it may issue recommendations to all member states pursuant to article 28 to mitigate such risk . the commission shall , as appropriate , take measures at union level in addition to the recommendations in order to ensure , in particular , the achievement of the union ' s 2030 targets for renewable energy and energy efficiency . with regard to renewable energy , such measures shall take into consideration ambitious early efforts by member states to contribute to the union ' s 2030 target . ### if , on the basis of its aggregate assessment of member states ' integrated national energy and climate progress reports pursuant to article 25 and supported by other information sources , as appropriate , the commission concludes that the union is at risk of not meeting the objectives of the energy union and , in particular , for the first ten - years period , the targets of the union ' s 2030 framework for climate and energy , it shall issue recommendations to all member states pursuant to article 28 to mitigate such risk . the commission shall , as appropriate , take measures at union level in addition to the recommendations in order to ensure in particular the achievement of the union ' s 2030 targets for renewable energy and energy efficiency . such measures shall take into consideration the level of compliance by member states with their national binding target and trajectory . in the area of energy efficiency , such additional measures may in particular improve the energy efficiency of : products , pursuant to directive 2010 / 30 / eu and directive 2009 / 125 / ec , buildings , pursuant to directive 2010 / 31 / eu and directive 2012 / 27 / eu and transport .


### national objectives with regard to reducing energy import dependency from third countries ; ### national indicative objectives with regard to reducing energy import dependency from third countries , for the purpose of increasing the resilience of national and regional energy systems ;


### national objectives with regard to deployment of domestic energy sources ; ### national objectives with regard to deployment of domestic energy sources , explicitly considering every low carbon source


### a description of the national objectives , targets and contributions for each of the five dimensions of the energy union ; ### a description of the national objectives , targets and contributions for each of the five dimensions of the energy union , as well as an assessment of their contributions to european competiveness ;


### the objectives for the long - term renovation of the national stock of residential and commercial buildings ; ### if applicable , the objectives for the long - term renovation of the national stock of residential and commercial buildings ;


### member states and the commission should ensure close cooperation on all matters relating to the implementation of the energy union and this regulation , with close involvement of the european parliament . the commission should as appropriate assist member states in implementing this regulation , particularly with regard to the establishment of the national plans and associated capacity building . ### member states and the commission should ensure close cooperation on all matters relating to the implementation of the energy union and this regulation , with close involvement of the european parliament . the commission should as appropriate assist member states in implementing this regulation . the power to establish national energy and climate plans should , however , remain with the member states .


### national objectives with regard to reducing energy import dependency from third countries ; ### national measures and , if applicable , objectives with regard to ensuring that energy import dependency from third countries does not create any obstacles to the successful implementation of any of the five dimensions of the energy union ;


### the eu guarantee and the payments and recoveries under it that are attributable to the general budget of the union shall be audited by the court of auditors . ### the external audits of the activities undertaken in accordance with this regulation shall be carried out by the court of auditors in accordance with article 287 tfeu . the commission shall ensure that all parties concerned by the activities undertaken in accordance with this regulation are made aware of the right of the court of auditors as provided for in the first subparagraph of article 287 tfeu .


### provisions on the financing necessary for the eiah in accordance with the third subparagraph of paragraph 2 ; ### provisions on the legal form , the operational structure and the financing the eiah in accordance with the third subparagraph of paragraph 2 ;


### in accordance with its own transparency policies on access to documents and information , the eib shall make publicly available on its website information relating to all eib financing and investment operations and how they contribute to the general objectives referred to in article 5 . ### in accordance with its own transparency policies on access to documents and information , the eib shall make publicly available on its website information relating to all eib financing and investment operations and how they contribute to the general objectives and specific projects referred to in article 5 ; the eib shall guarantee furthermore that any citizen of the european union and any natural and legal person residing or having its registered office in a member state shall have access to documents related to the efsi in accordance with the regulation no . 1049 / 2011 of the european parliament and the council regarding public access to european parliament , council and commission documents .


### the financial statements of the efsi . ### the financial statements of the efsi accompanied by an opinion of an independent external auditor ;


### the commission shall , by 30 june of each year , send to the european parliament , the council and the court of auditors an annual report on the situation of the guarantee fund and the management thereof in the previous calendar year . ### the commission shall , by 31 march of each year , send to the european parliament , the council and the court of auditors an annual report on the situation of the guarantee fund and the management thereof in the previous calendar year .


### where the eib calls the eu guarantee in accordance with the efsi agreement , the union shall pay on demand in accordance with the terms of that agreement . ### where the eib calls the eu guarantee in accordance with the efsi agreement , the union shall pay on demand in accordance with the terms of that agreement . such a payment is limited to the amount of either the funds not yet called by the eib from the eu guarantee set in article 7 . all further losses and risks are borne by the other contributors to the portfolio and the stakeholders of the projects . the eu assumes no contingent liabilities exceeding the eu guarantee set in article 7 .


### the eiah shall be partially financed by the union up to a maximum amount of eur 20 000 000 per year during the period ending on 31 december 2020 for the additional services provided for by the eiah over existing eib technical assistance . for the years after 2020 the financial contribution from the union shall be directly linked to the provisions included in the future multi - annual financial frameworks . ### the eiah shall be partially financed by the union up to a maximum amount of eur 20 000 000 per year during the period ending on 31 december 2018 for the additional services provided for by the eiah over existing eib technical assistance . a review shall be conducted prior to 2018 to assess the success and value added by the eiah before granting second funding period from 1 january 2019 to 31 december 2020 . for the years after 2020 the financial contribution from the union shall be directly linked to the provisions included in the future multi - annual financial frameworks .


### the investment committee shall be composed of six independent experts and the managing director . independent experts shall have a high level of relevant market experience in project finance and be appointed by the steering board for a renewable fixed term of three years . ### the investment committee shall be composed of six independent experts and the managing director . independent experts shall have a high level of relevant market experience in project finance and be appointed by the steering board for a renewable fixed term of three years . for these purposes , the steering board shall draw up a list of at least 16 experts and submit it to the european parliament . after having heard the experts from this list , the european parliament shall adopt a decision proposing eight of these experts to the steering board for appointment .


### at the request of the european parliament , the managing director shall participate in a hearing of the european parliament on the performance of the efsi . ### at the request of the european parliament , the managing director , the chair of the efsi steering board , the commissioner responsible and the chair of the eib board of directors shall participate in annual discharge hearings of the european parliament on the performance and financial management of the efsi .


### given the nature of their constitution , neither the eu guarantee to the eib nor the guarantee fund are ' financial instruments ' within the meaning of regulation no 966 / 2012 of the european parliament and of the council4 . __________________ 4 regulation no 966 / 2012 of the european parliament and of the council of 25 october 2012 on the financial rules applicable to the general budget of the union and repealing council regulation no 1605 / 2002 . ### both the eu guarantee to the eib and the guarantee fund should be used in accordance with the principles of sound financial management , transparency , proportionality , non - discrimination , additionality , equal treatment and subsidiarity as referred to in article 140 of regulation no 966 / 2012 of the european parliament and of the council4 . __________________ 4 regulation no 966 / 2012 of the european parliament and of the council of 25 october 2012 on the financial rules applicable to the general budget of the union and repealing council regulation no 1605 / 2002 .


### given the nature of their constitution , neither the eu guarantee to the eib nor the guarantee fund are ' financial instruments ' within the meaning of regulation no 966 / 2012 of the european parliament and of the council4 . __________________ 4 regulation no 966 / 2012 of the european parliament and of the council of 25 october 2012 on the financial rules applicable to the general budget of the union and repealing council regulation no 1605 / 2002 . ### given their assimilation to union financial instruments , the eu guarantee to the eib and the guarantee fund should comply with the principles of sound financial management , transparency , proportionality , non - discrimination , equal treatment and subsidiarity as referred to in article 140 of regulation no 966 / 2012 of the european parliament and of the council4 and , where appropriate , to the provisions in article 139 of regulation no 966 / 2012 . __________________ 4 regulation no 966 / 2012 of the european parliament and of the council of 25 october 2012 on the financial rules applicable to the general budget of the union and repealing council regulation no 1605 / 2002 .


### at the latest [ po insert date three years after the entry into force of this regulation ] , the commission shall submit a report to the european parliament and the council on the application of this regulation accompanied by any relevant proposal . ### at the latest [ po insert date three years after the entry into force of this regulation ] , the commission shall submit a report to the european parliament and the council on the application of this regulation , including assessment of the value added of the efsi and its additionality to existing eu funding instruments , accompanied by any relevant proposal .


### the eib may call the eu guarantee , in accordance with article 2 , within a cumulated maximum limit corresponding to 1% of the total outstanding eu guarantee obligations to cover expenses that whilst charged to beneficiaries of the financing operations , have not been recovered . ### the eib may call the eu guarantee , in accordance with article 2 , up to an unconditional cap provided for in the efsi agreement to cover expenses that whilst charged to beneficiaries of the financing operations , have not been recovered .


### the eu guarantee and the payments and recoveries under it that are attributable to the general budget of the union shall be audited by the court of auditors . ### the external audits of the activities undertaken in accordance with this regulation shall be carried out by the court of auditors in accordance with article 287 tfeu . the commission shall ensure that the court of auditors is able to exert its right as provided for in the first subparagraph of article 287 tfeu and has full access to all information it needs to carry out its audits . all parties concerned by the activities undertaken in accordance with this regulation shall be made aware of the right of the court of auditors as provided for in the first subparagraph of article 287 . the eib , the eif , all financial intermediaries involved in the activities undertaken in accordance with the efsi regulation and final recipients shall afford the court of auditors all the facilities and give it all the information which the court of auditors considers necessary for the performance of its task , pursuant to article 161 of regulation no 966 / 2012 .


### development of infrastructure , including in the areas of transport , particularly in industrial centres ; energy , in particular energy interconnections ; and digital infrastructure ; ### development of infrastructure , including in the areas of transport , particularly for clean urban transport and projects along the transeuropean network for transport , as defined by regulation no 1315 / 2013 ; energy , in particular energy interconnections ; and digital infrastructure ;


### in accordance with article 17 of the statute of the european investment bank , the eib shall charge the beneficiaries of the financing operations to cover its expenses related to the efsi . without prejudice to sub - paragraph 2 and 3 , no administrative expenditure or any other fees of the eib for financing and investment activities conducted by the eib under this regulation shall be covered from the union budget . ### in accordance with article 17 of the statute of the european investment bank , the eib shall charge the beneficiaries of the financing operations to cover its expenses related to the efsi up to an unconditional cap provided for in the efsi agreement . the risk of non - recoverable eib expenses shall be born entirely by the eib . . without prejudice to sub - paragraph 2 and 3 , no administrative expenditure or any other fees of the eib for financing and investment activities conducted by the eib under this regulation shall be covered from the union budget .


### the eu guarantee shall be granted for eib financing and investment operations approved by the investment committee referred to in article 3 or funding to the eif in order to conduct eib financing and investment operations in accordance with article 7 . the operations concerned shall be consistent with union policies and support any of the following general objectives : ### the eu guarantee shall only be granted for eib financing and investment operations approved by the investment committee referred to in article 3 or funding to the eif in order to conduct eib financing and investment operations in accordance with article 7 that are approved by the investment committee referred to in article 3 . the operations concerned shall be consistent with union policies , complementary to existing union funds or aid schemes , providing european added value and support any of the following general objectives :


### payments from the general budget of the union , ### contributions&#160 ; from the general budget of the union ,


### the report may be accompanied by proposals , as appropriate to the european parliament and the council to amend , delete , extend or replace the derogations provided for in article 28a , consistent with the union economy - wide greenhouse gas emission reduction commitment for 2030 . ### the report shall be accompanied by legislative proposals to the european parliament and the council to amend the existing legislation as necessary , in a manner consistent with the union economy - wide greenhouse gas emission reduction commitment for 2030 .


### from 1 january 2013 , 15 % of allowances shall be auctioned . this percentage may be increased as part of the general review of this directive . ### in article 3d , paragraph 2 is replaced by the following : ' 2 . from 1 january 2021 , 100 % of allowances shall be auctioned . '


### given that key features of the global market - based measure have yet to be developed and that its implementation depends on domestic legislation by states and regions , it is considered appropriate for a review to take place once there is clarity about the nature and content and of these legal instruments in advance of the start of icao ' s global market - based measure , and a report submitted to the european parliament and council . that report should consider any standards or other instruments adopted through icao , the actions taken by third countries to implement the global market - based measure to apply to emissions from 2021 and other relevant international developments . that report should consider how to implement these instruments in union law through a revision of the eu ets . it should also consider the rules applicable to intra - eea flights as appropriate . that report should be accompanied by a proposal as appropriate to the european parliament and the council consistent with ensuring the contribution of aviation to the union ' s 2030 economy - wide greenhouse gas reduction commitment . ### given that key framework conditions of the global market - based measure have yet to be developed and that its implementation depends on domestic legislation by states and regions , it is imperative that the icao measure be reviewed once there is clarity about the nature and content of these legal instruments , and a report should be submitted to the european parliament and the council . that report should consider any standards or other instruments adopted through icao , the actions taken by third countries to implement the global market - based measure to apply to emissions from 2021 and other relevant international developments . that report should consider how these instruments are to be made consistent with the eu ets . that report should be accompanied by a proposal as appropriate to the european parliament and the council consistent with ensuring the contribution of aviation to the union ' s 2030 economy - wide and most feasible from an economic point of view greenhouse gas reduction commitment .


### ‘ 2 . from 1 january 2013 , 15 % of allowances shall be auctioned . this percentage may be increased as part of the general review of this directive’ . ### in article 3d , paragraph 2 is replaced by the following : ‘ 2 . from 1 january 2021 , 50 % of allowances shall be auctioned . ’


### in the light of the resolution adopted at icao ' s 39th assembly in october 2016 on the implementation of a global market - based measure from 2021 to offset international aviation emissions above 2020 levels , it is considered appropriate to continue the existing derogation pending further progress on the design elements and the implementation of the global market - based measure . in this regard , the adoption of standards and recommended practices by icao to complement that resolution and implement the global system is planned for 2018 . however , its concrete operationalisation will require action by icao parties at domestic level . also , governance arrangements must be developed by icao , including a registry system . in this context , the current derogation of the eu ets obligations for flights to and from third countries should be extended , subject to the review on implementing the icao scheme , in order to promote momentum in icao and facilitate the operationalisation of the icao scheme . as a result of the extension of the derogation , the amount of allowances to be auctioned and issued for free , including from the special reserve , should be the same as would correspond to 2016 , and should be proportional to the reduction of the surrender obligation . ### in the light of the resolution adopted at icao ' s 39th assembly in october 2016 on the implementation of a global market - based measure from 2021 to offset international aviation emissions above 2020 levels , it is considered appropriate to continue the existing derogation pending further progress on the design elements and the implementation of the global market - based measure . icao is to adopt standards and recommended practices for the implementation of the global system by 2018 . however , its concrete operationalisation will require action by icao parties at domestic level . also , governance arrangements must be developed by icao , including a registry system . in this context , the current derogation of the eu ets obligations for flights to and from third countries should be extended in order to promote momentum in icao and facilitate the operationalisation of the icao scheme . as a result of the extension of the derogation , the amount of allowances to be auctioned and issued for free , including from the special reserve , should be the same as would correspond to 2016 .


### it shall be for member states to determine the use to be made of revenues generated from the auctioning of allowances . those revenues should be used to tackle climate change in the eu and third countries , inter alia , to reduce greenhouse gas emissions , to adapt to the impacts of climate change in the eu and third countries , especially developing countries , to fund research and development for mitigation and adaptation , including in particular in the fields of aeronautics and air transport , to reduce emissions through low - emission transport and to cover the cost of administering the community scheme . the proceeds of auctioning should also be used to fund contributions to the global energy efficiency and renewable energy fund , and measures to avoid deforestation . ### in article 3d the first subparagraph is replaced by the following : “revenues generated from the auctioning of allowances shall be used to tackle climate change in the eu and third countries , inter alia , to reduce greenhouse gas emissions , to adapt to the impacts of climate change in the eu and third countries , especially developing countries , especially to fund research and development for mitigation and adaptation , in particular in the fields of aeronautics and air transport , to reduce emissions through low - emission transport and to cover the cost of administering the community scheme . the proceeds of auctioning should also be used to fund contributions to the global energy efficiency and renewable energy fund , and measures to avoid deforestation . particular consideration shall be given to the future ninth research framework programme when attributing auction revenues . ” ;


### the commission shall adopt provisions for the appropriate monitoring , reporting and verification of emissions for the purpose of implementing the global market - based measure being elaborated in icao . those provisions shall be based on the same principles as the regulation referred to in article 14 and shall ensure that the emissions reports submitted are verified in accordance with article 15 . ### the commission shall adopt provisions for the appropriate monitoring , reporting and verification of emissions for the purpose of implementing the global market - based measure being elaborated in icao . those provisions shall accord with the recommended standards and practices adopted by icao and should be based on the principles of monitoring and verification referred to in article 14 and the principles and criteria relating to verification referred to in article 15 .


### allowed access to the vessel and farm personnel and to the gear , cages and equipment ### allowed access to the vessel , farm and trap personnel and to the gear , cages and equipment


### by way of derogation from paragraph 3 and 6 , for the years 2015 , 2016 , and 2017 , each member state shall limit the numbers of its purse seiners not authorised to fish for bluefin tuna under the derogation referred to in article 13b to the numbers of purse seiners it authorised in 2013 or 2014 . ### for the years 2015 , 2016 , and 2017 , each member state shall limit the numbers of its purse seiners to the numbers of purse seiners it authorised in 2013 or 2014 . this shall not apply to purse seiners operating under the derogation referred to in point of article 13 .


### in addition to the provisions set out in article 8 , the maximum number of catching vessels authorised to fish for bluefin tuna in the adriatic sea for farming purposes under the specific conditions applying to the derogation referred to in article 13 is set at the number of union catching vessels participating in the directed fishery for bluefin tuna in 2008 . ### in addition to the provisions set out in article 8 , the maximum number of catching vessels authorised to fish for bluefin tuna in the adriatic sea for farming purposes under the specific conditions applying to the derogation referred to in article 13 is set at the number of union catching vessels participating in the directed fishery for bluefin tuna in 2008 . for that purpose , the number of croatian catching vessels participating in the directed fishery for bluefin tuna in 2008 shall be taken into account .


### the flag member state shall withdraw the fishing authorisation for bluefin tuna and shall require the vessel to proceed immediately to a port designated by it when the individual quota is deemed to be exhausted . ### the flag member state shall withdraw the fishing authorisation for bluefin tuna and may require the vessel to proceed immediately to a port designated by it when the individual quota is deemed to be exhausted .


### by 15 february each year , each member state shall send to the commission electronically a list of its traps authorised , by issue of a special fishing authorisation to fish for bluefin tuna in the eastern atlantic and mediterranean . the list shall include the name of the traps and the register number and shall be set up in accordance with the format set in the guidelines by iccat for submitting data and information required . ### by 15 february each year , each member state shall send to the commission electronically a list of its traps authorised , by issue of a fishing authorisation to fish for bluefin tuna in the eastern atlantic and mediterranean . the list shall include the name of the traps and the register number and shall be set up in accordance with the format set in the guidelines by iccat for submitting data and information required .


### authorisations for the export of non - listed items shall be granted for specific items and end - users . the authorisations shall be granted by the competent authority of the member state where the exporter is resident or established or , in case when the exporter is a person resident or established outside the union , by the competent authority of the member state where the items are located . the authorisations shall be valid throughout the union . the authorisations shall be valid for one year , and may be renewed by the competent authority . ### authorisations for the export of non - listed items shall be granted for specific items and end - users . the authorisations shall be granted by the competent authority of the member state where the exporter is resident or established or , in case when the exporter is a person resident or established outside the union , by the competent authority of the member state where the items are located . the authorisations shall be valid throughout the union . the authorisations shall be valid for two years , and may be renewed by the competent authority .


### the list of dual - use items set out in section b of annex i may be amended if this is necessary due to risks that the export of such items may pose as regards the commission of serious violations of human rights or international humanitarian law or the essential security interests of the union and its member states . ### the list of cyber - surveillance items set out in section b of annex i may be amended if this is necessary due to risks that the export of such items may pose as regards the commission of systematic and serious violations of human rights or international humanitarian law , in particular violations of the freedom of expression , the freedom of assembly and the right to privacy in countries where internal repression and the absence of functioning rule of law mechanisms is assessed and reported on by the commission . when listing an item , the following considerations shall be taken into account : the ability to make a clear and objective specification of the item , the foreign availability of the item outside of the union , the ability to control effectively the export of the item as well as the controls by the international export control regimes . the commission may decide to remove an item from the list in particular if in the course of the fast changing technological environment , the products meanwhile became a lower tie or mass products , easily available or technically easy modifiable .


### the communication from the commission on ' the future of food and farming ' set out the bolstering of environmental care and climate action and the contributing to the achievement of union environmental and climate objectives as a strategic orientation of the future cap . hence , sharing land parcel identification system and other integrated administration and control system data has become necessary for environmental and climate purposes at national and union level . provision should therefore be made for sharing the data collected through the integrated system , which is relevant for environmental and climate purposes , between member states ' public authorities and with the union institutions and bodies . in order to increase efficiency in using data available to different public authorities for the production of european statistic , it should also be provided that data from the integrated system has to be made available for statistical purposes to bodies which are part of the european statistical system . ### the communication from the commission on ' the future of food and farming ' set out the bolstering of environmental care and climate action and the contributing to the achievement of union environmental and climate objectives as a strategic orientation of the future cap . the communication also stresses the global dimension of the cap and states the union’s commitment to enhance policy coherence for sustainable development . hence , sharing land parcel identification system and other integrated administration and control system data has become necessary for environmental and climate purposes as well as for the purpose of coherence with other union’s internal and external policies at national and union level . provision should therefore be made for sharing the data collected through the integrated system , which is relevant for these purposes , between member states ' public authorities and with the union institutions and bodies . in order to increase efficiency in using data available to different public authorities for the production of european statistics , it should also be provided that data from the integrated system has to be made available for statistical purposes to bodies which are part of the european statistical system .


### member states shall ensure that the data collection and compilation system is representative . ### member states shall ensure that data collection and compilation system in place provides a comprehensible and comparable high quality data that represent prices of natural gas and electricity .


### protect all citizens from content containing incitement to violence or hatred directed against a group of persons or a member of such a group defined by reference to sex , race , colour , religion , descent or national or ethnic origin . ### protect all citizens from content containing incitement to violence , to the commission of a terrorist offence , to hatred , directed against a group of persons or a member of such a group defined by reference to sex , race , colour , religion , descent or national or ethnic origin .


### member states shall ensure by appropriate means that audiovisual media services provided by media service providers under their jurisdiction do not contain any incitement to violence or hatred directed against a group of persons or a member of such a group defined by reference to sex , racial or ethnic origin , religion or belief , disability , age or sexual orientation . ; ### member states shall ensure by appropriate means that audiovisual media services provided by media service providers under their jurisdiction do not contain any incitement to violence , hatred or hate speech directed against a group of persons or a member of such a group defined by reference to sex , racial or ethnic origin , religion or belief , disability , age or sexual orientation . ;


### national authorities responsible for return may differ significantly among member states , and such authorities may also vary within a member state depending on the reasons for illegal stay . judicial authorities may also issue return decisions in accordance with provisions respecting directive 2008 / 115 / ec , for instance as result of appeals against a refusal of granting an authorisation or right to stay , or as a criminal sanction . all national authorities in charge of issuing and enforcing return decisions in accordance with directive 2008 / 115 / ec should be entitled to access sis in order to enter , update , delete and search alerts on return . ### national authorities responsible for return may differ significantly among member states , and such authorities may also vary within a member state depending on the reasons for illegal stay . furthermore , different national lists of ' safe third countries ' exist . judicial authorities may also issue return decisions in accordance with provisions respecting directive 2008 / 115 / ec , for instance as result of appeals against a refusal of granting an authorisation or right to stay , or as a criminal sanction . all national authorities in charge of issuing and enforcing return decisions in accordance with directive 2008 / 115 / ec should be entitled to access sis in order to enter , update , delete and search alerts on return .


### alerts on return should be deleted as soon as the member state or competent authority that issued the return decision in accordance with provisions respecting directive 2008 / 115 / ec has been informed that the return has taken place . where a return decision is accompanied by an entry ban , the latter should be entered in sis in accordance with article 24 of regulation 2018 / xxx [ border checks ] . in such cases member states should take all necessary measures to ensure that no time - gap exist between the moment in which the third - country national leaves the schengen area and the activation of the alert on the entry ban in sis . ### alerts on return should be deleted as soon as the member state or competent authority that issued the return decision in accordance with provisions respecting directive 2008 / 115 / ec has been informed that the return has taken place . where a return decision is accompanied by an entry ban , the latter should be entered in sis in accordance with article 24 of regulation 2018 / xxx [ border checks ] . in such cases member states should take all necessary measures to ensure that no time - gap exist between the moment in which the third - country national leaves the external borders of a member state and the activation of the alert on the entry ban in sis .


### where economic operators concerned make regulatory information available electronically , they shall do so on the basis of data processed in a certified efti platform and , if applicable , by a certified efti service provider . the regulatory information shall be made available in machine - readable format and , at the request of the competent authority , in human - readable format . ### economic operators concerned shall make regulatory information available electronically . they shall do so on the basis of data processed in a certified efti platform and , if applicable , by a certified efti service provider . the regulatory information shall be made available in machine - readable format and , at the request of the competent authority , in human - readable format .


### since this regulation is only intended to facilitate the provision of information , specifically , by electronic means , it should not affect the provisions of union or national law determining the content of regulatory information and , in particular , should not impose any additional regulatory information requirements . while this regulation is intended to allow compliance with regulatory information requirements through electronic means rather by means of paper documents , it should not otherwise affect the relevant union provisions on requirements regarding the documents to be used for the structured presentation of the information in question . the provisions of union legislation on shipments of waste containing procedural requirements for the shipments as should equally remain unaffected by this regulation . this regulation should also be without prejudice to the provisions on reporting obligations set out in regulation no 952 / 2013 or in implementing or delegated acts adopted under its terms . ### since this regulation is intended to facilitate the provision of information , specifically , by electronic means , it should not affect the provisions of union or national law determining the content of regulatory information . however , the commission should assess the need to enlarge the scope in order to cover additional regulatory information where it would help authorities to improve the enforcement . the provisions of union legislation on shipments of waste containing procedural requirements for the shipments as should equally remain unaffected by this regulation . this regulation should also be without prejudice to the provisions on reporting obligations set out in regulation no 952 / 2013 or in implementing or delegated acts adopted under its terms .


### the details of the information to be included in the pepp key information document in addition to elements already provided for in the key information document for packaged retail and insurance - based investment products under regulation no 1286 / 2014 and the presentation of this information should be further harmonised through regulatory technical standards that complement the regulatory technical standards laid down by commission delegated regulation of 8 march 201734 , taking into account existing and ongoing research into consumer behaviour , including results from testing the effectiveness of different ways of presenting information with consumers . __________________ 34commission delegated regulation of 8 march 2017 supplementing regulation no 1286 / 2014 of the european parliament and of the council of 26 november 2014 on key information documents for packaged retail and insurance - based investment products by laying down regulatory technical standards with regard to the presentation , content , review and revision of key information documents and the conditions for fulfilling the requirement to provide such documents . ### the details of the information to be included in the pepp key information document and the presentation of this information should be further harmonised through regulatory technical standards , taking into account ongoing research into consumer behaviour , including results from testing the effectiveness of different ways of presenting information with consumers . __________________ 34commission delegated regulation of 8 march 2017 supplementing regulation no 1286 / 2014 of the european parliament and of the council of 26 november 2014 on key information documents for packaged retail and insurance - based investment products by laying down regulatory technical standards with regard to the presentation , content , review and revision of key information documents and the conditions for fulfilling the requirement to provide such documents .


### before joining a pepp scheme , potential pepp savers should be given all the necessary information to make an informed choice . ### before joining a pepp scheme , potential pepp savers should be given all the necessary information to make an informed choice . in the case of the standard option , pepp savers should consult a decision tree to help them make such a choice .


### prior to the conclusion of a pepp - related contract , the pepp provider or distributor referred to in article 19 of this regulation shall specify , on the basis of information obtained from the pepp saver , the retirement - related demands and the needs of that pepp saver and shall provide the pepp saver with objective information about the pepp in a comprehensible form to allow that pepp saver to make an informed decision . ### prior to the conclusion of a pepp - related contract , the pepp provider or distributor referred to in article 5 and article 8 of this regulation shall specify , on the basis of information obtained from the pepp saver , the retirement - related demands and the needs of that pepp saver and shall provide the pepp saver with objective information about the pepp in a comprehensible form to allow that pepp saver to make an informed decision .


### not later than three months following the reception of the request under paragraph 2 , the pepp provider shall provide the pepp saver with complete information free of charge and advice under chapter iv , sections ii and iii regarding the conditions applicable to the new compartment . ### not later than one month following the reception of the request under paragraph 2 , the pepp provider shall provide the pepp saver with complete information and advice free of charge under chapter iv , sections ii and iii regarding the conditions applicable to the new compartment .


### eiopa shall monitor pension schemes established or distributed in the territory of the union to verify that they do not use the designation ‘ pepp’ or suggest that they are a pepp unless they are authorised under , and comply with , this regulation . ### eiopa shall monitor pension products established or distributed in the territory of the union to verify that they do not use the designation ‘ pepp’ or suggest that they are a pepp unless they are authorised under this regulation .


### the default investment option shall ensure capital protection for the pepp saver , on the basis of a risk - mitigation technique that results in a safe investment strategy . ### in the default investment option , the pepp provider shall guarantee the pepp saver that the capital accumulated by the start of the decumulation phase will at least equal the contributions paid including all costs and charges ;


### pepp providers should be allowed to make available to pepp savers a wide range of decumulation options . this approach would achieve the goal of enhanced take - up of the pepp through increased flexibility and choice for pepp savers . it would allow providers to design their pepps in the most cost - effective way . it is coherent with other eu policies and politically feasible , as it preserves enough flexibility for member states to decide about which decumulation options they wish to encourage . ### pepp providers should be allowed to make available to pepp savers a wide range of decumulation options during the decumulation phase . this approach would achieve the goal of enhanced take - up of the pepp through increased flexibility and choice for pepp savers . it would allow providers to design their pepps in the most cost - effective way . it is coherent with other eu policies and politically feasible , as it preserves enough flexibility for member states to decide about which decumulation options they wish to encourage .


### the total fees and charges applied by the transferring pepp provider to the pepp saver for the closure of the pepp account held with it shall be limited to no more than 1 , 5 % of the positive balance to be transferred to the receiving pepp provider . ### the total fees and charges applied by the transferring pepp provider to the pepp saver for the closure of the pepp account held with it shall be limited to no more than 1 , 5 % of the positive balance to be transferred to the receiving pepp provider . no further fees , costs or charges shall be applied .


### in order to find better conditions for their investments , thus also stimulating the competition among pepp providers , pepp savers should have the right to switch providers during the accumulation and the decumulation phases , through a clear , quick and safe procedure . ### in order to find better conditions for their investments , thus also stimulating the competition among pepp providers , pepp savers should have the right to switch providers during the accumulation and the decumulation phases , through a clear , quick and safe procedure . in connection with the default option , this should be possible only during the accumulation phase because , for consumer protection reasons , the aim is to ensure reliable annuities and switching may have a negative financial impact .


### eiopa , after consulting national authorities and after consumer testing , shall develop draft implementing technical standards specifying the details of the presentation of the information referred to in article 28 and in this article . ### eiopa shall , after consulting national authorities and on the basis of consumer testing , develop draft implementing technical standards specifying the details of the presentation of the information referred to in article 28 and in this article .


### existing personal pension products may be converted into ‘ pepps’ following authorisation by eiopa . ### existing personal pension products may be converted into ‘ pepps’ following authorisation by eiopa . in such cases , the customer’s consent to conversion shall be required .


### pepp providers should inform pepp savers sufficiently in advance before retirement about their pay - out options . where the retirement benefit is not paid out as a lifetime annuity , members approaching retirement should receive information about the benefit payment products available , in order to facilitate financial planning for retirement . ### pepp providers should inform pepp savers sufficiently in advance before retirement about their pay - out options . when doing so , they should also remind pepp savers about the possibility of switching from one pay - out option to another . the standard option should enable a lump sum payment of up to 30% to be made , with the remainder payable as a lifetime annuity . where the retirement benefit is not paid out as a lifetime annuity , members approaching retirement should receive information about the benefit payment products available , in order to facilitate financial planning for retirement .


### in the case of the establishment of a branch or a permanent presence in another member state , it is appropriate to distribute responsibility for enforcement between home and host member states . while responsibility for compliance with obligations affecting the business as a whole – such as the rules on professional requirements – should remain with the competent authority of the home member state under the same regime as in the case of provision of services , the competent authority of the host member state should assume responsibility for enforcing the rules on information requirements and conduct of business with regard to the services provided within its territory . however , where the competent authority of a host member state becomes aware of any breaches of obligations occurring within its territory with respect to which this directive does not confer responsibility on the host member state , a close cooperation demands that that authority informs the competent authority of the home member state so that the latter takes the appropriate measures . such is the case in particular as regards breaches of the rules on good repute , professional knowledge and competence requirements . moreover , in view of protecting consumers , the competent authority of the host member state should be entitled to intervene if the home member state fails to take appropriate measures or if the measures taken are insufficient . ### in the case of the establishment of a branch or a permanent presence in another member state , it is appropriate to distribute responsibility for enforcement between home and host member states . while responsibility for compliance with obligations affecting the business as a whole – such as the rules on professional requirements – should remain with the competent authority of the home member state under the same regime as in the case of provision of services , the competent authority of the host member state should assume responsibility for enforcing the rules on information requirements and conduct of business with regard to the services provided within its territory . however , where the competent authority of a host member state becomes aware of any breaches of obligations occurring within its territory with respect to which this regulation does not confer responsibility on the host member state , a close cooperation demands that that authority informs the competent authority of the home member state so that the latter takes the appropriate measures . such is the case in particular as regards breaches of the rules on good repute , professional knowledge and competence requirements . moreover , in view of protecting consumers , the competent authority of the host member state should be entitled to intervene if the home member state fails to take appropriate measures or if the measures taken are insufficient .


### without prejudice to the deadline under article 13 , immediately after being informed about the pepp saver ' s intention to exercise his right of mobility between member states , the pepp provider shall inform the pepp saver about the possibility to open a new compartment within the pepp saver ' s individual account and about the deadline within which such compartment could be opened . ### without prejudice to the deadline under article 13 , immediately after being informed about the pepp saver ' s intention to exercise his right of mobility between member states , the pepp provider shall inform the pepp saver about the possibility to open a new compartment within the pepp saver ' s pepp account and about the deadline within which such compartment could be opened for the pepp saver .


### where advice is provided prior to the conclusion of any specific contract , the pepp provider or distributor referred to in article 19 of this regulation shall provide the pepp saver with a personalised recommendation explaining why a particular pepp would best meet the pepp savers’s demands and needs . ### where advice is provided prior to the conclusion of any specific contract , the pepp provider or distributor referred to in article 5 and article 8 of this regulation shall provide the pepp saver with a personalised recommendation explaining why a particular pepp would best meet the pepp saver’s demands and needs .


### the default investment option shall ensure capital protection for the pepp saver , on the basis of a risk - mitigation technique that results in a safe investment strategy . ### in the default option , the pepp provider shall guarantee the pepp saver that the capital accumulated by the start of the pay - out phase will at least equal the contributions paid including all costs and charges . this condition shall apply to all investment options offered under the default option .


### such conditions may include in particular age limits for starting the accumulation phase , minimum duration of the accumulation phase , maximum and minimum amount of in - payments and their continuity , as well as conditions for redemption before retirement age in case of particular hardship . ### such conditions may include in particular age limits for starting the accumulation phase , minimum duration of the accumulation phase , maximum and minimum amount of in - payments , their continuity and the minimum retirement age , as well as conditions for redemption before retirement age in case of particular hardship .


### ‘ pan - european personal pension product ’ means a long - term savings personal pension product , which is provided under an agreed pepp scheme by a regulated financial undertaking authorised under union law to manage collective or individual investments or savings , and subscribed to voluntarily by an individual pepp saver in view of retirement , with no or strictly limited redeemability ; ### ‘ pan - european personal pension product ’ means a long - term savings personal pension product , which is provided under an agreed pepp scheme by a financial undertaking or distributor and subscribed to voluntarily by an individual pepp saver in view of retirement , with no or strictly limited redeemability ;


### three years at the latest after the entry into application of this regulation , each pepp shall offer national compartments for all member states upon request addressed to the pepp provider . ### five years at the latest after the entry into application of this regulation , each pepp shall offer national compartments for all member states upon request addressed to the pepp provider .


### pepp providers shall make available to pepp distributors all appropriate information on the pepp and the product approval process , including the identified target market of the pepp . ### pepp providers shall make available to pepp distributors all appropriate information on the pepp and the product approval process .


### the pepp saver shall be able to opt for a different investment option once every five years of accumulation in the pepp . ### after concluding the pepp contract , the pepp saver shall be able to opt for a different investment option once every five years of accumulation in the pepp during the accumulation phase . further switchings shall only be allowed five years after the last switching . the pepp provider may allow more frequent switching .


### provides for capital accumulation until retirement with only limited possibilities for early withdrawal before retirement ; ### provides for capital accumulation until retirement ;


### for the distribution of pepps , the different types of pepp providers and distributors shall comply with the following rules : ### for the distribution of pepps , the different types of pepp providers and distributors shall comply with the following rules in this chapter :


### the assets shall be predominantly invested on regulated markets . investment in assets which are not admitted to trading on a regulated financial market must in any event be kept to prudent levels ; ### the assets shall be predominantly invested on regulated markets . investment in assets which are not admitted to trading on a regulated financial market must not exceed 20% ;


### in the case of a legal person , the maximum administrative fines referred to in point may be of up to 10 % of the total annual turnover according to the last available accounts approved by the management body ; where the legal person is a parent undertaking or a subsidiary of the parent undertaking which has to prepare consolidated financial accounts in accordance with directive 2013 / 34 / eu of the european parliament and of the council , the relevant total annual turnover shall be the total annual turnover or the corresponding type of income in accordance with the relevant accounting legislative acts according to the last available consolidated accounts approved by the management body of the ultimate parent undertaking ; __________________ 51 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 case of a legal person , the maximum administrative fines referred to in point may be of up to 5 % of the total annual turnover according to the last available accounts approved by the management body ; where the legal person is a parent undertaking or a subsidiary of the parent undertaking which has to prepare consolidated financial accounts in accordance with directive 2013 / 34 / eu of the european parliament and of the council , the relevant total annual turnover shall be the total annual turnover or the corresponding type of income in accordance with the relevant accounting legislative acts according to the last available consolidated accounts approved by the management body of the ultimate parent undertaking ; __________________ 51 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 order to allow a smooth transition for pepp providers , the obligation of providing pepps comprising compartments for each member state will apply three years after the entry into force of this regulation . however , upon launching a pepp , the provider should provide information on which national compartments are immediately available , in order to avoid a possible misleading of consumers . ### in order to allow a smooth transition for pepp providers , the obligation of providing pepps comprising compartments for each member state will apply five years after the entry into force of this regulation . pepp providers should be able to enter into compartment partnerships if they are to fulfil this requirement . however , upon launching a pepp , the provider should provide information on which national compartments are immediately available , in order to avoid a possible misleading of consumers .


### where a pepp provider or distributor referred to in article 19 of this regulation informs the pepp saver that it gives its advice on an independent basis , it shall give that advice on the basis of an analysis of a sufficiently large number of personal pension products available on the market to enable it to make a personal recommendation , in accordance with professional criteria , regarding which the pepp - related contract would be adequate to meet the pepp saver’s needs . such advice must not be limited to pepp - related contracts provided by the pepp provider or distributor itself , by entities having close links with the pepp provider or distributor or by other entities with which the pepp provider or distributor has close legal or economic relationships , including contractual relationships , as to pose a risk of impairing the independent basis of the advice provided . ### where a pepp provider or distributor referred to in article 5 and article 8 of this regulation informs the pepp saver that it gives its advice on an independent basis , it shall give that advice on the basis of an analysis of a sufficiently large number of personal pension products available on the market to enable it to make a personal recommendation , in accordance with professional criteria , regarding which the pepp - related contract would be adequate to meet the pepp saver’s needs . such advice must not be limited to pepp - related contracts provided by the pepp provider or distributor itself , by entities having close links with the pepp provider or distributor or by other entities with which the pepp provider or distributor has close legal or economic relationships , including contractual relationships , as to pose a risk of impairing the independent basis of the advice provided .


### pepp providers and distributors referred to in article 19 of this regulation shall ensure and demonstrate to competent authorities on request that natural persons giving advice on pepps possess the necessary knowledge and competence to fulfil their obligations under this chapter . member states shall publish the criteria to be used for assessing such knowledge and competence . ### pepp providers and distributors referred to in article 5 and article 8 of this regulation shall ensure and demonstrate to competent authorities on request that natural persons giving advice on pepps possess the necessary knowledge and competence to fulfil their obligations under this chapter . member states shall publish the criteria to be used for assessing such knowledge and competence .


### eiopa shall monitor pension schemes established or distributed in the territory of the union to verify that they do not use the designation ‘ pepp’ or suggest that they are a pepp unless they are authorised under , and comply with , this regulation . ### eiopa shall monitor pension products established or distributed in the territory of the union to verify that they do not use the designation ‘ pepp’ or suggest that they are a pepp unless they are authorised under this regulation .


### any subsequent modifications to the documentation and information referred to in paragraphs 1 and 2 shall be immediately notified to eiopa . ### any subsequent modifications to the documentation and information referred to in paragraphs 1 and 2 shall be immediately notified to eiopa by financial undertakings .


### in case of using the portability service , pepp savers are entitled to retain all advantages and incentives granted by the pepp provider and connected with continuous investment in the same pepp . ### in case of using the portability service , pepp savers are entitled to retain all advantages and incentives granted by the pepp provider and connected with continuous investment in its pepp .


### pepp providers shall offer up to five investment options to pepp savers . ### pepp providers shall offer at least one default option . they may also offer additional investment options .


### the risk - mitigation technique to ensure capital protection under the default investment option ; ### the risk - mitigation technique to safeguard capital under the default investment option ;


### the date from which the investments should be directed to the newly - opened compartment ; ### the date from which all deposits made should be directed to the newly - opened compartment ;


### in order to ensure optimal product transparency , pepp manufacturers should draw up the pepp key information document for the pepps that they manufacture before the product can be distributed to pepp savers . they should also be responsible for the accuracy of the pepp key information document . the pepp key information document should replace and adapt the key information document for packaged retail and insurance - based investment products under regulation no 1286 / 2014 of the european parliament and of the council which would not have to be provided for pepps . __________________ 33regulation no 1286 / 2014 of the european parliament and of the council of 26 november 2014 on key information documents for packaged retail and insurance - based investment products , oj l 352 , 9 . 12 . 2014 , p . 1 . ### in order to ensure optimal product transparency , pepp manufacturers should draw up the pepp key information document for the pepps that they manufacture before the product can be distributed to pepp savers . they should also be responsible for the accuracy of the pepp key information document . __________________ 33regulation no 1286 / 2014 of the european parliament and of the council of 26 november 2014 on key information documents for packaged retail and insurance - based investment products , oj l 352 , 9 . 12 . 2014 , p . 1 .


### when providing advice on pepps , the pepp provider or distributor referred to in article 19 of this regulation shall comply with the applicable national laws giving effect to the rules set out in article 25 of directive 2014 / 65 / eu and with any directly applicable union legislation adopted under article 25 of that directive relating to those rules . ### when providing advice on pepps , the pepp provider or distributor referred to in article 5 and article 8 of this regulation shall comply with the applicable national laws giving effect to the rules set out in article 25 of directive 2014 / 65 / eu and with any directly applicable union legislation adopted under article 25 of that directive relating to those rules .


### ‘ capital’ means aggregate capital contributions and uncalled committed capital , calculated on the basis of amounts investible after deduction of all fees , charges and expenses that are directly or indirectly borne by investors ; ### ‘ capital’ means aggregate capital contributions and uncalled committed capital , calculated on the basis of amounts investible before deduction of all fees , charges and expenses that are directly or indirectly borne by investors ;


### in respect of gas pipelines to and from third countries completed before [ po : date of entry into force of this directive ] , member states may decide to derogate from articles 9 , 10 , 11 and 32 and article 41 , and for the sections of such pipelines between the border of union jurisdiction and the first interconnection point , provided that the derogation would not be detrimental to competition on or the effective functioning of the internal market in natural gas in the union , or the security of supply in the union . ### in respect of gas pipelines to and from third countries completed before [ po : date of entry into force of this directive ] , member states may decide to derogate from articles 9 , 10 , 11 and 32 and article 41 , and for the sections of such pipelines between the border of union jurisdiction and the first interconnection point , provided that the derogation would not be detrimental to competition on or the effective functioning of the internal market in natural gas in the union , or the security of supply in the union . any such decision shall be taken only following consultations with the commission .


### major new gas infrastructure , i . e . interconnectors , lng and storage facilities , may , upon request , be exempted , for a defined period of time , from the provisions of articles 9 , 32 , 33 and 34 and article 41 , and under the following conditions : the investment must enhance competition in gas supply and enhance security of supply the level of risk attached to the investment must be such that the investment would not take place unless an exemption was granted ; the infrastructure must be owned by a natural or legal person which is separate at least in terms of its legal form from the system operators in whose systems that infrastructure will be built ; charges must be levied on users of that infrastructure ; and the exemption must not be detrimental to competition or the effective functioning of the internal market in natural gas , or the efficient functioning of the regulated system to which the infrastructure is connected ; ### paragraph 1 is replaced by the following : ' 1 . major new gas infrastructure , i . e . interconnectors , lng and storage facilities , may , upon request , be exempted , for a defined period of time not longer than [ po : 5 years from the date of entry into force of this directive ] , from the provisions of articles 9 , 32 , 33 and 34 and article 41 , and under the following conditions : the investment must enhance competition in gas supply and enhance security of supply ; the level of risk attached to the investment must be such that the investment would not take place unless an exemption was granted ; the infrastructure must be owned by a natural or legal person which is separate at least in terms of its legal form from the system operators in whose systems that infrastructure will be built ; charges must be levied on users of that infrastructure ; and the exemption must not be detrimental to competition or the effective functioning of the internal market in natural gas , the efficient functioning of the regulated system to which the infrastructure is connected , or to the diversification and security of the supply of natural gas to and within the union or any member state . '


### the derogation shall be limited in time and may be subject to conditions which contribute to the achievement of the above conditions . ### the derogation may be limited in time for a maximum of one year and may only be extended upon approval by the member states concerned and after consulting the european parliament .


### member states shall bring into force the laws , regulations and administrative provisions necessary to comply with this directive by [ po : one year after the date of entry into force ] at the latest . they shall forthwith communicate to the commission the text of those provisions . ### member states shall bring into force the laws , regulations and administrative provisions necessary to comply with this directive by [ po : three months after the date of entry into force ] at the latest . they shall forthwith communicate to the commission the text of those provisions .


### ‘ interconnector’ means a transmission line which crosses or spans a border between member states or between member states and third countries up to the border of union jurisdiction ; ### ‘ interconnector’ means a transmission line which crosses or spans a border between member states or between member states and third countries up to the border of union jurisdiction , including territorial waters and exclusive economic zones of the member states ;


### the applicability of directive 2009 / 73 / ec for gas pipelines to and from third countries remains confined to the territorial limit of union’s jurisdiction . as regards offshore pipelines , it should be applicable in the territorial waters and exclusive economic zones of the member states . ### the applicability of directive 2009 / 73 / ec for gas pipelines to and from third countries remains confined to the territorial limit of the union’s jurisdiction . as regards offshore pipelines , it should be applicable in the territorial waters and exclusive economic zones of the member states , where this is in accordance with the united nations convention on the law of the sea .


### this directive seeks to address the remaining obstacles to the completion of the internal market in natural gas resulting from the non - application of union market rules to gas pipelines to and from third countries . the amendments introduced by this directive will ensure that the rules applicable to gas transmission pipelines connecting two or more member states , are also applicable to pipelines to and from third countries within the union . this will establish consistency of the legal framework within the union while avoiding distortion of competition in the internal energy market in the union . it will also enhance transparency and provide legal certainty as regards the applicable legal regime to market participants , in particular investors in gas infrastructure and network users . ### this directive seeks to address the remaining obstacles to the completion of the internal market in natural gas resulting from the non - application of union market rules to gas pipelines to and from third countries . the amendments introduced by this directive will ensure that the rules applicable to gas transmission pipelines connecting two or more member states , are also applicable to pipelines to and from third countries within the union that have a significant impact on the internal market in natural gas . this will establish consistency of the legal framework within the union while avoiding distortion of competition in the internal energy market in the union . it will also enhance transparency and provide legal certainty as regards the applicable legal regime to market participants , in particular investors in gas infrastructure and network users .


### major new gas infrastructure , i . e . interconnectors , lng and storage facilities , may , upon request , be exempted , for a defined period of time , from the provisions of articles 9 , 32 , 33 and 34 and article 41 , and under the following conditions : the investment must enhance competition in gas supply and enhance security of supply the level of risk attached to the investment must be such that the investment would not take place unless an exemption was granted ; the infrastructure must be owned by a natural or legal person which is separate at least in terms of its legal form from the system operators in whose systems that infrastructure will be built ; charges must be levied on users of that infrastructure ; and the exemption must not be detrimental to competition or the effective functioning of the internal market in natural gas , or the efficient functioning of the regulated system to which the infrastructure is connected ; ### paragraph 1 is replaced by the following : ' 1 . major new gas infrastructure , i . e . interconnectors , lng and storage facilities , may , upon request , be exempted , for a defined period of time , from the provisions of articles 9 , 32 , 33 and 34 and article 41 , and if the following cumulative conditions are fulfilled : the investment must enhance competition in gas supply and enhance security of supply ; the level of risk attached to the investment must be such that the investment would not take place unless an exemption was granted ; the infrastructure must be owned by a natural or legal person which is separate at least in terms of its legal form from the system operators in whose systems that infrastructure will be built ; charges must be levied on users of that infrastructure ; and the exemption must not be detrimental to competition in the relevant markets which are likely to be affected by the investment , the effective functioning of the internal market in natural gas , the efficient functioning of the concerned regulated systems . '


### in respect of gas pipelines to and from third countries completed before [ po : date of entry into force of this directive ] , member states may decide to derogate from articles 9 , 10 , 11 and 32 and article 41 , and for the sections of such pipelines between the border of union jurisdiction and the first interconnection point , provided that the derogation would not be detrimental to competition on or the effective functioning of the internal market in natural gas in the union , or the security of supply in the union . ### ' in respect of gas pipelines to and from third countries completed before [ po : date of entry into force of this directive ] , member states may decide to derogate from articles 9 , 10 , 11 and 32 and article 41 , and for the sections of such pipelines between the border of union jurisdiction and the first interconnection point .


### where the infrastructure in question is under the jurisdiction of a member state and one third countries , the national regulatory authority shall consult the relevant authorities of the third countries prior to adopting a decision . ; ### “prior to adopting the decision the national regulatory authority shall consult : the national regulatory authorities of the member states whose markets are likely to be affected by the new infrastructure ; and the relevant authorities of the third countries , where the infrastructure in question is under jurisdiction of a member state and one third countries . ”


### in respect of gas pipelines to and from third countries completed before [ po : date of entry into force of this directive ] , member states may decide to derogate from articles 9 , 10 , 11 and 32 and article 41 , and for the sections of such pipelines between the border of union jurisdiction and the first interconnection point , provided that the derogation would not be detrimental to competition on or the effective functioning of the internal market in natural gas in the union , or the security of supply in the union . ### in respect of gas pipelines to and from third countries completed before [ po : date of entry into force of this directive ] or of those the planning or construction of which has already begun and for which significant investments have already been made , member states may decide to derogate from articles 9 , 10 , 11 and 32 and article 41 , and for the sections of such pipelines between the border of union jurisdiction and the first interconnection point , provided that the derogation would not be detrimental to competition on or the effective functioning of the internal market in natural gas in the union , or the security of supply in the union .


### major new gas infrastructure , i . e . interconnectors , lng and storage facilities , may , upon request , be exempted , for a defined period of time , from the provisions of articles 9 , 32 , 33 and 34 and article 41 , and under the following conditions : the investment must enhance competition in gas supply and enhance security of supply the level of risk attached to the investment must be such that the investment would not take place unless an exemption was granted ; the infrastructure must be owned by a natural or legal person which is separate at least in terms of its legal form from the system operators in whose systems that infrastructure will be built ; charges must be levied on users of that infrastructure ; and the exemption must not be detrimental to competition or the effective functioning of the internal market in natural gas , or the efficient functioning of the regulated system to which the infrastructure is connected ; ### paragraph 1 is replaced by the following : ' 1 . major new gas infrastructure , i . e . interconnectors , lng and storage facilities , may , upon request , be exempted , for a defined period of time , from the provisions of articles 9 , 32 , 33 and 34 and article 41 , and under the following cumulative conditions : the investment must enhance competition in gas supply and enhance security of supply ; the level of risk attached to the investment must be such that the investment would not take place unless an exemption was granted ; the infrastructure must be owned by a natural or legal person which is separate at least in terms of its legal form from the system operators in whose systems that infrastructure will be built ; charges must be levied on users of that infrastructure ; and the exemption must not be detrimental to competition in the relevant markets , which are likely to be affected by the investment , the effective functioning of the internal market in natural gas , the efficient functioning of the concerned regulated systems ; no eu restrictive measures , such as economic sanctions were imposed on the third country involved in the investment . '


### the derogation shall be limited in time and may be subject to conditions which contribute to the achievement of the above conditions . ### the derogation shall be limited in time and may be subject to conditions which contribute to the achievement of the above conditions . the derogation may be granted for a period not exceeding 5 years .