### operators of retransmission services offered on satellite , digital terrestrial , closed circuit ip - based , mobile and similar networks , provide services which are equivalent to those provided by operators of cable retransmission services when they retransmit simultaneously , in an unaltered and unabridged manner , for reception by the public , an initial transmission from another member state of television or radio programmes , where this initial transmission is by wire or over the air , including by satellite but excluding online transmissions , and intended for reception by the public . they should therefore be within the scope of this regulation and benefit from the mechanism introducing mandatory collective management of rights . retransmission services which are offered on the open internet should be excluded from the scope of this regulation as those services have different characteristics . they are not linked to any particular infrastructure and their ability to ensure a controlled environment is limited when compared for example to cable or closed circuit ip - based networks . ### operators of retransmission services offered on satellite , digital terrestrial , closed circuit ip - based , mobile and similar networks , provide services which are equivalent to those provided by operators of cable retransmission services when they retransmit simultaneously , in an unaltered and unabridged manner , for reception by the public , an initial transmission from another member state of television or radio programmes , where this initial transmission is by wire or over the air , including by satellite but excluding online transmissions , and intended for reception by the public . they should therefore be within the scope of this regulation and benefit from the mechanism introducing mandatory collective management of rights . for retransmission services which are offered on the open internet this regulation should apply , when they can ensure a controlled environment like a defined group of subscribers or registered users .


### operators of retransmission services , that normally offer multiple programmes which use a multitude of works and other protected subject matter included in the retransmitted television and radio programmes , have a very short time - frame for obtaining the necessary licences and hence also face a significant rights clearing burden . there is also a risk for right holders of having their works and other protected subject matter exploited without authorisation or payment of remuneration . ### operators of retransmission services that normally offer multiple programmes which use a multitude of works and other protected subject matter included in the retransmitted television and radio programmes , have the possibility , in the context of contractual freedom , of obtaining necessary licences and thereby guaranteeing right holders the necessary equitable remuneration they need so that they can continue to offer a wide variety of content , also in the consumer ' s interest .


### the development of digital technologies and internet has transformed the distribution of and access to television and radio programmes . users increasingly expect to have access to television and radio programmes both live and on - demand , using traditional channels such as satellite or cable and also through online services . broadcasting organisations are therefore increasingly offering , in addition to their own broadcasts of television and radio programmes , online services ancillary to their broadcast , such as simulcasting and catch - up services . retransmission services operators , which aggregate broadcasts of television and radio programmes into packages and provide them to users simultaneously to the initial transmission of the broadcast , unaltered and unabridged , use various techniques of retransmission such as cable , satellite , digital terrestrial , closed circuit ip - based or mobile networks as well as the open internet . on the part of users , there is a growing demand for access to broadcasts of television and radio programmes not only originating in their member state but also in other member states of the union , including from members of linguistic minorities of the union as well as from persons who live in another member state than their member state of origin . ### the development of digital technologies and of the online marketplace is transforming the distribution of , and access to , television and radio programmes . users increasingly expect to have access to television and radio programmes both live and on - demand , using traditional channels such as satellite or cable and also through online services . broadcasting organisations are therefore increasingly offering , in addition to their own broadcasts of television and radio programmes , online services ancillary to their broadcast , such as simulcasting and catch - up services , in order to broaden their standard programming . retransmission services operators , which aggregate broadcasts of television and radio programmes into packages and provide them to users simultaneously to the initial transmission of the broadcast , unaltered and unabridged , use various techniques of retransmission such as cable , satellite , digital terrestrial , closed circuit ip - based or mobile networks as well as the open internet . on the part of users , there is a growing demand for access to broadcasts of television and radio programmes not only originating in their member state but also in other member states of the union , including from members of linguistic minorities of the union as well as from persons who live in a member state other than their member state of origin .


### as a consequence of the entry into force of the treaty of lisbon , the powers conferred on the commission under regulation no 726 / 2004 should be aligned to articles 290 and 291 of the treaty on the functioning of the european union . in order to supplement or amend certain non - essential elements of regulation no 726 / 2004 , the power to adopt acts in accordance with article 290 of the treaty should be delegated to the commission in respect of amending the annex to technical and scientific progress , determining the situations in which post - authorisation efficacy studies may be required , laying down provisions and requirements for granting marketing authorisations subject to certain specific obligations , establishing procedures for the examination of applications for variations to the terms of marketing authorisations and for the examination of applications for the transfer of marketing authorisations and laying down the procedure for investigating the infringements and the imposition of fines or periodic penalty payments to the holders of marketing authorisations granted under this regulation , the maximum amounts of these penalties as well as the conditions and methods for their collection . ### as a result of the entry into force of the treaty of lisbon , the powers conferred on the commission under regulation no 726 / 2004 should be aligned to articles 290 and 291 of the treaty on the functioning of the european union . in order to supplement or amend certain non - essential elements of regulation no 726 / 2004 , the power to adopt acts in accordance with article 290 of the treaty should be delegated to the commission in respect of amending the annex with regard to technical and scientific progress , determining the situations in which post - authorisation efficacy studies may be required , laying down provisions and requirements for granting marketing authorisations subject to certain specific obligations , establishing procedures for the examination of applications for variations to the terms of marketing authorisations and for the examination of applications for the transfer of marketing authorisations and laying down the procedure for investigating the infringements and the imposition of fines or periodic penalty payments to the holders of marketing authorisations granted under this regulation , the maximum amounts of these penalties as well as the conditions and methods for their collection .


### support under point of article 36 shall only be granted in duly justified cases and where the drop of income exceeds 20 % of the average annual income of the individual farmer in the preceding three - year period or a three - year average based on the preceding five - year period excluding the highest and lowest entry . income for the purposes of point of article 36 shall refer to the sum of revenues the farmer receives from the market , including any form of public support , deducting input costs . payments by the mutual fund to farmers shall compensate for less than 70 % of the income lost in the year the producer becomes eligible to receive this assistance . ### support under point of article 36 shall only be granted in duly justified cases and where the drop of income related to the specific production for which the income stabilisation tool has been set up exceeds 20 % of the average annual income of the individual farmer for this specific production in the preceding three - year period or a three - year average based on the preceding five - year period excluding the highest and lowest entry . income for the purposes of point of article 36 shall refer to the sum of revenues the farmer receives from the market for this specific production , including any form of public support , deducting input costs associated to this specific production . payments by the mutual fund to farmers shall compensate for less than 70 % of the income lost in the year the producer becomes eligible to receive this assistance . indexes may be used to calculate the annual income loss of the farmer . the index calculation method used shall permit the fair estimation of the actual income loss of an individual farmer of a specific sector in a given year .


### “with regard to support granted under rural development , as referred to in article 67 , this paragraph shall apply in respect of the aid applications or payment claims submitted from claim year 2018 , except as regards the payment of advances of up to 75 % provided for in the third subparagraph of this paragraph . ” ### in article 75 , the fourth subparagraph is replaced by the following : “with regard to support granted under rural development , as referred to in article 67 , this paragraph shall apply in respect of the aid applications or payment claims submitted from claim year 2020 , except as regards the payment of advances of up to 75 % provided for in the third subparagraph of this paragraph . ”


### ' financial contributions to premiums for crop , animal and plant insurance against economic losses to farmers caused by adverse climatic events , animal or plant diseases , pest infestation , or an environmental incident ; ' ### in article 36 , in paragraph 1 , point is replaced by the following : ' financial contributions to premiums for crop , animal and plant insurance against economic losses to farmers caused by adverse climatic events , animal or plant diseases , pest infestation , or an environmental incident or to cover revenue variations ; '


### instead of applying paragraphs 6 to 9 , member states may allocate an annual lump sum amount per farmer calculated by multiplying a fixed number of hectares by a figure corresponding to 25 % of the national average payment per hectare , as established in accordance with paragraph 8 . ### in article 50 , the first subparagraph is replaced by the following : instead of applying paragraphs 6 to 9 , member states may allocate an annual lump sum amount per farmer calculated by multiplying a fixed number of hectares by a figure corresponding to 50% of the national average payment per hectare , as established in accordance with paragraph 8 .


### an income stabilisation tool , in the form of financial contributions to mutual funds , providing compensation to farmers of a specific sector for a severe drop in their income . ; ### a sector - specific income stabilisation tool , in the form of financial contributions to mutual funds , providing compensation to farmers of a specific sector for a severe drop in their income . ;


### coupled support may only be granted to the extent necessary to create an incentive to maintain current levels of production in the sectors or regions concerned . ### in article 52 , paragraph 5 is replaced by the following : with the exception of protein crops , coupled support may only be granted to the extent necessary to create an incentive to maintain current levels of production in the sectors or regions concerned .


### ““article 101 tfeu shall not apply to agreements , decisions and concerted practices of farmers , farmers’ associations , or associations of such associations , or producer organisations recognised under article 152 of this regulation , or associations of producer organisations recognised under article 156 of this regulation , which concern the production or sale of agricultural products or the use of joint facilities for the storage , treatment or processing of agricultural products , unless the objectives of article 39 tfeu are jeopardised . ”“ ### 4 a . in article 209 , subparagraph 2 is replaced by the following : ““article 101 tfeu shall not apply to agreements , decisions and concerted practices of farmers , farmers’ associations , or associations of such associations , or producer organisations recognised under article 152 of this regulation , or bargaining organisations recognised under article 152a of this regulation , or their associations recognised under article 156 of this regulation , which concern the production or sale of agricultural products or the use of joint facilities for the storage , treatment or processing of agricultural products , unless the objectives of article 39 tfeu are jeopardised . ”“


### the commission is empowered to adopt delegated acts in accordance with article 227 amending paragraph 1 to add member states where the degree of organisation of producers in the fruit and vegetable sector is particularly low and to delete member states where that is no longer the case . ### the degree of organisation of producers in a region of a member state shall be considered particularly low where the average degree of organisation has been less than 20 % for three consecutive years preceding the date of request for national financial assistance . such the degree of organisation shall be calculated as the value of fruit and vegetable production that was obtained in the region concerned and marketed by producer organisations , associations of producer organisations and producer groups , divided by the total value of the fruit and vegetable production that was obtained in that region . the commission shall adopt implementing acts defining the average degree of organisation in the union and also the degree of organisation in member states and regions . laying down further detailed rules on the calculation of the degree of organisation . those implementing acts shall be adopted in accordance with the examination procedure referred to in article 229 .


### “7 . member states applying article 36 shall each year calculate the amount of the payment for young farmers by multiplying a figure corresponding to 25 % of the single area payment calculated in accordance with article 36 by the number of eligible hectares that the farmer has declared in accordance with article 36 . ” ### in article 50 , paragraph 7 is replaced by the following : “7 . member states applying article 36 shall each year calculate the amount of the payment for young farmers by multiplying a figure corresponding to a value of no more than 50 % of the single area payment calculated in accordance with article 36 by the number of eligible hectares that the farmer has declared in accordance with article 36 . ”


### bulgaria , croatia , cyprus , estonia , finland , greece , hungary , lithuania , luxemburg , malta , poland , romania , slovakia and slovenia may grant producer organisations on their request national financial assistance equal to a maximum of 1 % of their value of marketed production . that assistance shall be additional to the operational fund . ### in regions of member states in which the degree of organisation of producers in the fruit and vegetables sector is particularly low below the eu average , member states may grant producer organisations national financial assistance equal to a maximum of 80 % of the financial contributions referred to in point of article 32 and of up to [ . . . ] 10% of the value of the marketed production of any such producer organisation . that assistance shall be additional to the operational fund .


### support under point of paragraph 1 shall be paid in at least two instalments . instalments may be degressive . the payment of the last instalment under points and of paragraph 1 shall be conditional upon the correct implementation of the business plan . ; ### 5 . support under point of paragraph 1 shall be paid in a single instalment . payment shall be conditional upon the correct implementation of the business plan and shall be made , in any event , within one year following the full implementation of the business plan .


### ' ' 1 . without prejudice to paragraphs 5 , 6 and 7 of this article , the total amount of union support for rural development under this regulation for the period from 1 january 2014 to 31 december 2020 shall be eur 84 936 million , in 2011 prices , in accordance with the multiannual financial framework for the years 2014 to 2020 . ' ### in article 58 , paragraph 1 is replaced by the following : ' ' 1 . without prejudice to paragraphs 5 , 6 and 7 of this article , the total amount of union support for rural development under this regulation for the period from 1 january 2014 to 31 december 2020 shall be eur 84 936 million , in 2011 prices , in accordance with the multiannual financial framework for the years 2014 to 2020 . without prejudice to a redefinition of the total amount of union support for rural development , the current rural development programmes , approved in accordance with article 10 , shall apply until a new reform is adopted . ' '


### ' financial contributions to premiums for crop , animal and plant insurance against economic losses to farmers caused by adverse climatic events , animal or plant diseases , pest infestation , or an environmental incident ; ' ### in article 36 , point a is replaced by the following : ' financial contributions to premiums for crop , animal , plant and income insurance against economic losses to farmers caused by adverse climatic events , animal or plant diseases , pest infestation , an environmental incident or market related hazard ; '


### member states applying article 36 shall each year calculate the amount of the payment for young farmers by multiplying a figure corresponding to 25% of the single area payment calculated in accordance with article 36 by the number of eligible hectares that the farmer has declared in accordance with article 36 . ### in article 50 , paragraph 7 is replaced by the following : member states applying article 36 shall each year calculate the amount of the payment for young farmers by multiplying a figure corresponding to 50% of the single area payment calculated in accordance with article 36 by the number of eligible hectares that the farmer has declared in accordance with article 36 .


### by way of derogation from the paragraphs 6 and 7 , member states may calculate each year the amount of the payment for young farmers by multiplying a figure corresponding to 25 % of the national average payment per hectare by the number of entitlements that the farmer has activated in accordance with article 32 , or by the number of eligible hectares that the farmer has declared in accordance with article 36 . ### in article 50 , paragraph 8 is replaced by the following : by way of derogation from the paragraphs 6 and 7 , member states may calculate each year the amount of the payment for young farmers by multiplying a figure corresponding to 50% of the national average payment per hectare by the number of entitlements that the farmer has activated in accordance with article 32 , or by the number of eligible hectares that the farmer has declared in accordance with article 36 .


### ' support under this measure shall be granted , per hectare of agricultural area , to farmers or groups of farmers who undertake , on a voluntary basis , to convert to or maintain organic farming practices and methods as defined in regulation no 834 / 2007 and who are active farmers within the meaning of article 9 of regulation no 1307 / 2013 . ' ### in article 29 , paragraph 1 , is replaced by the following : ' support under this measure shall be granted , per hectare of agricultural area and , where justified per livestock unit , to farmers or groups of farmers who undertake , on a voluntary basis , to convert to or maintain organic farming practices and methods as defined in regulation no 834 / 2007 and who are active farmers within the meaning of article 9 of regulation no 1307 / 2013 . '


### “7 . member states applying article 36 shall each year calculate the amount of the payment for young farmers by multiplying a figure corresponding to 25 % of the single area payment calculated in accordance with article 36 by the number of eligible hectares that the farmer has declared in accordance with article 36 . ” ### 3 c . in article 50 , paragraph 7 is replaced by the following : “7 . member states applying article 36 shall each year calculate the amount of the payment for young farmers by multiplying a figure corresponding a value not higher than 50% of the single area payment calculated in accordance with article 36 by the number of eligible hectares that the farmer has declared in accordance with article 36 . ”


### ' 1 . support under this measure shall be granted , per hectare of agricultural area , to farmers or groups of farmers who undertake , on a voluntary basis , to convert to or maintain organic farming practices and methods as defined in regulation no 834 / 2007 and who are active farmers within the meaning of article 9 of regulation no 1307 / 2013 . ' ### in article 29 , paragraph 1 is replaced by the following : ' 1 . support under this measure shall be granted , per hectare of agricultural area and , in duly justified cases , per livestock units , to farmers or groups of farmers who undertake , on a voluntary basis , to convert to or maintain organic farming practices and methods as defined in regulation no 834 / 2007 and who are active farmers within the meaning of article 9 of regulation no 1307 / 2013 '


### support under point of article 36 shall only be granted in duly justified cases and where the drop of income exceeds 20 % of the average annual income of the individual farmer in the preceding three - year period or a three - year average based on the preceding five - year period excluding the highest and lowest entry . income for the purposes of point of article 36 shall refer to the sum of revenues the farmer receives from the market , including any form of public support , deducting input costs . payments by the mutual fund to farmers shall compensate for less than 70 % of the income lost in the year the producer becomes eligible to receive this assistance . ### support under point of article 36 shall only be granted in duly justified cases and where the drop of income related to the specific production for which the income stabilisation tool has been set up exceeds 20 % of the average annual income of the individual farmer for this specific production in the preceding three - year period or a three - year average based on the preceding five - year period excluding the highest and lowest entry . income for the purposes of point of article 36 shall refer to the sum of revenues the farmer receives from the market for this specific production , including any form of public support , deducting input costs associated to this specific production . payments by the mutual fund to farmers shall compensate for less than 70 % of the income lost in the year the producer becomes eligible to receive this assistance . indexes may be used to calculate the annual income loss of the farmer . the index calculation method used shall permit the fair estimation of the actual income loss of an individual farmer of a specific sector in a given year .


### “ ### - 1 a . in article 4 , the point i is replaced by the following : “ “grasses or other forage species” means all herbaceous and woody plants traditionally found in natural pastures or normally included in mixtures of seeds for pastures or meadows in the member state , whether or not used for grazing animals . ”


### ' date of setting up ' means the date when the setting up process begins by means of action to be performed by the applicant . ; ### ' date of setting up ' means the date when the applicants performs or completes action related to the setting up referred to in point . ;


### “ “permanent grassland and permanent pasture” means land used to grow grasses or other herbaceous forage naturally or through cultivation and that has not been included in the crop rotation of the holding for five years or more ; it may include other species such as shrubs and / or trees which can be grazed provided that the grasses and other herbaceous forage remain predominant as well as , where member states so decide , land which can be grazed and which forms part of established local practices where grasses and other herbaceous forage are traditionally not predominant in grazing areas ; ” ### in article 4 , this point is replaced by the following : “ “ “permanent grassland and permanent pasture” means land used to grow grasses or other herbaceous forage naturally or through cultivation and that has not been included in the crop rotation of the holding for five years or more ; it may include other species such as shrubs and / or trees which can be grazed provided that the grasses and other herbaceous forage remain predominant as well as , where member states so decide , land which can be grazed and , where member states so decide , other sources of non - forage animal feed provided that the grasses and other herbaceous forage remain predominant as well as , where member states so decide : land which can be grazed and which forms part of established local practices where grasses and other herbaceous forage are traditionally not predominant in grazing areas , and / or land which can be grazed where grasses and other herbaceous forage are not predominant , or absent , in grazing areas ; for the purpose of this definition member states may decide that the following practices are crop rotations : the seeding of grasses or other herbaceous forage on an area after removal of a prior cover of grass or other herbaceous forage if the new cover is established by species or a mix of species other than the prior cover , or the seeding of grasses or other herbaceous forage on an area directly or after removal of a prior cover of grass or other herbaceous forage ; ”“


### support under point of article 36 shall only be granted in duly justified cases and where the drop of income exceeds 20 % of the average annual income of the individual farmer in the preceding three - year period or a three - year average based on the preceding five - year period excluding the highest and lowest entry . income for the purposes of point of article 36 shall refer to the sum of revenues the farmer receives from the market , including any form of public support , deducting input costs . payments by the mutual fund to farmers shall compensate for less than 70 % of the income lost in the year the producer becomes eligible to receive this assistance . ### support under point of article 36 shall only be granted in duly justified cases and where the drop of income exceeds a threshold of at least 20 % of the average annual income of the group of farmers in a specific sector in the preceding three - year period or a three - year average based on the preceding five - year period excluding the highest and lowest entry . indexes may be used in order to calculate the annual income of the farmer . income for the purposes of point of article 36 shall refer to the sum of revenues the farmer receives from the market , including any form of public support , deducting input costs . payments by the mutual fund to farmers shall compensate for less than 70 % of the income lost in the year the producer becomes eligible to receive this assistance .


### 25% of an amount calculated by dividing a fixed percentage of the national ceiling for the calendar year 2019 set out in annex ii by the number of all eligible hectares declared in 2015 in accordance with article 33 . that fixed percentage shall be equal to the share of the national ceiling remaining for the basic payment scheme in accordance with article 22 for 2015 . ### in article 50 , point is replaced by the following : 50% of an amount calculated by dividing a fixed percentage of the national ceiling for the calendar year 2019 set out in annex ii by the number of all eligible hectares declared in 2015 in accordance with article 33 . that fixed percentage shall be equal to the share of the national ceiling remaining for the basic payment scheme in accordance with article 22 for 2015 .


### the commission is empowered to adopt delegated acts in accordance with article 227 amending paragraph 1 to add member states where the degree of organisation of producers in the fruit and vegetable sector is particularly low and to delete member states where that is no longer the case . ### the degree of organisation of producers in a region of a member state shall be considered particularly low where the average degree of organisation has been less than 20 % for three consecutive years preceding the date of request for national financial assistance . such the degree of organisation shall be calculated as the value of fruit and vegetable production that was obtained in the region concerned and marketed by producer organisations , associations of producer organisations and producer groups , divided by the total value of the fruit and vegetable production that was obtained in that region . the commission shall adopt implementing acts defining the average degree of organisation in the union and also the degree of organisation in member states and regions . laying down further detailed rules on the calculation of the degree of organisation . those implementing acts shall be adopted in accordance with the examination procedure referred to in article 229 .


### “ 25 % of the average value of the owned or leased - in payment entitlements held by the farmer ; or” ### 3 a . in article 50 , point a is replaced by the following : “ up to a value not higher than 50% of the average value of the owned or leased - in payment entitlements held by the farmer ; or”


### bulgaria , croatia , cyprus , estonia , finland , greece , hungary , lithuania , luxemburg , malta , poland , romania , slovakia and slovenia may grant producer organisations on their request national financial assistance equal to a maximum of 1 % of their value of marketed production . that assistance shall be additional to the operational fund . ### in regions of member states in which the degree of organisation of producers in the fruit and vegetables sector is particularly low below the eu average , member states may grant producer organisations national financial assistance equal to a maximum of 80 % of the financial contributions referred to in point of article 32 and of up to [ . . . ] 10% of the value of the marketed production of any such producer organisation . that assistance shall be additional to the operational fund .


### as a rule , reporting persons should first use the internal channels at their disposal and report to their employer . however , it may be the case that internal channels do not exist or that their use is not mandatory , or that they were used but did not function properly . ### without prejudice to the other provisions of this directive , as a general rule , reporting persons should first use the internal channels at their disposal and report to their employer . however , it may be the case that internal channels do not exist or that their use is not mandatory , or that they were used but did not function properly .


### persons intending to report should be able to make an informed decision on whether , how and when to report . competent authorities should therefore publicly disclose and make easily accessible information about the available reporting channels with competent authorities , about the applicable procedures and about the dedicated staff members within these authorities . all information regarding reports should be transparent , easily understandable and reliable in order to promote and not deter reporting . ### persons intending to report should be able to make an informed decision on whether , how and when to report . competent authorities should therefore publicly disclose and make easily accessible information about the available reporting channels with competent authorities , about the applicable procedures and about the dedicated staff members within these authorities . all information regarding reports should be transparent , easily understandable and reliable in order to promote and not deter reporting . potential whistleblowers should always be able to decide themselves whether to use internal or external reporting channels or whether they directly reach out to the public , provided that whistleblowers should in their discretion determine before resorting to external channels whether internal reporting mechanisms would be effective enough to provide a remedy against the breach that would be the subject of their report .


### ' 3 member states shall ensure that union credit institutions and financial institutions acting as acquirers only accept payments carried out with prepaid cards issued in third countries where such cards meet requirements equivalent to those set out in points , , of the first subparagraph of article 13 and article 14 , or can be considered to meet the requirements in paragraphs 1 and 2 of this article . ' ; ### ' 3 member states shall ensure that union credit institutions and financial institutions acting as acquirers only accept payments carried out with prepaid cards issued in third countries where such cards meet requirements equivalent to those set out in points , , of the first subparagraph of article 13 and article 14 , or can be considered to meet the requirements in paragraphs 1 and 2 of this article . as a precautionary measure , the sending of prepaid cards by post or courier outside the jurisdiction of the eu member states must immediately be reported to , and recorded by , the competent persons . ' ;


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


### ' ' virtual currencies ' means a digital representation of value that is neither issued by a central bank or a public authority , nor necessarily attached to a fiat currency , but is accepted by natural or legal persons as a means of payment and can be transferred , stored or traded electronically . ' ### ' ' virtual currencies ' means a digital representation of value that is neither issued by a central bank or a public authority , nor attached to a legally established currency , which does not possess the legal status of currency or money , but is accepted by natural or legal persons as a means of exchange or other purposes , and can be transferred , stored or traded electronically . '


### competent authorities granted access to the central register referred to in paragraph 3a shall be those public authorities with designated responsibilities for combating money laundering or terrorist financing , including , tax authorities and authorities that have the function of investigating or prosecuting money laundering , associated predicate offences and terrorist financing and seizing or freezing and confiscating criminal assets . ' ; ### competent authorities granted access to the central register referred to in paragraph 3a shall be those public authorities with designated responsibilities for combating money laundering or terrorist financing , including , tax authorities , supervisory authorities and authorities that have the function of investigating or prosecuting money laundering , associated predicate offences and terrorist financing and seizing or freezing and confiscating criminal assets . ' ;


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


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


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


### financial market participants shall publish written policies on the integration of sustainability risks in the investment decision - making process on their websites . ### financial market participants shall publish written policies on the integration of sustainability risks in the investment decision - making process on their websites in an easy accessible and understandable manner .


### the current disclosure requirements set out by union legislation do not provide that all the information necessary to properly inform end - investors about the sustainability - related impact of their investments must be disclosed . therefore , it is appropriate to set out more specific disclosure requirements with regard to sustainable investments . for instance , the overall sustainability - related impact of financial products should be reported regularly by means of indicators relevant for the chosen sustainable investment target . where an appropriate index has been designated as reference benchmark that information should also be provided for the designated index and to a broad market index to allow for comparison . information on the constituents of the designated index and of the broad market index along with their weightings should also be disclosed , to provide further information on how the sustainable investments targets are achieved . where eusef managers make available information on the positive social impact targeted by a given fund , the overall social outcome achieved and the related methods used in accordance with regulation no 346 / 2013 , they may , where appropriate , use this information for the purposes of the disclosures under this regulation . ### the current disclosure requirements set out by union legislation do not provide that all the information necessary to properly inform end - investors about the sustainability - related impact of their investments must be disclosed . therefore , it is appropriate to set out more specific disclosure requirements with regard to sustainable investments . for instance , the overall sustainability - related impact of financial products should be reported regularly by means of indicators relevant for the chosen sustainable investment target . where an appropriate index has been designated and its underlyings are used for the construction of the financial products , that information should also be provided for the designated index . information on the constituents of the designated index along with their weightings should also be disclosed , to provide further information on how the sustainable investments targets are achieved . where eusef managers make available information on the positive social impact targeted by a given fund , the overall social outcome achieved and the related methods used in accordance with regulation no 346 / 2013 , they may , where appropriate , use this information for the purposes of the disclosures under this regulation .


### transparency of sustainable investments in pre - contractual disclosures ### transparency of the sustainability impact and risks of investments in pre - contractual disclosures


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


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


### the current disclosure requirements set out by union legislation do not provide that all the information necessary to properly inform end - investors about the sustainability - related impact of their investments must be disclosed . therefore , it is appropriate to set out more specific disclosure requirements with regard to sustainable investments . for instance , the overall sustainability - related impact of financial products should be reported regularly by means of indicators relevant for the chosen sustainable investment target . where an appropriate index has been designated as reference benchmark that information should also be provided for the designated index and to a broad market index to allow for comparison . information on the constituents of the designated index and of the broad market index along with their weightings should also be disclosed , to provide further information on how the sustainable investments targets are achieved . where eusef managers make available information on the positive social impact targeted by a given fund , the overall social outcome achieved and the related methods used in accordance with regulation no 346 / 2013 , they may , where appropriate , use this information for the purposes of the disclosures under this regulation . ### the current disclosure requirements set out by union legislation do not provide that all the information necessary to properly inform end - investors about the sustainability - related impact of their investments must be disclosed . therefore , it is appropriate to set out more specific disclosure requirements with regard to sustainable investments . for instance , the overall sustainability - related impact of financial products should be reported regularly by means of a harmonised set of indicators relevant for the chosen sustainable investment target . where an appropriate index has been designated as reference benchmark that information should also be provided for the designated index and to a broad market index to allow for comparison . information on the constituents of the designated index and of the broad market index along with their weightings should also be disclosed , to provide further information on how the sustainable investments targets are achieved . where eusef managers make available information on the positive social impact targeted by a given fund , the overall social outcome achieved and the related methods used in accordance with regulation no 346 / 2013 , they may , where appropriate , use this information for the purposes of the disclosures under this regulation .


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


### to ensure a coherent application of this regulation and that the disclosure obligations laid down in this regulation are clearly and consistently applied by financial market participants , it is necessary to lay down a harmonised definition of ‘ sustainable investments’ . ### to ensure a coherent application of this regulation and that the disclosure obligations laid down in this regulation are clearly and consistently applied by financial market participants , it is necessary to lay down a clear and harmonised definition of ‘ sustainable investments’ . with regard to the disclosure requirements relating to sustainable investments and sustainability risks any overlap in regulation or pre - emptive legislative action must be avoided which would not be in line with the principles of better regulation and proportionality , the aim to create a consistent terminology and a clear regulatory framework or would lead to an unnecessary burdening of both , authorities and financial institutions .


### transparency of the sustainability risk policies ### transparency of the sustainability risk policies and the sustainability impact


### investments in an economic activity that contributes to an environmental objective , including an environmentally sustainable investment as defined in article 2 of [ po : please insert reference to regulation on the establishment of a framework to facilitate sustainable investment ] ; ### investments in an economic activity that contributes to an environmental objective , including an environmentally sustainable investment as defined in article 2 of [ po : please insert reference to regulation on the establishment of a framework to facilitate sustainable investment ] and based on key resource efficiency indicators , such as the use of energy , use of renewable energy , use of raw materials , production of waste , emissions , co2 emissions , use of water , use of land , and impact on biodiversity ;


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


### where financial market participants make available a financial product referred to in paragraphs , and of article 5 , they shall include a description of the following in periodical reports : ### where financial market participants make available a financial product referred to in paragraphs , and of article 5 , they shall include a description of the following in periodical , audited , integrated reports , conducted at least annually :


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


### information on the methodologies used to assess , measure and monitor the impact of the sustainable investments selected for the financial product , including its data sources , screening criteria for the underlying assets and the relevant sustainability indicators used to measure the overall sustainable impact of the financial product ; ### information on the methodologies used to assess , measure and monitor the sustainability impact of the investments selected for the financial product , including its data sources , screening criteria for the underlying assets and the relevant sustainability indicators used to measure the overall sustainable impact of the financial product ;


### this regulation lays down harmonised rules on the transparency to be applied by financial market participants , insurance intermediaries which provide insurance advice with regard to ibips and investment firms which provide investment advice on the integration of sustainability risks in investment decision - making process or advisory process and the transparency of financial products that have as their targets sustainable investments , including the reduction in carbon emissions . ### this regulation lays down harmonised rules on the transparency to be applied by financial market participants , insurance intermediaries which provide insurance advice with regard to ibips and investment firms which provide investment advice , and publicly listed companies , on how sustainability risks and impact are incorporated in investment decision - making process or advisory process , and on the transparency of the sustainability impact and risks of investment products , including financial products , where material and appropriate .


### the information to be disclosed pursuant to the first subparagraph shall be published in a clear way and in a prominent area of the website . ### the information to be disclosed pursuant to the first subparagraph shall be published in a clear way and in a prominent area of the website , in a manner that is understandable to different stakeholders , including a non - specialised audience with different levels of financial literacy .


### the overall sustainability - related impact by the financial product by means of relevant sustainability indicators ; ### the overall sustainability - related impact by the financial product by means of harmonised and comparable sustainability indicators ;


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


### the procedures and conditions applied for integrating sustainability risks in investment decisions ; ### the due diligence procedures and conditions applied for integrating sustainability risks in investment decisions ;


### the extent to which sustainability risks are expected to have a relevant impact on the returns of the financial products advised on ; ### the extent to which sustainability risks , including amongst others the risks related to the impacts of climate change and the risks and opportunities related to the transition to a low - carbon economy , are expected to have a relevant impact on environmental , social and governance issues and on the returns of the financial products advised on ;


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


### the procedures and conditions applied for integrating sustainability risks in investment advice or insurance advice ; ### the due diligence procedures and conditions applied for integrating sustainability risks in investment advice or insurance advice ;


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


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


### the extent to which sustainability risks are expected to have a relevant impact on the returns of the financial products advised on ; ### the extent to which sustainability risks are expected to have a relevant impact on the returns of the financial products advised on , and where in the portfolio these sustainability risks have been identified ;


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


### transparency of the integration of sustainability risks ### transparency of the integration of sustainability risks and impact


### to ensure a coherent application of this regulation and that the disclosure obligations laid down in this regulation are clearly and consistently applied by financial market participants , it is necessary to lay down a harmonised definition of ‘ sustainable investments’ . ### to ensure a coherent application of this regulation and that the disclosure obligations laid down in this regulation are clearly and consistently applied by financial market participants , it is necessary to lay down a harmonised definition of ‘ sustainable investments’ , and ' sustainability risks ' , based on a harmonised set of indicators . whilst focusing on material risks , that definition should be forward - looking as to take due consideration of emerging risks .


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


### the current disclosure requirements set out by union legislation do not provide that all the information necessary to properly inform end - investors about the sustainability - related impact of their investments must be disclosed . therefore , it is appropriate to set out more specific disclosure requirements with regard to sustainable investments . for instance , the overall sustainability - related impact of financial products should be reported regularly by means of indicators relevant for the chosen sustainable investment target . where an appropriate index has been designated as reference benchmark that information should also be provided for the designated index and to a broad market index to allow for comparison . information on the constituents of the designated index and of the broad market index along with their weightings should also be disclosed , to provide further information on how the sustainable investments targets are achieved . where eusef managers make available information on the positive social impact targeted by a given fund , the overall social outcome achieved and the related methods used in accordance with regulation no 346 / 2013 , they may , where appropriate , use this information for the purposes of the disclosures under this regulation . ### the current disclosure requirements set out by union legislation do not provide that all the information necessary to properly inform end - investors about the sustainability - related impact of their investments must be disclosed . therefore , it is appropriate to set out more specific disclosure requirements with regard to sustainable investments . for instance , the overall sustainability - related impact of financial products should be reported regularly by means of a harmonised set of indicators relevant for measuring and comparing sustainability performance . where an appropriate index has been designated as reference benchmark that information should also be provided for the designated index and to a broad market index to allow for comparison . information on the constituents of the designated index and of the broad market index along with their weightings should also be disclosed , to provide further information on how the sustainable investments targets are achieved . where eusef managers make available information on the positive social impact targeted by a given fund , the overall social outcome achieved and the related methods used in accordance with regulation no 346 / 2013 , they may , where appropriate , use this information for the purposes of the disclosures under this regulation .


### by [ po : please insert date 60 months after the date of entry into force ] , the commission shall conduct an evaluation of the application of this regulation . ### by [ po : please insert date 36 months after the date of entry into force ] , the commission shall conduct an evaluation of the application of this regulation . this evaluation shall include an assessment of the impact of the availability and quality of issuer ' s data on the ability for financial market participants to integrate sustainability risk in product disclosures and in investment decisions .


### the extent to which sustainability risks are expected to have a relevant impact on the returns of the financial products made available ; ### the extent to which sustainability risks , including amongst others the risks related to the impacts of climate change and the risks and opportunities related to the transition to a low - carbon economy , are expected to have a relevant impact on environmental , social and governance issues and on the returns of the financial products made available ;


### this regulation lays down harmonised rules on the transparency to be applied by financial market participants , insurance intermediaries which provide insurance advice with regard to ibips and investment firms which provide investment advice on the integration of sustainability risks in investment decision - making process or advisory process and the transparency of financial products that have as their targets sustainable investments , including the reduction in carbon emissions . ### this regulation lays down harmonised rules on the transparency to be applied by financial market participants , insurance intermediaries which provide insurance advice with regard to ibips and investment firms which provide investment advice , and publicly listed companies , on how sustainability risks and impact are incorporated in investment decision - making process or advisory process , and on the transparency of the sustainability impact and risks of investment products , including financial products , where material and appropriate .


### the current disclosure requirements set out by union legislation do not provide that all the information necessary to properly inform end - investors about the sustainability - related impact of their investments must be disclosed . therefore , it is appropriate to set out more specific disclosure requirements with regard to sustainable investments . for instance , the overall sustainability - related impact of financial products should be reported regularly by means of indicators relevant for the chosen sustainable investment target . where an appropriate index has been designated as reference benchmark that information should also be provided for the designated index and to a broad market index to allow for comparison . information on the constituents of the designated index and of the broad market index along with their weightings should also be disclosed , to provide further information on how the sustainable investments targets are achieved . where eusef managers make available information on the positive social impact targeted by a given fund , the overall social outcome achieved and the related methods used in accordance with regulation no 346 / 2013 , they may , where appropriate , use this information for the purposes of the disclosures under this regulation . ### the current disclosure requirements set out by union legislation do not provide that all the information necessary to properly inform end - investors about the sustainability - related impact of their investments must be disclosed . therefore , it is appropriate to set out more specific disclosure requirements with regard to sustainable investments . for instance , the overall sustainability - related impact of financial products should be reported regularly by means of indicators relevant for the chosen sustainable investment target . where an appropriate index has been designated and its underlyings are used for the construction of the financial products , that information should also be provided for the designated index . information on the constituents of the designated index along with their weightings should also be disclosed , to provide further information on how the sustainable investments targets are achieved . where eusef managers make available information on the positive social impact targeted by a given fund , the overall social outcome achieved and the related methods used in accordance with regulation no 346 / 2013 , they may , where appropriate , use this information for the purposes of the disclosures under this regulation .


### bodies concerned with the cultural and historical aspects of weapons and recognised as such by the member state in whose territory they are established and holding in their possession firearms classified in category a acquired before the date of entry into force of this directive should be able to keep those firearms in their possession subject to authorisation by the member state concerned and provided that those firearms have been deactivated . ### it should be possible for member states to choose to authorise persons dedicated to the gathering , study and conservation of firearms and associated artefacts for historical , cultural , scientific , technical , educational , aesthetic or heritage purposes and recognised as such by the member state in whose territory they are established to keep in their possession firearms classified in category a , provided that those persons demonstrate , prior to being granted authorisation , that they have taken the necessary measures to address any risks to public security or safety , including by way of secure storage . any such authorisation should take into account and reflect the specific situation , including the nature of the collection and its purposes .


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


### in order to ensure the traceability of deactivated firearms , they should be registered in national registries . ### in order to increase the traceability of firearms and essential components and to facilitate their free movement , the provisions of directive 91 / 477 / eec should be clarified to ensure that both an assembled firearm and all essential components , whether included in an assembled firearm or not , are marked irremovably at the time of their being manufactured or imported unless the firearm has been deactivated in accordance with that directive .


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


### for the purposes of this directive , ' essential component ' shall mean the barrel , frame , receiver , slide or cylinder , bolt or breach block and any device designed or adapted to diminish the sound caused by firing a firearm which , being separate objects , are included in the category of the firearms on which they are or are intended to be mounted . ### for the purposes of this directive , ' essential component ' shall mean the barrel , frame , body , receiver , slide or cylinder , bolt or breech block which , being separate objects , are included in the category of the firearms on which they are or are intended to be mounted .


### member states shall provide for standard medical tests for issuing or renewing authorisations as referred to in paragraph 1 and shall withdraw authorisations if any of the conditions on the basis of which it was granted is no longer met . ### member states shall establish a monitoring system , including , where appropriate , medical checks , for issuing or renewing authorisations as referred to in paragraph 1 and shall withdraw authorisations if any of the conditions on the basis of which they were granted is no longer met .


### for the purposes of this directive , ' broker ' shall mean any natural or legal person , other than a dealer whose trade or business consists wholly or partly in buying , selling or arranging the transfer within a member state , from one member state to another member state or exporting to a third country fully assembled firearms , their parts and ammunition . ### for the purposes of this directive , ' broker ' shall mean any natural or legal person , other than a dealer , his agents and representatives , whose trade or business consists wholly or partly in buying , selling or arranging the transfer within a member state , from one member state to another member state or exporting to a third country fully assembled firearms , their parts and ammunition .


### bodies concerned with the cultural and historical aspects of weapons and recognised as such by the member state in whose territory they are established and holding in their possession firearms classified in category a acquired before the date of entry into force of this directive should be able to keep those firearms in their possession subject to authorisation by the member state concerned and provided that those firearms have been deactivated . ### in special cases for national defence , educational , cultural , research and historical purposes it should be possible for member states to acquire and possess firearms and ammunition classified in category a , provided that those persons demonstrate , prior to being granted authorisation , that they have taken the necessary measures to address any risks to public security or safety , including by way of secure storage . any such authorisation should take into account and reflect the specific situation , including the nature of the collection and its purposes .


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


### member states shall ensure that any firearm or part placed on the market has been marked and registered in compliance with this directive . ### member states shall ensure that any assembled firearm or essential component , when manufactured or imported , has been marked with an irremovable mark and registered in compliance with this directive , or that it has been deactivated in accordance with the provisions implementing article 10b and registered in compliance with this directive .


### member states shall provide for standard medical tests for issuing or renewing authorisations as referred to in paragraph 1 and shall withdraw authorisations if any of the conditions on the basis of which it was granted is no longer met . ### member states shall monitor firearms authorisations and shall withdraw authorisations if any of the conditions on the basis of which they were granted are no longer met .


### furthermore , the risk of alarm weapons and other types of blank firing weapons being converted to real firearms is high , and in some of the terrorist acts converted arms were used . it is therefore essential to address the problem of converted firearms being used in criminal offences , notably by including them in the scope of the directive . technical specifications for alarm and signal weapons as well as for salute and acoustic weapons should be adopted in order to ensure that they cannot be converted into firearms . ### furthermore , to avoid the risk of alarm weapons and other types of blank firing weapons being manufactured in a way that enables them to be converted into real firearms , technical specifications should be adopted in order to ensure that they cannot be converted into firearms .


### in order to ensure the traceability of deactivated firearms , they should be registered in national registries . ### in order to increase the traceability of firearms and essential components and to facilitate their free movement , the provisions of directive 91 / 477 / eec should be clarified to ensure that both an assembled firearm and all essential components , whether included in an assembled firearm or not , are marked irremovably at the time of their being manufactured , imported or otherwise placed on the market , unless the firearm has been deactivated in accordance with that directive .


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


### member states shall provide for standard medical tests for issuing or renewing authorisations as referred to in paragraph 1 and shall withdraw authorisations if any of the conditions on the basis of which it was granted is no longer met . ### member states shall withdraw authorisations if any of the conditions on the basis of which they were granted is no longer met .


### for the purposes of identifying and tracing each assembled firearm , member states shall , at the time of manufacture of each firearm or at the time of import to the union , require a unique marking including the name of the manufacturer , the country or place of manufacture , the serial number and the year of manufacture , if not already part of the serial number . this shall be without prejudice to the affixing of the manufacturer ' s trademark . ### for the purpose of identifying and tracing each assembled firearm , member states shall , without delay after the manufacture or import of each firearm into the union , require a unique marking including the name of the manufacturer , the country or place of manufacture , the serial number and the year of manufacture , if not already part of the serial number , in accordance with the provisions of the convention for the reciprocal recognition of proof marks on small arms of 1 july 1969 . this shall be without prejudice to the affixing of the manufacturer ' s trademark .


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


### member states shall ensure that any firearm or part placed on the market has been marked and registered in compliance with this directive . ### member states shall ensure that any assembled firearm or essential component , when placed on the market , has been marked irremovably and registered in compliance with this directive , or that it has been deactivated in accordance with the provisions implementing article 10b and registered in compliance with this directive .


### member states shall ensure that any firearm or part placed on the market has been marked and registered in compliance with this directive . ### member states shall ensure that any assembled firearm or essential component , when manufactured or imported , has been marked without delay with an irremovable mark and registered in compliance with this directive , or that it has been deactivated in accordance with the provisions implementing article 10b and registered in compliance with this directive .


### for the purposes of this directive , ' deactivated firearms ' shall mean firearms that have been modified with the purpose of rendering them permanently unfit for use by deactivation , ensuring that all essential parts of the firearm have been rendered permanently inoperable and incapable of removal , replacement or a modification that would permit the firearm to be reactivated in any way . ### for the purposes of this directive , ' deactivated firearms ' means firearms that have been irreversibly rendered inoperable by deactivation in accordance with commission implementing regulation 2015 / 2403* establishing common guidelines on deactivation standards and techniques . ____________________ * commission implementing regulation 2015 / 2403 of 15 december 2015 establishing common guidelines on deactivation standards and techniques for ensuring that deactivated firearms are rendered irreversibly inoperable .