### given internet connectivity needs within the union and the urgency of promoting access networks that can deliver , throughout the eu , an internet experience of high quality based on very high - speed broadband services , financial assistance should seek to attain a geographically balanced distribution . ### given internet connectivity needs within the union and the urgency of promoting access networks that can deliver , throughout the eu , an internet experience of high quality based on high - speed broadband services , in support of the objectives of the european gigabit society , financial assistance should seek to attain a geographically balanced distribution , promoting the principle of universal access for citizens to the benefits of the information society .


### the commission communication setting out a european vision of internet connectivity for citizens and business in the digital single market14 describes a number of possible measures capable of enhancing connectivity in the european union . __________________ 14 communication from the commission to the european parliament , the council , the european economic and social committee and the committee of the regions – connectivity for a competitive digital single market - towards a european gigabit society 587 ) . ### the commission communication of 14 september 2016 entitled &#8220 ; connectivity for a competitive digital single market &#8211 ; towards a european gigabit society&#8221 ; , setting out a european vision of internet connectivity for citizens and business in the digital single market , describes a number of possible measures capable of enhancing connectivity in the european union . __________________


### ‘ user of a benchmark’ means any person who issues or owns a financial instrument or is party to a financial contract which references a benchmark ; ### ‘ use of a benchmark’ means : issuing on its own account a financial instrument , which references a benchmark ; or holding an active position in a financial instrument which references a benchmark .


### ‘ critical benchmark’ means a benchmark , the majority of contributors to which are supervised entities and that reference financial instruments having a notional value of at least 500 billion euro ; ### ' critical benchmark ' means an interbank interest rate benchmark , , and any other benchmark designated by the commission that is referencing the amount payable under at least one financial instrument or one financial contract , of more than [ x ] in value , is considered by the commission as important for the proper functioning of markets , and presents conflicts of interest due to the administrator ' s ownership or control or due to other interests in its group or as a result of other persons that may exercise influence or control over the administrator in relation to setting the benchmark , or due to the fact that the input data consists mainly of a limited number of estimates that are not regulated data , transaction data , data derived from transaction data , or factual data , and the majority of contributors are supervised entities . a benchmark based on regulated data shall not be considered a critical benchmark .


### ‘ regulated data’ means input data that is contributed directly from a trading venue as defined in point of paragraph 1 of article 2 of [ mifir ] or approved publication arrangement as defined in point of paragraph 1 of article 2 of [ mifir ] or an approved reporting arrangement as defined in point of paragraph 1 of article 2 of [ mifir ] in accordance with mandatory post trade data requirements or an electricity exchange as referred to in point of paragraph 1 of article 37 of directive 2009 / 72 / ec19 or a natural gas exchange as referred to in point of paragraph 1 of article 41 of directive 2009 / 73 / ec20 or an auction platform referred to in article 26 or in article 30 of regulation no 1031 / 2010 of the european parliament and of the council ; __________________ 19 oj l 211 , 14 . 8 . 2009 , p . 55 . 20 oj l 9 , 14 . 8 . 2009 , p . 112 . ### ‘ regulated data’ means the following : input data contributed entirely and directly from : a trading venue as defined in point of paragraph 1 of article 4 of directive 2014 / 65 / eu ; or an approved publication arrangement as defined in point of paragraph 1 of article 4 of directive 2014 / 65 / eu or a consolidated tape provider as defined in point of paragraph 1 of article 4 of directive 2014 / 65 / eu , in accordance with mandatory post - trade transparency requirements , but only with reference to data of transactions concerning financial instruments that are traded on a trading venue ; or an approved reporting mechanism as defined in point of paragraph 1 of article 4 of directive 2014 / 65 / eu , but only with reference to data of transactions concerning financial instruments that are traded on a trading venue and that must be disclosed in accordance with mandatory post - trade transparency requirements ; or an electricity exchange as referred to in point of paragraph 1 of article 37 of directive 2009 / 72 / ec ; or a natural gas exchange as referred to in point of paragraph 1 of article 41 of directive 2009 / 73 / ec1 or an auction platform referred to in article 26 or in article 30 of regulation no 1031 / 2010 of the european parliament and of the council ; net asset values of the units of undertakings for collective investment in transferable securities as defined in article 1 of directive 2009 / 65 / eu __________________ 19 oj l 211 , 14 . 8 . 2009 , p . 55 . 20 oj l 9 , 14 . 8 . 2009 , p . 112 .


### ‘ regulated data’ means input data that is contributed directly from a trading venue as defined in point of paragraph 1 of article 2 of [ mifir ] or approved publication arrangement as defined in point of paragraph 1 of article 2 of [ mifir ] or an approved reporting arrangement as defined in point of paragraph 1 of article 2 of [ mifir ] in accordance with mandatory post trade data requirements or an electricity exchange as referred to in point of paragraph 1 of article 37 of directive 2009 / 72 / ec19 or a natural gas exchange as referred to in point of paragraph 1 of article 41 of directive 2009 / 73 / ec20 or an auction platform referred to in article 26 or in article 30 of regulation no 1031 / 2010 of the european parliament and of the council ; __________________ 19 oj l 211 , 14 . 8 . 2009 , p . 55 . 20 oj l 9 , 14 . 8 . 2009 , p . 112 . ### ‘ regulated data’ means the following : input data contributed entirely from : a trading venue as defined in point of paragraph 1 of article 4 of directive 2014 / 65 / eu ; &#160 ; or an approved publication arrangement as defined in point of paragraph 1of article 4 of directive 2014 / 65 / eu or a consolidated tape provider as defined in point of paragraph 1 of article 4 of directive 2014 / 65 / eu , in accordance with mandatory post - trade transparency requirements , but only with reference to data of transactions concerning financial instruments that are traded on a trading venue ; or an approved reporting mechanism as defined in point of paragraph 1 of article 4 of directive 2014 / 65 / eu , but only with reference to data of transactions concerning financial instruments that are traded on a trading venue and that must be disclosed in accordance with mandatory post - trade transparency requirements ; or an electricity exchange as referred to in point of paragraph 1 of article 37 of directive 2009 / 72 / ec19 ; or a natural gas exchange as referred to in point of paragraph 1 of article 41 of directive 2009 / 73 / ec20 or an auction platform referred to in article 26 or in article 30 of regulation no 1031 / 2010 of the european parliament and of the council ; or data from union or third country governments or other competent authorities ; or a third - country trading venue , platform , exchange , publication arrangement or reporting mechanism determined to be equivalent by the commission to those specified in paragraphs to above or any other entity such as transactional data aggregators and transactional data collectors whose contribution of input data is already subject to appropriate supervision ; ii ) net asset values of the units of undertakings for collective investment in transferable securities as defined in article 1 of directive 2009 / 65 / eu ; __________________ 19 oj l 211 , 14 . 8 . 2009 , p . 55 . 20 oj l 9 , 14 . 8 . 2009 , p . 112 .


### benchmarks provided by an administrator established in a third country may be used by supervised entities in the union provided that the following conditions are complied with : ### benchmarks provided by an administrator located in a third country may be used by supervised entities in the union provided that the following conditions are met , unless article 21a applies :


### the administrator shall adopt a code of conduct for each benchmark clearly specifying the administrator ' s and contributors ' responsibilities and obligations with respect to the provision of the benchmark which shall include a clear description of the input data to be provided , and at least the elements set out in section d of annex i . ### where a benchmark is based on input data from ccontributors , the administrator shall draw up a code of conduct for each benchmark clearly specifying the contributors ' responsibilities with respect to the contribution of input data and shall ensure submitters confirm on an annual basis their compliance with the code of conduct as well as in the event of anychanges to it .


### ‘ user of a benchmark’ means any person who issues or owns a financial instrument or is party to a financial contract which references a benchmark ; ### ‘ use of a benchmark’ means : the issuance of a financial instrument which references an index or combination of indices while holding positions in that instrument ; b ) the determination of the amount payable under a financial instrument or a financial contract by referencing an index or a combination of indices ; c ) being party to a financial contract which references an index or a combination of indices ; d ) the determination of the performance of an investment fund through an index or combination of indices with the purpose of tracking the return of such index or combination of indices or of defining the asset allocation of a portfolio or of computing the performance fees .


### a supervised entity may use a benchmark in the union as a reference in a financial instrument or financial contract or to measure the performance of an investment fund if it is provided by an administrator authorised in accordance with article 23 or an administrator located in a third country that is registered in accordance with article 21 ### a supervised entity may use a benchmark or a combination of benchmarks in the union as a reference in a financial contract or financial instrument or to measure the performance of an investment fund if they are provided by administrators authorised or registered in accordance with article 23 or an administrator located in a third country pursuant to article [ 20 ] , or article [ 21a ] .


### a supervised entity may use a benchmark in the union as a reference in a financial instrument or financial contract or to measure the performance of an investment fund if it is provided by an administrator authorised in accordance with article 23 or an administrator located in a third country that is registered in accordance with article 21 ### a supervised entity may use a benchmark or a combination of benchmarks in the union as specified in point of paragraph 1 of article 3 if these are provided by administrators authorised or registered in accordance with article 23 or administrators located in third countries under the conditions laid down in article 20 or article 21a .


### the administrator shall adopt a code of conduct for each benchmark clearly specifying the administrator ' s and contributors ' responsibilities and obligations with respect to the provision of the benchmark which shall include a clear description of the input data to be provided , and at least the elements set out in section d of annex i . ### where a benchmark is based on input data from contributors , the administrator shall&#160 ; draw up&#160 ; a code of conduct for each benchmark clearly specifying the contributors ' responsibilities with respect to the contribution of input data and shall ensure contributors confirm whenever there is a material change in the code of conduct , that they continue to be compliant .


### a supervised entity may use a benchmark in the union as a reference in a financial instrument or financial contract or to measure the performance of an investment fund if it is provided by an administrator authorised in accordance with article 23 or an administrator located in a third country that is registered in accordance with article 21 ### a supervised entity may use a benchmark in the union as a reference in a financial instrument or financial contract or to measure the performance of an investment fund , in which connection non - objective benchmarks must be provided by an administrator covered by the authorisation requirement in accordance with article 22 . a supervised entity may also use objective benchmarks produced by a registered administrator located in a third country if the administrator in question declares to the competent authority that the benchmarks are consistent with the iosco principles for financial benchmarks of 17 july 2013 .


### this regulation respects the fundamental rights and observes the principles recognised in the treaty on the functioning of the european union and in the charter of fundamental rights of the european union , in particular the right to respect for private and family , the protection of personal data , the right to freedom of expression and information , the freedom to conduct a business , the right to property , the right to consumer protection , the right to an effective remedy , the right of defence . therefore , this regulation should be interpreted and applied in accordance with those rights and principles . ### this regulation respects the fundamental rights and observes the principles recognised in the treaty on the functioning of the european union and in the charter of fundamental rights of the european union , in particular the right to respect for private and family , the protection of personal data , the right to freedom of expression and information , the freedom to conduct a business , the right to property , the right to consumer protection , the right to an effective remedy , the right of defence . therefore , this regulation should be interpreted and applied in accordance with those rights and principles . in this regard , in order to uphold the rules governing the freedom of the press and the freedom of expression in media , as recognised under article 11 of the charter of fundamental rights and other relevant provisions , this regulation should not apply to citizens using their freedom of expression , the press , other media and journalists or in any way prevent member states from applying their constitutional rules relating to freedom of the press or freedom of expression .


### this directive should apply from 1 april 2019 , so that the last summer - time period subject to the rules of directive 2000 / 84 / ec should start , in every member state , at 1 . 00 a . m . , coordinated universal time , on 31 march 2019 . member states that , after that summer - time period , intend to adopt a standard time corresponding to the time applied during the winter season in accordance with directive 2000 / 84 / ec should change their standard time at 1 . 00 a . m . , coordinated universal time , on 27 october 2019 , so that similar and lasting changes occurring in different member states take place simultaneously . it is desirable that member states take the decisions on the standard time that each of them will apply as from 2019 in a concerted manner . ### this directive should apply from 1 april 2020 , so that the last summer - time period subject to the rules of directive 2000 / 84 / ec should start , in every member state , at 1 . 00 a . m . , coordinated universal time , on 29 march 2020 . member states that , after that summer - time period , intend to adopt a standard time corresponding to the time applied during the winter season in accordance with directive 2000 / 84 / ec should change their standard time at 1 . 00 a . m . , coordinated universal time , on 1 november 2020 , so that similar and lasting changes occurring in different member states take place simultaneously . to put that arrangement into practice , member states must take the decisions on the standard time that each of them will apply as from 2020 in a concerted and agreed manner , taking into account the time zone currently applying to them .


### notwithstanding paragraph 1 , member states may still apply a seasonal change of their standard time or times in 2019 , provided that they do so at 1 . 00 a . m . , coordinated universal time , on 27 october 2019 . the member states shall notify this decision in accordance with article 2 . ### notwithstanding paragraph 1 , member states may still apply a seasonal change of their standard time or times in 2021 , provided that they do so at 1 . 00 a . m . , coordinated universal time , on 31 october 2021 . the member states shall notify this decision in accordance with article 2 .


### member states shall adopt and publish , by 1 april 2019 at the latest , the laws , regulations and administrative provisions necessary to comply with this directive . they shall forthwith communicate to the commission the text of those provisions . ### member states shall adopt and publish , by 1 april 2020 at the latest , the laws , regulations and administrative provisions necessary to comply with this directive . they shall forthwith communicate to the commission the text of those provisions .


### they shall apply those provisions from 1 april 2019 . ### they shall apply those provisions from 1 april 2021 .


### directive 2000 / 84 / ec is repealed with effect from 1 april 2019 . ### directive 2000 / 84 / ec is repealed with effect from 1 april 2020 .


### this directive respects the fundamental rights and observes the principles recognised by the charter of fundamental rights of the european union , notably , the right to protection of personal data , the right to conduct a business and the right to a high level of consumer protection , in particular by ensuring a higher level of transparency of retirement provisioning , informed personal financial and retirement planning as well as facilitating cross - border business of insitutions for occupational retirement provision and businesses . this directive must be implemented in accordance with these rights and principles . ### this directive respects the fundamental rights and observes the principles recognised by the charter of fundamental rights of the european union , notably , the right to property , the right of collective bargaining and action , the right to protection of personal data , the right to conduct a business and the right to a high level of consumer protection , in particular by ensuring a higher level of transparency of retirement provisioning , informed personal financial and retirement planning as well as facilitating cross - border business of institutions for occupational retirement provision and businesses . this directive must be implemented in accordance with these rights and principles .


### action is needed to further develop complementary private retirement savings such as occupational pensions . this is important since social - security systems are coming under increasing pressure , which means that citizens will increasingly rely on occupational retirement pensions as a complement in the future . occupational retirement pensions should be developed , without , however , calling into question the importance of social - security pension systems in terms of secure , durable and effective social protection , which should guarantee a decent standard of living in old age and should therefore be at the centre of the objective of strengthening the european social model . ### action is needed to further ensure that statutory social security schemes protect from old age poverty while occupational pension schemes can provide for a valuable addition . this is important since employees can improve their future financial situation through occupational retirement pensions . therefore , it is a key objective of this directive to promote occupational pension schemes , to reinforce successful models of institutions for occupational retirement provision and to protect their continued existence . occupational retirement pensions should be developed , without , however , calling into question the importance of social - security pension systems in terms of secure , durable and effective social protection , which should guarantee a decent standard of living in old age and should therefore be at the centre of the objective of strengthening the european social models .


### the competent authority should exercise its powers having as its prime objective the protection of members and beneficiaries . ### the competent authority should exercise its powers having as its prime objective the protection of the rights of members and beneficiaries and the stability and soundness of the institutions .


### this directive respects the fundamental rights and observes the principles recognised by the charter of fundamental rights of the european union , notably , the right to protection of personal data , the right to conduct a business and the right to a high level of consumer protection , in particular by ensuring a higher level of transparency of retirement provisioning , informed personal financial and retirement planning as well as facilitating cross - border business of insitutions for occupational retirement provision and businesses . this directive must be implemented in accordance with these rights and principles . ### this directive respects the fundamental rights and observes the principles recognised by the charter of fundamental rights of the european union , notably , the right to protection of personal data , the freedom to conduct a business , the right to property , the right of collective bargaining and action and the right to a high level of consumer protection , in particular by ensuring a higher level of transparency of retirement provisioning , informed personal financial and retirement planning as well as facilitating cross - border activities of institutions for occupational retirement provision and the transfer of pension schemes . this directive must be implemented in accordance with these rights and principles .


### as very long - term investors with low liquidity risks , institutions for occupational retirement provision are in a position to invest in non - liquid assets such as shares as well as in instruments that have a long - term economic profile and are not traded on regulated markets , multilateral trading facilities or organised trading facilities within prudent limits . they can also benefit from the advantages of international diversification . investments in shares in currencies other than those of the liabilities and in instruments that have a long - term economic profile and are not traded on regulated markets , multilateral trading facilities or organised trading facilities should therefore not be restricted except on prudential grounds . ### this directive should ensure that there is an appropriate level of investment freedom for institutions . as very long - term investors with low liquidity risks , institutions for occupational retirement provision are in a position to invest in non - liquid assets such as shares as well as in instruments that have a long - term economic profile and are not traded on regulated markets , multilateral trading facilities or organised trading facilities within prudent limits . they can also benefit from the advantages of international diversification . investments in shares in currencies other than those of the liabilities and in instruments that have a long - term economic profile and are not traded on regulated markets , mtf or otf should therefore not be restricted , in line with the ' prudent person ' rule so as to protect the interest of members and beneficiaries , except on prudential grounds .


### their professional qualifications , knowledge and experience are adequate to enable them to ensure a sound and prudent management of the institution and to properly carry out their key functions ; and ### the requirement to be fit : their knowledge and experience are collectively adequate to enable them to ensure a sound and prudent management of the institution and to properly carry out their key functions ; and


### the main objective of prudential supervision is the protection of members and beneficiaries . ### the main objective of prudential supervision is the protection of the rights of members and beneficiaries and the stability and soundness of the institutions .


### directive 2003 / 41 / ec represented a first legislative step on the way to an internal market for occupational retirement provision organised on a european scale . a genuine internal market for occupational retirement provision remains crucial for economic growth and job creation in the european union and for tackling the challenge of an ageing european society . the directive , dating from 2003 , has not been substantially amended to introduce a modern risk - based governance system also for institutions for occupational retirement provision . ### directive 2003 / 41 / ec introduced minimum standards for occupational retirement provision organised in the union . the introduction and further development of occupational retirement schemes in more member states remain crucial for tackling the challenge of an ageing european society . therefore , intensified social dialogue at eu and national level is important .


### institutions for occupational retirement provision are financial service providers which bear a heavy responsibility for the provision of occupational retirement benefits and therefore should meet certain minimum prudential standards with respect to their activities and conditions of operation . ### iorps are not financial service providers but pension institutions that serve - first and foremost - a social purpose , provide a collective social benefit and bear a heavy responsibility for the provision of occupational retirement benefits and therefore should meet certain minimum prudential standards with respect to their activities and conditions of operation . their social function and the triangular relationship between the employee , the employer and iorps should be adequately acknowledged and supported as a guiding principle of this directive .


### in order to ensure the smooth functioning of the internal market for occupational retirement provision organised on a european scale , the commission should , after consulting eiopa , review and report on the application of this directive and should submit that report to the european parliament and to the council four years after the entry into force of this directive . that review should assess in particular the application of the rules regarding the calculation of the technical provisions , the funding of technical provisions , regulatory own funds , solvency margins , investment rules and any other aspect relating to the financial solvency situation of the institution . ### in order to ensure the smooth functioning of the internal market for occupational retirement provision organised on a european scale , the commission should , after consulting eiopa , review and report on the application of this directive and should submit that report to the european parliament and to the council six years after the entry into force of this directive .


### if the institution does not work on a cross - border basis , member states should be able to permit underfunding provided that a proper plan is established to restore full funding and without prejudice to the requirements of council directive 80 / 987 / eec of 20 october 1980 on the approximation of the laws of the member states relating to the protection of employees in the event of the insolvency of their employer . 28 __________________ 28 oj l 283 , 28 . 10 . 1980 , p . 23 . ### member states should be able to allow institutions to be underfunded for a limited period of time , provided that a proper plan is established to restore full funding and without prejudice to the requirements of council directive 80 / 987 / eec28 . __________________ 28 council directive 80 / 987 / eec of 20 october 1980 on the approximation of the laws of the member states relating to the protection of employees in the event of the insolvency of their employer .


### institutions should provide clear and adequate information to prospective members , members and beneficiaries to support their decision - making about their retirement and ensure a high level of transparency throughout the various phases of a scheme comprising pre - enrolment , membership and post - retirement . in particular , information concerning accrued pension entitlements , projected levels of retirement benefits , risks and guarantees , and costs should be given . where members bear an investment risk , additional information on the investment profile , any available options and past performance are also crucial . ### institutions should provide clear and adequate information to prospective members , members and beneficiaries to support their decision - making about their retirement and ensure a high level of transparency throughout the various phases of a scheme comprising pre - enrolment , membership , periods out of work or periods where fewer hours were worked , and post - retirement . in particular , information concerning accrued pension entitlements or projected levels of retirement benefits , in comparison with other members and beneficiaries of the scheme , risks and guarantees , and costs should be given . where members bear an investment risk , additional information on the investment profile , any available options and past and predicted performance , risk profile and cost structure should be obligatory and provided in a clearly understandable form taking into account the different levels of financial literacy of the members of the scheme . clear and adequate information should not merely aim at the maximum amount of information but should also ensure that the information is adapted to the needs of the user , in accordance with the un convention on the rights of persons with disabilities , especially as regards accessibility and access to information , and taking into account the financial literacy of each individual . consumer information and consumer protection could be briefly summarised and rendered intelligible by means of voluntary codes of conduct and possibly by means of a compact , user - friendly union certification system .


### this directive respects the fundamental rights and observes the principles recognised by the charter of fundamental rights of the european union , notably , the right to protection of personal data , the right to conduct a business and the right to a high level of consumer protection , in particular by ensuring a higher level of transparency of retirement provisioning , informed personal financial and retirement planning as well as facilitating cross - border business of institutions for occupational retirement provision and businesses . this directive must be implemented in accordance with these rights and principles . ### this directive respects the fundamental rights and observes the principles recognised by the charter of fundamental rights of the european union , notably , the right to protection of personal data , the right to equality and non - discrimination on grounds such as gender , sexual orientation and household composition , the right to conduct a business and the right to a high level of consumer protection , in particular by ensuring a higher level of transparency of retirement provisioning , informed personal financial and retirement planning that takes account of the financial literacy of each individual member of an occupational retirement scheme as well as facilitating cross - border business of institutions for occupational retirement provision and businesses . this directive must be implemented in accordance with these rights and principles .


### this directive respects the fundamental rights and observes the principles recognised by the charter of fundamental rights of the european union , notably , the right to protection of personal data , the right to conduct a business and the right to a high level of consumer protection , in particular by ensuring a higher level of transparency of retirement provisioning , informed personal financial and retirement planning as well as facilitating cross - border business of insitutions for occupational retirement provision and businesses . this directive must be implemented in accordance with these rights and principles . ### this directive respects the fundamental rights and observes the principles recognised by the charter of fundamental rights of the european union , notably , the right to protection of personal data , the right to equality and non - discrimination on any ground such as sex , sexual orientation and social origin , including household composition , the right to conduct a business and the right to a high level of consumer protection , in particular by ensuring a higher level of transparency of retirement provisioning , informed personal financial and retirement planning that takes account of the financial literacy of each individual member of an occupational retirement scheme as well as facilitating cross - border business of institutions for occupational retirement provision and businesses . this directive must be implemented in accordance with these rights and principles .


### member states shall , in respect of every institution located in their territories , ensure that members are sufficiently informed of the conditions of the pension scheme , in particular concerning : the rights and obligations of the parties involved in the pension scheme ; the financial , technical and other risks associated with the pension scheme ; the nature and distribution of those risks . ### depending on the nature of the pension scheme established member states shall , in respect of every institution located in their territories , ensure that members are sufficiently informed of the conditions of the pension scheme , in particular concerning : the rights and obligations of the parties involved in the pension scheme ; the financial risks associated with the pension scheme to the extent that they are relevant to the members and beneficiaries .


### in the event of the bankruptcy of a sponsoring undertaking , a member faces the risk of losing both his / her job and his / her acquired pension rights . this makes it necessary to ensure that there is a clear separation between that undertaking and the institution and that minimum prudential standards are laid down to protect members . ### in the event of the bankruptcy of a sponsoring undertaking , a member faces the risk of losing both his / her job and his / her acquired pension rights . this makes it necessary to ensure that there is a clear separation between that undertaking and the institution and that minimum prudential standards through assurances are laid down to protect members .


### four years after the entry into force of this directive , the commission shall review this directive and report on its implementation and effectiveness to the european parliament and the council . ### six years after the entry into force of this directive , the commission shall review this directive and report on its implementation and effectiveness to the european parliament and the council .


### without prejudice to the main objective of prudential supervision as set out in paragraph 1 , member states shall ensure that , in the exercise of their general duties , the competent authorities shall duly consider the potential impact of their decisions on the stability of the financial systems concerned in the union , in particular in emergency situations , taking into account the information available at the relevant time . ### without prejudice to the main objective of prudential supervision as set out in paragraph 1 , this directive supports the establishment and operation of iorps , encourages their efficient management and administration , and enhances their attractiveness for employees and employers .


### the risk evaluation for pensions shall be an integral part of the operational strategy and shall be taken into account in the strategic decisions of the institution . ### the risk assessment referred to in paragraph 3 shall be an integral part of the operational strategy and shall be taken into account in the strategic decisions of the institution .


### in the event of cross - border activity as referred to in article 12 , the technical provisions shall at all times be fully funded in respect of the total range of pension schemes operated . if these conditions are not met , the competent authorities of the home member state shall intervene in accordance with article 62 . to comply with this requirement the home member state may require ring - fencing of the assets and liabilities . ### the conditions laid down in paragraphs 1 and 2 shall also apply in the event of cross - border activity as referred to in article 12 , provided that the interests of employees , members and beneficiaries are adequately protected .


### in the event of cross - border activity as referred to in article 12 , the technical provisions shall at all times be fully funded in respect of the total range of pension schemes operated . if these conditions are not met , the competent authorities of the home member state shall intervene in accordance with article 62 . to comply with this requirement the home member state may require ring - fencing of the assets and liabilities . ### an institution ' s technical provisions shall be fully funded , in respect of the total range of pension schemes operated , at the moment the institution starts operating a new or additional scheme .


### this directive respects the fundamental rights and observes the principles recognised by the charter of fundamental rights of the european union , notably , the right to protection of personal data , the right to conduct a business and the right to a high level of consumer protection , in particular by ensuring a higher level of transparency of retirement provisioning , informed personal financial and retirement planning as well as facilitating cross - border business of insitutions for occupational retirement provision and businesses . this directive must be implemented in accordance with these rights and principles . ### this directive respects the fundamental rights and observes the principles recognised by the charter of fundamental rights of the european union , notably , the right to protection of personal data , the freedom to conduct a business , the right to property , the right of collective bargaining and action and the right to a high level of consumer protection , in particular by ensuring a higher level of transparency of retirement provisioning , informed personal financial and retirement planning as well as facilitating cross - border activities of institutions for occupational retirement provision and the transfer of pension schemes . this directive must be implemented in accordance with these rights and principles .


### the internal market should allow institutions to operate in other member states and ensure a high level of protection for members and beneficiaries of occupational retirement schemes . ### in the internal market institutions should have the possibility to operate in other member states on condition that a high level of protection for members and beneficiaries of occupational pension schemes is ensured .


### member states shall allow institutions authorised or registered in their territories to transfer all or a part of their pension schemes to receiving institutions authorised or registered in other member states . ### member states may allow institutions authorised or registered in their territories to transfer , fully or partly , a pension scheme ' s liabilities or technical provisions , as well as other obligations and rights and corresponding assets , or cash equivalent thereof , to receiving institutions authorised or registered in other member states , provided that , in the case of a transfer of part of the pension scheme , the viability of both the transferred and the remaining part of the pension scheme is ensured and the rights of&#160 ; members are adequately protected after the transfer . the receiving institution shall operate the pension scheme in accordance with the social and labour law of the host member state , thereby not changing the level of protection of the members and beneficiaries concerned by the transfer .


### depending on the nature of the pension scheme established , member states shall ensure that every institution located in their territories provides &#160 ; prospective members , members and beneficiaries&#160 ; at least the information set out in &#160 ; articles 39 to 53 and articles 55 to 58 . ### depending on the nature of the pension scheme established , each member state shall ensure that every institution located in their territories provides prospective members , members and beneficiaries with the relevant information , taking into consideration the different information needs of prospective members , member and beneficiaries , as set out in this chapter . the information referred to in the first subparagraph shall be adequate to the needs of the user , written in a clear and user - friendly manner and shall be regularly updated and be in compliance with the un convention on the rights of persons with disabilities , in particular as regards accessibility and access to information , as provided for in articles 3 and 21 thereof respectively ;


### as very long - term investors with low liquidity risks , institutions for occupational retirement provision are in a position to invest in non - liquid assets such as shares as well as in instruments that have a long - term economic profile and are not traded on regulated markets , multilateral trading facilities or organised trading facilities within prudent limits . they can also benefit from the advantages of international diversification . investments in shares in currencies other than those of the liabilities and in instruments that have a long - term economic profile and are not traded on regulated markets , multilateral trading facilities or organised trading facilities should therefore not be restricted except on prudential grounds . ### this directive should ensure that there is an appropriate level of investment freedom for institutions . as very long - term investors with low liquidity risks , institutions for occupational retirement provision are in a position to invest in non - liquid assets such as shares as well as in instruments that have a long - term economic profile and are not traded on regulated markets , multilateral trading facilities or organised trading facilities within prudent limits . they can also benefit from the advantages of international diversification . investments in shares in currencies other than those of the liabilities and in instruments that have a long - term economic profile and are not traded on regulated markets , mtf or otf should therefore not be restricted , in line with the ' prudent person ' rule so as to protect the interest of members and beneficiaries , except on prudential grounds .


### unless national social and labour law on the organisation of pension systems provides otherwise , the transfer and its conditions shall be made subject to prior approval by the members and beneficiaries concerned or , where applicable , their representatives . in any event , information on the conditions of the transfer shall be made available to the members and beneficiaries concerned or , where applicable , their representatives at least four months before the application referred to in paragraph 2 is submitted . ### the transfer and its conditions shall be made subject to prior approval by a majority of the members and a majority of the beneficiaries concerned or , where applicable , by a majority of their representatives . the information on the conditions of the transfer shall be made available to the members and beneficiaries concerned or , where applicable , their representatives at least four months before the application referred to in paragraph 2 is submitted .


### directive 2003 / 41 / ec represented a first legislative step on the way to an internal market for occupational retirement provision organised on a european scale . a genuine internal market for occupational retirement provision remains crucial for economic growth and job creation in the european union and for tackling the challenge of an ageing european society . the directive , dating from 2003 , has not been substantially amended to introduce a modern risk - based governance system also for institutions for occupational retirement provision . ### directive 2003 / 41 / ec introduced minimum standards for occupational retirement provision organised in the union . the introduction and further development of occupational retirement schemes in more member states remain crucial for tackling the challenge of an ageing european society . therefore , intensified social dialogue at eu and national level is important .


### for schemes in which members bear an investment risk and which provide for more than one option with different investment profiles , the members shall be informed of the conditions regarding the range of investment options available , the default investment option and , where applicable , the pension scheme ' s rule to allocate a particular member to an investment option , in addition to the information listed in points , and of the first paragraph . ### for schemes in which members bear an investment risk and which provide for more than one option with different investment profiles , the members shall be informed of the conditions regarding the range of investment options available , the default investment option and , where applicable , the pension scheme ' s rule to allocate a particular member to an investment option .


### action is needed to further develop complementary private retirement savings such as occupational pensions . this is important since social - security systems are coming under increasing pressure , which means that citizens will increasingly rely on occupational retirement pensions as a complement in the future . occupational retirement pensions should be developed , without , however , calling into question the importance of social - security pension systems in terms of secure , durable and effective social protection , which should guarantee a decent standard of living in old age and should therefore be at the centre of the objective of strengthening the european social model . ### action is needed to further ensure that statutory social security schemes protect from old age poverty while occupational pension schemes can provide for a valuable addition . this is important since employees can improve their future financial situation through occupational retirement pensions . therefore , it is a key objective of this directive to promote occupational pension schemes , to reinforce successful models of institutions for occupational retirement provision and to protect their continued existence . occupational retirement pensions should be developed , without , however , calling into question the importance of social - security pension systems in terms of secure , durable and effective social protection , which should guarantee a decent standard of living in old age and should therefore be at the centre of the objective of strengthening the european social models .


### institutions for occupational retirement provision are financial service providers which bear a heavy responsibility for the provision of occupational retirement benefits and therefore should meet certain minimum prudential standards with respect to their activities and conditions of operation . ### iorps are not financial service providers but pension institutions that serve - first and foremost - a social purpose , provide a collective social benefit and bear a heavy responsibility for the provision of occupational retirement benefits and therefore should meet certain minimum prudential standards with respect to their activities and conditions of operation . their social function and the triangular relationship between the employee , the employer and iorps should be adequately acknowledged and supported as a guiding principle of this directive .


### member states shall , in respect of every institution located in their territories , ensure that members are sufficiently informed of the conditions of the pension scheme , in particular concerning : the rights and obligations of the parties involved in the pension scheme ; the financial , technical and other risks associated with the pension scheme ; the nature and distribution of those risks . ### depending on the nature of the pension scheme established member states shall , in respect of every institution located in their territories , ensure that members are sufficiently informed of the conditions of the pension scheme , in particular concerning : the rights and obligations of the parties involved in the pension scheme ; the financial risks associated with the pension scheme to the extent that they are relevant to the members and beneficiaries .


### the competent authority should exercise its powers having as its prime objective the protection of members and beneficiaries . ### the competent authority should exercise its powers having as its prime objective the protection of the rights of members and beneficiaries and the stability and soundness of the institutions .


### member states shall allow institutions authorised or registered in their territories to transfer all or a part of their pension schemes to receiving institutions authorised or registered in other member states . ### without prejudice to article 12 , member states shall allow institutions authorised or registered in their territories to transfer all or a part of a pension scheme ' s liabilities , technical provisions , other obligations and rights and corresponding assets , and cash equivalent thereof , to a receiving institution .


### in order to ensure uniform conditions for the implementation of the agreement , implementing powers should be conferred on the commission . those powers should be exercised in accordance with regulation no 182 / 2011 of the european parliament and of the council5 . given that the implementing acts form part of the common commercial policy , the examination procedure should be used for their adoption . where the agreement provides for the possibility , in exceptional and critical circumstances , to apply urgent measures necessary to deal with the situation , the commission should adopt such implementing acts immediately . for measures concerning agricultural and fishery products , the commission , in cases of duly justified imperative grounds of urgency , should adopt such implementing acts immediately . __________________ 5 regulation no 182 / 2011 of the european parliament and of the council of 16 february 2011 laying down the rules and general principles concerning mechanisms for control by member states of the commission ' s exercise of implementing powers . ### in order to ensure uniform conditions for the implementation of the agreement , implementing powers should be conferred on the commission . those powers should be exercised in accordance with regulation no 182 / 2011 of the european parliament and of the council5 . in accordance with that regulation , the examination procedure applies , in particular , for the adoption of implementing acts relating to the common commercial policy . however , the advisory procedure may apply in duly justified cases . where the agreement provides for the possibility , in exceptional and critical circumstances , to apply forthwith measures necessary to deal with the situation , the commission should adopt such implementing acts immediately . for measures concerning agricultural and fishery products , the commission , in cases of duly justified imperative grounds of urgency , should adopt such implementing acts immediately . __________________ 5 regulation no 182 / 2011 of the european parliament and of the council of 16 february 2011 laying down the rules and general principles concerning mechanisms for control by member states of the commission ' s exercise of implementing powers .


### under the specific objective referred to in article 3 : actions , or specific activities within an action , supporting transport infrastructure on the ten - t network in order to adapt it to military mobility requirements with the purpose of enabling a civilian - military dual - use of the infrastructure . ### under the specific objective referred to in article 3 : actions , or specific activities within an action , supporting new and existing transport infrastructure on the ten - t network in order to adapt it to dual use mobility requirements with the purpose of enabling a civilian - military dual - use of the infrastructure . by 31 december 2019 , the commission shall adopt delegated acts in accordance with article 24 of this regulation in order to further specify the military requirements , the list of priority projects and the assessments procedure regarding the eligibility of the actions connected with military mobility , while ensuring a balanced geographical distribution across all of the union , especially the north - south and west - east axes .


### for works relating to the specific objectives referred to in article 3 , the amount of union financial assistance shall not exceed 30 % of the total eligible cost . the co - financing rates may be increased to a maximum of 50 % for actions relating to cross - border links under the conditions specified in point of this paragraph , for actions supporting telematic applications systems , for actions supporting new technologies and innovation , for actions supporting improvements of infrastructure safety in line with relevant union legislation and for actions located in outermost regions ; ### for works relating to the specific objectives referred to in article 3 , the amount of union financial assistance shall not exceed 30 % of the total eligible cost . the co - financing rates may be increased to a maximum of 50 % for actions relating to cross - border links under the conditions specified in point of this paragraph , for actions supporting inland waterway infrastructure , for actions supporting telematic applications systems , for actions supporting new technologies and innovation , for actions supporting improvements of infrastructure safety in line with relevant union legislation and for actions located in outermost regions ;


### the achievement of the digital single market relies on the underlying digital connectivity infrastructure . the digitalisation of european industry and the modernisation of sectors like transport , energy , healthcare and public administration depend on universal access to reliable , affordable , high and very high capacity networks . digital connectivity has become one of the decisive factors to close economic , social and territorial divides , supporting the modernisation of local economies and underpinning the diversification of economic activities . the scope of intervention of the programme in the area of digital connectivity infrastructure should be adjusted to reflect its increasing importance for the economy and the society at large . therefore , it is necessary to set out the digital connectivity infrastructure projects of common interest needed to meet union ' s digital single market objectives , and to repeal regulation no 283 / 2014 of the european parliament and of the council29 . _________________ 29 regulation no 283 / 2014 of the european parliament and of the council of 11 march 2014 on guidelines for trans - european networks in the area of telecommunications infrastructure and repealing decision no 1336 / 97 / ec . ### the achievement of the digital single market relies on the underlying digital connectivity infrastructure . the digitalisation of european industry and the modernisation of sectors like transport , energy , healthcare and public administration depend on universal access to reliable , affordable , high and very high capacity networks . digital connectivity has become one of the decisive factors to close economic , social and territorial divides , supporting the modernisation of local and regional economies and underpinning the diversification of economic activities . together with automated driving , digitalisation is one of the most effective means to address the structural disadvantage of rural areas and should therefore be encouraged more . the scope of intervention of the programme in the area of digital connectivity infrastructure should be adjusted to reflect its increasing importance for the economy and the society at large , including through better public access to digital technology . therefore , it is necessary to set out the cross - border and other digital connectivity infrastructure projects of common interest needed to meet the union ' s digital single market objectives , and to repeal regulation no 283 / 2014 of the european parliament and of the council29 _________________ 29 regulation no 283 / 2014 of the european parliament and of the council of 11 march 2014 on guidelines for trans - european networks in the area of telecommunications infrastructure and repealing decision no 1336 / 97 / ec .


### it is necessary to promote investments in favour of smart , sustainable , inclusive , safe and secure mobility throughout the union . in 2017 , the commission presented ' europe on the move ' 20 , a wide - ranging set of initiatives to make traffic safer , encourage smart road charging , reduce co2 emissions , air pollution and congestion , promote connected and autonomous mobility and ensure proper conditions and rest times for workers . these initiatives should be accompanied by union financial support , where relevant through this programme . __________________ 20 an agenda for a socially fair transition towards clean , competitive and connected mobility for all ' – com 283 ### it is necessary to promote investments in favour of smart , sustainable , inclusive , safe and secure mobility throughout the union . in 2017 , the commission presented ' europe on the move ' 20 , a wide - ranging set of initiatives to make traffic safer , encourage smart road charging , reduce co2 emissions , air pollution and congestion , promote connected and autonomous mobility and ensure proper conditions and rest times for workers . the development of the necessary digital infrastructure should also receive financial support through this programme . __________________ 20 an agenda for a socially fair transition towards clean , competitive and connected mobility for all ' – com 283


### following the joint communication on improving military mobility in the european union of november 20179 , the action plan on military mobility adopted on 28 march 2018 by the commission and the high representative of the union for foreign affairs and security policy10 highlighted that transport infrastructure policy offers a clear opportunity to increase synergies between defence needs and ten - t . the action plan indicates that by mid - 2018 , the council is invited to consider and validate the military requirements in relation to transport infrastructure and that , by 2019 the commission services will identify the parts of the trans - european transport network suitable for military transport , including necessary upgrades of existing infrastructure . union funding for the implementation of the dual - use projects should be implemented through the programme on the basis of specific work programmes specifying the applicable requirements as defined in the context of the action plan . __________________ 9 join 41 10 join 5 ### following the joint communication on improving military mobility in the european union of november 20179 , the action plan on military mobility adopted on 28 march 2018 by the commission and the high representative of the union for foreign affairs and security policy10 highlighted that transport infrastructure policy offers a clear opportunity to increase synergies between defence needs and ten - t . in particular , military mobility projects financed under this regulation should aim to enable member states to perform the tasks referred to in article 43 teu with regard to the union’s common security and defence policy , facilitate current and future union operations and missions , support the missions described in the illustrative scenarios , as well as the implementation of the mutual assistance and solidarity clauses . military mobility projects should aim at increasing union’s defence and deterrence , thus enhancing union citizens’ security and safety as well as providing a prompt reaction to crisis situations . the union should aim to facilitate and improve military mobility through concrete measures in a number of areas , in full complementarity with relevant actors , such as nato , and in coordination with efforts under the permanent structured cooperation and the european defence fund . the action plan indicates that by mid - 2018 , the council is invited to consider and validate the military requirements reflecting the needs of the union and its member states in relation to transport infrastructure also covering the management of land , air and maritime military mobility . by 2019 the commission services , in close cooperation with nato , will identify the parts of the trans - european transport network suitable for dual use transport , including necessary upgrades of existing infrastructure and bridging the gap for existing , but not yet constructed infrastructure projects . union funding for the implementation of the dual - use projects should be implemented through the programme on the basis of specific work programmes specifying the applicable requirements as defined in the context of the action plan . in order to facilitate the development of military mobility projects cross - border and customs standards and regulations , as well as administrative and legislative procedures should be harmonised . __________________ 9 join 41 10 join 5


### in order to reflect growing transport flows and the evolution of the network , the alignment of the core network corridors and their pre - identified sections should be adapted . these adaptations should be proportionate in order to preserve the consistency and the efficiency of the corridor development and coordination . for that reason the length of the core network corridors should not increase by more than 15% . ### in order to reflect growing transport flows and to ensure better connectivity of core ports and cross - border projects , the alignment of the core network corridors and their pre - identified sections should be adapted . the adaptations would secure a timely implementation of the ten - t core network and assure that the 9 core network corridors cover the whole of the european union . in addition , these adaptations should be proportionate in order to preserve the consistency and the efficiency of the corridor development and coordination . for that reason the length of the core network corridors should not increase by more than 15% .


### in order to reflect growing transport flows and the evolution of the network , the alignment of the core network corridors and their pre - identified sections should be adapted . these adaptations should be proportionate in order to preserve the consistency and the efficiency of the corridor development and coordination . for that reason the length of the core network corridors should not increase by more than 15% . ### in order to reflect growing transport flows and the evolution of the network , the alignment of the core network corridors and their pre - identified sections and their capacity should be adapted . these adaptations to the core network should not affect its completion by 2030 and should be proportionate in order to preserve the consistency and the efficiency of the corridor development and coordination . for that reason the length of the core network corridors should , if they are to be increased at all , not increase by more than 15% . evolutions on the comprehensive network must be monitored and assessed in order to guarantee the relevance of the sections .


### for works relating to the specific objectives referred to in article 3 , the amount of union financial assistance shall not exceed 30 % of the total eligible cost . the co - financing rates may be increased to a maximum of 50 % for actions relating to cross - border links under the conditions specified in point of this paragraph , for actions supporting telematic applications systems , for actions supporting new technologies and innovation , for actions supporting improvements of infrastructure safety in line with relevant union legislation and for actions located in outermost regions ; ### for works relating to the specific objectives referred to in article 3 , the amount of union financial assistance shall be between 20 % and 30 % of the total eligible cost . the co - financing rates may be increased to a maximum of 50 % for actions relating to cross - border links under the conditions specified in point of this paragraph , for actions supporting telematic applications systems , for actions supporting new technologies and innovation , for actions supporting improvements of infrastructure safety in line with relevant union legislation and for actions located in outermost regions ;


### the programme has the general objective to develop and modernise the trans - european networks in the fields of transport , energy and digital and to facilitate cross - border cooperation in the field of renewable energy , taking into account the long - term decarbonisation commitments and with emphasis on synergies among sectors . ### the programme has the general objective to develop and modernise the trans - european networks in the fields of transport , energy and digital , taking into account the long - term decarbonisation commitments and with emphasis on synergies among sectors .


### –40% for the actions listed at article 9 paragraph 2 : ' actions relating to smart , sustainable , inclusive , safe and secure mobility ' . ### –20% for the actions listed at article 9 paragraph 2 : ' actions relating to smart , sustainable , inclusive , safe and secure mobility ' .


### actions implementing sections of the comprehensive network located in outermost regions in accordance with chapter ii of regulation no 1315 / 2013 , including actions relating to the relevant urban nodes , maritime ports , inland ports and rail - road terminals of the comprehensive network as defined at annex ii to regulation no 1315 / 2013 ; ### actions implementing sections of the comprehensive network located in outermost regions in accordance with chapter ii of regulation no 1315 / 2013 , including actions relating to the relevant urban nodes , maritime ports , inland ports , airports , multimodal logistics platforms and rail - road terminals of the comprehensive network as defined at annex ii to regulation no 1315 / 2013 ;


### following the joint communication on improving military mobility in the european union of november 201724 , the action plan on military mobility adopted on 28 march 2018 by the commission and the high representative of the union for foreign affairs and security policy25 highlighted that transport infrastructure policy offers a clear opportunity to increase synergies between defence needs and ten - t . the action plan indicates that by mid - 2018 , the council is invited to consider and validate the military requirements in relation to transport infrastructure and that , by 2019 the commission services will identify the parts of the trans - european transport network suitable for military transport , including necessary upgrades of existing infrastructure . union funding for the implementation of the dual - use projects should be implemented through the programme on the basis of specific work programmes specifying the applicable requirements as defined in the context of the action plan . __________________ 24 join 41 25 join 5 ### following the joint communication on improving military mobility in the european union of november 201724 , the action plan on military mobility adopted on 28 march 2018 by the commission and the high representative of the union for foreign affairs and security policy25 highlighted that transport infrastructure policy offers a clear opportunity to increase synergies between defence needs and ten - t , with the overall view of improving mobility across the union . the action plan indicates that by mid - 2018 , the council is invited to consider and validate the military requirements in relation to transport infrastructure and that , by 2019 the commission services will identify the parts of the trans - european transport network suitable also for military use of the infrastructure while insuring their civilian usage is not negatively affected , including where there is the possibility to upgrade existing infrastructure . the infrastructure will always be for dual use . union funding for the implementation of the dual - use projects should be implemented through the programme on the basis of work programmes through measurable actions complying with the applicable requirements as defined in the context of the action plan . __________________ 24 join 41 25 join 5


### following the joint communication on improving military mobility in the european union of november 201724 , the action plan on military mobility adopted on 28 march 2018 by the commission and the high representative of the union for foreign affairs and security policy25 highlighted that transport infrastructure policy offers a clear opportunity to increase synergies between defence needs and ten - t . the action plan indicates that by mid - 2018 , the council is invited to consider and validate the military requirements in relation to transport infrastructure and that , by 2019 the commission services will identify the parts of the trans - european transport network suitable for military transport , including necessary upgrades of existing infrastructure . union funding for the implementation of the dual - use projects should be implemented through the programme on the basis of specific work programmes specifying the applicable requirements as defined in the context of the action plan . __________________ 24 join 41 . 25 join 5 . ### following the joint communication on improving military mobility in the european union of november 201724 , the action plan on military mobility adopted on 28 march 2018 by the commission and the high representative of the union for foreign affairs and security policy25 highlighted that transport infrastructure policy offers a clear opportunity to increase synergies between defence needs and ten - t , with the overall view of improving mobility across the union . the action plan indicates that by mid - 2018 , the council is invited to consider and validate the military requirements in relation to transport infrastructure and that , by 2019 the commission services will identify the parts of the trans - european transport network suitable also for military use of the infrastructure , including where there is the possibility to upgrade existing infrastructure . the infrastructure will always be for dual use . union funding for the implementation of the dual - use projects should be implemented through the programme on the basis of work programmes through measurable actions complying with the applicable requirements as defined in the context of the action plan . __________________ 24 join 41 . 25 join 5 .


### for works relating to the specific objectives referred to in article 3 , the amount of union financial assistance shall not exceed 30 % of the total eligible cost . the co - financing rates may be increased to a maximum of 50 % for actions relating to cross - border links under the conditions specified in point of this paragraph , for actions supporting telematic applications systems , for actions supporting new technologies and innovation , for actions supporting improvements of infrastructure safety in line with relevant union legislation and for actions located in outermost regions ; ### for works relating to the specific objectives referred to in article 3 , the amount of union financial assistance shall not exceed 30 % of the total eligible cost . the co - financing rates may be increased to a maximum of 65 % for actions relating to cross - border links under the conditions specified in point of this paragraph , for actions supporting telematic applications systems , for actions supporting new technologies and innovation , for actions supporting improvements of infrastructure safety in line with relevant union legislation and for actions located in rural areas and outermost regions ;


### an important objective of this programme is to deliver increased synergies between the transport , energy and digital sector . for that purpose , the programme should provide for the adoption of cross - sectoral work programmes that could address specific intervention areas , for instance as regards connected and automated mobility or alternative fuels . in addition , the programme should allow , within each sector , the possibility to consider eligible some ancillary components pertaining to another sector , where such an approach improves the socio - economic benefit of the investment . synergies between sectors should be incentivized through the award criteria for the selection of actions . ### an important objective of this programme is to deliver increased synergies between the transport , energy and digital sector . for that purpose , the programme should provide for the adoption of cross - sectoral work programmes that could address specific intervention areas , for instance as regards connected and automated mobility , alternative fuels or joint cross - border infrastructure . in addition , the programme should allow , within each sector , the possibility to consider eligible some ancillary components pertaining to another sector , where such an approach improves the socio - economic benefit of the investment . synergies between sectors should be incentivized through the award criteria for the selection of actions .


### actions implementing cross - border links of the comprehensive network in accordance with chapter ii of regulation no 1315 / 2013 , notably the sections listed in part iii of the annex to this regulation ; ### actions implementing land - based or maritime cross - border links of the comprehensive network in accordance with chapter ii of regulation no 1315 / 2013 , notably as concerns the land - based links the sections listed in part iii of the annex to this regulation ;


### to contribute to the development of projects of common interest relating to efficient and interconnected networks and infrastructure for smart , sustainable , inclusive , safe and secure mobility ; ### to contribute to the development of projects of common interest including those relating to efficient and interconnected networks and infrastructure for smart , sustainable , inclusive , safe and secure mobility ;


### in order to reflect growing transport flows and the evolution of the network , the alignment of the core network corridors and their pre - identified sections should be adapted . these adaptations should be proportionate in order to preserve the consistency and the efficiency of the corridor development and coordination . for that reason the length of the core network corridors should not increase by more than 15% . ### in order to reflect growing transport flows and the evolution of the network , the alignment of the core network corridors , their pre - identified sections and their capacity should be adapted . these adaptations to the core network should not affect its completion by 2030 and should be proportionate in order to preserve the consistency and the efficiency of the corridor development and coordination . for that reason the length of the core network corridors should , if they are to be increased at all , not increase by more than 15% . evolutions on the comprehensive network must be monitored and assessed in order to guarantee the relevance of the sections .


### actions implementing cross - border links of the comprehensive network in accordance with chapter ii of regulation no 1315 / 2013 , notably the sections listed in part iii of the annex to this regulation ; ### actions implementing land - based or maritime cross - border links of the comprehensive network in accordance with chapter ii of regulation no 1315 / 2013 , notably , regarding land - based links , the sections listed in part iii of the annex to this regulation ;


### in order to achieve the objectives laid down in the ten - t guidelines , it is necessary to support with priority the cross - border links and the missing links and to ensure , where applicable , that the supported actions are consistent with the corridor work plans established pursuant to article 47 of regulation no 1315 / 2013 and to the overall network development regarding performance and interoperability . ### in order to achieve the objectives laid down in the ten - t guidelines , it is necessary to support with priority the cross - border links , the missing links , transport bottlenecks and urban nodes and to ensure , where applicable , that the supported actions are consistent with the corridor work plans established pursuant to article 47 of regulation no 1315 / 2013 and to the overall network development regarding performance and interoperability .


### it is necessary to promote investments in favour of smart , sustainable , inclusive , safe and secure mobility throughout the union . in 2017 , the commission presented20 ' europe on the move ' , a wide - ranging set of initiatives to make traffic safer , encourage smart road charging , reduce co2 emissions , air pollution and congestion , promote connected and autonomous mobility and ensure proper conditions and rest times for workers . these initiatives should be accompanied by union financial support , where relevant through this programme . __________________ 20 commission communication ' europe on the move : an agenda for a socially fair transition towards clean , competitive and connected mobility for all ' – com 283 ### it is necessary to promote investments in favour of smart , sustainable , inclusive , safe and secure mobility throughout the union for all transport modes . in 2017 , the commission presented20 ' europe on the move ' , a wide - ranging set of initiatives to make traffic safer , encourage smart road charging , reduce co2 emissions , air pollution and congestion , promote connected and autonomous mobility and ensure proper conditions and rest times for workers . these initiatives should be accompanied by union financial support , where relevant through this programme . __________________ 20 commission communication ' europe on the move : an agenda for a socially fair transition towards clean , competitive and connected mobility for all ' – com 283


### actions relating to smart , sustainable , inclusive , safe and secure mobility : ### actions relating to smart , interoperable , sustainable , multimodal , inclusive , safe and secure mobility :


### for works relating to the specific objectives referred to in article 3 , the amount of union financial assistance shall not exceed 30 % of the total eligible cost . the co - financing rates may be increased to a maximum of 50 % for actions relating to cross - border links under the conditions specified in point of this paragraph , for actions supporting telematic applications systems , for actions supporting new technologies and innovation , for actions supporting improvements of infrastructure safety in line with relevant union legislation and for actions located in outermost regions ; ### for works relating to the specific objectives referred to in article 3 , the amount of union financial assistance shall not exceed 30 % of the total eligible cost . the co - financing rates may be increased to a maximum of 50 % for actions relating to cross - border links under the conditions specified in point of this paragraph , for actions supporting telematic applications systems , for actions supporting new technologies and innovation , for actions supporting improvements of infrastructure safety in line with relevant union legislation and for actions located in outermost regions and for railway networks , and road networks in the case of member states with no railway network established in their territory or in the case of a member state , or part thereof , with an isolated network without long - distance rail freight transport ;


### –40% for the actions listed at article 9 paragraph 2 : ' actions relating to smart , sustainable , inclusive , safe and secure mobility ' . ### –40% for the actions listed at article 9 paragraph 2 : ' actions relating to smart , interoperable , sustainable , multimodal , inclusive , safe and secure mobility ' .


### following the joint communication on improving military mobility in the european union of november 201724 , the action plan on military mobility adopted on 28 march 2018 by the commission and the high representative of the union for foreign affairs and security policy25 highlighted that transport infrastructure policy offers a clear opportunity to increase synergies between defence needs and ten - t . the action plan indicates that by mid - 2018 , the council is invited to consider and validate the military requirements in relation to transport infrastructure and that , by 2019 the commission services will identify the parts of the trans - european transport network suitable for military transport , including necessary upgrades of existing infrastructure . union funding for the implementation of the dual - use projects should be implemented through the programme on the basis of specific work programmes specifying the applicable requirements as defined in the context of the action plan . __________________ 24 join 41 . 25 join 5 . ### following the joint communication on improving dual mobility in the european union of november 2017 , the action plan on dual mobility adopted on 28 march 2018 by the commission and the high representative of the union for foreign affairs and security policy highlighted that transport infrastructure policy offers a clear opportunity to increase synergies between defence needs and ten - t , with the overall aim of improving mobility across the union . the action plan indicates that by mid - 2018 , the council is invited to consider and validate the dual requirements in relation to transport infrastructure and that , by 2019 the commission services will identify the parts of the trans - european transport network suitable for dual transport , including necessary upgrades of existing infrastructure , ensuring that they are not to the detriment of civil use and keeping the european parliament promptly informed in this regard . union funding for the implementation of the dual - use projects should be implemented through the programme on the basis of specific work programmes specifying the applicable requirements as defined in the context of the action plan . __________________ 24 join 41 . 25 join 5 .


### in order to reflect growing transport flows and the evolution of the network , the alignment of the core network corridors and their pre - identified sections should be adapted . these adaptations should be proportionate in order to preserve the consistency and the efficiency of the corridor development and coordination . for that reason the length of the core network corridors should not increase by more than 15 % . ### in order to reflect growing transport flows and the evolution of the network , the alignment of the core network corridors , their pre - identified sections and their capacity should be adapted . these adaptations to the core network should not affect its completion by 2030 and should be proportionate in order to preserve the consistency and the efficiency of the corridor development and coordination . for that reason the length of the core network corridors should not increase by more than 15 % . in any case , the increase in the network should be limited to very specific cases before moving on to the completion of pending projects within the core network of the priority corridors .


### in order to achieve the objectives laid down in the ten - t guidelines , it is necessary to support with priority the cross - border links and the missing links and to ensure , where applicable , that the supported actions are consistent with the corridor work plans established pursuant to article 47 of regulation no 1315 / 2013 and to the overall network development regarding performance and interoperability . ### in order to achieve the objectives laid down in the ten - t guidelines , it is necessary to support with priority the cross - border links , the missing links and urban nodes and to ensure , where applicable , that the supported actions are consistent with the corridor work plans established pursuant to article 47 of regulation no 1315 / 2013 and to the overall network development regarding performance and interoperability .


### in order to achieve the objectives laid down in the ten - t guidelines , it is necessary to support with priority the cross - border links and the missing links and to ensure , where applicable , that the supported actions are consistent with the corridor work plans established pursuant to article 47 of regulation no 1315 / 2013 and to the overall network development regarding performance and interoperability . ### in order to achieve the objectives laid down in the ten - t guidelines , it is necessary to support with priority the cross - border links and the missing links and to ensure , where applicable , that the supported actions are consistent with the corridor work plans established pursuant to article 47 of regulation no 1315 / 2013 , to the overall network development regarding performance and interoperability and enabling dual use of infrastructure by integrating the military mobility needs into the ten - t networks .


### as regards the amounts transferred from the cohesion fund , 30% of these amounts shall be made available immediately to all member states eligible for funding from the cohesion fund to finance transport infrastructure projects in accordance with this regulation , with priority to cross - border and missing links . until 31 december 2023 , the selection of projects eligible for financing shall respect the national allocations under the cohesion fund with regard to 70% of the resources transferred . as of 1 january 2024 , resources transferred to the programme which have not been committed to a transport infrastructure project shall be made available to all member states eligible for funding from the cohesion fund to finance transport infrastructure projects in accordance with this regulation . ### as regards the amounts transferred from the cohesion fund , 50% of these amounts shall be made available immediately to all member states eligible for funding from the cohesion fund to finance transport infrastructure projects in accordance with this regulation , with priority to cross - border and missing links . until 31 december 2023 , the selection of projects eligible for financing shall respect the national allocations under the cohesion fund with regard to 50% of the resources transferred . as of 1 january 2024 , resources transferred to the programme which have not been committed to a transport infrastructure project shall be made available to all member states eligible for funding from the cohesion fund to finance transport infrastructure projects in accordance with this regulation .


### actions implementing cross - border links of the comprehensive network in accordance with chapter ii of regulation no 1315 / 2013 , notably the sections listed in part iii of the annex to this regulation ; ### actions implementing and stimulating cross - border projects of the comprehensive network in accordance with chapter ii of regulation no 1315 / 2013 , notably the sections listed in part iii of the annex to this regulation ;


### the grant agreement may be terminated on the basis of the grounds specified in paragraph 1 . ### the grant agreement may be terminated on the basis of the grounds specified in paragraph 1 , except for justified cases .


### actions implementing the core network in accordance with chapter iii of regulation no 1315 / 2013 , including actions relating to urban nodes , maritime ports , inland ports and rail - road terminals of the core network as defined at annex ii to regulation no 1315 / 2013 . actions implementing the core network may include related elements located on the comprehensive network when necessary to optimize the investment and according to modalities specified in the work programmes referred to in article 19 of this regulation ; ### actions implementing the core network in accordance with chapter iii of regulation no 1315 / 2013 , cross - border , missing links , bottlenecks , including actions relating to urban nodes , maritime ports , inland ports and rail - road terminals of the core network as defined at annex ii to regulation no 1315 / 2013 . actions implementing the core network may include related elements located on the comprehensive network when necessary to optimize the investment and according to modalities specified in the work programmes referred to in article 19 of this regulation ;


### the type - approval authority shall be peer - reviewed by two type - approval authorities of other member states every two years . ### the type - approval authority shall be peer - reviewed by two type - approval authorities of other member states every five years .


### ‘ end - of - series vehicle’ means a vehicle that is part of a stock and that , due to the entry into force of new technical requirements against which it has not been type - approved , cannot or can no longer be made available on the market , registered or entered into service ; ### ‘ end - of - series vehicle’ means a vehicle which is part of a stock or which is to be completed and which , due to the entry into force of new technical requirements against which it has not been type - approved , cannot or can no longer be made available on the market , registered or entered into service ;


### where an approval authority or market surveillance authority finds that vehicles , systems , components or separate technical units are not in conformity with this regulation or that the type - approval has been granted on the basis of incorrect data or that vehicles , systems , components or separate technical units accompanied by a certificate of conformity or bearing an approval mark do not conform to the approved type , it may take all appropriate restrictive measures in accordance with article 53 . ### where an approval authority or market surveillance authority finds that vehicles , systems , components or separate technical units are not in conformity with this regulation or that the type - approval has been granted on the basis of incorrect data or that vehicles , systems , components or separate technical units accompanied by a certificate of conformity or bearing an approval mark do not conform to the approved type , it shall take all appropriate restrictive measures in accordance with article 53 .


### manufacturers holding type - approvals or the economic operators shall , upon request , supply to the commission a statistically relevant number of production vehicles , systems , components and separate technical units selected by the commission that are representative for the vehicles , systems , components and separate technical units available for placing on the market under that type - approval . those vehicles , systems , components and separate technical units shall be supplied for testing at the time and place and for the period the commission may require . ### manufacturers holding type - approvals or the economic operators shall , upon request , supply to the commission a statistically relevant number of production vehicles , systems , components and separate technical units selected by the commission that are representative for the vehicles , systems , components and separate technical units available for placing on the market under the type - approval concerned . those vehicles , systems , components and separate technical units shall be supplied for testing at the time and place and for the period the commission may require . samples of vehicles , systems , components and separate technical units supplied for testing shall be paid for by the commission at the market rate by the payment of either the purchase price or rental thereof , depending on the intended use to which the samples in question are to be put .


### member states shall take the necessary measures to ensure that market surveillance authorities may , where they consider it necessary and justified , be entitled to enter the premises of economic operators and seize the necessary samples of vehicles , systems , components and separate technical units for the purposes of compliance testing . ### member states shall take the necessary measures to ensure that market surveillance authorities may , where they consider it necessary and justified , enter the premises of economic operators and seize the necessary samples of vehicles , systems , components and separate technical units for the purposes of compliance testing . samples seized for testing shall be paid for by the market surveillance authorities at the market rate by the payment of either the purchase price or rental thereof , depending on the intended use to which the samples in question are to be put .


### type - approvals for vehicles , systems , components and separate technical units shall be issued for a limited period of 5 years without the possibility of prolongation . the expiry date shall be indicated in the type - approval certificate . after the expiry of the type - approval certificate , it may be renewed upon application by the manufacturer and only where the approval authority has verified that the type of vehicle , system , component and separate technical unit complies with all the requirements of the relevant regulatory acts for new vehicles , systems , components and separate technical units of that type . ### type - approvals for vehicles shall be audited after a period of five years following their first approval or last audit . the audit shall be performed by a type - approval authority different from the one which issued the approval . the audit of the type - approval certificate shall involve verification by the approval authority that the type of vehicle complies with all the requirements of the relevant regulatory acts applied for all new vehicles of that type at that time .


### research , innovation and digitisation policy window : comprises research and innovation activities , transfer of research results to the market , demonstration and deployment of innovative solutions and support to scaling up of innovative companies other than smes as well as digitisation of union industry ; ### research , innovation and digitisation policy window : comprises research and innovation activities , transfer of research results to the market , demonstration and deployment of innovative solutions and support to scaling up of innovative companies other than smes and innovation clusters , as well as digitisation of union industry ;


### each policy window should be composed of two compartments , that is to say an eu compartment and a member state compartment . the eu compartment should address union - wide market failures or sub - optimal investment situations in a proportionate manner ; supported actions should have a clear european added value . the member state compartment should give member states the possibility to contribute a share of their resources of funds under shared management to the provisioning of the eu guarantee to use the eu guarantee for financing or investment operations to address specific market failures or sub - optimal investment situations in their own territory , including in vulnerable and remote areas such as the outermost regions of the union , to deliver objectives of the fund under shared management . actions supported from the investeu fund through either eu or member state compartments should not duplicate or crowd out private financing or distort competition in the internal market . ### each policy window should be composed of two compartments , that is to say an eu compartment and a member state compartment . the eu compartment should address union - wide market failures or sub - optimal investment situations in a proportionate manner ; supported actions should have a clear european added value . the member state compartment should give member states the possibility to contribute a share of their resources of funds under shared management to the provisioning of the eu guarantee to use the eu guarantee for financing or investment operations to address specific market failures or sub - optimal investment situations in their own territory , including in less developed regions and in vulnerable and remote areas such as the outermost regions of the union , to deliver objectives of the fund under shared management . actions supported from the investeu fund through either eu or member state compartments should not duplicate or crowd out private financing or distort competition in the internal market .


### an investment committee shall be established . it shall ### an independent&#160 ; investment committee shall be established . it shall


### smes policy window : access to and availability of finance for smes and , in duly justified cases , for small mid - cap companies ; ### smes policy window : access to and availability of finance for smes and , in duly justified cases , for mid - cap companies ;