### within the union , there are a significant number of potentially viable projects that are not being financed due to a lack of certainty and transparency with respect to such projects . often , this is because private investors are not aware of the projects or have insufficient information to make an assessment of the investment risks . the commission and the eib , with support from the member states , should promote the creation of a transparent pipeline of current and future investment projects in the union suitable for investment . this ' project pipeline ' should ensure that information is made publicly available regarding investment projects on a regular and structured basis to ensure that investors have reliable information on which to base their investment decisions . ### within the union , there are a significant number of potentially viable projects that are not being financed due to a lack of certainty and transparency with respect to such projects . often , this is because private investors are not aware of the projects or have insufficient information to make an assessment of the investment risks . the commission and the eib , with support from the member states , should promote the creation of a transparent directory of current and future investment projects in the union suitable for investment . this ' project directory ' should ensure that information is made publicly available regarding investment projects on a regular and structured basis to ensure that investors have reliable information on which to base their investment decisions .


### member states have also begun work at national level on establishing and promoting project pipelines for projects of national significance . the information prepared by the commission and the eib should provide links to the accompanying national project pipelines . ### member states have also begun work at national level on establishing and promoting project directories for projects of national significance . the information prepared by the commission and the eib should provide links to the accompanying national project directories .


### although the projects identified under the project pipeline may be used by the eib in the identification and selection of efsi supported projects , the project pipeline should have a broader scope of identifying projects across the union . this scope may include projects that are capable of being fully financed by the private sector or with the assistance of other instruments provided at european or national level . the efsi should be able to support financing and investment to projects identified by the project pipeline , but there should be no automaticity between inclusion on the list and access to efsi support and the efsi be conferred with discretion to select and support projects that are not included on the list . ### although the projects identified under the project directory may be used by the eib in the identification and selection of efsi supported projects , the project directory should have a broader scope of identifying projects across the union . this scope may include projects that are capable of being fully financed by the private sector or with the assistance of other instruments provided at european or national level . the efsi should be able to support financing and investment to projects identified by the project directory , but there should be no automaticity between inclusion on the list and access to efsi support and the efsi be conferred with discretion to select and support projects that are not included on the list .


### to ensure accountability to european citizens , the eib should regularly report to the european parliament and the council on the progress and impact of the efsi . ### to ensure accountability to european citizens , the eib should regularly report to the european parliament and the council on the progress and impact of the efsi , in particular as regards the additionality of operation conducted under efsi compared to normal eib operations .


### the purpose of the efsi shall be to support investments in the union and to ensure increased access to financing for companies having up to 3000 employees , with a particular focus on small and medium enterprises , through the supply of risk bearing capacity to the eib . ### the purpose of the efsi shall be to support investments in the union and to ensure increased access to financing for companies having up to 3000 employees , with a particular focus on small and medium enterprises , through the supply of risk bearing capacity to the eib , in accordance with the principles of sound financial management , transparency , proportionality , non - discrimination , equal treatment and subsidiarity .


### provisions governing the establishment of the efsi as a distinct , clearly identifiable and transparent guarantee facility and separate account managed by the eib ; ### provisions governing the establishment of the efsi as a distinct , clearly identifiable and transparent guarantee facility and separate account managed by the eib for which the eib and the commission&#160 ; is subject to an annual discharge decision by parliament and council in accordance with article 319 tfeu and articles 164 , 165 and 166 of regulation 996 / 2012 ;


### the efsi agreement shall provide that remuneration attributable to the union from efsi supported operations shall be provided following the deduction of payments due to calls on the eu guarantee and , subsequently , costs in accordance with the third subparagraph of paragraph 2 and with article 5 . ### the efsi agreement shall provide that remuneration attributable to the union from efsi supported operations shall be provided up to an unconditional cap following the deduction of payments due to calls on the eu guarantee and , subsequently , costs in accordance with the third subparagraph of paragraph 2 and with article 5 .


### the efsi agreement shall provide that the efsi shall be governed by a steering board , which shall determine the strategic orientation , the strategic asset allocation and operating policies and procedures , including the investment policy of projects that efsi can support and the risk profile of the efsi , in conformity with the objectives under article 5 . the steering board shall elect one of its members to be chairperson . ### the efsi agreement shall provide that the commission and the eib are directly responsible and accountable vis - &#224 ; - vis the budgetary authority for the management of all funds and guarantees handled by the efsi . for this purpose the efsi shall be governed by a steering board , which shall determine the strategic orientation , the strategic asset allocation and operating policies and procedures , including the investment policy of projects that efsi can support and the risk profile of the efsi , in conformity with the objectives under article 5 . the steering board shall elect one of its members to be chairperson .


### the efsi agreement shall provide that the efsi shall be governed by a steering board , which shall determine the strategic orientation , the strategic asset allocation and operating policies and procedures , including the investment policy of projects that efsi can support and the risk profile of the efsi , in conformity with the objectives under article 5 . the steering board shall elect one of its members to be chairperson . ### the efsi agreement shall provide that the commission and the eib are directly responsible and accountable vis - &#225 ; - vis the budgetary authority for the management of all funds and guarantees handled by the efsi . for this purpose the&#160 ; efsi&#160 ; is to&#160 ; be governed by a steering board , which , for the use of the eu guarantee , &#160 ; is to&#160 ; determine the strategic orientation , the strategic asset allocation and operating policies and procedures , including the investment policy of projects that efsi can support and the risk profile of the efsi , in conformity with the objectives under article 5 . the steering board shall elect one of its members to be chairperson .


### the managing director and the deputy managing director shall be appointed by the steering board on a joint proposal of the commission and the eib for a renewable fixed term of three years . ### the managing director and the deputy managing director shall be appointed by the steering board on a joint proposal of the commission and the eib for a fixed term of three years which may be renewed three times at the most .


### the efsi agreement shall provide that the efsi shall have an investment committee , which shall be responsible for examining potential operations in line with the efsi investment policies and approving the support of the eu guarantee for operations in line with article 5 , irrespective of their geographic location . ### the efsi agreement shall provide that the efsi shall have an investment committee , which shall be responsible for examining potential operations in line with the efsi investment policies and approving the support of the eu guarantee for operations in line with article 5 , irrespective of their geographic location within the european union .


### the investment committee shall be composed of six independent experts and the managing director . independent experts shall have a high level of relevant market experience in project finance and be appointed by the steering board for a renewable fixed term of three years . ### the investment committee shall be composed of six independent experts and the managing director . independent experts shall have a high level of relevant market experience in project structuring and project financing , as well as macroeconomic expertise . the investment committee shall be appointed by the steering board for a renewable fixed term of three years . the experts shall be appointed in an open and transparent selection procedure . the decisions made by the investment committee shall be free from any undue interference .


### the union shall provide a guarantee to the eib for financing or investment operations carried out within the union covered by this regulation . the eu guarantee shall be granted as a guarantee on demand in respect of instruments referred to in article 6 . ### the union shall provide a guarantee to the eib for financing or investment operations carried out within the union covered by this regulation . the eu guarantee shall also be provided to national promotional banks or institutions , in accordance with article 58 of regulation no 966 / 2012 of the european parliament and of the council of 25 october 2012 on the financial rules applicable to the general budget of the union and repealing council regulation no 1605 / 2002 , and investment platforms . the eu guarantee shall be granted as a guarantee on demand in respect of instruments referred to in article 6 .


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


### fees of the eib should the eib provide funding to the eif on behalf of the efsi which is backed by the eu guarantee in accordance with article 7 may be covered from the union budget . ### fees of the eib should the eib provide funding to the eif on behalf of the efsi which is backed by the eu guarantee in accordance with article 7 may be covered from the union budget . such fees shall be unconditionally capped in the efsi agreement .


### provided that all relevant eligibility criteria are fulfilled , member states may use european structural and investment funds to contribute to the financing of eligible projects in which the eib is investing with the support of the eu guarantee . ### provided that all relevant eligibility criteria are fulfilled , member states may use european structural and investment funds to contribute to the financing of eligible projects in which the eib is investing with the support of the eu guarantee . where , in such cases , several legal frameworks of the union are applicable to the management and control of such projects , regulation no 966 / 2012 and the relevant sectoral funding legislation shall take precedence .


### for the purposes of article 5 , the eib shall use the eu guarantee towards risk coverage for instruments as a rule on a portfolio basis . ### for the purposes of article 5 , the eib shall use the eu guarantee only for the coverage of credit risk of eligible instruments . as a rule the eu guarantee shall only be used on basis of the portfolio of eligible instruments used to fund projects approved by the investment committee referred to in article 3 .


### the eu guarantee to the eib shall be of an amount equal to eur 16 000 000 000 , of which a maximum amount of eur 2 500 000 000 may be allocated for eib funding to the eif in accordance with paragraph 2 . without prejudice to article 8 , aggregate payments from the union under the guarantee to the eib shall not exceed the amount of the guarantee . ### the eu guarantee to the eib shall be of an amount equal to eur 16 000 000 000 , of which a maximum amount of eur 2 500 000 000 may be allocated for eib funding to the eif in accordance with paragraph 2 . without prejudice to article 8 , aggregate payments from the union under the guarantee to the eib shall not exceed the amount of the guarantee , thus excluding contingent liabilities for the union budget . legal claims&#160 ; of final beneficiaries against the union above and beyond this guarantee shall be excluded .


### the target amount shall initially be met by the gradual payment of resources referred to in paragraph 2 . if there have been calls on the guarantee during the initial constitution of the guarantee fund , endowments to the guarantee fund provided for in points , and of paragraph 2 shall also contribute to meet the target amount up to an amount equal to the calls on the guarantee . ### the target amount shall initially be met by the gradual payment of resources referred to in paragraph 2 and accompanied by endowments to the guarantee fund provided for in points , and of paragraph 2 .


### from 1 january 2019 , if as a result of calls on the guarantee , the level of the guarantee fund falls below 50% of the target amount , the commission shall submit a report on exceptional measures that may be required to replenish it . ### from 1 january 2018 , if as a result of calls on the guarantee , the level of the guarantee fund falls below 50% of the target amount , the commission shall submit a report on exceptional measures that may be required to replenish it .


### the commission and the eib , with support from the member states , shall promote the creation of a transparent pipeline of current and potential future investment projects in the union . the pipeline is without prejudice to the final projects selected for support according to article 3 . ### the commission and the eib , with support from the member states , shall promote the creation of a transparent&#160 ; directory of current and potential future investment projects in the union . the&#160 ; directory shall be for visibility to investors and information purposes only and shall be&#160 ; without prejudice to the final projects selected for support according to article 3 .


### the commission and the eib shall develop , update and disseminate , on a regular and structured basis , information on current and future investments which significantly contribute to achieving eu policy objectives . ### the commission and the eib shall develop , update and disseminate , on a regular and structured basis , information on all current and future investments in a publically accessible project database that also provides aggregate statistics and time series on a variety of project data , e . g . the costs , structure of the funding , the financing leverage of the efsi contribution , performance - and impact indicators of the projects .


### member states shall develop , update and disseminate , on a regular and structured basis , information on current and future investment projects in their territory . ### member states shall develop , update and disseminate together with the eib , on a regular and structured basis , information on all current and future investment projects in their territory .


### the eib , in cooperation with the eif as appropriate , shall report annually to the european parliament and to the council on eib financing and investment operations . the report shall be made public and include : ### the eib , in cooperation with the eif as appropriate , shall report annually to the european parliament and to the council and to the european court of auditors on eib financing and investment operations under this regulation . the report shall be made public and include :


### an assessment of eib financing and investment operations at operation , sector , country and regional levels and their compliance with this regulation , together with an assessment of the allocation of eib financing and investment operations between the objectives in article 5 ; ### an assessment of eib financing and investment operations at operation , sector , country and regional levels and their compliance with this regulation and regulation no 966 / 2012 , together with an assessment of the allocation of eib financing and investment operations between the objectives :


### an assessment of the added value , the mobilisation of private sector resources , the estimated and actual outputs , outcomes and impact of eib financing and investment operations at an aggregated basis ; ### an assessment of the added value and performance of projects in terms of estimated and realized return on investment at project maturity , the additionality of operation conducted under efsi compared to normal eib operations , the mobilisation of private sector resources , the estimated and actual outputs , outcomes and impact of eib financing and investment operations at an aggregated basis ;


### an assessment of the financial benefit transferred to beneficiaries of eib financing and investment operations on an aggregated basis ; ### an assessment of the financial amount transferred to beneficiaries and the assessment of eib financing and investment operations on an aggregated basis ;


### an assessment of the quality of eib financing and investment operations ; ### an assessment of the value added of eib financing and investment operations ;


### an assessment of the quality of eib financing and investment operations ; ### an assessment of the quality of eib financing and investment operations and the risks associated with this investment operations ;


### detailed information on calls on the eu guarantee ; ### detailed information on calls on the eu guarantee , losses , returns , amounts recovered and any other payments received ;


### for the purposes of the commission ' s accounting and reporting of the risks covered by the eu guarantee and management of the guarantee fund , the eib , in cooperation with the eif as appropriate , shall provide the commission every year : ### for the purposes of the commission ' s accounting and reporting of the risks covered by the eu guarantee and management of the guarantee fund , the eib , in cooperation with the eif as appropriate , shall provide the commission and the european court of auditors every year :


### the eib ' s and eif ' s risk assessment and grading information concerning eib financing and investment operations ; ### the eib ' s and eif ' s risk assessment and grading information concerning eib financing and investment operations under this regulation ;


### the outstanding financial obligation for the eu concerning the guarantees provided towards eib financing and investment operations broken down by the individual operations ; ### the outstanding financial obligation for the eu concerning the guarantees provided towards eib financing and investment operations under this regulation broken down by the individual operations ;


### the commission shall , by 30 june of each year , send to the european parliament , the council and the court of auditors an annual report on the situation of the guarantee fund and the management thereof in the previous calendar year . ### the commission shall , by 31 march of each year , send to the european parliament , the council and the court of auditors the annual accounts , the financial statement and an annual report in accordance with regulation no 996 / 2012 on the situation of the guarantee fund and the management thereof in the previous calendar year .


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


### at the latest [ po insert date : 18 months after the entry into force of this regulation ] the eib shall evaluate the functioning of the efsi . the eib shall submit its evaluation to the european parliament , the council and the commission ; ### at the latest [ po insert date : 18 months after the entry into force of this regulation ] the eib shall evaluate the functioning of the efsi , also with regard to the efsi projects based on the sub - programmes , and evaluate the lifecycle of the targeted investments . the eib shall submit its evaluation to the european parliament , the council and the commission . this evaluation shall be accompanied by an opinion of the court of auditors .


### at the latest [ po insert date : 18 months after the entry into force of this regulation ] the commission shall evaluate the use of the eu guarantee and the functioning of the guarantee fund , including the use of endowments according to article 8 . the commission shall submit its evaluation to the european parliament and the council . ### at the latest [ po insert date : 18 months after the entry into force of this regulation ] the commission shall evaluate the use of the eu guarantee and the functioning of the guarantee fund , also with regard to the projects benefiting from the guarantees based on the sub - programmes , and evaluate the lifecycle of the targeted investments . , including the use of endowments according to article 8 . the commission shall submit its evaluation to the european parliament and the council . this evaluation shall be accompanied by an opinion of the court of auditors .


### the eib shall publish a comprehensive report on the functioning of the efsi ; ### the eib shall publish a comprehensive report on the functioning of the efsi and on the efsi projects based on the sub - programmes , so as to match the lifecycle of the targeted investments ;


### the commission shall publish a comprehensive report on the use of the eu guarantee and the functioning of the guarantee fund . ### the commission shall publish a comprehensive report on the use of the eu guarantee and the functioning of the guarantee fund and on the projects benefitting from the guarantee based on the sub - programmes , so as to match the lifecycle of the targeted investments ;


### the eib and eif shall on a regular basis provide the european parliament , the council and the commission with all their independent evaluation reports which assess the practical results achieved by the specific activities of the eib and eif under this regulation . ### the eib and eif shall on a regular basis provide the european parliament , the council and the commission with all their independent evaluation reports which assess the practical results achieved by the specific activities of the eib and eif under this regulation , focusing on outcomes and impacts .


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


### olaf may carry out investigations , including on - the - spot checks and inspections , in accordance with the provisions and procedures laid down in regulation no 883 / 2013 of the european parliament and of the council , council regulation no 2185 / 96 and council regulation no 2988 / 95 in order to protect the financial interests of the union , with a view to establishing whether there has been fraud , corruption , money laundering or any other illegal activity affecting the financial interests of the union in connection with any operations supported by the eu guarantee . olaf may transmit to the competent authorities of the member states concerned information obtained in the course of investigations . __________________ 5 regulation no 883 / 2013 of the european parliament and of the council of 11 september 2013 concerning investigations conducted by the european anti - fraud office and repealing regulation no 1073 / 1999 of the european parliament and of the council and council regulation no 1074 / 1999 . 6 council regulation no 2185 / 96 of 11 november 1996 concerning on - the - spot checks and inspections carried out by the commission in order to protect the european communities ' financial interests against fraud and other irregularities . 7 council regulation no 2988 / 95 of 18 december 1995 on the protection of the european communities financial interests . ### olaf may carry out investigations , including on - the - spot checks and inspections , in accordance with the provisions and procedures laid down in regulation no 883 / 2013 of the european parliament and of the council , council regulation no 2185 / 96 and council regulation no 2988 / 95 in order to protect the financial interests of the union , with a view to establishing whether there has been fraud , corruption , money laundering , financing of terrorism , tax fraud and tax evasion , or any other illegal activity affecting the financial interests in connection with any operations under this regulation . olaf may transmit to the competent authorities of the member states concerned information obtained in the course of investigations . __________________ 5 regulation no 883 / 2013 of the european parliament and of the council of 11 september 2013 concerning investigations conducted by the european anti - fraud office and repealing regulation no 1073 / 1999 of the european parliament and of the council and council regulation no 1074 / 1999 . 6 council regulation no 2185 / 96 of 11 november 1996 concerning on - the - spot checks and inspections carried out by the commission in order to protect the european communities ' financial interests against fraud and other irregularities . 7 council regulation no 2988 / 95 of 18 december 1995 on the protection of the european communities financial interests .


### where such illegal activities are proven , the eib shall undertake recovery efforts with respect to its operations supported by the eu guarantee . ### where olaf recommends the recovery due to illegal activities including money laundering , financing of terrorism , tax fraud and tax evasion , corruption , or fraud affecting the financial interests established during its investigations are proven , the eib shall undertake recovery efforts with respect to its operations .


### financing agreements signed in relation to operations supported under this regulation shall include clauses allowing exclusion from eib financing and investment operations and , if necessary , appropriate recovery measures in cases of fraud , corruption or other illegal activity in accordance with the efsi agreement , eib policies and applicable regulatory requirements . the decision whether to apply an exclusion from the eib financing and investment operation shall be taken in accordance with the relevant financing or investment agreement . . ### financing agreements signed in relation to operations supported under this regulation shall include clauses allowing exclusion from eib financing and investment operations and , if necessary , appropriate recovery measures in cases of fraud , corruption or other illegal activity in accordance with the efsi agreement , eib policies and applicable regulatory requirements . the decision whether to apply an exclusion from the eib financing and investment operation shall be taken in accordance with the relevant financing or investment agreement . these agreements shall be notified to the european parliament .


### in its financing and investment operations , the eib shall not support any activities carried out for illegal purposes , including money laundering , financing of terrorism , tax fraud and tax evasion , corruption , or fraud affecting the financial interests of the union . in particular the eib shall not participate in any financing or investment operation through a vehicle located in a non - cooperative jurisdiction , in line with its policy towards weakly regulated or non - cooperative jurisdictions based on policies of the union , the organisation for economic cooperation and development or the financial action task force . ### in its financing and investment operations , the eib , the eif and all financial intermediaries&#160 ; shall not support any activities carried out for illegal purposes , including money laundering , financing of terrorism , tax fraud and tax evasion , corruption , or fraud affecting the financial interests of the union . in particular the eib shall not participate in any financing or investment operation through a vehicle located in a non - cooperative jurisdiction , in line with its policy towards weakly regulated or non - cooperative jurisdictions based on policies of the union , the organisation for economic cooperation and development or the financial action task force .


### the commission shall assess those operations and , where they comply with the substantive requirements set out in article 5 and in the efsi agreement , decide that the eu guarantee coverage extends to them . ### the commission shall assess those operations and , where they comply with the substantive requirements set out in article 5 and in the efsi agreement , decide that the eu guarantee coverage extends to them and inform the european parliament thereof .


### the union and its member states have been endeavouring to advance international agreement to reduce greenhouse gas impacts from aviation since 1997 and they have legislation in place since 2008 to limit the climate change impacts from aviation activities through the eu emissions trading system that has been operating since 2005 . in order to advance progress at the international civil aviation organization , the union has twice adopted time - bound derogations to the eu ets so as to limit compliance obligations to emissions from flights between aerodromes situated in the european economic area , with equal treatment on routes of aircraft operators wherever they are based . the most recent derogation from the eu ets , regulation no 421 / 2014 of the european parliament and of the council , limited compliance obligations to intra - eea flights between 2013 and 2016 , and envisaged potential changes to the scope of the system as regards activity to and from aerodromes situated outside the eea from 1 january 2017 onwards following the review set out in that regulation . ### the union and its member states have been endeavouring to advance international agreement to reduce greenhouse gas impacts from aviation since 1997 and they have legislation in place since 2008 to limit the climate change impacts from aviation activities through the eu emissions trading system that has been operating since 2005 . the court of justice ruled in its judgment of 21 december 20111a that the inclusion of extra - eea flights in the eu ets does not violate international law . in order to advance progress at the international civil aviation organization , the union has twice adopted time - bound derogations to the eu ets so as to limit compliance obligations to emissions from flights between aerodromes situated in the european economic area , with equal treatment on routes of aircraft operators wherever they are based . the most recent derogation from the eu ets , regulation no 421 / 2014 of the european parliament and of the council , limited compliance obligations to intra - eea flights between 2013 and 2016 , and envisaged potential changes to the scope of the system as regards activity to and from aerodromes situated outside the eea from 1 january 2017 onwards following the review set out in that regulation . 1a judgment of the court of justice of 21 december 2011 , air transport association of america and others v . secretary of state for energy and climate change , c - 366 / 10 , ecli : eu : c : 2011 : 864 .


### the union and its member states have been endeavouring to advance international agreement to reduce greenhouse gas impacts from aviation since 1997 and they have legislation in place since 2008 to limit the climate change impacts from aviation activities through the eu emissions trading system that has been operating since 2005 . in order to advance progress at the international civil aviation organization , the union has twice adopted time - bound derogations to the eu ets so as to limit compliance obligations to emissions from flights between aerodromes situated in the european economic area , with equal treatment on routes of aircraft operators wherever they are based . the most recent derogation from the eu ets , regulation no 421 / 2014 of the european parliament and of the council , limited compliance obligations to intra - eea flights between 2013 and 2016 , and envisaged potential changes to the scope of the system as regards activity to and from aerodromes situated outside the eea from 1 january 2017 onwards following the review set out in that regulation . ### the union and its member states have been endeavouring to advance international agreement to reduce greenhouse gas impacts from aviation since 1997 and they have legislation in place since 2008 to limit the climate change impacts from aviation activities through the eu emissions trading system that has been operating since 2005 . in addition , since 2004 and 2008 the member states have recommitted themselves to implementing the single european sky concept , taking account of the growth in the volume of air traffic in the coming years . in order to achieve progress with air traffic management , the implementation of sesar needs to be speeded up , and innovative technologies must be supported under the clean sky project . the introduction , through the international civil aviation organization , of the global market - based measure should contribute to further progress on aviation emissions reduction . it was for this reason that derogations were granted in relation to the compliance obligations in respect of emissions from flights between aerodromes situated in the european economic area , with equal treatment on routes of aircraft operators wherever they are based . the most recent derogation from the eu ets , regulation no 421 / 2014 of the european parliament and of the council , limited compliance obligations to intra - eea flights between 2013 and 2016 , and envisaged potential changes to the scope of the system as regards activity to and from aerodromes situated outside the eea from 1 january 2017 onwards following the review set out in that regulation .


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


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


### member states shall ensure that , by 30 april each year , the operator of each installation surrenders a number of allowances , other than allowances issued under chapter ii , equal to the total emissions from that installation during the preceding calendar year as verified in accordance with article 15 , and that these are subsequently cancelled . ### in article 12 , paragraph 3 is replaced by the following : ' 3 . member states shall ensure that , by 30 april each year , the operator of each installation surrenders a number of allowances , equal to the total emissions from that installation during the preceding calendar year as verified in accordance with article 15 , and that these are subsequently cancelled . '


### the commission shall report to the european parliament and the council on the relevant icao standards or other legal instruments as well as on domestic measures taken by third countries to implement the global market - based measure to be applied to emissions from 2021 , and on other relevant international developments . ### the commission shall report to the european parliament and the council on the relevant icao standards and recommended practices , icao council - approved recommendations relevant to the global measure or other legal instruments as well as on domestic measures taken by third countries to implement the global measure to be applied to emissions from 2021 , and on other relevant international developments . such reports shall be submitted by 1 january 2018 , 1 january 2019 and regularly thereafter in accordance with the icao ' s standards - making procedures .


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


### all the amendments to the recovery plan adopted by iccat in 2012 , 2013 and 2014 , which have not been subject to transposition yet , should be integrated into union law . as this transposition concerns a plan whose objectives and measures were defined by iccat , this regulation does not cover all the content of multiannual plans as set out under articles 9 and 10 of regulation no 1380 / 2013 of the european parliament and of the council1 . ____________ 1regulation no 1380 / 2013 of the european parliament and the council of 11 december 2013 on the common fisheries policy , amending council regulations no 1954 / 2003 and no 1224 / 2009 and repealing council regulations no 2371 / 2002 and no 639 / 2004 and council decision 2004 / 585 / ec . ### all the amendments to the recovery plan adopted by iccat in 2012 , 2013 and 2014 , which have not been subject to transposition yet , should be transposed into union law . as this transposition concerns a plan whose objectives and measures were defined by iccat , this regulation does not cover all the content of multiannual plans as set out under articles 9 and 10 of regulation no 1380 / 2013 of the european parliament and of the council1 . ____________ 1regulation no 1380 / 2013 of the european parliament and the council of 11 december 2013 on the common fisheries policy , amending council regulations no 1954 / 2003 and no 1224 / 2009 and repealing council regulations no 2371 / 2002 and no 639 / 2004 and council decision 2004 / 585 / ec .


### article 15 of regulation no 1380 / 2013 introduced a landing obligation which applies as of 1 january 2015 to bluefin tuna . however , under article 15 of that regulation , the landing obligation is without prejudice to the union ' s international obligations , such as those resulting from iccat recommendations . under that same provision the commission is empowered to adopt delegated acts , for the purpose of implementing such international obligations into union law , including , in particular , derogations from the landing obligation . accordingly , the discard of bluefin tuna will be allowed in some situations laid down in commission delegated regulation no 2015 / 98 of 18 november 2014 . this regulation does therefore not need to cover such discard obligations , ### delegated regulation no 2015 / 98 provides for derogations from the landing obligation of bluefin tuna set out in article 15 of regulation no 1380 / 2013 for the purpose of union compliance with its international obligations under the convention . it implements certain provisions of iccat recommendation 13 - 07 that establish a discard and release obligation for vessels and traps catching bluefin tuna in the eastern atlantic and the mediterranean in certain situations . this regulation does therefore not cover such provisions . delegated regulation no 2015 / 98 is not affected by the adoption of this regulation ,


### each member state shall take the necessary measures to ensure that the fishing activities of its catching vessels and its traps are commensurate with the fishing opportunities on bluefin tuna available to that member state in the eastern atlantic and mediterranean . ### each member state shall take the necessary measures to ensure that the fishing effort of its catching vessels and its traps are commensurate with the fishing opportunities on bluefin tuna available to that member state in the eastern atlantic and mediterranean .


### the maximum number of fishing vessels flying the flag of a member state engaged in the eastern atlantic and mediterranean bluefin tuna fishery shall be limited to the number , and the total corresponding gross tonnage , of fishing vessels flying the flag of that member state that fished for , retained on board , transhipped , transported or landed bluefin tuna during the period from 1 january 2007 to 1 july 2008 . that limit shall apply by gear type for catching vessels . ### the maximum number and the corresponding gross tonnage of fishing vessels flying the flag of a member state engaged in the eastern atlantic and mediterranean bluefin tuna fishery shall be limited to the number , and the total corresponding gross tonnage , of fishing vessels flying the flag of that member state that fished for , retained on board , transhipped , transported or landed bluefin tuna during the period from 1 january 2007 to 1 july 2008 . that limit shall apply by gear type for catching vessels .


### minimum size , incidental catch , by - catch ### minimum conservation reference size , incidental catch , by - catch


### the provisions of this section shall be without prejudice to article 15 of regulation no 1380 / 2013 , including any derogation in line with article 15 of that regulation . ### the provisions of this section shall be without prejudice to article 15 of regulation no 1380 / 2013 , including any applicable derogations .


### minimum size ### minimum conservation reference size


### the minimum size for bluefin tuna caught in the eastern atlantic and in the mediterranean shall be 30 kg or 115 cm fork length . ### the minimum conservation reference size for bluefin tuna caught in the eastern atlantic and in the mediterranean shall be 30 kg or 115 cm fork length .


### by way of derogation from paragraph 1 , a minimum size for bluefin tuna of 8 kg or 75cm fork length shall apply to the following fisheries : ### by way of derogation from paragraph 1 , a minimum conservation reference size for bluefin tuna of 8 kg or 75cm fork length shall apply to the following fisheries :


### if the quota allocated to the member state of the fishing vessel or trap concerned has already been consumed , the catching of any bluefin tuna shall be avoided . dead bluefin tuna must be landed and shall be subject to confiscation and the appropriate follow - up action . in accordance with article 27 , each member state shall report information on such quantities on an annual basis to the commission who shall forward it to the iccat secretariat . ### if the quota allocated to the member state of the fishing vessel or trap concerned has already been consumed , the catching of any bluefin tuna shall be avoided . dead bluefin tuna must be landed whole and unprocessed and shall be subject to confiscation and the appropriate follow - up action . in accordance with article 27 , each member state shall report information on such quantities on an annual basis to the commission who shall forward it to the iccat secretariat .


### use of aircrafts ### use of aerial means


### a list of all catching vessels flying its flag authorised to fish actively for bluefin tuna in the eastern atlantic and mediterranean by issue of a special fishing authorisation ; ### a list of all catching vessels flying its flag authorised to fish actively for bluefin tuna in the eastern atlantic and mediterranean by issue of a fishing authorisation ;


### where member states apply article 80 of regulation no 404 / 2011 to the notification under paragraphs 1 and 2 , the estimated quantities of bluefin tuna retained on board may be notified at the agreed time of notification prior to arrival . ### where member states apply article 80 of implementing regulation no 404 / 2011 to the notification under paragraphs 1 and 2 , the estimated quantities of bluefin tuna retained on board may be notified at the agreed time of notification prior to arrival . if the fishing grounds are less than four hours from the port , the estimated quantities of bluefin tuna retained on board may be modified at any time prior to arrival .


### member states shall ensure that their fisheries monitoring centres forward to the commission and a body designated by it , in real time and using the format ‘ https data feed’ , the vms messages received from the fishing vessels flying their flag . the commission shall send electronically those messages to the iccat secretariat . ### member states shall transmit the data provided for in this article in accordance with article 28 of implementing regulation no 404 / 2011 . the commission shall send electronically those messages to the iccat secretariat .


### ' dual - use items ' shall mean items , including software and technology , which can be used for both civil and military purposes , and shall include : ### ' dual - use items ' shall mean items , including software and technology , which can be used for both civil and military purposes and shall include items which can be used for the design , development , production or use of nuclear , chemical and biological weapons and their means of delivery , including&#160 ; all goods which can be used for both non - explosive uses and assisting in any way in the manufacture of nuclear weapons or other nuclear explosive devices ;


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


### the communication from the commission to the european parliament , the council , the european economic and social committee and the committee of the regions entitled ' the future of food and farming ' of 29 november 2017 concludes that the common agricultural policy should continue to step up its response to future challenges and opportunities , by boosting employment , growth and investment , fighting and adapting to climate change and bringing research and innovation out of the laboratories and onto fields and markets . the cap should furthermore address citizens ' concerns regarding sustainable agriculture production . ### the communication from the commission to the european parliament , the council , the european economic and social committee and the committee of the regions entitled ' the future of food and farming ' of 29 november 2017 concludes that the common agricultural policy should continue to step up its response to future challenges and opportunities , by boosting employment , growth and investment , fighting and adapting to climate change and bringing research and innovation out of the laboratories and onto fields and markets . the communication also stresses the global dimension of the cap and states the union ' s commitment to enhance policy coherence for sustainable development . the cap should furthermore address citizens ' concerns regarding sustainable agriculture production .


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


### having regard to the international structure of agricultural trade and in the interest of the proper functioning of the internal market , it is necessary to organise cooperation among the member states . it is also necessary to set up a centralised documentation system at union level concerning undertakings established in third countries and which receive or make payments . ### having regard to the international structure of agricultural trade in the interest of the proper functioning of the internal market and to ensure compliance with pcd , it is necessary to organise cooperation among the member states . it is also necessary to set up a centralised documentation system at union level concerning undertakings established in third countries and which receive or make payments .


### pursuant to point of article 7 the commission shall finance the actions concerning the collection or purchase of data needed to implement and monitor the cap , including satellite data , geo - spatial data and meteorological data , the creation of a spatial data infrastructure and a website , the carrying out of specific studies on climatic conditions , remote sensing used to assist in the monitoring of agricultural land use change and soil health and the updating of agri - meteorological and econometric models . where necessary , those actions shall be carried out in collaboration with eea , jrc , national laboratories and bodies or with the involvement of the private sector . ### pursuant to point of article 7 the commission shall finance the actions concerning the collection or purchase of data needed to implement and monitor the cap , including satellite data , geo - spatial data and meteorological data , the creation of a spatial data infrastructure and a website , the carrying out of specific studies on climatic conditions , remote sensing used to assist in the monitoring of agricultural land use change and soil health and the updating of agri - meteorological and econometric models . where necessary , those actions shall be carried out in collaboration with eea , jrc , national laboratories and bodies or with the involvement of civil society and the private sector .


### rules relating to the financing pursuant to points and of article 7 ; ### rules relating to the financing pursuant to points , and &#160 ; of article 7 ;


### the provision of information financed pursuant to point of article 7 shall aim , in particular , to help explain , implement and develop the cap and to raise public awareness of its content and objectives to reinstate consumer confidence following crises through information campaigns , to inform farmers and other parties active in rural areas and to promote the european model of agriculture , as well as to help citizens understand it . ### the provision of information financed pursuant to point of article 7 shall aim , in particular , to help explain , implement and develop the cap and to raise public awareness of its content , its objectives and its global dimension to reinstate consumer confidence following crises through information campaigns , to inform farmers and other parties active in rural areas and to promote the european model of agriculture , as well as to help citizens understand it .


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


### the commission shall disseminate natural gas and electricity price statistics no later than five months after the end of each reference period . ### the commission shall disseminate natural gas and electricity price statistics no later than three months after the end of each reference period .


### on 10 june 2016 the commission presented the proposal for the eu to ratify the paris agreement . this legislative proposal forms part of the implementation of the union ' s commitment to economy - wide emission reductions as confirmed in the intended nationally determined reduction commitment of the union and its member states submitted to the secretariat of the united nations framework convention on climate change on 6 march 2015 . 10 _________________ 10 http : / / www4 . unfccc . int / submissions / indc / submission%20pages / submissions . aspx ### on 5 october 2016 , the european union formally ratified the paris agreement , thus allowing it to enter into force on 4 november 2016 . this legislative proposal forms part of the implementation of the union ' s commitment to economy - wide emission reductions as confirmed in the intended nationally determined reduction commitment of the union and its member states submitted to the secretariat of the united nations framework convention on climate change on 6 march 2015 . 10 the union ' s targets to reduce greenhouse gas emissions also respond to the commitment made by the union and its member states to achieve the internationally agreed sustainable development goals by 2030 , in particular with regard to goal no 13 on urgently addressing climate change as a global challenge , including reducing emissions and building climate resilience . _________________ 10 http : / / www4 . unfccc . int / submissions / indc / submission%20pages / submissions . aspx


### member states shall account for emissions and removals resulting from afforested land and deforested land , as the total emissions and removals for each of the years in the periods from 2021 to 2025 and from 2026 to 2030 . ### member states shall account for emissions from deforestation and removals from afforestation of the land , as the total emissions and removals for each of the years in the periods from 2021 to 2025 and from 2026 to 2030 .


### there are new challenges , in particular in connection with video - sharing platforms , on which users - particularly minors - increasingly consume audiovisual content . in this context , harmful content and hate speech stored on video - sharing platforms have increasingly given rise to concern . it is necessary , in order to protect minors from harmful content and all citizens from content containing incitement to violence or hatred , to set out proportionate rules on those matters . ### there are new challenges , in particular in connection with video - sharing platforms , on which users - particularly minors - increasingly consume audiovisual content . in this context , harmful content and hate speech stored on video - sharing platforms have increasingly given rise to concern . it is necessary , in order to protect minors from harmful content and all citizens from content containing incitement to violence , to the commission of a terrorist offence , to hatred , to set out proportionate rules on those matters .


### there are new challenges , in particular in connection with video - sharing platforms , on which users - particularly minors - increasingly consume audiovisual content . in this context , harmful content and hate speech stored on video - sharing platforms have increasingly given rise to concern . it is necessary , in order to protect minors from harmful content and all citizens from content containing incitement to violence or hatred , to set out proportionate rules on those matters . ### there are new challenges , in particular in connection with video - sharing platforms and social networks , on which users - particularly minors - increasingly consume audiovisual content . in this context , harmful content and hate speech stored on video - sharing platforms have increasingly given rise to concern . it is necessary , in order to protect minors from harmful content and all citizens from content containing incitement to violence or hatred , to set out proportionate rules on those matters .


### an important share of the content stored on video - sharing platforms is not under the editorial responsibility of the video - sharing platform provider . however , those providers typically determine the organisation of the content , namely programmes or user - generated videos , including by automatic means or algorithms . therefore , those providers should be required to take appropriate measures to protect minors from content that may impair their physical , mental or moral development and protect all citizens from incitement to violence or hatred directed against a group of persons or a member of such a group defined by reference to sex , race , colour , religion , descent or national or ethnic origin . ### an important share of the content stored on video - sharing platforms or social networks is not under the editorial responsibility of the video - sharing platform provider . however , those providers typically determine the organisation of the content , namely programmes or user - generated videos , including by automatic means or algorithms . therefore , those providers should be required to take appropriate measures to protect minors from content that may impair their physical , mental or moral development and protect all citizens from incitement to terrorism or incitement to violence or hatred directed against a group of persons or a member of such a group defined by reference to sex , race , colour , religion , descent or national or ethnic origin .


### an important share of the content stored on video - sharing platforms is not under the editorial responsibility of the video - sharing platform provider . however , those providers typically determine the organisation of the content , namely programmes or user - generated videos , including by automatic means or algorithms . therefore , those providers should be required to take appropriate measures to protect minors from content that may impair their physical , mental or moral development and protect all citizens from incitement to violence or hatred directed against a group of persons or a member of such a group defined by reference to sex , race , colour , religion , descent or national or ethnic origin . ### an important share of the content stored on video - sharing platforms is not under the editorial responsibility of the video - sharing platform provider . however , those providers typically determine the organisation of the content , namely programmes or user - generated videos , including by automatic means or algorithms . therefore , those providers should be required to take appropriate measures to protect minors from content that may impair their physical , mental or moral development and protect all citizens from incitement to violence , to the commission of a terrorist offence , to hatred directed against a group of persons or a member of such a group defined by reference to sex , race , colour , religion , descent or national or ethnic origin .


### it is appropriate to involve the video - sharing platform providers as much as possible when implementing the appropriate measures to be taken pursuant to this directive . co - regulation should therefore be encouraged . with a view to ensuring a clear and consistent approach in this regard across the union , member states should not be entitled to require video - sharing platform providers to take stricter measures to protect minors from harmful content and all citizens from content containing incitement to violence or hatred than the ones provided for in this directive . however , it should remain possible for member states to take such stricter measures where that content is illegal , provided that they comply with articles 14 and 15 of directive 2000 / 31 / ec , and to take measures with respect to content on websites containing or disseminating child pornography , as required by and allowed under article 25 of directive 2011 / 93 / eu of the european parliament and the council35 . it should also remain possible for video - sharing platform providers to take stricter measures on a voluntary basis . _________________ 35 directive 2011 / 93 / eu of the european parliament and of the council of 13 december 2011 on combating the sexual abuse and sexual exploitation of children and child pornography , and replacing council framework decision 2004 / 68 / jha . ### it is appropriate to involve the video - sharing platform providers as much as possible when implementing the appropriate measures to be taken pursuant to this directive . co - regulation should therefore be encouraged . with a view to ensuring a clear and consistent approach in this regard across the union , member states should not be entitled to require video - sharing platform providers to take stricter measures to protect minors from harmful content and all citizens from content containing incitement to violence , to the commission of a terrorist offence , to hatred , than the ones provided for in this directive . however , it should remain possible for member states to take such stricter measures where that content is illegal , provided that they comply with articles 14 and 15 of directive 2000 / 31 / ec , and to take measures with respect to content on websites containing or disseminating child pornography , as required by and allowed under article 25 of directive 2011 / 93 / eu of the european parliament and the council35 . it should also remain possible for video - sharing platform providers to take stricter measures on a voluntary basis . _________________ 35 directive 2011 / 93 / eu of the european parliament and of the council of 13 december 2011 on combating the sexual abuse and sexual exploitation of children and child pornography , and replacing council framework decision 2004 / 68 / jha .


### when taking the appropriate measures to protect minors from harmful content and to protect all citizens from content containing incitement to violence or hatred in accordance with this directive , the applicable fundamental rights , as laid down in the charter on fundamental rights of the european union , should be carefully balanced . that concerns in particular , as the case may be , the right to respect for private and family life and the protection of personal data , the freedom of expression and information , the freedom to conduct a business , the prohibition of discrimination and the right of the child . ### when taking the appropriate measures to protect minors from harmful content and to protect all citizens from content containing incitement to violence , to the commission of a terrorist offence , to hatred , in accordance with this directive , the applicable fundamental rights , as laid down in the charter on fundamental rights of the european union , should be carefully balanced . that concerns in particular , as the case may be , the right to respect for private and family life and the protection of personal data , the freedom of expression and information , the freedom to conduct a business , the prohibition of discrimination and the right of the child .


### when taking the appropriate measures to protect minors from harmful content and to protect all citizens from content containing incitement to violence or hatred in accordance with this directive , the applicable fundamental rights , as laid down in the charter on fundamental rights of the european union , should be carefully balanced . that concerns in particular , as the case may be , the right to respect for private and family life and the protection of personal data , the freedom of expression and information , the freedom to conduct a business , the prohibition of discrimination and the right of the child . ### when taking the appropriate measures to protect minors from harmful content and to protect all citizens from content containing incitement to terrorism , violence or hatred in accordance with this directive , the applicable fundamental rights , as laid down in the charter on fundamental rights of the european union , should be carefully balanced . that concerns in particular , as the case may be , the right to respect for private and family life and the protection of personal data , the freedom of expression and information , the freedom to conduct a business , the prohibition of discrimination and the right of the child .


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


### member states shall ensure that audiovisual media service providers provide sufficient information to viewers about content which may impair the physical , mental or moral development of minors . for this purpose , member states may use a system of descriptors indicating the nature of the content of an audiovisual media service . ### member states shall ensure that audiovisual media service providers provide sufficient information to viewers about content which may impair the physical , mental or moral development of minors . for this purpose , member states may use a system of descriptors indicating the nature of the content of an audiovisual media service , which properly warns parents to restrict their children from watching certain programs .


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


### data on third - country nationals subject to a return decision issued in accordance with provisions respecting directive 2008 / 115 / ec shall be entered in sis for the purpose of verifying that the obligation to return has been complied with and for supporting the enforcement of the decision . an alert shall be entered in sis without delay when the return decision is issued in accordance with provisions respecting directive 2008 / 115 / ec . ### data on third - country nationals subject to a return decision issued in accordance with provisions respecting directive 2008 / 115 / ec shall be entered in sis immediately after the decision becomes effective under the national legislation of the respective member state for the purpose of verifying that the obligation to return has been complied with and for supporting the enforcement of the decision . an alert shall be entered in sis without delay when the return decision is issued in accordance with provisions respecting directive 2008 / 115 / ec .


### the category of the person’s identification document ; ### the category of the person’s current and / or past identification documents ;


### the number of the person’s identification document ; ### the number of the person’s current and / or past identification documents ;


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


### in defining those specifications , due account should be taken of relevant data exchange specifications laid down in relevant union law , and in relevant european and international standards for multimodal data exchange , as well as of the principles and recommendations set out in the european interoperability framework27 , which provides an approach to the delivery of european digital public services commonly agreed by the member states . due care should also be taken that these specifications remain technology neutral and open to innovative technologies . __________________ 27 european interoperability framework – implementation strategy , communication from the commission to the european parliament , the council , the european economic and social committee and the committee of the regions 134 ) . ### in defining those specifications , due account should be taken of relevant data exchange specifications laid down in relevant union law , and in relevant european and international standards for multimodal data exchange , and existing data models , as well as of the principles and recommendations set out in the european interoperability framework27 , which provides an approach to the delivery of european digital public services commonly agreed by the member states . furthermore , the proper engagement of all relevant stakeholders is important in the development and preparation of those specifications . due care should also be taken that these specifications remain technology neutral and open to innovative technologies . __________________ 27 european interoperability framework – implementation strategy , communication from the commission to the european parliament , the council , the european economic and social committee and the committee of the regions 134 ) .


### to build the confidence of both the member states authorities and the economic operators as regards the compliance of the efti platforms and efti services providers with those requirements , the member states competent authorities should put in place a certification system underpinned by accreditation in accordance with regulation 765 / 2008 of the european parliament and of the council28 . __________________ 28 regulation no 765 / 2008 of the european parliament and of the council of 9 july 2008 setting out the requirements for accreditation and market surveillance relating to the marketing of products and repealing regulation no 339 / 93 . ### to build the confidence of both the member states authorities and the economic operators as regards the compliance of the efti platforms and efti services providers with those requirements , the member states competent authorities should put in place a certification system underpinned by accreditation in accordance with regulation 765 / 2008 of the european parliament and of the council28 . due to the relatively long implementation period the commission should assess if technologies like the blockchain technology could guarantee a similar result as the certification system while substantially bringing down costs for economic operators and member states . __________________ 28 regulation no 765 / 2008 of the european parliament and of the council of 9 july 2008 setting out the requirements for accreditation and market surveillance relating to the marketing of products and repealing regulation no 339 / 93 .


### lays down the conditions under which member states ' competent authorities are required to accept regulatory information when made available electronically by economic operators concerned ; ### lays down the conditions under which member states ' competent authorities are required to accept electronically submitted regulatory information by economic operators concerned ;


### the commission shall establish the following by means of implementing acts : ### the commission is empowered to adopt delegated acts in accordance with article 13 , in order to establish the following :


### the commission shall adopt , by means of implementing acts , detailed rules regarding the requirements laid down in paragraph 1 . those implementing acts shall be adopted in accordance with the examination procedure referred to in article 14 . ### the commission is empowered to adopt delegated acts in accordance with article 13 , in order to establish detailed rules regarding the requirements laid down in paragraph 1 .


### the power to adopt delegated acts referred to in article 2 , article 11 and article 12 shall be conferred on the commission for an indeterminate period of time from [ date of entry into force of this regulation ] . ### the power to adopt delegated acts referred to in article 2 , article 7 , article 8 , article 9 , article 11 and article 12 shall be conferred on the commission for an indeterminate period of time from [ date of entry into force of this regulation ] .


### the delegation of power referred to in article 2 , article 11 , article 12 may be revoked at any time by the european parliament or by the council . a decision to revoke shall put an end to the delegation of the power specified in that decision . it shall take effect the day following the publication of the decision in the official journal of the european union or at a later date specified therein . it shall not affect the validity of any delegated acts already in force . ### the delegation of power referred to in article 2 , article 7 , article 8 , article 9 , article 11 , article 12 may be revoked at any time by the european parliament or by the council . a decision to revoke shall put an end to the delegation of the power specified in that decision . it shall take effect the day following the publication of the decision in the official journal of the european union or at a later date specified therein . it shall not affect the validity of any delegated acts already in force .


### by [ five years from the date of application of this regulation ] at the latest the commission shall carry out an evaluation of this regulation and present a report on the main findings to the european parliament , the council and the european economic and social committee . ### by [ two years from the date of application of this regulation ] at the latest the commission shall carry out an evaluation of this regulation and present a report on the main findings to the european parliament , the council and the european economic and social committee . this evaluation shall in particular examine the possibility of extending the scope of this regulation to certain business - to - business information that is necessary to prove compliance with the relevant requirements in the union legal acts governing the transport of goods in accordance with title vi of part three of the treaty .


### currently , the functioning of the internal market for personal pensions is impeded by the high degree of fragmentation between national markets and the limited degree of portability of personal pension products . this can result in difficulties for individuals to make use of their basic freedoms . for instance , they may be prevented from taking up a job or retiring in another member state . in addition , the possibility for providers to use the freedom of establishment and the freedom to provide services is hampered by the lack of standardisation of existing personal pension products . ### currently , the internal market for personal pensions does not function smoothly . in some member states there is not yet a market for pension products . in others , private pension products are available , but there is a high degree of fragmentation between national markets . as a result , personal pension products have only a limited degree of portability . this can result in difficulties for individuals to make use of their basic freedoms . for instance , they may be prevented from taking up a job or retiring in another member state . in addition , the possibility for providers to use the freedom of establishment and the freedom to provide services is hampered by the lack of standardisation of existing personal pension products .


### the regulation harmonises a set of core features for the pepp , which concern key elements such as distribution , investment policy , provider switching , or cross - border provision and portability . the harmonisation of these core features will improve the level playing field for personal pension providers at large and help boost the completion of the cmu and the integration of the internal market for personal pensions . it will lead to the creation of a largely standardised pan - european product , available in all member states , empowering consumers to make full use of the internal market by transferring their pension rights abroad and offering a broader choice between different types of providers , including in a cross - border way . as a result of fewer barriers to the provision of pension services across borders , a pan - european personal pension product will increase competition between providers on a pan - european basis and create economies of scale that should benefit savers . ### the regulation harmonises a set of core features for the pepp , which concern key elements such as distribution , contracts , investment policy , provider switching , or cross - border provision and portability . the harmonisation of these core features will improve the level playing field for personal pension providers at large and help boost the completion of the cmu and the integration of the internal market for personal pensions . it will lead to the creation of a largely standardised pan - european product , available in all member states , empowering consumers to make full use of the internal market by transferring their pension rights abroad and offering a broader choice between different types of providers , including in a cross - border way . as a result of fewer barriers to the provision of pension services across borders , a pan - european personal pension product will increase competition between providers on a pan - european basis and create economies of scale that should benefit savers .


### pepp providers should have access to the whole union market with one single product authorisation issued by the european insurance and occupational pensions authority , on the basis of a single set of rules . ### pepp providers should have access to the whole union market with one single product certification issued by the european insurance and occupational pensions authority , on the basis of a single set of rules . the certification will ensure that only safe , tested investment products described as pepps can be obtained on the market . the eiopa shall check the contractual conditions of pepps to ensure that the requirements of this regulation are fulfilled .


### in order to allow a smooth transition for pepp providers , the obligation of providing pepps comprising compartments for each member state will apply three years after the entry into force of this regulation . however , upon launching a pepp , the provider should provide information on which national compartments are immediately available , in order to avoid a possible misleading of consumers . ### in order to allow a smooth transition for pepp providers , the obligation of providing pepps comprising compartments for each member state will apply five years after the entry into force of this regulation . pepp providers should be able to enter into compartment partnerships in order to fulfil this requirement . however , upon launching a pepp , the provider should provide , in the contract , information on which national compartments are immediately available , in order to avoid a possible misleading of consumers .


### taking into account the nature of the pension scheme established and the administrative burden involved , pepp providers and distributors should provide clear and adequate information to potential pepp savers and pepp beneficiaries to support their decision - making about their retirement . for the same reason , pepp providers and distributors should equally 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 projected levels of retirement benefits are based on economic scenarios , that information should also include an unfavourable scenario , which should be extreme but plausible . ### taking into account the nature of the pension scheme established and the administrative burden involved , pepp providers and distributors should provide clear and adequate information to potential pepp savers and pepp beneficiaries to support their decision - making about their retirement . for the same reason , pepp providers and distributors should equally 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 , projected levels of retirement benefits , risks and guarantees , and costs should be given . where projected levels of retirement benefits are based on economic scenarios , that information should also include an unfavourable scenario , which should be extreme but plausible .


### before giving the authorisation for switching , the pepp saver should be informed of all the steps of the procedure necessary to complete the switching . ### before giving the authorisation for switching , the pepp saver should be informed of all the steps of the procedure and costs necessary to complete the switching .


### provides an income on retirement ; ### provides a retirement benefit on retirement ;


### ‘ pepp saver’ means : ### ‘ pepp saver’ means a natural person who contracts a pepp with a pepp provider or distributor ;


### ‘ accumulation phase’ means the period during which assets are accumulated in a pepp account and normally runs until the age of retirement of the pepp beneficiary ; ### ‘ accumulation phase’ means the period during which assets are accumulated in a pepp account and normally runs until the pepp decumulation phase begins ;


### ‘ annuity’ means a sum payable at specific intervals over a period , such as the pepp beneficiary’s life or a certain number of years , in return for an investment ; ### ‘ annuity’ means a sum payable at specific intervals over the pepp beneficiary’s life in return for an investment ;


### ‘ compartment’ means a section which is opened within each individual pepp account and which corresponds to the legal requirements and conditions for using incentives fixed at national level for investing in a pepp by the member state of the pepp saver’s domicile . accordingly , an individual may be a pepp saver or a pepp beneficiary in each compartment , depending on the respective legal requirements for the accumulation and decumulation phases ; ### ‘ compartment’ means a national section which is opened within each individual pepp account and which corresponds to the legal requirements and conditions for using incentives fixed at national level for investing in a pepp by the member state of the pepp saver’s domicile . accordingly , an individual may be a pepp saver or a pepp beneficiary in each compartment , depending on the respective legal requirements for the accumulation and decumulation phases ;


### “default investment option ' means an investment strategy applied when the pepp saver has not provided instructions on how to invest the funds accumulating in his pepp account ; ### “standard option” means a pension product which every provider must offer and which may be based on a range of investment strategies .


### eiopa may request clarification and additional information as regards the documentation and information provided under paragraph 1 . ### eiopa may request clarification and additional information from the financial undertakings as defined in paragraph 1 as regards the documentation and information provided under paragraph 1 .


### eiopa shall , on a quarterly basis , inform the competent authorities of the financial undertakings listed in article 5 of decisions to grant , refuse or withdraw authorisations pursuant to this regulation . ### eiopa shall , on a quarterly basis , inform the competent authorities of the financial undertakings listed in article 5 of decisions to grant , refuse or withdraw certifications pursuant to this regulation .


### financial undertakings referred to in article 5 may distribute pepps which they have not manufactured upon receiving authorisation for distribution by the competent authorities of their home member state . ### financial undertakings referred to in article 5 may distribute pepps which they have not manufactured , provided that that activity has been authorised under the applicable sectoral rules .


### all documents and information under this chapter shall be provided to pepp customers electronically , provided that the pepp customer is enabled to store such information in a way accessible for future reference and for a period of time adequate for the purposes of the information and that the tool allows the unchanged reproduction of the information stored . upon request , pepp providers and distributors shall provide free of charge those documents and information also on another durable medium . ### all documents and information under this chapter shall be posted in easily accessible form on a pepp provider’s website and provided to pepp customers electronically , provided that the pepp customer is enabled to store such information in a way accessible for future reference and for a period of time adequate for the purposes of the information and that the tool allows the unchanged reproduction of the information stored . upon request , pepp providers and distributors shall provide free of charge those documents and information also on another durable medium .


### pepp distributors shall have in place adequate arrangements to obtain the information referred to in the fifth subparagraph and to understand the characteristics and identified target market of each pepp . ### pepp distributors shall have in place adequate arrangements to obtain the information referred to in the fifth subparagraph .


### pre - contractual information ### advertising and pre - contractual information


### pepp key information document ### general provisions on the pepp key information document


### in good time before the conclusion of a pepp - related contract , pepp providers or distributors referred to in article 19 of this regulation shall provide pepp savers or potential pepp savers with at least the information in relation to the pepp contract and themselves set out in article 19 and in points and of the first subparagraph of article 29 of directive 2016 / 97 in relation to insurance contracts and insurance intermediaries . ### in good time before the conclusion of a pepp - related contract , pepp providers or distributors referred to in article 5 and article 8 of this regulation shall provide pepp savers or potential pepp savers with at least the information in relation to the pepp contract and themselves set out in article 19 and in points and of the first subparagraph of article 29 of directive 2016 / 97 in relation to insurance contracts and insurance intermediaries .


### where the pepp saver waives his right to receive advice , pepp providers or distributors referred to in article 19 of this regulation shall , when carrying out pepp distribution activities , ask the pepp saver or potential pepp saver to provide information regarding that person’s knowledge and experience in the investment field relevant to the pepp offered or demanded so as to enable the pepp provider or distributor to assess whether the pepp envisaged is appropriate for the pepp saver . ### where the pepp saver waives his right to receive advice , pepp providers or distributors referred to in articles 5 and 8 of this regulation shall , when carrying out pepp distribution activities , ask the pepp saver or potential pepp saver to provide information regarding that person’s knowledge and experience in the investment field relevant to the pepp offered or demanded so as to enable the pepp provider or distributor to assess whether the pepp envisaged is appropriate for the pepp saver .