### projects of common interest falling under the categories set out in points 1 , 2 and 4 of annex ii are eligible for union financial support in the form of grants for studies and financial instruments in accordance with the provisions of [ regulation of the european parliament and the council establishing the connecting europe facility ] . ### projects of common interest falling under the categories set out in points 1 and 4 of annex ii are eligible for union financial support in the form of grants for studies and financial instruments in accordance with the provisions of [ regulation of the european parliament and the council establishing the connecting europe facility ] . projects of common interest falling under the categories set out in point 2 of annex ii are eligible for union financial support in the form of grants for studies and works and financial instruments in accordance with the provisions of [ regulation of the european parliament and the council establishing the connecting europe facility ] , if they are carried out in the parts of gas infrastructure sectors where the provisions on unbundling of directive 2009 / 73 / ec concerning common rules for the internal market in natural gas are implemented , including in those member states where derogations are applied in this regard .


### the commission shall establish an infrastructure transparency platform easily accessible to the general public . this platform shall contain the following information : ### the commission shall establish an infrastructure transparency platform easily accessible to the general public in all official languages of the union . this platform shall contain the following information :


### north - south electricity interconnections in central eastern and south eastern europe : interconnections and internal lines in north - south and east - west directions to complete the internal market and integrate generation from renewable energy sources . ### north - south electricity interconnections in central eastern and south eastern europe : interconnections and internal lines in north - south and east - west directions to complete the internal market and integrate generation from renewable energy sources . linking power supplies on remote islands with the mainland with a view to completion of the internal market in electricity , increasing renewable energy input and facilitating the transmission of power generated from renewable sources on the mainland .


### transmission and distribution system operators shall exchange the information necessary for the elaboration of the methodology , including the relevant network and market modelling . any transmission or distribution system operator collecting information on behalf of other transmission or distribution system operators shall give back to the participating transmission and distribution system operators the results of the collection of data . for the common electricity and gas market and network model set out in paragraph 8 of article 12 , the input data set referred to in point 1 shall cover the years n + 10 , n + 20 and n + 30 and the model shall allow for a full assessment of economic , social and environmental impacts , notably including external costs such as those related to greenhouse gas and conventional air pollutant emissions or security of supply . ### transmission and distribution system operators shall exchange the information necessary for the elaboration of the methodology , including the relevant network and market modelling . any transmission or distribution system operator collecting information on behalf of other transmission or distribution system operators shall give back to the participating transmission and distribution system operators the results of the collection of data . for the common electricity and gas market and network model set out in paragraph 8 of article 12 , the input data set referred to in point 1 shall cover the years n + 10 , n + 20 and n + 30 and the model shall allow for a full assessment of economic , social and environmental impacts , notably for the functioning of the internal market and including external costs such as those related to greenhouse gas and conventional air pollutant emissions or security of supply .


### the pilot phase of the europe 2020 project bond initiative should be launched in preparation of the proposed connecting europe facility . this pilot phase will help to pave the way for the risk - sharing financial instrument under the connecting europe facility . ### the pilot phase of the europe 2020 project bond initiative should be launched no later than 31 july 2012 , in preparation of the proposed connecting europe facility . this pilot phase will pave the way for the full roll - out of the risk - sharing financial instrument under the connecting europe facility .


### budgetary funds should be requested by the eib on the basis of a range of projects , which the eib would deem suitable and likely to be realised . any such requests should be made prior to 31 december 2013 . due to the complexity of large infrastructure projects , the actual approval might take place at a later date , but no later than 31 december 2014 . ### budgetary funds should be requested by the eib on the basis of a range of projects , which the eib would deem suitable and likely to be realised . any such requests should be made prior to 30 june 2013 . due to the complexity of large infrastructure projects , the actual approval might take place at a later date , but no later than 30 june 2014 .


### horizon 2020 - the framework programme for research and innovation established by regulation no … / 2013 of the european parliament and of the council of … 20135 aims at achieving a greater impact on research and innovation by contributing to the strengthening of public - public partnerships , including through union participation in programmes undertaken by several member states in accordance with article 185 of the treaty . __________________ 5 oj … [ h2020 fp ] ### horizon 2020 - the framework programme for research and innovation established by regulation no … / 2013 of the european parliament and of the council of … 20135 aims at achieving a greater impact on research and innovation by developing closer synergies , increasing coordination and avoiding unnecessary duplication with international , national and regional research programmes . public - public partnerships , including union participation in programmes undertaken by several member states in accordance with article 185 of the treaty , should achieve these goals , meet the conditions specified in that regulation , in particular in articles 20 , and fully comply with the general principles applying to horizon 2020 . __________________ 5 oj … [ h2020 fp ]


### the maximum union financial contribution to the aal programme covering administrative costs and operational costs shall be eur 175 . 000 . 000 . the contribution shall be paid from appropriations in the general budget of the union allocated to the relevant parts of the specific programme implementing horizon 2020 framework programme , established by decision &#8230 ; . / 2013 / eu in accordance with article 58 and articles 60 and 61 of regulation no 966 / 2012 . ### the maximum union financial contribution to the aal programme covering administrative costs and operational costs shall be eur 153 . 125 . 000 . the contribution shall be paid from appropriations in the general budget of the union allocated to the relevant parts of the specific programme implementing horizon 2020 framework programme , established by decision &#8230 ; . / 2013 / eu in accordance with article 58 and articles 60 and 61 of regulation no 966 / 2012 .


### 3 . develop cost - effective solutions , including establishing relevant interoperability standards and facilitating the localisation and adaptation of common solutions , which are compatible with varying social preferences and regulatory aspects at national or regional level , respect the privacy and dignity of the older adults and , where applicable , support access to services in rural and peripheral areas or benefit other groups of people , such as people with disabilities . ### 3 . develop cost - effective solutions , including establishing relevant interoperability standards and facilitating the localisation and adaptation of common solutions , which are compatible with varying social preferences and regulatory aspects at national or regional level , respect the privacy and dignity of the older adults , ensure protection and security of personal data , and , where applicable , support access to services in rural and peripheral areas or benefit other groups of people , such as people with disabilities .


### evidence is an important element for bringing actions for damages for infringement of national or union competition law . however , as antitrust litigation is characterised by an information asymmetry , it is appropriate to ensure that injured parties are afforded the right to obtain the disclosure of evidence relevant to their claim , without it being necessary for them to specify individual items of evidence . in order to ensure equality of arms , those means should also be available to defendants in actions for damages , so that they can request the disclosure of evidence by those injured parties . national courts can also order evidence to be disclosed by third parties . where the national court wishes to order disclosure of evidence by the commission , the principle of sincere cooperation between the european union and the member states teu ) and article 15 of regulation no 1 / 2003 as regards requests for information are applicable . ### evidence is an important element for bringing actions for damages for infringement of national or union competition law . however , as antitrust litigation is characterised by an information asymmetry , it is appropriate to ensure that injured parties are afforded the right to obtain the disclosure of evidence relevant to their claim . in order to ensure equality of arms , those means should also be available to defendants in actions for damages , so that they can request the disclosure of evidence by those injured parties . national courts can also order evidence to be disclosed by third parties . where the national court wishes to order disclosure of evidence by the commission , the principle of sincere cooperation between the european union and the member states teu ) and article 15 of regulation no 1 / 2003 as regards requests for information are applicable .


### national rules on the beginning , duration , suspension or interruption of limitation periods should not unduly hamper the bringing of actions for damages . this is particularly important in respect of actions that build upon the competition authority ' s or a review court ' s finding of an infringement . to that end , injured parties should still be able to bring an action for damages after proceedings by a competition authority , with a view to enforcing national and union competition law . ### national rules on the beginning , duration , suspension or interruption of limitation periods should not unduly hamper the bringing of actions for damages . this is particularly important in respect of actions that build upon the competition authority ' s or a review court ' s finding of an infringement . to that end , injured parties should still be able to bring an action for damages after proceedings by a competition authority , with a view to enforcing national and union competition law . member states should be allowed to maintain or introduce absolute limitation periods that are generally applicable .


### undertakings which cooperate with competition authorities under a leniency programme play a key role in detecting secret cartel infringements and in bringing these infringements to an end , thereby often mitigating the harm which could have been caused had the infringement continued . it is therefore appropriate to make provision for undertakings which have received immunity from fines from a competition authority under a leniency programme to be protected from undue exposure to damages claims , bearing in mind that the decision of the competition authority finding the infringement may become final for the immunity recipient before it becomes final for other undertakings which have not received immunity . it is therefore appropriate that the immunity recipient is relieved in principle from joint and several liability for the entire harm and that its contribution does not exceed the amount of harm caused to his own direct or indirect purchasers or , in case of a buying cartel , his direct or indirect providers . to the extent a cartel has caused harm to others than the customers / providers of the infringing undertakings , the contribution of the immunity recipient should not exceed his relative responsibility for the harm caused by the cartel . this share should be determined in accordance with the same rules used to determine the contributions among infringing undertakings above ) . the immunity recipient should remain fully liable to the injured parties other than his direct or indirect purchasers or providers only where they are unable to obtain full compensation from the other infringing undertakings . ### undertakings which cooperate with competition authorities under a leniency programme play a key role in detecting secret cartel infringements and in bringing these infringements to an end , thereby often mitigating the harm which could have been caused had the infringement continued . to the extent a cartel has caused harm to others than the customers / providers of the infringing undertakings , the contribution of the immunity recipient should not exceed his relative responsibility for the harm caused by the cartel . this share should be determined in accordance with the same rules used to determine the contributions among infringing undertakings above ) . the immunity recipient should remain fully liable to the injured parties other than his direct or indirect purchasers or providers only where they are unable to obtain full compensation from the other infringing undertakings .


### member states shall ensure that , where a claimant has presented reasonably available facts and evidence showing plausible grounds for suspecting that he , or those he represents , has suffered harm caused by the defendant ' s infringement of competition law , national courts can order the defendant or a third party to disclose evidence , regardless of whether or not this evidence is also included in the file of a competition authority , subject to the conditions set out in this chapter . member states shall ensure that courts are also able to order the claimant or a third party to disclose evidence on request of the defendant . ### member states shall ensure that , where a claimant has presented reasonably available facts and evidence showing plausible grounds for suspecting that he , or those he represents , has suffered harm caused by the defendant ' s infringement of competition law , national courts can order the defendant or a third party to disclose evidence , subject to the conditions set out in this chapter . member states shall ensure that courts are also able to order the claimant or a third party to disclose evidence on request of the defendant .


### member states shall ensure that national courts limit disclosure of evidence to that which is proportionate . in determining whether any disclosure requested by a party is proportionate , national courts shall consider the legitimate interests of all parties and third parties concerned . they shall , in particular , consider : ### member states shall ensure that national courts limit disclosure of evidence to that which is proportionate and necessary for the purpose of estimating the harm caused , pursuant to article 2 of this directive . in determining whether any disclosure requested by a party is proportionate , national courts shall consider the legitimate interests of all parties and third parties concerned . they shall , in particular , consider :


### member states shall ensure that , for the purpose of actions for damages , national courts cannot at any time order a party or a third party to disclose any of the following categories of evidence : ### member states shall ensure that , for the purpose of actions for damages , national courts shall in general not order a competition authority to disclose any of the following categories of evidence :


### disclosure of evidence in the file of a competition authority that does not fall into any of the categories listed in paragraphs 1 or 2 of this article may be ordered in actions for damages at any time . ### disclosure of evidence in the file of a competition authority that does not fall into any of the categories listed in paragraphs 1 or 2 of this article may be ordered in actions for damages at any time . article 5 to shall apply mutatis mutandis .


### member states shall ensure that the sanctions that can be imposed by national courts are effective , proportionate and dissuasive . the sanctions available to national courts shall include , insofar as the behaviour of a party to damages action proceedings is concerned , the possibility to draw adverse inferences , such as presuming the relevant issue to be proven or dismissing claims and defences in whole or in part , and the possibility to order the payment of costs . ### member states shall ensure that the sanctions that can be imposed by national courts are effective , proportionate and dissuasive in the event of failure or refusal to comply with any court ' s disclosure order or order protecting confidential information .


### in the situation referred to in paragraph 1 of this article , the indirect purchaser shall be deemed to have proven that a passing - on to him occurred where he has shown that : ### in the situation referred to in paragraph 1 of this article , the indirect purchaser shall prove that a passing - on to him occurred where he has shown that at least :


### member states shall ensure that , following a consensual settlement , the claim of the settling injured party is reduced by the settling co - infringer ' s share of the harm that the infringement inflicted upon the injured party . non - settling co - infringers cannot recover contribution from the settling co - infringer for the remaining claim . only when the non - settling co - infringers are not able to pay the damages that correspond to the remaining claim can the settling co - infringer be held to pay damages to the settling injured party . ### member states shall ensure that , following a consensual settlement , the claim of the settling injured party is reduced by the settling co - infringer ' s share of the harm that the infringement inflicted upon the injured party . non - settling co - infringers cannot recover contribution from the settling co - infringer for the remaining claim .


### digital content is often supplied not in exchange for a price but in combination with separate paid goods or services , involving a non - monetary consideration such as giving access to personal data or free of charge in the context of a marketing strategy based on the expectation that the consumer will purchase additional or more sophisticated digital content products at a later stage . in view of this specific market structure and of the fact that defects of the digital content provided may harm the economic interests of consumers irrespective of the conditions under which it has been provided , the availability of the common european sales law should not depend on whether a price is paid for the specific digital content in question . ### digital content is often supplied not in exchange for a price but in combination with separate paid goods or services , involving a non - monetary consideration such as giving access to personal data or free of charge in the context of a marketing strategy based on the expectation that the consumer will purchase additional or more sophisticated digital content products at a later stage . in view of this specific market structure and of the fact that defects of the digital content provided may harm the economic interests of consumers irrespective of the conditions under which it has been provided , the availability of the common european sales law should not depend on whether a price is paid for the specific digital content in question . however , in such cases , the remedies of the buyer should be limited to damages . on the other hand , the buyer should be able to have recourse to the full range of remedies , except price reduction , even if he is not obliged to pay a price for the supply of digital content , provided that his counter - performance , such as the provision of personal data or other utility having commercial value for the supplier , equals the payment of the price , given that in such cases the digital content is not actually supplied for free .


### in order to enhance legal certainty by making the case - law of the court of justice of the european union and of national courts on the interpretation of the common european sales law or any other provision of this regulation accessible to the public , the commission should create a database comprising the final relevant decisions . with a view to making that task possible , the member states should ensure that such national judgments are quickly communicated to the commission . ### in order to enhance legal certainty by making the case - law of the court of justice of the european union and of national courts on the interpretation of the common european sales law or any other provision of this regulation accessible to the public , the commission should create a database comprising the final relevant decisions . with a view to making that task possible , the member states should ensure that such national judgments are quickly communicated to the commission . a database should be established which is easily accessible , fully systematised and easily searchable . in order to overcome problems relating to different approaches to judgments within the union and to enable the database to be operated efficiently and economically , judgments should be communicated on the basis of a standard judgment summary which should accompany the judgment . it should be succinct , thus rendering it easily accessible . it should be divided into five sections which should set out the main elements of the judgment communicated , i . e . the issue and the relevant common european sales law article , a brief summary of the facts , a short summary of the main arguments , the decision ; and the reasons for the decision , clearly stating the principle decided .


### ‘ trader’ means any natural or legal person who is acting for purposes relating to that person’s trade , business , craft , or profession ; ### ‘ trader’ means any natural person or any legal person , irrespective of whether privately or publicly owned , who is acting , including through any other natural or legal person acting in his name or on his behalf , for purposes relating to his trade , business , craft or profession in relation to contracts ;


### ‘ consumer’ means any natural person who is acting for purposes which are outside that person ' s trade , business , craft , or profession ; ### ' consumer ' means any natural person who is acting for purposes which are outside his trade , business , craft or profession ;


### ‘ related service’ means any service related to goods or digital content , such as installation , maintenance , repair or any other processing , provided by the seller of the goods or the supplier of the digital content under the sales contract , the contract for the supply of digital content or a separate related service contract which was concluded at the same time as the sales contract or the contract for the supply of digital content ; it excludes : ### ‘ related service’ means any service related to goods or digital content , such as installation , maintenance , repair , storage or any other processing , provided by the seller of the goods or the supplier of the digital content under the sales contract , the contract for the supply of digital content or a separate related service contract which was concluded at the same time as the sales contract or the contract for the supply of digital content ; it excludes :


### ‘ commercial guarantee’ means any undertaking by the trader or a producer to the consumer , in addition to legal obligations under article 106 in case of lack of conformity to reimburse the price paid or to replace or repair , or service goods or digital content in any way if they do not meet the specifications or any other requirements not related to conformity set out in the guarantee statement or in the relevant advertising available at the time of , or before the conclusion of the contract ; ### ' commercial guarantee ' means any undertaking by the trader or a producer to the consumer , in addition to his legal obligation relating to the guarantee of conformity , to reimburse the price paid or to replace , repair or service goods or digital contents in any way if they do not meet the specifications or any other requirements not related to conformity set out in the guarantee statement or in the relevant advertising available at the time of , or before the conclusion of the contract ;


### the common european sales law may be used for : ### the common european sales law may be used for distance contracts , including online contracts , which are :


### exclusion of mixed - purpose contracts and contracts linked to a consumer credit ### linked contracts and mixed purpose contracts


### the common european sales law may not be used for mixed - purpose contracts including any elements other than the sale of goods , the supply of digital content and the provision of related services within the meaning of article 5 . ### the common european sales law may also be used for cases where a contract governed by the common european sales law is linked to a contract other than a sales contract , a contract for the supply of digital content or a related service contract , or for cases where a contract includes any elements other than the sale of goods , the supply of digital content or the provision of related services within the meaning of article 5 provided those elements are divisible and their price can be apportioned .


### in relations between a trader and a consumer the agreement on the use of the common european sales law shall be valid only if the consumer ' s consent is given by an explicit statement which is separate from the statement indicating the agreement to conclude a contract . the trader shall provide the consumer with a confirmation of that agreement on a durable medium . ### in relations between a trader and a consumer the agreement on the use of the common european sales law shall be valid only if the consumer ' s consent is given by an explicit statement which is separate from the statement indicating the agreement to conclude a contract and if the requirements under article 9 are fulfilled . the trader shall provide the consumer with a confirmation of that agreement on a durable medium .


### in relations between a trader and a consumer the common european sales law may not be chosen partially , but only in its entirety . ### in relations between a trader and a consumer the common european sales law may not be chosen partially , but only in its entirety . in relations between traders , the common european sales law may be chosen partially , provided that exclusion of the respective provisions is not prohibited therein .


### the buyer’s remedies ### remedies


### . ### the service provider must obtain the express consent of the consumer before entrusting performance to another person pursuant to paragraph 1 .


### breach of this duty may preclude the party in breach from exercising or relying on a right , remedy or defence which that party would otherwise have , or may make the party liable for any loss thereby caused to the other party . ### breach of this duty may preclude the party in breach from exercising or relying on a right , remedy or defence which that party would otherwise have , but does not give rise directly to remedies for non - performance of an obligation .


### in the case of non - performance of an obligation by the seller , the buyer may do any of the following : ### in the case of non - performance of the obligation to conform to the contract by the seller , the consumer may do any of the following :


### in the case of non - performance of an obligation by the seller , the buyer may do any of the following : ### in the case of non - performance of an obligation by the seller , the buyer may , where the specific requirements for the respective remedies are met , do any of the following :


### in the case of a non - performance of an obligation by the buyer , the seller may do any of the following : ### in the case of a non - performance of an obligation by the buyer , the seller may , where the specific requirements for the respective remedies are met , do any of the following :


### a recipient who has made use of goods must pay the other party the monetary value of that use for any period where : the recipient caused the ground for avoidance or termination ; the recipient , prior to the start of that period , was aware of the ground for avoidance or termination ; or having regard to the nature of the goods , the nature and amount of the use and the availability of remedies other than termination , it would be inequitable to allow the recipient the free use of the goods for that period . ### alternative 3 [ alternative amendment to amendments for article 106 and article 119 ] where a contract is avoided , a recipient who has made use of goods , the digital content or the fruits must pay the other party the monetary value of that use for any period where : the recipient caused the ground for avoidance ; or the recipient , prior to the start of that period , was aware of the ground for avoidance . 1a . where a contract is terminated , a recipient who has made use of goods , digital content or their fruits shall pay the other party the monetary value of that use . the recipient may deduct the cost of returning the goods , digital content or their fruits from the payment for use . 1b . the monetary value of the use is the amount the recipient saved by making use of the goods , the digital content or their fruits .


### this article applies in relation to the giving of notice for any purpose under the rules of the common european sales law and the contract . ' notice ' includes the communication of any statement which is intended to have legal effect or to convey information for a legal purpose . ### ' notice ' includes the communication of any statement which is intended to have legal effect or to convey information for a legal purpose .


### the contract terms . ### the terms on the basis of which the trader is prepared to conclude the contract .


### the trader must ensure that the contract terms referred to in point of paragraph 3 are made available in alphabetical or other intelligible characters and on a durable medium by means of any support which permits reading , recording of the information contained in the text and its reproduction in tangible form . ### without prejudice to any stricter requirements for a trader dealing with a consumer under section 1 , the trader must ensure that the terms referred to in point of paragraph 3 are made available in alphabetical or other intelligible characters and on a durable medium by means of any support which permits reading , recording of the information contained in the text and its reproduction in tangible form .


### the trader must acknowledge by electronic means and without undue delay the receipt of an offer or an acceptance sent by the other party . ### the trader must acknowledge by electronic means and without undue delay the receipt of an offer or an acceptance sent by the other party . such acknowledgement shall display the content of the offer or of the acceptance .


### a party which has failed to comply with any duty imposed by this chapter is liable for any loss caused to the other party by such failure . ### a party which has failed to comply with any duty imposed by this chapter is liable under chapter 16 for any loss caused to the other party by such failure .


### agreement is reached by acceptance of an offer . acceptance may be made explicitly or by other statements or conduct . ### agreement is reached by acceptance of an offer .


### it has sufficient content and certainty for there to be a contract . ### it has sufficient content and certainty for there to be a contract . in relations between a trader and a consumer , an offer shall only be considered to have sufficient content and certainty if it contains an object , a quantity or duration , and a price .


### a party who has the right to avoid a contract under this chapter or who had such a right before it was lost by the effect of time limits or confirmation is entitled , whether or not the contract is avoided , to damages from the other party for loss suffered as a result of the mistake , fraud , threats or unfair exploitation , provided that the other party knew or could be expected to have known of the relevant circumstances . ### a party who has the right to avoid a contract under this chapter or who had such a right before it was lost by the effect of time limits or confirmation is entitled , whether or not the contract is avoided , to damages under chapter 16 from the other party for loss suffered as a result of the mistake , fraud , threats or unfair exploitation , provided that the other party knew or could be expected to have known of the relevant circumstances .


### where one party intended an expression used in the contract to have a particular meaning , and at the time of the conclusion of the contract the other party was aware , or could be expected to have been aware , of that intention , the expression is to be interpreted in the way intended by the first party . ### where one party intended an expression used in the contract or equivalent conduct to have a particular meaning , and at the time of the conclusion of the contract the other party was aware , or could be expected to have been aware , of that intention , the expression or equivalent conduct is to be interpreted in the way intended by the first party .


### usages and practices do not bind the parties to the extent to which they conflict with contract terms which have been individually negotiated or any mandatory rules of the common european sales law . ### usages and practices do not bind the parties to the extent to which they conflict with the agreement of the parties or any mandatory rules of the common european sales law .


### any contract term implied under paragraph 1 is , as far as possible , to be such as to give effect to what the parties would probably have agreed , had they provided for the matter . ### any contract term implied under paragraph 1 is , as far as possible , to be such as to give effect to what the parties would probably have agreed .


### where the trader makes a statement before the contract is concluded , either to the other party or publicly , about the characteristics of what is to be supplied by that trader under the contract , the statement is incorporated as a term of the contract unless : ### where the trader , or a person engaged in advertising or marketing for the trader , makes a statement before the contract is concluded , either to the other party or publicly , about the characteristics of what is to be supplied by that trader under the contract , the statement is incorporated as a term of the contract unless :


### the parties may not exclude the application of this article or derogate from or vary its effects . ### in relations between a trader and a consumer , the parties may not , to the detriment of the consumer , exclude the application of this article or derogate from or vary its effects .


### it is of such a nature that its use grossly deviates from good commercial practice , contrary to good faith and fair dealing . ### it is of such a nature that its use grossly deviates from customary commercial practice , contrary to good faith and fair dealing .


### the party who is unable to perform has a duty to ensure that notice of the impediment and of its effect on the ability to perform reaches the other party without undue delay after the first party becomes , or could be expected to have become , aware of these circumstances . the other party is entitled to damages for any loss resulting from the breach of this duty . ### the party who is unable to perform has a duty to ensure that notice of the impediment and of its effect on the ability to perform reaches the other party without undue delay after the first party becomes , or could be expected to have become , aware of these circumstances . the other party is entitled to damages under chapter 16 for any loss resulting from the breach of this duty .


### the aggrieved party did not assume , and cannot reasonably be regarded as having assumed , the risk of that change of circumstances . ### the aggrieved party , relying on the change of circumstances , did not assume , and cannot reasonably be regarded as having assumed , the risk of that change of circumstances .


### where the time of delivery cannot be otherwise determined , the goods or the digital content must be delivered without undue delay after the conclusion of the contract . ### where the time of delivery cannot be otherwise determined , the goods or the digital content must be delivered within a reasonable time after the contract was concluded .


### possess such qualities and performance capabilities as the buyer may expect . when determining what the consumer may expect of the digital content regard is to be had to whether or not the digital content was supplied in exchange for the payment of a price . ### possess such qualities and performance capabilities as the buyer may expect in accordance with article 5 . when determining what the consumer may expect of the digital content regard is to be had to whether or not the digital content supplied in exchange for the payment of a price or any counter performance .


### in contracts between businesses , paragraph 2 does not apply where the buyer knew or could be expected to have known of the rights or claims based on intellectual property at the time of the conclusion of the contract . 4 . in contracts between a trader and a consumer , paragraph 2 does not apply where the consumer knew of the rights or claims based on intellectual property at the time of the conclusion of the contract . ### paragraph 2 does not apply where in contracts between traders , the buyer knew or could be expected to have known of the rights or claims based on intellectual property at the time of the conclusion of the contract ; in contracts between a trader and a consumer , where the consumer knew of the rights or claims based on intellectual property at the time of the conclusion of the contract .


### in a contract between traders , the seller is not liable for any lack of conformity of the goods if , at the time of the conclusion of the contract , the buyer knew or could not have been unaware of the lack of conformity . ### the seller is not liable for any lack of conformity of the goods if , at the time of the conclusion of the contract , the buyer knew of the lack of conformity thereof . in a contract between traders , that also applies if the buyer could not have been unaware of the lack of conformity .


### the seller has a reasonable period of time to effect cure . ### the seller has a reasonable period of time to effect cure . in contracts between a trader and a consumer , the reasonable period shall not exceed 30 days .


### the buyer is entitled to require performance of the seller ' s obligations . 2 . the performance which may be required includes the remedying free of charge of a performance which is not in conformity with the contract . ### the buyer is entitled to require performance of the seller ' s obligations , which includes the remedying , free of charge , of a performance which is not in conformity with the contract .


### a buyer who reduces the price cannot also recover damages for the loss thereby compensated but remains entitled to damages for any further loss suffered . ### a buyer who reduces the price cannot also recover damages under chapter 16 for the loss thereby compensated but remains entitled to damages for any further loss suffered .


### in a contract between traders the buyer is expected to examine the goods , or cause them to be examined , within as short a period as is reasonable not exceeding 14 days from the date of delivery of the goods , supply of digital content or provision of related services . ### in a contract between traders the buyer is expected to examine the goods or digital content , or cause them to be examined , within as short a period as is reasonable not exceeding 14 days from the date of delivery of the goods , supply of digital content or provision of related services .


### in a contract between traders the buyer may not rely on a lack of conformity if the buyer does not give notice to the seller within a reasonable time specifying the nature of the lack of conformity . ### in a contract between traders the buyer may not rely on a lack of conformity if the buyer does not give notice to the seller within a reasonable time specifying the nature of the lack of conformity . however , the buyer may still reduce the price or claim damages , except for loss of profit , if he has a reasonable excuse for his failure to give the required notice .


### point of paragraph 1 does not apply to contracts for the supply of digital content where the digital content is not supplied in exchange for the payment of a price . ### for contracts for the supply of digital content point of paragraph 1 does not apply to contracts for the supply of digital content where the digital content is not supplied in exchange for the payment of a price ; point of paragraph 1 does not apply where the digital content is not supplied on a tangible medium .


### where the seller accepts payment by a third party in circumstances not covered by paragraphs 1 or 2 the buyer is discharged from liability to the seller but the seller is liable to the buyer for any loss caused by that acceptance . ### where the seller accepts payment by a third party in circumstances not covered by paragraphs 1 or 2 the buyer is discharged from liability to the seller but the seller is liable to the buyer under chapter 16 for any loss caused by that acceptance .


### paragraph 1 is subject to articles 144 , 145 and 146 . ### if the goods or the digital content are placed at the buyer ' s disposal and the buyer is aware of this , the risk passes to the buyer at the time when the goods or digital content should have been taken over , unless the buyer was entitled to withhold taking of delivery pursuant to article 113 . if the goods or the digital content are placed at the buyer ' s disposal at a place other than a place of business of the seller , the risk passes when delivery is due and the buyer is aware of the fact that the goods or digital content are placed at the buyer ' s disposal at that place .


### to claim damages . ### to claim damages under chaper 16 .


### to claim interest on the price or damages . ### to claim interest on the price or damages under chapter 16 .


### where a contract is avoided or terminated by either party , each party is obliged to return what that party has received from the other party . ### where a contract or part of a contract is avoided or terminated by either party or is invalid or not binding for reasons other than avoidance or termination , each party is obliged to return what that party has received from the other party under the contract affected or part thereof .


### where what was received , including fruits where relevant , cannot be returned , or , in a case of digital content whether or not it was supplied on a tangible medium , the recipient must pay its monetary value . where the return is possible but would cause unreasonable effort or expense , the recipient may choose to pay the monetary value , provided that this would not harm the other party ' s proprietary interests . ### where what was received , including fruits where relevant , cannot be returned , the recipient must pay its monetary value . where the return is possible but would cause unreasonable effort or expense , the recipient may choose to pay the monetary value , provided that this would not harm the other party ' s proprietary interests .


### in the case of digital content which is not supplied in exchange for the payment of a price , no restitution will be made . ### where the digital content is not supplied in exchange for the payment of a price , but for a counter performance other than the payment of a price or without counter performance , and the digital content cannot be considered as returnable under article 172a , the recipient of the digital content shall not have to pay its monetary value .


### for the purposes of this chapter , a recipient is not obliged to pay for use of goods received or interest on money received in any circumstances other than those set out in paragraphs 1 and 2 . ### for the purposes of this chapter , a recipient is not obliged to pay for use of goods , digital content or their fruits or interest on money received in any circumstances other than those set out in paragraphs 1 , 1a and 2 .


### where a recipient has incurred expenditure on goods or digital content , the recipient is entitled to compensation to the extent that the expenditure benefited the other party provided that the expenditure was made when the recipient did not know and could not be expected to know of the ground for avoidance or termination . ### where a recipient has incurred expenditure on goods or digital content or their fruits , the recipient is entitled to compensation to the extent that the expenditure benefited the other party provided that the expenditure was made when the recipient did not know and could not be expected to know of the ground for avoidance or termination .


### a recipient who knew or could be expected to know of the ground for avoidance or termination is entitled to compensation only for expenditure that was necessary to protect the goods or the digital content from being lost or diminished in value , provided that the recipient had no opportunity to ask the other party for advice . ### a recipient who knew or could be expected to know of the ground for avoidance or termination is entitled to compensation only for expenditure that was necessary to protect the goods or the digital content , or their fruits , from being lost or diminished in value , provided that the recipient had no opportunity to ask the other party for advice .


### a right to enforce performance of an obligation , and any right ancillary to such a right , is subject to prescription by the expiry of a period of time in accordance with this chapter . ### a right to enforce performance of an obligation , and any right ancillary to such a right , including any remedy for non - performance except withholding performance , is subject to prescription by the expiry of a period of time in accordance with this chapter .


### mixed - purpose contracts ### contracts including the provision of related services


### the party , but for the mistake , would not have concluded the contract or would have done so only on fundamentally different contract terms and the other party knew or could be expected to have known this ; and ### the party , but for the mistake , would not have concluded the contract or would have done so only on fundamentally different contract terms


### caused the mistake ; ### caused the mistake ; or


### caused the contract to be concluded in mistake by failing to comply with any pre - contractual information duty under chapter 2 , sections 1 to 4 ; ### caused the contract to be concluded in mistake by failing to comply with any pre - contractual information duty under chapter 2 , sections 1 to 4 ; or


### in determining whether good faith and fair dealing require a party to disclose particular information , regard should be had to all the circumstances , including : ### in determining whether good faith and fair dealing require a party to disclose particular information , regard is to be had to all the circumstances , including :


### the apparent importance of the information to the other party ; and ### the likely importance of the information to the other party ; and


### the circumstances in which it was concluded , including the preliminary negotiations ; ### the circumstances in which it was concluded ;


### the conduct of the parties , even subsequent to the conclusion of the contract ; ### the conduct of the parties , prior , during and subsequent to the conclusion of the contract ;


### the interpretation which has already been given by the parties to expressions which are identical to or similar to those used in the contract ; ### the interpretation which the parties have previously given to expressions which are identical to or similar to those used in the contract ;


### preference for individually negotiated contract terms ### not individually negotiated contract terms


### transfer the ownership of the goods , including the tangible medium on which the digital content is supplied ; ### transfer or undertake to transfer the ownership of the goods , including the tangible medium on which the digital content is supplied ;


### time when risk passes ### passing of risk in contracts between traders


### restitution on avoidance or termination ### restitution in case of avoidance , termination or invalidity


### payment for use and interest on money received ### payment for use and interest on money received and diminished value


### in recognition of the disproportionate impacts on the smallest manufacturers resulting from compliance with specific emissions targets defined on the basis of the utility of the vehicle , high administrative burden of the derogation procedure and only marginal benefit in terms of avoided co2 from the vehicles sold by these manufacturers , producers responsible annually for less than 500 new passenger cars are excluded from the scope of the specific emissions target and the excess emissions premium . ### in recognition of the disproportionate impacts on the smallest manufacturers resulting from compliance with specific emissions targets defined on the basis of the utility of the vehicle , high administrative burden of the derogation procedure and only marginal benefit in terms of avoided co2 from the vehicles sold by these manufacturers , producers responsible annually for less than 1000 new passenger cars are excluded from the scope of the specific emissions target and the excess emissions premium .


### the power to adopt acts in accordance with article 290 of the treaty on the functioning of the european union should be delegated to the commission in order to supplement the rules on derogations from the specific emissions targets , to amend data requirements for the purpose of monitoring of co2 emissions and to adjust the formulae for calculating the specific co2 emissions in annex i to changes in the vehicle mass value and the regulatory test procedure for the measurement of specific co2 emissions referred to in regulation no 715 / 2007 . it is of particular importance that the commission carry out appropriate consultations during its preparatory work , including at expert level . the commission , when preparing and drawing up delegated acts , should ensure a simultaneous , timely and appropriate transmission of relevant documents to the european parliament and to the council . ### the power to adopt acts in accordance with article 290 of the treaty on the functioning of the european union should be delegated to the commission in order to supplement the rules on derogations from the specific emissions targets , to amend data requirements for the purpose of monitoring of co2 emissions and to adjust the formulae for calculating the specific co2 emissions in annex i to changes in the vehicle mass value and the regulatory test procedure for the measurement of specific co2 emissions . it is of particular importance that the commission carry out appropriate consultations during its preparatory work , including at expert level . the commission , when preparing and drawing up delegated acts , should ensure a simultaneous , timely and appropriate transmission of relevant documents to the european parliament and to the council .


### from 2020 onwards , this regulation sets a target of 95 g co2 / km as average emissions for the new car fleet as measured in accordance with regulation no 715 / 2007 and annex xii to regulation no 692 / 2008 and its implementing measures , and innovative technologies . ### from 2020 onwards , this regulation sets a target of 95 g co2 / km as average emissions for the new car fleet as measured in accordance with regulation no 715 / 2007 , annex iii and xii to regulation no 692 / 2008 , ece r83 - 06 and ece r101 in each case as valid on the . . . + . ___________________ + oj : please insert the date of adoption of this regulation .


### from 2020 onwards , this regulation sets a target of 95 g co2 / km as average emissions for the new car fleet as measured in accordance with regulation no 715 / 2007 and annex xii to regulation no 692 / 2008 and its implementing measures , and innovative technologies . ### from 2020 onwards , this regulation sets a target of 95 g co2 / km as average emissions for the new car fleet as measured in accordance with regulation no 715 / 2007 , annex iii and xii to regulation no 692 / 2008 , ece r83 - 06 and ece r101 in each case as valid on the . . . + . ____________________ + oj : please insert the date of adoption of this regulation .


### the commission shall be empowered to adopt delegated acts in accordance with article 14a to adapt the formulae in annex i in order to reflect any change in the regulatory test procedure for the measurement of specific co2 emissions referred to in regulation no 715 / 2007 and regulation no 692 / 2008 while ensuring that reduction requirements of comparable stringency for manufacturers and vehicles of different utility are required under the old and new test procedures . ’ ### the commission shall be empowered to adopt delegated acts in accordance with article 14a to adapt the formulae in annex i in order to reflect any change in the regulatory test procedure for the measurement of specific co2 emissions referred to in regulation no 715 / 2007 and regulation no 692 / 2008 . in doing so , the commission shall ensure that any deviations from the target for specific co2 emissions which arise as from 1 january 2021 due to the new test procedure are corrected . at the same time it shall ensure that reduction requirements of comparable stringency for manufacturers and vehicles of different utility are required under the old and new test procedures . ’


### the commission shall be empowered to adopt delegated acts in accordance with article 14a to adapt the formulae in annex i in order to reflect any change in the regulatory test procedure for the measurement of specific co2 emissions referred to in regulation no 715 / 2007 and regulation no 692 / 2008 while ensuring that reduction requirements of comparable stringency for manufacturers and vehicles of different utility are required under the old and new test procedures . ### the commission shall be empowered to adopt implementing acts in accordance with the examination procedure referred to in article 14 to adapt the formulae in annex i in order to reflect any change in the regulatory test procedure for the measurement of specific co2 emissions referred to in regulation no 715 / 2007 and regulation no 692 / 2008 while ensuring that reduction requirements of comparable stringency for manufacturers and vehicles of different utility are required under the old and new test procedures .


### the commission shall , by means of delegated acts , determine the characteristics of information and promotion programmes and the period of their implementation . ### the commission shall , by means of delegated acts , determine the characteristics of information and promotion programmes and the procedures for and period of their implementation .


### the commission shall , by means of delegated acts , determine the characteristics of information and promotion messages . ### the commission shall , by means of delegated acts , determine the characteristics and purposes of information and promotion messages .


### the types of measures to be implemented ; ### the types of measures , and the procedures , to be implemented ;


### the member state concerned shall examine the suitability of proposals for programmes and shall verify conformity with this regulation , the delegated acts referred to in article 5 and the relevant specifications . they shall also check that the programme offers value for money . ### the member state concerned shall examine the suitability of proposals for programmes and shall verify conformity with this regulation , the delegated acts referred to in article 5 and the relevant specifications . they shall also check that the programme offers value for money , by comparing it with appropriate benchmarks established beforehand .


### the requirements with which the programmes must comply and the criteria against which the programmes must be checked , ### the requirements with which the programmes must comply and the public tendering criteria against which the programmes must be checked ,


### the commission may , by means of delegated acts , define further priorities for the selection of programmes . ### the commission may , by means of delegated acts , define further priorities for the selection of programmes , for example giving priority to information and promotion programmes regarding agricultural products with pdo / pgi and tsg classifications at eu level and organic products .


### ad hoc technical working groups comprised of members of the committee or experts in promotion and advertising . ' ### ad hoc technical working groups comprised of members of the committee or experts in the promotion and advertising of agricultural products .


### the european system of financial supervisors should be a network of national and community supervisory authorities , leaving day - to - day supervision of financial institutions at the national level , and according a central role in the supervision of cross - border groups to colleges of supervisors . greater harmonisation and the coherent application of rules for financial institutions and markets across the community should also be achieved . a european insurance and occupational pensions authority should be established , along with a european banking authority and a european securities and markets authority . ### the european system of financial supervisors should be a network of national and union supervisory authorities , leaving day - to - day supervision of financial institutions that do not have a union dimension to the national level . colleges of supervisors should exert supervision over cross - border institutions that do not have a union dimension . the european insurance and occupational pensions authority should gradually take over supervision of institutions with a union dimension . greater harmonisation and the coherent application of rules for financial institutions and markets across the union should also be achieved . in addition to the authority , a european supervisory authority and a european supervisory authority as well as a european supervisory authority should be established . the european systemic risk board shall form part of a european system of financial supervision .


### the european system of financial supervisors should be a network of national and community supervisory authorities , leaving day - to - day supervision of financial institutions at the national level , and according a central role in the supervision of cross - border groups to colleges of supervisors . greater harmonisation and the coherent application of rules for financial institutions and markets across the community should also be achieved . a european banking authority should be established , along with a european insurance and occupational pensions authority and a european securities and markets authority . ### the european system of financial supervisors should be a network of national and community supervisory authorities , leaving day - to - day supervision of financial institutions that do not have a union dimension to the national level . colleges of supervisors should exert supervision over cross - border institutions that do not have a union dimension . the european supervisory authority should gradually take over supervision of financial institutions with a union dimension . greater harmonisation and the coherent application of rules for financial institutions and markets across the union should also be achieved . a european supervisory authority should be established , along with a european supervisory authority and a european supervisory authority . the european systemic risk board should form part of a european system of financial supervision .


### the european insurance and occupational pensions authority should act with a view to improving the functioning of the internal market , including in particular by ensuring a high , effective and consistent level of regulation and supervision taking account of the varying interests of all member states , to protect policyholders and other beneficiaries , to ensure the integrity , efficiency and orderly functioning of financial markets , to safeguard the stability of the financial system , and to strengthen international supervisory coordination , for the benefit of the economy at large , including financial institutions and other stakeholders , consumers and employees . in order to be able to fulfil its objectives , it is necessary and appropriate that the authority should be a community body having legal personality and it should have legal , administrative and financial autonomy . ### the authority should act with a view to improving the functioning of the internal market , including in particular by ensuring a high , effective and consistent level of regulation and supervision taking account of the varying interests of all member states , to prevent regulatory arbitrage and guarantee a level playing field , to protect policyholders and other beneficiaries , to ensure the integrity , efficiency and orderly functioning of financial markets , to safeguard the stability of the financial system , to promote supervisory convergence and to strengthen international supervisory coordination while taking account of the need to enhance competition and innovation within the internal market and to ensure global competitiveness , for the benefit of the economy at large , including financial institutions and other stakeholders , consumers and employees . in order to be able to fulfil its objectives , it is necessary and appropriate that the authority should be a union body having legal personality and it should have legal , administrative and financial autonomy .


### there is a need to introduce an effective instrument to establish harmonised technical standards in financial services to ensure , also through a single rulebook , a level playing field and an adequate protection of policyholders , other beneficiaries and consumers across europe . as a body with highly specialised expertise , it is efficient and appropriate to entrust the authority , in areas defined by community law , with the elaboration of draft technical standards , which do not involve policy choices . the commission should endorse those draft technical standards in accordance with community law in order to give them binding legal effect . the draft technical standards have to be adopted by the commission . they would be subject to amendment if , for example , the draft technical standards were incompatible with community law , would not respect the principle of proportionality or would run counter to the fundamental principles of the internal market for financial services as reflected in the acquis of community financial services legislation . to ensure a smooth and expedited adoption process for those standards , the commission should be subject to a time limit for its decision on the endorsement . ### there is a need to introduce an effective instrument to establish harmonised technical standards in financial services to ensure , also through a single rulebook , a level playing field and an adequate protection of policyholders , other beneficiaries and consumers across the union . as a body with highly specialised expertise , it is efficient and appropriate to entrust the authority , in areas defined by union law , with the elaboration of draft technical standards , which do not involve policy choices . the commission should be empowered to adopt delegated acts in accordance with the procedure referred to in article 290 of the treaty on the functioning of the european union concerning technical standards in financial services .


### there is a need to introduce an effective instrument to establish harmonised technical standards in financial services to ensure , also through a single rulebook , a level playing field and an adequate protection of depositors , investors and consumers across europe . as a body with highly specialised expertise , it is efficient and appropriate to entrust the authority , in areas defined by community law , with the elaboration of draft technical standards , which do not involve policy choices . the commission should endorse those draft technical standards in accordance with community law in order to give them binding legal effect . the draft technical standards have to be adopted by the commission . they would be subject to amendment if , for example , the draft technical standards were incompatible with community law , would not respect the principle of proportionality or would run counter to the fundamental principles of the internal market for financial services as reflected in the acquis of community financial services legislation . to ensure a smooth and expedited adoption process for those standards , the commission should be subject to a time limit for its decision on the endorsement . ### there is a need to introduce an effective instrument to establish harmonised technical standards in financial services to ensure , also through a single rulebook , a level playing field and an adequate protection of depositors , investors and consumers across europe . as a body with highly specialised expertise , it is efficient and appropriate to entrust the authority , in areas defined by union law , with the elaboration of draft technical standards , which do not involve policy choices . those standards should not therefore be in conflict with the legislation of any member state since such legislation suggests existence of a policy choice . the commission should endorse those draft technical standards in accordance with union law in order to give them binding legal effect . the draft technical standards have to be adopted or rejected by the commission according to clear and transparent principles . they would be rejected if , for example , the draft technical standards were incompatible with union law , would not respect the principle of proportionality or would run counter to the fundamental principles of the internal market for financial services as reflected in the acquis of union financial services legislation . to ensure a smooth and expedited adoption process for those standards , the commission should be subject to a time limit for its decision on the endorsement .


### in order to ensure efficient and effective supervision and a balanced consideration of the positions of the national supervisory authorities in different member states , the authority should be able to settle disagreements between those authorities with binding effect , including within colleges of supervisors . a conciliation phase should be provided for , during which the national supervisory authorities may reach an agreement . the authority ' s competence should cover disagreements on procedural obligations in the cooperation process as well as on the interpretation and application of community law in supervisory decisions . existing conciliation mechanisms provided for in sectoral legislation have to be respected . in the event of inaction by the national supervisory authorities concerned , the authority should be empowered to adopt , as a last resort , decisions directly addressed to financial institutions in areas of community law directly applicable to them . ### in order to ensure efficient and effective supervision and a balanced consideration of the positions of the national supervisory authorities in different member states , the authority should be able to settle disagreements between those authorities with binding effect , including within colleges of supervisors . a conciliation phase should be provided for , during which the national supervisory authorities may reach an agreement . the authority ' s competence in that respect should be specified in the sectoral legislation referred to in article 1 . existing conciliation mechanisms provided for in sectoral legislation have to be respected . in the event of inaction by the national supervisory authorities concerned , the authority should be empowered to adopt , as a last resort , decisions directly addressed to financial institutions in areas of union law directly applicable to them .


### in order to ensure efficient and effective supervision and a balanced consideration of the positions of the competent authorities in different member states , the authority should be able to settle disagreements between those competent authorities with binding effect , including within colleges of supervisors . a conciliation phase should be provided for , during which the competent authorities may reach an agreement . the authority ' s competence should cover disagreements on procedural obligations in the cooperation process as well as on the interpretation and application of community law in supervisory decisions . existing conciliation mechanisms provided for in sectoral legislation have to be respected . in the event of inaction by the national supervisory authorities concerned , the authority should be empowered to adopt , as a last resort , decisions directly addressed to financial institutions in areas of community law directly applicable to them . ### in order to ensure efficient and effective supervision and a balanced consideration of the positions of the competent authorities in different member states , the authority should be able to settle disagreements between those competent authorities with binding effect , including within colleges of supervisors . a conciliation phase should be provided for , during which the competent authorities may reach an agreement . the authority ' s competence should cover disagreements on procedural obligations in the cooperation process as well as on the interpretation and application of union law in supervisory decisions . existing conciliation mechanisms provided for in sectoral legislation have to be respected . in the event of inaction by the national supervisory authorities concerned , the authority should be empowered to adopt , as a last resort , decisions directly addressed to financial institutions in areas of union law directly applicable to them . this also applies to disagreements within a college of supervisors .


### the delegation of tasks and responsibilities can be a useful instrument in the functioning of the network of supervisors in order to reduce the duplication of supervisory tasks , foster cooperation and thereby streamline the supervisory process as well as reduce the burden imposed on financial institutions . the regulation should therefore provide a clear legal basis for such delegation . delegation of tasks means that tasks are carried out by another supervisory authority instead of the responsible authority , while the responsibility for supervisory decisions remains with the delegating authority . by delegation of responsibilities one national supervisory authority , the delegatee , shall be able to decide upon a certain supervisory matter in its name in lieu of another national supervisory authority . delegations should be governed by the principle of allocating supervisory competence to a supervisor which is well placed to take action in the subject matter . a reallocation of responsibilities can be appropriate for example for reasons of economies of scale or scope , of coherence in group supervision , and of optimal use of technical expertise among national supervisory authorities . relevant community legislation may further specify the principles for reallocation of responsibilities upon agreement . the authority should facilitate delegation agreements between national supervisory authorities by all appropriate means . it should be informed in advance of intended delegation agreements to be able to express an opinion where appropriate . it should centralise the publication of such agreements to ensure timely , transparent and easily accessible information about agreements for all parties concerned . ### the delegation of tasks and responsibilities can be a useful instrument in the functioning of the network of supervisors in order to reduce the duplication of supervisory tasks , foster cooperation and thereby streamline the supervisory process as well as reduce the burden imposed on financial institutions . the regulation should therefore provide a clear legal basis for such delegation . delegation of tasks means that tasks are carried out by another supervisory authority instead of the responsible authority , while the responsibility for supervisory decisions remains with the delegating authority . by delegation of responsibilities one national supervisory authority , the delegatee , shall be able to decide upon a certain supervisory matter in its name in lieu of the authority or in lieu of another national supervisory authority . delegations should be governed by the principle of allocating supervisory competence to a supervisor which is well placed to take action in the subject matter . a reallocation of responsibilities can be appropriate for example for reasons of economies of scale or scope , of coherence in group supervision , and of optimal use of technical expertise among national supervisory authorities . relevant union legislation may further specify the principles for reallocation of responsibilities upon agreement . the authority should facilitate and monitor delegation agreements between national supervisory authorities by all appropriate means . it should be informed in advance of intended delegation agreements to be able to express an opinion where appropriate . it should centralise the publication of such agreements to ensure timely , transparent and easily accessible information about agreements for all parties concerned . it should identify and promulgate best practices regarding delegation and delegation agreements .


### the delegation of tasks and responsibilities can be a useful instrument in the functioning of the network of supervisors in order to reduce the duplication of supervisory tasks , foster cooperation and thereby streamline the supervisory process as well as reduce the burden imposed on financial institutions . the regulation should therefore provide a clear legal basis for such delegation . delegation of tasks means that tasks are carried out by another supervisory authority instead of the responsible authority , while the responsibility for supervisory decisions remains with the delegating authority . by delegation of responsibilities one national supervisory authority , the delegatee , shall be able to decide upon a certain supervisory matter in its name in lieu of another national supervisory authority . delegations should be governed by the principle of allocating supervisory competence to a supervisor which is well placed to take action in the subject matter . a reallocation of responsibilities can be appropriate for example for reasons of economies of scale or scope , of coherence in group supervision , and of optimal use of technical expertise among national supervisory authorities . relevant community legislation may further specify the principles for reallocation of responsibilities upon agreement . the authority should facilitate delegation agreements between national supervisory authorities by all appropriate means . it should be informed in advance of intended delegation agreements to be able to express an opinion where appropriate . it should centralise the publication of such agreements to ensure timely , transparent and easily accessible information about agreements for all parties concerned . ### the delegation of tasks and responsibilities can be a useful instrument in the functioning of the network of supervisors in order to reduce the duplication of supervisory tasks , foster cooperation and thereby streamline the supervisory process as well as reduce the burden imposed on financial institutions . the regulation should therefore provide a clear legal basis for such delegation . a member state may restrict the powers of the national supervisory authority to delegate its tasks . delegation of tasks means that tasks are carried out by another supervisory authority instead of the responsible authority , while the responsibility for supervisory decisions remains with the delegating authority . by delegation of responsibilities one national supervisory authority , the delegatee , should be able to decide upon a certain supervisory matter in its name in lieu of another national supervisory authority . delegations should be governed by the principle of allocating supervisory competence to a supervisor which is well placed to take action in the subject matter . a reallocation of responsibilities can be appropriate for example for reasons of economies of scale or scope , of coherence in group supervision , and of optimal use of technical expertise among national supervisory authorities . relevant union legislation may further specify the principles for reallocation of responsibilities upon agreement . the authority should facilitate delegation agreements between national supervisory authorities by all appropriate means . it should be informed in advance of intended delegation agreements to be able to express an opinion where appropriate . it should centralise the publication of such agreements to ensure timely , transparent and easily accessible information about agreements for all parties concerned .


### the delegation of tasks and responsibilities can be a useful instrument in the functioning of the network of supervisors in order to reduce the duplication of supervisory tasks , foster cooperation and thereby streamline the supervisory process as well as reduce the burden imposed on financial institutions . the regulation should therefore provide a clear legal basis for such delegation . delegation of tasks means that tasks are carried out by another supervisory authority instead of the responsible authority , while the responsibility for supervisory decisions remains with the delegating authority . by delegation of responsibilities one national supervisory authority , the delegatee , shall be able to decide upon a certain supervisory matter in its name in lieu of another national supervisory authority . delegations should be governed by the principle of allocating supervisory competence to a supervisor which is well placed to take action in the subject matter . a reallocation of responsibilities can be appropriate for example for reasons of economies of scale or scope , of coherence in group supervision , and of optimal use of technical expertise among national supervisory authorities . relevant community legislation may further specify the principles for reallocation of responsibilities upon agreement . the authority should facilitate delegation agreements between national supervisory authorities by all appropriate means . it should be informed in advance of intended delegation agreements to be able to express an opinion where appropriate . it should centralise the publication of such agreements to ensure timely , transparent and easily accessible information about agreements for all parties concerned . ### the delegation of tasks and responsibilities can be a useful instrument in the functioning of the network of supervisors in order to reduce the duplication of supervisory tasks , foster cooperation and thereby streamline the supervisory process as well as reduce the burden imposed on financial institutions . the regulation should therefore provide a clear legal basis for such delegation . delegation of tasks means that tasks are carried out by another supervisory authority instead of the responsible authority , while the responsibility for supervisory decisions remains with the delegating authority . by delegation of responsibilities one national supervisory authority , the delegatee , should be able to decide upon a certain supervisory matter in its name in lieu of the authority or in lieu of another national supervisory authority . delegations should be governed by the principle of allocating supervisory competence to a supervisor which is well placed to take action in the subject matter . a reallocation of responsibilities can be appropriate for example for reasons of economies of scale or scope , of coherence in group supervision , and of optimal use of technical expertise among national supervisory authorities . relevant eu legislation may further specify the principles for reallocation of responsibilities upon agreement . the authority should facilitate and monitor delegation agreements between national supervisory authorities by all appropriate means . it should be informed in advance of intended delegation agreements to be able to express an opinion where appropriate . it should centralise the publication of such agreements to ensure timely , transparent and easily accessible information about agreements for all parties concerned . it should identify and promulgate best practices regarding delegation and delegation agreements . .


### peer reviews are an efficient and effective tool for fostering consistency within the network of financial supervisors . the authority should therefore develop the methodological framework for such reviews and conduct them on a regular basis . reviews should focus not only on convergence of supervisory practices but also on the capacity of supervisors to achieve high quality supervisory outcomes as well as the independence of national supervisory authorities . ### peer reviews are an efficient and effective tool for fostering consistency within the network of financial supervisors . the authority should therefore develop the methodological framework for such reviews and conduct them on a regular basis . reviews should focus not only on convergence of supervisory practices but also on the capacity of supervisors to achieve high quality supervisory outcomes as well as the independence of national supervisory authorities . the outcome of peer reviews should be made public and best practices should be identified and made public .


### where appropriate , the authority should consult interested parties on technical standards , guidelines and recommendations and provide them with a reasonable opportunity to comment on proposed measures . for reasons of efficiency , an insurance , reinsurance and occupational pension funds stakeholder group should be established for that purpose , representing in balanced proportions community insurance and reinsurance firms as well as occupational pension funds , their employees , and consumers and other retail users of the insurance , reinsurance and occupational pension services , including smes . the insurance , reinsurance and occupational pension funds stakeholder group should actively work as an interface with other user groups in the financial services area established by the commission or community legislation . ### the authority should consult interested parties on technical standards , guidelines and recommendations and provide them with a reasonable opportunity to comment on proposed measures . before adopting such draft technical standards , guidelines and recommendations the authority should carry out an impact assessment . for reasons of efficiency , an insurance , reinsurance and occupational pension funds stakeholder group should be established for that purpose , representing in balanced proportions union insurance and reinsurance firms as well as occupational , their employees , academia and consumers and other retail users of the insurance , reinsurance and occupational pension services , including smes . the insurance , reinsurance and occupational pension funds stakeholder group should actively work as an interface with other user groups in the financial services area established by the commission or by union legislation .


### a full time chairperson , selected by the board of supervisors through an open competition , should represent the authority . the management of the authority should be entrusted to an executive director , who should have the right to participate in meetings of the board of supervisors and the management board without the right to vote . ### a full - time chairperson , selected by the european parliament following an open competition managed by the commission and the subsequent drawing up of a shortlist by the commission , should represent the authority . the management of the authority should be entrusted to an executive director , who should have the right to participate in meetings of the board of supervisors and the management board without the right to vote .


### the authority shall act within the scope of directive 64 / 225 / eec , directive 73 / 239 / eec , directive 73 / 240 / eec , directive 76 / 580 / eec , directive 78 / 473 / eec , directive 84 / 641 / eec , directive 87 / 344 / eec , directive 88 / 357 / eec , directive 92 / 49 / eec , directive 98 / 78 / ec , directive 2001 / 17 / ec , directive 2002 / 83 / ec , directive 2002 / 92 / ec , directive 2003 / 41 / ec , directive 2002 / 87 / ec , directive 2005 / 68 / ec , directive 2007 / 44 / ec , directive 2005 / 60 / ec , directive 2002 / 65 / ec , including all directives , regulations , and decisions based on these acts , and of any further community act which confers tasks on the authority . ### the authority shall act within the scope of this regulation and of directive 64 / 225 / eec , directive 73 / 239 / eec , directive 73 / 240 / eec , directive 76 / 580 / eec , directive 78 / 473 / eec , directive 84 / 641 / eec , directive 87 / 344 / eec , directive 88 / 357 / eec , directive 92 / 49 / eec , directive 98 / 78 / ec , directive 2001 / 17 / ec , directive 2002 / 83 / ec , directive 2002 / 92 / ec , directive 2003 / 41 / ec , directive 2002 / 87 / ec , directive 2005 / 68 / ec , directive 2007 / 44 / ec , directive 2005 / 60 / ec , directive 2002 / 65 / ec , including all directives , regulations , and decisions based on these acts , and of any further union act which confers tasks on the authority .


### upon request from one or more national supervisory authorities , from the commission or on its own initiative and after having informed the national supervisory authority concerned , the authority may investigate the alleged incorrect application of community law . ### upon request from one or more national supervisory authorities the european parliament , the council , the commission , or the insurance , reinsurance and occupational pension funds stakeholder group , or on its own initiative and after having informed the national supervisory authority concerned , the authority may investigate the alleged incorrect application of union law .


### the authority shall set a time limit for conciliation between the national supervisory authorities taking into account any relevant time periods specified in the legislation referred to in article 1 and the complexity and urgency of the matter . ### the authority shall set a time limit for conciliation between the national supervisory authorities taking into account any relevant time periods specified in the legislation referred to in article 1 and the complexity and urgency of the matter . at that stage the authority shall at act as a mediator .


### without prejudice to the powers laid down in article 9 , where a national supervisory authority disagrees on the procedure or content of an action or inaction by another national supervisory authority in areas where the legislation referred to in article 1 requires cooperation , coordination or joint decision making by national supervisory authorities from more than one member state , the authority , at the request of one or more of the national supervisory authorities concerned , may assist the authorities in reaching an agreement in accordance with the procedure set out in paragraph 2 . ### without prejudice to the powers laid down in article 9 , where a national supervisory authority disagrees on the procedure or content of an action or inaction by another national supervisory authority in cases specified in the legislation referred to in article 1 , the authority , at the request of one or more of the national supervisory authorities concerned , may assist the authorities in reaching an agreement in accordance with the procedure set out in paragraph 2 .


### without prejudice to the powers laid down in article 9 , where a national supervisory authority disagrees on the procedure or content of an action or inaction by another national supervisory authority in areas where the legislation referred to in article 1 requires cooperation , coordination or joint decision making by national supervisory authorities from more than one member state , the authority , at the request of one or more of the national supervisory authorities concerned , may assist the authorities in reaching an agreement in accordance with the procedure set out in paragraph 2 . ### without prejudice to the powers laid down in article 9 , where a national supervisory authority disagrees on the procedure or content of an action or inaction by another national supervisory authority in areas where the legislation referred to in article 1 requires cooperation , coordination or joint decision making by national supervisory authorities from more than one member state , the authority , at the request of at least one third of the national supervisory authorities required to cooperate , may assist the authorities in reaching an agreement in accordance with the procedure set out in paragraph 2 .


### the authority shall contribute to promote the efficient and consistent functioning of colleges of supervisors and foster the coherence of the application of community legislation across colleges . ### the authority shall contribute to promote and monitor the efficient effective and consistent functioning of the colleges of supervisors and foster the coherence of the application of union law across colleges .


### national supervisory authorities may , by bilateral agreement , delegate tasks and responsibilities to other national supervisory authorities . ### member states shall allow competent authorities to delegate tasks and responsibilities to other national supervisory authorities , by bilateral agreement , subject to the conditions set out in this article . member states may set out specific arrangements that have to be complied with before their competent authorities enter into such agreements and may limit the scope of delegation to what is necessary for effective supervision of cross - border financial institutions and groups .


### on the basis of the peer review the authority may issue recommendations to the national supervisory authorities concerned . ### on the basis of the peer review the authority may issue guidelines and recommendations pursuant to article 8 to the competent authorities concerned , or adopt a decision addressed to competent authorities or adopt draft technical standards in accordance with articles 7 to 7d .


### the authority shall ensure an adequate coverage of cross - sectoral developments , risks and vulnerabilities by closely cooperating with the european banking authority and the european securities and markets authority . ### the authority shall ensure an adequate coverage of cross - sectoral developments , risks and vulnerabilities by closely cooperating with the european supervisory authority and the european supervisory authority and the european supervisory authority .


### the authority shall assist in preparing equivalence decisions pertaining to supervisory regimes in third countries in accordance with the legislation referred to in article 1 . ### the authority shall assist in preparing equivalence decisions pertaining to supervisory regimes in third countries in accordance with the legislation referred to in article 1 . the commission shall adopt delegated acts in accordance with articles 7a to 7d , for the purpose of making assessments of equivalence referred to in this article .


### the authority shall cooperate closely with the esrb . it shall provide the esrb with regular and up - to - date information necessary for the achievement of its tasks . any data necessary for the achievement of its tasks that are not in summary or collective form shall be provided without delay to the esrb upon a reasoned request , as specified in article [ 15 ] of regulation no … . / … [ esrb ] . ### the authority shall cooperate closely with the esrb . it shall provide the esrb with regular and up - to - date information necessary for the achievement of its tasks . any data necessary for the achievement of its tasks that are not in summary or collective form shall be provided without delay to the esrb upon a reasoned request , as specified in article [ 15 ] of regulation no … . / … [ esrb ] . the authority shall develop an appropriate protocol for the disclosure of confidential information regarding individual financial institutions .


### for the purpose of consultation with stakeholders in areas relevant to the tasks of the authority , an insurance , reinsurance and occupational pension funds stakeholder group shall be established . ### for the purpose of consultation with stakeholders in areas relevant to the tasks of the authority , an insurance , reinsurance and occupational pension funds stakeholder group shall be established . the stakeholder group shall be consulted on all relevant decisions and actions of the authority . if case of urgency immediate consultation is impossible , the stakeholder group has to be informed about the decision as quick as possible .


### the insurance , reinsurance and occupational pension funds stakeholder group shall be composed of 30 members , representing in balanced proportions community insurance and reinsurance firms as well as occupational pension funds , their employees as well as consumers and users of the insurance , reinsurance and occupational pension services . ### the insurance and reinsurance and the occupational pension funds stakeholder groups shall each be composed of 30 members . the insurance and reinsurance stakeholder group shall represent in balanced proportions community insurance and reinsurance firms , their employees as well as consumers and users of the insurance . the occupational pension funds stakeholder group shall represent in balanced proportions european union occupational pensions funds , their members and beneficiaries as well as consumers and users of the occupational pensions ' services .


### the insurance , reinsurance and occupational pension funds stakeholder group shall be composed of 30 members , representing in balanced proportions community insurance and reinsurance firms as well as occupational pension funds , their employees as well as consumers and users of the insurance , reinsurance and occupational pension services . ### the insurance , reinsurance and occupational pension funds stakeholder group shall be composed of 30 members , representing in balanced proportions union credit and investment institutions , their employees as well as consumers , users of banking services and representatives of smes . not less than 5 of the members shall be independent top - ranking academics . the number of members representing market participants shall not exceed 10 . not less than 10 members shall be elected by sme organisations .


### the members of the insurance , reinsurance and occupational pension funds stakeholder group shall be appointed by the board of supervisors of the authority , ### the members of the insurance and reinsurance stakeholder group and the occupational pension funds stakeholder group shall be appointed by the board of supervisors of the authority , following proposals from the relevant stakeholders .


### members of the insurance , reinsurance and occupational pension funds stakeholder group shall serve for a period of two and a half years , following which a new selection procedure shall take place . ### members of the insurance and reinsurance stakeholder group and occupational pension funds stakeholder group shall serve for a period of two and a half years , following which a new selection procedure shall take place .


### the insurance , reinsurance and occupational pension funds stakeholder group shall adopt its rules of procedure ### the insurance and reinsurance stakeholder group and occupational pension funds stakeholder group shall adopt their rules of procedure


### the authority shall make public the opinions and advice of the insurance , reinsurance and occupational pension funds stakeholder group and the results of its consultations . ### the authority shall make public the opinions and advice of the insurance and reinsurance stakeholder group and occupational pension funds stakeholder group and the results of their consultations .


### the authority shall ensure that no decision adopted under articles 10 or 11 impinges in any way on the fiscal responsibilities of member states . ### the authority shall ensure that no decision adopted under articles 10 or 11 impinges in any way on the fiscal responsibilities of member states . the respective decision by the authority shall state that fiscal responsibilities are not affected .