### member states shall lay down detailed rules for the online registration of companies , including rules on the use of templates , as referred to in article 13g and the documents and information required for registering a company . as part of these rules member states shall ensure that the online registration may be carried out by submitting information or documents in the electronic form , including electronic copies of the documents and information referred to in article 16a . ### member states shall lay down detailed rules for the online registration of companies , including rules on the use of templates , as referred to in article 13g and the documents and information required for registering a company . as part of these rules member states shall ensure that the online registration may be carried out by submitting information or documents in the electronic form , including electronic copies of the documents and information referred to in article 16a . national legal provisions on the genuineness , accuracy and form of the documents and information submitted shall remain unaffected .


### in order to facilitate the registration of companies and their branches and to reduce the costs and administrative burdens associated with the registration process , in particular by micro , small and medium - sized enterprises as defined in commission recommendation 2003 / 361 / ec32 , procedures should be put in place to enable registration to be completed fully online . such costs and burdens derive not only from administrative fees charged for setting up a company , but also from other requirements which make the overall process longer to complete , in particular when the physical presence of the applicant or their representative is required . in addition , information on these procedures should be made available online and free of charge . _________________ 32 commission recommendation 2003 / 361 / ec of 6 may 2003 concerning the definition of micro , small and medium - sized enterprises . ### in order to facilitate the registration of companies and their branches and to reduce the costs , length of time and administrative burdens associated with the registration process , in particular by micro , small and medium - sized enterprises as defined in commission recommendation 2003 / 361 / ec32 procedures should be put in place to enable registration to be completed fully online . such costs and burdens derive not only from administrative fees charged for setting up a company , but also from other requirements which make the overall process longer to complete , in particular when the physical presence of the applicant or their representative is required , which might cause them to miss a business opportunity . in addition , information on these procedures should be made available online and free of charge . _________________ 32 commission recommendation 2003 / 361 / ec of 6 may 2003 concerning the definition of micro , small and medium - sized enterprises .


### furthermore , in order to tackle fraud and company hijacking and to provide safeguards for the reliability and trustworthiness of documents and information contained within national registers , provisions concerning the online registration of companies and their branches should also include controls on the identity and legal capacity of persons seeking to establish a company or branch . however , the means and methods to achieve these controls should be left to member states to develop and adopt . those rules could include , amongst others , verification by means of video - conference or other online means that provide a real - time audio - visual connection . to that effect member states should be able to require the involvement of notaries or lawyers as a part of the online registration process , however , such involvement should not prevent the completion of the registration procedure in its entirety online . ### furthermore , in order to tackle fraud , money laundering , and company hijacking and to provide safeguards for the reliability and trustworthiness of documents and information contained within national registers , provisions concerning the online registration of companies and their branches and subsequent online filing should also include legality controls and controls on the identity and legal capacity of persons seeking to establish a company or branch or to file documents and information . however , the means and methods to achieve these controls should be left to member states to develop and adopt . those rules could include , amongst others , verification by means of video - conference or other online means that provide a real - time audio - visual connection . to that effect member states should be able to require the involvement of notaries or lawyers as a part of the online registration and filing process , however , such involvement should not prevent the completion of the registration and filing procedure in its entirety online .


### without prejudice to paragraphs 1 to 3 , member states may take measures which could require a physical presence for the purposes of verifying the identity of persons before any authority competent to deal with online registration or online filing , in cases of genuine suspicion of fraud based on reasonable grounds . ### without prejudice to paragraphs 1 to 3 , member states may take measures which could , not systematically but on a case - by - case basis , require a physical presence of the applicant or representatives of the applicant for the purposes of verifying the identity of persons before any authority competent to deal with online registration or online filing , in cases of genuine suspicion of fraud based on reasonable grounds . such genuine suspicion of fraud should be based on reasonable grounds , for example in the light of information available from the registers of beneficial owners , from criminal records or from indications of identity fraud or tax evasion . member states shall ensure that any further steps in the procedure may be conducted online .


### member states shall ensure that companies are able to file online the documents and information , as referred to in article 14 , including any modification thereof , with the register within the time limit provided by the laws of the member state where the company is to be registered . member states shall ensure that such filing may be completed online in its entirety without the necessity for the applicant , or his representative to appear in person before any competent authority or before any other person or body dealing with the online filing , subject to the proviso laid down in article 13b . ### member states shall ensure the documents and information , as referred to in article 14 , including any modification thereof , can be filed online with the register within the time limit provided by the laws of the member state where the company is to be registered . member states shall ensure that such filing may be completed online in its entirety without the necessity for the applicant , or his representative to appear in person before any competent authority or before any other person or body dealing with , making or assisting in making the online filing , subject to the proviso laid down in article 13b . member states shall lay down detailed rules for the online filing of documents and information . article 13f to shall apply mutatis mutandis .


### where the completion of a procedure laid down in this chapter requires a payment , member states shall ensure that the payment can be made by means of a payment service widely available in cross - border payment services . ### where the completion of a procedure laid down in this chapter requires a payment , member states shall ensure that the payment can be made by means of an online payment service widely available in cross - border payment services .


### member states shall ensure that the origin and integrity of the documents filed online may be verified electronically . ### member states shall ensure that the origin and integrity of the documents filed online may be verified electronically . the requirements under applicable national law as to the authenticity , accuracy and due legal form of any submitted information or document shall remain unaffected .


### the rules , referred to in paragraph 2 , may also provide for the following : ### the rules , referred to in paragraph 2 , shall also provide for the following :


### any fees charged by the registers , referred to in article 16 , for the online registration of , or the online filing by , a company or a branch shall not exceed the administrative costs of providing the service . ### any fees charged by the registers , referred to in article 16 , for the online registration of , or the online filing of documents and / or information by , a company or a branch shall not exceed the administrative costs of providing the service .


### furthermore , in order to tackle fraud and company hijacking and to provide safeguards for the reliability and trustworthiness of documents and information contained within national registers , provisions concerning the online registration of companies and their branches should also include controls on the identity and legal capacity of persons seeking to establish a company or branch . however , the means and methods to achieve these controls should be left to member states to develop and adopt . those rules could include , amongst others , verification by means of video - conference or other online means that provide a real - time audio the central employment services of member states - visual connection . to that effect member states should be able to require the involvement of notaries or lawyers as a part of the online registration process , however , such involvement should not prevent the completion of the registration procedure in its entirety online . ### furthermore , in order to tackle fraud and company hijacking and to provide safeguards for the reliability and trustworthiness of documents and information contained within national registers , provisions concerning the online registration of companies and their branches and the online filing of documents and information should also include controls on legality and controls on the identity and legal capacity of persons seeking to establish a company or branch or file documents and information . those rules could include , amongst others , verification by means of video - conference or other online means that provide a real - time audio the central employment services of member states - visual connection . to that effect member states should be able to require the involvement of notaries or lawyers as a part of the online registration and filing process , however , such involvement should not prevent the completion of the registration and filing procedure in its entirety online .


### without prejudice to paragraphs 1 to 3 , member states may take measures which could require a physical presence for the purposes of verifying the identity of persons before any authority competent to deal with online registration or online filing , in cases of genuine suspicion of fraud based on reasonable grounds . ### without prejudice to paragraphs 1 to 3 , member states may take measures which could require a physical presence of the applicant or representatives of the applicant for the purposes of verifying the identity of persons before any authority competent to deal with online registration or online filing , in cases of genuine suspicion of fraud based on reasonable grounds . member states shall ensure that the physical presence of an applicant or a representative of the applicant may only be required on a case by case basis and that any other steps of the procedure can be completed fully online .


### without prejudice to paragraphs 1 to 3 , member states may take measures which could require a physical presence for the purposes of verifying the identity of persons before any authority competent to deal with online registration or online filing , in cases of genuine suspicion of fraud based on reasonable grounds . ### without prejudice to paragraphs 1 to 3 , where justified by an overriding reason of public interest , such as avoiding the risk of money laundering or fraud , member states may take measures which could require a physical presence for the purposes of verifying the identity of persons before any authority competent to deal with online registration or online filing .


### member states shall ensure that documents and information , referred to in article 30 or any modification thereof , may be filed online within the period provided by the laws of the member state where the branch is established . member states shall ensure that such filing may be completed online in its entirety without the necessity for the applicant or its representative to appear in person before any competent authority or before any other person dealing with the online filing , subject to the proviso laid down in article 13b . ### member states shall ensure that documents and information , referred to in article 30 or any modification thereof , may be filed online within the period provided by the laws of the member state where the branch is established . member states shall ensure that such filing may be completed online in its entirety without the necessity for the applicant , or his representative to appear in person before any competent authority or before any other person or body dealing with the online filing , subject to the proviso laid down in article 13b . national legal provisions on the genuineness , accuracy and form of the documents and information submitted shall remain unaffected .


### as a first step in a company ' s lifecycle , it should be possible to establish and register companies fully online . however , member states should have the possibility to derogate from this requirement in case of public limited liability companies due to the complexity of establishment and registration of such companies and in order to respect member states’ existing traditions of company law . in any event , member states should lay down detailed rules of registration . it should be possible to carry out online registration with the submission of documents in electronic form . ### as a first step in a company ' s lifecycle , it should be possible to establish and register companies fully online . however , member states should , by way of derogation from this requirement , be allowed to exempt public limited liability companies due to the complexity of establishment and registration of such companies and in order to respect member states’ existing traditions of company law . in any event , member states should lay down detailed rules of registration . it should be possible to carry out online registration with the submission of documents in electronic form .


### three years at the latest after the entry into application of this regulation , each pepp shall offer national compartments for all member states upon request addressed to the pepp provider . ### the pepp saver and pepp provider shall list available compartments in their contract . the pepp provider shall offer at least the compartments listed in the contract . a pepp saver who wants to change domicile by moving to another member state may exercise in any case his or her right to mobility by switching pepp provider when the national compartment the pepp saver wants to open is not made available by neither the pepp provider nor a registered partner . there shall be no fees and charges applied in these instances for all customers .


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


### the total fees and charges applied by the transferring pepp provider to the pepp saver for the closure of the pepp account held with it shall be limited to no more than 1 , 5 % of the positive balance to be transferred to the receiving pepp provider . ### the total fees and charges applied by the transferring pepp provider to the pepp saver for the closure of the pepp account held with it shall be limited to no more than 0 , 5 % of the positive balance to be transferred to the receiving pepp provider .


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


### pepp providers shall offer up to five investment options to pepp savers . ### pepp providers shall offer at least the default pepp and / or several investment options to pepp savers .


### where advice is provided prior to the conclusion of any specific contract , the pepp provider or distributor referred to in article 19 of this regulation shall provide the pepp saver with a personalised recommendation explaining why a particular pepp would best meet the pepp savers’s demands and needs . ### advice shall be provided prior to the conclusion of any specific contract . the pepp provider or distributor referred to in article 19 of this regulation shall provide the pepp saver with a personalised recommendation explaining why a particular pepp would best meet the pepp saver’s demands , needs and preferences . the pepp saver should also receive information as to the possible environmental , social and governance related implications of that personalised recommendation .


### without prejudice to the deadline under article 13 , pepp providers shall ensure that within each individual pepp account a new compartment could be opened , corresponding to the legal requirements and conditions for using incentives fixed at national level for the pepp by the member state to which the pepp saver moves . ### pepp providers shall ensure that within each individual pepp account a new compartment could be opened , either by transferal or addition , corresponding to the legal requirements and conditions for using incentives fixed at national level for the pepp of the member state where the compartment shall be open .


### pepp providers may offer pepps with an option ensuring the coverage of the risk of biometric risks . for the purpose of this regulation , ' biometric risks ' mean risks linked to longevity , disability and death . ### pepp providers shall include a guarantee on the capital invested for death and permanent disability of the pepp saver during the accumulation phase .


### in order to ensure optimal product transparency , pepp manufacturers should draw up the pepp key information document for the pepps that they manufacture before the product can be distributed to pepp savers . they should also be responsible for the accuracy of the pepp key information document . the pepp key information document should replace and adapt the key information document for packaged retail and insurance - based investment products under regulation no 1286 / 2014 of the european parliament and of the council33 which would not have to be provided for pepps . __________________ 33 regulation no 1286 / 2014 of the european parliament and of the council of 26 november 2014 on key information documents for packaged retail and insurance - based investment products , oj l 352 , 9 . 12 . 2014 , p . 1 . ### in order to ensure optimal product transparency , pepp providers should draw up the pepp key information document for the pepps that they manufacture before the product can be distributed to pepp savers . they should also be responsible for the accuracy of the pepp key information document . __________________ 33 regulation no 1286 / 2014 of the european parliament and of the council of 26 november 2014 on key information documents for packaged retail and insurance - based investment products , oj l 352 , 9 . 12 . 2014 , p . 1 .


### a legislative framework for a pepp will lay the foundations for a successful market in affordable and voluntary retirement - related investments that can be managed on a pan - european scale . by complementing the existing pension products and schemes , it will contribute to meeting the needs of people wishing to enhance the adequacy of their retirement savings , addressing the demographical challenge and providing a powerful new source of private capital for long - term investment . this framework will not replace or harmonise existing national personal pension schemes . ### a legislative framework for a pepp will lay the foundations for a successful market in affordable and voluntary retirement - related investments that can be managed on a pan - european scale . the pepp will contribute to meeting the needs of people wishing to enhance the adequacy of their retirement savings , and assist in addressing the demographical challenge and existing pension gaps , by providing a powerful new source of private capital for long - term and sustainable investment , including social investment . this framework will not replace or harmonise existing national personal products or occupational pension schemes .


### information about the investment strategies , the risk profile and other characteristics of the pepp ; ### information about the investment strategies , the risk profile and other characteristics of the pepp , including the integration of environmental , social and governance factors and in particular how the investment strategy is aligned with the union’s climate and sustainability objectives as set out in the paris agreement , sustainable development goals , and the united nations guiding principles on business and human rights ;


### general information on the portability service , including information on the compartments ; ### general information on the portability service , including information on the compartments , registered partners if any and pay - outs in other member states ;


### the competent authority of the pepp provider shall supervise compliance with this regulation on an ongoing basis . it shall also be responsible for supervising compliance with the obligations set out in the rules or instruments of incorporation of the pepp provider , and the adequacy of its arrangements and organisation with the tasks to be fulfilled when providing a pepp . ### the competent authority of the home member state of the pepp provider shall supervise compliance with this regulation on an ongoing basis . it shall also be responsible for supervising compliance with the obligations set out in the rules or instruments of incorporation of the pepp provider , and the adequacy of its arrangements and organisation with the tasks to be fulfilled when providing a pepp . by derogation to the first subparagraph , compliance by the pepp provider and the pepp distributor with chapter iv of this regulation shall be supervised on an ongoing basis by the competent authority of the host member state of the pepp provider and the pepp distributor .


### pepp savers shall receive information during the pre - retirement phase as set out in article 42 of directive 2016 / 2341 / eu . ### pepp savers and beneficiaries upon the request of pepp savers or pursuant to a court order , shall receive information during the pre - retirement phase as set out in article 42 of directive 2016 / 2341 / eu . this information must be provided at the latest one year prior to the retirement age and include information about the upcoming start of the decumulation phase and the possible forms of out - payments .


### provision of information on portability to the national authorities ### provision of information on portability to the competent authorities


### the choice of the form of out - payments for the decumulation phase shall be exercised by pepp savers upon conclusion of a pepp contract and can be changed once every five years thereafter during the accumulation phase , if applicable . ### the choice of the form of out - payments for the decumulation phase shall be exercised by pepp savers upon conclusion of a pepp contract and can be changed once every five years thereafter and during the last year of the accumulation phase . this possibility to change should be free of charge .


### potential pepp savers shall also be provided with information on the past performance of investments related to the pepp scheme covering a minimum of five years , or , where the scheme has been operating for fewer than five years , covering all the years that the scheme has been operating , as well as with information on the structure of costs borne by pepp savers and pepp beneficiaries . ### potential pepp savers shall also be provided with information on the past performance of investments related to the pepp scheme covering a minimum of 20 years with figures for each individual year , or , where the scheme has been operating for fewer than 20 years , covering all the years that the scheme has been operating , as well as with clear information on the structure of total costs and fees borne by pepp savers and pepp beneficiaries . in case the information cannot be provided where he pepp scheme has existed for less than on year , pepp savers should at least have access to the performance of a comparable scheme of investments .


### the information under paragraph 1 shall be filed electronically in a central database held with the national supervisory authority within one month of opening the new compartment and shall contain at least : ### the information under paragraph 1 shall be filed electronically in a central database held with eiopa within one month of opening the new compartment . eiopa shall make the database accessible to the national competent authorities who shall as well be automatically notified and receive information concerning the local compartments in case of any changes . the database shall contain at least :


### the default investment option should allow the pepp saver to recoup the invested capital . the pepp providers could in addition include an inflation indexation mechanism to at least partly cover inflation . ### the default investment option , which is offered by every pepp provider , should ensure capital protection for the pepp saver by way of a capital guarantee . the pepp providers should in addition include an inflation indexation mechanism to cover inflation in the best possible way .


### the retirement age ; ### information about the retirement age as proposed by the pepp scheme and the standard retirement age of the member state whose law is applicable ;


### such conditions may include in particular the setting of the retirement age , of a mandatory link between reaching the retirement age and commencing the decumulation phase , of a minimum period of belonging to a pepp scheme , of a maximum period before reaching the retirement age for joining a pepp scheme , as well as conditions for redemption in case of particular hardship . ### such conditions shall include in particular the setting of the retirement age , of a mandatory link between reaching the retirement age and commencing the decumulation phase , of a minimum period of belonging to a pepp scheme , of a maximum period before reaching the retirement age for joining a pepp scheme , as well as conditions for redemption in case of particular hardship .


### three years at the latest after the entry into application of this regulation , each pepp shall offer national compartments for all member states upon request addressed to the pepp provider . ### the pepp saver and pepp provider shall list available compartments in their contract . the pepp provider shall offer at least the compartments listed in the contract . a pepp saver who wants to change domicile by moving to another member state may exercise in any case his or her right to mobility by switching pepp provider when the national compartment the pepp saver wants to open is not made available by neither the pepp provider nor a registered partner . there shall be no fees and charges applied in these instances for all customers .


### five years after the entry into force of this regulation , the commission shall carry out an evaluation of this regulation and , and after consulting eiopa , present a report on the main findings to the european parliament , the council and the european economic and social committee . ### every five years after the entry into force of this regulation , the commission shall carry out an evaluation of this regulation and , and after consulting eiopa , present a report on the main findings to the european parliament , the council and the european economic and social committee . in drafting the report , the commission shall also consult the national competent authorities .


### personal details of the pepp saver , name of the pepp provider , information on pension benefit projections , information on accrued entitlements or accumulated capital , contributions paid by the pepp saver or any third party and information on the funding level of the pepp scheme , for which article 39 , paragraphs 1 , , , , and of directive 2016 / 2341 / eu shall be applied , where the ' member ' means the pepp saver , the ' iorp ' means the pepp provider , the ' pension scheme ' means the pepp scheme and ' the sponsoring undertaking ' means any third party for the purposes of this regulation ; ### personal details of the pepp saver , name and contact information of the pepp provider , identification of the scheme of the pepp saver , information on pension benefit projections , information on accrued entitlements or accumulated capital , contributions paid by the pepp saver or any third party and information on the funding level of the pepp scheme , for which article 39 , paragraphs 1 , , , , and of directive 2016 / 2341 / eu shall be applied , where the ' member ' means the pepp saver , the ' iorp ' means the pepp provider , the ' pension scheme ' means the pepp scheme and ' the sponsoring undertaking ' means any third party for the purposes of this regulation ;


### personal details of the pepp saver , name of the pepp provider , information on pension benefit projections , information on accrued entitlements or accumulated capital , contributions paid by the pepp saver or any third party and information on the funding level of the pepp scheme , for which article 39 , paragraphs 1 , , , , and of directive 2016 / 2341 / eu shall be applied , where the &#8220 ; member&#8221 ; means the pepp saver , the &#8220 ; iorp&#8221 ; means the pepp provider , the &#8220 ; pension scheme&#8221 ; means the pepp scheme and &#8220 ; the sponsoring undertaking&#8221 ; means any third party for the purposes of this regulation ; ### personal details of the pepp saver and the name of the pepp provider and its contact address ;


### the pepp saver shall be able to opt for a different investment option once every five years of accumulation in the pepp . ### the terms for modification of the investment option shall be listed in the pepp contract .


### pepp providers and pepp distributors shall comply with articles 5 , and 6 to 18 of regulation no 1286 / 2014 . ### pepp providers and pepp distributors shall apply the requirements contained in articles 5 , and 6 to 18 of regulation no 1286 / 2014 when drawing up the pepp key information document .


### fees and charges , if any , applied by the transferring or the receiving pepp provider to the pepp saver for any service provided under article 46 , other than those referred to in paragraphs 1 , 2 and 3 of this article , shall be reasonable and in line with the actual costs of that pepp provider . ### in the context of the switching process , services given by the receiving pepp provider shall be free of charge .


### when proposing a pepp , the pepp provider or pepp distributor shall provide potential pepp savers with information on which national compartments are immediately available . ### when proposing a pepp , the pepp provider or pepp distributor shall provide potential pepp savers with information on which national compartments are available , either from the pepp provider or from a registered partner .


### to assess the system of governance applied by the pepp providers , the business they are pursuing , the valuation principles applied for solvency purposes , the risks faced and the risk - management systems , and their capital structure , needs and management ; ### to assess the system of governance applied by the pepp providers , the business they are pursuing , the valuation principles applied for solvency purposes , the risks faced and the risk - management systems , including the integration of esg related risks , and their capital structure , needs and management ;


### the choice of the form of out - payments for the decumulation phase shall be exercised by pepp savers upon conclusion of a pepp contract and can be changed once every five years thereafter during the accumulation phase , if applicable . ### the choice of the form of out - payments shall be exercised by pepp savers at the end of the accumulation phase .


### a legislative framework for a pepp will lay the foundations for a successful market in affordable and voluntary retirement - related investments that can be managed on a pan - european scale . by complementing the existing pension products and schemes , it will contribute to meeting the needs of people wishing to enhance the adequacy of their retirement savings , addressing the demographical challenge and providing a powerful new source of private capital for long - term investment . this framework will not replace or harmonise existing national personal pension schemes . ### a legislative framework for a pepp will lay the foundations for a successful market in affordable and voluntary retirement - related investments that can be managed on a pan - european scale . the pepp will contribute to meeting the needs of people wishing to enhance the adequacy of their retirement savings , and assist in addressing the demographical challenge and existing pension gaps , by providing a powerful new source of private capital for long - term and sustainable investment , including social investment . this framework will not replace or harmonise existing national personal products or occupational pension schemes .


### before taking a decision on the application , eiopa shall consult the competent authority of the applicant . ### before taking a decision on the application , eiopa shall consult the competent authority of the applicant by providing it with a copy of the application and all the relevant information needed for the consultation to verify if there are any objections to the granting of the application .


### potential pepp savers shall also be provided with information on the past performance of investments related to the pepp scheme covering a minimum of five years , or , where the scheme has been operating for fewer than five years , covering all the years that the scheme has been operating , as well as with information on the structure of costs borne by pepp savers and pepp beneficiaries . ### potential pepp savers shall also be provided with information on the past performance of investments related to the pepp scheme covering a minimum of 20 years with figures for each individual year , or , where the scheme has been operating for fewer than 20 years , covering all the years that the scheme has been operating , as well as with clear information on the structure of total costs and fees borne by pepp savers and pepp beneficiaries . in case the information cannot be provided where he pepp scheme has existed for less than on year , pepp savers should at least have access to the performance of a comparable scheme of investments .


### the assets shall not be invested in a high - risk and non - cooperative jurisdiction identified by the financial action task force ; ### investing in a high - risk and non - cooperative jurisdiction identified by the financial action task force is forbidden ;


### within two working days from receipt of the authorisation referred to in paragraph 2 , the receiving pepp provider shall request the transferring pepp provider to carry out the following tasks , if provided for in the pepp saver’s authorisation : ### within five working days from receipt of the authorisation referred to in paragraph 2 , the receiving pepp provider shall request the transferring pepp provider to carry out the following tasks , if provided for in the pepp saver’s authorisation :


### the pepp benefit statement shall include , at least , the following key information for pepp savers : ### the pepp benefit statement shall be provided free of charge , annually and include , at least , the following key information for pepp savers and beneficiaries if agreed upon by the pepp saver :


### the pepp saver shall be able to opt for a different investment option once every five years of accumulation in the pepp . ### the terms for modification of the investment option shall be listed in the pepp contract . in any case , the pepp saver shall be able to opt for a different investment option once every five years of accumulation in the pepp


### the competent authority of the pepp provider shall supervise compliance with this regulation on an ongoing basis . it shall also be responsible for supervising compliance with the obligations set out in the rules or instruments of incorporation of the pepp provider , and the adequacy of its arrangements and organisation with the tasks to be fulfilled when providing a pepp . ### the competent authority of the home member state of the pepp provider shall supervise compliance with this regulation on an ongoing basis . it shall also be responsible for supervising compliance with the obligations set out in the rules or instruments of incorporation of the pepp provider , and the adequacy of its arrangements and organisation with the tasks to be fulfilled when providing a pepp . by derogation to the first subparagraph , compliance by the pepp provider and the pepp distributor with chapter iv of this regulation shall be supervised on an ongoing basis by the competent authority of the host member state of the pepp provider and the pepp distributor .


### pepp providers may offer pepps with an option ensuring the coverage of the risk of biometric risks . for the purpose of this regulation , ' biometric risks ' mean risks linked to longevity , disability and death . ### without prejudice to article 5 , pepp providers may offer pepps with a supplementary option ensuring the coverage of the risk of biometric risks .


### among personal pension products , the development of a pepp will contribute to increasing choices for retirement saving and establish an eu market for pepp providers . it will provide households with better options to meet their retirement goals . ### among personal pension products , the development of a pepp will contribute to increasing choices for retirement saving and establish an eu market for pepp providers . it should provide households with well regulated , safe , socially responsible and sustainable better options to meet their retirement goals , taking due account of their needs and preferences .


### in case of using the portability service , pepp savers are entitled to retain all advantages and incentives granted by the pepp provider and connected with continuous investment in the same pepp . ### in case of using the portability service , pepp savers are entitled to retain all advantages and incentives granted by the pepp provider and connected with continuous investment in the same pepp and shall have the right to simultaneously save in more than one compartment .


### pepp providers may make available to pepp savers one or more of the following forms of out - payments : ### in the light of the differing conditions for tax incentives in member states , pepp providers may make available to pepp savers one or more of the following forms of out - payments :


### is based on a contract between an individual saver and an entity on a voluntary basis ; ### is based on a contract between an individual saver and an entity on a voluntary and complementary basis ;


### without prejudice to the deadline under article 13 , pepp providers shall ensure that within each individual pepp account a new compartment could be opened , corresponding to the legal requirements and conditions for using incentives fixed at national level for the pepp by the member state to which the pepp saver moves . ### pepp providers shall ensure that within each individual pepp account a new compartment could be opened , either by transferral or addition , corresponding to the legal requirements and conditions for using incentives fixed at national level for the pepp of the member state where the compartment shall be opened .


### ' pan - european personal pension product ' means a long - term savings personal pension product , which is provided under an agreed pepp scheme by a regulated financial undertaking authorised under union law to manage collective or individual investments or savings , and subscribed to voluntarily by an individual pepp saver in view of retirement , with no or strictly limited redeemability ; ### ' pan - european personal pension product ' means a long - term savings personal pension product , which is provided under an agreed pepp scheme by a financial undertaking as listed in article 5 , authorised under union law to manage collective or individual investments or savings , and subscribed to voluntarily by an individual pepp saver in view of retirement , with no or strictly limited redeemability ;


### if pepp providers offer alternative investment options , at least one of them shall offer a cost - effective investment option to pepp savers . ### if pepp providers offer alternative investment options , all of them shall offer a default option to pepp savers .


### in order to allow a smooth transition for pepp providers , the obligation of providing pepps comprising compartments for each member state will apply three years after the entry into force of this regulation . however , upon launching a pepp , the provider should provide information on which national compartments are immediately available , in order to avoid a possible misleading of consumers . ### upon launching a pepp , the provider should provide information on which national compartments are immediately available in the contract . when a pepp saver changes her or his domicile to another member state where the pepp provider does not offer a compartment which is readily available , switching provider shall be free of charge for all customers . pepp beneficiaries should be able to receive pepp pay - outs irrespective of the member state in which they reside .


### the default investment option should allow the pepp saver to recoup the invested capital . the pepp providers could in addition include an inflation indexation mechanism to at least partly cover inflation . ### the default investment option , which is offered by every pepp provider , should ensure capital protection for the pepp saver by way of a capital guarantee . the pepp providers should in addition include an inflation indexation mechanism to cover inflation in the best possible way .


### all contractual arrangements for providing the portability service shall be notified by the pepp provider to the respective national authority exercising prudential supervision over it . ### all contractual arrangements for providing the portability service shall be notified by the pepp provider to eiopa .


### the information under paragraph 1 shall be filed electronically in a central database held with the national supervisory authority within one month of opening the new compartment and shall contain at least : ### the information under paragraph 1 shall be filed electronically in a central database held with eiopa within one month of opening the new compartment . the database shall be accessible to the national competent authorities , who shall automatically receive information concerning the local compartments in the case of any changes . the database shall contain at least :


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


### a retail client as defined in point of article 4 of directive 2014 / 65 / eu of the european parliament and of the council41 ; __________________ 41 directive 2014 / 65 / eu of the european parliament and of the council of 15 may 2014 on markets in financial instruments and amending directive 2002 / 92 / ec and directive 2011 / 61 / eu . ### a retail client as defined in point of article 4 of directive 2014 / 65 / eu of the european parliament and of the council41 , which means a client who is not a professional client ; __________________ 41 directive 2014 / 65 / eu of the european parliament and of the council of 15 may 2014 on markets in financial instruments and amending directive 2002 / 92 / ec and directive 2011 / 61 / eu .


### pepp savers shall receive information during the pre - retirement phase as set out in article 42 of directive 2016 / 2341 / eu . ### pepp savers and beneficiaries upon the request of pepp savers or pursuant to a court order , shall receive information during the pre - retirement phase as set out in article 42 of directive 2016 / 2341 / eu . this information must be provided at the latest one year prior to the retirement age and include information about the upcoming start of the decumulation phase and the possible forms of out - payments .


### fees and charges , if any , applied by the transferring or the receiving pepp provider to the pepp saver for any service provided under article 46 , other than those referred to in paragraphs 1 , 2 and 3 of this article , shall be reasonable and in line with the actual costs of that pepp provider . ### in the context of the switching process , services given by the receiving pepp provider shall be free of charge .


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


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


### pepp providers may offer pepps with an option ensuring the coverage of the risk of biometric risks . for the purpose of this regulation , ' biometric risks ' mean risks linked to longevity , disability and death . ### pepp providers shall include a guarantee on the capital invested for death and permanent disability of the pepp saver during the accumulation phase .


### when providing advice on pepps , the pepp provider or distributor referred to in article 19 of this regulation shall comply with the applicable national laws giving effect to the rules set out in article 25 of directive 2014 / 65 / eu and with any directly applicable union legislation adopted under article 25 of that directive relating to those rules . ### without prejudice to the obligation set out in the preceding paragraph , the pepp provider or distributor referred to in article 19 of this regulation shall comply with the applicable national laws giving effect to the rules set out in article 25 of directive 2014 / 65 / eu and with any directly applicable union legislation adopted under article 25 of that directive relating to those rules .


### although the ongoing supervision of pepp providers is to be exercised by the respective competent national authorities , eiopa should coordinate the supervision with regards to pepps , in order to guarantee the application of a unified supervisory methodology , contributing in this way to the pane - european nature of the pension product . ### although the ongoing supervision of pepp providers is to be exercised by the respective competent national authorities , eiopa should coordinate the supervision with regards to pepps , in order to guarantee the consistent application of a unified supervisory methodology , contributing in this way to the pan - european nature of the pension product .


### pepp providers should have access to the whole union market with one single product authorisation issued by the european insurance and occupational pensions authority , on the basis of a single set of rules . ### pepp providers should have access to the whole union market with one single product authorisation issued by the european insurance and occupational pensions authority , on the basis of a single set of rules and in cooperation with national competent authorities .


### without prejudice to the deadline under article 13 , pepp providers shall ensure that within each individual pepp account a new compartment could be opened , corresponding to the legal requirements and conditions for using incentives fixed at national level for the pepp by the member state to which the pepp saver moves . ### pepp providers shall ensure that within each individual pepp account a new compartment could be opened , either by transferral or addition , corresponding to the legal requirements and conditions for using incentives fixed at national level for the pepp of the member state where the compartment shall be opened .


### the total fees and charges applied by the transferring pepp provider to the pepp saver for the closure of the pepp account held with it shall be limited to no more than 1 , 5 % of the positive balance to be transferred to the receiving pepp provider . ### the total fees and charges applied by the transferring pepp provider to the pepp saver for the closure of the pepp account held with it shall be limited to no more than 0 , 5 % of the positive balance to be transferred to the receiving pepp provider . the commission shall examine waiving the fee for changing providers as an incentive to promote the pepp product .


### ' default investment option ' means an investment strategy applied when the pepp saver has not provided instructions on how to invest the funds accumulating in his pepp account ; ### ' default option ' means a pension product which every provider must offer in accordance with an investment strategy set out in article 37 ;


### potential pepp savers shall also be provided with information on the past performance of investments related to the pepp scheme covering a minimum of five years , or , where the scheme has been operating for fewer than five years , covering all the years that the scheme has been operating , as well as with information on the structure of costs borne by pepp savers and pepp beneficiaries . ### the pepp key information document shall be written in a concise manner , using clear , succinct and comprehensible language and shall contain the key information that pepp savers require . the key information document should be presented in a way that is easy to read and shall consist of a maximum of three sides of a4 - sized paper when printed .


### potential pepp savers shall also be provided with information on the past performance of investments related to the pepp scheme covering a minimum of five years , or , where the scheme has been operating for fewer than five years , covering all the years that the scheme has been operating , as well as with information on the structure of costs borne by pepp savers and pepp beneficiaries . ### potential pepp savers shall also be provided with information on the past performance of investments related to the pepp scheme covering a minimum of 20 years with figures for each individual year , or , where the scheme has been operating for fewer than 20 years , covering all the years that the scheme has been operating , as well as with clear information on the structure of total costs and fees borne by pepp savers and pepp beneficiaries . in case the information cannot be provided where he pepp scheme has existed for less than on year , pepp savers should at least have access to the performance of a comparable scheme of investments .


### the retirement age ; ### information about the retirement age as proposed by the pepp scheme and the standard retirement age of the member state whose law is applicable ;


### eiopa shall keep a central public register identifying each pepp authorised under this regulation , the provider of this pepp and the competent authority of the pepp provider . the register shall be made publicly available in electronic format . ### eiopa shall keep a central public register identifying each pepp authorised under this regulation , the provider of this pepp , the competent authority of the pepp provider , the date of authorisation of the pepp and the number of the available national compartments . the register shall be made publicly available in electronic format and shall be promptly updated if changes occur .


### a legislative framework for a pepp will lay the foundations for a successful market in affordable and voluntary retirement - related investments that can be managed on a pan - european scale . by complementing the existing pension products and schemes , it will contribute to meeting the needs of people wishing to enhance the adequacy of their retirement savings , addressing the demographical challenge and providing a powerful new source of private capital for long - term investment . this framework will not replace or harmonise existing national personal pension schemes . ### a legislative framework for a pepp will lay the foundations for a successful market in affordable and voluntary retirement - related investments that can be managed on a pan - european scale . the pepp will contribute to meeting the needs of people wishing to enhance the adequacy of their retirement savings , and assist in addressing the demographical challenge and existing pension gaps , by providing a powerful new source of private capital for long - term and sustainable investment , including social investment . this framework will not replace or harmonise existing national personal products or occupational pension schemes .


### ' default investment option ' means an investment strategy applied when the pepp saver has not provided instructions on how to invest the funds accumulating in his pepp account ; ### ' default investment option ' means an investment strategy where the pepp saver recoups at least the capital invested and which is either selected by the pepp saver or applied when the pepp saver has not provided instructions on how to invest the funds accumulating in his pepp account ;


### pepp providers shall offer up to five investment options to pepp savers . ### pepp providers and pepp distributors shall offer a basic pepp and may offer alternative investment options to pepp savers .


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


### all documents and information under this chapter shall be provided to pepp customers electronically , provided that the pepp customer is enabled to store such information in a way accessible for future reference and for a period of time adequate for the purposes of the information and that the tool allows the unchanged reproduction of the information stored . upon request , pepp providers and distributors shall provide free of charge those documents and information also on another durable medium . ### all documents and information under this chapter shall be provided to pepp customers electronically , provided that the pepp customer is enabled to store such information in a way accessible for future reference and for a period of time adequate for the purposes of the information and that the tool allows the unchanged reproduction of the information stored . upon request , pepp providers and distributors shall provide free of charge those documents and information also on another durable medium , including a hard copy , and in an accessible format to pepp savers with disabilities as well as an easy to read version for pepp savers with low or no financial literacy .


### in order to find better conditions for their investments , thus also stimulating the competition among pepp providers , pepp savers should have the right to switch providers during the accumulation and the decumulation phases , through a clear , quick and safe procedure . ### in order to find better conditions for their investments , thus also stimulating the competition among pepp providers , pepp savers should have the right to switch providers during the accumulation and the decumulation phases , through a clear , quick , low - cost and safe procedure .


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


### personal details of the pepp saver , name of the pepp provider , information on pension benefit projections , information on accrued entitlements or accumulated capital , contributions paid by the pepp saver or any third party and information on the funding level of the pepp scheme , for which article 39 , paragraphs 1 , , , , and of directive 2016 / 2341 / eu shall be applied , where the ' member ' means the pepp saver , the ' iorp ' means the pepp provider , the ' pension scheme ' means the pepp scheme and ' the sponsoring undertaking ' means any third party for the purposes of this regulation ; ### personal details of the pepp saver , name and contact information of the pepp provider , identification of the scheme of the pepp saver , information on pension benefit projections , information on accrued entitlements or accumulated capital , contributions paid by the pepp saver or any third party and information on the funding level of the pepp scheme , for which article 39 , paragraphs 1 , , , , and of directive 2016 / 2341 / eu shall be applied , where the ' member ' means the pepp saver , the ' iorp ' means the pepp provider , the ' pension scheme ' means the pepp scheme and ' the sponsoring undertaking ' means any third party for the purposes of this regulation ;


### specification of demands and needs and provision of advice ### specification of demands , needs and preferences and provision of advice


### without prejudice to the deadline under article 13 , immediately after being informed about the pepp saver ' s intention to exercise his right of mobility between member states , the pepp provider shall inform the pepp saver about the possibility to open a new compartment within the pepp saver ' s individual account and about the deadline within which such compartment could be opened . ### immediately after receiving the pepp saver ' s request to use the portability service , the pepp provider shall inform the pepp saver about the portability options available to him or her , including the possibility to continue saving in a new compartment or through a partnership .


### pepp providers may make available to pepp savers one or more of the following forms of out - payments : ### pepp providers shall make available to pepp savers one or more of the following forms of out - payments :


### pepp providers shall draw up a concise personalised document containing key information for each pepp saver taking into consideration the specific nature of national pension systems and of relevant national social , labour and tax law . the title of the document shall contain the words &#8220 ; pepp benefit statement&#8221 ; . ### pepp providers shall draw up a concise , clear and comprehensible personalised document containing key information for each pepp saver , and for pepp beneficiaries if agreed upon by the pepp saver , taking into consideration the specific nature of national pension systems and of relevant national social , labour and tax law . the title of the document shall contain the words &#8220 ; pepp benefit statement&#8221 ; .


### in order to protect adequately the rights of pepp savers and pepp beneficiaries , pepp providers should be able to opt for an asset allocation that suits the precise nature and duration of their liabilities . therefore , efficient supervision is required as well as an approach to investment rules that allows pepp providers sufficient flexibility to decide on the most secure and efficient investment policy , while obliging them to act prudently . compliance with the prudent person rule therefore requires an investment policy geared to the customers ' structure of the individual pepp provider . ### in order to protect adequately the rights of pepp savers and pepp beneficiaries , pepp providers should be able to opt for an asset allocation that suits the precise nature and duration of their liabilities . therefore , efficient supervision is required as well as an approach to investment rules that allows pepp providers sufficient flexibility to decide on the most secure and efficient investment policy , while obliging them to act prudently and in alignment with the pepp saver ' s needs and preferences . compliance with the prudent person rule therefore requires an investment policy geared to the customers ' structure of the individual pepp provider .


### fees and charges , if any , applied by the transferring or the receiving pepp provider to the pepp saver for any service provided under article 46 , other than those referred to in paragraphs 1 , 2 and 3 of this article , shall be reasonable and in line with the actual costs of that pepp provider . ### in the context of the switching process , services given by the receiving pepp provider shall be free of charge .


### the assets shall not be invested in a high - risk and non - cooperative jurisdiction identified by the financial action task force ; ### investing in a high - risk and non - cooperative jurisdiction identified by the financial action task force is forbidden ;


### five years after the entry into force of this regulation , the commission shall carry out an evaluation of this regulation and , and after consulting eiopa , present a report on the main findings to the european parliament , the council and the european economic and social committee . ### every five years after the entry into force of this regulation , the commission shall carry out an evaluation of this regulation and , and after consulting eiopa , present a report on the main findings to the european parliament , the council and the european economic and social committee . in drafting the report , the commission shall also consult the national competent authorities .


### article 37 default investment option the default investment option shall ensure capital protection for the pepp saver , on the basis of a risk - mitigation technique that results in a safe investment strategy . 2 . capital protection shall allow the pepp saver to recoup the capital invested . ### article 37 default investment option the pepp provider shall guarantee the pepp saver under the default option that the capital accumulated by the start of the pay - out phase will at least equal the contributions paid including all costs and charges plus compensation for inflation according to the applicable index , but not exceeding an average annual inflation rate of 4% . the default investment option shall be a simple and safe product that can be easily understood and acquired , including through digital channels , in each member state . 2 . capital protection shall offer a capital guarantee allowing the pepp saver to recoup the capital invested including fees , cost and compensation for inflation .


### the pepp saver shall opt for an investment option upon conclusion of the pepp contract . ### the pepp saver shall opt for one of the several investment options upon conclusion of the pepp contract .


### with a view to establishing an efficient and effective dispute resolution procedure , pepp providers and distributors should put in place an effective complaints procedure that can be followed by their customers before the dispute is referred to be resolved in an adr procedure or before a court . the complaints procedure should contain short and clearly defined timeframes within which the pepp provider or distributor should reply to a complaint . adr entities should have sufficient capacity to engage in an adequate and efficient way in cross - border cooperation with regard to disputes concerning rights and obligations pursuant to this regulation . ### with a view to establishing an efficient and effective dispute resolution procedure , pepp providers and distributors should put in place an effective complaints procedure that can be followed by their customers and pepp beneficiaries before the dispute is referred to be resolved in an adr procedure or before a court . the complaints procedure should contain short and clearly defined timeframes within which the pepp provider or distributor should reply to a complaint . adr entities should have sufficient capacity to engage in an adequate and efficient way in cross - border cooperation with regard to disputes concerning rights and obligations pursuant to this regulation .


### pepp providers may offer pepps with an option ensuring the coverage of the risk of biometric risks . for the purpose of this regulation , ' biometric risks ' mean risks linked to longevity , disability and death . ### pepp providers shall include a guarantee on the capital invested for death and permanent disability of the pepp saver during the accumulation phase .


### market surveillance authorities may enter into memoranda of understanding with businesses or organisations representing businesses or end - users for the carrying out , or financing , of joint activities aimed at identifying non - compliance or promoting compliance in specific geographical areas or with respect to specific categories of product . ### market surveillance authorities may enter into memoranda of understanding with custom authorities , port and airport authorities , businesses or organisations representing businesses or end - users for the carrying out , or financing , of joint activities aimed at identifying non - compliance or promoting compliance in specific geographical areas or with respect to specific categories of products . the market surveillance authority shall provide a draft memorandum to the commission at least 2 months before its adoption and a report on its implementation every year from the date of its adoption . the commission shall provide an opinion to the market surveillance authorities on the draft memorandum and the implementation report .


### this regulation applies to all products that are subject to the union harmonisation legislation set out in the annex to this regulation . ### this regulation applies to all products that are subject to directive 2001 / 95 / ec or the union harmonisation legislation set out in the annex to this regulation .


### a natural or legal person established in the union who has a written mandate from the manufacturer designating him as a person responsible for performing the tasks listed in paragraph 3 and requiring him to perform those tasks on the manufacturer’s behalf ; ### in case there is no manufacturers or importer established in the union , a natural or legal person established in the union who has a written mandate from the manufacturer designating him as a person responsible for compliance and performing the tasks listed in paragraph 3 on the manufacturer’s behalf ;


### a fairer single market should ensure equal conditions for competition to all economic operators and protection against unfair competition . to this purpose , strengthened enforcement of union harmonisation legislation on products is necessary . good cooperation between manufacturers and the market surveillance authorities is a key element allowing immediate intervention and corrective action in relation to the product . it is important that there should be a contact person established in the union so that market surveillance authorities have someone to whom questions can be addressed regarding a product’s compliance with union harmonisation legislation . the person responsible for providing such compliance information should be the manufacturer , or the importer , or another person designated by the manufacturer for this purpose , for example another economic operator . the role of a person responsible for compliance information established in the union is essential for providing market surveillance authorities with an interlocutor established in the union , and for performing specific tasks in a timely manner to ensure that the products comply with the requirements of union harmonisation legislation , for the benefit of consumers , workers and businesses within the union . the provisions in this regulation requiring there to be a person established in the union responsible for compliance information should not apply where specific requirements set out in certain legal instruments on products achieve the same result in effect , namely article 4 of regulation no 1223 / 2009 , article 15 of regulation 2017 / 745 and article 15 of regulation 2017 / 746 . ### a fairer single market should ensure equal conditions for competition to all economic operators and protection against unfair competition . to this purpose , strengthened enforcement of union harmonisation legislation on products is necessary . good cooperation between manufacturers , distributors and the market surveillance authorities is a key element allowing immediate intervention and corrective action in relation to the product . it is important that there should be a contact person established in the union so that market surveillance authorities have someone to whom questions can be addressed regarding a product’s compliance with union harmonisation legislation . the person responsible for providing such compliance information should be the manufacturer , the importer or the distributor , or another person designated by the manufacturer for this purpose , for example another economic operator . the role of a person responsible for compliance information established in the union is essential for providing market surveillance authorities with an interlocutor established in the union , and for performing specific tasks in a timely manner to ensure that the products comply with the requirements of union harmonisation legislation , for the benefit of consumers , workers and businesses within the union . the provisions in this regulation requiring there to be a person established in the union responsible for compliance information should not apply where specific requirements set out in certain legal instruments on products achieve the same result in effect , namely article 4 of regulation no 1223 / 2009 , article 15 of regulation 2017 / 745 and article 15 of regulation 2017 / 746 .


### cooperating with the market surveillance authorities , at their request , on any action taken to eliminate or , if that is not possible , mitigate the risks posed by the product . ### cooperating with the market surveillance authorities and take immediate action to remedy the case of a product presenting a risk or the case of a product being non - compliant with the requirements set out in union harmonisation legislation or harmonised standards applicable to the product in question , at their own initiative or when required to do so by the market surveillance authorities ;


### an importer ; ### an importer , when the manufacturer is not established in the union and there is no authorised representative ;


### the manufacturer is established in the union or there is at least one of the following in place with respect to the product : ### the manufacturer , or its authorised representative , is established in the union ;


### the decision whether or not a product presents a serious risk shall be based on an appropriate risk assessment which takes account of the nature of the hazard and the likelihood of its occurrence . the feasibility of obtaining higher levels of safety or the availability of other products presenting a lesser degree of risk shall not constitute grounds for considering that a product presents a serious risk . ### the decision whether or not a product presents a serious risk shall be based on an appropriate risk assessment which takes account of the nature of the hazard and the likelihood of its occurrence and which takes particular account of the health dimension of the risk . the feasibility of obtaining higher levels of safety or the availability of other products presenting a lesser degree of risk shall not constitute grounds for considering that a product presents a serious risk .


### ‘ serious risk’ means any serious risk , including a serious risk where the effects are not immediate , requiring rapid intervention by the market surveillance authorities ; ### ‘ serious risk’ means any risk requiring rapid intervention and follow - up , including cases where the effects may not be immediate ; any product that does not meet an essential requirement defined in the harmonisation legislation , as well as any product that does not meet the general safety requirement as defined in the mandate given by the commission to the standardisation organisation shall be considered as presenting a serious risk ; any product subject to an emergency decision based on article 13 of directive 2001 / 95 / ce shall be considered as a product posing a serious risk ;


### ‘ serious risk’ means any serious risk , including a serious risk where the effects are not immediate , requiring rapid intervention by the market surveillance authorities ; ### ‘ serious risk’ means a situation requiring rapid intervention by the market surveillance authorities , because of a product which could cause a severe injury to a person or a hazard to health , safety or the environment , including where the effects are not immediate .


### the areas identified as a priority for the enforcement of union harmonisation legislation ; ### the areas identified as a priority for the enforcement of union harmonisation legislation ; member states shall consider products that are or have been subject to an emergency decision based on article 13 of directive2001 / 95 / ec as priority areas ;


### further to a reasoned request from a market surveillance authority , providing that authority with all the information and documentation necessary to demonstrate the conformity of the product in an official union language determined by the member state concerned ; ### further to a reasoned request from a market surveillance authority , providing that authority with all the information and documentation necessary to demonstrate the conformity of the product in an official union language determined by the member state concerned and to demonstrate the existence of different essential characteristics between its distinct models as defined in point 22a of article 3 ;


### the product does not conform to applicable requirements under union harmonisation legislation . ### the product does not conform to applicable requirements under union harmonisation legislation or under directive 2001 / 95 / ec .


### this regulation applies to all products that are subject to the union harmonisation legislation set out in the annex to this regulation . ### this regulation shall apply to all products that are subject to directive2001 / 95 / ec or the union harmonisation legislation set out in the annex to this regulation .


### within one year from the entry into force of the delegated act , member states shall vary the infrastructure charge taking into account the reference co2 emission values and the relevant vehicle categorisation . charges shall be varied in such a way that no infrastructure charge is more than 100% above the same charge for equivalent vehicles having the lowest , but not zero , co2 emissions . zero - emission vehicles shall benefit from infrastructure charges reduced by 75% compared to the highest rate . ### within one year from the entry into force of the delegated act , member states shall vary the infrastructure charge taking into account the reference co2 emission values and the relevant vehicle categorisation . charges shall be varied in such a way that no infrastructure charge is more than 100% above the same charge for equivalent vehicles having the lowest , but not zero , co2 emissions . zero - emission vehicles and zero - emission operations shall benefit from infrastructure charges reduced by 75% compared to the highest rate .


### road charges can mobilise resources that contribute to the financing of the maintenance and development of high quality transport infrastructure . it is therefore appropriate to incentivise member states to use revenues from road charges accordingly and , to this end , to require that they adequately report on the use of such revenues . that should in particular help identifying possible financing gaps , and raising the public acceptance of road charging . ### road charges mobilise resources that contribute to the financing of the maintenance , the repair and development of high quality transport infrastructure and services . member states should use the revenues from road charges accordingly and , to this end , are required to adequately report on the use of such revenues . that should in particular help identifying possible financing gaps , and raising the public acceptance of road charging . member states should communicate transparently with road users on how they use the revenues from road charging through visible displays .


### for minibuses and vans , member states shall comply either with paragraph 2 or with paragraph 3 . member states shall however set higher user charges for minibuses and vans than for passenger cars as from 1 january 2024 at the latest . ; ### for minibuses , vans and vans intended for the carriage of goods , member states shall comply either with paragraph 2 or with paragraph 3 . member states shall however set higher user charges for minibuses , vans and vans intended for the carriage of goods than for passenger cars as from 1 january 2024 at the latest .


### the values of tables 1 and 2 may be multiplied by a factor of up to 2 in mountain areas and around agglomerations to the extent that it is justified by lower dispersion , the gradient of roads , altitude or temperature inversions . ; ### the values of tables 1 and 2 may be multiplied by a reference factor of up to 4 in mountain areas and around agglomerations to the extent that it is justified by lower dispersion , the gradient of roads , altitude or temperature inversions . if there is scientific evidence for a higher mountain or agglomeration factor , this reference value can be increased based on a detailed justification ;


### it is necessary to ensure that external - cost charges continue to reflect the cost of air pollution and noise generated by heavy duty vehicles as accurately as possible without rendering the charging scheme excessively complex , to incentivise the use of the most fuel - efficient vehicles , and to keep the incentives effective and the differentiation of road charges up - to - date . therefore , 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 for the purpose of adapting the reference values for external cost charging to scientific progress , defining the modalities for the revenue - neutral variation of infrastructure charges according to the co2 emissions from heavy duty vehicles , and adapting the modalities of the variation of infrastructure charges for light duty vehicles to technical progress . it is of particular importance that the commission carry out appropriate consultations during its preparatory work , including at expert level and that those consultations be conducted in accordance with the principles laid down in the interinstitutional agreement on better law - making of 13 april 201621 . in particular , to ensure equal participation in the preparation of delegated acts , the european parliament and the council receive all documents at the same time as member states’ experts , and their experts systematically have access to meetings of commission expert groups dealing with the preparation of delegated acts . ____________________ 21 oj l 123 , 12 . 5 . 2016 , p . 1 ### it is necessary to ensure that external - cost charges continue to reflect the cost of air pollution and noise generated by heavy duty vehicles and vans intended for the carriage of goods as accurately as possible without rendering the charging scheme excessively complex , to incentivise the use of the most fuel - efficient and clean vehicles , and to keep the incentives effective and the differentiation of road charges up - to - date . therefore , 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 for the purpose of adapting the minimum values for external cost charging to scientific progress , defining the modalities for the revenue - neutral variation of infrastructure charges according to the co2 emissions from heavy duty vehicles and vans intended for the carriage of goods , and adapting the modalities of the variation of infrastructure charges for light duty vehicles to technical progress . it is of particular importance that the commission carry out appropriate consultations during its preparatory work , including at expert level and that those consultations be conducted in accordance with the principles laid down in the interinstitutional agreement on better law - making of 13 april 201621 . in particular , to ensure equal participation in the preparation of delegated acts , the european parliament and the council receive all documents at the same time as member states’ experts , and their experts systematically have access to meetings of commission expert groups dealing with the preparation of delegated acts . ____________________ 21 oj l 123 , 12 . 5 . 2016 , p . 1


### the revenue generated from the mark - up is invested in financing the construction of transport infrastructure of the core network identified in accordance with chapter iii of regulation no 1315 / 2013 , which contribute directly to the alleviation of the congestion or environmental damage and which are located in the same corridor as the road section on which the mark - up is applied ; ### the revenue generated from the mark - up is invested in financing the construction of overall transport infrastructure or other sections of the toll road network identified in accordance with chapter i of regulation no 1315 / 2013 , which contribute directly to the alleviation of the congestion or environmental damage ;


### without prejudice to paragraph 9 , from 1 january 2018 , member states shall not introduce user charges for heavy duty vehicles . user charges introduced before that date may be maintained until 31 december 2023 . ### without prejudice to paragraph 9 , from [ the date of entry into force of this directive ] , member states shall not introduce user charges for heavy duty vehicles and vans intended for the carriage of goods . user charges introduced before that date may be maintained until 31 december 2023 and shall be replaced by infrastructure charges after that date .


### — costs shall be apportioned to heavy duty vehicles on an objective and transparent basis taking account of the proportion of heavy duty vehicle traffic to be carried on the network and the associated costs . the vehicle kilometres travelled by heavy duty vehicles may for this purpose be adjusted by objectively justified ‘ equivalence factors’ such as those set out in point 4 . ### — costs shall be apportioned to each vehicle type on an objective and transparent basis taking account of the proportion of traffic for each vehicle type to be carried on the network and the associated costs . the vehicle kilometres travelled by heavy duty vehicles may for this purpose be adjusted by objectively justified ‘ equivalence factors’ such as those set out in point 4 .


### ‘ toll’ means a specified amount based on the distance travelled on a given infrastructure and on the type of the vehicle , the payment of which confers the right for a vehicle to use the infrastructures , comprising an infrastructure charge , and as the case may be a congestion charge or an external - cost charge or both ; ### ‘ toll’ means a specified amount based on the distance travelled on a given infrastructure and on the type of the vehicle , the payment of which confers the right for a vehicle to use the infrastructures , comprising an infrastructure charge or an external - cost charge or both ;


### ‘ cost of traffic - based noise pollution’ means the cost of the damage caused by the noise emitted by the vehicles or created by their interaction with the road surface ; ### ‘ cost of traffic - based noise pollution’ means the cost of the harm to human health and of the damage caused to the environment by the noise emitted by the vehicles or created by their interaction with the road surface ;


### as of 1 january 2020 , tolls and user charges applied to heavy duty vehicles shall apply to all heavy duty vehicles . ### as of 1 january 2020 , tolls and user charges applied to heavy duty vehicles shall apply to all heavy duty vehicles and vans intended for the carriage of goods .


### time - based user charges do by nature not accurately reflect infrastructure costs actually induced and , for similar reasons , are not effective when it comes to incentivising cleaner and more efficient operations , or reducing congestion . they should therefore be gradually replaced by distance - based charges , which are fairer , more efficient and more effective . ### time - based user charges do by nature not accurately reflect infrastructure costs actually induced and should therefore , in the case of heavy goods vehicles , gradually be replaced by distance - based charges , which are fairer , more efficient and more effective . in the case of light duty vehicles and coaches and buses , it should be possible to maintain time - based user charges .


### time - based user charges do by nature not accurately reflect infrastructure costs actually induced and , for similar reasons , are not effective when it comes to incentivising cleaner and more efficient operations , or reducing congestion . they should therefore be gradually replaced by distance - based charges , which are fairer , more efficient and more effective . ### the choice between time - based user charges and distance - based charges is for the member states to make , in keeping with the subsidiarity principle .


### road charges can mobilise resources that contribute to the financing of the maintenance and development of high quality transport infrastructure . it is therefore appropriate to incentivise member states to use revenues from road charges accordingly and , to this end , to require that they adequately report on the use of such revenues . that should in particular help identifying possible financing gaps , and raising the public acceptance of road charging . ### road charges mobilise resources that contribute to the financing of the maintenance and development of high quality transport infrastructure , including alternative transport infrastructure , reducing road transport pollution at source and facilitating the production and taking up of zero - emission vehicles . therefore member states should ring - fence and use revenues from road charges accordingly and , to this end , adequately report on the use of such revenues . that should in particular help identifying possible financing gaps , and raising the public acceptance of distance - based road charging .


### table 2 : reference values of the external - cost charge for coaches ### table 2 : minimum values of the external - cost charge for coaches


### the variation of infrastructure charges according to euro emission class has contributed to the use of cleaner vehicles . however , with the renewal of vehicle fleets , the variation of charges on this basis on the inter - urban network is expected to become obsolete by the end of 2020 and should therefore be phased out by that time . from the same point in time , external - cost charging should be applied more systematically , as a targeted means to recover external cost in respect of situations in which it matters most . ### the variation of infrastructure charges according to euro emission class has contributed to the use of cleaner vehicles and should be retained .


### member states may maintain or introduce an external - cost charge , related to the cost of traffic - based air or noise pollution or both . for heavy duty vehicles , the external - cost charge shall vary and be set in accordance with the minimum requirements and the methods referred to in annex iiia and shall respect the reference values set out in annex iiib . ### member states shall maintain or introduce an external - cost charge , related to the cost of traffic - based air or noise pollution or both , for all categories of vehicles . the external - cost charge shall vary and be set in accordance with the minimum requirements and the methods referred to in annex iiia and shall comply with at least the minimum values set out in annex iiib .


### the variation of infrastructure charges according to euro emission class has contributed to the use of cleaner vehicles . however , with the renewal of vehicle fleets , the variation of charges on this basis on the inter - urban network is expected to become obsolete by the end of 2020 and should therefore be phased out by that time . from the same point in time , external - cost charging should be applied more systematically , as a targeted means to recover external cost in respect of situations in which it matters most . ### the variation of infrastructure charges according to euro emission class has contributed to the use of cleaner vehicles . with the renewal of vehicle fleets , the variation of charges on this basis on the inter - urban network should be applied more systematically as a targeted means to recover external cost in respect of situations in which it matters most , taking account of the external costs of air and noise pollution .


### road charges can mobilise resources that contribute to the financing of the maintenance and development of high quality transport infrastructure . it is therefore appropriate to incentivise member states to use revenues from road charges accordingly and , to this end , to require that they adequately report on the use of such revenues . that should in particular help identifying possible financing gaps , and raising the public acceptance of road charging . ### road charges should mobilise resources that contribute to the financing of the maintenance and development of high quality transport infrastructure and services . member states should use revenues from road charges accordingly and , to this end , and encouraged to report on the use of such revenues . that should in particular help identifying possible financing gaps , and raising the public acceptance of road charging .


### in order to promote the use of the cleanest and most efficient vehicles , member states should apply significantly reduced road tolls and user charges to those vehicles . ### in order to promote the use of the cleanest and most efficient vehicles , member states should apply significantly reduced road tolls and user charges to those vehicles . while automated and connected technology allows heavy - duty vehicles to further reduce co2 emissions’ when platooning , those vehicles should also be entitled to additional reduction of road tolls and user charges .


### from 1 january 2021 , member states that levy tolls shall apply an external - cost charge to heavy duty vehicles on at least the part of the network referred to in article 7 where environmental damage generated by heavy duty vehicles is higher than the average environmental damage generated by heavy duty vehicles defined in accordance with relevant reporting requirements referred to in annex iiia . ### member states that levy tolls may apply a higher external - cost charge to heavy - duty and light - duty vehicles on the part of the network referred to in article 7 where environmental damage generated by heavy duty vehicles and vans intended for the carriage of goods is higher than the average environmental damage generated by heavy duty vehicles and vans intended for the carriage of goods defined in accordance with relevant reporting requirements referred to in annex iiia .


### within one year from the entry into force of the delegated act , member states shall vary the infrastructure charge taking into account the reference co2 emission values and the relevant vehicle categorisation . charges shall be varied in such a way that no infrastructure charge is more than 100% above the same charge for equivalent vehicles having the lowest , but not zero , co2 emissions . zero - emission vehicles shall benefit from infrastructure charges reduced by 75% compared to the highest rate . ### within one year from the entry into force of the delegated act , member states may vary the infrastructure charge taking into account the reference co2 emission values and the relevant vehicle categorisation . charges shall be varied in such a way that no infrastructure charge is more than 100% above the same charge for equivalent vehicles having the lowest , but not zero , co2 emissions . zero - emission vehicles shall benefit from infrastructure charges reduced by 75% compared to the highest rate .


### mark - ups added to the infrastructure charge could also provide a useful contribution to addressing problems related to significant environmental damage or congestion caused by the use of certain roads , not only within mountainous areas . the current restriction of mark - ups to such areas should therefore be removed . in order to avoid double charging of users , mark - ups should be excluded on road sections on which a congestion charge is applied . ### mark - ups added to the infrastructure charge could also provide a useful contribution to addressing problems related to significant environmental damage caused by the use of certain roads , not only within mountainous areas . the current restriction of mark - ups to such areas should therefore be removed .