### with effect from 1 july 2012 , the average wholesale charge that the operator of a visited network may levy from the customer ' s home provider , for the provision of a regulated roaming sms message originating on that visited network , shall not exceed eur 0 , 03 per sms message . the maximum average wholesale charge for the provision of a regulated roaming sms message shall decrease to eur 0 , 02 on 1 july 2014 . without prejudice to article 13 the regulated wholesale charge for the provision of regulated roaming sms messages shall remain at eur 0 , 02 for the duration of this regulation . &#160 ; ### with effect from 1 july 2012 , the average wholesale charge that the operator of a visited network may levy from the customer ' s home provider , for the provision of a regulated roaming sms message originating on that visited network , shall not exceed eur 0 , 03 per sms message , and shall decrease to eur 0 , 02 on 1 july 2013 and to eur 0 , 01 on 1 july 2014 . without prejudice to article 19 the regulated wholesale charge for the provision of regulated roaming sms messages shall remain at eur 0 , 01 for the duration of this regulation . &#160 ;


### with effect from 1 july 2012 , the retail charge of a euro - sms tariff which a home provider may levy from its roaming customer for a regulated roaming sms message sent by that roaming customer may vary for any roaming sms message but shall not exceed eur 0 , 10 . without prejudice to articles 13 and 19 , the regulated maximum retail charge for the euro - sms tariff shall remain at eur 0 , 10 until 30 june 2016 . ### with effect from 1 july 2012 , the retail charge of a euro - sms tariff which a home provider may levy from its roaming customer for a regulated roaming sms message sent by that roaming customer shall reduce to eur 0 , 09 on 1 july 2012 , to eur 0 , 07 on 1 july 2013 and to eur 0 , 05 on 1 july 2014 . without prejudice to articles 13 and 19 , the regulated maximum retail charge for the euro - sms tariff shall remain at eur 0 , 05 for the duration of this regulation .


### with effect from 1 july 2012 , the retail charge of a euro - sms tariff which a home provider may levy from its roaming customer for a regulated roaming sms message sent by that roaming customer may vary for any roaming sms message but shall not exceed eur 0 , 10 . without prejudice to articles 13 and 19 , the regulated maximum retail charge for the euro - sms tariff shall remain at eur 0 , 10 until 30 june 2016 . ### with effect from 1 july 2012 , the retail charge of a euro - sms tariff which a home provider may levy from its roaming customer for a regulated roaming sms message sent by that roaming customer shall decrease to eur 0 , 09 on 1 july 2012 , eur 0 , 07 on 1 july 2013 and to eur 0 , 06 on 1 july 2014 . without prejudice to articles 13 and 19 , the regulated maximum retail charge for the euro - sms tariff shall remain at eur 0 , 06 until 30 june 2016 .


### with effect from 1 july 2012 , the retail charge of a euro - sms tariff which a home provider may levy from its roaming customer for a regulated roaming sms message sent by that roaming customer may vary for any roaming sms message but shall not exceed eur 0 , 10 . without prejudice to articles 13 and 19 , the regulated maximum retail charge for the euro - sms tariff shall remain at eur 0 , 10 until 30 june 2016 . ### with effect from 1 july 2012 , the retail charge of a euro - sms tariff which a home provider may levy from its roaming customer for a regulated roaming sms message sent by that roaming customer may vary for any roaming sms message but shall not exceed eur 0 , 06 . without prejudice to articles 13 and 19 , the regulated maximum retail charge for the euro - sms tariff shall remain at eur 0 , 06 until 30 june 2016 .


### with effect from 1 july 2012 , the retail charge of a euro - sms tariff which a home provider may levy from its roaming customer for a regulated roaming sms message sent by that roaming customer may vary for any roaming sms message but shall not exceed eur 0 , 10 . without prejudice to articles 13 and 19 , the regulated maximum retail charge for the euro - sms tariff shall remain at eur 0 , 10 until 30 june 2016 . ### with effect from 1 july 2012 , the retail charge of a euro - sms tariff which a home provider may levy from its roaming customer for a regulated roaming sms message sent by that roaming customer may vary for any roaming sms message but shall not exceed eur 0 , 07 . the price ceiling shall decrease to 0 , 06 on 1 july 2013 and to eur 0 , 05 on 1 july 2014 . without prejudice to article 19 , the regulated maximum retail charge for the euro - sms tariff shall remain at eur 0 , 05 until 30 june 2017 .


### with effect from 1 july 2012 , the retail charge of a euro - sms tariff which a home provider may levy from its roaming customer for a regulated roaming sms message sent by that roaming customer may vary for any roaming sms message but shall not exceed eur 0 , 10 . without prejudice to articles 13 and 19 , the regulated maximum retail charge for the euro - sms tariff shall remain at eur 0 , 10 until 30 june 2016 . ### with effect from 1 july 2012 , the retail charge of a euro - sms tariff which a home provider may levy from its roaming customer for a regulated roaming sms message sent by that roaming customer shall decrease to eur 0 , 09 on 1 july 2013 and to eur 0 , 06 on 1 july 2014 . without prejudice to article 19 , the regulated maximum retail charge for the euro - sms tariff shall remain at eur 0 , 06 until 30 june 2017 .


### with effect from 1 july 2012 , the retail charge of a euro - sms tariff which a home provider may levy from its roaming customer for a regulated roaming sms message sent by that roaming customer may vary for any roaming sms message but shall not exceed eur 0 , 10 . without prejudice to articles 13 and 19 , the regulated maximum retail charge for the euro - sms tariff shall remain at eur 0 , 10 until 30 june 2016 . ### with effect from 1 july 2012 , the retail charge of a euro - sms tariff which a home provider may levy from its roaming customer for a regulated roaming sms message sent by that roaming customer shall reduce to eur 0 , 07 on 1 july 2012 , to 0 , 06 on 1 july 2013 and to 0 , 05 on 1 july 2014 . without prejudice to article 19 , the regulated maximum retail charge for the euro - sms tariff shall remain at eur 0 , 05 until 30 june 2017 .


### with effect from 1 july 2012 the average wholesale charge that the operator of a visited network may levy from the roaming customer ' s home provider for the provision of regulated data roaming services by means of that visited network shall not exceed a safeguard limit of eur 0 , 30 , eur 0 , 20 as of 1 july 2013 and eur 0 , 10 as of 1 july 2014 per megabyte of data transmitted . without prejudice to article 13 the maximum average wholesale charge for the provision of regulated data roaming services shall remain at eur 0 , 10 per megabyte of data transmitted for the duration of this regulation . ### with effect from 1 july 2012 the average wholesale charge that the operator of a visited network may levy from the roaming customer ' s provider of roaming services for the provision of regulated data roaming services by means of that visited network shall not exceed a safeguard limit of eur 0 , 05 on 1 july 2012 , eur 0 , 04 on 1 july 2013 and eur 0 , 03 on 1 july 2014 per megabyte of data transmitted . without prejudice to article 19 the maximum average wholesale charge for the provision of regulated data roaming services shall remain at eur 0 , 03 per megabyte of data transmitted for the duration of this regulation .


### in addition to paragraph 1 , customers shall have the right to request and receive , free of charge , and irrespective of their location within the union , more detailed personalised pricing information on the roaming charges that apply in the visited network to voice calls , sms , mms and other data communication services , and information on the transparency measures applicable by virtue of this regulation , by means of a mobile voice call or by sms . such a request shall be to a free - of - charge number designated for this purpose by the home provider . obligations provided for in paragraph 1 shall not apply to machine to machine type of devices that use mobile communication . ### in addition to paragraph 1 , customers shall have the right to request and receive , free of charge , and irrespective of their location within the union , more detailed personalised pricing information on the roaming charges that apply in the visited network to voice calls , sms , mms and other data communication services , and information on the transparency measures applicable by virtue of this regulation , by means of a mobile voice call or by sms . such a request shall be to a free - of - charge number designated for this purpose by the home provider . obligations provided for in paragraph 1 shall not apply to machine to machine type of devices or other devices which do not support sms functionality .


### home providers shall ensure that their roaming customers , both before and after the conclusion of a contract , are kept adequately informed of the charges which apply to their use of regulated data roaming services , in ways which facilitate customers ' understanding of the financial consequences of such use and permit them to monitor and control their expenditure on regulated data roaming services in accordance with paragraphs 2 and 3 . the safeguard mechanisms referred to in paragraph 3 shall not apply to pre - paid customers . ### home providers shall ensure that their roaming customers , both before and after the conclusion of a contract , are kept adequately informed of the charges which apply to their use of data roaming services , in ways which facilitate customers ' understanding of the financial consequences of such use and permit them to monitor and control their expenditure on data roaming services in accordance with paragraphs 2 and 3 . the safeguard mechanisms referred to in paragraph 3 shall apply both to pre - paid and to post - paid customers .


### where appropriate , home providers shall inform their customers , before the conclusion of a contract and on a regular basis thereafter , of the risk of automatic and uncontrolled data roaming connection and download . furthermore , home providers shall explain to their customers , in a clear and easily understandable manner , how to switch off these automatic data roaming connections in order to avoid uncontrolled consumption of data roaming services . ### where appropriate , home providers shall inform their customers , before the conclusion of a contract and on a regular basis thereafter , of the risk of automatic and uncontrolled data roaming connection and download . furthermore , home providers shall explain to their customers , in a clear and easily understandable manner , how to switch off these automatic data roaming connections in order to avoid uncontrolled consumption of data roaming services and inadvertent roaming in border regions .


### such basic personalised tariff information shall be delivered to the roaming customer ' s mobile telephone or other device , for example by an sms message , an e - mail or a pop - up window on the computer , every time the roaming customer enters a member state other than that of his home network and initiates for the first time a regulated data roaming service in that particular member state . it shall be provided free of charge at the moment the roaming customer initiates a regulated data roaming service , by an appropriate means adapted to facilitate its receipt and easy comprehension . ### such basic personalised tariff information shall be delivered to the roaming customer’s mobile telephone or other device , for example by an sms message , an e - mail or a pop - up window on the computer , every time the roaming customer enters a country other than that of his home network and initiates for the first time a data roaming service in that particular country . it shall be provided free of charge at the moment the roaming customer initiates a data roaming service , by an appropriate means adapted to facilitate its receipt and easy comprehension .


### each home provider shall grant to all their roaming customers the opportunity to opt deliberately and free of charge for a facility which provides information on the accumulated consumption expressed in volume or in the currency in which the roaming customer is billed for regulated data roaming services and which guarantees that , without the customer ' s explicit consent , the accumulated expenditure for regulated data roaming services over a specified period of use does not exceed a specified financial limit . ### each home provider shall grant to all their roaming customers the opportunity to opt deliberately and free of charge for a facility which provides information on the accumulated consumption expressed in volume or in the currency in which the roaming customer is billed for retail data roaming services provided both inside and outside the union and which guarantees that , without the customer’s explicit consent , the accumulated expenditure for such retail data roaming services over a specified period of use does not exceed a specified financial limit .


### any beneficiary of funding awarded under the programme shall indicate in a prominent place , such as a website , a publication or an annual report , that it has received funding from the budget of the european union . ### any beneficiary of funding awarded under the programme shall indicate in a prominent place , such as a website , a publication or an annual report , that it has received funding from the budget of the european union , specifying the amount in real terms and as a percentage of total funding .


### generally speaking , the european union and the member states must do their utmost to ensure that both the system derived from the galileo programme and prs technologies and equipment are safe and secure , to prevent signals emitted for the prs from being used by non - authorised natural or legal persons , and to prevent any hostile use of the prs against them . ### generally speaking , the european union and the member states must do their utmost to ensure that both the system derived from the galileo programme and prs technologies and equipment are safe and secure , to prevent signals emitted for the prs from being used by non - authorised natural or legal persons , and to prevent any hostile use of the prs against them . a european monitoring system should therefore be introduced .


### it is important in this connection that the member states determine the system of penalties applicable in the event of non - compliance with the obligations stemming from this decision , and that they ensure that those penalties are applied . the penalties must be effective , proportionate and dissuasive . ### it is important in this connection that the commission determines the system of administrative measures applicable in the event of non - compliance with the obligations stemming from this decision , while the member states shall determine what penalties are applicable when national provisions enacted pursuant to this decision are infringed . the member states ensure that those penalties and administrative measures are applied . in all cases , the administrative measures and the penalties must be effective , proportionate and dissuasive . when administrative measures or penalties are imposed , the right of appeal for the accused individual or entity should be guaranteed .


### penalties ### penalties and administrative measures


### member states shall determine what penalties are applicable when national provisions enacted pursuant to this decision are infringed . the penalties shall be effective , proportionate and dissuasive . ### member states shall determine what penalties and administrative measures are applicable when national provisions enacted pursuant to this decision are infringed .


### as the operator of the security centre referred to in article 16 of regulation no 683 / 2008 , the european gnss agency may be designated as a competent prs authority by a prs participant . ### as the operator of the security centre referred to in article 16 of regulation no 683 / 2008 , the european gnss agency may be designated as a competent prs authority by a prs participant . the european gnss agency acts as the designated competent prs authority for the council , the commission and the european union agencies .


### the authority responsible for approving the security of european satellite navigation systems may at any time withdraw from a body referred to in paragraph 1 the authorisation it has granted to that body to manufacture prs receivers and the associated security modules if it appears that the measures provided for in paragraph 3 have not been complied with . ### the authority responsible for approving the security of european satellite navigation systems may at any time withdraw from a body referred to in paragraph 1 the authorisation it has granted to that body to manufacture prs receivers and the associated security modules if it appears that the measures provided for in paragraph 3 have not been complied with . the decision on withdrawal of authorisation shall be subject to appeal . in the case of endangering the security of system based on the previous , current or potential acts of body referred to in paragraph 1 the appeal procedure has no suspensive effect .


### a non - member country on whose territory a reference station housing prs equipment and forming part of the system derived from the galileo programme is installed shall not be considered merely by virtue of that fact to be a prs participant . the commission shall lay down in conjunction with the non - member country the detailed rules for hosting and operating the reference station housing prs equipment . ### a non - member country on whose territory a reference station housing prs equipment and forming part of the system derived from the galileo programme is installed shall not be considered merely by virtue of that fact to be a prs participant . the commission shall lay down in conjunction with the non - member country the detailed rules for hosting and operating the reference station housing prs equipment . these detailed rules shall include the possibility of access to the reference station for control purposes for the appropriate european bodies .


### in addition to its core mission of financing investment in the union , the european investment bank undertakes financing operations outside the union in support of the union ' s external policies . this allows the budget funds of the union available to the external regions to be complemented by the financial strength of the eib for the benefit of the targeted third countries . in undertaking such financing operations , the eib contributes to the general principles and policy objectives of the union . ### in addition to its core mission of financing investment in the union , the european investment bank undertakes financing operations outside the union in support of the union ' s external policies . this allows the budget funds of the union available to the external regions to be complemented by the financial strength of the eib for the benefit of the targeted third countries . in undertaking such financing operations , the eib contributes to the general principles and policy objectives of the union , including the sustainable economic , social and environmental development of developing countries , with the primary aim of eradicating poverty .


### the coverage of the eu guarantee , which is limited to risks of a sovereign and political nature , is not sufficient in itself to ensure a meaningful eib activity in support of micro - finance . therefore such activity , where appropriate , should be carried out in connection with budgetary resources available under other instruments . ### the coverage of the eu guarantee , which is limited to risks of a sovereign and political nature , is not sufficient in itself to ensure a meaningful eib activity in support of micro - finance . therefore such activity , where appropriate , should be carried out in connection with budgetary resources available under other instruments . the eib should also be encouraged to strengthen its interventions in this area through its partners at local level , as a means to promote growth and poverty reduction in poor countries .


### the eib should continue to finance investment projects in the areas of social , environmental and economic infrastructure , and should consider increasing its activity in support of health and education infrastructure when there is clear added value in doing so . ### the eib should continue to finance investment projects in the areas of social , environmental and economic infrastructure , and should increase its activity in support of health and education infrastructure when there is clear added value in doing so .


### the practical measures for linking the general objectives of the eu guarantee and their implementation are to be set out in regional technical operational guidelines . such guidelines should be consistent with the wider union regional policy framework . the regional technical operational guidelines should be reviewed and further updated following the review of this decision in order to adapt to the developments in the union external policies and priorities . ### the practical measures for linking the general objectives of the eu guarantee and their implementation are to be set out in regional technical operational guidelines . such guidelines should be consistent with the wider union regional policy framework . the regional technical operational guidelines should be regularly updated to keep them in line with union ' s priorities within regions , as defined by the european parliament and the eeas , as well as with developments in eligible countries . the updates should follow a consultation process with relevant stakeholders . the regional technical guidelines should also be reviewed and further updated following the review of this decision in order to reflect developments in the union external policies and priorities .


### while the eib ' s strength remains its distinctiveness as an investment bank , eib financing operations should contribute to the general principles guiding union external action , as referred to in article 21 of the treaty on european union , of promoting and consolidating democracy and the rule of law , human rights and fundamental freedoms , and to the implementation of international environmental agreements to which the union is a party . in particular , in relation to developing countries , eib financing operations should foster their sustainable economic , social and environmental development , particularly in the most disadvantaged amongst them , their smooth and gradual integration into the world economy , the campaign against poverty , as well as compliance with objectives approved by the union in the context of the united nations and other competent international organisations . while contributing to the implementation of the measures necessary to further the objectives of union development cooperation policy in accordance with article 209 of the treaty , the eib should strive to support indirectly the achievement of the un ' s 2015 millennium development goals in all regions where it is active . ### while the eib ' s strength remains its distinctiveness as an investment bank , eib financing operations should contribute to the general principles guiding union external action , as referred to in article 21 of the treaty on european union , of promoting and consolidating democracy and the rule of law , human rights and fundamental freedoms , and to the implementation of international environmental agreements to which the union is a party . in particular , in relation to developing countries , eib financing operations should foster their sustainable economic , social and environmental development , particularly in the most disadvantaged amongst them with the primary aim of eradicating poverty , their smooth and gradual integration into the world economy , as well as compliance with objectives approved by the union in the context of the united nations and other competent international organisations . while contributing to the implementation of the measures necessary to further the objectives of union development cooperation policy in accordance with article 209 of the treaty , the eib should support the achievement of the millennium development goals in all regions where it is active .


### the eib activity under this decision should support the agenda for change proposed by the commission and be coherent with the relevant principles of the european consensus on development and the principles of aid effectiveness outlined in the paris declaration of 2005 , the accra agenda for action of 2008 and the busan partnership agreement of 2011 . furthermore , it should be coherent with the eu strategic framework and action plan on human rights and democracy adopted by the council on 25 june 2012 and international environmental agreements including biodiversity commitments . it should be implemented through a number of concrete measures , in particular by reinforcing the eib ' s capacity to appraise environmental , social and development aspects of investment projects , including human rights and conflict related risks , and by promoting local consultation with public authorities and civil society . in this context , the eib should implement and further develop its results measurement framework which provides a detailed set of performance indicators measuring the economic , environmental , social , and development impact of its financing operations throughout the lifecycle of the underlying investment . the implementation of the rem should be evaluated as part of the mid - term review of this decision . when carrying out due diligence in respect of an investment project , the eib should , where appropriate and in line with the union ' s social and environmental principles , require the investment project promoter to carry out local consultations and disclose their results to the public . eib financing agreements involving public counterparts should explicitly include the possibility to suspend disbursements in case of revocation of eligibility under this decision of the country in which the investment project takes place . ### the eib activity under this decision should support the implementation of the european consensus on development , of the agenda for change and of the principles of aid effectiveness outlined in the paris declaration of 2005 , the accra agenda for action of 2008 and the busan partnership agreement of 2011 . furthermore , it should be coherent with the eu strategic framework and action plan on human rights and democracy adopted by the council on 25 june 2012 and international environmental agreements including biodiversity commitments . it should be implemented through a number of concrete measures , in particular by reinforcing the eib ' s capacity to appraise environmental , social and development aspects of investment projects , including human rights and conflict related risks , and by promoting local consultation with public authorities and civil society . in this context , the eib should implement and further develop its results measurement framework which provides a detailed set of performance indicators measuring the economic , environmental , social , and development impact of its financing operations throughout the lifecycle of the underlying investment . the implementation of the rem should be evaluated as part of the mid - term review of this decision . when carrying out due diligence in respect of an investment project , the eib should , where appropriate and in line with the union ' s social and environmental principles , require the investment project promoter to carry out local consultations and disclose their results to the public . eib financing agreements involving public counterparts should explicitly include the possibility to suspend disbursements in case of revocation of eligibility under this decision of the country in which the investment project takes place . in accordance with the development effectiveness agenda , the eib should ensure that its interventions are consistent with the development strategies of beneficiary countries .


### at all levels , from upstream strategic planning to downstream investment project development , it should be ensured that eib financing operations comply with and support union external policies and the general objectives set out in this decision . with a view to increasing the coherence of union external action , the dialogue on policy and strategy should be further strengthened between the commission and the eib , including the european external action service . the memorandum of understanding to be revised in 2013 to enhance cooperation and early mutual exchange of information between the commission and the eib at operational level should continue to be applied . it is of particular importance to have an early exchange of views between the commission and the eib , including the eeas , as appropriate , in the process of preparing programming documents in order to maximise synergies between their activities . the cooperation in relation to the respect of human rights and conflict prevention issues should also be reinforced . ### at all levels , from upstream strategic planning to downstream investment project development , it should be ensured that eib financing operations comply with and support union external policies and the general objectives set out in this decision . with a view to increasing the coherence of union external action , the dialogue on policy and strategy should be further strengthened between the commission and the eib , including the european external action service . the memorandum of understanding to be revised in 2013 to enhance cooperation and early mutual exchange of information between the commission and the eib at operational level should continue to be applied . it is of particular importance to systematically have an early exchange of views between the commission and the eib , including the eeas , in the process of preparing relevant programming documents in order to maximise synergies between their activities . the cooperation in relation to the respect of human rights and conflict prevention issues should also be reinforced .


### union external relations should be supported by new instruments from 2014 , including an umbrella regulation establishing common rules and procedures for the implementation of the union ' s instruments for external action . with a view to enhancing the coherence of overall union support in the regions concerned , opportunities should be seized to combine eib financing with union budgetary resources when and as appropriate , in the form of financial instruments provided for in title viii of regulation no 966 / 2012 of the european parliament and of the council of 25 october 2012 on the financial rules applicable to the general budget of the union and repealing council regulation no 1605 / 2002 and technical assistance for project preparation and implementation , through the instrument for pre - accession assistance ii , the european neighbourhood instrument , the development cooperation instrument , the partnership instrument for cooperation with third countries , the instrument for the promotion of democracy and human rights worldwide , the instrument for stability , and the instrument for nuclear safety cooperation . following decision no 1080 / 2011 / eu , the commission established an eu platform for blending in external cooperation with a view to optimising the functioning of mechanisms for the blending of grants and loans outside the union . ### union external relations should be supported by new instruments from 2014 , including an umbrella regulation establishing common rules and procedures for the implementation of the union ' s instruments for external action . with a view to enhancing the coherence of overall union support in the regions concerned , eib financing should be combined with union budgetary resources when and as appropriate , in the form of financial instruments provided for in title viii of regulation no 966 / 2012 of the european parliament and of the council of 25 october 2012 on the financial rules applicable to the general budget of the union and repealing council regulation no 1605 / 2002 and technical assistance for project preparation and implementation , through the instrument for pre - accession assistance ii , the european neighbourhood instrument , the development cooperation instrument , the partnership instrument for cooperation with third countries , the instrument for the promotion of democracy and human rights worldwide , the instrument for stability , and the instrument for nuclear safety cooperation . following decision no 1080 / 2011 / eu , the commission established an eu platform for blending in external cooperation with a view to optimising the functioning of mechanisms for the blending of grants and loans outside the union . the participation of the eib in blending mechanisms should be fully in line with union ' s development objectives , aid effectiveness principles and transparency .


### the eib should be encouraged to increase its operations and to diversify its operations outside the union without recourse to the eu guarantee so that the use of the eu guarantee can be focused on countries and investment projects with poor access to the market , taking into account debt sustainability considerations , where the eu guarantee therefore provides greater added value . consequently , and always with the aim of supporting the objectives of the union external policies , the eib should be encouraged to lend at its own risk , including in support of union economic interests , in countries and in favour of investment projects having a sufficient creditworthiness according to the assessment of the eib and taking into account its own risk absorption capacity . ### the eib should be encouraged to increase its operations and to diversify its operations outside the union without recourse to the eu guarantee so that the use of the eu guarantee can be focused on countries and investment projects with poor access to the market , taking into account debt sustainability considerations , where the eu guarantee therefore provides greater added value . the eib should be encouraged to focus its operations on the countries most in need and where it can have the highest impact from a development perspective . consequently , and always with the aim of supporting the objectives of the union external policies , the eib should be encouraged to lend at its own risk , including in support of union economic interests , in countries and in favour of investment projects having a sufficient creditworthiness according to the assessment of the eib and taking into account its own risk absorption capacity .


### the eib should take appropriate measures ensuring that , when financing operations subject to the eu guarantee , the financial interests of the european union are protected by the application of preventive measures against fraud , corruption and any other illegal activities and that olaf is entitled to conduct on - the - spot checks and inspections in the premises of the beneficiaries . ### the eib should take appropriate measures ensuring that , when financing operations subject to the eu guarantee , the financial interests of the european union are protected by the application of preventive measures against fraud , corruption , money laundering and any other illegal activities and that olaf is entitled to conduct on - the - spot checks and inspections in the premises of the beneficiaries . the disbursement of loans should be suspended until olaf investigations findings become available and , where illegal activities are proven , the eib should assist recovery efforts for misused funds .


### eib financing operations carried out under this decision shall contribute to the general principles guiding union external action , as referred to in article 21 teu and shall contribute to the implementation of international environmental agreements to which the union is a party . ### eib financing operations carried out under this decision shall contribute to the general principles guiding union external action , as referred to in article 21 teu and shall contribute to the implementation of international environmental agreements to which the union is a party . the eib governing bodies are encouraged to take the necessary measures to adapt the bank ' s business model , including its resources , local presence and link with beneficiaries , to ensure effectiveness in supporting the eu external policies and to adequately meet the requirements set out in this decision .


### in developing countries , as defined in the organisation for economic cooperation and development list of official development assistance recipients , eib financing operations shall contribute indirectly to the objectives of the union policy in development cooperation as referred to in article 208 tfeu . ### in developing countries , as defined in the organisation for economic cooperation and development list of official development assistance recipients , eib financing operations shall contribute to the objectives of the union policy in development cooperation as referred to in article 208 tfeu .


### eib financial operations supporting the objectives provided for in paragraph 1 may include support to investment projects by smes from the union . ### eib financial operations supporting the objectives provided for in paragraph 1 may include support to investment projects by smes from the union . the eib shall endeavour to strengthen the local private sector in beneficiary countries .


### in line with union and international climate change objectives , before the end of 2016 , the eib , in cooperation with the commission and following a public consultation , shall update its climate change strategy as regards eib financing operations . ### in line with union and international climate change objectives , before the end of 2014 , the eib , in cooperation with the commission and following a public consultation , shall update its climate change strategy as regards eib financing operations outside the union . the strategy should integrate concrete actions to phase out financing projects detrimental to the achievement of union ' s climate objectives , step up efforts to support renewable energy sources and energy efficiency , as well as to improve the climate resilience of beneficiary countries , and be subject to public consultation .


### the eu guarantee shall cover only eib financing operations carried out in eligible countries that have concluded a framework agreement with the eib establishing the legal conditions under which such operations are to be carried out . ### the eu guarantee shall cover only eib financing operations carried out in eligible countries that have concluded a framework agreement with the eib establishing the legal conditions under which such operations are to be carried out , including environmental , social and human rights standards .


### the commission shall update , together with the eib , the existing regional technical operational guidelines for eib financing operations within one year following the adoption of this decision . ### the commission shall update , together with the eib , the existing regional technical operational guidelines for eib financing operations within one year following the adoption of this decision . the regional technical operational guidelines shall be further updated on a yearly basis in order to take into account developments taking place in the countries of operation and changes in the union ' s external policies .


### in updating these guidelines , the commission and the eib shall take into account relevant european parliament resolutions and council decisions and conclusions . the eeas shall also be consulted on policy issues , as appropriate . ### in updating these guidelines , the commission and the eib shall take into account relevant european parliament resolutions and council decisions and conclusions . the eeas shall also be consulted on policy issues , as appropriate . consultations , including with civil society , shall also be part of the update process .


### the commission and the eib shall set out in the agreement referred to in article 13 a method allowing the eib to identify , within its external activity , the operations to be financed under this decision and the operations to be financed at the own risk of the eib . the method shall be based on the creditworthiness of eib financing operations as assessed by the eib , the regions and ceilings as defined in annex i , the nature of the counterparty , eib risk absorption capacity and other relevant criteria , including added value of the eu guarantee . ### the commission and the eib shall set out in the agreement referred to in article 13 a clear and transparent method allowing the eib to identify , within its external activity , the operations to be financed under this decision and the operations to be financed at the own risk of the eib . the method shall be based on the creditworthiness of eib financing operations as assessed by the eib , the regions and ceilings as defined in annex i , the nature of the counterparty , eib risk absorption capacity and other relevant criteria , including added value of the eu guarantee . the allocation policy shall be publicly available on the eib website , including a clear mention of the use , or lack of use , of the eu guarantee after the approval stage .


### the eib shall carry out thorough due diligence and , where appropriate and in line with union social and environmental principles , require appropriate local public consultation , on development - related aspects of investment projects covered by the eu guarantee . ### the eib shall carry out thorough due diligence and , in line with union social and environmental principles and law , require appropriate local public consultation , on development - related aspects of investment projects covered by the eu guarantee , including an assessment of the contribution to the objectives of the union policy on development cooperation , according to article 208 tfeu .


### in addition to the ex - ante assessment of development - related aspects , the eib shall monitor the implementation of financing operations . in particular , it shall require the project promoters to carry out thorough monitoring during project implementation until completion , inter alia , on the development , environmental and human rights impact of the investment project . the eib shall verify the information provided by the project promoters . ### in addition to the ex - ante assessment of development - related aspects , the eib shall monitor the implementation of financing operations . in particular , it shall require the project promoters to carry out thorough monitoring during project implementation until completion , inter alia , on the development , environmental and human rights impact of the investment project . the eib shall systematically verify the information provided by the project promoters and make it publicly available . completion reports shall also be issued for projects covered by the eu guarantee .


### the eib monitoring shall also cover the implementation of intermediated operations and the performance of financial intermediaries in support of smes . ### the eib monitoring shall also cover the implementation of intermediated operations and the performance and development impact of financial intermediaries in support of smes .


### the eib shall establish a comprehensive tracking system of monitoring relative and absolute greenhouse gas emissions reduction throughout significant eib financing operations where emissions are significant and data is available . ### the eib shall establish a comprehensive tracking system of monitoring relative and absolute greenhouse gas emissions reduction throughout eib financing operations , taking into account available data and the precautionary principle .


### the eib shall inform olaf immediately when , at any stage of the preparation , implementation or closure of projects subject to the eu guarantee , it detects a potential case of fraud , corruption or other illegal activity that may affect the financial interests of the eu . ### the eib shall inform olaf immediately when , at any stage of the preparation , implementation or closure of projects subject to the eu guarantee , it detects a potential case of fraud , corruption , money laundering or other illegal activity that may affect the financial interests of the eu .


### olaf may carry out investigations , including on - the - spot checks and inspections , in accordance with the provisions and procedures laid down in regulation no 1073 / 1999 , regulation no 2185 / 96 and regulation no 2988 / 95 in order to protect the financial interests of the european union , with a view to establishing whether there has been fraud , corruption or any other illegal activity affecting the financial interests of the union in connection with any financing operations . ### olaf may carry out investigations , including on - the - spot checks and inspections , in accordance with the provisions and procedures laid down in regulation no 1073 / 1999 , regulation no 2185 / 96 and regulation no 2988 / 95 in order to protect the financial interests of the european union , with a view to establishing whether there has been fraud , corruption , money laundering or any other illegal activity affecting the financial interests of the union in connection with any financing operations . the disbursement of loans should be suspended pending the results of the olaf investigation . in the event that such an illegal act is proven , the eib should assist asset recovery efforts .


### in order to achieve the objectives of the scheme promoting the smaller aegean islands more effectively , the support programme must include measures which ensure the supply of agricultural products and the preservation and development of local agricultural production . the level of programming needs to be harmonised and the policy of partnership between the commission and the member state needs to become systematic . ### in order to achieve the objectives of the scheme promoting the smaller aegean islands more effectively , the support programme must include measures which ensure the supply of agricultural products , the transport of locally produced raw and processed agricultural products and the preservation and development of local agricultural production . the level of programming needs to be harmonised and the policy of partnership between the commission and the member state needs to become systematic .


### in keeping with the principle of subsidiarity and in order to ensure flexibility , two principles which form the basis of the programming approach adopted for the scheme promoting the smaller aegean islands , the authorities appointed by greece may propose amendments to the programme to bring it into line with the reality of the situation on these islands . also in keeping with this approach , the procedure for amending the programme must be adapted to reflect the level of relevance of each type of amendment . ### in keeping with the principle of subsidiarity and in order to ensure flexibility , two principles which form the basis of the programming approach adopted for the scheme promoting the smaller aegean islands , the authorities appointed by greece may propose amendments to the programme to bring it into line with the reality of the situation on these islands . with this in view , encouragement should be given for greater significant involvement on the part of the competent local and regional authorities . also in keeping with this approach , the procedure for amending the programme must be adapted to reflect the level of relevance of each type of amendment .


### the problems experienced by the smaller aegean islands are accentuated by the small size of the islands . in order to guarantee the effectiveness of the measures envisaged , such measures should only apply to small islands . ### the problems experienced by the smaller aegean islands are accentuated by the small size of the islands . in order to guarantee the effectiveness of the measures envisaged , such measures should apply to all aegean islands except for crete and evia .


### in order to achieve the goal of lowering prices in the smaller aegean islands and mitigating the additional costs of their remoteness and insularity while maintaining the competitiveness of eu products , aid should be granted for the supply of eu products to the smaller aegean islands . such aid should take account of the additional cost of transport to the smaller aegean islands and , in the case of agricultural inputs and products intended for processing , the additional costs of insularity and small size . ### in order to achieve the goal of lowering prices in the smaller aegean islands and mitigating the additional costs of their remoteness and insularity while maintaining the competitiveness of eu products , aid should be granted for the supply of eu products to the smaller aegean islands and for the transport of raw and processed agricultural products produced there . such aid should take account of the additional cost of transport to and from the smaller aegean islands and , in the case of agricultural inputs , outputs and products intended for processing and which have been processed , the additional costs of insularity and small size .


### with regard to processed products , trade between the smaller aegean islands should be authorised in order to allow commerce between these regions . account should also be taken of trade flows within the context of regional commerce and traditional exports and dispatching with the rest of the eu or third countries and , consequently , exports of processed products corresponding to traditional trade for all those regions should be authorised . ### with regard to processed products , trade between the smaller aegean islands should be authorised in order to allow commerce between these regions and to reduce transport costs . account should also be taken of trade flows within the context of regional commerce and traditional exports and dispatching with the rest of the eu or third countries and , consequently , exports of processed products corresponding to traditional trade for all those regions should be authorised .


### european union policy to assist local production in the smaller aegean islands as established by regulation no 1405 / 2006 has involved a multitude of products and measures for their production , marketing or processing . those measures have proved effective and ensured that agricultural activities have been maintained and developed . the eu should continue to support this production , which is a key factor in the environmental , social and economic equilibrium of the smaller aegean islands . experience has shown that , as in the case of rural development policy , closer partnership with the local authorities can help to address the particular issues affecting the islands concerned in a more targeted way . support for local production should thus continue to be granted through the support programme , established for the first time by regulation no 1405 / 2006 . ### european union policy to assist local production in the smaller aegean islands as established by regulation no 1405 / 2006 has involved a multitude of products and measures for their production , marketing or processing . those measures have proved effective and ensured that agricultural activities have been maintained and developed . the eu should continue to support this production , which is a key factor in the environmental , social and economic equilibrium of the smaller aegean islands . experience has shown that , as in the case of rural development policy , closer partnership with the local authorities can help to address the particular issues affecting the islands concerned in a more targeted way . support for local production should thus continue to be granted through the support programme , established for the first time by regulation no 1405 / 2006 , which constitutes an effective model for the introduction of specific aid arrangements encompassing the smaller islands off sicily , where environmental and socio - economic conditions are similar to those on the smaller islands of the aegean sea .


### farmers in the smaller aegean islands should be encouraged to supply quality products and the marketing of such products should be assisted . ### farmers in the smaller aegean islands should be encouraged to supply quality products , apply community standards for organic farming and use traditional farming methods , and the marketing of such products should be assisted . with this in view , it should be permissible in future to link the granting of aid to production . support measures should be designed to ensure production of local agricultural products which for the most part are traditional products with protected designation of origin and protected geographical indication .


### a derogation may be granted from the commission ' s consistent policy of not authorising state operating aid for the production , processing and marketing of agricultural products listed in annex i to the treaty in order to mitigate the specific constraints on farming in the smaller aegean islands as a result of their remoteness , insularity and distant location , small area , mountainous terrain and climate and their economic dependency on a small number of products . ### a derogation may be granted from the commission ' s consistent policy of not authorising state operating aid for the production , processing , marketing and transport of agricultural products listed in annex i to the treaty in order to mitigate the specific constraints on farming in the smaller aegean islands as a result of their remoteness , insularity and distant location , small area , mountainous terrain and climate and their economic dependency on a small number of products .


### since 2007 , requirements in essential products have increased in the smaller aegean islands as a result of the increasing livestock population and demographic pressure . the proportion of the budget which greece may use for the specific supply arrangements for the smaller aegean islands should therefore be increased . ### since 2007 , requirements in essential products have increased in the smaller aegean islands as a result of the increasing livestock population and demographic pressure . the proportion of the budget which greece may use for the specific supply arrangements for the smaller aegean islands should therefore be increased . the increase should not , however , be at the expense of the budget for strengthening local agricultural production , but should be accompanied by an increase in the amount set aside to support such production ;


### the commission should therefore be able to adopt delegated acts in accordance with article 290 of the treaty , in order to supplement or modify certain non - essential elements of the present regulation . the areas with regard to which this ability can be exercised and the conditions to which this delegation should be subject should be set out . ### in order to ensure the proper functioning of the regime introduced by this regulation , the commission should therefore be granted the power to adopt delegated acts in accordance with article 290 of the treaty on the functioning of the european union , in order to supplement or modify certain non - essential elements of the present regulation . it is of particular importance that the commission carry out appropriate consultations during its preparatory work , including at expert level . the commission , when preparing and drawing up delegated acts , should ensure a simultaneous , timely and appropriate transmission of relevant documents to the european parliament and the council .


### in order to ensure that the programme is implemented in the smaller aegean islands in a uniform manner in relation to other similar schemes and to avoid unfair competition or discrimination between operators , the commission should be able to adopt implementing acts in accordance with article 291 of the treaty . the commission should therefore be granted implementing powers under that provision , specifically vis - à - vis the uniform conditions under which products affected by the special supply arrangements enter , leave and move within the smaller aegean islands , the uniform conditions for implementing the programme and the minimum characteristics for checks which greece must apply . ### in order to ensure that the programme is implemented in the smaller aegean islands in a uniform manner in relation to other similar schemes and to avoid unfair competition or discrimination between operators , the commission should be granted implementing powers , specifically vis - à - vis the standard rules under which products affected by the special supply arrangements enter , leave and move within the smaller aegean islands , the standard rules for implementing the programme and the minimum characteristics for checks which greece must apply . these powers should be exercised in accordance with regulation no 182 / 2011 of the european parliament and of the council of 16 february 2011 laying down the rules and general principles concerning mechanisms for control by member states of the commission’s exercise of implementing powers* . ______________ *oj l 55 , 28 . 02 . 2011 , p . 13 .


### preservation and development of agricultural activities in the smaller islands , including the production , processing and marketing of local products . ### preservation and development of agricultural activities in the smaller islands , including the production , processing , marketing and transport of local raw and processed products .


### the support programme shall be established at the geographical level which greece deems most appropriate . it shall be prepared by the competent authorities designated by the said member state , which shall submit it to the commission for approval in accordance with article 6 after the competent authorities and organisations at the appropriate regional level have been consulted . ### the support programme shall be established at the geographical level which greece deems most appropriate . it shall be prepared by the competent authorities designated by the said member state , which shall submit it to the commission for approval in accordance with article 6 after the competent local and regional authorities and organisations at the appropriate regional level have been consulted .


### the commission shall evaluate the support programme proposed and decide whether or not to approve it by means of an implementing act . ### the commission shall evaluate the support programme proposed and decide whether or not to approve it by means of an implementing act . that implementing act shall be adopted in accordance with the examination procedure referred to in article 25 .


### depending on the annual evaluation of the implementation of measures included in the support programme , greece may submit to the commission proposals for amendments thereto within the context of the financial allocation referred to in article 18 and , to bring them more into line with the requirements of the smaller islands and the strategy proposed . the commission shall adopt by means of an implementing act the uniform measures for the submission of proposals for amendments to the programme . ### depending on the annual evaluation of the implementation of measures included in the support programme , greece may submit to the commission proposals for amendments thereto within the context of the financial allocation referred to in article 18 and , to bring them more into line with the requirements of the smaller islands and the strategy proposed . the commission shall adopt by means of an implementing act the uniform measures for the submission of proposals for amendments to the programme . that implementing act shall be adopted in accordance with the examination procedure referred to in article 25 .


### in order to take into account the different types of amendments proposed and the time frame within which they must be implemented , the commission shall determine by delegated act the procedure for approving amendments . ### in order to take into account the different types of amendments proposed and the time frame within which they must be implemented , the commission shall determine by delegated act the procedure for approving amendments . the power to adopt the delegated acts in question shall be conferred on the commission pursuant to article 22 .


### greece shall conduct verifications by means of administrative and on - the - spot checks . in order to ensure uniform application , the commission shall adopt by implementing act the minimum characteristics of the checks to be carried out by greece . ### greece shall conduct verifications by means of administrative and on - the - spot checks . in order to ensure uniform application , the commission shall adopt by implementing act the minimum characteristics of the checks to be carried out by greece . that implementing act shall be adopted in accordance with the examination procedure referred to in article 25 paragraph 2 .


### in order to ensure that operators fully exercise their rights to participate in the specific supply arrangements , the commission shall determine , by delegated act , the conditions for recording operators in the register and , if necessary , shall make it compulsory to establish a security for the issuing of certificates . ### in order to ensure that operators fully exercise their rights to participate in the specific supply arrangements , the commission shall determine , by delegated act , the conditions for recording operators in the register and , if necessary , shall make it compulsory to establish a security for the issuing of certificates . the power to adopt the delegated acts in question shall be conferred on the commission pursuant to article 22 .


### the commission shall adopt by means of an implementing act all measures necessary to ensure the uniform application by greece of this article , specifically relating to the introduction of the system of certificates , not including the establishment of the security for certificates , and the commitment of operators at the time of registration . ### the commission shall adopt by means of an implementing act all measures necessary to ensure the uniform application by greece of this article , specifically relating to the introduction of the system of certificates , not including the establishment of the security for certificates , and the commitment of operators at the time of registration . that implementing act shall be adopted in accordance with the examination procedure referred to in article 25 paragraph 2 .


### in order to ensure that paragraph 1 above is applied in a uniform manner , the commission shall adopt by means of an implementing act detailed rules for its application and more specifically conditions for governing monitoring by the member state that the advantage has in fact been passed on up to the end user . ### in order to ensure that paragraph 1 above is applied in a uniform manner , the commission shall adopt by means of an implementing act detailed rules for its application and more specifically rules governing monitoring by the member state that the advantage has in fact been passed on up to the end user . that implementing act shall be adopted in accordance with the examination procedure referred to in article 25 paragraph 2 .


### products covered by the specific supply arrangements may be exported to third countries or dispatched to the rest of the eu only under uniform conditions established by the commission by means of an implementing act . ### products covered by the specific supply arrangements may be exported to third countries or dispatched to the rest of the eu only if the uniform rules established by the commission by means of an implementing act are respected . that implementing act shall be adopted in accordance with the examination procedure referred to in article 25 paragraph 2 .


### those conditions shall include in particular reimbursement of the aid received under the specific supply arrangements . ### those rules shall include in particular reimbursement of the aid received under the specific supply arrangements .


### exported to third countries or dispatched to the rest of the eu within the limits of traditional exports and traditional dispatches . these quantities shall be established by the commission by means of an implementing act ; ### exported to third countries or dispatched to the rest of the eu within the limits of traditional exports and traditional dispatches . these quantities shall be established by the commission by means of an implementing act . that implementing act shall be adopted in accordance with the examination procedure referred to in article 25 paragraph 2 ;


### exported to third countries as part of regional trade in accordance with the destinations and conditions to be determined by the commission by means of an implementing act ; ### exported to third countries as part of regional trade in accordance with the destinations and detailed provisions to be determined by the commission by means of an implementing act . that implementing act shall be adopted in accordance with the examination procedure referred to in article 25 paragraph 2 ;


### in order to target the benefit resulting from the application of the specific supply arrangements to traditional trade , the commission shall establish by means of a delegated act , the conditions that processing operations which may give rise to traditional dispatch or traditional exports must comply with . ### in order to target the benefit resulting from the application of the specific supply arrangements to traditional trade , the commission shall establish by means of a delegated act , the conditions that processing operations which may give rise to traditional dispatch or traditional exports must comply with . the power to adopt the delegated acts in question shall be conferred on the commission pursuant to article 22 .


### in order to ensure uniform application of this provision , the commission shall adopt by means of an implementing act the minimum characteristics of the checks to be carried out by greece . ### in order to ensure uniform application of this provision , the commission shall adopt by means of an implementing act the minimum characteristics of the checks to be carried out by greece . that implementing act shall be adopted in accordance with the examination procedure referred to in article 25 paragraph 2 ;


### in order to ensure that the operators participating in the scheme comply with their obligations , the commission shall establish by means of delegated act the conditions necessary for the implementation of the first subparagraph above and the processing of new applications for certificates by the operator . ### in order to ensure that the operators participating in the scheme comply with their obligations , the commission shall establish by means of delegated act the conditions necessary for the implementation of the first subparagraph above and the processing of new applications for certificates by the operator . the power to adopt the delegated acts in question shall be conferred on the commission pursuant to article 22 .


### the commission shall adopt by means of an implementing act the uniform conditions for the provision of the aid described in paragraph 2 . ### the commission shall adopt by means of an implementing act the uniform detailed provisions for the provision of the aid described in paragraph 2 . that implementing act shall be adopted in accordance with the examination procedure referred to in article 25 paragraph 2 .


### in order to support the marketing of products outside the region in which they are produced , the commission may adopt by means of a delegated act the conditions for establishing the amount of aid awarded in respect of such marketing and , where appropriate , the maximum quantities which form the subject of this aid . ### in order to support the marketing and transport of raw and processed products outside the region in which they are produced , the commission may adopt by means of a delegated act the conditions for establishing the amount of aid awarded in respect of such marketing transport and , where appropriate , the maximum quantities which form the subject of this aid .


### for the agricultural products covered by annex i to the treaty , to which articles 107 , 108 and 109 thereof apply , the commission may authorise , in accordance with article 108 of the treaty , operating aid in the sectors producing , processing and marketing those products , with a view to mitigating the specific constraints on farming in the smaller islands as a result of their isolation , remoteness , insularity , small size , mountainous terrain and climate and their economic dependency on a small number of products . ### for the agricultural products covered by annex i to the treaty , to which articles 107 , 108 and 109 thereof apply , the commission may authorise , in accordance with article 108 of the treaty , operating aid in the sectors producing , processing , marketing and transporting those products , with a view to mitigating the specific constraints on farming in the smaller islands as a result of their isolation , remoteness , insularity , small size , mountainous terrain and climate and their economic dependency on a small number of products .


### the eu shall finance the measures provided for in chapters iii and iv up to a maximum annual amount of eur 23 . 93 million . ### the eu shall finance the measures provided for in chapters iii and iv up to a maximum annual amount of eur 31 . 11 million .


### the amount allocated annually to finance the specific supply arrangements referred to in chapter iii may not exceed eur 6 . 56 million . ### the amount allocated annually to finance the specific supply arrangements referred to in chapter iii may not exceed eur 7 . 11 million .


### the commission shall establish by implementing act the uniform conditions under which greece may amend the allocation of resources allocated each year to the various products benefiting from the specific supply arrangements . ### the commission shall establish by implementing act the uniform detailed provisions in accordance with which greece may amend the allocation of resources allocated each year to the various products benefiting from the specific supply arrangements .


### the power to adopt the delegated acts referred to in this regulation shall be conferred on the commission for an indeterminate period of time . 2 . as soon as it adopts a delegated act , the commission shall provide simultaneous notification thereof to the european parliament and to the council . 3 . the power to adopt delegated acts shall be conferred on the commission subject to the conditions laid down in articles 23 and 24 . ### the power to adopt delegated acts shall be conferred on the commission subject to the conditions laid down in this article . 2 . the delegation of power referred to in article 6 , paragraph 3 , article 11 , paragraph 2 , article 13 , paragraph 3 , and article 14 , paragraph 2 , shall be conferred on the commission for a period of 5 years from …* . the commission shall draw up a report in respect of the delegation of power not later than nine months before the end of the five - year period . the delegation of power shall be tacitly extended for periods of an identical duration , unless the european parliament or the council opposes such extension not later than three months before the end of each period . 3 . the delegation of power may be revoked at any time by the european parliament or by the council . a decision to revoke shall put an end to the delegation of the power specified in that decision . it shall take effect the day following the publication of the decision in the official journal of the european union or at a later date specified therein . it shall not affect the validity of any delegated acts already in force . 4 . as soon as it adopts a delegated act , the commission shall notify it simultaneously to the european parliament and to the council . 5 . a delegated act adopted pursuant to this regulation shall enter into force only if no objection has been expressed either by the european parliament or the council within a period of 2 months of notification of that act to the european parliament and the council or if , before the expiry of that period , the european parliament and the council have both informed the commission that they will not object . that period shall be extended by 2 months at the initiative of the european parliament or the council . ______________ * date of entry into force of this regulation


### implementing acts - committee the commission shall be assisted by the management committee for direct payments established under article&#160 ; 141 of regulation no&#160 ; 73 / 2009 . 2 . when implementing acts are adopted pursuant to this regulation , article [ 5 ] of regulation no . [ xxxx / yyyy ] of the tfeu , currently the subject of discussion by the european parliament and the council ) shall apply . ### committee procedure the commission shall be assisted by the management committee for direct payments established under article&#160 ; 141 of regulation no&#160 ; 73 / 2009 . that committee shall be a committee within the meaning of regulation no . 182 / 2011 . 2 . where reference is made to this paragraph , article 5 of regulation no . 182 / 2011 shall apply .


### the conferral of supervisory tasks to the ecb in the banking sector for part of the member states of the union should not in any way hamper the functioning of the internal market in the field of financial services . it is therefore necessary to ensure the proper functioning of the eba following that conferral . ### the conferral of supervisory tasks to the ecb in the banking sector for part of the member states of the union should not in any way hamper the functioning of the internal market in the field of financial services . eba should therefore maintain its role and retain all its existing powers and tasks : it should continue developing and ensuring the implementation of the single rulebook applicable to all member states and enhance convergence of supervisory practices across the whole union .


### in view of the supervisory tasks conferred on the ecb by council regulation no … / … [ 127 regulation ] , eba should be able to carry out its tasks also in relation to the ecb . in order to ensure that existing mechanisms for settlement of disagreements and actions in emergency situations remain effective , a specific procedure should be provided for . in particular , if the ecb does not comply with an action by eba to settle a disagreement or to address an emergency situation , it should be required to explain its reasons . in that case , whenever based on requirements set out in directly applicable union law eba can adopt an individual decision addressed to the financial institution concerned , it should do so . ### in view of the supervisory tasks conferred on the ecb by council regulation no … / … [ 127 regulation ] , eba should be able to carry out its tasks also in relation to the ecb in the same manner as in relation to the other competent authorities .


### in order to ensure that interests of all member states are adequately taken into account and to allow for the proper functioning of the eba with a view to maintain and deepen the internal market in the field of financial services , the voting modalities within the board of supervisors should be adapted , in particular with regard to decisions taken by the eba at simple majority . ### in order to ensure that interests of all member states are adequately taken into account and to allow for the proper functioning of the eba with a view to maintain and deepen the internal market in the field of financial services , it is essential to ensure fair representation of all member states in the eba decision - making process . voting modalities within the board of supervisors should be adapted , in particular with regard to decisions taken by the eba at simple majority .


### the scope of this directive should be confined to the management of collective investment undertakings which raise capital from a number of investors with a view to investing it in accordance with a defined investment policy on the principle of risk - spreading for the benefit of those investors . this directive should not apply to the management of pension funds or managers of non - pooled investments such as endowments , sovereign wealth funds or assets hold on own account by credit institutions , insurance or reinsurance undertakings . this directive should neither apply to actively managed investments in the form of securities , such as certificates , managed futures , or index - linked bonds . it should , however , cover managers of all collective investment undertakings which are not required to be authorised as ucits . investment firms authorised under directive 2004 / 39 / ec on markets in financial instruments should not be required to obtain an authorisation under this directive in order to provide investment services in respect of aif . investment firms can however only provide investment services in respect of aif , if and to the extent the units or shares thereof can be marketed in accordance with this directive . ### the scope of this directive should be confined to the management of collective investment undertakings which raise capital from a number of investors with a view to investing it in accordance with a defined investment policy on the principle of risk - spreading for the benefit of those investors . it should cover managers of all such collective investment undertakings which are not required to be authorised as ucits . this directive should not apply to the management of pension funds or managers of non - pooled investments such as endowments , sovereign wealth funds or assets held on own account by credit institutions , insurance or reinsurance undertakings . this directive should neither apply to actively managed investments in the form of securities , such as certificates , managed futures , or index - linked bonds . nor , for the purposes of this directive , should an undertaking which principally acts as a holding entity for a group of subsidiary undertakings , and which owns strategic stakes in undertakings with a view to long - term holding rather than for the purpose of generating returns through divestment within a defined timeframe , be regarded as a collective investment undertaking . investment firms authorised under directive 2004 / 39 / ec on markets in financial instruments should not be required to obtain an authorisation under this directive in order to provide investment services in respect of aif . investment firms can however only provide investment services in respect of aif , if and to the extent the units or shares thereof can be marketed in accordance with this directive .


### ucits or their management or investment companies authorised in accordance with directive 2009 / … / ec [ the ucits directive ] ; ### ucits or their management or investment companies authorised in accordance with directive 2009 / … / ec [ the ucits directive ] in so far as those management or investment companies do not manage aif ;


### ' alternative investment fund ' or aif means any collective investment undertaking , including investment compartments thereof whose object is the collective investment in assets and which does not require authorisation pursuant to article 5 of directive 2009 / &#8230 ; / ec [ the ucits directive ] ; ### ' alternative investment fund ' or ' aif ' means any collective investment undertaking which raises capital from a number of investors with a view to investing it in accordance with a defined investment policy on the principle of risk - spreading for the benefit of those investors , including investment compartments of any such undertaking , and which does not require authorisation pursuant to article 5 of directive 2009 / &#8230 ; / ec [ the ucits directive ] ;


### ' manager of alternative investment funds ' or aifm means any legal or natural person whose regular business is to manage one or several aif ; ### ' manager of alternative investment funds ' or aifm means any legal or natural person who manages one or several aifs or a single aif which is managed autonomously ;


### ' marketing ' means any general offering or placement of units or shares in an aif to or with investors domiciled in the community , regardless of at whose initiative the offer or placement takes place ; ### ' marketing ' means any general offering or placement of units or shares in an aif , at the initiative of the aifm managing such aif , to or with investors domiciled in the community ;


### member states shall ensure that no aifm covered by this directive provides management services to any aif or markets shares or units thereof without prior authorisation . entities which are neither authorised in accordance with this directive nor , in case of aifm not covered by this directive , in accordance with the national law of a member state , shall not be allowed to provide management services to aif or market units or shares thereof within the community . ### member states shall ensure that no aifm covered by this directive provides management services to any aif or markets shares or units thereof without prior authorisation . entities which are not authorised in accordance with this directive shall not be entitled to market units or shares of aif within the community . however , such entities may themselves or through intermediaries , including aifm authorised in accordance with this directive , market units or shares of aif to investors in a member state in accordance with the national law of that member state . this directive shall not operate to prevent or restrict persons from selling or otherwise disposing of units or shares which they hold in aif on the capital market , and a person who holds units or shares in an aif may himself or through any intermediary , including an aifm authorised in accordance with this directive , market such shares or units to investors in a member state in accordance with the national law of that member state , where such marketing is not at the initiative of the aifm managing such aif .


### member states shall ensure that no aifm covered by this directive provides management services to any aif or markets shares or units thereof without prior authorisation . entities which are neither authorised in accordance with this directive nor , in case of aifm not covered by this directive , in accordance with the national law of a member state , shall not be allowed to provide management services to aif or market units or shares thereof within the community . ### member states shall ensure that no aifm covered by this directive provides management services to any aif or markets shares or units thereof without prior authorisation . entities which are neither authorised in accordance with this directive nor , in case of aifm not covered by this directive , in accordance with the national law of a member state , shall not be allowed to provide management services to aif within the community . this directive shall not operate to prevent or restrict persons from selling or otherwise disposing of units or shares which they hold in aif on the capital market , and a person who holds units or shares in an aif may himself or through any intermediary , including an aifm authorised in accordance with this directive , market such shares or units to investors in a member state in accordance with the national law of that member state , where such marketing is not at the initiative of the aifm managing such aif .


### aifm may be authorised to provide management services either for all or certain types of aif . ### aifm may be authorised to provide management services either for all or certain types of aif . an aif may be managed by a single aifm .


### the aifm must have its head office in the same member state as its registered office . ### the aifm must have its head office in the same member state as its registered office . where an aifm manages one or more aifs , an authorisation shall be required for each aif concerned .


### aifm shall , before implementation , notify the competent authorities of the home member state of any change regarding the information provided in their initial application that may substantially affect the conditions under which the authorisation has been granted , in particular changes of the investment strategy and policy of any aif managed by it , of the aif rules or instruments of incorporation and the identity of any further aif the aifm intends to manage . the competent authorities shall , within a month of receipt of that notification , either approve , or impose restrictions , or reject those changes . ### aifm shall , before implementation , notify the competent authorities of the home member state of any material changes to the conditions for initial authorisation or registration , in particular changes in the programme of activity of the aifm or the investment strategy and policy of any aif managed by it . the aifm shall inform the competent authority of any change concerning the persons effectively conducting the business of the aifm . the competent authorities shall , within a month of receipt of that notification , either approve , or impose restrictions , or reject those changes . the competent authorities shall not without good reason reject changes regarding the investment strategy and policy of an aif or changes regarding rules or instruments of incorporation if these have been agreed upon by the investors .


### no investor may obtain a preferential treatment , unless this is disclosed in the aif rules or instruments of incorporation . ### no investor may obtain a material preferential treatment vis - à - vis other investors pertaining to the same aif unless the nature and character of that preferential treatment is mentioned in the aif rules or instruments of incorporation .


### the aifm shall ensure that the functions of risk management and portfolio management are separated and subject to separate reviews . ### the aifm shall ensure that the functions of risk management and portfolio management are separated so far as it is appropriate and proportionate in view of the nature , scale and complexity of the aifm and the aif that it manages .


### where the value of the portfolios of aif managed by the aifm exceeds eur 250 million , the aifm shall provide an additional amount of own funds ; that additional amount of own funds shall be equal to 0 . 02 % of the amount by which the value of the portfolios of the aifm exceeds eur 250 million . ### where the value of the portfolios of aif managed by the aifm exceeds eur 250 million , the aifm shall provide an additional amount of own funds ; that additional amount of own funds shall be equal to 0 . 02 % of the amount by which the value of the portfolios of the aifm exceeds eur 250 million . however , the required total of the initial capital and the additional amount must not exceed eur 10 million .


### aifm shall ensure that , for each aif that it manages , a valuator is appointed which is independent of the aifm to establish the value of assets acquired by the aif and the value of the shares and units of the aif . ### aifm shall ensure that , for each aif that it manages , appropriate and consistent procedures are established so that the proper valuation of the assets of the aif can be carried out and the value of the shares or units of the aif can be calculated and , where appropriate , published . the aifm shall , where appropriate , ensure the functional independence of the valuation function and the portfolio management function , having regard to the nature , scale and complexity of each aif that it manages .


### for each aif it manages , the aifm shall ensure that a depositary is appointed to fulfil , where relevant , the following tasks : ### for each aif it manages , other than aif which are closed - ended and which have an investment policy of investing principally in financial instruments or other assets held for long - term investment and not for trading purposes , the aifm shall ensure that a depositary is appointed to fulfil , where relevant , the following tasks :


### for each aif it manages , the aifm shall ensure that a depositary is appointed to fulfil , where relevant , the following tasks : ### for each aif it manages , the aifm shall ensure that one or more depositaries are appointed to fulfil , where relevant , the following tasks :


### the accounting information given in the annual report shall be audited by one or more persons empowered by law to audit accounts in accordance with directive 2006 / 43 / ec of the european parliament and of the council of 17 may 2006 on statutory audits of annual accounts and consolidated accounts , amending council directives 78 / 660 / eec and 83 / 349 / eec and repealing council directive 84 / 253 / eec . the auditor ' s report , including any qualifications , shall be reproduced in full in the annual report . ### the accounting information given in the annual report shall be prepared in accordance with the standards and principles provided for in the rules or instruments applicable to aifs concerning establishment and mergers , and shall be audited by one or more persons empowered by law to audit accounts in accordance with directive 2006 / 43 / ec of the european parliament and of the council of 17 may 2006 on statutory audits of annual accounts and consolidated accounts , amending council directives 78 / 660 / eec and 83 / 349 / eec and repealing council directive 84 / 253 / eec . the auditor ' s report , including any qualifications , shall be reproduced in full in the annual report .


### the accounting information given in the annual report shall be audited by one or more persons empowered by law to audit accounts in accordance with directive 2006 / 43 / ec of the european parliament and of the council of 17 may 2006 on statutory audits of annual accounts and consolidated accounts , amending council directives 78 / 660 / eec and 83 / 349 / eec and repealing council directive 84 / 253 / eec . the auditor ' s report , including any qualifications , shall be reproduced in full in the annual report . ### the accounting information given in the annual report shall be prepared in accordance with the accounting standards or principles required by the applicable aif rules or instruments of incorporation or formation and audited by one or more persons empowered by law to audit accounts in accordance with directive 2006 / 43 / ec of the european parliament and of the council of 17 may 2006 on statutory audits of annual accounts and consolidated accounts , amending council directives 78 / 660 / eec and 83 / 349 / eec and repealing council directive 84 / 253 / eec . the auditor ' s report , including any qualifications , shall be reproduced in full in the annual report .


### the commission shall adopt implementing measures further specifying the content and format of the annual report . these measures shall be adapted to the type of aifm to which they apply . ### the commission shall adopt implementing measures further specifying the content and format of the annual report . these measures shall be appropriate and proportionate and adapted to the type of aifm to which they apply and to the aif to which the report relates , taking account of the different size , resources , complexity , nature , investments , investment strategies and techniques , structures and investors of different types of aifm and the aif which they manage .


### for each aif an aifm manages , it shall periodically disclose to investors : ### for each aif an aifm manages which permits redemptions at the option of investors , the aifm shall periodically disclose to investors :


### home member states shall ensure that all information received under article 24 , aggregated in respect of all aifm that it supervises , are made available to other competent authorities through the procedure set out in article 46 on supervisory co - operation . it shall , without delay , also provide information through this mechanism , and bilaterally to other member states directly concerned , if an aifm under its responsibility could potentially constitute an important source of counterparty risk to a credit institution or other systemically relevant institution in other member states . ### home member states shall ensure that all information received under article 24 , aggregated in respect of all aifm that it supervises , are made available to other competent authorities through the procedure set out in article 46 on supervisory co - operation . it shall , without delay , also provide information through this mechanism , and bilaterally to other member states directly concerned , if an aifm under its responsibility could potentially constitute an important source of counterparty risk to a credit institution or other systemically relevant institution in other member states . this information shall also be made available to the european systemic risk board .


### an aifm may only market shares or units of an aif domiciled in a third country to professional investors domiciled in a member state , if the third country has signed an agreement with this member state which fully complies with the standards laid down in article 26 of the oecd model tax convention and ensures an effective exchange of information in tax matters . ### an aifm may only market shares or units of an aif domiciled in a third country to professional investors domiciled in a member state if the third country is included on the oecd list of jurisdictions which have substantially implemented the internationally agreed tax standard .


### that the legislation on prudential regulation and ongoing supervision of aifm in a third country is equivalent to this directive and effectively enforced ; ### that the legislation on prudential regulation and ongoing supervision of aifm in a third country is reasonably equivalent to this directive with respect to aifm and aif of a given size , type or complexity and effectively enforced ;


### the communication from the commission to the european parliament , the council , the european economic and social committee and the committee of the regions on a european agenda for culture in a globalizing world , endorsed by the council in resolution of 16 november 2007 on a european agenda for culture sets the objectives for future activities of the union in the field of culture . these activities should promote cultural diversity and intercultural dialogue . they should also promote culture as a catalyst for creativity within the framework of growth and jobs , as well as a vital element in the union ' s international relations . ### the communication from the commission to the european parliament , the council , the european economic and social committee and the committee of the regions on a european agenda for culture in a globalizing world , endorsed by the council in the resolution of 16 november 2007 on a european agenda for culture , sets the objectives for future activities of the union in the field of culture . these activities should promote cultural diversity and intercultural dialogue . they should also promote culture as a catalyst for creativity within the framework of growth and jobs and as a social bridge - builder , as well as a vital element in the union’s international relations .


### the communication from the commission to the european parliament , the council , the european economic and social committee and the committee of the regions on a european agenda for culture in a globalizing world , endorsed by the council in resolution of 16 november 2007 on a european agenda for culture sets the objectives for future activities of the union in the field of culture . these activities should promote cultural diversity and intercultural dialogue . they should also promote culture as a catalyst for creativity within the framework of growth and jobs , as well as a vital element in the union ' s international relations . ### the communication from the commission to the european parliament , the council , the european economic and social committee and the committee of the regions on a european agenda for culture in a globalizing world , endorsed by the european parliament in its resolution of 10 april 20081 and by the council in its resolution of 16 november 2007 on a european agenda for culture sets the objectives for future activities of the union in the field of culture . these activities should promote cultural diversity and intercultural dialogue . they should also promote culture as a catalyst for creativity within the framework of growth and jobs , as well as a vital element in the union ' s international relations . ____________ 1oj c 247 e , 15 . 10 . 2009 , p . 32 .


### in addition to the original objectives of the european capitals of culture which were to highlight the richness and diversity of european cultures and the features they share and to promote greater mutual understanding between european citizens , cities holding the title have also progressively added a new dimension by using the leverage effect of the title to stimulate the city ' s more general development . ### in addition to the original objectives of the european capitals of culture which were to highlight the richness and diversity of european cultures and the features they share and to promote greater mutual understanding and solidarity between european citizens , cities holding the title have also progressively added a new dimension by using the leverage effect of the title to stimulate the city ' s more general development .