### for the partnership contract and each programme respectively , a member state should organise a partnership with the representatives of competent regional , local , urban and other public authorities , economic and social partners , and bodies representing civil society , including environmental partners , non - governmental organisations , and bodies responsible for promoting equality and non - discrimination . the purpose of such a partnership is to respect the principle of multi - level governance , ensure the ownership of planned interventions by stakeholders and build on the experience and know - how of relevant actors . the commission should be empowered to adopt delegated acts providing for a code of conduct in order to ensure that partners are involved in the preparation , implementation , monitoring and evaluation of partnership contracts and programmes in a consistent manner . ### for the partnership contract and each programme respectively , a member state should organise a partnership with the representatives of competent regional , local , urban and other public authorities , economic and social partners , and bodies representing civil society , including environmental partners , non - governmental organisations , and bodies responsible for promoting equality and non - discrimination . the purpose of such a partnership is to respect the principle of multi - level governance , ensure the ownership of planned interventions by stakeholders and build on the experience and know - how of relevant actors . the commission should be empowered to adopt , after consulting the european social partners , delegated acts providing for a code of conduct in order to ensure that partners are involved in the preparation , implementation , monitoring and evaluation of partnership contracts and programmes in a consistent manner .


### at least 25 % of the structural funds resources for less developed regions , 40% for transition regions and 52% for more developed regions in each member state shall be allocated to the esf . for the purposes of this provision , the support to a member state through the [ food for deprived people instrument ] shall be considered as part of the share of structural funds allocated to the esf . ### at least 20 % of the structural funds resources for less developed regions and for regions whose gdp per capita for the 2007 - 2013 period was less than 75% of the average gdp of the eu - 25 but which are now eligible under the transition or more developed regions category , 40% for transition regions and 52% for more developed regions in each member state shall be allocated to the esf . for the purposes of this provision , the support to a member state through the [ food for deprived people instrument ] shall be considered as part of the share of structural funds allocated to the esf .


### the erdf and the esf may finance , in a complementary manner and subject to a limit of 5 % of union funding for each priority axis of an operational programme , a part of an operation for which the costs are eligible for support from the other fund on the basis of eligibility rules applied to that fund , provided that they are necessary for the satisfactory implementation of the operation and are directly linked to it . ### the erdf and the esf may finance , in a complementary manner and subject to a limit of 10 % of union funding for each priority axis of an operational programme , a part of an operation for which the costs are eligible for support from the other fund on the basis of eligibility rules applied to that fund , provided that they are necessary for the satisfactory implementation of the operation and are directly linked to it .


### programmes shall be submitted by the member states at the same time as the partnership contract , with the exception of european territorial cooperation programmes , which shall be submitted within six months of the approval of the common strategic framework . all programmes shall be accompanied by the ex ante evaluation as set out in article 48 . ### programmes shall be submitted by the member states within 3 months after the submission of the partnership contract , with the exception of european territorial cooperation programmes , which shall be submitted within nine months of the adoption of the common strategic framework . all programmes shall be accompanied by the ex ante evaluation as set out in article 48 .


### for each ex ante conditionality , established in accordance with annex iv , that is not fulfilled at the date of submission of the partnership contract and operational programme , a description of the actions to fulfil the ex ante conditionality and a timetable for such actions ; ### for each relevant ex ante conditionality , established in accordance with annex iv , that is not fulfilled at the date of submission of the partnership contract and operational programme , a description of the actions to fulfil the ex ante conditionality and a timetable for such actions ;


### the commission shall be empowered to adopt delegated acts in accordance with article 142 to provide for a european code of conduct that lays down objectives and criteria to support the implementation of partnership and to facilitate the sharing of information , experience , results and good practices among member states . ### the commission shall be empowered to adopt delegated acts in accordance with article 142 to provide , after consulting the european economic and social partners and european partner organisations , for a european code of conduct that lays down objectives and criteria to support the implementation of partnership and to facilitate the sharing of information , experience , results and good practices among member states .


### a performance framework should be defined for each programme with a view to monitoring progress towards the objectives and targets set for each programme over the course of the programming period . the commission should undertake a performance review in cooperation with the member states in 2017 and 2019 . a performance reserve should be foreseen and allocated in 2019 where milestones set in the performance framework have been attained . due to their diversity and multi - country character , there should be no performance reserve for ‘ european territorial cooperation’ programmes . in cases where the shortfall in the achievement of milestones or targets is significant , the commission should be able to suspend payments to the programme or , at the end of the programming period , apply financial corrections , in order to ensure that the union budget is not used in a wasteful or inefficient way . ### a performance framework should be defined for each programme with a view to monitoring progress towards the objectives and targets set for each programme over the course of the programming period . the performance framework should include ambitious but realistic targets and milestones and should take due account of the particular circumstances and the nature of the interventions foreseen by the member state . the commission should undertake a performance review in cooperation with the member states twice during the programme period , in the years to be mutually agreed by the member state and the commission . a performance reserve should be foreseen and allocated in the year of the mutually agreed by member state and the commission where milestones set in the performance framework have been attained . due to their diversity and multi - country character , there should be no performance reserve for ' european territorial cooperation ' programmes . in cases where the shortfall in the achievement of milestones or targets is significant , the commission should be able to suspend payments to the programme or , at the end of the programming period , apply financial corrections , in order to ensure that the union budget is not used in a wasteful or inefficient way . the commission should take account of any changes in economic and social circumstances that might affect the achievement of milestones or targets .


### where the review of performance undertaken in 2017 reveals that a priority within a programme has not attained its milestones set for the year 2016 , the commission shall make recommendations to the member state concerned . ### where the review of performance undertaken in the year of the first performance review reveals that a priority within a programme has not attained its milestones set for the year preceding the year of the first performance review , the commission shall make recommendations to the member state concerned .


### a summary of the assessment of the fulfilment of ex ante conditionalities and of the actions to be taken at national and regional level , and the timetable for their implementation , where ex ante conditionalities are not fulfilled ; ### a summary of the assessment of the fulfilment of relevant ex ante conditionalities and of the actions to be taken at national and regional level , and the timetable for their implementation , where ex ante conditionalities are not fulfilled ;


### an operational programme shall consist of priority axes . a priority axis shall concern one fund for a category of region and shall correspond , without prejudice to article 52 , to a thematic objective and comprise one or more investment priorities of that thematic objective , in accordance with the fund - specific rules . for the esf , a priority axis may combine investment priorities from different thematic objectives set out in article 9 , , and in order to facilitate their contribution to other priority axes , in duly justified circumstances . ### an operational programme shall consist of priority axes . a priority axis shall concern one fund for a category of region and shall correspond to a thematic objective and comprise one or more investment priorities of that thematic objective , in accordance with the fund - specific rules . in duly justified circumstances , a priority axis may concern more categories of regions or combine one or more complementary investment priorities from different thematic objectives and funds , where necessary to increase effectiveness and to better meet targets of the union strategy for smart , sustainable and inclusive growth .


### by way of derogation from paragraph 1 , the commission may accept , in duly justified circumstances which are linked to the implementation of one or more thematic objectives , a proposal by a member state in its first submission of the partnership contract to transfer up to 2% of the total appropriation for a category of regions to other categories of regions . ### by way of derogation from paragraph 1 , the commission may accept , in duly justified circumstances which are linked to the implementation of one or more thematic objectives , a proposal by a member state in its first submission of the partnership contract to transfer up to 6 % of the total appropriation for a category of regions to other categories of regions .


### in the context of its effort to increase economic , territorial and social cohesion , the union should , at all stages of implementation of the csf funds , aim at eliminating inequalities and promoting equality between men and women , as well as combating discrimination based on sex , racial or ethnic origin , religion or belief , disability , age or sexual orientation . ### in the context of its effort to increase economic , territorial and social cohesion , the union should , at all stages of implementation of the csf funds , aim at eliminating inequalities and promoting equality between men and women , combating discrimination based on sex , racial or ethnic origin , religion or belief , disability , age or sexual orientation , as well as ensuring accessibility for persons with disabilities .


### competent regional , local , urban and other public authorities ; ### other relevant public authorities ;


### member states should concentrate support to ensure a significant contribution to the achievement of union objectives in line with their specific national and regional development needs . ex ante conditionalities should be defined to ensure that the necessary framework conditions for the effective use of union support are in place . the fulfilment of those ex ante conditionalities should be assessed by the commission in the framework of its assessment of the partnership contract and programmes . in cases where there is a failure to fulfil an ex ante conditionality , the commission should have the power to suspend payments to the programme . ### member states should concentrate support to ensure a significant contribution to the achievement of union objectives in line with their specific national and regional development needs . ex ante conditionalities should be defined to ensure that the necessary framework conditions for the effective use of union support are in place . the fulfilment of those ex ante conditionalities should be assessed by the commission in the framework of its assessment of the partnership contract and programmes . in cases where there is a failure to fulfil an ex ante conditionality , the commission should have the power to suspend payments to the programme , in accordance with the fund - specific rules .


### the contribution to the integrated approach set out in the partnership contract to address the specific needs of geographical areas most affected by poverty or target groups at highest risk of discrimination or exclusion , with special regard to marginalised communities , and the indicative financial allocation ; ### the contribution to the integrated approach set out in the partnership contract to address the specific needs of geographical areas most affected by poverty and unemployment or target groups at highest risk of discrimination or social exclusion , with special regard to persons with disabilities and marginalised communities , and the indicative financial allocation ;


### member states should concentrate support to ensure a significant contribution to the achievement of union objectives in line with their specific national and regional development needs . ex ante conditionalities should be defined to ensure that the necessary framework conditions for the effective use of union support are in place . the fulfilment of those ex ante conditionalities should be assessed by the commission in the framework of its assessment of the partnership contract and programmes . in cases where there is a failure to fulfil an ex ante conditionality , the commission should have the power to suspend payments to the programme . ### member states should concentrate support to ensure a significant contribution to the achievement of union objectives in line with their specific national and regional development needs . ex ante conditionalities and criteria for their fulfilment should be defined to ensure that the necessary framework conditions for the effective use of union support are in place . such ex ante conditionalities should be relevant to the effectiveness of the contribution of the funds in the applicable cases of investment . the fulfilment of those ex ante conditionalities should be assessed by the commission in the framework of its assessment of the partnership contract and programmes , taking due account of the previous experience and the situation in the member state concerned . in cases where there is a failure to fulfil an ex ante conditionality , the commission should have the power to suspend payments to the programme .


### ‘ partnership contract’ means the document prepared by the member state with the involvement of partners in line with the multi - level governance approach , which sets out the member state ' s strategy , priorities and arrangements for using the csf funds in an effective and efficient way to pursue the union strategy for smart , sustainable and inclusive growth , and which is approved by the commission following assessment and dialogue with the member state ; ### ' partnership contract ' means the document prepared by the member state with the involvement of partners in line with the multi - level governance approach , which , taking account of its national reform programme , sets out the member state ' s strategy , priorities and arrangements for using the csf funds in an effective and efficient way to pursue the union strategy for smart , sustainable and inclusive growth , and which is approved by the commission following assessment and dialogue with the member state ;


### member states shall assess whether the applicable ex ante conditionalities are fulfilled . ### member states shall assess whether the ex ante conditionalities , relevant to the effectiveness of the contribution of the funds in the applicable cases of investment , are fulfilled .


### the commission shall decommit any part of the amount calculated in accordance with the second subparagraph in an operational programme that has not been used for payment of the initial and annual pre - financing , interim payments and annual balance by 31 december of the second financial year following the year of budget commitment under the operational programme or for which a payment application drawn up in accordance with article 121 has not been submitted in accordance with article 126 . ### the commission shall decommit any part of the amount calculated in accordance with the second subparagraph in a member state that has not been used for payment of the initial and annual pre - financing , interim payments and annual balance by 31 december of the third financial year following the year of budget commitment under the operational programme or for which a payment application drawn up in accordance with article 121 has not been submitted in accordance with article 126 .


### promoting employment and supporting labour mobility ; ### promoting employment , supporting the smes in creating new sustainable and decent jobs and supporting labour mobility ;


### exclusions from the fishing effort regime that were already in force prior to [ __ - will be filled with concrete date ] shall continue to apply for as long as the conditions under which those exclusions were granted remain fulfilled . member states shall provide annually to the commission any relevant information enabling it to establish that those conditions remain fulfilled . ### exclusions from the fishing effort regime that were already in force prior to …* shall continue to apply for as long as the conditions under which those exclusions were granted remain fulfilled . member states shall provide annually to the commission any relevant information enabling it to establish that those conditions remain fulfilled . ______________ * oj : insert the date of entry into force of this regulation .


### during that trip the fishing vessel concerned has only one regulated gear on board and that gear is listed in accordance with paragraph 2 . ### the fishing vessel concerned uses a regulated gear and that gear is listed in accordance with paragraph 2 ;


### exclusions from the fishing effort regime that were already in force prior to [ __ - will be filled with concrete date ] shall continue to apply for as long as the conditions under which those exclusions were granted remain fulfilled . member states shall provide annually to the commission any relevant information enabling it to establish that those conditions remain fulfilled . ### exclusions from the fishing effort regime that were already in force prior to …* shall continue to apply for as long as the conditions under which those exclusions were granted remain fulfilled . member states shall provide annually to the commission any relevant information enabling it to establish that those conditions remain fulfilled . * oj : insert the date of publication of the official journal in which this regulation is published .


### where the scientific data indicate that more than 10 % of the total cod catches for a particular effort group consist of discards , or where the quota allocation does not correspond to the expected catches and is likely to result in cod discards , the member state concerned shall take immediate measures to minimise cod discards . ### where the scientific data indicate that , for a particular gear , large volumes of cod are discarded throughout the management period , the member state concerned shall take immediate measures to minimise cod discards .


### when calculating a day present within an area member states shall use the same method used to establish the effort baseline referred to in article 12 . ### member states shall calculate days present within an area in accordance with article 26 of regulation no 1224 / 2009 establishing a community fisheries control system .


### during that trip the fishing vessel concerned has only one regulated gear on board and that gear is listed in accordance with paragraph 2 . ### the fishing vessel concerned uses a regulated gear and that gear is listed in accordance with paragraph 2 .


### the transnational character of its activities and their impact , which will complement national , international and other union programmes ; ### the transnational character of its activities and their impact , which will complement local , national , international and other union programmes ;


### ' cultural and creative sectors ' means all sectors whose activities are based on cultural values and / or artistic and creative expressions , whether these activities are market or non - market oriented and whatever the type of structure that carries them out . these activities include the creation , the production , the dissemination and the preservation of goods and services which embody cultural , artistic or creative expressions , as well as related functions such as education , management or regulation . the cultural and creative sectors include in particular architecture , archives and libraries , artistic crafts , audiovisual , cultural heritage , design , festivals , music , performing arts , publishing , radio and visual arts ; ### ' cultural and creative sectors ' means all sectors whose activities are based on cultural values and / or artistic and creative expressions , whether these activities are market or non - market oriented and whatever the type of structure that carries them out . these activities include the creation , the production , the dissemination and the preservation of goods and services , including digitalisation of services , which embody cultural , artistic or creative expressions , as well as related functions such as education , management or regulation and training . the cultural and creative sectors include such sectors as architecture , archives and libraries , artistic crafts , audiovisual , cultural heritage , design , music , performing arts , publishing , visual arts and recording ;


### manufacturers and importers shall ensure that products bear an indication of the country of origin of the product or , where the size or nature of the product does not allow it , that indication is to be provided on the packaging or in a document accompanying the product . ### manufacturers and importers shall ensure that end consumer products bear an indication of the country of origin of the product or where the size or nature of the end consumer product does not allow it , that indication is to be provided on the packaging or in a document accompanying the end consumer product .


### the safety of products should be assessed taking into account all the relevant aspects , in particular their characteristics and presentation as well as the categories of consumers who are likely to use the products taking into account their vulnerability , in particular children , the elderly and the disabled . ### the safety of products should be assessed taking into account all the relevant aspects , in particular their characteristics , composition , authenticity and presentation as well as the categories of consumers who are likely to use the products taking into account their vulnerability , in particular children , the elderly and the disabled .


### the characteristics of the product , including its composition , packaging , instructions for assembly and , where applicable , for installation and maintenance ; ### the characteristics of the product , including its composition , authenticity , packaging , instructions for assembly and , where applicable , for installation and maintenance ;


### electronic identification systems based on radio frequency identification have considerably improved in the last ten years . that technology allows a faster and more accurate reading of individual animal identity codes directly into data processing systems resulting on a reduction of time needed to trace potential infected animals or infected food , saving labour costs but at the same time increasing equipment costs . ### electronic identification systems based on radio frequency identification have considerably improved in the last ten years . that technology allows a faster and more accurate reading of individual animal identity codes directly into data processing systems resulting on a reduction of time needed to trace potential infected animals or infected food , saving labour costs but at the same time increasing equipment costs . however , since the electronic systems may produce errors , the failure of technology should not lead to penalties for farmers .


### section ii of title ii of regulation no 1760 / 2000 lays down rules for a voluntary beef labelling system which provide for the approval of certain labelling specifications by the competent authority of the member state . the administrative burden and the costs incurred by member states and economic operators in applying this system are not proportionate to the benefits of the system . that section should therefore be deleted . ### section ii of title ii of regulation no 1760 / 2000 lays down rules for a voluntary beef labelling system which provide for the approval of certain labelling specifications by the competent authority of the member state . in view of developments in the beef sector since the above regulation was adopted , the voluntary beef labelling system needs to be revised . that section should therefore be deleted . without prejudice to the above , in order to ensure suitable regulation of the voluntary beef labelling system in line with other sectors , this deletion should not come into force until it has been replaced by development of the provisions of union legislation on marketing standards for animal products , or any other rules having equivalent effect .


### the maximum period referred to in point shall not exceed 20 days from the date of arrival of the animals on the holding of destination . in any event , the means of identification shall be applied to the animals before they leave the holding of destination . ### the maximum period referred to in the first subparagraph shall not exceed 20 days from the date of arrival of the animals on the holding of destination . by way of derogation , for reasons related to the physiological development of the animals , that period may be extended to up to 60 days of their age for the second means of identification . in any event , the means of identification shall be applied to the animals before they leave the holding of destination .


### that period shall not exceed 20 days following the veterinary checks referred in paragraph 1 . in any event , the means of identification shall be applied to the animals before they leave the holding of destination . ### that period shall not exceed 20 days following the veterinary checks referred in paragraph 1 . by way of derogation , for reasons related to the physiological development of the animals , that period may be extended to up to 60 days of their age for the second means of identification . in any event , the means of identification shall be applied to the animals before they leave the holding of destination .


### member states have very different husbandry systems , farming practices and sector organisations . member states should therefore be allowed to make eid compulsory on their territory only when they deem it appropriate , after considering all those factors . ### member states have very different husbandry systems , farming practices and sector organisations . member states should therefore be allowed to make eid compulsory on their territory only after consulting farmers , when they deem it appropriate , after considering all those factors including any negative impact on small farmers . member states should be allowed to create special regimes for small farmers . any distortion of competition within the single market should be avoided .


### the eib financing operations in support of union external policies should continue to be conducted in accordance with the principles of sound banking practice . they should continue to be managed in accordance with the eib ' s own rules and procedures , including appropriate control measures and compliance with the eib ' s statement on social and environmental standards , as well as with the relevant rules and procedures concerning the court of auditors and the european anti - fraud office . in its financing operations the eib should adequately implement its policies towards weakly regulated or non - cooperative jurisdictions in order to contribute to the international fight against tax fraud , tax evasion and money - laundering . ### the eib financing operations in support of union external policies should continue to be conducted in accordance with the principles of sound and sustainable banking practices , with a long - term future , which are geared to the real economy . they should continue to be managed in accordance with the eib ' s own rules and procedures , including appropriate control measures and compliance with the eib ' s statement on social and environmental standards , as well as with the relevant rules and procedures concerning the court of auditors and the european anti - fraud office . in its financing operations the eib should adequately implement its policies towards weakly regulated or non - cooperative jurisdictions in order to contribute to the international fight against tax fraud , tax evasion and money - laundering . particularly in the case of financing via local financial intermediaries , it should therefore be ensured that the financing made available by the intermediaries avoids the risk of fraud and corruption in so far as possible . in the interests of transparency and in order to avoid fraud and corruption , the eib should draw up , in cooperation with the local financial intermediaries , a list of the final borrowers . in order to facilitate transparent monitoring , this list should be published by the eib and included both in the mid - term report and in the final report on the application of this decision .


### the eib financing operations in support of union external policies should continue to be conducted in accordance with the principles of sound banking practice . they should continue to be managed in accordance with the eib ' s own rules and procedures , including appropriate control measures and compliance with the eib ' s statement on social and environmental standards , as well as with the relevant rules and procedures concerning the court of auditors and the european anti - fraud office . in its financing operations the eib should adequately implement its policies towards weakly regulated or non - cooperative jurisdictions in order to contribute to the international fight against tax fraud , tax evasion and money - laundering . ### the eib financing operations in support of union external policies should continue to be conducted in accordance with the principles of sound and sustainable banking practices , with a long - term future , which are geared to the real economy . they should continue to be managed in accordance with the eib ' s own rules and procedures , including appropriate control measures and compliance with the eib ' s statement on social and environmental standards , as well as with the relevant rules and procedures concerning the court of auditors and the european anti - fraud office . in its financing operations the eib should adequately implement its policies towards weakly regulated or non - cooperative jurisdictions in order to contribute to the international fight against tax fraud , tax evasion and money - laundering . particularly in the case of financing via local financial intermediaries , it should therefore be ensured that the financing made available by the intermediaries avoids the risk of fraud and corruption in so far as possible . in the interests of transparency and in order to avoid fraud and corruption , the eib should draw up , in cooperation with the local financial intermediaries , a list of the final borrowers .


### in its financing operations outside the union that fall within the scope of this decision , the eib should endeavour further to enhance coordination and cooperation with european financial institutions and international financial institutions , notably those participating in the eu platform for blending in external cooperation . this cooperation includes , where appropriate , cooperation on sector conditionality and mutual reliance on procedures , use of joint co - financing and participation in global initiatives , such as those promoting aid coordination and effectiveness . such coordination and cooperation should strive to minimise possible duplication of costs and unnecessary overlap . the tripartite memorandum of understanding between the commission , the eib group and the european bank for reconstruction and development in respect of cooperation outside the union , which allows the eib group and the ebrd to act in a complementary way by relying on their respective comparative advantages , was updated in 2012 to cover the extension of ebrd ' s geographical scope to the mediterranean region and should continue to be applied . the principles set out in this decision should also be applied when eib financing is implemented through cooperation agreements with other european financial institutions and international financial institutions . ### in its financing operations outside the union that fall within the scope of this decision , the eib should endeavour further to enhance coordination and cooperation with european financial institutions and international financial institutions , notably those participating in the eu platform for blending in external cooperation . this cooperation includes , where appropriate , cooperation on sector conditionality and mutual reliance on procedures , use of joint co - financing and participation in global initiatives , such as those promoting aid coordination and effectiveness . such coordination and cooperation should strive to minimise possible duplication of costs and unnecessary overlap . particularly with reference to the european bank for reconstruction and development , greater efforts should be made to find additional scope for synergies . the tripartite memorandum of understanding between the commission , the eib group and the ebrd in respect of cooperation outside the union , which allows the eib group and the ebrd to act in a complementary way by relying on their respective comparative advantages , was updated in 2012 to cover the extension of ebrd ' s geographical scope to the mediterranean region and should continue to be applied . the principles set out in this decision should also be applied when eib financing is implemented through cooperation agreements with other european financial institutions and international financial institutions .


### the overall purpose of the european year shall be to encourage and support the efforts of member states , their regional and local authorities , social partners and civil society to promote active ageing and to do more to mobilise the potential of the rapidly growing population in their late 50s and above , thereby preserving solidarity between generations . active ageing means creating better opportunities and working conditions to enable older workers to play their part in the labour market , combating social exclusion by fostering active participation in society , and encouraging healthy ageing . on this basis , the objectives shall be : ### the overall purpose of the european year shall be to encourage and support the efforts of member states , their regional and local authorities , social partners and civil society to promote active ageing and to do more to mobilise the potential of the rapidly growing population in their late 50s and above , thereby preserving solidarity between generations . in order to do so it is key for the european year to support and leverage local and regional projects and initiatives that allow the people of an ageing society to contribute as much as possible to their society and to let the older people in this ageing society benefit from adequate protection , security and quality care . moreover , it is the task of member states and their cities and regions to provide for a framework in which stakeholders from the public and private sector can cooperate well together on these common goals . active ageing means creating better opportunities and working conditions to enable older workers to play their part in the labour market and volunteering activities , combating social exclusion by fostering active participation in society , and encouraging healthy ageing . on this basis , the objectives shall be :


### to offer a framework for commitment and concrete action to enable member states and stakeholders at all levels to develop policies through specific activities and to commit to specific objectives related to active ageing . ### to offer a framework for commitment and concrete action , such as fostering an environment that is beneficial to innovation in technologies in the ict field that respond to the challenge of an ageing society , which enables public and private actors at national , regional and local level to develop policies through specific activities and to commit to specific objectives related to active ageing by developing long - term strategies .


### to stimulate debate and develop mutual learning between member states and stakeholders at all levels in order to promote active ageing policies , to identify and disseminate good practice and to encourage cooperation and synergies ; ### to stimulate debate , support and develop mutual learning between public and private actors at national , regional and local level in order to promote active ageing policies more successfully , to identify and disseminate good practices and to encourage cooperation and synergies ;


### to raise general awareness of the value of active ageing in order to highlight the useful contribution older persons make to society and the economy , to promote active ageing and to do more to mobilise the potential of older persons ; ### to raise general awareness at all administrative levels in member states , cities and regions of the value of active ageing in order to highlight the useful contributions older persons make to society and the economy , to promote active ageing , to do more to mobilise the potential of older persons , to put active ageing high up on the policy agenda of stakeholders at national , regional and local level and to promote intergenerational solidarity ;


### this directive relates to the direct risks to the health and safety of workers due to known short - term adverse effects in the human body caused by induced electric or magnetic fields , by energy absorption and by contact currents . it also covers indirect health and safety effects . ### this directive relates to the known direct and indirect short - term adverse effects on the health and safety of workers caused by electromagnetic fields , by energy absorption and by contact currents .


### directive 89 / 391 / eec shall apply fully to the whole area referred to in paragraph 1 , without prejudice to more stringent and / or more specific provisions contained in this directive . ### directive 89 / 391 / eec shall apply fully to the whole area referred to in paragraph 1 , without prejudice to more stringent or more specific provisions and / or certain exemptions for mri and related activities contained in this directive .


### the commission examined attentively the arguments put forward by stakeholders and after several consultations decided to reconsider thoroughly some provisions of directive 2040 / 40 / ec , on the basis of new scientific information produced by internationally recognised experts . ### the commission examined attentively the arguments put forward by stakeholders , in particular the medical community , and after several consultations decided to revise some provisions of directive 2040 / 40 / ec , on the basis of new scientific information produced by internationally recognised experts and the review of the new recommendations of the international commission for non - ionising radiation protection .


### for exposure in the range from 100 khz up to 300 ghz , and in any event where exposure above the exposure limit values is detected , a medical examination shall be made available to the worker concerned in accordance with national law and practice . if health damage resulting from such exposure is detected , a reassessment of the risks shall be carried out by the employer in accordance with article 4 . ### for exposure in the range from 100 khz up to 300 ghz , and in any event where exposure above the exposure limit values is detected , a medical examination must be made available to the worker concerned in accordance with national law and practice , on pain of sanctions . if health damage resulting from such exposure is detected , a reassessment of the risks shall be carried out immediately by the employer in accordance with article 4 .


### for exposures in the frequency range up to 100 khz , any undesired or unexpected health effect reported by a worker shall be transmitted to the person in charge of the medical surveillance who will take appropriate action in accordance with national law and practice . ### for exposures in the frequency range up to 100 khz , any undesired or unexpected health effect reported by a worker shall be transmitted to the person in charge of the medical surveillance and to the employer , who shall both be required to take appropriate action in accordance with national law and practice , on pain of sanctions .


### after the entry into force of directive 2004 / 40 / ec of the european parliament and of the council of 29 april 2004 on the minimum health and safety requirements regarding the exposure of workers to the risks arising from physical agents , serious concerns were expressed by stakeholders , in particular from the medical community , as to the potential impact of the implementation of that directive on the use of medical procedures based on medical imaging . concerns were also expressed as to the impact of the directive on certain industrial activities . ### after the entry into force of directive 2004 / 40 / ec of the european parliament and of the council of 29 april 2004 on the minimum health and safety requirements regarding the exposure of workers to the risks arising from physical agents , serious concerns were expressed by stakeholders , in particular from the medical community , as to the negative impact which the implementation of that directive would have on , on the one hand , certain industrial activities , and , on the other hand , certain medical procedures based on medical imaging , in particular magnetic resonance imaging . applying exposure limit values , orientation values and action values to the medical sector would reduce the possibilities for using mri technology , which is a vital tool for the diagnosis and treatment of several diseases .


### the power to adopt the delegated acts referred to in articles 8 , 12 , 15 , 19 , 27 , 32 , article 34 , article 37 , article 38 and article 39 shall be conferred on the commission for an indeterminate period of time from the date of entry into force of this regulation . ### the power to adopt the delegated acts referred to in article 5 , article 5 , articles 8 , 12 , 15 , 19 , 27 , 32 , article 34 , article 37 , article 38 and article 39 shall be conferred on the commission for a period of five years from the date of entry into force of this regulation . 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 .


### where a member state considers that a well operation or the operation of an installation may have significant negative effects on waters of another member state in the case of an accident , or where a member state likely to be significantly affected so requests , the member state in whose jurisdiction the operations are to take place , shall forward to the affected member state the relevant information and shall endeavour to adopt joint preventive measures to prevent damages . ### where a member state considers that a major accident relating to an offshore oil and gas operation under its jurisdiction is likely to have significant effects on the environment in another member state , or where a member state likely to be significantly affected so requests , the member state in whose jurisdiction the operations are to take place , shall forward the relevant information to the other member state pursuant to the relevant provisions of union law , in particular council directive 85 / 337 / eec .


### where a member state considers that a well operation or the operation of an installation may have significant negative effects on waters of another member state in the case of an accident , or where a member state likely to be significantly affected so requests , the member state in whose jurisdiction the operations are to take place , shall forward to the affected member state the relevant information and shall endeavour to adopt joint preventive measures to prevent damages . ### where a member state considers that a major accident relating to an offshore oil and gas operation under its jurisdiction is likely to have significant negative effects on the environment in another member state , or where a member state likely to be significantly affected so requests , the member state in whose jurisdiction the operations are to take place , shall forward the relevant information to the affected member state and shall endeavour to adopt agreed measures to prevent damages .


### licensing authorities pursuant to directive 94 / 22 / ec shall , when assessing the technical and financial capacity of the entities that apply for authorisation for offshore oil and gas activities , take into account the risks , hazards and any other relevant information related to the location concerned and the particular stage of exploration and production operations . ### licensing authorities pursuant to directive 94 / 22 / ec shall , when assessing the technical and financial capacity of the entities that apply for authorisation for offshore oil and gas activities , take into account the risks , hazards and any other relevant information related to the location concerned and the particular stage of exploration and production operations , and shall ensure that financial provision for potential liabilities in the case of a major accident are at a sufficient level to cover the estimated risks .


### competent authorities shall establish procedures for allowing anonymous reporting of safety and / or environmental concerns related to offshore oil and gas operations . competent authorities shall also establish procedures to investigate these reports while maintaining anonymity of the individuals concerned . ### competent authorities shall establish procedures for allowing reporting of safety and / or environmental concerns related to offshore oil and gas operations . competent authorities shall also establish procedures to investigate these reports .


### in order to provide for enhanced transparency of payments made to governments , issuers whose securities are admitted to trading on a regulated market and which have activities in the extractive or logging of primary forest industries should disclose in a separate report on an annual basis payments made to governments in the countries in which they operate . the report should include types of payments comparable to those disclosed under the extractive industries transparency initiative and provide civil society with information to hold governments of resource - rich countries to account for their receipts from the exploitation of natural resources . the initiative is also complementary to the eu flegt action plan and the timber regulation which require traders of timber products to exercise due diligence in order to prevent illegal wood from entering into the eu market . the detailed requirements are defined in chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council . ### in order to provide for enhanced transparency of payments made to governments , issuers whose securities are admitted to trading on a regulated market and which have activities in the extractive or logging of primary forest industries should disclose in a separate report on an annual basis payments made to governments in the countries in which they operate . the report should also specify the specific project or projects to which those payments have been attributed and should build upon the disclosure requirement imposed by the extractive industries transparency initiative . the initiative is also complementary to the eu flegt action plan and the timber regulation , which require traders of timber products to exercise due diligence in order to prevent illegal wood from entering the union market . the detailed requirements are defined in chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council .


### new motorcycles of subcategories l3e–a2 and l3e–a3 which are sold , registered and entering into service to be equipped with an anti - lock brake system . ### new motorcycles of subcategories l3e–a1 , l3e–a2 and l3e–a3 which are sold , registered and entering into service to be equipped with an anti - lock brake system on both wheels .


### new motorcycles of subcategories l3e–a2 and l3e–a3 which are sold , registered and entering into service to be equipped with an anti - lock brake system . ### new motorcycles of subcategories l3e–a2 and l3e–a3 which are sold , registered and entering into service to be equipped with an anti - lock brake system on both wheels .


### by way of derogation from article 7 of regulation no [ &#8230 ; ] [ rd ] , expenditure relating to legal commitments to beneficiaries , undertaken under the measures of article 36 to and and of regulation no 1698 / 2005 and of article 36 and of that regulation in relation to the annual premium , shall be eligible for an eafrd contribution in the 2014 - 2020 programming period in the following cases : ### by way of derogation from article 7 of regulation no [ &#8230 ; ] [ rd ] , expenditure relating to legal commitments to beneficiaries , undertaken under the measures referred to in articles 20 , 36 , 52 and 63 of regulation 1698 / 2005 , shall be eligible for an eafrd contribution in the 2014 - 2020 programming period in the following cases :


### the decision referred to in the first subparagraph shall be notified to the commission by the date referred to in that subparagraph . ### the decision referred to in the first subparagraph shall be notified to the commission by the date referred to in that subparagraph . the decision shall set out the percentage referred to in the first subparagraph , which may vary by calendar year .


### in article 59 , the second and the third paragraphs are replaced by the following : ' it shall apply from 1 january 2015 . however , articles 20 , 22 , 35 , 37 and 39 shall apply from the date of entry into force of this regulation . ' ### in article 59 , the second and the third paragraphs are replaced by the following : ' it shall apply from 1 january 2015 . however , articles 18 , 20 , 22 , 28a , 35 , 37 and 39 shall apply from the date of entry into force of this regulation . articles 29 , 30 , 31 , 32 and 33 shall only apply from 1 january 2016 . '


### by way of derogation from article 7 of regulation no [ &#8230 ; ] [ rd ] , expenditure relating to legal commitments to beneficiaries , undertaken under the measures of article 36 to and and of regulation no 1698 / 2005 and of article 36 and of that regulation in relation to the annual premium , shall be eligible for an eafrd contribution in the 2014 - 2020 programming period in the following cases : ### by way of derogation from article 7 of regulation no [ . . . ] [ rd ] , expenditure relating to legal commitments to beneficiaries , undertaken under the measures referred to in article 20 , article 20 , , and and article 36 to and and of regulation no 1698 / 2005 and in article 36 and of that regulation in relation to the annual premium , shall be eligible for an eafrd contribution in the 2014 - 2020 programming period in the following cases :


### the percentage notified in accordance with the second subparagraph shall be the same for the years referred to in the first subparagraph . ### member states may decide to review the decision in this paragraph with effect from calendar year 2018 . such a review shall not result in a decrease of the percentage notified to the commission .


### this regulation shall enter into force on the seventh day following that of its publication in the official journal of the european union . it shall apply from 1 january 2014 , except as follows : articles 7 , 8 and 9 shall apply from 16 october 2013 ; articles 18 , 42 , 43 and 45 shall apply from 16 october 2013 as regards expenditure incurred from 16 october 2013 title iii , chapter ii of title v and title vi shall apply from 1 january 2015 . ' ### this regulation shall enter into force on the seventh day following that of its publication in the official journal of the european union . it shall apply from 1 january 2014 . 2 . however , the following provisions shall apply : articles 7 , 8 , 16 , 24a and 25 , from 16 october 2013 ; articles 9 , 18 , 42 and 45 for expenditure incurred from 16 october 2013 without prejudice to article 114a ; article 54 , title iii , title iv and title v from 1 january 2015 , except as regards title v scmo regulation , which shall apply from 1 january 2014 ; article 110 for payments made as from financial year 2016 onwards and articles 110a - 110d for payments made as from financial year 2015 onwards .


### the percentage notified in accordance with the second subparagraph shall be the same for the years referred to in the first subparagraph of paragraph 1 . ### member states may decide to review the decision in this paragraph with effect for financial years 2019 and 2020 . such review shall not result in an increase of the percentage notified to the commission in accordance with the previous sub - paragraph . member states shall notify the commission of any such decision on review by 1 august 2017 .


### by way of derogation from article 7 of regulation no [ &#8230 ; ] [ rd ] , expenditure relating to legal commitments to beneficiaries , undertaken under the measures of article 36 to and and of regulation no 1698 / 2005 and of article 36 and of that regulation in relation to the annual premium , shall be eligible for an eafrd contribution in the 2014 - 2020 programming period in the following cases : ### by way of derogation from article 7 of regulation no [ &#8230 ; ] [ rd ] , expenditure relating to legal commitments to beneficiaries , undertaken under the measures of article 20 and , , and , and articles 36 , 52 and 63 of regulation no 1698 / 2005 and of article 36 and of that regulation in relation to the annual premium , shall be eligible for an eafrd contribution in the 20142020 programming period in the following cases :


### “article 115 entry into force and applicability this regulation shall enter into force on the seventh day following that of its publication in the official journal of the european union . it shall apply from 1 january 2014 , except as follows : articles 7 , 8 and 9 shall apply from 16 october 2013 ; articles 18 , 42 , 43 and 45 shall apply from 16 october 2013 as regards expenditure incurred from 16 october 2013 ; title iii , chapter ii of title v and title vi shall apply from 1 january 2015 . ### “article 115 entry into force and applicability this regulation shall enter into force on the seventh day following that of its publication in the official journal of the european union . it shall apply from 1 january 2014 . articles 7 , 8 , 16 , 24a and 25 shall apply from 16 october 2013 ; articles 9 , 18 , 42 and 45 for expenditure incurred from 16 october 2013 without prejudice to article 114a ; article 54 , title iii , chapter ii of title v and title vi from 1 january 2015 . title vii , chapter iv for expenditure incurred from budget year 2014 onwards . '


### by way of derogation from article 94 of regulation no [ &#8230 ; ] [ rd ] , for the measures of article 36 to and and of regulation no 1698 / 2005 , member states may continue to undertake new legal commitments to beneficiaries in 2014 pursuant to the rural development programmes adopted on the basis of regulation no 1698 / 2005 even after the financial resources of the 2007 - 2013 programming period have been used up , until the adoption of the respective rural development programme for the 2014 - 2020 programming period . the expenditure incurred on the basis of these commitments shall be eligible in accordance with article 3 of this regulation . ### by way of derogation from article 94 of regulation no [ &#8230 ; ] [ rd ] , for all measures of the programming period 2007 - 2013 of regulation no 1698 / 2005 , member states may continue to undertake new legal commitments to beneficiaries in 2014 pursuant to the rural development programmes adopted on the basis of regulation no 1698 / 2005 even after the financial resources of the 2007 - 2013 programming period have been used up , until the adoption of the respective rural development programme for the 2014 - 2020 programming period . the expenditure incurred on the basis of these commitments shall be eligible in accordance with article 3 of this regulation .


### by way of derogation from article 7 of regulation no [ &#8230 ; ] [ rd ] , expenditure relating to legal commitments to beneficiaries , undertaken under the measures of article 36 to and and of regulation no 1698 / 2005 and of article 36 and of that regulation in relation to the annual premium , shall be eligible for an eafrd contribution in the 2014 - 2020 programming period in the following cases : ### by way of derogation from article 7 of regulation no [ . . . ] [ rd ] , expenditure relating to legal commitments to beneficiaries , undertaken under the measures referred to in articles 20 , 36 , 52 and 63 of regulation no 1698 / 2005 , , shall be eligible for an eafrd contribution in the 2014 - 2020 programming period in the following cases :


### without prejudice to article 25 of regulation no [ hz ] of the european parliament and of the council* , the amounts of direct payments which may be granted in a member state in respect of calendar year 2014 under articles 34 , 52 , 53 and 68 of this regulation and for the aid to silkworm rearers under article 111 of regulation no 1234 / 2007 shall not be higher than the ceilings set out in annex viii to this regulation for that year . where necessary , and in order to comply with the ceilings set out in annex viii , member states shall make a linear reduction in the amounts of direct payments in respect of calendar year 2014 . ### without prejudice to article 25 of regulation no [ hz ] of the european parliament and of the council* , the amounts of direct payments which may be granted in a member state in respect of calendar year 2014 under articles 34 , 52 , 53 and 68 of this regulation and for the aid to silkworm rearers under article 111 of regulation no 1234 / 2007 shall not be higher than the ceilings set out in annex viii to this regulation for that year , minus the amounts resulting from the application of article 136 for calendar year 2015 in accordance with annex viiia to this regulation . where necessary , and in order to comply with the ceilings set out in annex viii , member states shall make a linear reduction in the amounts of direct payments in respect of calendar year 2014 minus the amounts resulting from the application of article 136 for calendar year 2015 in accordance with annex viiia to this regulation .


### to ensure legal certainty in the transition it should be provided that expenditure undertaken pursuant to regulation no 1698 / 2005 under area and animal related measures should be eligible for an eafrd contribution in the new programming period when there are still payments to be made . in the interest of sound financial management and effective programme implementation , such expenditure should be clearly identified in the rural development programmes and throughout the management and control systems of the member states . in order to avoid unnecessary complexity in the financial management of rural development programmes in the new programming period , it should be provided that the co - financing rates of the new programming period shall apply to transitional expenditure . ### to ensure legal certainty in the transition it should be provided that expenditure undertaken pursuant to regulation no 1698 / 2005 under area and animal related measures and investment should be eligible for an eafrd contribution in the new programming period . in the interest of sound financial management and effective programme implementation , such expenditure should be clearly identified in the rural development programmes and throughout the management and control systems of the member states . in order to avoid unnecessary complexity in the financial management of rural development programmes in the new programming period , it should be provided that the co - financing rates of the new programming period shall apply to transitional expenditure .


### from 2020 , this regulation sets a target of 135 g co2 / km for the average emissions of new light commercial vehicles registered in the community . ### this regulation sets a target of 160 g co2 / km , starting in 2020 , as average emissions for the new light commercial vehicles fleet , in accordance with article 12 . this regulation sets a target of 145 g co2 / km , starting in 2025 , as average emissions for the new light commercial vehicles fleet , in accordance with article 12 .


### – 75% in 2014 , – 80% in 2015 , – 100% from 2016 onwards . ### – 65% in 2015 , – 75% in 2016 , – 80% from 2017 onwards . – 100% from 2018 onwards as of 1 january 2016 , completed vehicles shall also be included in determining each manufacturer’s average specific co2 emissions .


### manufacturers’ compliance with the targets under this regulation should be assessed at the community level . manufacturers whose average specific emissions of co2 exceed those permitted under this regulation should pay an excess emissions premium with respect to each calendar year from 1 january 2014 . the premium should be modulated as a function of the extent to which manufacturers fail to comply with their target . in order to ensure consistency , the premium mechanism should be similar to the one set in regulation no 443 / 2009 . the amounts of the excess emissions premium should be considered as revenue in the general budget of the european union . ### manufacturers’ compliance with the targets under this regulation should be assessed at the community level . manufacturers whose average specific emissions of co2 exceed those permitted under this regulation should pay an excess emissions penalty with respect to each calendar year from 1 january 2014 . the penalty should be modulated as a function of the extent to which manufacturers fail to comply with their target . in order to ensure consistency , the penalty mechanism should be similar to the one set in regulation no 443 / 2009 . the amounts of the excess emissions penalty should be considered as revenue in the general budget of the european union .


### the commission shall by 2015 review the method of determining the specific emissions of co2 of completed vehicles in paragraph 7 of part b of annex ii and , if appropriate , submit a proposal to the european parliament and to the council to amend annex ii . ### by 2011 the commission shall set up a procedure to obtain representative values of co2 emissions and mass of completed vehicles for monitoring purposes .


### from 2020 , this regulation sets a target of 135 g co2 / km for the average emissions of new light commercial vehicles registered in the community . ### this regulation sets a target of 160g co2 / km , starting in 2020 , as average emissions for the new light commercial vehicles fleet , in accordance with article 12 . this regulation sets a target of 135 g co2 / km , starting in 2025 , as average emissions for the new light commercial vehicles fleet , in accordance with article 12 .


### – subject to confirmation of its feasibility on the basis of updated impact assessment results , the modalities for reaching , by the year 2020 , a long - term target of 135 g co2 / km in a cost - effective manner ; and ### – subject to confirmation of its feasibility on the basis of updated impact assessment results , the modalities for reaching , by the year 2022 , a long - term target of 135 g co2 / km in a cost - effective manner ; and


### – subject to confirmation of its feasibility on the basis of updated impact assessment results , the modalities for reaching , by the year 2020 , a long - term target of 135 g co2 / km in a cost - effective manner ; and ### – the modalities for reaching a long - term target of 160 g co2 / km , starting in 2020 , in a cost - effective manner ; and


### in respect of the period 1 january 2014 and every calendar year thereafter , the commission shall impose an excess emissions premium on a manufacturer or pool manager , as appropriate , where a manufacturer ' s average specific emissions of co2 exceed its specific emissions target . ### in respect of the period 1 january 2015 and every calendar year thereafter , the commission shall impose an excess emissions premium on a manufacturer or pool manager , as appropriate , where a manufacturer ' s average specific emissions of co2 exceed its specific emissions target . the excess emissions premiums shall be similar to premiums paid in other sectors under the european emission trading scheme .


### from 2020 , this regulation sets a target of 135 g co2 / km for the average emissions of new light commercial vehicles registered in the community . ### from 2022 , this regulation sets a target of 135 g co2 / km for the average emissions of new light commercial vehicles registered in the community .


### – 75% in 2014 , – 80% in 2015 , – 100% from 2016 onwards . ### – 50% in 2014 , – 75% in 2015 , – 80% in 2016 , – 100% from 2017 onwards .


### – 75% in 2014 , – 80% in 2015 , – 100% from 2016 onwards . ### – 65% in 2015 , – 75% in 2016 , – 80% in 2017 , – 100% from 2018 onwards .


### esma shall publish on its website a list of credit rating agencies registered in accordance with this regulation . that list shall be updated within 5 working days following the adoption of a decision under articles 16 , 17 or 20 . ### the european supervisory authority shall publish on its website a list of credit rating agencies registered in accordance with this regulation . that list shall be updated within five working days of the adoption of a decision under article 16 , 17 or 20 . the commission shall publish that list in the official journal of the european union and shall publish updated lists within 30 working days of the communication of a decision under article 16 , 17 or 20 .


### the european securities and markets authority should be able to propose to the commission to impose periodic penalty payments . the purpose of those periodic penalty payments should be to achieve that an infringement established by the european securities and markets authority is put to an end , that complete and correct information which the european securities and markets authority has requested is supplied and that credit rating agencies and other persons submit to an investigation . moreover , for deterrence purposes and to compel credit rating agencies to comply with the regulation , the commission should also be able to impose fines , following a request of the european securities and markets authority , where intentionally or negligently , specific provisions of the regulation have been breached . the fine shall be dissuasive and proportionate to the nature and seriousness of the breach , the duration of the breach and the economic capacity of the credit rating agency concerned . detailed criteria for establishing the amount of the fines as well as procedural aspects related to fines should be set out by the commission in a delegated act . member states should only remain competent for laying down and implementing the rules on penalties applicable to the infringement of the obligation of financial firms to use , for regulatory purposes only credit ratings issued by credit rating agencies registered in accordance with this regulation . ### the european supervisory authority should be able to propose to the commission to impose periodic penalty payments . the purpose of those periodic penalty payments should be to achieve that an infringement established by the european supervisory authority is put to an end , that complete and correct information which the european supervisory authority has requested is supplied and that credit rating agencies and other persons submit to an investigation . moreover , for deterrence purposes and to compel credit rating agencies to comply with the regulation , the commission should also be able to impose fines , following a request of the european supervisory authority , where , intentionally or negligently , any of the provisions of this regulation , including those listed in annex iii , have been breached . such fines should be dissuasive and proportionate to the nature and seriousness of the breach , the duration of the breach and the economic capacity of the credit rating agency concerned . detailed criteria for establishing the amount of the fines as well as procedural aspects related to fines should be set out by the commission in a delegated act . member states should remain competent only for laying down and implementing the rules on penalties applicable to the infringement of the obligation of financial firms to use , for regulatory purposes , only credit ratings issued by credit rating agencies registered in accordance with this regulation .


### they provide ratings on a yearly basis for at least 10 % of the structured finance instruments for which they request access to information referred to in paragraph 1 . ### they provide ratings on a yearly basis for at least 10% of the portfolio of structured finance instruments for which they request access to information referred to in paragraph 1 .


### the scope of the european securities and markets authority ' s action should be clearly defined so that financial market participants can identify the authority competent in the field of activity of credit rating agencies . the european securities and markets authority should assume general competence in matters relating to the registration and on - going supervision of registered credit rating agencies . ### the scope of the european securities and markets authority ' s competences should be clearly defined so that financial market participants can identify the authority competent in the field of activity of credit rating agencies . the european supervisory authority should be exclusively responsible for the registration and on - going supervision of registered credit rating agencies .


### the european securities and markets authority should be able to propose to the commission to impose periodic penalty payments . the purpose of those periodic penalty payments should be to achieve that an infringement established by the european securities and markets authority is put to an end , that complete and correct information which the european securities and markets authority has requested is supplied and that credit rating agencies and other persons submit to an investigation . moreover , for deterrence purposes and to compel credit rating agencies to comply with the regulation , the commission should also be able to impose fines , following a request of the european securities and markets authority , where intentionally or negligently , specific provisions of the regulation have been breached . the fine shall be dissuasive and proportionate to the nature and seriousness of the breach , the duration of the breach and the economic capacity of the credit rating agency concerned . detailed criteria for establishing the amount of the fines as well as procedural aspects related to fines should be set out by the commission in a delegated act . member states should only remain competent for laying down and implementing the rules on penalties applicable to the infringement of the obligation of financial firms to use , for regulatory purposes only credit ratings issued by credit rating agencies registered in accordance with this regulation . ### the european supervisory authority should be able to impose periodic penalty payments . the purpose of those periodic penalty payments should be to achieve that an infringement established by the european supervisory authority is put to an end , that complete and correct information which the european supervisory authority has requested is supplied and that credit rating agencies and other persons submit to an investigation . moreover , for deterrence purposes and to compel credit rating agencies to comply with the regulation , the european supervisory authority should also be able to impose fines where , intentionally or negligently , specific provisions of the regulation have been breached . the fine shall be dissuasive and proportionate to the nature and seriousness of the breach , the duration of the breach and the economic capacity of the credit rating agency concerned . detailed criteria for establishing the amount of the fines as well as procedural aspects related to fines should be set out by the commission in a delegated act . member states should only remain competent for laying down and implementing the rules on penalties applicable to the infringement of the obligation of financial firms to use , for regulatory purposes only credit ratings issued by credit rating agencies registered in accordance with this regulation .


### the commission shall adopt by means of delegated acts in accordance with article 38a detailed rules for the implementation of this article , specifying in particular : ### the commission shall adopt by means of delegated acts in accordance with article 38a , and subject to the conditions of articles 38b and 38c , detailed rules for the implementation of this article , specifying in particular :


### within 50 working days of the notification as referred to in the second subparagraph of article 15 , and within 65 working days thereof where paragraph 2 of this article applies , esma shall adopt fully reasoned individual registration or refusal decisions . ### within 55 working days of the notification as referred to in the second subparagraph of article 15 , and within 70 working days thereof where paragraph 2 of this article applies , the european supervisory authority shall adopt fully reasoned individual registration or refusal decisions .


### the commission shall adopt by means of delegated acts in accordance with article 38a a regulation on fees . that regulation shall determine in particular the type of fees and the matters for which fees are due , the amount of the fees and the way in which they are to be paid . the amount of a fee charged to a credit rating agency shall be proportionate to its size and economic strength . ### the commission shall adopt by means of delegated acts in accordance with article 38a , and subject to the conditions of articles 38b and 38c , measures relating to fees . those measures shall determine in particular the type of fees and the matters for which fees are due , the amount of the fees and the way in which they are to be paid . the amount of a fee charged to a credit rating agency shall be proportionate to its size , its economic strength and the complexity of the activities carried out .


### at esma ' s request , the commission may , by decision , impose on the persons referred to in article 23a periodic penalty payments in order to compel them : ### the european supervisory authority may impose on the persons referred to in article 23a periodic penalty payments in order to compel them :


### esma shall , within 30 working days of the notification referred to in the second subparagraph of article 15 examine the application for registration based on the compliance of the credit rating agency with the conditions set out in this regulation . ### the european supervisory authority shall , within 45 working days of the notification referred to in the second subparagraph of article 15 , examine the application for registration based on the compliance of the credit rating agency with the conditions set out in this regulation .


### before taking decision on a fine or periodic penalty payment as provided for in articles 36a and 36b , the commission shall give the persons which are the subject of the proceedings the opportunity of being heard on the matters to which the commission has taken objection . the commission shall base its decisions only on objections on which the parties concerned have been able to comment . ### before taking decision on a fine or periodic penalty payment as provided for in articles 36a and 36b , the european supervisory authority shall give the persons which are the subject of the proceedings the opportunity of being heard on the matters to which the european supervisory authority has taken objection . the european supervisory authority shall base its decisions only on objections on which the parties concerned have been able to comment .


### the court of justice shall have unlimited jurisdiction to review decisions whereby the commission has fixed a fine or imposed a periodic penalty payment . it may annul , reduce or increase the fine or periodic penalty payment imposed . ### the court of justice shall have unlimited jurisdiction to review decisions whereby the european supervisory authority has fixed a fine or imposed a periodic penalty payment . it may annul , reduce or increase the fine or periodic penalty payment imposed .


### the powers to adopt the delegated acts referred to in the third subparagraph of article 5 , article 19 , article 36a and article 37 shall be conferred on the commission for an indeterminate period of time . ### the power to adopt the delegated acts referred to in the third subparagraph of article 5 , article 19 , article 36a and article 37 shall be conferred on the commission for a period of four years from . . . * . the commission shall draw up a report in respect of the delegated powers at the latest six months before the end of the four - year period . the delegation of powers shall be automatically extended for periods of an identical duration , unless the european parliament or the council revokes it in accordance with article 38b . * oj please insert the date of entry into force of the amending regulation .


### in order to reinforce competition between credit rating agencies , to help avoiding possible conflicts of interest under the issuer - pays model , which are particularly virulent regarding the rating of structured finance instruments , and to enhance transparency and the quality of ratings for structured finance instruments , registered or certified credit rating agencies should have the right to access a list of structured finance instruments that are being rated by their competitors . the information for this rating should be provided by the issuer or a related third party for the purpose of the issuance of unsolicited competing ratings on structured finance instruments . the issuance of such unsolicited ratings should promote the use of more than one rating per structured finance instrument . access to the websites should only be granted if a credit rating agency is able to ensure the confidentiality of the requested information . ### in order to reinforce competition between credit rating agencies , to help avoid possible conflicts of interest under the issuer - pays model , which are particularly virulent regarding the rating of structured finance instruments , and to enhance transparency and the quality of ratings for structured finance instruments , registered or certified credit rating agencies should be able to access information on structured finance instruments that are being rated by their appointed competitors in order to be in a position to provide unsolicited ratings . the issuance of such unsolicited ratings should promote the use of more than one rating per structured finance instrument . access to the websites should be granted only if a credit rating agency is able to ensure the confidentiality of the requested information .


### the rights of defence of the persons concerned shall be fully respected in the proceedings . they shall be entitled to have access to the commission ' s file , subject to the legitimate interest of other persons in the protection of their business secrets . the right of access to the file shall not extend to confidential information and internal documents of the commission . ### the rights of defence of the persons concerned shall be fully respected in the proceedings . they shall be entitled to have access to the european supervisory authority ' s file , subject to the legitimate interest of other persons in the protection of their business secrets . the right of access to the file shall not extend to confidential information and internal documents of the european supervisory authority .


### the european securities and markets authority should be able to propose to the commission to impose periodic penalty payments . the purpose of those periodic penalty payments should be to achieve that an infringement established by the european securities and markets authority is put to an end , that complete and correct information which the european securities and markets authority has requested is supplied and that credit rating agencies and other persons submit to an investigation . moreover , for deterrence purposes and to compel credit rating agencies to comply with the regulation , the commission should also be able to impose fines , following a request of the european securities and markets authority , where intentionally or negligently , specific provisions of the regulation have been breached . the fine shall be dissuasive and proportionate to the nature and seriousness of the breach , the duration of the breach and the economic capacity of the credit rating agency concerned . detailed criteria for establishing the amount of the fines as well as procedural aspects related to fines should be set out by the commission in a delegated act . member states should only remain competent for laying down and implementing the rules on penalties applicable to the infringement of the obligation of financial firms to use , for regulatory purposes only credit ratings issued by credit rating agencies registered in accordance with this regulation . ### the european securities and markets authority should be able to impose periodic penalty payments . the purpose of those periodic penalty payments should be to achieve that an infringement established by the european securities and markets authority is put to an end , that complete and correct information which the european securities and markets authority has requested is supplied and that credit rating agencies and other persons submit to an investigation . moreover , for deterrence purposes and to compel credit rating agencies to comply with the regulation , the commission should also be able to impose fines , following a request of the european securities and markets authority , where intentionally or negligently , specific provisions of the regulation have been breached . the fine shall be dissuasive and proportionate to the nature and seriousness of the breach , the duration of the breach and the economic capacity of the credit rating agency concerned . detailed criteria for establishing the amount of the fines as well as procedural aspects related to fines should be set out by the commission in a delegated act . member states should only remain competent for laying down and implementing the rules on penalties applicable to the infringement of the obligation of financial firms to use , for regulatory purposes only credit ratings issued by credit rating agencies registered in accordance with this regulation .


### esma and the competent authorities shall cooperate where it is necessary for the purposes of this regulation . ### the european supervisory authority , the european supervisory authority , the european supervisory authority and the competent authorities shall cooperate where it is necessary for the purposes of this regulation .


### the commission shall disclose to the public every fine and periodic penalty payment that has been imposed according to articles 36a and 36b . ### the european supervisory authority shall disclose to the public every fine and periodic penalty payment that has been imposed according to articles 36a and 36b .


### in order to carry out its duties under this regulation , esma may conduct all necessary on - site inspections with our without announcement at the premises of persons referred to in article 23a . ### in order to carry out its duties under this regulation , the european supervisory authority may conduct all necessary on - site inspections with or without prior announcement at the premises of persons referred to in article&#160 ; 23a .


### the european securities and markets authority should be able to propose to the commission to impose periodic penalty payments . the purpose of those periodic penalty payments should be to achieve that an infringement established by the european securities and markets authority is put to an end , that complete and correct information which the european securities and markets authority has requested is supplied and that credit rating agencies and other persons submit to an investigation . moreover , for deterrence purposes and to compel credit rating agencies to comply with the regulation , the commission should also be able to impose fines , following a request of the european securities and markets authority , where intentionally or negligently , specific provisions of the regulation have been breached . the fine shall be dissuasive and proportionate to the nature and seriousness of the breach , the duration of the breach and the economic capacity of the credit rating agency concerned . detailed criteria for establishing the amount of the fines as well as procedural aspects related to fines should be set out by the commission in a delegated act . member states should only remain competent for laying down and implementing the rules on penalties applicable to the infringement of the obligation of financial firms to use , for regulatory purposes only credit ratings issued by credit rating agencies registered in accordance with this regulation . ### the european supervisory authority should be able to propose to the commission to impose periodic penalty payments . the purpose of those periodic penalty payments should be to achieve that an infringement established by the european supervisory authority is put to an end , that complete and correct information which the european supervisory authority has requested is supplied and that credit rating agencies and other persons submit to an investigation . moreover , for deterrence purposes and to compel credit rating agencies to comply with the regulation , the commission should also be able to impose fines , following a request of the european supervisory authority , where , intentionally or negligently , any of the provisions of this regulation , including those listed in annex iii , have been breached . such fines should be dissuasive and proportionate to the nature and seriousness of the breach , the duration of the breach and the economic capacity of the credit rating agency concerned . detailed criteria for establishing the amount of the fines as well as procedural aspects related to fines should be set out by the commission in a delegated act . member states should remain competent only for laying down and implementing the rules on penalties applicable to the infringement of the obligation of financial firms to use , for regulatory purposes , only credit ratings issued by credit rating agencies registered in accordance with this regulation .


### where other credit rating agencies registered or certified according to this regulation request access to the information referred to in paragraph 1 , they shall be granted access without delay provided that they meet all of the following conditions : ### where other credit rating agencies registered or certified according to this regulation request access to the information referred to in paragraph 1 , they shall be granted access provided that they meet all of the following conditions :


### esma shall publish on its website a list of credit rating agencies registered in accordance with this regulation . that list shall be updated within 5 working days following the adoption of a decision under articles 16 , 17 or 20 . ### the european supervisory authority shall publish on its website a list of credit rating agencies registered in accordance with this regulation . that list shall be updated within five working days of the adoption of a decision under article 16 , 17 or 20 . the commission shall publish that list in the official journal of the european union and shall publish updated lists within 30 working days of the communication of a decision under article 16 , 17 or 20 .


### esma shall , within 40 working days of the notification referred to in the second subparagraph of article 15 examine the applications for registration based on the compliance of those credit rating agencies with the conditions set out in this regulation . ### the european supervisory authority shall , within 55 working days of the notification referred to in the second subparagraph of article 15 , examine the applications for registration based on the compliance of those credit rating agencies with the conditions set out in this regulation .


### the european council has granted the status of candidate country to iceland , montenegro , the former yugoslav republic of macedonia and turkey . it has confirmed the european perspective for albania , bosnia and herzegovina , serbia as well as kosovo , which are considered potential candidates . ### the european council has granted the status of candidate country to iceland , montenegro , the former yugoslav republic of macedonia , turkey and , most recently , serbia . it has confirmed the european perspective for albania , bosnia and herzegovina , as well as kosovo , which are considered potential candidates .


### economic reforms necessary to cope with competitive pressure and market forces within the union , while pursuing economic , social and environmental goals ; ### economic reforms in the areas of , inter alia , investment protection , competition and public procurement and sanitary and phytosanitary rules , necessary to cope with competitive pressure and market forces within the union , while pursuing economic , social and environmental goals ;


### articles 5 , 6 , 7 , 8 and 12 shall not apply to the activities of an investment firm or a third country entity or a local firm that is a member of a trading venue or of a market in a third country , whose legal and supervisory framework has been declared equivalent pursuant to paragraph 2 , when it deals as principal in a financial instrument , whether traded on or outside a trading venue , in either or both of the following capacities : ### articles 5 to 8 and 12 and any restrictions or requirements imposed under articles 16 , 17 , 18 or 24 shall not apply to the activities of an investment firm or a third country entity or a local firm that is a member of a trading venue or of a market in a third country , whose legal and supervisory framework has been declared equivalent pursuant to paragraph 2 , when it deals in a financial instrument , whether traded on or outside a trading venue , in either of the following capacities by :


### for the purposes of this regulation , a natural or legal person shall be considered to have an uncovered position in a credit default swap relating to an obligation of a member state or the union , to the extent that the credit default swap is not serving to hedge against the risk of default of the issuer where the natural or legal person has a long position in the sovereign debt of that issuer or any long position in the debt of an issuer for which the price of its debt has a high correlation with the price of the obligation of a member state or the union . the party under a credit default swap that is obliged to make the payment or pay the compensation in the event of a default or a credit event relating to the reference entity does not by reason of that obligation have an uncovered position for the purposes of this paragraph . ### for the purposes of this regulation , a natural or legal person shall be considered to have an uncovered position in a credit default swap relating to an obligation of a member state or the union , to the extent that the credit default swap is not serving to hedge against the risk of a decline in the creditworthiness of the issuer where the natural or legal person has another position whose value is likely to be negatively impacted by such a decline . the party under a credit default swap that is obliged to make the payment or pay the compensation in the event of a default or a credit event relating to the reference entity does not by reason of that obligation have an uncovered position for the purposes of this paragraph .


### a natural or legal person may only enter into a short sale of a share admitted to trading on a trading venue or a short sale of a sovereign debt instrument where one of the following conditions is fulfilled : ### a natural or legal person may only enter into a short sale of a share admitted to trading on a trading venue or a short sale of a sovereign debt instrument where one of the following conditions is fulfilled by 11 . 59 pm on the trading day on which the person enters into the short sale :


### articles 5 , 6 , 7 , 8 and 12 shall not apply to the activities of an investment firm or a third country entity or a local firm that is a member of a trading venue or of a market in a third country , whose legal and supervisory framework has been declared equivalent pursuant to paragraph 2 , when it deals as principal in a financial instrument , whether traded on or outside a trading venue , in either or both of the following capacities : ### articles 5 to 8 and 12 shall not apply to the activities of an investment firm or a third country entity that is a member of a relevant trading venue or of a relevant market in a third country , whose legal and supervisory framework has been declared equivalent pursuant to paragraph 2 , when it deals as principal in a relevant financial instrument , whether traded on or outside a trading venue , in one or more of the following capacities and by hedging positions arising out of those dealings :


### the fall in value shall be 10% or more in the case of a share and for other classes of financial instruments an amount to be specified by the commission . ### the fall in value shall be elaborated by esa considering that there are significant differences in volatility .


### the fall in value shall be 10% or more in the case of a share and for other classes of financial instruments an amount to be specified by the commission . ### the fall in value shall be 15% or more in the case of a share and for other classes of financial instruments an amount to be specified by the commission .


### a natural or legal person who has a net short position in relation to the issued share capital of a company that has shares admitted to trading on a trading venue shall disclose to the public details of the position whenever the position reaches or falls below a relevant publication threshold referred to in paragraph 2 . ### the relevant competent authority shall publish , on a daily basis , details of the aggregate amount of net short positions for each share for which it has received a notification under article 5 . such disclosure shall not identify the holder of the net short position .


### by posting firm , simultaneous two way quotes of comparable size and at competitive prices , with the result of providing liquidity on a regular and ongoing basis to the market ; ### by posting regular and permanent two way quotes of comparable size and at competitive prices , with the result of providing liquidity on a regular and ongoing basis to the market ;


### powers are delegated to the commission to adopt regulatory technical standards specifying the method of calculation of the 10% fall for shares and of the fall in value specified by the commission as referred to in paragraph 4 . ### powers are delegated to the commission to adopt regulatory technical standards specifying the method of calculation of the 15% fall for shares and of the fall in value specified by the commission as referred to in paragraph 4 .