### however , the effective exercise of the freedom of movement of workers is still a major challenge and many workers are very often unaware of their rights to free movement . they still suffer from discrimination on the grounds of nationality when moving across european union borders of the member states . there is , therefore , a gap between the legislation and its application in practice that needs to be addressed . ### the effective exercise of the freedom of movement of workers is still a major challenge and many workers , employers and public administration are very often unaware of rights to free movement of eu citizens . citizens still suffer from discrimination on the grounds of nationality when moving across european union borders of the member states . concerned workers also suffer from exacerbated effects of multiple discriminations on grounds of racial or ethnic origin , religion or belief , disability , age or sexual orientation and sex . there is , therefore , a gap between the legislation and its application in practice that needs to be addressed . this gap also remains for some vulnerable groups such as domestic workers , persons with disabilities or illiterate persons . specific measures should therefore be implemented to allow these groups to enjoy their right to work in another member state .


### member states shall designate a structure , a body or bodies for the promotion , analysis , monitoring and support of equal treatment of all workers or members of their families without discrimination on grounds of nationality and make the necessary arrangements for functioning of such bodies . these bodies may form part of agencies at a national level with similar objectives but covering a wider range of discrimination grounds . in that case , the member state shall ensure allocation of sufficient resources to the existing body for the performance of additional tasks in order to ensure that the performance of already existing tasks of these bodies will not suffer . ### member states shall designate a structure , a body or bodies for the promotion , analysis , monitoring and support of equal treatment of all workers or members of their families without discrimination , particularly on grounds of nationality , and make the necessary arrangements for functioning of such bodies , including guaranteeing their complete independence . member states shall ensure that these bodies have a gender sensitive approach at all stages of the process . these bodies may form part of agencies at a national level with similar objectives as those referred to in article 13 of directive 2000 / 43 / ec or covering a wider range of discrimination grounds . in that case , the member state shall ensure allocation of sufficient resources to the existing body for the performance of additional tasks in order to ensure the effective and adequate provision of all functions of the body and in particular that the performance of already existing tasks of these bodies will not suffer .


### conditions of employment and work , in particular as regards remuneration and dismissal ; ### conditions of employment and work , in particular as regards non - discrimination on any ground , remuneration and dismissal ;


### it is up to each member state to decide whether the tasks referred to in article 5 of this directive are attributed to an already existing body covering a wider range of discrimination grounds . in the case the tasks under article 5 will be covered by expanding the mandate of an already existing body or structure , the member state should ensure allocation of sufficient resources to the existing body for the performance of additional tasks in order to ensure that the performance of already existing tasks of these bodies will not suffer . ### member states are encouraged to attribute the tasks referred to in article 5 of this directive to an already existing equality body designated in accordance with article 13 of directive 2000 / 43 / ec or covering a wider range of discrimination grounds . in the case the tasks under article 5 will be covered by expanding the mandate of an already existing body or structure , the member state should ensure allocation of sufficient additional resources to the existing body for the performance of additional tasks in order to ensure the effective and adequate provision of all functions of the body and in particular that the performance of already existing tasks of these bodies will not suffer .


### the free movement of workers is also a key element to the development of a genuine union labour market , allowing workers to move from high unemployment areas to areas where there are labour shortages , helping more people find posts better suited to their skills and overcoming bottlenecks in the labour market . ### the free movement of workers is also a key element to the development of a genuine union labour market , allowing workers to move to areas offering more employment opportunities , helping more people find posts better suited to their skills and overcoming bottlenecks in the labour market .


### with respect to workers and workers ' families exercising their right to free movement , article 45 of the treaty confers substantial rights for the exercise of this fundamental freedom , specified in regulation no 492 / 2011 of the european parliament and of the council of 5 april 2011 on freedom of movement for workers within the union . ### the right of free movement of workers , has an important impact on family life and the educational and professional choices of workers and their partners ; with respect to workers and workers ' families exercising their right to free movement , article 45 of the treaty confers substantial rights for the exercise of this fundamental freedom , specified in regulation no 492 / 2011 of the european parliament and of the council of 5 april 2011 on freedom of movement for workers within the union and directive 2004 / 38 / ec of the european parliament and of the council of 29 april 2004 on the right of citizens of the union and their family members to move and reside freely within the territory of the member states . when applying regulation 492 / 2011 , directive 2004 / 38 / ec and this directive , member states shall not discriminate workers and the members of their families on any ground listed under article 21 of the charter of fundamental rights , including sexual orientation .


### with respect to workers and workers ' families exercising their right to free movement , article 45 of the treaty confers substantial rights for the exercise of this fundamental freedom , specified in regulation no 492 / 2011 of the european parliament and of the council of 5 april 2011 on freedom of movement for workers within the union . ### the right of free movement of workers , has an important impact on family life and the educational and professional choices of workers and their partners ; with respect to workers and workers ' families exercising their right to free movement , article 45 of the treaty confers substantial rights for the exercise of this fundamental freedom , specified in regulation no 492 / 2011 of the european parliament and of the council of 5 april 2011 on freedom of movement for workers within the union and directive 2004 / 38 / ec of the european parliament and of the council of 29 april 2004 . when applying regulation 492 / 2011 , directive 2004 / 38 / ec and the present directive , member states shall not discriminate workers and the members of their families on any ground listed under article 21 of the charter of fundamental rights , including sexual orientation .


### access to education for workers ' children . ### access to education including early childhood education and childcare for workers ' children ;


### adequate and effective application and enforcement are key elements in protecting the rights of workers , whereas poor enforcement undermines the effectiveness of the union rules applicable in this area . ### adequate and effective application and enforcement as well as awareness of rights are key elements in protecting the rights of workers , whereas poor enforcement undermines the effectiveness of the union rules applicable in this area and endangers the rights and protection of union citizens .


### however , the effective exercise of the freedom of movement of workers is still a major challenge and many workers are very often unaware of their rights to free movement . they still suffer from discrimination on the grounds of nationality when moving across european union borders of the member states . there is , therefore , a gap between the legislation and its application in practice that needs to be addressed . ### the effective exercise of the freedom of movement of workers is still a major challenge and many workers are very often unaware of their rights to free movement . they still suffer from discrimination on the grounds of nationality when moving across european union borders of the member states . workers also suffer from exacerbated effects of multiple discriminations on grounds of racial or ethnic origin , religion or belief , disability , age or sexual orientation and sex . there is , therefore , a gap between the legislation and its application in practice that needs to be addressed , as shown by the statistics for citizens ' problems resolved in the framework of the solvit european system . this gap also remains for some vulnerable groups such as domestic workers , persons with disabilities , or illiterate persons . specific measures should therefore be implemented to allow these groups to enjoy their right to work in another member state .


### member states shall ensure that the provisions adopted pursuant to this directive together with the relevant provisions already in force in articles 1 to 10 of regulation no&#160 ; 492 / 2011 , are brought to the attention of the persons concerned by all appropriate means throughout their territory . ### member states shall ensure that the citizens concerned are informed of their rights including the provisions adopted pursuant to this directive together with the relevant provisions already in force in articles 1 to 10 of regulation no 492 / 2011 , and the wide range of other rules related to social security including family benefits , rights at work , conditions of work , tax , family recognition and language learning which are of importance to workers and their families exercising their right to free movement , throughout their territory by the means they consider effective ;


### member states shall ensure that the provisions adopted pursuant to this directive together with the relevant provisions already in force in articles 1 to 10 of regulation no 492 / 2011 , are brought to the attention of the persons concerned by all appropriate means throughout their territory . ### member states shall ensure that not only the provisions adopted pursuant to this directive together with the relevant provisions already in force in articles 1 to 10 of regulation no 492 / 2011 , but also the wide range of other rules related to social security including family benefits , rights at work , conditions of work , tax , family recognition , language learning which are of importance to workers and their families are brought to the attention of the persons concerned by all appropriate means throughout their territory and regardless of the status of the individual .


### in its employment package of 18 april 2012 , the commission announced its intention to ‘ present a legislative proposal in order to support mobile workers in the exercise of rights derived from the treaty and regulation 492 / 2011 on freedom of movement for workers within the union’ . ### in its employment package of 18 april 2012 , the commission announced its intention to ' present a legislative proposal in order to support mobile workers in the exercise of rights derived from the treaty and regulation 492 / 2011 on freedom of movement for workers within the union ' and urged member states to raise awareness of and access to rights conferred by eu law on the anti - discrimination , gender equality and free movement of workers and to open and facilitate access by eu nationals to their public sector posts in accordance with eu law as interpreted by the court of justice . the commission also urged member states to ensure the full application of directive 2006 / 54 / ec on the implementation of the principle of equal opportunities and equal treatment of men and women in matter of employment and occupation .


### the exclusions provided for in paragraphs 1 to 4 shall cease to apply from the moment any private participation takes place , with the effect that ongoing contracts need to be opened to competition through regular procurement procedures . ### the exclusions provided for in paragraphs 1 to 4 shall cease to apply from the moment any private participation takes place , with the effect that ongoing contracts need to be opened to competition through regular procurement procedures , unless the private participation is legally enforced and / or the private participation was not foreseeable at the time of the initial contracting .


### contracting authorities may decide not to award a contract to the tenderer submitting the best tender where they have established that the tender does not comply , at least in an equivalent manner , with obligations established by union legislation in the field of social and labour law or environmental law or of the international social and environmental law provisions listed in annex xi . ### contracting authorities may decide not to award a contract to the tenderer submitting the best tender where they have established that the tender does not comply with obligations established by union or member state legislation in the field of social and labour law or environmental law or of the international social and environmental law provisions listed in annex xi .


### the notices referred to in paragraphs 1 and 2 shall be published in accordance with article 49 . ### the notices referred to in paragraph 2 shall be published in accordance with article 49 .


### contracting authorities may decide not to award a contract to the tenderer submitting the best tender where they have established that the tender does not comply , at least in an equivalent manner , with obligations established by union legislation in the field of social and labour law or environmental law or of the international social and environmental law provisions listed in annex xi . ### contracting authorities may decide not to award a contract to the tenderer submitting the best tender where it has been established that the tender does not comply , at least in an equivalent manner , with obligations established by national or union legislation in the field of social and labour law or environmental law or of the international social and environmental law provisions listed in annex xi .


### the notices referred to in paragraphs 1 and 2 shall contain the information referred to in annexes vi part h and i , in accordance with the standard forms . ### the notices referred to in paragraph 2 shall contain the information referred to in annexes vi part h and i , in accordance with the standard forms .


### where a participant that has received union funding intends not to protect results generated by it for reasons other than impossibility under union or national law or the lack of potential for commercial exploitation , and unless the participant intends to transfer them to another legal entity established in a member state or associated country in view of their protection , it shall inform the commission or funding body before any dissemination relating to these results takes place . the commission on behalf of the union or the funding body may assume ownership of these results and take the necessary steps for their adequate protection . ### where a participant that has received union funding intends not to protect results generated by it , it shall inform the commission or funding body before any dissemination relating to these results takes place . the commission on behalf of the union or the funding body may assume ownership of these results and take the necessary steps for their adequate protection , having regard to the public interest and with a view of maximising dissemination of results .


### provided that any access rights to the results can be exercised and that any additional exploitation obligations are complied with , the participant who owns results may grant licences or otherwise give the right to exploit them to any legal entity , including on an exclusive basis . ### provided that any access rights to the results can be exercised and that any additional exploitation obligations are complied with , the participant who owns results may grant licences or otherwise give the right to exploit them to any legal entity . the possibility to grant licenses on an exclusive basis shall be exceptional and shall not conflict with the objective of maximum dissemination and exploitation of results . the conditions for such licenses shall be laid down in the grant agreement .


### rules governing the exploitation and dissemination of results should be laid down to ensure that the participants protect , exploit and disseminate those results as appropriate , in particular the possibility of additional exploitation conditions in the european strategic interest . ### rules governing the exploitation and dissemination of results should be laid down to ensure that the participants protect , exploit and disseminate those results as appropriate , in particular the possibility of additional exploitation , dissemination or licensing conditions in the european strategic interest or in order to tackle societal challenges , which are global in nature .


### rules governing the exploitation and dissemination of results should be laid down to ensure that the participants protect , exploit and disseminate those results as appropriate , in particular the possibility of additional exploitation conditions in the european strategic interest . ### rules governing the exploitation and dissemination of results should be laid down to ensure that the participants protect , exploit and disseminate those results as appropriate , in particular rules for open access to results and data , or additional exploitation , dissemination or licensing conditions in the european strategic interest , or where predominant global public interests are at stake .


### the relevant work programme may restrict the participation in horizon 2020 or parts thereof of legal entities established in third countries where conditions for the participation of legal entities from member states in the third country ' s research and innovation programmes are considered prejudicial to the union ' s interests . ### the relevant work programme shall restrict and exclude the participation in horizon 2020 or parts thereof of :


### moving away from a merely administrator role , the eit headquarters will optimise their operational functions to steer the kics to maximum performance and make good results widely available . there are efficiency gains to be achieved from providing a number of centralised services and functions , rather than at individual kic level . while all kics work on specific themes , a number of elements are of a cross - cutting nature and it is precisely there where the eit can provide tangible added value . such knowledge provider functions can relate notably to the eit headquarters becoming an information broker and resourceful interlocutor , e . g . in fostering cross - kic exchange and mutual learning , facilitating relations with the eu institutions and other key organisations , such as the organisation for economic co - operation and development , or on specific cross - cutting issues , such as counselling on ip , technology and knowledge transfer , benchmarking against international best practices , or undertaking anticipation and foresight studies to identify future directions for the eit and the kics . the eit and kics should decide together where these tasks can be most effectively dealt with . in this regard , it will be of crucial importance for the eit and the kics to establish viable mechanisms for systematic collaboration around cross - cutting issues . ### moving away from a merely administrator role , the eit headquarters will optimise their operational functions to steer the kics to maximum performance and make good results widely available . there are efficiency gains to be achieved from providing a number of centralised services and functions , rather than at individual kic level . while all kics work on specific themes , a number of elements are of a cross - cutting nature and it is precisely there where the eit can provide tangible added value . such knowledge provider functions can relate notably to the eit headquarters becoming an information broker and resourceful interlocutor , e . g . in fostering cross - kic exchange , transparency , information provision , and developing mutual learning , facilitating relations with the eu institutions and other key organisations such as the organisation for economic co - operation and development . it can thus focus on specific cross - cutting issues , such as counselling on open research , collaborative research , ip and competition law , and technology and knowledge transfer , benchmarking against international best practices , or undertaking anticipation and foresight studies to identify future directions for the eit and the kics . the eit and kics should decide together where these tasks can be most effectively dealt with . in this regard , it will be of crucial importance for the eit and the kics to establish viable mechanisms for systematic collaboration around cross - cutting issues .


### moving away from a merely administrator role , the eit headquarters will optimise their operational functions to steer the kics to maximum performance and make good results widely available . there are efficiency gains to be achieved from providing a number of centralised services and functions , rather than at individual kic level . while all kics work on specific themes , a number of elements are of a cross - cutting nature and it is precisely there where the eit can provide tangible added value . such knowledge provider functions can relate notably to the eit headquarters becoming an information broker and resourceful interlocutor , e . g . in fostering cross - kic exchange and mutual learning , facilitating relations with the eu institutions and other key organisations , such as the organisation for economic co - operation and development , or on specific cross - cutting issues , such as counselling on ip , technology and knowledge transfer , benchmarking against international best practices , or undertaking anticipation and foresight studies to identify future directions for the eit and the kics . the eit and kics should decide together where these tasks can be most effectively dealt with . in this regard , it will be of crucial importance for the eit and the kics to establish viable mechanisms for systematic collaboration around cross - cutting issues . ### moving away from a merely administrator role , the eit headquarters will optimise their operational functions to steer the kics to maximum performance and make good results widely available . there are efficiency gains to be achieved from providing a number of centralised services and functions , rather than at individual kic level . while all kics work on specific themes , a number of elements are of a cross - cutting nature and it is precisely there where the eit can provide tangible added value . such knowledge provider functions can relate notably to the eit headquarters becoming an information broker and resourceful interlocutor , e . g . in fostering cross - kic exchange , transparency , information provision and the development of mutual learning , and facilitating relations with the eu institutions and other key organisations , such as the organisation for economic co - operation and development . it can thus focus on specific cross - cutting issues , such as counselling on ip rights , competition law , open research , collaborative research , technology and knowledge transfer , benchmarking against international best practices , or undertaking anticipation and foresight studies to identify future directions for the eit and the kics . the eit and kics should decide together where these tasks can be most effectively dealt with . in this regard , it will be of crucial importance for the eit and the kics to establish viable mechanisms for systematic collaboration around cross - cutting issues .


### kics not only build on their partners ' existing excellent research base , but are also the frontrunners for promoting and implementing the eit ' s educational mission . the objective is to educate and train talented people with the skills , knowledge and mindset needed in a global knowledge economy . to this end , the eit actively promotes , inter alia , the eit - labelled degrees by monitoring their quality and coherent implementation across kics . in this endeavour they will make extensive use of peer and expert evaluations , and establish a dialogue with national and quality assurance bodies . this will enhance the national and international recognition of the eit labelled qualifications and raise their attractiveness globally , while providing a platform for collaboration at international level . in the future , kics will be encouraged to expand their educational activities beyond post - graduate education to a greater variety of study modes to cater for a wider range of innovative , professional development activities , involving executive education , tailor - made training courses and summer schools . to enhance the impact of kics ' educational activities and to reach out to a wider audience , kics may envisage the design , on an experimental basis , of modules for undergraduate courses or packages targeted to school education . ### kics not only build on their partners ' existing excellent research base , but are also the frontrunners for promoting and implementing the eit ' s educational mission . the objective is to educate and train talented people with the skills , knowledge and mindset needed in a global knowledge economy . to this end , the eit actively promotes , inter alia , the eit - labelled degrees by monitoring their quality and coherent implementation across kics . in this endeavour a series of quality criteria will be applied by kics for eit - labelled degrees , to ensure the upholding of high academic standards and the reputation of european universities . they will also make extensive use of peer and expert evaluations , and establish a dialogue with national and quality assurance bodies . this will enhance the national and international recognition of the eit labelled qualifications and raise their attractiveness globally , while providing a platform for collaboration at international level . in the future , kics will be encouraged to expand their educational activities beyond post - graduate education to a greater variety of study modes to cater for a wider range of innovative , professional development activities , involving executive education , tailor - made training courses and summer schools . to enhance the impact of kics ' educational activities and to reach out to a wider audience , kics may envisage the design , on an experimental basis , of modules for undergraduate courses or packages targeted to school education .


### moreover , the eit brings a fully fledged education dimension to the eu ' s research and innovation policy . via innovative , entrepreneurial education it plays an important bridging role between the research and innovation framework and education policies and programmes and provides the long term commitment needed to deliver sustainable changes in higher education . notably through new , trans and interdisciplinary eit - labelled degrees the eit is leading a collaborative effort towards education for innovation with clear spill over effects on the broader european agenda for the modernisation of higher education institutions thereby promoting the european higher education area . ### moreover , the eit brings a fully fledged education dimension to the eu ' s research and innovation policy , including through open access to research publications . via innovative , entrepreneurial education it plays an important bridging role between the research and innovation framework and education policies and programmes and provides the long term commitment needed to deliver sustainable changes in higher education . notably through new , trans and interdisciplinary eit - labelled degrees the eit is leading a collaborative effort towards education for innovation with clear spill over effects on the broader european agenda for the modernisation of higher education institutions thereby promoting the european higher education area .


### scope this section shall apply to the following : aifm managing one or more aif which either individually or in aggregation acquires 30 % or more of the voting rights of an issuer or of a non - listed company domiciled in the community , as appropriate ; aifm having concluded an agreement with one or more other aifm which would allow the aif managed by these aifm to acquire 30 % or more of the voting rights of the issuer or the non - listed company , as appropriate . 2 . this section shall not apply where the issuer or the non - listed company concerned are small and medium enterprises that employ fewer than 250 persons , have an annual turnover not exceeding 50 million euro and / or an annual balance sheet not exceeding 43 million euro . ### scope this section shall apply to the following : aifm managing one or more aif which either individually or in aggregation acquires controlling influence , for example when acquiring 10% , 20% , 30% or 50% or more of the voting rights , over an issuer or over a non - listed company domiciled in the union , as appropriate ; aifm having concluded an agreement with one or more other aifm which would allow the aif managed by these aifm to acquires controlling influence , for example when acquiring 10% , 20% , 30% or 50% or more of the voting rights , over an issuer or over a non - listed company , as appropriate . 2 . article 26 to 30 shall not apply where the issuer or the non - listed company concerned – included depended companies – employs fewer than 50 persons .


### the scope of this directive should be confined to the management of collective investment undertakings which raise capital from a number of investors with a view to investing it in accordance with a defined investment policy on the principle of risk - spreading for the benefit of those investors . this directive should not apply to the management of pension funds or managers of non - pooled investments such as endowments , sovereign wealth funds or assets hold on own account by credit institutions , insurance or reinsurance undertakings . this directive should neither apply to actively managed investments in the form of securities , such as certificates , managed futures , or index - linked bonds . it should , however , cover managers of all collective investment undertakings which are not required to be authorised as ucits . investment firms authorised under directive 2004 / 39 / ec on markets in financial instruments should not be required to obtain an authorisation under this directive in order to provide investment services in respect of aif . investment firms can however only provide investment services in respect of aif , if and to the extent the units or shares thereof can be marketed in accordance with this directive . ### the scope of this directive should be confined to the management of collective investment undertakings which raise capital from a number of investors with a view to investing it in accordance with a defined investment policy for the benefit of those investors . this directive should not apply to the managers of non - pooled investments such as endowments , sovereign wealth funds , central banks or assets held on own account by credit institutions , pension funds , or insurance or reinsurance undertakings . in order to benefit from the exemptions provided for in this directive , aifm concerned should comply with the conditions of those exemptions on a continuous basis . this directive should , however , cover managers of all collective investment undertakings which are not required to be authorised as ucits . investment firms authorised under directive 2004 / 39 / ec on markets in financial instruments should not be required to obtain an authorisation under this directive in order to provide investment services in respect of aif . investment firms can however only provide investment services in respect of aif , if and to the extent the units or shares thereof can be marketed in accordance with this directive .


### given that aifm employing high levels of leverage in their investment strategies may , under certain conditions , contribute to the build up of systemic risk or disorderly markets , special requirements should be imposed on aifm using certain techniques giving rise to particular risks . the information needed to detect , monitor and respond to those risks has not been collected in a consistent way throughout the community , and shared across member states so as to identify potential sources of risk to the stability of financial markets in the community . to remedy this situation , special requirements should apply to aifm , which consistently use high levels of leverage in their investment strategies . those aifm should be obliged to disclose information regarding their use and sources of leverage . that information should be aggregated and shared with other authorities in the community , so as to facilitate a collective analysis of the impact of the leverage of those aifm on the financial system in the community , as well as a common response . ### given that an aifm may employ leverage at the level of the aif and may , under certain conditions , contribute to the build up of systemic risk or disorderly markets , special requirements should be imposed on aifm employing leverage on a systemically significant basis . the information needed to detect , monitor and respond to those risks has not been collected in a consistent way throughout the union , and shared across member states so as to identify potential sources of risk to the stability of financial markets in the union . to remedy this situation , special requirements should apply to aifm , which employ leverage at the level of the aif on a systemically significant basis . such aifm should be obliged to disclose information regarding the use and sources of leverage in their aif . information gathered by competent authorities should be aggregated and shared with other authorities in the union , so as to facilitate a collective analysis of the impact of the leverage of aif managed by aifm on the financial system in the union , as well as a common response .


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


### given that aifm employing high levels of leverage in their investment strategies may , under certain conditions , contribute to the build up of systemic risk or disorderly markets , special requirements should be imposed on aifm using certain techniques giving rise to particular risks . the information needed to detect , monitor and respond to those risks has not been collected in a consistent way throughout the community , and shared across member states so as to identify potential sources of risk to the stability of financial markets in the community . to remedy this situation , special requirements should apply to aifm , which consistently use high levels of leverage in their investment strategies . those aifm should be obliged to disclose information regarding their use and sources of leverage . that information should be aggregated and shared with other authorities in the community , so as to facilitate a collective analysis of the impact of the leverage of those aifm on the financial system in the community , as well as a common response . ### given that aif employing leverage may , under certain conditions , contribute to the build up of systemic risk or disorderly markets , special requirements should be imposed on aif using certain techniques giving rise to particular risks . the information needed to detect , monitor and respond to those risks has not been collected in a consistent way throughout the union , and shared across member states so as to identify potential sources of risk to the stability of financial markets in the union . to remedy this situation , special requirements should apply to aif , which consistently use high levels of leverage in their investment strategies . those aif should be obliged to disclose information regarding their use and sources of leverage . that information should be aggregated and shared with other authorities in the union , so as to facilitate a collective analysis of the impact of the leverage of those aif on the financial system in the union , as well as a common response . the european systemic risk board and the european securities and market authority will be responsible for monitoring the systemic risks created by aif .


### given that aifm employing high levels of leverage in their investment strategies may , under certain conditions , contribute to the build up of systemic risk or disorderly markets , special requirements should be imposed on aifm using certain techniques giving rise to particular risks . the information needed to detect , monitor and respond to those risks has not been collected in a consistent way throughout the community , and shared across member states so as to identify potential sources of risk to the stability of financial markets in the community . to remedy this situation , special requirements should apply to aifm , which consistently use high levels of leverage in their investment strategies . those aifm should be obliged to disclose information regarding their use and sources of leverage . that information should be aggregated and shared with other authorities in the community , so as to facilitate a collective analysis of the impact of the leverage of those aifm on the financial system in the community , as well as a common response . ### given that an aifm may employ leverage at the level of the aif and may , under certain conditions , contribute to the build up of systemic risk or disorderly markets , special requirements should be imposed on aifm employing leverage on a systemically significant basis . the information needed to detect , monitor and respond to those risks has not been collected in a consistent way throughout the union , and shared across member states so as to identify potential sources of risk to the stability of financial markets in the union . to remedy this situation , special requirements should apply to aifm , which employ leverage at the level of the aif on a systemically significant basis . such aifm should be obliged to disclose information regarding the use and sources of leverage . that information should be aggregated and shared with other authorities in the union , so as to facilitate a collective analysis of the impact of the leverage of aif managed by aifm on the financial system in the union , as well as a common response . competent authorities should pass such information to the european systemic risk board established under regulation no . . . / 2009 and to the european securities and markets authority established under regulation no . . . / 2009 for use by these bodies in the performance of their duties .


### in addition to article 27 , member states shall ensure that where an aifm acquires 30 % or more of the voting rights of an issuer or a non - listed company , that aifm makes the information set out in the second and third subparagraphs available to the issuer , the non - listed company , their respective shareholders and representatives of employees or , where there are no such representatives , to the employees themselves . ### in addition to article 27 , member states shall ensure that where an aif acquires a significant or a controlling influence over an issuer or a non - listed company , that its aifm makes the information set out in the second and third subparagraphs available to the issuer , the non - listed company , their respective shareholders and representatives of employees or , where there are no such representatives , to the employees themselves .


### this section shall not apply where the issuer or the non - listed company concerned are small and medium enterprises that employ fewer than 250 persons , have an annual turnover not exceeding 50 million euro and / or an annual balance sheet not exceeding 43 million euro . ### this section shall not apply where the non - listed company concerned is a small and medium enterprises that either employs fewer than 250 persons , or has an annual turnover not exceeding 50 million euro and / or an annual balance sheet not exceeding eur 43 million .


### in particular the commission should be empowered to adopt the measures necessary for the implementation of this directive . in this respect , the commission should be able to adopt measures determining the procedures under which aifm managing portfolios of aif whose assets under management do not exceed the threshold set out in this directive may exercise their right to be treated as aifm covered by this directive . these measures are also designed to specify the criteria to be used by competent authorities to assess whether aifm comply with their obligations as regards their conduct of business , the type of conflicts of interests aifm have to identify , as well as the reasonable steps aifm are expected to take in terms of internal and organizational procedures in order to identify , prevent , manage and disclose conflicts of interest . they are designed to specify the risk management requirements to be employed by aifm as a function of the risks which the aifm incurs on behalf of the aif that it manages as well as any arrangements needed to enable aifm to manage the particular risks associated with short selling transactions , including any relevant restrictions that might be needed to protect the aif from undue risk exposures . they are designed to specify the liquidity management requirements of this directive and in particular the minimum liquidity requirements for aif . they are designed to specify the requirements that originators of securitisation instruments have to meet in order for an aifm to be allowed to invest in such instruments issued after 1 january 2011 . they are as well designed to specify the requirements that aifm have to comply with when investing in such securitisation instruments . they are designed to specify the criteria under which a valuator can be considered independent in the meaning of this directive . they are designed to specify the conditions under which the delegation of aifm functions should be approved and the conditions under which the manager could no longer be considered to be the manager of the aif in case of excessive delegation . they are designed to specify the content and format of the annual report that aifm have to make available for each aif they manage and to specify the disclosure obligations of aifm to investors and reporting requirements to competent authorities as well as their frequency . they are designed to specify the disclosure requirements imposed on aifm as regards leverage and the frequency of reporting to competent authorities and of disclosure to investors . they are designed to setting limits to the level of leverage aifm can employ when managing aif they are designed to determine the detailed content and the way aifm acquiring controlling influence in issuers and non - listed companies should fulfil their information obligation towards issuers and non - listed companies and their respective shareholders and representatives of employees , including the information to be provided in the annual reports of the aif they manage . they are designed to specify the types of restrictions or conditions that can be imposed on the marketing of aif to professional investor in the home member state of the aifm . they are designed to specify general criteria for assessing equivalence of valuation standards of third countries where the valuator is established in a third country , the equivalence of legislation of third countries regarding depositaries and , for the purpose of the authorisation of aifm established in third countries , the equivalence of prudential regulation and ongoing supervision . they are designed to specify general criteria for assessing whether third countries grant community aifm effective market access comparable to that granted by the community to aifm from third countries . they are designed to specify the modalities , content and frequency of exchange of information regarding aifm between the competent authorities of the home member state of the aifm and other competent authorities where the aifm individually or collectively with other aifm may have an impact on the stability of systemically relevant financial institutions and the orderly functioning of markets . they are designed to specify the procedures for on - the - spot verifications and investigations . ### in particular the commission should be empowered to adopt delegated acts necessary for the implementation of this directive in accordance with article 290 of the treaty designed to specify the criteria to be used by competent authorities to assess whether aifm comply with their obligations as regards their conduct of business , the type of conflicts of interests aifm have to identify , as well as the reasonable steps aifm are expected to take in terms of internal and organisational procedures in order to identify , prevent , manage and disclose conflicts of interest . they should also be designed to specify the risk management requirements to be employed by aifm as a function of the risks which the aifm incurs on behalf of the aif that it manages as well as any arrangements needed to enable aifm to manage the particular risks associated with short selling transactions , including any relevant restrictions that might be needed to protect the aif from undue risk exposures . they should also be designed to specify the liquidity management requirements of this directive and in particular the minimum liquidity requirements for aif . they should also be designed to specify the requirements that originators of securitisation instruments have to meet in order for an aif to be allowed to invest in such instruments issued after 1 january 2011 . they should also be designed to specify the requirements that aif have to comply with when investing in such securitisation instruments . they should also be designed to specify the criteria under which a valuator can be considered independent in the meaning of this directive . they should also be designed to specify the conditions under which the delegation of aifm functions should be approved and the conditions under which the manager could no longer be considered to be the manager of the aif in case of excessive delegation . they should also be designed to specify the content and format of the annual report that aif have to make available and to specify the disclosure obligations of aifm to investors and reporting requirements to competent authorities as well as their frequency . they should also be designed to specify the disclosure requirements imposed on aif as regards leverage and the frequency of reporting to competent authorities and of disclosure to investors . they should also be designed to setting limits to the level of leverage aif can employ . they should also be designed to determine the detailed content and the way aif acquiring controlling influence in issuers and non - listed companies should fulfil their information obligation towards issuers and non - listed companies and their respective shareholders and representatives of employees , including the information to be provided in the annual reports of the aif they manage . they should also be designed to specify the types of restrictions or conditions that can be imposed on the marketing of aif to professional investor in the home member state of the aifm . they should also be designed to specify general criteria for assessing equivalence of valuation standards of third countries where the valuator is established in a third country , the equivalence of legislation of third countries regarding depositaries and , for the purpose of the authorisation of aif established in third countries , to specify general criteria for assessing an effective tax and prudential cooperation . they should also be designed to specify general criteria for assessing whether third countries grant union aifm effective market access comparable to that granted by the union to aifm from third countries . they should also be designed to specify the modalities , content and frequency of exchange of information regarding aif and aifm between the european stability risk board , the european securities and market authority and the competent authorities of the home member state of the aif and aifm where the aif and aifm individually or collectively with other aif and aifm may have an impact on the stability of systemically relevant financial institutions and the orderly functioning of markets . they should also be designed to specify the procedures for on - the - spot verifications and investigations .


### activities of aifm based on the use of high levels of leverage could be detrimental to the stability and efficient functioning of financial markets . it is considered necessary to allow the commission to impose limits on the level of leverage that aifm could use , in particular in those cases where aifm employ high levels of leverage on a systematic basis . the limits to the maximum amount of leverage should take into account aspects related to the source of leverage and the strategies employed by the aifm . they should also take into account the essentially dynamic nature of the management of leverage by most aifm using a high level of leverage . in this respect the limits to leverage could for example either consist in a threshold that should not be breached at any point in time or a limit on the average leverage employed during a given period . ### activities of aif based on the use of leverage could be detrimental to the stability and efficient functioning of financial markets . it is considered necessary to allow the european securities and market authority to impose limits on the level of leverage that aif could use . the limits to the maximum amount of leverage should take into account aspects related to the source of leverage and the strategies employed by the aif . they should also take into account the essentially dynamic nature of the management of leverage by most aif using leverage . in this respect the limits to leverage could for example either consist in a threshold that should not be breached at any point in time or a limit on the average leverage employed during a given period . the commission should ensure that the requirements concerning aif which use leverage set out of this directive are applied to all funds , including ucits funds , which use leverage for investing on the union’s financial markets .


### this section shall apply to the following : aifm managing one or more aif which either individually or in aggregation acquires 30 % or more of the voting rights of an issuer or of a non - listed company domiciled in the community , as appropriate ; aifm having concluded an agreement with one or more other aifm which would allow the aif managed by these aifm to acquire 30 % or more of the voting rights of the issuer or the non - listed company , as appropriate . ### this section shall apply to aif that , either individually or in agreement with one or more other aif , acquire a significant or controlling influence , as defined by the ifrs standards , of an issuer or of a non - listed company domiciled in the union .


### given that aifm employing high levels of leverage in their investment strategies may , under certain conditions , contribute to the build up of systemic risk or disorderly markets , special requirements should be imposed on aifm using certain techniques giving rise to particular risks . the information needed to detect , monitor and respond to those risks has not been collected in a consistent way throughout the community , and shared across member states so as to identify potential sources of risk to the stability of financial markets in the community . to remedy this situation , special requirements should apply to aifm , which consistently use high levels of leverage in their investment strategies . those aifm should be obliged to disclose information regarding their use and sources of leverage . that information should be aggregated and shared with other authorities in the community , so as to facilitate a collective analysis of the impact of the leverage of those aifm on the financial system in the community , as well as a common response . ### given that aifm employing high levels of leverage in their investment strategies may , under certain conditions , contribute to the build up of systemic risk or disorderly markets , special reporting requirements should be imposed on aifm using leverage . the information needed to detect , monitor and respond to those risks has not been collected in a consistent way throughout the community , and shared across member states so as to identify potential sources of risk to the stability of financial markets in the community . to remedy this situation , special reporting requirements should apply to aifm which use high levels of leverage in their investment strategies . those aifm should be obliged to disclose information regarding their use and sources of leverage . that information should be aggregated in a central register under the auspices of the european systemic risk board established by regulation 2009 / . . . / ec and shared with other authorities in the union , the esma and competent authorities in third countries , where appropriate , so as to facilitate a collective analysis of the impact of the leverage of those aifm on the financial system in the union , as well as a common response . a central register under the auspices of the esrb for banks that provide prime broker services to aif shall also be set up in directives 2006 / 48 / ec and 2006 / 49 / ec .


### the policy for external and internal communication of the issuer or non - listed company , in particular as regards employees . ### for aif having a controlling influence and using leverage , the policy for external and internal communication of the issuer or non - listed company , in particular as regards employees .


### where those payments have been attributed to a specific project the amount per type of payment , including payments in kind , made for each such project within a financial year , and the total amount of payments for each such project . ### for undertakings active in the extractive industry and the logging of primary forests and subject to the materiality threshold defined in paragraph 1a , where those payments have been attributed to a specific project , the amount per type of payment , including payments in kind , made for each such project within a financial year , and the total amount of payments for each such project ;


### where payments in kind are made to a government , they shall be reported in value or in volume . where they are reported in terms of value , supporting notes shall be provided to explain how their value has been determined . ### where payments in kind are made to a government , they shall be reported in value and in volume . where they are reported in terms of value , supporting notes shall be provided to explain how their value has been determined .


### ' undertaking active in the extractive industry ' means an undertaking with any activity involving the exploration , discovery , development , and extraction of minerals , oil and natural gas deposits , as referred to in section b - divisions 05 to 08 of annex i to regulation no 1893 / 2006 of the european parliament and of the council . ### ' undertaking ' means the highest level parent company publishing accounts within the european union where the group of companies for which that parent company prepares consolidated financial statements includes subsidiary companies , branches , permanent establishments , joint ventures and associate undertakings .


### the reports should serve to facilitate governments of resource - rich countries in implementing the eiti principles and criteria and account to their citizens for payments such governments receive from undertakings active in the extractive industry or loggers of primary forests operating within their jurisdiction . the report should incorporate disclosures on a country and project basis , where a project is considered as the lowest level of operational reporting unit at which the undertaking prepares regular internal management reports , such as a concession , geographical basin , etc and where payments have been attributed to such projects . in the light of the overall objective of promoting good governance in these countries , the materiality of payments to be reported should be assessed in relation to the recipient government . various criteria on materiality could be envisaged such as payments of an absolute amount , or a percentage threshold and these can be defined through a delegated act . the reporting regime should be subject to a review and a report by the commission within five years of the entry into force of the directive . the review should consider the effectiveness of the regime and take into account international developments including issues of competitiveness and energy security . the review should also take into account the experience of preparers and users of the payments information and consider whether it would be appropriate to include additional payment information such as effective tax rates and recipient details , such as bank account information . ### the reports should serve to facilitate governments ' accountability to their citizens for payments they receive from undertakings operating within their jurisdiction . the report should incorporate disclosures on a country basis and in the case of undertakings active in the extractive industries or the logging of primary forests , the report should also specify the specific project or projects to which those payments have been attributed , a project being considered equivalent to the contract , licence , lease , concession or other legal agreement which gives rise to a company ' s tax and revenue liabilities in each country where it operates . where any payment liabilities are incurred on a different basis , reporting should be on that basis . in the light of the overall objective of promoting good governance in these countries , payments should be considered material if any one payment or set of payments of the same type amounts to more than eur 15 000 . the reporting regime should be subject to a review and a report by the commission within four years of the entry into force of the directive . the review should consider the effectiveness of the regime and take into account international developments , progress towards global standards in this area and report on the impacts of this legislation on third countries , in particular in achieving the objectives of enhanced transparency of payments to governments . the review should also take into account issues of competitiveness and energy security as well as the experience of preparers and users of the payments information and consider whether it would be appropriate to include additional payment information .


### member states shall require large undertakings and all public interest entities active in the extractive industry or the logging of primary forests to prepare and make public a report on payments made to governments on an annual basis . ### member states shall require large undertakings and all public interest entities active in the extractive industry or the logging of primary forests to prepare and make public a report on payments , including payments in kind , made to governments on an annual basis .


### the reports should serve to facilitate governments of resource - rich countries in implementing the eiti principles and criteria and account to their citizens for payments such governments receive from undertakings active in the extractive industry or loggers of primary forests operating within their jurisdiction . the report should incorporate disclosures on a country and project basis , where a project is considered as the lowest level of operational reporting unit at which the undertaking prepares regular internal management reports , such as a concession , geographical basin , etc and where payments have been attributed to such projects . in the light of the overall objective of promoting good governance in these countries , the materiality of payments to be reported should be assessed in relation to the recipient government . various criteria on materiality could be envisaged such as payments of an absolute amount , or a percentage threshold and these can be defined through a delegated act . the reporting regime should be subject to a review and a report by the commission within five years of the entry into force of the directive . the review should consider the effectiveness of the regime and take into account international developments including issues of competitiveness and energy security . the review should also take into account the experience of preparers and users of the payments information and consider whether it would be appropriate to include additional payment information such as effective tax rates and recipient details , such as bank account information . ### in the reports by large undertakings and public interest entities which are active in the extractive industry or logging of primary forests payments to governments should also be disclosed on a project basis , where project is equivalent to the contract , licence , lease , concession or other legal agreement which gives rise to a company ' s tax and revenue liabilities in each country where it operates ; where any payment liabilities are incurred on a different basis , disclosure should be on that basis . however , the disclosure requirements on a project basis should be limited to projects for which the total amount of payments exceeds eur 50 000 . the reports should include types of payments comparable to those disclosed by an undertaking participating in the extractive industries transparency initiative . the initiative is also complementary to the eu flegt action plan 1 and the timber regulation2 which require traders of timber products to exercise due diligence in order to prevent illegal wood from entering into the eu market . the reports should serve to facilitate governments of resource - rich countries in implementing the eiti principles and criteria and account to their citizens for payments such governments receive from undertakings active in the extractive industry or loggers of primary forests operating within their jurisdiction . ______________ 1 http : / / eur - lex . europa . eu / lexuriserv / lexuriserv . do ? uri=oj : l : 2005 : 347 : 0001 : 0006 : en : pdf 2 regulation no 995 / 2010 of the european parliament and of the council of 20 october 2010 . companies that import wood products under eu voluntary agreements will be exempt from this requirement .


### member states shall require large undertakings and all public interest entities active in the extractive industry or the logging of primary forests to prepare and make public a report on payments made to governments on an annual basis . ### member states shall require large undertakings , including joint - venture undertakings , and all public interest entities to prepare and make public a report on payments , including payments in kind , made to governments on an annual basis as part of the annual report of financial statements . in this report , the undertaking shall also publish additional financial information regarding their activities in third countries . in particular , the report shall include activities of subsidiaries , associates , joint ventures , permanent establishments and other trading arrangements to the extent that they are consolidated in the annual financial statements of the undertaking or entity in question . the report shall be part of the notes to the financial statements .


### in order to provide for enhanced transparency of payments made to governments , large undertakings and public interest entities which are active in the extractive industry or logging of primary forests should disclose in a separate report on an annual basis material payments made to governments in the countries in which they operate . such undertakings are active in countries rich in natural resources , in particular minerals , oil , natural gas as well as primary forests . the report should include types of payments comparable to those disclosed by an undertaking participating in 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 into the eu market . ### in order to provide for enhanced transparency of payments made to governments , large undertakings and public interest entities should disclose in a report on an annual basis payments made to governments in the countries in which they operate . such undertakings are active in countries rich in natural resources , in particular minerals , oil , natural gas as well as primary forests . the report , which should form part of the notes to the financial statements , should also include certain contextual information . these measures aim at enabling investors to make better - informed decisions , improving corporate governance and accountability and contributing to containing tax evasion . the report should incorporate disclosures on a country basis , with certain additional reporting requirements on a project basis for undertakings active in the extractive industry or logging of primary forests .


### the commission shall review and report on the implementation and effectiveness of this chapter , in particular as regards the scope of the reporting obligations and the modalities of the reporting on a project basis . the review should also take into account international developments and consider the effects on competitiveness and security of energy supply . it should be completed at the latest five years after the date of entry into force of this directive . the report shall be submitted to the european parliament and the council , together with a legislative proposal , if appropriate . ### the commission shall review and report on the implementation and effectiveness of this chapter , in particular as regards the scope of the reporting obligations and the modalities of the reporting on a project basis . the review should also take into account international developments , progress towards global standards in this area and report on the impact of this legislation on third countries , in particular in achieving the objectives of enhanced transparency of payments to governments . the review should also consider the effects on competitiveness and security of energy supply . it should be completed at the latest four years after the date of entry into force of this directive . the report shall be submitted to the european parliament and the council , together with a legislative proposal , if appropriate .


### in order to provide for enhanced transparency of payments made to governments , large undertakings and public interest entities which are active in the extractive industry or logging of primary forests should disclose in a separate report on an annual basis material payments made to governments in the countries in which they operate . such undertakings are active in countries rich in natural resources , in particular minerals , oil , natural gas as well as primary forests . the report should include types of payments comparable to those disclosed by an undertaking participating in 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 into the eu market . ### in order to provide for enhanced transparency of payments made to governments , large undertakings and public interest entities which are active in the extractive industry or logging of primary forests should disclose in a separate report on an annual basis payments made to governments in the countries in which they operate . such undertakings are active in countries rich in natural resources , in particular minerals , oil , natural gas as well as primary forests . the report should include types of payments comparable to those disclosed by an undertaking participating in 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 into the eu market .


### in order to provide for enhanced transparency of payments made to governments , large undertakings and public interest entities which are active in the extractive industry or logging of primary forests should disclose in a separate report on an annual basis material payments made to governments in the countries in which they operate . such undertakings are active in countries rich in natural resources , in particular minerals , oil , natural gas as well as primary forests . the report should include types of payments comparable to those disclosed by an undertaking participating in 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 into the eu market . ### in order to provide for enhanced transparency of payments made to governments , all large undertakings and public interest entities should disclose as part of the annual report of financial statements a report on material payments made to governments in the countries in which they operate , as well as additional financial information regarding their activities in third countries . the disclosure of these data aims at enabling investors to make better - informed decisions , improving corporate governance and accountability and contributing to containing tax evasion . the report should incorporate disclosures on a country basis . furthermore , where such undertakings are active in the extraction of natural resources , in particular minerals , oil , natural gas as well as primary forests , reporting should also specify the specific project or projects to which those payments have been attributed . the report should accordingly build upon the disclosure requirements of 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 into the eu market .


### the report shall specify the following when material to the recipient government : ### the report referred to in article 37 shall specify the following :


### the commission and the eib shall set out in the agreement referred to in article 13 a method allowing the eib to identify , within its external activity , the operations to be financed under this decision and the operations to be financed at the own risk of the eib . the method shall be based on the creditworthiness of eib financing operations as assessed by the eib , the regions and ceilings as defined in annex i , the nature of the counterparty , eib risk absorption capacity and other relevant criteria , including added value of the eu guarantee . ### the commission and the eib shall set out in the agreement referred to in article 13 a method allowing the eib to identify , within its external activity , the operations to be financed under this decision and the operations to be financed at the own risk of the eib . the method shall be based on the creditworthiness of eib financing operations as assessed by the eib , the regions and ceilings as defined in annex i , the nature of the counterparty , eib risk absorption capacity and other relevant criteria , including added value of the eu guarantee . the allocation policy shall be publicly available on the eib website . for each operation to be financed by the eib outside of the eu , the eib website shall after the project approval stage indicate whether a eu guarantee will be used or not .


### eib financing operations supporting the objectives provided for in paragraph 1 shall support investment projects in the areas of transport , energy , including renewable energy , energy systems transformation enabling a switch to lower carbon intensive technologies and fuels , energy security and energy infrastructure , including for gas production and transportation to eu energy market , environmental infrastructure , including water and sanitation and green infrastructure , information and communication technology , including telecommunications and broadband network infrastructure , health and education . ### eib financing operations supporting the objectives provided for in paragraph 1 shall support investment projects in the areas of transport , energy , including decentralised off - grid renewable energy , energy systems transformation enabling a switch to lower carbon intensive technologies and fuels , energy security and energy infrastructure , including for gas production and transportation to eu energy market , environmental infrastructure , including water and sanitation and green infrastructure , information and communication technology , including telecommunications and broadband network infrastructure , health and education . compliance with the provisions of the aarhus convention on access to information , public participation in decision - making and access to justice in environmental matters should be ensured by the eib at the different relevant stages of projects .


### in order to cater for the potential evolution of the actual provisioning needs of the guarantee fund in accordance with council regulation no 480 / 2009 of 25 may 2009 establishing a guarantee fund for external actions5 , the maximum ceiling of the eu guarantee should be broken down into a fixed ceiling of a maximum amount of eur 25 bn and an optional additional amount of eur 3 bn . __________________ 5 oj l 145 , 10 . 6 . 2009 , p . 10 . ### in order to cater for the potential evolution of the actual provisioning needs of the guarantee fund in accordance with council regulation no 480 / 2009 , the maximum ceiling of the eu guarantee should be broken down into a fixed ceiling of a maximum amount of eur 27 bn and an optional additional amount of eur 3 bn .


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


### neighbourhood and partnership countries : eur 12 400 000 000 , broken down into the following indicative sub - ceilings : ### neighbourhood and partnership countries : eur 13 392 000 000 , broken down into the following indicative sub - ceilings :


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


### latin america : eur 2 150 000 000 ; ### latin america : eur 2 322 000 0000 ;


### the practical measures for linking the general objectives of the eu guarantee and their implementation are to be set out in regional technical operational guidelines . such guidelines should be consistent with the wider union regional policy framework . the regional technical operational guidelines should be reviewed and further updated following the review of this decision in order to adapt to the developments in the union external policies and priorities . ### the practical measures for linking the general objectives of the eu guarantee and their implementation are to be set out in regional technical operational guidelines . such guidelines should be consistent with the external action goals of the union according to article 21 teu and the wider union regional policy framework . the regional technical operational guidelines should be reviewed following consultation with relevant stakeholder and , authorities at national and local level from beneficiary countries and further updated following the review of this decision in order to adapt to the developments in the union external policies and priorities .


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


### mediterranean countries : eur 8 400 000 000 ; ### mediterranean countries : eur 9 072 000 000 ;


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


### the eib shall carry out thorough due diligence and , where appropriate and in line with union social and environmental principles , require appropriate local public consultation , on development - related aspects of investment projects covered by the eu guarantee . ### the eib shall carry out thorough due diligence and , in line with union social and environmental principles , require appropriate local public consultation , on development - related aspects of investment projects covered by the eu guarantee .


### the practical measures for linking the general objectives of the eu guarantee and their implementation are to be set out in regional technical operational guidelines . such guidelines should be consistent with the wider union regional policy framework . the regional technical operational guidelines should be reviewed and further updated following the review of this decision in order to adapt to the developments in the union external policies and priorities . ### the practical measures for linking the general objectives of the eu guarantee and their implementation are to be set out in regional technical operational guidelines . such guidelines should be consistent with the external action goals of the union set out in article 21 teu and the wider union regional policy framework . the regional technical operational guidelines should be reviewed following consultation with relevant stakeholder and authorities at national and local level from beneficiary countries and further updated following the review of this decision in order to adapt to the developments in the union external policies and priorities .


### eib financing operations supporting the objectives provided for in paragraph 1 shall support investment projects in the areas of transport , energy , including renewable energy , energy systems transformation enabling a switch to lower carbon intensive technologies and fuels , energy security and energy infrastructure , including for gas production and transportation to eu energy market , environmental infrastructure , including water and sanitation and green infrastructure , information and communication technology , including telecommunications and broadband network infrastructure , health and education . ### eib financing operations supporting the objectives provided for in paragraph 1 shall support investment projects in the areas of transport , energy , including renewable energy , energy systems transformation enabling a switch to lower carbon intensive technologies and fuels , energy security and energy infrastructure , including electricity transmission infrastructure , in particular interconnections that facilitate the integration of electricity from renewable sources , environmental infrastructure , including water and sanitation and green infrastructure , information and communication technology , including telecommunications and broadband network infrastructure , health and education . priority consideration should be given to electricity infrastructure projects connecting the union and third countries which provide mutual economic , development , social and environmental benefits .


### the commission shall update , together with the eib , the existing regional technical operational guidelines for eib financing operations within one year following the adoption of this decision . ### the commission shall update , together with the eib , the existing regional technical operational guidelines for eib financing operations within one year following the adoption of this decision . further updates shall be accomplished on a bi - annual basis .


### eib financing operations supporting the objectives provided for in paragraph 1 shall support investment projects in climate change mitigation and adaptation which contribute to the overall objective of the united nations framework convention on climate change , in particular by avoiding or reducing greenhouse gas emissions in the areas of renewable energy , energy efficiency and sustainable transport , or by increasing resilience to the adverse impacts of climate change on vulnerable countries , sectors and communities . over the period covered by the decision , the volume of these operations shall represent at least 25% of total eib financing operations . ### eib financing operations supporting the objectives provided for in paragraph 1 shall support investment projects in climate change mitigation and adaptation which contribute to the overall objective of the united nations framework convention on climate change , in particular by avoiding or reducing greenhouse gas emissions in the areas of renewable energy , energy efficiency and sustainable transport , or by increasing resilience to the adverse impacts of climate change on vulnerable countries , sectors and communities . over the period covered by the decision , the volume of these operations shall represent at least 40% of total eib financing operations .


### in addition to its core mission of financing investment in the union , the european investment bank undertakes financing operations outside the union in support of the union ' s external policies . this allows the budget funds of the union available to the external regions to be complemented by the financial strength of the eib for the benefit of the targeted third countries . in undertaking such financing operations , the eib contributes to the general principles and policy objectives of the union . ### in addition to its core mission of financing investment in the union , the european investment bank undertakes financing operations outside the union in support of the union ' s external policies . this allows the budget funds of the union available to the external regions to be complemented by the financial strength of the eib for the benefit of the targeted third countries . in undertaking such financing operations , the eib contributes to the general principles and policy objectives of the union , in particular those defined in article 21 teu , most importantly democracy , the universality and indivisibility of human rights and the sustainable economic , social and environmental development .


### the commission shall be empowered to adopt delegated acts in accordance with article 17 concerning amendments to annex iii . the commission ' s decisions shall be based on an overall economic and political assessment , including aspects related to the democracy , human rights and fundamental freedoms as well as the relevant european parliament resolutions and council decisions and conclusions . ### the commission shall be empowered to adopt delegated acts in accordance with article 17 concerning amendments to annex iii . the commission ' s decisions shall be based on an overall economic social , environmental and political assessment , in particular aspects related to the democracy , human rights and fundamental freedoms as well as the relevant european parliament resolutions and council decisions and conclusions .


### by 31 december 2017 , the commission shall submit to the european parliament and the council a mid - term report evaluating the implementation of this decision in the first years accompanied , where appropriate , by a proposal for its amendment . the report shall draw upon an external evaluation and contribution from the eib . ### by the end of 2016 , and no more than 2 month after submitting its post - electoral revision of the multiannual financial framework , the commission shall submit to the european parliament and the council a mid - term report evaluating the implementation of this decision in the first years accompanied by a proposal for its amendment . the report shall draw upon an external evaluation and contribution from the eib .


### a fixed ceiling of a maximum amount of eur 25 000 000 000 ; ### a fixed ceiling of a maximum amount of eur 27 000 000 000 ;


### the eib should also continue to finance investment projects in support of climate change mitigation and adaptation , to further the promotion of the union ' s climate goals on a global scale . ### the eib should also increase its financing of investment projects in support of climate change mitigation and adaptation , to further the promotion of the union ' s climate goals on a global scale .


### in accordance with its own transparency policy , the eib shall make publicly available on its website information relating to : ### in accordance with eu legislation on access to documents and information , the eib shall make publicly available on its website information relating to :


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


### asia and latin america : eur 3 600 000 000 , broken down into the following indicative sub - ceilings : ### asia and latin america : eur 3 888 000 000 , broken down into the following indicative sub - ceilings :


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