### member states should partially compensate , in accordance with state aid rules , certain installations in sectors or sub - sectors which have been determined to be exposed to a significant risk of carbon leakage because of costs related to greenhouse gas emissions passed on in electricity prices . the protocol and accompanying decisions adopted by the conference of the parties in paris need to provide for the dynamic mobilisation of climate finance , technology transfer and capacity building for eligible parties , particularly those with least capabilities . public sector climate finance will continue to play an important role in mobilising resources after 2020 . therefore , auction revenues should also be used for climate financing actions in vulnerable third countries , including adaptation to the impacts of climate . the amount of climate finance to be mobilised will also depend on the ambition and quality of the proposed intended nationally determined contributions , subsequent investment plans and national adaptation planning processes . member states should also use auction revenues to promote skill formation and reallocation of labour affected by the transition of jobs in a decarbonising economy . ### the protocol and accompanying decisions adopted by the conference of the parties in paris need to provide for the dynamic mobilisation of climate finance , technology transfer and capacity building for eligible parties , particularly those with least capabilities . public sector climate finance will continue to play an important role in mobilising resources after 2020 . therefore , auction revenues should also be used for climate financing actions in vulnerable third countries , including adaptation to the impacts of climate . the amount of climate finance to be mobilised will also depend on the ambition and quality of the proposed intended nationally determined contributions , subsequent investment plans and national adaptation planning processes . member states should also use auction revenues to promote skill formation and reallocation of labour affected by the transition of jobs in a decarbonising economy .


### the auctioning of allowances remains the general rule , with free allocation as the exception . consequently , and as confirmed by the european council , the share of allowances to be auctioned , which was 57% over the period 2013 - 2020 , should not be reduced . the commission ' s impact assessment18 provides details on the auction share and specifies that this 57% share is made up of allowances auctioned on behalf of member states , including allowances set aside for new entrants but not allocated , allowances for modernising electricity generation in some member states and allowances which are to be auctioned at a later point in time because of their placement in the market stability reserve established by decision 2015 / … of the european parliament and of the council19 . __________________ 19 decision 2015 / … of the european parliament and of the council of … concerning the establishment and operation of a market stability reserve for the union greenhouse gas emission trading scheme and amending directive 2003 / 87 / ec . ### the auctioning of allowances remains the general rule , with free allocation as the temporary exception . consequently , and as confirmed by the european council , the share of allowances to be auctioned , which was 57% over the period 2013 - 2020 , should not be reduced . from 2021 onwards , the share of allowances to be auctioned should be at least 57% with a view to increasing it to 100% over time the commission ' s impact assessment18 provides details on the auction share and specifies that this 57% share is made up of allowances auctioned on behalf of member states , including allowances set aside for new entrants but not allocated , allowances for modernising electricity generation in some member states and allowances which are to be auctioned at a later point in time because of their placement in the market stability reserve established by decision 2015 / . . . of the european parliament and of the council19 . allowances from the maximum amount referred to in this directive which were not allocated free of charge up to 2020 and allowances not allocated free of charge to installations up to 2030 should be cancelled permanently in order to ensure that unused surplus pollution permits do not undermine post - 2020 greenhouse emission reductions . __________________ 19 decision 2015 / … of the european parliament and of the council of … concerning the establishment and operation of a market stability reserve for the union greenhouse gas emission trading scheme and amending directive 2003 / 87 / ec .


### 400 million allowances shall be available to support innovation in low - carbon technologies and processes in industrial sectors listed in annex i , and to help stimulate the construction and operation of commercial demonstration projects that aim at the environmentally safe capture and geological storage of co2 as well as demonstration projects of innovative renewable energy technologies , in the territory of the union . ### 600 million allowances shall be available to support innovation in low - carbon technologies and processes in industrial sectors listed in annex i , and to help stimulate the construction and operation of commercial demonstration projects that aim at the environmentally safe capture and geological storage and use of co2 and demonstration projects of innovative renewable energy technologies , as well as electric batteries and smart grid infrastructures notably for the deployment of electric mobility , in the territory of the union .


### the commission shall be empowered to adopt a delegated act in accordance with article 23 . this act shall also provide for additional allocation from the new entrants reserve for significant production increases by applying the same thresholds and allocation adjustments as apply in respect of partial cessations of operation . ### the commission shall be empowered to adopt a delegated act in accordance with article 23 supplementing this directive by providing for additional allocation from the new entrants reserve for significant production changes . they shall , in particular , provide that any 15% increase or decrease in production expressed as a rolling average of verified production data for the two preceding years compared to the production activity reported in accordance with article 11 is adjusted with a corresponding amount of allowances by placing allowances into , and releasing them from , the reserve referred to in paragraph 7 .


### the european council of october 2014 made a commitment to reduce the overall greenhouse gas emissions of the union by at least 40% below 1990 levels by 2030 . all sectors of the economy should contribute to achieving these emission reductions and the target will be delivered in the most cost - effective manner through the union emission trading system delivering a reduction of 43% below 2005 levels by 2030 . this was confirmed in the intended nationally determined reduction commitment of the union and its member states submitted to the secretariat of the un framework convention on climate change on 6 march 201516 . __________________ 16 http : / / www4 . unfccc . int / submissions / indc / submission%20pages / submissions . aspx ### the european council of october 2014 made a commitment to reduce the overall greenhouse gas emissions of the union by at least 40% below 1990 levels by 2030 . all sectors of the economy should contribute to achieving these emission reductions and the target will be delivered in the most cost - effective manner through the union emission trading system delivering a reduction of 43% below 2005 levels by 2030 . this was confirmed in the intended nationally determined reduction commitment of the union and its member states submitted to the secretariat of the un framework convention on climate change on 6 march 201516 . the paris agreement on climate change , approved at the 21st session of the conference of the parties to the united nations framework convention on climate change , marks a new level of global commitment , aiming to hold the increase in the global average temperature to well below 2°c above pre - industrial levels and to pursue efforts to limit the temperature increase to 1 . 5°c . __________________ 16 http : / / www4 . unfccc . int / submissions / indc / submission%20pages / submissions . aspx


### other sectors and sub - sectors are considered to be able to pass on more of the cost of allowances in product prices , and shall be allocated allowances free of charge for the period up to 2030 at 30% of the quantity determined in accordance with the measures adopted pursuant to article 10a . ### other sectors and sub - sectors are considered to be able to pass on more of the cost of allowances in product prices , and shall be allocated no allowances free of charge .


### sectors and sub - sectors where the product exceeds 0 . 2 from multiplying their intensity of trade with third countries , defined as the ratio between the total value of exports to third countries plus the value of imports from third countries and the total market size for the european economic area , by their emission intensity , measured in kgco2 divided by their gross value added , shall be deemed to be at risk of carbon leakage . such sectors and sub - sectors shall be allocated allowances free of charge for the period up to 2030 at 100% of the quantity determined in accordance with the measures adopted pursuant to article 10a . ### sectors and sub - sectors in which the product exceeds 2 , 5 from multiplying their intensity of trade with third countries , defined as the ratio between the total value of exports to third countries that have not implemented comparable climate pricing plus the value of imports from third countries or subnational regions and the total market size for the european economic area , by their emission intensity , measured in kgco2 divided by their gross value added , shall be deemed to be at risk of carbon leakage . such sectors and sub - sectors shall be allocated allowances free of charge for the period up to 2030 at 90% of the quantity determined in accordance with the measures adopted pursuant to article 10a . sectors and sub - sectors in which the product is below 2 , 5 but above 1 , 0 shall be deemed to be at medium risk of carbon leakage . such sectors and sub - sectors shall be allocated allowances free of charge for the period up to 2030 at 70% of that quantity . sectors and sub - sectors in which the product is below 1 , 0 but above 0 , 2 shall be deemed to be at low risk of carbon leakage . such sectors and sub - sectors shall be allocated allowances free of charge for the period up to 2030 at 50% of that quantity .


### 2% of the total quantity of allowances between 2021 and 2030 shall be auctioned to establish a fund to improve energy efficiency and modernise the energy systems of certain member states as set out in article 10d of this directive . ### 4% of the total quantity of allowances , deducting half of the quantity of allowances from the auctioning share and half from the free allowances share , between 2021 and 2030 shall be auctioned to establish a fund to improve energy efficiency and modernise the energy systems of certain member states as set out in article 10d of this directive .


### annex i target fishing mortality group 1 2 . group 2 ### annex i target fishing mortality group 1 figures in the table come from the most recent ices special request advice , the “eu request to ices to provide fmsy ranges for selected north sea and baltic sea stocks” 2 . group 2 figures in the table come from the most recent ices special request advice , the “eu request to ices to provide fmsy ranges for selected north sea and baltic sea stocks”


### the objective of this plan should be to contribute to the achievement of the objectives of the cfp , and especially reaching and maintaining msy for the stocks concerned , contributing to the implementation of the landing obligation for demersal stocks subject to catch limits and contributing to the implementation of the ecosystem - based approach to fisheries management . ### the objective of this plan should be to contribute to the achievement of the objectives of the cfp , and especially ensuring that stocks of harvested species are restored and maintained above levels capable of producing msy .


### periodic measurements of so2 , nox and particulate matter shall be required at least every three years for medium combustion plants the rated thermal input of which is greater than 1 mw and less than 20 mw , and at least annually for medium combustion plants the rated thermal input of which is equal to or greater than 20 mw but less than 50 mw . ### continuous measurements of so2 , nox , particulate matter , carbon monoxide , total organic carbon and ammonia shall be required for medium combustion plants .


### member states shall ensure that companies are able to file online the documents and information , as referred to in article 14 , including any modification thereof , with the register within the time limit provided by the laws of the member state where the company is to be registered . member states shall ensure that such filing may be completed online in its entirety without the necessity for the applicant , or his representative to appear in person before any competent authority or before any other person or body dealing with the online filing , subject to the proviso laid down in article 13b . ### member states shall allow the online filing of the documents and information , as referred to in article 14 , including any modification thereof , only if the commission has certified the electronic identification scheme and information provision system as fulfilling the highest certainty standard . member states shall ensure that such filing may be completed online and without the necessity for the applicant , or his representative to appear in person before the body or authority dealing with the online filing only in conjunction with a procedure certified by the commission as meeting the highest level of certainty for verifying the authenticity of documents and identify any and all new persons taking part in the administration , supervision or control of the company , all beneficial owners and all persons authorised to represent the company towards third parties and in legal proceedings subject to the proviso laid down in article 13b .


### the fees charged for obtaining documents and information referred to in article 14 through the system of interconnection of registers shall not exceed the administrative costs thereof . ### no fees shall be charged for obtaining documents and information referred to in article 14 electronically through the system of interconnection of registers .


### member states shall ensure that the registration of companies may be carried out fully online without the necessity for the applicants , or their representatives , to appear in person before any competent authority or before any other person or body dealing with the application for registration , subject to the proviso laid down in article 13b . however , member states may decide not to provide fully online registration procedures for those types of companies listed in annex i . ### member states may allow the online registration of companies without the necessity for the applicants , or their representatives , to appear in person before the competent registration authority only under the condition that the&#160 ; commission has certified the electronic identification scheme used in conjunction with a video conference procedure as achieving the highest assurance level for identifying all persons taking part in the administration , supervision or control of the company , all beneficial owners and all persons authorised to represent the company in dealings with third parties and in legal proceedings . online registration procedures should only be authorised for natural persons and not for legal persons . member states may decide not to provide fully online registration procedures for those types of companies listed in annex i , and for other company legal forms and sectors deemed to represent a strong risk for fraudulent activity .


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


### in order to facilitate online procedures for companies , member states’ registers should not charge for online registration or online submission of information over and above the actual administrative costs of providing the service . furthermore , member states should assist those seeking to establish a company or a branch by providing up - to - date , clear , concise and user - friendly information concerning the procedures and requirements to establish and operate limited liability companies and their branches . concerning private limited liability companies , more detailed information should be made available to applicants and directors because member states should also ensure the possibility of fully online registration for such companies . ### in order to facilitate online procedures for companies , member states’ registers should not charge for online registration or online submission of information over and above the actual administrative costs of providing the service . furthermore , member states should assist those seeking to establish a company or a branch by providing up - to - date , clear , concise and user - friendly information concerning the procedures and requirements to establish and operate limited liability companies and their branches .


### similarly with regard to the online registration of companies , in order to reduce the costs and burdens on companies , it should also be possible throughout the companies’ lifecycle to submit documents and information fully online to national registers . at the same time , member states should have the possibility to allow companies to file documents and information by other means , including by paper . in addition , the disclosure of company information should be effected once the information is made publicly available in those registers , since they are now interconnected and provide a comprehensive point of reference for users . in order to avoid disruption to the existing means of disclosure , member states should have the choice also to publish either all or some of the company information in a national gazette , whilst at the same time ensuring that the information is sent electronically by the register to that national gazette . ### similarly with regard to the online registration of companies , in order to reduce the costs and burdens on companies , it should also be possible throughout the companies’ lifecycle to submit documents and information through digitally supported procedures to national registers , given the presence of schemes which guarantee the highest level of assurance for the validity of these documents and information . at the same time , member states should have the possibility to allow companies to file documents and information by other means , including by paper . in addition , the disclosure of company information should be effected once the information is made publicly available in those registers , since they are now interconnected and provide a comprehensive point of reference for users . in order to avoid disruption to the existing means of disclosure , member states should have the choice also to publish either all or some of the company information in a national gazette , whilst at the same time ensuring that the information is sent electronically by the register to that national gazette .


### furthermore , in order to tackle fraud and company hijacking and to provide safeguards for the reliability and trustworthiness of documents and information contained within national registers , provisions concerning the online registration of companies and their branches should also include controls on the identity and legal capacity of persons seeking to establish a company or branch . however , the means and methods to achieve these controls should be left to member states to develop and adopt . those rules could include , amongst others , verification by means of video - conference or other online means that provide a real - time audio - visual connection . to that effect member states should be able to require the involvement of notaries or lawyers as a part of the online registration process , however , such involvement should not prevent the completion of the registration procedure in its entirety online . ### furthermore , in order to tackle fraud and company hijacking and to provide safeguards for the reliability and trustworthiness of documents and information contained within national registers , provisions concerning the online registration of companies and their branches should also include controls on the identity and legal capacity of persons seeking to establish a company or branch . those rules could include , amongst others , verification by means of video - conference or other online means that provide a real - time audio - visual connection . the commission should certify that these rules guarantee the highest assurance level for the identity of all persons taking part in the administration , supervision or control of the company , all beneficial owners and all persons authorised to represent the company in dealings with third parties and in legal proceedings .


### any fees charged by the registers , referred to in article 16 , for the online registration of , or the online filing by , a company or a branch shall not exceed the administrative costs of providing the service . ### any fees charged by the registers , referred to in article 16 , for the online registration of , or the online filing by , a company or a branch shall not exceed the administrative costs of providing the service . these fees should be sufficient to cover the costs necessary to make company documents publicly available in the registry free of charge .


### member states should be allowed to take measures , in accordance with national law , in cases of genuine suspicion of fraud , which could require , not systematically but on a case - by - case basis , a physical presence of the applicant or their representative before any authority of a member state where the company or branch is to be registered . such genuine suspicion of fraud should be based on reasonable grounds , such as , on the basis of information available from the registers of beneficial owners , from criminal records or from indications of identity fraud or tax evasion . ### member states should be allowed to take measures , in accordance with national law , in cases of genuine suspicion of fraud , which could require , not systematically but on a case - by - case basis , a physical presence of the applicant or their representative before any authority of a member state where the company or branch is to be registered . such genuine suspicion of fraud should be based on reasonable grounds , such as , on the basis of information available from the registers of beneficial owners , from criminal records or from indications of identity fraud or tax evasion . furthermore , the commission and member states may require physical presence in sectors in which there is a higher risk of company establishments for fraudulent purposes .


### member states shall ensure that documents and information , referred to in article 30 or any modification thereof , may be filed online within the period provided by the laws of the member state where the branch is established . member states shall ensure that such filing may be completed online in its entirety without the necessity for the applicant or its representative to appear in person before any competent authority or before any other person dealing with the online filing , subject to the proviso laid down in article 13b . ### member states shall allow the online filing of the documents and information , referred to in article 30 or any modification thereof , only if the commission has certified that the electronic identification scheme and information provision system as fulfilling the highest certainty standard . member states shall ensure that such filing may be completed online and without the necessity for the applicant or its representative to appear in person before the body or competent authority dealing with the online filing only in conjunction with a procedure certified by the commission as meeting the highest level of certainty for verifying the authenticity of documents and for identifying the persons involved , subject to the proviso laid down in article 13b .


### member states shall ensure that documents and information , referred to in article 30 or any modification thereof , may be filed online within the period provided by the laws of the member state where the branch is established . member states shall ensure that such filing may be completed online in its entirety without the necessity for the applicant or its representative to appear in person before any competent authority or before any other person dealing with the online filing , subject to the proviso laid down in article 13b . ### member states shall allow the online filing of the documents and information , referred to in article 30 or any modification thereof , only if the commission has certified that the electronic identification scheme and information provision system as fulfilling the highest assurance standard . member states shall ensure that such filing may be completed online and without the necessity for the applicant or its representative to appear in person before the body or competent authority dealing with the online filing only in conjunction with a procedure certified by the commission as meeting the highest assurance level for verifying the authenticity of documents and identify , subject to the proviso laid down in article 13b .


### in the interest of transparency and to promote trust in business transactions , including those with a cross - border nature within the single market , it is important that investors , stakeholders , business partners and authorities can easily access company information . to improve the accessibility of that information , more information should be available free of charge in all member states . such information should include the website of the company , where applicable and , the legal status of the company and its branches in another member states , where available in national registers . it should also include information concerning the persons authorised to represent companies and the number of employees where this information is available . ### in the interest of transparency and to promote trust in business transactions , including those with a cross - border nature within the single market , it is important that investors , stakeholders , business partners and authorities can easily access company information . to improve the accessibility of that information , all information in the registry should be available free of charge in all member states . it should also include information concerning the persons authorised to represent companies , the number of employees and the details of agreements on worker information , consultation and participation arrangements made under union law . it should be possible to perform searches in these registries based on the names of companies and persons as well as sectors and locality .


### the commission may also establish optional access points to the system of interconnection of registers . such access points will consist of systems developed and operated by the commission or other union institutions , bodies , offices or agencies in order to perform their administrative functions or to comply with provisions of union law . the commission shall notify the member states without undue delay of the establishment of such access points and of any significant changes to their operation . ### the commission may also establish access points to the system of interconnection of registers . such access points will consist of systems developed and operated by the commission or other union institutions , bodies , offices or agencies in order to perform their administrative functions or to comply with provisions of union law . the commission shall notify the member states without undue delay of the establishment of such access points and of any significant changes to their operation .


### as a first step in a company’s lifecycle , it should be possible to establish and register companies fully online . however , member states should have the possibility to derogate from this requirement in case of public limited liability companies due to the complexity of establishment and registration of such companies and in order to respect member states’ existing traditions of company law . in any event , member states should lay down detailed rules of registration . it should be possible to carry out online registration with the submission of documents in electronic form . ### as a first step in a company’s lifecycle , it should be possible to use digital tools to support the establishment and registration of companies . however , member states should have the possibility to derogate from this requirement in case of public limited liability companies due to the complexity of establishment and registration of such companies and in order to respect member states’ existing traditions of company law . furthermore , the commission and member states should be able to exempt specific sectors in which a risk higher than average exists pertaining to the establishment of companies for fraudulent purposes . finally , only natural persons and not legal persons should be allowed to use these procedures , given the difficulties in tracing the real locus of ownership and control in group structures . in any event , member states should lay down detailed rules of registration . it should be possible to carry out digitally - enhanced registration with the submission of documents in electronic form given the availability of procedures guaranteeing the highest assurance level of the identity of key persons in the company and validity of documents .


### member states shall not make the online registration of a company conditional on obtaining any licence or authorisation before the company is registered , unless where it is indispensable for the proper control of certain activities laid down in national law . ### member states shall require the verification of the identify of all persons taking part in the administration , supervision or control of the company , all beneficial owners and all persons authorised to represent the company in dealings with third parties and in legal proceedings .


### the use of digital tools and processes to more easily , rapidly and cost - effectively initiate economic activity by setting up a company or by opening a branch of that company in another member state is one of the prerequisites for the effective functioning of a competitive single market and for ensuring the competitiveness of companies . ### the use of digital tools and processes to more easily , rapidly and cost - effectively initiate economic activity by setting up a company or by opening a branch of that company in another member state and to provide comprehensive and costless information on companies is one of the prerequisites for the effective functioning of a competitive single market and for ensuring the competitiveness and trustworthiness of companies .


### member states shall ensure that companies are able to file online the documents and information , as referred to in article 14 , including any modification thereof , with the register within the time limit provided by the laws of the member state where the company is to be registered . member states shall ensure that such filing may be completed online in its entirety without the necessity for the applicant , or his representative to appear in person before any competent authority or before any other person or body dealing with the online filing , subject to the proviso laid down in article 13b . ### member states shall allow the online filing of the documents and information , as referred to in article 14 , including any modification thereof , only if the commission has certified the electronic identification scheme and information provision system as fulfilling the highest assurance standard . member states shall ensure that such filing may be completed online and without the necessity for the applicant , or his representative to appear in person before the body or authority dealing with the online filing only in conjunction with a procedure certified by the&#160 ; commission as meeting the highest assurance level for verifying the authenticity of documents and identify of any and all new persons taking part in the administration , supervision or control of the company , all beneficial owners and all persons authorised to represent the company in dealings with third parties and in legal proceedings subject to the provision laid down in article 13b . member states shall ensure that the origin and integrity of the documents filed online may be verified electronically .


### without prejudice to paragraphs 1 to 3 , member states may take measures which could require a physical presence for the purposes of verifying the identity of persons before any authority competent to deal with online registration or online filing , in cases of genuine suspicion of fraud based on reasonable grounds . ### without prejudice to paragraphs 1 to 3 , member states shall take measures which require a physical presence for the purposes of verifying the identity of before any authority competent to deal with online registration or online filing , in cases of genuine suspicion of fraud based on reasonable grounds , or in the absence of online procedures which have been certified to achieve the highest level of certainty . the commission and member states may also prohibit online registration in specific sectors in which fraudulent activity is particularly prevalent or which are deemed to present a high risk of fraud .


### in order to facilitate the registration of companies and their branches and to reduce the costs and administrative burdens associated with the registration process , in particular by micro , small and medium - sized enterprises as defined in commission recommendation 2003 / 361 / ec32 , procedures should be put in place to enable registration to be completed fully online . such costs and burdens derive not only from administrative fees charged for setting up a company , but also from other requirements which make the overall process longer to complete , in particular when the physical presence of the applicant or their representative is required . in addition , information on these procedures should be made available online and free of charge . _________________ 32 commission recommendation 2003 / 361 / ec of 6 may 2003 concerning the definition of micro , small and medium - sized enterprises . ### in order to facilitate the registration of companies and their branches and to reduce the costs and administrative burdens associated with the registration process , in particular by micro , small and medium - sized enterprises as defined in commission recommendation 2003 / 361 / ec , procedures should be put in place to enable digitally - supported registration with which the need for the physical presence of the applicant or their representative at the registration authority can be reduced given the availability of procedures that can verify with the highest level of assurance the identify of key persons in the company and documents . in addition , information on these procedures should be made available online and free of charge .


### member states shall ensure that companies are able to file online the documents and information , as referred to in article 14 , including any modification thereof , with the register within the time limit provided by the laws of the member state where the company is to be registered . member states shall ensure that such filing may be completed online in its entirety without the necessity for the applicant , or his representative to appear in person before any competent authority or before any other person or body dealing with the online filing , subject to the proviso laid down in article 13b . ### member states shall allow the online filing of the documents and information , as referred to in article 14 , including any modification thereof , only if the commission has certified the electronic identification scheme and information provision system as fulfilling the highest certainty standard . member states shall ensure that such filing may be completed online and without the necessity for the applicant , or his representative to appear in person before the body or authority dealing with the online filing only in conjunction with a procedure certified by the commission as meeting the highest level of certainty for verifying the authenticity of documents and identify any and all new persons taking part in the administration , supervision or control of the company , all beneficial owners and all persons authorised to represent the company towards third parties and in legal proceedings subject to the proviso laid down in article 13b .


### where member states lay down rules relating to the disqualification of directors , referred to in point of article 13f , the register where the company is to be registered may , through the system of interconnection of registers referred to in article 22 , request confirmation from the registers of other member states as to whether or not the person who is to be appointed as director of the company is currently disqualified from acting as director in those other member states . for the purpose of this article , directors shall include all of the persons referred to in article 14 . ### member states shall maintain an up to date list of all disqualified directors and provide public access to this list free of charge through the system of interconnection of registers referred to in article 22 . the system of interconnection shall allow searches of specific persons to disclose whether or not they are included on the list of disqualified directors from any member state . for the purpose of this article , directors shall include all of the persons referred to in article 14 .


### as a first step in a company’s lifecycle , it should be possible to establish and register companies fully online . however , member states should have the possibility to derogate from this requirement in case of public limited liability companies due to the complexity of establishment and registration of such companies and in order to respect member states’ existing traditions of company law . in any event , member states should lay down detailed rules of registration . it should be possible to carry out online registration with the submission of documents in electronic form . ### as a first step in a company’s lifecycle , it should be possible to use digital tools to support the establishment and registration of companies . however , member states should have the possibility to derogate from this requirement in case of public limited liability companies due to the complexity of establishment and registration of such companies and in order to respect member states’ existing traditions of company law . furthermore , the commission and member states should be able to exempt specific sectors in which a higher than average risk of establishment of companies for fraudulent purposes . finally , only natural persons and not legal persons should be allowed to use these procedures , given the difficulties in tracing the real locus of ownership and control in groups structures . in any event , member states should lay down detailed rules of digitally enhanced registration . it should be possible to carry out digitally enhanced registration with the submission of documents in electronic form given the availability of procedures guaranteeing the highest assurance level of the identity of key persons in the company and validity of documents .


### enabling the fully online registration of companies and branches and the fully online filing of documents and information would allow companies to use digital tools in their contacts with competent authorities of member states . in order to enhance trust , member states should ensure that secure electronic identification and the use of trust services is possible for national as well as cross - border users in accordance with regulation no 910 / 2014 of the european parliament and of the council34 . furthermore , in order to enable cross - border electronic identification , member states should set up electronic identification schemes which provide for authorised electronic identification means . such national schemes would be used as a basis for the recognition of electronic identification means issued in another member state . in order to ensure the high level of trust in cross - border situations , only electronic identification means which comply with article 6 of regulation no 910 / 2014 should be recognised . however , member states may also recognise other identification means such as a scanned copy of a passport . in any event , this directive should only oblige member states to enable online registration of companies and their branches and online filing by union citizens through the recognition of their electronic identification means . _________________ 34 regulation no 910 / 2014 of the european parliament and of the council of 23 july 2014 on electronic identification and trust services for electronic transactions in the internal market and repealing directive 1999 / 93 / ec . ### supporting the digital registration of companies and branches and the filing of documents and information would allow companies to use digital tools in their contacts with competent authorities of member states . in order to enhance trust , member states should ensure that secure electronic identification and the use of trust services is possible for national as well as cross - border users in accordance with the highest assurance level defined in regulation no 910 / 2014 of the european parliament and of the council . furthermore , in order to enable cross - border electronic identification , member states should set up electronic identification schemes which provide for authorised electronic identification means in conjunction with means necessary to verify the identity of key persons in the company and validity of documents , such as video conferencing and validation procedures for original documents . a procedure should also be defined by the commission for certifying the achievement of these schemes of the highest assurance level . such national schemes would be used as a basis for the recognition of electronic identification means issued in another member state . in order to ensure the high level of trust in cross - border situations , only electronic identification means which comply with article 6 of regulation no 910 / 2014 and which achieve the highest assurance level as defined by article 8 should be recognised . in any event , this directive should only oblige member states to enable online registration of companies and their branches and online filing by union citizens through the recognition of their electronic identification means if certified schemes are available which achieve the highest assurance level for the identity of key persons in the company and validity of documents .


### similarly with regard to the online registration of companies , in order to reduce the costs and burdens on companies , it should also be possible throughout the companies’ lifecycle to submit documents and information fully online to national registers . at the same time , member states should have the possibility to allow companies to file documents and information by other means , including by paper . in addition , the disclosure of company information should be effected once the information is made publicly available in those registers , since they are now interconnected and provide a comprehensive point of reference for users . in order to avoid disruption to the existing means of disclosure , member states should have the choice also to publish either all or some of the company information in a national gazette , whilst at the same time ensuring that the information is sent electronically by the register to that national gazette . ### similarly with regard to the online registration of companies , in order to reduce the costs and burdens on companies , it should also be possible throughout the companies’ lifecycle to submit documents and information through digitally supported procedures to national registers , given the presence of schemes which guarantee the highest level of certainty as to the validity of these documents and information . at the same time , member states should have the possibility to allow companies to file documents and information by other means , including by paper . in addition , the disclosure of company information should be effected once the information is made publicly available in those registers , since they are now interconnected and provide a comprehensive point of reference for users . in order to avoid disruption to the existing means of disclosure , member states should have the choice also to publish either all or some of the company information in a national gazette , whilst at the same time ensuring that the information is sent electronically by the register to that national gazette .


### in order to cut costs and reduce administrative burden for companies , member states should apply the ‘ once - only’ principle in the area of company law . applying the once - only principle entails that companies are not asked to submit the same information to public authorities more than once . for example , companies should not have to submit the same information both to the national register and to the national gazette . instead , the register should provide the information already submitted directly to the national gazette . similarly , where a company is incorporated in one member state and wants to register a branch in another member state , it should be possible for the company to make use of the information or documents previously submitted to a register . furthermore , where a company is incorporated in one member state but has a branch in another member state it should be possible for the company to submit certain changes to their company information only to the register where the company is registered , without the need to submit the same information to the register where the branch is registered . instead , information such as change of company name or change of registered office of the company should be exchanged electronically between the register where the company is registered and the register where the branch is registered using the system of interconnection of registers . ### in order to cut costs and reduce administrative burden for companies , member states should apply the ‘ once - only’ principle in the area of company law . applying the once - only principle entails that companies are not asked to submit the same information to public authorities more than once . for example , companies should not have to submit the same information both to the national register and to the national gazette . instead , the register should provide the information already submitted directly to the national gazette . similarly , where a company is incorporated in one member state and wants to register a branch in another member state , it should be possible for the company to make use of the information or documents previously submitted to a register . furthermore , where a company is incorporated in one member state but has a branch in another member state it should be possible for the company to submit certain changes to their company information only to the register where the company is registered , without the need to submit the same information to the register where the branch is registered . instead , information such as change of company name or change of registered office of the company should be exchanged electronically between the register where the company is registered and the register where the branch is registered using the system of interconnection of registers . however , it should be possible for member states to waive this requirement in the absence of information schemes certified by the commission as achieving the highest assurance level .


### the means to verify the identity of the person or persons registering the company or their representatives ; ### the means to verify the identity of the person or persons registering the company and their representatives and all persons taking part in the administration , supervision or control of the company , all beneficial owners and all persons authorised to represent the company towards third parties and in legal proceedings ;


### in order to ensure the protection of all persons interacting with companies , member states should be able to prevent fraudulent behaviour by refusing the appointment of a person as a director of a company or a branch in their own territory , who is currently disqualified from acting as a director in another member state . such requests for information , in relation to previous directorships , should be possible by means of the system of interconnection of registers and therefore member states should make the necessary arrangements to ensure that the national registers are able to provide such information . the rules for the disqualification of directors and the confidentiality of the transmission should be governed by national law . to ensure compliance with applicable rules on protection of personal data , national registers should process any such data relating to disqualification of director in compliance with regulation 2016 / 679 of the european parliament and of the council35 . _________________ 35 regulation 2016 / 679 of the european parliament and of the council of 27 april 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data , and repealing directive 95 / 46 / ec . ### in order to ensure the protection of all persons interacting with companies , member states should be able to prevent fraudulent behaviour by refusing the appointment of a person as a director of a company or a branch in their own territory , who is currently disqualified from acting as a director in another member state . a list of all disqualified company directors in all member states should be maintained through the interconnected system or registers and should be made available to the public free of charge . it should be possible to search for specific persons in this disqualified directors list . member states should make the necessary arrangements to ensure that the national registers are able to provide such information . the rules for the disqualification of directors and the confidentiality of the transmission should be governed by national law . to ensure compliance with applicable rules on protection of personal data , national registers should process any such data relating to disqualification of director in compliance with regulation 2016 / 679 of the european parliament and of the council35 . _________________ 35 regulation 2016 / 679 of the european parliament and of the council of 27 april 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data , and repealing directive 95 / 46 / ec .


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


### the means to verify the identity of the person or persons registering the company or their representatives ; ### the means to verify the identity of the person or persons registering the company and their representatives and all persons taking part in the administration , supervision or control of the company , all beneficial owners and all persons authorised to represent the company in dealings with third parties and in legal proceedings


### in order to help companies established in the single market to more easily expand their business activities cross - border , it should be possible for them to open and register branches in another member state online . therefore member states should enable , in a similar manner to companies , the online registration of branches and the online filing of documents and information . ### in order to help companies established in the single market to more easily expand their business activities cross - border , it should be possible for them to use digitally - supported procedures to open and register branches in another member state . therefore member states should enable , in a similar manner to companies , the digitally - supported registration of branches and the filing of documents and information .


### in order to help companies established in the single market to more easily expand their business activities cross - border , it should be possible for them to open and register branches in another member state online . therefore member states should enable , in a similar manner to companies , the online registration of branches and the online filing of documents and information . ### in order to help companies established in the single market to more easily expand their business activities cross - border , it should be possible for them to use digitally - supported procedures to open and register branches in another member state . therefore member states should enable , in a similar manner to companies the digitally - supported registration of branches and the filing of documents and information .


### in the interest of transparency and to promote trust in business transactions , including those with a cross - border nature within the single market , it is important that investors , stakeholders , business partners and authorities can easily access company information . to improve the accessibility of that information , more information should be available free of charge in all member states . such information should include the website of the company , where applicable and , the legal status of the company and its branches in another member states , where available in national registers . it should also include information concerning the persons authorised to represent companies and the number of employees where this information is available . ### in the interest of transparency and to promote trust in business transactions , including those with a cross - border nature within the single market , it is important that investors , stakeholders , business partners and authorities can easily access company information . to improve the accessibility of that information , all information in the registry should be available free of charge in all member states . it should also include information concerning the persons authorised to represent companies , the number of employees and the details of agreements on worker information , consultation and participation arrangements made under union law . it should be possible to perform searches in these registries based on the names of companies and persons as well as sectors and locality .


### access to information from the system of interconnection of registers shall be ensured through the portal and through the optional access points established by the member states and by the commission . ### access to information from the system of interconnection of registers shall be ensured through the portal and through the access points established by the member states and by the commission .


### the fees charged for obtaining documents and information referred to in article 14 through the system of interconnection of registers shall not exceed the administrative costs thereof . ### no fees shall be charged for obtaining documents and information referred to in article 14 electronically through the system of interconnection of registers .


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


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


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


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


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


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


### the total fees and charges applied by the transferring pepp provider to the pepp saver for the closure of the pepp account held with it shall be limited to no more than 1 . 5 % of the positive balance to be transferred to the receiving pepp provider . ### switching pepp provider no more frequently than once every five years shall be free of charge for the pepp saver . in case of more frequent switching , the total fees and charges applied by the transferring pepp provider to the pepp saver for the closure of the pepp account held with it shall be limited to no more than 0 . 5 % of the positive balance to be transferred to the receiving pepp provider .


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


### potential pepp savers shall also be provided with information on the past performance of investments related to the pepp scheme covering a minimum of five years , or , where the scheme has been operating for fewer than five years , covering all the years that the scheme has been operating , as well as with information on the structure of costs borne by pepp savers and pepp beneficiaries . ### the key information document shall be drawn up as a short document written in a concise manner and of a maximum of three sides of a4 - sized paper when printed , which promotes comparability , and layered to consider the practicality of the pepp kid when delivered using durable media other than paper . it shall : be presented and laid out in a way that is easy to read , using characters of readable size ; focus on the key information that pepp savers need ; be written in a clear manner , using clear , succinct and comprehensible language , avoiding the use of jargon and avoiding technical terms where everyday words can be used instead .


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


### the product is liable to compromise the health or safety of end - users ; ### the product is liable , or is suspected of being able , to compromise the health , security or safety of end - users ;


### it is necessary to ensure that external - cost charges continue to reflect the cost of air pollution and noise generated by heavy duty vehicles as accurately as possible without rendering the charging scheme excessively complex , to incentivise the use of the most fuel - efficient vehicles , and to keep the incentives effective and the differentiation of road charges up - to - date . therefore , the power to adopt acts in accordance with article 290 of the treaty on the functioning of the european union should be delegated to the commission for the purpose of adapting the reference values for external cost charging to scientific progress , defining the modalities for the revenue - neutral variation of infrastructure charges according to the co2 emissions from heavy duty vehicles , and adapting the modalities of the variation of infrastructure charges for light duty vehicles to technical progress . it is of particular importance that the commission carry out appropriate consultations during its preparatory work , including at expert level and that those consultations be conducted in accordance with the principles laid down in the interinstitutional agreement on better law - making of 13 april 201621 . in particular , to ensure equal participation in the preparation of delegated acts , the european parliament and the council receive all documents at the same time as member states’ experts , and their experts systematically have access to meetings of commission expert groups dealing with the preparation of delegated acts . ____________________ 21 oj l 123 , 12 . 5 . 2016 , p . 1 ### it is necessary to ensure that external - cost charges continue to reflect the cost of air pollution and noise generated by heavy duty vehicles and vans intended for the carriage of goods as accurately as possible without rendering the charging scheme excessively complex , to incentivise the use of the most fuel - efficient and clean vehicles , and to keep the incentives effective and the differentiation of road charges up - to - date . therefore , the power to adopt acts in accordance with article 290 of the treaty on the functioning of the european union should be delegated to the commission for the purpose of adapting the minimum values for external cost charging to scientific progress , defining the modalities for the revenue - neutral variation of infrastructure charges according to the co2 emissions from heavy duty vehicles and vans intended for the carriage of goods , and adapting the modalities of the variation of infrastructure charges for light duty vehicles to technical progress . it is of particular importance that the commission carry out appropriate consultations during its preparatory work , including at expert level and that those consultations be conducted in accordance with the principles laid down in the interinstitutional agreement on better law - making of 13 april 201621 . in particular , to ensure equal participation in the preparation of delegated acts , the european parliament and the council receive all documents at the same time as member states’ experts , and their experts systematically have access to meetings of commission expert groups dealing with the preparation of delegated acts . ____________________ 21 oj l 123 , 12 . 5 . 2016 , p . 1


### ‘ vehicle’ means a motor vehicle , with four wheels or more , or articulated vehicle combination intended or used for the carriage by road of passengers or goods ; ### ‘ motorised road vehicle’ means a motor vehicle , with two wheels or more , powered by an engine of a capacity of more than 25 kwh or articulated vehicle combination ;


### from [ the date of entry into force of this directive ] , member states shall not introduce user charges for light duty vehicles . user charges introduced before that date shall be phased out by 31 december 2027 . ### from [ the date of entry into force of this directive ] , member states shall not introduce user charges for light duty vehicles . user charges introduced before that date shall be phased out by 31 december 2025 .


### in order to promote the use of the cleanest and most efficient vehicles , member states should apply significantly reduced road tolls and user charges to those vehicles . ### in order to discourage the use of the most polluting and least efficient vehicles , member states should apply significantly increased road tolls and user charges to those vehicles .


### directive 1999 / 62 / ec of the european parliament and of the council of 17 june 1999 on the charging of vehicles for the use of road infrastructures ; ### directive 1999 / 62 / ec of the european parliament and of the council of 17 june 1999 on the charging of motorised vehicles for pollution and the use of road infrastructures ;


### to this effect , the maximum weighted average external - cost charges should be replaced by readily applicable reference values updated in light of inflation , the scientific progress made in estimating the external costs of road transport and the evolution of the fleet composition . ### to this effect , the maximum weighted average external - cost charges should be replaced by readily applicable minimum values updated in light of inflation , the scientific progress made in estimating the external costs of road transport and the evolution of the fleet composition .


### the congestion charge shall reflect the costs imposed by a vehicle on other road users , and indirectly on society , but shall not exceed the maximum levels set out in annex vi for any given road type . ### the congestion charge shall reflect the costs imposed by a vehicle on other road users , and indirectly on society , and shall not be less than the levels set out in annex vi for any given road type .


### tolls and user charges for heavy duty vehicles on the one hand and for light duty vehicles on the other may be introduced or maintained independently from one another . ### until 31 december 2022 , tolls and user charges for heavy duty vehicles on the one hand and for light duty vehicles on the other may be introduced or maintained independently from one another .


### ‘ substantially amended tolling or charging arrangement’ means a tolling or charging arrangement , which has been amended in such a way that costs or revenues are affected by at least 5% in comparison with the previous year , after correcting for inflation measured by changes in the eu - wide harmonised index of consumer prices , and excluding energy and unprocessed food , as published by the commission . ### ‘ substantially amended tolling or charging arrangement’ means a tolling or charging arrangement , which has been amended in such a way that costs or revenues are affected by at least 25% in comparison with the previous year , after correcting for inflation measured by changes in the eu - wide harmonised index of consumer prices , and excluding energy and unprocessed food , as published by the commission .


### currently , member states are entitled to make access to the occupation of road transport operator subject to requirements additional to those specified in regulation no 1071 / 2009 . this possibility has not proven to be necessary in order to respond to imperative needs and has led to divergences in respect of such access . it should therefore be abolished . ### member states are entitled to make access to the occupation of road transport operator subject to requirements additional to those specified in regulation no 1071 / 2009 . this possibility is necessary to provide for a level playing field and common standards across member states .


### national road haulage services carried out in the host member state by a non - resident haulier shall only be deemed to comply with this regulation if the haulier can produce clear evidence of the preceding international carriage . ### national road haulage services carried out in the host member state by a non - resident haulier shall be deemed to comply with this regulation only if the haulier can produce clear evidence of the preceding international carriage to or from his or her member state of establishment and if the value of the transport contract for the preceding international carriage is not obviously lower than the combined value of the transport contracts for the cabotage operations .


### ‘ cabotage operation’ means national carriage for hire or reward carried out on a temporary basis in a host member state , involving the carriage from the picking up of the goods at one or several loading points until their delivery at one or several delivery points , as specified in the consignment note ; ### cabotage operation’ means national carriage for hire or reward carried out on a temporary basis in a host member state , involving the carriage from the picking up of the goods at one loading point until their delivery at one delivery point ;


### ‘ cabotage operation’ means national carriage for hire or reward carried out on a temporary basis in a host member state , involving the carriage from the picking up of the goods at one or several loading points until their delivery at one or several delivery points , as specified in the consignment note ; ### ‘ cabotage operation’ means national carriage for hire or reward carried out on a temporary basis in a host member state , involving the carriage from the picking up of the goods at one loading point until their delivery at one delivery point , as specified in the consignment note ;


### have premises in which it keeps its core business documents , in particular its commercial contracts , accounting documents , personnel management documents , labour contracts , documents containing data relating to driving time and rest and any other document to which the competent authority must have access in order to verify compliance with the conditions laid down in this regulation ; ; ### have premises in which it keeps its core business documents , in particular its commercial contracts , accounting documents , personnel management documents , labour contracts , documents containing data relating to driving time and rest and any other document to which the competent authority must have access in order to verify compliance with the conditions laid down in this regulation ; member states may require that hauliers established on their territory also have other documents available at their premises at any time ;


### in order to satisfy the requirement laid down in article 3 , an undertaking shall , on a permanent basis , be able to meet its financial obligations in the course of the annual accounting year . the undertaking shall demonstrate , on the basis of annual accounts certified by an auditor or a duly accredited person , that , every year , it has at its disposal equity capital totalling at least eur 9 000 when only one vehicle is used and eur 5 000 for each additional vehicle used . undertakings engaged in the occupation of road haulage operator solely by means of motor vehicles with a permissible laden mass not exceeding 3 . 5 tonnes or combinations of vehicles with a permissible laden mass not exceeding 3 . 5 tonnes shall demonstrate , on the basis of annual accounts certified by an auditor or a duly accredited person , that , every year , they have at their disposal equity capital totalling at least eur 1 800 when only one vehicle is used and eur 900 for each additional vehicle used . ; ### in order to satisfy the requirement laid down in article 3 , an undertaking shall , at all times , be able to meet its financial obligations in the course of the annual accounting year . the undertaking shall demonstrate , on the basis of annual accounts certified by an auditor or a duly accredited person , that , every year : it has at its disposal equity capital totalling at least eur 9 000 when only one vehicle is used and eur 5 000 for each additional vehicle used ; and two months’ worth of salary per employed mobile worker , at the level of the member state where , or from where , it habitually carries out its activities . undertakings engaged in the occupation of road haulage operator solely by means of motor vehicles with a permissible laden mass not exceeding 3 . 5 tonnes or combinations of vehicles with a permissible laden mass not exceeding 3 . 5 tonnes shall demonstrate , on the basis of annual accounts certified by an auditor or a duly accredited person , that , every year , they have at their disposal equity capital totalling at least eur 1 800 when only one vehicle is used and eur 900 for each additional vehicle used .


### in article 6 , the following sentence is added : ‘ member states shall ensure that measures taken in accordance with this point do not compromise the achievement of the objectives of directive 2008 / 98 / ec , notably on the increase of preparing for re - use and recycling as set out in article 11 of that directive . ’ ### in article 6 , the following subparagraph is added : ‘ member states shall ensure that measures taken in accordance with this point do not compromise the achievement of the objectives of directive 2008 / 98 / ec , particularly on the increase of preparing for re - use and recycling as set out in article 11 of that directive . ’


### ' biodegradable waste ' means any waste that is capable of undergoing anaerobic or aerobic decomposition , such as food and garden waste , and paper and paperboard ; ### point m is replaced by the following : ' ' biodegradable waste ' means food , garden waste , paper and paperboard , wood and non - animal agricultural waste such as straw , and any other waste that can undergo anaerobic or aerobic decomposition ; '


### biodegradable municipal waste accounts for a large proportion of municipal waste . landfilling of untreated biodegradable waste poses significant negative enviornmental effects in terms of greenhouse gas emissions and pollution of surface water , groundwater , soil and air . while directive 1999 / 31 / ec already sets landfill diversion targets for biodegradable waste it is appropriate to put in place further restrictions on the landfilling of biodegradable waste by prohibiting the landfilling of biodegradable waste that has been separately collected in accordance with article 22 of directive 2008 / 98 / ec . ### biodegradable municipal waste accounts for a large proportion of municipal waste . landfilling of untreated biodegradable waste poses significant negative environmental effects in terms of greenhouse gas emissions and pollution of surface water , groundwater , soil and air . while directive 1999 / 31 / ec already sets landfill diversion targets for biodegradable waste it is appropriate to put in place further restrictions on the landfilling of biodegradable waste by prohibiting the landfilling of biodegradable waste , which should be separately collected in accordance with article 22 of directive 2008 / 98 / ec . the commission and the member states should encourage the use of alternative measures for the sustainable treatment of biodegradable waste in line with new technologies and techniques such as worm composting or bio - digestion .


### a progressive reduction of landfilling is necessary to prevent detrimental impacts on human health and the environment and to ensure that economically valuable waste materials are gradually and effectively recovered through proper waste management and in line with the waste hierarchy . this reduction should avoid the development of excessive capacity for the treatment of residual waste facilities , such as through energy recovery or low grade mechanical biological treatment of untreated municipal waste , as this could result in undermining the achievement of the union ' s long - term preparation for reuse and recycling targets for municipal waste as laid down in article 11 of directive 2008 / 98 / ec . similarly , and to prevent detrimental impacts on human health and the environment , while member states should take all necessary measures to ensure that only waste that has been subject to treatment is landfilled , compliance with such obligation should not lead to the creation of overcapacities for the treatment of residual municipal waste . in addition , in order to ensure consistency between the targets laid down in article 11 of directive 2008 / 98 / ec and the landfill reduction target defined in article 5 of this directive and to ensure a coordinated planning of the infrastructures and investments needed to meet those targets , member states which may obtain additional time for the attainment of the municipal waste recycling targets should also be given additional time to attain the landfill reduction target for 2030 as laid down in this directive . ### a progressive phasing out of landfilling is necessary to prevent detrimental impacts on human health and the environment and to ensure that economically valuable waste materials are gradually and effectively recovered through proper waste management and in line with the waste hierarchy . this phasing out should avoid the development of excessive capacity for the treatment of residual waste facilities , such as through energy recovery or low grade mechanical biological treatment of untreated municipal waste , as this could result in undermining the achievement of the union ' s long - term preparation for reuse and recycling targets for municipal waste as laid down in article 11 of directive 2008 / 98 / ec . similarly , and to prevent detrimental impacts on human health and the environment , while member states should take all necessary measures to ensure that only waste that has been subject to treatment is landfilled , compliance with such obligation should not lead to the creation of overcapacities for the treatment of residual municipal waste . in addition , in order to ensure consistency between the targets laid down in article 11 of directive 2008 / 98 / ec and the landfill ban defined in article 5 of this directive and to ensure a coordinated planning of the infrastructures and investments needed to meet those targets , member states which may obtain additional time for the attainment of the municipal waste recycling targets should also be given additional time to attain the landfill reduction target for 2030 as laid down in this directive .


### waste management in the union should be improved , with a view to protecting , preserving and improving the quality of the environment , protecting human health , ensuring prudent and rational utilisation of natural resources and promoting a more circular economy . ### waste management in the union should be improved , with a view to protecting , preserving and improving the quality of the environment , protecting human health , ensuring prudent and efficient use of natural resources and promoting the principles of the circular economy .


### the purpose of the efsi should be to help resolve the difficulties in financing and implementing productive investments in the union and to ensure increased access to financing . it is intended that increased access to financing should be of particular benefit to small and medium enterprises . it is also appropriate to extend the benefit of such increased access to financing to mid - cap companies , which are companies having up to 3000 employees . overcoming europe ' s current investment difficulties should contribute to strengthening the union ' s economic , social and territorial cohesion . ### the purpose of the efsi should be to help resolve the difficulties in financing and implementing productive investments in the union and to ensure increased access to financing with the overall aim of generating sustainable growth , and quality jobs and social inclusion . it is intended that increased access to financing should be of particular benefit to small , micro and medium enterprises and the social and solidarity economy . it is also appropriate to extend the benefit of such increased access to financing to mid - cap companies of 1500 employees . overcoming europe ' s current investment difficulties should contribute to strengthening the union ' s economic , social and territorial cohesion .


### the efsi is part of a comprehensive approach to address uncertainty surrounding public and private investments . the strategy has three pillars : mobilising finance for investment , making investment reach the real economy and improving the investment environment in the union . ### if well - targeted and democratically governed the efsi could become part of a comprehensive approach to address uncertainty surrounding public and private investments . the strategy and the efsi would need to extend beyond its three current pillars : mobilising finance for investment , making investment reach the real economy and improving the investment environment in the union to deliver with as minimum : - a governance structure respecting basic democratic principles , - a system of checks and balances to ensure that investment triggered by efsi does not cause damage to union values nor create undesired negative effects , - the involvement of stakeholders and a right to veto investments not in compliance with the 2020 targets and the art . 5 criteria , - a set of criteria so as to ensure that there is not ' any ' investment but investment to achieve the eu 2020 targets , bringing down unemployment and poverty and reducing the ecologic footprint .


### comprehensive action is required to reverse the vicious circle created by a lack of investment . structural reforms and fiscal responsibility are necessary preconditions for stimulating investment . along with a renewed impetus towards investment financing , these preconditions can contribute to establishing a virtuous circle , where investment projects help support employment and demand and lead to a sustained increase in growth potential . ### comprehensive action is required to reverse the vicious circle created by a lack of investment . investment projects are needed which target the most affected regions and have a value - added for society so as to help support and generate medium to long - term employment and demand .


### the efsi should target investments that are expected to be economically and technically viable , which may entail a degree of appropriate risk , whilst still meeting the particular requirements for efsi financing . ### the efsi should target investments that are expected to be socially , economically and technically viable and create an added value , which may entail a degree of appropriate risk , whilst still meeting the particular requirements for efsi financing . it is therefore necessary to lay down clear principles , criteria and conditions for efsi support .


### member states shall develop , update and disseminate , on a regular and structured basis , information on current and future investment projects in their territory . ### member states , regional and local authorities shall develop , update and disseminate , on a regular and structured basis , information on current and future investment projects in their territory especially to stakeholders


### throughout the economic and financial crisis , the union has made efforts to promote growth , in particular through initiatives set out in the europe 2020 strategy that put in place an approach for smart , sustainable and inclusive growth . the european investment bank has also strengthened its role in instigating and promoting investment within the union , partly by way of an increase in capital in january 2013 . further action is required to ensure that the investment needs of the union are addressed and that the liquidity available on the market is used efficiently and channelled towards the funding of viable investment projects . ### throughout the economic and financial crisis , the union has made efforts to promote growth , in particular through initiatives set out in the europe 2020 strategy that put in place an approach for smart , sustainable and inclusive growth , unfortunately with an insufficient impact on employment and poverty levels . the european investment bank has also strengthened its role in instigating and promoting investment within the union , partly by way of an increase in capital in january 2013 . further and complementary action is thus required to ensure that the investment needs of the union are addressed and that the liquidity available on the market is used efficiently and channelled towards the funding of viable investment projects , with a strong focus on their growth - and job - creation potential .


### the efsi agreement shall provide for the creation of a european investment advisory hub within the eib . the eiah shall have as its objective to build upon existing eib and commission advisory services in order to provide advisory support for investment project identification , preparation and development and act as a single technical advisory hub for project financing within the union . this shall include support on the use of technical assistance for project structuring , use of innovative financial instruments , use of public - private partnerships and advice , as appropriate , on relevant issues of eu legislation . ### the efsi agreement shall provide for the creation of a european investment advisory hub within the eib . the eiah shall have as its objective to provide advisory support for investment project identification , targeting of regions with high unemployment and identify investments with high job creation potential , preparation and development . this shall include support on the use of technical assistance for project structuring , governance on responsible investment , use of innovative financial instruments .


### the efsi should target projects delivering high societal and economic value . in particular , the efsi should target projects that promote job creation , long - term growth and competitiveness . the efsi should support a wide range of financial products , including equity , debt or guarantees , to best accommodate the needs of the individual project . this wide range of products should allow the efsi to adapt to market needs whilst encouraging private investment in the projects . the efsi should not be a substitute for private market finance but should instead catalyse private finance by addressing market failures so as to ensure the most effective and strategic use of public money . the requirement for consistency with state aid principles should contribute to such effective and strategic use . ### the efsi should target projects delivering high european added value . in particular , the efsi should target projects that promote quality job creation , long - term inclusive growth and competitiveness and social inclusion . the efsi should support a wide range of financial products , including equity , debt or guarantees , to best accommodate the needs of the individual project . this wide range of products should allow the efsi to adapt to market needs whilst encouraging private investment in the projects . the efsi should not be a substitute for private market finance but should instead catalyse private finance by addressing market failures so as to ensure the most effective and strategic use of public money . the requirement for consistency with state aid principles should contribute to such effective and strategic use .


### throughout the economic and financial crisis , the union has made efforts to promote growth , in particular through initiatives set out in the europe 2020 strategy that put in place an approach for smart , sustainable and inclusive growth . the european investment bank has also strengthened its role in instigating and promoting investment within the union , partly by way of an increase in capital in january 2013 . further action is required to ensure that the investment needs of the union are addressed and that the liquidity available on the market is used efficiently and channelled towards the funding of viable investment projects . ### throughout the economic and financial crisis , the union has made the mistake to overfocus on austerity policies thereby negatively affecting growth . this has led to an increase in unemployment and poverty levels . the european investment bank has also strengthened its role in instigating and promoting investment within the union , partly by way of an increase in capital in january 2013 . further and complementary action is thus required to ensure that the investment needs of the union are addressed and that the liquidity available on the market is used efficiently and channelled towards the funding of viable investment projects with a strong focus on their growth - and job - creation potential , and their benefit to society as a whole . it is important to consider however that ' any ' investment without targeting nor criteria can cause major damage and that what the eu needs is investment targeted to create added value for the eu citizens , reduce inequalities and is sustainable in economic , social and environmental terms .


### the purpose of the efsi shall be to support investments in the union and to ensure increased access to financing for companies having up to 3000 employees , with a particular focus on small and medium enterprises , through the supply of risk bearing capacity to the eib . ### the purpose of the efsi shall be to support quality investments in the union targeting regions with high unemployment and poverty rates and to ensure increased access to financing for companies having up to 1500 employees , with a particular focus on small , micro and medium enterprises as well as social and solidarity economy enterprises , through the supply of risk bearing capacity to the eib . such investments are meant to kickstart economic activity in the long - term general interest of the eu with the aim of supporting the eus 2020 targets , especially as regards employment , environment and social affairs . no investment which is detrimental to the aims as outlined in part 1 of the tfeu or the achievement of the eu2020 targets may be funded by efsi . the overall objective of the efsi shall be to promote and guarantee sustainable , inclusive and long - term growth and quality job creation as well as social inclusion in the union .


### the commission and the eib , with support from the member states , shall promote the creation of a transparent pipeline of current and potential future investment projects in the union . the pipeline is without prejudice to the final projects selected for support according to article 3 . ### based on the mandate by the european parliament and the council , the steering committee shall promote the creation of a fully transparent pipeline of current and potential future investment projects in the union . projects and operations for the pipeline can be suggested by any member of the steering committee as well as by the accompanying civil society platform for better investments . the pipeline is without prejudice to the final projects selected for support according to article 3 .


### the investment committee shall be composed of six independent experts and the managing director . independent experts shall have a high level of relevant market experience in project finance and be appointed by the steering board for a renewable fixed term of three years . ### the investment committee shall be composed of six independent experts and the managing director . independent experts shall have to prove expertise relating to at least one of the five eu 2020 targets and have a high level of relevant experience in project finance . 2 experts shall be appointed by the steering board 2 experts shall be appointed by the civil society platform for better investment , 1 expert each by the european parliament and the council for a renewable fixed term of three years . the individual of the investment committee shall be approved by the european parliament and the council .


### alongside the financing operations that will be conducted through the efsi , a european investment advisory hub should be created . the eiah should provide strengthened support for project development and preparation across the union , by building on the expertise of the commission , the eib , national promotional banks and the managing authorities of the european structural and investment funds . this should establish a single point of entry for questions related to technical assistance for investments within the union . ### alongside the financing operations that will be conducted through the efsi , a european investment advisory hub should be created . the eiah should provide strengthened support for project development and preparation across the union , by building on the expertise of the commission , the eib , national promotional banks and the managing authorities of the european structural and investment funds .


### the efsi should target projects with a higher risk - return profile than existing eib and union instruments to ensure additionality over existing operations . the efsi should finance projects across the union , including in the countries most affected by the financial crisis . the efsi should only be used where financing is not available from other sources on reasonable terms . ### the efsi should target projects where attracting private finance is more difficult than with existing eib and union instruments as part of ensuring additionality . the efsi should finance projects across the union , in particular in the countries with high levels of unemployment or poverty . the efsi should only be used where financing is not available from other sources on reasonable terms .


### the investment committee shall be composed of six independent experts and the managing director . independent experts shall have a high level of relevant market experience in project finance and be appointed by the steering board for a renewable fixed term of three years . ### the investment committee shall be composed of six independent experts and the managing director . independent experts shall have a high level of relevant experience in project finance and be appointed by the steering board for a renewable fixed term of three years . at least one specialist in social policies shall be appointed as one of the independent experts in the investment committee . this expert shall be responsible for assessing the social impact of submitted projects to ensure that those receiving support from the fund are supporting the social objectives of the eu and benefit society as a whole .