### in the case of adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the community , the commission , upon its own initiative or following a request by the authority , the council , or the esrb , may adopt a decision addressed to the authority , determining the existence of an emergency situation for the purposes of this regulation . ### in the case of adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets , investor protection or the stability of the whole or part of the financial system in the union , the esrb , upon its own initiative or following a request by the authority , the european parliament , the council or the commission , may issue a warning declaring the existence of an emergency situation for the purposes of this regulation , in order to enable the authority without further requirements to adopt the individual decisions referred to in paragraph 3 .


### where the commission has adopted a decision pursuant to paragraph 1 , the authority may adopt individual decisions requiring competent authorities to take the necessary action in accordance with the legislation referred to in article 1 to address any risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system by ensuring that financial market participants and competent authorities satisfy the requirements laid down in that legislation . ### where the esrb has adopted a decision pursuant to paragraph 1 , the authority may adopt individual decisions requiring competent authorities to take the necessary action in accordance with this regulation and the legislation referred to in article 1 to address any risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system by ensuring that financial market participants and competent authorities satisfy the requirements laid down in that legislation .


### the authority shall set a time limit for conciliation between the competent authorities taking into account any relevant time periods specified in the legislation referred to in article 1 and the complexity and urgency of the matter . ### the authority shall set a time limit for conciliation between the competent authorities taking into account any relevant time periods specified in the legislation referred to in article 1 and the complexity and urgency of the matter . at that stage the authority shall act as a mediator .


### if , at the end of the conciliation phase , the competent authorities concerned have failed to reach an agreement , the authority may take a decision requiring them to take specific action or to refrain from action in order to settle the matter , in compliance with community law . ### if , at the end of the conciliation phase , the competent authorities concerned have failed to reach an agreement , the authority shall , in accordance with the second subparagraph of article 29 , take a decision to settle the disagreement and to require them to settle the matter , in compliance with union law , with binding effects on the competent authorities concerned .


### contribute to developing high quality and uniform supervisory standards , including reporting standards ; ### contribute to developing high quality and uniform supervisory standards , including accounting and reporting standards ;


### the european securities and markets authority shall co - operate with the esrb . ### the authority shall co - operate with the esrb .


### 2the authority shall cooperate closely with the esrb . it shall provide the esrb with regular and up - to - date information necessary for the achievement of its tasks . any data necessary for the achievement of its tasks that are not in summary or collective form shall be provided without delay to the esrb upon a reasoned request , as specified in article [ 15 ] of regulation no … . / … [ esrb ] . ### 2the authority shall cooperate closely with the esrb . it shall provide the esrb with regular and up - to - date information necessary for the achievement of its tasks . any data necessary for the achievement of its tasks that are not in summary or collective form shall be provided without delay to the esrb upon a reasoned request , as specified in article [ 15 ] of regulation no … . / … [ esrb ] . the authority shall develop an adequate protocol for the disclosure of confidential information regarding individual financial institutions .


### in discharging its tasks set out in this regulation , the authority shall take the utmost account of the warnings and recommendations of the esrb . ### in discharging its tasks set out in this regulation , the authority shall take account of the warnings and recommendations of the esrb .


### the securities and markets stakeholder group may submit opinions and advice to the authority on any issue related to the tasks of the authority specified in articles 7 and 8 . ### the securities and markets stakeholder group shall submit opinions and advice to the authority on any issue . any conflict of interest of members of the securities and market stakeholder group has to be disclosed whenever the stakeholder group issues opinions and advice .


### for the purposes of article 11 , the board of supervisors shall convoke a panel to facilitate the settlement of the disagreement , consisting of the chairperson and two of its members , who are not representatives of the competent authorities which are parties to the disagreement . ### for the purposes of article 11 , the board of supervisors shall convoke an independent panel to facilitate an impartial settlement of the disagreement , consisting of the chairperson and two of its members , who are not representatives of the competent authorities which are parties to the disagreement and who shall not have any interest in the conflict .


### when carrying out the tasks conferred upon it by this regulation , the chairperson and the voting members of the board of supervisors shall act independently and objectively in the community interest and shall neither seek nor take instructions from community institutions or bodies , from a government of a member state or from any other public or private body . ### when carrying out the tasks conferred upon it by this regulation , the chairperson and the voting members of the board of supervisors shall act independently and objectively in the union interest as a whole and shall neither seek nor take instructions from union institutions or bodies , from a government of a member state or from any other public or private body .


### the management board shall be composed of the chairperson , a representative of the commission , and four members elected by the board of supervisors from among its members . ### the management board shall be composed of six members : the chairperson , a representative of the commission , and four members elected by the board of supervisors from among its voting members .


### decisions by the management board shall be adopted on the basis of a majority of the members present . each member shall have one vote . ### decisions by the management board shall be adopted on the basis of a majority of the members elected by the board of supervisors present . each of those members shall have one vote .


### the board of supervisors shall also elect from among its members an alternate who shall carry out the functions of the chairperson in his absence . ### the board of supervisors shall also elect from among its members an alternate who shall carry out the functions of the chairperson in his or her absence . that alternate shall not be a member of the management board .


### the executive director shall be appointed by the board of supervisors on the basis of merit , skills , knowledge of financial market participants and markets , and experience relevant to financial supervision and regulation and managerial experience , following an open selection procedure . ### the executive director shall be appointed by the board of supervisors on the basis of merit , skills , knowledge of financial market participants and markets , and experience relevant to financial supervision and regulation and managerial experience , following an open selection procedure organised and managed by the commission and after confirmation by the european parliament .


### the joint committee shall be composed of the chairperson and the chairpersons of the european insurance and occupational pensions authority and the european banking authority , and , where applicable , the chairperson of a sub - committee established under article 43 . ### the joint committee shall be composed of each of the chairpersons of the european supervisory authorities , and , where applicable , the chairperson of a sub - committee established under article&#160 ; 43 .


### actions before the court of first instance and the court of justice ### actions before the general court and the court of justice


### in the event that the authority has an obligation to act and fails to take a decision , proceedings for failure to act may be brought before the court of first instance or the court of justice in accordance with article 232 of the treaty . ### in the event that the authority has an obligation to act and fails to take a decision , proceedings for failure to act may be brought before the court of first instance or the court of justice in accordance with article 265 of the treaty .


### the expenditure of the authority shall include , at least , staff , remuneration , administrative , infrastructure , and operational expenses . ### the expenditure of the authority shall include , at least , staff , remuneration , administrative , infrastructure , professional training and operational expenses .


### on the basis of the statement of estimates , the commission shall enter in the preliminary draft general budget of the european union the estimates it deems necessary in respect of the establishment plan and the amount of the subsidy to be charged to the general budget of the european union in accordance with article 272 of the treaty . ### on the basis of the statement of estimates , the commission shall enter in the preliminary draft general budget of the european union the estimates it deems necessary in respect of the establishment plan and the amount of the subsidy to be charged to the general budget of the european union in accordance with articles 313 and 314 of the treaty .


### members of the board of supervisors and the management board , the executive director , and members of the staff of the authority including officials seconded by member states on a temporary basis shall be subject to the requirements of professional secrecy pursuant to article 287 of the treaty and the relevant provisions in the relevant community legislation , even after their duties have ceased . ### members of the board of supervisors and the management board , the executive director , and members of the staff of the authority including officials seconded by member states on a temporary basis shall be subject to the requirements of professional secrecy pursuant to article 339 of the treaty and the relevant provisions in the relevant eu legislation , even after their duties have ceased .


### decisions taken by the authority pursuant to article 8 of regulation no 1049 / 2001 may be the subject of a complaint to the ombudsman or of proceedings before the court of justice , following appeal to the board of appeal , as appropriate , in accordance with the conditions laid down in articles 195 and 230 of the treaty respectively . ### decisions taken by the authority pursuant to article 8 of regulation no 1049 / 2001 may be the subject of a complaint to the ombudsman or of proceedings before the court of justice , following appeal to the board of appeal , as appropriate , in accordance with the conditions laid down in articles 228 and 263 of the treaty respectively .


### participation in the work of the authority shall be open to countries which are not members of the european union and which have concluded agreements with the community whereby they have adopted and are applying community law in the area of competence of the authority as referred to in article 1 . ### participation in the work of the authority shall be open to countries which are not members of the european union and which have concluded agreements with the union whereby they have adopted and are applying union law in the area of competence of the authority as referred to in article 1 .


### over the past decade , the growth of passenger traffic by rail has been insufficient to increase its modal share in comparison to cars and aviation . the 6% modal share of passenger transport for rail in the european union has remained fairly stable . rail passenger services have not kept pace with evolving needs in terms of availability and quality . ### over the past decade , the eu ' s motorway network has increased by 27% while its railway network in use shrunk by 2% . against this backdrop , the growth of passenger traffic by rail has been insufficient to increase its modal share in comparison to cars and aviation , the 6% modal share of passenger transport for rail in the european union has remained fairly stable and rail passenger services have not kept pace with evolving needs in terms of availability and quality .


### over the past decade , the growth of passenger traffic by rail has been insufficient to increase its modal share in comparison to cars and aviation . the 6% modal share of passenger transport for rail in the european union has remained fairly stable . rail passenger services have not kept pace with evolving needs in terms of availability and quality . ### over the past decade , the growth of passenger traffic by rail has been insufficient to increase its modal share in comparison to cars and aviation . the 6% modal share of passenger transport for rail in the european union has remained fairly stable . rail passenger services have not kept pace with evolving needs in terms of availability and quality . with that in mind , all the lessons need to be learnt from the approach adopted by the european union in the course of the last three railway reforms .


### in its white paper on transport policy of 28 march 2011 the commission announced its intention to complete the internal railway market , allowing railway undertakings of the union to provide all types of rail transport services without unnecessary technical and administrative barriers . ### in its white paper on transport policy of 28 march 2011 the commission announced its intention to complete the internal railway market , allowing railway undertakings of the union to provide all types of rail transport services without unnecessary technical and administrative barriers . accordingly the current reform needs to be envisaged in the light of the railway models which have proved to be effective in the european union .


### the establishment of an internal market for passenger transport services by rail requires common rules on competitive tendering for public service contracts in this sector to be applied in a harmonised manner in all member states . ### the establishment of an internal market for passenger transport services by rail requires common rules on competitive tendering for public service contracts in this sector to be applied in a harmonised , but not uniform , manner in all member states .


### regulation no 1370 / 2007 is amended as follows : ### regulation no 1370 / 2007 is amended as follows , without prejudice to union law on public procurement [ directive . . . , yet to be published ] :


### ' ' competent local authority ' means any competent authority whose geographical area of competence is not national and which covers the transport needs of an urban agglomeration or a rural district ; ' ### ' ' competent local authority ' means any competent authority which has the power to intervene in public passenger transport matters in a geographical area which is not national ; ”


### competent authorities shall establish and regularly update public passenger transport plans covering all relevant transport modes for the territory for which they are responsible . these public transport plans shall define the objectives of public transport policy and the means to implement them covering all relevant transport modes for the territory for which they are responsible . they shall at least include : ### competent authorities shall establish and regularly update public passenger transport plans covering all relevant transport modes for the territory for which they are responsible . these public transport plans may compile and , where appropriate , complete and update chapters or elements of already existing plans , such as the sustainable urban mobility plans , where these are relevant . they shall define the objectives of public transport policy and the means envisaged to implement them covering all relevant transport modes for the territory for which they are responsible . they shall at least include :


### competent authorities shall establish and regularly update public passenger transport plans covering all relevant transport modes for the territory for which they are responsible . these public transport plans shall define the objectives of public transport policy and the means to implement them covering all relevant transport modes for the territory for which they are responsible . they shall at least include : ### competent authorities shall establish , regularly update and publish shared multimodal public passenger transport plans covering all relevant transport modes for the territory for which they are responsible . these public transport plans shall define the main characteristics of their public transport policy and the means to implement them covering all relevant transport modes for the territory for which they are responsible . the shared multimodal public transport plans shall at least include :


### ' in the case of public service contracts not awarded according to article 5 , these parameters shall be determined in such a way that no compensation payment may exceed the amount required to cover the net financial effect on costs incurred and revenues generated in discharging the public service obligations , taking account of revenue relating thereto kept by the public service operator and a reasonable profit ; ' ### ' in the case of public service contracts not awarded according to article 5 , these parameters shall be determined in such a way that no compensation payment may exceed or underestimate the amount required to cover the net financial effect on costs incurred and revenues generated in discharging the public service obligations , taking account of revenue relating thereto kept by the public service operator and a reasonable profit ; '


### each competent authority shall make public once a year an aggregated report on the public service obligations for which it is responsible , the starting date and duration of the public service contracts , the selected public service operators and the compensation payments and exclusive rights granted to the said public service operators by way of reimbursement . the report shall distinguish between bus transport and rail transport , allow the performance , quality and financing of the public transport network to be monitored and assessed and , if appropriate , provide information on the nature and extent of any exclusive rights granted . member states shall facilitate central access to these reports , for instance through a common web portal . &#8221 ; ### each competent authority shall make public once a year an aggregated report on the public service obligations for which it is responsible , the starting date and duration of the public service contracts , the selected public service operators and the compensation payments and exclusive rights granted to the said public service operators by way of reimbursement . the report shall assess performance in terms of compliance and specify all transport service indicators , including punctuality , reliability , cleanness , user satisfaction as measured by public opinion polls , and the minimum capacity utilisation rate . the report shall distinguish between bus transport and rail transport , allow the performance , quality and financing of the public transport network to be monitored and assessed and , if appropriate , provide information on the nature and extent of any exclusive rights granted . member states shall facilitate central access to these reports , for instance through a common web portal . &#8221 ;


### documents drawn up or received in the course of procedures for the adoption of eu legislative acts or non - legislative acts of general application shall , subject to articles 4 and 9 , be made directly accessible to the public . ### the institutions , bodies and offices and agencies shall make documents directly accessible to the public in electronic form or through registers , particularly those drawn up or received in the course of procedures for the adoption of union legislative acts or non - legislative acts of general application which shall , subject to articles 4 and 9 , be made directly accessible to the public . with regard to documents containing environmental information such access shall be granted in accordance with article 4 of regulation 1367 / 2006 .


### public participation ### public participation and stakeholder involvement and exchange of information


### the minimum set of data sent by the ecall in - vehicle system shall include only the minimum information required for the appropriate handling of emergency calls . ### when processing data , ecall service providers and third party service providers shall comply with the data minimisation principle meaning that only the data necessary to achieve the purpose pursued should be collected . consequently , the ' minimum set of data ' sent by the ecall in - vehicle system shall include only the time of incident , the precise location including direction of driving , the vehicle identification , the ecall identifier giving the severity of the incident , information about a possible service provider .


### the commission shall be empowered to adopt delegated acts in accordance with article 9 which shall define further the requirement of the absence of traceability and tracking and the privacy enhancing technologies referred to in paragraph 1 as well as the modalities of the private data processing and of the user information referred to in paragraph 3 . ### the commission shall be empowered to adopt delegated acts in accordance with article 9 which shall define further the privacy enhancing technologies referred to in paragraph 1 as well as the modalities of the private data processing and of the user information referred to in paragraph 3 .


### ‘ government’ means any national , regional or local authority of a member state or of a third country . it includes a department , agency or undertaking controlled by that authority as laid down in article 23 to of this directive . ### ‘ government’ means any national , regional or local authority of a member state or of a third country . it includes a department , agency or undertaking controlled by that authority as laid down in article 23 to of this directive , or any government entity that receives any payment of the type noted in article 38 from any constituent entity of an undertaking .


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


### taxes on profits ; ### taxes on profits ; and the effective tax rate applied ;


### a member state shall require any large undertaking or any public interest entity active in the extractive industry or the logging of primary forests and governed by its national law to draw up a consolidated report on payments to governments in accordance with articles 37 and 38 if that parent undertaking is under the obligation to prepare consolidated financial statements as laid down in article 23 to 23 of this directive . ### a member state shall require any large undertaking or any public interest entity active governed by its national law to draw up a consolidated report on payments to governments in accordance with articles 37 and 38 if that parent undertaking is under the obligation to prepare consolidated financial statements as laid down in article 23 to 23 of this directive .


### an undertaking need not be included in a consolidated report on payments to government where at least one of the following conditions is fulfilled : ### an undertaking need not be included in a consolidated report on payments to government where at least one of the following conditions is fulfilled , provided that the financial statements of the constituent entity making the payment are also excluded from the consolidated financial statements for the period to which the report relates , but not otherwise :


### ' target level ' means 1 . 5% of eligible deposits for the coverage of which a deposit guarantee scheme is responsible ; ### ' target level ' means 1 . 5% of eligible deposits for the coverage of which a deposit guarantee scheme is responsible ; financial means that the credit institutions themselves build up in response to regulatory requirements to ensure liquidity and prevent bank failure shall be deducted from the target level ;


### in a global economy , there is a need for a global accounting language . international financial reporting standards developed by the international accounting standards board are adopted and used in many jurisdictions around the world . such international accounting standards need to be developed under a transparent and democratically accountable process . to ensure that the interests of the union are respected and that global standards are of high quality and compatible with union law , it is essential that the interests of the union are adequately taken into account in that international standard - setting process . ### in a global economy , there is a need for a global accounting language , while taking into account the many different accounting traditions and languages already used . international financial reporting standards developed by the international accounting standards board are adopted and used in many jurisdictions around the world , although it must be noted that there are no processes currently in place to ensure that ifrs have been fully implemented in those jurisdictions . such international accounting standards need to be developed under a transparent and democratically accountable process . to ensure that the interests of the union are respected and that global standards are of high quality and compatible with union law , it is vital that the iasb accepts the central idea at the heart of european accounting , which is the requirement for accounts to be prepared on a prudent basis and to be true and fair for all the functions required of accounts by union law .


### according to regulation no 1606 / 2002 of the european parliament and of the council of 19 july 2002 on the application of international accounting standards , ifrs should be incorporated into union law to be applied by companies with securities listed on a regulated market in the union , provided that the ifrs meet the criteria set out in that regulation . ifrs therefore play a major role in the functioning of the internal market and thus the union has a direct interest in ensuring that the process through which ifrs are developed and approved delivers standards that are consistent with the requirements of the legal framework of the internal market . ### according to regulation no 1606 / 2002 of the european parliament and of the council of 19 july 2002 on the application of international accounting standards , ifrs should only be incorporated into union law to be applied by companies with securities listed on a regulated market in the union , provided that the ifrs meet the criteria set out in that regulation and the requirements of the fourth council directive 78 / 660 / eec of 25 july 1978 and the seventh council directive 83 - 3497eec of 13 june 1983 . ifrs therefore play a major role in the functioning of the internal market and thus the union has a direct interest in ensuring that the process through which ifrs are developed and approved delivers standards that are consistent with the requirements of the legal framework of the internal market . it should be noted that the ias regulation 2002 uses the conceptual framework from 2001 which has now been changed in several significant manners , particularly around the word ' prudence ' , which includes not booking unrealised profits , and stewardship , which includes the capital maintenance function of accounts .


### ifrs are issued by the iasb and related interpretations are issued by the ifrs interpretations committee , two bodies within the international financial reporting standards foundation . it is therefore important to establish appropriate funding arrangements for the ifrs foundation . ### ifrs are issued by the iasb and related interpretations are issued by the ifrs interpretations committee , two bodies within the international financial reporting standards foundation . it is therefore important to establish appropriate funding arrangements for the ifrs foundation . these funding arrangements will be reliant on the iasb achieving certain milestones in terms of updating its own governance and specific standards and also overhauling its conceptual framework to ensure it properly reflects union company law requirements .


### the european financial reporting advisory group was founded in 2001 by european organisations representing issuers , investors and the accountancy profession involved in the financial reporting process . in accordance with regulation no 1606 / 2002 , efrag provides the commission with opinions on whether an accounting standard issued by the iasb or an interpretation issued by the ifrs interpretations committee , which is to be endorsed , complies with the endorsement criteria set out in that regulation . efrag is also taking up the role of the ‘ single european accounting voice’ in the global arena . in that capacity , efrag provides input to the iasb ' s standard - setting process . ### the european financial reporting advisory group was founded in 2001 by european organisations representing issuers and the accountancy profession involved in the financial reporting process . in accordance with regulation no 1606 / 2002 , efrag provides the commission with opinions on whether an accounting standard issued by the iasb or an interpretation issued by the ifrs interpretations committee , which is to be endorsed , complies with the endorsement criteria set out in that regulation .


### bodies working in the field of accounting and auditing are highly dependent on funding and play major roles in the union which are decisive for the functioning of the internal market . the proposed beneficiaries of the programme established by decision no 716 / 2009 / ec have been co - financed by operating grants from the union budget , which has allowed them to increase their independence from private - sector and ad - hoc funding , thereby raising their capacity and credibility . ### bodies working in the field of accounting and auditing are highly dependent on funding and play major roles in the union which are decisive for the functioning of the internal market . the proposed beneficiaries of the programme established by decision no 716 / 2009 / ec have been co - financed by operating grants from the union budget , which has allowed them to increase their financial independence from private - sector and ad - hoc sources , thereby raising their capacity and credibility . public funding in itself however should not be seen as having confirmed this independence from the private sector . in particular , greater transparency around membership of the iasb ' s and efrag ' s board and other committees should be required to ensure all stakeholders are represented in the endorsement process . all employees of efrag and iasb should be required to declare other relevant financial or job interests or commitments .


### experience has shown that union co - financing ensures that beneficiaries benefit from clear , stable , diversified , sound and adequate funding and it contributes to enabling the beneficiaries to accomplish their public interest mission in an independent and efficient manner . therefore , sufficient funding should continue to be provided by means of a union contribution towards the functioning of international accounting and auditing standard - setting , and in particular to the ifrs foundation , efrag and the piob . ### experience has shown that union co - financing has not prevented beneficiaries from accomplishing their largely private interest mission . therefore , funding should only continue to be provided by means of a union contribution towards the functioning of international accounting and auditing standard - setting if appropriate beneficiaries apart from piob have been identified .


### in addition to changing their funding patterns , the ifrs foundation and efrag have undergone governance reforms to ensure that through their structure and processes they accomplish their public interest mission in an independent , efficient , transparent and democratically accountable manner . in relation to the ifrs foundation , the monitoring board was created in 2009 to ensure public accountability and oversight , the effectiveness of the standards advisory council has been enhanced , transparency has been improved and the role of impact assessments has been formalised as part of the due process of the iasb . ### in addition to changing their funding patterns , the ifrs foundation and efrag have failed to undergo meaningful governance reforms to ensure that through their structure and processes they would accomplish a public interest mission in an independent , efficient , transparent and democratically accountable manner . in relation to the ifrs foundation , the commission has started to recognise the serious shortcomings and conferred a special mission to philippe maystadt .


### the co - financing programme to be established by this regulation is expected to contribute to the objectives of ensuring comparability and transparency of company accounts throughout the eu , to the global harmonization of financial reporting standards by promoting the international acceptance of ifrs and to promoting convergence and high quality international standards for auditing in all member states . this programme also contributes to the europe 2020 strategy by reinforcing the single market of financial services and capital , and contributes to the strategy ' s external dimension as well . ### the co - financing programme to be established by this regulation is expected to contribute to the objectives of ensuring comparability and transparency of company accounts throughout the eu and to promoting convergence and high quality international standards for auditing in all member states . this programme also contributes to the europe 2020 strategy by reinforcing the single market of financial services and capital . the co - financing programme should not be used to encourage the adoption of or market ifrs in third countries .


### this regulation should provide for the possibility of co - financing activities of certain bodies pursuing an objective forming part of and supporting the union policy in the field of designing standards , endorsing standards or supervising standard - setting processes related to financial reporting and auditing . ### this regulation should provide for the possibility of co - financing activities of certain bodies pursuing an objective forming part of and supporting the union policy in the field of designing standards , endorsing standards or supervising standard - setting processes related to financial reporting and auditing . this financing should only be given to the bodies in question if it is clear that european accounting concepts , in particular around prudence and the requirement for a true and fair view , are embedded at the core of their conceptual frameworks or structures .


### the objective of the programme is to improve the conditions for the functioning of the internal market by supporting transparent and independent development of international financial reporting and auditing standards . ### the objective of the programme is to improve the conditions for the functioning of the internal market by supporting transparent and independent development of international financial reporting and auditing standards . as long as there is no potential beneficiary representing the european interest in international financial reporting , both in terms of its governance structure and the advice provided , the programme remains limited to auditing standards .


### the financial envelope for the implementation of this regulation over the period 2014 - 2020 shall be eur 58 010 000 in current prices . ### the financial envelope for the implementation of this regulation over the period 2014 - 2020 shall be eur 58 010 000 in current prices , although this figure can be reduced or adjusted if it is found that the beneficiaries have not achieved certain milestones .


### the financial envelope for the implementation of this regulation over the period 2014 - 2020 shall be eur 58 010 000 in current prices . ### the financial envelope for the implementation of this regulation over the period 2014 - 2020 shall be eur 10 000 000 in current prices .


### the majority of travellers buying packages are consumers in the sense of union consumer law . at the same time , it is not always easy to distinguish between consumers and representatives of small businesses or professionals who book trips related to their business or profession through the same booking channels as consumers . such travellers often require a similar level of protection . in contrast , larger companies or organisations often make travel arrangements for their employees on the basis of a framework contract with companies which specialise in the arrangement of business travel . the latter type of travel arrangements do not require the level of protection designed for consumers . therefore , this directive should apply to business travellers only insofar as they do not make travel arrangements on the basis of a framework contract . to avoid confusion with the definition of the term ‘ consumer’ in other consumer protection directives , persons protected under this directive should be referred to as ‘ travellers’ . ### the majority of travellers buying packages are consumers in the sense of union consumer law . at the same time , it is not always easy to distinguish between consumers and representatives of small businesses or professionals who book trips related to their business or profession through the same booking channels as consumers . larger companies or organisations often make travel arrangements for their employees on the basis of a framework contract with companies which specialise in the arrangement of business travel or by a business on whose behalf the traveller is travelling . this type of travel arrangements does not require the level of protection designed for consumers . to avoid confusion with the definition of the term ‘ consumer’ in other consumer protection directives , persons protected under this directive should be referred to as ‘ travellers’ .


### provided that in all cases this is an ancillary activity to their main business , when considered on a group basis , and that main business is not the provision of investment services within the meaning of this directive or banking services under directive 2006 / 48 / ec ; ### provided that in all cases this is an ancillary activity to their main business , when considered on a group basis , and that main business is not the provision of investment services within the meaning of this directive or banking services under directive 2006 / 48 / ec and that the size of the ancillary business does not represent a systemically significant proportion of the markets in which it operates ;


### support liquidity ; ### ensure sufficient market liquidity for bona fide hedging transactions ;


### support orderly pricing and settlement conditions . ### ensure that the price discovery function and settlement conditions of the underlying market are not disrupted ;


### promoting human rights and fundamental freedoms , the rule of law , principles of equality , establishing deep and sustainable democracy , promoting good governance and developing a thriving civil society including social partners ; ### promoting human rights , minority rights and fundamental freedoms , the rule of law , principles of equality , establishing deep and sustainable democracy , promoting good governance and developing a thriving civil society including social partners ;


### independent experts shall be identified and selected on the basis of calls for applications from individuals and calls addressed to relevant organisations such as national research agencies , research institutions , standardisation organisations or enterprises with a view to establishing a database of candidates . ### independent experts shall be identified and selected on the basis of calls for applications from individuals and calls addressed to relevant organisations such as national research agencies , research institutions , universities , standardisation organisations , civil society organisation , or enterprises with a view to establishing a database of candidates .


### appropriate measures shall be taken to seek gender balance and geographical diversity when appointing independent experts . ### appropriate measures shall be taken to seek interest balance , gender balance and geographical diversity when appointing independent experts . in particular , the commission shall make sure that no special interest represents more than one third of non - governmental experts . appropriate measures should be taken to prevent the capture of expert groups by private and / or commercial interests .


### the competent authority shall provide the reasons for the application of the first subparagraph including the result of the assessment and the justification for the conditions imposed . ### the competent authority shall document in an annex to the permit conditions the reasons for the application of the first subparagraph including the result of the assessment and the justification for the conditions imposed and shall notify this information to the commission .


### member states shall ensure that information is made available to the commission on the implementation of this directive , on representative data on emissions and other forms of pollution , on emission limit values , on the application of best available techniques in accordance with articles&#160 ; 14 and 15 and on progress made concerning the development and application of emerging techniques in accordance with article 27 . member states shall make the information available in an electronic format . ### member states shall ensure that information is made available to the commission on the implementation of this directive , on representative data on the emissions and other environmental effects , on emission limit values , on the application of best available techniques in accordance with articles 14 and 15 , the derogations granted in accordance with article 15 , and on the progress made concerning the development and application of emerging techniques in accordance with article 27 . member states shall develop and regularly upgrade national information systems to make available to the commission in an electronic format the information referred to in the first subparagraph . member states shall make available to the public a summary of the information provided .


### the eudravigilance database shall be fully accessible to the competent authorities of the member states and to the agency and the commission . it shall also be accessible to marketing authorisation holders to the extent necessary for them to comply with their pharmacovigilance obligations . the agency shall ensure that health - care professionals and the public have appropriate levels of access to the eudravigilance database , with personal data protection being guaranteed . the data held on the eudravigilance database shall be made publicly accessible in an aggregated format together with an explanation of how to interpret the data . ### the eudravigilance database shall be fully accessible to the competent authorities of the member states and to the agency and the commission . it shall also be accessible to marketing authorisation holders , healthcare professionals and the public , with personal data protection being guaranteed . the data held on the eudravigilance database shall be made publicly accessible in an aggregated format together with an explanation of how to interpret the data .


### individual adverse reaction reports held on the eudravigilance database may be requested by the public . those reports shall be provided by the agency or the national competent authority from which they are requested within 90 days , unless disclosure would compromise the anonymity of the subjects of the reports . ### individual adverse reaction reports held on the eudravigilance database may be requested by the public . those reports shall be provided by the agency or the national competent authority from which they are requested within 90 days , with personal data protection being guaranteed .


### a summary of each meeting of the committees referred to in points and of article 56 of this regulation and the coordination group as regards pharmacovigilance activities ; ### detailed minutes of each meeting of the committees referred to in points and of article 56 of this regulation and the coordination group as regards pharmacovigilance activities ;


### “the agency ' s revenue shall consist of a contribution from the community and fees paid by undertakings for obtaining and maintaining community marketing authorisations and for other services provided by the agency or the coordination group as regards the fulfilment of its tasks in accordance with in accordance with articles 107c , 107e , 107g , 107l and 107r of directive 2001 / 83 / ec . ” ### ' the agency ' s revenue shall consist of a contribution from the community and fees paid by undertakings for obtaining and maintaining community marketing authorisations and for other services provided by the agency or the coordination group as regards the fulfilment of its tasks in accordance with in accordance with articles 107c , 107e , 107g , 107l and 107r of directive 2001 / 83 / ec and 28b of this regulation . the european parliament and the council shall re - examine , when necessary , the level of the community contribution on the basis of an evaluation of needs and taking account of the level of fees .


### massive flows of dirty money can damage the stability and reputation of the financial sector and threaten the single market , and terrorism shakes the very foundations of our society . in addition to the criminal law approach , a preventive effort via the financial system can produce results . ### massive flows of illicit money damage the stability and reputation of the financial sector and threaten the single market as well as international development , and terrorism shakes the very foundations of our society . crucial facilitators of illicit money flows are secretive corporate structures operating in and through secrecy jurisdictions , often also referred to as tax havens . in addition to the criminal law approach , a preventive effort via the financial system can produce results .


### the need for accurate and up - to - date information on the beneficial owner is a key factor in tracing criminals who might otherwise hide their identity behind a corporate structure . member states should therefore ensure that companies retain information on their beneficial ownership and make this information available to competent authorities and obliged entities . in addition , trustees should declare their status to obliged entities . ### the need for accurate and up - to - date information on the beneficial owner of legal persons , trusts , foundations , mutuals , holdings and all other similar existing or future legal arrangements is a key factor in tracing criminals who might otherwise hide their identity behind a corporate structure . member states should therefore ensure that companies retain information on their beneficial ownership and ensure that this information is made publically available in form of a public registry . in addition , trustees should declare their status to obliged entities .


### this is particularly true of business relationships with individuals holding , or having held , important public positions , particularly those from countries where corruption is widespread . such relationships may expose the financial sector in particular to significant reputational and legal risks . the international effort to combat corruption also justifies the need to pay special attention to such cases and to apply appropriate enhanced customer due diligence measures in respect of persons who hold or have held prominent functions domestically or abroad and senior figures in international organisations . ### this is particularly true of business or beneficial relationships with individuals holding , or having held , important public positions and important positions in foundations and mutuals , particularly those from countries where corruption is widespread , within the union and internationally . such relationships may expose the financial sector in particular to significant reputational and legal risks . the international effort to combat corruption also justifies the need to pay special attention to such cases and to apply appropriate enhanced customer due diligence measures in respect of persons who hold or have held prominent functions domestically or abroad and senior figures in international organisations .


### there have been a number of cases of employees who report their suspicions of money laundering being subjected to threats or hostile action . although this directive cannot interfere with member states ' judicial procedures , this is a crucial issue for the effectiveness of the anti - money laundering and anti - terrorist financing system . member states should be aware of this problem and should do whatever they can to protect employees from such threats or hostile action . ### there have been a number of cases of whistleblowers and employees who report their suspicions of money laundering being subjected to threats or hostile action . although this directive cannot interfere with member states ' judicial procedures , this is a crucial issue for the effectiveness of the anti - money laundering and anti - terrorist financing system . member states should be aware of this problem and should do whatever they can to protect whistleblowers and employees from such threats or hostile action .


### the commission shall make the opinion available to assist member states and obliged entities to identify , manage and mitigate the risk of money laundering and terrorist financing . ### the commission shall make the opinion available publicly to assist member states and obliged entities to identify , manage and mitigate the risk of money laundering and terrorist financing , and to allow other stakeholders including legislators to better understand the financial risks .


### identifying the beneficial owner and taking reasonable measures to verify his identity so that the institution or person covered by this directive is satisfied that it knows who the beneficial owner is , including , as regards legal persons , trusts and similar legal arrangements , taking reasonable measures to understand the ownership and control structure of the customer ; ### further to the identification of the beneficial owners as listed in the public registry pursuant to article 29 , taking reasonable measures to verify their identity so that the institution or person covered by this directive is fully satisfied that it knows who the beneficial owners are , including , as regards legal persons , trusts , foundations , mutuals , holdings and all other similar existing or future legal arrangements , taking all necessary measures to understand the ownership and control structure of the customer ;


### member states shall require obliged entities to examine , as far as reasonably possible , the background and purpose of all complex , unusual large transactions , and all unusual patterns of transactions , which have no apparent economic or lawful purpose . in particular , they shall increase the degree and nature of monitoring of the business relationship , in order to determine whether those transactions or activities appear unusual or suspicious . ### member states shall require obliged entities to examine the background and purpose of all complex , unusual large transactions , and all unusual patterns of transactions , which have no apparent economic or lawful purpose , or which constitute tax crimes amounting to criminal activity within the meaning of article 3 , or which are constitutive of aggressive tax planning as defined by commission recommendation c 8806 . in particular , they shall increase the degree and nature of monitoring of the business relationship , in order to determine whether those transactions or activities appear unusual or suspicious . in case an obliged entity determines such unusual or suspicious transaction or activity , it shall without delay inform the fius of all member states that might be concerned .


### member states shall ensure that the information referred to in paragraph 1 of this article can be accessed in a timely manner by competent authorities and by obliged entities . ### regarding trusts or other types of legal entity and arrangements with a similar structure to and function of trusts , the information shall also include the identity of the settler , of the trustee , of the protector , of the beneficiaries or class of beneficiaries , and of any other natural person exercising effective control over the trust .


### member states shall take all appropriate measures in order to protect employees of the obliged entity who report suspicions of money laundering or terrorist financing either internally or to the fiu from being exposed to threats or hostile action . ### member states shall take all appropriate measures in order to protect employees of the obliged entity who report suspicions of money laundering or terrorist financing either internally or to the fiu from being exposed to threats or hostile action . eba , eiopa , esma and the fiu shall provide one or more secure communication channel for persons to report suspicions of laundering or terrorist financing . such channels shall ensure that the identity of persons providing information is known only to eba ; eiopa , esma or the fiu .


### the commission may lend such assistance as may be needed to facilitate coordination , including the exchange of information between fius within the union . it may regularly convene meetings with representatives from member states ' fius to facilitate co - operation and to exchange views on co - operation related issues . ### the commission may lend such assistance as may be needed to facilitate coordination , including the exchange of information between fius within the union . it shall regularly convene meetings with representatives from member states ' fius , eba , eiopa and esma to facilitate co - operation and to exchange views on co - operation related issues .


### over the next decade , unprecedented investment volumes in europe ' s transport , energy , information and communication networks will be needed in order to underpin the europe 2020 flagship actions and develop smart , upgraded and fully interconnected infrastructures to foster the completion of the internal market . estimated investment needs of the ten - t network amount to eur 500 billion . among energy infrastructure projects of european relevance , approximately eur 100 billion of investments is at risk of not being delivered due to obstacles related to permit granting , regulation and financing , while another eur 100 billion will be financed by the sector itself . investment needs for achieving the digital agenda objective of providing fast internet access for all european citizens and businesses range from eur 181 to eur 273 billion , of which private sector investment is expected to amount to between eur 30 billion and eur 100 billion . ### over the next decade , unprecedented investment volumes in europe ' s transport , energy , information and communication networks will be needed in order to underpin the europe 2020 flagship actions and develop smart , upgraded and fully interconnected infrastructures to foster the completion of the internal market . estimated investment needs of the ten - t network amount to eur 500 billion . among energy infrastructure projects of european relevance , approximately eur 100 billion of investments is at risk of not being delivered due to obstacles related to permit granting , regulation and financing , while another eur 100 billion will be financed by the sector itself . investment needs for achieving the digital agenda objective of providing fast internet access for all european citizens and businesses range from eur 181 to eur 273 billion , of which private sector investment is expected to amount to between eur 30 billion and eur 100 billion . one should ensure , however , that eu - funded transport infrastructure takes into account energy efficiency needs , noise reduction at the source , biodiversity and climate change challenges .


### therefore , a pilot phase for the europe 2020 project bond initiative should be launched during the current financial framework in order to develop debt capital market financing in the area of infrastructure more generally and to extend the range of financial instruments currently available for transport projects . ### therefore , a pilot phase for the europe 2020 project bond initiative should be launched during the current financial framework in order to develop debt capital market financing in the area of infrastructure more generally and to extend the range of financial instruments currently available for transport projects , bearing in mind that the costs of transport should be reflected in its price in an undistorted way , as indicated in the white paper on transport policy of 2011 .


### budgetary funds should be requested by the eib on the basis of a range of projects , which the eib would deem suitable and likely to be realised . any such requests should be made prior to 31 december 2013 . due to the complexity of large infrastructure projects , the actual approval might take place at a later date , but no later than 31 december 2014 . ### budgetary funds should be requested by the eib on the basis of a range of projects , which the eib would deem suitable and likely to be realised . any such requests should be made prior to 31 december 2013 . due to the complexity of large infrastructure projects , the actual approval might take place at a later date , but no later than 31 december 2014 . the selection of projects eligible for the eu funding should reflect the need for infrastructure that minimises the impact on the environment , that is resilient to the possible impact of climate change , health and that improve the safety and security of users .


### horizon 2020 - the framework programme for research and innovation established by regulation no … / 2013 of the european parliament and of the council of … 20135 aims at achieving a greater impact on research and innovation by contributing to the strengthening of public - public partnerships , including through union participation in programmes undertaken by several member states in accordance with article 185 of the treaty . __________________ 5 oj … [ h2020 fp ] ### horizon 2020 - the framework programme for research and innovation established by regulation no … / 2013 of the european parliament and of the council of … 20135 aims at achieving a greater impact on research and innovation by developing closer synergies , increasing coordination and avoiding unneccessary duplication with international , national and regional research programmes . public - public partnerships , including union participation in programmes undertaken by several member states in accordance with article 185 of the treaty should achieve these goals . __________________ 5 oj … [ h2020 fp ]


### in december 2012 , the commission communicated to the european parliament and the council a report on the interim evaluation of the aal jp8 . that evaluation was carried out by an expert panel . the overall opinion of that expert panel was that aal jp had achieved good progress towards its objectives and remarkable results and that it should be continued beyond the current funding period . the expert panel noted however a few shortcomings , notably the need for stronger user involvement in projects and further improvements of the operational performance in terms of time to contract and time to payment . __________________ 8 com 763 final of 16 december 2010 . ### in december 2012 , the commission communicated to the european parliament and the council a report on the interim evaluation of the aal jp8 . that evaluation was carried out by an expert panel . the overall opinion of that expert panel was that aal jp had achieved good progress towards its objectives and remarkable results and that it should be continued beyond the current funding period . the expert panel noted however a few shortcomings , notably the need for stronger user involvement in projects from the earliest possible stage and further improvements of the operational performance in terms of time to contract and time to payment . __________________ 8 com 763 final of 16 december 2010 .


### in its entitled ‘ europe 2020 flagship initiative innovation union’10 , the commission indicated the ageing of the population as one of the societal challenges where innovation breakthroughs can play an important role and boost competitiveness , enable european companies to lead in the development of new technologies , to grow and assume global leadership in new growth markets , improve the quality and efficiency of public services and so contribute to creating large numbers of new quality jobs . __________________ 10 com 546 final of 6 october 2012 . ### in its entitled ‘ europe 2020 flagship initiative innovation union’10 , the commission indicated the ageing of the population as one of the societal challenges where innovation breakthroughs can play an important role and enable european companies to lead in the development of new technologies , to grow and assume global leadership in new growth markets , improve the quality and efficiency of public services and so contribute to creating large numbers of new quality jobs . __________________ 10 com 546 final of 6 october 2012 .


### under the european innovation partnership on active and healthy ageing established under the innovation union , ict solutions are expected to play an important role in meeting its goals of two additional healthy life years by 2020 as well as improving quality of life for citizens and improving efficiency of care systems in the union . its strategic implementation plan sets out priorities for accelerating and scaling up innovation in active and healthy ageing across the union , in three domains : prevention and health promotion , care and cure , and independent living and social inclusion . ### under the european innovation partnership on active and healthy ageing established under the innovation union , innovative solutions including products and services integrating ict , are expected to play an important role in meeting its goals of two additional healthy life years by 2020 as well as improving quality of life for citizens and improving efficiency of care systems in the union . its strategic implementation plan sets out priorities for accelerating and scaling up innovation in active and healthy ageing across the union , in three domains : prevention and health promotion , care and cure , and independent living and social inclusion .


### under the european innovation partnership on active and healthy ageing established under the innovation union , ict solutions are expected to play an important role in meeting its goals of two additional healthy life years by 2020 as well as improving quality of life for citizens and improving efficiency of care systems in the union . its strategic implementation plan sets out priorities for accelerating and scaling up innovation in active and healthy ageing across the union , in three domains : prevention and health promotion , care and cure , and independent living and social inclusion . ### under the european innovation partnership on active and healthy ageing established under the innovation union , ict solutions are expected to play an important role in meeting its goals of two additional healthy life years by 2020 as well as improving quality of life for citizens and improving efficiency and effectiveness of care systems in the union . its strategic implementation plan sets out priorities for accelerating and scaling up innovation in active and healthy ageing across the union , in three domains : prevention and health promotion , care and cure , and independent living and social inclusion .


### the active and assisted living research and development programme should build on the achievements of the previous programme and address its shortcomings by encouraging stronger user participation in projects and by a more agile programme implementation . ### the active and assisted living research and development programme should build on the achievements of the previous programme and address its shortcomings by ensuring strong user participation in all projects , from the initial stage , in order to ensure that solutions developed are acceptable and respond to specific needs . in addition simplified , consistent and agile programme implementation is needed .


### in line with the close - to - market nature of the aal programme and in compliance with the rules set out in regulation no 966 / 2012 of the european parliament and of the council of 25 october 2012 on the financial rules applicable to the general budget of the union , the aala shall establish appropriate minimum performance targets for time to grant and time to payment in accordance with the [ rules for participation and ] [ the financial regulation ] and ensure compliance with them by participating states during the implementation of the aal programme . ### in line with the close - to - market nature of the aal programme and in compliance with the rules set out in regulation no 966 / 2012 of the european parliament and of the council of 25 october 2012 on the financial rules applicable to the general budget of the union , the aala shall establish appropriate minimum performance targets for time to grant and time to payment in accordance with the [ rules for participation and ] [ the financial regulation ] and ensure compliance with them by participating states during the implementation of the aal programme . in particular the time to grant shall be made public by the participating states to the programme participants and in any case it shall not exceed 5 months .


### the aal programme shall be implemented on the basis of annual work plans identifying topics for calls for proposals . ### the aal programme shall be implemented on the basis of annual work plans identifying the challenges and priorities to be addressed and the types of instruments used .


### the implementation of the aal programme shall entail consultations with relevant stakeholders concerning the applied research and innovation priorities to be addressed . ### the implementation of the aal programme shall entail consultations on the annual work programmes with relevant stakeholders concerning the applied research and innovation priorities to be addressed .


### due account shall be taken of possible gender , ethical and privacy issues , in line with international guidelines . ### due account shall be taken of gender , ethical and privacy issues , in line with the horizon 2020 framework programme principles and rules , relevant union and national legislation and international guidelines . in particular the implementation of the aal programme shall comply with ethical principles and relevant national , union and international legislation , including the charter of fundamental rights of the european union and the european convention on human rights and its supplementary protocols . particular attention shall be paid to the principle of proportionality , the right to privacy , the right to the protection of personal data , the right to the physical and mental integrity of a person , the right to non - discrimination and the need to ensure high levels of human health protection .


### in line with the objectives of regulation no … / 2013 [ h2020 fp ] , any member state and any country associated to the horizon 2020 framework programme should be entitled to participate in the aal programme . ### in line with the objectives of regulation no . . . / 2013 [ h2020 fp ] , any member state and any country associated to the horizon 2020 framework programme should be entitled to participate in the aal programme at any time .


### participation in indirect actions funded by the aal programme is subject to regulation no … / 2013 of the european parliament and of the council of … 2013 laying down the rules for the participation and dissemination in ‘ horizon 2020 - the framework programme for research and innovation ’15 . however , due to specific operating needs of the aal programme it is necessary to provide for derogations from that regulation in accordance with article 1 of that regulation . __________________ 15 oj l… , … , p . … [ h2020 rfp ] . ### participation in indirect actions funded by the aal programme is subject to regulation no … / 2013 of the european parliament and of the council of … 2013 laying down the rules for the participation and dissemination in ‘ horizon 2020 - the framework programme for research and innovation ’15 . however , due to specific operating needs of the aal programme it is necessary to provide for derogations from that regulation in accordance with article 1 of that regulation . it also necessary to further reduce the fragmentation and insufficient coordination of the different financial instruments , eligibility rules and reimbursement system that act as a barrier to innovation . __________________ 15 oj l… , … , p . … [ h2020 rfp ] .


### participation in indirect actions funded by the aal programme is subject to regulation no … / 2013 of the european parliament and of the council of … 2013 laying down the rules for the participation and dissemination in ‘ horizon 2020 - the framework programme for research and innovation ’15 . however , due to specific operating needs of the aal programme it is necessary to provide for derogations from that regulation in accordance with article 1 of that regulation . __________________ 15 oj l… , … , p . … [ h2020 rfp ] . ### participation in indirect actions funded by the aal programme is subject to regulation no … / 2013 of the european parliament and of the council of … 2013 laying down the rules for the participation and dissemination in ‘ horizon 2020 - the framework programme for research and innovation ’15 . for each call , uniform funding rates and rules should be established . __________________ 15 oj l… , … , p . … [ h2020 rfp ] .


### specific derogations from regulation no … / 2013 [ h2020 rfp ] are necessary as the aal programme is intended as a close to market innovation programme , in which many different national funding streams are joined up . those national programmes have by their nature different participation rules and cannot be expected to fully align with regulation no … / 2013 [ horizon 2020 rules for participation ] . in addition , the aal programme is targeting in particular small and medium - sized enterprises and user organisations not usually participating in union research and innovation activities . in order to facilitate the participation of those enterprises and organisations , the union financial contribution is provided in accordance with the well - known rules of their national funding programmes and implemented through a single grant combining union funding with the corresponding national funding . ### specific derogations from regulation no … / 2013 [ h2020 rfp ] are necessary as the aal programme is intended as a close to market innovation programme , in which many different national funding streams are joined up . those national programmes have by their nature different participation rules and cannot be expected to immediately fully align with regulation no … / 2013 [ horizon 2020 rules for participation ] . however , the aal programme should further address the complexity arising from different countries ' financial and national eligibility and its effects on implementation and participation . in addition , the aal programme is targeting in particular small and medium - sized enterprises and user organisations not usually participating in union research and innovation activities . in order to facilitate the participation of those enterprises and organisations , the union financial contribution should be provided in accordance with the well - known rules and implemented through a single grant combining union funding with the corresponding national funding .


### specific derogations from regulation no … / 2013 [ h2020 rfp ] are necessary as the aal programme is intended as a close to market innovation programme , in which many different national funding streams are joined up . those national programmes have by their nature different participation rules and cannot be expected to fully align with regulation no … / 2013 [ horizon 2020 rules for participation ] . in addition , the aal programme is targeting in particular small and medium - sized enterprises and user organisations not usually participating in union research and innovation activities . in order to facilitate the participation of those enterprises and organisations , the union financial contribution is provided in accordance with the well - known rules of their national funding programmes and implemented through a single grant combining union funding with the corresponding national funding . ### the aal programme is intended as a close to market innovation programme , in which many different national funding streams are joined up . although national programmes have by their nature different participation rules , participation under this programme should be aligned with regulation no . . . / 2013 [ horizon 2020 rules for participation ] . in addition , the aal programme is targeting in particular small and medium - sized enterprises and user organisations not usually participating in union research and innovation activities . in order to facilitate the participation of those enterprises and organisations , the union financial contribution may be provided through the national funding bodies and implemented through a single grant combining union funding with the corresponding national funding .


### the commission should conduct an interim evaluation assessing in particular the quality and efficiency of the aal programme and progress towards the objectives set , as well as a final evaluation , and prepare a report on those evaluations . ### the commission should conduct an interim external evaluation assessing in particular the quality and efficiency of the aal programme and progress towards the objectives set , and the overall contribution of the initiative to increasing coordination and interoperability of national programmes of research and innovation activities , as well as a final external evaluation , and prepare a report on those evaluations .


### the aal programme should ensure the effective promotion of gender equality and comply with ethical principles as reflected in the horizon 2020 framework programme . ### the aal programme should ensure the effective promotion of gender equality and comply with ethical principles as established in the horizon 2020 framework programme .


### any other member state and any other country associated to the horizon 2020 - the framework programme for research and innovation established by regulation no … / 2013 may join the aal programme provided it fulfils the criterion set out in article 3 of this decision . those member states and associated countries that fulfil the condition set out in article 3 shall be regarded as participating states for the purposes of this decision . ### any other member state and any other country associated to the horizon 2020 - the framework programme for research and innovation established by regulation no . . . / 2013 may join the aal programme at any time provided it fulfils the criterion set out in article 3 of this decision . those member states and associated countries that fulfil the condition set out in article 3 shall be regarded as participating states for the purposes of this decision .


### by way of derogation from articles 38 to 46 of regulation no … / 2013 [ rules for the participation and dissemination in horizon 2020 ] , the rules of the designated national programmes governing results , access rights to background and results shall apply . ### articles 38 to 46 of regulation no . . . / 2013 [ rules for the participation and dissemination in horizon 2020 ] , regarding access rights to background and results shall apply , including requirements relating to the open access to scientific publications , that need to be ensured under the horizon 2020 framework programme .


### at the end of union participation in the aal programme but no later than 31 december 2022 , the commission shall conduct a final evaluation of the aal programme . the commission shall prepare a report on that evaluation which includes results of the evaluation . the commission shall send that report to the european parliament and to the council . ### at the end of union participation in the aal programme but no later than 31 december 2022 , the commission shall conduct a final external evaluation of the aal programme . the commission shall prepare a report on that external evaluation which includes results of the evaluation . the commission shall send that report to the european parliament and to the council .


### 1 . accelerate the emergence of innovative ict - based products and services for active and healthy ageing at home , in the community , or at work , thus improving the quality of life , autonomy , participation in social life , skills or employability of older adults and increasing the efficiency of health and social care provision ; ### 1 . accelerate the emergence of relevant and affordable innovative integrated solutions , products and services , including ict - based , for active and healthy ageing at home , in the community , or at work , thus improving the quality of life , autonomy , participation in social life , skills or employability of older adults and increasing the efficiency of health and social care provision ;


### 2 . maintain and further develop a critical mass of applied research , development and innovation at union level in the areas of ict - based products and services for active and healthy ageing ; ### 2 . maintain and further develop a critical mass of applied research , development and innovation at union level integrating solutions , products and services , including ict - based , for active and healthy ageing ;


### 3 . develop cost - effective solutions , including establishing relevant interoperability standards and facilitating the localisation and adaptation of common solutions , which are compatible with varying social preferences and regulatory aspects at national or regional level , respect the privacy and dignity of the older adults and , where applicable , support access to services in rural and peripheral areas or benefit other groups of people , such as people with disabilities . ### 3 . develop cost - effective solutions , including establishing relevant interoperability standards and facilitating the localisation and adaptation of common solutions , which are compatible with varying social preferences and regulatory aspects at national or regional level , respect the privacy and dignity of the older adults and , where applicable , support access to services in rural and peripheral areas and benefit other groups of people , such as people with disabilities . to improve accessibility , a mandatory implementation of the concept of design for all will ensure the development and deployment of products that are fully accessible for older people , people with disabilities and the broader population as a whole .


### 1 . accelerate the emergence of innovative ict - based products and services for active and healthy ageing at home , in the community , or at work , thus improving the quality of life , autonomy , participation in social life , skills or employability of older adults and increasing the efficiency of health and social care provision ; ### 1 . accelerate the emergence of innovative ict - based products and services for active and healthy ageing and people with disabilities , at home , in the community , or at work aiming at improving their quality of life , social well - being and inclusion , autonomy , participation in social life , skills or employability of older adults and increasing the efficiency , relevance and effectiveness of health and social care provision ; all ict - products and services to be supported shall include privacy - by - design features to ensure the highest levels of data protection and protection of privacy ;


### 2 . maintain and further develop a critical mass of applied research , development and innovation at union level in the areas of ict - based products and services for active and healthy ageing ; ### 2 . maintain and further develop a critical mass of applied research , development and innovation at union level in the areas of ict - based products and services for active and healthy ageing and for people with disabilities ;


### 3 . develop cost - effective solutions , including establishing relevant interoperability standards and facilitating the localisation and adaptation of common solutions , which are compatible with varying social preferences and regulatory aspects at national or regional level , respect the privacy and dignity of the older adults and , where applicable , support access to services in rural and peripheral areas or benefit other groups of people , such as people with disabilities . ### 3 . develop cost - effective and energy - efficient solutions , including establishing relevant interoperability standards and facilitating the localisation and adaptation of common solutions , which are compatible with varying social preferences , socio - economic factors , gender aspects , and regulatory aspects at national or regional level , respect the privacy and dignity of the older adults and , where applicable , support access to services in rural and peripheral areas or benefit other groups of people , such as people with disabilities .


### the aal programme shall establish a favourable environment for the participation of small and medium - sized enterprises . ### the aal programme shall establish a favourable environment for the participation of small and medium - sized enterprises . at least one sme shall be part of each consortium receiving grants under the annual calls .


### the aal programme shall focus on close - to - market applied research and innovation and shall complement related longer - term research and large scale innovation activities envisaged under the horizon 2020 framework programme , and other european and national initiatives . it shall also contribute to the implementation of the european innovation partnership on active and healthy ageing . ### the aal programme shall focus on close - to - market applied research and innovation and shall complement related longer - term research and innovation activities envisaged under the horizon 2020 framework programme , and coordinate as appropriate with other european and national initiatives such as joint programming initiatives and activities undertaken within the european institute of technologies and the knowledge and innovation communities . it shall also contribute to the implementation of the european innovation partnership on active and healthy ageing .


### the union right to compensation for antitrust harm requires each member state to have procedural rules ensuring the effective exercise of that right . the need for effective procedural remedies also follows from the right to effective judicial protection as laid down in article 47 , first paragraph , of the charter of fundamental rights of the european union53 and in article 19 , second subparagraph of the treaty on european union . __________________ 53 oj c 326 , 26 . 10 . 2012 , p . 391 . ### the union right to compensation for antitrust harm requires each member state to have procedural rules ensuring the effective exercise of that right . the need for effective procedural remedies also follows from the right to effective judicial protection as laid down in article 47 , first paragraph , of the charter of fundamental rights of the european union53and in article 19 , second subparagraph of the treaty on european union . member states should ensure effective legal protection in the fields covered by union law __________________ 53 oj c 326 , 26 . 10 . 2012 , p . 391 .


### to ensure effective public and private enforcement of the competition rules , it is necessary to regulate the way the two forms of enforcement are coordinated , for instance the arrangements for access to documents held by competition authorities . such coordination at union level will also avoid divergence of applicable rules , which could jeopardise the proper functioning of the internal market . ### to ensure effective private enforcement actions under civil law and effective public enforcement by competition authorities , both tools are required to interact to ensure maximum effectiveness of the competition rules . it is necessary to regulate the way the two forms of enforcement are coordinated , for instance the arrangements for access to documents held by competition authorities . such coordination at union level will also avoid divergence of applicable rules , which could jeopardise the proper functioning of the internal market .


### it is therefore necessary to ensure a more level playing field for undertakings operating in the internal market and to improve the conditions for consumers to exercise the rights they derive from the internal market . it is also appropriate to increase legal certainty and to reduce the differences between the member states as to the national rules governing actions for damages for infringements of european competition law and , when applied in parallel to the latter , national competition law . an approximation of these rules will also help to prevent the emergence of wider differences between the member states ' rules governing actions for damages in competition cases . ### it is therefore necessary to ensure a more level playing field for undertakings operating in the internal market and to improve the conditions for consumers to exercise the rights they derive from the internal market . it is also appropriate to increase legal certainty and to reduce the differences between the member states as to the national rules governing actions for damages for infringements of european competition law and , when applied in parallel to the latter , national competition law . an approximation of these rules will also help to prevent the emergence of wider differences between the member states ' rules governing actions for damages in competition cases to prevent further lack of consumer ' s confident in the internal market due to the current difficulties in obtaining compensation for the harm they have suffered .


### leniency programmes and settlement procedures are important tools for the public enforcement of union competition law as they contribute to the detection , efficient prosecution and sanctioning of the most serious competition law infringements . undertakings may be deterred from co - operating in this context if disclosure of documents they solely produce to this end were to expose them to civil liability under worse conditions than the co - infringers that do not co - operate with competition authorities . to ensure that undertakings are willing to produce voluntary statements acknowledging their participation in an infringement of union or national competition law to a competition authority under a leniency programme or a settlement procedure , such statements should be excepted from disclosure of evidence . ### leniency programmes and settlement procedures can be some of the tools for the public enforcement of union competition law if they contribute to the detection , efficient prosecution and sanctioning of the most serious competition law infringements and if they contribute in having companies preliminary to report suspicions of possible own breach to prevent infringements of the unions competition law .


### member states shall ensure that , where a claimant has presented reasonably available facts and evidence showing plausible grounds for suspecting that he , or those he represents , has suffered harm caused by the defendant ' s infringement of competition law , national courts can order the defendant or a third party to disclose evidence , regardless of whether or not this evidence is also included in the file of a competition authority , subject to the conditions set out in this chapter . member states shall ensure that courts are also able to order the claimant or a third party to disclose evidence on request of the defendant . ### member states shall ensure that , where a claimant has presented reasonably available facts or evidence showing plausible grounds for suspecting that he , or those he represents , has suffered harm caused by the defendant ' s infringement of competition law , national courts can order the defendant or a third party to disclose evidence , regardless of whether or not this evidence is also included in the file of a competition authority , subject to the conditions set out in this chapter . member states shall ensure that courts are also able to order the claimant , the defendant or a third party to disclose reasonably available facts or evidence on request of such a claim .


### member states shall ensure that national courts have at their disposal effective measures to protect confidential information from improper use to the greatest extent possible whilst also ensuring that relevant evidence containing such information is available in the action for damages . ### member states shall ensure that national courts have at their disposal effective measures to protect confidential information from improper use to the extent possible whilst also ensuring that relevant evidence containing such information to the extent possible is available in the action for damages .


### the rules laid down in this chapter shall be without prejudice to the right of an injured party to claim compensation for loss of profits . ### the rules laid down in this chapter shall be without prejudice to the right of any injured party that have suffered harm to claim compensation for loss of profits .


### the common european sales law should comprise of a complete set of fully harmonised mandatory consumer protection rules . in line with article 114 of the treaty , those rules should guarantee a high level of consumer protection with a view to enhancing consumer confidence in the common european sales law and thus provide consumers with an incentive to enter into cross - border contracts on that basis . the rules should maintain or improve the level of protection that consumers enjoy under union consumer law . ### the common european sales law should comprise of a complete set of fully harmonised mandatory consumer protection rules . in line with article 114 of the treaty , those rules should guarantee a high level of consumer protection with a view to enhancing consumer confidence in the common european sales law and thus provide consumers with an incentive to enter into cross - border contracts on that basis . the rules should maintain or improve the level of protection that consumers enjoy under union consumer law . furthermore , the adoption of this regulation should not foreclose the revision of the directive on consumer rights , with the aim of providing full high level harmonisation of consumer protection in the member states .


### where a trader supplies contract terms which have not been individually negotiated with the consumer within the meaning of article 7 , it has a duty to ensure that they are drafted and communicated in plain , intelligible language . ### where a trader supplies contract terms it has a duty to ensure that they are drafted and communicated in plain , intelligible language .


### in a contract between a trader and a consumer , a contract term supplied by the trader which has not been individually negotiated within the meaning of article 7 is unfair for the purposes of this section if it causes a significant imbalance in the parties ' rights and obligations arising under the contract , to the detriment of the consumer , contrary to good faith and fair dealing . ### in a contract between a trader and a consumer , a contract term supplied by the trader is unfair for the purposes of this section if it causes a significant imbalance in the parties ' rights and obligations arising under the contract , to the detriment of the consumer .


### from 2020 onwards , this regulation sets a target of 95 g co2 / km as average emissions for the new car fleet as measured in accordance with regulation no 715 / 2007 and annex xii to regulation no 692 / 2008 and its implementing measures , and innovative technologies . ### from 2020 onwards , this regulation sets a target of 80 g co2 / km as average emissions for the new car fleet as measured in accordance with regulation no 715 / 2007 and annex xii to regulation no 692 / 2008 and its implementing measures .


### specific emissions of co2 = 95 + a × ### specific emissions of co2 = 80 + a ×


### m0 = the value adopted pursuant to article 13 ### f0 = the value adopted pursuant to article 13


### the commission shall , by means of delegated acts , draw up lists of the themes and products under article 3 and the third countries concerned . ### the commission shall adopt delegated acts , in accordance with article 16a , amending the themes and products under article 3 set out in annex and the third countries concerned .


### after informing the committee referred to in article 16b or , where necessary , the committee for organic farming set up by article 38e of council regulation no 834 / 2007 of 28 june 2007 on organic production and labelling of organic products or the agricultural product quality policy committee set up by article [ 54 ] of regulation of the european parliament and of the council no xxx / 201x on agricultural product quality schemes , , the commission may decide to carry out one or more of the following measures : ### after informing the committee referred to in article 16b or , where necessary , the committee for organic farming set up by article 38e of council regulation no 834 / 2007 of 28 june 2007 on organic production and labelling of organic products or the agricultural product quality policy committee set up by article [ 54 ] of regulation no . . . / . . . of the european parliament and of the council on agricultural product quality schemes , , the commission mayadopt implementing acts , without applying the procedure referred to in article 16b , deciding to carry out one or more of the following measures :


### before adopting delegated acts or implementing acts referred to in this regulation , the commission may consult : ### before adopting implementing acts referred to in this regulation , the commission may consult :


### the european system of financial supervisors should be a network of national and community supervisory authorities , leaving day - to - day supervision of financial institutions at the national level , and according a central role in the supervision of cross - border groups to colleges of supervisors . greater harmonisation and the coherent application of rules for financial institutions and markets across the community should also be achieved . a european banking authority should be established , along with a european insurance and occupational pensions authority and a european securities and markets authority . ### the european system of financial supervisors should be a network of national and community supervisory authorities , leaving day - to - day supervision of financial institutions that do not have a union dimension to the national level . colleges of supervisors should exert supervision over cross - border institutions that do not have a union dimension . the european supervisory authority should gradually take over supervision of financial institutions with a union dimension . greater harmonisation and the coherent application of rules for financial institutions and markets across the union should also be achieved . a european supervisory authority should be established , along with a european supervisory authority and a european supervisory authority . the european systemic risk board should form part of a european system of financial supervision .