### in order to adapt to the technical and scientific progress in a timely and proportionate fashion and to ensure flexibility and allow evolution of certain measures , the power to adopt acts in accordance with article 290 of the treaty on the functioning of the european union should be delegated to the commission in respect of supplementing this regulation as regards remedial measures concerning plaice , flounder , turbot and brill , implementation of the landing obligation and technical measures . it is of particular importance that the commission carry out appropriate consultations during its preparatory work , including at experts level . the commission , when preparing and drawing - up delegated acts , should ensure a simultaneous , timely and appropriate transmission of relevant documents to the european parliament and council . ### in order to adapt to the technical and scientific progress in a timely and proportionate fashion and to ensure flexibility and allow evolution of certain measures , the power to adopt acts in accordance with article 290 of the treaty on the functioning of the european union should be delegated to the commission in respect of supplementing this regulation as regards remedial measures concerning plaice , flounder , turbot and brill , implementation of the landing obligation and technical measures . it is of particular importance that the commission carry out appropriate consultations during its preparatory work , including at the level of experts and specialist bodies in the member states and the union , in cooperation with the european parliament . the commission , when preparing and drawing - up delegated acts , should ensure a simultaneous , timely and appropriate transmission of relevant documents to the european parliament and council .


### the delegation of power referred to in articles 6 , 8 and 9 shall be conferred on the commission for an indeterminate period of time from the date of the entry into force of this regulation . ### the delegation of power referred to in articles 6 , 8 , 9 and 14 shall be conferred on the commission for a period of five years from the date of the entry into force of this regulation .


### the plan shall aim at contributing to the implementation of the landing obligation established in article 15 of regulation no 1380 / 2013 for the stocks concerned and for plaice . ### the plan shall contribute to the implementation of the landing obligation established in article 15 of regulation no 1380 / 2013 for the stocks concerned and for plaice .


### the target fishing mortality shall be reached by 2015 and maintained onwards for the stocks concerned within the following ranges : ### the target fishing mortality shall be achieved by 2015 where possible and , on a progressive , incremental basis at the latest by 2020 and maintained thereafter for the stocks concerned . the fishing mortality for the stocks concerned shall be set within the following ranges : values for fmsy should be taken from the latest reliable scientific advice available and f should aim to 0 . 8 times fmsy .


### the coordination of economic policies within the union and the euro area and the provision of information to economic agents within the single market requires comparable data on labour market developments including statistics on labour costs , earnings and on the number of occupied and vacant posts . in addition , lifelong learning is a key element in developing and promoting a skilled , trained and adapted workforce , and particular attention should be given to vocational training in enterprises as a crucial contributor to lifelong learning . such data are mainly collected from businesses and should in the future be legislated and better integrated with other business statistics . data on the level and composition of labour costs and on the structure and distribution of earnings are needed to assess medium - term developments of union economies . data on labour cost developments and job vacancies are needed for the short–term monitoring of union economies , including for monetary policy purposes . data on enterprises ' investment in continuing vocational training , the characteristics and volume of such training as well as information on enterprises ' strategies for vocational training are needed to monitor the implementation of the union ' s strategy for enhanced cooperation in vocational education and training . ### the coordination of economic policies within the union and the euro area and the provision of information to economic agents within the single market requires comparable data on labour market developments including statistics on labour costs , earnings and on the number of occupied and vacant posts . together with the integrated framework for european statistics relating to persons and households , this data will also contribute to achieving the targets of the european pillar of social rights . in addition , lifelong learning is a key element in developing and promoting a skilled , trained and adapted workforce , and particular attention should be given to vocational training in enterprises as a crucial contributor to lifelong learning . such data are mainly collected from businesses and should in the future be legislated and better integrated with other business statistics . data on the level and composition of labour costs and on the structure and distribution of earnings are needed to assess medium - term developments of union economies . data on labour cost developments and job vacancies are needed for the short–term monitoring of union economies , including for monetary policy purposes . data on enterprises ' investment in continuing vocational training , the characteristics and volume of such training as well as information on enterprises ' strategies for vocational training are needed to monitor the implementation of the union ' s strategy for enhanced cooperation in vocational education and training .


### the power to adopt delegated acts referred to in articles 5 , 6 , 9 and 12 shall be conferred on the commission for an indeterminate period of time . ### the power to adopt delegated acts referred to in articles 5 , 6 , 9 , 12 and 13 shall be conferred on the commission for a period of five years . the commission shall draw up a report in respect of the delegation of power not later than nine months before the end of the five - year period . the delegation of power shall be tacitly extended for periods of an identical duration , unless the european parliament or the council opposes such extension not later than three months before the end of each period .


### there is a need to provide business statistics structured by sector of activity , in order to measure the productivity of businesses in the union . in particular , there is an increasing demand of statistics on the services sector , which is the most dynamic sector of modern economies , especially in terms of that sector ' s potential for growth and employment creation and taking into account the relations with the manufacturing sector . statistics on trade in services are essential for monitoring the functioning of the internal market for services and assessing the impact of barriers on trade in services . ### there is a need to provide business statistics structured by sector of activity , in order to measure the productivity of businesses in the union . in particular , there is an increasing demand of statistics on the services sector , which is the most dynamic sector of modern economies , especially in terms of that sector ' s potential for growth and employment creation and taking into account the relations with the manufacturing sector . new digital services further enhance this trend . statistics on trade in services are essential for monitoring the functioning of the internal market for services and the digital single market and assessing the impact of barriers on trade in services .


### tools that help potential re - users to find documents available for re - use and the conditions for re - use can facilitate considerably the cross - border use of public sector documents . member states should therefore ensure that practical arrangements are in place that help re - users in their search for documents available for re - use . assets lists , accessible preferably online , of main documents , and portal sites that are linked to decentralised assets lists are examples of such practical arrangements . ### tools that help potential re - users to find documents available for re - use and the conditions for re - use can facilitate considerably the cross - border use of public sector documents . member states should therefore ensure that practical arrangements are in place that help re - users in their search for documents available for re - use . assets lists , accessible preferably online , of main documents , and portal sites that are linked to decentralised assets lists are examples of such practical arrangements . measures to facilitate the authentication of public documents also offer important guarantees to users .


### with a view to achieving the objectives of this directive , the commission shall adopt the list of high value datasets among the documents to which this directive applies , together with the modalities of their publication and re - use . ### member states shall ensure that the high value datasets , listed in annex , are available for free , machine - readable and accessible for download , and accompanied by authentication tools , subject to effective long - term preservation policies , and , where appropriate , via apis . the conditions for re - use shall be compatible with open standard licences . the commission shall be empowered to adopt delegated acts in accordance with article 14 in order to extend the list of categories of high value datasets in annex and in particular to further specify the high value datasets among the documents to which this directive applies , together with the modalities of their publication and re - use .


### in view of ensuring their maximum impact and to facilitate re - use , the high - value datasets should be made available for re - use with minimal legal restrictions and at no cost . they should also be published via application programming interfaces , whenever the dataset in question contains dynamic data . ### in view of ensuring their maximum impact and to facilitate re - use , the high - value datasets should be made available for re - use with minimal legal restrictions and at no cost . they should also be published via application programming interfaces , whenever the dataset in question contains dynamic data . as with other public sector information , they should be accompanied with authentication tools which give users confidence .


### member states shall make practical arrangements facilitating the search for documents available for re - use , such as asset lists of main documents with relevant metadata , accessible where possible and appropriate online and in machine - readable format , and portal sites that are linked to the asset lists . where possible member states shall facilitate the cross - linguistic search for documents . ### member states shall make practical arrangements facilitating the search for documents available for re - use , such as asset lists of main documents with relevant metadata , accessible where possible and appropriate online and in machine - readable format , and portal sites that are linked to the asset lists and authentication tools . where possible member states shall facilitate the cross - linguistic search for documents .


### a first indication of the nature or scale of health and social risks associated with the new psychoactive substance ; ### a first indication of the nature or scale of health , safety and social risks associated with the new psychoactive substance , including contraindications for use with other substances when available ;


### a key based on the size of the population and of the economy of the member states should be applied as a point of reference in the operation of the corrective allocation mechanism in conjunction with a threshold , so as to enable the mechanism to function as a means of assisting member states under disproportionate pressure . the application of the corrective allocation for the benefit of a member state should be triggered automatically where the number of applications for international protection for which a member state is responsible exceeds 150% of the figure identified in the reference key . in order to comprehensively reflect the efforts of each member state , the number of persons effectively resettled to that member state should be added to the number of applications for international protection for the purposes of this calculation . ### a key based on the size of the population , the economy and unemployment of the member states should be applied as a point of reference in the operation of the corrective allocation mechanism in conjunction with a threshold , so as to enable the mechanism to function as a means of assisting member states under disproportionate pressure . the application of the corrective allocation for the benefit of a member state should be triggered automatically where the number of applications for international protection for which a member state is responsible exceeds 75% of the figure identified in the reference key . in order to comprehensively reflect the efforts of each member state , the number of persons effectively resettled to that member state should be added to the number of applications for international protection for the purposes of this calculation . as soon as this mechanism is triggered , take back requests should be suspended .


### in order to guarantee effective protection of the rights of the persons concerned , legal safeguards and the right to an effective remedy in respect of decisions regarding transfers to the member state responsible should be established , in accordance , in particular , with article 47 of the charter of fundamental rights of the european union . an effective remedy should also be provided in situations when no transfer decision is taken but the applicant claims that another member state is responsible on the basis that he has a family member or , for unaccompanied minors , a relative in another member state . in order to ensure that international law is respected , an effective remedy against such decisions should cover both the examination of the application of this regulation and of the legal and factual situation in the member state to which the applicant is transferred . the scope of the effective remedy should be limited to an assessment of whether applicants ' fundamental rights to respect of family life , the rights of the child , or the prohibition of inhuman and degrading treatment risk to be infringed upon . ### any person subject to this regulation should have the rights to an effective remedy , in the form of an appeal or review , pursuant to the applicable legislation . in order to guarantee effective protection of the rights of the persons concerned , legal safeguards and the right to an effective remedy in respect of decisions regarding transfers to the member state responsible should be established , in accordance , in particular , with article 47 of the charter of fundamental rights of the european union . an effective remedy should also be provided in situations when no transfer decision is taken but the applicant claims that another member state is responsible on the basis that he has a family member or , for unaccompanied minors , a relative in another member state . in order to ensure that international law and the relevant case - law are respected , an effective remedy against such decisions should cover both the examination of the application of this regulation and of the legal and factual situation in the member state to which the applicant is transferred or returned . the main scope of the effective remedy should be an assessment of whether applicants ' fundamental rights to respect of family life , the rights of the child , or the prohibition of inhuman and degrading treatment risk to be infringed upon .


### in the absence of a family member or a relative as referred to in paragraphs 2 and 3 , the member state responsible shall be that where the unaccompanied minor first has lodged his or her application for international protection , unless it is demonstrated that this is not in the best interests of the minor . ### in the absence of a family member or a relative as referred to in paragraphs 2 and 3 , the member state responsible shall be that where the unaccompanied minor is present and has lodged an asylum application , provided that this is in the best interests of the minor .


### in the absence of a family member or a relative as referred to in paragraphs 2 and 3 , the member state responsible shall be that where the unaccompanied minor first has lodged his or her application for international protection , unless it is demonstrated that this is not in the best interests of the minor . ### in the absence of a family member or a relative as referred to in paragraphs 2 and 3 , the member state responsible shall be that where the unaccompanied minor is present unless it is demonstrated that this is not in the best interests of the minor .


### each member state where an unaccompanied minor is obliged to be present shall ensure that a representative represents and / or assists the unaccompanied minor with respect to the relevant procedures provided for in this regulation . the representative shall have the qualifications and expertise to ensure that the best interests of the minor are taken into consideration during the procedures carried out under this regulation . such representative shall have access to the content of the relevant documents in the applicant’s file including the specific leaflet for unaccompanied minors . ### each member state where an unaccompanied minor is present shall ensure that a representative represents and / or assists the unaccompanied minor with respect to the relevant procedures provided for in this regulation . the representative shall have the qualifications and expertise to ensure that the best interests of the minor are taken into consideration during the procedures carried out under this regulation . such representative shall have access to the content of the relevant documents in the applicant’s file including the specific leaflet for unaccompanied minors .


### member states shall not hold a person in detention for the sole reason that he or she is subject to the procedure established by this regulation . ### member states shall not hold a person in detention for the sole reason that he or she is subject to the procedure established by this regulation . detention shall always remain a measure of last resort and alternatives to detention shall always be a priority . children shall not to be detained as detention can never be in the child ' s best interests .


### that the right to apply for international protection does not encompass any choice of the applicant which member state shall be responsible for examining the application for international protection ; ### that the right to apply for international protection does not encompass any choice of the applicant which member state shall be responsible for examining the application for international protection , except when he or she is eligible for family reunification ;


### a key based on the size of the population and of the economy of the member states should be applied as a point of reference in the operation of the corrective allocation mechanism in conjunction with a threshold , so as to enable the mechanism to function as a means of assisting member states under disproportionate pressure . the application of the corrective allocation for the benefit of a member state should be triggered automatically where the number of applications for international protection for which a member state is responsible exceeds 150% of the figure identified in the reference key . in order to comprehensively reflect the efforts of each member state , the number of persons effectively resettled to that member state should be added to the number of applications for international protection for the purposes of this calculation . ### a key based on the size of the population , the economy and the unemployment of the member states should be applied as a point of reference in the operation of the corrective allocation mechanism in conjunction with a threshold , so as to enable the mechanism to function as a means of assisting member states under disproportionate pressure . the application of the corrective allocation for the benefit of a member state should be triggered automatically where the number of applications for international protection for which a member state is responsible exceeds 75% of the figure identified in the reference key . in order to comprehensively reflect the efforts of each member state , the number of persons effectively resettled to that member state should be added to the number of applications for international protection for the purposes of this calculation . as soon as this mechanism has been activated , all take back requests should be suspended .


### ‘ unaccompanied minor’ means a minor who arrives on the territory of the member states unaccompanied by an adult responsible for him or her , whether by law or by the practice of the member state concerned , and for as long as he or she is not effectively taken into the care of such an adult ; it includes a minor who is left unaccompanied after he or she has entered the territory of member states ; ### ‘ unaccompanied minor’ means a minor who arrives on the territory of the member states unaccompanied by an adult responsible for him or her , whether by law or by the practice of the member state concerned , and for as long as he or she is not effectively taken into the care of such an adult ; it includes a minor who is left unaccompanied after he or she has entered the territory of member states , as well as minors who have been separated from both parents or from their previous legal or customary primary care - giver ;


### this paragraph shall be without prejudice to the relevant provisions in article 25 of directive 2013 / 32 / eu . ### this paragraph shall be without prejudice to the relevant provisions in article 25 of directive 2013 / 32 / eu . due to the vulnerability of this group of applicants , unaccompanied minors should not be transferred to another member state except if it is in the child ' s best interest .


### as set out in the reflection paper on the social dimension of europe16 and the european pillar of social rights17 , building a more inclusive and fairer union is a key priority for the union to tackle inequality and foster social inclusion policies in europe . inequality of opportunities affects in particular access to education , training and health . investment in the social , skills and human capital - related economy , as well as in the integration of vulnerable populations in the society , can enhance economic opportunities , especially if coordinated at union level . the investeu fund should be used to support investment in education and training , help increase employment , in particular among the unskilled and long - term unemployed , and improve the situation with regard to intergenerational solidarity , the health sector , homelessness , digital inclusiveness , community development , the role and place of young people in society as well as vulnerable people , including third country nationals . the investeu programme should also contribute to the support of european culture and creativity . to counter the profound transformations of societies in the union and of the labour market in the coming decade , it is necessary to invest in human capital , microfinance , social enterprise finance and new social economy business models , including social impact investment and social outcomes contracting . the investeu programme should strengthen nascent social market eco - system , increasing the supply of and access to finance to micro - and social enterprises , to meet the demand of those who need it the most . the report of the high - level task - force on investing in social infrastructure in europe18 has identified investment gaps in social infrastructure and services , including for education , training , health and housing , which call for support , including at the union level . therefore , the collective power of public , commercial and philanthropic capital , as well as support from foundations , should be harnessed to support the social market value chain development and a more resilient union . _________________ 16 com 206 . 17 com 250 . 18 published as european economy discussion paper 074 in january 2018 . ### as set out in the reflection paper on the social dimension of europe16 and the european pillar of social rights17 , building a more inclusive and fairer union is a key priority for the union to tackle inequality and foster social inclusion policies in europe . inequality of opportunities affects in particular access to education , training , health , culture and cultural heritage . investment in the social , skills and human capital - related economy , as well as in the integration of vulnerable populations , and in particular persons with a disability , in the society , can enhance economic opportunities , especially if coordinated at union level . the investeu fund should be used to support investment in education and training , as well as in maintenance and modernisation of educational facilities , including seismic retrofit and the elimination of architectural barriers , help increase employment , in particular among the unskilled and long - term unemployed , and improve the situation with regard to intergenerational solidarity , the health sector , homelessness , digital inclusiveness , community development , gender equality , the role and place of young people in society as well as vulnerable people , including persons with a disability and third country nationals . the investeu programme should also contribute to the support of culture and creativity in europe , whereby cultural and creative industries are key - drivers for growth and do play a role traditionally at local and regional level , ensuring the socio - economic inclusion and allowing for an integrated sustainable urban regeneration . to counter the profound transformations of societies in the union and of the labour market in the coming decade , it is necessary to invest in human capital , microfinance , social enterprise finance and new social economy business models , including social impact investment and social outcomes contracting . the investeu programme should strengthen the nascent social market eco - system , increasing the supply of and access to finance to micro - and social enterprises , ensuring that it meets the demand of those who need it the most . the report of the high - level task - force on investing in social infrastructure in europe18 has identified investment gaps in social infrastructure and services , including for education , training , health and housing , which call for support , including at the union level . therefore , the collective power of public , commercial and philanthropic capital , as well as support from foundations , should be harnessed to support the social market value chain development and a more resilient union . _________________ 16 com 206 final . 17 com 250 final . 18 published as european economy discussion paper 074 in january 2018 .


### four members shall be permanent members of all four configurations of the investment committee . in addition , the four configurations shall each have two experts with experience in investment in sectors covered by that policy window . at least one of the permanent members shall have expertise in sustainable investment . the commission shall assign the investment committee members to its appropriate configuration or configurations . the investment committee shall elect a chairperson from among its permanent members . ### four members shall be permanent members of all four configurations of the investment committee . in addition , the four configurations shall each have two experts with experience in investment in sectors covered by that policy window . at least one of the permanent members shall have expertise in sustainable investment . the steering board shall assign the investment committee members to its appropriate configuration or configurations . the investment committee shall elect a chairperson from among its permanent members .


### low infrastructure investment rates in the union during the financial crisis undermined the union ' s ability to boost sustainable growth , competitiveness and convergence . sizeable investments in the european infrastructure are fundamental to meet the union ' s sustainability targets , including the 2030 energy and climate targets . accordingly , support from the investeu fund should target investments into transport , energy , including energy efficiency and renewable energy , environmental , climate action , maritime and digital infrastructure . to maximise the impact and the value added of union financing support , it is appropriate to promote a streamlined investment process enabling visibility of the project pipeline and consistency across relevant union programmes . bearing in mind security threats , investment projects receiving union support should take into account principles for the protection of citizens in public spaces . this should be complementary to the efforts made by other union funds such as the european regional development fund providing support for security components of investments in public spaces , transport , energy and other critical infrastructure . ### low infrastructure investment rates in the union during the financial crisis undermined the union ' s ability to boost sustainable growth , competitiveness and convergence . the relatively weak performance of the infrastructure window under efsi indicates the low demand side of the market to invest in infrastructures , especially cross - border infrastructures , despite the availability of supply - side instruments . sizeable investments in the european infrastructure are fundamental to meet the union ' s sustainability targets , including the 2030 energy and climate targets . accordingly , support from the investeu fund should target investments into transport , energy , including energy efficiency and renewable energy , environmental , climate action , including renewable materials , maritime and digital infrastructure . to maximise the impact and the value added of union financing support , it is appropriate to promote a streamlined investment process enabling visibility of the project pipeline and consistency across relevant union programmes . bearing in mind security threats , investment projects receiving union support should take into account principles for the protection of citizens in public spaces . this should be complementary to the efforts made by other union funds such as the european regional development fund providing support for security components of investments in public spaces , transport , energy and other critical infrastructure .


### low infrastructure investment rates in the union during the financial crisis undermined the union ' s ability to boost sustainable growth , competitiveness and convergence . sizeable investments in the european infrastructure are fundamental to meet the union ' s sustainability targets , including the 2030 energy and climate targets . accordingly , support from the investeu fund should target investments into transport , energy , including energy efficiency and renewable energy , environmental , climate action , maritime and digital infrastructure . to maximise the impact and the value added of union financing support , it is appropriate to promote a streamlined investment process enabling visibility of the project pipeline and consistency across relevant union programmes . bearing in mind security threats , investment projects receiving union support should take into account principles for the protection of citizens in public spaces . this should be complementary to the efforts made by other union funds such as the european regional development fund providing support for security components of investments in public spaces , transport , energy and other critical infrastructure . ### low infrastructure investment rates in the union during the financial crisis undermined the union ' s ability to boost sustainable growth , competitiveness and convergence . sizeable investment in the european infrastructure , including interconnections and energy efficiency , is fundamental to meet the union ' s sustainability targets , including the 2030 energy and climate targets . accordingly , support from the investeu fund should target investment in transport , including the maintenance or upgrade of existing infrastructure assets with particular focus on safety and security assets , energy , including energy efficiency , energy interconnection and renewable energy , environmental , climate action , maritime and digital infrastructure . to maximise the impact and the value added of union financing support , it is appropriate to promote a streamlined investment process enabling visibility of the project pipeline and consistency across relevant union programmes . bearing in mind security threats and risk prevention , investment projects receiving union support should take into account principles for the protection of citizens in public spaces . this should be complementary to the efforts made by other union funds such as the european regional development fund providing support for security components of investments in public spaces , transport , energy and other critical infrastructure .


### in selecting implementing partners for the deployment of the investeu fund , the commission should consider the counterpart ' s capacity to fulfil the objectives of the investeu fund and contribute its own resources , in order to ensure adequate geographical coverage and diversification , to crowd - in private investors and to provide sufficient risk diversification as well as new solutions to address market failures and sub - optimal investment situations . given its role under the treaties , its capacity to operate in all member states and the existing experience under the current financial instruments and the efsi , the european investment bank group should remain a privileged implementing partner under the investeu fund ' s eu compartment . in addition to the eib group , national promotional banks or institutions should be able to offer a complementary financial product range given that their experience and capabilities at regional level could be beneficial for the maximisation of the impact of public funds on the territory of the union . moreover , it should be possible to have other international financial institutions as implementing partners , in particular when they present a comparative advantage in terms of specific expertise and experience in certain member states . it should also be possible for other entities fulfilling the criteria laid down in the financial regulation to act as implementing partners . ### in selecting implementing partners for the deployment of the investeu fund , the commission should consider the counterpart ' s capacity and potential to fulfil the objectives of the investeu fund and contribute its own resources , in order to ensure adequate geographical coverage and diversification , to crowd - in private investors and to provide sufficient risk diversification as well as new solutions to address market failures and sub - optimal investment situations . given its role under the treaties , its capacity to operate in all member states and the existing experience under the current financial instruments and the efsi , the european investment bank group should remain a privileged implementing partner under the investeu fund ' s eu compartment . in addition to the eib group , national or regional promotional banks or institutions should be able to offer a complementary financial product range given that their experience and capabilities at regional level could be beneficial for the maximisation of the impact of public funds on the territory of the union , combining the characteristics of their financial products with the requirements of the fund . moreover , it should be possible to have other international financial institutions as implementing partners , in particular when they present a comparative advantage in terms of specific expertise and experience in certain member states . it should also be possible for other entities fulfilling the criteria laid down in the financial regulation to act as implementing partners .


### the investeu portal shall be established by the commission . it shall be an easily accessible and user - friendly project database , providing relevant information for each project . ### the investeu portal shall be established by the commission . it shall provide an easily accessible and user - friendly project database , giving more visibility to projects and allowing investors to identify investment opportunities in their sector or area of interest .


### evaluations have underlined that the variety of financial instruments delivered under the 2014 - 2020 multiannual financial framework period has led to some overlaps . that variety has also produced complexity for intermediaries and final recipients who were confronted with different eligibility and reporting rules . absence of compatible rules also hampered the combination of several union funds although such combination would have been beneficial to support projects in need of different types of funding . therefore , a single fund , the investeu fund , should be set up in order to achieve a more efficiently functioning support to final recipients by integrating and simplifying the financial offer under a single budgetary guarantee scheme , thereby improving the impact of union intervention while reducing the cost to the union budget . ### evaluations have underlined that the variety of financial instruments delivered under the 2014 - 2020 multiannual financial framework period has led to some overlaps and unclear processes for the blending of the european structural investment funds with the market instruments developed by the union . that variety has also produced complexity for intermediaries and final recipients who were confronted with different eligibility and reporting rules . absence of compatible rules also hampered the combination of several union funds although such combination would have been beneficial to support projects in need of different types of funding . therefore , a single fund , the investeu fund , should be set up in order to achieve additionality , a more efficiently functioning support to final recipients by integrating and simplifying the financial offer under a single budgetary guarantee scheme , thereby improving the impact of union intervention while reducing the cost to the union budget .


### reflecting the importance of tackling climate change in line with the union ' s commitments to implement the paris agreement and the united nations sustainable development goals , the investeu programme will contribute to mainstream climate actions and to the achievement of an overall target of 25 % of the union budget expenditures supporting climate objectives . actions under the investeu programme are expected to contribute 30 % of the overall financial envelope of the investeu programme to climate objectives . relevant actions will be identified during the investeu programme ' s preparation and implementation and reassessed in the context of the relevant evaluations and review processes . ### reflecting the importance of tackling climate change in line with the union ' s commitments to implement the paris agreement and the united nations sustainable development goals , the investeu programme will contribute to mainstream climate actions and to the achievement of an overall target of 25 % of the union budget expenditures supporting climate objectives . actions under the investeu programme are expected to contribute at least 40 % of the overall financial envelope of the investeu programme to climate objectives . relevant actions will be identified during the investeu programme ' s preparation and implementation and reassessed in the context of the relevant evaluations and review processes .


### whereas the level of overall investment in the union is increasing , investment in higher - risk activities such as research and innovation is still inadequate . the resulting underinvestment in research and innovation is damaging to the industrial and economic competitiveness of the union and the quality of life of its citizens . the investeu fund should provide the appropriate financial products to cover different stages in the innovation cycle and a wide range of stakeholders , in particular to allow the upscaling of and deployment of solutions at a commercial scale in the union , in order to make such solutions competitive on world markets . ### whereas the level of overall investment in the union is increasing , investment in higher - risk activities such as research and innovation is still inadequate . the resulting underinvestment in research and innovation is damaging to the industrial and economic competitiveness of the union , the quality of life of its citizens and to the achievement of the energy and climate goals . the investeu fund should provide the appropriate financial products to cover different stages in the innovation cycle and a wide range of stakeholders , in particular to allow the upscaling of and deployment of solutions at a commercial scale in the union , in order to make such solutions competitive on world markets .


### the eu guarantee for the purposes of the eu compartment referred to in point of article 8 shall be eur 38 000 000 000 . it shall be provisioned at the rate of 40 % . ### the eu guarantee for the purposes of the eu compartment referred to in point of article 8 shall be eur 43 400 000 000 . it shall be provisioned at the rate of 35 % .


### amounts allocated by a member state under article [ 10 ] of regulation [ [ cpr ] number ] or article [ 75 ] of regulation [ [ cap plan ] number ] shall be used for the provisioning of the part of the eu guarantee under the member state compartment covering financing and investment operations in the member state concerned . ### amounts allocated by a member state under article [ 10 ] of regulation [ [ cpr ] number ] or article [ 75 ] of regulation [ [ cap plan ] number ] shall be used for the provisioning of the part of the eu guarantee under the member state compartment covering financing and investment operations in the member state concerned and can be used , at the discretion of the member state , in agreement with the implementing partners , to guarantee any tranche of structured financial instruments .


### for the eu compartment , the eligible counterparts shall have expressed their interest and shall be able to cover financing and investment operations in at least three member states . the implementing partners may also cover together financing and investment operations in at least three member states by forming a group . ### for the eu compartment , the eligible counterparts shall have expressed their interest and shall be able to cover financing and investment operations in at least one member state . the implementing partners may also cover together financing and investment operations in a number of member states by forming a group .


### implementing partners shall target that at least 50 % of the investment under the sustainable infrastructure policy window contribute to meeting the union objectives on climate and environment . ### implementing partners shall target that : - at least 65% of the investment under the sustainable infrastructure policy window significantly contribute to meeting the union objectives on climate and environment , in line with the paris agreement ; - at least 35% of the investment under the research , innovation and digitisation policy window contribute to horizon europe objectives ; - a significant share of the guarantee offered to smes and small mid - caps under the sme policy window should support innovative smes ; - at least 30% of the investment under the social investment and skills policy window contribute to the objectives of horizon europe and erasmus + ; the commission together with implementing partners shall seek that the part of the budgetary guarantee used for the siw is distributed aiming at a balance between the actions in the different areas .


### the investeu fund shall operate through the following four policy windows that shall address market failures or sub - optimal investment situations within their specific scope : ### the investeu fund shall operate through the following four policy windows that shall address market failures and / or sub - optimal investment situations within their specific scope :


### as set out in the reflection paper on the social dimension of europe16 and the european pillar of social rights17 , building a more inclusive and fairer union is a key priority for the union to tackle inequality and foster social inclusion policies in europe . inequality of opportunities affects in particular access to education , training and health . investment in the social , skills and human capital - related economy , as well as in the integration of vulnerable populations in the society , can enhance economic opportunities , especially if coordinated at union level . the investeu fund should be used to support investment in education and training , help increase employment , in particular among the unskilled and long - term unemployed , and improve the situation with regard to intergenerational solidarity , the health sector , homelessness , digital inclusiveness , community development , the role and place of young people in society as well as vulnerable people , including third country nationals . the investeu programme should also contribute to the support of european culture and creativity . to counter the profound transformations of societies in the union and of the labour market in the coming decade , it is necessary to invest in human capital , microfinance , social enterprise finance and new social economy business models , including social impact investment and social outcomes contracting . the investeu programme should strengthen nascent social market eco - system , increasing the supply of and access to finance to micro - and social enterprises , to meet the demand of those who need it the most . the report of the high - level task - force on investing in social infrastructure in europe18 has identified investment gaps in social infrastructure and services , including for education , training , health and housing , which call for support , including at the union level . therefore , the collective power of public , commercial and philanthropic capital , as well as support from foundations , should be harnessed to support the social market value chain development and a more resilient union . _________________ 16 com 206 . 17 com 250 . 18 published as european economy discussion paper 074 in january 2018 . ### as set out in the reflection paper on the social dimension of europe16 and the european pillar of social rights17 , and the eu framework for the un convention on the rights of persons with disabilities , building a more inclusive and fairer union is a key priority for the union to tackle inequality and foster social inclusion policies in europe . inequality of opportunities affects in particular access to education , training , culture , employment , health and social services . investment in the social , skills and human capital - related economy , as well as in the integration of vulnerable populations in the society , can enhance economic opportunities , especially if coordinated at union level . the investeu fund should be used to support investment in education and training , help increase employment , in particular among the unskilled and long - term unemployed , and improve the situation with regard to intergenerational solidarity , the health and social services sector , social housing , homelessness , digital inclusiveness , community development , the role and place of young people in society as well as vulnerable people , including third country nationals . the investeu programme should also contribute to the support of european culture and creativity . to counter the profound transformations of societies in the union and of the labour market in the coming decade , it is necessary to invest in human capital , social infrastructure , sustainable and social finance , microfinance , social enterprise finance and new social economy business models , including social impact investment and social outcomes contracting . the investeu programme should strengthen nascent social market eco - system , increasing the supply of and access to finance to micro - and social enterprises and social solidarity institutions , to meet the demand of those who need it the most . the report of the high - level task - force on investing in social infrastructure in europe18 has identified a total investment gap of at least eur 1 , 5 trillion for the period between 2018 and 2030 in social infrastructure and services , including for education , training , health and housing , which call for support , including at the union level . therefore , the collective power of public , commercial and philanthropic capital , as well as support from alternative types of financial providers such as ethical , social and sustainable actors , and from foundations , should be harnessed to support the social market value chain development and a more resilient union . _________________ 16 com 206 . 17 com 250 . 18 published as european economy discussion paper 074 in january 2018 .


### the investeu fund shall operate through the following four policy windows that shall address market failures or sub - optimal investment situations within their specific scope : ### the investeu fund shall operate through the following four policy windows that shall address market shortcomings or failures or sub - optimal investment situations within their specific scope , including in outermost regions .


### the investeu fund should contribute to improving the competitiveness of the union , including in the field of innovation and digitisation , the sustainability of the union ' s economic growth , the social resilience and inclusiveness and the integration of the union capital markets , including solutions addressing their fragmentation and diversifying sources of financing for the union enterprises . to that end , it should support projects that are technically and economically viable by providing a framework for the use of debt , risk sharing and equity instruments underpinned by a guarantee from the union ' s budget and by contributions from implementing partners . it should be demand - driven while support under the investeu fund should at the same time focus on contributing to meeting policy objectives of the union . ### the investeu fund should contribute to improving the competitiveness of the union , including in the field of innovation and digitisation , the sustainability of the union ' s economic growth , the social resilience and inclusiveness and the integration of the union capital markets , including solutions addressing their fragmentation and diversifying sources of financing for the union enterprises . to that end , it should support projects that are technically and economically viable by providing a framework for the use of debt , risk sharing and equity instruments underpinned by a guarantee from the union ' s budget and by contributions from implementing partners as relevant . it should be demand - driven while support under the investeu fund should at the same time focus on contributing to meeting policy objectives of the union .


### the investeu fund should support investments in tangible and intangible assets to foster growth , investment and employment , and thereby contributing to improved well - being and fairer income distribution in the union . intervention through the investeu fund should complement union support delivered through grants . ### the investeu fund should support investments in tangible and intangible assets , including cultural heritage , to foster growth , sustainable development , investment and employment , and thereby contributing to the reduction of disparities between regions , improved well - being , fairer income distribution in the union and the union ' s economic , social and territorial cohesion . intervention through the investeu fund should complement union support delivered through grants .


### in selecting implementing partners for the deployment of the investeu fund , the commission should consider the counterpart ' s capacity to fulfil the objectives of the investeu fund and contribute its own resources , in order to ensure adequate geographical coverage and diversification , to crowd - in private investors and to provide sufficient risk diversification as well as new solutions to address market failures and sub - optimal investment situations . given its role under the treaties , its capacity to operate in all member states and the existing experience under the current financial instruments and the efsi , the european investment bank group should remain a privileged implementing partner under the investeu fund ' s eu compartment . in addition to the eib group , national promotional banks or institutions should be able to offer a complementary financial product range given that their experience and capabilities at regional level could be beneficial for the maximisation of the impact of public funds on the territory of the union . moreover , it should be possible to have other international financial institutions as implementing partners , in particular when they present a comparative advantage in terms of specific expertise and experience in certain member states . it should also be possible for other entities fulfilling the criteria laid down in the financial regulation to act as implementing partners . ### in selecting implementing partners for the deployment of the investeu fund , the commission should consider the counterpart ' s capacity to fulfil the objectives of the investeu fund and to contribute to it , in order to ensure adequate geographical coverage and diversification , to crowd - in private investors and to provide sufficient risk diversification as well as new solutions to address market failures and sub - optimal investment situations , and ensure economic , social and territorial cohesion . given its role under the treaties , its capacity to operate in all member states and the existing experience under the current financial instruments and the efsi , the eib group should remain a privileged implementing partner under the investeu fund ' s eu compartment . in addition to the eib group , national , regional and local promotional banks or institutions should be able to offer a complementary financial product range given that their experience and capabilities at regional level could be beneficial for the maximisation of the impact of public funds on the territory of the union . moreover , it should be possible to have other international financial institutions as implementing partners , in particular when they present a comparative advantage in terms of specific expertise and experience in certain member states . it should also be possible for other entities fulfilling the criteria laid down in the financial regulation to act as implementing partners .


### the investeu advisory hub shall have local presence , where necessary . it shall be established in particular in member states or regions that face difficulties in developing projects under the investeu fund . the investeu advisory hub shall assist in the transfer of knowledge to the regional and local level with a view to building up regional and local capacity and expertise for support referred to in paragraph 1 . ### the investeu advisory hub shall have local presence , where necessary . it shall be established in particular in member states or regions that face difficulties in developing projects under the investeu fund . the investeu advisory hub shall assist in the transfer of knowledge to the regional and local level with a view to building up regional and local capacity and expertise for support referred to in paragraph 1 and to implement and accommodate such projects . the commission or the eib as manager of the investeu advisory hub shall sign separate agreements with the advisory hub partners where appropriate to formalise their contribution to the implementation of the investeu advisory hub on the ground .


### social investment and skills policy window : comprises microfinance , social enterprise finance and social economy ; skills , education , training and related services ; social infrastructure ; social innovation ; health and long - term care ; inclusion and accessibility ; cultural activities with a social goal ; integration of vulnerable people , including third country nationals . ### social investment and skills policy window : comprises microfinance , social enterprise finance and social economy ; skills , education , training and related services ; social infrastructure ; integrated urban regeneration ; social innovation ; health and long - term care for active ageing ; deinstitutionalisation process of children and adults ; inclusion and accessibility ; cultural and creative activities with a social goal ; integration of vulnerable people , including third country nationals .


### in selecting implementing partners for the deployment of the investeu fund , the commission should consider the counterpart ' s capacity to fulfil the objectives of the investeu fund and contribute its own resources , in order to ensure adequate geographical coverage and diversification , to crowd - in private investors and to provide sufficient risk diversification as well as new solutions to address market failures and sub - optimal investment situations . given its role under the treaties , its capacity to operate in all member states and the existing experience under the current financial instruments and the efsi , the european investment bank group should remain a privileged implementing partner under the investeu fund ' s eu compartment . in addition to the eib group , national promotional banks or institutions should be able to offer a complementary financial product range given that their experience and capabilities at regional level could be beneficial for the maximisation of the impact of public funds on the territory of the union . moreover , it should be possible to have other international financial institutions as implementing partners , in particular when they present a comparative advantage in terms of specific expertise and experience in certain member states . it should also be possible for other entities fulfilling the criteria laid down in the financial regulation to act as implementing partners . ### in selecting implementing partners for the deployment of the investeu fund , the relevant considerations should include the counterpart ' s capacity to fulfil the objectives of the investeu fund and to contribute to it , in order to ensure adequate geographical coverage and diversification , to crowd - in private investors and to provide sufficient risk diversification as well as new solutions to address market failures and sub - optimal investment situations . given its role under the treaties , its capacity to operate in all member states and the existing experience under the current financial instruments and the efsi , the european investment bank group should be responsible the investeu advisory hub and indirectly manage the eu guarantees for the eu compartment and the member state compartment . the implementing partners will be as follows : the eib group under the eib window of the eu compartment , the national promotional banks with whom a guarantee agreement is signed under npb window of the eu compartment , the eligible counterpart such as a financial institution or other intermediary with whom a guarantee agreement is signed under the member state compartment and the eib under the investeu advisory hub . in line with its role in the treaties , eib will provide all strategic banking and risk management competences for the commission and other implementing partners . in addition to the eib group , national , regional or local promotional banks or institutions should be able to offer a complementary financial product range given that their experience and capabilities at regional level could be beneficial for the maximisation of the impact of public funds on the territory of the union . moreover , it should be possible to have other international financial institutions as implementing partners , under the member state compartment , provided they present a comparative advantage in terms of specific expertise and experience in certain member states . it should also be possible for other entities fulfilling the criteria laid down in the financial regulation to act as implementing partners .


### low infrastructure investment rates in the union during the financial crisis undermined the union ' s ability to boost sustainable growth , competitiveness and convergence . sizeable investments in the european infrastructure are fundamental to meet the union ' s sustainability targets , including the 2030 energy and climate targets . accordingly , support from the investeu fund should target investments into transport , energy , including energy efficiency and renewable energy , environmental , climate action , maritime and digital infrastructure . to maximise the impact and the value added of union financing support , it is appropriate to promote a streamlined investment process enabling visibility of the project pipeline and consistency across relevant union programmes . bearing in mind security threats , investment projects receiving union support should take into account principles for the protection of citizens in public spaces . this should be complementary to the efforts made by other union funds such as the european regional development fund providing support for security components of investments in public spaces , transport , energy and other critical infrastructure . ### low infrastructure investment rates in the union during the financial crisis undermined the union ' s ability to boost sustainable growth , competitiveness and convergence . sizeable investment in the european infrastructure , including interconnections and energy efficiency , is fundamental to meet the union ' s sustainability targets , including the 2030 energy and climate targets . accordingly , support from the investeu fund should target investment in transport , including the maintenance or upgrade of existing infrastructure assets with particular focus on safety and security assets , energy , including energy efficiency , energy interconnection and renewable energy , environmental , climate action , maritime and digital infrastructure . to maximise the impact and the value added of union financing support , it is appropriate to promote a streamlined investment process enabling visibility of the project pipeline and consistency across relevant union programmes . bearing in mind security threats and risk prevention , investment projects receiving union support should take into account principles for the protection of citizens in public spaces . this should be complementary to the efforts made by other union funds such as the european regional development fund providing support for security components of investments in public spaces , transport , energy and other critical infrastructure .


### reflecting the importance of tackling climate change in line with the union ' s commitments to implement the paris agreement and the united nations sustainable development goals , the investeu programme will contribute to mainstream climate actions and to the achievement of an overall target of 25 % of the union budget expenditures supporting climate objectives . actions under the investeu programme are expected to contribute 30 % of the overall financial envelope of the investeu programme to climate objectives . relevant actions will be identified during the investeu programme ' s preparation and implementation and reassessed in the context of the relevant evaluations and review processes . ### reflecting the importance of tackling climate change in line with the union ' s commitments to implement the paris agreement and the united nations sustainable development goals , the investeu programme will contribute to mainstream climate actions and to the achievement of an overall target of 30 % of the union budget expenditures supporting climate objectives . actions under the investeu programme are expected to contribute 30 % of the overall financial envelope of the investeu programme to climate objectives . relevant actions will be identified during the investeu programme ' s preparation and implementation and reassessed in the context of the relevant evaluations and review processes .


### the investeu fund should contribute to improving the competitiveness of the union , including in the field of innovation and digitisation , the sustainability of the union ' s economic growth , the social resilience and inclusiveness and the integration of the union capital markets , including solutions addressing their fragmentation and diversifying sources of financing for the union enterprises . to that end , it should support projects that are technically and economically viable by providing a framework for the use of debt , risk sharing and equity instruments underpinned by a guarantee from the union ' s budget and by contributions from implementing partners . it should be demand - driven while support under the investeu fund should at the same time focus on contributing to meeting policy objectives of the union . ### the investeu fund should contribute to improving the competitiveness of the union , including in the field of innovation and digitisation , the sustainability of the union ' s economic growth , the social resilience and inclusiveness and the integration of the union capital markets , including solutions addressing their fragmentation and diversifying sources of financing for the union enterprises . to that end , it should support the dual value of cultural and creative sectors , projects that are technically , economically and socially viable by providing a framework for the use of debt , risk sharing and equity instruments underpinned by a guarantee from the union ' s budget and by financial contributions from implementing partners . it should be demand - driven while support under the investeu fund should at the same time focus on contributing to meeting policy objectives of the union .


### the commission shall be advised by an advisory board which shall have two configurations , namely representatives of implementing partners and representatives of member states . ### the commission shall be advised by an&#160 ; advisory board which shall have two configurations , namely representatives of&#160 ; implementing partners and representatives of member states . both&#160 ; configuration shall strive to ensure gender balance among their members . &#160 ;


### evaluations have underlined that the variety of financial instruments delivered under the 2014 - 2020 multiannual financial framework period has led to some overlaps . that variety has also produced complexity for intermediaries and final recipients who were confronted with different eligibility and reporting rules . absence of compatible rules also hampered the combination of several union funds although such combination would have been beneficial to support projects in need of different types of funding . therefore , a single fund , the investeu fund , should be set up in order to achieve a more efficiently functioning support to final recipients by integrating and simplifying the financial offer under a single budgetary guarantee scheme , thereby improving the impact of union intervention while reducing the cost to the union budget . ### evaluations have underlined that the variety of financial instruments delivered under the 2014 - 2020 multiannual financial framework period has led to some overlaps and unclear processes for the blending of the european structural investment funds with the market instruments developed by the union . that variety has also produced complexity for intermediaries and final recipients who were confronted with different eligibility and reporting rules . absence of compatible rules also hampered the combination of several union funds although such combination would have been beneficial to support projects in need of different types of funding . therefore , a single fund , the investeu fund , should be set up in order to achieve additionality , a more efficiently functioning support to final recipients by integrating and simplifying the financial offer under a single budgetary guarantee scheme , thereby improving the impact of union intervention while reducing the cost to the union budget .


### the eu guarantee underpinning the investeu fund should be implemented indirectly by the commission relying on implementing partners with outreach to final recipients . a guarantee agreement allocating guarantee capacity from the investeu fund should be concluded by the commission with each implementing partner , to support its financing and investment operations meeting the investeu fund objectives and eligibility criteria . the investeu fund should be provided with a specific governance structure to ensure the appropriate use of the eu guarantee . ### the eu guarantee underpinning the investeu fund should be implemented indirectly by the commission relying on implementing partners with outreach to financial intermediaries and final recipients . a guarantee agreement allocating guarantee capacity from the investeu fund should be concluded by the commission with each implementing partner , to support its financing and investment operations meeting the investeu fund objectives and eligibility criteria . the investeu fund should be provided with a specific governance structure to ensure the appropriate use of the eu guarantee .


### each configuration of the investment committee shall be composed of six remunerated external experts . the experts shall be selected in accordance with [ article 237 ] of the [ financial regulation ] and be appointed by the commission for a fixed term of up to four years . their term shall be renewable but shall not exceed seven years in total . the commission may decide to renew the term of office of an incumbent member of the investment committee without availing itself of the procedure laid down in this paragraph . ### each configuration of the investment committee shall be composed of six remunerated external experts . the experts shall be selected in accordance with [ article 237 ] of the [ financial regulation ] and be appointed by the commission for a fixed term of up to four years . their term shall be renewable but shall not exceed seven years in total . the steering board may decide to renew the term of office of an incumbent member of the investment committee without availing itself of the procedure laid down in this paragraph .


### small and medium - sized enterprises play a crucial role in the union . however , they face challenges when accessing finance because of their perceived high risk and lack of sufficient collateral . additional challenges arise from smes ' need to stay competitive by engaging in digitisation , internationalisation and innovation activities and skilling up their workforce . moreover , compared to larger enterprises , they have access to a more limited set of financing sources : they typically do not issue bonds , have only limited access to stock exchanges or large institutional investors . the challenge in accessing finance is even greater for those smes whose activities focus on intangible assets . smes in the union rely heavily on banks and debt financing in the form of bank overdrafts , bank loans or leasing . supporting smes that face the above challenges and providing more diversified sources of funding is necessary for increasing the ability of smes to finance their creation , growth and development , withstand economic downturns , and for making the economy and the financial system more resilient during economic downturn or shocks . this is also complementary to the initiatives already undertaken in the context of the capital markets union . the investeu fund should provide an opportunity to focus on specific , more targeted financial products . ### small and medium - sized enterprises , including social enterprises , play a crucial role in the union . however , they face challenges when accessing finance because of their perceived high risk and lack of sufficient collateral . additional challenges arise from smes ' need to stay competitive by engaging in digitisation , internationalisation , marketing and innovation activities and skilling up their workforce . moreover , compared to larger enterprises , they have access to a more limited set of financing sources : they typically do not issue bonds , have only limited access to stock exchanges or large institutional investors . the challenge in accessing finance is even greater for those smes whose activities focus on intangible assets . smes in the union rely heavily on banks and debt financing in the form of bank overdrafts , bank loans or leasing . supporting smes that face the above challenges and providing more diversified sources of funding is necessary for increasing the ability of smes to finance their creation , growth and sustainable development , withstand economic downturns , and for making the economy and the financial system more resilient during economic downturn or shocks and capable of creating jobs and social well - being . this is also complementary to the initiatives already undertaken in the context of the capital markets union . the investeu fund should provide an opportunity to focus on specific , more targeted financial products .


### the investeu fund should support investments in tangible and intangible assets to foster growth , investment and employment , and thereby contributing to improved well - being and fairer income distribution in the union . intervention through the investeu fund should complement union support delivered through grants . ### the investeu fund should support investments in tangible and intangible assets to foster sustainable growth , investment and employment , and thereby contributing to improved well - being , environment and fairer income distribution in the union . intervention through the investeu fund should complement and not replace union support delivered through grants . investments should comply with the additionality requirement so that market failures or sub - optimal investment situations can be addressed and investments strive to create long - term high quality employment , public infrastructure and sustainable growth .


### social investment and skills policy window : comprises microfinance , social enterprise finance and social economy ; skills , education , training and related services ; social infrastructure ; social innovation ; health and long - term care ; inclusion and accessibility ; cultural activities with a social goal ; integration of vulnerable people , including third country nationals . ### social investment and skills policy window : comprises microfinance , social enterprise finance , female entrepreneurship and social economy ; skills , education , training and related services , including student loans ; social infrastructure ; social innovation ; health and long - term care ; inclusion and accessibility ; cultural activities in particular with a social goal ; integration of vulnerable people , including third country nationals .


### support of the eu guarantee may be granted for financing and investment operations covered by this regulation for an investment period ending on 31 december 2027 . contracts between the implementing partner and the final recipient or the financial intermediary or other entity referred to in article 13 shall be signed by 31 december 2028 . ### support of the eu guarantee may be granted for financing and investment operations covered by this regulation for an investment period ending on 31 december 2027 . guarantee agreements between the eib and implementing partners , where applicable , shall be approved by 31 december 2027 . contracts between the implementing partner and the final recipient or the financial intermediary or other entity referred to in article 13 shall be approved by 31 december 2028 . for avoidance of doubt , such dates shall not apply for operations conducted between financial intermediaries and final recipients . where an implementing partner calls on the eu guarantee in accordance with a guarantee agreement or the investeu agreement , the union shall pay on demand in accordance with the terms of that agreement .


### in order to ensure that interventions under the eu compartment of the investeu fund focus on market failures and sub - optimal investment situations at union level , but , at the same time , satisfy the objectives of best possible geographic outreach , the eu guarantee should be allocated to implementing partners , which alone or together with other implementing partners , can cover at least three member states . however , it is expected that around 75 % of the eu guarantee under the eu compartment would be allocated to implementing partner or partners that can offer financial products under the investeu fund in all member states . ### in order to ensure that interventions under the eu compartment of the investeu fund focus on market failures and sub - optimal investment situations at union level , but , at the same time , satisfy the objectives of best possible geographic outreach , the eu guarantee should be allocated to implementing partners , which alone or together with other implementing partners , can cover one or more member states . where the implementing partners cover more than one member state , the contractual responsibility of implementing partners should remain limited by their respective national mandates . however , it is expected that a major part of the eu guarantee under the eu compartment would be allocated to implementing partner or partners that can offer financial products under the investeu fund in all member states .


### in the last years , the union has adopted ambitious strategies to complete the single market and to stimulate sustainable growth and jobs , such as the capital markets union , the digital single market strategy , the clean energy for all europeans package , the union action plan for the circular economy , the low - emission mobility strategy , the defence and the space strategy for europe . the investeu fund should exploit and reinforce synergies between those mutually reinforcing strategies through providing support to investment and access to financing . ### in the last years , the union has adopted ambitious strategies to complete the single market and to stimulate sustainable and inclusive growth and jobs , such as the europe 2020 strategy , the capital markets union , the digital single market strategy , the european agenda for culture , the clean energy for all europeans package , the union action plan for the circular economy , the low - emission mobility strategy , the defence and the space strategy for europe and the european pillar of social rights . the investeu fund should exploit and reinforce synergies between those mutually reinforcing strategies through providing support to investment and access to financing .


### financing and investment operations under the sustainable infrastructure policy window referred to in point of paragraph shall be subject to climate , environmental and social sustainability proofing with a view to minimise detrimental impacts and maximise benefits on climate , environment and social dimension . for that purpose , promoters requesting financing shall provide adequate information based on guidance to be developed by the commission . projects below a certain size defined in the guidance shall be excluded from the proofing . ### financing and investment operations under the sustainable infrastructure policy window referred to in point of paragraph shall be subject to climate , environmental and social sustainability proofing with a view to minimise detrimental impacts and maximise benefits on climate , environment and social dimension . for that purpose , promoters requesting financing shall provide adequate information based on investment guidelines to be developed by the commission . projects below a certain size defined in the investment guidelines shall be excluded from the proofing .


### a significant effort is urgently needed to invest in digital transformation and to distribute the benefits of it to all union citizens and businesses . the strong policy framework of the digital single market strategy should now be matched by investment of a similar ambition , including in artificial intelligence . ### a significant effort is urgently needed to invest in digital transformation and to distribute the benefits of it to all union citizens and businesses . the strong policy framework of the digital single market strategy should now be matched by investment of a similar ambition , including in artificial intelligence , machine learning , dlt and blockchain technologies , internet of things and biotechnology inter alia . in this line fintech innovation can improve the efficiency of capital allocation and the exploration of crowdfunding and token based financial instruments can mobilize significant volumes of idle capital to highly risky entrepreneurial ventures . the combination of those capital accumulation instruments with investeu is desirable , subject to the improvement of legal certainty of these innovative financial instruments in the context of the capital markets union . the experience of the european investment fund in blending crowdfunding - pooled capital with its own tools could be instrumental to this direction .


### in selecting implementing partners for the deployment of the investeu fund , the commission should consider the counterpart ' s capacity to fulfil the objectives of the investeu fund and contribute its own resources , in order to ensure adequate geographical coverage and diversification , to crowd - in private investors and to provide sufficient risk diversification as well as new solutions to address market failures and sub - optimal investment situations . given its role under the treaties , its capacity to operate in all member states and the existing experience under the current financial instruments and the efsi , the european investment bank group should remain a privileged implementing partner under the investeu fund ' s eu compartment . in addition to the eib group , national promotional banks or institutions should be able to offer a complementary financial product range given that their experience and capabilities at regional level could be beneficial for the maximisation of the impact of public funds on the territory of the union . moreover , it should be possible to have other international financial institutions as implementing partners , in particular when they present a comparative advantage in terms of specific expertise and experience in certain member states . it should also be possible for other entities fulfilling the criteria laid down in the financial regulation to act as implementing partners . ### in selecting implementing partners for the deployment of the investeu fund , the relevant considerations should include the counterpart ' s capacity to fulfil the objectives of the investeu fund and to contribute to it , in order to ensure adequate geographical coverage and diversification , to crowd - in private investors and to provide sufficient risk diversification as well as new solutions to address market failures and sub - optimal investment situations , and ensure economic , social and territorial cohesion . given its role under the treaties , its capacity to operate in all member states and the existing experience under the current financial instruments and the efsi , the eib group should be responsible for the investeu advisory hub and indirectly manage the eu guarantees for the eu compartment and the member state compartment . the implementing partners will be as follows : the eib group under the eib window of the eu compartment the national promotional banks or institutions with whom a guarantee agreement is signed under the npbi window of the eu compartment , the eligible counterpart such as a financial institution or other intermediary with whom a guarantee agreement is signed under the member state compartment and the eib under the investeu advisory hub . in line with its role in the treaties , eib will provide all strategic banking competences for the commission and other implementing partners . . in addition to the eib group , national , regional and local promotional banks or institutions , where they are implementing partners , should be able to offer a complementary financial product range given that their experience and capabilities at regional level could be beneficial for the maximisation of the impact of public funds on the territory of the union . moreover , it should be possible to have other international financial institutions as implementing partners , under the member state compartment , provided they present a comparative advantage in terms of specific expertise and experience in certain member states . it should also be possible for other entities fulfilling the criteria laid down in the financial regulation to act as implementing partners .


### the investeu fund should contribute to improving the competitiveness of the union , including in the field of innovation and digitisation , the sustainability of the union ' s economic growth , the social resilience and inclusiveness and the integration of the union capital markets , including solutions addressing their fragmentation and diversifying sources of financing for the union enterprises . to that end , it should support projects that are technically and economically viable by providing a framework for the use of debt , risk sharing and equity instruments underpinned by a guarantee from the union ' s budget and by contributions from implementing partners . it should be demand - driven while support under the investeu fund should at the same time focus on contributing to meeting policy objectives of the union . ### the investeu fund should contribute to improving the competitiveness of the union , including in the field of innovation and digitisation , the sustainability of the union ' s economic growth , the social resilience and inclusiveness , strengthening human skills and capabilities as key enablers of economic , social and cultural development ; and the integration of the union capital markets , including solutions addressing their fragmentation and helping support the twofold value of the cultural and creative industries , diversifying sources of financing for the union enterprises . to that end , it should support projects that are technically and economically viable by providing a framework for the use of debt , risk sharing and equity instruments underpinned by a guarantee from the union ' s budget and by contributions from implementing partners . it should be demand - driven while support under the investeu fund should at the same time focus on contributing to meeting policy objectives of the union .


### conclusions of the investment committee approving the support of the eu guarantee to a financing or investment operation shall be publicly accessible and shall include the rationale for the approval . the publication shall not contain commercially sensitive information . ### conclusions of the investment committee approving the support of the eu guarantee to a financing or investment operation shall be publicly accessible and shall include the rationale for the approval . they shall also refer to the global assessment stemming from the scoreboard of indicators referred to in article 18 . where applicable , the investment committee shall include in the list of conclusions approving the support of the eu guarantee information on the operations , in particular their description , the identity of the promoters or financial intermediaries , and the objectives of the project . the publication shall not contain commercially sensitive information . in the case of commercially sensitive decisions , the investment committee shall make public such decisions and information concerning promoters or financial intermediaries at the date of closing of the relevant financing or any earlier date when commercial sensitivity ends .


### as set out in the reflection paper on the social dimension of europe16 and the european pillar of social rights17 , building a more inclusive and fairer union is a key priority for the union to tackle inequality and foster social inclusion policies in europe . inequality of opportunities affects in particular access to education , training and health . investment in the social , skills and human capital - related economy , as well as in the integration of vulnerable populations in the society , can enhance economic opportunities , especially if coordinated at union level . the investeu fund should be used to support investment in education and training , help increase employment , in particular among the unskilled and long - term unemployed , and improve the situation with regard to intergenerational solidarity , the health sector , homelessness , digital inclusiveness , community development , the role and place of young people in society as well as vulnerable people , including third country nationals . the investeu programme should also contribute to the support of european culture and creativity . to counter the profound transformations of societies in the union and of the labour market in the coming decade , it is necessary to invest in human capital , microfinance , social enterprise finance and new social economy business models , including social impact investment and social outcomes contracting . the investeu programme should strengthen nascent social market eco - system , increasing the supply of and access to finance to micro - and social enterprises , to meet the demand of those who need it the most . the report of the high - level task - force on investing in social infrastructure in europe18 has identified investment gaps in social infrastructure and services , including for education , training , health and housing , which call for support , including at the union level . therefore , the collective power of public , commercial and philanthropic capital , as well as support from foundations , should be harnessed to support the social market value chain development and a more resilient union . _________________ 16 com 206 . 17 com 250 . 18 published as european economy discussion paper 074 in january 2018 . ### as set out in the reflection paper on the social dimension of europe16 and the european pillar of social rights17 , and the eu framework for the un convention on the rights of persons with disabilities , building a more inclusive and fairer union is a key priority for the union to tackle inequality and foster social inclusion policies in europe . inequality of opportunities affects in particular access to education , training , culture , employment , health and social services . investment in the social , skills and human capital - related economy , as well as in the integration of vulnerable populations in the society , can enhance economic opportunities , especially if coordinated at union level . the investeu fund should be used to support investment in education and training , help increase employment , in particular among the unskilled and long - term unemployed , and improve the situation with regard to intergenerational solidarity , the health and social services sector , social housing , homelessness , digital inclusiveness , community development , the role and place of young people in society as well as vulnerable people , including third country nationals . the investeu programme should also contribute to the support of european culture and creativity . to counter the profound transformations of societies in the union and of the labour market in the coming decade , it is necessary to invest in human capital , social infrastructure , sustainable and social finance , microfinance , social enterprise finance and new social economy business models , including social impact investment and social outcomes contracting . the investeu programme should strengthen nascent social market eco - system , increasing the supply of and access to finance to micro - and social enterprises and social solidarity institutions , to meet the demand of those who need it the most . the report of the high - level task - force on investing in social infrastructure in europe18 has identified a total investment gap of at least eur 1 , 5 trillion for the period between 2018 and 2030 in social infrastructure and services , including for education , training , health and housing , which call for support , including at the union level . therefore , the collective power of public , commercial and philanthropic capital , as well as support from alternative types of financial providers such as ethical , social and sustainable actors , and from foundations , should be harnessed to support the social market value chain development and a more resilient union . _________________ 16 com 206 . 17 com 250 . 18 published as european economy discussion paper 074 in january 2018 .


### the investeu fund should support investments in tangible and intangible assets to foster growth , investment and employment , and thereby contributing to improved well - being and fairer income distribution in the union . intervention through the investeu fund should complement union support delivered through grants . ### the investeu fund should support investments in tangible and intangible assets , including cultural heritage , to foster growth , investment and employment , and thereby contributing to improved well - being and fairer income distribution and economic , social and territorial cohesion in the union . intervention through the investeu fund should complement union support delivered through grants .


### in selecting implementing partners for the deployment of the investeu fund , the commission should consider the counterpart ' s capacity to fulfil the objectives of the investeu fund and contribute its own resources , in order to ensure adequate geographical coverage and diversification , to crowd - in private investors and to provide sufficient risk diversification as well as new solutions to address market failures and sub - optimal investment situations . given its role under the treaties , its capacity to operate in all member states and the existing experience under the current financial instruments and the efsi , the european investment bank group should remain a privileged implementing partner under the investeu fund ' s eu compartment . in addition to the eib group , national promotional banks or institutions should be able to offer a complementary financial product range given that their experience and capabilities at regional level could be beneficial for the maximisation of the impact of public funds on the territory of the union . moreover , it should be possible to have other international financial institutions as implementing partners , in particular when they present a comparative advantage in terms of specific expertise and experience in certain member states . it should also be possible for other entities fulfilling the criteria laid down in the financial regulation to act as implementing partners . ### in selecting implementing partners for the deployment of the investeu fund , the commission should consider the counterpart ' s capacity to fulfil the objectives of the investeu fund and to contribute to it , in order to ensure adequate geographical coverage and diversification , to crowd - in private investors and to provide sufficient risk diversification as well as new solutions to address market failures and sub - optimal investment situations , and ensure economic , social and territorial cohesion . given its role under the treaties , its capacity to operate in all member states and the existing experience under the current financial instruments and the efsi , the eib group should remain a privileged implementing partner under the investeu fund ' s eu compartment . in addition to the eib group , national , regional and local promotional banks or institutions should be able to offer a complementary financial product range given that their experience and capabilities at regional level could be beneficial for the maximisation of the impact of public funds on the territory of the union . moreover , it should be possible to have other international financial institutions as implementing partners , in particular when they present a comparative advantage in terms of specific expertise and experience in certain member states . it should also be possible for other entities fulfilling the criteria laid down in the financial regulation to act as implementing partners .


### social investment and skills policy window : comprises microfinance , social enterprise finance and social economy ; skills , education , training and related services ; social infrastructure ; social innovation ; health and long - term care ; inclusion and accessibility ; cultural activities with a social goal ; integration of vulnerable people , including third country nationals . ### social investment window : comprises microfinance , social enterprise finance and social economy ; a just transition for workers , skills , education , training and related services ; social infrastructure ; health and long - term care with a particular focus on the poorer members of society ; and the integration of the most vulnerable people , including third country nationals legally residing in one of the member states of the eu .


### the competitiveness of the union , including innovation and digitisation ; ### the competitiveness of the union , including innovation , digitisation , and efficient use of natural resources ;