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### fishing opportunities allocated to member states shall ensure each member state relative stability of fishing activities for each fish stock or fishery . the interests of each member state shall be taken into account when new fishing opportunities are allocated . ### the council , when fixing fishing opportunities and allocating them to member states shall act in accordance with article 2 and apply a long - term perspective . it shall further ensure each member state relative stability of fishing activities for each fish stock or fishery . the interests of each member state shall be taken into account when new fishing opportunities are allocated . a delegation of the european parliament shall be present when decisions on establishing fishing opportunities are taken by the council .

### sustainable fisheries agreements with third countries shall establish a legal , economic and environmental governance framework for fishing activities carried out by union fishing vessels in third country waters . ### sustainable fisheries agreements with third countries shall establish a legal , economic and environmental governance framework for fishing activities carried out by union fishing vessels in third country waters . they shall also ensure that fishing activities take place within a framework of legal certainty .

### submit recommendations and suggestions on matters relating to fisheries management and aquaculture to the commission or to the member state concerned ; ### submit recommendations and proposals on matters relating to fisheries management and aquaculture , as well as aspects of fisheries conservation and socio - economic issues to the commission or to the member state concerned .

### measures are needed to reduce and eliminate the current high levels of unwanted catches and discards . indeed , unwanted catches and discards constitute a substantial waste and affect negatively the sustainable exploitation of marine biological resources and marine ecosystems as well as the financial viability of fisheries . an obligation to land all catches of managed stocks caught during fishing activities in union waters or by union fishing vessels should be established and gradually implemented . ### measures are needed to reduce the current high levels of unwanted catches and to eliminate discards . unfortunately , previous legislation has often obliged fishermen to discard valuable resources . discards constitute a substantial waste and affect negatively the sustainable exploitation of marine biological resources and marine ecosystems as well as the financial viability of fisheries . an obligation to land all catches of managed stocks caught during fishing activities in union waters or by union fishing vessels should be established and gradually implemented .

### measures are needed to reduce and eliminate the current high levels of unwanted catches and discards . indeed , unwanted catches and discards constitute a substantial waste and affect negatively the sustainable exploitation of marine biological resources and marine ecosystems as well as the financial viability of fisheries . an obligation to land all catches of managed stocks caught during fishing activities in union waters or by union fishing vessels should be established and gradually implemented . ### measures are needed to reduce the current high levels of unwanted catches and to eliminate discards . unfortunately , previous legislation has often obliged fishermen to discard valuable resources . discards constitute a substantial waste and affect negatively the sustainable exploitation of marine biological resources and marine ecosystems as well as the financial viability of fisheries . an obligation to land all catches of managed stocks caught during fishing activities in union waters or by union fishing vessels should be established and gradually implemented .

### member states may require holders of a fishing licence for fishing vessels of 12 meters length overall or more flying their flag to contribute proportionally to the costs of implementing the union fisheries control system . ### member states shall require holders of a fishing licence for fishing vessels of 12 meters length overall or more flying their flag to contribute proportionally to the costs of implementing the union fisheries control system and data collection .

### for the purpose of achieving the general objectives set out in article 2 , the common fisheries policy shall in particular : eliminate unwanted catches of commercial stocks and gradually ensure that all catches of such stocks are landed ; provide conditions for efficient fishing activities within an economically viable and competitive fishing industry ; promote the development of union aquaculture activities to contribute to food security and employment in coastal and rural areas ; contribute to a fair standard of living for those who depend on fishing activities ; take into account the interests of consumers ; ensure systematic and harmonised data collection and management . ### for the purpose of achieving the general objectives set out in article 2 , the common fisheries policy shall in particular : ensure that by 2015 fishing opportunities are determined in accordance with the best available scientific advice and are set at levels that will restore and maintain populations of all stocks of harvested species above levels capable of producing maximum sustainable yield ; ensure that the management and exploitation of fish stocks is conducted within the framework of multiannual plans embracing every fishery ; eliminate unwanted catches through the development and use of selective gear and other means , starting with commercial stocks and gradually ensuring that catches of all fish are landed , with the exception of species specifically exempted and listed by the commission as being able to survive discard ; provide and promote conditions for efficient , sustainable and low - impact fishing activities within an economically viable and competitive fishing industry where access to resources is based on equitable and transparent criteria ; promote the development of environmentally sustainable and ecosystem - based union aquaculture activities to contribute to food security and employment in coastal and rural areas ; contribute to a fair standard of living for those in coastal communities and those who depend on fishing activities ; protect the interests of consumers by ensuring that labelling is clear , detailed and accurate and by securing the traceability of fisheries and aquaculture products throughout the food chain ; ensure systematic , timely and harmonised collection of the robust biological , technical and environmental data necessary for meeting the objectives of the common fisheries policy ;

### ensure that the commission , or bodies designated by it , have access to the national databases and systems used for processing the collected data for the purpose of verification of the existence and quality of the data . ### forward to the commission , or bodies designated by it , the collected data , verify its existence and quality and process it in a harmonised manner .

### ensure that the commission , or bodies designated by it , have access to the national databases and systems used for processing the collected data for the purpose of verification of the existence and quality of the data . ### ensure that the commission , or bodies designated by it , have access to all the national databases and systems used for processing the collected data for the purpose of verification of the existence and quality of the data .

### – ‘ precautionary approach to fisheries management’ means an approach according to which the absence of adequate scientific information should not justify postponing or failing to take management measures to conserve target species , associated or dependent species and non - target species and their environment ; ### – ‘ precautionary approach to fisheries management’ means an approach according to which the absence of adequate scientific information should not justify postponing or failing to take the appropriate management measures to ensure target species , associated or dependent species and non - target species are fished at sustainable levels and their environment is not damaged ;

### the use of modern control technologies for the availability and quality of data on fisheries ; ### the use of effective control technologies for the availability and quality of data on fisheries ;

### member states should manage and make available to end - users of scientific - data the collected data , on the basis of a multi - annual union program . member states should also cooperate with each other to coordinate data collection activities . where relevant , member states should also cooperate with third countries within the same sea basin regarding data collection . ### member states should manage and make available to end - users of scientific - data the collected data , on the basis of a multi - annual union program . member states should also cooperate with each other to coordinate data collection activities . where relevant , member states should also cooperate with third countries within the same sea basin regarding data collection in accordance with the relevant international standards and conventions , in particular the united nations convention on the law of the sea .

### the common fisheries policy shall integrate the union environmental legislation requirements . ### the common fisheries policy shall be consistent with the union environmental legislation and other sectoral legislation , without being subject to them .

### the common fisheries policy shall integrate the union environmental legislation requirements . ### the common fisheries policy shall be consistent with the union environmental legislation and other sectoral legislation , without being subject to them .

### fisheries management based on the best available scientific advice requires harmonised , reliable and accurate data sets . therefore member states should collect data on fleets and their fishing activities , in particular biological data on catches , including discards , survey information on fish stocks and on the potential environmental impact of fishing activities on the marine ecosystem . ### fisheries management based on full and accurate scientific advice requires harmonised , reliable and accurate data sets . therefore member states shall collect data on fleets and their fishing activities , in particular biological data on catches , including discards , survey information on fish stocks and on the potential environmental impact of fishing activities on the marine ecosystem .

### measures capable of effectively preventing conservation reference points from being transgressed . ### measures aimed at effectively anticipating conservation reference points .

### union fishing vessels shall only catch surplus of the allowable catch determined by the third country as referred to in article 62 of the united nations convention on the law of the sea , and identified on the basis of the best available scientific advice and relevant information exchanged between the union and the third country concerned about the total fishing effort on the affected stocks , in order to ensure that fishery resources remain above levels capable of producing maximum sustainable yield . ### union fishing vessels shall only catch surplus of the allowable catch determined by the third country as referred to in article 62 of the united nations convention on the law of the sea , and identified on the basis of the best available scientific advice and relevant information exchanged between the union and the third country concerned about the total fishing effort on the affected stocks , in order to ensure that fishery resources remain above levels capable of producing maximum sustainable yield and that the level of fishing activities conducted by union fishing vessels does not restrict the fishing possibilities for local fishermen in third countries . 2a . in order to allow for the identification of surplus of the allowable catch referred to under paragraph 2 , sustainable fisheries agreements shall provide for transparency and exchange of all relevant information between the union and the third country about the total fishing effort on the concerned stocks by national and , where appropriate , foreign vessels . 2b . sustainable fisheries agreements shall provide that union fishing vessels can only operate in the waters of the third country with which an agreement has been concluded if they are in possession of a fishing authorisation , which has been issued in accordance with a procedure agreed by both parties to the agreement . 2c . sustainable fisheries agreements shall provide that fishing authorisations of any kind shall only be granted to new fishing vessels and those previously flagged in the union for at least 24 months preceding the request for a fishing authorisation and wishing to target species covered by the sustainable fisheries agreement . 2d . respect for democratic principles , the rule of law , and human rights as laid down in the universal declaration of human rights , shall constitute an essential element of sustainable fisheries agreements that shall include specific provisions regarding human rights . 2e . from 1 january 2015 , union fishing vessels shall not undertake any fishing activities in third country waters except in compliance with the terms of a sustainable fisheries agreement .

### prohibitions of the use of certain fishing gears in certain areas or seasons ; ### restrictions on the use of certain fishing gears in certain areas or seasons ;

### fisheries management based on the best available scientific advice requires harmonised , reliable and accurate data sets . therefore member states should collect data on fleets and their fishing activities , in particular biological data on catches , including discards , survey information on fish stocks and on the potential environmental impact of fishing activities on the marine ecosystem . ### fisheries management based on full and accurate scientific advice requires harmonised , reliable and accurate data sets . therefore member states shall collect data on fleets and their fishing activities , in particular biological data on catches , including discards , survey information on fish stocks and on the potential environmental impact of fishing activities on the marine ecosystem .

### for the purpose of achieving the general objectives set out in article 2 , the common fisheries policy shall in particular : eliminate unwanted catches of commercial stocks and gradually ensure that all catches of such stocks are landed ; provide conditions for efficient fishing activities within an economically viable and competitive fishing industry ; promote the development of union aquaculture activities to contribute to food security and employment in coastal and rural areas ; contribute to a fair standard of living for those who depend on fishing activities ; take into account the interests of consumers ; ensure systematic and harmonised data collection and management . ### for the purpose of achieving the general objectives set out in article 2 , the common fisheries policy shall in particular : ensure that by 2015 fishing opportunities are determined in accordance with the best available scientific advice and are set at levels that will restore and maintain populations of all stocks of harvested species above levels capable of producing maximum sustainable yield ; ensure that the management and exploitation of fish stocks is conducted within the framework of multiannual plans embracing every fishery ; eliminate unwanted catches through the development and use of selective gear and other means , starting with commercial stocks and gradually ensuring that catches of all fish are landed , with the exception of species specifically exempted and listed by the commission as being able to survive discard ; provide and promote conditions for efficient , sustainable and low - impact fishing activities within an economically viable and competitive fishing industry where access to resources is based on equitable and transparent criteria ; promote the development of environmentally sustainable and ecosystem - based union aquaculture activities to contribute to food security and employment in coastal and rural areas ; contribute to a fair standard of living for those in coastal communities and those who depend on fishing activities ; protect the interests of consumers by ensuring that labelling is clear , detailed and accurate and by securing the traceability of fisheries and aquaculture products throughout the food chain ; ensure systematic , timely and harmonised collection of the robust biological , technical and environmental data necessary for meeting the objectives of the common fisheries policy ;

### union financial assistance towards member states shall be conditional upon compliance with the rules of the common fisheries policy by member states . ### union financial assistance towards member states shall be transparent and conditional upon compliance with the rules of the common fisheries policy by member states .

### the common fisheries policy shall implement the ecosystem - based approach to fisheries management to ensure that the impacts of fishing activities on the marine ecosystem are limited . ### the common fisheries policy shall implement the ecosystem - based approach to fisheries management to ensure it supports the principle of achieving maximum sustainable yield where possible and over a realistic timeframe .

### member states shall record the information on characteristics and activity for union fishing vessels flying their flag that is necessary for the management of measures established under this regulation . ### member states shall record and publish the information on vessel and gear characteristics , ownership and spatial and time - related activity of union fishing vessels flying their flag that is necessary for the management of measures established under this regulation .

### composition , functioning and funding of advisory councils advisory councils shall be composed of organizations representing the fisheries operators and other interest groups affected by the common fisheries policy . 2 . each advisory council shall consist of a general assembly and an executive committee and shall adopt the measures necessary for its organization and to ensure transparency and the respect of all opinions expressed . 3 . advisory councils may apply for union financial assistance as bodies pursuing an aim of general european interest . 4 . the commission shall be empowered to adopt delegated acts in accordance with article 55 concerning the composition and the functioning of advisory councils . ### composition , functioning and funding of advisory councils advisory councils shall be composed of organisations representing the fisheries and , where appropriate , aquaculture operators ; other interest groups affected by the common fisheries policy , e . g . environmental organisations and consumer groups . with respect to a ) it shall be ensured that employers , self - employed fishermen and employees as well as different fishing métiers are duly represented . representatives of national and regional administrations having fisheries interests in the area concerned and researchers from the member states ' scientific and fisheries research institutes and from the international scientific institutions that advise the commission shall be allowed to participate as observers . 1a . representatives of the commission and the european parliament may take part as observers in advisory council meetings . representatives of the fisheries sector and other interest groups from third countries , including representatives from regional fisheries organisations , that have a fishing interest in the area or fisheries covered by an advisory council may be invited to participate in that advisory council as observers when issues which affect them are discussed . 2 . each advisory council shall consist of a general assembly and an executive committee and shall adopt the measures necessary for its organization and to ensure transparency and the respect of all opinions expressed . 3 . advisory councils may apply for union financial assistance as bodies pursuing an aim of general european interest . 4 . the commission shall be empowered to adopt delegated acts in accordance with article 55 concerning the composition and the functioning of advisory councils , without prejudice to paragraph 1 and 1a .

### member states shall ensure availability of relevant competences and human resources to be involved in the scientific advisory process . ### member states shall ensure availability of relevant competences and human resources to be involved in the scientific advisory process , whilst encouraging the involvement of local research centres .

### member states should manage and make available to end - users of scientific - data the collected data , on the basis of a multi - annual union program . member states should also cooperate with each other to coordinate data collection activities . where relevant , member states should also cooperate with third countries within the same sea basin regarding data collection . ### member states shall manage and make available to end - users of scientific - data the collected data , on the basis of a multi - annual union program . member states shall also cooperate with each other to coordinate data collection activities . where relevant , member states should also cooperate with third countries within the same sea basin regarding data collection .

### fishing opportunities shall comply with quantifiable targets , time frames and margins established in accordance with article 9 and 11 , and . ### fishing opportunities shall comply with quantifiable targets , time frames and margins established in multiannual plans in accordance with article 9 and article 11 , and .

### the common fisheries policy shall apply the precautionary approach to fisheries management , and shall aim to ensure , by 2015 , that exploitation of living marine biological resources restores and maintains populations of harvested species above levels which can produce the maximum sustainable yield . ### the common fisheries policy shall be applied on the basis of scientific data and reports in order to achieve the maximum sustainable yield in fisheries where this is possible by 2015 , and by 2020 in those where this is not possible . the target in mixed fisheries shall be the optimum sustainable yield .

### member states shall collect biological , technical , environmental and socio - economic data necessary for ecosystem based fisheries management , manage them and make them available to end users of scientific data , including bodies designated by the commission . those data shall in particular enable the assessment of : ### member states shall collect biological , technical , environmental and socio - economic data necessary for ecosystem based fisheries management , manage them and make them available to end users of scientific data , including bodies designated by the commission , which shall cooperate closely with the regional authorities and the racs . data shall be collected on an annual basis and enable the assessment of :

### at the world summit on sustainable development at johannesburg in 2002 , the union and its member states committed to act against the continued decline of many fish stocks . therefore , the union should improve its common fisheries policy to ensure that as a matter of priority exploitation levels of marine biological resources stocks are restored and maintained at levels capable of producing maximum sustainable yields from the populations of harvested stocks by 2015 . where less scientific information is available , this may require applying proxies to maximum sustainable yield . ### at the world summit on sustainable development at johannesburg in 2002 , the union and its member states committed to act against the continued decline of many fish stocks . therefore , the union should improve its common fisheries policy to ensure that as a matter of priority exploitation levels of marine biological resources stocks are , where possible , restored and maintained at levels capable of producing maximum sustainable yields from the populations of harvested stocks by 2015 . where less scientific information is available , this may require applying proxies to maximum sustainable yield .

### member states shall put in place measures to adjust the fishing capacity of their fleets in order to achieve an effective balance between such fishing capacity and their fishing opportunities . ### member states shall put in place measures to adjust the fishing capacity of their fleets in order to achieve an effective balance between such fishing capacity and their fishing opportunities . the european maritime and fisheries fund shall continue to have financial instruments for the permanent cessation of fishing with a view to achieving this objective .

### member states shall put in place measures to adjust the fishing capacity of their fleets in order to achieve an effective balance between such fishing capacity and their fishing opportunities . ### member states shall put in place measures to adjust the fishing capacity of their national fleets in order to achieve an effective balance between their fishing capacity and their fishing opportunities in line with the general objectives set out in article 2 .

### the establishment of effective , proportionate and dissuasive sanctions . ### the establishment of effective , proportionate and dissuasive sanctions , including the freezing of funds from the european maritime and fisheries fund ;

### member states should manage and make available to end - users of scientific - data the collected data , on the basis of a multi - annual union program . member states should also cooperate with each other to coordinate data collection activities . where relevant , member states should also cooperate with third countries within the same sea basin regarding data collection . ### member states should manage and make available to end - users of scientific data the collected data , on the basis of a multi - annual union programme . regional authorities should be involved more actively in data collection activities . member states should also cooperate with each other to coordinate data collection activities . where relevant , member states should also cooperate with third countries within the same sea basin regarding data collection .

### measures are needed to reduce and eliminate the current high levels of unwanted catches and discards . indeed , unwanted catches and discards constitute a substantial waste and affect negatively the sustainable exploitation of marine biological resources and marine ecosystems as well as the financial viability of fisheries . an obligation to land all catches of managed stocks caught during fishing activities in union waters or by union fishing vessels should be established and gradually implemented . ### measures are needed to reduce the current high levels of unwanted catches and discards with increased and improved techniques for avoidance and minimisation of unwanted species . such practices must be supported by realistic incentives at all levels .

### policy - oriented fisheries science should be reinforced by means of nationally - adopted fisheries scientific data collection , research and innovation programs in coordination with other member states as well as by union research and innovation framework tools . ### policy - oriented fisheries science shall be reinforced by means of nationally - adopted fisheries scientific data collection , research and innovation programs in coordination with other member states as well as by union research and innovation framework tools .

### clear time frames to reach the quantifiable targets ; ### clear and realistic time frames to reach the quantifiable targets ;

### in special areas of conservation within the meaning of article 6 of directive 92 / 43 / eec , of article 4 of directive 2009 / 147 / ec and of article 13 of directive 2008 / 56 / ec , fishing activities shall be conducted by member states in such a way so as to alleviate the impact from fishing activities in such special areas of conservation . ### in protected areas within the meaning of article 6 of directive 92 / 43 / eec , of article 4 of directive 2009 / 147 / ec and of article 13 of directive 2008 / 56 / ec , fishing activities shall be conducted by member states in such a way so as to prevent the deterioration of natural habitats and the disturbance of the species for which the areas have been designated , with the goal to achieve a favourable conservation status ; 1a . member states shall take non - discriminatory measures for the purpose of complying with paragraph 1 and must notify the commission , other member states and the regional advisory council prior to the entry into force of such measures . 1b . all actions taken by the union and by member states under the common fisheries policy shall be in full compliance with the aarhus convention on access to information .

### the common fisheries policy shall implement the ecosystem - based approach to fisheries management to ensure that the impacts of fishing activities on the marine ecosystem are limited . ### the common fisheries policy shall be applied to fisheries management with the aim of ensuring a limited impact and a balance between fishing activity and the marine ecosystem .

### fishing opportunities shall comply with quantifiable targets , time frames and margins established in accordance with article 9 and 11 , and . ### fishing opportunities shall not exceed the level specified in the scientific advice and shall comply with quantifiable targets , time frames and margins established in multiannual plans in accordance with article 9 and 11 , and .

### union financial assistance may be granted to contribute to the achievement of the objectives set out in articles 2 and 3 . ### union financial assistance shall be granted only to actions and initiatives that comply with the objectives set out in articles 2 and 3 .

### apply solely to fishing vessels flying the flag of that member state or , in the case of fishing activities which are not conducted by a fishing vessel , to persons established in the territory ; ### apply to all vessels operating in relation to stocks in their waters for which they have been allocated fishing opportunities ;

### union financial assistance towards operators shall be conditional upon compliance with the rules of the common fisheries policy by operators . ### union financial assistance towards operators , vessel owners and fishermen shall be conditional upon compliance with the rules of the common fisheries policy by operators .

### member states should manage and make available to end - users of scientific - data the collected data , on the basis of a multi - annual union program . member states should also cooperate with each other to coordinate data collection activities . where relevant , member states should also cooperate with third countries within the same sea basin regarding data collection . ### member states shall manage and make available to end - users of scientific - data the collected data , on the basis of a multi - annual union program . member states shall also cooperate with each other to coordinate data collection activities . where relevant , member states should also cooperate with third countries within the same sea basin regarding data collection .

### objectives consistent with the objectives set out in articles 2 and 3 ; ### objectives consistent with the objectives set out in this regulation ;

### at the end of the strategic phase , the commission , assisted by independent expert should evaluate the maturity and the readiness of the initiative to enter the implementation phase . ### at the end of the strategic phase , the commission , assisted by independent experts , should assess the quality of the strategic phase and , if appropriate , suggest improvements . the transition to the implementation phase should be seamless and without unnecessary delays .

### the community financial contribution and the cash contribution of the participating states to bonus - 169 shall be pooled and administered centrally by the bonus eeig . ### as a general rule , the community financial contribution and the cash contribution of the participating states to bonus shall be pooled and administered centrally by the bonus eeig . however , in justified cases , a participating state may devote its cash contribution exclusively to domestic research .

### at the end of the strategic phase , the commission , assisted by independent expert should evaluate the maturity and the readiness of the initiative to enter the implementation phase . ### at the end of the strategic phase , the commission , assisted by independent experts , should assess the quality of the strategic phase and , if appropriate , suggest improvements . the transition to the implementation phase should be seamless and without unnecessary delays .

### a positive evaluation of the strategic phase carried out by the commission with the assistance of independent experts ; this evaluation shall cover the progress made towards the achievement of objectives and deliverables set out in article 2 and annex i ; ### the outcomes of the strategic phase described in article 2 , as well as the progress made towards the achievement of objectives and deliverables set out in annex i , section 2 ;

### the community financial contribution for the implementation phase shall be provided under the following conditions : ### the commission shall before the end of the strategic phase assess the following :

### the community financial contribution and the cash contribution of the participating states to bonus - 169 shall be pooled and administered centrally by the bonus eeig . ### as a general rule , the community financial contribution and the cash contribution of the participating states to bonus shall be pooled and administered centrally by the bonus eeig . however , in justified cases , a participating state may devote its cash contribution exclusively to domestic research .

### a positive evaluation of the strategic phase carried out by the commission with the assistance of independent experts ; this evaluation shall cover the progress made towards the achievement of objectives and deliverables set out in article 2 and annex i ; ### the outcomes of the strategic phase described in article 2 , as well as the progress made towards the achievement of objectives and deliverables set out in annex i , section 2 ;

### a positive evaluation of the strategic phase carried out by the commission with the assistance of independent experts ; this evaluation shall cover the progress made towards the achievement of objectives and deliverables set out in article 2 and annex i ; ### the outcomes of the strategic phase described in article 2 , as well as the progress made towards the achievement of objectives and deliverables set out in annex i , section 2 ;

### the community financial contribution and the cash contribution of the participating states to bonus - 169 shall be pooled and administered centrally by the bonus eeig . ### as a general rule , the community financial contribution and the cash contribution of the participating states to bonus shall be pooled and administered centrally by the bonus eeig . however , in justified cases , a participating state may devote its cash contribution exclusively to domestic research .

### the community financial contribution for the implementation phase shall be provided under the following conditions : ### the commission shall before the end of the strategic phase assess the following :

### developing a financing structure of funding bonus - 169 project based on a pool of funds consisting of cash contributions of the participating states and of the community ; ### developing a financing structure of funding bonus projects ;

### a positive evaluation of the strategic phase carried out by the commission with the assistance of independent experts ; this evaluation shall cover the progress made towards the achievement of objectives and deliverables set out in article 2 and annex i ; ### the outcomes of the strategic phase described in article 2 , as well as the progress made towards the achievement of objectives and deliverables set out in annex i , section 2 ;

### member states shall require issuers active in the extractive or logging of primary forest industries , as defined in [ … ] to prepare , in accordance with chapter 9 of directive 2011 / . . / eu of the european parliament and of the council , a report on payments made to governments on an annual basis . the report shall be made public at the latest six months after the end of each financial year and shall remain publicly available for at least five years . payments to governments shall be reported at consolidated level . ### member states shall require issuers active in the extractive industries , as defined in [ … ] to prepare , in accordance with chapter 9 of directive 2011 / . . / eu of the european parliament and of the council , a report on payments made to governments on an annual basis . the report shall be made public at the latest six months after the end of each financial year and shall remain publicly available for at least five years . payments to governments shall be reported at consolidated level .

### in order to provide for enhanced transparency of payments made to governments , issuers whose securities are admitted to trading on a regulated market and which have activities in the extractive or logging of primary forest industries should disclose in a separate report on an annual basis payments made to governments in the countries in which they operate . the report should include types of payments comparable to those disclosed under the extractive industries transparency initiative and provide civil society with information to hold governments of resource - rich countries to account for their receipts from the exploitation of natural resources . the initiative is also complementary to the eu flegt action plan and the timber regulation which require traders of timber products to exercise due diligence in order to prevent illegal wood from entering into the eu market . the detailed requirements are defined in chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council . ### in order to provide for enhanced transparency of payments made to governments , issuers whose securities are admitted to trading on a regulated market should disclose on an annual basis payments made to governments in the countries in which they operate . this disclosure should be part of the annual report and should include types of payments building on those disclosed under the extractive industries transparency initiative and provide civil society , including investors , with information to hold governments of resource - rich countries to account for their receipts from the exploitation of natural resources . the initiative is also complementary to the eu flegt action plan and the timber regulation which require traders of timber products to exercise due diligence in order to prevent illegal wood from entering into the eu market . for the purposes of transparency and investor protection , the principles regarding the reporting of payments made to governments , such as integrated reporting , materiality , project - by - project reporting , universality , comprehensiveness and comparability , are laid down in this directive . the detailed requirements are defined in chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council .

### in order to provide for enhanced transparency of payments made to governments , issuers whose securities are admitted to trading on a regulated market and which have activities in the extractive or logging of primary forest industries should disclose in a separate report on an annual basis payments made to governments in the countries in which they operate . the report should include types of payments comparable to those disclosed under the extractive industries transparency initiative and provide civil society with information to hold governments of resource - rich countries to account for their receipts from the exploitation of natural resources . the initiative is also complementary to the eu flegt action plan and the timber regulation which require traders of timber products to exercise due diligence in order to prevent illegal wood from entering into the eu market . the detailed requirements are defined in chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council . ### in order to provide for enhanced transparency of payments made to governments , issuers whose securities are admitted to trading on a regulated market should disclose on an annual basis payments made to governments in the countries in which they operate . this disclosure should be part of the annual report and should include types of payments building on those disclosed under the extractive industries transparency initiative and provide civil society , including investors , with information to hold governments of resource - rich countries to account for their receipts from the exploitation of natural resources . the initiative is also complementary to the eu flegt action plan and the timber regulation which require traders of timber products to exercise due diligence in order to prevent illegal wood from entering into the eu market . for the purposes of transparency and investor protection , the principles regarding the reporting of payments made to governments , such as integrated reporting , materiality , project - by - project reporting , universality , comprehensiveness and comparability , are laid down in this directive . the detailed requirements are defined in chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council .

### in order to provide for enhanced transparency of payments made to governments , issuers whose securities are admitted to trading on a regulated market and which have activities in the extractive or logging of primary forest industries should disclose in a separate report on an annual basis payments made to governments in the countries in which they operate . the report should include types of payments comparable to those disclosed under the extractive industries transparency initiative and provide civil society with information to hold governments of resource - rich countries to account for their receipts from the exploitation of natural resources . the initiative is also complementary to the eu flegt action plan and the timber regulation which require traders of timber products to exercise due diligence in order to prevent illegal wood from entering into the eu market . the detailed requirements are defined in chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council . ### in order to provide for enhanced transparency of payments made to governments , issuers whose securities are admitted to trading on a regulated market should disclose on an annual basis payments made to governments in the countries in which they operate . this disclosure should be part of the annual report and should include types of payments building on those disclosed under the extractive industries transparency initiative and provide civil society , including investors , with information to hold governments of resource - rich countries to account for their receipts from the exploitation of natural resources . the initiative is also complementary to the eu flegt action plan and the timber regulation which require traders of timber products to exercise due diligence in order to prevent illegal wood from entering into the eu market . for the purposes of transparency and investor protection , the principles regarding the reporting of payments made to governments , such as integrated reporting , materiality , project - by - project reporting , universality , comprehensiveness and comparability , are laid down in this directive . the detailed requirements are defined in chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council .

### in order to provide for enhanced transparency of payments made to governments , issuers whose securities are admitted to trading on a regulated market and which have activities in the extractive or logging of primary forest industries should disclose in a separate report on an annual basis payments made to governments in the countries in which they operate . the report should include types of payments comparable to those disclosed under the extractive industries transparency initiative and provide civil society with information to hold governments of resource - rich countries to account for their receipts from the exploitation of natural resources . the initiative is also complementary to the eu flegt action plan and the timber regulation which require traders of timber products to exercise due diligence in order to prevent illegal wood from entering into the eu market . the detailed requirements are defined in chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council . ### in order to provide for enhanced transparency of payments made to governments , issuers whose securities are admitted to trading on a regulated market should disclose on an annual basis payments made to governments in the countries in which they operate . this disclosure should be part of the annual report and should include types of payments building on those disclosed under the extractive industries transparency initiative and provide civil society , including investors , with information to hold governments of resource - rich countries to account for their receipts from the exploitation of natural resources . the initiative is also complementary to the eu flegt action plan and the timber regulation which require traders of timber products to exercise due diligence in order to prevent illegal wood from entering into the eu market . for the purposes of transparency and investor protection , the principles regarding the reporting of payments made to governments , such as integrated reporting , materiality , project - by - project reporting , universality , comprehensiveness and comparability , are laid down in this directive . the detailed requirements are defined in chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council .

### in order to provide for enhanced transparency of payments made to governments , issuers whose securities are admitted to trading on a regulated market and which have activities in the extractive or logging of primary forest industries should disclose in a separate report on an annual basis payments made to governments in the countries in which they operate . the report should include types of payments comparable to those disclosed under the extractive industries transparency initiative and provide civil society with information to hold governments of resource - rich countries to account for their receipts from the exploitation of natural resources . the initiative is also complementary to the eu flegt action plan and the timber regulation which require traders of timber products to exercise due diligence in order to prevent illegal wood from entering into the eu market . the detailed requirements are defined in chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council . ### in order to provide for enhanced transparency of payments made to governments , issuers whose securities are admitted to trading on a regulated market should disclose on an annual basis payments made to governments in the countries in which they operate . this disclosure should be part of the annual report and should include types of payments building on those disclosed under the extractive industries transparency initiative and provide civil society , including investors , with information to hold governments of resource - rich countries to account for their receipts from the exploitation of natural resources . the initiative is also complementary to the eu flegt action plan and the timber regulation which require traders of timber products to exercise due diligence in order to prevent illegal wood from entering into the eu market . for the purposes of transparency and investor protection , the principles regarding the reporting of payments made to governments , such as integrated reporting , materiality , project - by - project reporting , universality , comprehensiveness and comparability , are laid down in this directive . the detailed requirements are defined in chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council .

### in order to provide for enhanced transparency of payments made to governments , issuers whose securities are admitted to trading on a regulated market and which have activities in the extractive or logging of primary forest industries should disclose in a separate report on an annual basis payments made to governments in the countries in which they operate . the report should include types of payments comparable to those disclosed under the extractive industries transparency initiative and provide civil society with information to hold governments of resource - rich countries to account for their receipts from the exploitation of natural resources . the initiative is also complementary to the eu flegt action plan and the timber regulation which require traders of timber products to exercise due diligence in order to prevent illegal wood from entering into the eu market . the detailed requirements are defined in chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council . ### in order to provide for enhanced transparency of payments made to governments , issuers whose securities are admitted to trading on a regulated market should disclose on an annual basis payments made to governments in the countries in which they operate . this disclosure should be part of the annual report and should include types of payments building on those disclosed under the extractive industries transparency initiative and provide civil society , including investors , with information to hold governments of resource - rich countries to account for their receipts from the exploitation of natural resources . the initiative is also complementary to the eu flegt action plan and the timber regulation which require traders of timber products to exercise due diligence in order to prevent illegal wood from entering into the eu market . for the purposes of transparency and investor protection , the principles regarding the reporting of payments made to governments , such as integrated reporting , materiality , project - by - project reporting , universality , comprehensiveness and comparability , are laid down in this directive . the detailed requirements are defined in chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council .

### in order to provide for enhanced transparency of payments made to governments , issuers whose securities are admitted to trading on a regulated market and which have activities in the extractive or logging of primary forest industries should disclose in a separate report on an annual basis payments made to governments in the countries in which they operate . the report should include types of payments comparable to those disclosed under the extractive industries transparency initiative and provide civil society with information to hold governments of resource - rich countries to account for their receipts from the exploitation of natural resources . the initiative is also complementary to the eu flegt action plan and the timber regulation which require traders of timber products to exercise due diligence in order to prevent illegal wood from entering into the eu market . the detailed requirements are defined in chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council . ### in order to provide for enhanced transparency of payments made to governments , issuers whose securities are admitted to trading on a regulated market should disclose on an annual basis payments made to governments in the countries in which they operate . this disclosure should be part of the annual report and should include types of payments building on those disclosed under the extractive industries transparency initiative and provide civil society , including investors , with information to hold governments of resource - rich countries to account for their receipts from the exploitation of natural resources . the initiative is also complementary to the eu flegt action plan and the timber regulation which require traders of timber products to exercise due diligence in order to prevent illegal wood from entering into the eu market . for the purposes of transparency and investor protection , the principles regarding the reporting of payments made to governments , such as integrated reporting , materiality , project - by - project reporting , universality , comprehensiveness and comparability , are laid down in this directive . the detailed requirements are defined in chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council .

### in order to provide for enhanced transparency of payments made to governments , issuers whose securities are admitted to trading on a regulated market and which have activities in the extractive or logging of primary forest industries should disclose in a separate report on an annual basis payments made to governments in the countries in which they operate . the report should include types of payments comparable to those disclosed under the extractive industries transparency initiative and provide civil society with information to hold governments of resource - rich countries to account for their receipts from the exploitation of natural resources . the initiative is also complementary to the eu flegt action plan and the timber regulation which require traders of timber products to exercise due diligence in order to prevent illegal wood from entering into the eu market . the detailed requirements are defined in chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council . ### in order to provide for enhanced transparency of payments made to governments , issuers whose securities are admitted to trading on a regulated market should disclose on an annual basis payments made to governments in the countries in which they operate . this disclosure should be part of the annual report and should include types of payments building on those disclosed under the extractive industries transparency initiative and provide civil society , including investors , with information to hold governments of resource - rich countries to account for their receipts from the exploitation of natural resources . the initiative is also complementary to the eu flegt action plan and the timber regulation which require traders of timber products to exercise due diligence in order to prevent illegal wood from entering into the eu market . for the purposes of transparency and investor protection , the principles regarding the reporting of payments made to governments , such as integrated reporting , materiality , project - by - project reporting , universality , comprehensiveness and comparability , are laid down in this directive . the detailed requirements are defined in chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council .

### article 6 report on payments to governments member states shall require issuers active in the extractive or logging of primary forest industries , as defined in [ … ] to prepare , in accordance with chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council , a report on payments made to governments on an annual basis . the report shall be made public at the latest six months after the end of each financial year and shall remain publicly available for at least five years . payments to governments shall be reported at consolidated level . ### article 6 report on payments to governments member states shall require all issuers to prepare , in accordance with chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council , a report on payments made to governments and additional information on their financial activities in third countries on an annual basis as part of the annual financial statements . the report shall be made public at the latest six months after the end of each financial year and shall remain publicly available . payments to governments shall be reported at consolidated level .

### article 6 report on payments to governments member states shall require issuers active in the extractive or logging of primary forest industries , as defined in [ … ] to prepare , in accordance with chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council , a report on payments made to governments on an annual basis . the report shall be made public at the latest six months after the end of each financial year and shall remain publicly available for at least five years . payments to governments shall be reported at consolidated level . ### article 6 report on payments to governments member states shall require all issuers to prepare , in accordance with chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council , a report on payments made to governments and additional information on their financial activities in third countries on an annual basis as part of the annual financial statements . the report shall be made public at the latest six months after the end of each financial year and shall remain publicly available . payments to governments shall be reported at consolidated level .

### a harmonised regime for notification of major holdings of voting rights , especially regarding aggregation of holdings of shares with holdings of financial instruments , should improve legal certainty , enhance transparency and reduce administrative burden for cross - border investors . member states should therefore not be allowed to adopt stricter or divergent rules in that area than those provided in directive 2004 / 109 / ec . however , taking into account the existing differences in ownership concentration in the union , member states should continue to be allowed to set lower thresholds for notification of holdings of voting rights . ### a harmonised regime for notification of major holdings of voting rights , especially regarding aggregation of holdings of shares with holdings of financial instruments , should improve legal certainty , enhance transparency and reduce administrative burden for cross - border investors . member states should therefore not be allowed to adopt stricter or divergent rules in that area than those provided in directive 2004 / 109 / ec . however , taking into account the existing differences in ownership concentration in the union , member states should continue to be allowed to set lower thresholds for notification of holdings of voting rights ; nevertheless , measures to incentivise long term investment should be considered and also a requirement for full transparency of voting for any borrowed shares .

### a harmonised regime for notification of major holdings of voting rights , especially regarding aggregation of holdings of shares with holdings of financial instruments , should improve legal certainty , enhance transparency and reduce administrative burden for cross - border investors . member states should therefore not be allowed to adopt stricter or divergent rules in that area than those provided in directive 2004 / 109 / ec . however , taking into account the existing differences in ownership concentration in the union , member states should continue to be allowed to set lower thresholds for notification of holdings of voting rights . ### a harmonised regime for notification of major holdings of voting rights , especially regarding aggregation of holdings of shares with holdings of financial instruments , should improve legal certainty , enhance transparency and reduce administrative burden for cross - border investors . member states should therefore not be allowed to adopt stricter or divergent rules in that area than those provided in directive 2004 / 109 / ec . however , taking into account the existing differences in ownership concentration in the union , member states should continue to be allowed to set lower thresholds for notification of holdings of voting rights ; nevertheless , measures to incentivise long term investment should be considered and also a requirement for full transparency of voting for any borrowed shares .

### a harmonised regime for notification of major holdings of voting rights , especially regarding aggregation of holdings of shares with holdings of financial instruments , should improve legal certainty , enhance transparency and reduce administrative burden for cross - border investors . member states should therefore not be allowed to adopt stricter or divergent rules in that area than those provided in directive 2004 / 109 / ec . however , taking into account the existing differences in ownership concentration in the union , member states should continue to be allowed to set lower thresholds for notification of holdings of voting rights . ### a harmonised regime for notification of major holdings of voting rights , especially regarding aggregation of holdings of shares with holdings of financial instruments , should improve legal certainty , enhance transparency and reduce administrative burden for cross - border investors . member states should therefore not be allowed to adopt stricter or divergent rules in that area than those provided in directive 2004 / 109 / ec . however , taking into account the existing differences in ownership concentration in the union , member states should continue to be allowed to set lower thresholds for notification of holdings of voting rights ; nevertheless , measures to incentivise long term investment should be considered and also a requirement for full transparency of voting for any borrowed shares .

### a harmonised regime for notification of major holdings of voting rights , especially regarding aggregation of holdings of shares with holdings of financial instruments , should improve legal certainty , enhance transparency and reduce administrative burden for cross - border investors . member states should therefore not be allowed to adopt stricter or divergent rules in that area than those provided in directive 2004 / 109 / ec . however , taking into account the existing differences in ownership concentration in the union , member states should continue to be allowed to set lower thresholds for notification of holdings of voting rights . ### a harmonised regime for notification of major holdings of voting rights , especially regarding aggregation of holdings of shares with holdings of financial instruments , should improve legal certainty , enhance transparency and reduce administrative burden for cross - border investors . member states should therefore not be allowed to adopt stricter or divergent rules in that area than those provided in directive 2004 / 109 / ec . however , taking into account the existing differences in ownership concentration in the union , member states should continue to be allowed to set lower thresholds for notification of holdings of voting rights ; nevertheless , measures to incentivise long term investment should be considered and also a requirement for full transparency of voting for any borrowed shares .

### member states shall require issuers active in the extractive or logging of primary forest industries , as defined in [ … ] to prepare , in accordance with chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council , a report on payments made to governments on an annual basis . the report shall be made public at the latest six months after the end of each financial year and shall remain publicly available for at least five years . payments to governments shall be reported at consolidated level . ### member states shall require all issuers to prepare , in accordance with chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council , a disclosure of payments made to governments as part of their annual financial statements . the report shall be made public at the latest six months after the end of each financial year and shall remain publicly available for at least five years . payments to governments shall be reported at consolidated level .

### member states shall require issuers active in the extractive or logging of primary forest industries , as defined in [ … ] to prepare , in accordance with chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council , a report on payments made to governments on an annual basis . the report shall be made public at the latest six months after the end of each financial year and shall remain publicly available for at least five years . payments to governments shall be reported at consolidated level . ### member states shall require all issuers to prepare , in accordance with chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council , a disclosure of payments made to governments as part of their annual financial statements . the report shall be made public at the latest six months after the end of each financial year and shall remain publicly available for at least five years . payments to governments shall be reported at consolidated level .

### member states shall require issuers active in the extractive or logging of primary forest industries , as defined in [ … ] to prepare , in accordance with chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council , a report on payments made to governments on an annual basis . the report shall be made public at the latest six months after the end of each financial year and shall remain publicly available for at least five years . payments to governments shall be reported at consolidated level . ### member states shall require all issuers to prepare , in accordance with chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council , a disclosure of payments made to governments as part of their annual financial statements . the report shall be made public at the latest six months after the end of each financial year and shall remain publicly available for at least five years . payments to governments shall be reported at consolidated level .

### in order to provide for enhanced transparency of payments made to governments , issuers whose securities are admitted to trading on a regulated market and which have activities in the extractive or logging of primary forest industries should disclose in a separate report on an annual basis payments made to governments in the countries in which they operate . the report should include types of payments comparable to those disclosed under the extractive industries transparency initiative and provide civil society with information to hold governments of resource - rich countries to account for their receipts from the exploitation of natural resources . the initiative is also complementary to the eu flegt action plan and the timber regulation which require traders of timber products to exercise due diligence in order to prevent illegal wood from entering into the eu market . the detailed requirements are defined in chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council . ### in order to provide for enhanced transparency of financial activities in third countries , in particular payments made to governments , issuers whose securities are admitted to trading on a regulated market should disclose as part of the annual report of financial statements , payments made to governments in the countries in which they operate on a per - country basis . the disclosure of such data is intended to enable investors to make better - informed decisions , thereby improving corporate governance and accountability and contributing to the containment of tax evasion . the report should incorporate disclosures on a country basis . for issuers active in the extractive industry or the logging of primary forests , the report should also specify the specific project or projects to which those payments have been attributed , building on the disclosure requirements of the extractive industries transparency initiative to provide civil society with information whereby governments of resource - rich countries can be held to account for their receipts from the exploitation of natural resources . the initiative is also complementary to the eu flegt action plan and the timber regulation which require traders of timber products to exercise due diligence in order to prevent illegal wood from entering into the union market . the detailed requirements are defined in chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council .

### member states shall require issuers active in the extractive or logging of primary forest industries , as defined in [ … ] to prepare , in accordance with chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council , a report on payments made to governments on an annual basis . the report shall be made public at the latest six months after the end of each financial year and shall remain publicly available for at least five years . payments to governments shall be reported at consolidated level . ### member states shall require all issuers to prepare , in accordance with chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council , a disclosure of payments made to governments as part of their annual financial statements . the report shall be made public at the latest six months after the end of each financial year and shall remain publicly available for at least five years . payments to governments shall be reported at consolidated level .

### member states shall require issuers active in the extractive or logging of primary forest industries , as defined in [ … ] to prepare , in accordance with chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council , a report on payments made to governments on an annual basis . the report shall be made public at the latest six months after the end of each financial year and shall remain publicly available for at least five years . payments to governments shall be reported at consolidated level . ### member states shall require all issuers to prepare , in accordance with chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council , a disclosure of payments made to governments as part of their annual financial statements . the report shall be made public at the latest six months after the end of each financial year and shall remain publicly available for at least five years . payments to governments shall be reported at consolidated level .

### member states shall require issuers active in the extractive or logging of primary forest industries , as defined in [ … ] to prepare , in accordance with chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council , a report on payments made to governments on an annual basis . the report shall be made public at the latest six months after the end of each financial year and shall remain publicly available for at least five years . payments to governments shall be reported at consolidated level . ### member states shall require all issuers to prepare , in accordance with chapter 9 of directive 2011 / . . . / eu of the european parliament and of the council , a disclosure of payments made to governments as part of their annual financial statements . the report shall be made public at the latest six months after the end of each financial year and shall remain publicly available for at least five years . payments to governments shall be reported at consolidated level .

### eib activity in neighbourhood countries should take place in the framework of the european neighbourhood policy , under which the eu aims to develop a special relationship with neighbouring countries with a view to establishing an area of prosperity and good neighbourliness , founded on the values of the eu and characterised by close and peaceful relations based on co - operation . to achieve these objectives the eu and its partners implement jointly agreed bilateral action plans defining a set of priorities including on political and security issues , trade and economic matters , environmental concerns and integration of transport and energy networks . the union for the mediterranean , the eastern partnership , and the black sea synergy are multilateral and regional initiatives complementary to the european neighbourhood policy aimed at fostering co - operation between the eu and the respective group of neighbouring partner countries facing common challenges and / or sharing a common geographical environment . the union for the mediterranean supports improved socio - economic , solidarity , regional integration , sustainable development and knowledge building , underlining the need to increase financial co - operation to support regional and trans - national projects . the eastern partnership aims to create the necessary conditions to accelerate political association and further economic integration between the eu and eastern partner countries . the russian federation and the eu have a wide - ranging strategic partnership , distinct from the european neighbourhood policy and expressed through the common spaces and roadmaps . this is complemented at multilateral level by the northern dimension which provides a framework for co - operation between the eu , russia , norway and iceland . ### eib activity in neighbourhood countries should take place in the framework of the european neighbourhood policy , under which the eu aims to develop a special relationship with neighbouring countries with a view to establishing an area of prosperity and good neighbourliness , founded on the values of the eu and characterised by close and peaceful relations based on co - operation . to achieve these objectives the eu and its partners implement jointly agreed bilateral action plans defining a set of priorities including on political and security issues , trade and economic matters , environmental and social concerns and integration of transport and energy networks . the union for the mediterranean , the eastern partnership , and the black sea synergy are multilateral and regional initiatives complementary to the european neighbourhood policy aimed at fostering co - operation between the eu and the respective group of neighbouring partner countries facing common challenges and / or sharing a common geographical environment . the union for the mediterranean supports improved socio - economic development , solidarity , regional integration , sustainable development and knowledge building , underlining the need to increase financial co - operation to support regional and trans - national projects and support smes . the eastern partnership aims to create the necessary conditions to accelerate political association and further economic integration between the eu and eastern partner countries . the russian federation and the eu have a wide - ranging strategic partnership , distinct from the european neighbourhood policy and expressed through the common spaces and roadmaps . this is complemented at multilateral level by the northern dimension which provides a framework for co - operation between the eu , russia , norway and iceland .

### immediately publish on its website the new methodologies together with a detailed explanation thereof ; ### immediately publish on its website the new methodologies together with a detailed explanation thereof as well as the date of application of the new methodologies ;

### where a credit rating agency has committed intentionally or with gross negligence any of the infringements listed in annex&#160 ; iii having an impact on a credit rating on which an investor has relied when purchasing a rated instrument , such an investor may bring an action against that credit rating agency for any damage caused to that investor . ### where a credit rating agency has been deemed by esma ' s board of supervisors to have committed , intentionally or with gross negligence , any of the infringements listed in annex&#160 ; iii in accordance with article 24 and where this has resulted in an impact on a credit rating on which an investor / issuer has relied when purchasing or selling a rated instrument , such an investor / issuer may bring an action against that credit rating agency for any damage caused to that investor / issuer .

### the perception of independence of credit rating agencies would be particularly affected should the same shareholders or members be investing in different credit rating agencies not belonging to the same group of credit rating agencies , at least if this investment reaches a certain size that could allow these shareholders or members to exercise a certain influence on the agency ' s business . therefore , in order to ensure the independence of credit rating agencies , it is appropriate to provide for stricter rules regarding the relations between the credit rating agencies and their shareholders . for this reason , no person should simultaneously hold a participation of 5% or more in more than one credit rating agency , unless the agencies concerned belong to the same group . ### the perception of independence of credit rating agencies would be particularly affected should the same shareholders or members be investing in different credit rating agencies not belonging to the same group of credit rating agencies . therefore , in order to ensure the independence of credit rating agencies , it is appropriate to provide for stricter rules regarding the relations between the credit rating agencies and their shareholders . for this reason , a shareholder or member holding a participation of 5% or more in one credit rating agency should not be allowed to hold any participation in another credit rating agency , unless the agencies concerned belong to the same group .

### where a credit rating agency has committed intentionally or with gross negligence any of the infringements listed in annex&#160 ; iii having an impact on a credit rating on which an investor has relied when purchasing a rated instrument , such an investor may bring an action against that credit rating agency for any damage caused to that investor . ### where a credit rating agency has been deemed by esma ' s board of supervisors to have committed , intentionally or with gross negligence , any of the infringements listed in annex&#160 ; iii in accordance with article 24 and where this has resulted in an impact on a credit rating on which an investor / issuer has relied when purchasing or selling a rated instrument , such an investor / issuer may bring an action against that credit rating agency for any damage caused to that investor / issuer .

### where a credit rating agency has committed intentionally or with gross negligence any of the infringements listed in annex&#160 ; iii having an impact on a credit rating on which an investor has relied when purchasing a rated instrument , such an investor may bring an action against that credit rating agency for any damage caused to that investor . ### where a credit rating agency has been deemed by esma ' s board of supervisors to have committed , intentionally or with gross negligence , any of the infringements listed in annex&#160 ; iii in accordance with article 24 and where this has resulted in an impact on a credit rating on which an investor / issuer has relied when purchasing or selling a rated instrument , such an investor / issuer may bring an action against that credit rating agency for any damage caused to that investor / issuer .

### immediately publish on its website the new methodologies together with a detailed explanation thereof ; ### immediately inform esma and publish on its website information about the new methodologies ;

### regarding matters concerning the civil liability of a credit rating agency and which are not covered by this regulation , such matters should be governed by the applicable national law determined by the relevant rules of international private law . the competent court to decide on a claim for civil liability brought by an investor should be determined by the relevant rules on international jurisdiction . ### regarding matters concerning the civil liability of a credit rating agency , such matters should be governed by the applicable national law determined by the relevant rules of international private law . the competent court to decide on a claim for civil liability brought by an investor should be determined by the relevant rules on international jurisdiction .

### a credit rating agency shall disclose on its website , on an ongoing basis , information about all entities or debt instruments submitted to it for their initial review or for preliminary rating . such disclosure shall be made whether or not issuers contract with the credit rating agency for a final rating . ### a credit rating agency shall report to esma , on an ongoing basis , information about all entities or debt instruments submitted to it for their initial review or for preliminary rating , indifferent with regard to whether or not the issuers contract with the credit rating agency for a final rating .

### the new rules limiting the duration of the business relationship between an issuer and the credit rating agency would significantly reshape the credit rating market in the union , which today remains largely concentrated . new market opportunities would arise for small and mid - size credit rating agencies , which would need to develop to take up those challenges in the first years following the entry into force of the new rules . those developments are likely to bring new diversity into the market . the objectives and the effectiveness of the new rules would , however , be largely jeopardised if , during these initial years , large established credit rating agencies would prevent their competitors from developing credible alternatives by acquiring them . further consolidation in the credit rating market driven by large established players would result in a reduction of the number of available registered credit rating agencies , thus creating selection difficulties for issuers at the moment in which they regularly need to appoint one or more new credit rating agencies and disturbing the smooth functioning of the new rules . more importantly , further consolidation driven by large established credit rating agencies would particularly prevent the emergence of more diversity in the market . ### further consolidation in the credit rating market driven by large established players would result in a reduction of the number of available registered credit rating agencies , thus creating selection difficulties for issuers and disturbing the smooth functioning of the market . more importantly , further consolidation driven by large established credit rating agencies would particularly prevent the emergence of more diversity in the market .

### the new rules limiting the duration of the business relationship between an issuer and the credit rating agency would significantly reshape the credit rating market in the union , which today remains largely concentrated . new market opportunities would arise for small and mid - size credit rating agencies , which would need to develop to take up those challenges in the first years following the entry into force of the new rules . those developments are likely to bring new diversity into the market . the objectives and the effectiveness of the new rules would , however , be largely jeopardised if , during these initial years , large established credit rating agencies would prevent their competitors from developing credible alternatives by acquiring them . further consolidation in the credit rating market driven by large established players would result in a reduction of the number of available registered credit rating agencies , thus creating selection difficulties for issuers at the moment in which they regularly need to appoint one or more new credit rating agencies and disturbing the smooth functioning of the new rules . more importantly , further consolidation driven by large established credit rating agencies would particularly prevent the emergence of more diversity in the market . ### further consolidation in the credit rating market driven by large established players would result in a reduction of the number of available registered credit rating agencies , thus creating selection difficulties for issuers and disturbing the smooth functioning of the market . more importantly , further consolidation driven by large established credit rating agencies would particularly prevent the emergence of more diversity in the market .

### the new rules limiting the duration of the business relationship between an issuer and the credit rating agency would significantly reshape the credit rating market in the union , which today remains largely concentrated . new market opportunities would arise for small and mid - size credit rating agencies , which would need to develop to take up those challenges in the first years following the entry into force of the new rules . those developments are likely to bring new diversity into the market . the objectives and the effectiveness of the new rules would , however , be largely jeopardised if , during these initial years , large established credit rating agencies would prevent their competitors from developing credible alternatives by acquiring them . further consolidation in the credit rating market driven by large established players would result in a reduction of the number of available registered credit rating agencies , thus creating selection difficulties for issuers at the moment in which they regularly need to appoint one or more new credit rating agencies and disturbing the smooth functioning of the new rules . more importantly , further consolidation driven by large established credit rating agencies would particularly prevent the emergence of more diversity in the market . ### further consolidation in the credit rating market driven by large established players would result in a reduction of the number of available registered credit rating agencies , thus creating selection difficulties for issuers and disturbing the smooth functioning of the market . more importantly , further consolidation driven by large established credit rating agencies would particularly prevent the emergence of more diversity in the market .

### the credit rating agency infringes the first subparagraph of article 8 by not publishing on its website the proposed changes to the methodologies , models or key rating assumptions or the proposed new methodologies , models or key rating assumptions together with a detailed explanation of the reasons for and the implications of the proposed changes . ### the credit rating agency infringes the first subparagraph of article 8 by not informing esma or not publishing on its website the proposed new methodologies or changes of the methodologies together with a explanation of the reasons for and the implications of the changes .

### have the right or the power to exercise 5% or more of the voting rights in any other credit rating agency ; ### have the right or the power to exercise voting rights in any other credit rating agency ;

### european rating index ### european rating data platform

### european rating index ### european rating data platform

### the new rules limiting the duration of the business relationship between an issuer and the credit rating agency would significantly reshape the credit rating market in the union , which today remains largely concentrated . new market opportunities would arise for small and mid - size credit rating agencies , which would need to develop to take up those challenges in the first years following the entry into force of the new rules . those developments are likely to bring new diversity into the market . the objectives and the effectiveness of the new rules would , however , be largely jeopardised if , during these initial years , large established credit rating agencies would prevent their competitors from developing credible alternatives by acquiring them . further consolidation in the credit rating market driven by large established players would result in a reduction of the number of available registered credit rating agencies , thus creating selection difficulties for issuers at the moment in which they regularly need to appoint one or more new credit rating agencies and disturbing the smooth functioning of the new rules . more importantly , further consolidation driven by large established credit rating agencies would particularly prevent the emergence of more diversity in the market . ### further consolidation in the credit rating market driven by large established players would result in a reduction of the number of available registered credit rating agencies , thus creating selection difficulties for issuers and disturbing the smooth functioning of the market . more importantly , further consolidation driven by large established credit rating agencies would particularly prevent the emergence of more diversity in the market .

### the new rules limiting the duration of the business relationship between an issuer and the credit rating agency would significantly reshape the credit rating market in the union , which today remains largely concentrated . new market opportunities would arise for small and mid - size credit rating agencies , which would need to develop to take up those challenges in the first years following the entry into force of the new rules . those developments are likely to bring new diversity into the market . the objectives and the effectiveness of the new rules would , however , be largely jeopardised if , during these initial years , large established credit rating agencies would prevent their competitors from developing credible alternatives by acquiring them . further consolidation in the credit rating market driven by large established players would result in a reduction of the number of available registered credit rating agencies , thus creating selection difficulties for issuers at the moment in which they regularly need to appoint one or more new credit rating agencies and disturbing the smooth functioning of the new rules . more importantly , further consolidation driven by large established credit rating agencies would particularly prevent the emergence of more diversity in the market . ### further consolidation in the credit rating market driven by large established players would result in a reduction of the number of available registered credit rating agencies , thus creating selection difficulties for issuers and disturbing the smooth functioning of the market . more importantly , further consolidation driven by large established credit rating agencies would particularly prevent the emergence of more diversity in the market .

### the new rules limiting the duration of the business relationship between an issuer and the credit rating agency would significantly reshape the credit rating market in the union , which today remains largely concentrated . new market opportunities would arise for small and mid - size credit rating agencies , which would need to develop to take up those challenges in the first years following the entry into force of the new rules . those developments are likely to bring new diversity into the market . the objectives and the effectiveness of the new rules would , however , be largely jeopardised if , during these initial years , large established credit rating agencies would prevent their competitors from developing credible alternatives by acquiring them . further consolidation in the credit rating market driven by large established players would result in a reduction of the number of available registered credit rating agencies , thus creating selection difficulties for issuers at the moment in which they regularly need to appoint one or more new credit rating agencies and disturbing the smooth functioning of the new rules . more importantly , further consolidation driven by large established credit rating agencies would particularly prevent the emergence of more diversity in the market . ### further consolidation in the credit rating market driven by large established players would result in a reduction of the number of available registered credit rating agencies , thus creating selection difficulties for issuers and disturbing the smooth functioning of the market . more importantly , further consolidation driven by large established credit rating agencies would particularly prevent the emergence of more diversity in the market .

### the new rules limiting the duration of the business relationship between an issuer and the credit rating agency would significantly reshape the credit rating market in the union , which today remains largely concentrated . new market opportunities would arise for small and mid - size credit rating agencies , which would need to develop to take up those challenges in the first years following the entry into force of the new rules . those developments are likely to bring new diversity into the market . the objectives and the effectiveness of the new rules would , however , be largely jeopardised if , during these initial years , large established credit rating agencies would prevent their competitors from developing credible alternatives by acquiring them . further consolidation in the credit rating market driven by large established players would result in a reduction of the number of available registered credit rating agencies , thus creating selection difficulties for issuers at the moment in which they regularly need to appoint one or more new credit rating agencies and disturbing the smooth functioning of the new rules . more importantly , further consolidation driven by large established credit rating agencies would particularly prevent the emergence of more diversity in the market . ### further consolidation in the credit rating market driven by large established players would result in a reduction of the number of available registered credit rating agencies , thus creating selection difficulties for issuers and disturbing the smooth functioning of the market . more importantly , further consolidation driven by large established credit rating agencies would particularly prevent the emergence of more diversity in the market .

### the new rules limiting the duration of the business relationship between an issuer and the credit rating agency would significantly reshape the credit rating market in the union , which today remains largely concentrated . new market opportunities would arise for small and mid - size credit rating agencies , which would need to develop to take up those challenges in the first years following the entry into force of the new rules . those developments are likely to bring new diversity into the market . the objectives and the effectiveness of the new rules would , however , be largely jeopardised if , during these initial years , large established credit rating agencies would prevent their competitors from developing credible alternatives by acquiring them . further consolidation in the credit rating market driven by large established players would result in a reduction of the number of available registered credit rating agencies , thus creating selection difficulties for issuers at the moment in which they regularly need to appoint one or more new credit rating agencies and disturbing the smooth functioning of the new rules . more importantly , further consolidation driven by large established credit rating agencies would particularly prevent the emergence of more diversity in the market . ### further consolidation in the credit rating market driven by large established players would result in a reduction of the number of available registered credit rating agencies , thus creating selection difficulties for issuers and disturbing the smooth functioning of the market . more importantly , further consolidation driven by large established credit rating agencies would particularly prevent the emergence of more diversity in the market .