# Official Journal C 200/2020

| | ISSN 1977-091X |
| --- | --- |
| Official Journal
  of the European Union | C 200 |
| | |
| English edition | Information and Notices | Volume 6315 June 2020 |

ISSN 1977-091X

Official Journal

of the European Union

C 200

English edition

Information and Notices

Volume 6315 June 2020

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| Contents | page |
| --- | --- |
| | I   Resolutions, recommendations and opinions |
| | RECOMMENDATIONS |
| | European Systemic Risk Board |
| 2020/C 200/01 | Recommendation of the European Systemic Risk Board of 6 May 2020 on liquidity risks in investment funds (ESRB/2020/4) | 1 |

Contents

page

I   Resolutions, recommendations and opinions

RECOMMENDATIONS

European Systemic Risk Board

2020/C 200/01

Recommendation of the European Systemic Risk Board of 6 May 2020 on liquidity risks in investment funds (ESRB/2020/4)

1

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| | II   Information |
| --- | --- |
| | INFORMATION FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES |
| | European Commission |
| 2020/C 200/02 | Non-opposition to a notified concentration (Case M.9836 – Bunker Holding/OceanConnect Marine) (
  1
  ) | 6 |
| 2020/C 200/03 | Non-opposition to a notified concentration (Case M.9423 – Strategic value Partners/Pfleiderer) (
  1
  ) | 7 |
| 2020/C 200/04 | Non-opposition to a notified concentration (Case M.9745 — Sunsuper/Macquarie/PGGM/MAGL) (
  1
  ) | 8 |

II   Information

INFORMATION FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES

European Commission

2020/C 200/02

Non-opposition to a notified concentration (Case M.9836 – Bunker Holding/OceanConnect Marine) (
  1
  )

1

6

2020/C 200/03

Non-opposition to a notified concentration (Case M.9423 – Strategic value Partners/Pfleiderer) (
  1
  )

1

7

2020/C 200/04

Non-opposition to a notified concentration (Case M.9745 — Sunsuper/Macquarie/PGGM/MAGL) (
  1
  )

1

8

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| | IV   Notices |
| --- | --- |
| | NOTICES FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES |
| | European Commission |
| 2020/C 200/05 | Euro exchange rates — 12 June 2020 | 9 |

IV   Notices

NOTICES FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES

European Commission

2020/C 200/05

Euro exchange rates — 12 June 2020

9

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| | V   Announcements |
| --- | --- |
| | PROCEDURES RELATING TO THE IMPLEMENTATION OF COMPETITION POLICY |
| | European Commission |
| 2020/C 200/06 | Prior notification of a concentration (Case M.9853 — HGK/Imperial Shipping Group) (
  1
  ) | 10 |
| | OTHER ACTS |
| | European Commission |
| 2020/C 200/07 | Publication of an application for registration of a name pursuant to Article 50(2)(a) of Regulation (EU) No 1151/2012 of the European Parliament and of the Council on quality schemes for agricultural products and foodstuffs | 12 |
| 2020/C 200/08 | Publication of an application for registration of a name pursuant to Article 50(2)(a) of Regulation (EU) No 1151/2012 of the European Parliament and of the Council on quality schemes for agricultural products and foodstuffs | 15 |

V   Announcements

PROCEDURES RELATING TO THE IMPLEMENTATION OF COMPETITION POLICY

European Commission

2020/C 200/06

Prior notification of a concentration (Case M.9853 — HGK/Imperial Shipping Group) (
  1
  )

1

10

OTHER ACTS

European Commission

2020/C 200/07

Publication of an application for registration of a name pursuant to Article 50(2)(a) of Regulation (EU) No 1151/2012 of the European Parliament and of the Council on quality schemes for agricultural products and foodstuffs

12

2020/C 200/08

Publication of an application for registration of a name pursuant to Article 50(2)(a) of Regulation (EU) No 1151/2012 of the European Parliament and of the Council on quality schemes for agricultural products and foodstuffs

15

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| | |
| --- | --- |
| | (1)   Text with EEA relevance. |

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(1)   Text with EEA relevance.

1

| EN | |
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EN

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I Resolutions, recommendations and opinions

RECOMMENDATIONS

European Systemic Risk Board

| 15.6.2020 | EN | Official Journal of the European Union | C 200/1 |
| --- | --- | --- | --- |

15.6.2020

EN

Official Journal of the European Union

C 200/1

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RECOMMENDATION OF THE EUROPEAN SYSTEMIC RISK BOARD

of 6 May 2020

on liquidity risks in investment funds

(ESRB/2020/4)

(2020/C 200/01)

THE GENERAL BOARD OF THE EUROPEAN SYSTEMIC RISK BOARD,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macroprudential oversight of the financial system and establishing a European Systemic Risk Board (1), and in particular Article 3(2)(b), (d) and (f) and Articles 16 to 18 thereof,

Having regard to Decision ESRB/2011/1 of the European Systemic Risk Board of 20 January 2011 adopting the Rules of Procedure of the European Systemic Risk Board (2), and in particular Article 15(3)(e) and Articles 18 to 20 thereof,

Whereas:

| (1) | The coronavirus disease 2019 (COVID-19) pandemic and the associated and necessary containment measures represent a severe and unprecedented shock to European economies. Against this backdrop, at its meeting on 2 April 2020 the General Board of the European Systemic Risk Board (ESRB) announced that it would focus its attention on five priority areas where coordination between authorities in the Union was likely to be particularly important to safeguard financial stability in the Union (3). One of the five priority areas relates to financial market liquidity and implications for asset managers and insurers. |
| --- | --- |

(1)

The coronavirus disease 2019 (COVID-19) pandemic and the associated and necessary containment measures represent a severe and unprecedented shock to European economies. Against this backdrop, at its meeting on 2 April 2020 the General Board of the European Systemic Risk Board (ESRB) announced that it would focus its attention on five priority areas where coordination between authorities in the Union was likely to be particularly important to safeguard financial stability in the Union (3). One of the five priority areas relates to financial market liquidity and implications for asset managers and insurers.

| (2) | The sharp fall in asset prices observed at the onset of the COVID-19 pandemic was accompanied by significant redemptions from certain investment funds and a significant deterioration in financial market liquidity. While market conditions have subsequently stabilised, largely due to decisive actions taken by central banks, supervisory authorities and governments in the Union and globally, significant uncertainty remains concerning the macrofinancial outlook. |
| --- | --- |

(2)

The sharp fall in asset prices observed at the onset of the COVID-19 pandemic was accompanied by significant redemptions from certain investment funds and a significant deterioration in financial market liquidity. While market conditions have subsequently stabilised, largely due to decisive actions taken by central banks, supervisory authorities and governments in the Union and globally, significant uncertainty remains concerning the macrofinancial outlook.

| (3) | Previous ESRB assessments (4) of non-bank financial intermediation have highlighted potential vulnerabilities stemming from investment funds that have short redemption periods, but invest in less liquid assets. Such liquidity mismatches increase the risk of further pressures on asset valuations in times of stress, if investment funds seek to sell less liquid assets over a short period of time to meet redemptions. This could lead to higher mark-to-market losses by other financial institutions with exposures to the same or correlated assets, or to an abrupt tightening in financial conditions. |
| --- | --- |

(3)

Previous ESRB assessments (4) of non-bank financial intermediation have highlighted potential vulnerabilities stemming from investment funds that have short redemption periods, but invest in less liquid assets. Such liquidity mismatches increase the risk of further pressures on asset valuations in times of stress, if investment funds seek to sell less liquid assets over a short period of time to meet redemptions. This could lead to higher mark-to-market losses by other financial institutions with exposures to the same or correlated assets, or to an abrupt tightening in financial conditions.

| (4) | Existing Union rules include specific obligations on fund management companies with respect to liquidity risk management in relation to the funds that they manage (5). For undertakings for collective investment in transferable securities (UCITS), the liquidity profile of the investments of the UCITS must be appropriate to the redemption policy laid down in the fund rules or the instruments of incorporation or the prospectus. Similarly, for alternative investment funds (AIFs) the investment strategy, liquidity profile and the redemption policy must be consistent (6). These rules are complemented by European Securities and Markets Authority (ESMA) guidelines on liquidity stress testing in UCITS and AIFs for fund managers to regularly test the resilience of their funds to liquidity risk under normal and exceptional liquidity conditions (7). |
| --- | --- |

(4)

Existing Union rules include specific obligations on fund management companies with respect to liquidity risk management in relation to the funds that they manage (5). For undertakings for collective investment in transferable securities (UCITS), the liquidity profile of the investments of the UCITS must be appropriate to the redemption policy laid down in the fund rules or the instruments of incorporation or the prospectus. Similarly, for alternative investment funds (AIFs) the investment strategy, liquidity profile and the redemption policy must be consistent (6). These rules are complemented by European Securities and Markets Authority (ESMA) guidelines on liquidity stress testing in UCITS and AIFs for fund managers to regularly test the resilience of their funds to liquidity risk under normal and exceptional liquidity conditions (7).

| (5) | This Recommendation is designed to enhance preparedness to respond to potential future adverse shocks that could lead to a deterioration in financial market liquidity, resulting in potential adverse implications for financial stability conditions in the Union. |
| --- | --- |

(5)

This Recommendation is designed to enhance preparedness to respond to potential future adverse shocks that could lead to a deterioration in financial market liquidity, resulting in potential adverse implications for financial stability conditions in the Union.

| (6) | The ESRB recognises that the investment funds sector in the Union is large and diverse. Taking this into account, the ESRB has identified two segments as particularly high priority areas for enhanced scrutiny from a financial stability perspective. |
| --- | --- |

(6)

The ESRB recognises that the investment funds sector in the Union is large and diverse. Taking this into account, the ESRB has identified two segments as particularly high priority areas for enhanced scrutiny from a financial stability perspective.

| (7) | The first of these segments is investment funds with significant exposures to corporate debt. Shortly following the onset of COVID-19 pandemic, there were significant redemptions from investment funds investing in corporate debt. In addition, investment funds hold a significant proportion of the stock of non-financial corporate bonds outstanding in the Union. Any future redemptions pressures from open-ended funds with short redemption periods could result in fund managers selling less-liquid assets quickly, thereby contributing to a deterioration in liquidity conditions in corporate debt markets. This could have adverse spillover effects on other financial institutions that have exposures to these assets – such as insurance companies, pension funds or banks – or an adverse impact on the cost and availability of market-based financing for non-financial corporations. |
| --- | --- |

(7)

The first of these segments is investment funds with significant exposures to corporate debt. Shortly following the onset of COVID-19 pandemic, there were significant redemptions from investment funds investing in corporate debt. In addition, investment funds hold a significant proportion of the stock of non-financial corporate bonds outstanding in the Union. Any future redemptions pressures from open-ended funds with short redemption periods could result in fund managers selling less-liquid assets quickly, thereby contributing to a deterioration in liquidity conditions in corporate debt markets. This could have adverse spillover effects on other financial institutions that have exposures to these assets – such as insurance companies, pension funds or banks – or an adverse impact on the cost and availability of market-based financing for non-financial corporations.

| (8) | The second segment identified by the ESRB as a particularly high priority area for enhanced scrutiny from a financial stability perspective is investment funds with significant exposures to real estate. The public health restrictions necessary to contain the spread of COVID-19 could result in a reduction in the volume of real estate market transactions and an increase in valuation uncertainty. Real estate investment funds are estimated to hold approximately one-third of the Union’s commercial real estate market. Future redemptions from investment funds that have significant real estate holdings could contribute to downward pressure on real estate valuations if accompanied by real estate asset sales in an environment of low transaction volumes. This could have adverse implications for other financial institutions that have exposures to real estate, including those that use real estate as collateral for lending. |
| --- | --- |

(8)

The second segment identified by the ESRB as a particularly high priority area for enhanced scrutiny from a financial stability perspective is investment funds with significant exposures to real estate. The public health restrictions necessary to contain the spread of COVID-19 could result in a reduction in the volume of real estate market transactions and an increase in valuation uncertainty. Real estate investment funds are estimated to hold approximately one-third of the Union’s commercial real estate market. Future redemptions from investment funds that have significant real estate holdings could contribute to downward pressure on real estate valuations if accompanied by real estate asset sales in an environment of low transaction volumes. This could have adverse implications for other financial institutions that have exposures to real estate, including those that use real estate as collateral for lending.

| (9) | Ensuring that the financial system in the Union helps to absorb, rather than amplify, the COVID-19 shock requires significant coordination both between supervisory authorities responsible for different segments of the financial markets and across borders. This is particularly the case for capital markets activities, including those carried out by investment funds, where cross-border flows are large and the smooth functioning of such activities relies on a number of actors across the financial system. |
| --- | --- |

(9)

Ensuring that the financial system in the Union helps to absorb, rather than amplify, the COVID-19 shock requires significant coordination both between supervisory authorities responsible for different segments of the financial markets and across borders. This is particularly the case for capital markets activities, including those carried out by investment funds, where cross-border flows are large and the smooth functioning of such activities relies on a number of actors across the financial system.

| (10) | The ESRB acknowledges the high-priority work currently being done by ESMA on enhancing supervisory convergence on fund managers’ liquidity risk management. This includes the Common Supervisory Action on UCITS’ managers liquidity risk management announced in 2020 (8) and ESMA’s ongoing coordination of supervisory actions in the face of COVID-19. |
| --- | --- |

(10)

The ESRB acknowledges the high-priority work currently being done by ESMA on enhancing supervisory convergence on fund managers’ liquidity risk management. This includes the Common Supervisory Action on UCITS’ managers liquidity risk management announced in 2020 (8) and ESMA’s ongoing coordination of supervisory actions in the face of COVID-19.

| (11) | This Recommendation is without prejudice to the monetary policy mandates of the central banks in the Union. |
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(11)

This Recommendation is without prejudice to the monetary policy mandates of the central banks in the Union.

| (12) | Recommendations of the ESRB are published after the addressees have been informed, and after the General Board has informed the Council of the European Union of its intention to do so and provided the Council with an opportunity to react, |
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(12)

Recommendations of the ESRB are published after the addressees have been informed, and after the General Board has informed the Council of the European Union of its intention to do so and provided the Council with an opportunity to react,

HAS ADOPTED THIS RECOMMENDATION:

SECTION 1

RECOMMENDATION

Recommendation A – Coordinating supervisory engagement with investment funds to assess their preparedness

It is recommended that the European Securities and Markets Authority (ESMA):

| (1) | coordinate with the national competent authorities to undertake a focused piece of supervisory exercise with investment funds that have significant exposures to corporate debt and real estate assets to assess the preparedness of these two segments of the investment funds sector to potential future adverse shocks, including any potential resumption of significant redemptions and/or an increase in valuation uncertainty; and |
| --- | --- |

(1)

coordinate with the national competent authorities to undertake a focused piece of supervisory exercise with investment funds that have significant exposures to corporate debt and real estate assets to assess the preparedness of these two segments of the investment funds sector to potential future adverse shocks, including any potential resumption of significant redemptions and/or an increase in valuation uncertainty; and

| (2) | report to the ESRB on its analysis and on the conclusions reached regarding the preparedness of the relevant investment funds. |
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(2)

report to the ESRB on its analysis and on the conclusions reached regarding the preparedness of the relevant investment funds.

SECTION 2

IMPLEMENTATION

1.   Definitions

| 1. | For the purposes of this Recommendation the following definitions apply:






  (a) | ‘national competent authority’ (NCA) means the competent authority as defined in Article 2(1)(h) of Directive 2009/65/EC of the European Parliament and of the Council (9) or in Article 4(1)(f) of Directive 2011/61/EU of the European Parliament and of the Council (10); |
| --- | --- | --- |

1.

(a)

‘national competent authority’ (NCA) means the competent authority as defined in Article 2(1)(h) of Directive 2009/65/EC of the European Parliament and of the Council (9) or in Article 4(1)(f) of Directive 2011/61/EU of the European Parliament and of the Council (10);

| (b) | ‘investment fund’ means: (i) an undertaking for collective investment in transferable securities (UCITS) as defined in Article 1(2) of Directive 2009/65/EC that has been authorised in accordance with Article 5 of that Directive; and (ii) an alternative investment fund as defined in Article 4(1)(a) of Directive 2011/61/EU. |
| --- | --- |

(b)

‘investment fund’ means: (i) an undertaking for collective investment in transferable securities (UCITS) as defined in Article 1(2) of Directive 2009/65/EC that has been authorised in accordance with Article 5 of that Directive; and (ii) an alternative investment fund as defined in Article 4(1)(a) of Directive 2011/61/EU.

2.   Criteria for implementation

| 1. | The following criteria apply to the implementation of this Recommendation:






  (a) | due regard should be paid to the principle of proportionality, taking into account the objective and the content of the recommendation; |
| --- | --- | --- |

1.

(a)

due regard should be paid to the principle of proportionality, taking into account the objective and the content of the recommendation;

| (b) | the specific compliance criteria set out in the Annex should be met. |
| --- | --- |

(b)

the specific compliance criteria set out in the Annex should be met.

3.   Timeline for follow-up

| 1. | In accordance with Article 17(1) of Regulation (EU) No 1092/2010 addressees must communicate to the European Parliament, the Council, the Commission and to the ESRB the actions undertaken in response to recommendations and substantiate any inaction. ESMA is requested to submit the communication by 31 October 2020. |
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1.

4.   Monitoring and assessment

| 1. | The ESRB Secretariat will, where appropriate:






  (a) | assist ESMA, contributing to certain parts of the analysis from a financial stability perspective; |
| --- | --- | --- |

1.

(a)

assist ESMA, contributing to certain parts of the analysis from a financial stability perspective;

| (b) | coordinate the procedure for the follow-up; |
| --- | --- |

(b)

coordinate the procedure for the follow-up;

| (c) | provide assistance at ESMA’s request. |
| --- | --- |

(c)

provide assistance at ESMA’s request.

| 2. | The General Board will assess the actions and justifications communicated by ESMA and, where appropriate, may decide that this Recommendation has not been followed and that ESMA has failed to provide adequate justification for its inaction. |
| --- | --- |

2.

Done at Frankfurt am Main, 6 May 2020.

Head of the ESRB Secretariat,

on behalf of the General Board of the ESRB

Francesco MAZZAFERRO

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(1)  OJ L 331, 15.12.2010, p. 1.

1

(2)  OJ C 58, 24.2.2011, p. 4.

2

(3)  See the press release issued following the ESRB General Board meeting of 2 April 2020, available at: https://www.esrb.europa.eu/news/pr/date/2020/html/esrb.pr200409~a26cc93c59.en.html

3

(4)  See, for example, the annual EU Non-bank Financial Intermediation Risk Monitor 2019, available at: https://www.esrb.europa.eu/pub/pdf/reports/nbfi_monitor/esrb.report190717_NBFImonitor2019~ba7c155135.en.pdf?aad1f4a011a6d589537645242475aa89

4

(5)  See Article 40(4) of Commission Directive 2010/43/EU of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards organisational requirements, conflicts of interest, conduct of business, risk management and content of the agreement between a depositary and a management company (OJ L 176, 10.7.2010, p. 42).

5

(6)  See Article 16(2) of Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).

6

(7)  ESMA Final Report: Guidelines on liquidity stress testing in UCITS and AIFs, 2 September 2019, available at: https://www.esma.europa.eu/sites/default/files/library/esma34-39-882_final_report_guidelines_on_lst_in_ucits_and_aifs.pdf

7

(8)  See ESMA’s press release of 30 January 2020, available at: https://www.esma.europa.eu/press-news/esma-news/esma-launches-common-supervisory-action-ncas-ucits-liquidity-risk-management

8

(9)  Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).

9

(10)  Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).

10

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ANNEX

COMPLIANCE CRITERIA FOR THE RECOMMENDATION

For Recommendation A, the following compliance criteria are specified:

| (1) | To allow for a targeted and timely exercise ESMA should coordinate with NCAs to:






  (a) | identify the investment funds in the Union that have particularly large exposures to corporate debt and real estate markets and which are particularly important from a macroprudential perspective. By limiting the scope of the exercise to these funds this Recommendation seeks to ensure that the exercise can be carried out in the time available. ESMA may also want to consider other relevant characteristics in identifying funds, for example the redemption frequency and/or the degree of leverage; |
| --- | --- | --- |

(1)

To allow for a targeted and timely exercise ESMA should coordinate with NCAs to:

(a)

identify the investment funds in the Union that have particularly large exposures to corporate debt and real estate markets and which are particularly important from a macroprudential perspective. By limiting the scope of the exercise to these funds this Recommendation seeks to ensure that the exercise can be carried out in the time available. ESMA may also want to consider other relevant characteristics in identifying funds, for example the redemption frequency and/or the degree of leverage;

| (b) | engage in a targeted way with the subset of investment funds identified under point (a) to help assess their current state of preparedness for an unexpected increase in redemptions and/or an increase in valuation uncertainty, including forming a view as to how these funds might respond to potential future adverse shocks in the short term; |
| --- | --- |

(b)

engage in a targeted way with the subset of investment funds identified under point (a) to help assess their current state of preparedness for an unexpected increase in redemptions and/or an increase in valuation uncertainty, including forming a view as to how these funds might respond to potential future adverse shocks in the short term;

| (c) | assess the preparedness of the corporate debt and real estate segments of the investment funds sector and consider whether any further actions are needed to enhance that preparedness. In particular, the assessment should focus on potential future redemption and/or valuation uncertainty shocks and consider whether additional action is needed – for example, additional guidance to either funds or supervisors regarding the use of liquidity management tools and/or dealing with valuation uncertainty. |
| --- | --- |

(c)

assess the preparedness of the corporate debt and real estate segments of the investment funds sector and consider whether any further actions are needed to enhance that preparedness. In particular, the assessment should focus on potential future redemption and/or valuation uncertainty shocks and consider whether additional action is needed – for example, additional guidance to either funds or supervisors regarding the use of liquidity management tools and/or dealing with valuation uncertainty.

| (2) | The following considerations should be taken into account as part of the supervisory exercise, with a particular focus on areas that are relevant from a financial stability perspective.






  (a) | Funds with particularly large exposures to corporate debt

  As part of a targeted exercise with the funds with particularly large exposures to corporate debt, the following information is likely to be particularly useful from a financial stability perspective:






  (i) | Information to assess fund behaviour at the onset of the COVID-19 pandemic. This information could include: (i) the level of redemptions seen at the onset of the COVID-19 pandemic, when redemptions from a range of corporate bond funds were elevated; (ii) how liquidity management tools were used at the time, including the specific tools activated by different fund types; and (iii) what types of assets were sold to meet redemptions and in what manner (for example, by vertical slicing). |
| --- | --- | --- | --- |

(2)

The following considerations should be taken into account as part of the supervisory exercise, with a particular focus on areas that are relevant from a financial stability perspective.

(a)

Funds with particularly large exposures to corporate debt

As part of a targeted exercise with the funds with particularly large exposures to corporate debt, the following information is likely to be particularly useful from a financial stability perspective:

(i)

Information to assess fund behaviour at the onset of the COVID-19 pandemic. This information could include: (i) the level of redemptions seen at the onset of the COVID-19 pandemic, when redemptions from a range of corporate bond funds were elevated; (ii) how liquidity management tools were used at the time, including the specific tools activated by different fund types; and (iii) what types of assets were sold to meet redemptions and in what manner (for example, by vertical slicing).

| (ii) | Information to assess the current state of preparedness. This information could include descriptions of: (i) the set of liquidity management tools available to the funds identified; (ii) the manner in which fund managers themselves are preparing for any possible future adverse shocks; (iii) the manner in which fund managers themselves would likely respond to a possible resumption in redemptions; (iv) current liquid asset holdings of the funds identified; and (v) the number and nature of investors in the fund (for example, retail versus institutional investors). |
| --- | --- |

(ii)

Information to assess the current state of preparedness. This information could include descriptions of: (i) the set of liquidity management tools available to the funds identified; (ii) the manner in which fund managers themselves are preparing for any possible future adverse shocks; (iii) the manner in which fund managers themselves would likely respond to a possible resumption in redemptions; (iv) current liquid asset holdings of the funds identified; and (v) the number and nature of investors in the fund (for example, retail versus institutional investors).

| (b) | Funds with particularly large exposures to real estate

  As part of a targeted exercise with the funds with particularly large exposures to real estate, the following information is likely to be particularly useful from a financial stability perspective:






  (i) | Information to assess the current extent of valuation uncertainty and redemption activity. This information could include descriptions of: (i) valuation uncertainty issues faced by real estate funds in different jurisdictions, if any; (ii) the manner in which liquidity management tools have been used to date, including the specific tools activated; and (iii) the size of redemption requests since the onset of the COVID-19 pandemic and the manner in which the funds identified have responded to these requests. |
| --- | --- | --- |

(b)

Funds with particularly large exposures to real estate

As part of a targeted exercise with the funds with particularly large exposures to real estate, the following information is likely to be particularly useful from a financial stability perspective:

(i)

Information to assess the current extent of valuation uncertainty and redemption activity. This information could include descriptions of: (i) valuation uncertainty issues faced by real estate funds in different jurisdictions, if any; (ii) the manner in which liquidity management tools have been used to date, including the specific tools activated; and (iii) the size of redemption requests since the onset of the COVID-19 pandemic and the manner in which the funds identified have responded to these requests.

| (ii) | Information to assess current state of preparedness. Information could include descriptions of: (i) the structural characteristics of real estate funds (e.g. dealing frequency, notice periods, etc.); (ii) the set of liquidity management tools that is available to the funds identified; (iii) the manner in which fund managers themselves are preparing for any possible future adverse shocks; (iv) the manner in which fund managers themselves would likely respond to an increase in valuation uncertainty/increase in redemptions; (v) the current liquid asset holdings of the funds identified; and (vi) the number and nature of investors in the funds identified (for example, retail versus institutional investors). |
| --- | --- |

(ii)

Information to assess current state of preparedness. Information could include descriptions of: (i) the structural characteristics of real estate funds (e.g. dealing frequency, notice periods, etc.); (ii) the set of liquidity management tools that is available to the funds identified; (iii) the manner in which fund managers themselves are preparing for any possible future adverse shocks; (iv) the manner in which fund managers themselves would likely respond to an increase in valuation uncertainty/increase in redemptions; (v) the current liquid asset holdings of the funds identified; and (vi) the number and nature of investors in the funds identified (for example, retail versus institutional investors).

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II Information

INFORMATION FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES

European Commission

| 15.6.2020 | EN | Official Journal of the European Union | C 200/6 |
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15.6.2020

EN

Official Journal of the European Union

C 200/6

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Non-opposition to a notified concentration

(Case M.9836 – Bunker Holding/OceanConnect Marine)

(Text with EEA relevance)

(2020/C 200/02)

On 9 June 2020, the Commission decided not to oppose the above notified concentration and to declare it compatible with the internal market. This decision is based on Article 6(1)(b) of Council Regulation (EC) No 139/2004 (1). The full text of the decision is available only in English and will be made public after it is cleared of any business secrets it may contain. It will be available:

| — | in the merger section of the Competition website of the Commission (http://ec.europa.eu/competition/mergers/cases/). This website provides various facilities to help locate individual merger decisions, including company, case number, date and sectoral indexes, |
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—

in the merger section of the Competition website of the Commission (http://ec.europa.eu/competition/mergers/cases/). This website provides various facilities to help locate individual merger decisions, including company, case number, date and sectoral indexes,

| — | in electronic form on the EUR-Lex website (http://eur-lex.europa.eu/homepage.html?locale=en) under document number 32020M9836. EUR-Lex is the online access to European law. |
| --- | --- |

—

in electronic form on the EUR-Lex website (http://eur-lex.europa.eu/homepage.html?locale=en) under document number 32020M9836. EUR-Lex is the online access to European law.

---

(1)  OJ L 24, 29.1.2004, p. 1.

---

| 15.6.2020 | EN | Official Journal of the European Union | C 200/7 |
| --- | --- | --- | --- |

15.6.2020

EN

Official Journal of the European Union

C 200/7

---

Non-opposition to a notified concentration

(Case M.9423 – Strategic value Partners/Pfleiderer)

(Text with EEA relevance)

(2020/C 200/03)

On 21 August 2019, the Commission decided not to oppose the above notified concentration and to declare it compatible with the internal market. This decision is based on Article 6(1)(b) of Council Regulation (EC) No 139/2004 (1). The full text of the decision is available only in English and will be made public after it is cleared of any business secrets it may contain. It will be available:

| — | in the merger section of the Competition website of the Commission (http://ec.europa.eu/competition/mergers/cases/). This website provides various facilities to help locate individual merger decisions, including company, case number, date and sectoral indexes, |
| --- | --- |

—

in the merger section of the Competition website of the Commission (http://ec.europa.eu/competition/mergers/cases/). This website provides various facilities to help locate individual merger decisions, including company, case number, date and sectoral indexes,

| — | in electronic form on the EUR-Lex website (http://eur-lex.europa.eu/homepage.html?locale=en) under document number 32019M9423. EUR-Lex is the online access to European law. |
| --- | --- |

—

in electronic form on the EUR-Lex website (http://eur-lex.europa.eu/homepage.html?locale=en) under document number 32019M9423. EUR-Lex is the online access to European law.

---

(1)  OJ L 24, 29.1.2004, p. 1.

---

| 15.6.2020 | EN | Official Journal of the European Union | C 200/8 |
| --- | --- | --- | --- |

15.6.2020

EN

Official Journal of the European Union

C 200/8

---

Non-opposition to a notified concentration

(Case M.9745 — Sunsuper/Macquarie/PGGM/MAGL)

(Text with EEA relevance)

(2020/C 200/04)

On 13 March 2020, the Commission decided not to oppose the above notified concentration and to declare it compatible with the internal market. This decision is based on Article 6(1)(b) of Council Regulation (EC) No 139/2004 (1). The full text of the decision is available only in English and will be made public after it is cleared of any business secrets it may contain. It will be available:

| — | in the merger section of the Competition website of the Commission (http://ec.europa.eu/competition/mergers/cases/). This website provides various facilities to help locate individual merger decisions, including company, case number, date and sectoral indexes, |
| --- | --- |

—

in the merger section of the Competition website of the Commission (http://ec.europa.eu/competition/mergers/cases/). This website provides various facilities to help locate individual merger decisions, including company, case number, date and sectoral indexes,

| — | in electronic form on the EUR-Lex website (http://eur-lex.europa.eu/homepage.html?locale=en) under document number 32020M9745. EUR-Lex is the online access to European law. |
| --- | --- |

—

in electronic form on the EUR-Lex website (http://eur-lex.europa.eu/homepage.html?locale=en) under document number 32020M9745. EUR-Lex is the online access to European law.

---

(1)  OJ L 24, 29.1.2004, p. 1.

---

IV Notices

NOTICES FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES

European Commission

| 15.6.2020 | EN | Official Journal of the European Union | C 200/9 |
| --- | --- | --- | --- |

15.6.2020

EN

Official Journal of the European Union

C 200/9

---

Euro exchange rates (1)

12 June 2020

(2020/C 200/05)

1 euro =

| | Currency | Exchange rate |
| --- | --- | --- |
| USD | US dollar | 1,1304 |
| JPY | Japanese yen | 121,26 |
| DKK | Danish krone | 7,4551 |
| GBP | Pound sterling | 0,89653 |
| SEK | Swedish krona | 10,5103 |
| CHF | Swiss franc | 1,0697 |
| ISK | Iceland króna | 152,10 |
| NOK | Norwegian krone | 10,8475 |
| BGN | Bulgarian lev | 1,9558 |
| CZK | Czech koruna | 26,698 |
| HUF | Hungarian forint | 346,00 |
| PLN | Polish zloty | 4,4484 |
| RON | Romanian leu | 4,8343 |
| TRY | Turkish lira | 7,7224 |
| AUD | Australian dollar | 1,6447 |
| CAD | Canadian dollar | 1,5347 |
| HKD | Hong Kong dollar | 8,7607 |
| NZD | New Zealand dollar | 1,7553 |
| SGD | Singapore dollar | 1,5718 |
| KRW | South Korean won | 1 360,45 |
| ZAR | South African rand | 19,2794 |
| CNY | Chinese yuan renminbi | 7,9990 |
| HRK | Croatian kuna | 7,5660 |
| IDR | Indonesian rupiah | 16 058,24 |
| MYR | Malaysian ringgit | 4,8240 |
| PHP | Philippine peso | 56,763 |
| RUB | Russian rouble | 78,7662 |
| THB | Thai baht | 34,986 |
| BRL | Brazilian real | 5,7388 |
| MXN | Mexican peso | 25,4450 |
| INR | Indian rupee | 85,7875 |

Currency

Exchange rate

USD

US dollar

1,1304

JPY

Japanese yen

121,26

DKK

Danish krone

7,4551

GBP

Pound sterling

0,89653

SEK

Swedish krona

10,5103

CHF

Swiss franc

1,0697

ISK

Iceland króna

152,10

NOK

Norwegian krone

10,8475

BGN

Bulgarian lev

1,9558

CZK

Czech koruna

26,698

HUF

Hungarian forint

346,00

PLN

Polish zloty

4,4484

RON

Romanian leu

4,8343

TRY

Turkish lira

7,7224

AUD

Australian dollar

1,6447

CAD

Canadian dollar

1,5347

HKD

Hong Kong dollar

8,7607

NZD

New Zealand dollar

1,7553

SGD

Singapore dollar

1,5718

KRW

South Korean won

1 360,45

ZAR

South African rand

19,2794

CNY

Chinese yuan renminbi

7,9990

HRK

Croatian kuna

7,5660

IDR

Indonesian rupiah

16 058,24

MYR

Malaysian ringgit

4,8240

PHP

Philippine peso

56,763

RUB

Russian rouble

78,7662

THB

Thai baht

34,986

BRL

Brazilian real

5,7388

MXN

Mexican peso

25,4450

INR

Indian rupee

85,7875

---

(1)  Source: reference exchange rate published by the ECB.

---

V Announcements

PROCEDURES RELATING TO THE IMPLEMENTATION OF COMPETITION POLICY

European Commission

| 15.6.2020 | EN | Official Journal of the European Union | C 200/10 |
| --- | --- | --- | --- |

15.6.2020

EN

Official Journal of the European Union

C 200/10

---

Prior notification of a concentration

(Case M.9853 — HGK/Imperial Shipping Group)

(Text with EEA relevance)

(2020/C 200/06)

1.

This notification concerns the following undertakings:

| — | Häfen und Güterverkehr Köln AG (‘HGK’, Germany), controlled by Stadtwerke Köln GmbH (Germany), |
| --- | --- |

—

Häfen und Güterverkehr Köln AG (‘HGK’, Germany), controlled by Stadtwerke Köln GmbH (Germany),

| — | the European inland shipping business of Imperial Mobility International B.V. & Co. KG (‘Imperial Group’, The Netherlands). |
| --- | --- |

—

the European inland shipping business of Imperial Mobility International B.V. & Co. KG (‘Imperial Group’, The Netherlands).

HGK acquires within the meaning of Article 3(1)(b) of the Merger Regulation control of parts of the Imperial Group, namely the European inland shipping business and certain related businesses (‘Imperial Shipping Group’, The Netherlands, Germany and France).

The concentration is accomplished by way of purchase of shares.

2.

| — | for HGK: inland waterway transportation, transhipment/ stevedoring services at inland terminals, inland port infrastructure, rail transportation, rail infrastructure, freight forwarding and logistics services and short sea shipping in Germany with a focus on Cologne and the Rhine area, |
| --- | --- |

—

for HGK: inland waterway transportation, transhipment/ stevedoring services at inland terminals, inland port infrastructure, rail transportation, rail infrastructure, freight forwarding and logistics services and short sea shipping in Germany with a focus on Cologne and the Rhine area,

| — | for Imperial Shipping Group: inland navigation, transhipment/ stevedoring services, storage, transport logistics, ships clearance and trade in vehicles, servicing customers in Germany, Benelux and Northeast France. |
| --- | --- |

—

for Imperial Shipping Group: inland navigation, transhipment/ stevedoring services, storage, transport logistics, ships clearance and trade in vehicles, servicing customers in Germany, Benelux and Northeast France.

3.

On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved.

4.

Observations must reach the Commission not later than 10 days following the date of this publication. The following reference should always be specified:

Case M.9853 – HGK/Imperial Shipping Group

Observations can be sent to the Commission by email, by fax, or by post. Please use the contact details below:

Email: COMP-MERGER-REGISTRY@ec.europa.eu

Fax +32 22964301

Postal address:

| European Commission |
| --- |
| Directorate-General for Competition |
| Merger Registry |
| 1049 Bruxelles/Brussel |
| BELGIQUE/BELGIË |

European Commission

Directorate-General for Competition

Merger Registry

1049 Bruxelles/Brussel

BELGIQUE/BELGIË

---

(1)  OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).

1

---

OTHER ACTS

European Commission

| 15.6.2020 | EN | Official Journal of the European Union | C 200/12 |
| --- | --- | --- | --- |

15.6.2020

EN

Official Journal of the European Union

C 200/12

---

Publication of an application for registration of a name pursuant to Article 50(2)(a) of Regulation (EU) No 1151/2012 of the European Parliament and of the Council on quality schemes for agricultural products and foodstuffs

(2020/C 200/07)

This publication confers the right to oppose the application pursuant to Article 51 of Regulation (EU) No 1151/2012 of the European Parliament and of the Council (1) within three months from the date of this publication.

SINGLE DOCUMENT

‘ΡΟΔΙ ΕΡΜΙΟΝΗΣ’ (RODI ERMIONIS)

EU No: PDO-GR-02389 – 12.1.2018

PDO (X) PGI ( )

1.   Name(s)

‘Ρόδι Ερμιόνης’ (Rodi Ermionis)

2.   Member State or Third Country

Greece

3.   Description of the agricultural product or foodstuff

3.1.   Type of product

Class 1.6 Fruit, vegetables and cereals, fresh or processed

3.2.   Description of the product to which the name in 1 applies

‘Rodi Ermionis’ is the fruit of the ‘Ermioni’ pomegranate tree, a local variety of the Punica granatum L. species belonging to the Punicaceae family, which is grown in the Ermionida area, hence the name. It is a local ecotype which over time and as a result of natural selection has adapted to the local climatic conditions and the growing methods used by the local producers. These plants also provide the propagation material for new planting in the area.

When placed on the market, the ripe fruit has the following characteristics:

| 1. | Morphological characteristics:






  — | Shape: round. On the outside is the skin, which is thin, leathery, supple and shiny. Inside are the seeds, which contain a semi-woody soft kernel of medium size, which crushes easily when chewed. |
| --- | --- | --- |

1.

Morphological characteristics:

—

Shape: round. On the outside is the skin, which is thin, leathery, supple and shiny. Inside are the seeds, which contain a semi-woody soft kernel of medium size, which crushes easily when chewed.

| — | Colour: the skin is yellowish-pink to red, depending on surface exposure to the sun. The seeds are pink to red. |
| --- | --- |

—

Colour: the skin is yellowish-pink to red, depending on surface exposure to the sun. The seeds are pink to red.

| 2. | Organoleptic characteristics:
  The fruit has a sweet taste due to the balanced sugar-to-acid ratio. The seeds are sweet and soft and the kernel inside crushes easily when chewed. |
| --- | --- |

2.

Organoleptic characteristics:

The fruit has a sweet taste due to the balanced sugar-to-acid ratio. The seeds are sweet and soft and the kernel inside crushes easily when chewed.

| 3. | Physico-chemical characteristics:






  — | Degrees Brix: minimum 15° |
| --- | --- | --- |

3.

Physico-chemical characteristics:

—

Degrees Brix: minimum 15°

| — | Acidity (% citric acid): maximum 0,4 |
| --- | --- |

—

Acidity (% citric acid): maximum 0,4

The product is marketed as fresh fruit and as packaged, ready-to-eat pomegranate seeds.

3.3.   Feed (for products of animal origin only) and raw materials (for processed products only)

—

3.4.   Specific steps in production that must take place in the defined geographical area

All steps in production must take place in the defined geographical area.

3.5.   Specific rules concerning slicing, grating, packaging, etc. of the product to which the registered name refers

—

3.6.   Specific rules concerning labelling of the product to which the registered name refers

—

4.   Concise definition of the geographical area

‘Rodi Ermionis’ is produced in the Municipality of Ermionida, which is in the Regional Unit of Argolida in the Peloponnese Region. The Municipality of Ermionida is situated in the eastern part of the Argolis Prefecture and comprises the Municipal Units of Kranidi, Ermioni and Portocheli and the local communities of Koilada, Didyma, Fournoi, Thermisia and Iliokastro. It borders the Argolic Gulf to the west and the Myrtoan Sea to the south.

5.   Link with the geographical area

The defined area is a peninsula where the land is fairly level. The local microclimate is influenced by Mount Didymo, which forms the area’s northern border and is 1 121 metres high (the second highest mountain in Argolida), the Aderes mountains, which run along the eastern-northeastern edge, and the sea which borders the Municipality of Ermionida to the south and west.

The specific features of Ermionida’s climate during the year are:

| — | the absence of extreme temperatures, with virtually no frost in winter and mild, long, hot summers |
| --- | --- |

—

the absence of extreme temperatures, with virtually no frost in winter and mild, long, hot summers

| — | the small difference between day-time and night-time temperatures |
| --- | --- |

—

the small difference between day-time and night-time temperatures

| — | long periods of full sunshine |
| --- | --- |

—

long periods of full sunshine

| — | minimal rainfall and low relative humidity in spring and autumn (September - October) |
| --- | --- |

—

minimal rainfall and low relative humidity in spring and autumn (September - October)

‘Rodi Ermionis’ is typical and unique, and directly linked with the area where it is grown, as specific climatic factors in conjunction with the growing methods determine the characteristics of the final product.

‘Rodi Ermionis’ has been grown in Ermioni for decades. This is why it is called ‘Ermioni’ (the name of the local community and of the former municipality), the area where it was developed and successfully adapted.

‘Rodi Ermionis’ is a local ecotype which, because it has adapted well to the area, is referred to as the ‘Ermioni variety’ on the internet, in magazines and other media. It is a local variety that has developed over time, with the growers continually selecting the plants with the desired characteristics and then propagating them vegetatively within the area. A specific feature of the local variety is the soft kernel. A study carried out by the Department of Deciduous Fruit Trees in Naousa, which looked at a number of important pomegranate genotypes that were collected from various parts of Greece and are recommended for cultivation, including ‘Rodi Ermionis’, mentions among other things that ‘Rodi Ermionis’ has a soft kernel, unlike the others, which have a hard or semi-hard kernel.

The sweet taste and supple skin are also distinctive characteristics of ‘Rodi Ermionis’ that are determined by natural factors and the growing methods used.

Specifically, regarding the sweet taste, shaping the plants into trees, which is feasible because there is no frost, ensures that the plant has a bigger leaf area and greater photosynthetic activity. It also ensures that the trees are well aired and the fruit is more exposed to the sun. These conditions favour the production of sugars and breakdown of acids and thus a more balanced sweetness. The sugar content (soluble solids) must be at least 15 ° Brix and the acidity less than 0,4 (expressed as % citric acid).

The Brix value and the acidity of samples of ‘Rodi Ermionis’ and other pomegranates were measured at the Department of Deciduous Fruit Trees in Naousa. ‘Rodi Ermionis’ had the sweetest juice, as it combines a high Brix value with low acidity.

Regarding the supple skin, although it can be prone to splitting, this does not occur in the defined geographical area, owing to natural factors and the specific cultivation method. The producers’ long-standing experience in growing ‘Rodi Ermionis’ has led them to develop a specific irrigation technique, which after years of growing and observing the plants has been seen to improve fruit set and help prevent fruit splitting. During the period when the trees blossom and the fruit sets (May), they stop irrigating and thereby ensure more successful pollination, better fruit set and stabilisation of the new fruit. The fruit’s supple skin, thanks to the hot dry conditions in the defined area and the cultivation method, does not split easily. Specifically, in summer and early autumn when harvest time is approaching, the crop is irrigated to ensure there is sufficient moisture in the soil. This helps to keep the skin supple and more effectively prevent splitting, as a supple skin ensures a more even and uniform growth of the external tissue, which protects the fruit from sudden changes that lead to splitting. This is also helped by the small difference between day-time and night-time temperatures throughout the year and the low rainfall in the defined area during the period when the fruit is ripening in the autumn.

The fruit is harvested very carefully and always manually, either using special secateurs or by hand, because ‘Rodi Ermionis’ has a soft, fine skin that is easily bruised. This reduces the risk of damage and post-harvest infestation and ensures fruit of a higher quality.

The environmental conditions in Ermionida have given ‘Rodi Ermionis’ its specific characteristics, which distinguish it from other pomegranates and have enabled it to acquire an outstanding reputation on the market as a product that meets specific consumer needs and preferences. Since 2011 the Municipality of Ermionida, in collaboration with the pomegranate growers and local bodies, has organised the Ermioni Pomegranate Festival, which includes events such as decorating the town and distributing the product at the harbour and in shops in Ermioni, preparing many different pomegranate-based specialities (food, sweets, liqueur) and offering them to the public, as well as cultural and scientific events.

Publication reference of the specification

(the second subparagraph of Article 6(1) of the Regulation)

http://www.minagric.gr/images/stories/docs/agrotis/POP-PGE/2020/prodiagrafes_rodi_ermioni290120.pdf

---

(1)  OJ L 343, 14.12.2012, p. 1.

---

| 15.6.2020 | EN | Official Journal of the European Union | C 200/15 |
| --- | --- | --- | --- |

15.6.2020

EN

Official Journal of the European Union

C 200/15

---

Publication of an application for registration of a name pursuant to Article 50(2)(a) of Regulation (EU) No 1151/2012 of the European Parliament and of the Council on quality schemes for agricultural products and foodstuffs

(2020/C 200/08)

This publication confers the right to oppose the application pursuant to Article 51 of Regulation (EU) No 1151/2012 of the European Parliament and of the Council (1) within three months from the date of this publication.

SINGLE DOCUMENT

‘ΛΟΎΝΤΖΑ ΠΙΤΣΙΛΙΆΣ’ (LOUNTZA PITSILIAS)

EU No: PGI-CY-02367 – 15.9.2017

PDO () PGI (X)

1.   Name(s)

‘Λούντζα Πιτσιλιάς’ (Lountza Pitsilias)

2.   Member State or Third Country

Cyprus

3.   Description of the agricultural product or foodstuff

3.1.   Type of product

Class 1.2. Meat products (cooked, salted, smoked, etc.)

3.2.   Description of the product to which the name in (1) applies

Λούντζα Πιτσιλιάς/Lountza Pitsilias is an aged, dry, salted, smoked meat product marinated in wine; it is prepared from pork fillet. It is produced without the addition of any preservatives (e.g. nitrates, nitrites, polyphosphates), flavour enhancers or any other additives. The raw materials used to prepare Λούντζα Πιτσιλιάς/Lountza Pitsilias also do not contain any additives or preservatives (e.g. nitrates, nitrites).

The following are used in the preparation of this product:

| — | fresh pork fillet (each animal has two fillets which are found on the back along the spinal column – one on each side), from healthy animals that have been slaughtered in accordance with the law (completely bled and immediately refrigerated). Upon receipt, checks are carried out on the colour (characteristic light red), the smell (good), the internal temperature (between 0 °C and 7 °C) and the pH (between 5,3 and 6), |
| --- | --- |

—

fresh pork fillet (each animal has two fillets which are found on the back along the spinal column – one on each side), from healthy animals that have been slaughtered in accordance with the law (completely bled and immediately refrigerated). Upon receipt, checks are carried out on the colour (characteristic light red), the smell (good), the internal temperature (between 0 °C and 7 °C) and the pH (between 5,3 and 6),

| — | dry red wine from vineyards of the local ‘Mavro’ variety which may include vines of the ‘Maratheftiko’ variety. Upon receipt of the wine, checks are carried out on the aroma (characteristic of the variety), the alcohol content (between 12 and 15 %) and the sugar content (less than 4 g/litre), |
| --- | --- |

—

dry red wine from vineyards of the local ‘Mavro’ variety which may include vines of the ‘Maratheftiko’ variety. Upon receipt of the wine, checks are carried out on the aroma (characteristic of the variety), the alcohol content (between 12 and 15 %) and the sugar content (less than 4 g/litre),

| — | coarse (sea) salt, |
| --- | --- |

—

coarse (sea) salt,

| — | crushed coriander (Coriandrum sativum) and, optionally, ground cumin (Cuminum cyminum) and/or ground black pepper (Piper nigrum). |
| --- | --- |

—

crushed coriander (Coriandrum sativum) and, optionally, ground cumin (Cuminum cyminum) and/or ground black pepper (Piper nigrum).

The characteristics of Λούντζα Πιτσιλιάς/Lountza Pitsilias are as follows:

Physical characteristics

Shape: long, narrow and cylindrical with a slightly elliptical cross-section tapering towards the ends

Weight: 0,8–2,5 kg

Organoleptic characteristics

Colour: dark red to black in colour on the outside and light red to purple on the inside

Aroma: red wine, coriander (and/or cumin) and smoke

Taste: slightly salty and smoky, strengthened by the flavour of the wine, the coriander and/or cumin and the black pepper (where the last two are added) which are used in its preparation

Texture: compact, cohesive, with no lines separating the muscle fibres, slightly firm to chew

Chemical characteristics

Water content: 40–60 %

Sodium chloride: 3–7 %

‘Λούντζα Πιτσιλιάς/Lountza Pitsilias’ is presented for consumption whole or sliced and may be sold packaged or unpackaged.

3.3.   Feed (for products of animal origin only) and raw materials (for processed products only)

The dry red wine used in the preparation of Λούντζα Πιτσιλιάς/Lountza Pitsilias is produced in the defined geographical area from vineyards which contain grapevines of the local ‘Mavro’ variety that is predominant in the region. These vineyards are located in the area of Pitsilia (wines with Controlled Designation of Origin) and may include vines of the ‘Maratheftiko’ (Vamvakada) variety.

The Pitsilia region is characterised by special soil morphology and quality, with characteristics beneficial to the cultivation of grapes for wine making, such as high altitude, barren and sloping soils, eroded volcanic rocks and the absence of rainfall while the grapes ripen. All of these climatic and morphological peculiarities of the Pitsilia region give the wine of the region special organoleptic and quality characteristics which are transferred to the Λούντζα Πιτσιλιάς/Lountza Pitsilias and influence its organoleptic character, since an important part of the production process is immersion in wine.

3.4.   Specific steps in production that must take place in the identified geographical area

The dry red wine used in the preparation of Λούντζα Πιτσιλιάς/Lountza Pitsilias is produced in the defined geographical area from vineyards which contain grapevines of the local ‘Mavro’ variety that is predominant in the region. These vineyards are located in the area of Pitsilia (wines with Controlled Designation of Origin) and may include vines of the ‘Maratheftiko’ (Vamvakada) variety.

The Pitsilia region is characterised by special soil morphology and quality, with characteristics beneficial to the cultivation of grapes for wine making, such as high altitude, barren and sloping soils, eroded volcanic rocks and the absence of rainfall while the grapes ripen. All of these climatic and morphological peculiarities of the Pitsilia region give the wine of the region special organoleptic and quality characteristics which are transferred to the Λούντζα Πιτσιλιάς/Lountza Pitsilias and influence its organoleptic character, since an important part of the production process is immersion in wine.

3.5.   Specific rules concerning slicing, grating, packaging, etc. of the product the registered name refers to

—

3.6.   Specific rules concerning labelling of the product the registered name refers to

In whatever form the product is presented (packaged or unpackaged, whole or sliced), it must bear appropriate labelling stating the registered name and the details of the plant where it was produced and/or sliced and packaged (if slicing and packaging do not take place in the production plant).

4.   Concise definition of the geographical area

The defined geographical area, Pitsilia, is known for being mountainous. It comprises those areas which have an altitude of 700 metres or more and are within the administrative boundaries of the following localities:

Nicosia District: Agia Eirini, Alithinou, Alona, Apliki, Askas, Gourri, Kannavia, Kourdali, Lagoudera, Lazanias, Livadia (Nicosia), Palechori, Platanistasa, Polystypos, Saranti, Spilia, Farmakas, Fikardou, Fterikoudi, Kambi

Larnaca District: Odou

Limassol District: Agios Theodoros, Agios Ioannis, Agios Konstantinos, Agios Pavlos, Agridia, Agros, Kato Amiantos, Pano Amiantos, Dymes, Zoopigi, Kato Mylos, Kyperounta, Pelendri, Potamitissa, Sykopetra, Chandria

5.   Link with the geographical area

The application to register the name Λούντζα Πιτσιλιάς/Lountza Pitsilias is based on the product’s physical, chemical and organoleptic characteristics, which are developed and preserved as a result of a production process which does not require the use of any additives or other auxiliary substances.

The characteristics of Λούντζα Πιτσιλιάς/Lountza Pitsilias are a result of its producers’ know-how, in particular the following:

The length of time for which the fillet remains in the salt and the quantity of salt used vary slightly depending on the size. Larger-sized lountza is left for longer and requires slightly more salt to achieve the desired degree of absorption right to the centre of the fillet and the desired taste of the final product.

The characteristic intense wine flavour and aroma and the characteristic colour of the inside of the Λούντζα Πιτσιλιάς/Lountza Pitsilias are influenced by the choice of the appropriate dry red wine (in terms of aroma and chemical characteristics) from vineyards which contain grapevines of the local ‘Mavro’ variety that is predominant in the region (accounting for around 80 % of the total area planted with vines), and which may also contain vines of the red ‘Maratheftiko’ variety, and by the length of time the fillet is soaked in the wine.

The quantity of spices added, which as with salt is determined by the size of the fillet, is based on the producers’ experience. The addition of an appropriate quantity of spices will determine the flavour and aroma of the product.

The smoking stage is an important one in terms of influencing the flavour, aroma, texture and colour of Λούντζα Πιτσιλιάς/Lountza Pitsilias. The smoking process is mild, gradual and cold. The intensity of the fire, the duration of smoking, the distance of the pork fillet from the fire itself and how regularly the position of the pork fillets in the smoke house is changed are decided on the basis of the producers’ experience, taking into account the size of the fillet and the climatic conditions. During the summer months when the temperature is higher and humidity levels are lower, the fire should be less intense and the duration of smoking shorter. At the end of the smoking stage the product will have acquired a characteristic smoky aroma and flavour in addition to the aroma and flavour derived from the wine, coriander and other spices (which may have been added), and this is what differentiates the product from similar products which are not smoked.

The smoking process together with the time spent in the ripening room (where required) determine the water content and texture of Λούντζα Πιτσιλιάς/Lountza Pitsilias. It is very important that smoking is mild so that the texture of the product when sliced is compact and cohesive rather than soft and loose. The smoking process and the time spent in the ripening room (where required) also act in conjunction with the wine in obtaining the desired internal colour of Λούντζα Πιτσιλιάς/Lountza Pitsilias. At the end of the process the Λούντζα Πιτσιλιάς/Lountza Pitsilias should have a consistent light red to purple colour on the inside.

The climate of the Pitsilia region, which is characterised by cool dry summers and mild winters, combined with sloping land that is relatively infertile, helped to develop the process of producing and preserving processed meat products under ambient room conditions, which made it possible to have meat available to the family throughout the year without the need to store it in fat (as in other regions). Expertise in producing these products has remained unchanged and been handed down from generation to generation; this know-how is still used today by producers in the Pitsilia region in their modern facilities.

The soil and climate of the Pitsilia region have also always contributed to the production of a lesser volume of grapes than other regions, with juice that is richer in polyphenols. Along with other production know-how, the producers of Λούντζα Πιτσιλιάς/Lountza Pitsilias also inherited the excellent black wine referred to by N. Ierides (1903: Brief History of Cyprus); this further strengthens the link between the product and the region, giving it the intense aroma and taste characteristic of the local ‘Mavro’ wine.

It is because of the characteristics of Λούντζα Πιτσιλιάς/Lountza Pitsilias, which are the result of the producers’ know-how and the use of the region’s wine, that the product has acquired such a reputation as to be considered a ‘sumptuous snack’, according to P. Xioutas, 1978: Kypriaki Laografia ton Zóon (Animals in Cypriot Folklore). In the same publication, in fact, Λούντζα Πιτσιλιάς/Lountza Pitsilias is referred to as ‘extremely tasty’. Indeed, the Cypriot chef Andreas Mavrommatis, who has been awarded a Michelin star, said in an interview that Pitsilia produces the best lountza in Cyprus.

Pitsilia’s processed meat products, including Λούντζα Πιτσιλιάς/Lountza Pitsilias, are inextricably linked to that region, so that any publications and/or websites with tourist information make specific reference to them. Particular mention is made of processed meat products from the Pitsilia region, including of course Λούντζα Πιτσιλιάς/Lountza Pitsilias, also in publications related to the gastronomy of Cyprus, for example the Ministry of Agriculture, Natural Resources and Environment, 2011: Gastronomikos Chartis tis Kyprou (Culinary Map of Cyprus), and Florentia Kithraiotou, 2009: Trofi: aformi schesis (Food: a basis for a relationship).

Reference to publication of the product specification:

(the second subparagraph of Article 6(1) of the Regulation)

http://www.moa.gov.cy/moa/da/da.nsf/All/FE9A90EB4A75497BC22583A9003E9C46?OpenDocument

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(1)  OJ L 343, 14.12.2012, p. 1.

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