REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on the exercise of the power to adopt delegated acts conferred on the Commission pursuant to Regulation (EU) 2015/1017 of the European Parliament and of the Council of 25 June 2015 on the European Fund for Strategic Investments, the European Investment Advisory Hub and the European Investment Project Portal and amending Regulations (EU) No 1291/2013 and (EU) No 1316/2013 — the European Fund for Strategic Investments as amended by Regulation (EU) 2017/2396 of the European Parliament and of the Council of 13 December 2017 amending Regulations (EU) No 1316/2013 and (EU) 2015/1017 as regards the extension of the duration of the European Fund for Strategic Investments as well as the introduction of technical enhancements for that Fund and the European Investment Advisory Hub
Date: 2019-10-21
Institutions: Directorate-General for Economic and Financial Affairs, European Commission
Subjects: EU office or agency, European Fund for Strategic Investments, delegated legislation, investment, powers of the institutions (EU)

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  EN 

   EUROPEAN COMMISSION  Brussels, 21.10.2019 COM(2019) 485 final  REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on the exercise of the power to adopt delegated acts conferred on the Commission pursuant to Regulation (EU) 2015/1017 of the European Parliament and of the Council of 25 June 2015 on the European Fund for Strategic Investments, the European Investment Advisory Hub and the European Investment Project Portal and amending Regulations (EU) No 1291/2013 and (EU) No 1316/2013 — the European Fund for Strategic Investments as amended by Regulation (EU) 2017/2396 of the European Parliament and of the Council of 13 December 2017 amending Regulations (EU) No 1316/2013 and (EU) 2015/1017 as regards the extension of the duration of the European Fund for Strategic Investments as well as the introduction of technical enhancements for that Fund and the European Investment Advisory Hub  
 
 
REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND 

THE COUNCIL 

on the exercise of the power to adopt delegated acts conferred on the Commission 
pursuant to Regulation (EU) 2015/1017 of the European Parliament and of the Council 
of 25 June 2015 on the European Fund for Strategic Investments, the European 
Investment Advisory Hub and the European Investment Project Portal and amending 
Regulations (EU) No 1291/2013 and (EU) No 1316/2013 — the European Fund for 
Strategic Investments as amended by Regulation (EU) 2017/2396 of the European 
Parliament and of the Council of 13 December 2017 amending Regulations (EU) No 
1316/2013 and (EU) 2015/1017 as regards the extension of the duration of the European 
Fund for Strategic Investments as well as the introduction of technical enhancements 
for that Fund and the European Investment Advisory Hub  

1.  

INTRODUCTION 

Regulation  (EU)  2015/1017  of  the  European  Parliament  and  of  the  Council  as  amended  by 
Regulation (EU) 2017/2396 establishes a European fund for strategic investments (EFSI), an 
EU guarantee and an EU guarantee fund with the aim of mobilising up to EUR 500 billion in 
additional public and private investment in the real economy by the end of 2020 to stimulate 
investment for the purpose of job creation. 

For  the  purpose  of  achieving  its  objectives,  Regulation  (EU)  2015/1017  of  the  European 
Parliament and of the Council confers on the Commission the power to adopt delegated acts 
in a number of matters listed in Article 23(2) of Regulation (EU) 2015/1017 of the European 
Parliament and of the Council as amended by Regulation (EU) 2017/2396 and subject to the 
conditions laid down in this Article, in accordance with Article 290 TFEU. 

2.  

LEGAL BASIS 

Article 7(13) and (14) of Regulation (EU) 2015/1017 of the European Parliament and of the 
Council  as  amended  by  Regulation  (EU)  2017/2396  empowers  the  Commission  to  adopt 
delegated acts under conditions laid down in Article 23. Article 23 confers the power on the 
Commission to adopt delegated acts concerning the matters listed therein for a period of five 
years from 4 July 2015. Furthermore, it puts the Commission under the obligation to prepare 
a report in respect of the delegation of power at the latest nine months before the end of the 
five-year period. 

The delegated powers shall be tacitly extended for a period of  an identical  duration, unless 
the European Parliament or the Council opposes such extension not later than three months 
before the end of each period. 

The power to adopt delegated acts is conferred on the Commission subject to the conditions 
laid down in Article 23 of Regulation (EU) 2015/1017. It may be revoked at any time by the 
European Parliament or by the Council.  

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Regulation  (EU)  2015/1017  empowers  the  Commission  to  adopt  delegated  acts  concerning 
the following matters: 

a)  to  amend the non-essential  elements  of Sections  6 to  8 of the investment guidelines 
laid down in Annex II to of Regulation (EU) 2015/1017, without deleting any of those 
Sections altogether. Such delegated acts shall be prepared in close dialogue with the 
EIB  (Article  7(13)  of  Regulation  (EU)  2015/1017  as  amended  by  Regulation  (EU) 
2017/2396); 

b)  to supplement Regulation (EU) 2015/1017 by establishing a scoreboard of indicators 
to  be  used  by  the  Investment  Committee  to  ensure  an  independent  and  transparent 
assessment of the potential and actual use of the EU guarantee. Such delegated acts 
shall  be  prepared  in  close  dialogue  with  the  EIB  (Article  7(14)  of  Regulation  (EU) 
2015/1017 as amended by Regulation (EU) 2017/2396). 

As  soon  as  the  Commission  adopts  a  delegated  act,  it  shall  notify  it  simultaneously  to  the 
European Parliament and to the Council (Article 23(3) of Regulation (EU) 2015/1017. 

Under  Article  23(4)  of  Regulation  (EU)  2015/1017,  a  delegated  act  adopted  pursuant  to 
Article  7(13)  shall  enter  into  force  only  if  no  objection  has  been  expressed  either  by  the 
European Parliament or by the Council within a period of one month of notification of that 
act  to  the  European  Parliament  and  the  Council  or  if,  before  the  expiry  of  that  period,  the 
European Parliament and the Council have both informed the Commission that they will not 
object.  That  period  shall  be  extended  by  one  month  at  the  initiative  of  the  European 
Parliament or of the Council.  

Under Article 23(5) of Regulation (EU) 2015/1017, a delegated act shall adopted pursuant to 
Article  7(14)  shall  enter  into  force  only  if  no  objection  has  been  expressed  either  by  the 
European Parliament or by the Council within a period of three weeks of notification of that 
act  to  the  European  Parliament  and  the  Council  or  if,  before  the  expiry  of  that  period,  the 
European Parliament and the Council have both informed the Commission that they will not 
object.  That  period  shall  be  extended  by  three  weeks  at  the  initiative  of  the  European 
Parliament or of the Council.  

3. 

EXERCISE OF THE DELEGATION 

3.1 Delegated act adopted 

The Commission has exercised the following delegated powers in the reference period:  

On  the  basis  of  Article  7(14)  of  Regulation  (EU)  2015/1017,  one  Commission  Delegated 
Regulation  has  been  adopted  establishing  a  scoreboard  of  indicators  to  be  used  by  the 

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Investment Committee to ensure an independent and transparent assessment of the potential 
and actual use of the EU guarantee.  

The  Commission  Delegated  Regulation  (EU)  2015/1558  supplementing  Regulation  (EU) 
2015/1017  of  the  European  Parliament  and  of  the  Council  by  the  establishment  of  a 
scoreboard  of  indicators  for  the  application  of  the  EU  guarantee  was  adopted  on  22  July 
2015.  

3.2 Consultation prior to adoption 

The Commission consulted experts nominated by Member States and relevant stakeholders, 
via  regular  dedicated  expert  meetings  and  written  consultations,  in  the  preparation  of  the 
delegated act. The documents relevant to these consultations were transmitted simultaneously 
to the European Parliament and to the Council. 

Extensive consultations took place with the European Investment Bank in the preparation of 
the delegated act.  The Council expert group involved in the preparation of the delegated acts 
was the Council’s Working Group of Financial  Councillors. For the European Parliament  a 
meeting  with  relevant  members  of  the  lead  and  associated  committees  took  place.  The 
observations  presented  in  these  consultations  were  taken  into  consideration  when  preparing 
the final versions of delegated acts. 

3.3 No objections to delegated act 

According  to  Article  23(5)  of  Regulation  (EU)  2015/1017,  the  European  Parliament  or  the 
Council may object to a delegated act under Article 7(14) within a period of three weeks from 
the date of notification, extendable by another three weeks at the initiative of the European 
Parliament  or  of  the  Council.  If  either  the  European  Parliament  or  the  Council  objects  to  a 
delegated act within this period, it shall not enter into force. This shortened opposition period 
was the result of a political agreement reached during trilogues in order to deliver as soon as 
possible on the investment plan for Europe and EFSI investments.  

Neither  the  European  Parliament  nor  the  Council  objected  to  the  delegated  act  mentioned 
under section 3.1. above and the delegated act was therefore published and entered into force 
at the end of the objection period. 

4.  

CONCLUSION 

The  Commission  considers  that  it  has  exercised  the  delegated  powers  conferred  upon  it 
within  the  limits  and  in  respect  of  the  conditions  laid  down  in  Articles  7(14)  and    23  of 
Regulation  (EU)  2015/1017  The  Commission  sees  the  need  to  extend  the  empowerments 
because  further  delegated  acts  amending  amongst  others  Sections  6  to  8  of  the  investment 
guidelines laid down in Annex II to of Regulation (EU) 2015/1017 could be required in the 
future.  With  this  report  the  Commission  complies  with  the  reporting  requirement  under 
Article  23(2)  of  Regulation  (EU)  2015/1017.  The  Commission  invites  the  European 
Parliament and the Council to take note of this Report. 

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