Article 21 Delegated acts
1. Subject to the approval of the Member State(s) concerned as provided for in the second paragraph of Article 172 TFEU, the Commission shall be empowered to adopt delegated acts in accordance with Article 26 of this Regulation concerning the modification of Part I of Annex I to this Regulation, to take account of changing financing priorities in the trans-European networks and of changes relating to projects of common interest identified in Regulation (EU) No 1315/2013. When amending Part I of Annex I to this Regulation, the Commission shall ensure: (a) that the projects of common interest in accordance with Regulation (EU) No 1315/2013 are likely to be realised fully or partly under the multiannual financial framework for the years 2014-2020; (b) that the modifications comply with the eligibility criteria set out in Article 7 of this Regulation; (c) as regards Part I of Annex I to this Regulation, that all sections include infrastructure projects the realisation of which will necessitate their inclusion in a multiannual work programme under Article 17(3) of this Regulation, without changing the alignment of the core network corridors. 2. The Commission shall be empowered to adopt delegated acts in accordance with Article 26 of this Regulation to modify the main terms, conditions and procedures laid down in Part III of Annex I to this Regulation governing the Union contribution to each financial instrument established under the Debt Framework or Equity Framework laid down in Part III of Annex I to this Regulation in accordance with the results of the interim report and the independent full -scale evaluation of the pilot phase of the Europe 2020 Project Bond Initiative established under Decision No 1639/2006/EC and Regulation (EC) No 680/2007, and in order to take into account changing market conditions with a view to optimising the design and implementation of the financial instruments under this Regulation. When amending Part III of Annex I to this Regulation in the cases set out in the first subparagraph, the Commission shall at all times ensure that: (a) the amendments are made in accordance with the requirements laid down in Regulation (EU, Euratom) No 966/2012, including the ex ante evaluation referred to in point (f) of Article 140(2) thereof, and (b) the amendments are limited to: (i) modification of the threshold of the subordinated debt financing as referred to in I.1(a) and I.1(b) of Part III of Annex I to this Regulation, with a view to seeking sectoral diversification and geographical balance across the Member States in accordance with Article 15; (ii) modification of the threshold of the senior debt financing as referred in I.1(a) of Part III of Annex I to this Regulation, with a view to seeking sectoral diversification and geographical balance across the Member States in accordance with Article 15; (iii) the combination with other sources of funding as referred in I.3 and II.3 of Part III of Annex I; (iv) the selection of entrusted entities as referred in I.4 and II.4 of Part III of Annex I; and (v) pricing, risk and revenue-sharing as referred in I.6 and II.6 of Part III of Annex I. (b) the amendments are limited to: (i) modification of the threshold of the subordinated debt financing as referred to in I.1(a) and I.1(b) of Part III of Annex I to this Regulation, with a view to seeking sectoral diversification and geographical balance across the Member States in accordance with Article 15; (ii) modification of the threshold of the senior debt financing as referred in I.1(a) of Part III of Annex I to this Regulation, with a view to seeking sectoral diversification and geographical balance across the Member States in accordance with Article 15; (iii) the combination with other sources of funding as referred in I.3 and II.3 of Part III of Annex I; (iv) the selection of entrusted entities as referred in I.4 and II.4 of Part III of Annex I; and (v) pricing, risk and revenue-sharing as referred in I.6 and II.6 of Part III of Annex I. 3. In the transport sector, and within the general objectives set out in Article 3 and the specific sectoral objectives referred to in Article 4(2), the Commission shall be empowered to adopt delegated acts in accordance with Article 26 detailing the funding priorities to be reflected in the work programmes referred to in Article 17 for the duration of the CEF for eligible actions under Article 7(2). The Commission shall adopt a delegated act by 22 December 2014. 4. The Commission shall be empowered to adopt delegated acts in accordance with Article 26 to raise the ceiling set out in Article 14(2) up to 10 %, provided the following conditions are met: (i) the evaluation of the pilot phase of the Project Bond Initiative carried out in 2015 is positive; and (ii) the take-up of financial instruments exceeds 6,5 % in terms of project contractual commitments. 5. Where it proves necessary to deviate from the allocation for a specific transport objective by more than five percentage points, the Commission shall be empowered to adopt delegated acts in accordance with Article 26 to amend the indicative percentages set out in Part IV of Annex I. 6. The Commission shall be empowered to adopt delegated acts in accordance with Article 26 to modify the list of general orientations in Part V of Annex I to be taken into account when setting award criteria in order to reflect the mid-term evaluation of this Regulation or conclusions drawn from its implementation. This shall be done in a manner compatible with the respective sectoral guidelines.
Amendment rationale: CONTEXT OF THE PROPOSAL Reasons for and objectives of the proposal Since the Investment Plan for Europe was presented in November 2014, the conditions for an uptake in investment have improved and confidence in Europe’s economy and growth are returning. The Union is now in its fourth year of moderate recovery, with GDP growing at 2% in 2015. The comprehensive efforts initiated with the Investment Plan are already delivering concrete results, despite the fact that macroeconomic effects of larger investment projects cannot be immediate. Investment is expected to pick up gradually throughout 2016 and 2017 although it remains below historical levels. 1 On 1 June 2016, the Commission issued a Communication entitled ‘Europe investing again – Taking stock of the Investment Plan for Europe and next steps’ outlining the achievements of the Investment Plan so far and the envisaged next steps, including the extension of the duration of the European Fund for Strategic Investments (EFSI) beyond its initial three-year period, the scaling-up of the SME window within the existing framework and the enhancement of the EIAH. On 28 June 2016, the European Council concluded that "[t]he Investment Plan for Europe, in particular the EFSI, has already delivered concrete results and is a major step to help mobilise private investment while making smart use of scarce budgetary resources. The Commission intends to soon put forward proposals on the future of the EFSI, which should be examined as a matter of urgency by the European Parliament and the Council". The EFSI was established for an initial period of three years and with the aim of mobilising at least EUR 315 billion in investments. Given its success, the Commission is committed to the doubling of the EFSI, both in terms of duration and financial capacity. The legal extension presented today covers the period of the current Multiannual Financial Framework and should provide a total of at least half a trillion euro investments by 2020. The proposal is consistent with the revision of Regulation (EU, Euratom) 966/2012 on the Financial Regulation that the Commission is proposing at the same time to set up a robust framework for the management of the financial liabilities of the Union. In order to enhance the firepower of the EFSI even further and reach the aim of doubling the investment target, the Commission calls on Member States to also contribute as a matter of priority. In this context, the Commission has today adopted a proposal to facilitate contributions at the level of the risk-bearing capacity of the EFSI by catering for the possibility for Member States to transfer resources from European Structural and Investment Funds (ESIF) allocated to them under shared implementation in order to further enhance the firepower of the EFSI. For the period after 2020, the Commission intends to put forward the necessary proposals to ensure that strategic investment will continue at a sustainable level. Since its launch one year ago, the EFSI, implemented and co-sponsored by the Commission's strategic partner for investments, the European Investment Bank (EIB) Group, is firmly on track to deliver the objective of mobilising at least EUR 315 billion in additional investments in the real economy by mid-2018 while endeavouring to maximise private sector contributions. The market absorption has been particularly quick under the Small and Medium-sized Enterprises (SME) window where the EFSI is delivering well beyond expectations. To ensure that sufficient funding is available to continue providing finance to SMEs with EFSI support, in July 2016 the SME Window was scaled-up by EUR 500 million within the existing parameters of Regulation (EU) 2015/1017. The projects approved by the EIB Group by July 2016 for coverage under the EFSI are expected to mobilise EUR 115.7 billion in total investments across 26 Member States and to support some 200,000 SMEs, thereby contributing to Europe's future job creation including youth employment, growth and competitiveness. The European Investment Advisory Hub (EIAH) and the European Investment Project Portal (EIPP) have also made a positive start. The EIAH has already dealt with some 230 requests from 27 Member States and the EIPP has already published more than 100 investment projects since its launch on 1 June 2016, allowing investors to access investment opportunities across Europe instantly. As part of the Commission's efforts to improve Europe's investment environment, the Commission has tabled a number of initiatives to help support investment and facilitate the financing of the real economy, such as the lowering of capital charges for insurance and reinsurance companies as regards infrastructure investments and the adoption of practical guidance on the application of State aid rules in the context of public funding of infrastructure. In addition, the Energy Union, the Capital Markets Union, the Single Market and the Digital Single Market Strategies, and the Circular Economy package all contain specific measures that will remove concrete obstacles and further improve the environment for investment, if fully implemented. For instance, upcoming proposals relating to the internal electricity market, renewable energy and governance of the Energy Union will create more long-term regulatory clarity and stability, enabling investments in the energy sector. In this context, the Commission notes that the EIB has become a global leader in the issuance of green bonds to help finance sustainable projects. The Capital Markets Union will help remove financial barriers to investment, the Single Market Strategy will contribute to more efficient public procurement markets, and the Digital Single Market Strategy will enhance regulatory certainty in the digital sector. Financing under the EFSI does not substitute the need for Member States to implement the necessary reforms to remove obstacles to investment identified in the context of the European Semester, in areas such as insolvency, public procurement, judicial systems and the efficiency of public administration or sector-specific regulations. The Commission has already issued a number of Country-Specific Recommendations for reforms in the area of investment. These reforms are a necessary condition to sustain and increase investment levels in Member States. The positive momentum generated by the Investment Plan should be maintained and efforts need to be continued to bring investment back to its long-term sustainable trend. The mechanisms of the Investment Plan work and should be reinforced to continue the mobilisation of private investments in sectors important to Europe's future and where market failures or sub-optimal investment situations remain. The aim of the EFSI continues to be to support investments that could not have been carried out in the same period or not to the same extent by the EIB, the EIF or under existing Union financial instruments without EFSI support. In line with the initial investment period, private investment should be attracted to the maximum extent possible, and SMEs will be a key beneficiary of the support provided for under this proposal. Particular attention will also be paid to projects that contribute to reaching the objectives of COP21. The extension of the duration of the EFSI will not only allow the prolongation of a successful scheme, it will also pass an important message to project promoters and encourage them to submit projects to the EIB. A key element of the proposal is a further reinforcement of additionality of the projects supported under the EFSI. It has been made even clearer that the projects under the EFSI address sub-optimal investment situations and market gaps, as part of the eligibility criteria. In view of their importance for Europe, cross-border infrastructure projects, including related services, have been specifically identified as providing additionality. Beyond the extension of the duration of the EFSI, the proposal foresees a number of technical enhancements for the EFSI and the EIAH, incorporating the lessons learnt in the first year of implementation of the EFSI. An important objective of the proposal is to reinforce the take-up of EFSI in less-developed regions and transition regions. In that respect, an easier combination of other sources of Union funding such as the ESIF, Horizon 2020 and the Connecting Europe Facility with EFSI support is a key element and contributes to mobilising additional private sector investment. In parallel, the Commission has today adopted a proposal aimed at simplifying the Common Provisions Regulation so as to facilitate such combination. In this context, it would be appropriate to allow that the control and assurance mechanisms relating to operations benefiting from EFSI support could be used to fulfil the corresponding requirements under other EU funding for the same project in order to streamline procedures and gain in efficiency. The support to less-developed regions and transition regions in Europe is enlarged by an explicit reference to any industry that would not otherwise be covered in the general objectives. In addition, EFSI-supported investments in motorways which should be in general avoided would be allowed in cohesion countries under certain conditions. The Commission also proposes to better focus the EFSI on EU political priorities as regards climate change, for example by setting a minimum target for climate-friendly projects and by confining support to motorways only to those involving private investment in cohesion countries or in cross-border transport projects involving at least one cohesion country. Moreover, the Commission recognises the importance of using part of the Union budget, such as the one available under the CEF, in the form of grants for blending with the EFSI. The combined use of grants and the EFSI will help projects become economically and financially viable, thus enhancing the added value of Union spending by attracting additional resources from private investors. Furthermore, taking into account the significant economic multiplier effect that investments in the defence sector have in terms of creation of spin-offs and technology-transfer on other sectors, as well as the creation of jobs, it would be appropriate to consider including defence-related investment projects under the EFSI and, thus, to consider modifying the eligibility criteria in the EIB lending policy to that effect. For the EIAH, the proposal foresees more targeted technical assistance services for projects involving several Member States, projects that contribute to reaching the objectives of COP21 and for the combination of other sources of Union funding, such as European Structural and Investment Funds (ESIF), Horizon 2020 and the Connecting Europe Facility, with the EFSI. This support will focus on needs not covered adequately under current arrangements. In addition, the proposal foresees that the EIAH should actively contribute to the objective of sectorial and geographical diversification of the EFSI, by supporting the EIB to originate projects where needed.
Revised version (Article 21 Delegated acts):
1. Subject to the approval of the Member State(s) concerned as provided for in the second paragraph of Article 172 TFEU, the Commission shall be empowered to adopt delegated acts in accordance with Article 26 of this Regulation concerning the modification of Part I of Annex I to this Regulation, to take account of changing financing priorities in the trans-European networks and of changes relating to projects of common interest identified in Regulation (EU) No 1315/2013. When amending Part I of Annex I to this Regulation, the Commission shall ensure: (a) that the projects of common interest in accordance with Regulation (EU) No 1315/2013 are likely to be realised fully or partly under the multiannual financial framework for the years 2014-2020; (b) that the modifications comply with the eligibility criteria set out in Article 7 of this Regulation; (c) as regards Part I of Annex I to this Regulation, that all sections include infrastructure projects the realisation of which will necessitate their inclusion in a multiannual work programme under Article 17(3) of this Regulation, without changing the alignment of the core network corridors. 2. The Commission shall be empowered to adopt delegated acts in accordance with Article 26 of this Regulation to modify the main terms, conditions and procedures laid down in Part III of Annex I to this Regulation governing the Union contribution to each financial instrument established under the Debt Framework or Equity Framework laid down in Part III of Annex I to this Regulation in accordance with the results of the interim report and the independent full -scale evaluation of the pilot phase of the Europe 2020 Project Bond Initiative established under Decision No 1639/2006/EC and Regulation (EC) No 680/2007, and in order to take into account changing market conditions with a view to optimising the design and implementation of the financial instruments under this Regulation. When amending Part III of Annex I to this Regulation in the cases set out in the first subparagraph, the Commission shall at all times ensure that: (a) the amendments are made in accordance with the requirements laid down in Regulation (EU, Euratom) No 966/2012, including the ex ante evaluation referred to in point (f) of Article 140(2) thereof, and (b) the amendments are limited to: (i) modification of the threshold of the subordinated debt financing as referred to in I.1(a) and I.1(b) of Part III of Annex I to this Regulation, with a view to seeking sectoral diversification and geographical balance across the Member States in accordance with Article 15; (ii) modification of the threshold of the senior debt financing as referred in I.1(a) of Part III of Annex I to this Regulation, with a view to seeking sectoral diversification and geographical balance across the Member States in accordance with Article 15; (iii) the combination with other sources of funding as referred in I.3 and II.3 of Part III of Annex I; (iv) the selection of entrusted entities as referred in I.4 and II.4 of Part III of Annex I; and (v) pricing, risk and revenue-sharing as referred in I.6 and II.6 of Part III of Annex I. 3. In the transport sector, and within the general objectives set out in Article 3 and the specific sectoral objectives referred to in Article 4(2), the Commission shall be empowered to adopt delegated acts in accordance with Article 26 detailing the funding priorities to be reflected in the work programmes referred to in Article 17 for the duration of the CEF for eligible actions under Article 7(2). The Commission shall adopt a delegated act by 22 December 2014. 4. The Commission shall be empowered to adopt delegated acts in accordance with Article 26 to raise the ceiling set out in Article 14(2) up to 10 %, provided the following conditions are met: (i) the evaluation of the pilot phase of the Project Bond Initiative carried out in 2015 is positive; and (ii) the take-up of financial instruments exceeds 6,5 % in terms of project contractual commitments. 5. Where it proves necessary to deviate from the allocation for a specific transport objective by more than five percentage points, the Commission shall be empowered to adopt delegated acts in accordance with Article 26 to amend the indicative percentages set out in Part IV of Annex I. 6. The Commission shall be empowered to adopt delegated acts in accordance with Article 26 to modify the list of general orientations in Part V of Annex I to be taken into account when setting award criteria in order to reflect the mid-term evaluation of this Regulation or conclusions drawn from its implementation. This shall be done in a manner compatible with the respective sectoral guidelines.
Article 22 Responsibility of beneficiaries and Member States
Within their respective responsibilities, and without prejudice to the obligations incumbent on beneficiaries under the conditions governing grants, beneficiaries and Member States shall make every effort to implement the projects of common interest which receive Union financial assistance granted under this Regulation. Member States shall undertake the technical monitoring and financial control of actions in close cooperation with the Commission and shall certify that the expenditure incurred in respect of projects or parts thereof has been disbursed and that the disbursement was in conformity with the relevant rules. The Member States may request the Commission to participate during on-the-spot checks and inspections. Member States shall inform the Commission annually, if relevant through an interactive geographical and technical information system, about the progress made in implementing projects of common interest and the investments made for this purpose, including the amount of support used with a view to attaining climate-change objectives. On that basis, the Commission shall make public, and update at least annually, information about the specific projects under the CEF.
Amendment rationale: CONTEXT OF THE PROPOSAL Reasons for and objectives of the proposal Since the Investment Plan for Europe was presented in November 2014, the conditions for an uptake in investment have improved and confidence in Europe’s economy and growth are returning. The Union is now in its fourth year of moderate recovery, with GDP growing at 2% in 2015. The comprehensive efforts initiated with the Investment Plan are already delivering concrete results, despite the fact that macroeconomic effects of larger investment projects cannot be immediate. Investment is expected to pick up gradually throughout 2016 and 2017 although it remains below historical levels. 1 On 1 June 2016, the Commission issued a Communication entitled ‘Europe investing again – Taking stock of the Investment Plan for Europe and next steps’ outlining the achievements of the Investment Plan so far and the envisaged next steps, including the extension of the duration of the European Fund for Strategic Investments (EFSI) beyond its initial three-year period, the scaling-up of the SME window within the existing framework and the enhancement of the EIAH. On 28 June 2016, the European Council concluded that "[t]he Investment Plan for Europe, in particular the EFSI, has already delivered concrete results and is a major step to help mobilise private investment while making smart use of scarce budgetary resources. The Commission intends to soon put forward proposals on the future of the EFSI, which should be examined as a matter of urgency by the European Parliament and the Council". The EFSI was established for an initial period of three years and with the aim of mobilising at least EUR 315 billion in investments. Given its success, the Commission is committed to the doubling of the EFSI, both in terms of duration and financial capacity. The legal extension presented today covers the period of the current Multiannual Financial Framework and should provide a total of at least half a trillion euro investments by 2020. The proposal is consistent with the revision of Regulation (EU, Euratom) 966/2012 on the Financial Regulation that the Commission is proposing at the same time to set up a robust framework for the management of the financial liabilities of the Union. In order to enhance the firepower of the EFSI even further and reach the aim of doubling the investment target, the Commission calls on Member States to also contribute as a matter of priority. In this context, the Commission has today adopted a proposal to facilitate contributions at the level of the risk-bearing capacity of the EFSI by catering for the possibility for Member States to transfer resources from European Structural and Investment Funds (ESIF) allocated to them under shared implementation in order to further enhance the firepower of the EFSI. For the period after 2020, the Commission intends to put forward the necessary proposals to ensure that strategic investment will continue at a sustainable level. Since its launch one year ago, the EFSI, implemented and co-sponsored by the Commission's strategic partner for investments, the European Investment Bank (EIB) Group, is firmly on track to deliver the objective of mobilising at least EUR 315 billion in additional investments in the real economy by mid-2018 while endeavouring to maximise private sector contributions. The market absorption has been particularly quick under the Small and Medium-sized Enterprises (SME) window where the EFSI is delivering well beyond expectations. To ensure that sufficient funding is available to continue providing finance to SMEs with EFSI support, in July 2016 the SME Window was scaled-up by EUR 500 million within the existing parameters of Regulation (EU) 2015/1017. The projects approved by the EIB Group by July 2016 for coverage under the EFSI are expected to mobilise EUR 115.7 billion in total investments across 26 Member States and to support some 200,000 SMEs, thereby contributing to Europe's future job creation including youth employment, growth and competitiveness. The European Investment Advisory Hub (EIAH) and the European Investment Project Portal (EIPP) have also made a positive start. The EIAH has already dealt with some 230 requests from 27 Member States and the EIPP has already published more than 100 investment projects since its launch on 1 June 2016, allowing investors to access investment opportunities across Europe instantly. As part of the Commission's efforts to improve Europe's investment environment, the Commission has tabled a number of initiatives to help support investment and facilitate the financing of the real economy, such as the lowering of capital charges for insurance and reinsurance companies as regards infrastructure investments and the adoption of practical guidance on the application of State aid rules in the context of public funding of infrastructure. In addition, the Energy Union, the Capital Markets Union, the Single Market and the Digital Single Market Strategies, and the Circular Economy package all contain specific measures that will remove concrete obstacles and further improve the environment for investment, if fully implemented. For instance, upcoming proposals relating to the internal electricity market, renewable energy and governance of the Energy Union will create more long-term regulatory clarity and stability, enabling investments in the energy sector. In this context, the Commission notes that the EIB has become a global leader in the issuance of green bonds to help finance sustainable projects. The Capital Markets Union will help remove financial barriers to investment, the Single Market Strategy will contribute to more efficient public procurement markets, and the Digital Single Market Strategy will enhance regulatory certainty in the digital sector. Financing under the EFSI does not substitute the need for Member States to implement the necessary reforms to remove obstacles to investment identified in the context of the European Semester, in areas such as insolvency, public procurement, judicial systems and the efficiency of public administration or sector-specific regulations. The Commission has already issued a number of Country-Specific Recommendations for reforms in the area of investment. These reforms are a necessary condition to sustain and increase investment levels in Member States. The positive momentum generated by the Investment Plan should be maintained and efforts need to be continued to bring investment back to its long-term sustainable trend. The mechanisms of the Investment Plan work and should be reinforced to continue the mobilisation of private investments in sectors important to Europe's future and where market failures or sub-optimal investment situations remain. The aim of the EFSI continues to be to support investments that could not have been carried out in the same period or not to the same extent by the EIB, the EIF or under existing Union financial instruments without EFSI support. In line with the initial investment period, private investment should be attracted to the maximum extent possible, and SMEs will be a key beneficiary of the support provided for under this proposal. Particular attention will also be paid to projects that contribute to reaching the objectives of COP21. The extension of the duration of the EFSI will not only allow the prolongation of a successful scheme, it will also pass an important message to project promoters and encourage them to submit projects to the EIB. A key element of the proposal is a further reinforcement of additionality of the projects supported under the EFSI. It has been made even clearer that the projects under the EFSI address sub-optimal investment situations and market gaps, as part of the eligibility criteria. In view of their importance for Europe, cross-border infrastructure projects, including related services, have been specifically identified as providing additionality. Beyond the extension of the duration of the EFSI, the proposal foresees a number of technical enhancements for the EFSI and the EIAH, incorporating the lessons learnt in the first year of implementation of the EFSI. An important objective of the proposal is to reinforce the take-up of EFSI in less-developed regions and transition regions. In that respect, an easier combination of other sources of Union funding such as the ESIF, Horizon 2020 and the Connecting Europe Facility with EFSI support is a key element and contributes to mobilising additional private sector investment. In parallel, the Commission has today adopted a proposal aimed at simplifying the Common Provisions Regulation so as to facilitate such combination. In this context, it would be appropriate to allow that the control and assurance mechanisms relating to operations benefiting from EFSI support could be used to fulfil the corresponding requirements under other EU funding for the same project in order to streamline procedures and gain in efficiency. The support to less-developed regions and transition regions in Europe is enlarged by an explicit reference to any industry that would not otherwise be covered in the general objectives. In addition, EFSI-supported investments in motorways which should be in general avoided would be allowed in cohesion countries under certain conditions. The Commission also proposes to better focus the EFSI on EU political priorities as regards climate change, for example by setting a minimum target for climate-friendly projects and by confining support to motorways only to those involving private investment in cohesion countries or in cross-border transport projects involving at least one cohesion country. Moreover, the Commission recognises the importance of using part of the Union budget, such as the one available under the CEF, in the form of grants for blending with the EFSI. The combined use of grants and the EFSI will help projects become economically and financially viable, thus enhancing the added value of Union spending by attracting additional resources from private investors. Furthermore, taking into account the significant economic multiplier effect that investments in the defence sector have in terms of creation of spin-offs and technology-transfer on other sectors, as well as the creation of jobs, it would be appropriate to consider including defence-related investment projects under the EFSI and, thus, to consider modifying the eligibility criteria in the EIB lending policy to that effect. For the EIAH, the proposal foresees more targeted technical assistance services for projects involving several Member States, projects that contribute to reaching the objectives of COP21 and for the combination of other sources of Union funding, such as European Structural and Investment Funds (ESIF), Horizon 2020 and the Connecting Europe Facility, with the EFSI. This support will focus on needs not covered adequately under current arrangements. In addition, the proposal foresees that the EIAH should actively contribute to the objective of sectorial and geographical diversification of the EFSI, by supporting the EIB to originate projects where needed.
Revised version (Article 22 Responsibility of beneficiaries and Member States):
Within their respective responsibilities, and without prejudice to the obligations incumbent on beneficiaries under the conditions governing grants, beneficiaries and Member States shall make every effort to implement the projects of common interest which receive Union financial assistance granted under this Regulation. Member States shall undertake the technical monitoring and financial control of actions in close cooperation with the Commission and shall certify that the expenditure incurred in respect of projects or parts thereof has been disbursed and that the disbursement was in conformity with the relevant rules. The Member States may request the Commission to participate during on-the-spot checks and inspections. Member States shall inform the Commission annually, if relevant through an interactive geographical and technical information system, about the progress made in implementing projects of common interest and the investments made for this purpose, including the amount of support used with a view to attaining climate-change objectives. On that basis, the Commission shall make public, and update at least annually, information about the specific projects under the CEF. The certification of the expenditure referred to in the second paragraph of this Article is not mandatory for grants or other forms of financial assistance awarded pursuant to point (c) of Article 4(1) of Regulation (EU) No 283/2014. The requirement to inform the Commission annually referred to in the third paragraph of this Article shall not apply for grants or other forms of financial assistance awarded pursuant to point (c) of Article 4(1) of Regulation (EU) No 283/2014.
Article 23 Compliance with Union policies and Union law
Only actions which are in conformity with Union law and which are in line with the relevant Union policies shall be financed under this Regulation.
Article 24 Protection of the Union's financial interests
1. The Commission shall take appropriate measures to ensure that, when actions financed under this Regulation are implemented, the financial interests of the Union are protected by the application of preventive measures against fraud, corruption and any other illegal activities, by effective checks and, if irregularities are detected, by the recovery of the amounts unduly paid and, where appropriate, by effective, proportionate and dissuasive administrative and financial penalties. 2. The Commission or its representatives and the Court of Auditors shall have the power to audit, on the basis of documents and on the spot checks, the actions of all grant beneficiaries, implementing bodies, contractors and subcontractors who have received Union funds under this Regulation. 3. The European Anti-Fraud Office (OLAF) may carry out investigations, including on-the-spot checks and inspections, in accordance with the provisions and procedures laid down in Regulation (EU, Euratom) No 883/2013 of the European Parliament and of the Council ( 22 ) and Council Regulation (Euratom, EC) No 2185/96 ( 23 ), with a view to establishing whether there has been fraud, corruption or any other illegal activity affecting the financial interests of the Union in connection with a grant agreement or grant decision or a contract funded under this Regulation. 4. Without prejudice to paragraphs 1, 2 and 3, cooperation agreements with third countries and with international organisations, grant agreements and grants decisions and contracts resulting from the implementation of this Regulation shall contain provisions expressly empowering the Commission, the Court of Auditors and OLAF to conduct such audits and investigations, according to their respective competences.
Article 25 Committee procedure
1. The Commission shall be assisted by the CEF Coordination Committee. The Committee shall be a committee within the meaning of Regulation (EU) No 182/2011. 2. Where reference is made to this paragraph, Article 5 of Regulation (EU) No 182/2011 shall apply. 3. The committee shall ensure a horizontal overview of the work programmes referred to in Article 17 to ensure that they are consistent and that synergies are identified, exploited and assessed between the transport, telecommunications and energy sectors. It shall seek, in particular, to coordinate those work programmes with a view to allowing multi-sectoral calls for proposals.
Article 26 Exercise of delegation
1. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Article. 2. The power to adopt delegated acts referred to in Article 21 shall be conferred on the Commission from 1 January 2014 to 31 December 2020. 3. The delegation of power referred to in Article 21 may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force. 4. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council. 5. A delegated act adopted pursuant to Article 21 shall enter into force only if no objection has been expressed either by the European Parliament or by the Council within a period of two months of notification of that act to the European Parliament and to 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 two months at the initiative of the European Parliament or of the Council.
Article 27 Evaluation
1. No later than 31 December 2017, the Commission, in cooperation with the Member States and beneficiaries concerned, shall prepare an evaluation report to be presented to the European Parliament and the Council by the Commission on the achievement of the objectives of all the measures (at the level of results and impacts), the efficiency of the use of resources and the European added value of the CEF, with a view to deciding on the renewal, modification or suspension of the measures. The evaluation shall also address the scope for simplification, the internal and external coherence of the measures, the continued relevance of all objectives and their contribution to the Union priorities of smart, sustainable and inclusive growth, including their impact on economic, social and territorial cohesion. The evaluation report shall include an assessment of the economies of scale made by the Commission at a financial, technical and human level when managing the CEF and, where applicable, of the total number of projects harnessing the synergies between the sectors. That assessment shall also examine how to make financial instruments more effective. The evaluation report shall take into account evaluation results concerning the long-term impact of the predecessor measures. 2. The CEF shall take into account the independent full-scale evaluation of the Europe 2020 Project Bond Initiative, to be carried out in 2015. On the basis of that evaluation, the Commission and the Member States shall assess the relevance of the Europe 2020 Project Bond Initiative and its effectiveness in increasing the volume of investment in priority projects and enhancing the efficiency of Union spending. 3. The Commission shall carry out ex post evaluation in close cooperation with the Member States and beneficiaries. The ex post evaluation shall examine the effectiveness and efficiency of the CEF and its impact on economic, social and territorial cohesion, as well as its contribution to the Union priorities of smart, sustainable and inclusive growth and the scale and results of support used with a view to attaining climate-change objectives. 4. Evaluations shall take account of progress as measured against the performance indicators referred to in Articles 3 and 4. 5. The Commission shall communicate the conclusions of those evaluations to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions. 6. The Commission and the Member States, assisted by the other possible beneficiaries, may undertake an evaluation of the methods of carrying out projects as well as the impact of their implementation, in order to assess whether the objectives, including those relating to environmental protection, have been attained. 7. The Commission may request a Member State concerned by a project of common interest to provide a specific evaluation of the actions and the linked projects financed under this Regulation or, where appropriate, to supply it with the information and assistance required to undertake an evaluation of such projects.
Article 28 Information, communication and publicity
1. Beneficiaries and, where appropriate, Member States concerned shall ensure that suitable publicity is given, and transparency applied, to aid granted under this Regulation in order to inform the public of the role of the Union in the implementation of the projects. 2. The Commission shall implement information and communication actions relating to the CEF projects and results. Resources allocated to communication actions under Article 5(2) shall also contribute to the corporate communication of the political priorities of the Union as far as they are related to the general objectives referred to in Article 3.
Article 29 Amendment of Regulation (EU) No 913/2010
Regulation (EU) No 913/2010 is hereby amended as follows: The Annex to Regulation (EU) No 913/2010 is replaced by the text of Annex II to this Regulation. Consequently, the rail freight corridors revised shall remain subject to the provisions of Regulation (EU) No 913/2010.
Article 30 Transitional provisions
This Regulation shall not affect the continuation or modification, including the total or partial cancellation, of the projects concerned, until their closure, or of financial assistance awarded by the Commission pursuant to Regulations (EC) No 680/2007 and (EC) No 67/2010, or any other law applying to that assistance on 31 December 2013, which shall continue to apply to the actions concerned until their closure.
Article 31 Repeal
Without prejudice to Article 30 of this Regulation, Regulations (EC) No 680/2007 and (EC) No 67/2010 are repealed with effect from 1 January 2014.
Article 32 Entry into force
This Regulation shall enter into force on the day following that of its publication in the Official Journal of the European Union . It shall apply from 1 January 2014. This Regulation shall be binding in its entirety and directly applicable in all Member States.