75 Amendments of Tiziana BEGHIN related to 2015/0009(COD)
Amendment 25 #
Proposal for a regulation
Recital 1
Recital 1
(1) The economic and financial crisis has led to a lowering of the level of investments within the Union. Investment has fallen by approximately 15% since its peak in 2007. The Union suffers in particular from a lack of investment as a consequence of market uncertainty regarding the economic future and the fiscal constraints on Member States. This lack of investment slowsacts as a brake on economic recovery and negatively affects job creation, long-term growth prospects and , competitiveness and the scompetitiveness. for maintaining an adequate social safety net, which in some Member States has led to absolute poverty.
Amendment 28 #
Proposal for a regulation
Recital 1 a (new)
Recital 1 a (new)
(1a) The European fund for Strategic Investments (EFSI) will be based on existing EU resources and will not raise public "fresh" money, apart from an extra EUR 5 billion from EIB.
Amendment 36 #
Proposal for a regulation
Recital 2
Recital 2
(2) Comprehensive action is required to reverse the vicious circle created by a lack of investment. Structural reforms and fiscal responsibility are necessary preconditions forIn order to stimulatinge investment. Along with a renewed impetus towards investment financing, these preconditions can contribute, it is necessary to take measures which can help to establishing a virtuous circle, where investment projects help support long-term, high-quality employment and demand and, leading to a sustained increase in growth potential.
Amendment 41 #
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) social investments are needed in order to face the economic stagnation, deflation and high unemployment in the EU, namely investments in people, providing them with skills and supporting conditions for the creation of sustainable, inclusive and quality jobs.
Amendment 49 #
Proposal for a regulation
Recital 4
Recital 4
(4) Throughout the economic and financial crisis, which persists to this day in many Member States, the Union has made effortssought to promote growth, in particular through initiatives set out in the Europe 2020 strategy that put in place an approach for smart, sustainable and inclusive growthwhose goals in terms of combating unemployment and poverty have not yet been attained. The European Investment Bank ('EIB') has also sought to strengthened its role in instigating and promoting investment within the Union, partly by way of an increase in capital in January 2013, but has allocated only insubstantial resources to micro enterprises and SMEs. Further action is required to ensure that the investment needs of the Union are addressed and that the liquidity available on the market is used efficiently and channelled towards the funding of viable investment projecteconomically and environmentally viable investment projects with the emphasis on start-ups with innovative projects and micro enterprises.
Amendment 50 #
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) smaller scale projects do not only generate financial returns but promote also social spill-overs creating the conditions for sustainable, inclusive and environmentally friendly growth.
Amendment 56 #
Proposal for a regulation
Recital 7
Recital 7
(7) The European Council on 18 December 2014 concluded that "fostering investment and addressing market failure in Europe is a key policy challenge" and that "The new focus on investment, coupled with Member States' commitment to intensifying structural reforms and to pursuing growth-friendly fiscal consolidation, will provide the foundation for growth and jobs in Europe and calls for setting upalled for ‘the setting-up of a European Fund for Strategic Investments (EFSI) in the EIB Group with the aim to mobilise 315 billion euro in new investments between 2015 and 2017"’.
Amendment 64 #
Proposal for a regulation
Recital 9
Recital 9
(9) The investment environment within the Union shouldmust be improved by removing barriers to investment, reinforcing the Single Market and by enhancing regulatory predictabilicertainty. The work of the EFSI, and investments across Europe generally, should benefit from this accompanying work.
Amendment 77 #
Proposal for a regulation
Recital 10
Recital 10
(10) The purpose of the EFSI shouldmust be to help resolve the difficulties in financing and implementing productive investments in the Union and to ensure increased access to financing. It is intended that increased access to financing shouldmust be of particular benefit to small and, medium enterprises. It is also appropriate to extend the benefit of such increased access to financing toand micro enterprises, as well as mid- cap companies, which are companies having up to 3000 employees. Overcoming Europe's current investment difficulties shouldmust contribute to strengthening the Union's economic, social and territorial cohesion.
Amendment 90 #
Proposal for a regulation
Recital 11
Recital 11
(11) The EFSI shouldmust support strategic investments with high economic and social value added contributing to achieving Union policy objectives, guaranteeing high-quality employment and adequate levels of social protection, which will be attained by supporting small, medium and micro enterprises and young start-ups which submit innovative projects that cannot always be financed using the funds currently available.
Amendment 97 #
Proposal for a regulation
Recital 12
Recital 12
(12) Many small, medium and mediumicro enterprises, as well as mid-cap companies, across the Union require assistance to attract market financing, especially as regards investments that carry a greater degree of risk. The EFSI shouldmust help these businesses to overcome capital shortages by allowing the EIB and the European Investment Fund ('EIF') to provide direct and indirect equity injections, as well as to provide guarantees for high-quality securitisation of loans, and other products that are granted in pursuit of the aims of the EFSI.
Amendment 101 #
Proposal for a regulation
Recital 13
Recital 13
(13) The EFSI should be established within the EIB in order to benefit from its experience and proven track record and in order for its operations to start to have a positive impact as quickly as possible. The work of the EFSI on providing finance to small, medium and mediumicro enterprises and small mid-cap companies should be channelled through the European Investment Fund ('EIF') to benefit from its experience in these activities.
Amendment 111 #
Proposal for a regulation
Recital 14
Recital 14
(14) The EFSI shouldmust target projects delivering high societal and economic value. In particular, the EFSI should target projects that promote high-quality job creation, inclusive long- term growth and, competitiveness and social inclusion. The EFSI should support a wide range of financial products, including equity, debt or guarantees, to best accommodate the needs of the individual project. This wide range of products should allow the EFSI to adapt to market needs whilst encouraging private investment in the projects. The EFSI should not be a substitute for private market finance but should instead catalyse private finance by addressing market failures so as to ensure the most effective and strategic use of public money. The requirement for consistency with State aid principles should contribute to such effective and strategic use.
Amendment 129 #
Proposal for a regulation
Recital 15
Recital 15
(15) The EFSI should target projects with a higher risk-return profile than existing EIB and Union instruments to ensure additionality over existing operations. The EFSI should finance projects across the Union, includingparticularly in the countries most affected by the financial crisis. The EFSI should only be used where financing is not available from other sources on reasonfavourable terms.
Amendment 136 #
Proposal for a regulation
Recital 16
Recital 16
(16) The EFSI should target investments that are expected to be economically, socially and environmentally sustainable and technically viable, which may in some cases entail a high degree of appropriate risk, whilst still meeting the particular requirements for EFSI financing.
Amendment 150 #
Proposal for a regulation
Recital 17
Recital 17
(17) Decisions on the use of the EFSI support for infrastructure and large mid- cap projects should be made transparently by an Investment Committee. The Investment Committee shouldmust be composed of independent experts who have been appropriately selected in accordance with the principle of accountability and are knowledgeable and experienced in the areas of investment projects. The Investment Committee should be accountable to a Steering Board of the EFSI, who should supervise the fulfilment of the EFSI's objectives. To effectively benefit from the experience of the EIF, the EFSI should support funding to the EIF to allow the EIF to undertake individual projects in the areas of small, medium and mediumicro enterprises and small mid-cap companies.
Amendment 162 #
Proposal for a regulation
Recital 21
Recital 21
Amendment 168 #
Proposal for a regulation
Recital 22
Recital 22
(22) In accordance with the Treaty on the Functioning of the European Union, Infrastructure and project investments supported under EFSI shouldmust be consistent with State aid rules. To that end, the Commission has announced that it will formulate a set of core principles, for the purpose of State aid assessments, which a project will have to meet to be eligible for support under the EFSI. If a project meets these criteria and receives support from the EFSI, the Commission has announced that any national complementary support, will be assessed under a simplified and accelerated State aid assessment whereby the only additional issue to be verified by the Commission will be the proportionality of public support (absence of overcompensation). The Commission has also announced that it will provide further guidance on the set of core principles with a view to ensuring an efficient use of public funds.
Amendment 169 #
Proposal for a regulation
Recital 23
Recital 23
(23) Given the need for urgent action within the Union, the EIB and the EIF may have financed additional projects, outside of their usual profile, in the course of 2015 before the entry into force of this Regulation. In order to maximise the benefit of the measures provided for in this Regulation, it shouldmust be possible for such additional projects to be included within the EU guarantee coverage in the event that they fulfil the substantive criteria set out in this Regulation.
Amendment 170 #
Proposal for a regulation
Recital 24
Recital 24
(24) EIB financing and investment operations supported by the EFSI shouldmust be managed in accordance with the EIB’s own rules and procedures, which must be transparent and generally endorsed, including appropriate and reliable control measures and measures taken to avoid tax evasion, as well as with the relevant rules and procedures concerning the European Anti-Fraud Office (OLAF) and the Court of Auditors, including the Tripartite agreement between the European Commission, the European Court of Auditors and the European Investment Bank.
Amendment 174 #
Proposal for a regulation
Recital 25
Recital 25
(25) The EIB should regularlymust, at predetermined regular intervals, evaluate activities supported by the EFSI with a view to assessing their relevance, performance and impact and to identifying aspects that could improve future activities. Such evaluations shoulmust necessarily be published and contribute to accountability and analysis of sustainability.
Amendment 181 #
Proposal for a regulation
Recital 26
Recital 26
(26) Alongside the financing operations that will be conducted through the EFSI, a European Investment Advisory Hub ('EIAH') shouldmust be created. The EIAH should provide strengthened support for project development and preparation across the Union, by building on the expertise of the Commission, the EIB, national promotional banks and the managing authorities of the European Structural and Investment Funds. This should establish a single point of entry for questions related to technical assistance for investments within the Union. It must be transparent and independent.
Amendment 182 #
Proposal for a regulation
Recital 28
Recital 28
(28) The guarantee fund is intended to provide a liquidity cushion for the Union budget against losses incurred by the EFSI in pursuit of its objectives. Experience on the nature of investments to be supported by the EFSI indicates that a ratio of 50% between the payments from the Union budget and from the Union's total guarantee obligations would be adequate.
Amendment 185 #
Proposal for a regulation
Recital 29
Recital 29
Amendment 191 #
Proposal for a regulation
Recital 31
Recital 31
(31) Within the Union, there are a significant number of potentially viable projects that are not being financed due to a lack of certainty and transparency with respect to such projects. Often, this is because private investors are not aware of the projects or have insufficient information to make an assessment of the investment risks. The Commission and the EIB, with support from the Member States, which should supply appropriate information about projects that could potentially receive support, must promote the creation of a transparent pipeline of current and future investment projects in the Union suitable for investment. This 'project pipeline' shouldmust ensure that information is made publicly available regarding investment projects on a regular and structured basis to ensure that investors have reliable information on which to base their investment decisions.
Amendment 194 #
Proposal for a regulation
Recital 32
Recital 32
(32) Member States have also begun work at national level on establishing and promoting project pipelines for projects of national significance. The information prepared by the Commission and the EIB shouldmust provide links to the accompanying national project pipelines.
Amendment 195 #
Proposal for a regulation
Recital 33
Recital 33
(33) Although the projects identified under the project pipeline may be used by the EIB in the identification and selection of EFSI supported projects, the project pipeline should have a broader scope of identifying projects across the Union. This scope may include projects that are capable of being fully financed by the private sector or with the assistance of other instruments provided at European or national level. The EFSI shouldmust be able to support financing and investment to projects identified by the project pipeline, but there should be no automaticity between inclusion on the list and access to EFSI support and the EFSI be conferred with discretion to select and support projects that are not included on the list.
Amendment 199 #
Proposal for a regulation
Recital 34
Recital 34
(34) To ensure accountability to European citizens, the EIB shouldmust regularly report to the European Parliament and the Council on the progress and impact of the EFSI.
Amendment 200 #
Proposal for a regulation
Recital 34 a (new)
Recital 34 a (new)
(34a) Union citizens and national members authorities should be aware of the activities and funds allocated from the EFSI, stresses the need for transparency and public disclosure of documents to be guaranteed.
Amendment 201 #
Proposal for a regulation
Recital 35
Recital 35
(35) In order to ensure an appropriate coverage of the EU guarantee obligations and to ensure the continued availability of the EU guarantee, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission with respect to the adjustment of the amounts to be paid in from the general budget of the Union and to amend Annex I accordingly. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing up delegated acts, should ensure a simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and to the Counciit is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level.
Amendment 203 #
Proposal for a regulation
Recital 36
Recital 36
(36) Since the objectives of this Regulation, namely to support investments in the Union and to ensure increased access to financing for companies having up to 3000 employeesmall, medium and micro enterprises and companies having up to 3000 employees, innovative start-ups and high-risk projects, cannot be sufficiently achieved by the Member States by reason of the disparities in their fiscal capacity to act but can rather, by reason of its scale and effects, be better achieved at Union level, the Union may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union. In accordance with the principle of proportionality, as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve those objectives,
Amendment 210 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 2
Article 1 – paragraph 1 – subparagraph 2
The purpose of the EFSI shall be to support public and private investments in the Union and to ensure increased access to financing for companies having up to 3000 employees, with a particular focus on small and medium enterprises, through the supply of risk bearing capacity to the EIB ('EFSI Agreement')small, medium and micro enterprises, in addition to those having up to 3000 employees, innovative start-ups and high-risk projects. One of the main objectives of the EFSI shall be to promote and ensure sustainable, inclusive and long-term growth, the creation of quality jobs and social inclusion in the European Union.
Amendment 219 #
Proposal for a regulation
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
2a. If a Member State intends to contribute to the EFSI budget, it must be given the guarantee that the funds paid will be earmarked for projects concerning its national territory.
Amendment 222 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 4
Article 2 – paragraph 1 – subparagraph 4
Amendment 226 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 1
Article 2 – paragraph 2 – subparagraph 1
2. The EFSI Agreement shall provide for the creation of a European Investment Advisory Hub ('EIAH') within the EIB. This Hub must be transparent and independent. The EIAH shall have as its objective to build upon existing EIB and Commission advisory services in order to provide advisory support for investment project identification, preparation and development and act as a single technical advisory hub for project financing within the Union. This shall include support on the use of technical assistance for project structuring, use of innovative financial instruments, use of public-private partnerships and advice, as appropriate, on relevant issues of EU legislation.
Amendment 230 #
Proposal for a regulation
Article 2 – paragraph 3
Article 2 – paragraph 3
Amendment 237 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. The EFSI Agreement shall provide that the EFSI shall be governed by a Steering Board, which shall determine the strategic orientation, the strategic asset allocation and operating policies and procedures, including the investment policy of projects that EFSI can support and the risk profile of the EFSI, in conformity with the objectives under Article 5(2). The Steering Board shall elect one of its members to be Chairperson. This Steering Board must be unequivocally transparent, independent and democratic.
Amendment 243 #
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 1
Article 3 – paragraph 2 – subparagraph 1
2. For as long as the only contributors to the EFSI are the Union and the EIB, the number of members and votes within the Steering Board shall be allocated based on the respective size of contributions in the form of cash or guarantees. Steering Board members from the Commission shall include representatives with proven expertise in employment and social policies.
Amendment 249 #
Proposal for a regulation
Article 3 – paragraph 3 – subparagraph 3
Article 3 – paragraph 3 – subparagraph 3
Amendment 255 #
Proposal for a regulation
Article 3 – paragraph 4 – subparagraph 3
Article 3 – paragraph 4 – subparagraph 3
The Managing Director and the Deputy Managing Director shall be appointed by the Steering Board on a joint proposal of the Commission and the EIB for a renewable, subject to the prior binding opinion of the European Parliament, in accordance with principles of transparency, independence and democracy, for a fixed term of three years.
Amendment 266 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 2
Article 3 – paragraph 5 – subparagraph 2
The Investment Committee shall be composed of six independent expertsexperts elected on the basis of principles of transparency, independence, competence and democracy, and the Managing Director. Independent experts shall have a high level of relevant market experience in project finance and be appointed by the Steering Board for a renewable fixed term of three years. A specialist in social policies shall be appointed among the independent experts of the Investment Committee. This expert shall be responsible for assessing the social impact of the projects submitted to ensure that the projects that are funded support EU objectives.
Amendment 278 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – introductory part
Article 5 – paragraph 2 – subparagraph 1 – introductory part
2. The EU guarantee shall be granted for EIB financing and investment operations approved by the Investment Committee referred to in Article 3(5) or funding to the EIF in order to conduct EIB financing and investment operations in accordance with Article 7(2). The operations concerned shall be consistent with Union policies, contribute to achieving the objectives of EU2020 and support any of the following general objectives:
Amendment 291 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point e
Article 5 – paragraph 2 – subparagraph 1 – point e
(e) providing financial support for the companiessmall, medium and micro enterprises, in addition to those having up to 3000 employees, innovative start-ups and high- risk projects, referred to in Article 1(1), including working capital risk financing.
Amendment 307 #
Proposal for a regulation
Article 5 – paragraph 3 – subparagraph 1
Article 5 – paragraph 3 – subparagraph 1
3. In accordance with Article 17 of the Statute of the European Investment Bank, the EIB shall charge the beneficiaries of the financing operations to cover its expenses related to the EFSI. Without prejudice to sub-paragraph 2 and 3, nNo administrative expenditure or any other fees of the EIB for financing and investment activities conducted by the EIB under this Regulation shall be covered from the Union budget.
Amendment 308 #
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
Amendment 312 #
Proposal for a regulation
Article 8 – paragraph 4
Article 8 – paragraph 4
4. The resources of the guarantee fund provided to it under paragraph 2 shall be directly managed by the Commission, subject to the prior binding opinion of the European Parliament, and invested in accordance with the principle of sound financial management and follow appropriate prudential rules.
Amendment 313 #
Proposal for a regulation
Article 8 – paragraph 6 – subparagraph 2
Article 8 – paragraph 6 – subparagraph 2
Amendment 317 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. The Commission and the EIB, with support from the Member States and of the European Parliament,, shall promote the creation of a transparent pipeline of current and potential future investment projects in the Union. The pipeline is without prejudice to the final projects selected for support according to Article 3(5).
Amendment 320 #
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. The Commission and the EIB shall develop, update and disseminate, on a regular and, structured and transparent basis, information on current and future investments which significantly contribute to achieving EU policy objectives.
Amendment 324 #
Proposal for a regulation
Article 9 – paragraph 3
Article 9 – paragraph 3
3. Member States shall develop, update and disseminate, on a regular and, structured and transparent basis, information on current and future investment projects in their territory.
Amendment 327 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. The EIB, in cooperation with the EIF as appropriate, shall report semi-annually to the Commission on EIB financing and investment operations under this Regulation. The report shall include an assessment of compliance with the requirements on the use of the EU guarantee and the key performance indicators established pursuant to Article 2(1)(g). The report shall also include statistical, financial and accounting data on each EIB financing and investment operation and on an aggregated basis. The report shall be drawn up in accordance with the principles of transparency, independence and sharing.
Amendment 328 #
Proposal for a regulation
Article 10 – paragraph 2 – introductory part
Article 10 – paragraph 2 – introductory part
2. The EIB, in cooperation with the EIF as appropriate, shall report annuallyevery six months to the European Parliament and to the Council on EIB financing and investment operations. The report shall be made public and include:
Amendment 339 #
Proposal for a regulation
Article 10 – paragraph 2 – point f a (new)
Article 10 – paragraph 2 – point f a (new)
(fa) an assessment of the contribution to the Union's social objectives, in particular regarding quality job creation and the Europe 2020 Strategy targets for employment, education and poverty reduction.
Amendment 341 #
Proposal for a regulation
Article 10 – paragraph 3 – introductory part
Article 10 – paragraph 3 – introductory part
3. For the purposes of the Commission's accounting and reporting of the risks covered by the EU guarantee and management of the guarantee fund, the EIB, in cooperation with the EIF as appropriate, shall provide the Commission every year:
Amendment 342 #
Proposal for a regulation
Article 10 – paragraph 4
Article 10 – paragraph 4
4. The EIB shall provide to the Commission upon requesand the European Parliament any additional information necessary to fulfil the Commission's obligations in relation to this Regulation.
Amendment 343 #
Proposal for a regulation
Article 10 – paragraph 5
Article 10 – paragraph 5
5. The EIB, and EIF as appropriate, shall provide the information referred to in paragraphs 1 to 4 at their own expense.
Amendment 345 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. At the request of tThe European Parliament, shall ask the Managing Director shallto participate in a hearing of the European Parliament on the performance of the EFSI.
Amendment 346 #
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. The Managing Director shall reply orally or in writing to questions addressed to the EFSI by the European Parliament, in any event within five weeks of receipt of a question.
Amendment 347 #
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
3. At the request of the European Parliament, tThe Commission shall report to the European Parliament on the application of this Regulation.
Amendment 348 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1
Article 12 – paragraph 1 – subparagraph 1
At the latest [PO insert date: 182 months after the entry into force of this Regulation] the EIB shall evaluate the functioning of the EFSI. The EIB shall submit its evaluation to the European Parliament, the Council and the Commission; and shall review it every two years.
Amendment 349 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 2
Article 12 – paragraph 1 – subparagraph 2
At the latest [PO insert date: 182 months after the entry into force of this Regulation] the Commission shall evaluate the use of the EU guarantee and the functioning of the guarantee fund, including the use of endowments according to Article 8(9). The Commission shall submit its evaluation to the European Parliament and the Council and shall review it every two years.
Amendment 350 #
Proposal for a regulation
Article 12 – paragraph 2 – introductory part
Article 12 – paragraph 2 – introductory part
2. By 30 JuneDecember 20187 and every threewo years thereafter:
Amendment 352 #
Proposal for a regulation
Article 12 – paragraph 3
Article 12 – paragraph 3
3. The EIB, in cooperation with the EIF as appropriate, shall contribute to and provide the necessary information for the Commission evaluation and report under paragraph 1 and 2 respectively.
Amendment 353 #
Proposal for a regulation
Article 12 – paragraph 4
Article 12 – paragraph 4
4. The EIB and EIF shall on a regular basis, in accordance with the timetable laid down in this Regulation, provide the European Parliament, the Council and the Commission with all their independent evaluation reports which assess the practical results achieved by the specific activities of the EIB and EIF under this Regulation.
Amendment 355 #
Proposal for a regulation
Article 12 – paragraph 5
Article 12 – paragraph 5
5. At the latest [PO insert date threewo years after the entry into force of this Regulation], the Commission shall submit a report to the European Parliament and the Council on the application of this Regulation accompanied by any relevant proposal.
Amendment 356 #
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
In accordance with its own transparency policies on access to documents and information, the EIB shall make publicly available on its website up-to-date information relating to all EIBeach individual financing and investment operations and how ithey contributes to the general objectives referred to in Article 5(2).
Amendment 357 #
Proposal for a regulation
Article 13 – paragraph 1 a (new)
Article 13 – paragraph 1 a (new)
The EIB shall provide up-dated information on its website on the total expected cost of each project and of the cost of it so far, of the names of the economic operators involved in each project and of the funds allocated to them as well as information on the expected return from each project, contributing to the general objectives referred to in Article 5 (2) and an evaluation of this return compared to the most up-dated data.
Amendment 358 #
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. The EIB shall notify OLAF promptly and provide it with the necessary information when, at any stage of the preparation, implementation or closure of operations subject to the EU guarantee, it has grounds to suspect that there is a potential case of fraud, corruption, money laundering or any other illegal activity that may affect the financial interests of the Union.
Amendment 359 #
Proposal for a regulation
Article 15 – paragraph 2 – subparagraph 1
Article 15 – paragraph 2 – subparagraph 1
OLAF mayshall 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 Council5(5), Council Regulation (Euratom, EC) No 2185/966(6) and Council Regulation (EC, Euratom) No 2988/957 (7) in order to protect the financial interests of the Union, with a view to establishing whether there has been fraud, corruption, money laundering or any other illegal activity affecting the financial interests of the Union in connection with any operations supported by the EU guarantee. OLAF mayshall transmit to the competent authorities of the Member States concerned information obtained in the course of investigations. __________________ 5 Regulation (EU, Euratom) No 883/2013 of the European Parliament and of the Council of 11 September 2013 concerning investigations conducted by the European Anti-Fraud Office (OLAF) and repealing Regulation (EC) No 1073/1999 of the European Parliament and of the Council and Council Regulation (Euratom) No 1074/1999 (OJ L 248, 18.9.2013, p. 1). 6 Council Regulation (Euratom, EC) No 2185/96 of 11 November 1996 concerning on-the-spot checks and inspections carried out by the Commission in order to protect the European Communities' financial interests against fraud and other irregularities (OJ L 292, 15.11.1996, p. 2). 7 Council Regulation (EC, Euratom) No 2988/95 of 18 December 1995 on the protection of the European Communities financial interests (OJ L 312, 23.12.1995, p. 1).
Amendment 360 #
Proposal for a regulation
Article 15 – paragraph 2 – subparagraph 2
Article 15 – paragraph 2 – subparagraph 2
Where such illegal activities are proven, the EIB shall undertake any recovery efforts with respect to its operations supported by the EU guarantee.
Amendment 361 #
Proposal for a regulation
Article 15 – paragraph 3
Article 15 – paragraph 3
3. Financing agreements signed in relation to operations supported under this Regulation shall include clauses allowing exclusion from EIB financing and investment operations and, if necessary, appropriate recovery measures in cases of fraud, corruption or any other illegal activity in accordance with the EFSI Agreement, EIB policies and applicable regulatory requirements. The decision whether to apply an exclusion from the EIB financing and investment operation shall be taken in accordance with the relevant financing or investment agreement.
Amendment 364 #
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
1. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Articleonly after its limited and defined remit has been established unequivocally.
Amendment 365 #
Proposal for a regulation
Article 17 – paragraph 2
Article 17 – paragraph 2
2. The power to adopt delegated acts referred to in Article 8(6) shall be conferred on the Commission for a period of threone years from the entry into force of this Regulation. The Commission shall draw up a report in respect of the delegation of power not later than nine months before the end of the three-year period. The delegation of power shall be tacitly extended for periods of an identical duration, unless the European Parliament or the Council opposes such extension not later than three months before the end of eachone-year period.
Amendment 366 #
Proposal for a regulation
Article 17 – paragraph 4
Article 17 – paragraph 4
4. As soon as it adopts a delegated act, the Commission shall notify it simultaneousmediately to the European Parliament and to the Council.
Amendment 367 #
Proposal for a regulation
Article 17 – paragraph 5
Article 17 – paragraph 5
5. A delegated act adopted pursuant to Article 8(6) 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 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.