61 Amendments of Judith SARGENTINI related to 2016/0281(COD)
Amendment 82 #
Proposal for a regulation
Recital 1
Recital 1
(1) The Union's ambitious External Investment Plan (EIP) is neededntends to support investments starting in Africa and the Union's Neighbourhood as a means to promote the sustainable development goals of the United Nations 2030 Agenda for Sustainable Development ('the 2030 Agenda') as well as the commitments under the recently revised European Neighbourhood Policy thus addressing root causes of migration. It should also contribute to the implementation of the Paris Agreement on Climate Change (COP 21).
Amendment 88 #
Proposal for a regulation
Recital 2
Recital 2
(2) The EIP should incorporate the Union commitment under the Addis Ababa Action Agenda on Financing for Development. It should also allow Europeanlow investors and private companies, including small and medium-sized enterprises, to participate more effectively to sustainable development in partner countries in line with the Union development and neighbourhood policies.
Amendment 95 #
Proposal for a regulation
Recital 3
Recital 3
Amendment 102 #
Proposal for a regulation
Recital 4
Recital 4
(4) The EIP should provide an integrated financial package to finance investments starting in regions of Africa for countries that are signatories to the Partnership Agreement between the members of the African, Caribbean and Pacific Group of States of the one part, and the European Community and its member States, of the other part, signed in Cotonou on 23 June 200022 and the Neighbourhood countries, thereby creating growth and employment opportunities, maximising additionality, delivering innovative productsmaking sure not to increase debt risks or macroeconomic vulnerability, thereby supporting longer term development through creating sustained growth and employment opportunities, with particular focus on gender equality and the empowerment of women and youth, supporting the implementation of the EU Gender Action Plan, ensuring additionality, and crowding-in private sector funds. __________________ 22OJ L 317, 15.12.2000 as last amended by OJ L 287, 4.11.2010, while respecting human rights, and not creating negative environmental externalities.
Amendment 113 #
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) The EFSD should incorporate the Union's commitments on development effectiveness and deriving from the Addis Ababa Action Agenda on Financing for Development. Actions under the EFSD Regulation should be designed so as to fulfil the criteria for Official Development Assistance (ODA) established by the Development Assistance Committee (DAC) of the OECD.
Amendment 119 #
Proposal for a regulation
Recital 5
Recital 5
(5) The European Fund for Sustainable Development (EFSD) should be composed of regional investment platforms, which will combine financing from existing blending facilities and the EFSD Guarantee. The existing blending facilities for Africa are created by Commission Decision C(2015)5210 and by Commission Implementing Decision C(2016)3436 for the Neighbourhood. Each regional investment platform should have an operational board that supports the Commission in defining and monitoring regional and sectorial investment goals, regional, sectorial and thematic investment windows, formulates opinions on the blending operations and discusses the use of the EFSD Guarantee in line with the investment windows to be defined.
Amendment 120 #
Proposal for a regulation
Recital 5 a (new)
Recital 5 a (new)
Amendment 126 #
Proposal for a regulation
Recital 6
Recital 6
(6) Furthermore, the EFSD should operate as 'one-stop-shop' to receive financing proposals from financial institutions and public or private investors and deliver a wide range of financial support to eligible investments. The EFSD Guarantee should be backed by the EFSD Guarantee Fund. The EFSD should deploy innovativeproven instruments to support investments and involve the private sector.
Amendment 133 #
Proposal for a regulation
Recital 8
Recital 8
(8) Moreover, the Strategic Board should support the Commission in setting strategic guidance and overall investment goals. The Strategic Board should also support coordination and coherence between the regional platforms and respect commitments on policy coherence for development. This should ensure complementarity of the various instruments in external action. The Strategic Board should be co-chaired by the Commission and the High Representative of the Union for Foreign Affairs and Security Policy to ensure consistency and coherence with Union external policy objectives and partnership frameworks with third countries.
Amendment 143 #
Proposal for a regulation
Recital 10 a (new)
Recital 10 a (new)
(10a) Monitoring the quality of supported financing and investment operations is of key importance in order to ensure that they effectively contribute to sustainable development. EU delegations would be well placed to perform such tasks, but as their capacities are limited, it is of paramount importance to include reliable civil society organisations both locally and internationally.
Amendment 148 #
Proposal for a regulation
Recital 14
Recital 14
(14) In order to increase the impact of the EFSD Guarantee in view of the needs in the regions concerned, Member States should have the possibility of providinge contributions in the form of a guarantee or cash. Those contributions could be earmarked by region, sector or investment window.
Amendment 157 #
Proposal for a regulation
Recital 16
Recital 16
(16) The Commission should report annually to the European Parliament and the Council on the financing and investment operations covered by the EFSD Guarantee, and the plans for coming year, with a view to ensuring full accountability to the European citizens. The report should be made public in order to allow relevant stakeholders, including civil society, to express their views. All other documents relating to the fund should be made publicly available, with a limited regime of exceptions. The Commission should also report annually to the European Parliament and the Council on the management of the EFSD Guarantee Fund so that accountability and transparency are ensured.
Amendment 175 #
Proposal for a regulation
Recital 20
Recital 20
(20) In order to fulfil the political commitments of the EU on renewable energy, energy efficiency and climate change a minimum share of 240% for the funding allocated under the EFSD should be devoted to financing and investment operations relevant for these sectors.
Amendment 176 #
Proposal for a regulation
Recital 20 a (new)
Recital 20 a (new)
(20a) In order to contribute to the implementation of the Paris Agreement on climate change, all EFSD funded projects should meet the Agreement's stated objective to align financial flows with low greenhouse gas emission and climate resilient development, thus supporting operations and projects that actively promote climate protection and resilience, while respecting land rights of local communities.
Amendment 178 #
Proposal for a regulation
Recital 20 b (new)
Recital 20 b (new)
(20b) Remittances' flows to developing countries are by far more important than official development flows. Therefore projects or instruments which facilitate the transfer of remittances and lower costs thereof should be eligible for funding allocated under the EFSD.
Amendment 180 #
Proposal for a regulation
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
(5) 'additionality' means the principle ensuring that the EFSD Guarantee supportsupport, including via blending facilities, contributes to sustainable development by achieving positive results above and beyond what could have been achieved without the support. Financial interventions may not be aimed at replacing the support of a Member State or third country, private funding or another Union financial intervention, as well as that it is aimed at addressing market failures and avoiding crowding out other public or private investments or by an international financial institution.
Amendment 182 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. The purpose of the EFSD as an integrated financial package shall be to support through the supply of financing capacity in the form of grants, guarantees and other financial instruments to eligible counterparts investments and increased access to financing starting in African and Neighbourhood partner countries, striving for a balanced coverage of partner countries within the respective regions, ensuring adequate presence of fragile and least developed countries and fostering regional integration.
Amendment 195 #
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
2. The EFSD shall contribute to the achievement of the Sustainable Development Goals of the 2030 Agenda with a particular focus on sustainable growth, job creation, socio-economic sectors and on the support to micro, small and medium sized enterprises, thus addressing root causes of migration and contributing to sustainable reintegration of returned migrants in their countries of origin while maximising additionality, delivering innovative products, and operate in respect of development effectiveness principles like alignment to partner countries' priorities, untied aid and mutually agreed conditionalities, with a particular focus on sustainable growth, job creation, socio-economic sectors and on the support to micro, small and medium sized enterprises while ensuring additionality and crowding in private sector funds.
Amendment 196 #
Proposal for a regulation
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
2a. In order to fulfil the political commitments of the EU on renewable energy, energy efficiency and climate change a minimum share of 40% for the funding allocated under the EFSD shall be devoted to financing and investment operations relevant for these sectors.
Amendment 199 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. The EFSD shall be composed of regional investment platforms, which will combine financing from existing blending facilities and the EFSD Guarantee, complemented by advisory hubs.
Amendment 214 #
Proposal for a regulation
Article 5 – paragraph 2
Article 5 – paragraph 2
2. The strategic board shall be composed of representatives of the Commission and of the High Representative of the Union for Foreign Affairs and Security Policy (High Representative), of the Member States, the European Parliament and of the EIB. The Commission mayshall invite other contributors to become members of the strategic board having regard where appropriate to the view of the board. Partner Countries and rRelevant regional organisations, the eligible counterparts and the European Parliamentand other stakeholders such as civil society groups may be given observer status, where appropriate. The strategic board shall be co-chaired by the Commission and the High Representative. The strategic board shall ensure proper consultation of a diversity of stakeholders in partner countries.
Amendment 223 #
Proposal for a regulation
Article 5 a (new)
Article 5 a (new)
Article 5a Advisory Hubs Neighbourhood region and Africa 1. Advisory Hubs shall have as its objective to build upon existing advisory services in order to provide advisory support and capacity building for the identification, preparation and development and long term maintenance of projects and to act as technical advisory hubs for project financing within the Neighbourhood region or Africa. Such support shall include providing targeted support on the use of technical assistance for project structuring, on the use of innovative financial instruments and advice, as appropriate, on relevant issues relating to Union law, taking into account the specificities and needs of partner countries. 2. The advisory hubs shall provide services in addition to those already available under other Union programmes, including: (a) providing a single point of entry for technical assistance for authorities and project promoters; (b) assisting project promoters, where appropriate, in developing their projects so that they fulfil the eligibility criteria and contribute to the Sustainable Development Goals of the 2030 Agenda. (c) leveraging local knowledge (d) providing a platform for peer-to- peer exchange and sharing of know-how regarding project development; (e) providing advice on the establishment of investment platforms 3. Advisory hub services shall be available for public and private project promoters, including national promotional banks or institutions and investment platforms or funds and regional and local public entities. 4. Advisory hubs shall contribute to the setting up of local monitoring groups comprising a diverse group of local stakeholders. 5. The Union shall contribute up to a maximum of EUR 10 000 000 per annum towards covering the costs of advisors hubs.
Amendment 232 #
Proposal for a regulation
Article 8 – title
Article 8 – title
Eligibility and debarment criteria for the use of the EFSD Guarantee
Amendment 239 #
Proposal for a regulation
Article 8 – paragraph 1 – point a
Article 8 – paragraph 1 – point a
(a) contribute to economic and social development, with particular focus on sustainability and sustainable job creation (in particular for youth and women), thus addressing root causes of migration and contributing to sustainable reintegration of returned migrants in their countries of origin;
Amendment 247 #
Proposal for a regulation
Article 8 – paragraph 1 – point b
Article 8 – paragraph 1 – point b
(b) target socio-economic sectors, in particular infrastructure including sustainrenewable energy, water, low-carbon transport, information and communications technologies, environment, sustainable use of natural resources, agro-ecological farming and blue growth, social infrastructure, human capital, in order to improve the socio-economic environment;
Amendment 262 #
Proposal for a regulation
Article 8 – paragraph 1 – point c
Article 8 – paragraph 1 – point c
(c) provide finance in favour of micro-, small- and medium-sized enterprises with a particular focus on private and cooperative sector development;
Amendment 267 #
Proposal for a regulation
Article 8 – paragraph 1 – point d
Article 8 – paragraph 1 – point d
(d) provide financial instruments aimed at addressing the bottlenecks to private investments with a positive developmental impact, including first loss guarantees to portfolios guarantees to private sector projects such as loan guarantees for small and medium-sized enterprises and guarantees for specific risks for infrastructure projects and other risk capital;
Amendment 273 #
Proposal for a regulation
Article 8 – paragraph 2 – point a a (new)
Article 8 – paragraph 2 – point a a (new)
(aa) allocate at least 40% of the financing to investments with the principle objective of climate action;
Amendment 280 #
Proposal for a regulation
Article 8 – paragraph 2 – point e
Article 8 – paragraph 2 – point e
(e) maximise the mobilisation ofobilise significantly private sector capital.;
Amendment 283 #
Proposal for a regulation
Article 8 – paragraph 2 – point e a (new)
Article 8 – paragraph 2 – point e a (new)
(ea) ensure long term local capacity is fostered for maintenance and other long term tasks required to ensure the sustainability of the operations;
Amendment 286 #
Proposal for a regulation
Article 8 – paragraph 2 – point e b (new)
Article 8 – paragraph 2 – point e b (new)
(eb) fulfil the criteria for Official Development Assistance (ODA) established by the Development Assistance Committee (DAC) of the OECD;
Amendment 289 #
Proposal for a regulation
Article 8 – paragraph 2 – point e c (new)
Article 8 – paragraph 2 – point e c (new)
(ec) ease the flow of remittances and reduce their costs;
Amendment 290 #
Proposal for a regulation
Article 8 – paragraph 2 – point e d (new)
Article 8 – paragraph 2 – point e d (new)
(ed) are implemented in full respect of the Human Rights conventions, the OECD Guidelines for Multi-National Enterprises, the UN Guiding Principles on Business and Human Rights, the ILO conventions and standards, the Maastricht Principles on the Extraterritorial Obligations of States in the Area of Economic, Social and Cultural Rights and the FAO Voluntary Guidelines on the Responsible Governance of Tenure of Land, Fisheries and Forests in the Context of National Food Security;
Amendment 291 #
Proposal for a regulation
Article 8 – paragraph 2 – point e e (new)
Article 8 – paragraph 2 – point e e (new)
(ee) undergo a publicly available participatory ex ante human rights and environmental impact assessment identifying and addressing risks in those fields.
Amendment 292 #
Proposal for a regulation
Article 8 – paragraph 2 a (new)
Article 8 – paragraph 2 a (new)
2a. The EFSD Guarantee shall not support financing and investment operations which, (a) are linked to the military or security sector (b) support the development of nuclear energy (c) further fossil fuel and carbon lock- in (d) have significant environmental external costs (e) promote the use of genetically modified seeds (f) promote large-scale industrialised monoculture farming (g) are linked to mega-dams (h) are in sectors or projects that have risks of undermining the human rights in partner countries such as land grabbing and the forced displacement of populations. A publicly available ex ante human rights and environmental impact assessment shall be carried out to identify such risks.
Amendment 295 #
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
Amendment 301 #
Proposal for a regulation
Article 8 – paragraph 4 a (new)
Article 8 – paragraph 4 a (new)
4a. The Commission shall be empowered to adopt delegated acts in accordance with Article 21(1) to (3) and (5) to supplement this Regulation by establishing a public scoreboard of indicators to ensure an independent and transparent assessment of the potential and actual use of the guarantee, in particular with regard to the criteria mentioned in paragraph 2.
Amendment 307 #
Proposal for a regulation
Article 10 – paragraph 1 – point e
Article 10 – paragraph 1 – point e
(e) bodies governed by the private law of a Member State that provide adequate financial guarantees, by derogation from Article 58(1)(c)(vii) of Regulation (EU) No 966/2012, and that disclose what extra- financial factors ("Environment Social and Governance ESG") such as climate change, resource scarcity, misaligned executive compensation or corruption they consider as part of their fiduciary duty.
Amendment 309 #
Proposal for a regulation
Article 10 – paragraph 1 – point f
Article 10 – paragraph 1 – point f
(f) bodies governed by the private law of a partner country that provide adequate financial guarantees, by derogation from Article 58(1)(c)(vii) of Regulation (EU) No 966/2012, and that disclose what extra- financial factors ("Environment Social and Governance ESG") such as climate change, resource scarcity, misaligned executive compensation or corruption they consider as part of their fiduciary duty.
Amendment 312 #
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
3. The Commission shall select the eligible counterparts pursuant to Article 61 of Regulation (EU, Euratom) No 966/2012. while preference is given to eligible counterparts: – established in the African and Neighbourhood partner countries respectively, – with a proven track record of sustainable and responsible investment favouring participatory approaches and ownership in designing and setting up programmes and projects, – using reliable monitoring and evaluation methods, including on qualitative aspects, like environmental and social standards and additionality, – having in their governance structure an efficient and independent grievance mechanism.
Amendment 326 #
Proposal for a regulation
Article 12 – paragraph 3 – introductory part
Article 12 – paragraph 3 – introductory part
3. The guarantee agreements shall be publicly available, with a limited regime of exceptions, and contain, in particular, provisions concerning the following:
Amendment 332 #
Proposal for a regulation
Article 12 – paragraph 6 – point a
Article 12 – paragraph 6 – point a
(a) for debt instruments the principal and all interests and amounts due to the selected eligible counterpart, but not received by it in accordance with the terms of the financing operations aftert the time of an event of default has occurreding;
Amendment 333 #
Proposal for a regulation
Article 12 – paragraph 6 – point b
Article 12 – paragraph 6 – point b
(b) for equity investments the amounts invested and their associated financing costs;
Amendment 334 #
Proposal for a regulation
Article 12 – paragraph 6 – point c
Article 12 – paragraph 6 – point c
(c) for other financing and investment operations referred to in Article 8(2) the amounts used and their associated funding costs;
Amendment 335 #
Proposal for a regulation
Article 12 – paragraph 6 – point d
Article 12 – paragraph 6 – point d
Amendment 337 #
Proposal for a regulation
Article 13 – paragraph 2 – point b
Article 13 – paragraph 2 – point b
(b) possible contributions from Member States anmounting to at least one third of ther contributorsions from the general budget of the Union;
Amendment 339 #
Proposal for a regulation
Article 13 – paragraph 2 – point b a (new)
Article 13 – paragraph 2 – point b a (new)
(ba) possible contributions from other contributors;
Amendment 342 #
Proposal for a regulation
Article 15 – paragraph 1 – introductory part
Article 15 – paragraph 1 – introductory part
1. The Commission shall submit an annual report to the European Parliament and to the Council on the financing and investment operation covered by the EFSD Guarantee. This report shall be made public. It shall include the following elements and be presented to and discussed with a broad range of stakeholders in the competent committees of the European Parliament. It shall include the following elements which shall be presented in a country-specific format:
Amendment 346 #
Proposal for a regulation
Article 15 – paragraph 1 – point -a (new)
Article 15 – paragraph 1 – point -a (new)
(–a) an assessment of the overall contribution to the Sustainable Development Goals of the 2030 Agenda with a special focus on the fight against poverty;
Amendment 347 #
Proposal for a regulation
Article 15 – paragraph 1 – point -a a (new)
Article 15 – paragraph 1 – point -a a (new)
(–aa) an assessment of the share of funding devoted to financing and investment operations relevant for political commitments of the EU on renewable energy, energy efficiency and climate change;
Amendment 353 #
Proposal for a regulation
Article 15 – paragraph 1 – point e
Article 15 – paragraph 1 – point e
(e) the financial amount transferred to beneficiaries and an assessment of financing and investment operations by each counterpart on an aggregated basis including a gender analysis of the operations covered based on evidence and on sex-disaggregated data;
Amendment 359 #
Proposal for a regulation
Article 15 – paragraph 1 – point h a (new)
Article 15 – paragraph 1 – point h a (new)
(ha) detailed objectives and plans for the coming year.
Amendment 364 #
Proposal for a regulation
Article 16 – paragraph 2
Article 16 – paragraph 2
2. By 31 December 2020 and every three years thereafter, the Commission shall evaluate the use of the EFSD Guarantee Fund. The Commission shall submit its evaluation report to the European Parliament and the Council. That evaluation report shall be accompanied by an opinion of the Court of Auditors on the management of the EFSD guarantee fund and the effectiveness and additionality of EFSD operations.
Amendment 370 #
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
Extensive minutes of the meetings of the strategic and operational boards shall be published without delay. The scoreboard of indicators shall be made public once an operation under the guarantee is approved. In accordance with its transparency policies and general Union principles on access to documents and information, the eligible counterparts shall make publicly available on their websites all information and documents relating to all financing and investment operations covered by the EFSD Guarantee under this Regulation, relating in particular to the manner in which those operations contribute to the requirements of this Regulawith a strictly limited regime of exceptions.
Amendment 375 #
Proposal for a regulation
Article 17 a (new)
Article 17 a (new)
Article 17a Grievance and redress mechanism The European Commission shall establish an EU centralised Grievance Mechanism for all EFSD supported projects. This grievance mechanism shall be contacted directly by stakeholders affected by EFSD operations, and by stakeholders dissatisfied with how their complaints are addressed by the grievance mechanisms of EFSD counterparts.
Amendment 376 #
Proposal for a regulation
Article 18 – paragraph 1
Article 18 – paragraph 1
1. The external audit of the activities undertaken in accordance with this Regulation shall be carried out by the Court of Auditors in accordance with Article 287 of the Treaty on the Functioning of the European Union (TFEU) and is thus subject to the discharge procedure in accordance with Article 319 TFEU.
Amendment 377 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
1. The Commission or the eligible counterparts shall notify the European Anti-Fraud Office (OLAF) promptly and provide it with the necessary information when, at any stage of the preparation, implementation or closure of financing and investment operations covered by this Regulation, they have grounds for suspecting fraud, corruption, embezzlement, money laundering or any other illegal activity that may affect the financial interests of the Union.
Amendment 378 #
Proposal for a regulation
Article 19 – paragraph 2 – subparagraph 1
Article 19 – paragraph 2 – subparagraph 1
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, Council Regulation (Euratom, EC) No 2185/96 and Council Regulation (EC, Euratom) No 2988/95 in order to protect the financial interests of the Union, with a view to establishing whether there has been fraud, corruption, embezzlement, money laundering financing of terrorism, tax fraud and tax evasion, or any other illegal activity affecting the financial interests of the Union in connection with any financing and investment operations covered by this Regulation. OLAF may transmit any information obtained in the course of its investigations to the competent authorities of the Member States concerned.
Amendment 379 #
Proposal for a regulation
Article 20 – paragraph 1
Article 20 – paragraph 1
1. In their financing and investment operations, the eligible counterparts shall not support any activities carried out for illegal purposes, including money laundering, terrorist financing, organised crime, tax fraud and tax evasion, corruption, and fraud affecting the financial interests of the Union. The eligible counterparts shall not participate in any financing or investment operation through a vehicle located in a non- cooperative jurisdiction, in accordance with its policy towards weakly regulated or non-coopercharacterised in particular by no, or only nominal, or low taxes, a lack of effective automatic exchange of information in tax matters, a lack of transparency in legislative, jurisdictions based on policies of the Union,dicial or administrative provisions and providing harmful tax measures as defined by the Code of Conduct on Business taxation or, identified by the Organisation for Economic Co-operation and Development or the Financial Action Task Forceas being a non- cooperative jurisdiction or, identified as high risk countries pursuant to article 9 paragraph 2 of DIRECTIVE (EU) 2015/849 or included in the common EU list of non-cooperative tax jurisdictions.
Amendment 380 #
Proposal for a regulation
Article 20 – paragraph 2
Article 20 – paragraph 2
2. In its financing and investment operations, the eligible counterpart shall apply the principles and standards set out in Union law on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing and in particular Regulation (EU) 2015/847 of the European Parliament and of the Council35 and Directive (EU) 2015/849 of the European Parliament and of the Council36. The eligible counterparts shall make both direct funding and funding via intermediaries under this Regulation contingent upon the disclosure of beneficial ownership information in accordance with Directive (EU) 2015/849 and publish country-by-country reporting data in line with the requirements of article 89,1 of Directive 2013/36/EU. __________________ 35 Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds and repealing Regulation (EC) No 1781/2006 (OJ L 141, 5.6.2015, p. 1). 36 Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (OJ L 141, 5.6.2015, p. 73).
Amendment 384 #
Proposal for a regulation
Article 20 a (new)
Article 20 a (new)
Article 20a Exercise of the 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 8 shall be conferred on the Commission for a period of three years from 4 July 2017. 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 each period. The delegation of power referred to in Article 8 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. 3. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council. 4. A delegated act adopted pursuant to Article 8 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.