Regulation (EU) 2015/1017 of the European Parliament and of the Council of 25 June 2015 on the European Fund for Strategic Investments, the European Investment Advisory Hub and the European Investment Project Portal and amending Regulations (EU) No 1291/2013 and (EU) No 1316/2013 — the European Fund for Strategic Investments
Corrected by
- Corrigendum to Regulation (EU) 2015/1017 of the European Parliament and of the Council of 25 June 2015 on the European Fund for Strategic Investments, the European Investment Advisory Hub and the European Investment Project Portal and amending Regulations (EU) No 1291/2013 and (EU) No 1316/2013 — the European Fund for Strategic Investments, 32015R1017R(01), April 12, 2016
(1) "EFSI Agreement" means the legal instrument whereby the Commission and the EIB specify the conditions laid down in this Regulation for the management of the EFSI; (2) "EIAH Agreement" means the legal instrument whereby the Commission and the EIB specify the conditions laid down in this Regulation for the implementation of the EIAH; (3) "national promotional banks or institutions" means legal entities carrying out financial activities on a professional basis which are given a mandate by a Member State or a Member State's entity at central, regional or local level, to carry out development or promotional activities; (4) "investment platforms" means special purpose vehicles, managed accounts, contract-based co-financing or risk-sharing arrangements or arrangements established by any other means by which entities channel a financial contribution in order to finance a number of investment projects, and which may include: (a) national or sub-national platforms that group together several investment projects on the territory of a given Member State; (b) multi-country or regional platforms that group together partners from several Member States or third countries interested in projects in a given geographic area; (c) thematic platforms that group together investment projects in a given sector;
(5) "small and medium-sized enterprises" or "SMEs" means micro, small and medium-sized enterprises as defined in Article 2 of the Annex to Commission Recommendation 2003/361/EC Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36 ).(6) "small mid-cap companies" means entities having up to 499 employees that are not SMEs; (7) "mid-cap companies" means entities having up to 3000 employees that are not SMEs or small mid-cap companies;(8) "additionality" means additionality as defined in Article 5(1).
(a) investments; (b) increased access to financing for entities having up to 3000 employees, with a particular focus on SMEs and small mid-cap companies.
(a) the establishment of the EFSI, including: (i) the establishment of the EFSI as a distinct, clearly identifiable and transparent facility and as a separate account managed by the EIB, the operations of which are clearly distinguished from other operations of the EIB; (ii) the amount, of no less than EUR 5000000000 in guarantees or cash, and the terms of the financial contribution which is to be provided by the EIB through the EFSI;(iii) the terms of the funding or the guarantees which are to be provided by the EIB through the EFSI to the EIF; (iv) the pricing of operations under the EU guarantee which is to be in line with the EIB's general pricing policy;
(b) governance arrangements concerning the EFSI, in accordance with Article 7, without prejudice to Protocol No 5 on the Statute of the European Investment Bank annexed to the TEU and to the TFEU (the EIB Statute), including: (i) the composition and number of members of the Steering Board; (ii) a provision that a representative of the Commission is to chair the Steering Board meetings; (iii) a provision that the Steering Board is to take decisions by consensus; (iv) the procedure for the appointment of the Managing Director and of the Deputy Managing Director, their remuneration and working conditions, in accordance with the Staff Regulations of the EIB, the rules and procedures on their replacement in their functions and on accountability, without prejudice to this Regulation; (v) the procedure for the appointment and dismissal of the members of the Investment Committee, their remuneration and working conditions and the voting arrangements within the Investment Committee, specifying the quorum and allocating one vote to each member; (vi) the requirement that the Steering Board and the Investment Committee adopt their respective rules of procedure; (vii) the requirement that financing and investment operations covered by this Regulation are to be ultimately approved by the EIB governing bodies in accordance with the EIB Statute; (viii) provisions on avoidance and handling of possible conflicts of interest;
(c) the EU guarantee, which is to be an unconditional, irrevocable, first demand guarantee in favour of the EIB, including: (i) in accordance with Article 11, detailed rules on the provision of the EU guarantee, including its arrangements on coverage and its defined coverage of portfolios of specific types of instruments; (ii) requirements that remuneration for risk-taking be allocated among contributors to the EFSI in proportion to their respective share in the risk-taking and that remuneration to the Union and payments on the EU guarantee are to be made in a timely manner and only after remuneration and losses from operations have been netted; (iii) in accordance with Article 9, requirements for the use of the EU guarantee, including the payment conditions, such as specific time frames, the interest to be paid on due amounts and the necessary liquidity arrangements; (iv) in accordance with Article 11(5), provisions and procedures relating to the recovery of claims that is to be entrusted to the EIB;
(d) in accordance with this Regulation, and in particular Articles 7(12) and 9(5) thereof, Annex II thereto, and any delegated act adopted pursuant to this Regulation, the arrangements for approval by the Investment Committee of the use of the EU guarantee for individual projects or for supporting investment platforms or funds, or national promotional banks or institutions; (e) the procedures for the submission and approval of investment proposals for the use of the EU guarantee, including: (i) the procedure for the transmission of investment proposals to the Investment Committee; (ii) provisions on the information to be provided when submitting investment proposals to the Investment Committee; (iii) the requirement that the procedure for submission and approval of investment proposals for the use of the EU guarantee be without prejudice to the EIB decision-making rules laid down in the EIB Statute, and in particular Article 19 thereof; (iv) rules further detailing the transitional provisions which comply with Article 24 of this Regulation, and in particular the manner in which operations approved by the EIB during the period referred to in that Article are to be included under the EU guarantee coverage;
(f) the reporting, monitoring and accountability with regard to the EFSI, including: (i) in accordance with Article 16, the operational reporting obligations incumbent on the EIB, where appropriate in cooperation with the EIF; (ii) the financial reporting obligations with regard to the EFSI; (iii) in accordance with Articles 20 and 21, rules on auditing and fraud prevention; (iv) key performance indicators, in particular as regards the use of the EU guarantee, the fulfilment of the objectives and criteria laid down in Articles 6 and 9 and Annex II, the mobilisation of private capital, and the macro-economic impact of the EFSI, including its effect on supporting investment;
(g) evaluations of the functioning of the EFSI in accordance with Article 18; (h) the communication and promotion strategy of the EFSI; (i) the procedures and conditions for the amendment of the EFSI Agreement, upon the initiative of the Commission or of the EIB, including the obligation to report to the European Parliament and the Council on such amendment; (j) any other administrative or organisational conditions necessary for the management of the EFSI in so far as they permit the proper use of the EU guarantee; (k) the arrangements concerning the contributions by Member States to the EFSI in the form of guarantees or cash, and by other third parties only in the form of cash, that are not to confer upon those Member States or other third parties any right to participate in the decision-making and voting of the Steering Board.
(a) EFSI activities conducted by the EIF are to be governed by the EIF governing bodies; (b) EFSI activities conducted by the EIF are to be subject to reporting requirements in accordance with Article 16; (c) remuneration attributable to the Union from financing and investment operations covered by this Regulation is to be provided following the deduction of payments due to calls on the EU guarantee and, subsequently, of costs in accordance with Article 9(6) and with the EIAH Agreement.
(a) are economically viable according to a cost-benefit analysis following Union standards, taking into account possible support from, and co-financing by, private and public partners to a project; (b) are consistent with Union policies, including the objective of smart, sustainable and inclusive growth, quality job creation, and economic, social and territorial cohesion; (c) provide additionality; (d) maximise where possible the mobilisation of private sector capital; and (e) are technically viable.
(a) the strategic orientation of the EFSI, including the allocation of the EU guarantee within the infrastructure and innovation windows and any decision to be taken under Article 11(3) and Section 7(b) of Annex II; (b) the operating policies and procedures necessary for the functioning of the EFSI; (c) the rules applicable to the operations with investment platforms and national promotional banks or institutions; (d) the risk profile of the EFSI.
(a) research, development and innovation; (b) transport infrastructures and innovative technologies for transport; (c) energy infrastructures, energy efficiency and renewable energy; (d) information and communication technologies infrastructures; (e) environmental protection and management; (f) education and training; (g) health and medicine; (h) SMEs; (i) cultural and creative industries; (j) urban mobility; (k) social infrastructures and the social and solidarity economy.
(a) are carried out within the Union; or (b) involve entities located or established in one or more Member States and extend to one or more third countries falling within the scope of the European Neighbourhood Policy, including the Strategic Partnership, the enlargement policy, the European Economic Area or the European Free Trade Association, or to an overseas country or territory as set out in Annex II to the TFEU, whether or not there is a partner in those third countries or overseas countries or territories.
(a) research, development and innovation, in particular through: (i) projects that are in line with Horizon 2020; (ii) research infrastructures; (iii) demonstration projects and programmes as well as deployment of related infrastructures, technologies and processes; (iv) support to academia including collaboration with industry; (v) knowledge and technology transfer;
(b) development of the energy sector in accordance with the Energy Union priorities, including security of energy supply, and the 2020, 2030 and 2050 climate and energy frameworks, in particular through: (i) expansion of the use or supply of renewable energy; (ii) energy efficiency and energy savings (with a focus on reducing demand through demand-side management and the refurbishment of buildings); (iii) development and modernisation of energy infrastructure (in particular interconnections, smart grids at distribution level, energy storage and synchronisation of networks);
(c) development of transport infrastructures, and equipment and innovative technologies for transport, in particular through: (i) projects and horizontal priorities eligible under Regulations (EU) No 1315/2013 and (EU) No 1316/2013; (ii) smart and sustainable urban mobility projects (targeting accessibility, reduction of greenhouse gas emissions, energy consumption and accidents); (iii) projects connecting nodes to TEN-T infrastructures;
(d) financial support through the EIF and the EIB to entities having up to 3000 employees, with a particular focus on SMEs and small mid-cap companies, in particular through:(i) provision of working capital and investment; (ii) provision of risk financing from seed to expansion stages for SMEs, start-ups, small mid-cap companies and mid-cap companies, to ensure technological leadership in innovative and sustainable sectors;
(e) development and deployment of information and communication technologies, in particular through: (i) digital content; (ii) digital services; (iii) telecommunications infrastructures of high speed; (iv) broadband network;
(f) environment and resource efficiency, in particular through: (i) projects and infrastructures in the field of environmental protection and management; (ii) strengthening of eco-system services; (iii) sustainable urban and rural development; (iv) climate change actions;
(g) human capital, culture and health, in particular through: (i) education and training; (ii) cultural and creative industries; (iii) innovative health solutions; (iv) new effective medicines; (v) social infrastructures, social and solidarity economy; (vi) tourism.
(a) 5 July 2019 , for EIB operations for which a contract between the EIB and the beneficiary or financial intermediary has been signed by30 June 2020 ;(b) 5 July 2019 , for EIF operations for which a contract between the EIF and the financial intermediary has been signed by30 June 2020 .
(a) EIB loans, guarantees, counter-guarantees, capital market instruments, any other form of funding or credit enhancement instrument, equity or quasi-equity participations, including in favour of national promotional banks or institutions, investment platforms or funds; (b) EIB funding or guarantees to the EIF enabling it to undertake loans, guarantees, counter-guarantees, any other form of credit enhancement instrument, capital market instruments and equity or quasi-equity participations, including in favour of national promotional banks or institutions, investment platforms or funds; (c) EIB guarantees to national promotional banks or institutions, investment platforms or funds under a counter-guarantee of the EU guarantee.
(a) for debt instruments referred to in Article 10(2)(a), the principal and all interest and amounts due to the EIB but not received by it in accordance with the terms of the financing operations until the event of default; (b) for equity investments referred to in Article 10(2)(a), the amounts invested and their associated funding cost; (c) for operations referred to in Article 10(2)(b), the amounts used and their associated funding costs.
(a) contributions from the general budget of the Union; (b) returns on guarantee fund resources invested; (c) amounts recovered from defaulting debtors in accordance with the recovery procedure laid down in the EFSI Agreement as provided for in Article 4(2)(c)(iv); (d) revenues and any other payments received by the Union in accordance with the EFSI Agreement.
(a) any surplus shall be paid to the general budget of the Union as internal assigned revenue in accordance with Article 21(4) of Regulation (EU, Euratom) No 966/2012 for any budget lines which may have been used as a source of redeployment to the guarantee fund; (b) any replenishment of the guarantee fund shall be paid in annual tranches during a maximum period of three years starting in the year n+1.
(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 set out in Article 6; (c) leveraging local knowledge to facilitate EFSI support across the Union; (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.
(a) an assessment of EIB financing and investment operations at operation, sector, country and regional levels and their compliance with this Regulation, in particular with the criterion of providing additionality, together with an assessment of the allocation of EIB financing and investment operations between the general objectives set out in Article 9(2); (b) an assessment of the added value, the mobilisation of private sector resources, the estimated and actual outputs and the outcomes and impact of EIB financing and investment operations on an aggregated basis, including the impact on employment creation; (c) an assessment of the extent to which operations covered by this Regulation contribute to the achievement of the general objectives set out in Article 9(2) including an assessment of the level of EFSI investments in the areas of research, development and innovation and transport (including TEN-T and urban mobility), telecommunications, energy infrastructure and energy efficiency; (d) an assessment of the compliance with the requirements concerning the use of the EU guarantee and with the key performance indicators referred to in Article 4(2)(f)(iv); (e) an assessment of the leverage effect achieved by EFSI-supported projects; (f) a description of the projects where the support of the European Structural and Investment Funds is combined with the support of the EFSI, and the total amount of the contributions from each source; (g) the financial amount transferred to beneficiaries and an assessment of EIB financing and investment operations on an aggregated basis; (h) an assessment of the added value of EIB financing and investment operations, and of the aggregate risk associated with those operations; (i) detailed information on calls on the EU guarantee, losses, returns, amounts recovered and any other payments received; (j) the financial reports on EIB financing and investment operations covered by this Regulation audited by an independent external auditor.
(a) the risk assessment of the EIB and of the EIF and grading information concerning EIB financing and investment operations covered by this Regulation; (b) the outstanding financial obligation for the Union arising from the EU guarantee provided towards EIB financing and investment operations covered by this Regulation, broken down by individual operations; (c) the total profits or losses deriving from EIB financing and investment operations within the portfolios referred to in Article 4(2)(c)(i).
(a) the EIB shall publish a comprehensive report on the functioning of the EFSI, which shall include an evaluation of the impact of the EFSI on investment in the Union, employment creation and access to financing for SMEs and mid-cap companies; (b) the Commission shall publish a comprehensive report on the use of the EU guarantee and the functioning of the guarantee fund.
(a) is achieving its objectives and that maintaining a scheme for supporting investment is warranted, the Commission shall where appropriate submit a legislative proposal to amend this Regulation with a view to setting the new investment period, ensuring continuation of investment and appropriate financing; (b) is not achieving its objectives and that maintaining a scheme for supporting investment is warranted, the Commission shall where appropriate submit a legislative proposal to amend this Regulation with a view to addressing the flaws identified, setting the new investment period, ensuring continuation of investment and appropriate financing; (c) is not achieving its objectives and that maintaining a scheme for supporting investment is not warranted, the Commission shall where appropriate submit a legislative proposal to ensure a smooth termination of the EFSI, while preserving the EU guarantee for the operations already approved under this Regulation.
(a) In Article 6, paragraphs 1, 2 and 3 are replaced by the following: "1. The financial envelope for the implementation of Horizon 2020 is set at EUR 74828,3 million in current prices, of which a maximum of EUR72445,3 million shall be allocated to activities under Title XIX TFEU.The annual appropriations shall be authorised by the European Parliament and by the Council within the limits of the multiannual financial framework. 2. The amount for activities under Title XIX TFEU shall be distributed among the priorities set out in Article 5(2) of this Regulation as follows: (a) Excellent science, EUR 24232,1 million in current prices;(b) Industrial leadership, EUR 16466,5 million in current prices;(c) Societal challenges, EUR 28629,6 million in current prices.
The maximum overall amount for the Union financial contribution from Horizon 2020 to the specific objectives set out in Article 5(3) and to the non-nuclear direct actions of the JRC shall be as follows: (i) Spreading excellence and widening participation, EUR 816,5 million in current prices; (ii) Science with and for society, EUR 444,9 million in current prices; (iii) Non-nuclear direct actions of the JRC, EUR 1855,7 million in current prices.
The indicative breakdown for the priorities and specific objectives set out in Article 5(2) and (3) is set out in Annex II. 3. The EIT shall be financed through a maximum contribution from Horizon 2020 of EUR 2383 million in current prices as set out in Annex II.".(b) Annex II is replaced by the following text: "ANNEX II Breakdown of the budget The indicative breakdown for Horizon 2020 is as follows, subject to the annual budgetary procedure: Including EUR 7423 million for Information and Communication Technologies (ICT) of which EUR1549 million for photonics and micro-and nanoelectronics, EUR3741 million for nanotechnologies, advanced materials and advanced manufacturing and processing, EUR 501 million for biotechnology and EUR1403 million for space. As a result, EUR5792 million will be available to support Key Enabling Technologies.Around EUR 994 million of this amount may go towards the implementation of Strategic Energy Technology Plan (SET Plan) projects. Around one third of this may go to SMEs. Within the target of allocating a minimum of 20 % of the total combined budgets for the specific objective "Leadership in enabling and industrial technologies" and the priority "Societal challenges" for SMEs, a minimum of 5 % of those combined budgets will be initially allocated to the dedicated SME instrument. A minimum of 7 % of the total budgets of the specific objective "Leadership in enabling and industrial technologies" and the priority "Societal challenges" will be allocated to the dedicated SME instrument averaged over the duration of Horizon 2020. The Fast Track to Innovation (FTI) pilot actions will be funded from the specific objective "Leadership in enabling and industrial technologies" and from the relevant specific objectives of the priority "Societal challenges". A sufficient number of projects will be launched in order to allow a full evaluation of the FTI pilot.". EUR million in current prices I Excellent science, of which: 24232,1 1. European Research Council (ERC) 13094,8 2. Future and Emerging Technologies (FET) 2585,4 3. Marie Skłodowska-Curie actions 6162,3 4. Research infrastructures 2389,6 II Industrial leadership, of which: 16466,5 1. Leadership in enabling and industrial technologies , 13035 2. Access to risk finance 2842,3 3. Innovation in SMEs 589,2 III Societal challenges, of which 28629,6 1. Health, demographic change and well-being 7256,7 2. Food security, sustainable agriculture and forestry, marine, maritime and inland water research, and the bioeconomy 3707,7 3. Secure, clean and efficient energy 5688,1 4. Smart, green and integrated transport 6149,4 5. Climate action, environment, resource efficiency and raw materials 2956,5 6. Europe in a changing world – Inclusive, innovative and reflective societies 1258,5 7. Secure societies – Protecting freedom and security of Europe and its citizens 1612,7 IV Spreading excellence and widening participation 816,5 V Science with and for society 444,9 VI Non-nuclear direct actions of the Joint Research Centre (JRC) 1855,7 VII The European Institute of Innovation and Technology (EIT) 2383 TOTAL 74828,3 ----------------------Including EUR 7423 million for Information and Communication Technologies (ICT) of which EUR1549 million for photonics and micro-and nanoelectronics, EUR3741 million for nanotechnologies, advanced materials and advanced manufacturing and processing, EUR 501 million for biotechnology and EUR1403 million for space. As a result, EUR5792 million will be available to support Key Enabling Technologies.Around EUR 994 million of this amount may go towards the implementation of Strategic Energy Technology Plan (SET Plan) projects. Around one third of this may go to SMEs. Within the target of allocating a minimum of 20 % of the total combined budgets for the specific objective "Leadership in enabling and industrial technologies" and the priority "Societal challenges" for SMEs, a minimum of 5 % of those combined budgets will be initially allocated to the dedicated SME instrument. A minimum of 7 % of the total budgets of the specific objective "Leadership in enabling and industrial technologies" and the priority "Societal challenges" will be allocated to the dedicated SME instrument averaged over the duration of Horizon 2020. The Fast Track to Innovation (FTI) pilot actions will be funded from the specific objective "Leadership in enabling and industrial technologies" and from the relevant specific objectives of the priority "Societal challenges". A sufficient number of projects will be launched in order to allow a full evaluation of the FTI pilot.".
(a) In Article 5, paragraph 1 is replaced by the following: "1. The financial envelope for the implementation of the CEF for the period 2014 to 2020 is set at EUR 30442259000 in current prices. That amount shall be distributed as follows:(a) transport sector: EUR 24050582000 , of which EUR11305500000 shall be transferred from the Cohesion Fund to be spent in line with this Regulation exclusively in Member States eligible for funding from the Cohesion Fund;(b) telecommunications sector: EUR 1041602000 ;(c) energy sector: EUR 5350075000 .
These amounts are without prejudice to the application of the flexibility mechanism provided for under Council Regulation (EU, Euratom) No 1311/2013 Council Regulation (EU, Euratom) No 1311/2013 of 2 December 2013 laying down the multiannual financial framework for the years 2014-20 (OJ L 347, 20.12.2013, p. 884 ).";----------------------Council Regulation (EU, Euratom) No 1311/2013 of 2 December 2013 laying down the multiannual financial framework for the years 2014-20 (OJ L 347, 20.12.2013, p. 884 ).";(b) In Article 14, paragraph 2 is replaced by the following: "2. The overall contribution from the Union budget to the financial instruments shall not exceed 8,4 % of the overall financial envelope of the CEF as referred to in Article 5(1)."; (c) In Article 21, paragraph 4 is replaced by the following: "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.".
entities of all sizes, including utilities, SPVs or project companies, SMEs or mid-cap companies; national promotional banks or institutions or financial institutions for intermediation; equity/debt funds and any other form of collective investment vehicles; investment platforms; public sector entities (territorial or not, but excluding operations with such entities giving rise to direct Member State risk) and public-sector type entities.
(a) in order to avoid duplication of existing financial instruments, the EU guarantee may complement, be combined with, or strengthen or enhance existing Union programmes or other sources of Union funds or joint instruments; (b) over the course of the EFSI investment period, investment supported by the EFSI shall in principle not crowd out the use of other Union financial instruments; (c) attention shall be paid to the complementarity of new infrastructure and innovation window products focusing on SMEs and small mid-cap companies with existing EU financial instruments and EFSI financial instruments under the SME window so that the highest level of efficient use of financial resources is achieved. Nonetheless, a cumulative use of instruments shall be possible in particular in cases where the usual support is not sufficient to kick-start investments.
For debt-type operations, the EIB shall carry out its standard risk assessment, involving the computation of the probability of default and the recovery rate. Based on these parameters, the EIB shall quantify the risk for each operation. Such computation shall be performed without taking into account the EU guarantee, to reflect the overall risk of the transaction. Each debt-type operation shall receive a risk classification (the Transaction Loan Grading) as per the EIB's system of loan gradings. Information on loan grading shall be included in the project documentation for the Investment Committee. Transactions with a higher risk profile than projects supported by EIB normal operations are referred to as special activities as defined in Article 16 of the EIB Statute and in the credit risk policy guidelines of the EIB. Operations supported by the EU guarantee shall typically have a higher risk profile than EIB normal operations and hence fall under the special activities. Transactions with a better loan grading can be included into the EFSI portfolio provided that a high added value is clearly demonstrated and their inclusion is consistent with the criterion of providing additionality. Projects shall be economically and technically viable and the EIB's financing shall be structured in line with sound banking principles and comply with the high level risk management principles set by the EIB in its internal guidelines. All relevant information shall be made available to the members of the Steering Board and of the Investment Committee. Debt-type products shall be priced in line with the EIB's loan pricing methodology.
For equity-type operations, the EU guarantee may be used to support direct investments in individual companies or projects (Equity-Type Direct Investments) or financing for funds or analogous portfolio risks (Equity-Type Portfolio), provided that the EIB invests on a pari passu basis for its own risk as well. The determination whether an operation bears equity-type risks or not, irrespective of its legal form and nomenclature, shall be based on the EIB's standard assessment. The EIB's equity-type operations shall be carried out in accordance with the EIB's internal rules and procedures. All relevant information for the assessment of the operation shall be made available to the members of the Steering Board and of the Investment Committee. Equity-type investments shall be priced in line with the market, absent which market testing or benchmarking shall be used.