Changes from plenary report to adopted text

Removed‘The Member State and the Commission shall conclude a contribution agreement or an amendment to it following the Commission Decision approving the Partnership Agreement pursuant to the Common Provisions Regulation for 2021-2027 or the CAP Strategic Plan under the CAP Strategic Plans Regulation or simultaneously to the Commission Decision amending a programme in accordance with the Common Provisions Regulation for 2021-2027 or a CAP Strategic Plan in accordance with the provisions on the amendment to the CAP Strategic Plan laid down in the CAP Strategic Plans Regulation.’;

Removed(c) in paragraph 3, point (b) is replaced by the following:

Removed‘(b) the Member State strategy, consisting of the type of financing, the target leverage, the geographical coverage, including regional coverage if necessary, types of projects, the investment period and, where applicable, the categories of final recipients and of eligible intermediaries;’;

Removed(9) The following Article 10a is inserted:

Removed‘Article 10a

RemovedSpecific provisions applicable to the InvestEU financial instrument implemented under the Member State compartment

Removed1. A Member State may contribute amounts from the funds under shared management to the Member State compartment of the InvestEU Fund in view of deploying them through the InvestEU financial instrument.

RemovedMember States may also provide additional amounts for the purposes of the InvestEU financial instrument. Such amounts shall constitute an external assigned revenue in accordance with Article 21(5), second sentence of the Financial Regulation.

RemovedAmounts allocated by a Member State on a voluntary basis pursuant to the first and second subparagraph shall be used for supporting financing and investment operations in the Member State concerned. Those amounts shall be used to contribute to the achievement of the policy objectives specified in the Partnership Agreement referred to in Article 11(1)(a) of the Common Provisions Regulation for 2021-2027, in the programmes or in the CAP Strategic Plan which contribute to the InvestEU Programme, in order to implement relevant measures set out in the recovery and resilience plans in accordance with Regulation (EU) 2021/241 or, in other cases, for the purposes laid down in the contribution agreement, depending on the origin of the amount contributed.

Removed2. Contribution to the InvestEU financial instrument shall be subject to the conclusion of a contribution agreement between a Member State and the Commission, which for the contributions from funds under shared management shall be done in accordance with Article 10(2), fourth subparagraph.

RemovedTwo or more Member States may conclude a joint contribution agreement with the Commission.

Removed3. The contribution agreement shall at least contain the amount of the contribution by the Member State and the currency of the financing and investment operations, provisions on the Union remuneration for the InvestEU financial instrument, the elements set out in points (b) to (e) and (g) of Article 10(3) and the treatment of resources generated by or attributable to the amounts contributed to the InvestEU financial instrument.

Removed4. The contribution agreements shall be implemented through guarantee agreements concluded in accordance with Article 10(4), first subparagraph.

RemovedWhere no guarantee agreement has been concluded within 12 months from the conclusion of the contribution agreement, the contribution agreement shall be terminated or prolonged by mutual agreement. Where the amount of a contribution agreement has not been fully committed under one or more guarantee agreements within 12 months from the conclusion of the contribution agreement, that amount shall be amended accordingly. The unused amount of a contribution from funds under shared management delivered through the InvestEU Programme shall be re-used in accordance with the respective Regulations. The unused amount of a contribution by a Member State under paragraph 1, second subparagraph, of this Article shall be paid back to the Member State.

RemovedWhere a guarantee agreement has not been duly implemented within the period specified in Article 14(6) of the Common Provisions Regulation for 2021-2027 or Article 81(6) of the CAP Strategic Plans Regulation, or, in the case of a guarantee agreement related to amounts provided in accordance with paragraph 1, second subparagraph, of this Article, in the relevant contribution agreement, the contribution agreement shall be amended. The unused amounts allocated by Member States pursuant to the provisions on the use of the funds under shared management delivered through the InvestEU Programme shall be re-used in accordance with the respective Regulations. The unused amount of an InvestEU financial instrument attributable to the contribution by a Member State under paragraph 1, second subparagraph, of this Article shall be paid back to the Member State.

RemovedResources generated by or attributable to the amounts contributed to the InvestEU financial instrument pursuant to the provisions on the use of the funds under shared management delivered through the InvestEU Programme shall be re-used in accordance with the respective Regulations. The resources generated by or attributable to the amounts contributed to the InvestEU financial instrument under paragraph 1, second subparagraph, of this Article shall be paid back to the Member State.

Removed5. Contracts implementing the InvestEU financial instrument between the implementing partner and the final recipient or the financial intermediary or other entity referred to in Article 16(1), point (a), shall be signed by 31 December 2028.';

Removed(9a) In Article 11(1), point (d)(i) is replaced by the following:

Removed‘(i) be allocated an amount of up to EUR 450 000 000 from the financial envelope referred to in Article 4(3) for the advisory initiatives referred to in Article 25 and the operational tasks referred to in point (ii) of this point;’;

Removed(10) the title of Chapter IV is replaced by the following:

Removed‘EU guarantee and InvestEU financial instrument’;

Removed(11) in Article 13(4), the first two sentences are replaced by the following:

Removed‘75 % of the EU guarantee under the EU compartment as referred to in the first subparagraph of Article 4(1), amounting to EUR 22 989 232 555, shall be granted to the EIB Group. The EIB Group shall provide an aggregate financial contribution amounting to EUR 5 747 308 139.’;

Removed(12) Article 16 is amended as follows:

Removed(a) in paragraph 1, the second subparagraph is replaced by the following:

Removed‘The InvestEU financial instrument may be used to provide funding to the implementing partners for the types of financing referred to in point (a) of the first subparagraph provided by the implementing partners.

RemovedIn order to be covered by the EU guarantee or the InvestEU financial instrument, the financing referred to in the first and second subparagraph shall be granted, acquired or issued for the benefit of financing and investment operations referred to in Article 14(1), where the financing by the implementing partner was granted in accordance with a financing agreement or transaction signed or entered into by the implementing partner after the signature of the guarantee agreement and that has not expired or been cancelled.’;

Removed(b) paragraph 2 is replaced by the following:

Removed‘Financing and investment operations through funds or other intermediate structures shall be supported by the EU guarantee or the InvestEU financial instrument in accordance with the provisions laid down in the investment guidelines, as applicable, even if such structures invest a minority of their invested amounts outside the Union and in third countries referred to Article 14(2) or invest a minority of their invested amounts into assets other than those eligible under this Regulation.’;

Removed(13) Article 17 is amended as follows:

Removed(a) in paragraph 1, the first subparagraph is replaced by the following:

Removed‘The Commission shall conclude a guarantee agreement with each implementing partner on the granting of the EU guarantee up to an amount to be determined by the Commission or on providing support under the InvestEU financial instrument.’;

Removed(b) paragraph 2 is amended as follows:

Removed(i) point (c) is replaced by the following:

Removed‘(c) detailed rules on the provision of the EU guarantee or support under the InvestEU financial instrument in accordance with Article 19, including on the coverage of financing and investment operations or portfolios of specific types of instruments and the respective events that trigger possible calls on the EU guarantee or the use of the InvestEU financial instrument;’;

Removed(ii) point (f) is replaced by the following:

Removed‘(f) the commitment of the implementing partner to accept the decisions by the Commission and the Investment Committee as regards the use of the EU guarantee or of the InvestEU financial instrument for the benefit of a proposed financing or investment operation, without prejudice to the decision-making of the implementing partner in respect of the proposed financing or investment operation without the EU guarantee or the InvestEU financial instrument;’;

Removed(iii) points (h) and (i) are replaced by the following:

Removed‘(h) financial and operational reporting and monitoring of the financing and investment operations under the EU guarantee and the InvestEU financial instrument;

Removed(i) key performance indicators, in particular as regards the use of the EU guarantee and the InvestEU financial instrument, the fulfilment of the objectives and criteria laid down in Articles 3, 8 and 14, and the mobilisation of private capital;’;

Removed(ba) the following paragraph is added:

Removed‘5a. The Commission shall, upon request, provide to the European Parliament and the Council the names of the implementing partners party to the guarantee agreements and the main content of those agreements, having due regard to the legitimate interest of undertakings in the protection of their business secrets.’;

Removed(14) Article 18 is amended as follows:

Removed(a) the title is replaced by the following:

Removed‘Requirements for the use of the EU guarantee and the InvestEU financial instrument’;

Removed(b) paragraph 1 is replaced by the following:

Removed‘1. The granting of the EU guarantee and the support from the InvestEU financial instrument shall be subject to the entry into force of the guarantee agreement with the relevant implementing partner.’;

Removed(c) paragraph 2 is replaced by the following:

Removed‘Financing and investment operations shall be covered by the EU guarantee or be supported through the InvestEU financial instrument only where they fulfil the criteria laid down in this Regulation and, if applicable, in the relevant investment guidelines, and where the Investment Committee has concluded that those operations fulfil the requirements for benefiting from the EU guarantee or the InvestEU financial instrument. The implementing partners shall remain responsible for ensuring that the financing and investment operations comply with this Regulation and the relevant investment guidelines.’;

Removed(d) paragraph 3 is amended as follows:

Removed(i) the first sentence is replaced by the following:

Removed‘No administrative costs or fees related to the implementation of financing and investment operations under the EU guarantee or the InvestEU financial instrument shall be due to the implementing partner by the Commission unless the nature of the policy objectives targeted by the financial product to be implemented and the affordability for the targeted final recipients or the type of financing provided allow the implementing partner to duly justify to the Commission the need for an exception.’

Removed(ii) the following second subparagraph is added:

Removed‘Notwithstanding the first subparagraph, implementing partners are entitled to appropriate fees in relation to the management of fiduciary accounts relating to the InvestEU financial instrument.’

Removed(e) paragraph 4 is replaced by the following:

Removed‘In addition, the implementing partner may use the EU guarantee or the InvestEU financial instrument to meet the relevant share of any recovery costs in accordance with Article 17(4), unless those costs have been deducted from recovery proceeds.’;

Removed(15) Article 19 is amended as follows:

Removed(a) the title is replaced by the following:

Removed‘Coverage and terms of the EU guarantee and of the InvestEU financial instrument’;

Removed(b) paragraph 1 is amended as follows: