Article 1–Article 2 · 2 articles
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Subject matter
This Regulation lays down detailed rules on the operation of the Modernisation Fund as regards the following:
(a)
submission of proposals for financing of investments;
(b)
assessment of priority investments and non-priority investments;
(c)
management, disbursement and payment of the resources from the Modernisation Fund;
(d)
composition and operation of the Investment Committee for the Modernisation Fund (‘Investment Committee’);
(e)
monitoring, reporting, evaluation, and auditing;
(f)
information and transparency.
Definitions
For the purposes of this Regulation the following definitions apply:
(1)
‘beneficiary Member State’ means a Member State listed in Annex IIb to Directive 2003/87/EC;
(2)
‘non-priority investment’ means an investment that does not fall into any area listed in Article 10d(2) of Directive 2003/87/EC;
(3)
‘non-priority small-scale project’ means a non-priority investment receiving State aid the total amount of which meets the criteria of the de minimis aid in accordance with Article 3 of Commission Regulation (EU) No 1407/2013 ( 4 ) ;
(4)
‘priority investment’ means an investment that falls into at least one area listed in Article 10d(2) of Directive 2003/87/EC;
(5)
‘scheme’ means an investment proposal which complies with the following criteria:
(a)
it comprises a consistent set of priorities coherent with the objectives of the Modernisation Fund, and because of the characteristics of the projects under the scheme, it can be qualified either as a priority or non-priority investment;
(b)
it has a duration of more than one year;
(c)
it has a national or regional scope; and
(d)
it aims to support more than one public or private person or entity responsible for initiating or initiating and implementing projects under the scheme.
Source: EUR-Lex (Publications Office of the EU), © European Union, reuse permitted under Commission Decision 2011/833/EU.
