Regulation (EU) 2021/523 is amended as follows:
(1)
in Article 1, the first paragraph is replaced by the following:
‘This Regulation establishes the InvestEU Fund, which shall provide for an EU guarantee and an InvestEU financial instrument to support financing and investment operations carried out by the implementing partners that contribute to objectives of the Union’s internal policies.’
;
(2)
Article 2 is amended as follows:
(a)
points (3), (4) and (5) are replaced by the following:
‘(3)
“policy window” means a targeted area for support by the EU guarantee or the InvestEU financial instrument as laid down in Article 8(1);
(4)
“compartment” means a part of the support provided under the InvestEU Fund defined in terms of the origin of the resources backing it;
(5)
“blending operation” means, under the EU compartment, an operation supported by the Union budget that combines non-repayable forms of support, repayable forms of support, or both, from the Union budget with repayable forms of support from development or other public finance institutions, or from commercial finance institutions and investors; for the purposes of this definition, Union programmes financed from sources other than the Union budget, such as the EU ETS Innovation Fund, may be assimilated to Union programmes financed by the Union budget;’
;
(b)
point (8) is replaced by the following:
‘(8)
“contribution agreement” means a legal instrument whereby the Commission and one or more Member States specify the conditions for the implementation of the contribution under the Member State compartment, as laid down in Articles 10 and 10a;’
;
(c)
points (10) and (11) are replaced by the following:
‘(10)
“financing and investment operations” or “financing or investment operations” means operations to provide finance directly or indirectly to final recipients through financial products carried out by:
(a)
in the context of the EU guarantee, an implementing partner in its own name, provided by the implementing partner in accordance with its internal rules, policies and procedures and accounted for in the implementing partner’s financial statements or, where applicable, disclosed in the notes to those financial statements;
(b)
in the context of the InvestEU financial instrument, an implementing partner in its own name or in its own name but on behalf of the Commission, as applicable;
(11)
“funds under shared management” means funds that provide for the possibility of allocating a portion of those funds to the provisioning for a budgetary guarantee or to a financial instrument under the Member State compartment of the InvestEU Fund, namely the European Regional Development Fund (ERDF) and the Cohesion Fund established by Regulation (EU) 2021/1058 of the European Parliament and of the Council ( *1 ) , the European Social Fund Plus (ESF+) established by Regulation (EU) 2021/1057 of the European Parliament and of the Council ( *2 ) (the “ESF+ Regulation for 2021-2027”), the European Maritime, Fisheries and Aquaculture Fund (EMFAF) established by Regulation (EU) 2021/1139 of the European Parliament and of the Council ( *3 ) and the European Agriculture Fund for Rural Development (EAFRD) established by Regulation (EU) 2021/2115 of the European Parliament and of the Council ( *4 ) (the “CAP Strategic Plans Regulation”);
( *1 ) Regulation (EU) 2021/1058 of the European Parliament and of the Council of 24 June 2021 on the European Regional Development Fund and on the Cohesion Fund ( OJ L 231, 30.6.2021, p. 60 , ELI: http://data.europa.eu/eli/reg/2021/1058/oj )."
( *2 ) Regulation (EU) 2021/1057 of the European Parliament and of the Council of 24 June 2021 establishing the European Social Fund Plus (ESF+) and repealing Regulation (EU) No 1296/2013 ( OJ L 231, 30.6.2021, p. 21 , ELI: http://data.europa.eu/eli/reg/2021/1057/oj )."
( *3 ) Regulation (EU) 2021/1139 of the European Parliament and of the Council of 7 July 2021 establishing the European Maritime, Fisheries and Aquaculture Fund and amending Regulation (EU) 2017/1004 ( OJ L 247, 13.7.2021, p. 1 , ELI: http://data.europa.eu/eli/reg/2021/1139/oj )."
( *4 ) Regulation (EU) 2021/2115 of the European Parliament and of the Council of 2 December 2021 establishing rules on support for strategic plans to be drawn up by Member States under the common agricultural policy (CAP Strategic Plans) and financed by the European Agricultural Guarantee Fund (EAGF) and by the European Agricultural Fund for Rural Development (EAFRD) and repealing Regulations (EU) No 1305/2013 and (EU) No 1307/2013 ( OJ L 435, 6.12.2021, p. 1 , ELI: http://data.europa.eu/eli/reg/2021/2115/oj ).’;"
(d)
point (12) is replaced by the following:
‘(12)
“guarantee agreement” means a legal instrument whereby the Commission and an implementing partner specify the conditions for proposing financing and investment operations in order for them to be granted the benefit of the EU guarantee or of the InvestEU financial instrument, for providing the EU guarantee or support through the InvestEU financial instrument for those operations and for implementing them in accordance with this Regulation;’
;
(e)
point (21) is replaced by the following:
‘(21)
“small and medium-sized enterprise” or “SME” means (a) an enterprise which, according to its last annual or consolidated accounts, employs an average number of employees during the financial year of less than 250 and has an annual turnover not exceeding EUR 50 million; or (b) in the case of financial products where the applicable State aid rules require the use of the SME definition in Annex I to Commission Recommendation 2003/361/EC ( *5 ) , a micro, small or medium-sized enterprise within the meaning of that Annex;
( *5 ) 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 , ELI: http://data.europa.eu/eli/reco/2003/361/oj ).’;"
(f)
the following point is added:
‘(24)
“InvestEU financial instrument” means a financial instrument as defined in Article 2, point (30), of Regulation (EU, Euratom) 2024/2509 of the European Parliament and of the Council ( *6 ) that is to be implemented under the Member State compartment of the InvestEU Fund.
( *6 ) Regulation (EU, Euratom) 2024/2509 of the European Parliament and of the Council of 23 September 2024 on the financial rules applicable to the general budget of the Union ( OJ L, 2024/2509, 26.9.2024, ELI: http://data.europa.eu/eli/reg/2024/2509/oj ).’;"
(3)
Article 4 is amended as follows:
(a)
in paragraph 1, the first and second subparagraphs are replaced by the following:
‘1. The EU guarantee for the purposes of the EU compartment referred to in Article 9(1), point (a), shall be EUR 29 052 310 073 in current prices. It shall be provisioned at the rate of 40 %. The amount referred to in Article 35(3), first subparagraph, point (a), shall be also taken into account for contributing to the provisioning resulting from that provisioning rate.
An additional amount of the EU guarantee may be provided for the purposes of the Member State compartment referred to in Article 9(1), point (b), of this Regulation, subject to the allocation by Member States, pursuant to Article 14 of Regulation (EU) 2021/1060 of the European Parliament and of the Council ( *7 ) (the “Common Provisions Regulation for 2021-2027”) and Article 81 of the CAP Strategic Plans Regulation, of the corresponding amounts.
( *7 ) Regulation (EU) 2021/1060 of the European Parliament and of the Council of 24 June 2021 laying down common provisions on the European Regional Development Fund, the European Social Fund Plus, the Cohesion Fund, the Just Transition Fund and the European Maritime, Fisheries and Aquaculture Fund and financial rules for those and for the Asylum, Migration and Integration Fund, the Internal Security Fund and the Instrument for Financial Support for Border Management and Visa Policy ( OJ L 231, 30.6.2021, p. 159 , ELI: http://data.europa.eu/eli/reg/2021/1060/oj )’;"
(b)
in paragraph 2, the second subparagraph is replaced by the following:
‘An amount of EUR 14 227 310 073 in current prices of the amount referred to in paragraph 1, first subparagraph, of this Article shall be allocated for the objectives referred to in Article 3(2).’
;
(c)
paragraph 3 is replaced by the following:
‘3. The financial envelope for the implementation of the measures provided for in Chapters VI and VII shall be EUR 470 000 000 in current prices.’
;
(4)
Article 6(1) is replaced by the following:
‘1. The EU guarantee and the InvestEU financial instrument shall be implemented in indirect management with the bodies referred to in Article 62(1), points (c)(ii), (c)(iii), (c)(v) and (c)(vi), of Regulation (EU, Euratom) 2024/2509. Other forms of Union funding under this Regulation shall be implemented in direct or indirect management in accordance with Regulation (EU, Euratom) 2024/2509, including grants implemented in accordance with Title VIII of Regulation (EU, Euratom) 2024/2509 and blending operations implemented in accordance with this Article as smoothly as possible, in a manner that ensures efficient and coherent support for Union policies.’
;
(5)
Article 7 is amended as follows:
(a)
the title is replaced by the following:
‘Combinations’
;
(b)
paragraph 1 is replaced by the following:
‘1. Support from the EU guarantee under this Regulation, Union support provided through the financial instruments established by the programmes in the programming period 2014-2020 and Union support from the EU guarantee established by Regulation (EU) 2015/1017 may be combined to support financial products or portfolios implemented or to be implemented by the EIB or the EIF under this Regulation.’
;
(c)
paragraph 4 is replaced by the following:
‘4. Support from the EU guarantee under this Regulation, Union support provided through the guarantee under the financial instruments established by the programmes in the programming period 2014-2020 and released from the operations approved under those instruments, and Union support provided through the EU guarantee established by Regulation (EU) 2015/1017 and released from operations approved under that EU guarantee may be combined to support financial products or portfolios containing financing and investment operations eligible under this Regulation, implemented or to be implemented by the EIB or the EIF under this Regulation.’
;
(d)
the following paragraphs are added:
‘5. By way of derogation from Article 212(3), second subparagraph, of Regulation (EU, Euratom) 2024/2509, the released guarantee supported by the Union budget under the financial instruments established by the programmes in the programming period 2014-2020 may be used for covering financing and investment operations eligible under this Regulation for the purposes of the combination referred to in paragraph 4 of this Article.
6. By way of derogation from Article 216(4), point (a), of Regulation (EU, Euratom) 2024/2509, it shall be possible not to take into account the provisioning corresponding to the released guarantee under the Union support from the EU guarantee established by Regulation (EU) 2015/1017 for the purposes of the operation referred to in Article 216(4), point (a), of Regulation (EU, Euratom) 2024/2509 and that provisioning may be used for covering financing and investment operations eligible under this Regulation for the purposes of the combination referred to in paragraph 4 of this Article.
7. The release of the guarantee supported by the Union budget under the financial instruments established by the programmes in the programming period 2014-2020, the transfer of corresponding assets from fiduciary accounts to the common provisioning fund referred to in Article 215 of Regulation (EU, Euratom) 2024/2509 and the release of the guarantee under the Union support from the EU guarantee established by Regulation (EU) 2015/1017 referred to in paragraph 4 of this Article shall take place by an amendment of the relevant agreements between the Commission and the EIB or the EIF.
The conditions of the use of the released guarantees referred to in the first subparagraph of this paragraph, to cover financing and investment operations eligible under this Regulation, and where relevant, the transfer of corresponding assets from fiduciary accounts to the common provisioning fund referred to in Article 215 of Regulation (EU, Euratom) 2024/2509, shall be set out in the guarantee agreement referred to in Article 17 of this Regulation.
The terms and conditions of the financial products referred to in paragraphs 1 and 4 of this Article and of the portfolios concerned, including the respective pro rata shares of losses, revenues, repayments and recoveries or the respective non pro rata shares in accordance with paragraph 3, second subparagraph, of this Article, shall be set out in the guarantee agreement referred to in Article 17.’
;
(6)
in Article 8(8), the second subparagraph is replaced by the following:
‘The Commission, together with implementing partners, shall seek to ensure that the part of the EU guarantee under the EU compartment used for the sustainable infrastructure policy window is distributed with the aim of achieving a balance between the different areas referred to in paragraph 1, point (a).’
;
(7)
in Article 9(1), point (b) is replaced by the following:
‘(b)
the Member State compartment shall address specific market failures or suboptimal investment situations in one or several regions or Member States to deliver the policy objectives of the contributing funds under shared management or of the additional amount provided by a Member State under Article 4(1), third subparagraph, or under Article 10a(1), second subparagraph, in particular to strengthen economic, social and territorial cohesion in the Union by addressing imbalances between its regions.’
;
(8)
Article 10 is amended as follows:
(a)
the title is replaced by the following:
‘Specific provisions applicable to the EU Guarantee implemented under the Member State compartment’
;
(b)
in paragraph 2, the fourth subparagraph is replaced by the following:
‘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 Article 12 of the Common Provisions Regulation for 2021-2027 or the CAP Strategic Plan pursuant to Article 118 of the CAP Strategic Plans Regulation or simultaneously to the Commission decision amending a programme in accordance with Article 24 of the Common Provisions Regulation for 2021-2027 or a CAP Strategic Plan in accordance with Article 119 of the CAP Strategic Plans Regulation.’
;
(c)
in paragraph 3, point (b) is replaced by the following:
‘(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;’
;
(9)
The following Article is inserted:
‘Article 10a
Specific provisions applicable to the InvestEU financial instrument implemented under the Member State compartment
1. 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.
Member 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 the second sentence of Article 21(5) of Regulation (EU, Euratom) 2024/2509.
Amounts 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), point (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 plan established under 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.
2. Contribution to the InvestEU financial instrument shall be subject to the conclusion of a contribution agreement between a Member State and the Commission, which in the case of contributions from funds under shared management shall be concluded in accordance with Article 10(2), fourth subparagraph.
Two or more Member States may conclude a joint contribution agreement with the Commission.
3. 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 Article 10(3), points (b) to (e) and (g), and the treatment of resources generated by or attributable to the amounts contributed to the InvestEU financial instrument.
4. The contribution agreements shall be implemented through guarantee agreements concluded in accordance with Article 10(4), first subparagraph.
Where 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 Regulation establishing the fund concerned. 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.
Where 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 Regulation establishing the fund concerned. 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.
Resources 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 Regulation establishing the fund concerned. 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.
5. Support under the InvestEU financial instrument may be granted for financing and investment operations covered by this Regulation for an investment period ending on 31 December 2027. 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.’
;
(10)
in Article 11(1), point (d)(i) is replaced by the following:
‘(i)
be allocated an amount of up to EUR 330 000 000 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;’
;
(11)
the title of Chapter IV is replaced by the following:
‘EU guarantee and InvestEU financial instrument’
;
(12)
Article 13(4) is replaced by the following:
‘4. 75 % of the EU guarantee under the EU compartment as referred to in Article 4(1), first subparagraph, amounting to EUR 21 789 232 555, shall be granted to the EIB Group. The EIB Group shall provide an aggregate financial contribution amounting to EUR 5 447 308 139. That contribution shall be provided in a manner and form that facilitates the implementation of the InvestEU Fund and the achievement of the objectives set out in Article 15(2).’
;
(13)
Article 16 is amended as follows:
(a)
in paragraph 1, the second subparagraph is replaced by the following:
‘The InvestEU financial instrument may be used to provide funding to the implementing partners for the types of financing referred to in the first subparagraph, point (a), provided by the implementing partners.
In order to be covered by the EU guarantee or the InvestEU financial instrument, the financing referred to in the first and second subparagraph of this paragraph 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.’
;
(b)
paragraph 2 is replaced by the following:
‘2. 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 relevant, 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.’
;
(14)
Article 17 is amended as follows:
(a)
in paragraph 1, the first subparagraph is replaced by the following:
‘1. 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 the provision of support under the InvestEU financial instrument.’
;
(b)
paragraph 2 is amended as follows:
(i)
point (c) is replaced by the following:
‘(c)
detailed rules on the provision of the EU guarantee or of 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 on the respective events that trigger possible calls on the EU guarantee or on the use of the InvestEU financial instrument;’
;
(ii)
point (f) is replaced by the following:
‘(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;’
;
(iii)
points (h) and (i) are replaced by the following:
‘(h)
financial and operational reporting and monitoring of the financing and investment operations under the EU guarantee and the InvestEU financial instrument;
(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;’
;
(c)
the following paragraph is added:
‘6. The Commission shall provide information to the European Parliament and the Council as required under Articles 41(5) and 158(8) of Regulation (EU, Euratom) 2024/2509.’
;
(15)
Article 18 is replaced by the following:
‘Article 18
Requirements for the use of the EU guarantee and the InvestEU financial instrument
1. The granting of the EU guarantee and the provision of support from the InvestEU financial instrument shall be subject to the entry into force of the guarantee agreement with the relevant implementing partner.
2. 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, as relevant, 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.
3. 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. The coverage of such costs by the Union budget shall be limited to the amount strictly required to implement the relevant financing and investment operations, and shall be provided only to the extent to which the costs are not covered by revenues received by the implementing partners from the financing and investment operations concerned. The fee arrangements shall be laid down in the guarantee agreement and shall comply with Article 17(4) of this Regulation and with Article 212(2), point (g), of Regulation (EU, Euratom) 2024/2509.
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.
4. 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.’
;
(16)
Article 19 is amended as follows:
(a)
the title is replaced by the following:
‘Coverage and terms of the EU guarantee and of the InvestEU financial instrument’
;
(b)
paragraph 1 is replaced by the following:
‘1. Remuneration for risk-taking shall be allocated between the Union and an implementing partner in proportion to their respective share of the risk-taking with respect to a portfolio of financing and investment operations or, where relevant, with respect to individual financing and investment operations. The remuneration for the EU guarantee or for the InvestEU financial instrument may be reduced in the duly justified cases referred to in Article 13(2).
The implementing partner shall have appropriate exposure at its own risk to financing and investment operations supported by the EU guarantee or by the InvestEU financial instrument, unless exceptionally the policy objectives targeted by the financial product to be implemented are of such nature that the implementing partner could not reasonably contribute its own risk-bearing capacity to it.’
;
(c)
in paragraph 2, first subparagraph, point (a), the introductory sentence is replaced by the following:
‘for debt products referred to in Article 16(1), first subparagraph, point (a):’
;
(d)
the following paragraph is inserted:
‘2a. The InvestEU financial instrument shall cover:
(a)
for debt products consisting of guarantees and counter-guarantees referred to in Article 16(1), first subparagraph, point (a):
(i)
the principal and all interest and amounts due to the implementing partner but not received by it in accordance with the terms of the financing operations prior to the event of default;
(ii)
restructuring losses;
(iii)
losses arising from fluctuations of currencies other than the euro in markets where possibilities for long-term hedging are limited;
(b)
for other eligible types of financing referred to in Article 16(1), first subparagraph, point (a): the amounts invested or lent by the implementing partner.
For the purposes of the first subparagraph, point (a)(i), for subordinated debt a deferral, reduction or required exit shall be considered to be an event of default.
The Invest EU financial instrument shall cover the entire exposure of the Union with respect to the relevant financing and investment operations.’
;
(17)
Article 22(1) is replaced by the following:
‘1. A scoreboard of indicators (the “Scoreboard”) is established to ensure that the Investment Committee is able to carry out an independent, transparent and harmonised assessment of requests for the use of the EU guarantee or, as relevant, the InvestEU financial instrument for financing and investment operations proposed by implementing partners.’
;
(18)
Article 23(2) is replaced by the following:
‘2. EIB financing and investment operations that fall within the scope of this Regulation shall not be covered by the EU guarantee or benefit from the InvestEU financial instrument where the Commission delivers an unfavourable opinion within the framework of the procedure provided for in Article 19 of the EIB Statute.’
;
(19)
Article 24 is amended as follows:
(a)
in paragraph 1, first subparagraph is amended as follows:
(i)
point (a) is replaced by the following:
‘(a)
examine the proposals for financing and investment operations submitted by implementing partners for coverage under the EU guarantee or for support from the InvestEU financial instrument that have passed the policy check referred to in Article 23(1) of this Regulation or that have received a favourable opinion within the framework of the procedure provided for in Article 19 of the EIB Statute;’
;
(ii)
point (c) is replaced by the following:
‘(c)
check whether the financing and investment operations that would benefit from the support under the EU guarantee or the InvestEU financial instrument comply with all relevant requirements.’
;
(b)
in paragraph 4, the second subparagraph is replaced by the following:
‘The documentation to be provided by the implementing partners shall comprise a standardised request form, the Scoreboard referred to in Article 22 and any other document the Investment Committee considers relevant, in particular a description of the character of the market failure or suboptimal investment situation and how it will be alleviated by the financing or investment operation, as well as a reliable assessment of the operation that demonstrates the additionality of the financing or investment operation. The secretariat shall check the completeness of the documentation provided by implementing partners other than the EIB Group. The Investment Committee may seek clarifications from the implementing partner concerned in relation to a proposal for an investment or financing operation, including by requesting the direct presence of a representative of the implementing partner concerned during the discussion of the aforementioned operation. Any project assessment conducted by an implementing partner shall not be binding on the Investment Committee for the purposes of granting a financing or investment operation coverage by the EU guarantee or support from the InvestEU financial instrument.’
;
(c)
paragraph 5 is amended as follows:
(i)
the second subparagraph is replaced by the following:
‘Conclusions of the Investment Committee approving the coverage of the EU guarantee or support from the InvestEU financial instrument for a financing or investment operation shall be publicly accessible and shall include the rationale for the approval and information on the operation, in particular its description, the identity of the promoters or financial intermediaries, and the objectives of the operation. The conclusions shall also refer to the global assessment stemming from the Scoreboard.’
;
(ii)
the fifth subparagraph is replaced by the following:
‘Twice a year, the Investment Committee shall submit to the European Parliament and to the Council a list of all conclusions of the Investment Committee in the preceding six months, as well as the published Scoreboards relating thereto. That submission shall include any decisions rejecting the use of the EU guarantee or support from the InvestEU financial instrument. Those decisions shall be subject to strict confidentiality requirements.’
;
(d)
paragraph 6 is replaced by the following:
‘6. Where the Investment Committee is requested to approve the use of the EU guarantee or support from the InvestEU financial instrument for a financing or investment operation that is a facility, programme or structure which has underlying sub-projects, that approval shall comprise those underlying sub-projects unless the Investment Committee decides to retain the right to approve them separately. The Investment Committee shall not have the right to separately approve sub-projects of a size below EUR 3 000 000.’
;
(20)
in Article 25(2), point (c) is replaced by the following:
‘(c)
where appropriate, assist project promoters in developing their projects so that they fulfil the objectives set out in Articles 3 and 8 and the eligibility criteria set out in Article 14, and facilitate the development of among others important projects of common European interest and aggregators for small-sized projects, including through investment platforms as referred to in point (f) of this paragraph, provided that such assistance does not prejudge the conclusions of the Investment Committee with respect to the coverage of the EU guarantee or the InvestEU financial instrument with respect to such projects;’
;
(21)
Article 28 is amended as follows:
(a)
in paragraph 2, the following subparagraph is added:
‘Implementing partners shall be exempt from reporting on key performance and monitoring indicators laid down in Annex III, except those in points 1, 2, 3.1, 3.2, 5.2, 6.3 and 7.2 thereof, insofar as financing or investment operations benefiting final recipients receiving financing or investment supported by the EU guarantee or by the InvestEU financial instrument from an implementing partner or a financial intermediary not exceeding EUR 300 000 are concerned.’
;
(b)
paragraphs 3 and 4 are replaced by the following:
‘3. The Commission shall report on the implementation of the InvestEU Programme in accordance with Articles 247 and 256 of Regulation (EU, Euratom) 2024/2509. In accordance with Article 41(5) of Regulation (EU, Euratom) 2024/2509, the annual report shall provide information on the level of implementation of the Programme with respect to its objectives and performance indicators. For that purpose, each implementing partner shall provide on an annual basis the information necessary to allow the Commission to comply with its reporting obligations, including information on the operation of the EU guarantee or the InvestEU financial instrument.
4. Once a year, each implementing partner shall submit a report to the Commission on the financing and investment operations covered by this Regulation, broken down by EU compartment and Member State compartment, as appropriate. Each implementing partner shall also submit information on the Member State compartment to the Member State whose compartment it implements. The report shall include an assessment of compliance with the requirements on the use of the EU guarantee and the Invest EU financial instrument and with the key performance indicators laid down in Annex III to this Regulation. The report shall also include operational, statistical, financial and accounting data on each financing or investment operation and an estimation of expected cash flows, at the level of compartment, policy window and the InvestEU Fund. The report may also include information on barriers to investment encountered when carrying out financing and investment operations covered by this Regulation. The reports shall contain the information the implementing partners have to provide under Article 158(1), point (a), of Regulation (EU, Euratom) 2024/2509.’
;
(22)
Article 35 is amended as follows:
(a)
the title is replaced by the following:
‘Transitional and other provisions’
;
(b)
paragraphs 1 and 2 are replaced by the following:
‘1. By way of derogation from Article 212(3), first and fourth subparagraph, of Regulation (EU, Euratom) 2024/2509, any revenues, repayments and recoveries from financial instruments established by programmes referred to in Annex IV to this Regulation may be used for the provisioning of the EU guarantee under this Regulation or the implementation of the measures provided for in Chapters VI and VII of this Regulation, taking into account the relevant provisions concerning the budget laid down in Regulation (EU) 2021/1229 of the European Parliament and of the Council ( *8 ) .
2. By way of derogation from Article 216(4), point (a), of Regulation (EU, Euratom) 2024/2509, any surplus of provisions for the EU guarantee established by Regulation (EU) 2015/1017 may be used for the provisioning of the EU guarantee under this Regulation or the implementation of the measures provided for in Chapters VI and VII of this Regulation, taking into account the relevant provisions concerning the budget laid down in Regulation (EU) 2021/1229.
By way of derogation from Article 214(4), point (d), of Regulation (EU, Euratom) 2024/2509, any revenues from the EU guarantee established by Regulation (EU) 2015/1017 received in 2027 may be used for the provisioning of the EU guarantee under this Regulation.
( *8 ) Regulation (EU) 2021/1229 of the European Parliament and of the Council of 14 July 2021 on the public sector loan facility under the Just Transition Mechanism ( OJ L 274, 30.7.2021, p. 1 , ELI: http://data.europa.eu/eli/reg/2021/1229/oj ).’;"
(23)
Annex I is replaced by the following:
‘ANNEX I
AMOUNTS OF EU GUARANTEE PER SPECIFIC OBJECTIVE
The indicative distribution referred to in Article 4(2), fourth subparagraph, towards financial and investment operations shall be as follows:
(a)
up to EUR 10 984 116 831 for objectives referred to in Article 3(2), point (a);
(b)
up to EUR 7 304 820 214 for objectives referred to in Article 3(2), point (b);
(c)
up to EUR 7 672 612 166 for objectives referred to in Article 3(2), point (c);
(d)
up to EUR 3 090 760 862 for objectives referred to in Article 3(2), point (d).’;
(24)
in Annex III, the following two paragraphs are added in point 1 below point 1.4:
‘Notwithstanding Article 2, point (40), of Regulation (EU, Euratom) 2024/2509, when determining the leverage and multiplier effect for financing and investment operations providing performance guarantees, the amount of risk coverage shall be assimilated to the amount of reimbursable financing.
By way of derogation from Article 222(3) of Regulation (EU, Euratom) 2024/2509, the financing and investment operations providing performance guarantees shall not be required to achieve multiplier effect.’
;
(25)
in Annex V, the following paragraph is added:
‘This Annex shall apply, mutatis mutandis , also to the InvestEU financial instrument.’.