What changed between the plenary report and the adopted text

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

Removed:‘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).’;

Removed:(ii) the second subparagraph is replaced by the following:

Removed:‘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.’;

Removed:(c) in paragraph 2, first subparagraph, point (a), the introductory sentence is replaced by the following:

Removed:‘for debt products referred to in point (a) of the first subparagraph of Article 16(1):’;

Removed:(d) the following paragraph 2a is inserted:

Removed:‘2a. The InvestEU financial instrument shall cover:

Removed:(a) for debt products consisting of guarantees and counter-guarantees referred to in point (a) of the first subparagraph of Article 16(1):

Removed:(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;

Removed:(ii) restructuring losses;

Removed:(iii) losses arising from fluctuations of currencies other than the euro in markets where possibilities for long-term hedging are limited;

Removed:(b) for other eligible types of financing referred to in point (a) of the first subparagraph of Article 16(1): the amounts invested or lent by the implementing partner;

Removed:For the purposes of point (a)(i) of the first subparagraph, for subordinated debt a deferral, reduction or required exit shall be considered to be an event of default.

Removed:The Invest EU financial instrument shall cover the entire exposure of the Union with respect to the relevant financing and investment operations.’;

Removed:(16) in Article 22, paragraph 1 is replaced by the following:

Removed:‘A scoreboard of indicators (the ‘Scoreboard’) shall be 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 applicable, the InvestEU financial instrument for financing and investment operations proposed by implementing partners.’;

Removed:(17) in Article 23, paragraph 2 is replaced by the following:

Removed:‘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.’;

Removed:(18) Article 24 is amended as follows:

Removed:(a) in paragraph 1, first subparagraph is amended as follows:

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

Removed:‘(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;’;

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

Removed:‘(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.’;

Removed:(b) in paragraph 4, second subparagraph, the last sentence is replaced by the following:

Removed:‘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.’;

Removed:(c) paragraph 5 is amended as follows:

Removed:(i) in the second subparagraph, the first sentence is replaced by the following:

Removed:‘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.’;

Removed:(ii) in the fifth subparagraph, the second sentence is replaced by the following:

Removed:‘That submission shall include any decisions rejecting the use of the EU guarantee or support from the InvestEU financial instrument.’;

Removed:(d) in paragraph 6, the first sentence is replaced by the following:

Removed:‘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.’;

Removed:(19) in Article 25(2), point (c) is replaced by the following:

Removed:‘(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;’;

Removed:(20) Article 28 is amended as follows:

Removed:(a) in paragraph 2, the following second subparagraph is added:

Removed:‘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, 4.1, 5.2, 6.3 and 7.2, as far as financing or investments 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.’;

Removed:(b) paragraphs 3 and 4 are replaced by the following:

Removed:‘3. The Commission shall report on the implementation of the InvestEU Programme in accordance with Articles 241 and 250 of the Financial Regulation. In accordance with Article 41(5) of the Financial Regulation, 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.’

Removed: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 point (a) of Article 158(1) of the Financial Regulation.’;

Removed:(21) Article 35 is amended as follows:

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

Removed:‘Transitional and other provisions’;

Removed:(b) paragraphs 1 and 2 are replaced by the following:

Removed:‘1. By way of derogation from Article 212(3), first and fourth subparagraph, of the Financial Regulation, 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 or the implementation of the measures provided for in Chapters VI and VII under this Regulation, taking into account the relevant provisions concerning the budget laid down in the Public Sector Loan Facility Regulation for 2021-2027.

Removed:2. By way of derogation from Article 216(4), point (a), of the Financial Regulation, any surplus of provisions for the EU guarantee established by Regulation (EU) 2015/1017 may be used for the provisioning of the EU guarantee or the implementation of the measures provided for in Chapters VI and VII under this Regulation, taking into account the relevant provisions concerning the budget laid down in the Public Sector Loan Facility Regulation for 2021-2027.

Removed:▌ By way of derogation from Article 214(4)(d) of the Financial Regulation, 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 or the implementation of the measures provided for in Chapters VI and VII under this Regulation.’;

Removed:(22) Annex I is replaced by the following:

Removed:‘ANNEX I

Removed:AMOUNTS OF EU GUARANTEE PER SPECIFIC OBJECTIVE

Removed:The indicative distribution referred to in the fourth subparagraph of Article 4(2) towards financial and investment operations shall be as follows:

Removed:(a) up to EUR 11 589 045 902 for objectives referred to in point (a) of Article 3(2);

Removed:(b) up to EUR 7 707 119 112 for objectives referred to in point (b) of Article 3(2);

Removed:(c) up to EUR 8 095 166 498 for objectives referred to in point (c) of Article 3(2);

Removed:(d) up to EUR 3 260 978 561 for objectives referred to in point (d) of Article 3(2).’;

Removed:(23) In Annex III, the following two paragraphs are added in point 1 below point 1.4:

Removed:‘By way of derogation from Article 2(40) of the Financial Regulation, 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.

Removed:By way of derogation from Article 222(3) of the Financial Regulation, the financing and investment operations providing performance guarantees shall not be required to achieve multiplier effect.’;