Examples of using Implementing financial instruments in English and their translations into Hungarian
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Implementing financial instruments comes at a cost.
In addition, the Commission started to elaborate adraft guidance note on selection of bodies implementing financial instruments.
In general, funds implementing financial instruments receive a contribution from the OP when their legal structure is set up, and subsequently use this money to support projects.
Moreover, the aggregated disbursement rate did notreach 100% in any of the 25 Member States' implementing financial instruments(see Table 4).
Whereas the EIB is the natural partner for the EU in implementing financial instruments, in close cooperation with national, regional or multilateral financial institutions;
The Commission will provide a summary of this data in the AAR,on the progress made in financing and implementing financial instruments.
This has resulted in more than EUR 2 billion approved facilities dedicated to EU Funds projects andanother EUR 0.8 billion signed agreements for implementing financial instruments.
Where the selection of bodies implementing financial instruments is made through a competitive tender in accordance with the applicable law and the competitive tender establishes the need for a higher level of management costs and fees which shall be performance-based.
Where applicable, to cover the losses in the nominal amount of the ESI Funds contribution to the financial instrument resulting from negative interest,if such losses occur despite active treasury management by the bodies implementing financial instruments.
This threshold shallnot apply where the selection of bodies implementing financial instruments is made through a competitive tender in accordance with the applicable law and the competitive tender establishes the need for higher level of management costs and fees.
Reply of the Commission 120 Moreover, the Commission notes that Article 140(4) of the financial regulation and Article 38(4)2nd paragraph CPR specifies that the bodies implementing financial instruments should be compliant with the applicable law, including money laundering, fight against terrorism and tax fraud.
The bodies implementing financial instruments cannot be established and cannot maintain business relations with entities incorporated in territories, whose jurisdictions do not cooperate with the Union in relation to the application of internationally agreed tax standards.
The audit authorities, for the purpose of the closure declaration, will have to obtain and provide assurance on the legality andregularity not only of the OP contribution paid into funds implementing financial instruments but also of the use of the OP contribution through underlying transactions implemented by the final recipients.
Case study- Fund managers implementing financial instruments free of charge- Entrepreneurship Fund in Greece and Jeremie holding fund in Hungary(a) Entrepreneurship Fund in Greece The Entrepreneurship Fund in Greece does not pay management costs and fees to the banks acting as financial intermediaries.
The Commission shall be empowered to adopt delegated acts in accordance with Article 142 laying down additional specific rules on the role,liabilities and responsibility of bodies implementing financial instruments, related selection criteria and products that may be delivered through financial instruments in accordance with the provisions under Article 32.
The entities referred to in paragraph 4(b)(i) and(ii), when implementing financial instruments through funds of funds, may further entrust part of the implementation to financial intermediaries provided that these entities ensure under their responsibility that the financial intermediaries satisfy the criteria laid down in[Articles 57 and 131(1),(1a) and(3)] of the Financial Regulation.
The guidance note on ex ante assessment adopted in May 2014 explains the conditions to contribute programme resources 2014-2020 to an existing financial instrument, and the draft guidance note on selection of bodies implementing financial instruments started to be elaborated by the Commission is envisaged to include a section which explains the conditions applicable to contract modifications.
Given the protracted low-interest environment and in order not to unduly penalise bodies implementing financial instruments, it is necessary, subject to active treasury management, to enable financing of negative interest generated as a result of investments of the ESI Funds pursuant to Article 43 of Regulation(EU) No 1303/2013 from resources paid back into the financial instrument. .
When implementing financial instruments under point(c) of Article 38(1), the bodies referred to in paragraph 2 of this article shall ensure compliance with applicable law, including rules covering the ESI Funds, State aid, public procurement and relevant standards and applicable legislation on the prevention of money laundering, the fight against terrorism, tax fraud and tax evasion.
(a) invest in the capital of existing or newly created legal entities, including those financed from other CSF Funds,dedicated to implementing financial instruments consistent with the objectives of the respective CSF Funds, which will undertake implementations tasks; the support to such investments shall be limited to the amounts necessary to implement new financial instruments consistent with the objectives of this Regulation; or.
In carrying out their operations, the bodies implementing financial instruments should adhere to the Union policy on non-cooperative jurisdictions for tax purposes, and updates thereto, as laid down in relevant legal acts of the Union and in Council conclusions, in particular the Council conclusions of 8 November 2016 and the Annex thereto, as well as the Council conclusions of 5 December 2017 and the Annexes thereto.
In addition, the Commission started to elaborate adraft guidance note on selection of bodies implementing financial instruments which is envisaged to include a section which explains the conditions applicable to contract modifications(e.g. extension of implementation period or increase of amounts of OP contribution to the financial instruments existing under the 2007-2013 period).
(c) there is evidence that the documents available at the level of the managing authority orat the level of the bodies that implement financial instruments do not reflect the reality of the support provided.
There is evidence that the documents available at the level of the managing authority orat the level of the bodies that implement financial instruments do not represent a true and accurate record of the support provided.
The Commission monitors how MS implement their RDPs andin this context verifies how MS implement financial instruments supported by the EAFRD.
Table 4 shows thedisbursement rates for each of the 25 Member States which implemented financial instruments during the 2007-2013 programme period33.
Therefore, the EESC calls for a handbook with guidance on how to build the financial ecosystem andhow to design and implement financial instruments for the social economy.
Considers, in addition,that the Commission should encourage all Member States that implemented financial instruments to carry out specific audits on the implementation of these instruments in view of the closure;