Regulation (EU) 2021/523 establishing the InvestEU Programme and amending Regulation (EU) 2015/1017 (InvestEU)
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Summary
Regulation (EU) 2021/523 establishes the InvestEU Programme for the 2021–2027 period, comprising the InvestEU Fund (EU budgetary guarantee), the InvestEU Advisory Hub, the InvestEU Portal and blending operations. It sets the governance framework, eligibility and policy windows, and the rules for selecting and supervising implementing partners and for Member State participation via a Member State compartment. It also amends Regulation (EU) 2015/1017 (EFSI) and provides for monitoring, reporting and protection of the EU’s financial interests.
Who is affected?
The Regulation affects the European Commission (programme management and oversight), implementing partners (notably the EIB Group and other eligible financial institutions) and their financial intermediaries, Member States contributing to the Member State compartment, and final recipients (companies, public entities and project promoters) seeking InvestEU-backed financing.
Scope
It applies to EU-level support for financing and investment operations under the InvestEU Programme for the 2021–2027 multiannual financial framework, including the EU guarantee, advisory support, project visibility via the Portal, and blending with other EU funds.
Key Points
- Establishes the InvestEU Programme (Fund, Advisory Hub, Portal and blending) for 2021–2027 and sets its objectives and policy windows.
- Creates an EU budgetary guarantee (InvestEU Fund) to support eligible financing and investment operations implemented by selected implementing partners.
- Sets conditions for Member State participation through a Member State compartment, including contribution agreements, provisioning and reporting.
- Defines governance and decision-making structures, including a Steering Board, Advisory Board, an independent Investment Committee and the use of a Scoreboard to assess operations.
- Lays down rules for selecting implementing partners and for guarantee agreements (coverage, remuneration, reporting, audit, recovery and risk management).
- Provides monitoring, reporting and control requirements, including measures to protect the EU’s financial interests and ensure transparency.
Related Regulations
Frequently Asked Questions
Who must comply with Regulation (EU) 2021/523 (InvestEU)?
Compliance is required from the European Commission (as programme manager), implementing partners (such as the EIB Group and other eligible financial institutions), financial intermediaries, Member States participating via the Member State compartment, and final recipients seeking InvestEU-backed financing.
What is the scope of the InvestEU Regulation?
The Regulation applies to EU-level support for financing and investment operations under the InvestEU Programme for the 2021–2027 period, including the provision of an EU guarantee, advisory services, project visibility, and blending with other EU funds.
What are the main components of the InvestEU Programme?
The Programme consists of the InvestEU Fund (EU budgetary guarantee), the InvestEU Advisory Hub (advisory support), the InvestEU Portal (project visibility and matchmaking), and blending operations (combining EU funds with other resources).
What are the key obligations for implementing partners under InvestEU?
Implementing partners must comply with rules for guarantee agreements, including coverage, remuneration, reporting, audit, recovery, and risk management. They are also subject to selection criteria and ongoing supervision by the Commission and governance bodies.
How can Member States participate in InvestEU?
Member States can participate through the Member State compartment by entering into contribution agreements, providing national resources, and adhering to provisioning, reporting, and monitoring requirements as set out in the Regulation.
What are the penalties for non-compliance with InvestEU rules?
Penalties may include suspension or termination of guarantee agreements, recovery of funds, and other corrective measures to protect the EU’s financial interests, as determined by the European Commission and relevant supervisory bodies.
How does InvestEU interact with other EU financial instruments?
InvestEU can blend its support with other EU funds and financial instruments, and it amends and succeeds the European Fund for Strategic Investments (EFSI) established by Regulation (EU) 2015/1017.
What practical steps should a project promoter take to access InvestEU support?
Project promoters should submit their projects via the InvestEU Portal or approach an implementing partner. They must ensure their projects meet eligibility criteria and provide required documentation for assessment by the Investment Committee and relevant bodies.
What governance structures oversee the InvestEU Programme?
The Programme is overseen by a Steering Board, an Advisory Board, an independent Investment Committee, and the European Commission, each with defined roles in decision-making, supervision, and assessment.
What are the monitoring and reporting requirements under InvestEU?
Implementing partners and Member States must provide regular reports on financed operations, risk management, and performance indicators, ensuring transparency and protection of the EU’s financial interests.
Key Terms
- InvestEU Fund
- An EU budgetary guarantee supporting eligible financing and investment operations implemented by selected partners during 2021–2027.
- Implementing Partner
- A financial institution, such as the EIB Group or other eligible entities, selected to carry out financing and investment operations under InvestEU.
- Member State Compartment
- A mechanism allowing Member States to contribute national resources to InvestEU and earmark them for specific policy windows or objectives.
- Policy Window
- A thematic area within InvestEU (e.g., sustainable infrastructure, research and innovation) under which financing and investment operations are supported.
- Investment Committee
- An independent body responsible for assessing and approving individual financing and investment operations under the InvestEU Fund.
- Scoreboard
- A tool used to assess and present the expected impact, additionality, and alignment of proposed operations with InvestEU objectives.
- Blending Operation
- The combination of InvestEU support with other EU funds or financial instruments to maximize investment impact.
- Advisory Hub
- A service providing technical assistance and advisory support to project promoters and intermediaries under InvestEU.
- Guarantee Agreement
- A contract between the European Commission and an implementing partner specifying the terms of the EU guarantee, including coverage, remuneration, and reporting.
- Steering Board
- The main governance body responsible for strategic orientation, policy guidance, and overall supervision of the InvestEU Programme.