Article 1, Point (2) · Commission Delegated Regulation (EU) 2019/886

Contents

(2)Article 7 is amended as follows:

(a)the sub-title is replaced by the following:‘(Third subparagraph of Article 38(4) and Article 39a(7) of Regulation (EU) No 1303/2013)’;

(b)in paragraph 1, the introductory wording is replaced by the following:‘1.When selecting a body to implement a financial instrument in accordance with point (a) of Article 38(4), subpoint (iii) of point (b) of Article 38(4), point (c) of Article 38(4) and Article 39a(5) of Regulation (EU) No 1303/2013, the managing authority shall satisfy itself that this body fulfils the following minimum requirements:’;

(c)paragraph 3 is replaced by the following:‘3.Where a body that implements a fund of funds, including the EIB and an international financial institution in which a Member State is a shareholder, further entrusts implementation tasks to a financial intermediary, it shall ensure that the requirements and criteria referred to in paragraphs 1 and 2 are met in respect of that financial intermediary’;

(d)the following paragraph 4 is added:‘4.Without prejudice to paragraph 3, when the body implementing a financial instrument under Article 39a(5) of Regulation (EU) No 1303/2013 of Regulation (EU) No 1303/2013 is the EIB or an international financial institution in which a Member State is a shareholder, paragraphs 1 and 2 shall not apply’;