(26)The participant guarantee fund set up under Horizon 2020 established by Regulation (EU) No 1291/2013 of the European Parliament and the Councilnote and managed by the Commission has proved to be an important safeguard mechanism which mitigates the risks associated with the amounts due and not reimbursed by defaulting participants. That safeguard mechanism should therefore be continued. Furthermore, actions under this Regulation should be covered by the mutual insurance mechanism established pursuant to Regulation (EU) 2021/695.
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