CHAPTER II

Any undertaking, university or research centre or other legal entity, whether established in a Member State or associated country, or in a third country, may participate in an indirect action provided that the minimum conditions laid down in this Chapter have been met, including any conditions specified pursuant to Article 12. However, in the case of an indirect action as referred to in Articles 5(1), 7, 8 or 9, under which it is possible for the minimum conditions to be met without the participation of a legal entity established in a Member State, the attainment of the objectives laid down in Articles 163 and 164 of the Treaty must thereby be enhanced. The Joint Research Centre of the Commission, hereinafter ‘the JRC’, may participate in indirect actions on the same footing and with the same rights and obligations as a legal entity established in a Member State. The minimum conditions for indirect actions shall be the following: at least three legal entities must participate, each of which must be established in a Member State or associated country, and no two of which may be established in the same Member State or associated country; all three legal entities must be independent of each other within the meaning of Article 6. For the purposes of point (a) of paragraph 1, where one of the participants is the JRC, or an international European interest organisation or an entity created under Community law, it shall be deemed to be established in a Member State or associated country other than any Member State or associated country in which another participant in the same indirect action is established. Two legal entities shall be regarded as independent of each other where neither is under the direct or indirect control of the other or under the same direct or indirect control as the other. For the purposes of paragraph 1, control may, in particular, take either of the following forms: the direct or indirect holding of more than 50 % of the nominal value of the issued share capital in the legal entity concerned, or of a majority of the voting rights of the shareholders or associates of that entity; the direct or indirect holding, in fact or in law, of decision-making powers in the legal entity concerned. However, the following relationships between legal entities shall not in themselves be deemed to constitute controlling relationships: the same public investment corporation, institutional investor or venture-capital company has a direct or indirect holding of more than 50 % of the nominal value of the issued share capital or a majority of voting rights of the shareholders or associates; the legal entities concerned are owned or supervised by the same public body. For collaborative projects for specific cooperation actions dedicated to international cooperation partner countries identified in the work programme, the minimum conditions shall be the following: at least four legal entities must participate; at least two of the legal entities referred to in point (a) must be established in Member States or associated countries, but not established in the same Member State or associated country; at least two of the legal entities referred to in point (a) must be established in international cooperation partner countries, but not established in the same international cooperation partner country, unless otherwise specified in the work programme; all four legal entities referred to in point (a) must be independent of each other within the meaning of Article 6. For coordination and support actions, and actions in favour of training and career development of researchers, the minimum condition shall be the participation of one legal entity. The first paragraph shall not apply in the case of actions whose purpose is to coordinate research activities. For indirect actions to support ‘frontier’ research projects funded in the framework of the European Research Council, the minimum condition shall be the participation of one legal entity established in a Member State or in an associated country. Where the minimum conditions for an indirect action are satisfied by a number of legal entities, which together form one legal entity, the latter may be the sole participant in an indirect action, provided that it is established in a Member State or associated country. Participation in indirect actions shall be open to international organisations and legal entities established in third countries provided that the minimum conditions laid down in this Chapter are met, as well as any conditions laid down in the specific programmes or relevant work programmes. In addition to the minimum conditions laid down in this Chapter, specific programmes or work programmes may lay down conditions regarding the minimum number of participants. They may also lay down, according to the nature and objectives of the indirect action, additional conditions to be met as regards type of participant and, where appropriate, place of establishment. The Commission shall issue calls for proposals for indirect actions in accordance with the requirements laid down in the relevant specific programmes and work programmes, which may include calls targeted at special groups such as SMEs. In addition to the publicity specified in the Implementing Rules, the Commission shall publish calls for proposals on the Internet pages of the Seventh Framework Programme, through specific information channels, and at the national contact points set up by the Member States and the associated countries. Where appropriate, the Commission shall specify in the call for proposals that the participants need not establish a consortium agreement. Calls for proposals shall have clear objectives so as to ensure that applicants do not respond needlessly. The Commission shall not issue calls for proposals for the following: coordination and support actions to be carried out by legal entities identified in the specific programmes or in the work programmes when the specific programme permits the work programmes to identify beneficiaries, in accordance with the Implementing Rules; coordination and support actions consisting of a purchase of goods or services subject to the rules on public procurement set out in the Financial Regulation; coordination and support actions relating to the appointment of independent experts; other actions, where so provided by the Financial Regulation or the Implementing Rules. The Commission shall evaluate all the proposals submitted in response to a call for proposals on the basis of the principles for evaluation, and the selection and award criteria set out in the specific programme and the work programme. The following criteria shall apply for the ‘Cooperation’ and ‘Capacities’ Programmes: scientific and/or technological excellence, relevance to the objectives of these specific programmes, the potential impact through the development, dissemination and use of project results, the quality and efficiency of the implementation and management. The following criteria shall apply for the ‘People’ Programme: scientific and/or technological excellence, relevance to the objectives of this specific programme, quality and implementation capacity of the applicants (researchers/organisations) and their potential for further progress, quality of the proposed activity in scientific training and/or transfer of knowledge. For support for ‘frontier’ research actions under the ‘Ideas’ Programme the sole criterion of excellence shall apply. For coordination and support actions, project-related criteria may apply. Within this framework the work programmes shall specify the evaluation and selection criteria and may add additional requirements, weightings and thresholds, or set out further details on the application of the criteria. A proposal which contravenes fundamental ethical principles or which does not fulfil the conditions set out in the specific programme, the work programme or in the call for proposals shall not be selected. Such a proposal may be excluded from the evaluation, selection and award procedures at any time. Proposals shall be ranked according to the evaluation results. Funding decisions shall be made on the basis of this ranking. Where a call for proposals specifies a two-step evaluation procedure, only those proposals that pass the first step, based on the evaluation against a limited set of criteria, shall go forward for further evaluation. Where a call for proposals specifies a two-stage submission procedure, only those applicants whose proposals pass the evaluation for the first stage shall be requested to submit a complete proposal in the second stage. All applicants shall be swiftly informed of the results of the first-stage evaluation. The Commission shall adopt and publish rules governing the procedure for the submission of proposals, as well as the related evaluation, selection and award procedures and publish guides for applicants including guidelines for evaluators. In particular, it shall lay down detailed rules for the two-stage submission procedure (including as regards the scope and nature of the first-stage proposal as well as those of the complete second-stage proposal), and rules for the two-step evaluation procedure. The Commission shall provide information and set out redress procedures for applicants. The Commission shall adopt and publish rules to ensure consistent verification of the existence and legal status of participants in indirect actions as well as their financial capacity. The Commission shall refrain from renewing such verification unless the situation of the participant concerned has changed. The Commission shall appoint independent experts to assist with evaluations of proposals. For coordination and support actions, referred to in Article 14, independent experts shall be appointed only if the Commission deems it appropriate. Independent experts shall be chosen on the basis of skills and knowledge appropriate to the tasks assigned to them. In cases where independent experts will have to deal with classified information, the appropriate security clearance shall be required before appointment. Independent experts shall be identified and selected on the basis of calls for applications from individuals and calls addressed to relevant organisations such as national research agencies, research institutions or enterprises with a view to establishing lists of suitable candidates. The Commission may, if deemed appropriate, select any individual with the appropriate skills from outside the lists. Appropriate measures shall be taken to ensure reasonable gender balance when appointing groups of independent experts. For ‘frontier’ research projects, experts shall be appointed by the Commission on the basis of a proposal from the Scientific Council of the European Research Council. When appointing an independent expert, the Commission shall take all necessary steps to ensure that the expert is not faced with a conflict of interests in relation to the matter on which the expert is required to provide an opinion. The Commission shall adopt a model appointment letter, hereinafter ‘the appointment letter’, which shall include a declaration that the independent expert has no conflict of interest at the time of appointment and that he undertakes to inform the Commission if any conflict of interest should arise in the course of providing his opinion or carrying out his duties. The Commission shall conclude an appointment letter between the Community and each independent expert. The Commission shall publish once a year in any appropriate medium the list of the independent experts that have assisted it for the Seventh Framework Programme and each specific programme. The participants shall implement the indirect action and shall take all necessary and reasonable measures to that end. Participants in the same indirect action shall implement the work jointly and severally towards the Community. The Commission shall draw up, on the basis of the model provided for in Article 19(8) and taking into account the characteristics of the funding scheme concerned, a grant agreement between the Community and the participants. Participants shall make no commitments incompatible with the grant agreement. Where a participant fails to comply with its obligations regarding the technical implementation of the indirect action, the other participants shall comply with the grant agreement without any complementary Community contribution unless the Commission expressly relieves them of that obligation. If the implementation of an action becomes impossible or if the participants fail to implement it, the Commission shall ensure the termination of the action. Participants shall ensure that the Commission is informed of any event which might affect the implementation of the indirect action or the interests of the Community. Where provided for in the grant agreement, the participants may subcontract certain elements of the work to be carried out to third parties. The Commission shall set out redress procedures for participants. The grant agreement shall establish the rights and obligations of the participants with regard to the Community, in accordance with Decision No 1982/2006/EC, this Regulation, the Financial Regulation, and the Implementing Rules, and in accordance with the general principles of Community law. It shall also establish, in accordance with the same conditions, the rights and obligations of legal entities who become participants when the indirect action is ongoing. Where appropriate, the grant agreement shall specify which part of the Community financial contribution will be based on the reimbursement of eligible costs, and which part will be based on flat rates (including scale of unit costs) or lump-sums. The grant agreement shall specify which changes in the composition of the consortium are to require the prior publication of a competitive call. The grant agreement shall require the submission to the Commission of periodic progress reports concerning the implementation of the indirect action concerned. Where appropriate, the grant agreement may provide that the Commission is to be notified in advance of any intended transfer of ownership of foreground to a third party. Where the grant agreement requires participants to carry out activities that benefit third parties, the participants shall advertise this widely and identify, evaluate and select third parties transparently, fairly and impartially. If provided for in the work programme, the grant agreement shall establish criteria for the selection of such third parties. The Commission reserves the right to object to the selection of the third parties. The grant agreement may lay down time-limits for participants to give the various notifications referred to in this Regulation. The Commission shall, in close cooperation with Member States, establish a model grant agreement in accordance with this Regulation. If a significant modification of the model grant agreement proves necessary, the Commission shall, in close cooperation with Member States, revise it as appropriate. The model grant agreement shall reflect the general principles laid down in the European Charter for Researchers and the Code of Conduct for the Recruitment of Researchers. It shall address, as appropriate, synergies with education at all levels; readiness and capacity to foster dialogue and debate on scientific issues and research results with a broad public beyond the research community; activities to increase the participation and role of women in research; and activities addressing socio-economic aspects of the research. The model grant agreement shall provide for supervision and financial control by the Commission or any representative authorised by it, and the Court of Auditors. The grant agreement shall establish the respective rights and obligations of the participants with regard to access rights, use and dissemination, in so far as those rights and obligations have not been laid down in this Regulation. For those purposes, it shall require the submission to the Commission of a plan for the use and dissemination of foreground. The grant agreement may specify the conditions under which the participants may object to a technological audit of the use and dissemination of the foreground being carried out by certain authorised representatives of the Commission. The grant agreement shall specify the grounds for its termination, in whole or in part, in particular for non-compliance with this Regulation, non-performance or breach, as well as the consequences for participants of any non-compliance on the part of another participant. In the case of indirect actions to support existing research infrastructures and, where applicable, new research infrastructures, the grant agreement may lay down specific provisions relating to confidentiality, publicity and access rights and commitments that might affect users of the infrastructure. In the case of indirect actions to support training and career development of researchers, the grant agreement may lay down specific provisions on confidentiality, access rights and commitments relating to the researchers benefiting from the action. In the case of indirect actions in the field of security research, the grant agreement may lay down specific provisions in particular on changes to the consortium's composition, confidentiality, classification of information and information to Member States, dissemination, access rights, transfer of ownership of foreground and the use thereof. Where appropriate, the grant agreement for indirect actions addressing security issues, other than those referred to in paragraph 3, may also include such specific provisions. In the case of ‘frontier’ research actions, the grant agreement may lay down specific provisions relating to dissemination. The grant agreement shall enter into force upon signature by the coordinator and the Commission. It shall apply to each participant that has formally acceded thereto. Save where otherwise provided in the call for proposals, all participants in an indirect action shall conclude an agreement, hereinafter ‘the consortium agreement’, to govern inter alia the following: the internal organisation of the consortium; the distribution of the Community financial contribution; rules on dissemination, use and access rights, additional to those in Chapter III and to the provisions in the grant agreement; the settlement of internal disputes including cases of abuse of power; liability, indemnification and confidentiality arrangements between the participants. The Commission shall establish and publish guidelines on the main issues that may be addressed by participants in their consortium agreements, including provisions on promoting the participation of SMEs. The legal entities wishing to participate in an indirect action shall appoint one of their number to act as coordinator to carry out the following tasks in accordance with this Regulation, the Financial Regulation, the Implementing Rules, and the grant agreement: to monitor the compliance by participants in the indirect action with their obligations; to verify whether the legal entities identified in the grant agreement complete the necessary formalities for accession to the grant agreement; to receive the Community financial contribution and to distribute it in accordance with the consortium and grant agreement; to keep the records and financial accounts relevant for the Community financial contribution and to inform the Commission of its distribution in accordance with Articles 24(1), point (b) and 36; to be intermediary for efficient and correct communication between the participants and to report regularly to the participants and to the Commission on the progress of the project. The coordinator shall be identified in the grant agreement. The appointment of a new coordinator shall require the written approval of the Commission. The participants in an indirect action may agree to add a new participant or to remove an existing participant in accordance with the respective provisions in the consortium agreement. Any legal entity which joins an ongoing action shall accede to the grant agreement. In specific cases, where provided for in the grant agreement, the consortium shall publish a competitive call and advertise it widely using specific information support, particularly Internet sites on the Seventh Framework Programme, the specialist press and brochures, and the national contact points set up by the Member States and associated countries for information and support. The consortium shall evaluate offers in the light of the criteria which governed the initial action and with the assistance of independent experts appointed by the consortium, in accordance with the principles laid down in Articles 15 and 17 respectively. The consortium shall notify any proposed change of its composition to the Commission, which may object within 45 days of the notification. Changes in the composition of the consortium associated with proposals for other changes to the grant agreement which are not directly related to the change in composition shall be subject to written approval by the Commission. The Commission shall monitor the implementation of indirect actions on the basis of the periodic progress reports submitted pursuant to Article 19(4). In particular, the Commission shall monitor the implementation of the plan for the use and dissemination of foreground, submitted pursuant to the second subparagraph of Article 20(1). For those purposes, the Commission may be assisted by independent experts appointed in accordance with Article 17. The Commission shall set up and maintain an information system allowing for this monitoring to take place in an efficient and coherent manner across the Seventh Framework Programme. Subject to Article 3, the Commission shall publish information on the funded projects in any appropriate medium. The monitoring and evaluation referred to in Article 7 of Decision No 1982/2006/EC shall include aspects relating to the application of this Regulation, in particular aspects relevant for SMEs, and shall address the budgetary impact of the changes in the cost calculation regime as compared to the Sixth Framework Programme and its effects on the administrative burden for participants. The Commission shall appoint, in accordance with Article 17, independent experts to assist with evaluations required under the Seventh Framework Programme and its specific programmes, and, as deemed necessary, for the evaluation of previous Framework Programmes. In addition, the Commission may set up groups of independent experts appointed in accordance with Article 17, to advise on the design and implementation of Community research policy. Having due regard to Article 3, the Commission shall, upon request, make available to any Member State or associated country any useful information in its possession on foreground arising from work carried out in the context of an indirect action, provided that the following conditions are met: the information concerned is relevant to public policy; the participants have not provided sound and sufficient reasons for withholding the information concerned. Under no circumstances shall the provision of information pursuant to paragraph 1 be deemed to transfer to the recipient any rights or obligations of the Commission or of the participants. However, the recipient shall treat any such information as confidential unless it becomes public or is made available publicly by the participants, or unless it was communicated to the Commission without restrictions concerning confidentiality. The following legal entities participating in an indirect action may receive a Community financial contribution: any legal entity established in a Member State or an associated country, or created under Community law; any international European interest organisation; any legal entity established in an international cooperation partner country. In the case of a participating international organisation, other than an international European interest organisation, or a legal entity established in a third country other than an associated country or international cooperation partner country, a Community financial contribution may be granted provided that at least one of the following conditions is satisfied: provision is made to that effect in the specific programmes or in the relevant work programme; the contribution is essential for carrying out the indirect action; such funding is provided for in a bilateral scientific and technological agreement or any other arrangement between the Community and the country in which the legal entity is established. The Community financial contribution for grants identified in part a) of Annex III to the Decision No 1982/2006/EC shall be based on the reimbursement, in whole or in part, of eligible costs. However, the Community financial contribution may take the form of flat-rate financing, including scale of unit costs, or lump-sum financing, or it may combine the reimbursement of eligible costs with flat rates and lump sums. The Community financial contribution may also take the form of scholarships or prizes. The work programmes and calls for proposals shall specify the forms of grants to be used in the actions concerned. Participants from international cooperation partner countries may opt for the Community financial contribution in the form of lump-sum financing. The Commission shall establish applicable lump sums in accordance with the Financial Regulation. Indirect actions financed by grants shall be co-financed by the participants. The Community financial contribution to reimburse eligible costs shall not give rise to a profit. Receipts shall be taken into consideration for the payment of the grant at the end of the implementation of the action. In order to be considered eligible, costs incurred in the implementation of an indirect action must meet the following conditions: they must be actual; they must have been incurred during the duration of the action, with the exception of final reports where provided for in the grant agreement; they must have been determined in accordance with the usual accounting and management principles and practices of the participant and used for the sole purpose of achieving the objectives of the indirect action and its expected results, in a manner consistent with the principles of economy, efficiency and effectiveness; they must be recorded in the accounts of the participant and, in the case of any contribution from third parties, they must be recorded in the accounts of the third parties; they must be exclusive of non-eligible costs, in particular identifiable indirect taxes including value added tax, duties, interest owed, provisions for possible future losses or charges, exchange losses, costs related to return on capital, costs declared, incurred, or reimbursed in respect of another Community project, debt and debt service charges, excessive or reckless expenditure, and any other costs that do not meet the conditions laid down in points (a) to (d). For the purposes of point (a), average personnel costs may be used if they are consistent with the management principles and accounting practices of the participant and do not differ significantly from actual costs. While the Community financial contribution shall be calculated by reference to the cost of the indirect action as a whole, its reimbursement shall be based on the reported costs of each participant. Eligible costs shall be composed of costs attributable directly to the action, hereinafter ‘direct eligible costs’ and, where applicable, of costs which are not attributable directly to the action, but which have been incurred in direct relationship with the direct eligible costs attributed to the action, hereinafter ‘indirect eligible costs’. The reimbursement of participants' costs shall be based on their eligible direct and indirect costs. In compliance with Article 31(3), point (c), a participant may use a simplified method of calculation of its indirect eligible costs at the level of its legal entity if this is in accordance with its usual accounting and management principles and practices. Principles to be followed in this respect shall be set out in the model grant agreement. The grant agreement may provide that the reimbursement of indirect eligible costs is to be limited to a maximum percentage of the direct eligible costs, excluding the direct eligible costs for subcontracting, in particular in the case of coordination and support actions, and, where appropriate, actions for training and career development of researchers. By derogation from paragraph 2, for the coverage of indirect eligible costs a participant may opt for a flat rate of its total direct eligible costs, excluding its direct eligible costs for subcontracting or reimbursement of third parties' costs. The Commission shall establish appropriate flat rates based on a close approximation of the real indirect costs concerned, in accordance with the Financial Regulation and its Implementing Rules. Non-profit public bodies, secondary and higher education establishments, research organisations and SMEs which are unable to identify with certainty their real indirect costs for the action concerned, when participating in funding schemes which include research and technological development and demonstration activities, as referred to in Article 33, may opt for a flat-rate equal to 60 % of the total direct eligible costs for grants awarded under calls for proposals closing before 1 January 2010. With a view to facilitating a transition to full application of the general principle established in paragraph 2, the Commission shall establish, for grants awarded under calls closing after 31 December 2009, an appropriate level of flat rate which should be an approximation of the real indirect costs concerned but not lower than 40 %. This will be based on an evaluation of participation by non-profit public bodies, secondary and higher education establishments, research organisations and SMEs which are unable to identify with certainty their real indirect costs for the action concerned. All flat rates shall be set out in the model grant agreement. For research and technological development activities, the Community financial contribution may reach a maximum of 50 % of the total eligible costs. However, in the case of non-profit public bodies, secondary and higher education establishments, research organisations and SMEs, it may reach a maximum of 75 % of the total eligible costs. For security-related research and technological development activities, it may reach a maximum of 75 % in the case of the development of capabilities in domains with very limited market size and a risk of ‘market failure’ and for accelerated equipment development in response to new threats. For demonstration activities, the Community financial contribution may reach a maximum of 50 % of the total eligible costs. For activities supported by ‘frontier’ research actions, coordination and support actions, and actions for the training and career development of researchers, the Community financial contribution may reach a maximum of 100 % of the total eligible costs. For management activities, including certificates on the financial statements, and other activities not covered by paragraphs 1, 2 and 3, the Community financial contribution may reach a maximum of 100 % of the total eligible costs. The other activities referred to in the first subparagraph include, inter alia, training in actions that do not fall under the funding scheme for training and career development of researchers, coordination, networking, and dissemination. For the purposes of paragraphs 1 to 4, eligible costs and receipts shall be taken into consideration in order to determine the Community financial contribution. Paragraphs 1 to 5 shall apply, as appropriate, in the case of indirect actions where flat-rate financing or lump-sum financing is used for the whole indirect action. Periodic reports shall be submitted to the Commission regarding eligible costs, financial interest yielded by pre-financing, and receipts in relation to the indirect action concerned and, where appropriate, a certificate on the financial statements, in accordance with the Financial Regulation and the Implementing Rules. The existence of co-financing in relation to the concerned action shall be reported and, where appropriate, certified at the end of the action. Notwithstanding the Financial Regulation and the Implementing Rules, a certificate on the financial statements shall be compulsory only whenever the cumulative amount of interim payments and balance payments made to a participant is equal to EUR 375000 or more for an indirect action. However, for indirect actions of a duration of 2 years or less, not more than one certificate on the financial statements shall be requested from the participant, at the end of the project. Certificates on the financial statements shall not be required for indirect actions entirely reimbursed by means of lump sums or flat rates. In the case of public bodies, research organisations, and higher and secondary education establishments, a certificate on the financial statements as required under paragraph 1 may be established by a competent public officer. The work programme shall provide for the forms of grants to be used for Networks of Excellence. Where the Community financial contribution to Networks of Excellence takes the form of a lump sum, it shall be calculated according to the number of researchers to be integrated in the Network of Excellence and the duration of the action. The unit value for lump sums paid shall be EUR 23500 per year and per researcher. That amount shall be adjusted by the Commission in accordance with the Financial Regulation and the Implementing Rules. The work programme shall establish the maximum number of participants and, where appropriate, the maximum number of researchers that may be used as the basis for the calculation of the maximum lump sum. However, participants over and above the maxima for the establishment of the financial contribution may participate as appropriate. The payment shall be effected by means of periodic releases. Those periodic releases shall be made according to the assessment of the progressive implementation of the Joint Programme of Activities through the measurement of integration of research resources and capacities based on performance indicators, negotiated with the consortium and specified in the grant agreement. The Community financial contribution shall be paid to the participants via the coordinator without undue delay. The coordinator shall keep records making it possible to determine at any time the portion of the Community funds that has been distributed to each participant. The coordinator shall communicate that information to the Commission upon request. The Commission may adopt a recovery decision in accordance with the Financial Regulation. The financial responsibility of each participant shall be limited to its own debt, subject to paragraphs 2 to 5. In order to manage the risk associated with non-recovery of sums due to the Community, the Commission shall establish and operate a participant guarantee fund (hereinafter ‘the Fund’) in accordance with the Annex. Financial interest generated by the Fund shall be added to the Fund and shall serve exclusively for the purposes set out in point 3 of the Annex, without prejudice to point 4 thereto. The contribution to the Fund by a participant to an indirect action taking the form of a grant shall not exceed 5 % of the Community financial contribution due to the participant. At the end of the action the amount contributed to the Fund shall be returned to the participant, via the coordinator, subject to paragraph 4. If the interest generated by the Fund is insufficient to cover sums due to the Community, the Commission may deduct from the amount to be returned to a participant a maximum of 1 % of the Community financial contribution to it. The deduction referred to in paragraph 4 shall not apply to public bodies, legal entities whose participation in the indirect action is guaranteed by a Member State or an associated country, and higher and secondary education establishments; The Commission shall verify ex-ante only the financial capacity of coordinators, and of participants other than those referred to in paragraph 5 applying for a Community financial contribution in an indirect action in excess of EUR 500000, unless there are exceptional circumstances, when, on the basis of information already available, there are justified grounds to doubt the financial capacity of these participants. The Fund shall be considered as a sufficient guarantee under the Financial Regulation. No additional guarantee or security may be requested from participants or imposed on them.

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Source: EUR-Lex (Cellar) · retrieved 2026-11-07 · Text as adopted (Official Journal); later amendments are not incorporated in this text.