Commission Delegated Regulation (EU) 2021/1702 of 12 July 2021 supplementing Regulation (EU) 2021/523 of the European Parliament and of the Council by setting out additional elements and detailed rules for the InvestEU Scoreboard

Published date24 September 2021
Date of Signature12 July 2021
Official Gazette PublicationOfficial Journal of the European Union, L 339, 24 September 2021
Subject MatterInvestments,Economic policy
L_2021339EN.01000401.xml
24.9.2021 EN Official Journal of the European Union L 339/4

COMMISSION DELEGATED REGULATION (EU) 2021/1702

of 12 July 2021

supplementing Regulation (EU) 2021/523 of the European Parliament and of the Council by setting out additional elements and detailed rules for the InvestEU Scoreboard

THE EUROPEAN COMMISSION,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to Regulation (EU) 2021/523 of the European Parliament and of the Council of 24 March 2021 establishing the InvestEU Programme and amending Regulation (EU) 2015/1017 (1), and in particular Article 22(4) thereof,

Whereas:

(1) The proposals for financing and investment operations submitted by implementing partners for coverage by the EU guarantee under the InvestEU Fund are to be assessed by the Investment Committee pursuant to Article 22(1) of Regulation (EU) 2021/523.
(2) The Investment Committee is to carry out its assessment and verification of the proposed financing and investment operations by reference to a scoreboard of indicators, filled out by the implementing partners pursuant to Article 22(2), which aims at ensuring an independent, transparent and harmonised evaluation of the proposals.
(3) Pursuant to Article 22(3) of Regulation (EU) 2021/523, the scoreboard of indicators consists of the following seven pillars.: the contribution of the operation to EU policy objectives, the description of additionality, the market failure or sub-optimal investment situation addressed by the operation, the financial and technical contribution by the implementing partner, the impact of the operation, the financial profile of the operation and the complementary indicators.
(4) In order to ensure that the Investment Committee is able to carry out an independent, transparent and harmonised assessment of requests for the use of the EU guarantee the different elements, indicators and sub-indicators to be provided for each pillar, as well as the scoring criteria and the relevant weightings to be used by the implementing partners when assessing the proposed financing or investment operations, should be established.
(5) In order to allow for the prompt application of the measures provided for in this Regulation, this Regulation should enter into force on the day following that of its publication in the Official Journal of the European Union,

HAS ADOPTED THIS REGULATION:

Article 1

The detailed rules which implementing partners shall use to fill in the scoreboard of indicators referred to in Article 22 of Regulation (EU) 2021/523, to enable the Investment Committee of the InvestEU Fund to carry out an independent, transparent and harmonised assessment of the requests for the use of the EU guarantee, are set out in the Annex to this Regulation.

Article 2

This Regulation shall enter into force on the day following that of its publication in the Official Journal of the European Union.

This Regulation shall be binding in its entirety and directly applicable in all Member States.

Done at Brussels, 12 July 2021.

For the Commission

The President

Ursula VON DER LEYEN


(1) OJ L 107, 26.3.2021, p. 30.


ANNEX

1. General principles

A scoreboard of indicators (the ‘InvestEU Scoreboard’) shall be used by the Investment Committee established in accordance with Article 24 of Regulation (EU) 2021/523 of the European Parliament and of the Council (1) (the ‘InvestEU Regulation’) to assess the financing and investment operations proposed by the implementing partners for coverage under the EU guarantee. As part of the examination referred to in Article 24(1) and in accordance with Article 24(4) of the InvestEU Regulation, the Investment Committee shall use the InvestEU Scoreboard to carry out an independent, transparent and harmonised assessment of requests for the use of the EU guarantee for financing and investment operations proposed by implementing partners.

The InvestEU Scoreboard shall be filled out by the implementing partner submitting a proposal for a financing or investment operation (2), including Framework Operations (3), to the Investment Committee. The level of detail to be presented for each of the pillars will differ between individual financing and investment operations and Framework Operations. In the case of the latter, overall estimations can be provided, such as type of financial intermediaries, estimated number and type of final recipients, average sizes of financing to be provided to final recipients, and estimated impact of the framework operation.

1.1. Content of the InvestEU Scoreboard

Pursuant to Article 22(3) of the InvestEU Regulation, the InvestEU Scoreboard shall cover the following elements:

(a) presentation of the financing or investment operation, which will include its name, the final recipient for direct operations or, for intermediated operations, the financial intermediary (-ies) (if known, the name of the financial intermediary; if not, at least the type), the country (-ies) of implementation and a short description of the financing or investment operation;
(b) pillar 1 – contribution of the financing or investment operation to EU policy objectives;
(c) pillar 2 – description of the additionality of the financing or investment operation;
(d) pillar 3 – market failure or sub-optimal investment situation addressed by the financing or investment operation;
(e) pillar 4 – financial and technical contribution by the implementing partner;
(f) pillar 5 – impact of the financing or investment operation;
(g) pillar 6 – financial profile of the financing or investment operation;
(h) pillar 7 – complementary indicators.

1.2. Assessment of the pillars

Each financing or investment operation submitted to the Investment Committee shall be scored by the implementing partner on pillars 3, 4, and 5, and assessed through unscored qualitative or quantitative indicators on pillars 1, 2, 6 and 7.

The scoring of pillars 3, 4, and 5 shall use the following scale. The same scale shall be used for scored indicators and sub-indicators.

Points Score
1 Fair
2 Good
3 Very good
4 Excellent

Due to the nature of their scope, each scored pillar shall be assessed individually without aggregation into one single score. Where the pillars are assessed through specific indicators and sub-indicators, the weighting of those indicators and sub-indicators shall be taken into account when calculating the score of the relevant pillar (by multiplying the relevant number of points by the relevant weighting) (4).

Implementing partners shall provide a rationale justifying each score given, based on the method described in the relevant Appendix and on other relevant elements included in the InvestEU Regulation, in the investment guidelines (5), in Commission guidance documents such as the sustainability proofing guidance (6) and the climate and environmental tracking methodology (7).

The Investment Committee shall give equal importance to each pillar when assessing financing or investment operations, irrespective of whether the individual pillar presents a numerical score or whether it is composed of unscored qualitative and quantitative indicators.

In accordance with Article 24(4) of the InvestEU Regulation, the assessment provided by the implementing partner shall not be binding on the Investment Committee.

1.3. Publication of the InvestEU Scoreboard

In accordance with Article 24(5) of the InvestEU Regulation, the relevant InvestEU Scoreboard shall be published on the InvestEU website after the signature of the corresponding financing or investment operation between the implementing partner and the financial intermediary or the final recipient, as applicable. In case of Framework Operations, the InvestEU Scoreboard shall be published after the signature of the first sub-project.

When submitting the request for coverage under the EU guarantee to the Investment Committee, the implementing partner shall submit the InvestEU Scoreboard with complete information on all the pillars. The InvestEU Scoreboard must contain a justification of the assessment in accordance with pillars 1 to 6 including the relevant indicators and the indicators in pillar 7. Therefore, the InvestEU Scoreboard submitted to the Investment Committee may contain commercially sensitive or confidential information that cannot be published.

At latest 10 business days after the date of the signature of the financing or investment operation, or of the first sub-project in case of Framework Operations, the implementing partner shall submit a public version of the InvestEU Scoreboard to the Investment Committee secretariat containing a narrative covering pillars 1 to 5 and the indicators in pillar 7, which shall be published. This public version of the InvestEU Scoreboard shall not include any commercially sensitive or confidential information. As the financial profile of the financing or investment operation contains commercially sensitive information, no information on pillar 6 has to be provided in the public version of the InvestEU Scoreboard.

2. The InvestEU Scoreboard

2.1. Pillar 1 – Contribution of the financing or investment operation to EU policy objectives

Under pillar 1, the implementing partner shall present the extent to which the financing or investment operation contributes to the eligible areas under InvestEU, in accordance with Annex II of the InvestEU Regulation, the investment guidelines and the conditions of the relevant financial product. As regards the Member State compartment within the meaning of Articles 9 and 10 of the InvestEU Regulation, the assessment shall include the policy objectives set out in the relevant...

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