Commission Implementing Decision of 11 September 2014 on the model of funding agreement for the contribution of the European Regional Development Fund and the European Agricultural Fund for Rural Development to joint uncapped guarantee and securitisation financial instruments in favour of small and medium-sized enterprises (2014/660/EU)

Article 16 Operational and financial reporting

16.1.

The EIF shall report to the Managing Authority in a frequency to be agreed [Further conditions shall be contractually specified], the operational aspects of the Dedicated Window[s] in accordance with Annex 5, and namely:

(a)

identification of the Single Dedicated National Programme and of the priority or measure from which MS Contribution is provided;

(b)

description of the Dedicated Window[s] and implementation arrangements;

(c)

identification of the Financial Intermediaries;

(d)

total amount of MS Contribution Paid by priority or measure under the Single Dedicated National Programme;

(e)

total amount of the New Debt Finance originated in the relevant quarter and to date;

(f)

total amount of Management Costs and Fees;

(g)

the performance of the Dedicated Window[s] including progress in their set-up and in selection of Financial Intermediaries;

(h)

total amount of Repayments and Revenues accrued;

(i)

progress in achieving the Leverage Effect;

(j)

contribution of the Dedicated Window[s] to the achievement of the indicators of the priority or measure concerned within the Single Dedicated National Programme;

(k)

number of Final Recipients (total and by Operation);

(l)

gross grant equivalent for each Transaction.

[Further conditions shall be contractually specified]

16.2.

The EIF shall report to the Managing Authority in the frequency referred to in Article 16.1 on the financial aspects of the Dedicated Window[s] in accordance with Annex 6. [Further conditions shall be contractually specified]

16.3.

No later than [•] of each year, the EIF shall provide the Managing Authority with an annual report compiling all data gathered on any operational and financial aspects of the Dedicated Window[s] since its establishment. This annual report will be disclosed for review to the Investors' Board without undue delay. [Further conditions shall be contractually specified].

The EIF shall communicate to the Managing Authority regular control reports from the external auditors designated in this Funding Agreement in the form of a management letter. [Further conditions shall be contractually specified]

In addition, if necessary the Parties may discuss and agree on additional reporting measures relating to the Operations. [Further conditions may be contractually specified]

16.4.

The relevant reporting requirements referred to in Articles 16.1, and 16.2 shall be based on information from time to time obtained by EIF under relevant reporting obligations included in the Operational Agreements between the EIF and the Financial Intermediaries implementing the Dedicated Window[s]. The Operational Agreement shall require the Financial Intermediaries to provide such information to the EIF. [Further conditions shall be contractually specified]

16.5.

Reports to be submitted to the Managing Authority shall be expressed in Euro. These reports may be drawn from financial statements denominated in other currencies as per the EIF's requirements. Where necessary, amounts shall be converted into Euro. Except where provided otherwise in this Funding Agreement, amounts denominated in a currency other than Euro and reported by one Party to the other in Euro shall be converted into Euro at the exchange rate prevailing at the relevant reporting date, as fixed by the European Central Bank.