Guidance for Member States on Article 38(4) CPR - Implementation options for financial instruments by or under the responsibility of the managing authority

The purpose of the present guidance note is to clarify how to apply the implementation options for the management of financial instruments under Article 38(1)(b) CPR.

Among those, the entrustment of FI management to bodies such as the EIB, the IFIs or other public or private entities, referred to under Article 38(4)(b) CPR, has been the most widely used in the 2007-2013 programming period. Several guidance notes6 have already clarified the main changes in the 2014-2020 programming period for this implementation option.

This guidance note presents an overview of the main aspects related to all the implementation options under Article 38(4) CPR, mainly focusing on the implementation options under Article 38(4)(a) and (c) thereof.