EC Regulatory Guidance (Guidance for Member States on the selection of bodies implementing financial instruments)
This guidance note applies to financial instruments using the European Structural and Investment Funds (ESIF). Managing authorities that use financial instruments as a tool for achieving the objectives of an ESIF programme can either undertake implementation tasks directly, invest in the capital of a newly created or existing legal entity, or entrust implementation tasks to other bodies. In the latter case, Article 38(4)(b) of the Common Provisions Regulation provides different possibilities for entrusting financial instruments implementation tasks. This guidance note aims at providing clarifications about these possibilities.