October 27
2020
Anjum Shabbir
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31st March 2020
Banking & Finance Covid-19 Institutional law

Coronavirus Response Investment Initiative Regulation now published and will enter into force on 1 April 2020

The Coronavirus Response Investment Initiative (CRII) Regulation (2020/460) – on specific measures to mobilise investment in Member State healthcare systems and other sectors in response to COVID-19 – has now been published in the Official Journal and will enter into force tomorrow, 1 April 2020, as a matter of urgency. It is described as including specific measures to address an exceptional situation.

As already explained on EU Law Live yesterday and earlier this month, this Regulation amends the rules of the structural and investment funds so that 37 billion euros of cohesion money can be used to address serious liquidity shortages due to the sudden and significant need for public investment, to strengthen healthcare systems, support businesses, workers and community-based services.

The CRII Regulation amends:

– Regulation 1301/2013 on the European Regional Development Fund (ERDF) to support the financing of capital in SMEs and strengthen research and development investment;

– Regulation 1303/2013 on Common Provisions on the European Structural and Investment Funds to allow transfer of funds; and

– Regulation 508/2014 regarding the European Maritime and Fisheries Fund (EMFF) which should be extended to include ‘public health crises’, and should support mutual funds and stock insurance to safeguard the income of affected fishermen and aquaculture farmers.

For recovery orders to Member States for unlawful State aid, the Commission is obliged by the CRII Regulation not to issue them for amounts recoverable from Member States for the annual accounts submitted in 2020. Member States should use the amounts not recovered to accelerate investments related to the COVID-19 outbreak, eligible under  Regulation 1303/2013 and the Fund-specific rules.

The Corona Response Investment Initiative Regulation can be accessed here in the Official Journal.

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