# Commission Regulation (EC) No 1828/2006 of 8 December 2006 setting out rules for the implementation of Council Regulation (EC) No 1083/2006 laying down general provisions on the European Regional Development Fund, the European Social Fund and the Cohesion Fund and of Regulation (EC) No 1080/2006 of the European Parliament and of the Council on the European Regional Development Fund, Article 44: Holding funds

Extent: E+W+S+N.I.

1. Where the Structural Funds finance financial engineering instruments organised through holding funds, the Member State or managing authority shall conclude a funding agreement with the holding fund, setting out the funding arrangements and objectives.
The funding agreement shall, where appropriate, take account of the following:
( a ) as regards financial engineering instruments supporting enterprises, primarily SMEs, including micro-enterprises, the conclusions of an evaluation of gaps between supply of such instruments, and demand for such instruments;
(b) as regards urban development funds, urban development studies or evaluations and integrated urban development plans included in operational programmes ;
( c ) as regards funds or other incentive schemes for energy efficiency and use of renewable energy in buildings, including in existing housing the relevant Union and national regulatory frameworks and the relevant national strategies.
2 . The funding agreement referred to in paragraph 1 shall, in particular, make provision for:
( a ) the terms and conditions for contributions from the operational programme to the holding fund;
( b ) calls for expression of interest addressed to financial engineering instruments in accordance with applicable rules;
( c ) the appraisal and selection of financial engineering instruments by the holding fund;
( d ) the setting up and monitoring of the investment policy or the targeted urban development plans and actions;
( e ) reporting by the holding fund to Member States or managing authorities;
( f ) monitoring of the implementation of investments;
( g ) audit requirements;
( h ) an exit policy for the holding fund out of the financial engineering instruments;
( i ) the provisions for the winding-up of the holding fund, including the reutilisation of resources returned from investments made or left over after all guarantees have been honoured which are attributable to the contribution from the operational programme.
In the case of financial engineering instruments supporting enterprises, the provisions on the setting up and monitoring of the investment policy referred to in point (d) of the first subparagraph shall comprise at least an indication of the targeted enterprises and the financial engineering products to be supported.
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Source: https://www.legislation.gov.uk/eur/2006/1828/article/44 (the official version)
Page: https://openlegislation.uk/eu-regulation-2006-1828/article-44
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.