1. By 5 January 2017, the EIB shall evaluate the functioning of the EFSI. The EIB shall submit its evaluation to the European Parliament, the Council and the Commission.
2. By 5 January 2017, the Commission shall evaluate the use of the EU guarantee and the functioning of the guarantee fund. The Commission shall submit its evaluation to the European Parliament and the Council. That evaluation shall be accompanied by an opinion of the Court of Auditors.
3. By 30 June 2018 and every three years thereafter:
(a)
the EIB shall publish a comprehensive report on the functioning of the EFSI, which shall include an evaluation of the impact of the EFSI on investment in the Union, employment creation and access to financing for SMEs and mid-cap companies;
(b)
the Commission shall publish a comprehensive report on the use of the EU guarantee and the functioning of the guarantee fund.
4. The EIB, in cooperation with the EIF as appropriate, shall contribute to and provide the necessary information for the Commission evaluation and report under paragraphs 2 and 3 respectively.
5. The EIB and the EIF shall, on a regular basis, provide the European Parliament, the Council and the Commission with all of their independent evaluation reports which assess the impact and practical results achieved by the activities of the EIB and the EIF under this Regulation.
6. By 5 July 2018, the Commission shall submit to the European Parliament and the Council a report containing an independent evaluation of the application of this Regulation.
7. In the event that the report referred to in paragraph 6 concludes that the EFSI:
(a)
is achieving its objectives and that maintaining a scheme for supporting investment is warranted, the Commission shall where appropriate submit a legislative proposal to amend this Regulation with a view to setting the new investment period, ensuring continuation of investment and appropriate financing;
(b)
is not achieving its objectives and that maintaining a scheme for supporting investment is warranted, the Commission shall where appropriate submit a legislative proposal to amend this Regulation with a view to addressing the flaws identified, setting the new investment period, ensuring continuation of investment and appropriate financing;
(c)
is not achieving its objectives and that maintaining a scheme for supporting investment is not warranted, the Commission shall where appropriate submit a legislative proposal to ensure a smooth termination of the EFSI, while preserving the EU guarantee for the operations already approved under this Regulation.
8. The report referred to in paragraph 6 shall be submitted without delay by the Commission in the event that the approved projects absorb in full the amount of the EU guarantee available before 5 July 2018.