the EU bank

The enabling framework for JESSICA is provided by general and specific regulations, which allow Member States to use some of their Structural Fund allocations to take advantage of financial engineering mechanisms to support investment in integrated urban renewal and regeneration schemes.

While the full Structural Funds Regulations 2007-2013 can be accessed through DG Regio’s web site, the following regulations can be considered the most relevant legislative provisions regarding JESSICA (the full text for the respective Articles is currently available in English, French and Italian):

• Council Regulation (EC) No 1083/2006 of 11 July, 2006, laying down general provisions on the European Regional Development Fund, European Social Fund and the Cohesion Fund and, in particular its articles:
  • Article 36 on the participation by the European Investment Bank
  • Article 44 on financial engineering instruments,
  • Article 45 on Technical assistance at the initiative of the Commission, and
  • Article 78, Statement of expenditure
• Regulation (EC) No 1080/2006 of the European Parliament and of the Council on the European Regional Development Fund of 5 July, 2006 and, in particular, its articles:
  • Article 7 on eligibility of expenditure (especially as regards housing), and
  • Article 8 on sustainable urban development
• Amendment of the Regulation (EC) No. 1080/2006 of 6 May 2009
• 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, in particular its Chapter II, Section 8 regarding financial engineering instruments encompassing:
  • Article 43 on the general provisions applicable to all financial engineering instruments,
  • Article 44 on the additional provisions applicable to holding funds,
  • Article 46 on the additional provisions applicable to urban development funds,
  • Article 47 on the interventions in the field of housing, and
  • Article 51 on in-kind contributions

Notes of the Coordination Committee of the Funds (COCOF)

Under Article 103 of Regulation (EC) No 1083/2006, a Coordination Committee of the Funds (COCOF) was established as a management committee on the rules for implementing Structural Funds regulations. Interpretations and decisions of the COCOF  that are  most relevant to JESSICA implementation  are  the following notes:

• Guidance Note n°1 on Financial Engineering in the 2007-2013 programming period (16/07/2008)
• Guidance Note n°2 on Financial Engineering (22/12/2008) including replies from the European Commission to the questions submitted by the JESSICA Expert Working Group of the Member States
• Guidance note on eligibility of energy efficiency and renewable energies interventions under the ERDF and the Cohesion Fund (2007-2013) in the buidling sector including housing