PIF Directive definition

PIF Directive means Directive (EU) 2017/1371 of the European Parliament and of the Council of 5 July 2017 on the fight against fraud to the Union's financial interests by means of criminal law as amended, supplemented or restated.
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PIF Directive means Directive (EU) 2017/1371 of the European Parliament and of the Council of 5 July 2017 on the fight against fraud to the Union’s financial interests by means of criminal law as amended, supplemented or restated.
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PIF Directive means Directive (EU) 2017/1371 of the European Parliament and of the Council of 5 July 2017 on the fight against fraud to the European Union's financial interests by means of criminal law as amended, supplemented or restated. "Prepayment Amount" means the amount of a Tranche to be prepaid by the Borrower in accordance with Articles 5.2 (Voluntary prepayment), 5.3 (Compulsory prepayment) or 9.1 (Right to demand repayment). "Prepayment Date" means the date as requested by the Borrower and agreed by the Bank or indicated by the Bank, as applicable, on which the Borrower shall effect prepayment of a Prepayment Amount. "Prepayment Event" means any of the events described in Article 5.3 (Compulsory Prepayment). "Prepayment Fee" means the fee to be paid to the Bank in accordance with the Finance Fee Letter. "Prepayment Notice" means a written notice from the Bank to the Borrower in accordance with Article 5.2.3 (Prepayment mechanics). "Prepayment Request" means a written request from the Borrower to the Bank to prepay all or part of the Loan Outstanding, in accordance with Article 5.2.1 (Prepayment option). "Qualifying Investment" means: (a) each Research and Development Project and Equity Investment where any investment is made by a Group Company during the Eligible Period; and (b) each Research and Development Project and Equity Investment specified in any list provided in respect of the final Tranche in accordance with Article 2.5.2 (All Tranches – Documentary Conditions Precedent); and (c) the Construction Costs incurred during the Eligible Period, in each case not including any Excluded Projects or Partnered Projects, and provided also that if the Bank notifies the Borrower that it requires a limitation (in whole or in part) of an amount to be disbursed under a Tranche and applied to a particular Research and Development Project and/or Equity Investment, (i) where no amount is disbursed under this Contract in respect of that Research and Development Project and/or Equity Investment, such Research and Development Project or Equity Investment shall not be a Qualifying Investment; and (ii) where a limited amount is disbursed under this Contract in respect of that Research and Development Project and/or Equity Investment, a proportionate adjustment to Variable Remuneration in respect of such Qualifying Investment shall be agreed between the Bank and the Borrower prior to disbursement.
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Examples of PIF Directive in a sentence

  • In accordance with Art 2 (2) of PIF Directive, the EPPO shall be the competent authority if the criminal activity is qualified under Art 255 or Art 256 of Bulgarian Criminal Code and if the act or omission meets the criteria of Art 3 (2)(d) of the Directive.

  • The second group of criminal offences includes the criminal activity in accordance with Art 4 of the PIF Directive and Art 22(2) of EPPO Regulation.

  • Furthermore, it establishes specific rules concerning freezing and confiscation (Art 10 PIF Directive), jurisdiction (Art 11 PIF Directive), recovery (Art 14 PIF Directive) and limitation periods (Art 12 PIF Directive).

  • The directive does not contain a definition of these expressions but requires Member States to criminalize the modalities of inciting and aiding and abetting for any of the criminal offences referred to in Arts 3 and 4 PIF Directive.

  • While the requirement is not mandatory for the case of incitement, aiding and abetting, and attempt (Art 5 PIF Directive), the Directive requires that for the offences referred to in its Arts 3 and 4, Member States ensure a maximum penalty which provides for imprisonment.

  • In any case, the liability of the legal persons does not exclude the possibility of criminal proceedings against natural persons who committed the offence or who are criminally liable under Art 5 PIF Directive.

  • Corruption and misappropriation share the notion of public official, which is defined by Art 4(4) PIF Directive as a person belonging to the following three categories: • Union official, that is, an official or other servant engaged under contract by the Union or seconded to the Union by a Member State or by any public or private body, who carries out functions equivalent to those performed by Union officials or other servants.

  • Lastly, according to Art 9 PIF Directive, Member States have to ensure that legal persons are subject to effective, proportionate and dissuasive sanctions, which can be criminal or non-criminal fines.

  • As a matter of fact, regarding corruption, the PIF Directive requires to criminalize the mere acceptance of a promise of an unlawful advantage; as far as money laundering is concerned, the AML Directive’s notion includes ‘attempts to commit’ money laundering (▇▇▇▇▇▇, Sicurella, ▇▇▇▇▇▇▇▇▇, 2020).

  • As far as sanctions of natural persons are concerned, Member States should ensure that all the criminal offences referred to in Arts 3, 4 and 5 PIF Directive are punishable by effective, proportionate and dissuasive criminal sanctions.