L 271/16 Official Journal of the European Union 12.9.2014 COMMISSION IMPLEMENTING REGULATION (EU) No 964/2014 of 11 September 2014 laying down rules for the application of Regulation (EU) No 1303/2013 of the European Parliament and of the Council as regards standard terms and conditions for financial instruments THE EUROPEAN COMMISSION, Having regard to the Treaty on the Functioning of the European Union, Having regard to Regulation (EU) No 1303/2013 of the European Parliament and of the Council of 17 December 2013 laying down common provisions on the European Regional Development Fund, the European Social Fund, the Cohesion Fund, the European Agricultural Fund for Rural Development and the European Maritime and Fisheries Fund and laying down general provisions on the European Regional Development Fund, the European Social Fund, the Cohesion Fund and the European Maritime and Fisheries Fund and repealing Council Regulation (EC) No 1083/2006 ('), and in particu- lar the second subparagraph of Article 38(3) thereof, Whereas: (1) To facilitate the use of financial instruments set up at national, regional, transnational or cross-border level and managed by or under the responsibility of the managing authority in accordance with Article 38(3)(a) of Regu- lation (EU) No 1303/2013, rules on standard terms and conditions for certain financial instruments should be established. Those standard terms and conditions would make those instruments ready to use — the so-called off-the-shelf financial instruments. (2)  To facilitate the use of financial instruments, the standard terms and conditions need to ensure compliance with state aid rules and facilitate the delivery of Union financial support of final recipients through a combination of financial instruments and grants. (3)  The standard terms and conditions should not allow a finance provider, such as a public or private investor or a lender, a manager of the financial instrument, or a final recipient to receive any state aid which is incompatible with the internal market. The standard terms and conditions should take into account the relevant de minimis Regulations such as Commission Regulation (EU) No 1407/2013 (? and Commission Regu- lation (EU) No 1408/2013 (*), Commission Regulation (EU) No 651/2014 (%), Commission Regulation (EU) No 702/2014 (%), the Guidelines on State aid to promote risk finance investments (%) and the Guidelines for State aid in the agricultural and forestry sectors and in rural areas 2014 to 2020 (’). (4)  Given that the State aid rules do not apply to agricultural activities supported under the European Agricultural Fund for Rural Development, compliance with the standard terms and conditions should be voluntary. For other activities receiving support from the European Agricultural Fund for Rural Development, general State aid rules apply and therefore, the standard terms and conditions should be mandatory. (5) It is possible that undertakings in the fisheries sector, particularly small and medium-sized enterprises (SMEs), may benefit from financial instruments financed by a European Structural and Investment Fund. When such a benefit is funded by another European Structural and Investment Fund than the European Maritime and Fisheries Fund, the total amount of the aid granted through the financial instruments to all undertakings in the fisheries and aquaculture sector over three years should be below a cap of the annual fishery, aquaculture and processing () OJL347,20.12.2013, p. 320. (*) Commission Regulation (EU) No 14072013 of 18 December 2013 on the application of Articles 107 and 108 of the Treaty on the Functioning of the European Union to de minimis aid (O] L 352, 24.12.2013, p. 1). (®) Commission Regulation (EU) No 1408/2013 of 18 December 2013 on the application of Articles 107 and 108 of the Treaty on the Functioning of the European Union to de minimis aid in the agriculture sector (O] L 352, 24.12.2013, p. 9). (*) Commission Regulation (EU) No 651/2014 of 17 June 2014 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty (O] L 187, 26.6.2014, p. 1). () Commission Regulation (EU) No 702/2014 of 25 June 2014 declaring certain categories of aid in the agricultural and forestry sectors and in rural areas compatible with the internal market in application of Articles 107 and 108 of the Treaty on the Functioning of the European Union (O] L 193, 1.7.2014, p. 1). (®) Guidelines on State aid to promote risk finance investments (O] C 19, 22.1.2014, p. 4). () Guidelines for State aid in the agricultural and forestry sectors and in rural areas 2014 to 2020 (O] C 204, 1.7.2014, p. 1).