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1. The Initiative’s operational objectives 1 to 4 shall be entrusted to the Chips Joint Undertaking and implemented by actions set out in the work programme of the Chips Joint Undertaking.

2. In order to reflect technological change and market developments, the Commission is empowered to adopt delegated acts in accordance with Article 37 to amend Annex I with regard to the actions set out therein in a manner consistent with the objectives of the Initiative set out in Article 4.

3. In order to ensure effective implementation and evaluation of the Initiative, the Commission is empowered to adopt delegated acts in accordance with Article 37 to amend Annex II with regard to the measurable indicators to monitor the implementation and to report on the progress of the Initiative towards the achievement of its objectives as set out in Article 4.

4. In order to ensure effective implementation, monitoring and evaluation of the Initiative, the annual activity report of the Chips Joint Undertaking shall include information on matters related to the Initiative’s operational objectives 1 to 4, on the basis of the measurable indicators set out in Annex II.

5. The Commission shall inform the European Semiconductor Board on progress in the implementation of the Initiative’s operational objective 5 on a regular basis.