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30 January 2014
Client Alert | EU Regulatory | Risk Finance
As part of the European Commission's State Aid Modernisation strategy, which aims at fostering growth in the Single Market, the Commission adopted on 15 January 2014 new guidelines on State aid to promote risk finance investments (“the new Guidelines”).
These new rules provide a useful revision of the state aid framework and of the compatibility assessment which will apply to national measures falling outside of the scope of the General Block Exemption Regulation (“GBER”). The ultimate objective of the reform is to promote a more efficient and effective access to various forms of risk finance to a larger category of European SMEs.
The new Guidelines include several important changes compared with the current legal framework, since they aim to resolve the issues identified in the implementation of the current Guidelines which were adopted in 2006 and amended in December 2010.
The new Guidelines will apply in conjunction with the relevant risk finance provisions in the forthcoming GBER. The latter, currently subject to a public consultation, will exempt from the notification requirement national measures which fulfil specific conditions. It should also integrate the improvements and changes reflected in the new Guidelines.
Download the PDF version below for more information.
