The EU Parliament adopts a regulation on structural funds requiring compliance of financial instruments with state aid rules
* Article published on Lexxion State Aid Blog (click here), republished in e-Competitions with the courtesy of the author. The original title of this article appears below the e-Competitions title. Authors are welcome to write an alternative article on this case/text, provided they have no relationships with a party or related third party. Article will need e-Competitions Board approval before publication.
An Assessment of the State Aid Consistency of Financial Instruments Supported by Structural and Investment Funds (Regulation 1303/2013)*
Introduction
Last week I reviewed the new State aid guidelines on risk finance. This week I will examine the provisions on financial instruments in the new structural and investment funds regulation. The regulation was published in the Official Journal just before Christmas. Both sets of rules have been updated on the basis of similar principles. The primary aim of both is to increase the flow of funds to SMEs and other innovative enterprises by incentivising private investors to assume more risk or to commit more of their own resources [this is the leveraging effect].
However, in this article I also identify a peculiar inconsistency between the two
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