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Consultation on the draft Union guidelines on State aid to promote risk finance investments

Policy field

Competition: State aid

Target group

public authorities, companies, organisations and citizens are welcome to contribute to this consultation. Contributions are particularly sought to from public authorities deploying financial and fiscal instruments for facilitating SME access to finance and other stakeholders, such as investors, financial intermediaries and final recipients.

Period of consultation

From 24.07.2013 to 18.09.2013

Objective of the consultation

The Community guidelines on State aid to promote risk capital investments in small and medium-sized enterprises (hereafter "the Risk Capital Guidelines") set out the conditions that Member States should respect when granting State aid to promote access to risk capital for SMEs in their early development stages, particularly with a view to ensuring that such aid targets a proven equity gap and does not crowd out financial markets. The Risk Capital Guidelines which apply from 18 August 2006 to 31 December 2013, will be extended until 30 June 2014.

On 8 May 2012, the Commission adopted a Communication on the State aid modernisation initiative ('SAM'), launching the political debate on the modernisation of State aid control. The review of the risk capital guidelines is an important element of SAM.

The Commission already invited the other institutions, Member States and stakeholders to provide input for the revision of the Risk Capital guidelines. This first consultation took place from 16 July 2012 to 5 October 2012 and the Commission consequently published an Issues paper, setting out the possible reform proposals. The present consultation aims to collect the views of the Member States and other stakeholders on the first draft text of the new risk finance guidelines.

The draft Risk Finance Guidelines are meant to be complementary to the new risk finance provisions in the draft General Block Exemption Regulation whose scope has been significantly enlarged by including many measures previously subject to notification. The new Risk Finance Guidelines provide clear and operational assessment rules for measures which go beyond the safe harbor conditions and are subject to notification.

View the consultation documents

Draft guidelines bg cs da de el en et fi fr hr hu it lt lv mt nl pl pt ro sk sl sv

Reference documents and other, related consultations

Contact details

Responsible service: Competition DG, Unit H2 State aid for R&D, innovation and risk capital
Please always indicate the reference number in your correspondence: HT. 347 Risk Capital / Community guidelines
on state aid to promote risk capital investment in SMEs

E-mail address for replies:
Ref.: HT. 347 – Consultation on the revision of the Guidelines on State aid to support SME access to risk capital

Postal address:
European Commission
Directorate-General for Competition
State aid Registry
1049 Bruxelles/Brussel

Replies to the consultation

Member States
  • Denmark - Ministry of Business and Growth en
  • Estonia - Government en
  • Finland - Ministry of Employment and Economy en
  • France - Permanent Representation of France to the EU fr
  • Germany - Government de
  • Greece - Government el
  • Hungary - Government hu
  • Latvia - Ministry of Economics en
  • Lithuania - Government lt
  • Lithuania - UAB - Investment and Business Guarantees lt
  • Netherlands - Government nl
  • Poland - Government pl
  • Slovakia - Government sk
  • United Kingdom - UK Representation to the EU en
Public authorities
  • Norway - Ministry of Government Administration, Reform and Church affairs en
Registered organisations
  • AFG - Association Française de la Gestion financière en
  • AIC - Association of Investment Companies in the UK en
  • Bundesartbeitskammer - Federal Labour Agency de
  • EAPB - European Association of Public Banks en
  • European Private Equity & Venture Capital Association (EVCA) - en
  • FINANSOL - France fr
  • META Group - Italy it
  • VÖB - Bundesverband Öffentlicher Banken Deutschlands de
Non-registered organisations
  • AFIC - Association Française des Investisseurs pour la Croissance fr
  • ARF - Association des Régions de France fr
  • Confindustria Risk Capital it
  • France Active fr
  • London Stock Exchange en
  • Andrew Harper en
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