EN
L 161/104
Official Journal of the European Union
16.6.2022
targeted at natural persons investing in companies listed on those platforms, or by allowing for start-up aid to the platform operator, subject to the condition that the platform operator qualifies as a small enterprise and up to certain thresholds.
80.
However, operators of alternative trading platforms may not necessarily be small enterprises when they are established.
Equally, the maximum amount of aid permissible as start-up aid under the General Block Exemption Regulation may not be sufficient to support the establishment of the platform.
Moreover, in order to attract sufficient resources for the establishment and the roll-out of new platforms, it may be necessary to provide fiscal incentives to corporate investors.
Finally, the platform may not only list SMEs, but also undertakings which exceed the thresholds in the definition of SMEs.
81.
Therefore, it may be justified, under certain conditions, to allow fiscal incentives to corporate investors, to support platform operators that are not small enterprises, to allow investments for the establishment of alternative trading platforms the amount of which exceeds the limits provided for start-up aid under the General Block Exemption Regulation, or to allow aid to alternative trading platforms where the majority of the financial instruments admitted to trading are issued by SMEs.
In such cases, the ex ante assessment must demonstrate the existence of a specific market failure or other relevant obstacle affecting such platforms in the relevant geographic market.
3.2.2.2.
M e as ur e s w i t h d e si g n pa ra m ete rs n ot c om pl yin g w ith the Gen era l B lo c k Exe mpt io n Reg ul a ti on (a)
Financial instruments with independent private investor participation below the ratios provided for in the General Block Exemption Regulation
82.
The market failures or other relevant obstacles affecting enterprises in particular regions or Member States may be more pronounced due to the relative underdevelopment of the SME finance market within such areas in comparison to other regions in the same Member State, other Member States or globally.
This may particularly be the case in Member States without a well-established presence of formal venture capital investors, private equity funds or business angels.
In the case of measures aimed at overcoming such structural barriers, the Commission may accept an independent private investor participation below the ratios provided for in Article 21 of the General Block Exemption Regulation subject to the condition in paragraph 25 of these Guidelines.
83.
Moreover, the Commission may also accept risk finance measures with independent private investor participation below the ratios set out in Article 21 of the General Block Exemption Regulation in the event of a more pronounced market failure or another relevant obstacle as demonstrated by the Member State, in particular, where such measures specifically target SMEs before their first commercial sale or at the proof-of-concept stage, provided that an appreciable part of the risks of the investment are effectively borne by the participating private investors.
(b)
Financial instruments with design parameters above the ceilings provided for in the General Block Exemption Regulation
84.
The benefit of the General Block Exemption Regulation is reserved for measures whereby non-pari passu losssharing between public and private investors is so designed as to limit the first loss assumed by the public investor.
Similarly, in the case of guarantees, the block exemption sets limits on the guarantee rate and the total losses assumed by the public investor.
85.
However, in certain circumstances, by taking a riskier financing position, public funding may allow private investors or lenders to provide additional financing.
In assessing measures with financial design parameters exceeding the ceilings in the General Block Exemption Regulation, the Commission will take into account a number of factors as outlined in Section 3.2.3.2 of these Guidelines.