L 161/92
EN
Official Journal of the European Union
16.6.2022
18.
However, Member States may also choose to design risk finance measures in such a way that the measures do not entail State aid under Article 107(1) of the Treaty, for instance because they comply with the market economy operator test (35) or because they fulfil the conditions of the applicable de minimis Regulation (36).
Such cases do not need to be notified to the Commission.
19.
These Guidelines do not address the compatibility with the internal market of State aid measures which meet the criteria laid down in other State aid guidelines, frameworks or regulations.
The Commission will pay particular attention to the need to prevent the use of these Guidelines to pursue policy objectives which are addressed principally by other State aid frameworks, guidelines and regulations.
20.
These Guidelines are without prejudice to the assessment under State aid rules of other types of financial instruments than those covered herein, such as instruments providing for the securitisation of existing loans.
21.
The Commission will only apply the principles set out in these Guidelines to risk finance schemes.
They will not be applied in respect of ad hoc measures providing risk finance aid to individual undertakings, except in the case of measures aimed at supporting a specific alternative trading platform.
22.
It is important to recall that risk finance aid measures have to be deployed through financial intermediaries or alternative trading platforms, except for fiscal incentives on direct investments in eligible undertakings.
Therefore, a measure whereby the Member State or public entity makes direct investments in companies without the involvement of such intermediary vehicles does not fall under the scope of the risk finance State aid rules in the General Block Exemption Regulation or these Guidelines.
23.
In light of their more established track record and higher collateralisation, the Commission considers that as a rule, large enterprises do not face the same difficulties in accessing finance as start-ups and SMEs do and thus aid to such enterprises should not be covered by these Guidelines.
Exceptionally, a risk finance measure in favour of large undertakings may be considered compatible on the basis of these Guidelines where it is targeted at small mid-caps, in accordance with Section 3.2.2.1, point (a), or innovative mid-caps that carry out research and development (‘R&D’) and innovation projects, in accordance with Section 3.2.2.1, point (b).
24.
The Commission will not apply the principles in these Guidelines to risk finance aid to companies listed on the official list of a regulated market, since the fact that they are listed on a regulated market demonstrates their ability to attract private financing.
25.
Risk finance aid measures without any participation from independent private investors will not be considered compatible under these Guidelines.
In such cases, the Member State should consider alternative policy options which may be more appropriate to achieve the same objectives and results, such as regional investment aid or start-up aid permitted under the General Block Exemption Regulation.
26.
Risk finance aid measures where no appreciable risk is undertaken by the independent private investors, or where the benefits flow entirely to the private investors, will not be considered compatible on the basis of these Guidelines.
Sharing the risks and rewards is a necessary condition under these Guidelines to limit the financial exposure of, and to ensure a fair return to, the State.
27.
With the exception of risk finance aid in the form of replacement capital subject to the conditions laid down in Article 21 of the General Block Exemption Regulation, risk finance aid covered by these Guidelines may not be used to support buy-outs.
(35) See footnote 34.
(36) Commission Regulation (EU) No 1407/2013 of 18 December 2013 on the application of Articles 107 and 108 of the Treaty on the Functioning of the European Union to de minimis aid (OJ L 352, 24.12.2013, p. 1); Commission Regulation (EU) No 1408/2013 of 18 December 2013 on the application of Articles 107 and 108 of the Treaty on the Functioning of the European Union to de minimis aid in the agricultural sector (OJ L 352, 24.12.2013, p. 9); Commission Regulation (EU) No 717/2014 of 27 June 2014 on the application of Articles 107 and 108 of the Treaty on the Functioning of the European Union to de minimis aid in the fishery and aquaculture sector (OJ L 190, 28.6.2014, p. 45).