EN
L 161/94
Official Journal of the European Union
16.6.2022
(d) start-ups and SMEs requiring an overall risk finance investment of an amount exceeding the cap fixed in the General Block Exemption Regulation; (e) alternative trading platforms not fulfilling the conditions of the General Block Exemption Regulation.
33.
The second category consists of measures whose design parameters differ from those set out in Section 3 of the General Block Exemption Regulation.
That category encompasses, in particular, the following cases: (a) financial instruments with independent private investor participation below the ratios provided for in the General Block Exemption Regulation; (b) financial instruments with design parameters above the ceilings provided for in the General Block Exemption Regulation; (c) financial instruments other than guarantees where financial intermediaries, investors or fund managers are selected by giving preference to protection against potential losses (downside protection) over prioritised returns from profits (upside incentives); (d) fiscal incentives to corporate investors, including financial intermediaries or their managers acting as co-investors.
34.
Unless otherwise specified in these Guidelines, all compatibility conditions applicable to risk finance aid under Section 3 of the General Block Exemption Regulation will guide the Commission’s assessment of the categories of notifiable measures.
2.3.
35.
Definitions
For the purposes of these Guidelines: (1)
‘alternative trading platform’ means a multilateral trading facility as defined in Article 4(1), point (22), of Directive 2014/65/EU where at least 50 % of the financial instruments admitted to trading are issued by SMEs;
(2)
‘buy-out’ means the purchase of at least a controlling percentage of a company’s equity from the current shareholders to take over its assets and operations;
(3)
‘downside protection’ means a reduced exposure to losses in the event of underperformance of the underlying transaction compared to the public investors;
(4)
‘eligible undertakings’ means start-ups, SMEs, small mid-caps and innovative mid-caps;
(5)
‘entrusted entity’ means the European Investment Bank, the European Investment Fund, an international financial institution in which a Member State is a shareholder, a financial institution established in a Member State aiming at the achievement of public interest under the control of a public authority, a public law body, or a private law body with a public service mission; the entrusted entity can be selected or directly appointed in accordance with Directive 2014/24/EU of the European Parliament and of the Council (40) or in accordance with Article 38(4), point (b)(iii), of Regulation (EU) No 1303/2013 of the European Parliament and of the Council (41) or in accordance with Article 59(3), point (c) of Regulation (EU) 2021/1060 of the European Parliament and of the Council (42);
(6)
‘equity investment’ means the provision of capital to an undertaking, invested directly or indirectly in return for the ownership of a corresponding share of that undertaking;
(40) Directive 2014/24/EU of the European Parliament and of the Council of 26 February 2014 on public procurement and repealing Directive 2004/18/EC (OJ L 94, 28.3.2014, p. 65).
(41) Regulation (EU) No 1303/2013 of the European Parliament and of the Council of 17 December 2013 laying down common provisions on the European Regional Development Fund, the European Social Fund, the Cohesion Fund, the European Agricultural Fund for Rural Development and the European Maritime and Fisheries Fund and laying down general provisions on the European Regional Development Fund, the European Social Fund, the Cohesion Fund and the European Maritime and Fisheries Fund and repealing Council Regulation (EC) No 1083/2006 (OJ L 347, 20.12.2013, p. 320).
(42) Regulation (EU) 2021/1060 of the European Parliament and of the Council of 24 June 2021 laying down common provisions on the European Regional Development Fund, the European Social Fund Plus, the Cohesion Fund, the Just Transition Fund and the European Maritime, Fisheries and Aquaculture Fund and financial rules for those and for the Asylum, Migration and Integration Fund, the Internal Security Fund and the Instrument for Financial Support for Border Management and Visa Policy (OJ L 231, 30.6.2021, p. 159).