OpenLegislation

Article 1

United Kingdom

Original text. Later amendments are not shown.

Implementing Regulation (EU) No 964/2014 is amended as follows:

  1. (1)

    Article 1 is replaced by the following:

    ‘Subject matter

    Article 1

    This Regulation lays down rules concerning the standard terms and conditions for the following financial instruments:

    1. (a)

      a portfolio risk sharing loan (“RS Loan”);

    2. (b)

      a capped portfolio guarantee;

    3. (c)

      a renovation loan;

    4. (d)

      a co-investment facility;

    5. (e)

      an Urban Development Fund.’;

  2. (2)

    in Article 3 the title is replaced by the following:

    ‘Article 3

    Grants under the standard terms and conditions’;

  3. (3)

    the following Articles 8a and 8b are inserted:

    ‘Co-investment Facility

    Article 8a
    1.

    The Co-investment Facility shall take the form of an equity fund managed by a financial intermediary investing contributions from the European Structural and Investment Funds (ESIF) programme into small and medium-sized enterprises (SMEs). The Co-investment Facility shall attract additional investments in SMEs through a partnership approach with private co-investors on a deal by deal basis.

    2.

    The Co-investment Facility shall comply with the terms and conditions set out in Annex V.

    Urban Development Fund

    Article 8b
    1.

    The Urban Development Fund shall take the form of a loan fund and shall be set up and managed by a financial intermediary with contributions from the ESIF programme and a mobilisation of co-financing of at least 30 % from the financial intermediary and co-investors. The Urban Development Fund shall finance and support implementation of urban development projects in assisted areas which are designated in a regional aid map for the period 1 July 2014 to 31 December 2020 in accordance with points (a) and (c) of Article 107(3) of the Treaty, as well as mobilise co-investment from private sources.

    2.

    The Urban Development Fund shall comply with the terms and conditions set out in Annex VI.’;

  4. (4)

    Annexes V and VI as set out in the Annex to this Regulation are added.