# Commission Implementing Regulation (EU) 2016/1157 of 11 July 2016 amending Implementing Regulation (EU) No 964/2014 as regards standard terms and conditions for financial instruments for a co-investment facility and for an urban development fund, Article 1

Extent: E+W+S+N.I.

Implementing Regulation (EU) No 964/2014 is amended as follows:
(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:
(a) a portfolio risk sharing loan (“RS Loan”);
(b) a capped portfolio guarantee;
(c) a renovation loan;
(d) a co-investment facility;
(e) an Urban Development Fund.’;
(2) in Article 3 the title is replaced by the following:
‘Article 3 Grants under the standard terms and conditions’;
(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) Annexes V and VI as set out in the Annex to this Regulation are added.

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Source: https://www.legislation.gov.uk/eur/2016/1157/article/1 (the official version)
Page: https://openlegislation.uk/eu-regulation-2016-1157/article-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.