2008/126/EC: Commission Decision of 20 December 2006 on the aid to Investbx C 36/... (32008D0126)
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2008/126/EC: Commission Decision of 20 December 2006 on the aid to Investbx C 36/2005 which the United Kingdom is planning to implement (notified under document number C(2006) 5808) (Text with EEA relevance)
- COMMISSION DECISION
- of 20 December 2006
- on the aid to ‘Investbx’ C 36/2005 which the United Kingdom is planning to implement
- (notified under document number C(2006) 5808)
- (Only the English version is authentic)
- (Text with EEA relevance)
- (2008/126/EC)
- 1. PROCEDURE
- 2. DETAILED DESCRIPTION OF THE MEASURE
- 2.1. Objective of Investbx
- 2.2. Legal basis of the measure
- 2.3. Budget and duration
- 2.4. Beneficiary of the measure
- 2.5. The current market in the United Kingdom
- 2.6. Activities and pricing of Investbx
- 2.6.1. Fund raising
- 2.6.2. Bundling of support services for SMEs
- 2.6.3. Secondary trading
- 2.7. Indirect beneficiaries
- 2.7.1. Investors
- 2.7.2. Investee SMEs
- 2.8. The selection procedure for the service provider of the measure
- 2.9. Comparison Investbx vs. Ofex
- 3. GROUNDS FOR INITIATING THE PROCEDURE
- 4. COMMENTS FROM INTERESTED PARTIES
- 4.1. Supporting comments
- 4.2. Critical comments
- 5. COMMENTS FROM THE UNITED KINGDOM
- 5.1. Comments to the Decision to initiate the procedure
- UK level
- West Midlands
- 5.2. Observations by the United Kingdom on the critical third parties' comments
- 6. ASSESSMENT OF THE MEASURE
- 6.1. Legality
- 6.2. Existence of State aid
- 6.2.1. Aid at the level of Investbx
- 6.2.2. Aid at the level of investors
- 6.2.3. Aid at the level of SMEs
- 6.3. Compatibility of the measure
- 6.3.1. Is the aid measure aimed at a well-defined objective of common interest?
- 6.3.1.1. Evidence of the market failure to be targeted by the measure
- 6.3.1.1.1. Returns for investors in private equity and venture capital investments in the United Kingdom
- 6.3.1.1.2. Private equity investment activity in the United Kingdom
- 6.3.1.2. The market failure in the West Midlands
- 6.3.1.2.1. Regional apportionment of investment
- 6.3.1.2.2. Demand for equity funding from SMEs in the West Midlands
- 6.3.2. Is the aid instrument appropriate to deliver the objective of the common interest?
- 6.3.2.1. Targeting the market failure
- 6.3.2.2. Impact assessment and use of alternative means
- 6.3.3. Incentive effect and necessity of the aid
- 6.3.4. Proportionality of the aid
- 6.3.5. Distortions of competition and the effect on trade should be limited to ensure that the aid measure is not, on balance, contrary to the common interest
- 6.3.5.1. Potential competitors and the extent to which they may be affected by crowding out
- 6.3.5.2. Other distortions of competition
- 6.3.5.3. Other factors limiting the distortive effect on competition
- 6.3.6. Commission reaction to the critical comments of third parties
- 6.4. Balancing and Conclusion
- 6.5. Cumulation
- 7. MONITORING
- Article 1
- Article 2
- Article 3
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