INHALT

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