Read the untranslated law here: http://www.gazzettaufficiale.it/atto/serie_generale/caricaArticoloDefault/originario?atto.dataPubblicazioneGazzetta=2015-05-16&atto.codiceRedazionale=15A03574&elenco30giorni=false&atto.tipoProvvedimento=DECRETO
The MINISTER of ECONOMIC DEVELOPMENT Saw the decree-law June 22, 2012, n. 83, converted, with amendments, by law no August 7, 2012. 134 laying "urgent measures for the country's growth», and in particular art. 23, which States that the Rotary Special Fund under art. 14 February 17, 1982, law No. 46, established in the Ministry of economic development, took the name of the ' Fund for sustainable growth» and is intended, on the basis of objectives and priorities established and periodically in accordance with the constraints arising from membership of the community legal system, the financing of programmes and interventions with significant impact nationally on the competitiveness of the productive apparatus with particular regard to: a) research, development and innovation projects of strategic importance to the revival of the competitiveness of the productive system, including through the strengthening of research and development centers and facilities; b) strengthening of the productive structure, the reuse of production facilities and the revival of areas which are in complex crisis situations of national importance through programme agreements; c) promotion of international presence of enterprises and the attraction of foreign investment, also in connection with the actions that will be activated by the ICE Agency for promotion abroad and internationalisation of Italian firms; See, also, paragraph 4 of article. 23 of Decree-Law No 83 of 2012, which provides, inter alia, that for each of the purposes of the Fund for sustainable growth which is established a special section under the Fund; Visto l'art. 30, paragraphs 2 and 3, of said Decree-Law No 83 of 2012, which stipulates that the recipient of the Fund programs and interventions for sustainable growth can be facilitated also drains on my Revolving Fund for the support of business and investment in research (hereinafter TUE) under art. 1, paragraph 354, December 30, 2004, law No. 311, and that the resources of the same SAT unused at December 31, 2012 and 2013, with effect from 31 December of each year, are intended to the purposes of the Fund for sustainable growth, within the maximum limit of 70 percent; Having regard to the Decree of the Minister of economic development, in consultation with the Minister of economy and finance, March 8, 2013, published in the Gazzetta Ufficiale della Repubblica italiana n. 113 of May 16, 2013, by which, in accordance with art. 23, paragraph 3, of that Decree-Law No 83 of 2012, priorities have been identified, the shapes and the maximum aid intensity granted under the Fund for sustainable growth; See, in particular, article. 15 March 8, 2013 Decree, which provides that the interventions of the Fund for sustainable growth are implemented with notices or directives of the Minister of economic development, which identify, among other things, the amount of resources available, the access requirements of beneficiaries, the conditions of admissibility of the programmes and/or projects, the eligible expenditure, the shape and the intensity of incentives as well as the terms and procedure for submission of applications, the criteria for evaluation of programmes or projects, and the procedure for the grant and aid delivery; See paragraph 5 of art. 15 March 8, 2013, Decree, which defines the methods of management by providing, inter alia, that the Ministry of economic development can avail itself, on the basis of a special agreement, of ' company ' in house '; Having regard to the Decree of the Minister of economic development June 20, 2013, published in the Gazzetta Ufficiale della Repubblica italiana no 228 of September 28, 2013, which assigns a quota equal to euro 300,000,000.00 (Albère mountains) of the Fund for sustainable growth to the section of the Fund for the purposes of art. 23, paragraph 2, point a), of the decree-law June 22, 2012, # 83, August 7, 2012, converted, with amendments, by law # 134; Visto l'art. 1 of Legislative Decree No 1 January 9, 1999, which established a joint stock company called Development Italy S.p.a., with the aim of "promoting productive activities, attract investment, promote employment initiatives and new entrepreneurship, develop the demand for innovation, develop local systems of enterprise" and "provide support to Central and local government bodies, with regard to the financial programming, the projects ' development , to advice on national and Community incentives management '; Visto l'art. 2, paragraph 5, of the aforementioned legislative decree n. 1 of 1999 which provides for the possibility for the Central Government to enter into agreements with Development Italy S.p.a.; Visto l'art. 1, paragraph 460 of law December 27, 2006, n. 296, which stipulates that Development Italy takes the title of "National Agency for the attraction of investments and the development of enterprise S.p.a.", and refer to the Minister of economic development, the identification of acts of ordinary and extraordinary management of the National Agency for the attraction of investments and the development of enterprise S.p.a. and its direct and indirect subsidiaries, which, for the purposes of their effectiveness and validity, require Ministerial approval; Having regard to Directive March 27, 2007, issued by the Minister of economic development under article. 1, section 461 of the Act December 27, 2006, n. 296, indicating the National Agency for the attraction of investments and business development Spa ' which Central Government's instrumental "(point 2.1.1); Having regard to the Commission communication establishing the guidelines on State aid to promote risk finance investments (2014/C 19/04) and, in particular, points 29 to 45 concerning the market economy operator ' test '; Having regard to Council Regulation (EC) No 1303/2013 of the European Parliament and of the Council of December 17, 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 fishing and general provisions on the European regional development fund Fund, the European Social Fund, the Cohesion Fund and the European Fund for Maritime Affairs and fisheries, and repealing Regulation (EC) No 1083/2006 of the Council, published in the official journal of the European Union L 347 of December 20, 2013; Given that the National Agency for the attraction of investment and enterprise development strategy's totalitarian shareholder Italy S.p.a. S.p.A.-power management company, having as purpose the ' provision of the service of collective management of savings realized through the promotion, establishment and organization of mutual funds securities closed, the placement of its shares and the management of relations with the participants as well as asset management investment fund '; Considering that Strategy asset management company Italy S.p.A. is authorized to provide asset management services under art. 33 of Legislative Decree No 58 of February 24, 1998 and subsequent amendments and additions, and that the same is registered at no. 170 of asset management companies under art. 35, paragraph 1 of the same Decree; Considered, in the current economic situation, the urgent need to support new investment plans of small and medium-sized enterprises operating in the fields of production of goods and services with high growth potential, including through interventions in risk capital, to ensure wider access to credit; Taking into account, in a context of development and growth of the production system, as provided in art. 32 of the aforementioned decree-law June 22, 2012, # 83, converted, with amendments, by law No 134 August 7, 2012, for a more efficient harnessing financial instruments by small and medium-sized enterprises; Given that the budget of the Fund for sustainable growth and even, on April 30, 2014, to 1163.24 million, and that, on the same date, the Fund for new interventions, net of amounts already programming object, amounted to 642.74 million, as established by Decree of the General Director for incentives for businesses July 29, 2014; Considering that in the sum already programming object, set out in annex 3 to this directorial Decree July 29, 2014, includes those designed by art. 19, paragraph 7 of the Decree-Law October 18, 2012, # 179, converted, with amendments, by law, December 17, 2012 # 221, equal to 70.00 million, not yet committed, and therefore the resources actually available for new interventions amounted to 712.74 million; Having regard to the Decree of the Minister of economic development October 10, 2014, published in the Gazzetta Ufficiale della Repubblica italiana No 282 of the December 4, 2014 on the allocation of resources to sustainable growth fund sections relating to the purposes of art. 23, paragraph 2, letter a) and b) of Decree-Law No. 83 of 2012, designed, respectively, to interventions for the promotion of large research and development projects of strategic importance for the production system in the field of information and communication technologies sector (ICT) consistent with the aims of the Italian Digital Agenda and sustainable industry, for the total amount of 400.00 million, and the intervention in favour of new small innovative enterprises (so-called "Smart & Start») , to the tune of 70.00 million; Having regard to the Decree of the Minister of economic development November 18, 2014, published in the Gazzetta Ufficiale della Repubblica italiana n. 3 of January 5, 2015, which provides for the allocation of resources, in the amount of € 4,000,000, the section of the Fund for sustainable growth for the purposes of art. 23, paragraph 2, point a), of the aforementioned Decree-Law No 83 of 2012, for the purpose of financing projects of industrial research and experimental development on biotechnology presented by Italian firms, including in collaboration with research organizations, associated with at least one company that is owned by another Country among those participating in the tenth transnational EuroTransBio call; Given that the Fund's resources for sustainable growth that are available for new interventions amount to, regardless of the indentation of the funding already granted, at least 238 million;
Decrees: Art. 1 establishment of a mutual fund 1. In order to support the implementation of investments in venture capital firms with high growth potential, a share of the Fund's resources for sustainable growth, amounting to euro 50,000,000, is attributed to the section of the same Fund for the purposes mentioned under art. 23, paragraph 2, subparagraph b) of Decree-Law No June 22, 2012. 83, converted, with amendments, by law no August 7, 2012. 134 and intended to grant funding to the National Agency for the attraction of investments and the development of enterprise S.p.A. -Invitalia (hereinafter Agency), to return with the methods under art. 4, which employs the same Agency, together with any additional financial resources, to establish a special closed-end investment fund reserved for institutional investors. 2. The shares of mutual fund referred to in paragraph 1 (hereinafter the Fund) may be signed by the Agency, also by institutional investors, which are identified by the same agency through an open and transparent procedure. The financial envelope of the Fund can be also incremented through the use of available resources from the European Regional Development Fund for the programming period 2014-2020. In that case, community resources flowing to special and distinct sections of the Fund and shall be managed in accordance with the current laws and regulations on the use of structural funds and the establishment and management of ' financial instruments ' referred to in articles 37 et seq of Regulation (EU) No 1303/2013. 3. the Fund is established by Strategy Italy S.p.A. SGR and managed by it independently, according to a purely commercial logic and profit-oriented. 4. within the framework of the management bodies and of the Investment Committee of strategy Italy S.p.A. SGR is ensured the presence of proven skills and professionalism, even of an international character, concerning the financing of innovative companies with high growth potential. 5. the Fund's management, Strategy Italy S.p.A. SGR are recognized: a) an annual fee of management, in line with market standards and, in any case, not more than 2% (two percent) of the value of the Fund;
b) a performance fee, which is also in line with market levels, commensurate with the results of the Fund. 6. the Fund has a maximum duration of 10 years from the date of closure of the subscription phase, maturing at 31 December following the end of the tenth year. Italy SGR S.p.A. strategy can, in line with the regulations on the exercise of the activity of financial intermediation, deliberating a possible extension, not exceeding three years, the duration of the Fund for the completion of the sale of investments in the portfolio.
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