Amendments To The Cabinet Of Ministers Of 25 November 2008 Regulations No 983 "rules On The Granting Of Aid For Technology Transfer And Venture Capital"

Original Language Title: Grozījumi Ministru kabineta 2008.gada 25.novembra noteikumos Nr.983 "Noteikumi par atbalsta piešķiršanu tehnoloģiju pārneses un riska kapitāla jomā"

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Cabinet of Ministers Regulations No. 382 in Riga on 29 may 2012 (pr. No. 30 31) amendments to the Cabinet of Ministers of 25 November 2008 regulations no 983 "rules on the granting of aid for technology transfer and venture capital" are Issued in accordance with the Cabinet of Ministers Act article 31 equipment, first paragraph, point 3 to make a Cabinet of 25 November 2008 regulations no 983 "rules on the granting of aid for technology transfer and venture capital" (Latvian journal, 2008, no. 192; 2011, 99 no) the following amendments : 1. Replace the words "in the text of the provisions of the Latvian central bank" (the fold) with the words "the Bank of Latvia" (fold). 2. Replace paragraph 2, the words "seed capital funds and growth capital fund" with the words and the number "seed capital funds and the provisions referred to in paragraph 21.4 of the growth capital fund". 3. Replace, in paragraph 3, the words ' the seed capital funds and venture capital funds with the words "and the number" seed capital funds, venture capital funds and the provisions referred to in paragraph 21.4 of the growth capital fund ". 4. Express 6.1 paragraph by the following: "6.1 the growth capital funds investment fund's investment does not exceed EUR 40 000 000 (LVL 28 112 160 by the Bank of Latvia exchange rate – 0.702804 LVL/EUR), which corresponds to EUR 13 333 333 (LVL 9 370 720 by the Bank of Latvia exchange rate – 0.702804 LVL/EUR) per year, if the investment is shared equally throughout the investment period." 5. Delete paragraph 10. 6. To express the point 12 the introductory paragraph as follows: "12. Seed Capital Fund and the provisions referred to in paragraph 21.4 of the growth capital fund is not supported for the following industries and activities:". 7. Delete paragraph 12.14. 8. Make the following introductory paragraph 13: "13. Seed capital funds, venture capital funds and the provisions referred to in paragraph 21.4 of the growth capital fund is not supported for the following industries and activities:". 9. Delete paragraph 13.12. 10. To complement the chapter II by 13.1 and 13.2 points by the following: "13.1 34.5 these terms referred to in paragraph 1 within the framework of the growth capital fund in addition to the provisions referred to in paragraph 13 of the ineligible is an industry according to Commission Regulation No 800/2008 article 1, paragraph 3 (a), (b), (e), (f) and (g). 13.2 preparatory capital fund seed capital funds, venture capital funds and growth capital fund within the support can not get small (micro), small and medium-sized business operators: 13.2 1. who is declared by a Court of insolvency proceedings or the judgment of the Court is the legal protection process, or by a decision of the Court of Justice is an out-of-court redress process, the borrower is in the process of reorganisation or its economic activity is terminated; 13.2 2. who on the application at the time of the damage exceeds half of the share capital and the last 12 months – a quarter of the share capital and the detection of this rule 13.2 as referred to in point 4; 13.2 3. in accordance with the last two years, the financial statements and operational review for the last available on the application of the moment are ailing, merchant signs – damage increase, the reduction in turnover, declining cash flow, debt, interest payments rise, stock inventories, low liquidity, falling or zero value of assets – and found this provision 13.2 4. signs referred to; 13.2 4. not having the opportunity to settle losses from its own resources or by means of the resources which it can get from its members, shareholders, members or creditors, and it could not stop losses, without which national authorities external intervention in the short or medium term will lead to the economic operator is unable to continue. " 11. Express and 17 such 10.0: "16.1 growth capital fund financial intermediaries investment fund will be selected according to the adopters of the public procurement law of the procurement procedure. 17. Investment Fund adopters according to these rules 15 and 16 of the criteria referred to in paragraph valued financial intermediaries in the management of the Fund and the Fund management of the suitability of the tasks, as well as fund management costs. " 12. Delete the second sentence of paragraph 29. 13. in paragraph 33 deleted words and number "or within these rules the total de minimis aid received together with the de minimis and received a limited amount of support for other assistance within the framework of programmes and projects shall not exceed EUR 500 000 grant equivalent of dollars by the Bank of Latvia the rate at the date of the granting of investment". 14. Express chapter IV1 as follows: "IV1. Growth capital fund investment and investment recipients 34.1 growth capital fund aims to provide regional aid, risk capital funds and develop the venture capital industry in Latvia. 21.3 the growth capital fund within that rule 34.5, or 21.5 21.4 or above investment can get tiny (micro), small and medium sized merchants. 21.3 the growth equity fund investments make equity or quasi-equity financial instruments. 21.4 the growth equity fund investments to ensure funding for merchant product development, preliminary marketing, growth and expansion, as well as attract additional working capital, subject to the condition that the trader's primary place of business is in the Republic of Latvia. 34.5 growth equity fund investments to ensure funding for investments in tangible and intangible assets associated with the new operator, an operator's existing merchant expansion, diversification of the output of an establishment into new additional products or a merchant a fundamental change in the overall production process, subject to the following requirements: 34.5 1. intangible assets correspond to Commission Regulation No 800/2008 article 12 paragraph 2; 2. investments remain 34.5 in the Republic of Latvia in accordance with the requirements laid down in Commission Regulation No 800/2008 article 13 paragraph 2; 34.5 3. If it is provided the funding incentive effect in accordance with the requirements laid down in Commission Regulation No 800/2008 paragraph 2 of article 8; 34.5 4. maximum funding intensity a tiny (micro) and small business operators is 70 percent and medium-sized business operators-60 percent of the project's total eligible costs. 21.5 in Investment Funds to ensure funding for merchant products or business ideas initial concept exploration, evaluation and development, product development, marketing, growth and expansion, as well as to leverage additional working capital, not qualifying as a commercial support, if the following requirements are met: 1. the maximum 21.5 Fund is 50 percent of the total amount of financing of the project; 21.5 2. Fund is provided together with private funders to equal conditions and with equal rights for all parties involved in proportion to the amount of funding, and the funding of the Fund up to the largest private donor funding; 21.5 3. operator's primary place of business is in the Republic of Latvia. 21.6 the growth capital fund investment provided under this provision the purpose mentioned in paragraph 21.4, the merchant must not exceed the Commission Regulation No 1998/2006 article 2 laid down in paragraph 2. The investment fund may be reduced, if necessary, to ensure that this provision is within the de minimis aid received together with the de minimis aid received by other aid programs and projects do not exceed the Commission Regulation No 1998/2006 article 2 laid down in paragraph 2. a growth capital fund investment provided under this provision the purpose mentioned in paragraph 21.4, the merchant must not exceed the equivalent of EUR 1 300 000 in dollars after the Bank of Latvia exchange rate. The Fund provides as regional aid for investment in accordance with Commission Regulation No 800/2008. Growth of 21.7 capital fund investment provided under these regulations, and in paragraph 21.4 21.4 21.5 those objectives, together in one economic operator must not exceed the equivalent of EUR 1 500 000 in dollars after the Bank of Latvia exchange rate. 34.10 financial intermediaries to adopt investment decision based on the business plans for each of the planned investment. The business plan includes a description of the product, the turnover and the profitability calculations and predictions, the initial assessment of the viability of the project, as well as investment in a clear and realistic exit strategy. " 15. Replace the paragraphs 40 and 46, the word "previous" with the word "original". 16. Make the following chapter VII: "VII. Aid totaling and counting

47. the seed capital fund seed capital funds, venture capital funds and the provisions referred to in paragraph 21.4 21.4 and growth capital fund within the grant equivalent in dollars is the amount of the investment made to traders. 48. Economic operators receiving funding for seed capital funds and venture capital funds, other support may receive, subject to the following limits: 48.1. the first three years of the first risk capital investment, with support of other support programmes and projects, the maximum amount of the aid shall be reduced by 20 percent, but not more than the amount received in venture capital investment. This reduction does not apply to aid for research, development and innovation in accordance with Commission Regulation No 800/2008 of 31 and 37; 30.0. within the Fund received aid may be combined with other State aid pursuant to Commission Regulation No 800/2008 article 7 paragraph 3. 49. The provision referred to in paragraph 21.4 of the growth capital fund within the regional aid may be combined with the investments of public aid for the same cost, as well as de minimis aid, if such cumulation results in an aid intensity does not exceed the Commission Regulation No 800/2008 or the European Commission approved aid scheme or individual aid projects, the maximum allowable aid intensity. 50. the seed capital fund and the provisions referred to in paragraph 21.4 of the growth capital fund within the de minimis aid, together with other support programmes and support projects received de minimis aid may not exceed the Commission Regulation No 1998/2006, article 2 paragraph 2 limits. 51. Seed capital funds, venture capital funds and the provisions referred to in paragraph 21.4 of the growth capital fund within the financial intermediary investment aid granted to beneficiary records pursuant to Commission Regulation No 800/2008 article 10 paragraph 2. 52. the seed capital fund and the provisions referred to in paragraph 21.4 of the growth capital fund within the financial intermediary investment recipients in de minimis support allocated in records of Commission Regulation No 1998/2006, article 3 paragraph 3. 53. before receiving aid under these regulations shall submit to the financial intermediary traders statement in accordance with the laws and regulations on de minimis form samples and de minimis and modalities of any pursuant to Commission Regulation No 1998/2006 aid received, as well as information on the merchant in advance the support of investment projects or other State aid, as well as information on applications for aid for initial investment in other aid scheme or individual aid projects for which the responsible authority has not yet made a decision on the grant of or refusal to support grant aid. 54. under this provision the funding received may not be combined with other Community financial instruments in support of scheme or individual aid project funding for the same cost. " 17. Amend Annex 3. Prime Minister v. dombrovsky Minister d. Pavļut Economy in the


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