Royal Decree 2015/321 Of 24 April, Amending Royal Decree 677/1993 Of 7 May, Approving The Rules Of Procedure For The Provision Of Official Support To Export Credit Agreements Approved By Setting...

Original Language Title: Royal Decree 321/2015 Of 24 April, Amending Royal Decree 677/1993 Of 7 May, Approving The Rules Of Procedure For The Provision Of Official Support To Export Credit Agreements Approved By Setting ...

Read the untranslated law here: http://www.boe.es/buscar/doc.php?id=BOE-A-2015-5378

Law 14/2013, from 27 September, support entrepreneurs and their internationalization, collects in its title V, dedicated to the internationalization of the Spanish economy, a set of measures aimed at facilitating the internationalization of the economy and the Spanish company, understanding how internationalization promotion the outreach of the economy and the Spanish company with the objective of ensuring a pattern of growth economic sustainable. Therefore internationalization policies extend to different areas of economic policy, including the policies of support to the enterprise, the promotion of competitiveness, trade policy or relations with international financial institutions.

Chapter III of that title describes the instruments and agencies of official financial support to the internationalisation of the company, noting that the Ministry of economy and competitiveness, through the Secretary of State for trade, will promote efficient and coordinated management of the same.

In particular, law 14/2013, 27 September, seeks to cope with the difficulty of access to external financing by the Spanish companies promoting and giving greater flexibility to public financial instruments available in the field of internationalization, especially those in the hands of Instituto de crédito Oficial (ICO), of the Spanish development finance company COFIDES , S.A. (COFIDES), and Agent Manager designated by the State for the management of the coverage of risks of internationalization. Thus, as stated in its explanatory memorandum, reinforcing some of these instruments of financial support (the Fund for investment in Exterior (FIEX); the Fund for the internationalization of the company (FIEM); and the agreement of reciprocal adjustment of interests (CARI), incorporating various modifications aimed at improving its management, eliminate certain restrictions and expand its scope.

The recent financial crisis has significantly more expensive costs of financing of Spanish financial institutions. This situation has negatively influenced the system of support for the internationalization of the Spanish economy in the framework of the agreement of reciprocal interest adjustment, reducing the profitability of operations as perceived by these entities. This has generated a clear disincentive to involve them in the system, thereby limiting the support that this instrument can lend to Spanish companies. Therefore, and in order to minimize the effects that could have this situation on the Spanish exporters, and as a stimulus of the formalised credits through prompt CARI, the Secretary of State of trade, through the Directorate General of international trade and investment,. Decides to authorize an extra margin not included in the type of active interest for credit agreements formalized futures in the CARI system.

Por_otra_parte, COFIDES is collected in the article 55.1. to) .ii) of the aforementioned law as one of financial agencies of the action of the Government in the area of internationalization. COFIDES, created by the agreement of the Council of Ministers of February 12, 1988, as an entity specialized in the financing of investments abroad via venture capital instruments and capital expansion, see expanded its ability to act, since that article provides that, for the achievement of objectives and to contribute to the internationalization of the company and the Spanish economy , COFIDES, in addition, provide financing companies Spanish for its internationalization, through, among others, equity or quasi-equity instruments, as well as through participation in those vehicles or funds public or private contributing to the internationalization of the company or of the Spanish economy.

The main instruments of financial support for internationalization that currently manages COFIDES include investment fund in the Exterior (FIEX) and the Fund for investment operations on the outside of the small and medium enterprises (FONPYME). These funds were created by law 66/1997, of 30 December, measures fiscal, administrative and Social order, and are collected in the 55.b article) .i) Law 14/2013, 27 September. Moreover, article 56 of the law 14/2013, 27 September, includes a modification of the law 66/1997, of 30 December, to adapt the operation of the FIEX to the powers which article 55.1. to) .ii) Law 14/2013, 27 September, COFIDES confers.

For these reasons, it is required a modification of the Royal Decree 677/1993, of 7 may, which approves the rules of procedure for the granting of official support for the export credit by means of agreements of reciprocal adjustment of interests and the Royal Decree 1226 / 2006 of 27 October, which regulates the activities and the functioning of the Fund for investments abroad and the operations of investment fund in The Exterior of the small and medium-sized enterprises. In addition, takes advantage of this modification of the Royal Decree 1226 / 2006 of 27 October, to introduce changes in its wording to adapt the operation of the respective committees of the FIEX and FONPYME the executives, responsible for the administration of each of the funds under the law 66/1997, of 30 December, his performance in practice.

In his virtue, a proposal from the Minister of economy and competitiveness, with the prior approval of the Minister of finance and public administration, in accordance with the Council of State and after deliberation by the Council of Ministers at its meeting of April 24, 2015, have: first article. Modification of the rules of procedure for the granting of official support for the export credit by means of agreements of reciprocal interest adjustment, approved by Royal Decree 677/1993, of May 7.

The rules of procedure for the granting of official support for the export credit by means of agreements of reciprocal interest adjustment, approved by Royal Decree 677/1993, of May 7, is to be re-worded as follows: one. It introduces a new paragraph 3 in article 6 with the following wording: «3. active interest rate does not include additional margin or Commission pay the debtor or a third party financial institutions to allow them to cover their cost of funding.» The Secretary of State for trade must be authorised exceptionally margin or additional Commission which may require the financial institution any information deemed appropriate for this purpose.

This additional margin, just that additional commissions that could load the entity in the operation, for the purpose mentioned will not be considered within the type of active interest for the purpose of adjustments arising from the CARI.»

Second article. Modification of the Royal Decree 1226 / 2006 of 27 October, which regulates the activities and the functioning of the Fund for investments abroad and fund investment operations in the outside of the small and medium enterprises.

The Royal Decree 1226 / 2006 of 27 October, which regulates the activities and operation of the Fund for investments abroad and fund investment operations in the outside of the small and medium enterprises, is to be re-worded as follows: one. Article 1 is drawn up in the following way: «article 1. Operations of the Fund for investments abroad.

1. in accordance with provisions of paragraph one of article 114 of the law 66/1997, of 30 December on measures fiscal, administrative and Social order, in their current wording outward investment fund aims to promote the internationalization of enterprises activity, and, in general, of the Spanish economy, through temporary and minority shareholdings direct equity of Spanish for his international companies or companies located abroad, and, in general, through participation in the own funds of the undertakings referred to above and through any participative financial instruments.

The Fund also may be direct temporary and minority stakes in those vehicles or existing capital expansion with official support funds or that they are established, or private investment funds, which promote the internationalization of the company or of the Spanish economy.

2. the contributions made with charge and for the account of the Fund for investments abroad in companies incorporated outside will always be in regime of co-financing, on the initiative of the developer of the project, and in a way is also participating in the financing of foreign company receiving the investment made on behalf of the Fund.

The limits of the Fund's involvement shall be determined, in General, by the Fund's Executive Committee, on the basis of criteria such as the nature of the operation, the concrete sector of activity that the importance of the relative participation of the promoter of the project, concerned that cumulative effects on the policy of promoting the internationalization of enterprises and general economy Spanish as well as financial support for projects with Spanish interest and any other criteria that are relevant.
3. for the purposes of ensuring a correct operation of the system of financing above pointed out the Fund's Executive Committee shall draw up and approve an operational guide in which different models of financing, will be determined as well as the financial instruments to be used.»

Two. Article 3 is drawn up in the following way: «article 3. Administration of the Fund for investments abroad: the Executive Committee.

1.conforme the provisions of paragraph one of article 116 of the law 66/1997, of 30 December, measures fiscal, administrative and Social order, the Fund for investment abroad will be managed by an Executive Committee.

2 correspond to the aforementioned Executive Committee, the following functions: to) assess and, where appropriate, approve or deny operations that are proposed by the management.

(b) analyse and assess the evolution of the operations carried out on behalf of the Fund for investments abroad, taking a proposal from the management, the measures deemed appropriate to ensure the proper conduct of such operations and the compliance with the objectives for which the Fund was created.

(c) to assess, where appropriate, approve or deny proposals in connection with already formalized operations that propose you the management, among others, and by way of example and without limitation, agree on divestments, take away and waits, adhere to conventions of creditors, agree refinancing, restructuring, renegotiations and acknowledgements of debt or compromise judicial or extra-judicially.

(d) to assess and, where appropriate, approve or refuse the submission to arbitration or other means of conflict resolution arguments that may arise with regard to operations financed from the Fund, the withdrawal of legal action already underway or temporary renunciation of the exercise of legal action.

((e) propose to the Government, through the Secretary of State for trade, any proposals deemed necessary for purposes of ensuring the proper functioning of the Fund f) approve and submit to the Minister of economy and competitiveness and the General intervention of the administration of the State the annual accounts of the Fund, as well as the annual report provided for in article 20.

(g) establish, proposal Manager, limit funding for operation under operational criteria and to avoid excessive concentration of risk, according to the annual of the endowment of the Fund increase, as well as any other operating limits deemed necessary establish, for the purposes of ensuring the proper functioning of the Fund and its risk control.

(h) to assess and, where appropriate, approve the cooperation agreements which, in accordance with article 2, raise him the Manager.

(i) approve the draft annual budget of the Fund for its referral to the Minister of economy and competitiveness in accordance with the provisions of article 33 of the Law 47/2003, of 26 November, General budget.

(j) ensure the adequacy of the remuneration of the management proposal provisions issued by the Minister of economy and competitiveness, in accordance with the provisions of article 19, as well as authorize the payment of such remuneration.

(k) approve the costs of study applicable to the operations charged to the FIEX that a proposal from the managing project promoter must pay.

(l) request the management any information necessary to assess the risks that it assumed the State as well as determine the financial information that must be forwarded to the Committee either specific or periodic.

(m) establish eligibility criteria which must meet the companies that request direct funding to the FIEX.

(n) any other inherent in the administration of the Fund."

3. Paragraphs 1, 2 and 3 of article 4 are written in the following way: «1. the Executive Fund Committee for investments abroad will be chaired by the Secretary of State for trade. " The Chairman of the Executive Committee will be assisted by two Vice-Presidents, who may delegate their functions, corresponding the first Vice-Presidency to the director general of international trade and investment and the second Vice President to the President of the Fund Manager, the Spanish development finance company, COFIDES, Corporation. The meetings of the Executive Committee must be always presided over by the President or by any of the two Vice-Chairmen.

2 vocal representatives on the Executive Committee of the Fund for investments abroad are as follows: to) five representatives of the Directorate General of international trade and investment.

(b) a representative of the Directorate General of industry and small and medium-sized enterprises.

(c) two representatives from ICEX Spain export and investment.

(d) a representative of the General Directorate of the Treasury and financial policy.

(e) a representative of the Secretariat of State budgets and expenses.

(f) a representative of the official credit Institute.

(g) a representative of the General Secretariat of industry and small and medium-sized enterprises.

3. the members of the Fund for investments abroad shall be appointed on the proposal of the Secretary of State for trade, by the Minister of economy and competitiveness. They perform their duties for two years and may be re-elected one or more times for periods of equal duration."

Four. Paragraph 2 of article 5 is drawn up in the following way: receive, study and evaluate proposals for financing by the Fund.»

(b) submit to the consideration of the Executive Committee of the Fund proposals it deems necessary on operations that have studied.

(c) sign and run, on its own behalf and on behalf of the Fund for investments abroad, the agreements which formalize operations approved by the Executive Committee.

(d) monitor the operations carried out on behalf of the Fund for investments abroad, integrated into the bodies of decision-making or management of the companies in which it participates, to the extent in which it is entitled pursuant to article 17.1 and directly assume the operational management of such companies as appropriate, in accordance with article 114.Uno of the law 66/1997 of 30 December on measures fiscal, administrative and Social order and in this Royal Decree.

(e) to monitor the activity of vehicles or expansion capital funds or investment funds in which they participate on behalf of the Fund for investments abroad, integrated into their decision-making or management bodies and assume its operational management when necessary to ensure the fulfilment of the purposes of the Fund for investments abroad , provided that it carries no rigged COFIDES to assume direct management of companies in which the Fund invests, in which case shall apply the provisions of the preceding paragraph.

(f) Act as the depositary of contracts on its own behalf and on behalf of the Fund for investments abroad supporting titles of entries that are assumed or agreed with charge to the same.

(g) formalize in its own name and for the account of the Fund all those contracts of lending and any other financial instruments provided for in this Decree.

(h) conduct the receipts and payments arising from the operations of the Fund for investments abroad, within the strictest principles of financial prudence.

(i) propose to the Executive Committee of the Fund for investments abroad negotiate, agree and liquidate the divestments that can be the amount, if any, will increase the Fund. Thus, among other proposals, and by way of example and without limitation, may raise the Fund's Executive Committee take away and wait, accessions to agreements from creditors, restructuring, refinancing and renegotiation, acknowledgements of debt or judicial or extra-judicial transactions.

(j) propose to the Executive Committee of the Fund for investments abroad the submission to arbitration or other means of conflict resolution arguments that may arise with regard to operations financed from the Fund, the withdrawal of legal action already underway or temporary renunciation of the exercise of legal action.

(k) act legally in the interest and on behalf of the Fund for investments abroad.

(l) sign, prior agreement of the Executive Committee, the cooperation agreements that have place with other investors who wish to participate in the activities of the Fund for investments abroad.

(m) propose a limit of assumption of risk to the Executive Committee of the Fund for operation, as well as any other operating limits deemed necessary to establish, for the purposes of ensuring the proper functioning of the Fund and its risk control.

(n) provide the means necessary for the fulfilment of its functions to the Secretary of the Executive Committee of the Fund for investments abroad.

(n) record all operations made on its own behalf and on behalf of the Fund in a specific, differentiated and independent of their own accounting.

(o) prepare the annual budgets of the Fund.
(p) general manager will perform all actions and initiatives that are accurate for the proper functioning of the Fund for investments abroad and how much information to provide to the Executive Committee and documentation this.'

5. Article 11 is drafted in the following way: «article 11. Administration of the Fund for investment operations in the outside of the small and medium enterprises.

1.conforme the provisions of paragraph one of article 116 of the law 66/1997, of 30 December, measures fiscal, administrative and Social order, the Fund for investment operations in the outside of the small and medium enterprises will be managed by an Executive Committee.

2 correspond to the aforementioned Executive Committee the following functions: to) assess and, where appropriate, approve or refuse investment operations that you are proposed by the management.

(b) analyse and assess the evolution of the operations performed by the operations of investment fund account in the outside of the small and medium enterprises, taking, proposal of the Manager, the measures deemed appropriate to ensure the proper conduct of such operations and the compliance with the objectives for which the Fund was created.

(c) to assess, where appropriate, approve or deny proposals in connection with already formalized operations that propose you the management, among others, and by way of example and without limitation, agree on divestments, take away and waits, adhere to conventions of creditors, agree refinancing, restructuring, renegotiations and acknowledgements of debt or compromise judicial or extrajudicial.

(d) to assess and, where appropriate, approve or refuse the submission to arbitration or other means of conflict resolution arguments that may arise with regard to operations financed from the Fund, the withdrawal of legal action already underway or temporary renunciation of the exercise of legal action.

(e) propose to the Government, through the Secretary of State for trade, any proposals deemed necessary for purposes of ensuring the proper functioning of the Fund.

(f) approve and submit to the Minister of economy and competitiveness and the General intervention of the administration of the State the annual accounts of the Fund, as well as the annual report provided for in article 20.

(g) establish, proposal Manager, a limit of operation, operating criteria for financing and to avoid excessive concentration of risk, depending on the increase in annual of the endowment of the Fund, as well as any other operating limits deemed necessary establish, for the purposes of ensuring the proper functioning of the Fund and its risk control.

(h) to assess and, where appropriate, approve the cooperation agreements which, according to article 10, propose you the Manager.

(i) approve the draft annual budgets of the Fund, for its referral to the Minister of economy and competitiveness in accordance with the provisions of article 33 of the Law 47/2003, of 26 November, General budget.

(j) ensure the adequacy of the remuneration of the management proposal to provisions issued by the Minister of economy and competitiveness in accordance with the provisions of article 19, as well as authorize the payment of such remuneration.

(k) the Executive Committee of the Fund for investment operations in the outside of the small and medium enterprises not may make any delegation, in which approval or denial of operations refers, in the management.

(l) request the management any information necessary to assess the risks that it assumed the State as well as determine the financial information that must be forwarded to the Committee either specific or periodic.

(m) establish eligibility criteria which must meet the companies that request direct funding to the FONPYME.

(n) any other inherent in the administration of the Fund."

6. Article 15 is drawn up in the following way: «article 15. Scope of the two funds.

They may not benefit props provided by any of the two funds for promotion of internationalization operations of foreign investment in the real estate sector, unless they are directly affected to a different business, as well as in other sectors or countries economy and competitiveness Minister expressly excluded by general policy considerations."

7. Article 16 is worded in the following way: «article 16. Operation of the two executive committees.

1. the Executive Committees of the two promotion of internationalization funds governed by the present Royal Decree shall meet at least once in each quarter of natural and always which are convened by the President.

2. the Executive Committee shall be validly constituted when attend the meeting, present or represented, two-thirds of its components.

3. the decision making at the heart of the Executive Committee will take place by simple majority still deciding, in the case of a tie, the vote of who preside over the meeting.

4. the committees of executives from the two funds will establish their own internal rules of operation which will contemplate is, among other things, the procedures of the Ministry of agriculture, food and environment information on investments in projects that generate carbon credits. «Such information will be forwarded through the Directorate General for international trade and investment under the Ministry of economy and competitiveness.»

Repealing provision. Repeal legislation.

Many provisions of equal or lower rank to oppose provisions of this Royal Decree are repealed.

Final disposition. Entry into force.

This Royal Decree shall enter into force the day following its publication in the "Official Gazette".

Given in Madrid, on April 24, 2015.

PHILIP R.

The Minister of economy and competitiveness, LUIS DE GUINDOS jury