Law 14/2013, of 27 September, of support for entrepreneurs and their internationalization, includes in their title V, dedicated to the internationalization of the Spanish economy, a set of measures aimed at facilitating the The internationalization of the Spanish economy and the Spanish company, understanding as internationalization the promotion of the external projection of the economy and the Spanish company with the objective of guaranteeing a pattern of sustainable economic growth. To this end, the policies of internationalisation extend to different areas of economic policy, including policies of support to the company, the promotion of competitiveness, trade policy or relations with the institutions. international financial.

Chapter III of this title describes the instruments and agencies of official financial support for the internationalization of the company, pointing out that the Ministry of Economy and Competitiveness, through the Secretariat of State Trade, promote efficient and coordinated management of the same.

In particular, Law 14/2013 of 27 September seeks to address the difficulty of access to external financing by Spanish companies by strengthening and giving greater flexibility to public financial instruments. available in the field of internationalization, especially those in the hands of the Instituto de Crédito Oficial (ICO), of the Spanish Development Financing Company COFIDES, S.A. (COFIDES), and the Agent Manager designated by the State for the management of the risk coverage of internationalization. Thus, as expressed in its explanatory statement, some of these financial support instruments are reinforced (the Fund for Investment in Foreign Affairs (FIEX); the Fund for the Internationalization of Enterprise (FIEM); and the Adjustment Convention Mutual interest (CARI), through the incorporation of different modifications aimed at improving its management, removing certain restrictions and extending its scope of action.

The recent financial crisis has significantly increased the financing costs of Spanish financial institutions. This situation has had a negative impact on the system of support for the internationalization of the Spanish economy in the framework of the Convention on the Mutual Adjustment of Interests, in order to reduce the profitability of the operations perceived by these entities. This has generated a clear disincentive for them to participate in the system, thus limiting the support that this instrument can provide to Spanish companies. Therefore, with the aim of minimising the effects on Spanish exporters of this situation, and as a stimulus measure for the credits formalised through the CARI system, the Secretariat of State for Trade, through the Directorate-General for International Trade and Investments, decides to authorise an additional margin not included in the active interest rate for future credit agreements formalised in the CARI system.

On the other hand, COFIDES is included in article 55.1.a) .ii) of the aforementioned law as one of the financial institutions of the government's action in the field of internationalization. COFIDES, set up by the Agreement of the Council of Ministers of 12 February 1988, as an institution specializing in the financing of foreign investment operations via venture capital and capital instruments, has expanded its capacity to This article states that, in order to achieve its objectives and to contribute to the internationalisation of the Spanish company and the Spanish economy, COFIDES will, in addition, provide financing to Spanish companies for their internationalisation, through, inter alia, capital or quasi-equity instruments, as well as by participating in those vehicles or public or private investment funds that contribute to the internationalisation of the company or the Spanish economy.

Among the main instruments of financial support for the internationalization currently managed by COFIDES are the Fund for Foreign Investment (FIEX) and the Fund for Investment Operations in the External Small and Medium-sized Enterprises (FONSMEs). These Funds were created by Law 66/1997 of 30 December 1997 on Fiscal, Administrative and Social Order Measures and are set out in Article 55.b (i) of Law 14/2013 of 27 September. For its part, Article 56 of Law 14/2013, of 27 September, incorporates a modification of Law 66/1997, of December 30, to adapt the functioning of the FIEX to the greater powers than article 55.1.a) (ii) of Law 14/2013, of 27 September, confers on COFIDES.

For all of the above, an amendment to Royal Decree 677/1993 of 7 May 1993 approving the Rules of Procedure for the granting of official support for export credit by means of agreements is necessary. of mutual adjustment of interest and of Royal Decree 1226/2006 of 27 October on the activities and functioning of the Fund for Investment in the Foreign Affairs and the Fund for Investment Operations in the External Medium Enterprise. This amendment to Royal Decree 1226/2006 of 27 October is also used to make changes in its wording aimed at adapting the functioning of the respective Executive Committees of the FIEX and the FONSME, to which the administration of each of the Funds under Law 66/1997, of 30 December, to their action in practice.

In its virtue, on the proposal of the Minister of Economy and Competitiveness, with the prior approval of the Minister of Finance and Public Administrations, according to the State Council and after deliberation by the Council of Ministers in their meeting of the day of 24 April 2015,

DISPONGO:

Article first. Amendment of the Rules of Procedure for the granting of official support to export credit by means of mutual interest adjustment agreements, approved by Royal Decree 677/1993 of 7 May 1993.

The Rules of Procedure for the granting of official support to export credit by means of mutual interest adjustment agreements, approved by Royal Decree 677/1993 of 7 May 1993, are amended as follows:

One. A new paragraph 3 is inserted in Article 6 with the following wording:

" 3. The active interest rate shall not include the additional margin or fee paid by the debtor of the credit, or a third party, to financial institutions to provide them with coverage of their cost of financing. The Secretary of State for Trade shall exceptionally authorise such additional margin or commission for which any information deemed appropriate to the effect may be required by the financial institution.

This additional margin, as well as the additional fees that the entity may charge for the purpose of the transaction, will not be considered within the active interest rate for the purposes of making the adjustments. CARI derivatives. '

Article 2. Amendment of Royal Decree 1226/2006 of 27 October regulating the activities and functioning of the Fund for Investment in the Foreign and External Investment Operations of Small and Medium-sized Enterprises.

Royal Decree 1226/2006 of 27 October regulating the activities and functioning of the Fund for Foreign Investment and the Fund for Investment Operations in the Foreign of Small and Medium-sized Enterprises, is amended as follows:

One. Article 1 is worded as follows:

" Article 1. Operations of the Fund for Foreign Investments.

1. In accordance with the provisions of Article 114 (1) of Law 66/1997, of December 30, of Fiscal, Administrative and Social Order Measures, the Fund for Investment in Foreign Affairs is intended to promote the internationalisation of the activity of companies, and, in general, of the Spanish economy, through temporary and minority participations in the share capital of Spanish companies for their internationalisation or of companies located abroad, and, in general, by taking a stake in the companies ' own funds mentioned above and through any participatory financial instruments.

The Fund will also be able to take temporary and minority direct holdings in those vehicles or capital funds expansion with already existing official support or to be established, or private investment funds, which encourage the internationalisation of the company or the Spanish economy.

2. The contributions made by the Fund for Foreign Investment in companies incorporated abroad will always be made in the form of co-financing, at the initiative of the company promoting the project and in such a way that it is also involved in the financing of the foreign company receiving the investment made on behalf of the Fund.

The limits for the participation of the fund shall be determined, as a general rule, by the Executive Board of the Fund, on the basis of criteria such as the nature of the operation, the specific sector of the activity concerned, the the importance of the relative participation of the promoter of the project, the existence of cumulative effects on the policy of promoting the internationalization of the companies and in general of the Spanish economy, as well as the financial support to projects with Spanish interest and any other relevant criteria.

3. For the purpose of ensuring the proper functioning of the financing arrangements referred to above, the Executive Board of the Fund shall draw up and approve an operational guide setting out the different financing models, as well as the instruments financial to be used. "

Two. Article 3 is worded as follows:

" Article 3. Management of the Fund for Foreign Investment: The Executive Committee.

1. Pursuant to Article 116 (1) of Law 66/1997 of 30 December 1997 on Tax, Administrative and Social Order Measures, the Fund for Foreign Investment shall be administered by an Executive Committee.

2. The following functions correspond to the aforementioned Executive Committee:

a) Evaluate and, if applicable, approve or deny operations that are proposed to you by the Gestora.

b) Analyze and assess the development of operations carried out on behalf of the Fund for Foreign Investments, taking, on a proposal from the Gestora, the measures considered most appropriate to ensure the smooth running of the such operations and the fulfilment of the objectives for which the Fund was established.

(c) Evaluate and, where appropriate, approve or deny proposals in relation to already formalized operations proposed by the Gestora, among others, as enunciative and non-limiting, to agree on divestitures, quitas and waits, to join creditors ' agreements, settlement of refinancing, restructuring, renegotiations, debt recognition or judicial or extrajudicial transfer.

d) Evaluate and, where appropriate, approve or refuse to submit to arbitration or other means of conflict resolution any disputes arising from operations financed from the Fund, the withdrawal of shares legal actions already initiated or the temporary waiver of legal action.

e) Propose to the Government, through the Secretary of State for Trade, any proposals deemed necessary for the purpose of ensuring the proper functioning of the Fund

(f) Approve and refer to the Minister of Economy and Competitiveness and the General Intervention of the State Administration the annual accounts of the Fund, as well as the annual memory provided for in Article 20.

g) Establish, on a proposal from the Gestora, a financing limit per operation under operational criteria and to avoid excessive concentration of risks, depending on the annual increase in the Fund's allocation, as well as any other operational limits deemed necessary for the purpose of ensuring the proper functioning of the Fund and the control of its risk.

(h) Evaluate and, where appropriate, approve the collaboration agreements which, in accordance with Article 2, raise the Gestora.

i) Approve the Fund's preliminary draft annual budgets for referral to the Minister of Economy and Competitiveness in accordance with Article 33 of Law 47/2003 of 26 November, General Budget.

j) Verify the adequacy of the proposal for remuneration of the Gestora to the provisions dictated by the Minister of Economy and Competitiveness, as provided for in Article 19, as well as to authorize the payments of those remuneration.

k) Approve the study costs applicable to the operations carried out by the FIEX which, on a proposal from the Gestora, will have to pay the promoter of the projects.

l) To request the Gestora any information necessary to assess the risks assumed by the State, as well as to determine the economic and financial information that must be sent to the Committee itself in a specific or periodic manner.

m) Set eligibility criteria to be met by companies applying for direct financing from FIEX.

n) Other inherent in the administration of the Fund. "

Three. Article 4 (1), (2) and (3) are worded as follows:

" 1. The Executive Committee of the Foreign Investment Fund shall be chaired by the Secretary of State for Trade. The President of the Executive Board shall be assisted by two Vice-Presidents, in whom he may delegate his duties, with the Vice-Presidency First to the Director-General for International Trade and Investments and the Second Vice-Presidency to the President of the Gestora, the Spanish Development Finance Company, COFIDES, Sociedad Anonima. The meetings of the Executive Board shall always be chaired by either the President or any of the two Vice-Presidents.

2. The following shall be members of the Executive Committee of the Investment Fund:

a) Five representatives from the Directorate General for International Trade and Investments.

b) A representative of the Directorate-General for Industry and Small and Medium-sized Enterprises.

c) Two representatives of ICEX Spain Export and Investments.

d) A representative of the General Secretariat of the Treasury and Financial Policy.

e) A representative of the Secretariat of State for 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 Foreign Investment Fund will be appointed on a proposal by the Secretary of State for Trade, by the Minister of Economy and Competitiveness. They shall perform their duties for two years, and may be re-elected once or more for periods of equal maximum duration. "

Four. Article 5 (2) is worded as follows:

" 2. The Spanish Development Finance Company, COFIDES, Sociedad Anonima will carry out all the actions related to the management of the Fund for Investments in the Foreign Affairs, and in particular the following:

(a) Receive, study and evaluate funding proposals from the Fund.

(b) Submit to the consideration of the Executive Board of the Fund any proposals it deems necessary concerning the operations it has studied.

c) Subscribe and execute, on behalf of and on behalf of the Fund for Foreign Investments, contracts that formalize operations approved by the Executive Committee.

(d) to monitor the operations carried out on behalf of the Fund for Investment in the Foreign Office, to be integrated into the decision-making or administrative bodies of the undertakings in which it participates, to the extent that it has the right under Article 17.1 and directly assume the operational management of such undertakings where appropriate, in accordance with Article 114.One of Law 66/1997 of 30 December 1997 on Tax Measures, Administrative and Social Order and in this Royal Decree.

(e) to monitor the activity of vehicles or capital funds expansion or private investment funds in which it participates on behalf of the Fund for Foreign Investment, to be integrated into its decision-making bodies or administration and assume its operational management when necessary to ensure the fulfilment of the purposes of the Fund for Investment in the Foreign Affairs, provided that this does not lead to COFIDES assuming the direct management of the companies in the the fund shall invest, in which case the provisions of the previous paragraph shall apply.

(f) Act as a depositary of contracts entered into in the name and on behalf of the Fund for Foreign Investments and of the evidence of the shares held or subscribed by them.

g) To formalize in its own name and on behalf of the Fund all contracts for the granting of loans and any other financial instruments provided for in this Royal Decree.

(h) Carry out the charges and payments arising from the operations of the Fund for Foreign Investments, within the strictest principles of financial prudence.

i) Propose to the Executive Committee of the Fund for Foreign Investment to negotiate, agree and settle any divestitures that may be made, the amount of which, if any, will increase the Fund. Thus, among other proposals and without limitation, it will be able to propose to the Executive Committee of the Fare and waits, accessions to agreements of creditors, refinancing, restructurings, renegotiations, recognitions of debt or judicial or extrajudicial transactions.

j) Propose to the Executive Committee of the Foreign Investment Fund the submission to arbitration or other means of conflict resolution of the disputes arising from the operations financed from the Fund, the withdrawal of legal actions already initiated or the temporary waiver of the exercise of legal actions.

k) Act legally in the interest and on behalf of the Foreign Investment Fund.

l) Subscribe, upon the agreement of the Executive Board, to the collaboration agreements with other investors who wish to participate in the activities of the Fund for Foreign Investments.

m) Propose to the Executive Committee of the Fund an operational risk assumption limit, as well as any other operational limits deemed necessary to establish, for the purpose of ensuring the proper functioning of the Fund and the control of your risk.

n) To provide the necessary means for the performance of his duties to the Secretary of the Executive Committee of the Fund for Foreign Investments.

n) Register all operations performed on behalf of the Fund and on behalf of the Fund in a specific, differentiated and independent accounting of its own.

o) Develop the Fund's annual budgets.

p) In general, the Gestora will carry out all actions and initiatives that are necessary for the proper functioning of the Fund for Foreign Investment and will provide the Executive Committee with information and documentation this request. "

Five. Article 11 is worded as follows:

" Article 11. Management of the Small and Medium Enterprise Investment Facility for Investment Operations.

1. In accordance with the provisions of Article 116 (1) of Law 66/1997 of 30 December 1997 on Fiscal, Administrative and Social Order Measures, the Fund for Investment Operations in the External Relations of Small and Medium-sized Enterprises will be administered by an Executive Committee.

2. The following functions are the responsibility of the Executive Committee:

a) Evaluate and, where appropriate, approve or deny investment operations that are proposed to you by the Gestora.

b) Analyze and assess the evolution of the operations carried out on behalf of the Fund for Investment Operations in the Foreign Office of Small and Medium-sized Enterprises, taking, on a proposal from the Gestora, measures to be considered more appropriate to ensure the smooth running of such operations and the fulfilment of the objectives for which the Fund was created.

(c) Evaluate and, where appropriate, approve or deny the proposals in relation to already formalized operations proposed by the Gestora, among others, as enunciative and non-limiting, to agree on divestitures, quitas and waits, to join to creditors ' agreements, to agree to refunding, restructuring, renegotiating, debt recognition or judicial or extra-judicial proceedings.

d) Evaluate and, where appropriate, approve or refuse to submit to arbitration or other means of conflict resolution any disputes arising from operations financed from the Fund, the withdrawal of shares legal actions already initiated or the temporary waiver of legal action.

e) Propose to the Government, through the Secretary of State for Trade, any proposals deemed necessary for the purpose of ensuring the proper functioning of the Fund.

(f) Approve and refer to the Minister of Economy and Competitiveness and the General Intervention of the State Administration the annual accounts of the Fund, as well as the annual memory provided for in Article 20.

g) Establish, on a proposal from the Gestora, a financing limit per operation, by operational criteria and to avoid excessive concentration of risks, depending on the annual increase in the Fund's allocation, as well as any other operational limits deemed necessary for the purpose of ensuring the proper functioning of the Fund and the control of its risk.

(h) Evaluate and, where appropriate, approve the collaboration agreements which, in accordance with Article 10, propose to the Gestora.

i) Approve the Fund's preliminary draft annual budgets, for referral to the Minister of Economy and Competitiveness in accordance with Article 33 of Law 47/2003 of 26 November, General Budget.

j) Verify the adequacy of the proposal for remuneration of the Gestora to the provisions dictated by the Minister of Economy and Competitiveness in accordance with the provisions of Article 19, as well as to authorize the payments of those remuneration.

k) The Executive Committee of the Fund for Investment Operations in the External Small and Medium-sized Enterprises shall not be able to make any delegation, for approval or refusal of operations, in the Gestora.

l) To request the Gestora any information necessary to assess the risks assumed by the State, as well as to determine the economic and financial information that must be sent to the Committee itself in a specific or periodic manner.

m) Setting the eligibility criteria to be met by companies applying for direct financing from the FONSME.

n) Other inherent in the administration of the Fund. "

Six. Article 15 is worded as follows:

" Article 15. Scope of action of the two Funds.

They will not be able to benefit from the support provided by any of the two internationalization promotion funds those foreign investment operations that are in the real estate sector, unless they are directly affected by a different business activity, as well as in those other foreign sectors or countries expressly excluding the Minister of Economy and Competitiveness from general policy considerations. "

Seven. Article 16 is worded as follows:

" Article 16. Operation of the two Executive Committees.

1. The Executive Committees of the two internationalisation promotion funds regulated by this Royal Decree shall meet at least once in each calendar quarter and whenever they are convened by the President.

2. The Executive Committee shall be validly constituted when the two-thirds of its components are present or represented.

3. Decision-making within the Executive Committee shall be made by a simple majority, in the event of a tie, the vote of the one who chairs the meeting.

4. The Executive Committees of the two Funds shall draw up their own internal rules of operation which shall include, inter alia, the procedures for informing the Ministry of Agriculture, Food and the Environment on investments in projects that generate carbon credits. Such information shall be transmitted through the Directorate-General for International Trade and Investments under the Ministry of Economy and Competitiveness. "

Repeal provision. Regulatory repeal.

All provisions of equal or lower rank are repealed to be opposed to what was established in this royal decree.

Final disposition. Entry into force.

This royal decree will enter into force on the day following its publication in the "Official State Gazette".

Given in Madrid, on April 24, 2015.

FELIPE R.

The Minister of Economy and Competitiveness,

LUIS DE GUINDOS JURADO