How to Use Financial Instruments Effectively Key Features and Practical Advice

Transcription

1 Advanced Summer Course : g How to Use Financial Instruments Effectively Key Features and Practical Advice EXPERTS among others Phedon Nicolaides Professor at the College of Europe in Bruges and the Maastricht University, and Academic Director at lexxion training Luigi Amati CEO of META Group, Italy, Member of the European Commission Advisory Group on Access to Risk Finance Csaba Harsányi Hungarian Development Bank, Brussels Alexander Rose Department for Communities and Local Government, English Managing Authority, United Kingdom Marek Szczepański Expert in EU funds in Poland, specialising in Financial Instruments, Former Deputy Minister of Economy and Labour, Warsaw Lexxion s three-day advanced Summer Course offers the perfect opportunity to meet and discuss the current challenges for set-up and implementation of financial instruments. Participate in indepth presentations and exchange good practices on topics such as: Regulatory framework and set-up requirements EFSI and FIs: Synergies and complementarities by combination of funds How an investment strategy should be bound by ex-ante adjustment Combination of using Grants with Financial Instruments Selection of financial intermediaries and fund of funds Public procurement compliance Compliance with State Aid rules and using de minimis aid How to conduct a FI notification Practical examples of using Loans and Guarantees Case studies on risk finance investments and supporting SMEs Several interactive discussion rounds and solving sessions

2 General information Overview & Methodology The current policy framework for ESI Funds emphasises the need for a significant use of financial instruments with multiplied amounts of ESIF resources delivered to SMEs and other final recipients. Managing authorities within all ESI Funds are currently establishing and implementing the new financial instruments in forms of loans, guarantees, equity and quasi equity. During these processes, ESIF experts need to be aware not only of the Common Provision Regulation but also of the public procurement and State aid regulations. The Commission also supports the use of Financial Instrument by providing off-the-shelf instruments and enabling the managing authorities to get involved in the centrally-managed Financial Instrument such as Horizon 2020, COSME, InnvoFin and the SME Initiative. Additionally, synergies are possible with resources under the Juncker Plan or European Fund for Strategic Investments. The possibilities to combine different sources of funding on the programme and project level are in focus of Managing Authorities and other bodies involved in the implementation of financial instruments across Europe. Our Summer Course will combine lectures, tutorials, case studies and discussion on practical problems. As a participant you will be actively involved in the course and be able to present your own problematic issues. The different perspectives of our experienced trainers will support to apply the complex rules to real case and a mix of learning methods will be applied in the course to achieve the best results. Who should participate? Representatives from public authorities in charge of implementation and management of Technical Assistance for ESI Funds , especially from: o Managing Authorities o Certifying Authorities o Audit Authorities o Intermediate Bodies o Regional and local authorities o Beneficiaries of EU funded projects: Private and public companies Associations Research institutes Bodies working in European Territorial Cooperation Public and private banks and other financial intermediaries Why should you participate? Increase your knowledge of the implementation and management of financial instruments Be aware of the complex compliance requirements such as State aid and public procurement rules Have a clear understanding when EU regulations apply and when national laws have to be applied Improve funding agreements Be able to improve tendering procedures and calls for the expression of interest Get to know the business perspective on how to create a strong investment portfolio Benefit from another Member State s implementation experience & learn good practices Have a platform to exchange ideas and receive practical advice on current cases

3 Programme Day 1 08:30 Registration & Welcome Coffee 09:00 Welcome Note by Lexxion and Chair; Introduction of Participants; Tour de Table Phedon Nicolaides - College of Europe Bruges, Maastricht University, and lexxion training Academic Director 09:30 Introduction to the Topic and Lessons Learned from the Previous Programming Period Types of financial instruments The special features of financial instruments Lessons from past experience Phedon Nicolaides - College of Europe Bruges, Maastricht University, and lexxion training Academic Director 10:15 Coffee Break 10:45 Financial Instruments and their Regulation in the Programming Period: Objectives and Regulatory References The legislative framework for decentralised financial instruments Models for financial instruments under Article 38(4) CPR Requirements on Funds of Funds/ financial intermediaries (from Delegated Act and CPR) and liability Staggered payments to financial instruments Prospective for future development of FI Costs/Fees for managers and their calculation: Practical example Ruth Niland, Legal Directorate, Head of Division Mandates and Financial Instruments, European Investment Bank, Luxemburg (invited) 11:30 European Fund for Strategic Investments (EFSI) and Decentral Managed Financial Instruments Framework Key features and benefits Possibilities in use at project level or Financial Instruments Risk analysis and management Workshop How to use the combination at project level? How to set up an investment platform for best synergies? Csaba Harsányi, Hungarian Development Bank, Brussels 13:00 Lunch Break 14:00 Selection of Financial Intermediaries Main legislation and guidance Types of potential financial intermediaries / financial institutions Selection financial intermediaries Case studies Workshop: Design of funding and operational agreement, project/investment agreement (PA) Marek Szczepański, Expert in EU funds in Poland, specialising in Financial Instruments, Former Deputy Minister of Economy and Labour, Warsaw 15:30 Coffee Break 16:00 Monitoring & Control: The View of a Managing Authority Monitoring and evaluation system Financial control and verifications of FI Audit requirements Lars Wirbatz, Deputy Head of the Managing Authority and Team Leader (Financial Instruments, Financial Control), Senate of Berlin - ERDF Managing Authority, Berlin 17:00 End of Day 1 18:00 Evening event: Evening Programme & Common Dinner

4 Programme Day 2 09:00 Public Procurement Compliance Public procurement and the design of competitive calls: Selection using a public procurement process to set up a financial Instrument (or not!) Case Study: How to write Terms of Reference and what to be aware of during a procurement process? Alexander Rose, Department for Communities and Local Government, United Kingdom 10:00 Coffee break 10:30 Ensuring Compliance with State Aid Rules I The concept of State aid and its application to ESI Funds and financial instruments State aid regulations applicable for financial instruments General Block Exemption Regulation (GBER) o What are the conditions for an exemption? o Specific requirements applying to FIs Rules on Risk Finance Phedon Nicolaides, College of Europe Bruges, Maastricht University 12:00 Lunch Break 13:00 Ensuring Compliance with State Aid Rules II: Case Studies How to use de minimis aid and off the shelf financial instruments How to ensure that all aid is passed on to final beneficiaries Case Study: British Business Bank: Notification in practice and other cases Phedon Nicolaides - College of Europe Bruges, Maastricht University, and lexxion training Academic Director 14:30 Coffee Break 15:00 Risk Finance Guidelines Challenges resulting from State aid to promote risk finance investments Rules for using FIs and fiscal measures in compliance with State aid The specific provisions of article 21 GBER Tax incentives for private investors The notification procedure Speaker from DG Competition, European Commission, Brussels (invited) 16:00 Problem Solving Session Send us your questions and cases in advance and discuss them in the group or privately with our experts. 16:30 End of Day 2

5 Programme Day 3 09:00 Combination of Grants with FIs Set-up of the combined support scheme - loan and grant (basic rules defined on EU and national level), Embedment in the national support system (co-existence with grants and independent financial instruments), Application under different thematic objectives, experiences, model versus model, lessons from the comparison Márk Bató, Senior Advisor of the ESI Funds Regulatory Department in the Prime Minister s Office (coordinating body), Hungary 10:00 Coffee break 10:30 Loans Definition and main parameters Structuring a loan financial instrument in practice Case studies Marek Szczepański, Expert in EU funds in Poland, specialising in Financial Instruments, Former Deputy Minister of Economy and Labour, Warsaw 11:30 Lunch Break 12:30 Guarantees: Theory and Practical Examples Guarantee Instruments Key Features in current operational programme Lessons learned from last period: Key findings & Changes Peter James Sant, Technical Attaché on Industry with the Permanent Representation of Malta to the EU 13:30 Equity Fund Practice How does an Equity fund works in terms of rules? (i.e. management fee, hurdle rate, carried) The economics of a fund including costs related to compliance How would a team work correct? Luigi Amati, CEO of META Group, Italy, Member of the European Commission Advisory Group on Access to Risk Finance 14:30 Summary of Main Points, Lessons to be Drawn and Advice, and Final Comments by Participants Chair: Phedon Nicolaides, College of Europe Bruges, Maastricht University 16:00 End of Workshop & Distribution of Certificates

6 Experts Chair Phedon Nicolaides Professor at the College of Europe in Bruges and the Maastricht University, and Academic Director at lexxion training Dr. Nicolaides has been educated in the United States, the Netherlands and the United Kingdom and has a PhD in economics and a PhD in law. He has acted as consultant to a number of public authorities in various EU Member States and to international institutions and organisations such as the European Commission, the European Investment Fund, the European Economic and Social Committee, the OECD and the UN. He has published extensively on competition policy, State aid, and policy implementation. During the past 15 years, he has carried out training activities on State aid in most EU Member States. Speakers Luigi Amati CEO of META Group, Italy, Member of the European Commission Advisory Group on Access to Risk Finance Luigi Amati is Vice President of Business Angels Europe, the Confederation of European Angel Investing and a Member of the European Commission Advisory Group on Access to Risk Finance. He is responsible for Policy Affairs bringing in an expertise of more than 20 years of work with the European Commission in the fields of Innovation, Entrepreneurship and Finance. As an Angel Investor he is one of the founders of Italian Angels for Growth, one of the fastest growing business angels groups in Europe. As an early stage fund manager, he is the President of Zernike Meta Ventures. He is also co-founder and CEO of META Consulting, a company focused on innovation, entrepreneurship and finance; a company working with International Institutions such as the European Commission, the World Bank, the Interamerican Development Bank etc. During the early years of his career he has been a researcher and software engineer in the field of Computational Mechanics working with LUSAS, a spin off of Imperial College in London and has contributed to the start-up of ISRIM, a Research Institute of Advanced Materials. He holds an Engineering Degree Summa cum Laude from the University of Rome, a Master of Science and a Diplome from Imperial College London. Márk Bató Senior Advisor of the ESI Funds Regulatory Department in the Prime Minister s Office (coordinating body), Hungary Márk Bató is Senior advisor responsible for financial instruments in the Hungarian Coordinating Body of ESI Funds since His portfolio includes the national representation in Council and Commission working groups (SAWP, EGESIF), coordination of bilateral negotiations with Commission and other Member States, preparation and continuous update of the national regulation for the implementation of ESI Funds, coordination of ex ante assessments, supervision of the electronic information system supporting implementation of FIs, quality assurance of financial instrument products. Hungarian participant in the preparation of financial instrument blocks of Common Provisions, implementing and delegated acts, guidance notes. Chief coordinator of FI rules of the national ESIF regulation. He worked as twinning advisor in Zagreb before the Croatian accession to the EU. Mark participates as speaker in conferences and training programmes, he has several publications in national and international journals. Csaba Harsanyi Hungarian Development Bank, Brussels Csaba Harsányi has 17 years of professional experience in the public sector, most of which concerned with the EU integration field. Having obtained an Executive Master s degree in International and European Relations at the Amsterdam School of International Relations, he joined the newly established Phare Directorate of the Hungarian Development Bank, the public bank responsible for assisting the restructuring and integration of the Hungarian Economy in light of the access to the EU. Since 2010, both currently and formerly during Hungary s access negotiations, Mr Harsányi has been working as the Brussels Representative of the Bank. Since Hungary s access to the European Union he has used his in-depth knowledge of the programming and implementation of pre-accession, structural and cohesion instruments as a consultant. His references include preparation of analyses, evaluations and studies commissioned by the Hungarian government as well as by EU institutions and providing technical assistance for public institutions in candidate and potential candidate countries. He has practical experience in project management, in drafting strategic documents and policy papers as well as in different forms of know-how transfer and lecturing.

7 Experts Alexander Rose Lawyer, Government Legal Service, Department for Communities and Local Government, United Kingdom Alexander is the lead lawyer for ERDF Financial Instruments in England, advising the Department for Communities and Local Government (which is the Managing Authority for the England ERDF programme). Alexander s role involves advising the Department on FI compliance issues, drafting funding agreements and matters of legal interpretation. In 2014, Alexander was seconded to the European Commission as a detached national expert, working on State Aid issues at DG Competition and ERDF matters at DG Regional and Urban Policy. Prior to working for the civil service, Alexander was a Mergers and Acquisitions lawyer for DLA Piper LLP. Peter James Sant Mr Sant is currently a Technical Attaché for Industry, Better Regulation and Company Law at the Permanent Representation of Malta to the European Union. Mr Sant will be Deputy Chairperson for the Council Working Parties the Industry, Better Regulation and Company Law for the Maltese Presidency that will cover the period January to June The Maltese Presidency shall be giving a particular focus to the area of improving the overall competitiveness of European industry and strengthening the Access to Finance. Prior to the current position, Mr Sant was a Senior Policy Officer covering the area of Financial Services. Prior to entering the public service Mr Sant has been working as Head of Research and EU Affairs with Bank of Valletta plc. for sixteen years in Malta. He has been involved in the strategic planning process of the organization particularly the local economy and the impact of Malta`s EU accession in the financial services sector and various local industries including manufacturing and tourism. Mr Sant presently has specialized in the area of EU funding and improving the access to finance for SMEs particularly through financial engineering instruments. Mr Sant has given a number of speeches presentations both in Malta and abroad. He has also authored a number of articles on finance and EU Affairs. Mr Sant was a lecturer at the Institute of Financial Services and the Malta College for Science and Technology in the areas of Banking, Economics, European Affairs and Work Based Learning. He also represented Malta on the European Payment Council and the Malta Chamber of Commerce Enterprise and Industry SME and Financial Services Trade Section. Marek Szczepański Expert in EU funds in Poland, specialising in Financial Instruments, Former Deputy Minister of Economy and Labour, Warsaw Marek Szczepański has over 20 years of professional experience including over 17 years in the positions associated with the EU funds programming and distribution. His main area of expertise are financial instruments. Currently he is independent consultant. Previously Deputy CEO at Agencja Rozwoju Przemysłu S.A. (Industrial Development Agency JSC the state-owned development company). In years he was Managing Director in Bank Gospodarstwa Krajowego (the state-owned development bank), responsible for implementation of projects co-financed by EUfunds under programming period with total value of approx. EUR 1bn. In years Marek was CEO at PSDB Ltd., a consulting company specializing in advisory services, evaluations and trainings in EU funds area. In years he was the Undersecretary of State in the Ministry of Economy and Labour. He was responsible for supervision of several EU operational programmes He also worked in the Ministry of Labour and Social Policy and Polish Agency for Enterprise Development as director of units responsible for EU funds. Experienced trainer and lecturer in the area of EU funds. Lars Wirbatz Deputy Head of the Managing Authority and Team Leader (Financial Instruments, Financial Control), Senate of Berlin - ERDF Managing Authority, Berlin Lars Wirbatz currently works as Deputy Head of the ERDF Managing Authority in Berlin. He has an extensive track record in the management of ESIF operational programmes with an academic background in Economics and European Studies. Having worked at the European Commission in the Directorate General for Regional and Urban Policy as Programme Manager he managed ESIF interventions covering several programming periods including the negotiation and adoption of programmes for the period. In this capacity he gained experience in the set-up, the implementation and closure of financial instruments. Mr Wirbatz also further shaped his profile as an expert, author and speaker while working for PwC on financial instruments for mandates including the European institutions and national authorities. In his current position he is responsible for the management and control in the Managing Authority and the implementation of the five financial instruments of the OP.

8 Registration Venue Hotel Savoy Via Ludovisi, Rome, Italy Participation fee YES, I would like to participate for the reduced fee for public authorities EUR (excl. VAT). YES, I would like to participate for the regular fee of EUR (excl. VAT). YES, I am EStIF-subscriber (100 discount applicable). The Italian VAT of 22% will be added where applicable. The participation fees include the workshop material, drinks and snacks during the breaks and lunch. Newsletter subscription Please send me information about Structural and Investment Funds issues for free. I may unsubscribe from this service any time. Cancellations Cancellations should be made in writing per post or fax. Please note that the full fee will be charged for cancellations received after 11 June 2018 (included illness or impediment which prevents her or him from fulfilling her or his duties). Nomination of a substitute remains possible. A cancellation arising by reason of too small a number of participants is effected no later than two weeks prior to the seminar. In this case the participation fee will be refunded. A requirement for reimbursement of travel and accommodation expenses as well as loss of working hours is not possible, unless such costs result from wantonly negligent or deliberate behaviour on the part of the organiser. For more detailed information, scope and conduct of contract as well as cancellation policy, please check the Terms & Conditions on our website. Please register with: Hella Baumeister Lexxion Publisher Güntzelstr Berlin, Germany Phone: +49 (0) Fax: +49 (0) baumeister@lexxion.eu online: Name Position, Department Company Name Address Postal Code/ Country Phone, Fax Customer No. of EStIF-Subscription VAT Reg.-No. Date, Signature Upcoming event 3-day Study Visit: Financial Instruments Implementation in Practice: Finnish Perspective September 2018 Helsinki Participants from public and private authorities can become acquainted with the Finnish model of FI implementation. We offer unique opportunity to visit leading institutions and projects in Helsinki and in the city of Espoo. You will meet experts from financing agencies and representatives from a municipality. The overall aim is to collect best practice of project implementation, transfer knowledge and experience in the set-up and management of FI. The following institutions and projects will be visited: Ministry of Economic Affairs and Employment in Helsinki Managing Authority. Finnvera Agency: provides financing for the start, growth and internationalisation of enterprises and guarantees against risks arising from exports. SITRA FUND: launch and implement projects together with the private, public and third sector, all aimed at increasing sustainable well-being in Finland. Bussines Finland: an accelerator of global growth, by supporting companies to go global, as well as funding innovations. City of Espoo: is the first municipality in Finland, which has allocated an investment to the SIB (Social Impact Bond)