TAILIEUCHUNG - REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the Cohesion Fund and repealing Council Regulation (EC) No 1084/2006

“A business angel is an individual investor (qualified as defined by some national regulations) that invests directly (or through their personal holding) their own money predominantly in seed or start- up companies with no family relationships. Business angels make their own (final) investment decisions and are financially independent, . a possible total loss of their business angel investments will not significantly change the economic situation of their assets. BAs invest with a medium to long term set time-frame and are ready to provide, on top of their individual investment, follow-up strategic support to entrepreneurs from investment to exit. They respect a. | . EUROPEAN COMMISSION Brussels COM 2011 612 final 2 2011 0274 COD CORRIGENDUM Annule et remplace le document COM 2011 612 du Concerne toutes les versions linguistiques Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the Cohesion Fund and repealing Council Regulation EC No 1084 2006 SEC 2011 1138 final sEc 2011 1139 final EN EN EXPLANATORY MEMORANDUM 1. CONTEXT OF THE PROPOSAL On 29 June 2011 the Commission adopted a proposal for the next multi-annual financial framework for the period 2014-2020 a budget for delivering the Europe 2020 strategy. In its proposal the Commission decided that cohesion policy should remain an essential element of the next financial package and underlined its pivotal role in delivering the Europe 2020 strategy. The Commission therefore proposed a number of important changes to the way cohesion policy is designed and implemented. Concentrating funding on a smaller number of priorities better linked to the Europe 2020 Strategy focusing on results monitoring progress towards agreed objectives increasing the use of conditionalities and simplifying the delivery are among the major hallmarks of the proposal. This Regulation sets out the provisions governing the Cohesion Fund and repealing Regulation EC No 1084 2006. It draws on the work undertaken since the publication of the Fourth Cohesion Report in May 2007 which outlined the main challenges facing regions in the next decades and launched the debate on the future cohesion policy. On 9 November 2010 the Commission adopted the Fifth Cohesion Report which provided an analysis of social and economic trends and outlined orientations for the future cohesion policy. Cohesion policy is an important expression of solidarity with the poorer and weakest regions of the EU - but it is more than that. One of the greatest successes of the EU has been its capacity to raise living standards for all its citizens. It does this not only by helping poorer Member .

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