Competitiveness of Enterprises and Small and Medium-Sized Enterprises (Revocation) (EU Exit) Regulations 2019

Competitiveness of Enterprises and Small and Medium-Sized Enterprises (Revocation) (EU Exit) Regulations 2019

Procedure: Strengthened
Laid: 04 Apr 2019
Sift Period Ends: 19 Apr 2019

The COSME Regulation relates to an EU Programme to support small and medium sized enterprises (SMEs). The Regulation sets out the obligations of the European Commission to Member States and vice versa, as well as actions that seek to: (i) improve access to finance; (ii) enhance access to markets; (iii) improve framework conditions for enterprises; and (iv) promote entrepreneurship and entrepreneurial culture.2.2Funding for COSME is allocated to financial intermediaries in Member States on a competitive basis to stimulate extra lending to SMEs. UK participation in COSME has been mainly focused on the access to markets component, which is delivered through the Enterprise Europe Network (EEN) by UK Research and Innovation (UKRI) in England, Wales and Northern Ireland, and by Scottish Enterprise in Scotland.

The UK also participates in the smaller elements of COSME (framework conditions and promoting entrepreneurship), though the access to finance element (Loan Guarantee Facility and Equity Facility for Growth) has not been heavily used in the UK, since UK SMEs already enjoy relatively well-developed access to finance.

This instrument will revoke the COSME Regulation in its entirety under the negative resolution procedure. This revocation will address failures of retained law and will maintain a coherent statute book to avoid any unnecessary confusion as to the application of that Regulation

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