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Cyprus’ Research Funding Engine Expands As RIF Broadens Use Of EU State Aid Rules

by THEFUTURE.TEAM

September 29, 2026

Cyprus’ Research and Innovation Foundation has sharply expanded the regulatory tools it uses to finance innovation, more than tripling the number of EU state aid provisions underpinning its funding schemes since 2016.

A Broader Toolkit for Innovation Funding

The foundation, known as RIF, moved from relying on three core articles of the EU’s General Block Exemption Regulation in 2016 to using ten today, according to officials. The shift reflects a more sophisticated funding architecture that now extends well beyond traditional research grants.

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Its current framework supports not only research projects, but also research infrastructure, process and organisational innovation, professional training, innovation clusters, investment and regional aid, as well as assistance for companies taking part in international exhibitions.

State Aid Rules With Faster Deployment In Mind

The GBER allows EU member states to provide certain categories of state aid without first seeking individual approval from the European Commission, provided the measures meet defined conditions. The structure is designed to accelerate funding decisions while limiting distortions of competition across the single market.

The development was discussed during a meeting between State Aid Control Commissioner Stella Michaelidou and RIF director general Theodoros Loukaidis, where the two sides examined the design of funding schemes and the latest changes under review in the EU framework.

Early Coordination Seen As A Competitive Advantage

Michaelidou said cooperation between her office and RIF covered every stage of scheme preparation, describing the foundation as a model for using the GBER in state aid measures.

She added that involving the State Aid Control Office at the earliest stage of scheme design can help prevent delays and ensure compliance with EU state aid rules. In practice, that kind of early coordination can be decisive: for public agencies, it reduces execution risk; for applicants, it improves predictability; and for the broader economy, it speeds the flow of capital into productive areas.

Brussels Revisits The Framework

The meeting also covered technical aspects of the GBER currently under revision, particularly the provisions tied to research and innovation. In February, the European Commission launched a consultation on a draft replacement regulation aimed at simplifying the framework, reducing administrative burden and updating the rules to reflect technological and market change. The consultation closed on April 23, and member states have since reviewed a revised draft at an advisory committee meeting earlier this month.

RIF Deepens Its Role In The Innovation Ecosystem

Loukaidis described the State Aid Control Office as one of RIF’s most important partners in efforts to strengthen Cyprus’ research, technological development and innovation ecosystem. He pointed to the office’s expertise, responsiveness and close cooperation as key factors in the effective implementation of the foundation’s interventions.

RIF has also widened its support model beyond grants through initiatives such as the Central Knowledge Transfer Office and blended-finance structures intended to attract private investment and support the commercialisation of research and innovation.

The two bodies said they will pursue closer knowledge-sharing between their teams to improve the design and delivery of future state aid measures supporting Cyprus’ research and innovation economy.

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EU Agrees On Major Overhaul Of Financial Market Supervision

by THEFUTURE.TEAM

October 9, 2026

European Union finance ministers have reached agreement on a sweeping package designed to strengthen oversight of the bloc’s financial markets, in a move aimed at reducing fragmentation and improving the flow of capital across borders.

A Push To Deepen Capital Markets

The Market Integration and Supervision Package, or MISP, would grant the European Securities and Markets Authority direct supervision over major market operators that are currently regulated by national authorities. The reforms are intended to make Europe’s capital markets more integrated, more efficient and better able to channel savings into productive investment.

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According to the Irish presidency, the package is meant to help savings and investments move more freely across the European Union, improving access to finance for companies while giving households broader opportunities to earn returns on their savings.

What The Reform Would Change

Under the new framework, ESMA would take direct oversight of key trading venues, clearing houses, securities settlement bodies and crypto-asset service providers. The package would also establish a permanent, independent executive board within the regulator, strengthening its institutional capacity.

Market operators would be able to opt into a new EU-wide operating framework. In parallel, the reforms would seek to make national supervision more consistent and update rules governing trading, transaction completion, investment management and the use of blockchain technology.

Why The Agreement Matters

Supporters of deeper capital markets argue that Europe has long paid a price for regulatory inconsistency. While many rules are harmonised across the bloc, differences in enforcement and supervision have contributed to a patchwork system that can make cross-border investment slower and more costly.

A more integrated framework, proponents say, could lower costs for companies seeking funding and broaden the menu of investment options available to savers and institutional investors alike.

Outstanding Questions Remain

Despite the broad agreement, some important details remain unresolved. Trading venues operated by Deutsche Börse, the company behind the Frankfurt stock exchange, may remain outside ESMA’s direct supervision.

Euronews previously reported that Germany had secured an exemption for Deutsche Börse’s domestically focused trading venues, leaving part of the system under regional supervision. The latest announcement did not clarify whether that arrangement will stand.

A Step Forward For The Savings And Investments Union

Dutch Finance Minister Eelco Heinen welcomed the deal, calling it a major advance for the Capital Markets Union and saying Europe had made more progress in 10 months than in the previous 10 years.

The agreement is an important milestone in the Savings and Investments Union, the EU’s broader effort to channel more of Europeans’ savings into investments that can support growth, innovation and competitiveness across the bloc.