FrancophonIA/JRC-Acquis_subcorpus_EL-FR_Hunalign_aligned-TMX huggingface dataset:
Greek: (10) The measure intends to overcome the acknowledged equity gap of between GBP 0,5 million and GBP 2,0 million and solely addresses SMEs located in the West Midlands region looking for long-term equity funding. They have a solid performance, but are often considered being not profitable as aimed at by Venture Capital funds. In these circumstances, Investbx may also offer another exit possibility for VC funds until they qualify for more senior trading markets like LSE, AIM or the off-market trading facility Ofex (escalator function).
French: (10) The measure intends to overcome the acknowledged equity gap of between GBP 0,5 million and GBP 2,0 million and solely addresses SMEs located in the West Midlands region looking for long-term equity funding. They have a solid performance, but are often considered being not profitable as aimed at by Venture Capital funds. In these circumstances, Investbx may also offer another exit possibility for VC funds until they qualify for more senior trading markets like LSE, AIM or the off-market trading facility Ofex (escalator function).
Greek: (11) Investors: Investors will receive improved access to information about companies including independent research reports and news which will be made available through the website to inform investors' investment decisions. Investbx will enable investors to interact directly and indirectly with companies. In order to provide protection for investors, companies joining Investbx must meet a set of regulatory and disclosure requirements.
French: (11) Investors: Investors will receive improved access to information about companies including independent research reports and news which will be made available through the website to inform investors' investment decisions. Investbx will enable investors to interact directly and indirectly with companies. In order to provide protection for investors, companies joining Investbx must meet a set of regulatory and disclosure requirements.
Greek: 2.6. Corporate structure of Investbx
French: 2.6. Corporate structure of Investbx
Greek: (12) There are two distinct roles for Investbx: one to act as a forum for inclusive discussion and debate around the whole issue of SMEs across the region raising equity investment and the other, the trading activities that will see it contracting with a number of service providers and with customers (investors and SMEs).
French: (12) There are two distinct roles for Investbx: one to act as a forum for inclusive discussion and debate around the whole issue of SMEs across the region raising equity investment and the other, the trading activities that will see it contracting with a number of service providers and with customers (investors and SMEs).
Greek: (13) The corporate structure of Investbx responds to these distinct roles as follows: Investbx will comprise two limited companies: (i) Investbx 1, a not for profit distribution membership company, limited by guarantee with all profits being reinvested and not distributed; and (ii) Investbx 2, a company limited by shares, which will be wholly owned by Investbx 1.
French: (13) The corporate structure of Investbx responds to these distinct roles as follows: Investbx will comprise two limited companies: (i) Investbx 1, a not for profit distribution membership company, limited by guarantee with all profits being reinvested and not distributed; and (ii) Investbx 2, a company limited by shares, which will be wholly owned by Investbx 1.
Greek: (14) The company status allows Investbx 2 to enter into contracts in its own right. However, the main reason behind this structure is the facilitation of a possible transfer of the company in the future. If Investbx is successful, it will become a private sector company (Investbx 1 will sell Investbx 2). At this time any outstanding funds from the original grant form AWM will revert to AWM.
French: (14) The company status allows Investbx 2 to enter into contracts in its own right. However, the main reason behind this structure is the facilitation of a possible transfer of the company in the future. If Investbx is successful, it will become a private sector company (Investbx 1 will sell Investbx 2). At this time any outstanding funds from the original grant form AWM will revert to AWM.
Greek: Investbx 2Wholly owned operating subsidiary, limited by sharesInvestbx 1A not for profit distribution membership company, limited by guarantee
French: Investbx 2Wholly owned operating subsidiary, limited by sharesInvestbx 1A not for profit distribution membership company, limited by guarantee
Greek: (15) The classes of members owning Invstbx 1 proposed are: individual investors, corporate investors, investee companies, intermediaries, AWM and general. Membership liability will be limited to GBP 10 per member. Members will be required to pay a modest annual fee, dependant upon the class of member, which has yet to be determined. The level of this fee will be set such that it is not considered to be a deterrent to becoming a member.
French: (15) The classes of members owning Invstbx 1 proposed are: individual investors, corporate investors, investee companies, intermediaries, AWM and general. Membership liability will be limited to GBP 10 per member. Members will be required to pay a modest annual fee, dependant upon the class of member, which has yet to be determined. The level of this fee will be set such that it is not considered to be a deterrent to becoming a member.
Greek: (16) AWM will retain a strong influence on the board. The ultimate power of the guarantee company is the ability, as sole shareholder of the subsidiary company, to control the Board of the subsidiary company and ensure that it complies with policies set out by the Board of the guarantee company. In addition, the Board of the guarantee company will have power over appointments to the subsidiary Board.
French: (16) AWM will retain a strong influence on the board. The ultimate power of the guarantee company is the ability, as sole shareholder of the subsidiary company, to control the Board of the subsidiary company and ensure that it complies with policies set out by the Board of the guarantee company. In addition, the Board of the guarantee company will have power over appointments to the subsidiary Board.
Greek: (17) The Board of Investbx 1 will be the decision making authority and there will be six directors. The first four categories will have the right to elect a Board member as their representative. AWM will have the right to appoint two directors, with one of these being the Board's chair. Any Board committees to which the Board delegates power must include at least one director appointed by AWM. The general members class would not have the right to elect a Director, although its interests would be represented at Board meetings by a special representative.
French: (17) The Board of Investbx 1 will be the decision making authority and there will be six directors. The first four categories will have the right to elect a Board member as their representative. AWM will have the right to appoint two directors, with one of these being the Board's chair. Any Board committees to which the Board delegates power must include at least one director appointed by AWM. The general members class would not have the right to elect a Director, although its interests would be represented at Board meetings by a special representative.
Greek: (18) Investbx 1 will act as corporate director of Investbx 2, delegating delivery of the business plan to Investbx 2. The board of the guarantee company will give operating guidelines for the board of the subsidiary company.
French: (18) Investbx 1 will act as corporate director of Investbx 2, delegating delivery of the business plan to Investbx 2. The board of the guarantee company will give operating guidelines for the board of the subsidiary company.
Greek: (19) The AWM appointed Chair of Investbx 1 will also be the Chair of Investbx 2 and at least one other director of the guarantee company will also be on the board of Investbx 2. The Chair will have the right to exercise all guarantee company powers as sole shareholder of the operating company, including the right to appoint directors.
French: (19) The AWM appointed Chair of Investbx 1 will also be the Chair of Investbx 2 and at least one other director of the guarantee company will also be on the board of Investbx 2. The Chair will have the right to exercise all guarantee company powers as sole shareholder of the operating company, including the right to appoint directors.
Greek: (20) The board of Investbx 1 will have responsibility for appointment and appraisal of the Investbx 2 executive team in addition to the right to remove members of this team whose activities divert from or fail to deliver the agreed business plan.
French: (20) The board of Investbx 1 will have responsibility for appointment and appraisal of the Investbx 2 executive team in addition to the right to remove members of this team whose activities divert from or fail to deliver the agreed business plan.
Greek: (21) Investbx 2 will have a small executive team responsible for delivery of the business plan. Key to delivery will be establishing an outsourcing relationship with a third party organisation that has already invested in the infrastructure and permission necessary to operate Investbx. Procurement of services using this "white label" arrangement has already taken place with a publication in the Official Journal of the European Union. The Share Centre was selected as preferred bidder, who has already the appropriate FSA permissions to conduct business of this nature.
French: (21) Investbx 2 will have a small executive team responsible for delivery of the business plan. Key to delivery will be establishing an outsourcing relationship with a third party organisation that has already invested in the infrastructure and permission necessary to operate Investbx. Procurement of services using this "white label" arrangement has already taken place with a publication in the Official Journal of the European Union. The Share Centre was selected as preferred bidder, who has already the appropriate FSA permissions to conduct business of this nature.
Greek: 2.7. The current market in the United Kingdom
French: 2.7. The current market in the United Kingdom
Greek: (22) The traditional market for buying and selling shares in the UK is dominated by the London Stock Exchange (LSE), which is primarily engaged in hosting large stock trades in a global marketplace. SMEs are increasingly shut out as blue-chip stocks of larger companies are preferred.
French: (22) The traditional market for buying and selling shares in the UK is dominated by the London Stock Exchange (LSE), which is primarily engaged in hosting large stock trades in a global marketplace. SMEs are increasingly shut out as blue-chip stocks of larger companies are preferred.
Greek: (23) The LSE sought to cater for this situation by the introduction of its "Alternative Investment Market" (AIM) in 1995. This operates as a second tier market targeting new and smaller companies. Membership requires no minimum trading record, no minimum assets or profit levels, no minimum capitalisation and no minimum free float of shares.
French: (23) The LSE sought to cater for this situation by the introduction of its "Alternative Investment Market" (AIM) in 1995. This operates as a second tier market targeting new and smaller companies. Membership requires no minimum trading record, no minimum assets or profit levels, no minimum capitalisation and no minimum free float of shares.
Greek: (24) Outside the realms of the LSE and AIM is the off-market trading facility Ofex. It has been stated in the notification that Ofex is neither regulated nor a market, but aims to provide a more cost effective and less regulated alternative to AIM.
French: (24) Outside the realms of the LSE and AIM is the off-market trading facility Ofex. It has been stated in the notification that Ofex is neither regulated nor a market, but aims to provide a more cost effective and less regulated alternative to AIM.
Greek: (25) Despite the above developments, the UK claims that there is still a long-term equity gap for investment in SMEs located outside the South-East. Some of the lowest levels of listed companies and total market capitalisation exist in the Midlands.
French: (25) Despite the above developments, the UK claims that there is still a long-term equity gap for investment in SMEs located outside the South-East. Some of the lowest levels of listed companies and total market capitalisation exist in the Midlands.
Greek: 3. COMMENTS PRESENTED BY THIRD PARTIES
French: 3. COMMENTS PRESENTED BY THIRD PARTIES
Greek: (26) By letter dated 26 September 2005, the company PLUS Markets Group plc commented as an interested party pursuant to Article 20(2) of Council Regulation (EC) No 659/1999 [3] on the project under scrutiny. PLUS Markets Group plc (formerly Ofex Holdings plc) is the holding company for Ofex plc, which operates and regulates the Ofex market, which is described as being an independent market in the UK focussed on trading in shares of SMEs from around the world and representing a wide range of sectors and all stages of development.
French: (26) By letter dated 26 September 2005, the company PLUS Markets Group plc commented as an interested party pursuant to Article 20(2) of Council Regulation (EC) No 659/1999 [3] on the project under scrutiny. PLUS Markets Group plc (formerly Ofex Holdings plc) is the holding company for Ofex plc, which operates and regulates the Ofex market, which is described as being an independent market in the UK focussed on trading in shares of SMEs from around the world and representing a wide range of sectors and all stages of development.
Greek: (27) Ofex was created in October 1995 as a trading facility for unquoted and unlisted securities. In 2002, Ofex became a prescribed market under Section 118 of the Financial Services %amp% Markets Act 2000, authorized and regulated by the UK's Financial Services Authority, and Ofex plc took over the operation of the market.
French: (27) Ofex was created in October 1995 as a trading facility for unquoted and unlisted securities. In 2002, Ofex became a prescribed market under Section 118 of the Financial Services %amp% Markets Act 2000, authorized and regulated by the UK's Financial Services Authority, and Ofex plc took over the operation of the market.
Greek: (28) Ofex Holdings plc changed its name to PLUS Markets Group plc in 2004 following a process of refinancing and restructuring, which raised net funds from the private sector. In 2005, further funds were raised from institutional and other investors.
French: (28) Ofex Holdings plc changed its name to PLUS Markets Group plc in 2004 following a process of refinancing and restructuring, which raised net funds from the private sector. In 2005, further funds were raised from institutional and other investors.
Greek: (29) Pursuant to the third party comments, Ofex has served over 500 companies, and has not only provided a market for these companies' shares but also an opportunity to raise equity-based finance since its launch in 1995. Allegedly, the overwhelming majority of fund raisings were of amounts considerably less than GBP 1,5 million, with actually 33 companies raising less than GBP 1 million, principally form non-institutional investors. It is claimed that there are currently 137 companies traded on Ofex of which approximately 10 % are based in the Midlands region of the UK. It is further claimed that there are also 57 Midlands-based companies traded on the AIM market of the London Stock Exchange.
French: (29) Pursuant to the third party comments, Ofex has served over 500 companies, and has not only provided a market for these companies' shares but also an opportunity to raise equity-based finance since its launch in 1995. Allegedly, the overwhelming majority of fund raisings were of amounts considerably less than GBP 1,5 million, with actually 33 companies raising less than GBP 1 million, principally form non-institutional investors. It is claimed that there are currently 137 companies traded on Ofex of which approximately 10 % are based in the Midlands region of the UK. It is further claimed that there are also 57 Midlands-based companies traded on the AIM market of the London Stock Exchange.
Greek: (30) It is claimed that Ofex is already operating, and seeking to grow, in the same marketplace as the one in which Investbx will operate. It is further stated that, contrary to Investbx, Ofex had to obtain equivalent finance from the private sector on private sector terms whereas Investbx will be relieved of the costs of such funding. Allegedly, the public funding of Investbx may lead to an unfair competition with Ofex as a result of the aid and will damage the commercial interest of Ofex.
French: (30) It is claimed that Ofex is already operating, and seeking to grow, in the same marketplace as the one in which Investbx will operate. It is further stated that, contrary to Investbx, Ofex had to obtain equivalent finance from the private sector on private sector terms whereas Investbx will be relieved of the costs of such funding. Allegedly, the public funding of Investbx may lead to an unfair competition with Ofex as a result of the aid and will damage the commercial interest of Ofex.
Greek: 4. PRELIMINARY ASSESSMENT OF THE MEASURE
French: 4. PRELIMINARY ASSESSMENT OF THE MEASURE
Greek: (31) According to Article 6 of the Procedural Regulation [4], the decision to initiate the formal investigation procedure shall summarise the relevant issues of fact and law, shall include a preliminary assessment of the Commission as to the aid character of the proposed measure, and shall set out the doubts as to its compatibility with the common market.
French: (31) According to Article 6 of the Procedural Regulation [4], the decision to initiate the formal investigation procedure shall summarise the relevant issues of fact and law, shall include a preliminary assessment of the Commission as to the aid character of the proposed measure, and shall set out the doubts as to its compatibility with the common market.
Greek: 4.1. Presence of State aid pursuant to Article 87(1) EC
French: 4.1. Presence of State aid pursuant to Article 87(1) EC
Greek: (32) In accordance with Article 87(1) EC, any aid granted by a Member State or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall, in so far as it affects trade between Member States, be incompatible with the common market.
French: (32) In accordance with Article 87(1) EC, any aid granted by a Member State or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall, in so far as it affects trade between Member States, be incompatible with the common market.
Greek: (33) The assessment of the presence of State aid must consider the possibility that the measure may confer aid on at least three different levels:
French: (33) The assessment of the presence of State aid must consider the possibility that the measure may confer aid on at least three different levels:
Greek: - aid to Investbx,
French: - aid to Investbx,
Greek: - aid to investors,
French: - aid to investors,
Greek: - aid to the SMEs invested in.
French: - aid to the SMEs invested in.
Greek: 4.1.1. Aid to Investbx
French: 4.1.1. Aid to Investbx
Greek: (34) The activities of Investbx will be financed through State resources from AWM.
French: (34) The activities of Investbx will be financed through State resources from AWM.
Greek: (35) Investbx will be a new actor in the financial markets business and has to be considered as an undertaking, performing an economic activity by providing financial services to investors and SMEs located in the West Midlands region. It would not have been able to raise the capital to be used for its activities under the same favourable terms under normal market conditions. This is why the Commission considers that the grant provided by AWM to Investbx does not correspond to the behaviour of a private market investor. The funding provided by AWM to Investbx is either a grant or an interest-free loan, i.e. a funding free of charge. Investbx thus receives funding that it would otherwise not be able to seek from private sector sources at market rates. Accordingly, the undertaking Investbx receives an advantage.
French: (35) Investbx will be a new actor in the financial markets business and has to be considered as an undertaking, performing an economic activity by providing financial services to investors and SMEs located in the West Midlands region. It would not have been able to raise the capital to be used for its activities under the same favourable terms under normal market conditions. This is why the Commission considers that the grant provided by AWM to Investbx does not correspond to the behaviour of a private market investor. The funding provided by AWM to Investbx is either a grant or an interest-free loan, i.e. a funding free of charge. Investbx thus receives funding that it would otherwise not be able to seek from private sector sources at market rates. Accordingly, the undertaking Investbx receives an advantage.
Greek: (36) As effects on existing financial services providers such as Ofex cannot be completely excluded, the measure has the potential to distort competition and affect intra-Community trade.
French: (36) As effects on existing financial services providers such as Ofex cannot be completely excluded, the measure has the potential to distort competition and affect intra-Community trade.
Greek: (37) Therefore, Investbx is considered to be a beneficiary of aid pursuant to Article 87(1) EC.
French: (37) Therefore, Investbx is considered to be a beneficiary of aid pursuant to Article 87(1) EC.
Greek: 4.1.2. Aid to Investors and/or to the SMEs invested in
French: 4.1.2. Aid to Investors and/or to the SMEs invested in
Greek: (38) Neither the investors nor the SMEs using Investbx's services prima facie seem to be aid beneficiaries as no State resources will be transferred to them and as Investbx's services are open to all investors.
French: (38) Neither the investors nor the SMEs using Investbx's services prima facie seem to be aid beneficiaries as no State resources will be transferred to them and as Investbx's services are open to all investors.
Greek: (39) However, the Commission will have to further scrutinise whether the measure involves a transfer of aid to investors and or SMEs invested in and particularly needs to have more information on the identity of both investors and SMEs invested in (number; age; size; investment phase etc.) and the remuneration they will pay to Investbx. In addition, the question whether Investbx 1's investors benefit from Investbx 2's envisaged sale also merits further examination.
French: (39) However, the Commission will have to further scrutinise whether the measure involves a transfer of aid to investors and or SMEs invested in and particularly needs to have more information on the identity of both investors and SMEs invested in (number; age; size; investment phase etc.) and the remuneration they will pay to Investbx. In addition, the question whether Investbx 1's investors benefit from Investbx 2's envisaged sale also merits further examination.
Greek: 4.2. Legality of the aid
French: 4.2. Legality of the aid
Greek: (40) The UK respected its obligations pursuant to Article 88(3) EC.
French: (40) The UK respected its obligations pursuant to Article 88(3) EC.
Greek: 4.3. Compatibility of the aid
French: 4.3. Compatibility of the aid