natgillin/translations-raw huggingface dataset:
Vedrørende investorbeskyttelse anførte de britiske myndigheder, at i sin egenskab af udpeget repræsentant for en FSA-reguleret virksomhed, The Share Centre, underlægges Investbx kravene i loven fra 2000 om finansielle tjenesteydelser og markeder, ligesom The Share Centre skal sikre, at Investbx benytter bedste praksis som fastlagt i FSA's kodeks for forretningspraksis.
As regards investor protection, the UK authorities stated that as an appointed representative of an FSA regulated firm, The Share Centre, Investbx will be subject to the requirements of the Financial Services and Markets Act 2000, and The Share Centre will ensure that Investbx operates the appropriate best practices as set out in the FSA's Code of Business Practice.
Vedrørende transaktionsomkostningerne hævder de britiske myndigheder, at Investbx vil sikre tilvejebringelse af forskning og fremlæggelse af samme til en pris, som i gennemsnit vil være meget lavere, og Investbx vil samtidig fjerne den prisstillermargen, der er mellem tilbuds- og udbudsprisen.
Regarding transaction costs, the UK authorities claim that Investbx will ensure the provision of research and showcasing services, on average at a significantly lower cost level, while in addition it will eliminate the market-maker margin between the bid and offer price.
Hvis Investbx ikke er økonomisk bæredygtig efter fem år og ikke kan sælges, vil der ske en nedlukning.
If after five years Investbx is not viable economically, and it cannot be sold, it will be closed.
De virksomheder, som er noteret hos Investbx på det tidspunkt, kan imidlertid så vælge at blive overtaget af The Share Centre, som garanterer investorer og investeringsvirksomhederne en sikker fortsættelse af handelen på platformen til samme gebyrer og på samme øvrige vilkår som anført i udvælgelsesproceduren, da tjenesteudbyderen for Investbx blev udvalgt.
However, the companies listed at that time at Investbx may choose to be taken over by The Share Centre, which will guarantee to the investors and investees a secure continuity of trading at the platform subject to the same fees and other conditions as were offered in the selection procedure for providing services to Investbx.
Denne ordning indførtes for at forebygge frygt for investeringers fastlåsning hen imod udgangen af støtteperiodens femte år.
This arrangement was introduced in order to prevent fear of being locked in the investment towards the end of the five-year period of support.
Vedrørende argumentet om, at et auktionsbaseret system er mindre velegnet til handel med SMV-aktier, bemærker Kommissionen, at begge systemer indebærer fordele.
Concerning the argument that an auction-based system is less suitable for trading SMEs' shares, the Commission notes that both systems offer different advantages.
Prisstillersystemet giver mulighed for handel på et hvilket som helst tidspunkt, hvorimod det auktionsbaserede system fjerne prisspredningen.
While the market-maker system offers the possibility to trade at any time, the auction-based system eliminates the price spread.
De britiske myndigheder har yderligere erklæret, at Investbx vil sigte på at tiltrække investorer med langsigtede perspektiver, og som tillægger det mindre betydning, om deres aktier kan handles på daglig basis.
Moreover, the UK authorities declared that Investbx will aim at attracting investors with long term perspectives who would attribute less importance to the capacity to trade their shares on a daily basis.
Under alle omstændigheder er det ikke Kommissionens opgave at indføre et mere hensigtsmæssigt system.
In any case it is not for the Commission to establish which system is more suitable.
Kommissionen bemærker blot, at Investbx kan bidrage til en korrigering af markedssvigtet.
The Commission merely notes that Investbx can contribute to the mitigation of the market failure.
Ofex hævder, at eskalatorfunktionen er fuldstændigt dækket ind af Ofex, AIM og LSE.
According to Ofex, the escalator function is fully covered by Ofex, the AIM and the Official List.
Kommissionen bemærker, at Investbx sigter på at bidrage til at bygge bro over det første skridt, når en SMV fra West Midlands stiger op ad stigen mod AIM.
The Commission notes that Investbx aims at contributing to bridging the first step on this scale towards the AIM for West Midlands based SMEs.
På den liste, som Ofex har tilvejebragt, over virksomheder, der overgik fra Ofex til AIM i de seneste tre år, figurerer kun en virksomhed fra West Midlands.
From the list provided by Ofex of companies that went from Ofex to the AIM during past three years, only one company was from the West Midlands.
I betragtning af, at AIM er et marked i hastig vækst, formoder Kommissionen, at der under alle omstændigheder vil være rum for Investbx for at supplere Ofex' bestræbelser på at bringe nye virksomheder til AIM.
Taking into account that the AIM is a fast growing market, the Commission assumes that there would, in any event, be space for Investbx to complement the efforts of Ofex to bring new companies to the AIM.
Kommissionen erkender imidlertid, at der er en risiko for, at målsætningerne for Investbx, det være sig at rejse kapital for SMV eller hjælpe på vej mod et mere etableret marked, måske ikke nås.
Nevertheless, the Commission recognises that indeed there is a risk that the objectives of Investbx, be it capital raising for SMEs or serving as a step to more senior capital markets, may not be achieved.
En sådan risiko er en iboende karakter ved et pilotprojekt.
Such a risk is inherent in the nature of a pilot project.
Det er årsagen til, at private investorer ikke var villige til at investere i projektet, og hvorfor der må benyttes statsstøtte.
It is the reason why private investors were not willing to invest into this project and why the incentive of state aid is used.
Ofex har ret i, at støtten for størstedelens vedkommende ikke er rettet mod dækning af SMV's omkostninger, men Investbx' opstartsudgifter.
Ofex is right that the aid is predominantly not directed to cover enterprise costs of SMEs to be financed, but the start-up costs of Investbx.
Investeringsvirksomhederne modtager egenkapitalfinansiering fra private investorer på markedsvilkår.
Investees will receive equity financing from private investors at market conditions.
Støtten er nærmere direkte rettet mod en markedsplads, der kan hjælpe med at effektivisere kanaliseringen af finansieringsmidlerne.
The aid is directed merely at a market place that will help to increase efficiency in channelling the funds.
Vedrørende Ofex' bekymring for, at Investbx vil fortrænge private investeringer til eksisterende eller potentielle markeder, udelukker Kommissionen ikke denne mulighed i et begrænset omfang, men erindrer om, at Investbx' forretningsområde er begrænset til SMV i West Midlands, som ønsker at rejse egenkapital på indtil 2 mio. GBP.
As to the concern of Ofex that Investbx would crowd out private investment to existing or potential trading markets, the Commission does not exclude this possibility to a limited extent but recalls that the activity of Investbx is limited to SMEs in the West Midlands that aim at raising equity of up to GBP 2 million.
De øvrige markedspladser er, så vidt Kommissionen ved, meget lidt aktive på dette segment.
In this segment the other market places known to the Commission are active to a very limited extent.
Navnlig er kun 7 virksomheder fra West Midlands noteret hos Ofex, som tæller 180 noterede virksomheder.
In particular Ofex lists only 7 companies from the West Midlands out of its 180 quoted companies.
Hvis Investbx-projektet ikke lykkes, betyder det, at omsætningen er for lille til at være rentabel, og det vil sandsynligvis ikke påvirke nogen af konkurrenterne på nogen måde.
If Investbx is not successful, it means that its turnover will be too small to realise profits, and it will be unlikely to influence in any way the position of its competitors.
Hvis Investbx derimod får succes, vil AWM sælge efter fem år til private investorer gennem en åben udbudsprocedure og dermed tiltrække flere private investeringer til markedet for denne form for finansielle tjenesteydelser.
On the other hand, if Investbx is successful, AWM will sell it after five years to private investors through an open tender and thus would attract more private investment into the market for this type of financial services.
Under alle omstændigheder er det op til de private investorer at vurdere, hvilken form for markedsplads, der kan yde den bedste service, er mest innovativ og tilbyder de højeste afkastmuligheder for deres investeringer.
In any case, it will be for the private investors to assess which type of market place offers better services, is more innovative and offers higher return possibilities for their investment.
På den ene side er det sandt, at Investbx i løbet af de første fem år ikke vil skulle betale dividender til den offentlige investor.
On the one hand, it is true that during the first five years Investbx will not have to pay any dividends to the public investor.
Investbx skal i de første fem år opkræve gebyrer for ydelserne, så regnskabet balancerer inden fem år.
Investbx will for the first five years charge prices for its services such that it aims at breaking even in five years.
Med udsigten til salget er det endelige mål imidlertid at udvikle sig til en rentabel virksomhed, som må skaffe indtjening, når først salget er en realitet.
Nevertheless, in view of its sale, its ultimate aim is to develop into a profitable enterprise, which will have to generate profits once it will be sold.
Ofex hævder, at Investbx kan virke hæmmende på innovation på finansmarkederne.
Ofex claims that Investbx may restrain innovation in the financial market.
Den måde, som Investbx skal fungere på, udgør dog i sig selv en større innovation.
However, by the way how Investbx will operate, it represents by itself a major innovation.
Investbx er egentlig en kombination af flere forskellige innovative elementer.
Indeed, it is a combination of several innovative elements.
Afvejning og konklusion
Balancing and Conclusion
Kommissionen erkender, at oprettelsen af Investbx er en foranstaltning, der sigter på at fjerne et markedssvigt og vil tilskynde SMV til at rejse egenkapital.
The Commission acknowledges that the creation of Investbx is a measure aimed at eliminating a market failure and it will have an incentive effect to raise equity capital for SMEs.
Kommissionen mener, at støtten på 3 mio. GBP til Investbx står i forhold til det tilsigtede mål.
The Commission considers that the GBP 3 million of aid to Investbx is proportional.
Der er flere aspekter, der begrænser den skade, foranstaltningen eventuelt måtte forvolde for konkurrenterne.
There are several aspects that limit the detriment that may be caused to competitors.
Foranstaltningen er begrænset med hensyn til den geografiske virkning, over tid og vedrørende målgruppevirksomheder.
The measure is limited geographically, in time and in terms of targeted investees.
I lyset af ovenstående betragtninger er Kommissionen kommet til den konklusion, at støtten bidrager til at afbøde et markedssvigt og muliggør udviklingen af en regional platform for egenkapitalfinansiering, som gør det lettere for SMV at skaffe egenkapitalfinansiering, samtidig med at den ikke ændrer samhandels- og konkurrencevilkårene i Fællesskabet i et omfang, der strider mod de fælles interesser.
Based on the above considerations, the Commission has come to the conclusion that the aid contributes to overcoming a market failure and makes possible the development of a regional equity trading platform that will facilitate equity financing of SMEs, while it does not adversely affect trading conditions to an extent that is contrary to the common interest.
Støtten til Investbx er derfor forenelig med det fælles marked i henhold til Retningslinjerne for risikokapital.
Consequently, the aid to Investbx is compatible with the common market under the Risk Capital Guidelines.
De britiske myndigheder har givet tilsagn om, at tilskuddet til Investbx ikke vil blive kumuleret med anden statsstøtte for Investbx' vedkommende.
The UK authorities have given the undertaking that the grant to Investbx will not be cumulated with any other state aid at the level of Investbx.
For så vidt angår mål-SMV, udgøres den fordel, de kan drage af foranstaltningen af den adgang, de får til Investbx' ydelser, og som de ellers ikke ville have adgang til eller ikke på samme vilkår.
As regards aid to the target SMEs, the advantage they may receive from this measure is the access to Investbx services, which they would otherwise either not have, or not at the same terms.
De modtager egenkapitalfinansiering, som ikke indeholder noget statsstøtteelement, udelukkende fra private midler.
They will receive equity not containing any element of aid from purely private resources.
Støtteelementet ligger ikke i egenkapitalfinansieringen, hvorfor reglerne i afsnit 6 i Retningslinjerne for risikokapital, som er til hinder for kumulering af støttet risikokapital med andre støtteforanstaltninger, ikke finder anvendelse på de SMV, der benytter Investbx.
The aid element is not in the equity investment, therefore the rules of Section 6 Risk Capital Guidelines, which prevent the cumulation of aided risk capital with other aid measures, do not apply to the SMEs using Investbx.
I betragtning af den innovative karakter, kompleksiteten og foranstaltningens mulighed for at kunne bringes i anvendelse i andre regioner i Det Europæiske Fællesskab for at bidrage til korrigering af markedssvigt på regionalt plan, ønsker Kommissionen at overvåge virkningerne og resultaterne af Investbx-foranstaltningen.
Taking into account the innovative nature, the complexity and the potential of the measure to be applied in other regions of the European Communities in order to contribute to resolving the market failure at regional level, the Commission wishes to monitor the effects and the success of the Investbx measure.
De britiske myndigheder skal årligt indgive en rapport om foranstaltningen, om antallet af SMV, der rejses kapital for, og mængden af den rejste kapital for hver enkelt SMV, så Kommissionen kan vurdere, hvorvidt foranstaltningen faktisk er velegnet til at tackle markedssvigt på under 2 mio. GBP.
The UK authorities shall submit in a yearly report concerning this measure the number of SMEs for which capital was raised, and the volume of capital raised for each SME so that the Commission may assess whether the measure indeed appropriately tackles the market failure below GBP 2 million.
For at kunne evaluere virkningerne på udbudssiden skal de britiske myndigheder ligeledes angive mængden af investeringskapital, der rejses for hver investortype.
In order to be able to evaluate the effects on the supply side, the UK authorities shall equally submit the volume of investment capital raised per type of investor.
For at kunne måle foranstaltningens rentabilitet og overvåge anvendelsen af statsmidlerne skal de britiske myndigheder tilsende Kommissionen Investbx' årsregnskaber.
In order to measure the profitability of the measure and to monitor the use of the state resources, the UK authorities shall submit yearly financial accounts of Investbx.
Ved udgangen af det femte år efter oprettelsen af Investbx skal de britiske myndigheder oplyse Kommissionen om, hvorvidt Investbx med held blev solgt til private investorer gennem en offentlig udbudsprocedure, eller om Investbx blev lukket —
At the end of the fifth year after setting up Investbx the UK shall inform the Commission whether Investbx was sold successfully to private investors through a public tender process or whether it was closed down.
Den støtte, som Det Forenede Kongerige påtænker at yde i form af et tilskud på 3 mio. GBP til fordel for Investbx, er forenelig med fællesmarkedet efter traktatens artikel 87, stk. 3, litra c).
The aid which the United Kingdom is planning to implement in the form of a grant of GBP 3 million in favour of Investbx is compatible with the common market within the meaning of Article 87(3)(c) of the Treaty.
Støtten kan følgelig godkendes.
Implementation of the aid is accordingly authorised.
Det Forenede Kongerige sender hvert år en rapport om gennemførelsen af støtten, og rapporten skal indeholde følgende elementer:
The United Kingdom shall submit an annual report on the implementation of the aid, which will include the following elements:
antallet af SMV, der blev rejst kapital for
the number of SMEs for which capital was raised,
mængden af den rejste kapital for hver enkelt SMV
the volume of capital raised for each SME,
mængden af investeringskapital, der rejses for hver investortype, og
the volume of investment capital raised per type of investor, and
årsregnskab.
financial accounts.
Ved udgangen af det femte år efter oprettelsen af Investbx skal Det Forenede Kongerige oplyse Kommissionen om, hvorvidt Investbx med held blev solgt til private investorer gennem en offentlig, åben og ikke-diskriminerende udbudsprocedure, eller om Investbx blev lukket.
At the end of the fifth year after setting up Investbx the United Kingdom shall inform the Commission whether Investbx was sold successfully to private investors through a public open and non-discriminatory tender process or whether it was closed down.
EFT C 288 af 19.11.2005, s. 13.
OJ C 288, 19.11.2005, p. 13.
Definitionen er i overensstemmelse med Kommissions henstilling af 6. maj 2003 om definitionen af mikrovirksomheder, små og mellemstore virksomheder (EUT L 124 af 20.5.2003, s. 36).
The definition complies with Commission Recommendation of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).
SMV i ekspansionsfasen defineres i punkt 2.2.(h) i Retningslinjerne for risikokapital (EF-retningslinjer for statsstøtte til fremme af risikokapitalinvesteringer i små og mellemstore virksomheder, EUT C 194 af 18.8.2006, s. 2).
SMEs in expansion stage are SMEs as defined in point 2.2 (h) of the Risk Capital Guidelines (Community Guidelines on State Aid to Promote Risk Capital Investments in Small and Medium-Sized Enterprises, OJ C 194, 18.8.2006, p. 2).
Egenkapitalgabet henviser til investeringer i egenkapital i størrelsesordenen fra 0,5 mio. til 2 mio. GBP.
Equity gap finance refers to the investments in the equity gap range of GBP 0,5 to 2 million.
Rapport fra den britiske industrisammenslutning: Confederation of British Industry: »Improving access to finance — Enabling the enterprise revolution« (juli 2006).
Confederation of British Industry: ‘Improving access to finance — Enabling the enterprise revolution’ (July 2006).
Partnersyndikater er en gruppe af investorer, som går sammen om at investere i et selskab.
A syndicate partner is a group of investors that act together when investing into a company.
Som omhandlet i EF-retningslinjerne for statsstøtte til fremme af risikokapitalinvesteringer i små og mellemstore virksomheder, EFT C 194 af 18.8.2006, s. 2.
As defined in Community Guidelines on State Aid to Promote Risk Capital Investments in Small and Medium Sized Firms, OJ C 194, 18.8.2006, p. 2.
EUT S 206 af 25.10.2003, nr. 186003.
OJ S 206, 25.10.2003, No 186003.
Kommissionens beslutning 2005/1144/EF, EUT L 91 af 29.3.2006, s. 16.
Commission Decision C(2005)1144, OJ L 91, 29.3.2006, p. 16.
Rådets forordning (EF) nr. 659/1999 af 22. marts 1999 om fastlæggelse af regler for anvendelsen af EF-traktatens artikel 93, EFT L 83 af 27.3.1999, s. 1.
Council Regulation (EC) no 659/1999 of 22 March 1999 laying down detailed rules for the application of Article 93 of the EC Treaty, OJ, 27.3.1999, L 83, p. 1.
Sag nr. 2006/250/EF — Det Forenede Kongerige — »Iværksætterkapitalfonde (ECF)«, EUT L 91 af 29.3.2006, s. 16.
Case No 2006/250/EC — United Kingdom — ‘Enterprise Capital Funds’, OJ L 91, 29.3.2006, p. 16.
Retningslinjerne for risikokapital, punkt 7.2, tredje afsnit.
Risk Capital Guidelines, point 7.2 third paragraph.
Kommissionens meddelelse KOM(2005) 107 endelig af 7. juni 2005.
Commission Communication COM(2005) 107 final, from 7 June 2005.
Kommissionens beslutning af 26. juli 2000 om statsstøtte N 265/2000 — Det Forenede Kongerige vedrørende det britiske regionalstøttekort for 2000-2006 (EFT C 272 af 23.9.2000, s. 43).
Commission decision of 26 July 2000 on State aid N 265/2000 — United Kingdom concerning the UK regional aid map for 2000 — 2006 (OJ C 272, 23.9.2000, p. 43).
Business angels investerer sædvanligvis mellem 10000 GBP og 250000 GBP i nystartede virksomheder eller virksomheder i den tidlige fase med stort vækstpotentiel.
Business angels generally invest between GBP 10,000 and GBP 250,000 in start-up or early-stage businesses with growth potential.
Statsstøttesag C 17/2004/EF, EUT L 91 af 29.3.2006, s. 16.
State aid case C 17/2004, OJ L 91, 29.3.2006, p. 16.
PricewaterhouseCoopers: »BVCA Private Equity and Venture Capital — Performance Measurement Survey 2003« (2004).
PricewaterhouseCoopers: ‘BVCA Private Equity and Venture Capital — Performance Measurement Survey 2003’ (2004).
PricewaterhouseCoopers: »BVCA Report on Investment Activity 2003« (2004).
PricewaterhouseCoopers: ‘BVCA Report on Investment Activity 2003’ (2004).
ECOTEC Research and Consulting Limited: »Advantage Enterprise & Innovation Fund: Analysis of Market Demand« (2004).
ECOTEC Research and Consulting Limited: ‘Advantage Enterprise & Innovation Fund: Analysis of Market Demand’ (2004).
PricewaterhouseCoopers: »BVCA Private Equity and Venture Capital Performance Measurement Survey 2004« (2005) and »BVCA Private Equity and Venture Capital Performance Measurement Survey 2005« (2006).
PricewaterhouseCoopers: ‘BVCA Private Equity and Venture Capital Performance Measurement Survey 2004’ (2005) and ‘BVCA Private Equity and Venture Capital Performance Measurement Survey 2005’ (2006).
I 2005-rapporten blev statistikkerne splittet op på fonde, der først lukkede før og efter 1996.
In the 2005 Report, statistics were split into funds that first closed before and after 1996.
Fonde, der først lukkede efter 1996 blev omklassificeret til venturekategorier (herunder seed, start-up og tidlig udviklingsfase), små MBO (MBOs/MBIs under 10 mio. GBP og ekspansionsfaseinvesteringer), mellemstore MBO (MBOs/MBIs for 10-100 mio. GBP) og store MBO (MBOs/MBIs over 100 mio. GBP).
Funds that first closed after 1996 were reclassified to categories of venture (including seed, start-up and early stages of development), small MBO (MBOs/MBIs below GBP 10 million and expansion stage investments), mid MBO (MBOs/MBIs for GBP 10-100 million) and large MBO (MBOs/MBIs above GBP 100 million).
PricewaterhouseCoopers: »BVCA Report on Investment Activity 2004« (2005) and »BVCA Report on Investment Activity 2005« (2006).
PricewaterhouseCoopers: ‘BVCA Report on Investment Activity 2004’ (2005) and ‘BVCA Report on Investment Activity 2005’ (2006).
Harding, R. Cowling, M. and Murray, G.: »Assessing the Scale of the Equity Gap: Report to H.M.
Harding, R. Cowling, M. and Murray, G.: ‘Assessing the Scale of the Equity Gap: Report to H.M.
Treasury and Small Business Service« (November 2003) og ECOTEC: »Advantage Enterprise and Innovation Fund: Analysis of Market Demand, a final report to Advantage West Midlands« (2004).
Treasury and Small Business Service’ (November 2003) and ECOTEC: ‘Advantage Enterprise and Innovation Fund: Analysis of Market Demand, a final report to Advantage West Midlands’ (2004).
ECOTEC: »Advantage Enterprise & Innovation Fund: Analysis of Market Demand« (2004).
ECOTEC: ‘Advantage Enterprise & Innovation Fund: Analysis of Market Demand’ (2004).
CBI: »Improving Access to Finance: Enabling the Enterprise Revolution« (July 2006).
CBI: ‘Improving Access to Finance: Enabling the Enterprise Revolution’ (July 2006).
Jaffe Associates på vegne af Quoted Companies Alliance: »Institutional investment and trading in UK smaller quoted companies« (2002).
Jaffe Associates on behalf of Quoted Companies Alliance: ‘Institutional investment and trading in UK smaller quoted companies’ (2002).
SWR Worldwide: »Views of Issuers and Investors across Great Britain on Investment Issues« (2001).
SWR Worldwide: ‘Views of Issuers and Investors across Great Britain on Investment Issues’ (2001).