natgillin/translations-raw huggingface dataset:
Tim Mocroft: »Bridging the equity gap: a new proposal for virtual local equity markets« (2001).
Tim Mocroft: ‘Bridging the equity gap: a new proposal for virtual local equity markets’ (2001).
Deloitte & Touche: »Improving Access to Finance for Small and Medium Sized Enterprises« (2002).
Deloitte & Touche: ‘Improving Access to Finance for Small and Medium Sized Enterprises’ (2002).
Robert Huggins, Robert Huggins Associates: »Regional Stock Exchanges — A Viable Option for Wales and Other UK Regions?« (2003).
Robert Huggins, Robert Huggins Associates: ‘Regional Stock Exchanges — A Viable Option for Wales and Other UK Regions?’ (2003).
Dette forhold analyseres både af Harald Hau, der viser, hvordan børshandlere, der investerer i nærliggende virksomheder, har tendens til at opnå højere afkast sammenholdt med andre fjernere børshandlere, og af Degryse og Ongena, der har analyseret låneaftaler indgået med banker og opdaget, at banker tilbyder bedre lånevilkår til mere nærliggende kunder.
This factor is analyzed both by Harald Hau, who shows how traders investing in closely located firms tend to achieve higher trading profits compared to other traders located further, and by Degryse and Ongena, who analysed bank loan contracts and discovered that banks offer better loan conditions to clients located more closely.
Harald Hau: Location Matters: An Examination of Trading Profits, The Journal of Finance, (2001) Vol. 56, No. 5, pp. 1959-1983; Hans Degryse, Steve Ongena: »Distance, Lending Relationship, and Competition«, EFA 2003 Annual Conference Paper No. 260 (2002).
Harald Hau: Location Matters: An Examination of Trading Profits, The Journal of Finance, (2001) Vol. 56, No. 5, pp. 1959-1983; Hans Degryse, Steve Ongena: ‘Distance, Lending Relationship, and Competition’, EFA 2003 Annual Conference Paper No. 260 (2002).
Se som et eksempel statsstøttesag nr. C 17/2004 — Det Forenede Kongerige (»Iværksætterkapitalfonde (ECF)«), EUT L 91 af 29.3.2006, s. 16, og statsstøttesag nr. C 72/2003 — Det Forenede Kongerige (»Invest Northern Ireland Venture 2003-ordningen«), EUT L 236 af 13.9.2005, s. 14.
Take as example State aid case No C 17/2004 — United Kingdom (‘Enterprise Capital Funds’), OJ L 91, 29.3.2006, p. 16, and State aid case No C 72/2003 — United Kingdom (‘Invest Northern Ireland Venture 2003’), OJ L 236, 13.9.2005, p. 14.
Warwick University indsendte en case study vedrørende en SMV fra West Midlands, der havde modtaget egenkapitalfinansiering fra Australien.
The Warwick University submission reported of a case study, in which a West Midlands SME received equity financing from Australia.
Deloitte & Touche: Access to Finance: Opportunities and Constraints for Business Development and Growth in the West Midlands; (2002), s. 36 og 39; ECOTEC: Advantage Enterprise & Innovation Fund: Analysis of Market Demand (2004), s. 16-18.
Deloitte & Touche: Access to Finance: Opportunities and Constraints for Business Development and Growth in the West Midlands; (2002), p. 36 and 39; ECOTEC: Advantage Enterprise & Innovation Fund: Analysis of Market Demand (2004), p. 16-18.
Individuelle private investorer vil kunne deltage i primærfinansieringen under hele forløbet, hvor der søges rejst kapital, og få adgang til præsentationen og uafhængig forskning om de virksomheder, der kan investeres i. I henhold til de britiske myndigheder er det normalt kun institutionelle investorer, der har adgang til sådanne oplysninger.
Individual private investors will be able to participate in the primary funding during the fund-raising process and gain access to presentation and independent research on the investees. These opportunities are, according to the UK authorities, usually obtained only by institutional investors.
Den egentlige støtte bliver begrænset til, hvad der er nødvendigt for at dække mulige tab. Hvis Investbx' resultater bliver så gode, at de dækker de administrative omkostninger, inden det fuldstændige støttebeløb er brugt, tilbageføres den resterende del af tilskuddet til AWM.
The actual aid will be limited to what is necessary to cover potential losses. If Investbx performs so well that it covers its administrative costs before the entire amount of aid is spent, it will return the remaining part of grant to AWM.
Vedrørende tilskyndelsesvirkningen muliggør støtten et regionalt alternativs handelssystem med etablering af yderligere tjenester, og som også indfører en ny kanal for formidling af relevante oplysninger mellem investorer og de virksomheder, de kan investere i. Støtten tilskynder således til oprettelsen af Investbx og til korrigering af markedssvigtet.
Concerning the incentive effect, the aid enables a regional alternative trading system place with additional services to be founded, and which also provides for a new channel for transmitting investment relevant information between investors and investee SMEs. Thus the aid provides an incentive for Investbx to come into existence and to target market failure.
region=West Mids, on 6. november 2006.
region = West Mids, on 6 November 2006.
Rådets afgørelse 2008/134/FUSP
Council Decision 2008/134/CFSP
af 18. februar 2008
of 18 February 2008
Rådet vedtog den 14. november 2005 fælles aktion 2005/797/FUSP om Den Europæiske Unions politimission i de palæstinensiske områder (EUPOL COPPS) for en treårig periode.
On 14 November 2005 the Council adopted Joint Action 2005/797/CFSP establishing a European Union Police Mission for the Palestinian Territories (EUPOL COPPS) for a period of three years.
Rådet vedtog den 20. november 2006 afgørelse 2006/807/FUSP [2] om fastsættelse af EUPOL COPPS' endelige budget for 2007.
On 20 November 2006 the Council adopted Decision 2006/807/CFSP [2] establishing the final budget for EUPOL COPPS for the year 2007.
Rådet vedtog den 6. december 2007 afgørelse 2007/808/FUSP, hvori det blev fastsat, at budgettet også skulle dække udgifterne i forbindelse med missionen fra den 1. januar 2007 til den 29. februar 2008.
On 6 December 2007 the Council adopted Decision 2007/808/CFSP, providing that the budget would also cover expenditure related to the Mission from 1 January 2007 to 29 February 2008.
I henhold til artikel 1, stk. 2, i afgørelse 2007/808/FUSP fastsættes EUPOL COPPS' endelige budget for perioden fra den 1. marts 2008 til den 31. december 2008 af Rådet inden den 29. februar 2008 —
In accordance with Article 1(2) of Decision 2007/808/CFSP, the final budget of EUPOL COPPS for the period from 1 March 2008 to 31 December 2008 is to be decided by the Council before 29 February 2008,
Det finansielle referencegrundlag til dækning af udgifterne i forbindelse med Den Europæiske Unions politimission i de palæstinensiske områder (EUPOL COPPS) fra den 1. marts 2008 til den 31. december 2008 udgør 5000000 EUR.
The financial reference amount intended to cover the expenditure related to the European Union Police Mission for the Palestinian Territories (EUPOL COPPS) from 1 March 2008 to 31 December 2008 shall be EUR 5000000.
Ændret ved afgørelse 2007/808/FUSP (EUT L 323 af 8.12.2007, s. 56).
Decision as amended by Decision 2007/808/CFSP (OJ L 323, 8.12.2007, p. 56).
Udfærdiget i Bruxelles, den 18. februar 2008.
Done at Brussels, 18 February 2008. For the Council
om ad hoc-finansiering af nederlandske public service-radio/tv-selskaber C 2/2004 (ex NN 170/2003)
on the ad hoc financing of Dutch public service broadcasters C 2/2004 (ex NN 170/2003)
(meddelt under nummer K(2006) 2084)
(notified under document number C (2006)2084)
efter at have opfordret interesserede parter til at fremsætte bemærkninger i overensstemmelse med disse artikler,
Having called on interested parties to submit their comments pursuant to the provisions cited above,
under hensyntagen til disse bemærkninger, og
Having regard to their comments,
I. SAGSFORLØB OG BAGGRUND
I. PROCEDURE AND BACKGROUND
I løbet af 2002 og 2003 modtog Kommissionen flere klager, ifølge hvilke den offentlige støtteordning for nederlandske offentlige radio/tv-selskaber skulle udgøre ulovlig statsstøtte efter EF-traktatens artikel 87, stk. 1.
In the course of 2002 and 2003 the Commission received several complaints alleging that the public funding system in place for Dutch public broadcasters constitutes unlawful and incompatible state aid within the meaning of Article 87(1) of the EC Treaty.
Under den foreløbige undersøgelse af klagerne modtog Kommissionen yderligere oplysninger fra klagerne og fra de nederlandske myndigheder.
In the course of the preliminary investigation of the complaints, the Commission received additional information from the complainants, as well as the Dutch authorities.
Efter den foreløbige vurdering af de påståede støtteforanstaltninger meddelte Kommissionen ved brev af 3. februar 2004 Nederlandene, at den havde besluttet at indlede proceduren efter EF-traktatens artikel 88, stk. 2, for visse foranstaltningers vedkommende, der kan betragtes som ny støtte.
Following the preliminary assessment of the alleged aid measures, the Commission informed the Netherlands, by letter dated 3 February 2004, that it had decided to initiate the procedure laid down in Article 88(2) of the EC Treaty with respect to certain measures which could be qualified as new aid.
Nederlandene reagerede på beslutningen om at indlede proceduren ved brev af 30. april 2004.
The Netherlands responded to the decision to open proceedings by letter dated 30 April 2004.
Kommissionen modtog endvidere bemærkninger fra 11 interesserede parter.
Moreover, the Commission received comments from 11 interested parties.
Ved brev af 29. april 2004 sendte Kommissionen kommentarerne til Nederlandene.
By letter of 29 April 2004 the Commission forwarded the comments to the Netherlands.
De nederlandske myndigheders reaktion blev modtaget ved brev af 13. august 2004.
The reaction by the Dutch authorities was received by letter dated 13 August 2004.
Kommissionen stillede supplerende spørgsmål til de nederlandske myndigheder ved brev af 4. januar 2005 og 25. maj 2005, og de nederlandske myndigheder svarede ved brev af 27. januar 2005 og 25. juli 2005.
The Commission asked additional questions to the Dutch authorities by letters of 4 January 2005 and 25 May 2005, to which the Dutch authorities responded by letters of 27 January 2005 and 25 July 2005.
Der indkom yderligere oplysninger fra en af klagerne (De Telegraaf) den 25. juli 2005 og fra de nederlandske myndigheder den 2. september.
Further information was received from one of the complainants (De Telegraaf) on 25 July 2005 and from the Dutch authorities on 2 September.
Kommissionen bad de nederlandske myndigheder om en yderligere afklaring ved e-mail af 22. november 2005, som de nederlandske myndigheder besvarede den 25. november 2005.
The Commission asked the Dutch authorities for further clarification by e-mails on 22 November 2005, to which the authorities responded on 25 November 2005.
Efter et møde med myndighederne besluttede Kommissionen, at det var nødvendigt med en yderligere afklaring.
The Commission decided after a meeting with the authorities that further clarification was necessary.
Derfor blev der den 22. december 2005 fremsendt en anmodning om oplysninger til de nederlandske myndigheder, som de besvarede den 3. februar 2006 i overensstemmelse med den frist, de var blevet indrømmet.
To this end a request for information was sent to the Dutch authorities on 22 December 2005, to which the Dutch authorities, having been granted a delay, responded on 3 February 2006.
I relation til dette svar blev der i februar 2006 og april 2006 udvekslet yderligere e-mails mellem de nederlandske myndigheder og Kommissionen.
Regarding this reply further e-mails were exchanged between the Dutch authorities and the Commission in February 2006 and April 2006.
Der blev holdt et møde mellem de nederlandske myndigheder og repræsentanter for Kommissionen den 24. september 2004.
A meeting between the Dutch authorities and the Commission took place on 24 September 2004.
Der blev holdt et møde med De Telegraaf den 27. oktober 2004.
A meeting with De Telegraaf took place on 27 October 2004.
Der blev holdt et møde med Broadcast Partners den 5. januar 2005.
A meeting with Broadcast Partners took place on 5 January 2005.
Der blev holdt et møde mellem RTL og Kommissionen den 27. juli 2005 og mellem VESTRA og Kommissionen den 23. september 2005.
A meeting between RTL and the Commission took place on 27 July 2005 and between VESTRA and the Commission on 23 September 2005.
Kommissionen havde endnu et møde med de nederlandske myndigheder den 1. februar og den 14. februar 2006.
The Commission had another meeting with the Dutch authorities on 1 February and 14 February 2006.
Ud over denne procedure vedrørende »ny støtte« vurderes finansieringen af public service-radio/tv-selskaberne gennem årlige statslige tilskud og stimuleringsfonden (Stifo, Stichting Stimuleringsfonds Nederlandse Culturele Omroepproducties i en separat procedure for »eksisterende støtte« (jf. statsstøtte nr. E-5/2005).
In addition to this procedure on ‘new aid’, the financing of the public service broadcasters through annual state payments and the Stimulation Fund (Stifo, Stichting Stimuleringsfonds Nederlandse Culturele Omroepproducties) is being assessed in a separate ‘existing aid’ procedure (cf. state aid No. E-5/2005).
I denne beslutning henviser Kommissionen kun til de foranstaltninger, der er omfattet af »proceduren for eksisterende støtte«, hvis det er nødvendigt for at få et samlet billede af finansieringen af offentlig radio/tv-virksomhed.
In this Decision the Commission refers to the measures which are the object of the ‘existing aid procedure’ only insofar as necessary to provide an overall picture of the financing of public broadcasting.
Der vil imidlertid ikke blive taget stilling til, om de regelmæssige årlige betalinger og betalingerne fra stimuleringsfonden er forenelige med statsstøttereglerne.
This Decision does not, however, concern the issue of compatibility with state aid rules of the regular annual payments and of the payments from the Stimulation Fund.
Beslutningen vil også kun vurdere finansieringen af public service-radio/tv-selskabernes kerneområder (de såkaldte hovedopgaver) og således udelukke biopgaver, som f.eks. nye medietjenester, udbud af SMS og i-mode.
This Decision will also be limited to assessing the financing of the public service broadcasters' core activities (the so-called main tasks). Side activities, like the new media services, the provision of SMS and i-mode, are not, therefore, examined.
Beslutningen vil heller ikke behandle NOS' investering i netværksoperatøren Nozema, der ifølge klagerne ikke er foretaget på markedsvilkår.
Similarly, this Decision will not deal with the investment by NOS in the network operator Nozema, which according to complaints might not have been done on market terms.
Disse spørgsmål vil blive behandlet separat.
These issues will be dealt with separately.
Beslutningen om at indlede den formelle undersøgelsesprocedure omfattede proceduren fra 1992.
Finally, the decision to open the formal investigation procedure covered the procedure as from 1992.
Ikke desto mindre ser det ud til, at de første ad hoc-betalinger først fandt sted i 1994.
Nevertheless, it appears that the first ad hoc payments were made only in 1994.
Endvidere er tallene op til 2005 nu tilgængelige og bør indgå.
Furthermore, figures up to 2005 are now available and should be taken into account.
Den periode, beslutningen dækker, går derfor fra 1994 — da den første ad hoc-betaling blev foretaget — til 2005, der er det sidste år, for hvilket der foreligger endelige tal.
The period covered by the decision would therefore range from 1994 — when the first ad hoc payment was made — to 2005, the last year for which final figures are available.
Det skal bemærkes, at de nederlandske myndigheder opfordrede Kommissionen til også at inddrage 2006.
It should be noted that the Dutch authorities invited the Commission also to take into account 2006.
Tallene for 2006 er imidlertid kun foreløbige og kan derfor ikke indgå.
However, the figures for 2006 are only provisional and cannot, therefore, be taken into account.
DETALJERET BESKRIVELSE AF DEN OFFENTLIGE RADIO/TV-SEKTOR
2 DETAILED DESCRIPTION OF THE PUBLIC BROADCASTING SYSTEM
Dette kapitel vil først i afsnit 2.1 omhandle aktørerne inden for (offentlig) radio/tv-virksomhed, og derefter i afsnit 2.2 de forskellige elementer i finansieringssystemet for den nederlandske radio/tv-sektor generelt.
Section 2.1 of this Chapter presents the actors in the (public) broadcasting sector. This is followed in section 2.2 by a description of the different elements of the financing system for the Dutch broadcasting sector in general.
I den henseende vil de retlige bestemmelser, der pålægger radio/tv-selskaber en public service-opgave blive beskrevet, de forskellige finansieringsmekanismer vil blive forklaret (årlige betalinger og ad hoc-betalinger), og endelig vil det blive forklaret, hvilke reserver de offentlige radio/tv-selskaber har opbygget og bruger til at udføre deres public service-opgave.
In connection with this, the legal provisions entrusting the broadcasters with a public service mission are described, the different financing mechanisms (annual payments and ad hoc payments) are spelled out and, finally, the reserves the public broadcasters have built up and use for the fulfilment of their public service mission are explained.
Herefter vil de nederlandske radio/tv-selskabers kommercielle aktiviteter blive diskuteret (afsnit 2.5).
The commercial activities of the Dutch public broadcasters are then discussed in section 2.5.
I afsnit 2.6 gøres der rede for NOS' erhvervelse af fodboldrettigheder, og afsnit 2.7 omhandler forholdet mellem radio/tv-selskaber og kabeloperatører.
Section 2.6 explains the acquisition of football rights by the NOS and section 2.7 deals with the relation between broadcasters and cable operators.
Endelig fastslår afsnit 2.8, hvilke foranstaltninger der indgår i denne procedure.
Finally, section 2.8 sets out which measures are the subject of this procedure.
Aktører i den (offentlige) radio/tv-sektor
Actors in the (public) broadcasting sector
Public service-radio/tv-sektoren består af forskellige organisationer, herunder otte private foreninger (private radio/tv-selskaber, hvis medlemmer har fået overdraget en public service-opgave) og ti private fonde (private radio/tv-selskaber, hvis medlemmer ikke har en public service-opgave).
The public service broadcasting system consists of different organisations, including eight private associations (private broadcasters with members entrusted with a public service mission) and ten private foundations (private broadcasters without members entrusted with a public service mission).
Ud over de radio/tv-selskaber, der er nævnt i punkt 12, omfatter public service-sektoren en anden aktør, nemlig NOS, der har en dobbeltrolle.
Besides the broadcasters mentioned in paragraph 12, the public service broadcasting system includes another actor — the NOS — which performs a dual role.
Den første er NOS, et public service-radio/tv-selskab med ansvar for tv- og radioprogrammer (under navnet »NOS RTV«).
The first role is that of a public service broadcaster, responsible for TV and radio programmes (under the name of ‘NOS RTV’).
For det andet har NOS til opgave at koordinere hele public service- radio/tv-systemet, og denne opgave udføres af NOS' direktion (den såkaldte »Publieke Omroep«, herefter kaldet PO).
The second role is that of coordinator of the entire public service broadcasting system and is carried out by the management board of the NOS (the so-called ‘Publieke Omroep’ hereinafter ‘PO’).
PO, hvis funktioner og opgaver følger af medieloven, skal fremme samarbejdet mellem offentlige radio/tv-selskaber, koordinere de tre offentlige tv-kanaler og to gange om året aflægge rapport om de offentlige radio/tv-selskabers aktiviteter til den nederlandske mediemyndighed.
The PO, whose functions and tasks are enshrined in the Media Act, stimulates cooperation between public broadcasters, coordinates the three public TV channels and reports twice a year on the public broadcasters' activities to the Media Authority.
NOS modtager støtte over mediebudgettet både til opgaverne inden for rammerne af PO og NOS RTV.
The NOS receives funding from the media budget for both the tasks performed as PO and those performed as NOS RTV.
Public service-tv-programmerne sendes af public service-radio/tv-selskaberne over tre offentlige kanaler.
The public service TV-programmes are broadcast by the public service broadcasters over three public channels.
Den nederlandske organisation for radio/tv-produktion (Nederlands Omroepbedrijf, herefter kaldet NOB) er også en del af det offentlige radio/tv-system.
The Dutch Broadcast Production Organisation (Nederlands Omroepbedrijf, hereinafter ‘NOB’) is also part of the public broadcasting system.
NOB er ansvarlig for optagelse, forberedelse af udsendelse og faktisk udsendelse af lyd, film og data til alle distributionskanaler.
The NOB carries out the recording, transmission preparation and actual transmission of sound, moving pictures and data to all possible distribution channels.
NOB yder disse tjenester til kommercielle radio/tv-selskaber og public service-radio/tv-selskaber.
The NOB provides these services to commercial broadcasters and public service broadcasters.
De tjenester, der ydes public service-radio/tv-selskaberne, betragter den nederlandske regering som offentlige tjenester, og de finansieres af det offentlige.
The services provided to the public service broadcasters are considered as public services by the Dutch government and are publicly funded.
En separat fond (Stichting Ether Reclame, herefter kaldet STER) er udelukkende ansvarlig for salg af reklameplads og udsendelse af reklamer på offentlige kanaler.
A separate foundation (Stichting Ether Reclame, hereinafter ‘STER’) is exclusively responsible for the sale of advertising space and the broadcasting of advertising on the public channels.
STER er ansvarlig for den sendetid, fonden har fået tildelt.
The STER is responsible for the broadcasting time which it has been allocated.
STER's indtægter overføres direkte til staten.
The revenues generated by the STER are transferred directly to the State.
Ud over de nationale public service-radio/tv-selskaber er der flere kommercielle radio/tv-selskaber, der opererer på nationalt niveau.
In addition to the national public service broadcasters, there are several commercial broadcasters operating on a national level.
Disse kommercielle radio/tv-selskaber er f.eks. RTL (RTL 4, 5 og 7 (alle fra CLT-UFA-koncernen) eller SBS6, NET5 og Veronica (fra SBS Broadcasting) eller Talpa (Talpa Media Holding).
Examples of these commercial broadcasters are RTL (RTL 4, 5 and 7, all from the CLT-UFA group), SBS6, NET5 and Veronica (from the SBS Broadcasting group) and Talpa (Talpa Media Holding).
Deres indtægter stammer væsentligst fra reklamer i tv.
They generate their revenues mainly through TV advertising.
De retlige rammer for public service-radio/tv-virksomhed
Statutory regulation of public service broadcasting
De offentlige radio/tv-selskaber kan modtage statsstøtte til »hovedopgaver« og »biopgaver«.
The public broadcasters are eligible for state funding for the ‘main task’ and ‘side tasks’.
Juridiske definitioner
Legal definitions
Hovedopgaver
Main tasks
Ifølge artikel 13c, stk. 1, i medieloven er »hovedopgaven« for public service-radio/tv-virksomhed:
Article 13(c)(1) of the Media Act describes the ‘main task’ of the public service broadcasting as being:
at sikre et pluralistisk programudbud af høj kvalitet til almindelig radio/tv-udsendelse inden for oplysning, kultur, uddannelse og underholdning på nationalt, regionalt og lokalt niveau og udsende programmerne eller få dem udsendt på åbne kanaler;
to ensure a pluralistic and high quality offering of programmes for general broadcast in the areas of information, culture, education and entertainment on national, regional and local level and transmitting those or having them transmitted on open channels;
at udføre alle aktiviteter vedrørende udbud af programmer og den nødvendige udsendelse i den henseende;
to perform all activities relating to the offering of programmes and the transmission necessary in that respect;