natgillin/translations-raw huggingface dataset:
I forbindelse med den forudgående vurdering fremlægges der en oversigt over den økonomiske dokumentation og en passende begrundelse:
☐ The risk finance scheme provides that as regards asymmetric risk-reward sharing between the State and private investors there is a substantial risk incurred by private investors or the State receives a reward on its investment (paragraph 24 RFG).
☐ Virksomheder, der modtager den første risikofinansieringsinvestering mere end syv år efter deres første kommercielle salg: Der fremlægges med henvisning til den forudgående vurdering en oversigt over den økonomiske dokumentation og en passende begrundelse:
☐ The risk finance scheme cannot be used to support buyouts (paragraph 25 RFG).
☐ Alternative handelsplatforme, der ikke opfylder betingelserne i artikel 23 i den generelle gruppefritagelsesforordning: Der fremlægges med henvisning til den forudgående vurdering en oversigt over den økonomiske dokumentation og en passende begrundelse:
☐ The risk finance scheme excludes aid to undertakings that have received illegal aid that has not yet been fully recovered (paragraph 26 RFG).
☐ Andre:
☐ The risk finance scheme does not concern aid to export-related activities towards third countries or Member States, namely aid directly linked to the quantities exported, the establishment and operation of a distribution network or to other current costs linked to the export activity, as well as aid contingent upon the use of domestic over imported goods (paragraph 27 RFG).
Der fremlægges med henvisning til forudgående vurdering en oversigt over den økonomiske dokumentation og en passende begrundelse:
☐ The risk finance scheme does not make aid subject to the obligation to use nationally produced goods or national services, and does not violate the freedom of establishment, where the aid is subject to the obligation for financial intermediaries, their managers or final beneficiaries to have or move their headquarters in the territory of the Member State concerned.
Der fremlægges med henvisning til den forudgående vurdering en oversigt over den økonomiske dokumentation og en passende begrundelse for, at satserne ligger under dem, der er fastsat i den generelle gruppefritagelsesforordning:
What is the total risk finance investment amount (including both the public and private part) per target undertaking over the whole investment cycle for each undertaking benefiting from the scheme (that is to say not per annum)?
☐ Finansielle instrumenter udformet med parametre, der ligger over tærsklerne i den generelle gruppefritagelsesforordning, dvs. hvor den offentlige investor løber en større risiko end tilladt i henhold til den generelle gruppefritagelsesforordning (punkt 82-83 i retningslinjerne).
What is the size of the annual budget of the scheme?…
Der fremlægges med henvisning til den forudgående vurdering en oversigt over den økonomiske dokumentation og en passende begrundelse for, at parametrene ligger over tærsklerne i den generelle gruppefritagelsesforordning:
What is the overall size of budget of the measure for its entire duration?
☐ Finansielle instrumenter, bortset fra garantier, hvor hovedvægten ved udvælgelsen af investorer, finansielle formidlere og deres forvaltere lægges på downside-beskyttelse frem for asymmetrisk profitdeling
What is the size of the investment fund(s) set up under the scheme?…
Skatteinstrumenter: den forudgående vurdering viser, at det er nødvendigt at udforme foranstaltningen med følgende parametre, der afviger fra den generelle gruppefritagelsesforordning:
Duration of the scheme:
☐ Skatteincitamenter til erhvervsinvestorer (herunder finansielle formidlere eller deres forvaltere som medinvestorer).
What is the duration of the scheme?
Redegør kort for den økonomiske dokumentation og giv en passende begrundelse:
(Please specify the dates of its entry into force and its end date)…
☐ Skatteincitamenter til erhvervsinvestorer til investering i SMV'er gennem alternative handelsplatforme.
What is the envisaged duration of the investment period?…
Private investorer, der deltager i foranstaltningen med egenkapital, lån eller garantier:
What is the envisaged duration of the holding period?…
Beskriv de private investorer, der deltager i foranstaltningen, i grundtræk (f.eks. erhvervsinvestorer, fysiske personer, osv.):
Target undertakings which are the final beneficiaries of the scheme:
Har de private investorer ydet egenkapital, lån eller garantier gennem finansielle formidlere (f.eks. fonde, der investerer i andre fonde) eller til støttemodtageren?
The ex-ante assessment [188] demonstrates the need for the following undertakings to be targeted by the scheme as final beneficiaries (paragraphs 63 – 79 RFG) (please provide details):…
Fungerer de finansielle formidlere, der gennemføre ordningen, som medinvestorer (og skal derfor betragtes som private investorer)?
☐ Small midcaps (an undertaking (i) whose number of employees does not exceed 499, and (ii) whose annual turnover does not exceed EUR 100 million or whose annual balance sheet does not exceed EUR 86 million).
Ja — angiv nærmere: …
With reference to the ex-ante assessment, please provide a summary of its economic evidence and appropriate justification:
Finansielle formidlere, der gennemfører ordningen:
☐ Innovative mid-caps (mid-caps whose number of employees does not exceed 1500 and whose R & D and innovation costs, as defined by the GBER, represent (a) at least 15 % of its total operating costs in at least one of the three years preceding the first investment under the risk finance measure, or (b) at least 10 % per year of its total operating costs in the three years preceding the first investment under the risk finance measure).
(se den bredere definition i punkt 52 i retningslinjerne; det omfatter også fonde med eller uden status som juridisk person)
With reference to the ex-ante assessment, please provide a summary of its the economic evidence and appropriate justification:
Angiv typen af finansielle formidlere, der gennemfører ordningen:
☐ Undertakings receiving the initial risk finance investment more than seven years after their first commercial sale: With reference to the ex-ante assessment, please provide a summary of its economic evidence and appropriate justification:
Deltager en »bemyndiget enhed« i foranstaltningen (jf. definitionen i punkt 52, litra v), i retningslinjerne)?
☐ Undertakings requiring an overall risk finance investment (including public and private) of an amount exceeding the EUR 15 million cap fixed in the GBER: With reference to the ex-ante assessment, please provide a summary of its economic evidence and appropriate justification:
Hvis ja, angiv nærmere: …
☐ Alternative trading platforms not fulfilling the conditions of Article 23 of the GBER: With reference to the ex-ante assessment, please provide a summary of its economic evidence and appropriate justification:
Investerer den bemyndigede enhed sammen med medlemsstaten med egne midler?
☐ Other:
Hvis ja, angives det retsgrundlag, der giver den bemyndigede enhed ret til at foretage sådan medfinansiering:
With reference to the ex-ante assessment, please provide a summary of its economic evidence and appropriate justification:
☐ Nej.
Financial instruments: the ex-ante assessment demonstrates a need for the following design parameters not complying with the GBER (paragraph 80 to 86 RFG):
Hvis nej, redegøres for den metode, der anvendes til at beregne dens kompensation for gennemførelse af foranstaltningen, for at sikre, at der ikke overkompenseres.
☐ Independent private investors' participation below the ratios required in Article 21(10) of the GBER (paragraphs 80 to 81 RFG).
Er den bemyndigede enhed valgt gennem en åben, gennemsigtig, ikkediskriminerende og objektiv udvælgelsesprocedure eller er den direkte udpeget?
With reference to the ex-ante assessment, please provide a summary of its economic evidence and appropriate justification for having ratios below the ratios required in the GBER:
Forvalter den bemyndigede enhed de fonde, der finansierer risikoforanstaltningsordningen?
☐ Financial instruments with design parameters above the ceilings provided for in the GBER, that is to say where the public investor takes more risk than allowed under the GBER (paragraphs 82 – 83 RFG).
Kendetegn ved det administrationsselskab, der gennemfører foranstaltningen som finansiel formidler:
With reference to the ex-ante assessment, please provide a summary of its economic evidence and appropriate justification for having design parameters above the ceilings provided for in the GBER:
Hvis der findes flere finansielle formidlere, der deltager i ordningen på forskellige niveauer (herunder fonde, der investerer i andre fonde) angives alle relevante oplysninger for hver enkelt af dem:
☐ Financial instruments other than guarantees where investors, financial intermediaries and their managers are selected by giving preference to downside protection over asymmetric profit-sharing.
Deltager nogen andre parter i ordningen ud over den støtteydende offentlige myndighed, målvirksomhederne, de ovennævnte finansielle formidlere og de private investorer?
☐ Other:…
Detaljeret beskrivelse af instrumenterne:
Fiscal instruments: the ex-ante assessment demonstrates that the following design parameters which do not comply with the GBER are required:
Bemærk: For at højne forståelsen vedlægges en tegning, der afbilder ordningens og instrumenternes udformning med angivelse af alle deltagende parter, omfanget af deres deltagelse samt, hvis det er relevant, et bilag, der opsummerer den anmeldte ordnings overordnede udformning.
☐ Fiscal incentives to corporate investors (including financial intermediaries or their managers acting as co-investors).
Redegør udførligt for de parametre, der skal tilskynde potentielle finansielle formidlere til at udvise interesse for at deltage i risikofinansieringsordningen, ved at svare på spørgsmålene i dette afsnit.
Please provide a summary of its economic evidence and appropriate justification:
Finansielle instrumenter
☐ Fiscal incentives to corporate investors for investment in SMEs via an alternative trading platform.
Støtteforanstaltningen til fordel for risikofinansiering i form af finansielle instrumenter skal anvendes gennem finansielle formidlere (punkt 20 i retningslinjerne).
Private investors participating in the measure with equity, loans or guarantees:
Foranstaltningerne skal derfor som minimum bestå af statslig indgriben til fordel for finansielle formidlere og af risikofinansieringsinvesteringer, som de finansielle formidlere foretager i de endelige støttemodtagende virksomheder.
Please provide the characteristics of the private investors participating in the measure (e.g. corporate investors, natural persons, etc.):
Indgriben på de finansielle formidleres niveau
Do the private investors provide equity, loans or guarantees at the level of the financial intermediary (e.g. fund of funds) or at the level of the final beneficiaries?
Statslig indgriben på de finansielle formidleres niveau
Do the financial intermediaries implementing the scheme co-invest (and are hence to be considered as private investors)?
Staten kan stille følgende til rådighed for de finansielle formidlere (sæt kryds og udfyld, hvis relevant):
If so, please specify:…
☐ TILFØRSEL AF EGENKAPITAL (OGSÅ KVASI-EGENKAPITAL) FRA STATEN PÅ DE FINANSIELLE FORMIDLERES NIVEAU
Financial intermediaries implementing the scheme:
Vilkår for kapitalindskuddet (inklusive en sammenligning med markedsvilkårene for et sådant indskud):
(See broad definition in paragraph 52 RFG; it also includes funds with and without legal personality)
Type finansiel formidler: …
Please specify the nature of the financial intermediaries implementing the scheme:
Den finansielle formidlers finansieringsstruktur (f.eks. en investeringsfond med både offentlig og privat deltagelse, en fond, der investerer i andre mere specialiserede delfonde, en offentlig fond, der yder finansiering sammen med private investorer på transaktionsniveau).
Does the implementation of the measure involve an “entrusted entity” (as defined in paragraph 52(v) RFG)?
Redegør nærmere:
If so, please give details:…
I tilfælde af kvasi-egenkapital redegøres der i detaljer for arten af det påtænkte instrument:
Does the entrusted entity co-invest with the Member State out of its own resources?
I tilfælde af privat deltagelse (f.eks. private investorer, der yder kapital til den finansielle formidler sammen med staten):
If so, please provide the reference to the legal basis authorising the entrusted entity to make such co-investment:
Angiv de offentlige og private investorers deltagelsesprocent:
☐ No.
Angiv den påtænkte type af privilegeret behandling af de deltagende private investorer, som det fremgår af indkaldelsen af interessetilkendegivelser (oplys nærmere):
If so, please explain the method for the calculation of its compensation for implementing the measure, to ensure it is not overcompensated:
☐ Upside-incitamenter: …
Is the entrusted entity selected through an open, transparent, non-discriminatory and objective selection procedure or is it directly appointed?
☐ Downside-beskyttelse: …
Does the entrusted entity manage the fund(s) through which the funding is provided under the risk finance scheme?
Hvis non-pari passu-tabsdelingen rækker ud over tærsklerne i den generelle gruppefritagelsesforordning, gives der med henvisning til den forudgående vurdering økonomisk dokumentation og begrundelse herfor (punkt 110 i retningslinjerne):
Characteristics of the management company in charge of implementing the measure at the level of the financial intermediary:
Hvis det er relevant, angives loftet over den offentlige investors first loss-eksponering (punkt 110 i retningslinjerne):
In the case of several levels of financial intermediaries involved in the scheme (including funds of funds), please provide all relevant information for each level of financial intermediary:
☐ Ja — angiv, hvordan loftet er blevet fastsat:
Is any party involved in the scheme other than the public authority granting the aid, the target undertakings, the financial intermediaries implementing the scheme mentioned above, and the private investors involved therein?
☐ Nej — forklar nærmere:
Detailed description of the instrument(s):
Hvad er den offentlige investors strategi?
Note: In order to understand better, please attach a drawing to visualise the structure of the scheme and its instrument(s), indicating all parties involved, the size of their involvement, as well as, if appropriate, an annex summarising the overall design of the notified scheme.
Redegør for, hvordan det valgte instrument understøtter den offentlige investors politiske mål:
Please outline the design parameters that you have retained for the purposes of soliciting potential financial intermediaries to manifest their interest in participating in the risk finance scheme, by replying to the detailed questions in this section.
Redegør for, hvordan instrumentet er udformet til at sikre, at den finansielle formidlers investeringsstrategi er på linje med de offentlige politiske mål:
Financial instruments
Redegør i detaljer for varigheden af det instrument eller den exitstrategi, der ligger til grund for egenkapitalinvesteringen, og for den offentlige investors strategiske planlægning af afviklingen:
Risk finance aid measures in the form of financial instruments have to be deployed through financial intermediaries (paragraph 20 RFG).
Andre relevante oplysninger:
Hence, those measures are composed of, at least, a State intervention for financial intermediaries, and risk finance investments by financial intermediaries into final beneficiary undertakings.
☐ FINANSIEREDE GÆLDSINSTRUMENTER: LÅNEINSTRUMENTER (HEREFTER »LÅN«) PÅ DE FINANSIELLE FORMIDLERES NIVEAU
Intervention at the level of financial intermediaries
Type lån (f.eks. efterstillede lån og lån med porteføljerisikodeling) oplys nærmere …
State intervention at the level of financial intermediaries
Vilkår for lån under foranstaltningen (inklusive en sammenligning med markedsvilkårene for sådanne lån):
The State provides the following to financial intermediaries (Please tick and complete as applicable):
Lånets maksimale størrelse: …
☐ EQUITY (INCLUDING QUASI-EQUITY) INJECTION BY THE STATE AT THE LEVEL OF THE FINANCIAL INTERMEDIARIES
Lånets maksimale løbetid: …
Terms of the equity injection (please include also a comparison with the market terms for such equity injection):
Sikkerhedsstillelse eller andre krav: …
Type of financial intermediary:…
Andre relevante oplysninger: …
Type of funding structure of the financial intermediary (e.g. investment fund with a percentage of private and public participation; fund of funds multi-stage structure with specialised sub-funds, public fund co-investing with private investors on a deal-by-deal basis) Please explain in detail:
Henvis til de relevante bestemmelser i retsgrundlaget, der forbyder anvendelse af støtten til refinansiering af eksisterende lån (punkt 115 i retningslinjerne):
In case of quasi-equity, please describe in detail the nature of the envisaged instrument:
I tilfælde af privat deltagelse (f.eks. private investorer, der yder lån til den finansielle formidler sammen med staten):
If there is private participation (e.g. private investors provide equity to the financial intermediary alongside the State):
Angiv de offentlige og private investorers/långiveres deltagelsesprocent:
Please indicate the participation ratios of the public and private investors:
Ved lån med porteføljerisikodeling, hvad er den udvalgte finansielle formidlers medfinansieringsandel?
Please indicate the type of preferential treatment envisaged for the benefit of participating private investors, as described in the call for expression of interest (please give details):
Bemærk, at den ikke bør være under 30 % af værdien af den underliggende låneportefølje (punkt 114 i retningslinjerne): … %
☐ Upside incentives:…
Redegør for risiko- og afkastdelingen mellem de offentlige og de private investorer eller långivere:
☐ Downside protection:…
Hvis den offentlige investor påtager sig first loss, hvad er loftet herfor?
If non-pari passu loss-sharing features go beyond the limits set out in the GBER, please provide economic evidence and justification, with reference to the ex-ante assessment (paragraph 110 RFG):
Hvis den offentlige investor påtager sig first loss, angives især loftet herfor: Bemærk, at det anbefales, at loftet ikke overstiger 35 % (punkt 113 i retningslinjerne): Loft på … %
If relevant, please indicate whether the first loss piece borne by the public investor is capped (RFG paragraph 110):
Hvis den offentlige investor/långiver påtager sig en first loss-position, der overstiger loftet i den generelle gruppefritagelsesforordning (25 %), skal dette begrundes med henvisning til et alvorligt markedssvigt, som er identificeret i den forudgående vurdering (punkt 113 i retningslinjerne).
☐ Yes; Please specify how that cap has been fixed:
Giv en sammenfatning af begrundelsen:
☐ No; Please explain:
Redegør for eventuelle andre risikobegrænsende mekanismer til fordel for de private investorer/långivere:
What is the strategy of the public investor?
Redegør for de mekanismer (jf. punkt 104 i retningslinjerne), der sikrer, at den finansielle formidler videregiver alle de fordele, denne får af staten, til de endelige støttemodtagere.
Please explain how the chosen instrument supports the public policy objectives pursued by the public investor:
Hvilke betingelser skal den finansielle formidler anvende (f.eks. med hensyn til rente, sikkerhedsstillelse, risikoklasse) over for de endelige støttemodtagere (redegør herfor i detaljer)?
Please describe how the instrument is designed to ensure alignment of interests between the financial intermediary's investment strategy and the public policy objectives:
Angiv også, hvorvidt den portefølje, der opbygges under foranstaltningen, rækker ud over den finansielle formidlers almindelige kreditrisikopolitik:
Please provide a detailed explanation of the duration of the instrument or of the exit strategy underpinning the investment in equity, and how the exit is strategically planned by the public investor:
Redegør i detaljer for varigheden af det instrument eller den exitstrategi, der ligger til grund for investeringen i gældsinstrumenter, og for den offentlige investors strategiske planlægning af afviklingen:
Other relevant information:
☐ IKKEFINANSIEREDE GÆLDSINSTRUMENTER: STATSGARANTIER PÅ DE FINANSIELLE FORMIDLERES NIVEAU PÅ UNDERLIGGENDE TRANSAKTIONER MED DE ENDELIGE STØTTEMODTAGERE
☐ FUNDED DEBT INSTRUMENTS: LOAN INSTRUMENTS (HEREAFTER “LOANS”) AT THE LEVEL OF FINANCIAL INTERMEDIARIES
Henvis til de relevante bestemmelser i retsgrundlaget, hvor det kræves, at støtteberettigede transaktioner, som er omfattet af en garanti, skal være nye støtteberettigede risikofinansieringslånetransaktioner, herunder leasingkontrakter samt kvasi-egenkapitalinstrumenter, undtagen egenkapitalinstrumenter (punkt 116 i retningslinjerne): …
Type of loans (e.g. subordinated, portfolio risk-sharing) please provide details:…
Dækker garantien til de finansielle formidlere en portefølje med underliggende transaktioner og ikke en enkelt underliggende transaktion?
Terms of the loans under the measure (please include also a comparison with the market terms for such loans):
Type garanti:
Maximum size of the loan:…
☐ Loft: Loft over garantien er … %
Maximum duration of the loan:…
(Bemærk, at dette loft gælder finansielle formidleres porteføljer, og det anbefales ikke at overstige 35 % (punkt 118 i retningslinjerne)).
Collateral or other requirements:…
Redegør for årsagerne til denne sats:
Other relevant information:…
Sæt kryds for at angive, om:
Please provide reference to the relevant provisions of the legal basis that prohibit the use of the aid to refinance existing loans (paragraph 115 RFG):
☐ loftet udelukkende gælder for forventede tab eller
If private participation takes place at this level (e.g. private investors provide loans to the financial intermediary alongside the State):
☐ loftet også gælder for uventede tab. Hvis det er tilfældet, gøres der rede for, hvordan garantiens pris afspejler den yderligere risikodækning: …
Please indicate the participation ratios of the public and private investors/lenders:
☐ Intet loft — i det tilfælde gives en begrundelse herfor, og der gøres rede for, hvordan garantiens pris afspejler den yderligere risikodækning:
In particular, in case of portfolio risk-sharing loans, what is the co-investment rate by the selected financial intermediary?
☐ Modgaranti (garanti til garantiinstitutionerne)
Please note that it should not be lower than 30 % of the value of the underlying loan portfolio (paragraph 114 RFG) … %
☐ Andre: angiv nærmere: …
Please describe the risk and reward sharing between the public and private investors or lenders:
Garantiprocent, dvs. den offentlige investors procentvise tabsdækning af enhver underliggende transaktion (se definitionen i punkt 52, litra xvi), i retningslinjerne, og bemærk, at garantiprocenten ikke må overstige 90 % (punkt 117 i retningslinjerne)): … %;
In particular, if the public investor assumes the first loss, at what level is it capped?
Begrund denne sats:
Please note that it is recommendable that such cap does not exceed 35 % (RFG paragraph 113): Capped at … %
Underliggende transaktioner, der er dækket af garantien:
Where the public investor/lender assumes a first loss position exceeding the cap set out in the GBER (25 %), it needs to be justified by reference to a severe market failure identified in the ex-ante assessment (RFG paragraph 113).
Type underliggende transaktioner: …
Please provide a summary of such justification:
Samlet pålydende værdi af de underliggende transaktioner (i EUR): …
If there are other risk-mitigation mechanisms for the benefit of the private investors/lenders, please explain:
Maksimal pålydende værdi af de underliggende transaktioner pr. endelig støttemodtager: …
What is the pass-on mechanism (as required by paragraph 104 RFG) ensuring that the financial intermediary passes on the advantage it receives from the State to the final beneficiary undertakings?