natgillin/translations-raw huggingface dataset:
Kommissionen tog afsæt i forudgående vurderinger og tilgængelige markedsundersøgelser. 
The Commission relied on ex-ante assessments and available market studies.
Instrumenterne var baseret på indbyggede strukturelle mekanismer for at reagere på potentielle ændringer i absorptionskapaciteten. 
The instruments relied on structural in-built mechanisms to react to potential changes in absorption capacity.
Kommissionen udarbejder hvert år offentligt tilgængelige rapporter til budgetmyndigheden, som f.eks. den rapport, der er omhandlet i finansforordningens artikel 41, stk. 
The Commission produces publicly available reports to the Budgetary Authority every year, such as the report under Article 41.4 of the Financial Regulation.
Kommissionen udarbejder desuden rapporter, som bl.a. indeholder oplysninger om virkningen på gennemførte investeringer og på beskæftigelse. 
In addition, the Commission has reporting, which includes, inter alia, details on the impact on mobilised investment and employment.
V. Ingen af de pågældende programmer har som et mål fra lovgiverens side "investering af midler i underudviklede venturekapitalmarkeder eller sektorer." 
V. None of the programmes in question has, as an objective put forward by the legislator, “funds being invested in underdeveloped venture capital markets or activity sectors.”
Kommissionen vurderer programmerne og deres investeringsstrategier i forhold til de fastsatte mål, og ikke til andre kriterier. 
The Commission assesses the programmes and their investment strategies against their stated objectives rather than other criteria.
Kommissionen har anlagt en ret omfattende strategi for støtte til små og mellemstore virksomheders (SMV'er) adgang til finansiering gennem venturekapitalmarkedet. 
The Commission has put in place a rather comprehensive approach to supporting access to finance for Small and Medium-sized Enterprises (SMEs) through the venture capital market.
Den anvender en række foranstaltninger, der direkte eller indirekte kan bidrage til at støtte venturekapitalfinansiering: regulerende intervention, intervention gennem delt forvaltning og centralt forvaltede programmer. 
It uses a set of measures that can contribute, directly or indirectly, to supporting venture financing: regulatory intervention, intervention through shared management and centrally-managed programmes.
De reviderede instrumenter udgør kun en del af disse foranstaltninger. 
The audited instruments constitute only a subset of these measures.
En række medlemsstater med underudviklede venturekapitalmarkeder havde væsentlig gavn af disse instrumenter betydeligt. 
A number of Member States with underdeveloped venture capital markets benefitted significantly from these instruments.
Kommissionen har analyseret muligheden for at give private investorer en del af EU's investeringsafkast. 
The Commission has analysed the possibility of giving part of the EU’s return on investments to private investors.
Denne mulighed blev analyseret i udformningsfasen af flere instrumenter. 
This possibility was analysed in the design phase of several instruments.
Faktisk er investeringer, der ikke er omfattet af pari-passu-princippet, allerede udtrykkeligt tilladt for sociale investeringer under EFSI's egenkapitalprodukt. 
In fact, non pari-passu investments are already explicitly allowed for social investments under the EFSI Equity Product.
Desuden er Kommissionen yderligere i gang med at undersøge muligheden for at investere uden om pari-passu-princippet under Den Europæiske Fond for Strategiske Investeringers (EFSI) SMV-vindue. 
In addition, the Commission is further examining the modality of non pari-passu investment under the SME window of European Fund for Strategic Investments (EFSI).
Kommissionen bemærker, at en investering fra Den Europæiske Investeringsfond (EIF) i en fond ofte betragtes som en "blåstempling". 
The Commission notes that an European Investment Fund (EIF) investment in a fund is often considered as a seal of approval.
Mange kategorier af investorer er afhængige af 1 
Many categories of investors rely on EIF’s 1
EIF's deltagelse for at foretage deres egne investeringer i samme fond. 
involvement in order to make their own investments in the same fund.
EIF's forpligtelse er således katalytisk og market making. 
Thus, EIF’s commitment is catalytic and market-making.
Et sådant omdømme kan kun opretholdes gennem en vurdering af høj kvalitet og due diligence, hvilket uundgåeligt tager tid. 
Such a reputation can only be maintained through a high-quality assessment and due diligence process, which inevitably takes time.
EIF's politik for tildeling af kontrakter blev gennemgået i 2018. 
EIF’s deal allocation policy was overhauled throughout 2018.
Den blev forelagt Kommissionen, og EIF forpligtede sig til at drøfte eventuelle opdateringer af systemet med Kommissionen. 
It was presented to the Commission and the EIF committed to discuss any updates of the system with the Commission.
Systemet er baseret på objektive og foruddefinerede kriterier, der kombinerer analyser af kvantitative og kvalitative faktorer. 
The system is based on objective and pre-defined criteria, combining analysis of quantitative and qualitative factors.
Processen koordineres af en uafhængig tjeneste, og alle tildelingsbeslutninger registreres på passende vis i EIF's systemer. 
The process is coordinated by an independent service and all allocation decisions are appropriately recorded in the EIF’s systems.
På nuværende tidspunkt er hele markedet ramt af et problem, nemlig vanskeligheder med at lukke gamle fonde. 
Currently, the whole market suffers from a “tail-end” problem, i.e. difficulties in closing old funds.
Der er opnået enighed om en samlet strategi for at bringe mandaterne til ophør i overensstemmelse med retsgrundlaget. 
A comprehensive strategy has been agreed to close the mandates, in line with the legal basis.
Som også fremhævet i forbindelse med en lignende revisionsbemærkning i Kommissionens svar på Revisionsrettens særberetning nr. 20/2017 om EU-finansierede lånegarantier, særlig punkt 40 heri, mener Kommissionen, at det er nyttigt at have omkostningsdata fra gennemførelsespartneren, før der indledes forhandlinger om gebyrer. 
As also highlighted in the context of a similar audit observation in the Commission replies to the ECA’s special report No 20/2017 on EU-funded loan guarantees and in particular paragraph 40 therein, the Commission considers that it is useful to have cost data from the implementing partner before entering into fee negotiations.
Kommissionen indhenter derfor omkostningsoverslag, hvor det er muligt, og analyserer også regelmæssigt EIF's regnskaber for at forstå EIF's gebyrindtægter og deres bidrag til EIF's samlede rentabilitet og gør fortsat en indsats for at indhente yderligere relevante detaljerede data om omkostningerne ved de finansielle instrumenter. 
For this reason, the Commission obtains cost estimates whenever possible and also regularly analyses the EIF's financial statements to understand EIF's fee income and its contribution to overall EIF profitability and, more generally, continues to make efforts to obtain further relevant detailed data on the costs of running financial instruments.
Sådanne data behøver imidlertid ikke nødvendigvis at komme fra direkte sammenlignelige instrumenter. 
Such data, however, may not come from directly comparable instruments.
Selv uden sådanne oplysninger bør Kommissionen ikke desto mindre kunne afslutte forhandlingerne på grundlag af de foreliggende oplysninger. 
Nonetheless, even in the absence of such data, the Commission should be able to finalise negotiations on the basis of available information.
Opstartsgebyrer har til formål at kompensere gennemførelsespartneren for de detaljerede forhandlinger, der fører til oprettelsen af instrumenterne, behovet for at udvikle nye standardiserede juridiske aftaler for nye eller reviderede instrumenter, iværksætte indkaldelser af interessetilkendegivelser og tilpasse rapporterings-og revisionssystemerne. 
Start-up fees are designed to compensate the implementing partner for the detailed negotiations leading to the set-up of the instruments, for the need to develop new standardised legal agreements for new or revised instruments, to launch calls for expressions of interest and to adapt reporting and audit systems.
Kommissionen vil gerne minde om, at retsgrundlaget for gennemførelsen af finansielle instrumenter har udviklet sig betydeligt over tid (f.eks. er bestemmelserne i finansforordningen vedrørende finansielle instrumenter blevet meget avancerede og detaljerede, hvilket igen kræver en større indsats og en større knowhow fra gennemførelsespartnerens side). 
The Commission would like to recall that the legal framework governing the implementation of financial instruments has developed significantly over time (e.g. the provisions of the Financial Regulation governing financial instruments have become very sophisticated and detailed, which in turn requires more efforts and know-how on the side of the implementing partner).
Derfor er betalingen af opstartsgebyrer berettiget og passende. 
Therefore, the payment of start-up fees is justified and their size appropriate.
Desuden svarer instrumenternes incitamentsgebyrer til deres erklærede mål. 
In addition, the incentive fees of the instruments correspond to their stated objectives.
Af de årsager, der er anført i svarene på anbefalingerne, er Kommissionen ikke i stand til fuldt ud at acceptere dem alle. 
For the reasons set out in the replies to the recommendations, the Commission is not in a position to fully accept all of them.
INDLEDNING 10. 
INTRODUCTION 10.
345/2013 om europæiske venturekapitalfonde), europæiske infrastrukturfonde (forordning (EU) 2015/760 om europæiske langsigtede investeringsfonde) og europæiske fonde, der investerer i den sociale økonomi (forordning (EF) nr. 
EU legislation already includes harmonised rules on private European label funds in risk capital projects, namely European venture capital funds (Regulation 345/2013 on European venture capital funds), European infrastructure funds (Regulation 2015/760 on European long-term investment funds) and European funds investing in social economy (Regulation 346/2013 on European social entrepreneurship funds).
Forordningerne giver mulighed 2 for let at identificere de europæiske venturekapitalfonde med fælles træk og dermed gøre det lettere for forvaltere af alternative investeringsfonde, investorer og investerede selskaber at identificere dem som henholdsvis mulige investeringsselskaber, investeringsmål eller institutionelle investorer. 
The Regulations allow for the easy identification of the European risk capital funds with defined common features and thus make it easier for managers of alternative investment funds, investors and invested companies to identify them as possible investment vehicles, investment targets or institutional investors 2
Den Europæiske Værdipapir-og Markedstilsynsmyndigheds opgaver fremmer ligeledes konvergens. 
Tasks undertaken by the European Securities and Markets Authority also foster convergence.
Udviklingen med hensyn til kapitalrejsning for hele perioden siden 2007 viser et mere omfattende billede. 
The evolution of fundraising for the whole period since 2007 shows a more comprehensive picture.
Ifølge data fra InvestEurope1 steg den statslige andel af venturekapitalfinansieringen fra 2007 og toppede i 2011 med 34,7 % og var derefter meget volatil med stigninger og fald frem til 2018 til 18 %. 
According to InvestEurope1 data, the governmental share of venture capital funding rose from 2007, peaking in 2011 at 34.7%, and then was very volatile, rising and declining until 2018 to 18%.
Det skal desuden bemærkes, at disse oplysninger også omfatter andre offentlige organer end EU. 
In addition, it should be noted that this data also includes other public entities besides the EU.
Andelen af EU's reviderede mandater i den samlede kapitalrejsning var omkring 1,9 % i 2018. 
The share of the reviewed EU mandates in the overall fundraising was approx. 1.9% in 2018.
De nuværende værdiansættelser viser, at investeringsporteføljerne sandsynligvis overordnet set er rentable, hvilket gør det til en effektiv måde at opfylde de politiske mål på. 
Current valuations show that the investment portfolios are likely to be profitable overall, making it an efficient way to deliver on policy objectives.
Venturekapitalinstrumenterne understøttede midler, der har givet hundredvis af innovative virksomheder adgang til finansiering i vigtige faser af deres udvikling, herunder store banebrydende innovatorer som Skype, Spotify eller opstartsvirksomheder, der udvikler produkter på basis af materialet graphen, og som modtog Nobelprisen i fysik i 2010. 
The venture capital instruments supported funds that have provided access to finance to hundreds of innovative companies in key stages of their development, including major breakthrough innovators such as Skype, Spotify or start-ups developing products on the basis of graphene for which the 2010 Nobel Prize in physics was awarded.
Forhøjelsen af det budget, der var til rådighed for disse instrumenter, skyldtes, at disse instrumenter er blevet en veletableret støttemekanisme efter pilotprojekterne i slutningen af 1990'erne og begyndelsen af 2000'erne. 
The increase of the budget available to these instruments was driven by the fact that these instruments have become an established support mechanism, following the pilots of late 1990s and early 2000s.
Desuden gennemførte EFSI en betydelig forøgelse af støtten som en mekanisme til at fremme investeringer efter den finansielle og økonomiske krise. 
In addition, EFSI introduced a major increase in support as a mechanism to boost investment following the financial and economic crisis.
Støtte tildeles, ud over opfyldelse af kriterierne for støtteberettigelse, på basis af en verifikation af politiksammenhæng og en vurdering af den merværdi, der opnås ved at støtte den pågældende investering – dvs. hvis merværdien ikke opnås, vil investeringen ikke blive en realitet. 
In addition to fulfilment of eligilbility criteria, award is based on the verification of policy consistency and the assessment of value added achieved by supporting the given investment – i.e. if the value added is not provided, the investment will not materialise.
Kommissionen bemærker, at der ganske rigtig er afsat op til 343 mio. EUR til investeringer i funds-of-funds, men at disse midler også automatisk kan anvendes til andre typer investeringer under faciliteterne, hvis investeringerne i funds-of-funds ikke bliver til noget. 
The Commission notes that, indeed, up to EUR 343 million is available for investments in funds-of-funds, but these resources can also be automatically used for other types of investments under the facilities, if the investments in funds-of-funds fail to materialise.
Det er vigtigt at understrege EIF's relative rolle på det europæiske marked for risikovillig kapital. 
It is important to point out the relative role of the EIF on the European venture market.
EUR, som EIF forpligtede sig til i 2018, skal sammenholdes med 11,4 mia. 
The EUR 1.4bn committed by the EIF in 2018 should be compared with EUR 11.4 billion which was overall 2018 fundraising for venture capital in the EU.
EIF tegnede sig således i 2018 for 12 % af kapitalrejsningen i EU i dette markedssegment Desuden anvender EIF mange mandater til denne aktivitet, herunder kommercielle mandater og EIF's egne indtægter. 
Therefore the EIF in 2018 represented 12% of fundraising in the EU in this market segment. In addition, the EIF uses many mandates for this activity, including commercial ones and the EIF’s own resources.
De investeringer, som EIF kanaliserer til markedet med støtte fra EU's budget, udgør kun ca. 
The investments EIF channels to the market with the support of EU budget represent only approx.
1,9 % af EU's samlede venturekapitalfinansieringsbehov. 
1.9% of overall EU venture fundraising.
Den rolle, som EU-støttede mandater spiller, er derfor at fokusere på markedshuller, hvor der er størst behov for offentlig støtte. 
The role of EU-supported mandates is therefore to focus on market gaps where public support is needed the most.
3 
OBSERVATIONS 30.
3 
Common reply to paragraphs 30 to 36: The Commission carries out ex-ante quantifications of market needs  and, more importantly, financing gaps  and absorption capacity through the best market intelligence made possible by standard statistical techniques and available advisory.
Der eksisterer imidlertid stærke databegrænsninger som følge af selve arten af venturekapitalfinansiering, da private oplysninger ikke videregives af den virksomhed, der er investeret i, om dens forretningsudsigter og økonomiske solvens. 
3 exist due to the very nature of venture capital financing, as private information is not released by the investee on its business prospects and financial solvency.
I mangel af pålidelige og tilstrækkelige data finder Kommissionen, at undersøgelser og kvalitative analyser er en gyldig metode til at vurdere markedshullet. 
In the absence of reliable and sufficient data, the Commission believes that surveys and qualitative analyses are a valid method to assess the market gap.
Ved anvendelse af en lignende metode skriver Europa-Parlamentet: "Sammenfattende lider Europa under en ringe forsyningsmængde, dvs. lav kapitalrejsning fra private institutionelle investorer. 
Using a similar approach, the European Parliament writes: "In summary, Europe suffers from a low supply quantity, i.e. low fundraising from private institutional investors.
Dertil kommer, at Europa lider under en ringe forsyningskvalitet, hvilket afspejles i det lave antal kvalificerede, erfarne og tilstrækkeligt store venturekapitalfonde. 
In addition, Europe suffers from a low supply quality, reflected in the low number of qualified, experienced, and sufficiently large venture capital funds.
Disse problemer er naturligvis indbyrdes tæt forbundne: en højere venturekapitalfonds kvalitet ville tiltrække institutionelle investorer og resultere i en større venturekapitalmængde." 
These problems are obviously closely interrelated: a higher venture capital fund quality would attract institutional investors and result in a larger venture capital quantity.”
[Kilde: "Potential of Venture Capital in the European Union", Europa-Parlamentets generaldirektorat for Interne Politikker, 2012] Stort set alle Kommissionens dokumenter om emnet anerkender, at der findes et finansieringshul for SMV'er (herunder venturekapital) med det resultat, at der i EU ikke er tilstrækkelig venturekapital. 
[Source: ‘Potential of Venture Capital in the European Union’, European Parliament Directorate General for Internal Policies, 2012] Virtually all Commission documents on the topic acknowledge the existence of an SME financing gap (including for venture capital), which implies that in the EU there is insufficient venture capital supply.
Kommissionen baserede sig på markedsundersøgelser. 
The Commission relied on market studies.
Adskillige af disse dokumenterede investeringshullet, både i Kommissionen (f.eks. Buti 2014a2 og 2014b3), og uden for (f.eks. 
Several documented the investment gap, both inside the Commission (e.g. Buti 2014a2 and 2014b3), and outside (e.g. Barkbu et al.
20154 og EIB 20135). 
20154 and EIB 20135).
Hullet er blevet operationaliseret i interne dokumenter. 
The gap has been operationalised in internal documents.
Med hensyn til venturekapitalfinansiering til SMV'er fandtes der undersøgelser baseret på European Private Equity and Venture Capital Association (EVCA ) og InvestEurope (f.eks. 
As for venture capital financing gaps for SMEs, studies based on European Private Equity and Venture Capital Association (EVCA) and InvestEurope data were available (e.g. ESRI 20146 or Lopez de Silanes et al.
ESRI 20146 eller Lopez de Silanes et al 20157), der påviste både hullerne og underudviklingen af venturekapitalmarkedet. 
20157), showing both the gaps and the underdevelopment of the venture capital market.
Risikoen for, at midlerne ikke kan absorberes, håndteres strukturelt: alle instrumenter indeholder bevillinger, der ikke er faste, men har i stedet maksimumsgrænser og dermed en indbygget fleksibilitet i forbindelse med omfordeling til andre foranstaltninger. 
The risk that funds cannot be absorbed is addressed structurally: all the instruments have allocations that are not fixed, but rather have maximum ceilings, and include embedded flexibility of redeployment to other actions.
Desuden er fem af de seks analyserede instrumenter direkte baseret på årlige budgetbidrag, og deres størrelse kan moduleres. 
In addition, five of the six analysed instruments relied directly on annual budgetary contributions and their size can be modulated.
Derfor ville der ikke blive tilført yderligere ressourcer til faciliteterne i de tilfælde, hvor der var taget fuldt hånd om markedshullet. 
Therefore, in cases where the market gap was fully addressed, further resources would not be provided to the facilities.
Kommissionen har således hidtil formået at styre denne risiko. 
Hence, the Commission has so far successfully managed this risk.
Undersøgelsen fra 2011 var baseret på de faktiske markedsforhold på det pågældende tidspunkt. 
The 2011 study was based on the market reality at that time.
Eftersom venturekapitalmarkedet siden er mere end fordoblet, er det Kommissionens opfattelse, at konklusionerne af denne undersøgelse nok ikke kan anvendes fuldt ud på situationen i dag. 
As the size of the venture capital market more than doubled since, the Commission is of the opinion that the conclusions of that study may not be fully applicable to today’s reality.
Undersøgelsen kunne ikke foregribe markedsudviklingen, og som det fremgår af de aktuelle resultater, har Kommissionens mandater ikke nogen problemer med gennemførelsen af de budgetter, der er afsat til venturekapitalinterventioner. 
able to anticipate market developments and as evidenced by current achievements, the Commission’s mandates do not have any problem with implementing the budgets allocated to the venture capital interventions.
I 2018 udgjorde de reviderede venturekapitalinterventioners andel af den samlede kapitalrejsning i EU 1,9 %. 
In 2018 the share of the audited venture capital interventions in overall fundraising in the EU was 1.9%.
Kommissionen vil gerne understrege, at i) de økonomiske virkninger og konsekvenserne for beskæftigelsen (for instrumenter siden 2007) er tilstrækkeligt dækket i de rapporter, der udarbejdes af EIF, og ii) undersøgelserne naturligvis ikke først og fremmest indeholdt nogen analyse af indvirkningen på venturekapitalbranchen, eftersom de reviderede faciliteter ofte ikke havde markedsudvikling eller indvirkning på branchen som et mål overhovedet, mens andre kun havde dette som underordnede mål. 
The Commission would like to point out that i) the economic effects and impact on employment (for instruments since 2007) are sufficiently covered in the reports produced by the EIF, and ii) naturally, the studies did not primarily analyse the impact on the venture capital industry as the audited facilities often did not have market development or impact on the industry as an objective at all, while others had it only as one of the ancillary objectives.
Tidsfristerne for de efterfølgende rapporter og evalueringer fremgår klart af den tilgrundliggende lovgivning, der er vedtaget af Rådet og Europa-Parlamentet. 
The timing of ex-post reports and evaluations is clearly set out in the underlying legislation adopted by the Council and European Parliament.
Selv om Kommissionen kunne påvirke timingen heraf, er der en klar afvejning mellem nyttevirkning og tilgængelighed af omfattende data. 
Even if the Commission could influence their timing, there is a clear trade-off between usefulness and availability of comprehensive data.
For at der kan tages hensyn til anbefalingerne i en evaluering, skal resultaterne være kendt inden udformningen af det nye program. 
To be able to take into account the recommendations of an evaluation, the results need to be known before the design of the new programme.