natgillin/translations-raw huggingface dataset:
Two of the sampled companies benefited from preferential financing in the form of bonds.
Visina naknada koje su upotrijebljene kao referentna vrijednost primijenjena je pro-rata na iznos svake predmetne kreditne linije kako bi se dobio iznos subvencije (umanjen za naknade koje su stvarno plaćene).
State-owned financial institutions acted as public bodies
U slučajevima u kojima je razdoblje trajanja kreditne linije bilo dulje od jedne godine, ukupni iznos subvencija raspoređen je na razdoblje trajanja kreditne linije, a odgovarajući iznos pripisan razdoblju ispitnog postupka.
In China, the players on the bond market are essentially the same entities as those which are active on the loan market.
Nakon objave dokumenta s informacijama i konačne objave Grupa Hankook tvrdila je da nisu naplaćene nikakve avansne naknade jer su kineske banke uzele u obzir sveukupan prihod od drugih proizvoda i usluga pri donošenju odluke o otvaranju kreditne linije za to društvo.
Companies that want to issue bonds need to solicit the services of a financial institution, acting as an underwriter.
Komisija se složila da se od svakog klijenta koji u banci otvara kreditnu liniju očekuje da kupi druge proizvode i usluge te banke.
Underwriters organize the issuance of bonds and propose the interest rates at which the bond will be presented to investors.
No standardna je praksa da klijenti moraju platiti avansnu naknadu, kao što je bio slučaj s dvije prekomorske banke koje su za otvaranje kreditne linije Grupi Hankook naplatile avansnu naknadu.
These underwriters are the same state-owned banks that also provide the preferential loans discussed in section 3.4 above.
Banke moraju dodijeliti sredstva kreditnoj liniji kako bi ona uvijek bila dostupna dokle god je kreditna linija otvorena.
Furthermore, investors buying the bonds are also mainly Chinese (state-owned) banks, since more than 95 % of the total trading volume of bonds happens on the interbank market.
Grupa Hankook nije dostavila nikakve dokaze o navodnim razlozima za oslobođenje od avansnih naknada.
As described in section 3.4.1 above, these financial institutions are characterized by a strong state presence, and the GOC has the possibility to exercise a meaningful influence on them.
Osim toga, u nekim slučajevima dužnici bi mogli imati obvezu da u svakom trenu u banci imaju minimalni iznos depozita.
The general legal framework in which these financial institutions operate, and which was already described in section 3.4 above, is also applicable to bonds.
Stoga je tvrdnja Grupe Hankook odbačena.
In addition, the following regulatory documents apply specifically to bonds:
Nakon objave dokumenta s informacijama Grupa Giti dostavila je primjedbu da je Komisija upotrijebila pogrešan broj dana neplaćanja za niz kreditnih linija i da izračunanu korist nije umanjila za neke naknade koje je društvo platilo.
Law of the People's Republic of China on Securities, revised and adopted at the 18th Meeting of the Standing Committee of the Tenth National People's Congress of the People's Republic of China on October 27, 2005, and effective as of January 1, 2006 (current version promulgated on August 31, 2014) (‘Securities Law’);
Komisija je djelomično prihvatila te primjedbe te u skladu s njima revidirala izračun koristi.
Administrative Measures for the Issuance and Trading of Corporate Bonds, Order of the China Securities Regulatory Commission No 113, 15 January 2015;
Zaključak o davanju povlaštenih zajmova
Measures of the Administration of Debt Financing Instruments of Non-financial Enterprises on the Inter-bank Bond Market Issued by the People's Bank of China, Order of the People's Bank of China [2008] No 12, 9 April 2008;
U ispitnom postupku pokazalo se da su sve grupe proizvođača izvoznika u uzorku ostvarile korist od povlaštenih zajmova tijekom razdoblja ispitnog postupka.
Regulations on the Administration of Corporate Bonds, issued by the State Council on 18 January 2011.
S obzirom na postojanje financijskog doprinosa, koristi za proizvođače izvoznike i specifičnost te bi zajmove i kreditne linije trebalo smatrati subvencijom protiv koje se mogu uvesti kompenzacijske mjere.
In line with the regulatory framework, bonds cannot be issued or traded freely in China.
Subvencija utvrđena u odnosu na davanje povlaštenih zajmova tijekom razdoblja ispitnog postupka za grupe društava u uzorku iznosi:
The issuance of each bond must be approved by various governmental authorities, such as the PBOC, the NDRC or the CSRC, depending on the type of bond and the type of issuer.
Društvo/grupa
In addition, according to the Regulations on the Administration of Corporate Bonds, there are annual quotas for the issuance of corporate bonds.
Ukupni iznos subvencije
Furthermore, according to Article 16 of the Securities Law, the public issuance of bonds should satisfy the following requirements: ‘the investment of raised funds shall comply with the industrial policies of the State […]’ and ‘the funds as raised […] shall be used for the purpose as verified’.
Povlašteno financiranje i osiguranje: obveznice
Article 12 of the Regulations on the Administration of Corporate Bonds reiterates that the purpose of the raised funds must be in compliance with the industrial policies of the State.
Dva društva u uzorku ostvarila su korist od povlaštenog financiranja u obliku obveznica.
According to the Administrative Measures for the Issuance and Trading of Corporate Bonds, only certain bonds corresponding with strict quality criteria, such as an AAA credit rating, may be offered for public issuance.
Financijske institucije u državnom vlasništvu djelovale su kao javna tijela
Most bonds will therefore be privately issued to so-called qualified investors, which have been approved by the CSRC, and which are essentially Chinese institutional investors.
Sudionici kineskog tržišta obveznica u osnovi su isti oni subjekti koji posluju na tržištu zajmova.
Finally, the interest rates on corporate bonds are not freely determined, since Article 18 of the Regulations on the Administration of Corporate Bonds states that ‘the interest rate offered for any corporate bonds shall not be higher than 40 % of the prevailing interest rate paid by banks to individuals for fixed-term savings deposits of the same maturity’.
Društva koja žele izdavati obveznice moraju angažirati financijsku instituciju da ona djeluje kao potpisnik.
The Commission also sought concrete proof of the exercise of control in a meaningful way on the basis of concrete issues of bonds.
Potpisnici organiziraju izdavanje obveznica i predlažu kamatne stope po kojima će se obveznica ponuditi ulagateljima.
It therefore examined the overall legal environment as set out above in recitals (307) to (315), in combination with the concrete findings of the investigation.
Ti potpisnici zapravo su banke u državnom vlasništvu koje odobravaju povlaštene zajmove iz prethodnog odjeljka 3.4.
The verification visits revealed that bonds were issued by the two groups of sampled exporting producers at interest rates close to the People's Bank of China (‘PBOC’) benchmark interest rates, regardless of the companies' financial and credit risk situation.
Nadalje, ulagatelji koji kupuju obveznice uglavnom su kineske banke (u državnom vlasništvu) jer se više od 95 % sveukupnog trgovanja obveznicama odvija na međubankovnom tržištu.
In practice, interest rates on bonds are influenced by the credit rating, similar to loans.
Kako je prethodno opisano u odjeljku 3.4.1., te financijske institucije imaju snažne veze s državom, pa kineska vlada može ostvariti značajan utjecaj na njih.
However, as described above in recitals (237) to (242), the local credit rating market is distorted and credit ratings are unreliable.
Opći pravni okvir u kojem te financijske institucije posluju i koji je već prethodno opisan u odjeljku 3.4. vrijedi i za obveznice.
This was illustrated by the fact that the bond prospectuses and credit rating reports for the bonds issued by the sampled companies did not correspond to the actual situation of the companies.
Osim toga, sljedeći regulatorni dokumenti primjenjuju se specifično na obveznice:
In one case for example, the financial analysis for the bond issue was based on a very high turnover and a profit of 12 %, although the financial statements of the company showed that it was making losses in fact.
Zakon Narodne Republike Kine o vrijednosnim papirima koji je izmijenjen i donesen na 18. sastanku Stalnog odbora 10.
In another case, the detailed bond prospectus warned that the liability level of the company had been rising, that ‘the debts burden on the issuer is heavy, and its assets-liability ratio is higher than the industry average… On the whole, the issuer's short-term solvency is relatively low, so there's certain short-term solvency pressure… The company mainly relies on non-operating income as its profits. This represents a lot of uncertainties for its profitability.’
Nacionalnog narodnog kongresa Narodne Republike Kine dana 27. listopada 2005., a koji je počeo proizvoditi učinke od 1. siječnja 2006. (važeća verzija službeno je objavljena 31. kolovoza 2014.) („Zakon o vrijednosnim papirima”);
Nevertheless, the report then concluded by providing a AAA credit rating to the bond offering.
Administrativne mjere za izdavanje korporativnih obveznica i trgovanje njima, Uredba Kineskog regulatornog tijela za vrijednosne papire br. 113, 15. siječnja 2015.;
Finally, the Commission noted that under normal market circumstances, interest rates on bonds should on average be higher than interest rates on loans, because they are considered as subordinated debt.
Mjere za upravljanje dužničkim instrumentima nefinancijskih poduzeća koje izdaje Narodna banka Kine na međubankovnom tržištu obveznica, Uredba Narodne banke Kine [2008.] br. 12, 9. travnja 2008.;
However, in the case of the sampled companies, the interest rates on loans were equal to or higher than the interest rates on the bonds.
Pravilnik o upravljanju korporativnim obveznicama, koji je 18. siječnja 2011. izdalo Državno vijeće.
In light of the above considerations, the Commission found that the Chinese financial institutions organizing the issuance of bonds for the sampled companies are public bodies within the meaning of Articles 3 and 2 (b) of the basic Regulation.
U skladu s regulatornim okvirom u Kini obveznice se ne mogu slobodno izdati niti se njima može slobodno trgovati.
Furthermore, a benefit was provided to the two sampled exporting producers, since the bonds were issued at rates below the market rates corresponding to their actual risk profile.
Svako izdavanje obveznice moraju odobriti različita državna tijela, kao što su NBK, NDRC i CSRC, ovisno o vrsti obveznice i vrsti izdavatelja.
The Commission considered that the preferential financing through bonds is specific within the meaning of Article 4(2)(a) of the basic Regulation as the bonds cannot be issued without approval from government authorities, and the Securities Law of the PRC states that the issuance of bonds must comply with the State's industrial policies.
Osim toga, Pravilnikom o upravljanju korporativnim obveznicama utvrđene su godišnje kvote za izdavanje korporativnih obveznica.
According to these policies, high-performance radial tires (including tubeless truck tires) are specified as an encouraged category of products.
Nadalje, u skladu s člankom 16.
Calculation methodology
Zakona o vrijednosnim papirima javno izdavanje obveznica trebalo bi ispunjavati sljedeće zahtjeve: „ulaganje prikupljenih sredstava mora biti u skladu s industrijskim politikama države […]” i „prikupljena sredstva […] moraju se upotrijebiti za provjerenu svrhu”.
Since bonds are in essence just another type of debt instrument, similar to loans, and since the calculation methodology for loans is already based on a basket of bonds, the Commission decided to follow the calculation methodology for loans as described above in section 3.4.4.
U članku 12.
This means that the relative spread between US AA corporate bonds and US BB corporate bonds with the same duration is applied to the benchmark interest rates published by the PBOC to establish a market-based interest rate for bonds, which is then compared with the actual interest rate paid by the company in order to determine the benefit.
Pravilnika o upravljanju korporativnim obveznicama ponavlja se da svrha prikupljenih sredstava mora biti u skladu s industrijskim politikama države.
The subsidy amount established with regard to preferential bonds during the investigation period for the sampled groups of companies amounts to:
Prema Administrativnim mjerama za izdavanje korporativnih obveznica i trgovanje njima samo određene obveznice koje ispunjavaju stroge kriterije kvalitete, na primjer kreditni rejting AAA, mogu se ponuditi na javno izdavanje.
Preferential financing: bonds
Stoga će se većina obveznica izdati privatno takozvani kvalificiranim ulagateljima koje je odobrio CSRC i koji su u osnovi kineski institucionalni ulagatelji.
Preferential financing and insurance: export buyer credits
Konačno, postoje i uvjeti za utvrđivanje kamatne stope na korporativne obveznice, odnosno u članku 18.
According to the complainant, state-owned banks in China provided export buyer's credits or concessional loans to foreign companies, such as importers, in order to promote the export of Chinese products, technology, and services, such as tyres.
Pravilnika o upravljanju korporativnim obveznicama navodi se da „kamatna stopa po kojoj je ponuđena bilo koja korporativna obveznica ne smije biti veća od 40 % prevladavajuće kamatne stope koju banke plaćaju fizičkim osobama za oročene štedne depozite s istim dospijećem”.
During the investigation, the Commission found that none of the importers, whether related or unrelated, had any outstanding loans from Chinese financial institutions in their accounts.
Komisija je zatražila i konkretne dokaze o provođenju znatne kontrole na temelju konkretnih izdanja obveznica.
The Commission therefore concluded that this programme was not applicable to the sampled companies during the investigation period.
Stoga je preispitala opće pravno okruženje, kako je prethodno opisano u uvodnim izjavama od 307. do 315., te konkretne nalaze ispitnog postupka.
Following the disclosure of the Information Document and final disclosure, the GOC, Pirelli and the CNRC claimed that the Commission could not investigate this scheme as it had not been covered by the complaint or by the Notice of Initiation.
Na primjer, u jednom se slučaju financijska analiza izdanja obveznica temeljila na vrlo visokom prometu i dobiti od 12 % iako je u financijskim izvještajima društva bilo očito da ono zapravo bilježi gubitke.
After final disclosure the GOC reiterated this claim and argued that the Commission did not provide an opportunity for consultations prior to initiation in accordance with Article 10(7) of the basic Regulation preventing the PRC from proposing a mutually agreed position.
U drugom se slučaju u detaljnom prospektu obveznica upozorilo na sve veće obveze društva, na „vrlo veliku zaduženost izdavatelja, omjer između imovine i obveza koji je veći od prosjeka u industriji… Kratkoročna solventnost izdavatelja općenito je relativno niska zbog čega se javljaju određeni pritisci povezani s kratkoročnom solventnošću… Dobit društva uglavnom obuhvaća prihode koji nisu ostvareni iz redovitog poslovanja.
In addition, the GOC claimed that new schemes can be countervailed only if there was a legal basis in EU law.
To je velika količina nesigurnosti povezana s njegovom profitabilnosti”.
However, such legal basis was only introduced upon the entry into force of the new Article 10(7), second paragraph, of the basic Regulation in December 2017, which was not applicable to this proceeding.
Unatoč tomu, u izvješću se zaključuje tako da se ponudi obveznica daje kreditni rejting AAA.
The CNRC took the view that each program had to be individually mentioned in the notice of initiation.
Naposljetku, Komisija je primijetila da bi u normalnim tržišnim okolnostima kamatne stope na obveznice trebale biti više od kamatnih stopa na zajmove jer se prvo navedene smatraju podređenima dugom.
As the Commission had only referred to ‘grants’ or ‘loans’ and not to ‘equity investment’ the SRF investment was not covered by the proceedings.
Međutim, kamatne stope na zajmove društava u uzorku bile su istovjetne ili više od kamatnih stopa na obveznice.
The Commission disagreed.
Na temelju prethodno navedenih razmatranja Komisija je utvrdila da se sve kineske financijske institucije koje su organizirale izdavanje obveznica za društva u uzorku smatra javnim tijelima u smislu članka 3. i članka 2. stavka (b) osnovne uredbe.
The Notice of Initiation referred to the ‘(1) direct transfer of funds and potential direct transfer of funds or liabilities’.
Nadalje, dva proizvođača izvoznika u uzorku ostvarila su korist jer su obveznice izdane po ratama nižim od tržišnih stopa koje odgovaraju njihovu stvarnom profilu rizičnosti.
Both under Article 3(1)(a)(i) of the basic AS Regulation and Article 1.1 (a)(1)(i) of the SCM Agreement the term ‘direct transfer for funds’ is explained by bracketed examples.
Komisija je smatrala da je povlašteno financiranje putem obveznica specifično u smislu članka 4. stavka 2. točke (a) osnovne uredbe jer se obveznice ne mogu izdati bez odobrenja državnih tijela, a u Zakonu o vrijednosnim papirima NRK-a utvrđuje se da izdavanje obveznica mora biti u skladu s industrijskim politikama države.
They enumerate ‘for example, grants, loans, equity infusion’.
U tim politikama radijalne gume visoke izvedbe (uključujući gumbe bez zračnica za kamione) svrstane su u poticanu kategoriju proizvoda.
As an equity investment, the SRF investment was hence covered by the Notice of Initiation under the heading ‘direct transfer of funds’.
Metoda izračuna
Moreover, as explained below in recitals (334) to (340), the SRF investment was not considered to be a separate, self-standing programme for the purpose of this investigation.
Budući da su obveznice u osnovi jedna vrsta dužničkog instrumenta, a metoda izračuna za zajmove već se temelji na skupu obveznica, Komisija je odlučila pridržavati se metode izračuna za zajmove kako je prethodno opisana u odjeljku 3.4.4.
Rather, the SRF investment constituted an additional intervention in a package of five financial interventions from the Government of China in the context of acquiring Pirelli.
To znači da se relativni raspon između korporativnih obveznica s rejtingom AA i korporativnih obveznica s rejtingom BB u SAD-u s istim trajanjem primjenjuje na referentne kamatne stope koje objavljuje NBK kako bi utvrdio tržišnu kamatnu stopu na obveznice, koja se zatim uspoređuje sa stvarnom kamatnom stopom koju je društvo platilo kako bi se utvrdila korist.
Next to another equity investment from CINDA, the other parts of the package were a grant, a loan, and an interest repayment which the CNRC accepts for having been properly subject to investigation.
Subvencija utvrđena u odnosu na povlaštene obveznice tijekom razdoblja ispitnog postupka za grupe društava u uzorku iznosi:
By analysing the SRF investment, the Commission had thus not included a separate programme into the investigation, but rather looked at all relevant parts of one complex financial measure, as part of a programme to promote foreign trade in this context.
Povlašteno financiranje: obveznice
Moreover, even if there had been a doubt about the scope of the covered subsidies by the proceeding, the Commission had dispelled such doubts in full transparency during the investigation.
Povlašteno financiranje i osiguranje: izvozni kupovni krediti
The question of the market-based nature of investments made by the Silk Road Fund (‘SRF’) was raised by common agreement during the verification visit at the GOC, where the GOC also provided useful information about the nature of the SRF.
Prema podnositelju pritužbe banke u državnom vlasništvu u Kini davale su izvozne kupovne kredite ili povlaštene zajmove stranim društvima, na primjer uvoznicima, kako bi promicale izvoz kineskih proizvoda, tehnologije i usluga, na primjer guma.
In this respect, the Commission was also surprised about the allegation of CNRC made after final disclosure that the GOC had only made an oral response during the Commission's verification visit and that the Commission had not sought further information on the market-based nature of the SRF.
Tijekom ispitnog postupka Komisija je utvrdila da nijedan izvoznik, ni povezan ni nepovezan, nema nepodmirenih zajmova kineskih financijskih institucija u svojim računima.
Rather to the contrary, the Commission had sent an Article 28 letter to the GOC in that respect and received some documentation about the SRF investment by the GOC, which again underlines that this aspect of the GOC financing was properly part of the proceeding.
Komisija je stoga zaključila da se taj program nije primjenjivao na društva u uzorku tijekom razdoblja ispitnog postupka.
The claim that the SRF investment was outside the scope of the investigation was therefore rejected.
Povlašteno financiranje i osiguranje: potpora stranim ulaganjima
Legal basis
Na kraju 2015.
13th Five Year Plan for the Development of Foreign Trade, issued by the Ministry of Commerce (‘MOFCOM’), 26 December 2016;
CNRC stekao je 65 % udjela u Grupi Pirelli.
13th Five Year Petrochemical Plan;
Vrijednost te Grupe tada je procijenjena na 7,1 milijardi EUR.
Guiding Opinions of the State Council on the Promotion of International Production Capacity and Equipment Manufacturing Cooperation, issued in 2015 (‘Guiding Opinions’);
To je stjecanje bilo popraćeno s nekoliko mjera potpore kineske vlade.
Notice on Appropriating Subsidized Funds of Key Projects of 2015 Special Funds for the Development of Foreign Trade and Economy, C.H.
Nakon objave dokumenta s informacijama i konačne objave kineska vlada, Grupa Pirelli i CNRC tvrdili su da Komisija nije mogla ispitivati taj program jer taj program nije obuhvaćen pritužbom ni obaviješću o pokretanju postupka.
No 653 and Chemchina File [2016] No 144;
Nakon konačne objave kineska vlada ponovila je tu tvrdnju i izjavila da Komisija nije pružila priliku za savjetovanje prije pokretanja postupka u skladu s člankom 10. stavkom 7. osnovne uredbe i da zato NRK nije mogla predložiti usuglašeno stajalište.
Notice of the Ministry of Finance on Release of Central State-Owned Capital Operating Budget in 2016, CZ [2016], No 18.
Osim toga, kineska vlada tvrdila je da se protiv novih programa mogu uvesti kompenzacijske mjere samo ako u pravu EU-a postoji pravna osnova.
Findings of the investigation
Međutim, takva pravna osnova uvedena je tek stupanjem na snagu novog članka 10. stavka 7. drugog podstavka osnovne uredbe u prosincu 2017. i nije primjenjiva na ovaj postupak.
Second, CNRC received a 800 million EUR preferential loan from a bank consortium including China Development Bank (‘CDB’), EXIM and China Construction Bank (‘CCB’).
Komisija se s tim nije složila.
The loan agreement mentions as purpose of the loan the acquisition of Pirelli.
U obavijesti o pokretanju postupka upućuje se na „1. izravni prijenos sredstava i potencijalni izravni prijenos sredstava ili obveza”.
Third, CNRC received a 17 million RMB refund of the interest paid on the loan mentioned in the recital above.
Nadalje, kako je objašnjeno u nastavku u uvodnim izjavama od 334. do 340., ulaganje Fonda za Put svile za potrebe ovog ispitnog postupka nije se smatralo zasebnim samostalnim programom.
This refund was granted by the Ministry of Finance ‘for the acquisition of Pirelli's stock rights’ as part of the ‘key projects of 2015 special funds for the development of foreign trade’, in line with the Notice on Appropriating Subsidized Funds of Key Projects of 2015 Special Funds for the Development of Foreign Trade and Economy, C.H.
Umjesto toga ulaganje Fonda za Put svile činilo je dodatnu intervenciju u paketu od pet financijskih intervencija kineske vlade u kontekstu stjecanja društva Pirelli.
No 653 and Chemchina File [2016] No 144.
Uz vlasničko ulaganje društva CINDA paket obuhvaća bespovratna sredstva, zajam i otplatu kamata za koje CRRC priznaje da je ispravno uključeno u istragu.