natgillin/translations-raw huggingface dataset:
Regional risk capital schemes covering regions similar in size to the West Midlands normally involve far higher amounts of aid than foreseen for this measure.
Regionalne sheme tveganega kapitala, ki zajemajo regije podobne velikosti, kot je West Midlands, navadno vključujejo mnogo višje zneske pomoči, kot je predvideno pri tem ukrepu.
Furthermore, Investbx does not by itself provide capital to SMEs.
Poleg tega Investbx sam ne zagotavlja lastniškega kapitala MSP-jem.
The measure only introduces a new type of marketplace for investments in SMEs, which facilitates transactions between private parties at market conditions.
Ukrep samo uvaja novo vrsto trga za naložbe v MSP-je, ki omogoča transakcije med zasebnimi strankami po tržnih pogojih.
In this sense Investbx appears particularly efficient in addressing the market failure.
V tem smislu se zdi Investbx posebno učinkovit pri odpravljanju tržne pomanjkljivosti.
The size of the aid is calculated in a way to enable Investbx to achieve economies of scale and get a sufficient size to be able to break-even after five years.
Velikost pomoči se izračuna na način, ki omogoča Investbxu, da doseže ekonomijo velikega obsega in zadostno velikost, da lahko v petih letih doseže pokritost stroškov.
There is a maximum limit of the aid of GBP 3 million.
Zgornja meja pomoči znaša 3 milijone GBP.
This will cover only the difference between the prospected revenues from the Investbx activity and the costs incurred by Investbx in the first five years.
To bo pokrilo le razliko med pričakovanimi prihodki iz dejavnosti Investbxa in stroški, ki jih Investbx ustvari v prvih petih letih.
The actual aid will be limited to what is necessary to cover potential losses.
Dejanska pomoč bo omejena na tisto, kar je potrebno, da se pokrijejo morebitne izgube.
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.
Če bo Investbx posloval tako uspešno, da bo pokril svoje upravne stroške, preden se bo porabil celotni znesek pomoči, bo preostali del subvencije vrnil AWM.
The Commission notes positively that the measure is limited to five years.
Komisija pozitivno upošteva dejstvo, da je ukrep omejen na pet let.
After this period, the regional authority, AWM, will either close down Investbx or sell its shares through an open and non-discriminatory tender available to any market participant, including Ofex.
Po tem obdobju bo regionalni organ AWM bodisi zaprl Investbx ali pa prodal njegove delnice na podlagi javnega in nediskriminacijskega razpisa, ki bo dostopen vsem udeležencem na trgu, vključno z Ofexom.
AWM would then receive back at least a part of its entire grant and potentially even more in the form of the sale price of Investbx.
AWM bi takrat dobil nazaj vsaj del celotne subvencije, mogoče pa tudi več v obliki prodajne cene Investbxa.
The Commission considers that the aid is limited to the minimum necessary and is therefore proportional.
Komisija meni, da je pomoč omejena na najnižji znesek, ki je potreben, in da je zato sorazmerna.
Distortions of competition and the effect on trade should be limited to ensure that the aid measure is not, on balance, contrary to the common interest
Izkrivljanje konkurence in vpliv na trgovino morata biti omejena, da se zagotovi, da ukrep pomoči ni v nasprotju s skupnim interesom.
According to point 5.3 of the Risk Capital Guidelines, the Commission will assess the negative effects of the measure in order to balance them with the positive effects.
V skladu s točko 5.3 Smernic o rizičnem kapitalu Komisija oceni negativne učinke ukrepa, da bi jih izravnala s pozitivnimi učinki.
In the following the possible crowding-out effect on potential competitors and other negative effects will be discussed.
V nadaljevanju se razpravlja o morebitnem učinku izrivanja potencialnih konkurentov in drugih negativnih učinkih.
Potential competitors and the extent to which they may be affected by crowding out
Potencialni konkurenti in v kakšnem obsegu lahko izrivanje vpliva nanje
The principle service provided by Investbx is to obtain equity capital in the range of GBP 0,5 to 2 million for SMEs.
Glavna storitev, ki jo zagotavlja Investbx, je pridobivanje lastniškega kapitala za MSP-je v razponu od 0,5 do 2 milijonov GBP.
Associated services provided by Investbx are auxiliary and with the primary purpose of channelling equity to SMEs.
Povezane storitve, ki jih zagotavlja Investbx, so pomožne, njihov osnovni namen pa je usmerjanje lastniškega kapitala v MSP-je.
Although there are some advantages to invest into SMEs locally, the geographic market for these equity tranches is at least the entire United Kingdom, as those SMEs that already received such financing received it from sources based in other parts of the United Kingdom, such as London.
Čeprav obstajajo določene prednosti lokalnega vlaganja v MSP-je, geografski trg za te tranše lastniškega kapitala zajema vsaj celotno Združeno kraljestvo, saj so tisti MSP-ji, ki so taka finančna sredstva že prejeli, ta pridobili iz virov v drugih delih Združenega kraljestva, kot je na primer London.
Although an example of receiving financing abroad has been reported, the equity capital market for tranches between GBP 0,5 and 2 million generally tends to be national.
Čeprav se je o primeru prejemanja finančnih sredstev iz tujine že poročalo, je trg lastniškega kapitala za tranše od 0,5 do 2 milijonov GBP po navadi nacionalen.
In the following the likely effects of the aid on competitors shall be discussed.
V nadaljevanju se razpravlja o verjetnih učinkih pomoči na konkurente.
The competitors that provide or facilitate the provision of equity financing in the range of GBP 0,5 to 2 million could include business angels, venture capitalists, brokers, Alternative Trading Systems as well as the mainstream stock exchanges the AIM and the LSE.
Med konkurente, ki zagotavljajo ali pomagajo zagotoviti lastniško financiranje v razponu od 0,5 do 2 milijonov GBP, bi lahko spadali poslovni angeli, imetniki tveganega kapitala, borzni posredniki, alternativni sistemi trgovanja ter tudi alternativni investicijski trg in londonska borza kot tradicionalni borzi.
In comparison with business angels financing, Investbx, on the one hand, facilitates the provision of larger amounts of equity, and on the other hand, requires greater level of disclosure and independent studies than business angels.
V primerjavi s financiranjem s strani poslovnih angelov Investbx po eni strani omogoča zagotavljanje večjih zneskov lastniškega kapitala, po drugi strani pa ima strožje zahteve po javnosti podatkov in neodvisnih raziskavah kot poslovni angeli.
Although some business angel networks or syndications may provide the same amounts of equity capital, their competition with Investbx in this case may be rather limited because such business angels would offer equity at lower costs than Investbx, as they do not require the same level of research and disclosure.
Čeprav lahko nekatere mreže ali združenja poslovnih angelov zagotovijo enake zneske lastniškega kapitala, bi bila njihova konkurenca Investbxu v tem primeru precej omejena, ker bi taki poslovni angeli ponujali lastniški kapital po nižjih stroških kot Investbx, saj ne zahtevajo enako raven raziskav in javnosti podatkov.
Moreover, business angels could even benefit from the measure by investing through Investbx.
Poleg tega bi lahko imeli poslovni angeli celo korist od tega ukrepa, če bi vlagali prek Investbxa.
The Commission only received positive comments from the business-angel community.
Komisija je prejela od skupnosti poslovnih angelov le pozitivne pripombe.
Private venture capital funds, as demonstrated above, concentrate mainly on larger deals.
Kot je navedeno, so zasebni skladi tveganega kapitala usmerjeni predvsem v večje poslovne transakcije.
Investbx will facilitate the growth of SMEs that could be further taken over by venture capital funds or investors at more senior established markets.
Investbx bo omogočil rast MSP-jev, ki jih bodo lahko pozneje prevzeli skladi tveganega kapitala ali vlagatelji na starejših in bolj uveljavljenih trgih.
A degree of competition with those funds that provide a small amount of equity cannot be excluded.
Določene stopnje konkurence tem skladom, ki zagotavljajo majhen znesek lastniškega kapitala, ni mogoče izključiti.
From the representatives of the venture capital industry, namely the Catapult Venture Managers Ltd. and the Advantage Growth Fund, the Commission only received positive comments.
Komisija je od predstavnikov sektorja tveganega kapitala, in sicer od Catapult Venture Managers Ltd. in Advantage Growth Fund, prejela le pozitivne pripombe.
Since the main characteristic of Investbx is to raise capital for SMEs from investors and to act as a trading platform, it does not itself provide funding to the companies traded.
Ker je glavna značilnost Investbxa, da zbira kapital za MSP-je od vlagateljev in deluje kot platforma za trgovanje, sam ne zagotavlja finančnih sredstev gospodarskim družbam, s katerimi se trguje.
Therefore, it is only to a very limited extent in competition with venture capital funds.
Zato le v zelo omejenem obsegu pomeni konkurenco skladom tveganega kapitala.
From the brokers' community, the Commission received critical comments from JP Jenkins, claiming that Investbx will become a direct competitor benefiting from a competitive advantage by the state aid provided, which would lead to a distortion of competition prejudicing JP Jenkins' position.
Komisija je od skupnosti borznih posrednikov prejela negativne pripombe JP Jenkinsa, ki trdi, da bo Investbx postal neposreden konkurent, ki bo izkoristil konkurenčno prednost zaradi zagotovljene državne pomoči, kar bo povzročilo izkrivljanje konkurence in škodilo položaju družbe JP Jenkins.
In this respect, the Commission notes the statement of the UK authorities that JP Jenkins operates a different business model to that of Investbx.
V zvezi s tem Komisija upošteva izjavo organov Združenega kraljestva, da JP Jenkins deluje na podlagi drugačnega poslovnega modela kot Investbx.
JP Jenkins is an execution-only stockbroker and market maker, matching trades in unlisted and unquoted securities off-exchange.
JP Jenkins je borzni posrednik, ki zgolj izvršuje naročila, ter ustvarjalec trga, ki sklepa posle z zunajborznimi in neuvrščenimi vrednostnimi papirji.
Furthermore, there is no regulatory obligation for this market.
Poleg tega za ta trg ne veljajo nobene zakonodajne obveznosti.
Consequently, the United Kingdom states that JP Jenkins does not perform the function of raising funds for SMEs, which is the primary objective of Investbx.
Združeno kraljestvo zato trdi, da JP Jenkins ne opravlja funkcije zbiranja sredstev za MSP-je, kar je glavni cilj Investbxa.
The same arguments are valid for the activity of other execution-only brokers.
Isti argumenti veljajo za dejavnost drugih borznih posrednikov, ki zgolj izvršujejo naročila.
As for the allegations of JP Jenkins, in any event, in June 2006, before removing the possibility to search by regions on its website, JP Jenkins traded 157 companies out of which only four companies were from the West Midlands.
Kar zadeva izjave JP Jenkinsa, pa je JP Jenkins v vsakem primeru junija 2006, pred odpravo možnosti iskanja po regijah na njegovi spletni strani, trgoval s 157 gospodarskimi družbami, od katerih so bile le štiri iz regije West Midlands.
Therefore, the Commission considers a potential effect of Investbx on JP Jenkins at least to be very limited.
Zato Komisija meni, da je morebiten vpliv Investbxa na JP Jenkins vsaj zelo omejen.
Investbx is intended to enter the market of trading platforms for equity financing of companies which cannot get quoted on the main stock exchange in the United Kingdom.
Investbx naj bi vstopil na trg platform za trgovanje za lastniško financiranje gospodarskih družb, ki ne morejo kotirati na glavni borzi v Združenem kraljestvu.
The LSE is not considered to be a potential competitor of Investbx, since the companies traded at the two markets would be different in terms of their size and other features required by the LSE.
Londonska borza ne velja za potencialnega konkurenta Investbxa, ker bi se gospodarske družbe, s katerimi se trguje na teh dveh trgih, razlikovale po velikosti in drugih lastnostih, ki jih zahteva londonska borza.
In particular, in order to get listed on the LSE, companies have to fulfil certain criteria, such as 25 % of shares being held in public hands, 3 years' trading experience, and working capital for at least the next 12 months, or a minimum market capitalisation.
Za kotiranje na londonski borzi morajo gospodarske družbe zlasti izpolniti določena merila, kot so 25-odstotni delež delnic v javni lasti, 3 leta izkušenj s trgovanjem in obratna sredstva vsaj za naslednjih 12 mesecev ali minimalna tržna kapitalizacija.
Moreover, the AIM is less suitable for raising amounts under GBP 2 million, as the direct cost of raising such an amount can represent on average 20 — 26 % of the equity raised.
Poleg tega je alternativni investicijski trg manj primeren za zbiranje sredstev v višini manj kot 2 milijonov GBP, ker lahko neposredni stroški zbiranja takega zneska zajemajo povprečno 20–26 % zbranega lastniškega kapitala.
It does not provide the same services to SMEs as Investbx.
Ne zagotavlja enakih storitev MSP-jem kot Investbx.
Consequently, SMEs raising GBP 2 million are discouraged from using the AIM.
To odvrača MSP-je, ki zbirajo 2 milijona GBP, od uporabe alternativnega investicijskega trga.
Present Alternative Trading Systems, such as Ofex and The Share Centre may also provide primary or secondary trading to SMEs.
Trenutni alternativni sistemi trgovanja, kot sta Ofex in The Share Centre, lahko tudi zagotavljajo primarno ali sekundarno trgovanje MSP-jem.
Concerning the competitive situation on the market as a whole, the effects of Investbx will be limited to only one region of United Kingdom.
Kar zadeva konkurenčne razmere na celotnem trgu, bodo učinki Investbxa omejeni le na eno regijo Združenega kraljestva.
Moreover, in this region the provision and intermediation of equity is less developed than in the United Kingdom as a whole.
V tej regiji je zagotavljanje in posredovanje lastniškega kapitala manj razvito kot v celotnem Združenem kraljestvu.
Concerning possible competition with Ofex in particular, the Commission recalls that presently only 5 % of companies traded on Ofex are based in the West Midlands.
Glede morebitne konkurence zlasti Ofexu Komisija poudarja, da je trenutno le 5 % gospodarskih družb, ki trgujejo na Ofexu, iz regije West Midlands.
From the region, between 2000 and 2005 altogether 10 companies were admitted to Ofex.
Iz te regije je bilo med letoma 2000 in 2005 v Ofex vključenih skupaj 10 gospodarskih družb.
From the presently listed companies only 2 were admitted since 2003.
Samo 2 izmed gospodarskih družb, ki trenutno kotirajo na borzi, sta bili vključeni od leta 2003.
Ofex is acting nation-wide and aims at international trade and it cannot be excluded that it will use its upgraded platform to trade more significant volumes as well as large companies' shares that may be quoted elsewhere.
Ofex deluje po vsej državi in je usmerjen v mednarodno trgovanje, zato ni mogoče izključiti možnosti, da bo uporabil svojo posodobljeno platformo za trgovanje z večjimi količinami ter delnicami velikih gospodarskih družb, ki morda kotirajo drugje.
Moreover, as stated by the UK authorities, during the six years 2000 to 2005, Ofex has raised only GBP 3,5 million of primary funding for 5 companies based in the West Midlands.
Kot so navedli organi Združenega kraljestva, je bilo v šestih letih od leta 2000 do leta 2005 prek Ofexa zbranih le za 3,5 milijona GBP sredstev za primarno financiranje 5 gospodarskih družb s sedežem v regiji West Midlands.
At the same time, Ofex raised overall GBP 43,3 million of primary funding within the GBP 0,5 million to 2 million range for 39 companies in the United Kingdom.
Hkrati je bilo prek Ofexa zbranih skupaj 43,3 milijonov GBP sredstev za primarno financiranje v razponu od 0,5 do 2 milijonov GBP za 39 podjetij po vsem Združenem kraljestvu.
Consequently, the distortion of competition in terms of volume of primary funding and of the number of SMEs potentially switching from Ofex to Investbx in the West Midlands is very limited.
Zato je izkrivljanje konkurence z vidika obsega sredstev za primarno financiranje in števila MSP-jev, ki bi lahko prešli iz Ofexa v Investbx, v regiji West Midlands zelo omejeno.
The Commission considers that there would be no distortion of competition at all if Investbx were not at all successful and did not raise any capital and/or would not trade any SMEs.
Komisija meni, da ne bi bilo nikakršnega izkrivljanja konkurence, če bi bil Investbx neuspešen ter ne bi zbral kapitala in/ali ne bi trgoval z nobenim MSP-jem.
In such a case the measure would be merely ineffective, but not distortive.
V takem primeru bi bil ukrep samo neučinkovit, ne bi pa imel izkrivljajočega učinka.
At the level of SMEs invested in through Investbx, the distortion of competition is also limited.
Izkrivljanje konkurence je omejeno tudi na ravni MSP-jev, v katere se vlaga prek Investbxa.
Their advantage is limited to the West Midlands region and to improved access to financial services in the way of bundling of services otherwise provided at market conditions and raising funds from locally interested investors, for which in any case they have to pay 6 % of the funds raised.
Njihova korist je omejena na regijo West Midlands in na izboljšan dostop do finančnih storitev, ki ga omogočata povezovanje storitev, ki se sicer izvajajo po tržnih pogojih, ter zbiranje sredstev od lokalno zainteresiranih vlagateljev, za katere morajo v vsakem primeru plačati 6 % od zbranih sredstev.
Moreover, the access to Investbx is open to SMEs from the West Midlands that fulfil the prescribed disclosure rules and provide an independent research study.
Poleg tega je Investbx dostopen MSP-jem iz regije West Midlands, ki izpolnjujejo predpisane zahteve po javnosti podatkov in neodvisni raziskavi.
It is the private investors who will at the end decide which SME has the most suitable business plan to invest into.
Na koncu so zasebni vlagatelji tisti, ki odločajo o tem, kateri MSP ima najprimernejši poslovni načrt za naložbo.
Other distortions of competition
Druga izkrivljanja konkurence
Concerning other distortions of competition as set out in point 5.3.2 of the Risk Capital Guidelines, the Commission examines whether the measure will lead to the creation of significant market power of the target SMEs, whether it will have the effect of keeping inefficient firms or sectors afloat, the effect of over-supply of risk capital funding and whether the aid may build up an inefficient allocation of production factors between regions.
Glede drugih izkrivljanj konkurence, kot so predstavljena pod točko 5.3.2 Smernic o rizičnem kapitalu, Komisija prouči, ali bodo imeli ciljni MSP-ji zaradi ukrepa pomembno tržno moč, ali bo njegov učinek tak, da bodo neučinkovita podjetja ali sektorji ostajali na površju, ali bo imel učinek čezmerne ponudbe sredstev tveganega kapitala ter ali lahko pomoč razvije neučinkovito dodelitev dejavnikov proizvodnje med regijami.
As stated in the assessment of the existence of aid at the level of SMEs, the target SMEs will receive risk capital from private investors without any aid element.
Kot je navedeno v oceni o obstoju pomoči na ravni MSP-jev, bodo ciljni MSP-ji prejeli tvegani kapital od zasebnih vlagateljev brez kakršnega koli elementa pomoči.
The only advantage they will get consists in receiving services that are otherwise not available on the market.
Edina korist, ki jo bodo imeli, izhaja iz prejemanja storitev, ki sicer na trgu niso na voljo.
It comes from the nature of the advantage that it cannot alone lead to development of market power.
Iz narave koristi je razvidno, da sama po sebi ne more povzročiti razvoja tržne moči.
Similarly, the private nature of investment decisions will ensure that the measure will not have the effect of keeping inefficient firms or sectors afloat or to modify the allocation of production factors between regions.
Podobno bo zasebna narava odločitev o naložbah zagotovila, da učinek ukrepa ne bo tak, da bodo neučinkovita podjetja ali sektorji ostajali na površju ali da bi se spremenila dodelitev dejavnikov proizvodnje med regijami.
Other factors limiting the distortive effect on competition
Drugi dejavniki, ki omejujejo izkrivljajoč učinek na konkurenco
The Commission considers that the GBP 3 million of aid to Investbx may distort competition, however there are several aspects that limit the detriment that may be caused to competitors.
Komisija meni, da lahko pomoč za Investbx v višini 3 milijonov GBP izkrivi konkurenco, vendar obstaja več vidikov, ki omejujejo morebitno škodo konkurentom.
The measure is limited in the aid amount provided, geographically and in time.
Ukrep je omejen glede na višino zneska, geografsko in časovno.
Firstly, the aid to Investbx will be strictly limited to the maximum of GBP 3 million.
Prvič, pomoč za Investbx bo strogo omejena na največ 3 milijone GBP.
This aid amount will not be increased and is limited to what is necessary to cover potential losses in the start-up phase of Investbx.
Znesek pomoči se ne bo povečal in je omejen na tisto, kar je potrebno, da se pokrijejo morebitne izgube v začetni fazi Investbxa.
Secondly, it offers its services to SMEs located only in the West Midlands region, while other marketplaces, such as Ofex, offer their services to the whole UK as well as abroad.
Drugič, svoje storitve ponuja samo MSP-jem, ki delujejo v regiji West Midlands, medtem ko drugi trgi, kot je Ofex, svoje storitve ponujajo za celotno Združeno kraljestvo in tudi v tujini.
Therefore, any potential distortive effects would be limited to a small part of established operators markets.
Kakršni koli morebitni izkrivljajoči učinki bi bili zato omejeni na manjši del uveljavljenih trgov izvajalcev.
Thirdly, the aid is also limited in time, to five years.
Tretjič, pomoč je časovno omejena na pet let.
After this period, AWM will either sell its shares of Investbx through a non-discriminatory and open tender procedure to private investors, or close Investbx down and thus the possible distortion will be eliminated.
Po tem obdobju bo AWM bodisi prodal delnice Investbxa zasebnim vlagateljem prek nediskriminacijskega javnega razpisa ali pa ga zaprl, tako da bo morebitno izkrivljanje odpravljeno.
In case of a sale, any outstanding funds from the original grant will be paid back to AWM.
Ob prodaji se bodo vsa neporavnana sredstva iz prvotne subvencije vrnila AWM.
Although Investbx does not only cover an initial investment, but also start-up costs for five years, the Commission considers this amount necessary.
Čeprav Investbx ne pokriva le začetne naložbe, temveč tudi zagonske stroške za obdobje petih let, Komisija meni, da je ta znesek potreben.
Since the yearly expected number of new SMEs entering the Investbx marketplace is limited, it is reasonable to assume that the economies of scale will only be effective and Investbx will only be able to break-even when the number of SMEs traded achieves a certain level after several years.
Ker je pričakovano letno število novih MSP-jev, ki naj bi se vključili v trg Investbx, omejeno, je upravičeno sklepati, da bo ekonomija velikega obsega učinkovita in da bo Investbx lahko dosegel pokritost stroškov, šele ko bo število MSP-jev, s katerimi se trguje, po nekaj letih doseglo določeno raven.
In its additional comments, Ofex raised its concern that after the five-year period there is a risk that no purchaser could be found for Investbx, thus companies admitted to its platform would lose their trading facility and their shareholders would lose the ability to sell their shares and be ‘locked-in’.
Ofex je v svojih dodatnih pripombah izrazil zaskrbljenost, ker obstaja tveganje, da po petletnem obdobju ne bo mogoče najti nobenega kupca za Investbx in bodo zato podjetja, vključena v to platformo, izgubila svoj sistem za trgovanje, njihovi delničarji pa ne bi mogli prodati svojih delnic in bi bili „priklenjeni“.