natgillin/translations-raw huggingface dataset:
The UK authorities are not convinced that Ofex or any other provider has the resources or specific plans to address the market failure in the West Midlands, or is willing and interested to do so.
Organi Združenega kraljestva niso prepričani, da ima Ofex ali kateri koli drugi izvajalec vire ali natančne načrte za odpravo tržne pomanjkljivosti v regiji West Midlands ali da je pripravljen ali zainteresiran za reševanje tega vprašanja.
Indeed, at two separate meetings Ofex executives were invited to present their plans for addressing the market failure in the West Midlands, but Ofex did not do so.
Na dveh ločenih sestankih so bili vodilni delavci Ofexa pozvani, da predstavijo svoje načrte za odpravo tržne pomanjkljivosti v regiji West Midlands, vendar tega niso storili.
From the available evidence the UK authorities conclude that Ofex did not fulfil at all the role envisaged by Investbx in the past, and either could not or would not do so in the future.
Organi Združenega kraljestva iz razpoložljivih dokazov sklepajo, da Ofex naloge, ki je predvidena za Investbx, niti ni izpolnil v preteklosti niti je ne more ali ne želi izpolniti v prihodnosti.
The UK authorities conclude that establishing Investbx will not disadvantage Ofex in any way.
Organi Združenega kraljestva ugotavljajo, da ustanovitev Investbxa nikakor ne bo prikrajšala Ofexa.
A principle aim of Investbx is to act as a sort of feeder exchange where companies would become ‘accustomed’ to the requirements of being a floated company and prepare them for eventual transition to established markets.
Glavni cilj Investbxa je delovati kot neke vrste priključna borza, kjer bi se gospodarske družbe „navadile“ na zahteve, ki jih morajo izpolnjevati kot podjetja na borzi, in pripravile na morebiten prehod na uveljavljene trge.
According to the UK authorities, there will be no transfer of aid to SMEs or investors.
Po trditvah organov Združenega kraljestva pomoč ne bo prehajala v roke MSP-jev ali vlagateljev.
SMEs will engage advisers directly and will pay market rates for the services provided by the advisers.
MSP-ji bodo neposredno angažirali svetovalce in plačali tržno ceno za njihove storitve.
The UK authorities agree that Investbx is a beneficiary of aid.
Organi Združenega kraljestva se strinjajo, da je Investbx prejemnik pomoči.
In order that the aid could be considered compatible, a well-defined market failure has to exist.
Da bi pomoč veljala za združljivo, mora obstajati natančno opredeljena tržna pomanjkljivost.
The most severe equity finance gap for small businesses is considered to be in the region of GBP 0,5 million to GBP 2 million.
Največja vrzel lastniškega kapitala za mala podjetja naj bi obstajala v razponu 0,5 do 2 milijonov GBP.
The UK authorities state that it is supported by a wealth of independent research, by the Commission in previous cases and also by the Risk Capital Guidelines themselves.
Organi Združenega kraljestva navajajo, da to dokazujejo številne neodvisne raziskave, Komisija v predhodnih primerih in tudi same Smernice o rizičnem kapitalu.
They have found no evidence that the assessment of the market failure which was re-confirmed in the Enterprise Capital Funds Decision has changed in the meantime.
Našli niso nobenih dokazov, da se je ocena tržne pomanjkljivosti, ki je bila ponovno potrjena v Odločbi o Podjetniških skladih kapitala, v tem času spremenila.
The UK authorities quote a number of statements by senior players in the broad professional community in the West Midlands, supporting the need for Investbx.
Organi Združenega kraljestva navajajo številne izjave starejših akterjev v širši strokovni skupnosti v regiji West Midlands, ki podpirajo potrebo po Investbxu.
A regionally based Venture Capitalist suggested that of the 500 to 750 propositions received by them in a year, less than 1 % receives funding.
Imetnik tveganega kapitala s sedežem v regiji je navedel, da sredstva prejme manj kot 1 % od 500 do 750 ponudb, ki jih prejmejo na leto.
Most of the companies which are rejected have viable business plans and while not suitable for VC investment, they may qualify for Investbx.
Večina gospodarskih družb, ki so zavrnjene, ima izvedljiv poslovni načrt in čeprav niso ustrezne za naložbe tveganega kapitala, bi lahko bile primerne za Investbx.
To emphasise that there remains an unequivocal gap in the market, the UK authorities refer to further documents (such as the HM Treasury budget consultation document ‘Bridging the Finance Gap’, the UK Presidency Discussion Paper published in advance of the Risk Capital Summit and the Confederation of British Industry SME Trends Survey).
Organi Združenega kraljestva poudarjajo, da je na trgu še vedno nedvoumna vrzel, in se v ta namen sklicujejo na dodatne dokumente (kot so dokument o posvetovanju finančnega ministrstva Premostitev finančne vrzeli, dokument za razpravo Predsedstva Združenega kraljestva, objavljen pred srečanjem na vrhu o tveganem kapitalu, in raziskava o trendih v MSP-jih Konfederacije britanske industrije).
Although the UK authorities initially did not exclude transactions of up to GBP 5 million according to a market failure acknowledged by them up till this level, at a further stage of the proceedings, they confirmed that transactions at Investbx during the initial five years would be limited up to GBP 2 million per annum and any transactions above GBP 2 million would be notified to the Commission.
Čeprav organi Združenega kraljestva na začetku niso izključili transakcij v višini do 5 milijonov GBP glede na tržno pomanjkljivost, ki so jo priznali do te ravni, so v nadaljnji fazi postopka potrdili, da bi bile transakcije prek Investbxa v prvih petih letih omejene do višine 2 milijonov GBP letno in da bi se vse transakcije nad 2 milijonoma GBP prijavile Komisiji.
In the opinion of the UK authorities, the aid instrument notified does target the market failure, and goes beyond the traditional means in the way it addresses this difficulty.
Po mnenju organov Združenega kraljestva je priglašeni instrument pomoči dejansko usmerjen v tržno pomanjkljivost in po načinu, kako obravnava to težavo, presega tradicionalne načine.
Investbx is designed to be complementary to other funding providers and to attract and utilise for the benefit of SMEs a further source of funding.
Investbx naj bi dopolnjeval druge financerje ter privabljal in izkoriščal dodatni vir financiranja v korist MSP-jev.
The UK authorities find the incentive effect of the project clear in the sense that without public intervention, Investbx would not be created.
Organom Združenega kraljestva se zdi spodbujevalni učinek ukrepa jasen v smislu, da Investbx ne bi bil ustvarjen brez javne intervencije.
The UK authorities consider that the creation and initial funding of Investbx will not distort competition, and rather will help to rectify a market failure which is not currently being addressed.
Organi Združenega kraljestva menijo, da oblikovanje in začetno financiranje Investbxa ne bo izkrivljalo konkurence, temveč bo pomagalo odpraviti tržno pomanjkljivost, ki trenutno ni obravnavana.
Even if the measure could be argued to be potentially distortive, the limited amount of funding over a maximum of five years, combined with the fact that Investbx's impact will be confined to only one region of the United Kingdom, means that any such distortion is more than compensated by the potential benefits to all regions across the Community.
Celo če bi lahko trdili, da bi ukrep lahko imel izkrivljajoč učinek, pa omejen znesek sredstev v obdobju največ petih let ter dejstvo, da bo vpliv Investbxa omejen le na eno regijo Združenega kraljestva, pomenita, da bi morebitne koristi za vse regije Skupnosti močno prevladale nad morebitnim izkrivljanjem.
At the end of the five-year period Investbx must be self-sustaining, and when the business is hopefully sold, any returns made will revert to AWM.
Ob koncu petletnega obdobja mora biti Investbx samozadosten in ko bo po pričakovanjih prodan, se bo ves ustvarjeni dobiček vrnil AWM.
The UK authorities consider that Investbx will have a limited possible effect on competition and no discernable effect on trade, as it seeks to work only in one of the nine English regions.
Organi Združenega kraljestva menijo, da bo imel Investbx omejen učinek na konkurenco in da ne bo imel nikakršnega opaznega učinka na trgovino, ker naj bi deloval le v eni od devetih regij Združenega kraljestva.
It will act as a regional player, so by definition it cannot distort any economic activity outside the West Midlands.
Deloval bo kot regionalni akter, zato po definiciji ne more izkrivljati nobene gospodarske dejavnosti zunaj regije West Midlands.
In addition, if Investbx proves successful, similar projects in other parts of the Community would induce private sector interest and would not require public intervention.
Poleg tega, če bi se Investbx izkazal za uspešnega, bi podobni projekti v drugih delih Skupnosti vzbudili zanimanje zasebnega sektorja in ne bi potrebovali javne intervencije.
If the project is a success and the market failure alleviated, then this will have been an excellent way of achieving it with minimal public spending or distortion of competition.
Če bo projekt uspešen in bo tržna pomanjkljivost zmanjšana, bo to odličen način doseganja takega učinka z minimalno javno porabo ali minimalnim izkrivljanjem konkurence.
If the project fails then similarly competition will not have been distorted, but it will be known that either the Investbx model was not a viable means of tackling the market failure, or the way in which AWM sought to implement the model was not the appropriate way to do it and that an alternative approach should be considered.
Če pa projekt ne bo uspel, konkurenca prav tako ne bo izkrivljena, vendar bo jasno, da bodisi model Investbxa ni izvedljiv način odpravljanja tržne pomanjkljivosti bodisi da način, kako je AWM poskušal izvesti model, ni ustrezen in je treba razmisliti o drugačnem pristopu.
Observations by the United Kingdom on the critical third parties' comments
Stališča Združenega kraljestva o negativnih pripombah tretjih strank
Concerning comments from JP Jenkins, the UK authorities strongly differentiate between Investbx and this company.
Glede pripomb JP Jenkinsa organi Združenega kraljestva jasno razlikujejo med Investbxom in navedeno gospodarsko družbo.
They state that JP Jenkins Stockbrokers operate an entirely different business model to that of Investbx.
Navajajo, da JP Jenkins Stockbrokers delujejo na podlagi popolnoma drugačnega poslovnega modela kot Investbx.
JP Jenkins Stockbrokers is an execution-only stockbroker and market maker, matching trades in unlisted and unquoted securities off-exchange.
JP Jenkins Stockbrokers je borzni posrednik, ki zgolj izvršuje naročila, in ustvarjalec trga, ki sklepa posle z zunajborznimi in neuvrščenimi vrednostnimi papirji.
There is no regulatory obligation for this market.
Za ta trg ne veljajo nobene zakonodajne obveznosti.
The primary objective of Investbx is to raise funds for SMEs; JP Jenkins Stockbrokers do not perform this function.
Glavni cilj Investbxa je zbirati sredstva za MSP-je, medtem ko JP Jenkins Stockbrokers ne opravlja te naloge.
The UK authorities responded to the comments from the QCA and Ofex as follows.
Organi Združenega kraljestva so se odzvali na pripombe QCA in Ofexa, kot sledi:
A comprehensive and factual account of the market failure is featured in the UK authorities' state aid notification of 26 July 2005.
Izčrpno in stvarno poročilo o tržni pomanjkljivosti je predstavljeno v priglasitvi državne pomoči s strani organov Združenega kraljestva z dne 26. julija 2005.
In addition they quote studies demonstrating the continuing market failure, such as: the HM Treasury, Pre-Budget Report on 5 December 2005; DTI Small Business Service, A Mapping study of Venture Capital Provision; CBI, Enabling the Enterprise evolution.
Poleg tega navajajo študije, ki kažejo na stalno tržno pomanjkljivost, kot so študija finančnega ministrstva: Pre-Budget Report on 5 December 2005 (Predproračunsko poročilo z dne 5. decembra 2005), študija agencije DTI Small Business Service: A Mapping study of Venture Capital Provision (Načrtovalna študija zagotavljanja tveganega kapitala) in študija Združenja britanske industrije: Enabling the Enterprise evolution (Omogočanje razvoja podjetij).
There are over 300000 SMEs in the West Midlands and on average only one West Midlands based company per annum has joined Ofex over the last five years.
V regiji West Midlands je več kot 300000 MSP-jev in v zadnjih petih letih se je na leto v Ofex vključila povprečno le ena gospodarska družba s sedežem v tej regiji.
Similarly, whilst a network of private investors already exists, comments from third parties suggest that SMEs need an incremental funding instrument to provide the missing step on the finance escalator, as the step to join an established market is evidenced to be too onerous for their stage of development.
Čeprav že obstaja mreža zasebnih vlagateljev, pripombe tretjih strank podobno dajejo slutiti, da MSP-ji potrebujejo instrument financiranja, ki se povečuje, da bi zapolnili manjkajočo raven na tekočih stopnicah, ker se je izkazalo, da je vključitev v uveljavljen trg prezahteven korak za njihovo stopnjo razvoja.
The UK authorities accept that it is the overall aggregate costs of the transaction which often prevent the SME from raising funds on the established markets.
Organi Združenega kraljestva se strinjajo, da skupni stroški transakcije MSP-jem pogosto preprečujejo zbiranje sredstev na uveljavljenih trgih.
Third-party comments highlight the cost of floatation to be judged to represent too high a proportion of the funds raised.
Tretje stranke v svojih pripombah poudarjajo, da strošek ustanovitve po oceni zajema prevelik delež zbranih sredstev.
The UK authorities' intervention has facilitated local competing professional firms to work together on a compliant process of trading on an Alternative Trading System and on preparation of standard templates, which lower the cost of raising funds.
Intervencija organov Združenega kraljestva je konkurenčnim lokalnim strokovnim družbam pomagala, da sodelujejo pri doseganju skladnega procesa trgovanja v alternativnem sistemu trgovanja in pripravi standardnih modelov, ki znižujejo stroške zbiranja sredstev.
The aggregate cost should not be a barrier to joining Investbx.
Skupni strošek ne bi smel biti ovira za vključitev v Investbx.
According to the UK authorities research information is available for stocks on senior markets which attract institutional investment.
Po mnenju organov Združenega kraljestva so informacije iz raziskav na voljo za delnice na starejših trgih, ki privabljajo institucionalne naložbe.
It is prepared on stocks that institutional investors will be interested in, which will be further used by stockbrokers' sales teams in order to attract institutional interest in the stock and generate trade.
Pripravljajo se za delnice, za katere se bodo zanimali institucionalni vlagatelji, uporabljale pa jih bodo prodajne skupine borznih posrednikov, da bi vzbudile zanimanje institucionalnih vlagateljev za delnice in ustvarile trgovanje.
Such research information is not however available to individual investors.
Vendar pa take informacije iz raziskav niso na voljo posameznim vlagateljem.
What is more, financial institutions are not interested in smaller company stocks, as there is insufficient volume of shares available for them to hold a significant position.
Poleg tega finančne institucije niso zainteresirane za delnice manjših podjetij, ker je količina delnic, ki je na voljo zanje, premajhna, da bi imele pomemben položaj.
On the contrary, Investbx will provide data on SME stocks, but in addition independent research will be commissioned by the SMEs at market rates in order to furnish the investor with detailed information about the company in support of their investment decision.
Nasprotno pa bo Investbx zagotavljal podatke o delnicah MSP-jev, poleg tega pa bodo MSP-ji naročili neodvisno raziskavo po tržni ceni, da bi vlagatelju zagotovili podrobne informacije o gospodarski družbi, s katerimi bi podprli njegovo odločitev o naložbi.
In reply to the argument that Investbx would dilute liquidity, the UK authorities state that, whilst ‘the market technology 25 years ago was unable to support geographically diverse markets, as quoting the same share on different markets was understood to fragment market liquidity.
V odgovor na trditev, da bo Investbx oslabil likvidnost, organi Združenega kraljestva navajajo, da „tržna tehnologija pred 25 leti ni mogla podpreti geografsko različnih trgov, ker se je kotiranje iste delnice na različnih trgih razumelo kot drobitev likvidnosti trga.
However, the advent of the internet delivers the opportunity to reverse the situation and channel regional investors’ money into local companies to benefit the region.’ A West Midlands exchange would not fragment liquidity, instead it would encourage ongoing pooling of liquidity through the movement of a larger amount of shares at a single trade price on a weekly or monthly basis.
Vendar pa je prihod medmrežja prinesel možnost, da se razmere spremenijo in da se denar regionalnih vlagateljev usmeri v lokalne gospodarske družbe v korist regije.“ Borza v regiji West Midlands ne bi drobila likvidnosti, temveč bi spodbudila stalno združevanje likvidnosti s tedenskim ali mesečnim pretokom večjega števila delnic po enotni ceni.
In reply to the comment about the investor protection, the UK authorities set out the investor protection measures in place in the United Kingdom and applicable to investors investing at Investbx.
V odgovor na pripombo o zaščiti vlagateljev so organi Združenega kraljestva predstavili ukrepe za zaščito vlagateljev, ki se izvajajo v Združenem kraljestvu in veljajo za vlagatelje, ki vlagajo v Investbx.
Companies joining Investbx must meet a set of regulatory and disclosure requirements appropriate for an Alternative Trading System.
Gospodarske družbe, ki se vključijo v Investbx, morajo izpolniti vrsto zakonodajnih zahtev in zahtev po javnosti podatkov, primernih za alternativni sistem trgovanja.
As noted above, Investbx will comply with FSA Investor Protection obligations with an experienced compliance facility, outsourced to The Share Centre, monitoring all aspects of the Investbx operation in this respect.
Kot je navedeno, bo Investbx izpolnil obveznosti FSA glede zaščite vlagateljev z izkušenim sistemom usklajevanja, ki ga bo naročal pri The Share Centre in ki bo spremljal vse vidike delovanja Investbxa na tem področju.
The FSA regulated firm, The Share Centre, will police the Investbx operation and will ensure Investbx operates the appropriate best practices as set out in the FSA's Code of Business Practice.
The Share Centre, ki ga ureja FSA, bo nadzoroval delovanje Investbxa in zagotavljal, da Investbx ravna v skladu z ustrezno najboljšo prakso, kot je določena v Kodeksu poslovnega ravnanja FSA.
In addition to the statutory information Investbx will give investors far more information about SMEs than is usually possible.
Investbx bo poleg zakonsko določenih informacij vlagateljem posredoval veliko več informacij o MSP-jih, kot je to običajno mogoče.
This falls outside of the regulatory regime and is indicative of Investbx's innovative approach.
To presega zakonsko ureditev in kaže na inovativen pristop Investbxa.
Auction-based systems are an acknowledged alternative to quote driven systems, and better suited to trading in smaller stocks, as evidenced in the ‘Regional Stock exchanges in the UK’ paper by Dr Robert Huggins.
Sistemi, ki temeljijo na avkciji, so poleg sistemov, ki temeljijo na kotaciji, priznana druga možnost in so primernejši za trgovanje z manjšimi količinami delnic, kot je navedeno v poročilu dr. Roberta Hugginsa z naslovom „Regional Stock exchanges in the UK“ (Regionalne borze v Združenem kraljestvu).
The target investor for Investbx listed SMEs is interested in the medium to long-term opportunities and that is why the provision of enhanced information about the prospects of the company is important.
Ciljni vlagatelji za MSP-je, ki kotirajo na Investbxu, se zanimajo za srednje- do dolgoročne priložnosti, zato je pomembno, da se zagotovijo obsežnejše informacije o nadaljnjih možnostih gospodarske družbe.
This profile of investor does not require the same ability to continuously trade as would an institutional trader.
Taki vlagatelji ne zahtevajo enakih možnosti za stalno trgovanje kot institucionalni borzni trgovci.
However, data relating to the next auction can be viewed or orders changed 24/7 at any point up to the auction.
Vendar pa se podatki v zvezi z naslednjo avkcijo lahko pregledajo ali naročila spremenijo 24 ur na dan 7 dni v tednu kadar koli do same avkcije.
The shareholder structure of Ofex is primarily stockbrokers and financial institutions which both use and benefit significantly from the quote-driven market-maker system.
Strukturo delničarjev Ofexa sestavljajo predvsem borzni posredniki in finančne institucije, ki uporabljajo običajni sistem ustvarjalcev trga, ki temelji na kotaciji, in imajo od njega precejšnje koristi.
As evidenced by the data provided on Ofex, in order to maintain the ability to trade at any time on a quote driven market, large spreads of up to 75 % can be experienced.
Kot je razvidno iz podatkov, predloženih za Ofex, lahko cenovni razpon doseže celo do 75 %, da bi se ohranila sposobnost trgovanja ob katerem koli času na trgu, ki temelji na kotaciji.
In contrast, the Investbx model will match buyers and sellers at a single price, benefiting both the SMEs, who will be able to trade small amounts of shares, and the investors, who will not suffer from the spread between the bid and offer price.
V nasprotju s tem pa se bodo v okviru modela Investbxa samodejno sklepali posli po enotni ceni, kar bo koristilo MSP-jem, ki bodo lahko trgovali z majhnimi količinami delnic, ter vlagateljem, ki ne bodo imeli težav zaradi cenovnega razpona med ponudbeno in prodajno ceno.
The UK authorities suggest that Ofex is becoming a more senior market.
Organi Združenega kraljestva navajajo, da Ofex postaja starejši trg.
In recent press statements Ofex acknowledged that it raised equity to finance the changes to its trading platform in order to facilitate trading stocks in direct competition to the AIM and the LSE.
V nedavnih izjavah za tisk je Ofex potrdil, da je zbral lastniški kapital za financiranje sprememb njegove platforme za trgovanje, da bi olajšal trgovanje z delnicami v neposredni konkurenci z alternativnim investicijskim trgom in londonsko borzo.
The new platform gives Ofex the capacity to trade substantially higher volumes of certain listed and unlisted securities with existing quotations elsewhere in London.
Nova platforma Ofexu omogoča, da trguje s precej večjimi količinami določenih uvrščenih in neuvrščenih vrednostnih papirjev s kotacijami drugje v Londonu.
The UK authorities argue that investors would not be locked in if Investbx had to be closed.
Organi Združenega kraljestva trdijo, da vlagatelji ne bi bili priklenjeni, če bi se moral Investbx zapreti.
Exit from the Investbx project is defined by the funding agreement.
Izstop iz projekta Investbx je opredeljen v sporazumu o financiranju.
In case Investbx had to be shut down, the SMEs could continue to be traded on the platform of The Share Centre at the same conditions.
Če bi bilo treba Investbx zapreti, bi se lahko z MSP-ji še naprej trgovalo pod enakimi pogoji na platformi The Share Centre.
The authorities consider that the aid to Investbx is the minimum necessary to address a market failure in access to equity finance for SMEs in the West Midlands.
Organi menijo, da je pomoč Investbxu najnižji znesek, ki je potreben za odpravljanje tržne pomanjkljivosti v dostopu MSP-jev do lastniškega financiranja v regiji West Midlands.
Investbx will not grant funds directly; it will not discriminate selection of SMEs based on their subsequent performance and their valuation on the Investbx trading platform.
Investbx ne bo neposredno dodelil sredstev; ne bo pristransko izbiral MSP-je na podlagi njihove poznejše uspešnosti in njihove ocene na Investbxu kot platformi za trgovanje.