natgillin/translations-raw huggingface dataset:
The UK authorities confirmed that in case of a potential closure of Investbx, The Share Centre is obliged to maintain its platform, which Investbx uses, and SMEs will have the possibility to continue to use it at the same conditions as they have at Investbx.
Organi Združenega kraljestva so potrdili, da mora ob morebitnem zaprtju Investbxa The Share Centre ohraniti svojo platformo, ki jo uporablja Investbx, in da bodo imeli MSP-ji možnost, da jo še naprej uporabljajo pod enakimi pogoji, kot so jih imeli pri Investbxu.
Shareholders, contrary to the allegations of Ofex, would have the possibility to continue trading their shares and would not be locked-in.
V nasprotju s trditvami Ofexa bi imeli delničarji možnost, da še naprej trgujejo s svojimi delnicami, in ne bi bili priklenjeni.
Fourthly, the measure concerns exclusively SMEs in expansion phase.
Četrtič, ukrep je namenjen izključno MSP-jem v fazi širitve.
The aim of the measure is to attract more SMEs to the equity market that previously did not participate and thus to create new investment opportunities.
Namen ukrepa je na trg lastniških vrednostnih papirjev privabiti več MSP-jev, ki prej niso sodelovali v njem, in tako ustvariti nove priložnosti za naložbe.
Moreover, the UK authorities have undertaken to limit the transaction size to a maximum of GBP 2 million per year, while at established market platforms this formal upper limit does not exist.
Organi Združenega kraljestva so se zavezali, da bodo omejili velikost transakcije na največ 2 milijona GBP na leto, medtem ko na uveljavljenih platformah ne obstaja taka uradna zgornja meja.
Finally, the distortion of competition was limited by choosing in a non-discriminatory procedure the main provider of services.
In končno, izkrivljanje konkurence je bilo omejeno z izbiro glavnih izvajalcev storitev na podlagi nediskriminacijskega postopka.
Only three bids were submitted, among them also one from Ofex.
Predložene so bile le tri ponudbe, med njimi tudi Ofexova.
The choice for the Investbx service provider was done on the basis of criteria equal for all bidders.
Izvajalec storitev za Investbx je bil izbran na podlagi meril, ki so bila enaka za vse ponudnike.
The offer of The Share Centre was superior according to the qualitative criteria as well as to the price.
Ponudba The Share Centre je bila boljša glede na kvalitativna merila in tudi glede na ceno.
The ‘escalator function’ of Investbx for investees that will grow to qualify for more senior established markets at a later stage of their development will be advantageous for the AIM.
Investbx bo za subjekte, v katere se lahko vlaga, izvajal „funkcijo pomičnih stopnic“, ki jim bo omogočila rast in vstop v starejše in bolj uveljavljene trge v poznejši vazi razvoja, kar bo koristno za alternativni investicijski trg.
The restriction of the transaction size to GBP 2 million will reinforce this escalator function.
Omejitev višine transakcije na 2 milijona GBP bo to funkcijo tekočih stopnic še okrepila.
The project has already attracted broad interest as it may be used in the future to resolve potential local market failures in other regions of the European Communities, as witnessed by the comments of CEBRE and Regione Emilia-Romagna.
Projekt je že privabil veliko zanimanja, ker se v prihodnosti lahko uporabi za reševanje morebitnih lokalnih tržnih pomanjkljivosti v drugih regijah Evropskih skupnosti, kot je to razvidno iz pripomb CEBRE in Regione Emilia-Romagna.
It may become an interesting and cost effective option for stimulating the risk capital market and supporting SMEs.
Postane lahko zanimiva in stroškovno učinkovita možnost za spodbujanje trga tveganega kapitala in podpiranje MSP-jev.
At the level of investors into the target SMEs, the Commission considers that private investment is not crowded out as a result of the aid measure, on the contrary, Investbx will give more opportunities for private investors by improving their access to information on SMEs.
Na ravni vlagateljev v ciljne MSP-je Komisija meni, da zasebne naložbe ne bodo izrinjene zaradi ukrepa pomoči, temveč bo Investbx odprl več priložnosti za zasebne vlagatelje, ker bo izboljšal njihov dostop do informacij o MSP-jih.
Furthermore, it aims at targeting the general public rather than institutional investors.
Poleg tega je usmerjen v splošno javnost in ne v institucionalne vlagatelje.
Nevertheless, it cannot be excluded that Investbx will attract at least a part of the companies that would otherwise seek investment through other marketplaces.
Kljub temu pa ni mogoče izključiti dejstva, da bo Investbx privabil vsaj del gospodarskih družb, ki bi sicer naložbe iskale prek drugih trgov.
However, this effect would be confined to a limited time period of maximum five years, and to the region of the West Midlands, where an unresolved market failure demonstrates that the present potential of the region is insufficiently served by other marketplaces.
Vendar pa bi bil ta učinek omejen na obdobje največ petih let in na regijo West Midlands, kjer nerešena tržna pomanjkljivost kaže, da drugi trgi ne zadovoljujejo v zadostni meri sedanjih možnosti regije.
The Commission considers that overall the negative effects of the aid according to point 5.3 of the Risk Capital Guidelines are limited.
Komisija meni, da so celotni negativni učinki pomoči v skladu s točko 5.3 Smernic o rizičnem kapitalu omejeni.
Commission reaction to the critical comments of third parties
Odziv Komisije na negativne pripombe tretjih strank
In the following the Commission resumes its arguments that counter the critical comments made by third parties.
V nadaljevanju Komisija na kratko predstavi svoje trditve, s katerimi spodbija negativne pripombe tretjih strank.
Concerning fragmentation of liquidity, Investbx limits its services to SMEs from the West Midlands that seek raising equity between GBP 0,5 and 2 million.
Kar zadeva drobitev likvidnosti, so storitve Investbxa omejene na MSP-je iz regije West Midlands, ki želijo zbrati lastniški kapital v višini od 0,5 do 2 milijonov GBP.
In this particular segment it may attract only a very small part of investees that use other market places.
V tem določenem segmentu lahko privabi le zelo majhen del subjektov, v katere se lahko vlaga in ki uporabljajo druge trge.
As for investors, it will attract only those who are interested in investing in the West Midlands.
Kar zadeva vlagatelje, bo privabil le tiste, ki se zanimajo za vlaganje v regiji West Midlands.
Consequently, a possible danger of fragmentation of liquidity that is present at the existing market places is very limited.
Zato je morebitna nevarnost drobitve likvidnosti, ki obstaja na obstoječih trgih, zelo omejena.
On the other hand, Investbx will contribute to pooling liquidity through the concentration at the organised auctions of the several securities and transactions, the majority of them would otherwise only be traded separately over the counter.
Po drugi strani pa bo Investbx prispeval k združevanju likvidnosti, ker bo vrednostne papirje in transakcije, z večino katerih bi se sicer trgovalo ločeno na odprtem trgu, usmerjal v organizirane avkcije.
Investbx will comply with the regulatory and disclosure requirements appropriate for an Alternative Trading System.
Investbx bo izpolnil zakonodajne zahteve in zahteve po javnosti podatkov, ki so primerne za alternativni sistem trgovanja.
It will be monitored by The Share Centre, an FSA regulated firm as explained in the description.
Nadzoroval ga bo The Share Centre, ki ga ureja FSA, kot je razloženo v opisu.
Concerning the alleged distortion of competition causing disadvantage to JP Jenkins, the Commission notes that JP Jenkins has a different business model.
Kar zadeva domnevno izkrivljanje konkurence, zaradi česar naj bi bila družba JP Jenkins prikrajšana, Komisija ugotavlja, da ima JP Jenkins drugačen poslovni model.
JP Jenkins trades unlisted companies or those that have been de-listed from Ofex, the AIM or the LSE.
JP Jenkins trguje z gospodarskimi družbami, ki ne kotirajo na borzi in so prenehale kotirati na Ofexu, alternativnem investicijskem trgu ali londonski borzi.
It is an execution-only stockbroker and market maker.
Je borzni posrednik, ki zgolj izvršuje naročila, in ustvarjalec trga.
According to the United Kingdom, whilst a two-way price may be shown against each company it features, JP Jenkins may not necessarily have shares available to buy or sell, but endeavours to match buyers and sellers.
Kot navaja Združeno kraljestvo, lahko JP Jenkins uporabi dvojni tečaj za vsako podjetje, s katerim se ukvarja, vendar ni nujno, da ima na voljo delnice za nakup ali prodajo, temveč je njegov namen samodejno sklepati posle med kupci in prodajalci.
In any event, according to its web-pages, JP Jenkins traded in June 2006 only 4 companies from the West Midlands out of its 157 companies traded.
JP Jenkins je v vsakem primeru na podlagi podatkov na njegovih spletnih straneh junija 2006 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 to be very limited.
Zato Komisija meni, da je morebiten vpliv Investbxa na JP Jenkins zelo omejen.
As regards the claim of Ofex that the Commission bases its preliminary assessment on information that is incomplete, outdated and inconsistent with the reality of the United Kingdom equity market, the Commission notes that it bases its assessment on the latest available data and studies, in particular the BVCA Reports on Investment Activity 2003, 2004 and 2005, the BVCA Private Equity and Venture Capital Performance Measurement Surveys of 2003, 2004 and 2005, the HM Treasury reports and other sources referred to throughout the Decision.
Kar zadeva trditev Ofexa, da predhodna ocena Komisije temelji na informacijah, ki so nepopolne, zastarele in v neskladju z načinom, kako trg lastniških vrednostnih papirjev Združenega kraljestva deluje v praksi, Komisija ugotavlja, da njena ocena temelji na zadnjih razpoložljivih podatkih in študijah, zlasti poročilih Britanskega združenja tveganega kapitala o naložbeni dejavnosti v letih 2003, 2004 in 2005, raziskavah Britanskega združenja tveganega kapitala za merjenje uspešnosti v zasebnem lastniškem kapitalu in tveganem kapitalu v letih 2003, 2004 in 2005, poročilih finančnega ministrstva in drugih virih, navedenih v Odločbi.
Neither Ofex nor other interested parties provided any contradictory or more recent studies or data.
Niti Ofex niti druge zainteresirane stranke niso predložile nobenih nasprotujočih si oziroma novejših študij ali podatkov.
Ofex claims that there is no evidence on lack of information for SMEs on how to access equity funding, on failure of West Midlands companies with viable business plans to raise equity and on investors lacking information on investees.
Ofex trdi, da ni dokazov o pomanjkanju informacij za MSP-je o dostopu do lastniškega financiranja, o nezmožnosti gospodarskih družb iz regije West Midlands z izvedljivimi poslovnimi načrti, da bi zbrale lastniški kapital, in o tem, da vlagatelji nimajo informacij o subjektih, v katere se lahko vlaga.
Firstly, the Deloitte report ‘Improving Access to Finance for Small and Medium Sized Enterprises’, based on stakeholder interviews states that the general knowledge and awareness of finance options by SMEs is poor.
Prvič, družba Deloitte je v svojem poročilu z naslovom „Izboljšanje dostopa do finančnih sredstev za mala in srednja podjetja“ na podlagi pogovorov z interesnimi skupinami ugotovila, da sta splošno poznavanje in ozaveščenost MSP-jev o možnostih financiranja slaba.
Secondly, the UK authorities conducted a survey that indicates that at least 10 West Midlands SMEs could be brought yearly to Investbx.
Drugič, organi Združenega kraljestva so izvedli študijo, ki kaže, da bi se lahko v Investbx letno vključilo vsaj 10 MSP-jev iz regije West Midlands.
Moreover, they provided statements of a venture capitalist that many SMEs with viable business plans are rejected by venture capital funds that could be suitable for Investbx.
Poleg tega so predložili izjave imetnika tveganega kapitala, da skladi tveganega kapitala zavrnejo številne MSP-je z izvedljivimi poslovnimi načrti, ki bi lahko bili primerni za Investbx.
Thirdly, the provided studies cite lack of reliable information for investors as one of the reasons for the existence of market failure.
Tretjič, predložene študije navajajo, da je pomanjkanje zanesljivih informacij za vlagatelje eden od razlogov za obstoj tržne pomanjkljivosti.
As to the doubts on the commercial need for Investbx, the Commission notes that the United Kingdom presented the results of a survey they carried out in 2003 among 21 firms of professional advisers asking them how many companies per year they would expect to introduce on Investbx.
Glede dvomov o tržni potrebi po Investbxu Komisija ugotavlja, da je Združeno kraljestvo predložilo rezultate študije, ki je bila opravljena v letu 2003 v 21 družbah strokovnih svetovalcev, ki so jim postavili vprašanje, koliko gospodarskih družb na leto pričakujejo, da se bo vključilo v Investbx.
As a result, 13 of 20 firms indicated that they would expect to introduce between one and six companies per year.
Izmed 20 družb jih je 13 navedlo, da pričakujejo vključitev od ene do šestih gospodarskih družb na leto.
Taking into account that not all professionals active in the West Midlands were contacted, the Commission agrees that an estimation of between five and twelve companies joining Investbx per year can be considered to be conservative.
Ob upoštevanju dejstva, da niso bili navezani stiki z vsemi strokovnjaki, ki delujejo v regiji West Midlands, se Komisija strinja, da lahko velja ocena, da se bo v Investbx vključilo od pet do dvanajst gospodarskih družb na leto, za zelo previdno.
Moreover, in another survey, conducted in 2003 among representatives from the regional business community, 88 % out of 41 respondents felt that established capital markets did not meet the funding needs of SMEs.
V drugi študiji, ki je bila opravljena leta 2003 med predstavniki regionalne poslovne skupnosti, je 88 % od 41 vprašanih menilo, da uveljavljeni kapitalski trgi ne izpolnjujejo potreb MSP-jev po financiranju.
In the same survey 68 % felt that Ofex was little used as a source of capital for SMEs.
V isti študiji je 68 % vprašanih dejalo, da je Ofex malo izrabljen vir kapitala za MSP-je.
Although Ofex claims that since 2003 it has restructured and introduced a regional manager, in 2004 and 2005 only one company from the West Midlands was newly listed on Ofex.
Čeprav Ofex trdi, da se je od leta 2003 prestrukturiral in uvedel regionalnega vodjo, je v letih 2004 in 2005 le ena gospodarska družba iz regije West Midlands na novo kotirala na Ofexu.
The discrepancy between the potential demand and the extent to which it is satisfied by Ofex or any other established market places indicates that there is a need for Investbx.
Neskladje med potencialnim povpraševanjem in obsegom, v katerem ga Ofex ali drugi uveljavljeni trgi zadovoljujejo, kaže na potrebo po Investbxu.
Ofex claims that Investbx is prevented by regulation from providing more information on the business prospects of the investees than what is available at Ofex and the AIM.
Ofex trdi, da Investbxu zakonodaja preprečuje, da bi zagotavljal več informacij o poslovnih možnostih subjektov, v katere se lahko vlaga, kot jih je na voljo pri Ofexu ali alternativnem investicijskem trgu.
Nevertheless, according to the UK authorities, Investbx is allowed and will make available to all investors independent research on the SMEs, which is presently not a prerequisite for joining established market places.
Vendar pa bo po trditvah organov Združenega kraljestva Investbx lahko zagotavlja in tudi bo zagotavljal dostopnost neodvisnih raziskav o MSP-jih vsem vlagateljem, kar trenutno ni predpogoj za vstop na uveljavljene trge.
As regards investor protection, the UK authorities stated that as an appointed representative of an FSA regulated firm, The Share Centre, Investbx will be subject to the requirements of the Financial Services and Markets Act 2000, and The Share Centre will ensure that Investbx operates the appropriate best practices as set out in the FSA's Code of Business Practice.
Kar zadeva zaščito vlagateljev, organi Združenega kraljestva navajajo, da bo Investbx kot pooblaščeni predstavnik podjetja The Share Centre, ki ga ureja FSA, moral izpolnjevati zahteve zakona o finančnih storitvah in finančnih trgih iz leta 2000 (Financial Services and Markets Act 2000), The Share Centre pa bo zagotovil, da Investbx ravna v skladu z ustrezno najboljšo prakso, kot je določeno v Kodeksu poslovnega ravnanja FSA.
Regarding transaction costs, the UK authorities claim that Investbx will ensure the provision of research and showcasing services, on average at a significantly lower cost level, while in addition it will eliminate the market-maker margin between the bid and offer price.
Glede stroškov transakcije organi Združenega kraljestva trdijo, da bo Investbx zagotavljal storitve raziskav in predstavljanja na povprečno precej nižji ravni stroškov, poleg tega pa bo odpravil razliko med ponudbeno in prodajno ceno ustvarjalcev trga.
If after five years Investbx is not viable economically, and it cannot be sold, it will be closed.
Če Investbx po petih letih ne bo ekonomsko upravičen in se ne bo mogel prodati, se bo zaprl.
However, the companies listed at that time at Investbx may choose to be taken over by The Share Centre, which will guarantee to the investors and investees a secure continuity of trading at the platform subject to the same fees and other conditions as were offered in the selection procedure for providing services to Investbx.
Gospodarske družbe, ki bodo takrat kotirale na Investbxu, se lahko odločijo, da jih prevzame The Share Centre, kar bo vlagateljem in subjektom, v katere se lahko vlaga, zagotovilo varno trajnost trgovanja na platformi po enakih provizijah in drugih pogojih, kot so bili ponujeni v razpisnem postopku za izvajanje storitev Investbxu.
This arrangement was introduced in order to prevent fear of being locked in the investment towards the end of the five-year period of support.
Namen te ureditve je preprečiti strah pred priklenjenostjo v naložbo ob iztekanju petletnega obdobja podpore.
Concerning the argument that an auction-based system is less suitable for trading SMEs' shares, the Commission notes that both systems offer different advantages.
Glede trditve, da je sistem, ki temelji na avkciji, manj primeren za trgovanje z delnicami MSP-jev, Komisija ugotavlja, da oba sistema ponujata različne prednosti.
While the market-maker system offers the possibility to trade at any time, the auction-based system eliminates the price spread.
Medtem ko sistem ustvarjalcev trga ponuja možnost trgovanja v vsakem trenutku, je v sistemu na podlagi avkcije odpravljen cenovni razpon.
Moreover, the UK authorities declared that Investbx will aim at attracting investors with long term perspectives who would attribute less importance to the capacity to trade their shares on a daily basis.
Poleg tega bo po navedbah organov Združenega kraljestva cilj Investbxa privabiti vlagatelje z dolgoročnimi pričakovanji, ki bodo pripisovali manjši pomen možnosti vsakodnevnega trgovanja z njihovimi delnicami.
In any case it is not for the Commission to establish which system is more suitable.
Vsekakor pa Komisija ni pristojna za ugotavljanje, kateri sistem je primernejši.
The Commission merely notes that Investbx can contribute to the mitigation of the market failure.
Komisija samo ugotavlja, da lahko Investbx prispeva k zmanjšanju tržne pomanjkljivosti.
According to Ofex, the escalator function is fully covered by Ofex, the AIM and the Official List.
Ofex trdi, da funkcijo pomičnih stopnic v celoti zagotavljajo Ofex, alternativni investicijski trg in londonska borza.
The Commission notes that Investbx aims at contributing to bridging the first step on this scale towards the AIM for West Midlands based SMEs.
Komisija ugotavlja, da je namen Investbxa prispevati k premostitvi prve stopnice na tej lestvici do alternativnega investicijskega trga za MSP-je s sedežem v regiji West Midlands.
From the list provided by Ofex of companies that went from Ofex to the AIM during past three years, only one company was from the West Midlands.
Z Ofexovega seznama gospodarskih družb, ki so v zadnjih treh letih prešle iz Ofexa na alternativni investicijski trg, je bila le ena gospodarska družba iz regije West Midlands.
Taking into account that the AIM is a fast growing market, the Commission assumes that there would, in any event, be space for Investbx to complement the efforts of Ofex to bring new companies to the AIM.
Ob upoštevanju dejstva, da alternativni investicijski trg hitro raste, Komisija domneva, da bi bilo v vsakem primeru dovolj prostora za Investbx, ki bi dopolnjeval prizadevanja Ofexa za vključitev novih gospodarskih družb v alternativni investicijski trg.
Nevertheless, the Commission recognises that indeed there is a risk that the objectives of Investbx, be it capital raising for SMEs or serving as a step to more senior capital markets, may not be achieved.
Vendar pa Komisija priznava, da obstaja tveganje, da se morda ne bodo dosegli cilji Investbxa, ki so bodisi zbiranje kapitala za MSP-je bodisi ponujanje odskočne deske do starejših kapitalskih trgov.
Such a risk is inherent in the nature of a pilot project.
Tako tveganje je vključeno že v samo naravo pilotnega projekta.
It is the reason why private investors were not willing to invest into this project and why the incentive of state aid is used.
Zaradi tega razloga zasebni vlagatelji niso bili pripravljeni vlagati v ta projekt in zato se kot spodbuda uporablja državna pomoč.
Ofex is right that the aid is predominantly not directed to cover enterprise costs of SMEs to be financed, but the start-up costs of Investbx.
Ofex pravilno trdi, da pomoč ni usmerjena v pokrivanje stroškov MSP-jev, temveč predvsem v zagonske stroške Investbxa.
Investees will receive equity financing from private investors at market conditions.
Subjekti, v katere se lahko vlaga, bodo prejeli lastniško financiranje od zasebnih vlagateljev pod tržnimi pogoji.
The aid is directed merely at a market place that will help to increase efficiency in channelling the funds.
Pomoč je namenjena samo trgu, ki bo pripomogel k povečanju učinkovitosti usmerjanja sredstev.
Concerning the incentive effect, the aid enables a regional alternative trading system place with additional services to be founded, and which also provides for a new channel for transmitting investment relevant information between investors and investee SMEs.
Kar zadeva spodbujevalni učinek, pomoč omogoča uvedbo regionalnega prostora za alternativni sistem trgovanja z dodatnimi storitvami, ki zagotavlja tudi nov kanal za prenos informacij, pomembnih za naložbe, med vlagatelji in MSP-ji, v katere se lahko vlaga.
Thus the aid provides an incentive for Investbx to come into existence and to target market failure.
Pomoč tako zagotavlja spodbudo za Investbx, da začne delovati in odpravljati tržno pomanjkljivost.
As to the concern of Ofex that Investbx would crowd out private investment to existing or potential trading markets, the Commission does not exclude this possibility to a limited extent but recalls that the activity of Investbx is limited to SMEs in the West Midlands that aim at raising equity of up to GBP 2 million.
Kar zadeva Ofexovo zaskrbljenost, da bi lahko Investbx izrinil zasebne naložbe v obstoječe ali potencialne trge za trgovanje, Komisija v določenem obsegu te možnosti ne izključuje, vendar poudarja, da je dejavnost Investbxa omejena na MSP-je v regiji West Midlands, ki želijo zbrati lastniški kapital v višini do 2 milijona GBP.
In this segment the other market places known to the Commission are active to a very limited extent.
Delovanje drugih trgov, ki so znani Komisiji, je v tem segmentu zelo omejeno.
In particular Ofex lists only 7 companies from the West Midlands out of its 180 quoted companies.
Zlasti na Ofexu je le 7 izmed 180 gospodarskih družb, ki kotirajo na njem, iz regije West Midlands.