natgillin/translations-raw huggingface dataset:
The individual professional fees will be at market prices charged by private market operators that do not receive any financial benefits from Investbx.
Posamezni honorarji se bodo zaračunali po tržnih cenah, ki jih zaračunavajo zasebni izvajalci borznih poslov, ki ne prejemajo nobenih finančnih koristi od Investbxa.
Secondary trading
Sekundarno trgovanje
Investbx will also provide an online order driven auction-based secondary market trading platform.
Investbx bo zagotavljal tudi spletno platformo za trgovanje na sekundarnem trgu na podlagi naročil, ki bo temeljila na avkciji.
The purpose of this platform is to provide some liquidity in shares of the companies subsequent to raising capital in the primary market and being admitted to trading on Investbx.
Namen te platforme je zagotoviti likvidnost delnic gospodarskih družb, potem ko zberejo sredstva na primarnem trgu in se vključijo v trgovanje v okviru Investbxa.
An order driven market relies on owners of shares in an SME registering that they would like to sell some of their shareholding and disclosing the price that they would be prepared to accept for them.
Trg na podlagi naročil se opira na lastnike delnic v MSP-jih, ki so se prijavili, da želijo prodati nekaj svojega poslovnega deleža, in so razkrili ceno, ki bi jo bili pripravljeni sprejeti.
Interested buyers of shares in the SME will also register their interest together with the price that they are willing to pay for the shares.
Zainteresirani kupci delnic v MSP-jih bodo tudi prijavili svoj interes skupaj s ceno, ki so jo pripravljeni plačati za delnice.
Both buyers and sellers are able to see all bids and offers for shares in the SME on the Investbx website 24/7 and can change their orders up to an hour before the auction takes place.
Kupci in prodajalci lahko vidijo vsa povpraševanja in ponudbe za delnice v MSP-jih na spletni strani Investbxa 24 ur na dan 7 dni v tednu ter lahko spremenijo svoja naročila najpozneje eno uro pred začetkom avkcije.
Auctions take place at a frequency set by the company based on the amount of interest that is shown in trading its shares, possibly weekly or monthly.
Pogostost avkcij določi gospodarska družba na podlagi pokazanega interesa pri trgovanju z njenimi delnicami in so lahko tedenske ali mesečne.
This, according to the UK authorities, encourages a longer term view of investing in SMEs as it is not possible to buy and sell shares immediately.
Po mnenju organov Združenega kraljestva to spodbuja dolgoročni vidik vlaganja v MSP-je, ker delnic ni mogoče takoj kupiti in prodati.
In the auction based system shares are sold directly between individual investors, by matching buyers and sellers at a single price.
Pri sistemu na podlagi avkcije se delnice prodajajo neposredno med posameznimi vlagatelji s samodejnim sklepanjem poslov po enotni ceni.
It will thus eliminate the market-maker margin, which is the difference between the bid and the offer prices in the usual market-maker quote driven system (the LSE, the AIM and Ofex are established market-maker based markets as explained below, hereinafter called ‘established markets’).
Tako se odpravi marža ustvarjalcev trga, to je razlika med ponudbeno in prodajno ceno v običajnem sistemu ustvarjalcev trga, ki temelji na kotaciji (londonska borza, alternativni investicijski trg in Ofex so uveljavljeni trgi, ki temeljijo na ustvarjalcih trga, kot je razloženo v nadaljevanju; v nadaljevanju „uveljavljeni trgi“).
This difference is typically higher for shares that are traded less often and in smaller amounts.
Ta razlika je praviloma višja pri delnicah, s katerimi se trguje manj pogosto in v manjših količinah.
According to the UK authorities, at Ofex the highest spread was up to 75 % and the average share price spread of the six West Midlands based companies traded on Ofex over the preceding 12 months before September 2006 was 16 %.
Po navedbah organov Združenega kraljestva je najvišji cenovni razpon pri Ofexu znašal do 75 %, povprečni cenovni razpon delnic šestih podjetij s sedežem v regiji West Midlands, s katerimi se je trgovalo na Ofexu v zadnjih 12 mesecih pred septembrom 2006, pa je znašal 16 %.
Investbx will outsource the costly and complex functions involved in regulation and trading to an FSA authorised firm.
Investbx bo drage in zapletene naloge, povezane z regulacijo in trgovanjem, naročal pri zunanjem podjetju, ki ga odobri FSA.
Such a firm, The Share Centre, has been appointed as preferred bidder for this role following a non-discriminatory selection process published in the Official Journal of the European Union.
The Share Centre, ki je eno od takih podjetij, je bilo imenovano kot prednostni ponudnik za to vlogo na podlagi nediskriminacijskega razpisnega postopka, objavljenega v Uradnem listu Evropske unije.
The Share Centre's role will include: FSA authorisation and associated compliance; providing the online stock-broking product; receiving agent services (collecting money from the investors subscribing for new issue shares), employee share scheme administration, provision of the trading facility and running of the periodic auctions.
Naloge podjetja The Share Centre bodo zajemale: odobritev FSA in povezano skladnost; zagotavljanje spletnega proizvoda za borzno posredovanje; sprejemanje poslov zastopanja (zbiranje denarja od vlagateljev, ki se prijavijo za novo izdajo delnic), upravljanje sistema notranje delitve delnic med zaposlene, zagotavljanje sistema trgovanja in izvajanje občasnih avkcij.
The UK authorities confirmed that the fees charged by Investbx to the investee SMEs as well as to the investors on services connected to the secondary trading will be equal to the market rates charged by The Share Centre to individual companies.
Organi Združenega kraljestva so potrdili, da bodo provizije, ki jih bo Investbx zaračunaval MSP-jem, v katere se lahko vlaga, in vlagateljem za storitve, povezane s sekundarnim trgovanjem, enake tržnim cenam, ki jih zaračunava The Share Centre posameznim gospodarskim družbam.
Investbx will profit from a discount from The Share Centre.
Investbx bo imel dobiček od popusta podjetja The Share Centre.
Indirect beneficiaries
Posredni prejemniki
All primary and secondary trading at Investbx will take place among private market players, the investors and investees, who may only indirectly benefit from the measure.
Celotno primarno in sekundarno trgovanje prek Investbxa se bo odvijalo med zasebnimi akterji na trgu, vlagatelji in subjekti, v katere se lahko vlaga, ki imajo lahko le posredno korist od ukrepa.
Investors
Vlagatelji
Taking into account the tendency of institutional investors to invest into larger deals, the UK authorities believe that these investors will not be interested in using Investbx.
Glede na težnjo institucionalnih vlagateljev, da vlagajo v večje poslovne transakcije, organi Združenega kraljestva menijo, da ti vlagatelji ne bodo zainteresirani za uporabo Investbxa.
Investbx expects therefore to raise funds mainly from individual private investors, including high net worth individuals.
Investbx zato pričakuje, da bo sredstva zbiral predvsem od posameznih zasebnih vlagateljev, vključno s posamezniki z velikim čistim premoženjem.
Investbx will target mainly but not exclusively investors from the West Midlands region, as the UK authorities believe that these are more likely to invest into the West Midlands based target SMEs.
Investbx se bo usmeril predvsem, vendar ne izključno, na vlagatelje iz regije West Midlands, ker organi Združenega kraljestva menijo, da bodo ti najverjetneje vlagali v ciljne MSP-je s sedežem v tej regiji.
The investors may be approached directly by Investbx or through intermediaries or syndicate partners.
Stike z vlagatelji lahko naveže neposredno Investbx ali pa posredniki ali združenja partnerjev.
In any case, no investors, independently from where they are or if they are institutional or individual private investors, will be excluded from or disadvantaged by using Investbx.
Nikakor pa vlagatelji ne bodo izključeni iz Investbxa ali prikrajšani zaradi njegove uporabe, ne glede na to, od kod so oziroma ali so institucionalni ali posamezni zasebni vlagatelji.
Individual private investors will be able to participate in the primary funding during the fund-raising process and gain access to presentation and independent research on the investees.
Posamezni zasebni vlagatelji bodo lahko sodelovali v primarnem financiranju pri zbiranju sredstev ter imeli dostop do predstavitve in neodvisne raziskave o subjektih, v katere se lahko vlaga.
These opportunities are, according to the UK authorities, usually obtained only by institutional investors.
Po trditvah organov Združenega kraljestva te priložnosti navadno pridobijo institucionalni vlagatelji.
All investors will be able to apply for new issue shares directly online or via financial intermediaries.
Vsi vlagatelji se bodo lahko prijavili za novo izdajo delnic neposredno prek spletne strani ali finančnih posrednikov.
Investee SMEs
MSP-ji, v katere se lahko vlaga
Only SMEs from the West Midlands with viable business plans and at least two years trading records seeking ‘expansion capital’ are eligible for using Investbx.
Pravico do uporabe Investbxa imajo le tisti MSP-ji iz regije West Midlands, ki imajo izvedljiv poslovni načrt in poslujejo vsaj dve leti ter potrebujejo „kapital za širitev“.
Investbx may exceptionally consider SMEs that do not have a two-year trading record if the SME has received investment from a venture capitalist whilst developing its products or services.
Investbx lahko izjemoma upošteva tudi MSP, ki še ne posluje dve leti, če je ta MSP prejel naložbo od imetnika tveganega kapitala, medtem ko je razvijal svoje proizvode ali storitve.
The UK authorities have confirmed that SMEs will not raise more than GBP 2 million per year and they will not be beyond the stage of expansion capital, as defined in point 2.2(h) of the Community Guidelines on State Aid to Promote Risk Capital Investments in Small and Medium-Sized Enterprises (hereinafter referred to as ‘Risk Capital Guidelines’).
Organi Združenega kraljestva so potrdili, da MSP-ji ne bodo zbrali več kot 2 milijona GBP letno in ne bodo prekoračili faze kapitala za širitev, kot je opredeljeno v točki 2.2(h) Smernic Skupnosti o državnih pomočeh za spodbujanje naložb rizičnega kapitala v mala in srednje velika podjetja (v nadaljevanju „Smernice o rizičnem kapitalu“).
In order to provide protection for investors, companies joining Investbx must meet a set of regulatory and disclosure requirements in accordance with the FSA regulation.
Da bi se zagotovila zaščita vlagateljev, morajo gospodarske družbe, ki se vključijo v Investbx, izpolniti vrsto zakonodajnih zahtev in zahtev po javnosti podatkov v skladu s predpisom FSA.
The selection procedure for the service provider of the measure
Razpisni postopek za izvajalca storitev za ukrep
The main service provider to Investbx, The Share Centre, has been selected by a competitive and non-discriminatory selection process published in the Official Journal of the European Union.
The Share Centre, ki je glavni izvajalec storitev za Investbx, je bil izbran na podlagi nediskriminacijskega razpisnega postopka, objavljenega v Uradnem listu Evropske unije.
Three undertakings submitted formal offers: Ofex, Univits and The Share Centre.
Uradne ponudbe so oddala tri podjetja: Ofex, Univits in The Share Centre.
A panel of three independent expert advisers and three internal AWM assessors reviewed the selection based on 18 selection evaluation criteria.
Skupina treh neodvisnih strokovnih svetovalcev in treh notranjih ocenjevalcev AWM je pregledala izbor na podlagi 18 razpisnih meril.
Based on these criteria, the Univits proposal scored lowest.
Na podlagi teh meril je ponudba Univits dobila najmanj točk.
The best bidder, The Share Centre, and the second best bidder Ofex were invited to an interview.
Prvi najboljši ponudnik, The Share Centre, in drugi najboljši ponudnik, Ofex, sta bila povabljena na razgovor.
The Share Centre scored significantly better than Ofex in the assessment and, according to the UK authorities, it was therefore selected as the preferred bidder.
The Share Centre je bil ocenjen s precej več točkami kot Ofex in je bil po navedbah organov Združenega kraljestva zato izbran kot prednostni ponudnik.
Due to the technical complexity of the project and the importance of the market operator role to the success of the business, an additional independent evaluation of both finalists was commissioned, which also resulted in The Share Centre being the preferred bidder.
Zaradi tehnične zapletenosti projekta in pomena vloge izvajalca borznih poslov za uspeh podjetja je bila naročena dodatna neodvisna ocena obeh finalistov, ki pa je tudi pokazala, da je The Share Centre boljši ponudnik.
According to the UK authorities, all parties were advised of the decision in February 2004.
Po navedbah organov Združenega kraljestva so bile vse stranke februarja 2004 obveščene o odločitvi.
Ofex sought information as to why it had not been selected and this was duly provided.
Ofex je zaprosil za pojasnilo, zakaj ni bil izbran, in to mu je bilo ustrezno posredovano.
No formal complaint or legal challenge followed this.
Sledila ni nobena uradna pritožba ali sodno izpodbijanje.
Comparison Investbx vs. Ofex
Primerjava med Investbxom in Ofexom
Based on the information provided from the UK authorities, which was not contradicted by the submissions of interested parties, Investbx and Ofex can be distinguished as follows:
Na podlagi informacij, ki so jih predložili organi Združenega kraljestva in na katere zainteresirane stranke niso dale pripomb, se lahko ugotovijo naslednje razlike med Investbxom in Ofexom:
Geographical area of operation
Geografsko območje delovanja
SMEs from West Midlands only
samo MSP-ji iz regije West Midlands
National and International
nacionalno in mednarodno
Dedicated West Midlands based team of 6-8 people
namenska skupina 6–8 oseb s sedežem v regiji West Midlands
1 business development manager, based in London covering all 9 UK regions
1 vodja za razvoj podjetništva s sedežem v Londonu, ki pokriva vseh 9 regij Združenega kraljestva
Target market
Ciljni trg
SMEs in expansion stage only
samo MSP-ji v fazi širitve
Any size of company
gospodarske družbe vseh velikosti
Up to GBP 2 million per annum
do 2 milijonov GBP letno
No limit
ni omejitve
Services provided
Storitve, ki se zagotavljajo
Primary objective is raising primary capital for SMEs
Glavni cilj je zbiranje primarnega kapitala za MSP-je
Provision of independent research is pre-requisite for joining
Izvedba neodvisne raziskave je predpogoj za vključitev
No such requirement
Ni nobene take zahteve
Order driven trading platform, periodic auctions matching buyers and sellers at a single price
Platforma za trgovanje na podlagi naročil, občasne avkcije s samodejnim sklepanjem poslov po enotni ceni
Quote driven market; real time trading with one price at which to buy and another price at which to sell which generates the share price spread
Trg, ki temelji na kotaciji; trgovanje v realnem času, pri katerem se nakupna in prodajna cena razlikujeta, kar ustvarja cenovni razpon
Regulatory landscape
Zakonodajno okolje
Investbx will be an Appointed Representative of The Share Centre which operates an Alternative Trading System
Investbx bo pooblaščeni predstavnik podjetja The Share Centre, ki izvaja alternativni sistem trgovanja (Alternative Trading System)
Ofex is currently an Alternative Trading System directly authorised by FSA
Ofex je trenutno alternativni sistem trgovanja, ki ga je neposredno odobril FSA
In its Decision to initiate the procedure the Commission identifies aid to Investbx.
Komisija v svoji odločitvi o sprožitvi postopka opredeli pomoč za Investbx.
Moreover, it announces further scrutiny of possible aid to investors and SMEs.
Poleg tega najavi tudi dodatno preverjanje morebitne pomoči vlagateljem in MSP-jem.
In that Decision the Commission states that, although the measure aims at bridging the equity gap for SMEs, it does not fall within the scope of the risk capital communication.
V navedeni odločitvi Komisija navaja, da ukrep ne spada v področje sporočila o rizičnem kapitalu, čeprav je njegov cilj premostiti vrzel lastniških sredstev.
Since Investbx does not provide any venture capital to SMEs, it cannot be regarded as a venture capital fund.
Ker Investbx ne zagotavlja tveganega kapitala MSP-jem, se ne more obravnavati kot sklad tveganega kapitala.
The measure aims at setting up the infrastructure for an exchange facility for investors and SMEs.
Namen ukrepa je vzpostaviti infrastrukturo za borzni sistem za vlagatelje in MSP-je.
The grant to Investbx does not qualify as aid under the regional aid guidelines.
Subvencija za Investbx ne izpolnjuje pogojev, da bi bila opredeljena kot pomoč v skladu s smernicami o regionalni pomoči.
Also no other State aid regulations, frameworks or guidelines are applicable.
Prav tako se nanjo ne nanašajo nobeni drugi predpisi, okviri ali smernice o državni pomoči.
Therefore in the Decision to initiate the procedure the Commission states that the assessment of the aid to Investbx could be based directly on Article 87(3)(c) of the EC Treaty.
Zato Komisija v odločitvi o sprožitvi postopka navaja, da bi lahko ocena pomoči za Investbx temeljila neposredno na členu 87(3)(c) Pogodbe ES.
Accordingly, a well-defined market failure has to exist, the aid instrument has to target that market failure and the distortion of competition and the effect on trade must be on balance outweighed by the common interest.
Skladno s tem mora obstajati natančno opredeljena tržna pomanjkljivost, instrument pomoči mora biti usmerjen v tržno pomanjkljivost, skupni interes pa mora prevladati nad izkrivljanjem konkurence in vplivom na trgovino.
In the Decision to initiate the procedure the Commission expresses its doubts about the compatibility of the measure, specifically about whether the market failure in the area of GBP 0,5 million to GBP 2 million, which was identified in the Commission Decision on the Enterprise Capital Funds, is still valid in the United Kingdom and particularly in the West Midlands region.
Komisija v odločitvi o sprožitvi postopka izraža dvome o združljivosti ukrepa, še posebej pa dvomi, ali tržna pomanjkljivost v razponu od 0,5 do 2 milijonov GBP, ki je bila ugotovljena v Odločbi Komisije o shemi pomoči „Podjetniški skladi kapitala“, še vedno velja v Združenem kraljestvu in zlasti v regiji West Midlands.
Finally, the Commission wishes to further investigate differences between Investbx and the traditional markets, in particular Ofex.
Na koncu želi Komisija še dodatno proučiti razlike med Investbxom in tradicionalnimi trgi, zlasti Ofexom.
It announces an examination of any competition with the LSE, the AIM and Ofex, as well as with debt finance providers.
Napoveduje preiskavo vsake konkurence z londonsko borzo, alternativnim investicijskim trgom in Ofexom ter s tistimi, ki zagotavljajo dolžniško financiranje.
The purpose is to verify whether the distortions of competition and the effect on trade are limited to ensure that the aid measure is not, on balance, against the common interest.
Namen tega je preveriti, ali sta izkrivljanje konkurence in vpliv na trgovino dovolj omejena, da se zagotovi, da ukrep pomoči ne prevladuje nad skupnim interesom.
Only after consideration of third party comments could the Commission decide whether the measure proposed by the United Kingdom targets a well defined market failure and whether it affects competition and trading conditions to an extent contrary to the common interest.
Komisija se lahko šele po proučitvi pripomb tretjih strank odloči, ali je ukrep, ki ga predlaga Združeno kraljestvo, usmerjen v natančno opredeljeno tržno pomanjkljivost ter ali vpliva na konkurenco in pogoje trgovanja v obsegu, ki je v nasprotju s skupnim interesom.
The Commission received comments from 20 interested parties, pursuant to Article 20(2) of Council Regulation (EC) No 659/1999.
Komisija je prejela pripombe od 20 zainteresiranih strank v skladu s členom 20(2) Uredbe Sveta (ES) št. 659/1999.
17 of these 20 interested parties were supporting the Investbx measure.
Od teh 20 zainteresiranih strank jih je 17 podprlo ukrep Investbx.
Support was received from West Midlands businesses, professional community and venture capitalists, West Midlands business organisations, West Midlands universities and academic experts, West Midlands stockbrokers as well as a European region.
Podporo so izrazila podjetja iz regije West Midlands, strokovna skupnost in imetniki tveganega kapitala, podjetniške organizacije iz regije West Midlands, univerze in akademski strokovnjaki iz regije West Midlands, borzni posredniki iz regije West Midlands ter še ena evropska regija.
Apart from Ofex, also JP Jenkins Stockbrokers and the Quoted Companies Alliance gave critical comments on the Investbx measure.
Poleg Ofexa sta negativne pripombe na ukrep Investbx predstavila tudi JP Jenkins Stockbrokers in Quoted Companies Alliance.
Supporting comments
Pozitivne pripombe
The majority of the 17 positive comments confirmed the existence of market failure in the provision of equity in the range between GBP 0,5 and 2 million, with one party claiming the market failure to be up to GBP 3 million.
Večina od 17 strank, ki so predstavile pozitivne pripombe, je potrdila obstoj tržne pomanjkljivosti v zagotavljanju lastniškega kapitala v razponu od 0,5 do 2 milijonov GBP, ena od njih pa je trdila, da tržna pomanjkljivost obsega do 3 milijone GBP.
The market failure is claimed to be on the demand as well as on the supply side and not to be resolved either by business angels, who provide lower amounts, or by private venture capital funds, which concentrate on larger deals, or by established markets such as the AIM or Ofex, which are claimed to be concentrated on the London and the South-East regions while not being interested in developing a local West Midlands market.
Po njihovih trditvah naj bi tržna pomanjkljivost obstajala na strani povpraševanja in na strani ponudbe ter da je ne morejo rešiti niti poslovni angeli, ki zagotavljajo nižje zneske, ali zasebni skladi tveganega kapitala, ki se osredotočajo na večje poslovne transakcije, niti uveljavljeni trgi, kot sta alternativni investicijski trg ali Ofex, ki sta po trditvah strank usmerjena na londonsko in jugovzhodno regijo in ju ne zanima razvoj lokalnega trga v regiji West Midlands.
The SMEs using the existing platforms suffer from low interest by investors because of the relatively small amounts of transactions and a consequently lower coverage by research on the SMEs.
MSP-ji, ki uporabljajo obstoječe platforme, imajo težave zaradi majhnega zanimanja vlagateljev, ker so zneski transakcij razmeroma majhni in je posledično manj MSP-jev zajetih v raziskave.
According to several parties Investbx is useful and needed to overcome the market failure, to serve as a bridge towards more senior established markets.
Po trditvah več strank je Investbx koristen in potreben za premagovanje tržne pomanjkljivosti ter se lahko uporablja kot most do starejših in bolj uveljavljenih trgov.
By providing an exit possibility, it will thus stimulate interest by business angel investors.
Z zagotavljanjem možnosti izstopa bo vzbudil zanimanje poslovnih angelov.
Several parties reaffirm the need for a local market that will concentrate on the market failure left by larger operators and that will profit from local knowledge, expertise and personal networks.
Več strank je ponovno potrdilo potrebo po lokalnem trgu, ki se bo osredotočil na tržno pomanjkljivost, ki so jo povzročili večji izvajalci, in ki bo imel korist zaradi lokalnega znanja, strokovnih izkušenj in osebnih mrež.
Some parties mention that the State aid is necessary as pure private sector provision of equity fails at local level.
Nekatere stranke navajajo, da je državna pomoč potrebna, ker zagotavljanje lastniškega kapitala samo iz zasebnega sektorja na lokalni ravni ne deluje.