natgillin/translations-raw huggingface dataset:
Investbx does not receive any remuneration based on the future valuation of an SME as would a venture capitalist.
Investbx ne prejema nobenega plačila na podlagi prihodnje ocene MSP-ja, kot bi ga dobil imetnik tveganega kapitala.
Without the aid the project will not happen.
Projekt se brez pomoči ne bo izvedel.
It is too risky a venture to be attempted with purely private backing, as there is no precedent for this business model.
Naložba je preveč tvegana, da bi se je lotili izključno z zasebno podporo, ker ni precedenčnega primera za ta poslovni model.
The UK authorities disagree with the susceptibility of the not-for-profit business model to restrain innovation in financial markets.
Organi Združenega kraljestva se ne strinjajo z domnevo, da bi neprofitni poslovni model lahko oviral inovativnost na finančnih trgih.
The UK authorities would like to see Investbx establish and build a new profitable business, but submit that in its early stages it will not be profitable and that is why the funding is needed.
Organi Združenega kraljestva si želijo, da bi Investbx ustanovil in zgradil nov donosen posel, vendar priznavajo, da v začetnih fazah ne bo donosen, zato bo potrebno financiranje.
However it still needs to make profit in order to be self-financing and viable in the long-term once AWM's limited funding expires.
Kljub temu pa bo moral ustvarjati dobiček, da se bo dolgoročno lahko samofinanciral in postal sposoben za obstoj, ko se bo izteklo omejeno financiranje s strani AWM.
The difference is that the profits will be reinvested rather than being taken out by shareholders.
Razlika je v tem, da se bodo dobički ponovno investirali, namesto da bi jih pobrali delničarji.
Investbx will be measured by the UK authorities on its ability to succeed and to make new services commercially available for West Midlands based SMEs.
Organi Združenega kraljestva bodo ocenili Investbx glede na njegovo sposobnost, da je uspešen in da zagotavlja dostopnost novih storitev za MSP-je s sedežem v regiji West Midlands.
The Commission has examined the measure in light of Article 87 of the EC Treaty and in particular on the basis of the Risk Capital Guidelines.
Komisija je preučila ukrep v skladu s členom 87 Pogodbe ES in zlasti na podlagi Smernic o rizičnem kapitalu.
The results of this assessment are set out below.
Rezultati te ocene so predstavljeni v nadaljevanju.
The UK authorities notified the measure.
Organi Združenega kraljestva so priglasili ukrep.
They declared that Investbx has not been incorporated, did not start its operations and did not receive any grant or funds.
Izjavili so, da Investbx še ni ustanovljen, ni začel izvajati dejavnosti in ni prejel nobene subvencije ali sredstev.
The UK authorities further stated that AWM recruited a person for the future role of Chief Executive of Investbx, however presently this person works as a staff member of AWM on a variety of projects, one of which is the preparatory work for Investbx.
Organi Združenega kraljestva so tudi navedli, da je AWM zaposlil eno osebo za prihodnjo vlogo izvršnega direktorja Investbxa, vendar trenutno ta oseba dela kot član osebja AWM na različnih projektih, med katerimi so priprave za Investbx.
The preparatory work for development of the future Investbx website portal has been commenced.
Začele so se priprave za razvoj prihodnjega spletnega portala Investbxa.
Due to a technical problem, this site, which is clearly labelled as under development, was accessible.
Zaradi tehnične težave je bila ta stran, ki je jasno označena kot stran v pripravi, dostopna.
This problem was resolved and the site cannot be publicly viewed.
Ta težava je bila rešena in stran zdaj ni javno dostopna.
Investbx has not been established yet as an undertaking and has not received any financing.
Investbx še ni ustanovljen kot podjetje in ni prejel nobenih finančnih sredstev.
Consequently, no aid has been granted yet.
Zato tudi še ni bila dodeljena nobena pomoč.
The UK authorities committed themselves not to grant the aid before the Commission's approval.
Organi Združenega kraljestva so se zavezali, da ne bodo dodelili pomoči, preden je Komisija ne odobri.
Therefore, they have complied thereby with their obligations under Article 88(3) of the EC Treaty.
S tem so izpolnili svoje obveznosti iz člena 88(3) Pogodbe ES.
Following the Decision to initiate the procedure, the presence of aid was verified at three levels: at the level of
Na podlagi odločitve o sprožitvi postopka se je prisotnost pomoči preverila na treh ravneh, in sicer na ravni:
Investbx as marketplace,
Investbxa kot trga,
the investors, and
vlagateljev in
the SMEs to be invested in.
MSP-jev, v katere se lahko vlaga.
This assessment shall be done according to the Risk Capital Guidelines.
Ta ocena se bo izvedla v skladu s Smernicami o rizičnem kapitalu.
Aid at the level of Investbx
Pomoč na ravni Investbx
The investment as well as current expenditure will be financed through state resources through the State-owned development agency AWM.
Naložba in tekoči odhodki se bodo financirali prek državnih virov v okviru državne razvojne agencije AWM.
According to the United Kingdom authorities, no private investor was interested in investing into Investbx.
Po navedbah organov Združenega kraljestva se noben zasebni vlagatelj ni zanimal za vlaganje v Investbx.
Under normal market conditions the initial capital received in the form of a grant would not have been raised under the same favourable terms.
Pod normalnimi tržnimi pogoji se začetni kapital, prejet v obliki subvencije, ne bi zbral po enako ugodnih pogojih.
This is why the provision of funding does not correspond to the behaviour of a private market investor.
Zato zagotavljanje financiranja ne ustreza vedenju zasebnega vlagatelja v tržno gospodarstvo.
Investbx thus receives funding that it would otherwise not be able to seek from private sector sources at market rates.
Investbx tako prejema finančna sredstva, ki jih sicer ne bi mogel poskušati dobiti od virov v zasebnem sektorju po tržni ceni.
Accordingly, the undertaking Investbx receives an advantage from state resources.
Skladno s tem podjetje Investbx prejema korist iz državnih sredstev.
As the measure may have effects on other financial service providers, particularly on Ofex, as discussed below, the measure has the potential to distort competition.
Ker ukrep lahko vpliva na druge izvajalce finančnih storitev, zlasti na Ofex, kot je obrazloženo v nadaljevanju, obstaja možnost, da izkrivi konkurenco.
In general capital and related services may be provided across borders.
Na splošno se lahko storitve na področju kapitala in povezane storitve izvajajo čezmejno.
This is evidenced by the example put forward by the University of Warwick citing an SME from the West Midlands that received financing on the Australian market as well as by the efforts of Ofex to offer its services abroad.
To dokazujejo primer, ki ga je predstavila Univerza v Warwicku, ki navaja primer MSP-ja iz regije West Midlands, ki je prejel finančna sredstva na avstralskem trgu, in tudi prizadevanja Ofexa, da bi ponujal svoje storitve v tujini.
Although there is a low probability that West Midlands SMEs seeking equity financing of up to GBP 2 million would seek and receive services from abroad, this cannot be excluded.
Čeprav je malo verjetnosti, da bi MSP-ji iz regije West Midlands, ki potrebujejo lastniško financiranje v višini do 2 milijonov GBP, iskali in prejeli storitve iz tujine, tega ni mogoče izključiti.
Thus the measure has a potential of affecting intra-Community trade.
Ukrep bi zato lahko vplival na trgovino znotraj Skupnosti.
The measure therefore encompasses aid to Investbx within the meaning of Article 87(1) EC.
Ukrep torej pomeni pomoč za Investbx v smislu člena 87(1) Pogodbe ES.
Aid at the level of investors
Pomoč na ravni vlagateljev
Investbx offers an online auction system that gives the possibility to invest into SMEs to all investors, institutional as well as individual private persons.
Investbx ponuja spletni sistem avkcije, ki omogoča vlaganje v MSP-je vsem vlagateljem – institucionalnim in tudi posameznim zasebnim strankam.
Investors could possibly benefit from the provision of information and services by Investbx, which they would otherwise not receive.
Vlagatelji bi lahko imeli koristi od zagotavljanja informacij in storitev s strani Investbxa, ki jih sicer ne bi prejeli.
Any investor interested, unless excluded by the legislation on investors' protection, will be able to use Investbx under the same conditions.
Kateri koli zainteresiran vlagatelj, če ni izključen na podlagi zakonodaje o zaščiti vlagateljev, bo lahko uporabljal Investbx pod enakimi pogoji.
There is no minimum threshold for investment by a single investor.
Ni najnižjega praga za naložbo enega vlagatelja.
Therefore, independently of whether the measure accords an advantage to the investors, it is not selective at this level and thus for investors it does not constitute aid in the sense of Article 87(1) of the EC Treaty.
Ne glede na to, ali ukrep daje korist vlagateljem, na tej ravni ni selektiven in zato za vlagatelje ne pomeni pomoči v smislu člena 87(1) Pogodbe ES.
Aid at the level of SMEs
Pomoč na ravni MSP-jev
SMEs will benefit from the measure insofar as they will be able to raise private equity capital under conditions that otherwise would not be present on the market.
MSP-ji bodo imeli korist od ukrepa, če bodo lahko zbrali zasebni lastniški kapital pod pogoji, ki sicer ne bi bili prisotni na trgu.
The bundle of services provided by Investbx is currently not provided together by any market provider.
Investbx izvaja sklop storitev, ki jih trenutno skupaj ne ponuja noben izvajalec na trgu.
The fact that private investors are not willing to develop an undertaking equivalent to Investbx shows that the project is risky.
Dejstvo, da zasebni vlagatelji niso pripravljeni razviti podjetja, ki bi bilo enako Investbxu, kaže na tveganost projekta.
This activity implies important overhead costs, which can only be covered if Investbx can reach a given volume of activity; however, it is uncertain that this volume will be achieved.
Ta dejavnost vključuje velike splošne stroške, ki se lahko pokrijejo samo, če lahko Investbx doseže določen obseg dejavnosti; vendar pa ni gotovo, da bo dosegel ta obseg.
Normally the price to be paid by the investees should reflect this high risk.
Po navadi bi morala cena, ki jo plačajo subjekti, v katere se lahko vlaga, izražati to visoko stopnjo tveganja.
Although the majority of the services that Investbx offers are outsourced to market providers and Investbx receives a profit margin on them, the price that Investbx charges the investees for the bundle of services provided is too low to ensure that it will cover its overhead costs during the initial period of up to five years, or until a critical mass of companies is using its services.
Čeprav Investbx večino storitev, ki jih ponuja, naroča pri izvajalcih na trgu in zanje prejema profitno maržo, je cena za sklop storitev, ki jo zaračunava subjektom, v katera se lahko vlaga, prenizka, da bi se zagotovilo pokritje splošnih stroškov v začetnem obdobju do petih let ali dokler njegove storitve uporablja kritična masa gospodarskih družb.
This proposition was not accepted by any market investor.
Te ponudbe ni sprejel noben tržni vlagatelj.
Consequently, the measure may confer an advantage to the SMEs that use Investbx for financing, as due to Investbx's pricing structure, SMEs arguably receive services at more advantageous terms than as if they were offered by existing market players individually.
Zato lahko ukrep pomeni korist za MSP-je, ki uporabljajo Investbx za financiranje, saj zaradi njegove cenovne strukture MSP-ji lahko prejemajo storitve po ugodnejših pogojih, kot če bi te storitve ponujali posamezni obstoječi akterji na trgu.
The United Kingdom has shown that services related to the use of a trading platform, employee share scheme, share account, independent research and marketing services will be outsourced to private providers at market conditions.
Združeno kraljestvo je navedlo, da se bodo storitve, povezane z uporabo platforme za trgovanje, sistemom notranje delitve delnic med zaposlene, kontom delnic, neodvisnimi raziskavami in storitvami trženja, naročale pri zasebnih izvajalcih po tržnih pogojih.
The advantage stems from the bundling of these services as well as from raising funds from investors interested in SMEs in the West Midlands.
Korist izhaja iz povezovanja teh storitev in iz zbiranja sredstev od vlagateljev, ki se zanimajo za MSP-je v regiji West Midlands.
This advantage is granted from state resources as it is the state financed setting up and maintaining of Investbx that only enables the creation of Investbx that provides the services, which otherwise would not be provided at the same terms by the market.
Ta korist se dodeli iz državnih sredstev, saj le financiranje ustanovitve in vzdrževanja Investbxa iz državnih sredstev omogoča oblikovanje te platforme, ki izvaja storitve, ki se sicer na trgu ne bi izvajale pod enakimi pogoji.
As the investees are likely to be active in markets that are open to competition at Community level, the measure has the potential to distort competition and affect intra-Community trade.
Subjekti, v katere se lahko vlaga, so navadno dejavni na trgih, ki so odprti za konkurenco na ravni Skupnosti, zato bi lahko ukrep izkrivil konkurenco in vplival na trgovino znotraj Skupnosti.
In conclusion, SMEs to be invested into will receive aid in the sense of Article 87(1) of the EC Treaty.
MSP-ji, v katere se lahko vlaga, bodo torej prejeli pomoč v smislu člena 87(1) Pogodbe ES.
In so far as the measure constitutes state aid within the meaning of Article 87(1) of the Treaty, its compatibility must be assessed in the light of the exceptions provided for in Article 87(2) and (3) of the Treaty.
Če ukrep pomeni državno pomoč v smislu člena 87(1) Pogodbe, je treba oceniti njegovo združljivost glede na izjeme, določene v členu 87(2) in (3) Pogodbe.
The exceptions provided for in Article 87(2) of the Treaty, which concern aid of a social character granted to individual consumers, aid to make good the damage caused by natural disasters or exceptional occurrences and aid granted to certain areas of the Federal Republic of Germany, do not apply in this case.
Izjeme, določene v členu 87(2) Pogodbe, ki zadevajo pomoč socialnega značaja, dodeljeno posameznim potrošnikom, pomoč za povrnitev škode, ki so jo povzročile naravne nesreče ali izjemni dogodki, in pomoč, dodeljeno nekaterim območjem Zvezne republike Nemčije, v tem primeru niso veljavne.
Neither does the measure qualify for the exception allowed by Article 87(3)(a) of the Treaty for aid to promote the economic development of areas where the standard of living is abnormally low or where there is serious underemployment.
Ukrep prav tako ne izpolnjuje pogojev za izjemo, ki jo dopušča člen 87(3)(a) Pogodbe za pomoč za pospeševanje gospodarskega razvoja območij, kjer je življenjska raven izjemno nizka ali kjer je podzaposlenost velika.
In the same way, the measure cannot be considered to be an important project of common European interest or to remedy a serious disturbance in the economy of the United Kingdom, as provided for by Article 87(3)(b) of the Treaty; nor does it have as its objective the promotion of culture and heritage conservation as provided for by Article 87(3)(d) of the Treaty.
Ukrep se niti ne more obravnavati kot pomemben projekt skupnega evropskega interesa ali za odpravljanje resne motnje v gospodarstvu Združenega kraljestva, kot to določa člen 87(3)(b) Pogodbe, niti ni njegov cilj pospeševanje kulture in ohranjanje kulturne dediščine, kot je določeno v členu 87(3)(d) Pogodbe.
Article 87(3)(c) of the Treaty provides for the authorisation of aid to facilitate the development of certain economic activities or of certain economic areas, where such aid does not adversely affect trading conditions to an extent that is contrary to the common interest.
Člen 87(3)(c) Pogodbe predvideva odobritev pomoči za pospeševanje razvoja določenih gospodarskih dejavnosti ali določenih gospodarskih območij, kadar taka pomoč ne spreminja trgovinskih pogojev v obsegu, ki bi bil v nasprotju s skupnimi interesi.
The Commission notes that the measure at stake aims at setting up a market place and granting aid for five years to the online exchange facility for investors and SMEs.
Komisija ugotavlja, da je cilj zadevnega ukrepa ustanovitev trga in dodelitev pomoči za obdobje petih let za spletni sistem borze za vlagatelje in MSP-je.
Thereby the measure aims at establishing an investment vehicle that may facilitate the matching between investors and target SMEs, for which it may therefore improve access to risk capital
Ukrep naj bi tako ustanovil nosilca naložbe, ki lahko olajša samodejno sklepanje poslov med vlagatelji in ciljnimi MSP-ji, za katere lahko tako izboljša dostop do tveganega kapitala.
Article 87(3)(c) of the Treaty in the field of risk capital is applied according to the Risk Capital Guidelines.
Na področju tveganega kapitala se člen 87(3)(c) Pogodbe uporablja v skladu s Smernicami o rizičnem kapitalu.
These guidelines apply to all notified risk capital measures in respect of which the Commission must take a decision after the guidelines are published in the Official Journal of the European Union, even where the measures, such as the present one, were notified prior to the publication of the guidelines.
Te smernice se uporabljajo za vse prijavljene ukrepe tveganega kapitala, v zvezi s katerimi mora Komisija sprejeti odločitev po objavi smernic v Uradnem listu Evropske unije, tudi če so bili ukrepi, kot je zadevni ukrep, priglašeni pred objavo Smernic.
Investbx facilitates the matching of investors and target SMEs for which it may therefore improve the access to risk capital.
Investbx podpira samodejno sklepanje poslov med vlagatelji in ciljnimi MSP-ji, za katere se lahko tako izboljša dostop do tveganega kapitala.
Consequently, it is an investment vehicle in the sense of point 5.1(f) of the Risk Capital Guidelines.
Zato je Investbx nosilec naložbe v smislu točke 5.1(f) Smernic o rizičnem kapitalu.
According to that point a measure constituting aid to an investment vehicle is subject to a more detailed assessment under section 5 of the guidelines.
V skladu z navedeno točko je za ukrep, ki pomeni pomoč nosilcu naložbe, potrebna podrobnejša presoja v skladu z oddelkom 5 Smernic.
When assessing the compatibility of the measure under section 5 of the Risk Capital Guidelines, the Commission is following the approach announced in the State Aid Action Plan which was further specified and concretised in the subsections 5.2, 5.3 and 5.4 of the Risk Capital Guidelines.
Pri presoji združljivosti ukrepa v skladu z oddelkom 5 Smernic o rizičnem kapitalu Komisija uporablja pristop, predviden v Akcijskem načrtu državnih pomoči, ki je podrobno opredeljen in pojasnjen v pododdelkih 5.2, 5.3 in 5.4 Smernic o rizičnem kapitalu.
It will assess whether the aid measure is aimed at a well-defined objective of common interest, in particular at the alleviation of market failure, whether the aid is appropriate to deliver the identified objective of common interest, whether it is necessary and has an incentive effect, whether it is proportional and whether the distortions of competition and the effect on trade are limited to ensure that the aid measure is not, on balance, contrary to the common interest.
Presodila bo, ali je ukrep pomoči namenjen natančno opredeljenemu cilju skupnega interesa, zlasti zmanjšanju tržne pomanjkljivosti, ali je pomoč primerna za dosego opredeljenega cilja skupnega interesa, ali je potreben in ima spodbujevalni učinek, ali je sorazmeren ter ali sta izkrivljanje konkurence in vpliv na trgovanje omejeni, da se zagotovi, da ukrep pomoči na splošno ni v nasprotju s skupnim interesom.
The Commission will thereby look at a number of positive and negative elements.
Komisija bo tako proučila vrsto pozitivnih in negativnih elementov.
According to point 5 second paragraph of the Risk Capital Guidelines, no single element is determinant, nor can any set of elements be regarded as sufficient on its own to ensure compatibility.
V skladu z drugim odstavkom točke 5 Smernic o rizičnem kapitalu noben posamezen element ni odločilen in nobena skupina teh elementov se ne more obravnavati sama kot zadostna za zagotovitev združljivosti.
In some cases their applicability, and the weight attached to them, may depend on the form of the measure.
V nekaterih primerih sta njihova uporaba in teža, ki jo imajo, odvisni od oblike ukrepa.
None of the other existing State aid regulations, frameworks or guidelines are applicable.
Nobeni drugi predpisi, okviri ali smernice o državni pomoči niso veljavni.
It is true that parts of the West Midlands do qualify for the derogation in Article 87(3)(c) of the EC Treaty, and the Commission also notes that this region has suffered from the Rover crisis.
Res je, da deli regije West Midlands izpolnjujejo pogoje za odstopanje v členu 87(3)(c) Pogodbe ES, Komisija pa ugotavlja tudi, da je ta regija doživela krizo zaradi razpada družbe Rover.
However, the grant to Investbx is not an application of aid for regional development.
Vendar pa subvencija za Investbx ne pomeni uporabe pomoči za regionalni razvoj.
Is the aid measure aimed at a well-defined objective of common interest?
Ali je ukrep pomoči namenjen natančno opredeljenemu cilju skupnega interesa?
According to point 5.2.1 of the Risk Capital Guidelines the Commission assesses whether the aid measure is aimed at a well-defined market failure.
V skladu s točko 5.2.1 Smernic o rizičnem kapitalu Komisija presodi, ali je ukrep pomoči namenjen natančno opredeljeni tržni pomanjkljivosti.
For measures specifically involving an investment vehicle, the Commission requires additional evidence of the market failure.
Za ukrepe, ki izrecno vključujejo nosilca naložb, Komisija zahteva dodatna dokazila o tržni pomanjkljivosti.
Such evidence must be based on a study showing the level of the market failure and the evidence must concern the supply of risk capital and significance of the venture capital industry.
Taka dokazila morajo temeljiti na študiji, ki kaže raven tržne pomanjkljivosti, ter se nanašati na ponudbo tveganega kapitala in pomen sektorja tveganega kapitala.
As stated in point 1.3.2 of the Risk Capital Guidelines, the Commission considers that the main source of market failure in risk capital markets relates to information asymmetries.
Kot je navedeno v točki 1.3.2 Smernic o rizičnem kapitalu, Komisija meni, da se poglavitni vir tržne pomanjkljivosti, pomemben za trge tveganega kapitala, nanaša na asimetrične informacije.
Regarding the access to capital of small and young enterprises, the main difficulties of equity financing are the high transaction and agency costs as well as the risk aversion of investors related to risk capital investments.
Glede dostopa do kapitala za mala in mlada podjetja so glavne težave lastniškega financiranja visoki transakcijski in agencijski stroški ter strah vlagateljev pred tveganjem, povezanim z naložbami tveganega kapitala.
In general, market failure arises when, due to the inefficient matching of supply and demand of risk capital, the level of risk capital becomes too restricted and enterprises do not obtain funding despite having a valuable business model and growth prospects.
Tržna pomanjkljivost se na splošno pojavi, ko zaradi nezadostne usklajenosti ponudbe in povpraševanja po tveganem kapitalu postane stopnja tveganega kapitala preveč omejena, podjetja pa kljub dobremu poslovnemu načrtu in možnostim za rast ne dobijo finančnih sredstev.
The objective of the present aid measure is to address a market failure in the equity financing of SMEs in the range of GBP 0,5 million and GBP 2 million in the West Midlands region.
Namen tega ukrepa pomoči je odpraviti tržno pomanjkljivost v lastniškem financiranju MSP-jev v razponu od 0,5 do 2 milijonov GBP v regiji West Midlands.