natgillin/translations-raw huggingface dataset:
The match-making of investors and SMEs will be achieved through the online electronic auction market at a single price, which enables the exclusion of transaction costs that would otherwise be generated by the margins between bid and offer prices.
Samodejno sklepanje poslov med vlagatelji in MSP-ji bo doseženo prek spletnega elektronskega borznega trga, kar omogoča izključitev stroškov transakcije, ki bi se sicer ustvarili zaradi razlike med ponudbeno in prodajno ceno.
Moreover, as compared to Recognised Investment Exchanges (RIE) such as the AIM and the LSE, Investbx, being an appointed representative of an Alternative Trading System (The Share Centre), is subject to a lighter regulation by the FSA.
V primerjavi s priznanimi investicijskimi borzami, kot sta alternativni investicijski trg in londonska borza, za Investbx kot pooblaščenega predstavnika alternativnega sistema trgovanja (The Share Centre) velja manj stroga ureditev s strani FSA.
This status requires lighter statutory compliance and allows easier and, in proportion to the amounts raised up to GBP 2 million, less costly access for SMEs to a trading platform.
Ta status zahteva manj strogo raven izpolnjevanja zakonskih predpisov ter omogoča lažji in sorazmerno z zneski zbranih sredstev v višini do 2 milijonov GBP cenejši dostop do platforme za trgovanje za MSP-je.
The overall costs of raising small quantities of equity will be lower than in case of more senior established marketplaces.
Celotni stroški zbiranja majhnih količin lastniškega kapitala bodo nižji kot pri starejših in bolj uveljavljenih trgih.
The United Kingdom illustrates this fact by giving an example that for raising GBP 2,5 million, the total costs of the equity received are about 10 % at Investbx, while 24 % at the AIM.
Združeno kraljestvo to dejstvo ponazarja s primerom zbiranja 2,5 milijona GBP, pri katerem celotni stroški prejetega lastniškega kapitala pri Investbxu znašajo približno 10 %, pri alternativnem investicijskem trgu pa 24 %.
The UK authorities further state that the kind of services received for this price varies, e.g. commissioning independent research subsequently made available to private investors does not take place on any of the established markets.
Organi Združenega kraljestva nato navajajo, da se vrsta storitev, ki se izvajajo za to ceno, razlikuje, na primer naročanje neodvisne raziskave, ki bo pozneje dostopna zasebnim vlagateljem, ni na voljo na nobenem od uveljavljenih trgov.
Whilst it is important to keep costs to an affordable level, costs are not likely to be the sole or even the main driver behind SMEs choosing to join Investbx.
Čeprav je pomembno, da stroški ostanejo na sprejemljivi ravni, verjetno niso edini ali celo glavni dejavnik pri odločanju MSP-jev o vključitvi v Investbx.
The choice for many West Midlands SMEs will be Investbx or nothing.
Številni MSP-ji v regiji West Midlands se bodo odločali med Investbxom ali drugo možnostjo, ki ne obstaja.
The availability of research to investors is qualitative improvement of Investbx that is expected to increase the chances of SMEs to receive funding.
Dostopnost raziskav za vlagatelje je kvalitativna izboljšava Investbxa, ki naj bi povečala možnosti financiranja MSP-jev.
Nevertheless, Investbx will in several aspects be more cost efficient than Ofex.
Investbx bo z več vidikov stroškovno učinkovitejši kot Ofex.
This will be in particular due to lower research and marketing costs, linked to the standardised templates and adjustment of the services to the SMEs needs in the primary funding stage and to the elimination of bid and offer spread in the secondary stage.
Razlog za to bodo zlasti nižji stroški raziskav in trženja, povezani s standardiziranimi modeli in prilagoditvijo storitev potrebam MSP-jev v fazi primarnega financiranja, ter odprava cenovnega razpona med ponudbeno in prodajno ceno v sekundarni fazi.
Investbx will make available admission documents and detailed independent research on all SMEs to all potential investors or financial advisors.
Investbx bo vsem potencialnim vlagateljem ali finančnim svetovalcem omogočil dostop do dokumentov o vključitvi in podrobnih neodvisnih raziskav o vseh MSP-jih.
This information will be on Investbx's website.
Te informacije bodo na spletni strani Investbxa.
Such information is usually prepared only for larger stocks of shares and available only to institutional investors.
Take informacije se po navadi pripravijo le za večje količine delnic in so na voljo le institucionalnim vlagateljem.
This non-discriminatory provision of detailed information and in particular of the independent research to all investors is, according to the UK authorities, one of the key factors for the expected success of the measure.
Tako zagotavljanje podrobnih informacij in zlasti neodvisnih raziskav vsem vlagateljem brez razlikovanja je po mnenju organov Združenega kraljestva eden od ključnih dejavnikov pričakovanega uspeha ukrepa.
In improving the information and transaction efficiency Investbx addresses a cause of the market failure rather than its consequences.
Z izboljšanjem učinkovitosti informacij in transakcij Investbx odpravlja razlog za tržno pomanjkljivost in ne njenih posledic.
Investbx furthermore aims at providing a bridge between the first sources of finance and the more senior established markets, whereby it has a so called ‘escalator function’.
Cilj Investbxa je tudi ustvariti most med prvimi viri financiranja in starejšimi in bolj uveljavljenimi trgi, zato ima tudi tako imenovano „funkcijo tekočih stopnic“.
This function would be beneficial not only for the investees, but also for the investors in adjacent markets by providing exit routes for their investments.
Ta funkcija bi bila koristna ne le za subjekte, v katere se lahko vlaga, temveč tudi za vlagatelje na sosednjih trgih, saj zagotavlja izstopne poti za njihove naložbe.
The available evidence does not show that Ofex acts as an escalator towards more senior markets in the West Midlands region.
Iz razpoložljivih dokazov ni razvidno, da Ofex deluje kot tekoče stopnice do starejših trgov v regiji West Midlands.
On the Ofex website it is stated that 54 companies moved from Ofex to the AIM, between 2001 and 2004.
Na spletni strani Ofexa je navedeno, da je med letoma 2001 in 2004 prešlo 54 gospodarskih družb iz Ofexa na alternativni investicijski trg.
However, between 2003 and 2005 only one company from the West Midlands region left from Ofex to the AIM.
Vendar pa je med letoma 2003 in 2005 le ena gospodarska družba iz regije West Midlands prešla iz Ofexa na alternativni investicijski trg.
Its capacity to increasing information transparency for investors and reducing certain costs of fundraising and trading of shares compared to more senior markets demonstrates the suitability of Investbx to alleviate the market failure.
Ker lahko Investbx izboljša preglednost informacij za vlagatelje in zniža določene stroške zbiranja sredstev in trgovanja z delnicami v primerjavi s starejšimi trgi, je primeren za odpravljanje tržne pomanjkljivosti.
Considering the aid at the level of SMEs, the measure will facilitate the provision of SMEs with equity capital, which — due to the market failure — is difficult for them to obtain despite having viable business plans.
Kar zadeva pomoč na ravni MSP-jev, bo ukrep omogočil zagotavljanje lastniškega kapitala MSP-jem, ki ga zaradi tržne pomanjkljivosti kljub izvedljivim poslovnim načrtom težko pridobijo.
Impact assessment and use of alternative means
Ocena učinka in uporaba drugih sredstev
According to the financial plan of Investbx, during the first five years of its existence, it shall raise at least GBP 70 million for at least 47 companies.
Investbx naj bi v skladu s finančnim načrtom v prvih petih letih zbral najmanj 70 milijonov GBP za najmanj 47 gospodarskih družb.
SMEs having raised equity capital will be admitted to the trading on the Investbx trading platform.
MSP-ji, ki zberejo lastniški kapital, se bodo lahko vključili v trgovanje na platformi Investbxa za trgovanje.
According to the United Kingdom, once unsatisfied demand was established by surveys, prior to setting up the measure the UK authorities sought to alleviate the market failure with the help of the existing market structure.
Združeno kraljestvo navaja, da so njegovi organi, ko je bilo na podlagi raziskav ugotovljeno, da povpraševanje ni nezadovoljeno, pred uvedbo ukrepa poskušali zmanjšati tržno pomanjkljivost z obstoječo tržno strukturo.
Ofex representatives were invited to meet AWM on 12 July 2005 at which point they were asked to demonstrate that they could address the market failure occurring in the West Midlands.
Predstavniki Ofexa so bili povabljeni, da se 12. julija 2005 sestanejo z AWM, kjer naj bi pokazali, da lahko odpravijo tržno pomanjkljivost, ki se je pojavila v regiji West Midlands.
In that event AWM would stand aside.
V tem primeru bi se AWM umaknil.
Ofex decided not to provide the information and AWM therefore concluded that either Ofex had no specific plans to address the market failure, or that they did not have sufficient resources to address it, or a combination of both.
Ofex se je odločil, da ne predloži informacij, zato je AWM sklepal, da Ofex nima bodisi natančnih načrtov bodisi zadostnih virov za odpravo tržne pomanjkljivosti ali pa gre za kombinacijo obojega.
In the absence of private interest to tackle the failure, a state intervention appears to be necessary.
Ker ni zasebnega interesa za odpravo pomanjkljivosti, je očitno potrebna državna intervencija.
The Commission regards positively that in line with point 5.2.2 of the Risk Capital Guidelines the measure is capable of alleviating the established market failure.
V skladu s točko 5.2.2 Smernic o rizičnem kapitalu ima Komisija pozitivno mnenje, da lahko ukrep zmanjša ugotovljeno tržno pomanjkljivost.
Furthermore, the Commission takes into consideration that other means have been considered but failed to provide the desired results, and notes that the measure is expected to have a positive impact on the alleviation of market failure.
Komisija tudi upošteva, da so bila obravnavana druga sredstva, vendar niso pokazala zaželenih rezultatov, in ugotavlja, da se pričakuje, da bo imel ukrep pozitiven učinek na zmanjšanje tržne pomanjkljivosti.
Incentive effect and necessity of the aid
Spodbujevalni učinek in potreba po pomoči
According to point 5.2.3 of the Risk Capital Guidelines the Commission assesses the incentive effect and the necessity of the aid.
V skladu s točko 5.2.3 Smernic o rizičnem kapitalu Komisija oceni spodbujevalni učinek in potrebo po pomoči.
The measure has an incentive effect if it induces a change of behaviour in favour of the overall increase of risk capital.
Ukrep ima spodbujevalni učinek, če povzroči spremembo v vedenju v korist splošnega povečanja tveganega kapitala.
In the Risk Capital Guidelines the Commission announces that it will also take into account the profit-driven character of the investment decision, in particular the commercial management (point 5.2.3.1 Risk Capital Guidelines), the presence of an investment committee (point 5.2.3.2 Risk Capital Guidelines), the size of the measure (point 5.2.3.3 Risk Capital Guidelines) and the involvement of business angels at the seed stage (point 5.2.3.4 Risk Capital Guidelines).
V Smernicah o rizičnem kapitalu je Komisija napovedala, da bo upoštevala tudi dobičkonosen značaj odločitev o naložbah, zlasti poslovno upravljanje (točka 5.2.3.1 Smernic o rizičnem kapitalu), prisotnost odbora za naložbe (točka 5.2.3.2 Smernic o rizičnem kapitalu), obseg ukrepa (točka 5.2.3.3 Smernic o rizičnem kapitalu) in udeležbo poslovnih angelov na stopnji zbiranja sredstev (točka 5.2.3.4 Smernic o rizičnem kapitalu).
The present case concerns an investment vehicle that facilitates the matching between private investors and target SMEs.
Zadevni primer je povezan z nosilcem naložbe, ki omogoča samodejno sklepanje poslov med zasebnimi vlagatelji in ciljnimi MSP-ji.
The investment decision is made entirely by private investors and the SMEs will only receive private equity.
Odločitev o naložbi v celoti sprejmejo zasebni vlagatelji, MSP-ji pa bodo le prejeli zasebni lastniški kapital.
The investment decisions related to SME fund-raising will be entirely profit-driven.
Odločitev o naložbi v zvezi z zbiranjem sredstev za MSP-je bo v celoti temeljila na dobičku.
Being an equity marketplace, the functioning of Investbx is different from that of risk capital funds.
Delovanje Investbxa kot trga lastniških vrednostnih papirjev se razlikuje od delovanja skladov tveganega kapitala.
In the case of risk capital funds, the management plays an important role in investment decisions.
Pri skladih tveganega kapitala ima uprava pomembno vlogo pri odločitvah o naložbah.
Investbx itself does not provide any funding to SMEs neither does it make investment decisions.
Investbx sam ne zagotavlja finančnih sredstev MSP-jem niti ne sprejema odločitev o naložbah.
Therefore, these criteria are of less relevance.
Zato so ta merila manj pomembna.
Concerning the commercial management (point 5.2.3.1 Risk Capital Guidelines) on the one hand, since the management of Investbx will not make investment decisions as regards SME fundraising, this aspect is not relevant here.
Kar zadeva poslovno upravljanje (točka 5.2.3.1 Smernic o rizičnem kapitalu), ta vidik po eni strani v tem primeru ni pomemben, ker uprava Investbxa ne bo sprejemala odločitev o naložbah v zvezi z zbiranjem sredstev za MSP-je.
On the other hand, the United Kingdom assured that the management of Investbx will consist of professionals who have proven experience and track record in capital market investments, which is to be regarded positively.
Po drugi strani pa Združeno kraljestvo zagotavlja, da bodo upravo Investbxa sestavljali strokovnjaki, ki imajo izkušnje in reference na področju naložb v kapitalske trge, kar je treba obravnavati pozitivno.
Concerning the presence of an investment committee (point 5.2.3.2 Risk Capital Guidelines), it comes from the nature of Investbx that no investment committee will be involved in the decision-making on SME investments.
V zvezi z navzočnostjo odbora za naložbe (točka 5.2.3.2 Smernic o rizičnem kapitalu) je iz narave Investbxa razvidno, da noben odbor za naložbe ne bo sodeloval v odločanju o naložbah v MSP-je.
At the same time, the Commission regards positively that the Investbx project was developed with the involvement of experts from the West Midlands professional community.
Komisija ima tudi pozitivno stališče glede dejstva, da so pri razvoju projekta Investbx sodelovali strokovnjaki iz strokovne skupnosti v regiji West Midlands.
Concerning the size of the measure (point 5.2.3.3 Risk Capital Guidelines), the Commission notes that Investbx will not provide funds to SMEs from its own budget.
Glede obsega ukrepa (točka 5.2.3.3 Smernic o rizičnem kapitalu) Komisija ugotavlja, da Investbx ne bo zagotavljal sredstev MSP-jem iz lastnega proračuna.
For fund raising it will reach to the market.
Za zbiranje sredstev bo uporabil trg.
According to the financial plan, the aid amount is expected to be sufficient to enable Investbx to reach, within five years, the critical size to use the economies of scale, and to become profitable.
V skladu s finančnim načrtom naj bi bil znesek pomoči dovolj velik, da omogoči Investbxu, da v petih letih doseže kritično velikost ter tako izkoristi ekonomijo velikega obsega in postane dobičkonosen.
This is regarded positively.
To se obravnava pozitivno.
Concerning the involvement of business angels at the seed stage (point 5.2.3.4 Risk Capital Guidelines), on the one hand, the present measure does not involve seed-stage investments, and therefore this criterion does not apply.
Kar zadeva udeležbo poslovnih angelov na stopnji zbiranja sredstev (točka 5.2.3.4 Smernic o rizičnem kapitalu), ta ukrep po eni strani ne vključuje naložb na stopnji zbiranja sredstev in se zato to merilo ne uporablja.
On the other hand, potential business angels as any other investors may use Investbx for investing into SMEs.
Po drugi strani pa bi lahko potencialni poslovni angeli uporabili Investbx za vlaganje v MSP-je tako kot vsi drugi vlagatelji.
Concerning the necessity of the measure, the Commission first takes note that no private market operator was willing to start the Investbx initiative without the granting of state aid.
V zvezi s potrebo po ukrepu Komisija najprej upošteva, da noben zasebni izvajalec borznih poslov ni bil pripravljen začeti pobude Investbx brez dodelitve državne pomoči.
This may follow from the fact that setting up a regional online marketplace for SMEs involves substantial risks at the initial period until economies of scale are achieved.
To je lahko posledica dejstva, da ustanovitev regionalnega spletnega trga za MSP-je vključuje precejšnja tveganja v začetnem obdobju, dokler se ne doseže ekonomija velikega obsega.
Consequently, in order to target the market failure by setting up Investbx and by supporting it to break-even within the initial five years of operation, state aid is considered necessary.
Zato se državna pomoč obravnava kot potrebna, da bi se odpravila tržna pomanjkljivost, tako da se ustanovi Investbx in da se mu pomaga, da v petih letih delovanja doseže pokritost stroškov.
In the following, the Commission further assesses the incentive effect.
V nadaljevanju Komisija ocenjuje spodbujevalni učinek.
According to the estimates based on surveys conducted by the UK authorities, every year at least 10 SMEs from the West Midlands with viable business plans seek equity but do not receive it.
Po ocenah, ki temeljijo na raziskavah, ki so jih opravili organi Združenega kraljestva, vsako leto najmanj 10 MSP-jev z izvedljivimi poslovnimi načrti iz regije West Midlands skuša pridobiti lastniški kapital, vendar ga ne pridobi.
Investbx plans to obtain equity for at least 47 such enterprises during the first five years of its activity.
Po načrtih naj bi Investbx v prvih petih letih poslovanja pridobil lastniški kapital za najmanj 47 podjetij.
Furthermore, the provision of equity capital in the range of between GBP 0,5 and 2 million is likely to have positive effects on adjacent financial markets.
Poleg tega bo imelo zagotavljanje lastniškega kapitala v razponu od 0,5 do 2 milijonov GBP verjetno pozitivne učinke na sosednje finančne trge.
Business angels and other informal investors, who usually provide financing below GBP 0,5 million will be able to use Investbx as a new exit option for their investment, whereby more senior established markets and investors involved in larger deals, such as the AIM and venture capital funds, may benefit from the firms that will grow with the help of Investbx and will require larger financial tranches than GBP 2 million through listing on a stock exchange.
Poslovni angeli in drugi neformalni vlagatelji, ki po navadi zagotavljajo finančna sredstva v višini manj kot 0,5 milijona GBP, bodo lahko uporabili Investbx kot novo možnost izstopa za svoje naložbe, zaradi česar bodo lahko imeli starejši in bolj uveljavljeni trgi in vlagatelji, ki se ukvarjajo z večjimi poslovnimi transakcijami, kot so alternativni investicijski trg in skladi tveganega kapitala, korist od podjetij, ki bodo zrasla z Investbxom in bodo potrebovala večje tranše finančnih sredstev v višini nad 2 milijonoma GBP s pomočjo kotacije na borzi.
The measure concerns a pilot project which, if successful, may lead to further such projects in other regions.
Ukrep zadeva pilotni projekt, ki lahko, če bo uspešen, spodbudi nadaljnje projekte take vrste v drugih regijah.
The incentive effect of the aid on Investbx is apparent from the fact that it would not exist without state aid as claimed by the United Kingdom and Ofex.
Spodbujevalni učinek pomoči za Investbx je razviden iz dejstva, da brez državne pomoči ne bi obstajal, kot trdita Združeno kraljestvo in Ofex.
Moreover, a clear end date of the aid is an incentive for Investbx to become profitable and commercially viable.
Poleg tega jasno določen datum konca pomoči spodbuja Investbx, da postane donosen in gospodarsko uspešen.
The measure intends to change the behaviour of investors as well as SMEs by improving their information exchange on their potential matches.
Namen ukrepa je spremeniti vedenje vlagateljev in MSP-jev z izboljšanjem izmenjave informacij o možnih poslih.
The Investbx measure does not provide aid at the level of investors; therefore it does not distort their incentive mechanism to choose the most profitable investments.
Ukrep Investbx ne zagotavlja pomoči na ravni vlagateljev, zato ne izkrivlja njihovega spodbujevalnega mehanizma, da izbirajo najdonosnejše naložbe.
In contrast to other state aid measures, i.e. direct aid to investing in SMEs, the incentives for investors remain undistorted.
V nasprotju z drugimi ukrepi državne pomoči, tj. neposredna pomoč za vlaganje v MSP-je, spodbude za vlagatelje niso izkrivljene.
According to the UK authorities' estimates, at least 47 companies are expected to receive equity financing under the conditions offered by Investbx during the initial five years.
Po ocenah organov Združenega kraljestva naj bi v prvih petih letih najmanj 47 gospodarskih družb prejelo lastniško financiranje pod pogoji, ki jih ponuja Investbx.
The majority of them may otherwise be discouraged by the conditions currently present on the market, in particular by lack of information, complicated procedures and the prevailing prices.
Večino teh družb bi sicer odvrnili pogoji, ki trenutno veljajo na trgu, zlasti pomanjkanje informacij, zapleteni postopki in prevladujoče cene.
Thanks to the establishment of the new channel for raising equity finance, the bundling of all related services and a possibility to trade their shares subsequently, SMEs are expected to raise more equity financing for their expansion.
Zaradi uvedbe novega kanala za zbiranje lastniških finančnih sredstev, združevanja vseh povezanih storitev in možnosti poznejšega trgovanja z delnicami se pričakuje, da bodo MSP-ji zbrali več lastniških finančnih sredstev za svojo širitev.
This is the incentive effect of the measure.
To je spodbujevalni učinek ukrepa.
The Commission considers that in line with 5.2.3 of the Risk Capital Guidelines, the measure is necessary and provides an incentive effect.
Komisija meni, da je v skladu s točko 5.2.3. Smernic o rizičnem kapitalu ukrep potreben in zagotavlja spodbujevalni učinek.
According to point 5.2.4 of the Risk Capital Guidelines the Commission assesses proportionality of the aid.
V skladu s točko 5.2.4 Smernic o rizičnem kapitalu Komisija oceni sorazmernost pomoči.
The Commission examines whether the aid does not go beyond what is needed to induce more risk capital provision, and in particular whether investors are not overcompensated and the risk of losses are not borne entirely by the public sector while the benefits flow to the other investors.
Komisija prouči, ali pomoč presega tisto, kar je potrebno, da se sproži večje zagotavljanje tveganega kapitala, in zlasti, ali vlagatelji prejemajo čezmerno nadomestilo ter ali javni sektor v celoti krije tveganje izgub, medtem ko koristi prehajajo v roke drugih vlagateljev.
Furthermore, the Commission may consider that an open tender or public invitation to investors will positively influence the assessment.
Komisija lahko tudi upošteva, da bo javni razpis ali poziv za javno zbiranje vlagateljev pozitivno vplival na oceno.
There will be a public invitation to investors to use Investbx, and the information about Investbx will be publicly available to all investors on the Investbx website.
Objavljen bo poziv za javno zbiranje vlagateljev za uporabo Investbxa in informacije o Investbxu bodo na spletni strani Investbxa javno dostopne vsem vlagateljem.
The measure will not be closed, but remains open to any investors.
Ukrep ne bo zaprt, temveč bo ostal odprt za vse vlagatelje.
Compared to risk capital schemes that are commonly used by the Member States to reduce the market failure, the amount of public funding used is very limited.
V primerjavi s shemami tveganega kapitala, ki jih države članice navadno uporabljajo za zmanjšanje tržne pomanjkljivosti, je znesek uporabljenih javnih sredstev zelo omejen.