natgillin/translations-raw huggingface dataset:
The investee’s operations are dependent on the investor, such as in the following situations:
poslovanje podjetja, v katero se naloži, je odvisno od naložbenika, na primer v naslednjih primerih:
The investee depends on the investor to fund a significant portion of its operations.
podjetje, v katero se naloži, je odvisno od naložbenika, ki financira velik del njegovega poslovanja;
The investor guarantees a significant portion of the investee’s obligations.
naložbenik jamči za velik del obveznosti podjetja, v katero naloži;
The investee depends on the investor for critical services, technology, supplies or raw materials.
podjetje, v katero se naloži, je odvisno od naložbenika, kar zadeva pomembne storitve, tehnologije, zaloge ali surovine;
The investor controls assets such as licences or trademarks that are critical to the investee’s operations.
naložbenik obvladuje sredstva, kot so licence ali blagovne znamke, ki so odločilnega pomena za poslovanje podjetja, v katero naloži;
The investee depends on the investor for key management personnel, such as when the investor’s personnel have specialised knowledge of the investee’s operations.
podjetje, v katero se naloži, je odvisno od naložbenika, kar zadeva ključno poslovodno osebje, če na primer osebje naložbenika zelo dobro pozna poslovanje podjetja, v katero se naloži;
A significant portion of the investee’s activities either involve or are conducted on behalf of the investor.
znaten delež dejavnosti podjetja, v katero se naloži, vključuje naložbenika ali se izvaja v njegovem imenu;
The investor’s exposure, or rights, to returns from its involvement with the investee is disproportionately greater than its voting or other similar rights.
izpostavljenost naložbenika donosu ali njegove pravice do donosa iz udeležbe v podjetju, v katero naloži, so nesorazmerno večje od njegovih glasovalnih ali drugih podobnih pravic.
For example, there may be a situation in which an investor is entitled, or exposed, to more than half of the returns of the investee but holds less than half of the voting rights of the investee.
Naložbenik ima lahko na primer pravice do več kot polovice donosa podjetja, v katero naloži, ali je izpostavljen več kot polovici njegovega donosa, vendar ima manj kot polovico glasovalnih pravic tega podjetja.
B20 The greater an investor’s exposure, or rights, to variability of returns from its involvement with an investee, the greater is the incentive for the investor to obtain rights sufficient to give it power.
B20 Večja kot je izpostavljenost naložbenika spremenljivosti donosa ali večje kot so njegove pravice do spremenljivosti donosa iz udeležbe v podjetju, v katero naloži, večja je spodbuda za naložbenika, da bi pridobi dovolj pravic, da ima vpliv.
Therefore, having a large exposure to variability of returns is an indicator that the investor may have power.
Zato je lahko velika izpostavljenost spremenljivosti donosa pokazatelj, da ima naložbenik vpliv.
However, the extent of the investor’s exposure does not, in itself, determine whether an investor has power over the investee.
Kljub temu samo na podlagi obsega izpostavljenosti naložbenika ni mogoče določiti, ali ima naložbenik vpliv na podjetje, v katero naloži.
B21 When the factors set out in paragraph B18 and the indicators set out in paragraphs B19 and B20 are considered together with an investor’s rights, greater weight shall be given to the evidence of power described in paragraph B18.
B21 Če so dejavniki iz B18. člena ter kazalniki iz B19. in B20. člena obravnavani skupaj s pravicami naložbenika, ima dokaz o vplivu, opisanem v B18. členu, večji pomen.
Substantive rights
Materialne pravice
B22 An investor, in assessing whether it has power, considers only substantive rights relating to an investee (held by the investor and others).
B22 Naložbenik pri ocenjevanju, ali ima vpliv, upošteva le materialne pravice, ki se nanašajo na podjetje, v katero naloži (ki jih imajo naložbenik in drugi).
For a right to be substantive, the holder must have the practical ability to exercise that right.
Da se pravica šteje za materialno, mora imeti njen imetnik dejansko možnost, da jo uveljavlja.
B23 Determining whether rights are substantive requires judgement, taking into account all facts and circumstances.
B23 Pri določanju, ali so pravice materialne, je potrebna presoja, pri kateri se upoštevajo vsa dejstva in okoliščine.
Factors to consider in making that determination include but are not limited to:
Dejavniki, ki se upoštevajo pri takšnem določanju, med drugim vključujejo:
Whether there are any barriers (economic or otherwise) that prevent the holder (or holders) from exercising the rights.
ali obstajajo kakršne koli ovire (ekonomske ali drugačne), ki imetniku (ali imetnikom) preprečujejo uveljavljanje pravic.
Examples of such barriers include but are not limited to:
Primeri takšnih ovir med drugim vključujejo:
financial penalties and incentives that would prevent (or deter) the holder from exercising its rights.
denarne sankcije in spodbude, ki bi imetniku pravic preprečevale njihovo uveljavljanje (ali ga od tega odvračale);
an exercise or conversion price that creates a financial barrier that would prevent (or deter) the holder from exercising its rights.
ceno uveljavitve ali zamenjave, ki ustvarja finančno oviro, ki bi imetniku pravic preprečevala njihovo uveljavljanje (ali ga od tega odvračala);
terms and conditions that make it unlikely that the rights would be exercised, for example, conditions that narrowly limit the timing of their exercise.
pogoje, zaradi katerih se pravice verjetno ne bodo uveljavljale, na primer pogoje, ki zelo omejujejo časovni okvir njihovega uveljavljanja;
the absence of an explicit, reasonable mechanism in the founding documents of an investee or in applicable laws or regulations that would allow the holder to exercise its rights.
odsotnost jasnega in primernega mehanizma v ustanovnih dokumentih podjetja, v katero se naloži, ali veljavni zakonodaji, ki bi imetniku pravic omogočal njihovo uveljavljanje;
the inability of the holder of the rights to obtain the information necessary to exercise its rights.
nezmožnost imetnika pravic, da pridobi informacije, potrebne za uveljavljanje njegovih pravic;
operational barriers or incentives that would prevent (or deter) the holder from exercising its rights (eg the absence of other managers willing or able to provide specialised services or provide the services and take on other interests held by the incumbent manager).
operativne ovire in spodbude, ki bi imetniku pravic preprečevale njihovo uveljavljanje (ali ga od tega odvračale) (npr. ni drugih poslovodnih oseb, ki bi želele ali bile sposobne zagotoviti specializirane storitve ali zagotoviti storitve in prevzeti druge interese trenutne poslovodne osebe);
legal or regulatory requirements that prevent the holder from exercising its rights (eg where a foreign investor is prohibited from exercising its rights).
pravne ali regulativne zahteve, ki imetniku pravic preprečujejo njihovo uveljavljanje (kadar je npr. tujemu naložbeniku prepovedano uveljavljanje njegovih pravic);
When the exercise of rights requires the agreement of more than one party, or when the rights are held by more than one party, whether a mechanism is in place that provides those parties with the practical ability to exercise their rights collectively if they choose to do so.
kadar je za uveljavljanje pravic potrebno soglasje več kot ene stranke ali ko ima pravice več kot ena stranka, ali obstaja mehanizem, ki tem strankam zagotavlja dejansko možnost, da skupaj uveljavljajo svoje pravice, če to želijo.
The lack of such a mechanism is an indicator that the rights may not be substantive.
Odsotnost takšnega mehanizma je pokazatelj, da pravice morda niso materialne.
The more parties that are required to agree to exercise the rights, the less likely it is that those rights are substantive.
Več kot je strank, ki morajo dati soglasje za uveljavljanje pravic, manjša je verjetnost, da so te pravice materialne.
However, a board of directors whose members are independent of the decision maker may serve as a mechanism for numerous investors to act collectively in exercising their rights.
Kljub temu lahko upravni odbor, katerega člani so neodvisni od subjekta, ki sprejema odločitve, predstavlja mehanizem za skupno uveljavljanje pravic več naložbenikov.
Therefore, removal rights exercisable by an independent board of directors are more likely to be substantive than if the same rights were exercisable individually by a large number of investors.
Zato so pravice do odstavitve, ki jih lahko uveljavlja neodvisni upravni odbor, bolj verjetno materialne, kot če jih posamezno uveljavlja veliko število naložbenikov;
Whether the party or parties that hold the rights would benefit from the exercise of those rights.
ali bi stranka ali stranke, ki imajo pravice, imele koristi od njihovega uveljavljanja.
For example, the holder of potential voting rights in an investee (see paragraphs B47–B50) shall consider the exercise or conversion price of the instrument.
Imetnik potencialnih glasovalnih pravic v podjetju, v katero naloži (glej B47.–B50. člen), mora na primer preučiti ceno uveljavitve ali zamenjave instrumenta.
The terms and conditions of potential voting rights are more likely to be substantive when the instrument is in the money or the investor would benefit for other reasons (eg by realising synergies between the investor and the investee) from the exercise or conversion of the instrument.
Večja verjetnost je, da so pogoji za potencialne glasovalne pravice materialni, če gre za instrument, ki je v denarju, ali če bi naložbenik imel koristi zaradi drugih razlogov (npr. z ustvarjanjem sinergij med naložbenikom in podjetjem, v katero se naloži) na podlagi uveljavljanja ali zamenjave instrumenta.
B24 To be substantive, rights also need to be exercisable when decisions about the direction of the relevant activities need to be made.
B24 Da se pravice štejejo za materialne, jih mora biti mogoče uveljavljati, ko je treba sprejeti odločitve o usmerjanju pomembnih dejavnosti.
Usually, to be substantive, the rights need to be currently exercisable.
Običajno je možnost trenutnega uveljavljanja pravic pogoj za to, da se pravice štejejo za materialne.
However, sometimes rights can be substantive, even though the rights are not currently exercisable.
Vendar so lahko včasih pravice materialne tudi, če jih trenutno ni mogoče uveljavljati.
Example 3
Primer 3
The investee has annual shareholder meetings at which decisions to direct the relevant activities are made.
Podjetje, v katero se naloži, organizira letne skupščine delničarjev, na katerih se sprejemajo odločitve v zvezi z usmerjanjem pomembnih dejavnosti.
The next scheduled shareholders’ meeting is in eight months.
Naslednja skupščina delničarjev bo čez osem mesecev.
However, shareholders that individually or collectively hold at least 5 per cent of the voting rights can call a special meeting to change the existing policies over the relevant activities, but a requirement to give notice to the other shareholders means that such a meeting cannot be held for at least 30 days.
Kljub temu lahko delničarji, ki imajo posamično ali skupaj vsaj 5 % glasovalnih pravic, organizirajo posebno srečanje, da spremenijo obstoječe politike v zvezi s pomembnimi dejavnostmi, vendar morajo o tem obvestiti druge delničarje, kar pomeni, da mora do takšnega srečanja preteči vsaj 30 dni.
Policies over the relevant activities can be changed only at special or scheduled shareholders’ meetings.
Politike v zvezi s pomembnimi dejavnostmi se lahko spreminjajo le na posebnih srečanjih ali rednih skupščinah delničarjev.
This includes the approval of material sales of assets as well as the making or disposing of significant investments.
To vključuje prodajo znatnega dela sredstev in izvajanje ali odtujitev pomembnih naložb.
The above fact pattern applies to examples 3A–3D described below.
Zgornji vzorec pojavov se nanaša na primere 3A–3D, ki so opisani spodaj.
Each example is considered in isolation.
Vsak primer se obravnava ločeno.
Example 3A
Primer 3A
An investor holds a majority of the voting rights in the investee.
Naložbenik ima večino glasovalnih pravic v podjetju, v katero naloži.
The investor’s voting rights are substantive because the investor is able to make decisions about the direction of the relevant activities when they need to be made.
Glasovalne pravice naložbenika so materialne, ker lahko naložbenik sprejema odločitve o usmerjanju pomembnih dejavnosti, kadar je to potrebno.
The fact that it takes 30 days before the investor can exercise its voting rights does not stop the investor from having the current ability to direct the relevant activities from the moment the investor acquires the shareholding.
Kljub dejstvu, da lahko naložbenik uveljavlja svoje glasovalne pravice šele po 30 dneh, lahko pomembne dejavnosti usmerja od trenutka, ko pridobi poslovni delež.
Example 3B
Primer 3B
An investor is party to a forward contract to acquire the majority of shares in the investee.
Naložbenik je sklenil terminsko pogodbo za pridobitev večine delnic podjetja, v katero naloži.
The forward contract’s settlement date is in 25 days.
V terminski pogodbi je določeno, da bo poravnana čez 25 dni.
The existing shareholders are unable to change the existing policies over the relevant activities because a special meeting cannot be held for at least 30 days, at which point the forward contract will have been settled.
Obstoječi delničarji ne morejo spremeniti obstoječih politik v zvezi s pomembnimi dejavnostmi, ker mora pred posebnim srečanjem preteči vsaj 30 dni, pri čemer bo takrat terminska pogodba že poravnana.
Thus, the investor has rights that are essentially equivalent to the majority shareholder in example 3A above (ie the investor holding the forward contract can make decisions about the direction of the relevant activities when they need to be made).
Zato ima naložbenik pravice, ki so v bistvu enakovredne pravicam večinskega delničarja iz primera 3A zgoraj (tj. naložbenik, ki je sklenil terminsko pogodbo, lahko sprejema odločitve o usmerjanju pomembnih dejavnosti, kadar je to potrebno).
The investor’s forward contract is a substantive right that gives the investor the current ability to direct the relevant activities even before the forward contract is settled.
Terminska pogodba naložbenika je materialna pravica, na podlagi katere lahko naložbenik pomembne dejavnosti usmerja, čeprav terminska pogodba še ni poravnana.
Example 3C
Primer 3C
An investor holds a substantive option to acquire the majority of shares in the investee that is exercisable in 25 days and is deeply in the money.
Naložbenik ima materialno opcijo za pridobitev večine delnic podjetja, v katero naloži, ki je izvršljiva v 25 dneh in je zelo v denarju.
The same conclusion would be reached as in example 3B.
Ugotovitev bi bila enaka kot v primeru 3B.
Example 3D
Primer 3D
An investor is party to a forward contract to acquire the majority of shares in the investee, with no other related rights over the investee.
Naložbenik je sklenil terminsko pogodbo za pridobitev večine delnic podjetja, v katero naloži, pri čemer nima drugih povezanih pravic v tem podjetju.
The forward contract’s settlement date is in six months.
Datum poravnave iz terminske pogodbe je čez šest mesecev.
In contrast to the examples above, the investor does not have the current ability to direct the relevant activities.
V nasprotju z zgornjimi primeri naložbenik trenutno ne more usmerjati pomembnih dejavnosti.
The existing shareholders have the current ability to direct the relevant activities because they can change the existing policies over the relevant activities before the forward contract is settled.
Obstoječi delničarji lahko trenutno usmerjajo pomembne dejavnosti, ker lahko spremenijo obstoječe politike v zvezi s pomembnimi dejavnostmi pred poravnavo terminske pogodbe.
B25 Substantive rights exercisable by other parties can prevent an investor from controlling the investee to which those rights relate.
B25 Materialne pravice, ki jih lahko uveljavljajo druge stranke, lahko naložbeniku preprečijo obvladovanje podjetja, v katero naloži in na katero se nanašajo te pravice.
Such substantive rights do not require the holders to have the ability to initiate decisions.
Pri takšnih materialnih pravicah ni nujno, da imajo imetniki možnost sprejemanja odločitev.
As long as the rights are not merely protective (see paragraphs B26–B28), substantive rights held by other parties may prevent the investor from controlling the investee even if the rights give the holders only the current ability to approve or block decisions that relate to the relevant activities.
Če pravice niso namenjene le zaščiti (glej B26.–B28. člen), lahko materialne pravice drugih strank naložbeniku preprečijo obvladovanje podjetja, v katero naloži, tudi če pravice imetnikom zagotavljajo le trenutno možnost, da potrjujejo ali preprečujejo odločitve, ki se nanašajo na pomembne dejavnosti.
Protective rights
Pravice do zaščite
B26 In evaluating whether rights give an investor power over an investee, the investor shall assess whether its rights, and rights held by others, are protective rights.
B26 Pri ocenjevanju, ali pravice naložbeniku zagotavljajo vpliv na podjetje, v katero naloži, naložbenik presodi, ali so njegove pravice in pravice drugih strank pravice do zaščite.
Protective rights relate to fundamental changes to the activities of an investee or apply in exceptional circumstances.
Pravice do zaščite se nanašajo na temeljne spremembe dejavnosti podjetja, v katero se naloži, ali se uveljavljajo v izrednih okoliščinah.
However, not all rights that apply in exceptional circumstances or are contingent on events are protective (see paragraphs B13 and B53).
Vendar niso vse pravice, ki se uveljavljajo v izrednih okoliščinah ali so pogojene z dogodki, pravice do zaščite (glej B13. in B53. člen).
B27 Because protective rights are designed to protect the interests of their holder without giving that party power over the investee to which those rights relate, an investor that holds only protective rights cannot have power or prevent another party from having power over an investee (see paragraph 14).
B27 Ker so pravice do zaščite namenjene zavarovanju interesov njihovih imetnikov, ne da bi stranki zagotavljale vpliv na podjetje, v katero se naloži in na katero se nanašajo, naložbenik, ki ima le pravice do zaščite, ne more vplivati na podjetje, v katero naloži, ali preprečiti drugi stranki, da bi nanj vplivala (glej 14. člen).
B28 Examples of protective rights include but are not limited to:
B28 Primeri takšnih pravic do zaščite med drugim vključujejo:
a lender’s right to restrict a borrower from undertaking activities that could significantly change the credit risk of the borrower to the detriment of the lender.
pravico posojilodajalca, da posojilojemalcu prepove opravljanje dejavnosti, ki bi lahko bistveno spremenile kreditno tveganje posojilojemalca v škodo posojilodajalca;
the right of a party holding a non-controlling interest in an investee to approve capital expenditure greater than that required in the ordinary course of business, or to approve the issue of equity or debt instruments.
pravico stranke, ki ima neobvladujoči delež v podjetju, v katero naloži, da odobri naložbe v osnovna sredstva, ki so višje od tistih, ki so potrebne za običajno poslovanje podjetja, ali izdajo kapitalskih ali dolžniških instrumentov;
the right of a lender to seize the assets of a borrower if the borrower fails to meet specified loan repayment conditions.
pravico posojilodajalca, da zaseže sredstva posojilojemalca, če ta ne izpolnjuje določenih pogojev odplačevanja posojila.
Franchises
Franšize
B29 A franchise agreement for which the investee is the franchisee often gives the franchisor rights that are designed to protect the franchise brand.
B29 Na podlagi franšiznega sporazuma, v okviru katerega je podjetje, v katero naloži, uporabnik franšizne pravice, ima dajalec franšize pogosto pravice, ki so namenjene zaščiti blagovne znamke franšize.
Franchise agreements typically give franchisors some decision-making rights with respect to the operations of the franchisee.
Franšizni sporazumi dajalcem franšize običajno zagotavljajo nekatere pravice odločanja v zvezi s poslovanjem uporabnika franšizne pravice.
B30 Generally, franchisors’ rights do not restrict the ability of parties other than the franchisor to make decisions that have a significant effect on the franchisee’s returns.
B30 Na splošno pravice dajalcev franšize ne omejujejo možnosti strank, ki niso dajalci franšize, da sprejemajo odločitve, ki bistveno vplivajo na donos uporabnika franšizne pravice.
Nor do the rights of the franchisor in franchise agreements necessarily give the franchisor the current ability to direct the activities that significantly affect the franchisee’s returns.
Prav tako pravice iz franšiznih sporazumov dajalcu franšize ne omogočajo nujno, da trenutno usmerja dejavnosti, ki bistveno vplivajo na donos uporabnika franšizne pravice.
B31 It is necessary to distinguish between having the current ability to make decisions that significantly affect the franchisee’s returns and having the ability to make decisions that protect the franchise brand.
B31 Razlikovati je treba med trenutno možnostjo sprejemanja odločitev, ki bistveno vplivajo na donos uporabnika franšizne pravice, in možnostjo sprejemanja odločitev za zaščito blagovne znamke franšize.
The franchisor does not have power over the franchisee if other parties have existing rights that give them the current ability to direct the relevant activities of the franchisee.
Dajalec franšize nima vpliva na uporabnika franšizne pravice, če imajo druge stranke obstoječe pravice, na podlagi katerih lahko trenutno usmerjajo pomembne dejavnosti uporabnika franšizne pravice.
B32 By entering into the franchise agreement the franchisee has made a unilateral decision to operate its business in accordance with the terms of the franchise agreement, but for its own account.
B32 Uporabnik franšizne pravice s sklenitvijo franšiznega sporazuma sprejme enostransko odločitev, da bo svoje dejavnosti opravljal v skladu s pogoji franšiznega sporazuma, vendar za svoj račun.
B33 Control over such fundamental decisions as the legal form of the franchisee and its funding structure may be determined by parties other than the franchisor and may significantly affect the returns of the franchisee.
B33 Nadzor nad takšnimi temeljnimi odločitvami, kot je pravna oblika uporabnika franšizne pravice in njegova struktura financiranja, lahko določijo stranke, ki niso dajalec franšize, pri čemer lahko takšen nadzor bistveno vpliva na donos uporabnika franšizne pravice.
The lower the level of financial support provided by the franchisor and the lower the franchisor’s exposure to variability of returns from the franchisee the more likely it is that the franchisor has only protective rights.
Nižja kot je raven finančne podpore, ki jo zagotovi dajalec franšize, in nižja kot je njegova izpostavljenost spremenljivosti donosa uporabnika franšizne pravice, večja je verjetnost, da ima dajalec franšize le pravice do zaščite.
B34 Often an investor has the current ability, through voting or similar rights, to direct the relevant activities.
B34 Pogosto lahko naložbenik na podlagi glasovalnih ali podobnih pravic trenutno usmerja pomembne dejavnosti.
An investor considers the requirements in this section (paragraphs B35–B50) if the relevant activities of an investee are directed through voting rights.
Naložbenik obravnava zahteve iz tega oddelka (B35.–B50. člen), če se pomembne dejavnosti podjetja, v katero se naloži, usmerjajo na podlagi glasovalnih pravic.
Power with a majority of the voting rights
Vpliv na podlagi večine glasovalnih pravic
B35 An investor that holds more than half of the voting rights of an investee has power in the following situations, unless paragraph B36 or paragraph B37 applies:
B35 Razen kadar se uporablja B36. ali B37. člen, ima naložbenik, ki ima več kot polovico glasovalnih pravic podjetja, v katero naloži, vpliv v naslednjih primerih:
the relevant activities are directed by a vote of the holder of the majority of the voting rights, or
pomembne dejavnosti se usmerjajo na podlagi glasovanja imetnika večine glasovalnih pravic ali