natgillin/translations-raw huggingface dataset:
Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes [32] (‘Investor Compensation Scheme Directive’) provides for compensation for investors in cases where an investment firm is unable to return assets belonging to an investor.
Zakon določa, da morajo zadruge v svojih statutih določiti, ali so „družbe z omejeno odgovornostjo“ (tj. izgube delničarjev ne morejo presegati njihove kapitalske naložbe) ali „družbe z neomejeno odgovornostjo“ (tj. delničarji so osebno odgovorni za dolg družbe, zato lahko izgubijo več kot svojo kapitalsko naložbo).
Such compensation is available for example where there is fraud or negligence at a firm or where there are errors or problems in the firm's systems.
Belgijski zakon o družbah (zlasti členi 362, 364, 366, 367 in 374) dovoljuje nekatere omejitve prenosljivosti delnic zadrug.
However, investor compensation schemes do not cover investment risk (for example when an investor has bought stocks which then fall in value).
Delnice zadruge se lahko prodajo drugim delničarjem zadruge, vendar lahko statut zadruge določa pogoje za tak prenos.
Belgian legal framework for cooperative companies
Delnice se lahko na tretje osebe prenesejo le pod pogoji in le na osebe, določene v členu 366 belgijskega zakona o družbah.
The Belgian Company Code [33] — and in particular Articles 350 to 436 — detail the legal framework for cooperative companies.
Belgijski zakon o družbah (člen 367) določa tudi, da lahko delničarji iz zadruge izstopijo samo v prvih šestih mesecih poslovnega leta.
It provides that a cooperative in its Articles of Association must choose whether it takes the form of ‘a limited liability company’ (i.e. shareholders' losses cannot go beyond their capital investment) or of an ‘unlimited liability company’ (i.e. shareholders are personally liable for the debt of the company and can therefore lose more than their capital investment).
Člen 374 belgijskega zakona o družbah določa, da je delničar, ki izstopi iz zadruge, upravičen do izplačila svojih delnic, katerih vrednost se izračuna na podlagi bilance stanja zadruge.
Concretely, a recognised cooperative cannot refuse new shareholders or exclude existing shareholders on speculative grounds;
Ti pogoji lahko vključujejo:
the cooperative shares have, irrespective of their value, equal rights;
obveznost rezervacije prihodnjih javnih ponudb institucionalnim delničarjem;
cooperative shareholders have equal voting rights in an annual general meeting (‘AGM’);
omejitev obresti, plačanih delničarjem, na največ 4,5 % na leto.
the AGM has to appoint the members of the board of directors and the supervisory board;
Ko se finančna zadruga vključi v jamstveno shemo, mora v njej sodelovati vsaj eno leto.
the operational profits of the cooperative (after all costs have been deducted) can be distributed amongst shareholders but only pro rata to their transactions with the cooperative and the dividend paid on cooperative shares cannot exceed a certain percentage determined by Royal Decree.
Po koncu navedenega obdobja lahko zadruga prekine svoje sodelovanje s trimesečnim odpovednim rokom.
Article 21 of the Belgian Tax Code provides that interest paid on cooperative shares of recognised cooperatives is exempt from withholding taxes up to a certain amount [36].
V tem primeru ne more zahtevati povračila prispevkov, vplačanih v kakršni koli obliki.
Description of the measure
Če se zadruga odloči izstopiti iz zadružne jamstvene sheme, mora počakati tri leta, preden se lahko ponovno vključi vanjo.
The cooperative guarantee scheme covers the paid-up capital (and not the potential capital gains) of individual cooperative shareholders up to a limit of EUR 100000.
Ukrep zajema samo delnice zadrug, izdane pred začetkom veljavnosti kraljevega odloka z dne 10. oktobra 2011.
Within one month, the Council of Ministers will decide whether or not to allow the applicant financial cooperative to participate in the cooperative guarantee scheme, if necessary under conditions.
enkratno vstopno pristojbino v višini 0,10 % zavarovanega zneska (to pristojbino plačajo zadruge).
Those conditions can include:
Poleg tega se lahko od finančnih zadrug zahteva, da v posebni zaščitni sklad plačajo prispevek iz kapitalskih dobičkov, povezanih z njihovimi deleži v lastniškem kapitalu, ki kotirajo na borzi.
the obligation to reserve future public offerings to institutional shareholders;
Prispevek iz kapitalskih dobičkov ustreza največ 10 % razlike med prodajno ceno zadevnih delnic (ali, če v triletnem obdobju po prenehanju sodelovanja v zaščitnem sistemu ne pride do prodaje, končna povprečna cena zadevnih delnic v 30 dneh pred koncem navedenega triletnega obdobja) in referenčno ceno, ki jo je določila vlada, ko se je finančna zadruga pridružila zadružni jamstveni shemi.
the commitment of all institutional shareholders not to withdraw shares or any money paid to the cooperative company and not to resign as a shareholder unless by way of transfer of shares;
Posebni zaščitni sklad začne izvrševati plačila, če je finančna zadruga v stečaju ali pa je finančni nadzornik sklad opozoril, da finančna zadruga ne more več izplačati svojih delničarjev, ki želijo izstopiti.
and
Če posebni zaščitni sklad ne bo imel dovolj sredstev za izpolnitev svojih obveznosti, bo Depozitni in konsignacijski urad, ki je vladni organ brez pravnega statusa, nakazal potrebna sredstva.
a cap of 4,5 % p.a. on interest to be paid to shareholders.
Odvisno od tega, ali je propadla institucija obvezni udeleženec ali finančna zadruga, bo navedeno nakazilo pozneje povrnjeno z:
Once a financial cooperative has applied for coverage, the financial cooperative cannot exit the scheme for a period of one year.
dodelitvijo 50 % letnih prispevkov, ki jih plačajo obvezni udeleženci,
After that period, the cooperative can terminate its participation by giving three months' notice.
dodelitvijo posebnega letnega prispevka, ki ga plačajo finančne zadruge (katerih sodelovanje je prostovoljno).
If a cooperative decides to leave the cooperative guarantee scheme, it must wait for three years before being able to participate again.
V tem se shema razlikuje od sistema zajamčenih vlog za kreditne institucije, v katerem je sklad enakovreden drugim upnikom zadevne družbe.
Only cooperative shares which were issued before the entry into force of the Royal Decree of 10 October 2011 are covered by the measure.
Opis skupine ARCO
The cooperative guarantee scheme is only available to individual shareholders and not to institutional shareholders of financial cooperatives.
Zgodovinsko gledano je bila družba ARCO delničarka družbe Artesia Banking Corporation NV (v nadaljnjem besedilu: Artesia), ki je imela v lasti 100-odstotni delež banke BACOB in 82-odstotni delež zavarovalnice DVV.
The financing of the Special Protection Fund comes from:
Z združitvijo družbe Artesia in Dexie leta 2001 je družba ARCO postala največja delničarka Dexie s približno 15-odstotnim deležem [37].
an annual contribution of 0,15 % of the protected amount (payable by all participants);
ARCO je ime skupine družb ARCOPAR, ARCOPLUS in ARCOFIN, ki so priznane zadruge [38].
a one-off entry fee of 0,10 % of the protected amount (payable by the cooperatives).
ARCO ima več kot 800000 članov, od tega jih je 99 % posameznih oseb.
In addition, financial cooperatives can also be required to pay a capital gains contribution to the Special Protection Fund in connection with their listed equity holdings.
Kapital posameznih delničarjev v družbi ARCOPAR je znašal 1,3 milijarde EUR, v družbi ARCOPLUS 46 milijonov EUR, v družbi ARCOFIN pa 140 milijonov EUR.
The capital gains contribution corresponds to up to 10 % of the difference between the sale price of the relevant shares (or, if no sale occurs during a period of three years after the cessation of the protection system, the closing average stock price of the relevant share during a 30-day period before that third anniversary) and the reference price fixed by the government when a financial cooperative joins the cooperative guarantee scheme.
Statuti družb ARCOPAR, ARCOPLUS in ARCOFIN določajo, da so ti trije subjekti družbe z omejeno odgovornostjo [39].
The Special Protection Fund will start making payments if the financial cooperative is bankrupt or if the financial supervisor has alerted the Special Protection Fund that the financial cooperative can no longer repay its shareholders wishing to exit.
Statuti vseh treh subjektov vsebujejo določbe, pomembne za delničarje, ki želijo izstopiti.
If the Special Protection Fund has insufficient means to fulfil its duties, the Deposit and Consignment Office, which is a governmental body without legal status, will advance the necessary means.
Statut družbe ARCOPAR na primer določa, da lahko zadruga omeji izstope, če poskuša v istem poslovnem letu izstopiti več kot 10 % skupnega kapitala zadruge ali 10 % delničarske baze [40].
Depending on whether the failed institution is a mandatory participant or a financial cooperative, that advance will later be reimbursed by
Delničar, ki želi izstopiti iz družbe ARCOPAR, bi dobil nazaj svoj kapital.
allocating 50 % of the annual contributions to be paid by mandatory participants;
Lastniki „delnic A, B in C“ v zadrugi ARCOPAR [41] so upravičeni tudi do „bonus rezerve“ [42].
allocating a special annual contribution to be paid by financial cooperatives (whose participation is voluntary)
Člen 35 statuta družbe ARCOPAR določa izplačila, do katerih so njeni delničarji upravičeni v primeru likvidacije.
If the Special Protection Fund intervenes, it takes over the rights of the individual cooperative shareholder, ranking pari passu with the other remaining shareholders.
Če je bilanca po odplačilu dolgov in socialnih stroškov pozitivna, bodo delničarji prejeli povračilo [43].
That feature differs from the deposit guarantee scheme for credit institutions where the Fund ranks pari passu with the other creditors of the relevant company.
Prospekt je opozoril tudi na nevarnost velikih izstopov in hkrati poudaril, da bi lahko delničarji v primeru likvidacije izgubili vse.
Description of ARCO
Poleg tega je bilo v letnih poročilih družbe ARCO navedeno, da je družba okrepila svojo bilanco stanja s prevzemom dolga, da bi lahko vlagala [44].
Historically, ARCO was the shareholder of Artesia Banking Corporation NV (hereafter ‘Artesia’), which itself owned 100 % of BACOB Bank and 82 % of the insurance company DVV.
Razlogi za začetek postopka
As a result of the merger of Artesia with Dexia in 2001, ARCO became the biggest shareholder of Dexia with a stake of around 15 % [37].
Komisija je v sklepu o začetku postopka predhodno ugotovila, da priglašeni ukrep izpolnjuje štiri (kumulativna) merila državne pomoči, in izrazila dvome o tem, ali bi se lahko ukrep razglasil za združljivega z notranjim trgom.
ARCO is a group name for ARCOPAR, ARCOPLUS and ARCOFIN, which are all recognised cooperative companies [38].
Komisija je ugotovila, da je ukrep mogoče pripisati državi Belgiji, saj se je financiral iz posebnega zaščitnega sklada.
ARCO has more than 800000 members, 99 % of which are individual persons.
Zato je opomnila, da belgijska zakonodaja določa prispevek, ki ga morajo udeleženci plačati v posebni zaščitni sklad, in tudi, kako se bodo ta sredstva porabila.
The capital of individual shareholders in ARCOPAR, ARCOPLUS and ARCOFIN amounted to EUR 1,3 billion, EUR 46 million and EUR 140 million respectively.
Poleg tega je Komisija ugotovila, da bi Depozitni in konsignacijski urad po potrebi nakazal sredstva v posebni zaščitni sklad.
The Articles of Association of ARCOPAR, ARCOPLUS and ARCOFIN provide that the three entities are limited liability companies [39].
Komisija se je spraševala, kako bi se Depozitnemu in konsignacijskemu uradu povrnila sredstva, saj ni bilo jasno, ali bi imele finančne zadruge na voljo dovolj finančnih sredstev.
The Articles of Association of all three entities contain provisions which are relevant to shareholders wishing to exit.
Poleg tega se je spraševala, ali bi dejstvo, da je udeležba za finančne zadruge neobvezna, oviralo učinkovito refinanciranje posebnega zaščitnega sklada.
A shareholder wishing to exit ARCOPAR would get its capital back.
Glede selektivne prednosti se zdi, da je zadružna jamstvena shema zadrugam pomagala privabiti nov kapital ali ohraniti obstoječi kapital, saj je obstoječe delničarje zadruge prepričala, naj se ne umaknejo iz finančnih zadrug.
Shareholders of ‘A, B and C shares’ of ARCOPAR [41] are also entitled to a ‘bonus reserve’ [42].
Taka zaščita je bila zelo pomembna v obdobjih finančne negotovosti, kot je bilo obdobje od jeseni 2008 do datuma sprejetja kraljevega odloka, ko so bile finančne zadruge učinkovito zaščitene pred tveganjem velikih izstopnih izplačil.
Article 35 of the Articles of Association of ARCOPAR describes what ARCOPAR shareholders are entitled to receive in case of a liquidation.
Komisija je ugotovila tudi, da je bila zaščita daljnosežna in da je Belgija dovolila vstop finančne zadruge prosilke v zadružno jamstveno shemo ne glede na njen finančni položaj.
In essence, if there is a positive balance after repayment of debt and social costs, shareholders will be reimbursed [43].
V primeru ARCO je bil finančnim zadrugam vstop v zadružno jamstveno shemo odobren, ko so bile že insolventne, in se je zanje kmalu po tem začel postopek likvidacije.
The risks of investing in ARCO shares were described for instance in the ARCOPAR prospectus approved by the Belgian authorities in June 2008 which was published for a capital market operation that took place between 7 July 2008 and 30 September 2008.
Komisija je poleg tega ugotovila, da je ukrep izkrivljal konkurenco, saj so finančne zadruge tekmovale na trgu naložbenih produktov za male vlagatelje, kjer so imele selektivno prednost, ki drugim udeležencem na trgu s podobnimi produkti ni bila na voljo.
That prospectus makes clear that Dexia-related profits represented more than 69 % of the ARCOPAR net profits in the financial years 2005/06, 2006/07 and 2007/08.
Komisija je menila tudi, da zadružna jamstvena shema vpliva na trgovino znotraj Unije.
The prospectus also referred to the risk of large exits, while also underlining that shareholders could lose everything in a liquidation.
Dejansko na belgijskem trgu deluje veliko mednarodnih ponudnikov naložbenih produktov in tržni delež, ki ga lahko finančna zadruga ohrani zaradi ukrepa, jim ni na voljo.
At the same time, the company's annual reports made clear that ARCO had leveraged its balance sheet by taking on debt in order to invest [44].
Konkretno mora biti ukrep potreben, ustrezen in sorazmeren, da bi bil združljiv z notranjim trgom na podlagi člena 107(3)(b) Pogodbe.
Grounds for initiating the opening procedure
Komisija je dvomila, da ukrep izpolnjuje katerega koli od teh treh kumulativnih meril.
In its Opening Decision, the Commission's preliminary conclusion was that the notified measure met the four (cumulative) State aid criteria and it doubted whether the measure could be declared compatible with the internal market.
Dvomila je tudi, da je zaščita delničarjev finančnih zadrug potrebna za preprečitev resne motnje v belgijskem gospodarstvu.
The Commission found the measure to be imputable to the Belgian State as it was financed by the Special Protection Fund.
Glede morebitnih učinkov prelivanja je Komisija ugotovila, da je Belgija že izvedla več ukrepov (npr. povečanje kritja v okviru sistema zajamčenih vlog na 100000 EUR in ukrepi državne pomoči za več bank v različnih oblikah (ukrepi dokapitalizacije, ukrepi za likvidnost, ukrepi za oslabljena sredstva in začasni ukrepi)).
To that end, the Commission noted that Belgian legislation determined the contribution that participants had to pay to the Special Protection Fund and also determined how those funds would be used.
Zato ni razumela, zakaj je bilo treba poleg vseh teh ukrepov zagotoviti zaščito za delničarje finančnih zadrug.
Moreover, the Commission observed that the Deposit and Consignment Office would advance funds to the Special Protection Fund if the need were to arise.
Komisija je dvomila, da je bilo primerno zaščititi delničarje finančnih zadrug.
The Commission questioned how the Deposit and Consignment Office would be repaid as it was unclear whether financial cooperatives would have sufficient financial means available.
V zvezi s tem je opomnila, da finančne zadruge niso finančne institucije in da se glede na njihovo velikost ne zdijo sistemsko pomembne.
The Commission also wondered whether the fact that participation is optional for financial cooperatives would hinder an effective refinancing of the Special Protection Fund.
Belgijo je pozvala, naj pojasni, preko katerih kanalov bi investicijske izgube, ki so jih utrpeli tudi npr. vlagatelji v vzajemne sklade, ustvarile resne negativne učinke prelivanja za belgijsko gospodarstvo.
The Commission came to the conclusion that financial cooperatives could be considered as undertakings and that the measure presented a selective advantage to them.
Nazadnje je Komisija dvomila, da je ukrep sorazmeren.
As regards the selective advantage the cooperative guarantee scheme seemed to have helped cooperatives to either attract new capital or maintain existing capital, convincing existing cooperative shareholders not to withdraw from financial cooperatives.
Navedla je, da ni jasno, ali bodo finančne zadruge za jamstvo plačale pravično nadomestilo.
The Commission also observed that the protection was far-reaching and that the Belgian State allowed entry into the cooperative guarantee scheme irrespective of the financial health of the applicant financial cooperative.
To bi lahko ustvarilo okoliščine, v katerih bi upravičenci lahko uporabili jamstvo in se hkrati v veliki meri izognili plačilu zanj.
In the example of ARCO, financial cooperatives had been allowed to enter into the cooperative guarantee scheme when they were already insolvent, only to enter into liquidation shortly thereafter.
Nazadnje se je Komisija spraševala tudi, ali bi zadružna jamstvena shema lahko neupravičeno izkrivljala konkurenco, saj delničarji konkurentov niso bili zaščiteni, kar je finančnim zadrugam olajšalo dostop do kapitala in povečalo njihov skupni tržni delež na trgu naložbenih produktov za male vlagatelje.
The Commission also concluded that the measure distorted competition as financial cooperatives competed on the market for retail investment products where they benefited from a selective advantage that was not available to other market players with similar products.
PRIPOMBE ZAINTERESIRANIH STRANI O SKLEPU O ZAČETKU POSTOPKA
The Commission also believed the cooperative guarantee scheme to have an impact on intra-Union trade.
Pripombe družbe ARCO
In fact, many international providers of investment products are active on the Belgian market and the market share that any financial cooperative is able to preserve thanks to the measure is unavailable to them.
Po navedbah družbe ARCO se je belgijska vlada odločila za uvedbo zadružne jamstvene sheme v okviru širšega svežnja ukrepov (povečanje jamstva za hranilne vloge kreditnih institucij na 100000 EUR ter razširitev sistema jamstev na produkte življenjskega zavarovanja „kategorije 21“ in posamezne delničarje finančnih zadrug) in to odločitev objavila 10. oktobra 2008.
The Commission wondered whether the financial cooperatives could be considered financial institutions and whether that factor had implications for the applicability of the 2008 Banking Communication [45].
Družba ARCO je trdila, da je bila odločitev z dne 10. oktobra 2008 za produkte „kategorije 21“ izvedena z zakonom z dne 15. oktobra 2008 in kraljevim odlokom z dne 14. novembra 2008, za potrdila o lastništvu delnic, ki so jih izdale finančne zadruge, pa z zakonom z dne 14. aprila 2009 in kraljevim odlokom z dne 10. oktobra 2011.
The Commission concluded that as financial cooperatives do not seem to be financial institutions in the meaning of the 2008 Banking Communication, the aid would have to be evaluated directly under the Treaty.
Družba ARCO je trdila, da zadružna jamstvena shema ni državna pomoč, saj finančnim zadrugam ne daje selektivne prednosti.
Concretely, in order to be compatible with the internal market on the basis of Article 107(3)(b) of the Treaty, a measure has to be necessary, appropriate and proportionate.
Trdila je tudi, da je Komisija ugotovila, da sistem jamstev za zavarovalniške produkte kategorije 21 ne pomeni državne pomoči, ker je bil na voljo vsem zavarovalnicam in zato ni bil selektiven [46].
The Commission doubted that the measure met any of those three cumulative criteria.
Poleg tega ARCO zatrjuje, da je zadružna jamstvena shema na voljo vsem finančnim zadrugam pod enakimi pogoji in zato ni selektivna.
It doubted whether the protection of shareholders of financial cooperatives was necessary to avoid a serious disturbance of the Belgian economy.
Družba ARCO je v skladu s pripombami belgijske vlade trdila, da vse lastnosti delnic finančnih zadrug potrjujejo, da delnice izpolnjujejo iste potrebe strank kot vloge in da jih zakonodajalec obravnava kot take.
As regards potential spill-over effects, the Commission noted that Belgium had already put in place several measures (e.g. increasing coverage under the deposit guarantee scheme to EUR 100000 and State aid measures to several banks in different forms (recapitalisation measures, liquidity measures, impaired asset measure and ad hoc measures)).
Poudarila je, da je bila belgijska vlada zaskrbljena zaradi kontaminacijskega učinka.
It did not therefore see why, in addition to all those measures, it was necessary to protect shareholders of financial cooperatives.
Če Belgija ne bi uvedla zadružne jamstvene sheme, bi to zmanjšalo zaupanje vlagateljev in morda povzročilo naval na vse varčevalne produkte.
The Commission doubted that it was appropriate to protect shareholders of financial cooperatives.
Pripombe Belgije
In that regard, the Commission observed that the financial cooperatives are not financial institutions and given their size did not seem to be of systemic importance.
Belgija je trdila, da zadružna jamstvena shema ne izpolnjuje vseh kumulativnih meril državne pomoči iz člena 107(1) Pogodbe in zato ni državna pomoč.
It invited the Belgian State to explain via which channels investment losses — which also incurred for investors of, e.g., mutual funds — would have created major negative spill-over effects for the Belgian economy.
Konkretno je navedla, da tri merila državne pomoči niso izpolnjena.
Finally the Commission doubted whether the measure was proportionate.
Najprej je Belgija zagovarjala stališče, da ukrep pomeni pomoč posameznikom in ne podjetjem.
First, it was not clear to the Commission whether financial cooperatives would be paying a fair remuneration for the guarantee.
Poleg tega je trdila, da ukrep finančnim zadrugam ne daje selektivne prednosti in ne izkrivlja konkurence.
Second, the Commission observed that the discretion to enter combined with the absence of a viability check in the entry procedure of the Belgian State implied that financial cooperatives had an incentive to enter only once it is clear that the guarantee would be triggered.
V zvezi s trditvijo, da pomoč ne koristi podjetjem, je Belgija trdila, da je bil običajni sistem zajamčenih vlog za kreditne institucije, vključno z njegovo razširitvijo (tj. zadružna jamstvena shema), sprejet v okviru izvajanja sklepov Sveta za ekonomske in finančne zadeve, direktive o sistemih zajamčenih vlog, kakor je bila spremenjena, in direktive o odškodninskih shemah za vlagatelje ter v skladu z njimi.
It could lead to situations where beneficiaries could use the guarantee while avoiding to a large extent any payment for it.
Belgija je zagovarjala stališče, da imajo posamezne delnice finančnih zadrug vse lastnosti vlog in se tudi kupujejo kot take.
Finally, the Commission also wondered whether the cooperative guarantee scheme would not unduly distort competition, as shareholders in competitors were not protected, thus facilitating access to capital for financial cooperatives and their overall retail investment market share.
Izpostavila je naslednje lastnosti: