natgillin/translations-raw huggingface dataset:
Is private participation in the risk finance scheme of a non-independent nature acceptable (paragraph 96 RFG)?
☐ Zasebni vlagatelji so izbrani z odprtim in nediskriminatornim postopkom, s katerim je natančno opredeljena vrsta spodbud (odstavek 101 smernic za spodbujanje naložb tveganega financiranja).
If so, please provide economic evidence and justification:
Opišite načine za določitev in izbiro zasebnih vlagateljev:
In the case of undertakings receiving the initial risk finance investment more than seven years after their first commercial sale, what adequate restrictions does the scheme contain?
Finančni posrednik ali upravljavec sklada, ki sovlaga, prevzame vsaj 10 % prvega izgubljenega deleža (odstavek 103 smernic za spodbujanje naložb tveganega financiranja)
Does the private participation ratio amount to minimum 60 %?
Kadar finančni posrednik ali upravljavec sklada sovlaga z državo članico, bi se bilo treba pri tem izogniti morebitnemu nasprotju interesov, prevzeti pa morata vsaj 10 % prvega izgubljenega deleža (odstavek 103 smernic za spodbujanje naložb tveganega financiranja).
☐ No (paragraph 97 RFG)
Potrdite, da je to tako (če je primerno):
Balance of risks and rewards between public and private investors (paragraphs 98 to 100 RFG):
Mehanizem prenosa koristi v primeru dolžniških instrumentov (posojil ali jamstev) (odstavek 104 smernic za spodbujanje naložb tveganega financiranja):
Please explain why the allocation of risks and rewards between public and private investors as described above in the sections on the relevant financial instruments can be considered as balanced (paragraph 98 RFG):
☐ S shemami tveganega financiranja se zagotavlja mehanizem prenosa koristi (kot je opisano v oddelku 2.9.1.1.A), kar zagotavlja, da finančni posrednik prenese vse koristi, ki mu jih dodeli država, na podjetja, ki so končni upravičenci.
Nature of incentives to be determined via selection of financial intermediaries, as well as fund managers or investors (paragraphs 101-102 RFG)
Navedite sklic na ustrezne določbe pravne podlage:
Please confirm by ticking as appropriate:
☐ Mehanizem prenosa koristi vključuje spremljanje in mehanizem za vračanje sredstev.
Selection of financial intermediaries implementing the scheme:
Opišite in navedite ustrezne določbe pravne podlage:
☐ The financial intermediaries are selected via an open and non-discriminatory process, through which the exact nature of incentives is determined.
Pogoji glede ustreznosti za davčne instrumente (oddelek 3.4.3 smernic za spodbujanje naložb tveganega financiranja):
If not, please state the reason (explaining the selection of investors):…
Za namene navedenih zahtev se bodo upoštevale informacije, ki ste jih navedli v oddelku 2.9.2.
Please describe the competitive process and describe how the process of selection complies with the requirements:
Navedite vse dodatne informacije, ki se vam zdijo pomembne v zvezi s pogoji glede ustreznosti:
Please provide the reference to the relevant provision of the legal basis containing the requirements in the RFG that the selection process must be open and non-discriminatory:
Pogoji glede ustreznosti za ukrepe podpore alternativnim platformam za trgovanje (oddelek 3.4.4 smernic za spodbujanje naložb tveganega financiranja):
Please list the selection criteria for financial intermediaries, as listed in the call for interest:
Za namene navedenih zahtev se bodo upoštevale informacije, ki ste jih navedli v oddelku 2.9.3.
Please provide, together with this notification, the evaluation grid used for the screening of the financial intermediaries during the selection process.
Sorazmernost pomoči (oddelek 3.6 smernic za spodbujanje naložb tveganega financiranja)
Please describe the due diligence process on the selected financial intermediaries:
Sorazmernost glede na ugotovljeno nedelovanje trga:
Please describe how compliance with the conditions of commercial management and profit-oriented decision-making set out in the GBER (Article 21(14) and (15)) is ensured (paragraph 160 RFG):
Opišite in količinsko opredelite vire financiranja, ki so na voljo ciljnim podjetjem, kot je bilo analizirano v predhodni oceni (primerjaj točko 65 smernic za spodbujanje naložb tveganega financiranja):
Please provide evidence, and reference to the legal basis:
Glede na predhodno oceno navedite kratek opis narave in obsega likvidnostne vrzeli, s katero se spoprijema vsaka posamezna kategorija ciljnih podjetij, kot prikazuje predhodna ocena (tj. raven potreb ciljnih podjetij po finančnih sredstvih, ki niso izpolnjene z viri financiranja, opisanimi v točki 3.3.1; natančno opredelite način izračuna likvidnostne vrzeli):
☐ As part of this selection process, financial intermediaries must demonstrate how their proposed investment strategy contributes to the achievement of the policy objectives and targets (based on the performance indicators identified in the ex-ante assessment).
Opišite, kako je skupni znesek sindiciranega (javnega in zasebnega) financiranja na podlagi ukrepa tveganega financiranja omejen na obseg likvidnostne vrzeli (točka 134 smernic za spodbujanje naložb tveganega financiranja):
For each of the selected financial intermediaries, please submit, together with this notification, the documents from the financial intermediary detailing its investment strategy, including pricing policy, and how it contributes to each of the policy objectives and targets.
S sklicevanjem na predhodno oceno pojasnite, kako je prednostna obravnava zasebnih vlagateljev omejena na najmanjši možni znesek, ki je potreben za doseganje minimalnih deležev udeležbe zasebnega kapitala, ki jih potrebuje shema (točka 134 smernic za spodbujanje naložb tveganega financiranja):
Please provide a detailed description of the mechanism foreseen in the risk finance scheme, by which the Member State will ensure that the investment strategy of the intermediaries remains at all times aligned with the agreed policy targets (e.g. via monitoring, reporting, participation in the representation bodies), and that material changes to the investment strategy require the prior consent of the Member State.
Trajanje likvidnostne vrzeli, s katero se spoprijema vsaka posamezna kategorija ciljnih podjetij, kot je bilo ocenjeno s predhodno oceno:
Please also provide the reference to the relevant provision of the legal basis:
Navedite povzetek ekonomskih dokazov za to: …
☐ Each of the selected financial intermediaries has been selected in a competitive process taking into account its pricing policy on the instruments deployed in the risk finance scheme (including cost of funding, credit risk premiums, administrative and all other fees).
Predhodna ocena zagotavlja dokaz o nedelovanju trga iz točke 3.3.1 v naslednjih sektorjih: …in na naslednjem geografskem območju:
Please provide evidence to that effect for each of the selected financial intermediaries.
Pogoji glede sorazmernosti za finančne instrumente (oddelek 3.6.1 smernic za spodbujanje naložb tveganega financiranja):
☐ The manager of the financial intermediary or the management company (“the manager”) is chosen through an open, transparent, non-discriminatory and objective selection procedure or the manager's remuneration fully reflects market levels.
V zvezi s finančnimi posredniki/upravljavci skladov:
If not, please state the reason (including an explanation on the selection of investors):
Ali je natančna vrednost spodbud določena v izbirnem postopku finančnih posrednikov ali upravljavcev skladov (točka 136 smernic za spodbujanje naložb tveganega financiranja)?
Please describe the competitive process and describe how the selection process complies with the requirements of this point:…
Navedite naslednje informacije glede plačila finančnih posrednikov ali upravljavcev skladov (točka 143 smernic za spodbujanje naložb tveganega):
Please provide the reference to the relevant provision of the legal basis containing those requirements:
Ali vključuje letno nadomestilo za upravljanje v skladu s smernicami za spodbujanje naložb tveganega financiranja (točka 143 teh smernic)?
☐ The managers of the fund of funds are required to legally commit as part of their investment mandate to determine via a competitive process the preferential conditions which could apply at the level of the sub-funds (paragraph 101 RFG).
☐ Ne; navedite podrobnejše podatke:
Selection of private investors
Ali vključuje spodbude, ki temeljijo na učinkovitosti, vključno s spodbudami v zvezi s finančno uspešnostjo in spodbudami, povezanimi s politiko, v skladu s smernicami za spodbujanje naložb tveganega financiranja (točka 144 teh smernic)?
☐ The private investors are selected via an open and non-discriminatory process through which the exact nature of incentives is determined (paragraph 101 RFG).
Natančno opredelite, kakšne kazni so predvidene v primeru nedoseganja ciljev politike:
Please describe the modalities for identification and selection of private investors:
Natančno opredelite plačilo, ki temelji na učinkovitosti, in navedite primerjavo s tržno prakso (točka 145 smernic za spodbujanje naložb tveganega financiranja):
Co-investing financial intermediary or fund manager taking at least 10 % of first loss piece (paragraph 103 RFG)
Natančno opredelite skupno provizijo za upravljanje in navedite primerjavo s tržno prakso (točka 146 smernic za spodbujanje naložb tveganega financiranja):
Where the financial intermediary or fund manager co-invest alongside the Member State, any potential conflict of interest should be avoided and they must take at least 10 % of the first loss piece (paragraph 103 RFG).
Ali se skupna struktura provizij ovrednoti kot del točkovanja v izbirnem postopku in na podlagi take izbire opredeli tudi najvišje plačilo (točka 147 smernic za spodbujanje naložb tveganega financiranja)?
Please confirm that this is the case (if applicable):
☐ Ne; pojasnite, zakaj ne: …
Pass-on mechanism in the case of debt instruments (loans or guarantees) (paragraph 104 RFG):
Kadar sta finančni posrednik in njegov upravljavec javna subjekta, ki nista bila izbrana z odprtim, preglednim, nediskriminatornim in objektivnim izbirnim postopkom, obkljukajte ustrezno okence in predložite dokazila o naslednjem (točka 41 smernic za spodbujanje naložb tveganega financiranja):
☐ The risk finance scheme provides for a pass-on mechanism (as described in section 2.9.1.1.A.) ensuring that the financial intermediary passes on the advantage it receives from the State to the final beneficiary undertakings.
☐ Njuno nadomestilo za upravljanje je omejeno, njuno skupno plačilo kaže običajne tržne pogoje in je vezano na njuno uspešnost.
Please indicate the relevant provisions in the legal basis:
☐ Javni finančni posredniki se upravljajo tržno, zato so njihovi upravljavci pri odločitvah o naložbah pridobitno naravnani in imajo strogo posloven odnos z državo.
☐ The pass-on mechanism includes monitoring arrangements and a claw-back mechanism.
Pojasnite zlasti mehanizme, vzpostavljene za preprečevanje kakršnega koli vmešavanja države v tekoče upravljanje javnega sklada:
Please describe and indicate the relevant provisions in the legal basis:
☐ Zasebni vlagatelji so izbrani z odprtim, preglednim, nediskriminatornim in objektivnim izbirnim postopkom na podlagi posameznega trgovanja.
Appropriateness conditions for fiscal instruments (section 3.4.3 RFG):
Kolikšno je letno nadomestilo za upravljanje brez spodbud, ki temeljijo na učinkovitosti, pri neposrednem imenovanju pooblaščenega subjekta? … % kapitala, ki se prispeva v subjekt.
For the purposes of these requirements, the information you have provided under section 2.9.2 will be considered.
Upoštevajte, da ne sme presegati 3 % (točka 148 smernic za spodbujanje naložb tveganega financiranja).
Please indicate any further information you consider relevant with regard to the appropriateness conditions:
V zvezi z zasebnimi vlagatelji:
Appropriateness conditions for measures supporting alternative trading platforms (section 3.4.4 RFG):
Pri sovlaganju javnega sklada z zasebnimi vlagatelji, ki z njim sodelujejo na podlagi posameznega trgovanja, bi bilo treba slednje za vsako posamezno transakcijo izbrati z ločenim konkurenčnim postopkom, da se oblikuje pravična stopnja donosa (točka 137 smernic za spodbujanje naložb tveganega financiranja)?
For the purposes of these requirements, the information you have provided under section 2.9.3 will be considered.
Če ste odgovorili pritrdilno, predložite ustrezna dokazila.
Proportionality of the aid (section 3.6 RFG)
Kadar zasebni vlagatelji niso izbrani s takim postopkom, ali je pravično stopnjo donosa določil neodvisni strokovnjak na podlagi analize tržnih referenčnih vrednosti in tržnega tveganja, pri čemer je uporabil metodo vrednotenja diskontiranega denarnega toka in podrobno navedel izračun najnižje pravične stopnje donosa in ustreznega pribitka glede na tveganje (točka 138 smernic za spodbujanje naložb tveganega financiranja), ter ali so izpolnjeni vsi pogoji iz točke 139 smernic za spodbujanje naložb tveganega financiranja?
Proportionality in relation to the identified market failure:
Če ste odgovorili pritrdilno, predložite poročilo, ki vsebuje oceno, navedite ime strokovnjaka, opišite pravila, ki veljajo za njegovo imenovanje, in predložite ustrezna dokazila:
Please describe and quantify the sources of financing available to the targeted undertakings, as analysed in the ex-ante assessment (cf. paragraph 65 RFG):
S kljukico potrdite, da istega neodvisnega strokovnjaka ni mogoče uporabiti dvakrat v istem triletnem obdobju. ☐
With reference to the ex-ante assessment, please provide a summary description of the nature and size of the funding gap faced by each category of targeted undertaking as demonstrated by the ex-ante assessment (that is to say the level of demand for finance from the targeted undertakings that is not met by the sources of financing described in point 3.3.1; please specify how the funding gap is calculated):
Pojasnite, kako so donosi, prilagojeni tveganju, za zasebne vlagatelje omejeni s pravično stopnjo donosa (točka 140 smernic za spodbujanje naložb tveganega financiranja):
Please describe how the total amount of syndicated funding (public and private) provided under the risk finance measure is limited to the size of the funding gap (paragraph 134 RFG):
Na podlagi predhodne ocene pojasnite ekonomsko upravičenost posebnih finančnih parametrov, ki podpirajo ukrep:
Please explain, by reference to the ex-ante assessment, how the preferential treatment of private investors is limited to the minimum necessary to achieve the minimum ratios of private capital participation required by the scheme (paragraph 134 RFG):
Pogoji glede sorazmernosti za davčne instrumente (oddelek 3.6.2 smernic za spodbujanje naložb tveganega financiranja):
Duration of the funding gap faced by each category of targeted undertaking as estimated by the ex-ante assessment:
Za te zahteve se bodo proučile informacije, ki ste jih navedli v oddelku 2.9.2.
Please provide a summary of the economic evidence:…
Navedite vse dodatne informacije, ki se vam zdijo pomembne v zvezi s pogoji glede sorazmernosti: …
The ex-ante assessment provides evidence of the above market failure referred to in point 3.3.1 in the following sector(s): …and in the following geographic area:
Pogoji glede sorazmernosti za alternativne platforme za trgovanje (oddelek 3.6.3 smernic za spodbujanje naložb tveganega financiranja):
Proportionality conditions for financial instruments (section 3.6.1 RFG):
Za te zahteve se bodo proučile informacije, ki ste jih navedli v oddelku 2.9.3.
In relation to the financial intermediaries/fund managers:
Izogibanje neupravičenim negativnim učinkom na konkurenco in trgovino (oddelek 3.7 smernic o državni pomoči za spodbujanje naložb tveganega financiranja)
Is the exact value of incentives determined in the selection process of the financial intermediaries or fund managers (paragraph 136 RFG)?
Kot del predhodne ocene navedite informacije o morebitnih negativnih učinkih sheme tveganega financiranja.
Please provide the following information on the remuneration of the financial intermediaries or fund managers (paragraph 143 RFG):
V to bi morali biti vključeni morebitni negativni učinki na treh ravneh, in sicer na ravni trga za zagotavljanje tveganega financiranja (npr. tveganje izrivanja zasebnih vlagateljev), na ravni finančnih posrednikov in njihovih upravljavcev ter na ravni končnih upravičencev (vključno s trgi, na katerih so upravičenci dejavni).
Does it include an annual management fee in accordance with the RFG (paragraph 143 RFG)?
Ali shema tveganega financiranja zagotavlja, da so edina podjetja, ki jim je namenjena državna pomoč za tvegano financiranje, tista podjetja, ki so potencialno uspešna?
☐ No; please provide details:
Če ste na zgornje vprašanje odgovorili pritrdilno, opišite, kako se to zagotavlja in navedite zadevne določbe pravne podlage:
Does it include performance-based incentives, including financial performance incentives and policy-related incentives, in accordance with the RFG (paragraph 144 RFG)?
Ali je shema tveganega financiranja geografsko ali regionalno omejena?
Please specify what penalties are provided for in case the policy targets are not met:
Ali je shema tveganega financiranja de iure omejena na posebne sektorje?
Please specify the performance-based remuneration and provide a comparison with market practice (paragraph 145 RFG):
Ali je shema tveganega financiranja v praksi usmerjena na določene sektorje?
Please specify the total management fees and provide a comparison with market practice (paragraph 146 RFG):
Kako so negativni učinki čim bolj zmanjšani?
Is the overall fee structure evaluated as part of the scoring of the selection process and the maximum remuneration established as a result of that selection (paragraph 147 RFG)?
Kumulacija pomoči (oddelek 3.9 smernic za spodbujanje naložb tveganega financiranja)
☐ No; please explain why not:…
Pomoč za tvegano financiranje se lahko na podlagi uredbe o skupinskih izjemah ali sklepa, ki ga je sprejela Komisija, glede na posebne okoliščine posameznega primera kumulira z drugimi ukrepi državne pomoči brez opredeljivih upravičenih stroškov ali s pomočjo de minimis do najvišje ustrezne zgornje meje skupnega financiranja (točka 168 smernic za spodbujanje naložb tveganega financiranja).
If the financial intermediary and its manager are public entities and were not selected through an open, transparent, non-discriminatory and objective selection procedure, please tick to confirm and provide evidence of the following (paragraph 41 RFG):
Z obkljukanjem okenca potrdite, da ste spoštovali to pravilo: ☐
☐ Their management fee is capped, their overall remuneration reflects normal market conditions and is linked to performance:
Navedite sklic na pravno podlago:
☐ The public financial intermediaries are managed commercially and their managers take investment decisions in a profit-oriented manner at arm's length from the State.
Pojasnite, kako je dosežena skladnost s pravili o kumulaciji:
Please explain in particular the mechanisms established to exclude any possible interference by the State in the day-to-day management of the public fund:
Tukaj navedite vse druge informacije, ki se vam zdijo pomembne za oceno zadevnih ukrepov glede na smernice za spodbujanje naložb tveganega financiranja:
☐ The private investors are selected through an open, transparent, non-discriminatory and objective selection process, on a deal-by-deal basis.
DEL III.8
In the case of direct appointment of an entrusted entity, what is its annual management fee, excluding performance-based incentives?: … % of the capital to be contributed to the entity.
Obrazec za dodatne informacije za priglasitev načrta ocenjevanja
Please note that it should not exceed 3 % (paragraph 148 RFG).
Države članice morajo ta obrazec uporabiti za priglasitev načrta ocenjevanja v skladu s členom 1(2)(a) Uredbe (EU) št. 651/2014 [190] in v primeru priglašene sheme pomoči v skladu z oceno, kot je določeno v zadevnih smernicah Komisije.
In relation to the private investors:
Za smernice pri pripravi načrta ocenjevanja se sklicujte na Delovni dokument služb Komisije z naslovom ‚Skupna metodologija za vrednotenje državne pomoči‘ [191].1.
In the case of co-investment by a public fund with private investors participating on a deal by deal basis, are the private investors selected through a separate competitive process in respect of each transaction, so as to establish the fair rate of return (paragraph 137 RFG)?
Opredelitev sheme pomoči, ki jo je treba oceniti
If so, please provide supporting evidence.
Naziv sheme pomoči:
Where private investors are not selected through such a process, is the fair rate of return established by an independent expert on the basis of an analysis of market benchmarks and market risk using the discounted cash flow valuation methodology, and detailing the calculation of a minimum level of fair rate of return and an appropriate margin to reflect the risks (paragraph 138 RFG), and are all conditions of paragraph 139 RFG fulfilled?
Ali se načrt ocenjevanja nanaša na:
If so, please provide the report in which the evaluation is contained, identify the expert, describe the existing rules for its appointment, and provide the relevant evidence:
☐ shemo, ki se ocenjuje v skladu s členom 1(2)(a) Uredbe (EU) št. 651/2014?
Please tick to confirm that the same independent expert cannot be used twice within the same 3-year period ☐
☐ shemo, ki je Komisiji priglašena v skladu s členom 108(3) PDEU?
Please explain how the risk adjusted returns for the private investors are limited to the fair rate of return (paragraph 140 RFG):
Sklic na shemo (dopolni Komisija):
Please explain, on the basis of the ex-ante assessment, the economic justification for the specific financial parameters underpinning the measure:
Po potrebi navedite vse obstoječe predhodne ocene ali ocene učinka za shemo pomoči in naknadne ocene ali študije predhodnic sheme pomoči ali podobnih shem, izvedene v preteklosti.
Proportionality conditions for fiscal instruments (section 3.6.2 RFG):
Za vsako študijo navedite naslednje informacije: (a) kratek opis ciljev študije, uporabljenih metodologij, rezultatov in ugotovitev ter (b) posebne izzive, s katerimi ste se spoprijemali z metodološkega stališča pri ocenah in študijah, na primer razpoložljivost podatkov, ki so pomembni za oceno trenutnega načrta ocenjevanja.
For the purposes of these requirements, the information provided under section 2.9.2 will be considered.
Po potrebi opredelite področja ali teme, ki niso bile vključene v prejšnje načrte ocenjevanja, ki pa bi jih morala zajemati trenutna ocena.
Please indicate any further information you consider relevant with regard to the proportionality conditions:…
Navedite povzetke takih ocen in študij v prilogi ter spletne povezave na zadevne dokumente, če so na voljo:
Proportionality conditions for alternative trading platforms (section 3.6.3 RFG):
Cilji sheme pomoči, ki jo je treba oceniti [192]
For the purposes of these requirements, the information provided under section 2.9.3 will be considered.
V opisu sheme pomoči natančno opredelite potrebe in težave, ki se nameravajo reševati s shemo, in predvidene kategorije upravičencev, npr. obseg, sektorje, lokacijo, okvirno število:
Avoidance of undue negative effects on competition and trade (section 3.7 RFG)
Navedite cilje sheme in pričakovane vplive na ravni predvidenih upravičencev in glede na cilj skupnega interesa:
Please provide, as part of the ex-ante assessment, information on the potential negative effects of the risk finance scheme.
Navedite možne negativne učinke na upravičence pomoči ali širše gospodarstvo, ki bi lahko bili neposredno ali posredno povezani s shemo pomoči [193]:
It should include the potential negative effects at all three levels, that is to say in the market for the provision of risk finance (e.g. the risk of crowding out of private investors), at the level of financial intermediaries and their managers, and at the level of final beneficiaries (including in the markets in which the beneficiaries are active).
Navedite (a) letni proračun, predviden v okviru sheme, (b) njeno predvideno trajanje [194], (c) instrumente pomoči in (d) upravičene stroške: