natgillin/translations-raw huggingface dataset:
It shall be considered compatible with the internal market and not requiring an ad hoc notification, provided conditions for compatibility under Article 21 of Regulation (EU) No 651/2014 are satisfied.
Zasebna udeležba tukaj pomeni naložbe zasebnih subjektov.
The presence of State aid shall be assessed at the levels of the fund of funds, financial intermediary, the private investors and final recipients.
Za namene instrumenta za sovlaganje je dovoljena pomoč na ravni končnih prejemnikov, če:
In particular, on a deal by deal basis the aggregate private participation rate at the level of the SME shall reach at least the following thresholds:
je dovoljena pomoč za zasebne sovlagatelje;
10 % for risk finance provided to the eligible undertakings prior to their first commercial sale on any market;
se finančni posrednik upravlja na komercialen način in so njegove odločitve o financiranju neodvisne in pridobitno naravnane;
40 % for risk finance provided to eligible undertakings operating in any market for less than 7 years following their first commercial sale;
ni presežena zgornja meja zasebne udeležbe, kot je določena v členu 21(10) Uredbe (EU) št. 651/2014.
60 % for risk finance provided either to eligible undertakings requiring an initial risk finance investment which, based on a business plan prepared in view of entering a new product or geographic market, is higher than 50 % of their average annual turnover in the preceding 5 years, or for follow-on investments in eligible undertakings after the 7-year period of the first commercial sale.
Stroški, povezani z razvojem naložbenih projektov, za skrbni pregled in za spremljanje končnih prejemnikov se krijejo iz stroškov upravljanja in provizij finančnega posrednika, ki upravlja instrument za sovlaganje.
Private participation is here considered as investments made by private bodies.
Za dejavnosti, ki jih podpira EKSRP, veljajo splošna pravila o državni pomoči.
For the purposes of the Co-Investment Facility there is allowable aid at the level of the final recipients if:
Naložbena politika
there is allowable aid to private co-investors;
Izplačilo organa upravljanja ali sklada skladov instrumentu za sovlaganje
the financial intermediary is managed on a commercial basis and its financing decisions are independent and profit-driven;
Po podpisu sporazuma o financiranju med organom upravljanja ali skladom skladov in finančnim posrednikom zadevni organ upravljanja ali sklad skladov prenese prispevke iz programa v instrument za sovlaganje.
the ceiling of private participation as set out in Article 21(10) of Regulation (EU) No 651/2014 are satisfied.
Znesek prenosa pokriva potrebe v smislu naložb ter stroškov upravljanja in provizij.
The costs associated with the development of the investment projects, for the due diligence and for accompanying the final recipients shall be covered by the management costs and fees of the financial intermediary managing the Co-Investment Facility.
Prenos se izvede v tranšah.
Activities supported by the EAFRD, are subject to general State aid rules.
Ciljni obseg naložb se potrdi v okviru predhodne ocene, ki se opravi v skladu s členom 37 Uredbe (EU) št. 1303/2013.
Investment policy
Naložbena politika instrumenta za sovlaganje vključuje jasno izhodno strategijo.
Disbursement from the managing authority or from the fund of funds to the Co-Investment Facility
Ta strategija je opisana v pogodbi o financiranju.
Following the signature of a funding agreement between the managing authority or fund of funds and the financial intermediary, the relevant managing authority or fund of funds shall transfer the contributions from the programme to the Co-Investment Facility.
Izplačila instrumenta za sovlaganje upravičenim MSP
The amount of the transfer shall cover the needs in terms of investments and management costs and fees.
Instrument za sovlaganje v vnaprej določenem omejenem časovnem obdobju sovlaga s finančnim posrednikom in drugimi zasebnimi vlagatelji.
The transfer shall be carried out in tranches.
Za vsak posamezen posel izbrani finančni posrednik spodbuja dodatno financiranje finančnega posrednika ali instrumenta, povezanega s finančnim posrednikom, za najmanj 1 % zaradi uskladitve interesov; in dodatno financiranje sovlagateljev, tj. zasebnih vlagateljev.
The target investment volume shall be confirmed within the ex ante assessment carried out in accordance with Article 37 of Regulation (EU) No 1303/2013.
Odločitve o naložbah morajo biti pridobitno naravnane.
The investment policy of the Co-Investment Facility shall include a clear exit strategy.
Da bi naložba veljala za pridobitno naravnano, mora izpolnjevati naslednje pogoje:
That strategy shall be described in the funding agreement.
finančni posrednik se določi v skladu z veljavno zakonodajo in poskrbi za izvedbo ustreznega postopka skrbnega pregleda, da se zagotovi tržno razumna naložbena politika, vključno z ustrezno politiko razpršenosti tveganja, katere cilj je doseči ekonomsko upravičenost in učinkovit obseg v smislu velikosti in geografske porazdelitve portfelja naložb;
Disbursements from the Co-Investment Facility to the eligible SMEs
naložbe v upravičena MSP temeljijo na izvedljivem poslovnem načrtu, ki vsebuje podrobnosti o proizvodu, prodaji in izboljšanju donosnosti ter predhodno določa upravičenost naložbe;
The Co-Investment Facility shall co-invest, within a pre-determined limited period of time, with the financial intermediary and other private investors.
za vsako naložbo obstaja jasna in realistična izhodna strategija.
On a deal by deal basis, the selected financial intermediary shall leverage additional finance from the financial intermediary or a vehicle affiliated to the financial intermediary for at least 1 % for the purpose of alignment of interest; and from co-investors, i.e. private investors.
Finančni posrednik izvaja dosledno naložbeno politiko, ki je skladna z veljavnimi industrijskimi standardi in usklajena s finančnimi interesi in cilji politike organa upravljanja.
Investments decisions shall be profit-driven.
Izplačila sovlagateljev upravičenim MSP
In order to be considered profit driven the investment shall comply with the following conditions:
Finančni posrednik išče, pregleduje in ocenjuje potencialne skupne naložbe v končne prejemnike kot tudi morebitne sovlagatelje.
the financial intermediary is established in accordance with the applicable laws and provides for a due diligence process ensuring a commercially sound investment policy, including an appropriate risk diversification policy aimed at achieving economic viability and efficient scale in terms of size and territorial scope of its portfolio of investments;
Finančni posrednik opravi skrbni pregled za vsak posamezen posel.
investment in eligible SMEs is based on a viable business plan, containing details of product, sales and profitability development, establishing the ex ante viability of the investment;
Skrbni pregled oceni ključne vidike, kot so poslovni načrt, upravičenost naložbe in izhodna strategija.
a clear and realistic exit strategy exists for each investment.
Poslovni načrt vsebuje podrobnosti o proizvodu, prodaji in izboljšanju donosnosti.
The financial Intermediary shall implement a consistent investment policy that complies with the applicable industry standards and that is aligned with the financial interests and policy objectives of the managing authority.
Stopnja zasebne udeležbe upravičenih MSP dosega minimalni prag iz člena 21 Uredbe (EU) št. 651/2014.
Disbursements from the Co-Investors to the eligible SMEs
Sporazum o sovlaganju med finančnim posrednikom in sovlagatelji določa pogoje za naložbe v končne prejemnike in je v skladu s členom 1(3) Izvedbene uredbe Komisije (EU) št. 821/2014 [2], kadar je to ustrezno.
The financial intermediary shall identify, screen and assess potential co-investments in final recipients as well as any co-investors.
Prispevek iz sklada k finančnemu instrumentu: znesek in stopnja (podrobnosti o produktu)
The financial intermediary shall carry out a due diligence assessment on a deal by deal basis.
Instrument za sovlaganje zagotavlja kapital za MSP, ki ne kotirajo na borzi in ki izpolnjujejo vsaj enega od naslednjih pogojev:
The due diligence shall assess key aspects such as the business plan, the viability of the investment and the exit strategy.
MSP niso bila dejavna na nobenem trgu;
The business plan shall contain details on product, sales and profitability development.
MSP poslujejo na katerem koli trgu manj kot sedem let po njihovi prvi komercialni prodaji;
The private participation rate of eligible SMEs shall reach the minimum threshold set in Article 21 of Regulation (EU) No 651/2014.
MSP potrebujejo začetno naložbo za financiranje tveganja, ki je na podlagi poslovnega načrta, pripravljenega z namenom vstopa na nov proizvodni ali geografski trg, višja od 50 % njihovega povprečnega letnega prometa v zadnjih petih letih;
The co-investment agreement between the financial intermediary and co-investors shall establish the terms and conditions for investment in the final recipients and shall comply with Article 1(3) of Commission Implementing Regulation (EU) No 821/2014 [2], where that Article is applicable.
MSP potrebujejo nadaljnje naložbe v upravičena podjetja, tudi po obdobju sedmih let po prvi komercialni prodaji.
Fund Contribution to financial instrument: amount and rate (product details)
Znesek in stopnja sovlaganja na posamezen posel se določita z uporabo vsaj naslednjih dejavnikov:
The Co-Investment Facility shall provide capital to unlisted SMEs which fulfil at least one of the following conditions:
velikost in osredotočenost instrumenta za sovlaganje;
the SMEs have not been operating in any market;
sodelovanje sovlagateljev;
the SMEs have been operating in any market for less than 7 years following their first commercial sale;
pričakovani spodbujevalni učinek instrumenta za sovlaganje; upoštevanje zgornjih mej iz člena 21(10) Uredbe (EU) št. 651/2014.
the SMEs require an initial risk finance investment which, based on a business plan prepared in view of entering a new product or geographic market, is higher than 50 % of their average annual turnover in the preceding 5 years;
Zneski, ki se povrnejo iz naložb v instrument za sovlaganje v časovnem okviru za naložbe, kot je določen v sporazumu o financiranju, se ponovno uporabijo, kot je določeno v členih 44 in 45 Uredbe (EU) št. 1303/2013.
the SMEs require follow-on investments in eligible undertakings, including after the 7-year period of the first commercial sale.
Preferenčno izplačilo zasebnih vlagateljev, ki je namenjeno zgolj asimetrični udeležbi pri dobičku, se določi v skladu s členom 44(1) Uredbe (EU) št. 1303/2013 in členom 21(13)(b) Uredbe (EU) št. 651/2014.
The co-investment amount and rate per deal shall be determined by applying at least the following factors:
Prispevek iz programa k finančnemu instrumentu (dejavnosti)
the size and focus of the Co-Investment Facility;
Portfelj osnovnih transakcij, ki se financirajo iz instrumenta za sovlaganje, vključuje naložbe, zagotovljene v korist končnih prejemnikov.
the participation of co-investors;
Merila za upravičenost za vključitev v portfelj se določijo v skladu s pravom Unije, programom evropskih strukturnih in investicijskih skladov, nacionalnimi pravili za upravičenost in skupaj s finančnim posrednikom.
the expected catalytic effect of the Co-Investment Facility; remaining within the ceilings set out in Article 21(10) of Regulation (EU) No 651/2014.
Finančni posrednik pripravi razumno oceno profila tveganja portfelja.
Amounts returned to the Co-Investment Facility from the investments within the timeframe for investments as set out in the funding agreement shall be re-used as provided for under Articles 44 and 45 of Regulation (EU) No 1303/2013.
Sovlaganje se izvaja v končne prejemnike za zahtevano obdobje pred izstopom v skladu z naložbeno politiko.
Preferential remuneration of private investors aimed solely at asymmetric profit-sharing shall be set in line with Article 44(1) of Regulation (EU) No 1303/2013 and Article 21(13)(b) of Regulation (EU) No 651/2014.
Obveznost organa upravljanja
Programme contribution to financial instrument (activities)
Obveznost organa upravljanja v zvezi s finančnim instrumentom ustreza obveznosti iz člena 6 Delegirane uredbe Komisije (EU) št. 480/2014 [3].
The underlying transactions portfolio funded by the Co-Investment Facility shall include investments provided for the benefit of final recipients.
V primeru likvidacije instrumenta za sovlaganje finančni posrednik opravi temeljito oceno tveganja terjatev do instrumenta za sovlaganje in zagotovi obstoj ustreznih zneskov na depozitnih računih za plačilo takih terjatev.
The eligibility criteria for inclusion in the portfolio are determined in accordance with Union law, the ESIF programme, national eligibility rules, and with the financial intermediary.
Trajanje
The financial intermediary shall have a reasonable estimation of the portfolio risk profile.
Okvirno trajanje instrumenta za sovlaganje je deset let in se lahko podaljša s soglasjem organa za upravljanje.
The co-investment shall be made in final recipients for the required period before an exit in line with the investment policy.
Naložbeno obdobje finančnega instrumenta se določi na način, s katerim se zagotovi, da se prispevek iz programa iz člena 42 Uredbe (EU) št. 1303/2013 uporabi za naložbe v končne prejemnike najpozneje do 31. decembra 2023.
Managing authority's liability
Pri naložbah, opravljenih po 31. decembru 2020, se ocenjuje skladnost s pravili o državni pomoči, ki bodo začela veljati po tem datumu.
The managing authority's liability in relation to the financial instrument shall be as set out in Article 6 of Commission Delegated Regulation (EU) No 480/2014 [3].
Naložbe in porazdelitev tveganja na ravni finančnega posrednika (uskladitev interesov)
On liquidation of the Co-Investment Facility, the financial intermediary shall make a thorough assessment of the risk of claims against the Co-Investment Facility and ensure suitable sums are held in escrow accounts to meet such claims.
Uskladitev interesov organa upravljanja in finančnega posrednika se doseže s:
Duration
provizijami za uspešnost v skladu s členoma 12 in 13 Delegirane uredbe (EU) št. 480/2014,
The Co-Investment Facility has an indicative duration of 10 years and may be extended with the consent of the managing authority.
nadomestilom finančnemu posredniku, ki odraža trenutno tržno plačilo v primerljivih razmerah, vključno z morebitno udeležbo pri dobičku,
The investment period of the financial instrument shall be set to ensure that the programme contribution referred to in Article 42 of Regulation (EU) No 1303/2013 is used for investments to final recipients at the latest by 31 December 2023.
sofinanciranjem s strani zasebnih sovlagateljev, ki dosega najnižje stopnje iz člena 21(10) Uredbe (EU) št. 651/2014,
Investments made after 31 December 2020 shall be assessed for compliance with the State aid rules which enter into force after that date.
sofinanciranjem z lastnimi sredstvi finančnega posrednika v višini najmanj 1 % za vsak posel pod enakimi pogoji kot pri instrumentu za sovlaganje; za dodatno sovlaganje finančnega posrednika veljajo enaki pogoji kot za instrument za sovlaganje,
Investment and risk-sharing at financial intermediary level (alignment of interest)
sofinanciranjem s strani drugih sovlagateljev, ki se opravi pod enakimi pogoji, kot veljajo za instrument za sovlaganje, razen če se v predhodni oceni iz člena 37(2)(c) Uredbe (EU) št. 1303/2013 opredeli, da se določi asimetrična udeležba pri dobičku med javnimi in zasebnimi vlagatelji; takšne ureditve so usklajene s členom 21(13)(b) Uredbe (EU) št. 651/2014,
Alignment of interest between the managing authority and the financial intermediary shall be achieved through:
finančni posrednik ne opravlja naložbenih dejavnosti v okviru novega naložbenega instrumenta, ki je namenjen isti vrsti končnih prejemnikov, do trenutka, ko je vloženih 75 % obveznosti instrumenta za sovlaganje, za preostalih 25 % pa so prevzete obveznosti za naložbe, ali do konca naložbenega obdobja instrumenta za sovlaganje, če to nastopi prej.
performance fees as provided for under Articles 12 and 13 of Delegated Regulation (EU) No 480/2014,
Postopki za preprečevanje navzkrižja interesov med finančnim posrednikom, sovlagatelji in subjekti, v katere se vlaga, so določeni pred vsakršno naložbo v končnega prejemnika s strani izbranega finančnega posrednika.
the remuneration of the financial intermediary that shall reflect the current market remuneration in comparable situations, including carried interest, if any,
Upravičeni finančni posredniki in sovlagatelji
a co-financing by the private co-investors that shall be at the minimum level in accordance with Article 21(10) of Regulation (EU) No 651/2014,
Izbrani finančni posrednik (upravljavec sklada instrumenta za sovlaganje) je zasebni subjekt, ustanovljen na mednarodni, nacionalni ali regionalni ravni v državah članicah.
a co-financing with own resources by the financial intermediary of a minimum of 1 % on each deal under the same conditions as the Co-Investment Facility; additional co-investment by the financial intermediary shall be subject to the same conditions as the Co-Investment Facility,
Takšen organ mora biti zakonsko pooblaščen za zagotavljanje lastniškega kapitala podjetjem s sedežem v državah članicah, kot so finančne institucije ali katere koli druge institucije, pooblaščene za zagotavljanje finančnih instrumentov.
the co-financing by other co-investors which shall be made on identical terms and conditions as those applicable to the Co-Investment Facility except if the ex ante assessment referred to in Article 37(2)(c) of Regulation (EU) No 1303/2013 estimates that an asymmetric profit-sharing shall be set between the public and private investors; such arrangements shall be in line with Article 21(13)(b) of Regulation (EU) No 651/2014,
Za zasebne subjekte se štejejo zasebne pravne osebe, ki so v lasti zasebnih ali javnih vlagateljev, ki vlagajo na lastno odgovornost in iz lastnih sredstev.
the financial intermediary shall not engage in investment activities under a new investment vehicle targeting the same type of final recipients until either such a time as 75 % of the Co-Investment Facility commitments have been invested and the remaining 25 % are committed to be invested, or, the end of the investment period of the Co-Investment Facility, if earlier.
Organ upravljanja in sklad skladov morata pri izbiri finančnih posrednikov ravnati skladno s pravom Unije.
Procedures aimed at avoiding conflict of interest between the financial intermediary, co-investors and investees shall be laid down before any investment made in a final recipient by the financial intermediary selected.
Izbira finančnih posrednikov je odprta, pregledna in nediskriminatorna.
Eligible Financial Intermediary and Co-investors
Izbira finančnih posrednikov vzpostavi ustrezne dogovore o porazdelitvi tveganja v primeru preferenčnega izplačila in določi morebitno udeležbo pri dobičku.
The selected financial intermediary (fund manager of the Co-Investment Facility) shall be a private body established at international, national or regional levels in the Member States.
Finančni posrednik v okviru izbire določi pogoje in merila za ocenjevanje sovlagateljev.
Such body shall be legally authorised to provide equity to enterprises established in the Member States, such as financial institutions, or any other institution authorised to provide financial instruments.
Ti morajo biti razumljivi in dostopni potencialnim sovlagateljem.
Private bodies shall be considered as private legal entities owned by private or public investors investing at their own risk and from their own resources.
Finančni posrednik dokaže nediskriminatorni pristop pri iskanju sovlagateljev in vlaganju z njimi.
The managing authority and fund of funds shall comply with Union law when selecting financial intermediaries.
Ocena sovlagateljev se lahko naknadno preveri.
The selection of financial intermediaries shall be open, transparent and non-discriminatory.
Finančni posredniki se upravljajo na komercialni podlagi.
The selection of the financial intermediaries shall establish appropriate risk-sharing arrangements in the case of preferential remuneration and determine possible carried interest.
Šteje se, da je ta zahteva izpolnjena, če so izpolnjeni pogoji iz člena 21(15) Uredbe (EU) št. 651/2014.
The financial intermediary shall specify, in the context of its selection, the conditions and criteria for the evaluation of co-investors.
Instrument za sovlaganje si prizadeva privabiti sovlagatelje z uporabo najboljših praks.
Those shall be understandable and available to potential co-investors.
Sovlagatelji so dolgoročni zasebni vlagatelji, ki vlagajo lastna sredstva, vključno s skladi tveganega kapitala, poslovnimi angeli, premožnimi posamezniki, družinskimi podjetji ali podjetji z dokazanim strokovnim znanjem in operativnimi zmogljivostmi.
The financial intermediary shall demonstrate a non-discriminatory approach to find and invest with co-investors.
Za sovlagatelje se štejejo vsi vlagatelji, ki so po razumni presoji finančnega posrednika vlagatelji, ki poslujejo v razmerah, ki ustrezajo načelu vlagatelja v tržnem gospodarstvu na prostem trgu, ne glede na njihovo pravno naravo in lastništvo.
The evaluation of co-investors may be controlled ex post.
Sovlagatelji in finančni posrednik so neodvisni od končnih prejemnikov naložbe, razen v primeru nadaljnjih naložb v končne prejemnike, ki so že udeleženi pri instrumentu za sovlaganje.
Financial intermediaries shall be managed on a commercial basis.
Upravičenost končnih prejemnikov
This requirement is considered to be fulfilled if the conditions laid down in Article 21(15) of Regulation (EU) No 651/2014 are fulfilled.
Končni prejemniki so upravičeni na podlagi zakonodaje Unije in nacionalne zakonodaje, ustreznega programa evropskih strukturnih in investicijskih skladov, sporazuma o financiranju in z izpolnjevanjem pogoja iz člena 21(5) Uredbe (EU) št. 651/2014.
The Co-Investment Facility shall seek to mobilise Co-investors implementing best practice.
Na datum podpisa naložbene pogodbe morajo končni prejemniki izpolnjevati naslednja merila za upravičenost:
The co-investors shall be long-term private investors investing own resources including venture capital funds, business angels, high net worth individuals, family offices, or companies with proven know-how and operational capacity.
končni prejemnik je mikro, malo ali srednje podjetje (v nadaljnjem besedilu: MSP (vključno s samostojnimi podjetniki/samozaposlenimi)) v smislu Priporočila Komisije 2003/361/ES [4];
Co-investors shall be deemed to be any investors which, in the reasonable determination of the financial intermediary are investors operating in circumstances corresponding to the market economy investor principle in a free market economy, irrespective of their legal nature and ownership.
končni prejemnik ni izključen s členi 1(2) do (5) Uredbe (EU) št. 651/2014;
Co-investors and the financial intermediary shall be independent from the final recipients of the investment except in the case of follow-on investment in final recipients that are already part of the Co-Investment Facility.
končni prejemnik ne pripada kateremu od omejenih sektorjev [5];
Final recipient eligibility
končni prejemnik ni podjetje v težavah iz člena 2(18) Uredbe (EU) št. 651/2014;
The final recipients shall be eligible under Union and national law, the relevant ESIF programme, funding agreement and with the condition referred to in Article 21(5) of Regulation (EU) No 651/2014.
iz preverjanj, ki jih izvede finančni posrednik v skladu z internimi smernicami in običajno kreditno politiko, izhaja, da končni prejemnik pravočasno izpolnjuje svoje finančne obveznosti v zvezi z drugimi posojili ali zakupi, ki jih je odobril finančni posrednik ali katera druga finančna institucija;
The following eligibility criteria shall be met by the final recipients at the date of the signature of the investment:
končni prejemnik ima sedež in posluje v zadevni regiji/na ozemlju programa evropskih strukturnih in investicijskih skladov;