natgillin/translations-raw huggingface dataset:
That communication specifies that Regulations (EU) No 345/2013 and (EU) No 346/2013 need to be amended to ensure that the frameworks are best able to support investment in small and medium-sized enterprises (SMEs).
Navedeno sporočilo navaja, da je treba uredbi (EU) št. 345/2013 in (EU) št. 346/2013 spremeniti, da se zagotovi, da bosta okvira lahko kar najbolj podpirala naložbe v mala in srednja podjetja (MSP).
The market for qualifying venture capital funds and qualifying social entrepreneurship funds should be opened up in order to increase scale effects, to reduce transaction and operational costs, to improve competition and to strengthen investor choice.
Trg kvalificiranih skladov tveganega kapitala in kvalificiranih skladov za socialno podjetništvo bi bilo treba odpreti, da se bodo povečali učinki obsega, zmanjšali stroški transakcij in operativni stroški, izboljšala konkurenčnost in razširil nabor vlagateljev.
Enlarging the base of prospective managers contributes to opening up that market, and would benefit undertakings seeking investment by giving them access to financing from a greater and more varied range of risk investment sources.
Povečanje baze potencialnih upraviteljev prispeva k odpiranju tega trga in bi moralo koristiti podjetjem pri iskanju naložb, saj bi jim omogočilo dostop do financiranja iz večjega števila bolj raznolikih virov tveganih naložb.
The scope of Regulations (EU) No 345/2013 and (EU) No 346/2013 should therefore be extended by opening up the use of the designations ‘EuVECA’ and ‘EuSEF’ to managers of collective investment undertakings authorised under Article 6 of Directive 2011/61/EU.
Področje uporabe uredb (EU) št. 345/2013 in (EU) št. 346/2013 bi bilo zato treba razširiti z uvedbo uporabe oznak „EuVECA“ in „EuSEF“ za upravitelje kolektivnih naložbenih podjemov, ki imajo dovoljenje na podlagi člena 6 Direktive 2011/61/EU.
In order to maintain a high level of investor protection, managers of collective investment undertakings authorised under Article 6 of Directive 2011/61/EU should continue to be subject to the requirements of that Directive and should continue to comply with certain provisions of Regulation (EU) No 345/2013 or Regulation(EU) No 346/2013, namely those concerning eligible investments, targeted investors and information requirements.
Zaradi ohranjanja visoke stopnje varstva vlagateljev bi morale za upravitelje kolektivnih naložbenih podjemov, ki imajo dovoljenje na podlagi člena 6 Direktive 2011/61/EU, še naprej veljati zahteve navedene direktive in bi ti še naprej morali izpolnjevati nekatere določbe Uredbe (EU) št. 345/2013 ali Uredbe (EU) št. 346/2013, in sicer določbe v zvezi z upravičenimi naložbami, ciljnimi vlagatelji in zahtevami po obveščanju.
The competent authorities on which Directive 2011/61/EU confers supervisory powers should also exercise those powers with respect to such managers.
Pristojni organi, na katere so v skladu z Direktivo 2011/61/EU prenesena nadzorna pooblastila, bi morali navedena pooblastila izvajati tudi v zvezi s temi upravitelji.
In order to ensure that competent authorities are aware of every new use of the designations ‘EuVECA’ and ‘EuSEF’, managers of collective investment undertakings authorised under Article 6 of Directive 2011/61/EU should register each qualifying venture capital fund or qualifying social entrepreneurship fund that they intend to manage and market.
Zaradi zagotavljanja, da so pristojni organi obveščeni o vsaki novi uporabi oznak „EuVECA“ in „EuSEF“, bi morali upravitelji kolektivnih naložbenih podjemov, ki imajo dovoljenje na podlagi člena 6 Direktive 2011/61/EU, registrirati vsak kvalificirani sklad tveganega kapitala ali kvalificirani sklad za socialno podjetništvo, ki ga nameravajo upravljati in tržiti.
That should ensure that such managers may maintain their business models by being able to manage collective investment undertakings established in other Member States and further widen the range of products they offer.
To bi moralo tem upraviteljem omogočiti, da prek upravljanja kolektivnih naložbenih podjemov, ustanovljenih v drugih državah članicah, ohranijo svoje poslovne modele in širijo obseg ponujenih produktov.
The range of eligible undertakings in which qualifying venture capital funds can invest should be expanded, in order to further increase the supply of capital to businesses.
Nabor upravičenih podjetij, v katera lahko investirajo kvalificirani skladi tveganega kapitala, bi bilo treba razširiti, da se dodatno poveča oskrba podjetij s kapitalom.
The definition of qualifying portfolio undertakings should therefore include companies with up to 499 employees (small mid-caps) not admitted to trading on a regulated market or on a multilateral trading facility, and SMEs listed on SME growth markets.
Opredelitev kvalificiranega portfeljskega podjetja bi zato morala vključevati podjetja z do 499 zaposlenimi (mala podjetja s srednje veliko tržno kapitalizacijo), ki niso sprejeta v trgovanje na reguliranem trgu ali v večstranskem sistemu trgovanja, in MSP, ki kotirajo na zagonskih trgih MSP.
The new investment options should also allow growth stage entities that already have access to other sources of financing, such as SME growth markets, to receive capital from qualifying venture capital funds which in turn should contribute to the development of the SME growth markets.
Nove možnosti za vlaganje bi poleg tega morale subjektom v fazi rasti, ki že imajo dostop do drugih virov financiranja, kot so zagonski trgi MSP, omogočati pridobivanje kapitala iz kvalificiranih skladov tveganega kapitala, kar bi posledično moralo prispevati k razvoju zagonskih trgov MSP.
In addition, investments by qualifying venture capital funds in qualifying portfolio undertakings do not automatically disqualify those qualifying portfolio undertakings from being eligible for public programmes.
Poleg tega naložbe kvalificiranih skladov tveganega kapitala v kvalificirana portfeljska podjetja teh podjetij ne izključijo samodejno iz upravičenosti za javne programe.
In order to further enhance investment, it should remain possible to set up a fund of funds structure under Regulations (EU) No 345/2013 and (EU) No 346/2013.
Da bi še naprej spodbujali naložbe, bi morali ohraniti možnost vzpostavitve strukture sklada skladov na podlagi uredb (EU) št. 345/2013 in (EU) št. 346/2013.
In order to make the use of the designation ‘EuSEF’ more appealing and to further increase the supply of capital to social businesses, the range of eligible undertakings in which qualifying social entrepreneurship funds can invest should be expanded by extending the definition of positive social impact.
Da bi oznaka "EuSEF" postala privlačnejša, ponudba kapitala za socialna podjetja pa še večja, bi bilo treba povečati nabor upravičenih podjetij, v katera lahko vlagajo kvalificirani skladi za socialno podjetništvo, in sicer z razširitvijo opredelitve pozitivnega družbenega učinka.
Such extension would simplify the regulatory landscape for social entrepreneurship funds, and would facilitate the participation of investors in such funds by addressing the discrepancies between different interpretations of what constitutes positive social impact in different Union contexts.
S takšno razširitvijo bi poenostavili regulativno okolje skladov za socialno podjetništvo in olajšali udeležbo vlagateljev v tovrstne sklade, in sicer z odpravljanjem razhajanja med različnimi razlagami, kaj predstavlja pozitivni družbeni učinek v različnih okvirih Unije.
Qualifying venture capital funds should also be allowed to participate, in the longer term, in the funding ladder for unlisted SMEs, unlisted small mid-caps and SMEs listed on SME growth markets, to further enhance their potential for making returns from high-growth companies.
Kvalificiranim skladom tveganega kapitala bi bilo treba dovoliti tudi dolgoročnejšo udeležbo na lestvici financiranja za MSP, ki ne kotirajo na borzi, mala podjetja s srednje veliko tržno kapitalizacijo, ki ne kotirajo na borzi, ter MSP, ki kotirajo na zagonskih trgih MSP, da se dodatno okrepi njihov potencial ustvarjanja donosov iz hitro rastočih podjetij.
Therefore, follow-on investments subsequent to the first investment should be allowed.
Zato bi bilo treba dovoliti nadaljnje naložbe, ki sledijo prvi naložbi.
Registration procedures should be simple and cost-effective.
Postopki registracije bi morali biti enostavni in stroškovno učinkoviti.
Therefore, registration of a manager in accordance with Regulations (EU) No 345/2013 and (EU) No 346/2013 should also serve the purpose of the registration referred to in Directive 2011/61/EU in relation to the management of the qualifying venture capital funds or qualifying social entrepreneurship funds.
Zato bi morala registracija upravitelja v skladu z uredbama (EU) št. 345/2013 in (EU) št. 346/2013 služiti tudi namenu registracije iz Direktive 2011/61/EU v povezavi z upravljanjem kvalificiranih skladov tveganega kapitala ali kvalificiranih skladov za socialno podjetništvo.
Registration decisions and refusals to register under Regulation (EU) No 345/2013 or Regulation(EU) No 346/2013 should, where appropriate, be subject to administrative or judicial review in accordance with national law.
Pozitivne odločitve o registraciji in zavrnitve registracije v skladu z Uredbo (EU) št. 345/2013 ali Uredbo (EU) št. 346/2013 bi morale biti, kadar je to primerno, predmet upravne ali sodne presoje v skladu z nacionalnim pravom.
This should not pre-empt in any way the outcome of the upcoming legislative reviews of Regulation (EU) No 1095/2010 and of Directive 2011/61/EU.
Take pristojbine in dajatve ovirajo prosti pretok kapitala čez meje Unije, s čimer spodkopavajo načela notranjega trga.
The fees and other charges that host Member States impose on qualifying venture capital fund managers and on qualifying social entrepreneurship fund managers contribute to regulatory divergence and may sometimes represent significant obstacles to cross-border activities.
Zato je nujno poudariti in pojasniti, da prepoved za države članice gostiteljice, da nalagajo zahteve ali upravne postopke v zvezi s trženjem kvalificiranih skladov tveganega kapitala in kvalificiranih skladov za socialno podjetništvo na njihovem ozemlju, vključuje prepoved nalaganja pristojbin in drugih dajatev upraviteljem za trženje teh skladov, če nadzornih nalog ni treba opravljati.
Such fees and charges impede the free flow of capital across Union borders, thereby undermining the principles of the internal market.
Uredbi (EU) št. 345/2013 in (EU) št. 346/2013 zahtevata, da imajo upravitelji kvalificiranih skladov tveganega kapitala in kvalificiranih skladov za socialno podjetništvo, ki nimajo dovoljenja v skladu z Direktivo 2011/61/EU, vselej dovolj lastnih sredstev.
It is therefore necessary to emphasise and clarify that the prohibition on the imposition by the host Member State of requirements or administrative procedures in relation to the marketing of qualifying venture capital funds and qualifying social entrepreneurship funds in its territory includes a prohibition on the imposition of fees and other charges on the managers for the marketing of such funds if no supervisory task has to be performed.
Da bi oblikovali ustrezne in sorazmerne zahteve glede lastnih sredstev za upravitelje kvalificiranih skladov tveganega kapitala in upravitelje kvalificiranih skladov za socialno podjetništvo, bi morala raven lastnih sredstev temeljiti na kumulativnih merilih in biti bistveno nižja in manj zapletena od zneskov iz Direktive 2011/61/EU, da bi upoštevali posebnosti, naravo in majhnost teh skladov ter spoštovali načelo sorazmernosti.
Regulations (EU) No 345/2013 and (EU) No 346/2013 require that managers of qualifying venture capital funds and qualifying social entrepreneurship funds, which are not authorised in accordance with Directive 2011/61/EU, have sufficient own funds at all times.
Da bi se zagotovilo enotno razumevanje teh zahtev za te upravitelje po celotni Uniji, bi bilo treba v tej uredbi določiti uporabo minimalnih kapitalskih zahtev in lastnih sredstev.
In order to develop an appropriate and proportionate own funds requirement for qualifying venture capital fund managers and for qualifying social entrepreneurship fund managers, the level of own funds should be based on cumulative criteria and should be significantly lower and less complex than the amounts laid down in Directive 2011/61/EU to take into account the specificities, nature and small size of those funds, and to respect the principle of proportionality.
Zaradi posebne vloge, ki bi jo lahko imeli kvalificirani skladi tveganega kapitala in kvalificirani skladi za socialno podjetništvo v okviru unije kapitalskih trgov, zlasti v smislu spodbujanja financiranja tveganega kapitala in socialnega podjetništva, je treba določiti posebna in ciljna pravila glede lastnih sredstev za registrirane upravitelje, ki se razlikujejo od okvira lastnih sredstev za upravitelje z dovoljenjem, določenega v Direktivi 2011/61/EU.
To ensure a consistent understanding of those requirements for those managers across the Union, the application of minimum capital requirements and own funds should be provided for in this Regulation.
ESMA bi morala imeti možnost pripraviti osnutke regulativnih tehničnih standardov, ki bi jih predložila Komisiji.
Due to the particular role that qualifying venture capital funds and qualifying social entrepreneurship funds could play in the context of the Capital Markets Union, in particular fostering the financing of venture capital and social entrepreneurship, it is necessary to provide for specific and targeted own funds rules for registered managers that diverge from the own funds framework for authorised managers laid down in Directive 2011/61/EU.
Ti standardi bi morali določati informacije, ki bi jih bilo treba zagotoviti pristojnim organom v zahtevku za registracijo upraviteljev ali sredstev na podlagi uredb (EU) št. 345/2013 in (EU) št. 346/2013, in dele teh informacij, ki bi jih pristojni organi morali dati na voljo ESMA, da se ESMA omogoči, da organizira in izvede medsebojne strokovne preglede na podlagi Uredbe (EU) št. 1095/2010.
ESMA should be able to develop draft regulatory technical standards, for submission to the Commission.
Ker ta uredba omogoča uporabo oznak „EuVECA“ in „EuSEF“ upraviteljem kolektivnih naložbenih podjemov, ki imajo dovoljenje na podlagi člena 6 Direktive 2011/61/EU, bi morala centralna zbirka podatkov, ki jo ESMA vzdržuje v skladu z uredbama (EU) št. 345/2013 in (EU) št. 346/2013, vsebovati tudi informacije o kvalificiranih skladih tveganega kapitala in kvalificiranih skladih za socialno podjetništvo, ki jih ti upravitelji upravljajo in tržijo.
Those standards should specify the information to be provided to competent authorities in applications for the registration of managers or funds under Regulations (EU) No 345/2013 and (EU) No 346/2013, and the parts of that information that should be made available to ESMA by the competent authorities for the purpose of enabling ESMA to organise and conduct peer reviews under Regulation (EU) No 1095/2010.
Da bi se izognili morebitnim tržnim motnjam, je treba obstoječim upraviteljem obstoječih kvalificiranih skladov tveganega kapitala in kvalificiranih skladov za socialno podjetništvo za čas delovanja teh skladov omogočiti odstopanje od pravil o lastnih sredstvih, ki jih določa ta uredba.
Since this Regulation opens up the use of the designations ‘EuVECA’ and ‘EuSEF’ to managers of collective investment undertakings authorised under Article 6 of Directive 2011/61/EU, the central database, maintained by ESMA in accordance with Regulations (EU) No 345/2013 and (EU) No 346/2013 should also include information concerning the qualifying venture capital funds and qualifying social entrepreneurship funds that are managed and marketed by those managers.
Ti upravitelji bi morali vseeno zagotoviti, da bodo v vsakem trenutku zmožni upravičiti zadostnost lastnih sredstev za neprekinjeno delovanje.
In order to avoid any potential market disruption it is necessary to provide existing managers of existing qualifying venture capital funds and existing qualifying social entrepreneurship funds during the terms of those funds with a derogation from rules on own funds under this Regulation.
Komisija bi morala v okviru naslednjega pregleda uredb (EU) št. 345/2013 in (EU) št. 346/2013 preučiti, ali bi bilo koristno zagotoviti dodatno prostovoljno možnost za male vlagatelje, in sicer z uporabo napajalnega sklada na podlagi uredb (EU) št. 345/2013 in (EU) št. 346/2013 za tiste kvalificirane sklade tveganega kapitala in kvalificirane sklade za socialno podjetništvo, pri katerih bi želeli razširiti bazo vlagateljev.
Such managers should nevertheless ensure that they are able to justify at all times the sufficiency of their own funds to maintain operational continuity.
Komisija bi morala proučiti tudi, ali bi bilo koristno znižati razmeroma visok prag za najnižjo naložbo, zlasti ker se lahko razume kot potencialna ovira za večje naložbe v te sklade.
In the context of the next review of Regulations (EU) No 345/2013 and (EU) No 346/2013, the Commission should investigate whether it would be beneficial to create an additional voluntary option for retail investors through the use of a feeder fund under Regulations (EU) No 345/2013 and (EU) No 346/2013 for those qualifying venture capital funds and qualifying social entrepreneurship funds that wish to enlarge their investor base.
Preučiti bi morala tudi, ali bi bilo ustrezno, da bi oznako „EuSEF“ razširili na nekatere subjekte množičnega financiranja in mikro financiranja z velikim družbenim učinkom.
The Commission should also investigate whether lowering the relatively high minimum investment threshold might be beneficial, especially as it can be seen as a potential barrier to more investment in such funds.
Čeprav je tvegani kapital še vedno zelo tvegana oblika naložb, bi bilo treba opozoriti, da je potrošnikom na voljo vse več podobno tveganih in nereguliranih oblik naložb.
It should also investigate whether it might be appropriate to extend the use of the designation ‘EuSEF’ to certain crowdfunding and microfinancing entities with a high social impact.
Take oblike naložb, kot je množično financiranje, so trenutno na ravni Unije neregulirane, medtem ko je uporaba oznak „EuVECA“ in „EuSEF“ regulirana in nadzorovana.
Although venture capital remains a highly risky form of investment, it should be recalled that similarly risky, unregulated forms of investment are increasingly available to consumers.
Komisija je v okviru dela na področju unije kapitalskih trgov opredelila trženje in ugotovila, da razhajanja med nacionalnimi pristojnimi organi glede razlage te opredelitve predstavljajo pomembne ovire za čezmejne naložbe.
Such forms of investment, such as crowdfunding, are currently unregulated at the Union level, whereas the use of the designations ‘EuVECA’ and ‘EuSEF’ is regulated and supervised.
Komisija bi morala pregledati ustreznost te opredelitve.
The Commission’s work on a Capital Markets Union identified the definition of marketing and discrepancies in the interpretation of that definition by national competent authorities as significant barriers to cross-border investments.
Komisija bi morala tudi preučiti primernost uvedbe potnih listov za upravljanje za upravitelje kvalificiranih skladov tveganega kapitala in kvalificiranih skladov za socialno podjetništvo ter ustreznost opredelitve trženja tveganega kapitala.
The Commission should review the suitability of that definition.
Po tej preučitvi bi morala predložiti poročilo Evropskemu parlamentu in Svetu, po potrebi skupaj z zakonodajnim predlogom.
In addition, the Commission should analyse the appropriateness of introducing a management passport for managers of qualifying venture capital funds and qualifying social entrepreneurship funds and the suitability of the definition of marketing for venture capital.
Ker ciljev te uredbe, in sicer da bi se s spodbujanjem uporabe oznak „EuVECA“ in „EuSEF“ dodatno okrepil notranji trg za kvalificirane sklade tveganega kapitala in kvalificirane sklade za socialno podjetništvo, države članice ne morejo zadovoljivo doseči, temveč se zaradi njihovega obsega in učinkov lažje dosežejo na ravni Unije, lahko Unija sprejme ukrepe v skladu z načelom subsidiarnosti iz člena 5 Pogodbe o Evropski uniji.
Following that analysis, the Commission should submit a report to the European Parliament and to the Council, accompanied, if appropriate, by a legislative proposal.
V skladu z načelom sorazmernosti iz navedenega člena ta uredba ne presega tistega, kar je potrebno za doseganje navedenih ciljev.
Since the objectives of this Regulation, namely to further strengthen an internal market for qualifying venture capital funds and qualifying social entrepreneurship funds by strengthening the use of designations ‘EuVECA’ and ‘EuSEF’, cannot be sufficiently achieved by the Member States but can rather, by reason of their scale and effects, be better achieved at Union level, the Union may adopt measures in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union.
Ta uredba ne bi smela posegati v uporabo pravil o državni pomoči za kvalificirane sklade tveganega kapitala.
In accordance with the principle of proportionality as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve those objectives.
Ti skladi lahko služijo kot orodje, s katerim se z državno pomočjo spodbujajo naložbe tveganega kapitala v MSP, na primer z ugodnejšo obravnavo zasebnih vlagateljev v primerjavi z javnimi, pod pogojem, da je ta pomoč združljiva s pravili o državni pomoči in zlasti z Uredbo Komisije (EU) št. 651/2014 [8].
This Regulation should be without prejudice to the application of State aid rules to qualifying venture capital funds.
Uredbi (EU) št. 345/2013 in (EU) št. 346/2013 bi bilo treba ustrezno spremeniti –
Such funds may serve as vehicles for State aid to promote risk capital investments in SMEs through, for example, more favourable treatment of private investors than of public investors, provided such aid is compatible with State aid rules and in particular with Commission Regulation (EU) No 651/2014 [8].
SPREJELA NASLEDNJO UREDBO:
Regulations (EU) No 345/2013 and (EU) No 346/2013 should be amended accordingly,
Člen 1
HAVE ADOPTED THIS REGULATION:
Uredba (EU) št. 345/2013 se spremeni:
Article 1
v členu 2 se odstavek 2 nadomesti z naslednjim:
Regulation (EU) No 345/2013 is amended as follows:
Členi 3 do 6, člen 12, točki (c) in (i) člena 13(1), členi 14a do 19, drugi pododstavek člena 20(3) ter člena 21 in 21a te uredbe se uporabljajo za upravitelje kolektivnih naložbenih podjemov, ki imajo dovoljenje na podlagi člena 6 Direktive 2011/61/EU, ki upravljajo portfelje kvalificiranih skladov tveganega kapitala in ki nameravajo oznako ‚EuVECA‘ uporabljati v povezavi s trženjem teh skladov v Uniji.“;
In Article 2, paragraph 2 is replaced by the following:
v členu 3 se prvi odstavek spremeni:
Articles 3 to 6, Article 12, points (c) and (i) of Article 13(1), Articles 14a to 19, the second subparagraph of Article 20(3), and Articles 21 and 21a of this Regulation shall apply to managers of collective investment undertakings authorised under Article 6 of Directive 2011/61/EU that manage portfolios of qualifying venture capital funds and intend to use the designation “EuVECA” in relation to the marketing of those funds in the Union.’.
v točki (d) se točka (i) nadomesti z naslednjim:
In Article 3, the first paragraph is amended as follows:
v času prve naložbe kvalificiranega sklada tveganega kapitala v to podjetje izpolnjuje enega od naslednjih pogojev:
in point (d), point (i) is replaced by the following:
podjetje ni sprejeto v trgovanje na reguliranem trgu ali v večstranski sistem trgovanja, kot sta opredeljena v točkah 21 in 22 člena 4(1) Direktive 2014/65/EU Evropskega parlamenta in Sveta, in zaposluje do 499 ljudi,podjetje je malo in srednje podjetje, kot je opredeljeno v točki 13 člena 4(1) Direktive 2014/65/EU, ki kotira na zagonskem trgu MSP, kot je opredeljen v točki 12 člena 4(1) navedene direktive.