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APPLICABILITY OF ARTICLE 61(1) IN THE FIELD OF RISK CAPITAL
UPORABA ČLENA 61(1) NA PODROČJU RIZIČNEGA KAPITALA
GENERAL APPLICABLE TEXTS
BESEDILA, KI SE SPLOŠNO UPORABLJAJO
There are already a number of texts published by the Authority which provide interpretation on whether individual measures fall within the definition of State aid and which may be relevant to risk capital measures.
Obstajajo že številna objavljena besedila Nadzornega organa, ki dajejo razlago o tem, ali se posamezni ukrepi skladajo z opredelitvijo državne pomoči, in ki so morebiti primerna za ukrepe v zvezi z rizičnim kapitalom.
These include the Authority's guidelines on public authorities’ holdings [12], the Authority's guidelines on the application of State aid rules to measures relating to direct business taxation [13] and the Authority's guidelines on State guarantees [14].
Ta besedila vključujejo Smernice Nadzornega organa o deležih organov oblasti [12], Smernice Nadzornega organa o uporabi pravil o državni pomoči za ukrepe, ki zadevajo neposredno obdavčitev ustvarjenega dohodka [13] in Smernice Nadzornega organa o državnih jamstvih [14].
The Authority will continue to apply these texts, when assessing whether risk capital measures constitute State aid.
Nadzorni organ bo pri presoji, ali ukrepi v zvezi z rizičnim kapitalom pomenijo državno pomoč, še naprej uporabljal ta besedila.
PRESENCE OF AID AT THREE LEVELS
PRISOTNOST POMOČI NA TREH RAVNEH
Risk capital measures often involve complex constructions devised to promote risk capital because the public authorities create incentives for one set of economic operators (investors) in order to provide finance to another set (target SMEs).
Ukrepi v zvezi z rizičnim kapitalom pogosto vključujejo kompleksne konstrukcije, oblikovane za spodbujanje rizičnega kapitala, saj javni organi ustvarjajo spodbude za eno skupino gospodarskih subjektov (investitorje), da zagotovijo sredstva za drugo (ciljna MSP).
Depending on the design of the measure, and even if the intention of the public authorities may be only to provide benefits to the latter group, enterprises at either or both levels may benefit from State aid.
Glede na oblikovanje ukrepa, pa čeprav nameravajo javni organi morda le zagotoviti koristi drugi skupini, lahko državna pomoč koristi podjetjem iz ene oziroma druge ali obeh skupin.
Moreover, in most cases the measure provides for the creation of a fund or other investment vehicle which has an existence separate from that of the investors and the enterprises in which the investment is made.
Razen tega v večini primerov ukrep predvideva ustanovitev sklada ali drugega nosilca naložb, ki obstaja ločeno od investitorjev in podjetij, v katera se vlaga.
In such cases it is also necessary to consider whether the fund or vehicle can be considered to be an enterprise benefiting from State aid.
V takih primerih je treba tudi preučiti, ali se lahko sklad oziroma nosilec obravnava kot podjetje, upravičeno do državne pomoči.
In this context, funding with resources, which are not State resources within the meaning of Article 61(1) of the EEA Agreement, is considered to be provided by private investors.
Pri tem se šteje, da financiranje s sredstvi, ki niso državna sredstva v smislu člena 61(1) Sporazuma o EGP, zagotovijo zasebni investitorji.
This is, in particular, the case for funding by the European Investment Bank and the European Investment Fund.
To velja zlasti za financiranje s strani Evropske investicijske banke in Evropskega investicijskega sklada.
The Authority will take into account the following specific factors in determining whether State aid is present at each of the different levels [15].
Nadzorni organ bo pri določanju, ali so državne pomoči prisotne na vsaki od teh različnih ravni [15], upošteval naslednje posebne dejavnike.
Aid to investors.
Pomoč investitorjem.
Where a measure allows private investors to effect equity or quasi-equity investments into a company or set of companies on terms more favourable than public investors, or than if they had undertaken such investments in the absence of the measure, then those private investors will be considered to receive an advantage.
Kadar ukrep zasebnemu investitorju omogoča udeležbo v naložbah lastniškega kapitala ali navideznega lastniškega kapitala podjetja ali skupine podjetij po pogojih, ki so ugodnejši kakor za javne investitorje, ali kakor bi bili, če bi take naložbe izvedli ob odsotnosti ukrepa, potem se šteje, da taki zasebni investitorji prejemajo ugodnost.
Such advantage may take different forms, as specified in section 10B.4.2 of these guidelines.
Take ugodnosti so lahko različno oblikovane, kakor je opredeljeno v oddelku 10B.4.2 teh smernic.
This remains the case even if the private investor is persuaded by the measure to confer an advantage on the company or companies concerned.
To velja tudi, če zasebnega investitorja ukrep prepriča, da nameni prednost zadevnemu podjetju ali zadevnim podjetjem.
In contrast, the Authority will consider the investment to be effected pari passu between public and private investors, and thus not to constitute State aid, where its terms would be acceptable to a normal economic operator in a market economy in the absence of any State intervention.
Nasprotno, Nadzorni organ bo obravnaval naložbo, ki naj se izvede enakovredno med javnimi in zasebnimi investitorji, in tako ne pomeni državne pomoči, kadar bi bili njeni pogoji sprejemljivi za normalne gospodarske subjekte v tržnem gospodarstvu brez vsake državne intervencije.
This is assumed to be the case only if public and private investors share exactly the same upside and downside risks and rewards and hold the same level of subordination, and normally where at least 50 % of the funding of the measure is provided by private investors, which are independent from the companies in which they invest.
Domneva se, da je tako samo, če si javni in zasebni investitorji delijo natanko enaka negativna in pozitivna tveganja izgube in dobička ter so na isti stopnji podrejenosti, in po navadi, kadar vsaj 50 % sredstev ukrepa zagotovijo investitorji, ki so neodvisni od podjetij, v katera vlagajo.
Aid to an investment fund, investment vehicle and/or its manager.
Pomoč investicijskemu skladu, nosilcu naložbe in/ali njegovemu upravljavcu.
In general, the Authority considers that an investment fund or an investment vehicle is an intermediary vehicle for the transfer of aid to investors and/or enterprises in which investment is made, rather than being a beneficiary of aid itself.
Na splošno Nadzorni organ meni, da je investicijski sklad ali nosilec naložbe posredniški nosilec za transfer pomoči investitorju in/ali podjetjem, v katera se vlaga, in ne sam po sebi prejemnik pomoči.
However, measures such as fiscal measures or other measures involving direct transfers in favour of an investment vehicle or an existing fund with numerous and diverse investors with the character of an independent enterprise may constitute aid unless the investment is made on terms which would be acceptable to a normal economic operator in a market economy and therefore provide no advantage to the beneficiary.
Vendar pa lahko na primer fiskalni ukrepi ali drugi ukrepi, ki vsebujejo neposredne transferje naložbenemu nosilcu ali obstoječemu skladu s številnimi in različnimi investitorji in imajo značaj neodvisnega podjetja, pomenijo pomoč, razen če se naložba opravi po pogojih, ki bi bili sprejemljivi za normalne gospodarske subjekte v tržnem gospodarstvu, in torej ne ponuja ugodnosti prejemniku.
Likewise, aid to the fund's managers or the management company will be considered to be present if their remuneration does not fully reflect the current market remuneration in comparable situations.
Prav tako se bo štelo, da je pomoč upravljavcem sklada ali družbi za upravljanje prisotna, če njihovo plačilo ne izraža v celoti trenutnega tržnega plačila v podobnih razmerah.
On the other hand, there is a presumption of no aid if the managers or management company are chosen through an open and transparent public tender procedure or if they do not receive any other advantages granted by the State.
Po drugi strani se domneva, da ni pomoči, če so upravljavci ali družba za upravljanje izbrani z odprtim in preglednim postopkom javnega razpisa ali če ne prejemajo nobene druge ugodnosti, ki jo dodeljuje država.
Aid to the enterprises in which investment is made.
Pomoč podjetjem, v katera se vlaga.
In particular, where aid is present at the level of the investors, the investment vehicle or the investment fund, the Authority will normally consider that it is at least partly passed on to the target enterprises and thus that it is also present at their level.
Zlasti bo Nadzorni organ, kadar je pomoč prisotna na ravni investitorjev, nosilca naložbe ali investicijskega sklada, praviloma upošteval, da se vsaj delno prenese na ciljna podjetja ter da tako obstaja tudi na njihovi ravni.
This is the case even where investment decisions are being taken by the managers of the fund with a purely commercial logic.
Tako je tudi, ko odločitve o naložbah sprejemajo upravljavci sklada s čisto tržno logiko.
In cases where the investment is made on terms which would be acceptable to a private investor in a market economy in the absence of any State intervention the enterprises in which the investment is made will not be considered as aid recipients.
V primerih, ko je naložba izvršena pod pogoji, ki bi bili sprejemljivi za zasebnega investitorja v tržnem gospodarstvu brez vsake intervencije države, se podjetja, v katera se vlaga, ne bodo štela za prejemnike pomoči.
For this purpose, the Authority will consider whether such investment decisions are exclusively profit-driven and are linked to a reasonable business plan and projections, as well as to a clear and realistic exit strategy.
Nadzorni organ bo zato preučil, ali so take odločitve o naložbah usmerjene izključno v ustvarjanje dobička in povezane z uravnoteženim poslovnim načrtom in projekcijami ter z jasno in realistično strategijo izstopa.
Also important will be the choice and investment mandate of the fund's managers or the management company as well as the percentage and degree of involvement of private investors.
Prav tako bodo pomembni izbor in mandat naložbe upravljavca sklada ali družbe za upravljanje ter odstotek in stopnja vključenosti zasebnih investitorjev.
DE MINIMIS AMOUNTS
DE MINIMIS ZNESKI
Where all financing in the form of risk capital provided to beneficiaries is de minimis within the meaning of Commission Regulation (EC) No 69/2001 of 12 January 2001 on the application of Articles 87 and 88 of the EC Treaty to de minimis aid [16], then it is deemed not to fall under Article 61(1) of the EEA Agreement.
Kadar je celotno financiranje v obliki rizičnega kapitala prejemnikom zagotovljeno kot de minimis v smislu Uredbe Komisije (ES) št. 69/2001 z dne 12. januarja 2001 o uporabi členov 87 in 88 Pogodbe ES pri de minimis pomoči [16], se šteje, da se zanj ne uporablja člen 61(1) Sporazuma o EGP.
In risk capital measures the application of the de minimis rule is made more complicated by difficulties in the calculation of the aid and also by the fact that measures may provide aid not only to the target enterprises but also to other investors.
Pri ukrepih v zvezi z rizičnim kapitalom uporabo pravila de minimis otežujejo težave z izračunom pomoči in tudi dejstvo, da lahko ukrepi zagotavljajo pomoč ne le ciljnim podjetjem, ampak tudi drugim investitorjem.
Where these difficulties can be overcome, however, the de minimis rule remains applicable.
Če je te težave mogoče rešiti, se pravilo de minimis še naprej uporablja.
Therefore, if a scheme provides public capital only up to the relevant de minimis threshold to each enterprise over a three-year period, then it is certain that any aid to these enterprises and/or the investors is within the prescribed limits.
Torej, če shema zagotavlja javni kapital le do ustreznega praga de minimis za vsako podjetje v obdobju treh let, potem je zanesljivo, da je vsaka pomoč tem podjetjem in/ali investitorjem v predpisanem okviru.
ASSESSMENT OF THE COMPATIBILITY OF RISK CAPITAL AID UNDER ARTICLE 61(3) (C) OF THE EEA AGREEMENT
PRESOJA ZDRUŽLJIVOSTI POMOČI ZA RIZIČNI KAPITAL NA PODLAGI ČLENA 61(3)(c) SPORAZUMA O EGP
Article 61(3)(c) of the EEA Agreement provides that aid to facilitate the development of certain economic activities may be considered to be compatible with the functioning of the EEA Agreement where such aid does not adversely affect trading conditions to an extent contrary to the common interest.
Člen 61(3)(c) Sporazuma o EGP določa, da se za združljivo z delovanjem Sporazuma o EGP lahko šteje pomoč za olajšanje razvoja nekaterih gospodarskih dejavnosti, če ta pomoč ne vpliva negativno na pogoje trgovanja do mere, ki bi bila v nasprotju s skupnim interesom.
On the basis of the balancing test set out in section 10B.1.3, the Authority will declare a risk capital measure compatible only if it concludes that the aid measure leads to an increased provision of risk capital without adversely affecting trading conditions to an extent contrary to the common interest.
Nadzorni organ bo razglasil ukrep v zvezi z rizičnim kapitalom za združljivega samo, če ugotovi, da ukrep pomoči povzroči večje zagotavljanje rizičnega kapitala, ne da bi negativno vplival na pogoje trgovanja do mere, ki bi bila v nasprotju s skupnim interesom, na podlagi preskusa izravnave, navedenega v oddelku 10B.1.3.
This section sets out a set of conditions under which the Authority will consider that aid in the form of risk capital is compatible with Article 61(3)(c) of the EEA Agreement.
Ta oddelek določa pogoje, na podlagi katerih bo Nadzorni organ štel, da je pomoč v obliki rizičnega kapitala združljiva s členom 61(3)(c) Sporazuma o EGP.
Where the Authority is in possession of a complete notification which shows that all the conditions laid down in this section are met, it will try to make a rapid assessment of the aid within the time limits laid down in Protocol 3 to the Surveillance and Court Agreement on the functions and powers of the EFTA Surveillance Authority in the field of State aid.
Kadar dobi Nadzorni organ popolno priglasitev, ki kaže, da so izpolnjeni vsi pogoji, določeni v tem oddelku, bo skušal opraviti hitro presojo te pomoči v rokih, določenih v Protokolu 3 k Sporazumu o nadzornem organu in sodišču o funkcijah in pristojnostih Nadzornega organa Efte na področju državne pomoči.
For certain types of measures which do not fulfil all the conditions set out in this section, the Authority will undertake a more detailed assessment of the risk capital measure as set out in detail in section 10B.5.
Za nekatere vrste ukrepov, ki ne izpolnjujejo vseh pogojev, določenih v tem oddelku, bo Nadzorni organ izvedel natančnejšo oceno ukrepa v zvezi z rizičnim kapitalom, kakor je natančno opredeljeno v oddelku 10B.5.
Where there is also aid at the level of target enterprises and the provision of risk capital is linked to costs which are eligible for aid under another regulation or framework or other guidelines, that text may be applied to consider whether the aid is compatible with the functioning of the EEA Agreement.
Kadar obstaja pomoč tudi na ravni ciljnih podjetij in je zagotavljanje rizičnega kapitala povezano s stroški, ki so upravičeni do pomoči v skladu z drugo uredbo, okvirom ali drugimi smernicami, se lahko uporablja to besedilo, da se preuči, ali je pomoč združljiva z delovanjem Sporazuma o EGP.
FORM OF AID
OBLIKA POMOČI
The choice of form of an aid measure lies in general with the EFTA State and this applies equally to risk capital measures.
Izbira oblike pomoči je na splošno odvisna od države Efte, in to velja tudi za ukrepe v zvezi z rizičnim kapitalom.
However, the Authority's assessment of such measures will include whether they encourage market investors to provide risk capital to the target enterprises and are likely to result in investment decisions being taken on a commercial (that is, a profit-driven) basis, as further explained in section 10B.4.3.
Vendar bo Nadzorni organ pri presoji takih ukrepov preveril tudi, ali tržne investitorje spodbujajo k zagotavljanju rizičnega kapitala za ciljna podjetja in ali bodo morebiti povzročili, da se bodo odločitve o naložbah sprejemale na tržni osnovi (torej z usmerjenostjo v ustvarjanje dobička), kakor je nadalje pojasnjeno v oddelku 10B.4.3.
The Authority believes that the types of measure capable of producing this result include the following:
Nadzorni organ meni, da vrste ukrepov, ki lahko zagotovijo tak rezultat, vključujejo:
constitution of investment funds (venture capital funds) in which the State is a partner, investor or participant, even if on less advantageous terms than other investors;
ustanavljanje investicijskih skladov (‚skladi tveganega kapitala‘), v katerih je država partner, investitor ali udeleženec, čeprav pod manj ugodnimi pogoji kakor drugi investitorji;
guarantees to risk capital investors or to venture capital funds against a proportion of investment losses, or guarantees given in respect of loans to investors/funds for investment in risk capital, provided the public cover for the potential underlying losses does not exceed 50 % of the nominal amount of the investment guaranteed;
jamstva za investitorje rizičnega kapitala ali sklade tveganega kapitala za delež investicijskih izgub ali jamstva za posojila investitorjem/skladom za naložbe v rizični kapital, če javno jamstvo potencialnih zadevnih izgub ne presega 50 % nominalnega zneska zajamčene naložbe;
other financial instruments in favour of risk capital investors or venture capital funds to provide extra capital for investment;
druge finančne instrumente, ki bodo spodbujali investitorje rizičnega kapitala ali sklade tveganega kapitala, da zagotovijo dodatni kapital za naložbe;
fiscal incentives to investment funds and/or their managers, or to investors to undertake risk capital investment.
davčne spodbude za investicijske sklade in/ali njihove upravljavce ali za investitorje, da bodo izvajali naložbe rizičnega kapitala.
CONDITIONS FOR COMPATIBILITY
POGOJI ZA ZDRUŽLJIVOST
To ensure that the incentive effect and the necessity of aid as set out in section 10B.1.3.4 are present in a risk capital measure a number of indicators are relevant.
Za zagotovitev prisotnosti spodbujevalnega učinka in potrebe po pomoči v ukrepih v zvezi z rizičnim kapitalom, kakor je navedeno v oddelku 10B.1.3.4, so pomembni številni kazalniki.
The rationale is that State aid must target a specific market failure for the existence of which there is sufficient evidence.
Načeloma mora biti državna pomoč usmerjena na določeno tržno nepopolnost, za katero je dovolj dokazov o obstoju.
For this purpose, these guidelines lay down specific safe-harbour thresholds relating to tranches of investment in target SMEs in their early stages of business activity.
Zato te smernice določajo varne pragove v zvezi s tranšami razpoložljivega kapitala za ciljne MSP na zgodnjih stopnjah njihove poslovne dejavnosti.
Furthermore, so that aid is limited to the minimum necessary, it is crucial that aided investments into target SMEs are profit-driven and are managed on a commercial basis.
Nadalje je za omejitev pomoči na najmanjši možni znesek bistveno, da so naložbe v ciljna MSP, ki prejemajo pomoč, usmerjene v ustvarjanje dobička in se upravljajo na podlagi tržnih zakonitosti.
The Authority will consider that the incentive effect, the necessity and proportionality of aid are present in a risk capital measure and that the overall balance is positive where all the following conditions are met.
Nadzorni organ bo zagotovil, da so spodbujevalni učinek, potrebnost in sorazmernost pomoči prisotni v ukrepih v zvezi z rizičnim kapitalom ter da je splošna izravnava pozitivna, ko so izpolnjeni vsi naslednji pogoji.
Measures specifically involving investment vehicles will be assessed under section 10B.5 of these guidelines and not under the conditions in this section.
Ukrepi, ki posebej vključujejo nosilce naložbe, ne bodo ocenjeni v skladu s pogoji iz tega oddelka, marveč v skladu z oddelkom 10B.5 teh smernic.
Maximum level of investment tranches
Najvišja stopnja tranš razpoložljivega kapitala
The risk capital measure must provide for tranches of finance, whether wholly or partly financed through State aid, not exceeding EUR 1,5 million per target SME over each period of 12 months.
Ukrepi v zvezi z rizičnim kapitalom morajo predvideti tranše finančnih sredstev, če so v celoti ali deloma financirane z državnimi pomočmi, ki ne presegajo 1,5 milijona EUR za ciljno MSP v vsakem dvanajstmesečnem obdobju.
Restriction to seed, start-up and expansion financing
Omejitve pri financiranju stopnje zbiranja sredstev, zagona in širitve
The risk capital measure must be restricted to provide financing up to the expansion stage for small enterprises, or for medium-sized enterprises located in assisted areas.
Ukrepi v zvezi z rizičnim kapitalom morajo biti omejeni, da zagotovijo sredstva do stopnje širitve za mala podjetja ali za srednje velika podjetja na območjih, ki prejemajo pomoč.
It must be restricted to provide financing up to the start-up stage for medium-sized enterprises located in non-assisted areas.
Morajo biti omejeni, da zagotovijo sredstva do stopnje zagona za srednje velika podjetja na območjih, ki ne prejemajo pomoči.
Prevalence of equity and quasi-equity investment instruments
Razširjenost instrumentov naložb lastniškega kapitala in navideznega lastniškega kapitala
The risk capital measure must provide at least 70 % of its total budget in the form of equity and quasi-equity investment instruments into target SMEs.
Ukrepi v zvezi z rizičnim kapitalom morajo zagotoviti vsaj 70 % celotnega proračuna v obliki instrumentov naložb lastniškega kapitala in navideznega lastniškega kapitala v ciljna MSP.
In assessing the nature of such instruments, the Authority will have regard to the economic substance of the instrument rather than to its name and the qualification attributed to it by the investors.
Nadzorni organ bo pri presoji narave takih instrumentov upošteval gospodarsko vsebino instrumenta, ne pa njegovega imena in kvalifikacij, ki so mu jih pripisali investitorji.
In particular, the Authority will take into account the degree of risk in the target company's venture borne by the investor, the potential losses borne by the investor, the predominance of profit-dependent remuneration versus fixed remuneration, and the level of subordination of the investor in the event of the company's bankruptcy.
Nadzorni organ bo še zlasti upošteval stopnjo tveganja pri tvegani naložbi v ciljno podjetje, ki jo ima investitor, potencialne izgube, ki jih ima investitor, prevladovanje povračila, ki je odvisno od dobička, nad fiksnim povračilom ter stopnjo podrejenosti investitorja ob stečaju podjetja.
The Authority may also take into account the treatment applicable to the investment instrument under the prevalent domestic legal, regulatory, financial, and accounting rules, if these are consistent and relevant for the qualification.
Nadzorni organ bo morebiti tudi upošteval obravnavo, ki se uporablja za instrument naložbe v skladu s prevladujočimi domačimi pravnimi, ureditvenimi, finančnimi in računovodskimi pravili, če so ta združljiva in pomembna za kvalifikacijo.
Participation by private investors
Udeležba zasebnih investitorjev
At least 50 % of the funding of the investments made under the risk capital measure must be provided by private investors, or for at least 30 % in the case of measures targeting SMEs located in assisted areas.
Pri naložbah v skladu z ukrepi v zvezi z rizičnim kapitalom morajo zasebni investitorji zagotoviti vsaj 50 % sredstev ali v primeru ukrepov, namenjenim MSP na območjih, ki prejemajo pomoč, vsaj 30 % sredstev.
Profit-driven character of investment decisions
Dobičkonosna narava odločitev o naložbah
The risk capital measure must ensure that decisions to invest into target companies are profit-driven.
Ukrepi v zvezi z rizičnim kapitalom morajo zagotoviti, da so odločitve o naložbah v ciljna podjetja, dobičkonosne.