natgillin/translations-raw huggingface dataset:
This category encompasses in particular the measures targeting the following undertakings:
Ta kategorija zajema zlasti naslednje primere:
small mid-caps that exceed the thresholds set out in the definition of SME in the General Block Exemption Regulation [20];
finančne instrumente pri katerih je delež zasebnih vlagateljev manjši od deleža, določenega v uredbi o splošnih skupinskih izjemah;
innovative mid-caps carrying out R & D and innovation activities;
finančne instrumente, pri katerih parametri finančne zasnove presegajo zgornje meje, določene v uredbi o splošnih skupinskih izjemah;
undertakings receiving the initial risk finance investment more than 7 years after their first commercial sale;
finančne instrumente, razen jamstev, pri katerih so finančni posredniki, vlagatelji ali upravljavci skladov izbrani tako, da ima zaščita pred morebitnimi izgubami prednost pred prednostnimi donosi dobičkov (ugodne spodbude);
undertakings requiring an overall risk finance investment of an amount exceeding the cap fixed in the General Block Exemption Regulation;
davčne spodbude podjetjem, ki vlagajo v druga podjetja, vključno s finančnimi posredniki ali njihovimi upravljavci, ki delujejo kot sovlagatelji.
alternative trading platforms not fulfilling the conditions of the General Block Exemption Regulation.
Tretja kategorija zajema velike sheme, ki zaradi velikega proračuna, kot je opredeljen v uredbi o splošnih skupinskih izjemah, ne spadajo na področje uporabe navedene uredbe.
The second category consists of those measures whose design parameters differ from those set out in the General Block Exemption Regulation, while targeting the same eligible undertakings as defined therein.
Nadzorni organ bo pri izvajanju te ocene preveril, ali so pogoji, določeni v določbah o tveganem financiranju iz uredbe o splošnih skupinskih izjemah, izpolnjeni.
For those measures, the existence of a market failure needs to be proven only to the extent necessary to justify the use of parameters going beyond the limits set out in the General Block Exemption Regulation.
Če bodo ti pogoji izpolnjeni, bo ocenil, ali je zasnova ukrepa ustrezna glede na predhodno oceno, ki je bila podlaga za priglasitev.
This category encompasses in particular the following cases:
Če velika shema ne izpolnjuje vseh pogojev za upravičenost in združljivost, opredeljenih v zgoraj navedenih določbah, bo Nadzorni organ ustrezno proučil dokaze, predložene v okviru predhodne ocene, glede obstoja nedelovanja trga in glede ustreznosti zasnove ukrepa.
financial instruments with private investor participation below the ratios provided for in the General Block Exemption Regulation;
Poleg tega bo izvedel podrobno oceno potencialnih negativnih učinkov, ki jih take sheme lahko imajo na trgih, na katere vplivajo.
financial instruments with design parameters above the ceilings provided for in the General Block Exemption Regulation;
Različne značilnosti, opisane v odstavkih od 47 do 49, je mogoče kombinirati znotraj posameznega ukrepa tveganega financiranja, če je to ustrezno utemeljeno na podlagi izčrpne analize nedelovanja trga.
financial instruments other than guarantees where financial intermediaries, investors or fund managers are selected by giving preference to protection against potential losses (downside protection) over prioritised returns from profits (upside incentives);
Razen odstopanj, ki so izrecno dovoljena na podlagi teh smernic, se za oceno zgornjih kategorij ukrepov, ki jih je treba priglasiti, uporabljajo vsi drugi pogoji glede združljivosti pomoči za tvegano financiranje iz uredbe o splošnih skupinskih izjemah.
fiscal incentives to corporate investors, including financial intermediaries or their managers acting as co-investors.
Opredelitve pojmov
The third category concerns large schemes which fall outside of the General Block Exemption Regulation by virtue of their large budget as defined therein.
V teh smernicah:
When carrying out this assessment, the Authority will verify whether the conditions laid down in the provisions for risk finance aid of the General Block Exemption Regulation are satisfied and, should this be the case, it will evaluate whether the design of the measure is appropriate in the light of the ex ante assessment underpinning the notification.
„alternativna platforma za trgovanje“ pomeni večstranski sistem trgovanja, kakor je opredeljen v členu 4(1)(15) Direktive 2004/39/ES [21], v katerem večino finančnih instrumentov, ki so sprejeti v trgovanje, izdajo MSP;
If a large scheme does not fulfil all the eligibility and compatibility conditions set out in the above mentioned provisions, the Authority will duly consider the evidence provided in the context of the ex ante assessment both as regards the existence of a market failure and the appropriateness of the design of the measure.
„strogo poslovni odnos“ pomeni, da se pogoji naložbene transakcije med pogodbenicami ne razlikujejo od pogojev, ki bi bili določeni med neodvisnimi podjetji, in ne vsebujejo nobenega elementa vpliva države;
In addition, it will carry out an in-depth assessment of the potential negative effects that such schemes could have on the affected markets.
„odkup“ pomeni odkup vsaj kontrolnega deleža lastniškega kapitala družbe od sedanjih delničarjev, s čimer se prevzamejo njihova sredstva in dejavnosti;
The different features described in paragraphs 47 to 49 may be combined within one risk finance measure subject to appropriate justifications underpinned by a full market failure analysis.
„upravičena podjetja“ pomenijo MSP, manjša podjetja s srednjo tržno kapitalizacijo in inovativna podjetja s srednjo tržno kapitalizacijo;
Apart from the derogations expressly allowed under the present Guidelines, all other compatibility conditions provided for risk finance aid under the General Block Exemption Regulation shall guide the assessment of the above mentioned categories of notifiable measures.
„pooblaščeni subjekt“ pomeni Evropsko investicijsko banko, Evropski investicijski sklad, mednarodno finančno institucijo, v kateri ima država Efte delež, ali finančno institucijo, ustanovljeno v državi Efte, katere cilj je doseči javni interes pod nadzorom javnega organa, osebe javnega prava ali osebe zasebnega prava, ki opravlja javno službo.
Definitions
Pooblaščeni subjekt je lahko izbran ali neposredno imenovan v skladu z določbami Direktive 2004/18/ES Evropskega parlamenta in Sveta [22] ali katere koli poznejše zakonodaje, ki v celoti ali delno nadomešča navedeno direktivo;
For the purposes of these Guidelines:
„naložba lastniškega kapitala“ pomeni zagotovitev kapitala podjetju v obliki neposredne ali posredne naložbe v zameno za lastništvo ustreznega deleža v tem podjetju;
‘alternative trading platform’ means a multilateral trading facility as defined in Article 4(1)(15) of Directive 2004/39/EC [21] where the majority of the financial instruments admitted to trading are issued by SMEs;
„izstop“ pomeni likvidacijo holdingov prek finančnega posrednika ali vlagatelja, ki vključuje prodajo deleža, odpise, odplačilo delnic/posojil, prodajo drugemu finančnemu posredniku ali vlagatelju, prodajo finančni instituciji in prodajo z javno ponudbo, vključno s prvo javno prodajo;
‘arm's-length’ means that the conditions of the investment transaction between the contracting parties do not differ from those conditions which would be made between independent enterprises and contain no element of influence of the State;
„pravična stopnja donosa“ pomeni pričakovano notranjo stopnjo donosa, ki je enaka diskontni stopnji, prilagojeni tveganju, ki odraža stopnjo tveganja naložbe ter vrsto in obseg kapitala, ki naj bi ga vložili zasebni vlagatelji;
‘buyout’ means the purchase of at least a controlling percentage of a company's equity from the current shareholders to take over its assets and operations;
„končni upravičenec“ pomeni upravičeno podjetje, ki je prejemnik naložbe na podlagi ukrepa državne pomoči za tvegano financiranje;
‘eligible undertakings’ means SMEs, small mid-caps and innovative mid-caps;
„finančni posrednik“ pomeni vsako finančno institucijo, ne glede na njeno obliko in lastništvo, vključno s skladom skladov, zasebnimi investicijskimi skladi, javnimi investicijskimi skladi, bankami, mikrofinančnimi institucijami in jamstvenimi družbami;
‘entrusted entity’ means the European Investment Bank, the European Investment Fund, an international financial institution in which a EFTA State is a shareholder, or a financial institution established in a EFTA State aiming at the achievement of public interest under the control of a public authority, a public law body, or a private law body with a public service mission:
„prva komercialna prodaja“ pomeni prvo prodajo podjetja na trgu proizvodov ali storitev, razen omejene prodaje za preverjanje trga;
the entrusted entity can be selected or directly appointed in accordance with the provisions of Directive 2004/18/EC of the European Parliament and of the Council [22] or any subsequent legislation replacing that Directive in full or in part;
„prvi izgubljeni delež“ pomeni najbolj podrejeno tranšo tveganja, ki prinaša največje tveganje izgube in vključuje pričakovane izgube ciljnega portfelja;
‘equity investment’ means the provision of capital to an undertaking, invested directly or indirectly in return for the ownership of a corresponding share of that undertaking;
„nadaljnja naložba“ pomeni dodatno naložbo v podjetje, ki sledi enemu ali več prejšnjim investicijskim krogom tveganega financiranja;
‘exit’ means the liquidation of holdings by a financial intermediary or investor, including trade sale, write-offs, repayment of shares/loans, sale to another financial intermediary or another investor, sale to a financial institution and sale by public offering, including an initial public offering;
„jamstvo“ pomeni pisno zavezo za prevzem odgovornosti od tretje strani za celotne ali delne nove posojilne transakcije za tvegano financiranje, kot so dolžniški instrumenti in instrumenti zakupa ter instrumenti navideznega lastniškega kapitala;
‘fair rate of return’ means the expected internal rate of return equivalent to a risk-adjusted discount rate reflecting the level of risk of the investment and the nature and volume of the capital to be invested by the private investors;
„omejitev jamstva“ pomeni največjo izpostavljenost javnega vlagatelja, izraženo v deležu skupnih naložb v zajamčeni portfelj;
‘final beneficiary’ means an eligible undertaking that has received investment under a risk finance State aid measure;
„stopnja jamstva“ pomeni delež kritja izgube s strani javnega vlagatelja za vsako posamezno transakcijo, upravičeno na podlagi ukrepa državne pomoči za tvegano financiranje;
‘financial intermediary’ means any financial institution, regardless of its form and ownership, including fund of funds, private investment funds, public investment funds, banks, micro- finance institutions and guarantee societies;
„neodvisni zasebni vlagatelj“ pomeni zasebnega vlagatelja, ki ni delničar v upravičenem podjetju, v katerega vlaga, vključno s poslovnimi angeli in finančnimi institucijami, ne glede na njihovo lastništvo, če nosijo celotno tveganje v zvezi s svojo naložbo;
‘first commercial sale’ means the first sale by an undertaking on a product or service market, excluding limited sales to test the market;
ob ustanovitvi nove družbe se vsi zasebni vlagatelji, vključno z ustanovitelji, štejejo za neodvisne od navedene družbe;
‘first loss piece’ means the most junior risk tranche that carries the highest risk of losses, comprising the expected losses of the target portfolio;
„inovativno podjetje s srednjo tržno kapitalizacijo“ pomeni podjetje s srednjo tržno kapitalizacijo, katerega stroški za raziskave in razvoj ter inovacije, kot so opredeljeni v uredbi o splošnih skupinskih izjemah, predstavljajo (a) najmanj 15 % skupnih operativnih stroškov v najmanj enem od treh let pred prvo naložbo v okviru ukrepa državne pomoči za tvegano financiranje ali (b) najmanj 10 % njegovih skupnih operativnih stroškov letno v treh letih pred prvo naložbo v okviru ukrepa državne pomoči za tvegano financiranje;
‘follow-on investment’ means additional investment in a company subsequent to one or more previous risk finance investment rounds;
„posojilni instrument“ pomeni sporazum, ki posojilodajalca zavezuje, da posojilojemalcu da na razpolago dogovorjen znesek denarja za dogovorjeno obdobje, in ki posojilojemalca zavezuje, da mora ta znesek v dogovorjenem obdobju odplačati;
‘guarantee’ means a written commitment to assume responsibility for all or part of a third party's newly originated risk finance loan transactions such as debt or lease instruments, as well as quasi-equity instruments;
lahko je v obliki posojila ali drugega instrumenta financiranja, vključno z zakupom, ki posojilodajalcu zagotavlja poglavitni del najmanjšega donosa;
‘guarantee cap’ means the maximum exposure of a public investor expressed as a percentage of the total investments made in a guaranteed portfolio;
„podjetje s srednjo tržno kapitalizacijo“ v teh smernicah pomeni podjetje z do 1500 zaposlenimi na podlagi izračuna v skladu s členi 3, 4 in 5 Priloge I k uredbi o splošnih skupinskih izjemah;
‘guarantee rate’ means the percentage of loss coverage by a public investor of each and every transaction eligible under the risk finance State aid measure;
za namen uporabe teh smernic se več subjektov šteje za eno podjetje, če je izpolnjen kateri koli pogoj iz člena 3(3) Priloge I k uredbi o splošnih skupinskih izjemah;
‘independent private investor’ means a private investor who is not a shareholder of the eligible undertaking in which it invests, including business angels and financial institutions, irrespective of their ownership, to the extent that they bear the full risk in respect of their investment;
ta opredelitev ne posega v druge opredelitve, uporabljene za zagotavljanje finančnih instrumentov v okviru programov EU/EGP, ki ne vključujejo državne pomoči;
upon the creation of a new company, all private investors, including the founders, are considered to be independent from that company;
„fizična oseba“ pomeni osebo, ki ni pravna oseba in ni podjetje v smislu člena 61(1) Sporazuma EGP;
‘innovative mid-cap’ means a mid-cap whose R & D and innovation costs, as defined by the General Block Exemption Regulation, represent (a) at least 15 % of its total operating costs in at least one of the three years preceding the first investment under the risk finance State aid measure, or (b) at least 10 % per year of its total operating costs in the 3 years preceding the first investment under the risk finance State aid measure;
„novo posojilo“ pomeni nov posojilni instrument za financiranje novih naložb ali obratnega kapitala, ki ne vključuje refinanciranja obstoječih posojil;
‘loan instrument’ means an agreement which obliges the lender to make available to the borrower an agreed amount of money for an agreed period of time and under which the borrower is obliged to repay the amount within the agreed period;
„nadomeščanje kapitala“ pomeni nakup obstoječih delnic v podjetju od prejšnjega vlagatelja ali delničarja;
it may take the form of a loan, or another funding instrument, including a lease, which provides the lender with a predominant component of minimum yield;
„naložba v tvegano financiranje“ pomeni naložbe v lastniški kapital in naložbe v navidezni lastniški kapital ter posojila, vključno z zakupi, jamstvi ali kombinacijo obojih, v korist upravičenim podjetjem;
‘mid-cap’ for the purposes of these Guidelines means an undertaking whose number of employees does not exceed 1500, calculated in line with Articles 3, 4 and 5 of Annex I to the General Block Exemption Regulation;
„naložba v navidezni lastniški kapital“ pomeni vrsto financiranja, ki se uvršča med lastniški kapital in dolg, je bolj tvegano kot prednostni dolg in manj tvegano kot navaden lastniški kapital ter katerega donos za imetnika temelji predvsem na dobičku ali izgubi zadevnega ciljnega podjetja in ki je v primeru neizpolnitve obveznosti nezavarovan.
for the purpose of the application of these Guidelines, several entities shall be considered as one undertaking if any of the conditions listed in Article 3(3) of Annex I to the General Block Exemption Regulation is fulfilled;
Naložbe v navidezni lastniški kapital so lahko strukturirane kot nezavarovani in podrejeni dolg, vključno z dolžniško-lastniškim dolgom, ki se v nekaterih primerih lahko preoblikuje v lastniški kapital ali prednostni kapital;
this definition is without prejudice to other definitions used for the deployment of financial instruments under EU/EEA programmes involving no State aid;
„mala in srednja podjetja (MSP)“ pomenijo podjetja, kakor so opredeljena v Prilogi I k uredbi o splošnih skupinskih izjemah;
‘natural person’ means a person other than a legal entity who is not an undertaking within the meaning of Article 61(1) of the EEA Agreement;
„manjše podjetje s srednjo tržno kapitalizacijo“ pomeni podjetje z do 499 zaposlenimi na podlagi izračuna v skladu s členi od 3 do 5 Priloge I k uredbi o splošnih skupinskih izjemah, z letnim prihodkom od prodaje, ki ne presega 100 milijonov EUR, in letno bilančno vsoto, ki ne presega 86 milijonov EUR.
‘new loan’ means a newly initiated loan instrument designed to finance new investments or working capital, to the exclusion of refinancing of existing loans;
Za namen uporabe teh smernic se več subjektov šteje za eno podjetje, če je izpolnjen kateri koli pogoj iz člena 3(3) Priloge I k uredbi o splošnih skupinskih izjemah;
‘replacement capital’ means the purchase of existing shares in a company from an earlier investor or shareholder;
„skupno financiranje“ pomeni najvišji skupni znesek naložb v upravičeno podjetje prek enega ali več krogov tveganega financiranja, vključno z nadaljnjimi naložbami na podlagi katerega koli ukrepa državne pomoči za tvegano financiranje, ki ne vključuje popolnoma zasebnih naložb, ki se izvajajo pod tržnimi pogoji in ne spadajo na področje uporabe ukrepa državne pomoči za tvegano financiranje;
‘risk finance investment’ means equity and quasi-equity investments, loans including leases, guarantees, or a mix thereof, to eligible undertakings;
po„djetje, ki ne kotira na borzi“ pomeni podjetje, ki ni sprejeto v borzno kotacijo, z izjemo alternativnih platform za trgovanje.
‘quasi-equity investment’ means a type of financing that ranks between equity and debt, having a higher risk than senior debt and a lower risk than common equity and whose return for the holder is predominantly based on the profits or losses of the underlying target undertaking and which is unsecured in the event of default:
OCENA ZDRUŽLJIVOSTI POMOČI ZA TVEGANO FINANCIRANJE
quasi-equity investments may be structured as debt, unsecured and subordinated, including mezzanine debt, and in some cases convertible into equity, or as preferred equity;
Skupna načela ocenjevanja
‘small and medium-sized enterprise (SME)’ means an undertaking as defined in Annex I to the General Block Exemption Regulation;
Pri ocenjevanju, ali se priglašeni ukrep pomoči lahko šteje za združljivega s Sporazumom EGP, Nadzorni organ običajno prouči, ali zasnova ukrepa pomoči zagotavlja, da pozitivni učinek pomoči pri doseganju cilja skupnega interesa presega morebitne negativne učinke na trgovino med pogodbenicami Sporazuma EGP (v nadaljnjem besedilu: pogodbenice) in na konkurenco.
‘small mid-cap’ means an undertaking whose number of employees does not exceed 499, calculated in accordance with Articles 3 to 5 of Annex I to the General Block Exemption Regulation, the annual turnover of which does not exceed EUR 100 million or the annual balance sheet of which does not exceed EUR 86 million; for the purpose of the application of these Guidelines, several entities shall be considered as one undertaking if any of the conditions listed in Article 3(3) of Annex I to the General Block Exemption Regulation is fulfilled;
Sporočilo o posodobitvi področja državnih pomoči z dne 8. maja 2012 je pozvalo k določitvi in opredelitvi skupnih načel, ki se bodo uporabila pri ocenjevanju združljivosti vseh ukrepov pomoči.
‘total financing’ means the maximum overall investment amount made into an eligible undertaking via one or more risk finance investments, including follow-on investments, under any risk finance State aid measure, to the exclusion of entirely private investments provided on market terms and outside the scope of the risk finance State aid measure;
V ta namen bo Nadzorni organ štel, da je ukrep pomoči združljiv s Sporazumom EGP samo, če izpolnjuje vsa naslednja merila:
‘unlisted undertaking’ means an undertaking which is not listed on the official list of a stock exchange, except for alternative trading platforms.
prispevek k natančno opredeljenemu cilju skupnega interesa:
COMPATIBILITY ASSESSMENT OF RISK FINANCE AID
cilj ukrepa državne pomoči mora biti cilj skupnega interesa v skladu s členom 61(3) Sporazuma EGP (oddelek 3.2);
Common assessment principles
potreba po državnem posredovanju:
To assess whether a notified aid measure can be considered compatible with the EEA Agreement, the Authority generally analyses whether the design of the aid measure ensures that the positive impact of the aid towards an objective of common interest exceeds its potential negative effects on trade between the contracting parties to the EEA Agreement (‘Contracting parties’) and on competition.
ukrep državne pomoči mora biti usmerjen v stanje, pri katerem lahko pomoč z odpravo nedelovanja trga zagotovi znatno izboljšanje, ki ga trg sam po sebi ne more zagotoviti (oddelek 3.3);
The Communication on State aid modernisation of 8 May 2012 called for the identification and definition of common principles applicable to the assessment of compatibility of all the aid measures.
ustreznost ukrepa pomoči:
For this purpose, the Authority will consider an aid measure compatible with the EEA Agreement only if it satisfies each of the following criteria:
ukrep državne pomoči mora biti ustrezen instrument politike za doseganje cilja skupnega interesa (oddelek 3.4);
contribution to a well-defined objective of common interest:
spodbujevalni učinek:
a State aid measure must aim at an objective of common interest in accordance with Article 61(3) of the EEA Agreement (Section 3.2);
ukrep državne pomoči mora spremeniti ravnanje zadevnih podjetij, da ta začnejo izvajati dodatne dejavnosti, ki jih brez pomoči ne bi izvajala ali pa bi jih izvajala omejeno ali na drugačen način (oddelek 3.5);
need for State intervention:
sorazmernost pomoči (pomoč, omejena na najmanjšo potrebno):
a State aid measure must be targeted towards a situation where aid can bring about a material improvement that the market cannot deliver itself by remedying a market failure (Section 3.3);
ukrep državne pomoči mora biti omejen na najmanjši znesek, potreben za izvedbo dodatne naložbe ali dejavnosti zadevnih podjetij (oddelek 3.6);
appropriateness of the aid measure:
izogibanje neprimernim negativnim učinkom na konkurenco in trgovino med pogodbenicami:
the State aid measure must be an appropriate policy instrument to address the objective of common interest (Section 3.4);
negativni učinki ukrepa državne pomoči morajo biti dovolj omejeni, tako da je skupni učinek ukrepa pozitiven (oddelek 3.7);
incentive effect:
preglednost pomoči:
the State aid measure must change the behaviour of the undertaking(s) concerned in such a way that it engages in additional activity which it would not carry out without the aid or would carry out in a restricted or different manner (Section 3.5);
države Efte, Nadzorni organ, gospodarski subjekti in javnost morajo imeti enostaven dostop do vseh ustreznih aktov in pomembnih informacij o dodeljeni pomoči (oddelek 3.8).
proportionality of aid (aid limited to the minimum):
Lahko se zahteva, da je skupno ravnovesje nekaterih vrst shem pomoči predmet naknadne ocene, kakor je opisano v oddelku 4 v nadaljevanju.
the State aid measure must be limited to the minimum needed to induce the additional investment or activity by the undertaking(s) concerned (Section 3.6);
V takih primerih lahko Nadzorni organ omeji trajanje navedenih shem z možnostjo priglasitve njihovega podaljšanja.