natgillin/translations-raw huggingface dataset:
Total investment for each beneficiary undertaking may not exceed the maximum amount fixed by the risk finance provision of the General Block Exemption Regulation.
Pogoji za alternativne platforme za trgovanje
Irrespective of the type of tax relief, eligible shares must be full-risk, ordinary shares, newly issued by an eligible undertaking as defined in the ex ante assessment, and they must be held for at least 3 years.
Za ustrezno analizo sorazmernosti pomoči upravljavcu alternativne platforme za trgovanje se lahko dodeli državna pomoč, s katero se pokrije največ 50 % stroškov naložbe, ki so nastali pri vzpostavitvi take platforme.
The relief cannot be available to investors who are not independent from the company invested in.
Pri davčnih spodbudah za podjetja, ki vlagajo v druga podjetja, bo Nadzorni organ ocenil ukrep glede na pogoje za davčne instrumente iz teh smernic.
In the case of income tax relief, investors providing finance to eligible undertakings may receive relief of up to a reasonable percentage of the amount invested in eligible undertakings, provided the maximum income tax liability of the investor, as established prior to the fiscal measure, is not exceeded.
Izogibanje neprimernim negativnim učinkom na konkurenco in trgovino
The Authority considers reasonable capping the tax relief at 30 % of the invested amount.
Ukrep državne pomoči mora biti oblikovan tako, da omejuje izkrivljanja konkurence v EGP.
Losses arising upon disposal of the shares may be set against income tax.
Negativni učinki morajo biti izravnani s splošnim pozitivnim učinkom ukrepa.
In the case of tax relief on dividends, any dividend received in respect of qualifying shares may be fully exempt from income tax.
Da bi Nadzorni organ lahko ocenil verjetne negativne učinke, lahko država Efte kot del predhodne ocene predloži vse študije, ki jih ima na voljo, ter naknadne ocene, izvedene za podobne sheme v smislu upravičenih podjetij, struktur financiranja, parametrov zasnove in geografskega območja.
Similarly, in the case of capital gain tax relief, any profit on the sale of qualifying shares can be fully exempt from capital gain tax.
Prvič, na ravni trga za zagotavljanje tveganega financiranja lahko državne pomoči povzročijo izrivanje zasebnih vlagateljev.
Moreover, capital gains tax liability on disposal of qualifying shares can be deferred if reinvested in new qualifying shares within 1 year.
To lahko zmanjša spodbude za zasebne vlagatelje pri zagotavljanju sredstev za upravičena podjetja in jih tako spodbuja, da počakajo, dokler država ne zagotovi pomoči za take naložbe.
Conditions for alternative trading platforms
Tveganje postane izrazitejše, čim višji ko je znesek skupnega financiranja končnih upravičencev, čim večji ko je obseg navedenih podjetij upravičencev in bolj ko so ta razvita, v teh razmerah pa postaja zasebno financiranje vse bolj dostopno.
In order to allow a proper analysis of the proportionality of the aid to the operator of the alternative trading platform, State aid can be granted in order to cover up to 50 % of the investment costs incurred for the establishment of such a platform.
Poleg tega državna pomoč ne bi smela nadomestiti običajnega poslovnega tveganja pri naložbah, ki bi ga vlagatelji sprejeli tudi v odsotnosti državne pomoči.
In the case of fiscal incentives to corporate investors, the Authority will assess the measure against the conditions set out for fiscal instruments in these Guidelines.
Če je bilo nedelovanje trga ustrezno opredeljeno, je manj verjetno, da bi ukrep tveganega financiranja povzročil tako izrivanje.
Avoidance of undue negative effects on competition and trade
Drugič, na ravni finančnih posrednikov ima lahko pomoč učinek izkrivljanja v smislu povečevanja ali ohranjanja tržne moči posrednika, na primer na trgu v določeni regiji.
The negative effects have to be balanced against the overall positive effect of the measure.
Ukrepi tveganega financiranja morajo biti namenjeni podjetjem, usmerjenim v rast, ki ne morejo privabiti ustrezne ravni financiranja iz zasebnih virov, lahko pa pridobijo sposobnost preživetja z državno pomočjo za tvegano financiranje.
In the case of risk finance measures, the potential negative effects have to be assessed at each level where aid may be present: the investors, the financial intermediaries and their managers, and the final beneficiaries.
Vendar ukrep za ustanovitev javnega sklada, katerega naložbena strategija ne kaže zadostne potencialne sposobnosti preživetja upravičenega podjetja, najverjetneje ne bo prestal preskusa izravnave, saj lahko naložba v tvegano financiranje v tem primeru pomeni nepovratna sredstva.
To enable the Authority to assess the likely negative effects, the EFTA State may submit, as part of the ex ante assessment, any study at its disposal, as well as ex post evaluations carried out for similar schemes, in terms of the eligible undertakings, funding structures, design parameters and geographic area.
Pogoji za komercialno upravljanje in odločanje na podlagi dobička iz določb o tveganem financiranju uredbe o splošnih skupinskih izjemah so nujni za zagotovitev, da izbira podjetij, ki so končni upravičenci, temelji na tržni logiki, zato od njih pri teh smernicah ni mogoče odstopati, niti kadar ukrep vključuje javne finančne posrednike.
Firstly, at the level of the market for the provision of risk finance, State aid may result in crowding out private investors.
Investicijski skladi majhnega obsega, z omejeno regionalno razsežnostjo in brez ustrezne ureditve upravljanja bodo analizirani z namenom, da se prepreči tveganje ohranjanja neučinkovitih tržnih struktur.
This might reduce the incentives for private investors to provide funding to eligible undertakings and encourage them to wait until the State provides aid for such investments.
Regionalne sheme tveganega financiranja morda nimajo ustrezno velikega obsega in področja uporabe zaradi pomanjkljive diverzifikacije, povezane s premajhnim številom upravičenih ciljnih podjetij za naložbe, zaradi česar bi se lahko zmanjšala učinkovitost takih skladov in bi se pomoč posledično dodeljevala družbam, ki so manj sposobne preživetja.
This risk becomes more relevant, the higher the amount of the total financing into the final beneficiaries, the larger the size of those beneficiary undertakings and the more advanced their development stage, as private financing becomes progressively available in those circumstances.
Te naložbe bi lahko izkrivljale konkurenco in dajale neupravičene prednosti nekaterim podjetjem.
Moreover, State aid should not replace the normal business risk of investments that the investors would have undertaken even in the absence of State aid.
Poleg tega so lahko taki skladi manj privlačni za zasebne vlagatelje, zlasti institucionalne, saj jih lahko dojemajo le kot subjekt za doseganje ciljev regionalne politike, in ne kot izvedljivo poslovno priložnost, ki ponuja sprejemljive donose naložbe.
However, to the extent that the market failure has been properly defined, it is less likely that the risk finance measure will result in such crowding out.
Tretjič, na ravni končnih upravičencev bo Nadzorni organ ocenil, ali ukrep povzroča izkrivljanje proizvodnih trgov, na katerih si konkurirajo navedena podjetja.
Secondly, at the level of financial intermediaries, aid may have distortive effects in terms of increasing or maintaining an intermediary's market power, for example in the market of a particular region.
Ukrep lahko na primer izkrivlja konkurenco, če je namenjen družbam v slabo delujočih sektorjih.
Even where aid does not strengthen the financial intermediary's market power directly, it may do so indirectly, by discouraging the expansion of existing competitors, inducing their exit or discouraging the entry of new competitors.
Zlasti obsežna širitev zmogljivosti zaradi državne pomoči na slabo delujočem trgu lahko neupravičeno izkrivi konkurenco, ker lahko nastanek ali ohranjanje prekomerne zmogljivosti vodi v omejevanje stopnje dobička in zmanjšanje naložb konkurentov ali celo njihov izstop s trga.
Risk finance measures must be targeted at growth-oriented undertakings which are unable to attract an adequate level of financing from private resources but may become viable with risk finance State aid.
Lahko tudi preprečuje vstop družb na trg.
However, a measure which provides for the setting up of a public fund the investment strategy of which does not demonstrate sufficiently the potential viability of the eligible undertakings is unlikely to meet the balancing test, as in such a case the risk finance investment may amount to a grant.
Posledica tega so neučinkovite tržne strukture, ki dolgoročno škodijo tudi potrošnikom.
Since the conditions on commercial management and profit-oriented decision-making set out in the risk finance provisions of the General Bock Exemption Regulation are essential to ensure that the selection of the final beneficiary undertakings is based on a commercial logic, those conditions cannot be derogated from under these Guidelines, including where the measure involves public financial intermediaries.
Kadar trg v ciljnih sektorjih raste, je običajno manj razlogov za skrb, da bo pomoč negativno vplivala na dinamične spodbude ali neupravičeno ovirala izhod ali vstop.
Investment funds of a small scale, with limited regional focus and without adequate governance arrangements will be analysed with a view to avoiding the risk of maintaining inefficient market structures.
Zato bo Nadzorni organ proučil raven proizvodnih zmogljivosti v določenem sektorju glede na potencialno povpraševanje.
Regional risk finance schemes may not have sufficient scale and scope due to a lack of diversification linked to the absence of a sufficient number of eligible undertakings as investment targets, which could reduce the efficiency of such funds and result in the granting of aid to less viable companies.
Da bi Nadzorni organ lahko izvedel tako oceno, mora država Efte opredeliti, ali je ukrep tveganega financiranja namenjen posameznim sektorjem oziroma daje prednost nekaterim sektorjem.
Those investments could distort competition and provide undue advantages to certain undertakings.
Državna pomoč lahko prepreči doseganje učinkovitih rezultatov tržnih mehanizmov, ki nagrajujejo najučinkovitejše proizvajalce in pritiskajo na najmanj učinkovite, da se izboljšajo, prestrukturirajo ali izstopijo s trga.
Moreover, such funds may be less attractive to private investors, in particular institutional investors, as they may be seen more as a vehicle to serve regional policy objectives, rather than a viable business opportunity offering acceptable returns on investment.
Kadar pomoč prejmejo neučinkovita podjetja, lahko to prepreči vstop drugih podjetij na trg ali njihovo širitev na trgu ter lahko oslabi spodbude za konkurente v zvezi z inovacijami.
Thirdly, at the level of the final beneficiaries, the Authority will assess whether the measure has distortive effects on the product markets where those undertakings compete.
Nadzorni organ bo ocenil tudi vse morebitne negativne učinke preselitve proizvodnje.
For instance, the measure may distort competition if it targets companies in underperforming sectors.
V zvezi s tem bo proučil, ali bi lahko regionalni skladi spodbujali selitev proizvodnje znotraj EGP.
A substantial capacity expansion induced by State aid in an underperforming market might, in particular, unduly distort competition, as the creation or maintenance of overcapacity could lead to a squeeze on profit margins, a reduction of competitors' investments or even their exit from the market.
Kadar so dejavnosti finančnega posrednika osredotočene na regijo, ki ne prejema pomoči in meji na regije, ki prejemajo pomoč, ali na regijo z višjo intenzivnostjo regionalne pomoči, kot jo ima ciljna regija, je tveganje za tako izkrivljanje znatnejše.
It may also prevent companies from entering the market.
Regionalni ukrep tveganega financiranja, ki je namenjen le nekaterim sektorjem, lahko prav tako negativno vpliva na preselitev proizvodnje.
This results in inefficient market structures which are also harmful to consumers in the long run.
Ob negativnih vplivih ukrepa mora država Efte opredeliti sredstva, s katerimi bo čim bolj zmanjšala taka izkrivljanja.
Where the market in the targeted sectors is growing, there is normally less reason to fear that the aid will negatively affect dynamic incentives or will unduly impede exit or entry.
Država Efte lahko na primer dokaže, da bo čim bolj omejila negativne učinke, pri čemer na primer upošteva skupni znesek naložb, vrsto in število upravičencev ter lastnosti ciljnih sektorjev.
Therefore, the Authority will analyse the level of production capacities in the given sector, in the light of the potential demand.
Nadzorni organ bo pri tehtanju pozitivnih in negativnih učinkov upošteval tudi razsežnost takšnih učinkov.
In order to enable the Authority to carry out such an assessment, the EFTA State must indicate whether the risk finance measure is sector specific, or gives preference to certain sectors over others.
Preglednost
State aid may prevent the market mechanisms from delivering efficient outcomes by rewarding the most efficient producers and putting pressure on the least efficient to improve, restructure or exit the market.
Države Efte morajo na nacionalni ali regionalni ravni objaviti naslednje informacije na skupnem spletnem mestu o državnih pomočeh:
Where inefficient undertakings receive aid, this may prevent other undertakings from entering or expanding in the market and weaken incentives for competitors to innovate.
besedilo sheme pomoči in izvedbenih določb;
The Authority will also assess any potential negative delocalisation effects.
naziv organa za dodelitev pomoči;
In this regard, the Authority will analyse whether regional funds are likely to incentivise delocalisation within the EEA.
skupni znesek deleža države Efte pri ukrepu;
Where the financial intermediary's activities are focused on a non-assisted region bordering assisted regions, or a region with higher regional aid intensity than the target region, the risk of such distortion is more pronounced.
naziv pooblaščenega subjekta, kadar je to primerno, in imena izbranih finančnih posrednikov;
A regional risk finance measure focussing only on certain sectors might also have negative delocalisation effects.
Taka zahteva se lahko opusti v zvezi z MSP, ki niso izvedla nobene komercialne prodaje na nobenem trgu ter za naložbe pod 200000 EUR v podjetje, ki je končni upravičenec;
Where the measure has negative effects, the EFTA State must identify the means to minimise such distortions.
pri davčnih shemah pomoči za tvegano financiranje, identiteto zasebnih podjetij, ki vlagajo v druga podjetja in so upravičena do pomoči [31], ter znesek prejete davčne ugodnosti, če slednja presega 200000 EUR.
For instance, the EFTA State may demonstrate that the negative effects will be limited to the minimum, taking into account, for example, the overall investment amount, the type and number of beneficiaries and the characteristics of the targeted sectors.
Takšen znesek se lahko zagotovi v tranšah v višini 2 milijonov EUR.
In balancing positive and negative effects, the Authority will also take into account the magnitude of such effects.
Take informacije je treba objaviti po sprejetju sklepa o dodelitvi pomoči, jih hraniti najmanj 10 let in biti morajo brez omejitev na voljo splošni javnosti [32].
Transparency
Kumulacija
EFTA States must publish the following information on a comprehensive State aid website, at national or regional level:
Pomoč za tvegano financiranje se lahko kumulira s kakršnim koli drugim ukrepom državne pomoči z opredeljivimi upravičenimi stroški.
the text of the aid scheme and its implementing provisions;
Pomoč za tvegano financiranje se lahko na podlagi uredbe o skupinskih izjemah ali sklepa, ki ga je sprejel Nadzorni organ, glede na posebne okoliščine posameznega primera kumulira z drugimi ukrepi državne pomoči brez opredeljivih upravičenih stroškov ali s pomočjo de minimis do najvišje ustrezne zgornje meje skupnega financiranja.
the identity of the granting authority;
Finančna sredstva Efte, ki jih centralno upravljajo institucije, agencije, skupna podjetja ali drugi organi EGP, ki niso pod neposrednim ali posrednim nadzorom držav Efte, ne pomenijo državne pomoči.
the identity of the entrusted entity, if applicable, and the names of the selected financial intermediaries;
OCENJEVANJE
the identity of the undertaking supported under the measure, including information about the type of undertaking (SME, small mid-cap, innovative mid-cap); the region (at Statistical regions level 2 [30]) in which the undertaking is located; the principal economic sector in which the undertaking has its activities at NACE group level; the form and amount of investment.
Za nadaljnjo zagotovitev omejitve izkrivljanj konkurence in trgovine lahko Nadzorni organ zahteva, da mora za nekatere sheme veljati omejitev trajanja in da se zanje izvede ocena, ki mora obravnavati naslednja vprašanja:
Such a requirement can be waived with respect to SMEs which have not carried out any commercial sale in any market and for investments below EUR 200000 into a final beneficiary undertaking;
učinkovitost ukrepa pomoči v smislu vnaprej določenih splošnih in posebnih ciljev in kazalnikov;
in the case of fiscal risk finance aid schemes, the identity of the beneficiary corporate investors [31] and the amount of the fiscal advantage received, where the latter exceeds EUR 200000.
učinek ukrepa tveganega financiranja na trge in konkurenco.
Such amount can be provided in ranges of EUR 2 million.
Ocena se lahko zahteva za naslednje sheme pomoči:
Such information must be published after the decision to grant the aid has been taken, must be kept for at least 10 years and must be available for the general public without restrictions [32].
velike sheme;
Cumulation
sheme z regionalno razsežnostjo;
Risk finance aid may be cumulated with any other State aid measure with identifiable eligible costs.
sheme z ozko sektorsko razsežnostjo;
Risk finance aid may be cumulated with other State aid measures without identifiable eligible costs, or with de minimis aid, up to the highest relevant total financing ceiling fixed in the specific circumstances of each case by a block exemption regulation or a decision adopted by the Authority.
spremenjene sheme, kadar spremembe vplivajo na merila za upravičenost, znesek naložb ali parametre finančne zasnove;
EFTA funding centrally managed by the institutions, agencies, joint undertakings or other bodies of the EEA that is not directly or indirectly under the control of the EFTA States does not constitute State aid.
ocena se lahko predloži kot del priglasitve;
Where such EEA funding is combined with State aid, only the latter will be considered for determining whether notification thresholds and maximum aid amounts are respected, provided that the total amount of public funding granted in relation to the same eligible costs does not exceed the most favourable funding rate laid down in the applicable rules of EEA law.
sheme z novimi lastnostmi;
EVALUATION
sheme, pri katerih Nadzorni organ to zahteva v sklepu za odobritev ukrepa zaradi morebitnih negativnih učinkov.
To further ensure that distortions of competition and trade are limited, the Authority may require that certain schemes be subject to a limited duration and to an evaluation, which must address the following issues:
Oceno mora opraviti strokovnjak, neodvisen od organa, ki dodeljuje državno pomoč, na podlagi skupne metodologije [33].
the effectiveness of the aid measure in the light of its predefined general and specific objectives and indicators;
Ocena se mora objaviti.
the impact of the risk finance measure on markets and competition.
Oceno je treba Nadzornemu organu predložiti pravočasno, da ta lahko oceni morebitno podaljšanje sheme pomoči, v vsakem primeru pa ob prenehanju veljavnosti sheme.
An evaluation may be required for the following aid schemes:
Natančno področje uporabe in metoda ocene, ki jo je treba opraviti, bosta opredeljena v sklepu za odobritev sheme pomoči.
large schemes;
Vsak naslednji ukrep pomoči s podobnim ciljem mora upoštevati rezultate navedene ocene.
schemes with a regional focus;
KONČNE DOLOČBE
schemes with a narrow sectoral focus;
Podaljšanje smernic o rizičnem kapitalu
schemes which are modified, where the modification impacts on the eligibility criteria, the amount of investment or the financial design parameters;
Smernice Nadzornega organa za spodbujanje naložb rizičnega kapitala v mala in srednje velika podjetja bi veljale do 30. junija 2014.
the evaluation may be submitted as part of the notification;
Uporaba pravil
schemes containing novel characteristics;
Nadzorni organ bo načela iz teh smernic uporabljal za oceno združljivosti vseh pomoči za tvegano financiranje, ki se bodo dodelile od 1. julija 2014 do 31. decembra 2020.
schemes where the Authority so requests in the decision approving the measure, in the light of its potential negative effects.
Pomoč za rizični kapital, ki je bila ali bo nezakonito dodeljena pred 1. julijem 2014, bo ocenjena v skladu s pravili, veljavnimi na dan dodelitve pomoči.
The evaluation must be carried out by an expert independent from the State aid granting authority on the basis of a common methodology [33] and must be made public.
Da se ohrani legitimno pričakovanje zasebnih vlagateljev, trajanje uporabe pravil v zvezi z ukrepom tveganega financiranja pri shemah tveganega financiranja, v katerih je določeno javno financiranje skladov zasebnega kapitala, določa datum zaveze glede javnega financiranja skladov zasebnega kapitala, tj. datum podpisa sporazuma o financiranju.
The evaluation must be submitted to the Authority in sufficient time to allow for the assessment of the possible prolongation of the aid scheme and in any case upon expiry of the scheme.
Ustrezni ukrepi
The precise scope and methodology of the evaluation that is to be carried out will be defined in the decision approving the aid scheme.
Nadzorni organ meni, da bo izvedba teh smernic vodila k bistvenim spremembam načel ocenjevanja, ki se uporabljajo za pomoč za rizični kapital v državah Efte.
Any subsequent aid measure with a similar objective must take into account the results of that evaluation.
Poleg tega se glede na spremenjene gospodarske in socialne razmere zdi nujen ponovni pregled trajne utemeljitve za vse sheme pomoči za rizični kapital ter njihove uspešnosti.
FINAL PROVISIONS
Zato Nadzorni organ državam Efte predlaga naslednje ustrezne ukrepe v skladu s členom 1(1) dela I Protokola 3 k Sporazumu o nadzornem organu in sodišču:
Prolongation of the Risk Capital Guidelines
države Efte bi morale po potrebi spremeniti svoje obstoječe sheme pomoči za rizični kapital in jih uskladiti s temi smernicami v šestih mesecih po njihovi objavi;
The Authority's Guidelines to promote risk capital investments in small and medium-sized enterprises would be applied until 30 June 2014.
države Efte so pozvane, naj dajo svoje izrecno brezpogojno soglasje v zvezi s temi predlaganimi ustreznimi ukrepi v dveh mesecih od datuma objave teh smernic.
Applicability of the rules
Če Nadzorni organ ne bo prejel nobenega odgovora, bo domneval, da se zadevna država Efte ne strinja s predlaganimi ukrepi.
The Authority will apply the principles set out in these Guidelines for the compatibility assessment of all risk finance aid to be awarded from 1 July 2014 until 31 December 2020.
Za ohranitev legitimnega pričakovanja zasebnih vlagateljev državam Efte ni treba sprejeti ustreznih ukrepov v zvezi s shemami pomoči za rizični kapital za MSP, kadar je bila zaveza glede javnega financiranja skladov zasebnega kapitala, za katero se šteje datum podpisa sporazuma o financiranju, dana pred datumom objave teh smernic, vsi pogoji iz sporazuma o financiranju pa ostajajo nespremenjeni.
Risk capital aid unlawfully awarded or to be awarded before 1 July 2014 will be assessed in accordance with the rules in force at the date on which the aid is awarded.
Ti finančni posredniki lahko do zaključka trajanja, ki je določen v sporazumu o financiranju, še vedno delujejo in vlagajo v skladu s svojo prvotno naložbeno strategijo.