natgillin/translations-raw huggingface dataset:
avoidance of undue negative effects on competition and trade between the Contracting parties:
Pri ocenjevanju združljivosti katere koli individualne pomoči s Sporazumom EGP bo Nadzorni organ upošteval vse postopke v zvezi s kršitvami člena 53 ali 54 Sporazuma EGP, ki se lahko nanašajo na upravičenca do pomoči in so lahko pomembni pri njegovi oceni v skladu s členom 61(3) Sporazuma EGP [23].
the negative effects of State aid measure must be sufficiently limited, so that the overall balance of the measure is positive (Section 3.7);
Prispevek k skupnemu cilju
transparency of aid:
Državna pomoč mora prispevati k doseganju enega ali več ciljev skupnega interesa v smislu člena 61(3) Sporazuma EGP.
EFTA States, the Authority, economic operators, and the public must have easy access to all relevant acts and to pertinent information about the aid awarded (Section 3.8).
Posebni cilji politike, ki jim je namenjen ukrep
The overall balance of certain categories of schemes may further be made subject to a requirement of ex post evaluation as described in Section 4 below.
Ukrep mora opredeljevati posebne cilje politike v skladu s splošnimi cilji politike, kakor so opredeljeni v odstavku 57.
In such cases, the Authority may limit the duration of those schemes, with a possibility to notify their prolongation.
Zato mora država Efte izvesti predhodno oceno, s katero opredeli cilje politike in določi ustrezne kazalnike uspešnosti.
In assessing the compatibility of any aid with the EEA Agreement, the Authority will take account of any proceedings concerning infringement of Articles 53 or 54 of the EEA Agreement which may concern the beneficiary of the aid and which may be relevant for its assessment under Article 61(3) of the EEA Agreement [23].
Obseg in trajanje ukrepa bi morala ustrezati ciljem politike.
Contribution to a common objective
Kazalniki uspešnosti lahko načeloma vključujejo:
For risk finance aid, the general policy objective is to improve the provision of finance to viable SMEs from their early-development up to their growth stages and, in certain circumstances, to small mid-caps and innovative mid-caps; so as to develop in the longer run a competitive business finance market in the EEA territory, which should contribute to overall economic growth.
pričakovano število končnih upravičencev, v katere se vlaga, vključno s številom novoustanovljenih MSP;
Specific policy objectives pursued by the measure
ocenjeno število novih podjetij, ustanovljenih med izvajanjem ukrepa tveganega financiranja in kot rezultat naložb v tvegano financiranje;
The measure must define specific policy objectives in view of the general policy objectives as set out in paragraph 57 above.
število delovnih mest, ki so bila ustvarjena v podjetjih, ki so končni upravičenci, od dne prve naložbe v tvegano financiranje v okviru ukrepa tveganega financiranja do izstopa;
To that end, the EFTA State must carry out an ex ante assessment in order to identify the policy targets and define the relevant performance indicators.
kadar je primerno, delež naložb, izvedenih v skladu s preskusom gospodarskega subjekta;
The size and duration of the measure should be adequate for the policy targets.
mejnike in roke, v katerih naj bi se vložili nekateri vnaprej določeni zneski ali delež proračuna;
In principle, the performance indicators may include:
pričakovane donose naložb;
the required or envisaged private sector investment;
kadar je primerno, patentne prijave končnih upravičencev, ki so bile predložene med izvajanjem ukrepa tveganega financiranja.
the expected number of final beneficiaries invested in, including the number of start-up SMEs;
Kazalniki iz odstavka 58 so pomembni za oceno učinkovitosti ukrepa in utemeljenosti naložbenih strategij, ki so jih finančni posredniki oblikovali v okviru izbirnega postopka.
the estimated number of new undertakings created during the implementation of the risk finance measure and as a result of the risk finance investments;
Finančni posredniki in doseganje ciljev politike
the number of jobs created in the final beneficiary undertakings between the date of the first risk finance investment under the risk finance measure and the exit;
Da bi finančni posredniki, ki sodelujejo pri ukrepu tveganega financiranja, lahko dosegli cilje zadevne politike, morajo izpolnjevati pogoje, določene v odstavkih 61 in 62 v nadaljevanju.
where appropriate, the proportion of investments made in conformity with the market economy operator test;
Naložbena strategija finančnega posrednika mora biti v skladu s cilji politike ukrepa.
milestones and deadlines within which certain predefined amounts or percentage of the budget are to be invested;
Kot del izbirnega postopka morajo finančni posredniki pokazati, kako lahko njihova predlagana naložbena strategija prispeva k doseganju ciljev politike.
returns/yield expected to be generated from the investments;
Država Efte mora zagotoviti, da je naložbena strategija posrednikov ves čas v skladu z dogovorjenimi cilji politike, na primer z ustreznimi mehanizmi spremljanja in poročanja ter sodelovanjem predstavnikov javnih vlagateljev v organih za zastopanje finančnega posrednika, kot je nadzorni svet ali svetovalni organ.
where appropriate, patent applications made by the final beneficiaries, during the implementation of the risk finance measure.
Ustrezna struktura upravljanja mora zagotavljati, da je treba za bistvene spremembe naložbene strategije pridobiti predhodno soglasje države Efta.
The indicators referred to in paragraph 58 are relevant both for the purpose of evaluating the effectiveness of the measure and for assessing the validity of the investment strategies drawn up by the financial intermediary in the context of the selection process.
Da se prepreči dvom, država Efta ne sme neposredno sodelovati pri posameznih odločitvah o naložbah in odprodajah.
Financial intermediaries delivering the policy objectives
Potreba po posredovanju države
To ensure that financial intermediaries involved in the risk finance measure deliver the relevant policy objectives, they must comply with the conditions set out in paragraphs 61 and 62 below.
Državna pomoč je lahko upravičena samo, če je namenjena specifičnemu nedelovanju trga, ki vpliva na doseganje skupnega cilja.
The investment strategy of the financial intermediary must be aligned with the policy objectives of the measure.
Nadzorni organ meni, da ne obstaja splošno nedelovanje trga glede dostopa do financiranja za MSP, ampak le nedelovanje trga, povezano z nekaterimi skupinami MSP, glede na specifične gospodarske razmere v zadevni državi Efte.
As part of the selection process, financial intermediaries must demonstrate how their proposed investment strategy may contribute to the achievement of the policy objectives and targets.
To velja še zlasti, vendar ne izključno, za MSP v zgodnjih fazah razvoja, ki kljub možnostim za rast vlagateljem ne morejo dokazati, da so kreditno sposobna in da so njihovi poslovni načrti izvedljivi.
The EFTA State must ensure that the investment strategy of the intermediaries remains at all times aligned with the agreed policy targets, for instance via appropriate monitoring and reporting mechanisms and the participation of representatives of the public investors in the representation bodies of the financial intermediary, such as the supervisory board or the advisory board.
Obseg takega nedelovanja trga se lahko glede na prizadete družbe in njihove kapitalske zahteve razlikuje in je odvisen od sektorja, v katerem delujejo.
An appropriate governance structure must ensure that material changes to the investment strategy require the prior consent of the EFTA State.
Zaradi asimetričnosti informacij trg težko oceni profil tveganja in donosa takih MSP ter njihovo zmožnost za doseganje donosov, prilagojenih tveganju.
For the avoidance of doubt, the EFTA State may not participate directly in individual investment and divestment decisions.
Težave, s katerimi se srečujejo navedena MSP pri izmenjavi informacij o kakovosti svojih projektov, zaznanem tveganju in šibki kreditni sposobnosti, povzročajo visoke stroške transakcij in zastopanja ter lahko povečajo vlagateljevo nenaklonjenost tveganju.
Need for State intervention
Manjša in inovativna podjetja s srednjo tržno kapitalizacijo imajo lahko podobne težave in jih zato lahko prizadene enako nedelovanje trga.
State aid can only be justified if it is targeted at specific market failures affecting the delivery of the common objective.
Zato je treba ukrep tveganega financiranja določiti na podlagi predhodne ocene, ki je pokazala obstoj likvidnostne vrzeli, zaradi katere so prizadeta upravičena podjetja v ciljni razvojni fazi, na ciljnem geografskem območju in, kadar je ustrezno, v ciljnem gospodarskem sektorju.
The Authority considers that there is no general market failure as regards access to finance for SMEs, but only a failure related to certain groups of SMEs, depending on the specific economic context of the EFTA State concerned.
Ukrep tveganega financiranja mora biti zasnovan tako, da obravnava nedelovanje trga, ki je bilo dokazano v predhodni oceni.
This particularly but not exclusively applies to SMEs in their early stages which, despite their growth prospects, are unable to demonstrate their credit-worthiness or the soundness of their business plans to investors.
Proučiti je treba strukturne in ciklične težave (tj. tiste, povezane s krizo), zaradi katerih raven zasebnega financiranja ni optimalna.
The scope of such market failure, both in terms of the affected companies and their capital requirement, may vary depending on the sector in which they operate.
Ocena mora zajemati zlasti izčrpno analizo virov financiranja, ki so na voljo upravičenim podjetjem, pri čemer se upošteva število obstoječih finančnih posrednikov na ciljnem geografskem območju, njihov javni ali zasebni status, obseg naložb, namenjenih ustreznemu tržnemu segmentu, število potencialno upravičenih podjetij in povprečne vrednosti posameznih transakcij.
Due to information asymmetries, the market finds it difficult to assess the risk/return profile of such SMEs and their ability to generate risk-adjusted returns.
Ta analiza bi morala temeljiti na podatkih, ki zajemajo obdobje 5 let pred priglasitvijo ukrepa tveganega financiranja ter na podlagi katerih bi se morala v njej oceniti vrsta in obseg likvidnostne vrzeli, tj. raven nepokritih potreb upravičenih podjetij po finančnih sredstvih.
The difficulties those SMEs experience in sharing information about the quality of their project, their perceived riskiness and weak creditworthiness lead to high transaction and agency costs and may exacerbate investor risk-aversion.
Predhodno oceno bi moral, če je to mogoče, izvesti neodvisni subjekt na podlagi objektivnih in posodobljenih dokazov.
Small mid-caps and innovative mid-caps may be faced by similar difficulties and therefore be affected by the same market failure.
Države Efte lahko predložijo obstoječe ocene, če so bile izvedene manj kot tri leta pred priglasitvijo ukrepa tveganega financiranja.
Therefore, the risk finance measure must be established on the basis of an ex ante assessment demonstrating the existence of a funding gap affecting eligible undertakings in the targeted development stage, geographic area and, if applicable, economic sector.
Nadzorni organ si pri proučitvi ugotovitev predhodne ocene pridržuje pravico, da v skladu z razpoložljivimi dokazi podvomi o veljavnosti podatkov.
The risk finance measure must be designed in such a way as to address the market failures proven in the ex ante assessment.
Da se zagotovi, da finančni posredniki, ki sodelujejo pri ukrepu, obravnavajo ugotovljeno nedelovanje trga, se izvede postopek pregleda skrbnega poslovanja, ki zagotavlja tržno razumno naložbeno strategijo, ki se osredotoča na opredeljeni cilj politike, izpolnjuje opredeljene zahteve glede upravičenosti in spoštuje omejitve glede financiranja.
Both the structural and cyclical (that is to say, crisis-related) problems leading to suboptimal levels of private funding must be analysed.
Zlasti morajo države Efte izbrati finančne posrednike, ki lahko dokažejo, da je njihova predlagana naložbena strategija tržno razumna in vključuje ustrezno politiko diverzifikacije tveganja, katere cilj je doseči ekonomsko upravičenost in učinkovit obseg v smislu velikosti in geografske porazdelitve naložb.
In particular, the assessment must provide a comprehensive analysis of the sources of financing available to the eligible undertakings, taking into account the number of existing financial intermediaries in the target geographic area, their public or private nature, the investment volumes targeted to the relevant market segment, the number of potentially eligible undertakings and average values of individual transactions.
Poleg tega mora biti v predhodni oceni upoštevano tudi specifično nedelovanje trga, s katerim se spoprijemajo upravičena ciljna podjetja, in sicer na podlagi dodatnih smernic iz odstavkov od 69 do 88.
This analysis should be based on data covering the 5 years preceding the notification of the risk finance measure and, on this basis, it should estimate the nature and size of the funding gap, that is to say, the level of unmet demand for finance from eligible undertakings.
Ukrepi, namenjeni kategorijam podjetij zunaj področja uporabe uredbe o splošnih skupinskih izjemah
The ex ante assessment should preferably be conducted by an independent entity based on objective and up-to-date evidence.
Manjša podjetja s srednjo tržno kapitalizacijo
EFTA States may submit existing assessments, provided they date from less than 3 years preceding the notification of the risk finance measure.
Področje uporabe uredbe o splošnih skupinskih izjemah je omejeno na upravičena MSP.
When examining the findings of the ex ante assessment, the Authority reserves the right to question the validity of the data in view of the evidence available.
Vendar se lahko s podobnimi omejitvami soočajo tudi nekatera podjetja, ki ne izpolnjujejo merila glede števila zaposlenih in/ali finančnega praga, s katerima je opredeljen pojem MSP.
To ensure that the financial intermediaries involved in the measure target the identified market failures, a due diligence process shall take place to ensure a commercially sound investment strategy focusing on the identified policy objective and respecting the defined eligibility requirements and funding restrictions.
Razširitev področja uporabe ukrepa tveganega financiranja na področju upravičenih podjetij na manjša podjetja s srednjo tržno kapitalizacijo je lahko upravičena, če spodbuja zasebne vlagatelje k vlaganju v bolj raznovrstne portfelje z večjimi možnostmi vstopa in izstopa.
In particular, EFTA States must select financial intermediaries which can demonstrate that their proposed investment strategy is commercially sound and includes an appropriate risk diversification policy aimed at achieving economic viability and efficient scale in terms of size and territorial scope of the investments.
Vključitev manjših podjetij s srednjo tržno kapitalizacijo v portfelj bi verjetno zmanjšala tveganost na ravni portfelja in posledično povečala donos naložb.
Moreover, the ex ante assessment must take account of the specific market failures faced by eligible target undertakings based on the additional guidance set out in paragraphs 69 to 88.
Zato bi lahko bil to še posebej učinkovit način privabljanja institucionalnih vlagateljev k vlaganju v bolj tvegane družbe v zgodnji fazi razvoja.
Measures targeted at categories of undertakings outside the scope of the General Block Exemption Regulation
Glede na navedeno in če predhodna ocena vključuje ustrezne ekonomske dokaze, je podpiranje manjših podjetij s srednjo tržno kapitalizacijo lahko upravičeno.
Small mid-caps
Nadzorni organ bo v svoji oceni upošteval delovno in kapitalsko intenzivnost ciljnih podjetij ter druga merila, ki odražajo posebne finančne omejitve, ki vplivajo na manjša podjetja s srednjo tržno kapitalizacijo (na primer ustrezno zavarovanje za veliko posojilo).
The scope of the General Block Exemption Regulation is restricted to eligible SMEs.
Inovativna podjetja s srednjo tržno kapitalizacijo
However, certain undertakings which do not meet the headcount and/or financial thresholds defining the concept of SME may face similar financing constraints.
V nekaterih okoliščinah se lahko tudi podjetja s srednjo tržno kapitalizacijo spoprijemajo s finančnimi omejitvami, primerljivimi s tistimi, ki vplivajo na MSP.
Extending the scope of eligible undertakings under a risk finance measure to include small mid-caps may be justified in so far as it provides an incentive to private investors to invest in a more diversified portfolio with enhanced entry and exit possibilities.
To lahko velja za podjetja s srednjo tržno kapitalizacijo, ki ob začetni naložbi v proizvodne obrate izvajajo tudi raziskave in razvoj ter inovacijske dejavnosti, vključno z replikacijo trgov, in katerih dokazani dosežki ne omogočajo morebitnim vlagateljem, da bi ustrezno sklepali glede prihodnjih tržnih obetov v zvezi z rezultati takih dejavnosti.
Including small mid-caps in the portfolio is likely to decrease the riskiness at a portfolio level and hence to increase the return on the investments.
V tem primeru je lahko državna pomoč za tvegano financiranje potrebna, da bi lahko inovativna podjetja s srednjo tržno kapitalizacijo povečala svoje proizvodne zmogljivosti na vzdržno raven, na kateri bi lahko sama privabljala zasebno financiranje.
Therefore, this may be a particularly effective way to attract institutional investors to the riskier early stage companies.
Kakor je bilo ugotovljeno v točki 3.3.1(a), bi lahko bila vključitev takih inovativnih podjetij s srednjo tržno kapitalizacijo v naložbeni portfelj učinkovit način za raznovrstnejše naložbene možnosti, ki jih lahko ponudi finančni posrednik in lahko pritegnejo širši nabor potencialnih vlagateljev.
In the light of the above, and provided the ex ante assessment contains adequate economic evidence to this effect, it may be justified to support small mid-caps.
Podjetja, ki prejmejo začetno naložbo v tvegano financiranje več kot sedem let po prvi komercialni prodaji
In its assessment, the Authority will take into account the labour -and capital-intensity of the targeted undertakings, as well as other criteria reflecting specific financing constraints affecting small mid-caps (for example, sufficient collateral for a large loan).
Uredba o splošnih skupinskih izjemah velja za MSP, ki prejmejo začetno naložbo na podlagi ukrepa tveganega financiranja pred svojo prvo komercialno prodajo na trgu ali v sedmih letih po njihovi prvi komercialni prodaji.
Innovative mid-caps
V skupinskih izjemah so po tem sedemletnem obdobju zajete le nadaljnje naložbe.
Mid-caps, in certain circumstances, could also face financing constraints comparable to those affecting SMEs.
Vendar se pri nekaterih vrstah podjetij šteje, da so še vedno v fazi širjenja/zgodnje rasti, če še celo po tem sedemletnem obdobju niso ustrezno dokazala svojega potenciala za doseganje donosov in/ali nimajo dovolj trdnih dosežkov in zavarovanja.
Such may be the case for mid-caps carrying out R & D and innovation activities alongside initial investment in production facilities, including market replication, and whose track record does not enable potential investors to make relevant assumptions as regards the future market prospects of the results of such activities.
To se lahko zgodi v sektorjih z visokim tveganjem, kot so biotehnologija, kultura in ustvarjalni sektor, splošneje pa velja za inovativna MSP [24].
In such a case, risk finance State aid may be necessary for innovative mid-caps to increase their production capacities to a sustainable scale where they are able to attract private financing on their own.
Poleg tega lahko podjetja, ki imajo zadosten notranji lastniški kapital za financiranje začetnih dejavnosti, potrebujejo zunanje financiranje šele pozneje, da bi na primer okrepila svoje zmogljivosti in se iz manjših podjetij razvila v večja.
As observed under point 3.3.1(a), including such innovative mid-caps in its investment portfolio can be an effective way for a financial intermediary to offer a more diversified set of investment opportunities appealing to a wider range of potential investors.
To lahko zahteva večje naložbe, kot jih lahko financirajo z lastnim kapitalom.
Undertakings receiving the initial risk finance investment more than 7 years after their first commercial sale
Zato je možno, da se dovolijo ukrepi, pri katerih se začetna naložba izvede več kot sedem let po prvi komercialni prodaji ciljnega podjetja.
The General Block Exemption Regulation covers SMEs which receive the initial investment under the risk finance measure before their first commercial sale on a market or within 7 years following their first commercial sale.
V takih primerih lahko Nadzorni organ zahteva, da ukrep jasno opredeljuje, katera podjetja so upravičena glede na dokaze iz predhodne ocene o obstoju specifičnega nedelovanja trga, ki vpliva na taka podjetja.
Only follow-on investments are covered by the block exemption beyond this 7-year period.
Podjetja, ki potrebujejo tvegano financiranje v skupnem obsegu, ki presega zgornjo mejo, določeno v uredbi o splošnih skupinskih izjemah
However, certain types of undertakings may be regarded as still being in their expansion/early growth stages if, even after this 7-year period, they have not yet sufficiently proven their potential to generate returns and/or do not have a sufficiently robust track record and collaterals.
V uredbi o splošnih skupinskih izjemah je določen najvišji skupni znesek tveganega financiranja na upravičeno podjetje, vključno z nadaljnjimi naložbami.
This may be the case in high-risk sectors, such as the biotech, cultural and creative industries, and more in general for innovative SMEs [24].
Vendar v nekaterih sektorjih, v katerih so stroški predhodnih raziskav ali stroški naložbe razmeroma visoki, na primer na področju bioloških znanosti, zelene tehnologije ali zelene energije, ta znesek morda ne zadostuje za vse potrebne naložbene kroge in vzdržno rast podjetja.
Moreover, undertakings that have sufficient internal equity to finance their initial activities may require external financing only at a later stage, for instance to increase their capacities from a small-scale to a larger-scale business.
Zato je pod nekaterimi pogoji upravičenim podjetjem morda upravičeno dovoliti višji znesek skupnih naložb.
This may require a higher amount of investment than they can meet from their own resources.
Ukrepi tveganega financiranja torej lahko zagotavljajo podporo, ki presega navedeni najvišji skupni znesek, če predvideni znesek financiranja odraža obseg in naravo likvidnostne vrzeli, opredeljene v predhodni oceni, glede na ciljne sektorje in/ali območja.
Therefore, it may be possible to allow measures whereby the initial investment is carried out more than 7 years after the first commercial sale of the target undertaking.
V takih primerih bo Nadzorni organ upošteval kapitalsko intenzivno naravo ciljnih sektorjev in/ali višje stroške naložb na nekaterih geografskih območjih.
In such circumstances, the Authority may require that the measure clearly defines the eligible undertakings, in the light of evidence provided in the ex ante assessment regarding the existence of a specific market failure affecting such undertakings.
Alternativne platforme za trgovanje, ki ne izpolnjujejo pogojev iz uredbe o splošnih skupinskih izjemah
Undertakings requiring a risk finance investment of an amount exceeding the cap fixed in the General Block Exemption Regulation
Nadzorni organ priznava, da so alternativne platforme za trgovanje pomemben del trga financiranja MSP, saj privabljajo nov kapital v MSP, hkrati pa olajšujejo izstop prejšnjih vlagateljev [25].
The General Block Exemption Regulation sets a maximum total amount of risk finance per eligible undertaking, including follow-on investments.
Uredba o splošnih skupinskih izjemah priznava njihov pomen, saj olajšuje njihovo delovanje bodisi z davčnimi spodbudami, namenjenimi fizičnim osebam, ki vlagajo v družbe, sprejete v kotacijo teh platform, bodisi tako, da upravljavcu platforme omogoča pomoč za novoustanovljeno platformo, če je upravljavec platforme malo podjetje, in sicer do določenih pragov.