natgillin/translations-raw huggingface dataset:
Exceptionally, a risk finance measure may be targeted at small mid-caps, in accordance with Section 3.3.1(a), or innovative mid-caps that carry out R & D and innovation projects in accordance with Section 3.3.1(b).
podjetjem v težavah, kot so opredeljena v Smernicah Nadzornega organa o državni pomoči za reševanje in prestrukturiranje podjetij v težavah [14], kakor so bile nazadnje spremenjene ali nadomeščene;
Companies listed on the official list of a stock exchange or a regulated market cannot be supported through risk finance aid, since the fact that they are listed demonstrates their ability to attract private financing.
vendar se v teh smernicah MSP, ki so na podlagi pregleda skrbnega poslovanja s strani izbranega finančnega posrednika upravičena do naložb tveganega financiranja, v obdobju sedmih let od njihove prve komercialne prodaje ne bodo štela za podjetja v težavah, razen če so v postopku zaradi insolventnosti ali v skladu z domačo zakonodajo izpolnjujejo merila za uvedbo kolektivnega postopka v primeru insolventnosti na zahtevo njihovih upnikov;
Risk finance aid measures in the total absence of private investors will not be declared compatible.
podjetjem, ki so prejela nezakonito državno pomoč, ki ni bila v celoti povrnjena.
In such cases, the EFTA State must consider alternative policy options which may be more appropriate to achieve the same objectives and results, such as regional investment aid or start-up aid provided for by the General Block Exemption Regulation.
Nadzorni organ teh smernic ne bo uporabljal za pomoč dejavnostim, povezanim z izvozom v tretje države ali države Efte, tj. pomoč, ki je neposredno vezana na izvožene količine, na vzpostavitev in delovanje distribucijskega omrežja ali na druge tekoče stroške, povezane z izvozno dejavnostjo, kot tudi za pomoč, pogojeno z dajanjem prednosti uporabi domačega blaga pred uporabo uvoženega blaga.
Risk finance aid measures where no appreciable risk is undertaken by the private investors, and/or where the benefits flow entirely to the private investors, will not be declared compatible.
Nadzorni organ teh smernic ne bo uporabljal za ukrepe, ki sami po sebi zaradi z njimi povezanih pogojev ali zaradi načina njihovega financiranja neizogibno povzročajo kršitev prava, ki se uporablja v EGP [15], zlasti:
Sharing the risks and rewards is a necessary condition to limit the financial exposure of, and to ensure a fair return to, the State.
ukrepe, pri katerih je pomoč pogojena z obveznostjo uporabe doma proizvedenega blaga ali storitev;
Without prejudice to risk finance aid in the form of replacement capital as defined by the General Block Exemption Regulation, risk finance aid may not be used to support buyouts.
ukrepe, ki kršijo člen 31 Sporazuma EGP v zvezi s pravico ustanavljanja, kadar je pomoč pogojena z obveznostjo za finančne posrednike, njihove upravljavce ali končne upravičence, da imajo ali preselijo svoj sedež na ozemlje zadevne države Efte.
Risk finance aid will not be considered compatible with the EEA Agreement if awarded to:
To ne vpliva na zahtevo, da morajo imeti finančni posredniki ali njihovi upravljavci potrebno dovoljenje za izvajanje naložb in dejavnosti upravljanja v zadevni državi Efte, ali na zahtevo, da morajo imeti končni upravičenci poslovno enoto in izvajati gospodarske dejavnosti na ciljnem ozemlju;
undertakings in difficulty, as defined by the Authority Guidelines on State aid for rescuing and restructuring firms in difficulty [14], as amended or replaced;
ukrepe, ki kršijo člen 40 Sporazuma EGP v zvezi s prostim pretokom kapitala.
however, for the purposes of the present Guidelines, SMEs within 7 years from their first commercial sale that qualify for risk finance investments following due diligence by the selected financial intermediary will not be considered as undertakings in difficulty, unless they are subject to insolvency proceedings or fulfil the criteria under their domestic law for being placed in collective insolvency proceedings at the request of their creditors;
Preskus gospodarskega subjekta
undertakings that have received illegal State aid which has not been fully recovered.
Ukrepi tveganega financiranja pogosto vključujejo kompleksne konstrukcije, ki ustvarjajo spodbude za eno skupino gospodarskih subjektov (vlagatelje), da zagotovijo tvegano financiranje za drugo skupino subjektov (upravičena podjetja).
The Authority will not apply these Guidelines to aid to export-related activities towards third countries or EFTA States, namely aid directly linked to the quantities exported, the establishment and operation of a distribution network or to other current costs linked to the export activity, as well as aid contingent upon the use of domestic over imported goods.
Glede na zasnovo ukrepa, tudi če nameravajo javni organi zagotoviti koristi le drugi skupini (upravičenim podjetjem), lahko državna pomoč koristi podjetjem iz ene oziroma druge skupine ali iz obeh skupin.
The Authority will not apply these Guidelines to measures which entail by themselves, by the conditions attached to them or by their financing method, a non-severable violation of the law in force in the EEA [15], in particular:
Poleg tega ukrepi tveganega financiranja vedno vključujejo enega ali več finančnih posrednikov, katerih status se lahko razlikuje od statusa vlagateljev in končnih upravičencev, v katere se vlaga.
measures where the aid is subject to the obligation to use nationally produced goods or national services;
V takih primerih je treba preveriti tudi, ali se lahko šteje, da državna pomoč koristi finančnemu posredniku.
measures which violate Article 31 of the EEA Agreement on the freedom of establishment, where the aid is subject to the obligation for financial intermediaries, their managers or final beneficiaries to have or move their headquarters in the territory of the EFTA State concerned:
Na splošno javno posredovanje ne pomeni nujno državne pomoči, ker je na primer v skladu s preskusom gospodarskega subjekta.
this is without prejudice to the requirement for financial intermediaries or their managers to have the necessary licence to carry out investment and management activities in the EFTA State concerned or for final beneficiaries to have an establishment and carry out economic activities in its territory;
V skladu z navedenim preskusom gospodarske transakcije, ki jih javni organi ali podjetja izvedejo pod normalnimi tržnimi pogoji ter ne dajejo prednosti zadevnemu podjetju, ne pomenijo državne pomoči.
measures which violate Article 40 of the EEA Agreement on the free movement of capital.
Ne glede na posebno pravico Sodišča Efte, da dokončno odloči o obstoju pomoči, so v tem oddelku določene dodatne smernice o uporabi preskusa gospodarskega subjekta na področju tveganega financiranja.
The market economy operator test
Pomoč vlagateljem
Risk finance measures often involve complex constructions creating incentives for one set of economic operators (investors) to provide risk finance to another set of operators (eligible undertakings).
Nadzorni organ bo na splošno štel, da je naložba v skladu s preskusom gospodarskega subjekta in zato ne pomeni državne pomoči, če se izvede enakovredno (pari passu) med javnimi in zasebnimi vlagatelji [16].
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, undertakings at either or both levels may benefit from State aid.
Naložba se šteje za enakovredno, kadar jo javni in zasebni vlagatelji izvedejo pod enakimi pogoji, kadar obe vrsti subjektov posredujeta istočasno in kadar je posredovanje zasebnega vlagatelja resnično gospodarsko pomembno.
Moreover, risk finance measures always involve one or more financial intermediaries which may have a status separate from that of the investors and the final beneficiaries in which investments are made.
Šteje se, da je bila transakcija izvedena pod enakimi pogoji, če si javni in zasebni vlagatelji delijo enaka tveganja in donose ter imajo v okviru istega razreda tveganja enako stopnjo podrejenosti.
In such cases it is also necessary to consider whether the financial intermediary can be considered to benefit from State aid.
Če je položaj javnega vlagatelja boljši od položaja zasebnega vlagatelja, ker na primer prejme donos pred zasebnimi vlagatelji, se lahko prav tako šteje, da je ukrep v skladu z običajnimi tržnimi pogoji, če zasebni vlagatelji pri tem nimajo nobene prednosti.
In general, a public intervention may be considered not to constitute State aid for instance because it meets the market economy operator test.
Na področju tveganega financiranja se bo štelo, da so bile transakcije javnih in zasebnih vlagateljev izvedene hkrati, če so zasebni in javni vlagatelji sovlagali v končne upravičence prek iste naložbene transakcije.
According to that test, economic transactions which are carried out by public bodies or undertakings in line with normal market conditions and do not give rise to an advantage to their counterpart do not constitute State aid.
Pri naložbah, izvedenih prek javno-zasebnih finančnih posrednikov, se šteje, da so bile naložbe javnih in zasebnih vlagateljev izvedene hkrati.
Without prejudice to the ultimate prerogative of the EFTA Court of Justice to rule on the existence of aid, this section provides additional guidance on the application of the market economy operator test in the area of risk finance.
Dodaten pogoj je, da mora biti financiranje, ki ga zagotavljajo zasebni vlagatelji, ki so neodvisni od družb, v katere vlagajo, gospodarsko pomembno [17] glede na skupni obseg naložbe.
Aid to investors
Nadzorni organ meni, da se lahko pri ukrepih tveganega financiranja 30 % neodvisnih zasebnih naložb šteje za gospodarsko pomembne.
In general, the Authority will consider an investment to be in line with the market economy operator test, and thus not to constitute State aid, if it is effected pari passu between public and private investors [16].
Če je naložba v skladu s preskusom gospodarskega subjekta, Nadzorni organ meni, da podjetja, v katera se vlaga, niso prejemniki državne pomoči, saj se šteje, da se naložbe, ki jih prejemajo, izvajajo pod tržnimi pogoji.
An investment is considered pari passu when it is made under the same terms and conditions by public and private investors, where both categories of operators intervene simultaneously and where the intervention of the private investor is of real economic significance.
Kadar ukrep omogoča zasebnim vlagateljem, da izvajajo naložbe v tvegano financiranje družbe ali skupine družb pod pogoji, ugodnejšimi od pogojev za javne vlagatelje, ki vlagajo v iste družbe, lahko to pomeni prednost za navedene zasebne vlagatelje (neenakovredne naložbe).
A transaction is presumed to be made under the same terms and conditions if public and private investors share the same risks and rewards and hold the same level of subordination in relation to the same risk class.
Taka prednost je lahko v različnih oblikah, kot so prednostni donosi (ugodne spodbude) ali manjša izpostavljenost izgubam v primerjavi z javnimi vlagatelji, kadar je uspešnost zadevne transakcije slabša od pričakovanj (zaščita pred izgubami).
If the public investor is in a better position than the private investor, for instance because it receives a priority return in time compared to the private investors, the measure may also be considered to be in line with normal market conditions, as long as the private investors do not receive any advantage.
Pomoč finančnemu posredniku in/ali njegovemu upravljavcu
In the area of risk finance, transactions by public and private investors will be considered to be made simultaneously if the private and public investors co-invest into the final beneficiaries via the same investment transaction.
Nadzorni organ na splošno meni, da je finančni posrednik le instrument za prenos pomoči vlagateljem in/ali podjetjem, v katera se vlaga, in ne neodvisni prejemnik pomoči, ne glede na to, ali je finančni posrednik pravna oseba ali le sveženj sredstev, s katerimi upravlja neodvisna družba za upravljanje.
In the case of investments through public-private financial intermediaries, investments by the public and private investors will be presumed to be made simultaneously.
Vendar ukrepi, ki vključujejo neposredne prenose v korist finančnega posrednika ali sovlaganje finančnega posrednika, lahko pomenijo pomoč, če se taki prenosi ali sovlaganje ne izvajajo pod pogoji, ki bi bili sprejemljivi za običajen gospodarski subjekt v tržnem gospodarstvu.
An additional condition is that the funding provided by private investors that are independent from the companies in which they invest, is economically significant [17] in the light of the overall volume of the investment.
Kadar ukrep tveganega financiranja upravlja pooblaščeni subjekt, ki ne sovlaga z državo Efte, se pooblaščeni subjekt šteje kot posrednik za prenos finančnih sredstev in ne kot prejemnik pomoči, razen če ni prejel previsokega nadomestila.
The Authority considers that, in the case of risk finance measures, 30 % independent private investment can be considered economically significant.
Če pa pooblaščeni subjekt zagotavlja financiranje ukrepa ali sovlaga z državo Efte podobno kot finančni posredniki, bo Nadzorni organ moral oceniti, ali pooblaščeni subjekt prejema državno pomoč.
Where the investment is in line with the market economy operator test, the Authority considers that the investee undertakings are not beneficiaries of State aid, because the investments they receive are considered to be made on market terms.
Kadar je upravljavec finančnega posrednika ali družba za upravljanje (v nadaljnjem besedilu: upravljavec) izbran z odprtim, preglednim, nediskriminatornim in objektivnim izbirnim postopkom ali če plačilo upravljavca v celoti odraža trenutno tržno raven v primerljivih razmerah, se bo štelo, da zadevni upravljavec ne prejema državne pomoči.
Where a measure allows private investors to carry out risk finance investments into a company or set of companies on terms more favourable than public investors investing in the same companies, then those private investors may receive an advantage (non pari passu investments).
Kadar sta finančni posrednik in njegov upravljavec javna subjekta, ki nista bila izbrana z odprtim, preglednim, nediskriminatornim in objektivnim izbirnim postopkom, se ne bosta štela za prejemnika pomoči, če je njuno nadomestilo za upravljanje omejeno ter njuno skupno plačilo odraža običajne tržne pogoje in je vezano na njuno uspešnost.
Such an advantage may take different forms, such as preferential returns (upside-incentive) or reduced exposure to losses in the event of underperformance of the underlying transaction compared to the public investors (downside protection).
Poleg tega je treba javne finančne posrednike upravljati tržno, zato so njihovi upravljavci pri odločitvah o naložbah pridobitno naravnani in imajo strogo poslovni odnos z državo.
Aid to a financial intermediary and/or its manager
Poleg tega morajo biti zasebni vlagatelji za vsako naložbo izbrani z odprtim, preglednim, nediskriminatornim in objektivnim izbirnim postopkom.
In general, the Authority considers that a financial intermediary is a vehicle for the transfer of aid to investors and/or enterprises in which the investment is made, rather than a beneficiary of aid in its own right, irrespective of whether the financial intermediary has legal personality or is merely a bundle of assets managed by an independent management company.
Vzpostavljeni morajo biti ustrezni mehanizmi, ki preprečujejo kakršno koli vmešavanje države v tekoče upravljanje javnega sklada.
However, measures involving direct transfers to, or co-investment by, a financial intermediary may constitute aid unless such transfers or co-investments are made on terms which would be acceptable to a normal economic operator in a market economy.
Kadar se naložba države prek finančnega posrednika izvede v obliki posojil ali jamstev, vključno s posrednimi osebnimi jamstvi, ter so izpolnjeni pogoji iz pravil Nadzornega organa o referenčnih obrestnih merah [18] ali državni pomoči, dodeljeni v obliki jamstev [19], se finančni posrednik ne bo štel za prejemnika državne pomoči.
Where the risk finance measure is managed by an entrusted entity, without that entity co-investing with the EFTA State, the entrusted entity is considered as a vehicle to channel the financing and not a beneficiary of aid, as long as it is not overcompensated.
Da lahko finančni posredniki povečajo svoja sredstva in njihovi upravljavci dosežejo večje prihodke prek provizij, se šteje le za drugoten gospodarski učinek ukrepa pomoči ter ne za pomoč finančnim posrednikom in/ali njihovim upravljavcem.
However, where the entrusted entity provides funding to the measure or co-invests with the EFTA State in a manner similar to financial intermediaries, the Authority will have to assess whether the entrusted entity receives State aid.
Če pa je ukrep tveganega financiranja oblikovan tako, da usmerja svoje drugotne učinke k posameznim finančnim posrednikom, ki so bili vnaprej opredeljeni, se bo štelo, da navedeni finančni posredniki prejemajo posredno pomoč.
Where the manager of the financial intermediary or the management company (hereafter referred to as ‘manager’) are chosen through an open, transparent, non-discriminatory and objective selection procedure or the manager's remuneration fully reflects the current market levels in comparable situations, it will be presumed that the manager does not receive State aid.
Pomoč podjetjem, v katera se vlaga
Where the financial intermediary and its manager are public entities and were not chosen through an open, transparent, non-discriminatory and objective selection procedure, they will not be considered recipients of aid if their management fee is capped and their overall remuneration reflects normal market conditions and is linked to performance.
Če je pomoč prisotna na ravni vlagateljev, finančnega posrednika ali njegovih upravljavcev, bo Nadzorni organ praviloma menil, da se je vsaj delno prenesla na ciljno podjetje.
In addition, the public financial intermediaries must be managed commercially and their managers shall take investment decisions in a profit-oriented manner at arm's-length from the State.
To velja tudi, kadar o naložbah odločajo upravljavci finančnega posrednika s povsem tržno logiko.
Furthermore, the private investors must be selected through an open, transparent, non-discriminatory and objective selection process, on a deal-by-deal basis.
Kadar naložbe v obliki posojila ali jamstva, ki so bile ciljnemu podjetju zagotovljene v okviru ukrepa tveganega financiranja, izpolnjujejo pogoje iz pravil Nadzornega organa o referenčnih obrestnih merah oziroma državni pomoči, dodeljeni v obliki jamstev, se to podjetje ne bo štelo za prejemnika državne pomoči.
Appropriate mechanisms must be in place to exclude any possible interference by the State in the day-to-day management of the public fund.
Pomoč za tvegano financiranje, ki jo je treba priglasiti
Where the investment by the State through the financial intermediary is in the form of loans or guarantees, including counter-guarantees, and the conditions set out in the Authority's rules on the reference rate [18] or State aid granted in the form of guarantees [19] are fulfilled, the financial intermediary will not be regarded as a recipient of State aid.
Države Efte morajo v skladu s členom 1(3) dela I Protokola 3 k Sporazumu o nadzornem organu in sodišču priglasiti ukrepe tveganega financiranja, ki pomenijo državno pomoč v smislu člena 61(1) Sporazuma EGP (zlasti če niso v skladu s preskusom gospodarskega subjekta), ne spadajo na področje uporabe uredbe de minimis in ne izpolnjujejo vseh pogojev za pomoč za tvegano financiranje, določenih v uredbi o splošnih skupinskih izjemah.
The fact that financial intermediaries may increase their assets and their managers may achieve a larger turnover through their commissions is considered to constitute only a secondary economic effect of the aid measure and not aid to the financial intermediaries and/or their managers.
Nadzorni organ bo ocenil združljivost navedenih ukrepov s Sporazumom EGP na podlagi člena 61(3)(c) navedenega sporazuma.
However, if the risk finance measure is designed in such a way as to channel its secondary effects towards individual financial intermediaries identified in advance, those financial intermediaries will be considered to receive indirect aid.
Te smernice se osredotočajo na tiste ukrepe tveganega financiranja, ki se bodo najverjetneje šteli za združljive s členom 61(3)(c) Sporazuma EGP, če bo izpolnjenih več pogojev, ki so podrobneje opisani v oddelku 3 teh smernic.
Aid to the undertakings in which the investment is made
Navedeni ukrepi se razvrščajo v naslednje tri kategorije.
Where aid is present at the level of the investors, the financial intermediary or its managers, the Authority will generally consider that it is at least partly passed on to the target undertaking.
Prva kategorija zajema ukrepe tveganega financiranja, namenjene podjetjem, ki ne izpolnjujejo vseh meril za upravičenost, določenih za pomoč za tvegano financiranje v uredbi o splošnih skupinskih izjemah.
This is the case even where investment decisions are being taken by the managers of the financial intermediary with a purely commercial logic.
Nadzorni organ bo zahteval, da država Efte izvede podrobno predhodno oceno teh ukrepov, saj ni več mogoče domnevati, da obstaja nedelovanje trga, ki vpliva na upravičena podjetja, ki spadajo na področje uporabe uredbe o splošnih skupinskih izjemah.
Where the loan or guarantee investments provided under a risk finance measure to the target undertakings fulfil the conditions set out in the Authority's rules on the reference rate or State aid granted in the form of guarantees, those undertakings will not be considered to be recipients of State aid.
Ta kategorija zajema zlasti ukrepe, namenjene naslednjim podjetjem:
Notifiable risk finance aid
manjša podjetja s srednjo tržno kapitalizacijo, ki presegajo prage, določene v opredelitvi MSP v uredbi o splošnih skupinskih izjemah [20];
EFTA States must notify pursuant to Article 1(3) of Part I of Protocol 3 to the Surveillance and Court Agreement risk finance measures which constitute State aid within the meaning of Article 61(1) of the EEA Agreement (in particular if they do not comply with the market economy operator test), fall outside the scope of the de minimis Regulation, and do not satisfy all the conditions for risk finance aid as laid down in the General Block Exemption Regulation.
inovativna podjetja s srednjo tržno kapitalizacijo, ki se ukvarjajo z raziskavami in razvojem ter inovacijskimi dejavnostmi;
The Authority will assess the compatibility of those measures with the EEA Agreement under Article 61(3)(c) of the said Agreement.
podjetja, ki prejmejo začetno naložbo v tvegano financiranje več kot sedem let po prvi komercialni prodaji;
These Guidelines focus on those risk finance measures which are most likely to be found compatible with Article 61(3)(c) of the EEA Agreement, subject to a number of conditions which will be explained in greater detail in Section 3 of these Guidelines.
podjetja, ki potrebujejo tvegano financiranje v skupnem obsegu, ki presega zgornjo mejo, določeno v uredbi o splošnih skupinskih izjemah;
Such measures fall into the following three categories.
alternativne platforme za trgovanje, ki ne izpolnjujejo pogojev iz uredbe o splošnih skupinskih izjemah.
The first category covers risk finance measures which target undertakings that do not fulfil all the eligibility requirements provided for risk finance aid under the General Block Exemption Regulation.
Druga kategorija zajema ukrepe, katerih parametri zasnove se razlikujejo od tistih iz uredbe o splošnih skupinskih izjemah, vendar so hkrati namenjeni istim upravičenim podjetjem, kot so opredeljena v njej.
For these measures, the Authority will require the EFTA State to conduct an in-depth ex ante assessment, since the market failure affecting the eligible undertakings covered by the General Block Exemption Regulation can no longer be presumed.
Pri navedenih ukrepih je treba obstoj nedelovanja trga dokazati le v obsegu, ki je potreben, da se upraviči uporaba parametrov nad mejami, določenimi v uredbi o splošnih skupinskih izjemah.