natgillin/translations-raw huggingface dataset:
EFTA States may resubmit the same evidence several times provided that the underlying market conditions have not changed.
Če se zadevni tržni pogoji niso spremenili, lahko države Efte enake dokaze predložijo večkrat.
The Authority reserves the right to question the validity of the submitted evidence.
Nadzorni organ si pridržuje pravico, da dvomi o veljavnosti predloženih dokazov.
An important element in the balancing test is whether and to what extent State aid in the field of risk capital can be considered as an appropriate instrument to encourage private risk capital investment.
Pomemben element pri preskusu izravnave je dejstvo, če in koliko se lahko državna pomoč na področju rizičnega kapitala obravnava kot ustrezen instrument zasebne naložbe rizičnega kapitala.
This assessment is closely related to the assessment of the incentive effect and the necessity of aid, as set out in section 10B.5.2.3.
Ta presoja je tesno povezana s presojo spodbujevalnega učinka in potrebe po pomoči, kakor je pojasnjeno v oddelku 10B.5.2.3.
In its detailed assessment, the Authority will take particular account of any impact assessment of the proposed measure which the EFTA State has made.
Nadzorni organ bo pri podrobni presoji posebej upošteval vsako presojo vplivov predlaganega ukrepa, ki jo je naredila država Efte.
Where the EFTA State has considered other policy options and the advantages of using a selective instrument such as State aid have been established and submitted to the Authority, the measures concerned are considered to constitute an appropriate instrument.
Če je država Efte predvidela druge politične možnosti ter so bile prednosti uporabe selektivnega instrumenta, kot so državne pomoči, predložene Nadzornemu organu, se zadevni ukrepi štejejo za ustrezen instrument.
The Authority will also assess evidence of other measures taken or to be taken to address the “equity gap” notably ex post evaluations and both supply and demand side issues affecting the targeted SMEs, to see how they would interact with the proposed risk capital measure.
Nadzorni organ bo tudi opravil presojo dokazov o drugih ukrepih, ki so bili ali bodo sprejeti, da se bo zapolnila ‚vrzel lastniškega kapitala‘ ter zlasti naknadna preverjanja in zadeve na strani ponudbe in povpraševanja, ki vplivajo na ciljna MSP, da bo videl, kakšno bo vzajemno delovanje na predlagane ukrepe v zvezi z rizičnim kapitalom.
The incentive effect of the risk capital aid measures plays a crucial role in the compatibility assessment.
Spodbujevalni učinek ukrepov pomoči v zvezi z rizičnim kapitalom ima bistveno vlogo pri presoji združljivosti.
The Authority believes that the incentive effect is present for measures meeting all the conditions in section 10B.4.
Nadzorni organ meni, da je spodbujevalni učinek prisoten pri ukrepih, ki izpolnjujejo vse pogoje, navedene v oddelku 10B.4.
However, as for the measures covered in this section the presence of the incentive effect becomes less obvious.
Vendar pa postaja za ukrepe, vključene v ta oddelek, prisotnost spodbujevalnega učinka manj očitna.
Therefore, the Authority will also take into account the following additional criteria showing the profit-driven character of investment decisions and the commercial management of the measure, where relevant.
Zato bo Nadzorni organ po potrebi prav tako upošteval naslednja dodatna merila, ki kažejo dobičkonosen značaj odločitev o naložbah in poslovno upravljanje ukrepov.
In addition to the conditions laid down in section 10B.4.3.6 the Authority will consider it positively that the risk capital measure or fund is managed by professionals from the private sector or by independent professionals chosen according to a transparent, non-discriminatory procedure, preferably an open tender, with proven experience and a track record in capital market investments ideally in the same sector(s) targeted by the fund, as well as an understanding of the relevant legal and accounting background for the investment.
Poleg pogojev iz oddelka 10B.4.3.6 bo Nadzorni organ kot pozitivno obravnaval dejstvo, da strokovnjaki iz zasebnega sektorja ali neodvisni strokovnjaki, izbrani na podlagi preglednega in nediskriminatornega postopka, po možnosti javnega razpisa, ter z dokazanimi izkušnjami in doseženimi rezultati na trgu kapitalskih naložb, najbolje v istem(-ih) sektorju(-ih), v katere so usmerjena sredstva, ter s poznavanjem ustrezne pravne in računovodske podlage za naložbo upravljajo ukrepe v zvezi z rizičnim kapitalom ali sredstva.
Presence of an investment committee
Prisotnost odbora za naložbe
A further positive element would be the existence of an investment committee, independent of the fund management company and composed of independent experts coming from the private sector with significant experience in the targeted sector, and preferably also of representatives of investors, or independent experts chosen according to a transparent, non-discriminatory procedure, preferably an open tender.
Drug pozitiven element bi bil obstoj odbora za naložbe, ki bi bil neodvisen od družbe za upravljanje sredstev in bi ga sestavljali neodvisni strokovnjaki iz zasebnega sektorja z bogatimi izkušnjami v ciljnem sektorju in po možnosti tudi predstavniki investitorjev ali neodvisnih strokovnjakov, izbranih na podlagi preglednega, nediskriminatornega postopka, po možnosti javnega razpisa.
These experts would provide the managers or management company with analyses of the existing and the expected future market situation and would scrutinise and propose to them potential target enterprises with good investment prospects.
Ti strokovnjaki bi upravljavcem ali družbam za upravljanje zagotavljali analize o obstoječih in predvidenih prihodnjih razmerah na trgu ter nadzorovali in jim predlagali potencialna ciljna podjetja z dobrimi možnostmi za vlaganje.
Size of the measure/fund
Obseg ukrepa/sredstev
The Authority will consider it positively where a risk capital measure has a budget for investments into target SMEs of a sufficient size to take advantage of economies of scale in administering a fund and the possibility of diversifying risk via a pool of a sufficient number of investments.
Nadzorni organ bo kot pozitivno obravnaval dejstvo, da se, kadar je pri ukrepih v zvezi z rizičnim kapitalom proračun za vlaganja v ciljna MSP dovolj velik, pri upravljanju sredstev izkoristi ekonomija obsega ter možnost za razvejanje tveganja z izborom zadostnega števila naložb.
The size of the fund should be such as to ensure the possibility of absorbing the transaction costs and/or financing the later more profitable financing stages of target companies.
Obseg sredstev mora biti tak, da zagotovi možnost absorpcije visokih stroškov transakcije in/ali financiranja poznejše, donosnejše stopnje financiranja ciljnih podjetij.
Larger funds will be considered positively also taking into account the sector targeted, and provided the risks of crowding-out private investment and distorting competition are minimised.
Večji obseg sredstev se bo pozitivno obravnaval tudi ob upoštevanju ciljnega sektorja ter če so tveganja izrivanja zasebnih naložb in izkrivljanja konkurence čim manjša.
Presence of business angels
Prisotnost poslovnih angelov
For measures targeting seed capital, in view of the more pronounced level of market failure that can be perceived in this phase, the Authority will consider positively the direct or indirect involvement of business angels in investments in the seed stage.
Za ukrepe, usmerjene v semenski kapital, glede na bolj poudarjene stopnje tržne nepopolnosti, ki se lahko opazijo v tej fazi, bo Nadzorni organ ugodno upošteval neposredno ali posredno udeležbo poslovnih angelov pri naložbah na stopnji zbiranja sredstev.
In such circumstances, it is therefore prepared to consider declaring measures compatible with the functioning of the EEA Agreement even if they foresee a predominance of debt instruments, including a higher degree of subordination of the State funds and a right of first profit for business angels or higher remuneration for their provision of capital and active involvement in the management of the measure/fund and/or of the target enterprises.
V takih razmerah je zato pripravljen preučiti razglasitev ukrepov, ki so združljivi z delovanjem Sporazuma o EGP, tudi če predvidevajo prevladovanje dolžniških instrumentov, vključno z višjo stopnjo podrejenosti državnih sredstev in pravico do prvega dobička za poslovne angele, večje povračilo za njihovo zagotavljanje kapitala in dejavno udeležbo pri upravljanju ukrepov/sredstev in/ali ciljnih podjetij.
Compatibility requires that the aid amount is limited to the minimum necessary.
Za združljivost je treba znesek pomoči omejiti na najmanjši možni znesek.
The way to achieve this aspect of proportionality will necessarily depend on the form of the measure in question.
Način, na katerega se lahko doseže ta vidik sorazmernosti, bo neizogibno odvisen od oblike zadevnega ukrepa.
However in the absence of any mechanism to check that investors are not overcompensated, or a measure where the risk of losses is borne entirely by the public sector and/or where the benefits flow entirely to the other investors, the measure will not be considered proportionate.
Vendar se ob odsotnosti mehanizmov za preverjanje, ali investitorji prejemajo prekomerno nadomestilo, oziroma ukrepov, pri katerih javni sektor v celoti krije tveganje izgub in/ali pri katerem imajo koristi drugi investitorji, ukrep ne bo obravnaval kot sorazmeren.
The Authority will consider that the following elements positively influence the assessment of proportionality as they represent a best-practice approach:
Nadzorni organ bo upošteval, da naslednji elementi pozitivno vplivajo na presojo sorazmernosti, saj pomenijo pristop najboljše prakse:
Open tender for managers.
Javni razpis za upravljavce.
A transparent, non-discriminatory open tender for the choice of the managers or management company ensuring the best combination of quality and value for money will be considered positively, as it will limit the cost (and possibly aid) level at the minimum necessary and will also minimise distortion of competition.
Pregleden, nediskriminatoren javni razpis za izbor upravljavcev ali družbe za upravljanje, ki zagotavlja najboljše razmerje med kakovostjo in ceno, bo pozitivno obravnavan, saj bo omejil raven stroškov (in po možnosti pomoči) na najmanjši možni znesek in bo prav tako čim bolj zmanjšal izkrivljanje konkurence.
Call for tender or public invitation to investors.
Javni razpis ali poziv za javno zbiranje investitorjev.
A call for tender for the establishment of any “preferential terms” given to investors, or the availability of any such terms to other investors.
Javni razpis za določitev kakršnih koli ‚ugodnejših pogojev‘ za investitorje ali za ponudbo takih pogojev drugim investitorjem.
This availability might take the form of a public invitation to investors at the launch of an investment fund or investment vehicle, or might take the form of a scheme (such as a guarantee scheme) which remained open to new entrants over an extended period.
Ta ponudba ima lahko obliko poziva za javno zbiranje investitorjev ob ustanovitvi investicijskega sklada ali nosilca naložbe, ali pa obliko sheme (kot je na primer jamstvena shema), ki ostane odprta za nove člane za daljše obdobje.
NEGATIVE EFFECTS OF THE AID
NEGATIVNI UČINKI POMOČI
The Authority will balance the potential negative effects in terms of distortion of competition and risk of crowding-out private investment against the positive effects when assessing the compatibility of risk capital measures.
Nadzorni organ bo morebitne negativne učinke v smislu izkrivljanja konkurence in tveganja izrivanja zasebnih naložb izravnal s pozitivnimi učinki pri presoji združljivosti ukrepov v zvezi z rizičnim kapitalom.
These potentially negative effects will have to be analysed at each of the three levels where aid may be present.
Te morebitno negativne učinke bo treba analizirati na vsaki od treh ravni, na katerih je lahko prisotna pomoč.
Aid to investors, to investment vehicles and to investment funds may negatively affect competition in the market for the provision of risk capital.
Pomoč investitorjem, nosilcem naložbe in investicijskim skladom lahko negativno vpliva na konkurenco na trgu za zagotavljanje rizičnega kapitala.
Aid to target enterprises may negatively affect the product markets on which these enterprises compete.
Pomoč ciljnim podjetjem lahko negativno vpliva na proizvodne trge, na katerih ta podjetja tekmujejo.
Crowding-out
Izrivanje
At the level of the market for the provision of risk capital, State aid may result in crowding out private investment.
Na ravni trga za zagotavljanje rizičnega kapitala lahko državne pomoči povzročijo izrivanje zasebnih naložb.
This might reduce the incentives of private investors to provide funding for target SMEs and encourage them to wait until the State provides aid for such investments.
To lahko zmanjša spodbude zasebnih investitorjev pri zagotavljanju sredstev za ciljna MSP in jih tako spodbuja, da počakajo, dokler država ne zagotovi pomoči za take naložbe.
This risk becomes more relevant, the higher the amount of an investment tranche invested into an enterprise, the larger the size of an enterprise, and the later the business stage, as private risk capital becomes progressively available in these circumstances.
To tveganje postane pomembnejše v sorazmerju s povečanjem zneska tranš razpoložljivega kapitala, vloženega v podjetje, z večjim obsegom podjetja in s poznejšimi stopnjami poslovanja, saj je zasebni rizični kapital v teh okoliščinah postopoma vedno bolj razpoložljiv.
Therefore, the Authority will require specific evidence regarding the risk of crowding-out for measures providing for larger investment tranches in target SMEs, for follow-on investments or for financing of the expansion stage in medium-sized enterprises in non-assisted areas or for measures with low participation by private investors or measures involving specifically an investment vehicle.
Zato bo Nadzorni organ zahteval posebne dokaze o tveganju izrivanja za ukrepe, ki predvidevajo večje tranše razpoložljivega kapitala v ciljnih MSP, nadaljnje naložbe, financiranje faze širitve srednje velikih podjetjih na območjih, ki ne prejemajo pomoči, oziroma ukrepe z nizko udeležbo zasebnih investitorjev ali ukrepe, ki posebej predvidevajo nosilce naložbe.
In addition, EFTA States will have to provide evidence to show that there is no risk of crowding-out, specifically concerning the targeted segment, sector and/or industry structure.
Poleg tega bodo morale države Efte predložiti dokaze, s katerimi bodo pokazale, da tveganje izrivanja ne obstaja, zlasti za ciljni segment, ciljni sektor in/ali industrijsko strukturo.
the number of venture capital firms/funds/investment vehicles present at national level or in the area in case of a regional fund and the segments in which they are active;
število podjetij s tveganim kapitalom/skladov/nosilcev naložbe, ki obstajajo na nacionalni ravni ali na območju v primeru regionalnega sklada, in segmenti, v katerih so dejavna;
the targeted enterprises in terms of size of companies, growth stage, and business sector;
ciljna podjetja v smislu velikosti podjetij, stopnje rasti in poslovnega sektorja;
the average deal size and possibly the minimum deal size the funds or investors would scrutinise;
povprečni obseg posla in po možnosti najmanjši obseg posla, ki bi ga skladi ali investitorji nadzorovali;
the total amount of venture capital available for the target enterprises, sector and stage targeted by the relevant measure.
skupni znesek tveganega kapitala, ki je na voljo za ciljna podjetja, sektorje in stopnje, na katerega je usmerjen zadevni ukrep.
As most target SMEs are recently established, at the level of the market where they are present, it is unlikely that these SMEs will have significant market power and thus that there will be a significant distortion of competition in this respect.
Ker je večina ciljnih MSP ustanovljena pred kratkim, je malo verjetno, da bodo imela ta MSP na ravni trga, kjer so prisotna, pomembno tržno moč in da bo tako prihajalo do pomembnega izkrivljanja konkurence v tem pogledu.
However, it can not be excluded that risk capital measures might have the effect of keeping inefficient firms or sectors afloat, which would otherwise disappear.
Vendar ni možno izključiti dejstva, da bodo imeli ukrepi v zvezi z rizičnim kapitalom lahko učinek, zaradi katerega bodo neučinkovita podjetja in sektorji, ki bi drugače izginili, ostajali na površju.
Furthermore, an over-supply of risk capital funding to inefficient enterprises may artificially increase their valuation and thus distort the risk capital market at the level of fund providers, which would have to pay higher prices to buy these enterprises.
Poleg tega lahko prekomerna ponudba sredstev rizičnega kapitala neučinkovitim podjetjem umetno poveča njihovo vrednost in tako izkrivlja trg rizičnega kapitala na ravni ponudnikov sredstev, ki bodo morali plačati višje cene za nakup teh podjetij.
Sector specific aid may also maintain production in non-competitive sectors, whereas region-specific aid may build up an inefficient allocation of production factors between regions.
Pomoč za določen sektor lahko tudi ohranja proizvodnjo v nekonkurenčnih sektorjih, medtem ko lahko pomoč za določeno regijo razvije neučinkovito dodelitev dejavnikov proizvodnje med regijami.
In its analysis of these risks, the Authority will examine, in particular, the following factors:
Nadzorni organ bo pri ugotavljanju teh tveganj preučil predvsem naslednje dejavnike:
overall profitability of the firms invested in over time and prospects of future profitability;
splošno donosnost podjetij, v katera se sčasoma vlaga, in možnosti prihodnje donosnosti;
rate of enterprise failure targeted by the measure;
stopnjo neuspešnosti podjetij, ki so predmet ukrepa;
maximum size of investment tranche envisaged by the measure as compared to the turnover and costs of the target SMEs;
največji obseg tranš razpoložljivega kapitala, predvidenih z ukrepom, v primerjavi s prihodki in stroški ciljnih MSP;
over-capacity of the sector benefiting from the aid.
presežno zmogljivost sektorja, ki je upravičen do pomoči.
BALANCING AND DECISION
IZRAVNAVA IN ODLOČITEV
In the light of the above positive and negative elements, the Authority will balance the effects of the risk capital measure and determine whether the resulting distortions adversely affect trading conditions to an extent contrary to the common interest.
Ob upoštevanju zgoraj navedenih pozitivnih in negativnih elementov bo Nadzorni organ izravnal učinke ukrepov v zvezi s tveganim kapitalom in določil, ali posledična izkrivljanja negativno vplivajo na pogoje trgovanja do mere, ki je v nasprotju s skupnim interesom.
The analysis in each particular case will be based on an overall assessment of the foreseeable positive and negative impact of the State aid.
Analiza vsakega posameznega primera bo temeljila na celoviti presoji predvidljivega pozitivnega in negativnega vpliva državne pomoči.
For that purpose the Authority will not use the criteria set out in these guidelines mechanically but will make an overall assessment of their relative importance.
Nadzorni organ zato ne bo samodejno uporabil meril, določenih v teh smernicah, ampak bo opravil celovito presojo njihovega relativnega pomena.
The Authority may raise no objections to the notified aid measure without entering into the formal investigation procedure or, following the formal investigation procedure laid down in Article 6 in Part II of Protocol 3 to the Surveillance and Court Agreement, it may close the procedure with a decision pursuant to Article 7 in Part II of Protocol 3.
Nadzorni organ se lahko vzdrži nasprotovanja priglašenemu ukrepu pomoči, ne da bi sprožil formalni postopek preiskave, ali pa lahko na podlagi formalnega postopka preiskave, določenega v členu 6 dela II Protokola 3 k Sporazumu o nadzornem organu in sodišču, zaključi postopek z odločbo v skladu s členom 7 dela II Protokola 3.
If it adopts a conditional decision pursuant to Article 7(4) in Part II of Protocol 3 closing a formal investigation procedure, it may in particular attach the following conditions to limit the potential distortion of competition and ensure proportionality:
Če sprejme pogojno odločbo v skladu s členom 7(4) dela II Protokola 3 za zaključek formalnega postopka preiskave, lahko Nadzorni organ, da omeji morebitno izkrivljanje konkurence in zagotovi sorazmernost, oblikuje predvsem naslednje pogoje:
if higher thresholds of investment tranches per target enterprise are foreseen, it may lower the maximum amount proposed per investment tranche or set an overall maximum amount of finance per target enterprise;
če so predvideni višji pragovi tranš razpoložljivega kapitala za ciljno podjetje, lahko zniža najvišji predlagani znesek na tranšo razpoložljivega kapitala ali določi najvišji skupni znesek sredstev na ciljno podjetje;
if investments in the expansion stage in medium-sized enterprises in non-assisted areas are foreseen, it may limit investments predominantly to the seed and start-up stage and/or limit the investments to one or two rounds and/or limit the tranches to a maximum threshold per target enterprise;
če so predvidene naložbe pri fazi širitve v srednje velika podjetja na območjih, ki ne prejemajo pomoči, lahko omeji naložbe predvsem na stopnjo zbiranja sredstev ali zagona in/ali omeji naložbe na enega ali dva kroga in/ali omeji tranše na najvišji prag za vsako ciljno podjetje;
if follow-on investment is foreseen, it may set specific limits to the maximum amount to be invested into each target enterprise, to the investment stage eligible for intervention, and/or to the period during which aid may be granted, having also regard to the sector concerned and to the size of the fund;
če je predvidena nadaljnja naložba, lahko določi posebne mejne vrednosti za najvišji znesek, ki se vloži v vsako ciljno podjetje, za stopnjo naložbe, upravičeno do intervencije, in/ali za obdobje, v katerem je lahko pomoč zagotovljena, tudi ob upoštevanju zadevnega sektorja in obsega sredstev;
if a lower participation of private investors is foreseen, it may require a progressive increase of the participation of private investors over the life of the fund, having particular regard to the business stage, the sector, the respective levels of profit-sharing and subordination, and possibly the localisation in assisted areas of the target enterprises;
če je predvidena manjša udeležba zasebnih investitorjev, lahko zahteva postopno povečanje udeležbe zasebnih investitorjev med obstojem sklada, predvsem ob upoštevanju poslovne stopnje, sektorja, ustreznih ravni soudeležbe pri dobičku in podrejenosti ter po možnosti lokalizacije ciljnih podjetij na območjih, ki prejemajo pomoč;
for measures providing seed capital only, it may require EFTA States to ensure that the State receives an adequate return on its investment commensurate with the risks incurred for these investments, in particular where the State finances the investment in the form of quasi-equity or debt instruments, the return on which should, for instance, be linked to potential rights of exploitation (for example, royalties) generated by intellectual property rights created as a result of the investment;
za ukrepe, ki predvidevajo le semenski kapital, lahko zahteva, da države Efte zagotovijo, da država dobi ustrezno povrnitev svoje naložbe sorazmerno s tveganji, nastalimi pri teh naložbah, zlasti kadar financira naložbo v obliki dolžniških instrumentov ali instrumentov navideznega kapitala, katerih donos bi moral biti na primer povezan z morebitnimi pravicami izkoriščanja (npr. avtorskimi honorarji), ki jih ustvarijo pravice intelektualne lastnine kot posledico naložbe;
require a different balancing between respective profit- and loss-sharing arrangements and level of subordination between the State and private investors;
zahteva drugačno usklajevanje med določbami soudeležbe pri dobičku oziroma izgubi ter stopnjo podrejenosti med državo in zasebnimi investitorji;