natgillin/translations-raw huggingface dataset:
However, in certain industries where the upfront research or investment costs are relatively high, for example in life sciences or green technology or energy, this amount may not be sufficient to achieve all the necessary investment rounds and set the company on a sustainable growth path.
Vendar upravljavci alternativnih platform za trgovanje ob ustanovitvi niso nujno mala podjetja.
It may therefore be justified, under certain conditions, to allow for a higher amount of overall investment to eligible undertakings.
Prav tako najvišji znesek dovoljene pomoči v obliki pomoči za novoustanovljena podjetja na podlagi uredbe o splošnih skupinskih izjemah morda ne zadostuje za ustanovitev platforme.
Hence, risk finance measures may provide support above such a maximum total amount, provided the envisaged amount of funding reflects the size and nature of the funding gap identified in the ex ante assessment with respect to the target sectors and/or territories.
Poleg tega bo za pritegnitev zadostnih sredstev za ustanovitev in razvoj novih platform morda treba zagotoviti davčne spodbude podjetjem, ki vlagajo v druga podjetja.
In such cases, the Authority will take into account the capital-intensive nature of the targeted sectors and/or the higher costs of investments in certain geographic areas.
Navsezadnje platforma v borzno kotacijo morda ne bo sprejemala le MSP, temveč tudi podjetja, ki presegajo prage iz opredelitve MSP.
Alternative trading platforms not fulfilling the conditions of the General Block Exemption Regulation
Zato je pod nekaterimi pogoji lahko upravičeno dovoliti davčne spodbude podjetjem, ki vlagajo v druga podjetja, podpirati upravljavce platform, ki niso mala podjetja, ali dovoliti naložbe za ustanovitev alternativnih platform za trgovanje, katerih znesek presega zgornje meje pomoči za novoustanovljene platforme na podlagi uredbe o splošnih skupinskih izjemah, ali dovoliti pomoč alternativnim platformam za trgovanje, kadar večino finančnih instrumentov, sprejetih v trgovanje, izdajo MSP.
The Authority recognises that alternative trading platforms are an important part of the SME financing market because they both attract fresh capital into SMEs and facilitate the exit of earlier investors [25].
To je v skladu s ciljem politike podpiranja dostopa MSP do finančnih sredstev prek nepretrgane verige financiranja.
The General Block Exemption Regulation recognises their importance by facilitating their activity either through fiscal incentives targeted at natural persons investing in companies listed on these platforms, or by allowing for start-up aid to the platform operator, subject to the condition that the platform operator qualifies as a small enterprise and up to certain thresholds.
V predhodni oceni mora biti zato dokazan obstoj specifičnega nedelovanja trga, ki vpliva na take platforme na upoštevnem geografskem trgu.
However, operators of alternative trading platforms may not necessarily be small enterprises when they are established.
Ukrepi s parametri zasnove, ki niso v skladu z uredbo o splošnih skupinskih izjemah
Equally, the maximum amount of aid permissible as start-up aid under the General Block Exemption Regulation may not be sufficient to support the establishment of the platform.
Finančni instrumenti, pri katerih je delež zasebnih vlagateljev nižji od deležev, določenih v uredbi o splošnih skupinskih izjemah
Moreover, in order to attract sufficient resources for the establishment and the roll-out of new platforms, it may be necessary to provide fiscal incentives to corporate investors.
Nedelovanje trga, ki vpliva na podjetja v določenih regijah ali državah Efte, je lahko večje zaradi razmeroma slabe razvitosti trga financiranja MSP na teh območjih v primerjavi z drugimi regijami v isti državi Efte ali drugimi državami Efte.
Finally, the platform may not only list SMEs, but also undertakings which exceed the thresholds in the definition of SME.
To lahko velja zlasti za države Efte brez dobro uveljavljene prisotnosti formalnih vlagateljev tveganega kapitala ali poslovnih angelov.
Therefore, it may be justified, under certain conditions, to allow fiscal incentives to corporate investors, to support platform operators that are not small enterprises, or to allow investments for the establishment of alternative trading platforms the amount of which exceeds the limits provided for start-up aid under the General Block Exemption Regulation, or to allow aid to alternative trading platforms where the majority of the financial instruments admitted to trading are issued by SMEs.
Zato lahko cilj spodbujanja razvoja učinkovitega trga financiranja MSP v teh regijah in premagovanja strukturnih ovir, ki lahko preprečujejo učinkovit dostop MSP do tveganega financiranja, upravičuje bolj naklonjen odnos Nadzornega organa do ukrepov, ki dovoljujejo manjši delež zasebnih vlagateljev od deležev, ki jih določa uredba o splošnih skupinskih izjemah.
This is in line with the policy objective of supporting access to finance for SMEs through a seamless funding chain.
Poleg tega lahko Nadzorni organ sprejme pozitivno stališče do ukrepov tveganega financiranja, pri katerih je delež zasebnih vlagateljev manjši kot določa uredba o splošnih skupinskih izjemah, zlasti če so izrecno namenjeni MSP pred njihovo prvo komercialno prodajo ali v fazi potrditve koncepta, tj. podjetjem, ki jih je prizadelo znatnejše nedelovanje trga, če zadevni del naložbenih tveganj dejansko nosijo sodelujoči zasebni vlagatelji.
Therefore, the ex ante assessment must demonstrate the existence of a specific market failure affecting such platforms in the relevant geographic market.
Finančni instrumenti, pri katerih parametri finančne zasnove presegajo zgornje meje, določene v uredbi o splošnih skupinskih izjemah
Measures with design parameters not complying with the General Block Exemption Regulation
Ugodnost iz uredbe o splošnih skupinskih izjemah je rezervirana za ukrepe, pri katerih je neenakovredna delitev izgube med javnimi in zasebnimi vlagatelji zasnovana tako, da je prva izguba, ki jo prevzame javni vlagatelj, omejena.
Financial instruments with private investors' participation below the ratios provided for in the General Block Exemption Regulation
Podobno uredba o skupinskih izjemah tudi za jamstva določa zgornje meje stopnje jamstev in skupnih izgub, ki jih prevzame javni vlagatelj.
The market failures affecting enterprises in particular regions or EFTA States may be more pronounced due to the relative underdevelopment of the SME finance market within such areas in comparison to other regions in the same EFTA State or other EFTA States.
Vendar lahko javno financiranje v nekaterih okoliščinah s prevzemanjem večjega tveganja pri financiranju omogoči, da zasebni vlagatelji ali posojilodajalci zagotovijo dodatno financiranje.
This may particularly be the case in EFTA States without a well-established presence of formal venture capital investors or business angels.
Pri ocenjevanju ukrepov, pri katerih parametri finančne zasnove presegajo zgornje meje iz uredbe o splošnih skupinskih izjemah, bo Nadzorni organ upošteval več dejavnikov, kakor so opredeljeni v oddelku 3.4.2 teh smernic.
Therefore, the objective of encouraging the development of an efficient SME finance market in these regions and overcoming the structural barriers which may prevent SMEs from having effective access to risk finance, may justify a more favourable stance of the Authority towards measures allowing for private investor participation below the ratios provided for in the General Block Exemption Regulation.
Finančni instrumenti, razen jamstev, pri katerih so vlagatelji, finančni posredniki in njihovi upravljavci izbrani tako, da ima zaščita pred izgubo prednost pred asimetrično udeležbo pri dobičku
Moreover, for risk finance measures with private investor participation below the ratios set out in the General Block Exemption Regulation, the Authority may take a positive stand, in particular if they specifically target SMEs before their first commercial sale or at the proof-of-concept stage, that is to say, undertakings affected by a more pronounced market failure provided that part of the risks of the investment are effectively borne by the participating private investors.
Na podlagi uredbe o splošnih skupinskih izjemah mora izbira finančnih posrednikov ter vlagateljev in upravljavcev skladov temeljiti na odprtem, preglednem in nediskriminatornem javnem razpisu, ki jasno opredeljuje cilje politike, ki naj bi bili doseženi z ukrepom, in vrsto finančnih parametrov, zasnovanih za doseganje teh ciljev.
Financial instruments with design parameters above the ceiling provided for in the General Block Exemption Regulation
To pomeni, da morajo biti finančni posredniki in njihovi upravljavci izbrani v postopku, skladnem z Direktivo 2004/18/ES [26] ali katero koli poznejšo zakonodajo, ki to direktivo nadomešča.
The benefit of the General Block Exemption Regulation is reserved for measures whereby non-pari passu loss sharing between public and private investors is so designed as to limit the first loss assumed by the public investor.
Če se ta direktiva ne uporablja, mora biti izbirni postopek tak, da zagotavlja čim večjo možno izbiro med strokovno usposobljenimi finančnimi posredniki ali upravljavci skladov.
Similarly, in the case of guarantees, the block exemption sets limits on the guarantee rate and the total losses assumed by the public investor.
Tak postopek mora zadevni državi Efte zlasti omogočati, da lahko primerja pogoje, ki so jih v pogajanjih dosegli finančni posredniki ali upravljavci skladov in potencialni zasebni vlagatelji, da bi zagotovili, da bo ukrep tveganega financiranja ob upoštevanju realistične naložbene strategije pritegnil zasebne vlagatelje z najmanjšo možno državno pomočjo ali najmanjšim možnim odstopanjem od enakovrednih pogojev.
However, in certain circumstances, by taking a riskier financing position, public funding may allow private investors or lenders to provide additional financing.
V skladu z uredbo o splošnih skupinskih izjemah morajo merila za izbiro upravljavcev, ki se uporabljajo, vključevati zahtevo, na podlagi katere ima pri instrumentih, ki niso jamstva, „udeležba pri dobičku prednost pred zaščito pred izgubami“, da se omeji nevarnost, da bi upravljavec pri izbiri podjetij, v katera se bo vlagalo, sprejemal preveč tvegane odločitve.
In assessing measures with financial design parameters exceeding the ceilings in the General Block Exemption Regulation, the Authority will take into account a number of factors as outlined in Section 3.4.2 of these Guidelines.
To naj bi zagotavljalo, da je treba ne glede na obliko finančnega instrumenta, predvidenega za ukrep, pri vsakršni prednostni obravnavi zasebnih vlagateljev ali posojilodajalcev upoštevati javni interes, tj. zagotoviti obnovljivo naravo vpisanega javnega kapitala in dolgoročno vzdržnost ukrepa.
Financial instruments other than guarantees where investors, financial intermediaries and their managers are selected by giving preference to down side protection over asymmetric profit-sharing
V določenih primerih pa bo morda treba dati prednost zaščiti pred izgubami, in sicer kadar je ukrep namenjen določenim sektorjem, v katerih obstaja visoka stopnja neplačil MSP.
In accordance with the General Block Exemption Regulation, the selection of financial intermediaries, as well as the investors or the fund managers, must be based on an open, transparent and non-discriminatory call setting out clearly the policy objectives pursued by the measure and the type of financial parameters designed to achieve such objectives.
To lahko velja za ukrepe, namenjene MSP pred njihovo prvo komercialno prodajo ali v fazi potrditve koncepta, sektorjem s pomembnimi tehnološkimi ovirami ali sektorjem, v katerih so podjetja močno odvisna od posameznih projektov, ki zahtevajo velike naložbe v zgodnji fazi in pomenijo veliko izpostavljenost tveganju, kot sta kultura in ustvarjalni sektor.
This means that the financial intermediaries or their managers have to be selected via a procedure compliant with Directive 2004/18/EC [26] or any subsequent legislation replacing this directive.
Dajanje prednosti mehanizmom zaščite pred izgubami je lahko upravičeno tudi za ukrepe, ki se izvajajo prek sklada skladov in so namenjeni privabljanju zasebnih vlagateljev na tej ravni.
If this directive is not applicable, the selection procedure must be such as to ensure the widest possible choice amongst qualified financial intermediaries or fund managers.
Davčne spodbude podjetjem, ki vlagajo v druga podjetja, vključno s finančnimi posredniki ali njihovimi upravljavci, ki delujejo kot sovlagatelji
In particular, such a procedure shall enable the EFTA State concerned to compare the terms and conditions negotiated between the financial intermediaries or the fund managers and potential private investors so as to ensure that the risk finance measure attract private investors with the minimum State aid possible, or the minimum divergence from pari passu conditions, in the light of a realistic investment strategy.
Medtem ko uredba o splošnih skupinskih izjemah ureja davčne spodbude, dodeljene neodvisnim zasebnim vlagateljem, ki so fizične osebe in neposredno ali posredno zagotavljajo tvegano financiranje upravičenim MSP, lahko države Efte menijo, da je ustrezno sprejeti ukrepe, pri katerih bodo uporabljene podobne spodbude za podjetja, ki vlagajo v druga podjetja.
According to the General Block Exemption Regulation, the applicable criteria for the selection of managers must include a requirement whereby, for instruments other than guarantees, ‘profit-sharing shall be given preference over downside protection’ in order to limit a bias towards excessive risk-taking by the manager selecting the undertakings in which the investment is made.
Razlika je v tem, da so podjetja, ki vlagajo v druga podjetja, podjetja v smislu člena 61 Sporazuma EGP.
This is meant to ensure that whatever the form of the financial instrument foreseen by the measure, any preferential treatment granted to private investors or lenders has to be weighed against the public interest which consists in ensuring the revolving nature of the public capital committed and the long-term financial sustainability of the measure.
Za tak ukrep morajo zato veljati posebne omejitve, ki zagotavljajo, da je pomoč na ravni podjetij, ki vlagajo v druga podjetja, sorazmerna in ima dejanski spodbujevalni učinek.
In certain cases, however, it may prove necessary to give preference to downside protection, namely when the measure targets certain sectors in which the default rate of SMEs is high.
Finančni posredniki in njihovi upravljavci lahko koristijo davčno spodbudo le, če delujejo kot sovlagatelji ali soposojilodajalci.
This may be the case for measures targeting SMEs before their first commercial sale or at the proof-of-concept stage, sectors faced with important technological barriers, or sectors where the companies have a high dependence on single projects requiring large upfront investment and entailing high risk-exposure, such as the cultural and creative industries.
Za storitve, ki jih opravljajo finančni posrednik ali njegovi upravljavci, ni mogoče odobriti davčnih spodbud za izvajanje ukrepa.
A preference for downside protection mechanisms may also be justified for measures operating via a fund of funds and aiming at attracting private investors at this level.
Ustreznost ukrepa pomoči
Fiscal incentives to corporate investors including financial intermediaries or their managers acting as co-investors
Ustreznost v primerjavi z drugimi instrumenti politike in drugimi instrumenti pomoči
While the General Block Exemption Regulation covers fiscal incentives granted to independent private investors who are natural persons providing risk finance directly or indirectly to eligible SMEs, EFTA States may find it appropriate to put in place measures applying similar incentives to corporate investors.
Za reševanje ugotovljenega nedelovanja trga in za prispevanje k doseganju ciljev politike, ki jih poskuša izpolniti ukrep, mora biti predlagani ukrep tveganega financiranja ustrezen instrument in hkrati čim manj izkrivljati konkurenco.
The difference lies in the fact that corporate investors are undertakings within the meaning of Article 61 of the EEA Agreement.
Izbira posamezne vrste ukrepa tveganega financiranja mora biti ustrezno utemeljena s predhodno oceno.
The measure must therefore be subject to specific restrictions in order to ensure that aid at the level of the corporate investors remains proportionate and has a real incentive effect.
Nadzorni organ bo najprej presodil, ali in v kakšnem obsegu se lahko ukrep tveganega financiranja šteje za ustrezen instrument v primerjavi z drugimi instrumenti politike, namenjenimi spodbujanju naložb tveganega financiranja v upravičena podjetja.
Financial intermediaries and their managers may benefit from a fiscal incentive only insofar as they act as co-investors or co-lenders.
Državna pomoč ni edini instrument politike, ki je državam Efte na voljo za lažje zagotavljanje tveganega financiranja upravičenim podjetjem.
No fiscal incentive can be granted in respect of the services rendered by the financial intermediary or its managers for the implementation of the measure.
Uporabijo lahko druga dopolnilna orodja politike na področju ponudbe in povpraševanja, kot so regulativni ukrepi za lažje delovanje finančnih trgov, ukrepi za izboljšanje poslovnega okolja, svetovalne storitve za pripravljenost za naložbe ali javne naložbe v skladu s preskusom gospodarskega subjekta.
Appropriateness of the aid measure
V predhodni oceni morajo biti proučeni sedanji in, če je mogoče, predvideni ukrepi nacionalne politike in politike EGP, namenjeni istemu ugotovljenemu nedelovanju trga, pri čemer se upoštevata učinkovitost in uspešnost drugih orodij politike.
Appropriateness compared to other policy instruments and other aid instruments
Ugotovitve predhodne ocene morajo dokazati, da ugotovljenega nedelovanja trga ni mogoče ustrezno reševati z drugimi orodji politike, ki ne pomenijo državne pomoči.
In order to address the identified market failures and to contribute to the achievement of the policy objectives pursued by the measure, the proposed risk finance measure must be an appropriate instrument, while at the same time being the least distortive to competition.
Poleg tega mora biti predlagani ukrep tveganega financiranja v skladu s splošno politiko zadevne države Efte glede dostopa MSP do financiranja in mora dopolnjevati druge instrumente politike, namenjene istim potrebam trga.
The choice of the specific form of the risk finance measure must be duly justified by the ex ante assessment.
Nadzorni organ bo presodil tudi, ali je predlagani ukrep ustreznejši od alternativnih instrumentov državne pomoči, namenjenih istemu nedelovanju trga.
As a first step, the Authority will consider whether and to what extent the risk finance measure can be considered as an appropriate instrument compared to other policy instruments aimed at encouraging risk finance investments into the eligible undertakings.
V zvezi s tem obstaja splošna predpostavka, da so finančni instrumenti manj izkrivljajoči kot neposredna nepovratna sredstva in se zato štejejo za ustreznejši instrument.
State aid is not the only policy instrument available to EFTA States to facilitate the provision of risk finance to eligible undertakings.
Vendar se lahko državna pomoč za zagotavljanje tveganega financiranja dodeli v različnih oblikah, na primer v obliki selektivnih davčnih instrumentov ali podrejenih komercialnih finančnih instrumentov, vključno z vrsto lastniških, dolžniških ali jamstvenih instrumentov z drugačnimi lastnostmi glede tveganja in donosa, različnimi načini donosa in strukturami financiranja, katerih ustreznost je odvisna od vrste ciljnega podjetja in likvidnostne vrzeli.
They can use other complementary policy tools both on the supply and demand side, such as regulatory measures to facilitate the functioning of financial markets, measures to improve the business environment, advisory services for investment-readiness or public investments in line with the market economy operator test.
Zato bo Nadzorni organ ocenil, ali zasnova ukrepa zagotavlja učinkovito strukturo financiranja, pri čemer bo upošteval naložbeno strategijo sklada, da se zagotovi trajnostno izvajanje operacij.
The ex ante assessment must analyse the existing and, if possible, the envisaged national and EEA policy actions targeting the same identified market failures, taking into account the effectiveness and efficiency of other policy tools.
V zvezi s tem bo Nadzorni organ pozitivno obravnaval ukrepe, ki vključujejo dovolj obsežna sredstva v smislu velikosti portfelja, geografske pokritosti, zlasti če se izvajajo v več državah Efte, in diverzifikacije portfelja, saj so taki skladi v primerjavi z manjšimi lahko učinkovitejši in zato zanimivejši za zasebne vlagatelje.
The findings of the ex ante assessment must demonstrate that the identified market failures cannot be adequately addressed by other policy tools that do not entail State aid.
Nekatere strukture sklada skladov lahko izpolnjujejo te pogoje, če se celotni stroški upravljanja, ki izhajajo iz različnih ravni posredništva, izravnajo z veliko večjo učinkovitostjo.
Moreover, the proposed risk finance measure must be consistent with the overall policy of the EFTA State concerned regarding SME access to finance and be complementary to other policy instruments addressing the same market needs.
Pogoji za finančne instrumente
As a second step, the Authority will consider whether the proposed measure is more appropriate than alternative State aid instruments addressing the same market failure.
Za finančne instrumente, ki ne spadajo na področje uporabe uredbe o splošnih skupinskih izjemah, bo Nadzorni organ proučil elemente, določene v odstavkih od 95 do 119.
In this respect, there is a general presumption that financial instruments are less distortive than direct grants and therefore constitute a more appropriate instrument.
Prvič, ukrep mora zbirati dodatna finančna sredstva od udeležencev na trgu.
However, State aid to facilitate the provision of risk finance can be granted in various forms, such as selective fiscal instruments or sub-commercial financial instruments, including a range of equity, debt or guarantees instruments with different risk-return characteristics, as well as various delivery modes and funding structures, the appropriateness of which depends on the nature of the targeted undertakings and the funding gap.
Najmanjši deleži zasebnih naložb, ki so manjši od tistih, določenih v uredbi o splošnih skupinskih izjemah, so lahko upravičeni le ob občutnejšem nedelovanju trga, ki je bilo ugotovljeno v predhodni oceni.
Therefore, the Authority will assess whether the design of the measure provides for an efficient funding structure, taking into account the investment strategy of the fund, so as to ensure sustainable operations.
V zvezi s tem mora biti v predhodni oceni razumno ocenjena raven zasebnih naložb, za katere se pričakuje, da bodo potrebne glede na nedelovanje trga, ki vpliva na nabor upravičenih podjetij, ki jim je ukrep namenjen, tj. ocenjeni potencial za pridobivanje dodatnih zasebnih naložb na podlagi portfelja ali posameznega trgovanja.
In this respect, the Authority will look positively at measures which involve sufficiently large funds in terms of portfolio size, geographic coverage, in particular if they operate across several EFTA States, and diversification of the portfolio, as such funds may be more efficient and therefore more attractive for private investors, compared to smaller funds.
Poleg tega je treba dokazati, da ukrep spodbuja dodatno zasebno financiranje, ki drugače ne bi bilo zagotovljeno ali bi bilo zagotovljeno v drugačni obliki ali znesku ali pod drugačnimi pogoji.
Certain fund of funds structures may meet these conditions provided that the overall management costs resulting from the different levels of intermediation are offset by substantial efficiency gains.
Pri tveganem financiranju, namenjenem izrecno MSP pred njihovo prvo komercialno prodajo, lahko Nadzorni organ sprejme raven deleža zasebnih naložb, ki je nižja od zahtevane.