natgillin/translations-raw huggingface dataset:
Conditions for financial instruments
Namesto tveganja lahko Nadzorni organ za taka ciljna podjetja za naložbe sprejme dejstvo, da delež zasebnih naložb ni neodvisne narave, tj. da ga na primer zagotavlja lastnik upravičenega podjetja.
For financial instruments falling outside the scope of the General Block Exemption Regulation, the Authority will consider the elements set out in paragraphs 95 to 119.
V ustrezno utemeljenih primerih lahko Nadzorni organ sprejme raven zasebne udeležbe, ki je nižja od tiste iz uredbe o splošnih skupinskih izjemah, tudi v zvezi z upravičenimi podjetji, ki delujejo na trgu manj kot sedem let od njihove prve komercialne prodaje, na podlagi ekonomskih dokazov, predloženih v predhodni oceni, ki se nanašajo na zadevno nedelovanje trga.
Firstly, the measure must mobilise additional funding from market participants.
Ukrep tveganega financiranja, usmerjen v upravičena podjetja, ki v času prve naložbe v tvegano financiranje delujejo na trgu več kot sedem let od prve komercialne prodaje, mora vsebovati ustrezne omejitve v obliki časovnih omejitev (na primer deset let namesto sedem) ali drugih objektivnih meril glede kakovosti v zvezi s fazo razvoja ciljnih podjetij.
Minimum private investment ratios below those set out in the General Block Exemption Regulation may only be justified in the light of more pronounced market failures established in the ex ante assessment.
Za taka ciljna podjetja za naložbe bi Nadzorni organ običajno zahteval najmanj 60-odstotni delež zasebnih naložb.
In this regard, the ex ante assessment must reasonably estimate the level of private investment sought in the light of the market failure affecting the specific range of eligible undertakings targeted by the measure, that is to say the estimated potential to raise additional private investment on a portfolio or deal-by-deal basis.
Drugič, Nadzorni organ bo poleg predlaganega deleža zasebnih naložb upošteval tudi razporeditev tveganj in koristi med javnimi in zasebnimi vlagatelji.
Furthermore, it must be demonstrated that the measure leverages additional private funding that would not have been provided otherwise or would have been provided in different forms or amounts or on different terms.
V zvezi s tem bo Nadzorni organ pozitivno obravnaval ukrepe, pri katerih so izgube med vlagatelji enakovredno porazdeljene, zasebni vlagatelji pa prejmejo izključno ugodne spodbude.
In the case of risk finance measures targeting specifically SMEs before their first commercial sale, the Authority may accept that the level of private participation is lower than the required ratios.
Bliže ko je porazdelitev tveganj in koristi dejanski poslovni praksi, večja bo načeloma možnost, da bo Nadzorni organ sprejel nižji delež zasebnih naložb.
Alternatively, for such investment targets, the Authority may accept that the private participation is non-independent in nature, that is to say, provided for instance by the owner of the beneficiary undertaking.
Tretjič, pomembna je raven strukture financiranja, s katero naj bi ukrep spodbujal zasebne naložbe.
In duly justified cases, the Authority may accept levels of private participation lower than those established in the General Block Exemption Regulation also in respect of eligible undertakings that have been operating on a market for less than 7 years from their first commercial sale, in the light of the economic evidence provided in the ex ante assessment regarding the relevant market failure.
Na ravni sklada skladov je zmožnost privabljanja zasebnega financiranja lahko odvisna od širše uporabe mehanizmov zaščite pred izgubami.
A risk finance measure targeting eligible undertakings that have been operating on a market for more than seven years from their first commercial sale at the time of the first risk finance investment must contain adequate restrictions whether in terms of time limits (e.g. 10 years instead of 7) or other objective criteria of a qualitative nature relating to the development stage of the target undertakings.
Nasprotno lahko preveliko zanašanje na take mehanizme izkrivlja izbiro upravičenih podjetij in vodi do neučinkovitih rezultatov, kadar zasebni vlagatelji posredujejo na ravni naložb v podjetja in na podlagi posameznih transakcij.
For such investment targets the Authority would normally require a minimum private participation ratio of 60 %.
Pri ocenjevanju potrebe po posebni zasnovi ukrepa lahko Nadzorni organ upošteva pomen preostalega tveganja za izbrane zasebne vlagatelje v zvezi s pričakovanimi in nepričakovanimi izgubami, ki jih prevzame javni vlagatelj, ter razmerje pričakovanih donosov med javnimi in zasebnimi vlagatelji.
Secondly, together with the proposed level of private participation, the Authority will also take into account the balance of risks and rewards between the public and private investors.
Zato je lahko sprejemljiv drugačen profil tveganj in koristi, če se tako čim bolj poveča znesek zasebnih naložb, ne da bi to vplivalo na pridobitno naravnane naložbene odločitve.
In this regard, the Authority will consider positively measures whereby the losses are shared pari passu between the investors, and private investors only receive upside incentives.
Četrtič, vrsto spodbud je treba natančno opredeliti z odprtim in nediskriminatornim postopkom izbire finančnih posrednikov ter upravljavcev skladov ali vlagateljev.
In principle, the closer the risk and reward sharing is to actual commercial practices, the more likely that the Authority will accept a lower level of private participation.
Podobno bi se morala od upravljavcev sklada skladov zahtevati pravna zaveza, da bodo prek konkurenčnega postopka izbire upravičenih finančnih posrednikov, upravljavcev skladov ali vlagateljev kot del svojega mandata naložbe določili prednostne pogoje, ki bi se lahko uporabljali na ravni podskladov.
Thirdly, the level of the funding structure at which the measure aims to leverage private investment is of importance.
Da bi se dokazala nujnost posebnih finančnih pogojev, na katerih temelji zasnova ukrepa, se lahko od države Efte zahteva, naj predloži dokaz, da so si v postopku izbire zasebnih vlagateljev vsi udeleženci postopka prizadevali doseči pogoje, ki ne bi bili zajeti z uredbo o splošnih skupinskih izjemah, ali da je bila oddaja javnega naročila nedokončna.
At the level of the fund of funds, the ability to attract private funding may depend on a more extensive use of downside protection mechanisms.
Petič, finančni posrednik ali upravljavec lahko sovlaga z državo Efte, če to ne povzroča nasprotja interesov.
Conversely, an excessive reliance on such mechanisms may distort the selection of eligible undertakings and lead to inefficient outcomes where private investors intervene at the level of the investment into the undertakings and on a transaction- by-transaction basis.
Finančni posredniki morajo prevzeti vsaj 10 % prvega izgubljenega deleža.
In assessing the necessity of the specific design of the measure, the Authority may take into account the importance of the residual risk retained by the selected private investors relative to the expected and unexpected losses assumed by the public investor, as well as the balance of expected returns between the public investor and the private investors.
Tako sovlaganje bi lahko pripomoglo k temu, da bi bile odločitve o naložbah v skladu z ustreznimi cilji politike.
Thus a different risk and reward profile could be accepted if this maximises the amount of private investment, without undermining the genuine profit- driven character of the investment decisions.
Eno od izbirnih meril je lahko zmožnost upravljavca, da zagotavlja naložbe iz lastnih sredstev.
Fourthly, the exact nature of incentives must be determined through an open and non-discriminatory process of selecting financial intermediaries, as well as fund managers or investors.
V ukrepih tveganega financiranja, ki uporabljajo dolžniške instrumente, mora biti predviden mehanizem, ki zagotavlja, da finančni posrednik prenese vse koristi, ki mu jih dodeli država, na podjetja, ki so končni upravičenci, na primer v obliki nižjih obrestnih mer, omejenih zahtev glede zavarovanja ali kombinacije obojega.
By the same token, the managers of the fund of funds should be required to legally commit as part of their investment mandate to determine via a competitive process for the selection of eligible financial intermediaries, fund managers or investors, the preferential conditions which could apply at the level of the sub-funds.
Finančni posrednik lahko koristi prenese tudi z vlaganjem v podjetja, ki bi bila glede na njegova notranja bonitetna merila kljub morebitni sposobnosti preživetja v tistem razredu tveganja, pri katerem posrednik brez ukrepa tveganega financiranja ne bi vlagal vanje.
To prove the necessity of the specific financial conditions underpinning the design of the measure, EFTA States may be required to produce evidence demonstrating that, in the process of selecting private investors, all participants in the process were seeking conditions that would not be covered by the General Block Exemption Regulation, or that the tender was inconclusive.
Mehanizem prenosa koristi mora vključevati ustrezno spremljanje in mehanizem za vračanje sredstev.
Fifthly, the financial intermediary or the fund manager may co-invest alongside the EFTA State, so long as this avoids any potential conflict of interests.
Države Efte lahko pri ukrepu tveganega financiranja uporabijo vrsto finančnih instrumentov, kot so lastniški instrumenti in instrumenti navideznega lastniškega kapitala, dolžniški instrumenti ali neenakovredna jamstva.
The financial intermediary must take at least 10 % of the first loss piece.
V odstavkih od 106 do 119 v nadaljevanju so opredeljeni elementi, ki jih bo Nadzorni organ upošteval pri oceni takih posebnih finančnih instrumentov.
Such co-investment could contribute to ensure that investment decisions are aligned with the relevant policy targets.
Naložbe v kapital
The ability of the manager to provide investment from its own resources can be one of the selection criteria.
Instrumenti naložb v kapital so lahko v obliki naložb v lastniški kapital ali navidezni lastniški kapital podjetja, s katerimi vlagatelj kupi lastninsko pravico (nad delom) navedenega podjetja.
Finally, risk finance measures making use of debt instruments must provide for a mechanism ensuring that the financial intermediary passes on the advantage it receives from the State to the final beneficiary undertakings, for instance in the form of lower interest rates, reduced collateral requirements or a combination of the two.
Lastniški instrumenti imajo lahko vrsto asimetričnih lastnosti, zaradi katerih so vlagatelji različno obravnavani, saj je lahko njihov delež pri tveganjih ali koristih večji od drugih.
The financial intermediary may also pass on the advantage by investing in undertakings that although potentially viable, according to the financial intermediary's internal rating criteria, would be in a risk class where the intermediary would not invest in the absence of the risk finance measure.
Za zmanjšanje tveganj zasebnih vlagateljev lahko ukrep ponuja ugodno zaščito (javni vlagatelj se odpove delu donosa), zaščito pred delom izgub (omejitev izgub za zasebnega vlagatelja) ali kombinacijo obeh možnosti.
The pass-on mechanism must include adequate monitoring arrangements, as well as a clawback mechanism.
Nadzorni organ meni, da ugodne spodbude bolje usklajujejo interese med javnimi in zasebnimi vlagatelji.
EFTA States can deploy a range of financial instruments as part of the risk finance measure, such as equity and quasi-equity investment instruments, loan instruments or guarantees on a non-pari passu basis.
Zaščita pred izgubami, pri kateri je lahko javni vlagatelj izpostavljen tveganju slabe uspešnosti, pa lahko vodi v neusklajenost interesov in napačno izbiro pri finančnih posrednikih ali vlagateljih.
In paragraphs 106 to 119 below are set out the elements that the Authority will take into account in its assessment of such specific financial instruments.
Nadzorni organ meni, da lastniški instrumenti z omejenim donosom [27], nakupno opcijo [28] in asimetrično porazdelitvijo prihodkov [29] omogočajo dobre spodbude, zlasti v primerih lažjega nedelovanja trga.
Equity investments
Lastniški instrumenti z lastnostmi neenakovredne delitve izgube, ki presegajo zgornje meje iz uredbe o splošnih skupinskih izjemah, so lahko upravičeni le za ukrepe, namenjene resnejšemu nedelovanju trga, ki je bilo opredeljeno v predhodni oceni, na primer ukrepe, namenjene predvsem MSP pred njihovo prvo komercialno prodajo ali v fazi potrditve koncepta.
Equity investment instruments may take the form of equity or quasi-equity investments into an undertaking, by which the investor buys (part of) the ownership of that undertaking.
Za preprečitev prevelike zaščite pred izgubami mora biti prvi izgubljeni delež, ki ga nosi javni vlagatelj, omejen.
Equity instruments can have various asymmetric features, providing a differentiated treatment of investors as some may participate in a larger part of the risks and rewards than others.
Financirani dolžniški instrumenti:
To mitigate private investors' risks, the measure may offer upside protection (the public investor giving up a part of the return) or protection against a part of the losses (limiting the losses for the private investor), or a combination of the two.
posojila
The Authority considers that upside incentives create a better alignment of interests between public and private investors.
Ukrep tveganega financiranja lahko zajema zagotavljanje posojil na ravni finančnih posrednikov ali končnih upravičencev.
Conversely, downside protection whereby the public investor may be exposed to the risk of poor performance may lead to misalignment of interests and adverse selection by financial intermediaries or investors.
Financirani dolžniški instrumenti imajo lahko različne oblike, vključno s podrejenimi posojili in posojili s porazdelitvijo tveganja za portfelj.
The Authority considers that equity instruments with capped return [27], call option [28] and asymmetric income cash split [29] offer good incentives, especially in situations characterised by a less severe market failure.
Podrejena posojila se lahko dodelijo finančnim posrednikom za okrepitev njihove kapitalske strukture, prek katere bi se zagotovilo dodatno financiranje upravičenih podjetij.
Equity instruments with non-pari passu loss-sharing features going beyond the limits set out in the General Block Exemption Regulation may only be justified for measures addressing severe market failures identified in the ex ante assessment, such as measures targeting predominantly SMEs before their first commercial sale or at the proof-of-concept stage.
Posojila s porazdelitvijo tveganja za portfelj so namenjena zagotavljanju posojil finančnim posrednikom, ki se zavežejo, da bodo sofinancirali portfelj novih posojil ali zakupov upravičenih podjetij do določene stopnje sofinanciranja v povezavi s porazdelitvijo kreditnega tveganja za portfelj po načelu posameznega posojila (posameznega zakupa).
To prevent extensive downside risk protection, the first loss piece borne by the public investor must be capped.
V obeh primerih finančni posrednik deluje kot sovlagatelj v upravičeno podjetje, vendar je hkrati deležen prednostne obravnave v primerjavi z javnim vlagateljem/posojilodajalcem, saj instrument zmanjšuje njegovo lastno izpostavljenost kreditnim tveganjem, ki izhajajo iz zadevnega portfelja posojil.
Funded debt instruments:
Če lastnosti instrumenta, povezane z zmanjševanjem tveganja, povzročijo, da javni vlagatelj/posojilodajalec prevzame prvo izgubo v zvezi z zadevnim portfeljem posojil, ki presega omejitev, ki je določena z uredbo o splošnih skupinskih izjemah, je lahko ukrep upravičen samo v primeru resnejšega nedelovanja trga, ki mora biti jasno opredeljeno v predhodni oceni.
loans
Nadzorni organ bo pozitivno obravnaval ukrepe, ki izrecno omejujejo prve izgube, ki jih prevzame javni vlagatelj, predvsem kadar taka omejitev ne presega 35 %.
A risk finance measure may cover the provision of loans at the level of either the financial intermediaries or the final beneficiaries.
Instrumenti posojil s porazdelitvijo tveganja za portfelj zagotavljajo znatno raven sofinanciranja izbranega finančnega posrednika.
Funded debt instruments may take different forms, including subordinated loans and portfolio risk-sharing loans.
Tako naj bi bilo tudi, če ta raven ni nižja od 30 % vrednosti zadevnega portfelja posojil.
Subordinated loans may be granted to financial intermediaries to strengthen their capital structure, with a view to providing additional financing to eligible undertakings.
Če se financirani dolžniški instrumenti uporabljajo za refinanciranje obstoječih posojil, se šteje, da nimajo spodbujevalnega učinka, in noben element pomoči pri takih instrumentih ne more veljati za združljivega s Sporazumom EGP na podlagi člena 61(3)(c) Sporazuma EGP.
Portfolio risk-sharing loans are designed to provide loans to financial intermediaries who commit to co-finance a portfolio of new loans or leases to eligible undertakings up to a certain co-financing rate in combination with credit risk-sharing of the portfolio on a loan-by-loan (or lease-by-lease) basis.
Nefinancirani dolžniški instrumenti:
In both cases, the financial intermediary acts as a co-investor in the eligible undertakings but enjoys preferential treatment compared to the public investor/lender as the instrument mitigates its own exposure to credit risks resulting from the underlying loan portfolio.
jamstva
In general, where the risk mitigation characteristics of the instrument lead the public investor/lender to assume, with respect to the underlying loan portfolio, a first loss position exceeding the cap set out by the General Block Exemption Regulation, the measure may only be justified in the event of a severe market failure which must be clearly identified in the ex ante assessment.
Ukrep tveganega financiranja lahko zajema zagotavljanje jamstev ali posrednih osebnih jamstev finančnim posrednikom in/ali zagotavljanje jamstev končnim upravičencem.
The Authority will consider positively measures which provide for an explicit cap on the first losses assumed by the public investor, notably where such a cap does not exceed 35 %.
Upravičene transakcije, ki so zajete v jamstvu, morajo biti transakcije novega upravičenega posojila za tvegano financiranje, vključno z instrumenti zakupa in instrumenti naložb v navidezni lastniški kapital ter brez instrumentov lastniškega kapitala.
Portfolio risk sharing loan instruments should ensure a substantial co-investment rate by the selected financial intermediary.
Jamstva bi se morala zagotavljati na podlagi portfelja.
This is presumed to be the case if such a rate is not lower than 30 % of the value of the underlying loan portfolio.
Finančni posredniki lahko izberejo transakcije, ki bi jih radi vključili v portfelj, zavarovan z jamstvom, če so vključene transakcije v skladu z merili za upravičenost, kakor so opredeljena z ukrepom tveganega financiranja.
If funded debt instruments are used to refinance existing loans, they are not considered to generate an incentive effect and any aid element in such instruments cannot be regarded as compatible with the EEA Agreement under Article 61(3)(c) of the EEA Agreement.
Raven ponujenih jamstev bi morala zagotavljati ustrezno raven porazdelitve tveganja in koristi s finančnimi posredniki.
Unfunded debt instruments:
Zlasti v ustrezno utemeljenih primerih in ob upoštevanju rezultatov predhodne ocene je lahko stopnja jamstva višja od najvišje stopnje, določene v uredbi o splošnih skupinskih izjemah, vendar ne sme presegati 90 %.
guarantees
To lahko velja za jamstva za posojila ali naložbe v navidezni lastniški kapital MSP pred njihovo prvo komercialno prodajo.
A risk finance measure may cover the provision of guarantees or counter-guarantees to the financial intermediaries and/or guarantees to the final beneficiaries.
Pri omejenih jamstvih bi morala limitirana mera načeloma zajemati le pričakovane izgube.
Eligible transactions covered by the guarantee must be newly originated eligible risk finance loan transactions, including lease instruments, as well as quasi-equity investment instruments, to the exclusion of equity instruments.
Če bi zajemala tudi nepričakovane izgube, bi morala biti določena v vrednosti, ki kaže dodatno kritje tveganja.
Guarantees should be provided on a portfolio basis.
Limitirana mera na splošno ne bi smela presegati 35 %.
Financial intermediaries may select the transactions they wish to include in the portfolio covered by the guarantee, so long as the included transactions meet the eligibility criteria as defined by the risk finance measure.
Neomejena jamstva (jamstva s stopnjo jamstva, vendar brez limitirane mere) se lahko zagotavljajo v ustrezno utemeljenih primerih, pri čemer mora njihova cena odražati dodatno kritje tveganja, ki ga zagotavlja jamstvo.
Guarantees should be offered at a rate ensuring an appropriate level of risk and reward sharing with the financial intermediaries.
Trajanje jamstva bi moralo biti časovno omejeno, običajno na največ 10 let, ne glede na dospelost posameznih dolžniških instrumentov, zavarovanih z jamstvom, ki je lahko daljša.
In particular, in duly justified cases and subject to the results of the ex ante assessment, the guarantee rate may be higher than the maximum rate provided for in the General Block Exemption Regulation, but must not exceed 90 %.
Jamstvo se zmanjša, če finančni posrednik v določenem obdobju ne vključi najmanjšega zneska naložb v portfelj.
This could be the case of guarantees on loans or quasi-equity investments in SMEs before their first commercial sale.
Za neizkoriščene zneske se zahtevajo provizije.
In the case of capped guarantees, the cap rate should cover in principle only the expected losses.
Za spodbujanje posrednikov k doseganju dogovorjenega obsega se lahko uporabijo metode, kot so provizije za neizkoriščene zneske, odločilni dogodki ali mejniki.
Should it also cover the unexpected losses, the latter should be priced at a level that reflects the additional risk coverage.
Pogoji za davčne instrumente
In general, the cap rate should not exceed 35 %.
Kakor je poudarjeno v oddelku 3.3.2(d), je področje uporabe uredbe o splošnih skupinskih izjemah omejeno na davčne spodbude, namenjene vlagateljem, ki so fizične osebe.
Uncapped guarantees (guarantees with a guarantee rate, but with no cap rate) may be provided in duly justified cases and be priced to reflect the additional risk coverage provided by the guarantee.
Zato je treba ukrepe, pri katerih se uporabljajo davčne spodbude za podjetja, ki vlagajo v druga podjetja, in njihovo zagotavljanje neposrednega ali posrednega financiranja upravičenim podjetjem prek pridobitve delnic v posebnem skladu ali drugih vrstah investicijskih subjektov, ki vlagajo v taka podjetja, priglasiti Nadzornemu organu.
The duration of the guarantee should be limited in time, normally up to a maximum of 10 years, without prejudice to the maturity of individual debt instruments covered by the guarantee, which can be longer.
Države Efte morajo praviloma utemeljiti davčne ukrepe z ugotovitvami o nedelovanju trga iz predhodne ocene in svoj instrument usmeriti v natančno opredeljeno kategorijo upravičenih podjetij.
The guarantee shall be reduced if the financial intermediary does not include a minimum amount of investment in the portfolio during a specific period.
Davčne spodbude podjetjem, ki vlagajo v druga podjetja, so lahko v obliki olajšav pri dohodnini in/ali davčnih olajšav za kapitalske dobičke in dividende, vključno z davčno oprostitvijo za izplačane dividende in odlogi plačila davkov.
Commitment fees shall be required for unused amounts.
Nadzorni organ je v praksi običajno štel za združljive olajšave pri dohodnini, ki so oblikovane tako, da vključujejo posebne omejitve najvišjega odstotka vloženega zneska, ki ga lahko vlagatelj zahteva za namene davčne olajšave, in najvišji znesek davčne olajšave, ki se lahko odšteje od davčnih obveznosti vlagatelja.