natgillin/translations-raw huggingface dataset:
M. der henviser til, at "funds of funds" giver flere muligheder for adgang til sektoren, men at det med tiden også bør tillades at investere i underliggende fonde,
M. whereas funds of funds provide diversified entry to the sector, but in due course direct investment into the underlying funds should be permissible also,
N. der henviser til, at der er risiko for systemskade på det globale finanssystem, hvis disse former for investeringer breder sig uden kvantificering eller kontrol,
N. whereas there is risk of systemic damage to the global financial system if these forms of investment proliferate without quantification or control,
Vedrørende derivater
Concerning derivatives
O. der henviser til de henstillinger, som Forummet for Finansiel Stabilitet i 2001 fremsatte vedrørende behovet for gennemsigtighed i og regulering af ”hedge funds”, samt behovet for finansiel regulering i offshore-centre; der henviser til, at gennemførelsen af disse henstillinger i medlemsstaterne har været uensartet og generelt utilstrækkelig,
O.whereas recommendations were already formulated in 2001 by the Financial Stability Forum concerning the need for transparency in connection with, and regulation of, hedge funds and the need for financial regulation in offshore centres, and whereas implementation of these recommendations in the Member States has been uneven, but, overall, inadequate,
P. der henviser til, at Kommissionen, eftersom handlingsplanen for finansielle tjenesteydelser næsten er gennemført, bør koncentrere sig om at indføre en passende lovgivning vedrørende ”hedge funds” og andre raffinerede alternative investeringsformer, som på nuværende tidspunkt ikke er underlagt nogen regulering i EU,
P. whereas with the near completion of the Financial Services Action Plan it is appropriate for the Commission to turn its attention to what would be a suitable legislative accommodation for hedge funds and other sophisticated alternative investment vehicles which currently have no European regulatory home,
Q. der henviser til, at derivater i stigende omfang anvendes i forbindelse med investeringsprodukter, der er alment tilgængelige, og at det derfor er relevant at medtage dem i alle de ovennævnte direktiver,
Q. whereas derivatives are increasingly used in investment products available to the general public and are therefore becoming a relevant consideration in all the directives cited above,
R. der henviser til, at derivater i de sidste 20 år har spillet en afgørende rolle for finansielle nyskabelser, da de har fremmet indførelsen af en række nye produkter (herunder mange produkter med lav risiko) og har udvidet investeringsmulighederne,
R. whereas, over the last 20 years, derivatives have played a vital role in financial innovation, facilitating the creation of a range of new products (including many low risk products) and widening investor choice,
S. der henviser til, at derivater både kan være et middel til risikobegrænsning og spekulation, og at de kan bevirke en makroøkonomisk gevinst ved at sprede risikoen på de investorer, der bedst kan bære den,
S. whereas derivatives can be a means of limiting risk as well as of speculative risk-taking and can provide a macroeconomic benefit by dispersing risk to those best able to accept it,
T. der henviser til, at råvarederivater kan spille en afgørende rolle i forbindelse med risikoafdækning og effektiv udnyttelse af eksempelvis energi- og landbrugsmarkedernes ressourcer; der henviser til, at deres betydning kan forventes at stige i takt med den øgede liberalisering af energi- og landbrugsmarkederne,
T. whereas, commodity derivatives can play a vital role in hedging risk and ensuring efficient utilisation of resources in markets such as energy and agriculture, whereas their importance can be expected to increase with further liberalisation of energy and agriculture markets,
U. der henviser til, at det er bydende vigtigt at overvåge og styre denne risiko tilstrækkeligt, hvad angår såvel risici for enkeltpersoner som for finanssystemet,
U. whereas it is imperative that such risk be properly monitored and controlled both as regards the risk to individuals and systemic risk to the financial system,
V. der henviser til, at det er vigtigt at sikre, at reguleringen af derivater står i rimeligt forhold til de risici, de frembyder for private investorer og for den finansielle stabilitet generelt; der henviser til, at det er af afgørende betydning, at der gennemføres en vidtrækkende og effektiv cost-benefit-analyse, inden der føjes nye love eller regler til den eksisterende regulering af disse finansielle produkter,
V. whereas it is important to ensure that the regulation of derivatives is proportionate to the risks they pose for individual investors and for overall financial stability and whereas it is vital that a wide ranging and effective cost-benefit analysis is carried out before any new laws or rules are added to existing regulation of these financial products,
W. der henviser til, at udbredelsen af kreditderivater medfører problemer for afdækningen af den overordnede risikoeksponering,
W. whereas the proliferation of credit derivatives raises issues in terms of tracking global levels of risk exposure,
X. der henviser til, at disse uregulerede OTC-derivater (unoterede derivater) kan nå et omfang, som medfører et farligt overskudsudbud på de finansielle markeder,
X. whereas those OTC ("over-the-counter") derivatives which are unregulated could build up into a dangerous overhang in financial markets,
Y. der henviser til, at derivaternes gyldighed afhænger af sikkerheden for fuld betaling ved udløbsdatoen og derfor af de endelige parters kreditværdighed og evne til at indfri deres forpligtelser,
Y. whereas the validity of derivatives depends on the certainty of full settlement at maturity and therefore on the credit standing and ability of ultimate counterparties to meet obligations,
Z. der henviser til, at avancerede former for derivater kan være illikvide, og at ihændehaverne derfor kan have problemer med at lukke eller vurdere positioner, især under vanskelige markedsforhold,
Z. whereas sophisticated types of derivatives may be illiquid and therefore holders may have difficulties closing or valuing positions, especially in difficult market conditions,
AA. der henviser til, at derivater er ved at blive en almindeligt anvendt finansstyringsmekanisme i virksomheder, investeringsselskaber og mindre banker, og at det er nødvendigt, at disse brugere har tilstrækkelig kompetence til at styre risikoeksponeringen,
Aa. whereas derivatives are becoming a common mechanism in the financial management of corporations, investment companies and smaller banks and it is necessary for those users to have appropriate competence in controlling risk exposure,
BB. der henviser til, at de kontrollerende myndigheder ofte ikke har tilstrækkelig viden og kompetence på dette hastigt voksende område under konstant forandring,
Ab. whereas knowledge and competence even among regulatory authorities is often inadequate in this fast moving and ever changing area,
CC. der henviser til, at finansielle derivater kan sælges til private investorer i form af f.eks. børsnoterede produkter og "spread betting", forudsat at de er omfattet af det nationale finanstilsyn.
Ac. whereas financial derivatives can be marketed to retail investors in various forms, such as listed products and spread betting, provided they are under the scope of national financial regulators,
3. mener, at det er opportunt at lette adgangen til AAI'er for moderat velstående investorer og, med tiden, private investorer, og at en regulering af "hedge funds" kan spille en værdifuld rolle i denne gradvise proces;
Feels it is opportune to facilitate access to SAIVs for the moderately affluent investor and, in due course, the retail investor and that regulated funds of hedge funds could play a valid role in this gradual process;
- anvende nyskabende og ligefrem eksotiske teknikker og instrumenter - indtage stærke positioner, bl.a. ved brug af baisseforretninger, gearing og derivater - være resultatlønnede
- employ innovative and even exotic techniques and instruments, - take strong positions, including by the use of shorting , leverage and derivatives, - be remunerated relative to their performance,
forudsat at deres investerings- og operationsmetoder på hensigtsmæssig vis oplyses til dem, der ønsker at investere direkte eller indirekte i dem;
provided that their investment and operating methods are disclosed in appropriate terms to those who invest with them directly or indirectly;
10. anser det for at være yderst ønskværdigt, at distributørerne er autoriserede til at distribuere AAI, og at en sådan autorisation bør være afhængig af deres redelighed og kendskab til AAI-produkter og fornys med jævne mellemrum;
Considers it most desirable that distributors should be specifically authorised to distribute SAIVs and that such authorisation should depend on their probity and level of knowledge regarding SAIV products and be renewable on a regular schedule;
14. foreslår, at det skal være tilladt for AAI'er med langsigtede investeringshorisonter at begrænse frekvensen af åbninger for salg, indløsning, handel og vurdering af indre værdi;
Suggests that it should be permitted for SAIVs which have long term investment horizons to restrict the periodicity of windows for sales, redemptions, dealings and net asset valuations;
16. tilskynder de kontrollerende myndigheder til efter høring af industrien at udvikle let forståelige og konsekvente risikomålinger eller -indeks, der skal offentliggøres løbende, for at påvise over for investorerne, at de oplyste risikogrænser overholdes;
Urges the regulatory authorities , following consultation with the industry, to develop easily understood and consistent risk measurements or indices, which should be published regularly to indicate to investors that advertised risk limits are being observed;
31. anmoder Kommissionen om yderligere at overveje, om det, at bankerne overfører kreditrisici til ikke-banker, i Basel II-sammenhæng giver mulighed for at reducere kapitalkravene, og i så fald, hvordan eksponeringen i ikke-banker (herunder særlig i "hedge funds") kan vurderes, overvåges og styres;
Asks the Commission to further consider whether, in the context of Basel II, the off-loading of credit risks by banks to non-banks should allow a reduction in capital requirements and, if so, how the exposure in non-banks (including in particular in hedge funds) might be assessed, monitored and controlled;
33. anmoder Kommissionen om fortsat at samarbejde med International Accounting Standards Board og lignende organer om snarest muligt at udarbejde konventioner for definition, kvantificering og bogføring af derivatpositioner i virksomhedernes regnskaber;
Asks the Commission to continue working with the International Accounting Standards Board and other like bodies to develop as soon as possible conventions regarding the definition, quantification and accounting of derivatives and derivative positions in company accounts;
35. mener, at derivatvurderinger ved hjælp af sikkerhedsreserver bør tage højde for den øgede risiko, der kan være forbundet med vanskelige markedsforhold, i forhold til parternes kreditværdighed;
Considers that derivative valuations should take into account, by way of contingency reserve, the additional risks which could pertain in difficult market conditions and relative to the credit standing of counterparties;
"Hedge Funds"
Hedge Funds
A. W. Jones etablerede den første "hedge fund" i 1949.
A W Jones established the first hedge fund in 1949.
Han kombinerede to risikobetonede investeringstyper - baissespekulation og gearing - for at begrænse den overordnede markedsrisikoeksponering.
He combined two risky types of investment - short selling and leverage - to limit overall exposure to market risk.
Fonden var risikoafdækket ("hedged"), fordi han kombinerede en værdipapirbeholdning købt for lånte penge, som ville stige, hvis markedet gik op, og korte positioner, som det ville gavne, hvis markedet gik ned.
The fund was therefore "hedged" because he combined holding stocks, purchased with borrowed money, that would gain if the market went up, and short positions, that would benefit if the market went down.
Han fastsatte også, at ledelsesprovisionen skulle udgøre en procentdel af overskuddet (20% i hans tilfælde) og lod sin egen investeringskapital indgå i fonden.
He also made the manager's fee a percentage of the profits (20% in his case) and committed his own investment capital in the fund.
De forvaltede aktiver skønnes nu at beløbe sig til mellem 450 og 600 milliarder US dollars.
Assets under management now are estimated to be between US$450bn and US$600bn.
I 2001 blev der i Europa forvaltet 446 Data fra arbejdsdokument om "hedge funds" udarbejdet af Financial Services Authority (august 2002). "hedge funds", men dette tal repræsenterede kun 15% af de samlede globale aktiver i "hedge funds".
The number of hedge funds managed in Europe in 2001 were 446 Data from the Financial Services Authority's discussion paper on hedge funds (August 2002). but this represented only 15% of the global total of hedge fund assets.
Data fra PricewaterhouseCoopers (maj 2003).
Data from PricewaterhouseCoopers (May 2003).
Den amerikanske præsidents arbejdsgruppe vedrørende finansielle markeder (President's Working Group on Financial Markets) definerede i 1999 en "hedge fund" som enhver kombineret investeringsform, der er privat organiseret, og som forvaltes af professionelle kapitalforvaltere, og som ikke er bredt tilgængelig for offentligheden .
The US President's Working Group on Financial Markets in 1999 defined a hedge fund as " any pooled investment vehicle that is privately organised, administered by professional investment managers, and not widely available to the public ".
Financial Services Authority i Det Forenede Kongerige har afslået at definere begrebet, da der ikke kan påvises ensartethed.
The UK's Financial Services Authority has declined to define the term because there is no identifiable commonality.
Af fælles kendetegn kan dog nævnes:
However, some common characteristics usually are:
∙ private partnerskaber eller investeringsselskaber ∙ hjemsted i udlandet, sædvanligvis i skattely eller lande med lempelig lovgivning ∙ resultatrelaterede gebyrer ∙ frihed til at benytte et udvalg af investeringsteknikker til at øge afkastet og/eller nedbringe risikoen ∙ begrænset til rige og avancerede investorer ∙ stiler efter absolut afkast.
∙ private partnerships or investment corporations; ∙ offshore, usually in low tax and low regulatory regime havens; ∙ performance related fees; ∙ freedom to use a variety of investment techniques to enhance returns and/or to reduce risk; ∙ limited to rich and sophisticated investors; ∙ aim for absolute returns.
Handelsstrategierne bygger ofte på matematiske modeller, markedsineffektiviteter eller økonomiske tendenser.
Trading strategies are often based on mathematical models, market inefficiencies or economic trends.
Der er følgende primære investeringskategorier (Tremont/TASS):
Primary investment categories identified are (Tremont/TASS):
Long/Short equity Investering i værdipapirer med lang og kort løbetid for at undgå en markedsneutral position.
Long/Short equity Investing on the long and short side of the market so as not to be market neutral.
Convertible arbitrage Indtagelse af lang position på et konvertibelt værdipapir og kort position på de ordinære aktier.
Convertible arbitrage Taking a long position on a convertible security and a short position on its common stock.
Event driven Udnyttelse af en virksomhedsbegivenhed (f.eks. en fusion).
Event driven Profit from a corporate event (e.g. a merger).
Equity Market neutral Udnyttelse af ineffektiviteter på aktiemarkedet og minimering af markedsrisikoen.
Equity Market neutral Exploit inefficiencies in the equity market and minimise market risk.
Global Macro Udnyttelse af vigtige økonomiske tendenser eller begivenheder.
Global Macro Profit from major economic trends or events.
Fixed Income Arbitrage Udnyttelse af arbitragemuligheder i fastforrentede værdipapirer.
Fixed Income Arbitrage Profit from arbitrage opportunities in fixed interest rate securities.
Dedicated Short Bias Investering hovedsagelig i korte aktiepositioner og aktiederivatprodukter.
Dedicated Short Bias Invest mainly in short positions in equities and equity derivative products.
Emerging Markets Udnyttelse af ineffektiviteter og ringe information på nye markeder.
Emerging Markets Exploit inefficiencies and poor information in immature markets.
Managed Futures Handel på markeder for børsnoterede finansielle terminspapirer og terminsvarer.
Managed Futures Trade in listed financial and commodity futures markets.
Funds of Funds Investering i flere "hedge funds" med forskellige investeringsformer.
Funds of Funds Invest in multiple hedge funds with different investment styles.
Der stilles ikke nogen "officielle" risikospredningskrav til "hedge funds".
Hedge funds do not need to meet any "official" dispersion risk ratio.
Den kraftige vækst i den seneste tid skyldes gode positive afkast i en periode med ringe resultater på hovedindeksene og de deraf følgende investorkrav om porteføljespredning.
Their recent strong growth is due to good positive returns in a period of poor performance by the main indices and to resulting demands by investors to diversify portfolios.
Investorerne har hidtil fortrinsvis været "kvalificerede" enkeltpersoner, som forstår og accepterer de iboende risici.
Investors have usually been "qualified" individuals, who understand and accept the inherent risks.
"Hedge funds" er vanskeligt tilgængelige for andre end erfarne investorer.
Hedge funds have made themselves difficult to access by any but appropriate investors.
Der er dog kommet mange nye til i de sidste 2-3 år, herunder små organisationer under ledelse af kapitalforvaltere, som hidtil kun har beskæftiget som med lange værdipapirer.
However, there have been many new entrants in the last 2-3 years, including small outfits run by former long-only asset managers.
Pensionsfonde og forsikringsselskaber er nu også ved at blive væsentlige aktører.
Pension funds and insurance companies are now becoming significant participants.
Direktiverne om investeringsinstitutter gør det muligt for "funds of funds" at investere op til 30% af deres aktiver i "andre institutter for kollektiv investering", herunder "hedge funds", forudsat at de opfylder nogle standarder svarende til kravene i de relevante direktiver Europa-Parlamentets og Rådets direktiv 2001/107/EF og 2001/108/EF af 21. januar 2002 om ændring af Rådets direktiv 85/611/EØF. .
The UCITS Directives permit funds of funds to invest up to 30% of their assets in “other collective investment undertakings”, including hedge funds, so long as they meet standards equivalent to the relevant directives Directives 2001/107/EC and 2001/108/EC of the European Parliament and of the Council of 21 January 2002 amending Council Directive 85/611/EEC. .
Mediedækningen har ligeledes skabt interesse hos private investorer.
With media coverage, interest from retail investors has also been aroused.
"Hedge funds" er underlagt lovgivningen i den jurisdiktion, hvor de har hjemsted.
Hedge funds are subject to legislation in the jurisdiction in which they are domiciled.
Lovgivningen kan begrænses til aspekter som svindel, hvidvaskning af penge og markedsmanipulation.
This may be confined to aspects such as fraud, money laundering and market manipulation.
Kapitalforvaltere har ofte hjemsted i en anden og mere restriktivt reguleret jurisdiktion, men det er kun deres administrative funktioner, der er underlagt regulering i denne jurisdiktion.
Managers are often located in a different and more strictly regulated jurisdiction, but are only subject to regulation of their managerial functions by that jurisdiction.
De kontrollerende myndigheder har ikke en fælles global tilgang, og der er lovændringer på vej i flere EU-medlemsstater.
There is no single global approach by regulators and in several EU Member States legislative changes are currently in process.
Der er for nylig sket en vækst i antallet af tilladte "funds of funds" i Europa.
There has recently been growth in the number of funds of funds authorised in Europe.
Schweiz, Luxembourg, Italien, Irland og Hongkong har lempet reglerne, så de er mere tilgængelige for almindelige investorer Financial Times, 31. juli 31, 2003, 2. amerikanske torsdagsudgave. .
Switzerland, Luxembourg, Italy, Ireland and Hong Kong have eased regulations to make them more accessible to mainstream investors Financial Times, July 31, 2003, Thursday USA Edition 2. .
Lovgiverne i Tyskland overvejer i øjeblikket forslag til regulering.
The German legislature is currently considering proposals for regulation.
Det Forenede Kongerige har for nylig besluttet ikke at lempe sine regler.
The UK recently decided not to relax its regulations.
Irland er måske det land, der har arbejdet mest aktivt for at gøre "hedge funds" mere bredt tilgængelige.
Ireland has perhaps been the most active in broadening access to hedge funds.
Tidligere kunne private investorer kun få adgang til "funds of funds", som investerede mindre end 10% af nettoaktiverne i uregulerede fonde.
Previously retail investors could only access funds of funds that invested less than 10% of net assets in unregulated funds.
Irlands centralbank ændrede i december 2002 dette, så registrerede "funds of funds" kan investere udelukkende i uregulerede ordninger, forudsat at investeringen er på mindst 12.500 euro, kapitalforvalteren har tilstrækkelig sagkundskab, og fonden ikke investerer i andre "funds of funds".
The Central Bank of Ireland changed this in December 2002 to allow registered funds of funds to invest entirely in unregulated schemes provided that there is a minimum investment of €12,500, the fund manager has appropriate expertise and the fund does not invest in other funds of funds.
I USA har bekymringer vedrørende "hedge funds" givet anledning til en rapport fra Securities and Exchange Commission (børstilsynet), som anbefaler mere udtrykkelige regler og registrering af aktører.
In the USA concern about hedge funds has prompted a report by the staff of the Securities and Exchange Commission which recommends more explicit means of regulation and registration of participants.
Hvis private investorer skal investere mere i "hedge funds", ville det være at foretrække for dem at have hjemsted i Europa, hvor der kunne være tale om et bedre tilsyn.
If retail investors are going to invest more in hedge funds, it would be preferable for them to be domiciled in Europe where there could be better supervision.
Skattesystemer og mangel på et fælles finansielt marked er en hindring, idet mange medlemsstater pålægger investorerne skattebøder, hvis de investerer i "hedge funds" med hjemsted i udlandet.
Tax regimes and the lack of a single regulatory market are a deterrent with many Member States imposing tax penalties on investors who invest in a foreign domiciled hedge fund.
Derivater kan anvendes til enten at nedbringe eller øge risikoeksponeringen.
Derivatives can be applied either to reducing or increasing exposure to risk.
De blev i det antikke Grækenland anvendt af olivenbønder, som aftalte at levere til en pris og på et tidspunkt i fremtiden for at nedbringe risikoen for lavere priser på høsttidspunktet.
They were used in Ancient Greece by olive growers who would agree delivery at a price and time in the future in order to reduce the risk of prices being lower at harvest time.
De omfatter mange produkter, og der oprettes hele tiden nye.
They encompass many products and new ones are being created all the time.
Væksten har været særlig kraftig på markederne for termins-, options- og swap-forretninger Interest rate swap: an agreement between banks or companies to exchange interest payments (usually fixed-rate versus floating-rate). .
There has been particularly rapid growth in the futures, options and swaps Interest rate swap: an agreement between banks or companies to exchange interest payments (usually fixed-rate versus floating-rate). markets.