natgillin/translations-raw huggingface dataset:
Hvis investeringsinstituttet har eksisteret i færre end ti år, men mindst i et år, henstilles det, at årligt udbytte, beregnet før skat og afgifter, angives for så mange år, der foreligger
If the UCITS has been in existence for fewer than 10 years but at least for a period of one year, it is recommended that the annual returns, calculated net of tax and charges, be given for as many years as are available;
hvis investeringsinstituttet forvaltes i henhold til et benchmark, eller hvis omkostningsstrukturen omfatter et udbyttegebyr afhængig af et benchmark, bør oplysninger om investeringsinstituttets hidtidige indtjening omfatte en sammenligning med hidtidig indtjening for dette benchmark, som investeringsinstituttet forvaltes eller udbyttegebyret beregnes i forhold til.
if a UCITS is managed according to a benchmark or if its cost structure includes a performance fee depending on a benchmark, the information on the past performance of the UCITS should include a comparison with the past performance of the benchmark according to which the UCITS is managed or the performance fee is calculated.
Det henstilles til medlemsstaterne at kræve, at sammenligningen foretages ved at opstille hidtidig indtjening for benchmark og for investeringsinstituttet på samme søjlediagram og/eller særskilt.
Member States are recommended to require that comparison to be achieved by representing the past performance of the benchmark and that of the UCITS on the same bar-chart and/or separately.
Oplysning om kumuleret (gennemsnitlig) indtjening
Disclosure of cumulative (average) performance
Endvidere henstilles det til medlemsstaterne at overveje krav om oplysning enten af kumuleret indtjening eller kumuleret gennemsnitlig indtjening for fonden over bestemte tidsrum (såsom tre, fem og ti år).
Additionally, Member States are recommended to consider requiring disclosure, either of the cumulative performance, or the cumulative average performance of the fund over specific periods of time (such as on three, five and 10 years).
Hvis en af disse muligheder benyttes, henstilles det til medlemsstaterne også at kræve sammenligning med kumuleret indtjening eller kumuleret gennemsnitlig indtjening (hvis relevant) for et benchmark, når der er behov for sammenligning med et benchmark i overensstemmelse med punkt 1.5.1, litra b).
In case they use either of these options, Member States are recommended to require also a comparison with the cumulative performance, or cumulative average performance (where relevant) of a benchmark, when comparison to a benchmark is required in accordance with point 1.5.1.(b).
Udelukkelse af tegnings- og indløsningsgebyrer, som normalt skal oplyses
Exclusion of subscription and redemption fees, subject to appropriate disclosure
Under hensyntagen til eksisterende forskriftsmæssige standarder henstilles det til medlemsstaterne at overveje, hvorvidt der skal være et krav om, at tegnings- og indløsningsgebyrer skal indgå i beregningen af fondsindtjeningen.
Taking into account existing regulatory standards, Member States are recommended to consider, whether or not to require subscription and redemption fees to be included in the calculation of the fund performance.
Medlemsstaterne bør dog kræve, at en påtegning gør opmærksom på udelukkelse af sådanne oplysninger (hvis relevant).
However, Member States should require the exclusion of that information (where relevant) to be subject to an appropriate statement drawing attention to this fact.
Det henstilles også til medlemsstaterne at opfordre deres kompetente myndigheder til at sikre gradvis overgang til standarder, der er i overensstemmelse med bedste praksis for indtjeningsberegning.
Member States are also recommended to encourage their competent authorities to ensure progressive convergence to standards aligned on best practice in performance calculation.
Oplysning om benchmark
Disclosure of a benchmark
Medlemsstaterne opfordres endvidere til at overveje muligheden af oplysning om benchmark for alle investeringsinstitutter, der er godkendt på deres område, uanset om investeringsinstituttets investeringsformål ikke udtrykkeligt henviser til et benchmark.
Member States are also invited to consider as a possible option requiring disclosure of a benchmark for all UCITS authorised in their jurisdiction, regardless of the fact that the UCITS' investment objective does not explicitly refer to a benchmark.
For de økonomiske oplysninger, der er omhandlet under overskrift 3 i skema C i bilag I til direktiv 85/611/EØF, henstilles det, at medlemsstaterne anvender følgende fortolkninger:
As regards the economic information referred to in the third heading of Schedule C in Annex I to Directive 85/611/EEC it is recommended that Member States apply the following interpretations:
Fortolkning af »beskatningsregler«
Interpretation of ‘tax regime’
Vedrørende første led henstilles det til medlemsstaterne ved »beskatningsregler« at forstå følgende oplysninger:
In the first indent, Member States are recommended to interpret ‘tax regime’ as meaning the following information:
de beskatningsregler, der gælder for investeringsinstituttet i dets hjemland
the tax regime applicable to the UCITS in its home Member State;
en angivelse af, at regler for beskatning af indkomst eller kapitaludbytte for den enkelte investor afhænger af den skattelovgivning, som finder anvendelse på de enkelte investorers personlige forhold og/eller det sted, hvor kapitalen investeres, og at investorer, der er i tvivl om deres skattemæssige stilling, bør søge faglig rådgivning eller i givet fald oplysninger fra lokale organisationer.
a statement which recalls that the regime of taxation of the income or capital gains received by individual investors depends on the tax law applicable to the personal situation of each individual investor and/or to the place where the capital is invested and that if investors are unclear as to their fiscal position, they should seek professional advice or information from local organisations, where available.
Fortolkning af »indtrædelses- og udtrædelsesprovision« og »andre eventuelle udgifter eller gebyrer«
Interpretation of ‘entry and exit commissions’ and ‘other possible expenses or fees’
Overordnet indhold i oplysningerne
Overall contents of the information provided
Vedrørende andet og tredje led henstilles det til medlemsstaterne ved »indtrædelses- og udtrædelsesprovision« og »andre eventuelle udgifter eller gebyrer; der sondres mellem udgifter eller gebyrer, der skal betales af deltageren, og udgifter og gebyrer, der betales af investeringsfonden eller investeringsselskabets aktiver« at forstå følgende oplysninger:
In the second and third indents, Member States are recommended to interpret the ‘entry and exit commissions’ of the fund and ‘other possible expenses or fees, distinguishing between those to be paid by the unit-holder and those to be paid out of the unit trust's/common fund's or the investment company's assets’ as meaning the following information:
oplysning af et samlet nøgletal for udgifterne (Total Expense Ratio (TER)), beregnet som anført i bilag I, bortset fra nyetablerede investeringsinstitutter, hvor der endnu ikke kan beregnes et TER
disclosure of a total expense ratio (TER), calculated as indicated in Annex I, except for newly created UCITS where a TER cannot yet be calculated;
på ex ante-basis, oplysning om den forventede omkostningsstruktur, dvs. angivelse af alle foreliggende omkostninger i overensstemmelse med listen i bilag I, så investorerne så vidt muligt kan danne sig et rimeligt skøn over forventede omkostninger
on an ex ante basis, disclosure of the expected cost structure, i.e. an indication of all costs available according to the list set forth in Annex I so as to provide investors, insofar as possible, with a reasonable estimate of expected costs;
alle indtrædelses- og udtrædelsesgebyrer og andre udgifter, der afholdes direkte af investor
all entry and exit commissions and other expenses directly paid by the investor;
en angivelse af alle øvrige omkostninger, der ikke indgår i TER, herunder oplysning om transaktionsomkostninger, når disse af hjemlandsmyndighederne anses for at være tilgængelige
an indication of all the other costs not included in the TER, including disclosure of transaction costs when these are deemed to be available by the home Member State competent authorities;
som en yderligere indikator for transaktionsomkostningernes omfang angives porteføljeomsætningsgraden beregnet som anvist i bilag II
as an additional indicator of the importance of transaction costs, the portfolio turnover rate, calculated as shown in Annex II;
en angivelse af tilstedeværelsen af gebyrdelingsaftaler og bløde provisioner.
an indication of the existence of fee-sharing agreements and soft commissions.
Kravet i litra f) i første afsnit bør ikke fortolkes som en generel validering af eventuelle individuelle aftalers eller provisioners overensstemmelse med direktiv 85/611/EØF, navnlig artikel 5f, stk. 1, litra b), eller med nationale forskrifter.
The requirement set out in point (f) of the first paragraph should not be interpreted as a general validation of the compliance of any individual agreement or commission with Directive 85/611/EEC, and especially with Article 5f(1)(b) thereof, or with national regulations.
Medlemsstaterne opfordres således til under hensyntagen til gældende markedspraksis at kræve, at investeringsinstituttet overvejer, hvorvidt eksisterende gebyrdelingsaftaler og lignende gebyrordninger udelukkende er til fordel for investeringsinstituttet.
Taking into account current market practice, Member States are therefore invited to require UCITS to consider how far existing fee-sharing agreements and comparable fee-arrangements are for the exclusive benefit of the UCITS.
Det henstilles til medlemsstaterne at kræve, at der i det forenklede prospekt henvises til det fuldstændige prospekt for nærmere oplysninger om denne form for ordninger, så investor kan forstå, hvem udgifterne betales til, og om mulige interessekonflikter vil kunne løses i investors interesse.
Member States are recommended to provide for the simplified prospectus to make a reference to the full prospectus for detailed information on that kind of arrangements, which should allow any investor to understand to whom expenses are to be paid and how possible conflicts of interest will be resolved in his/her best interest.
Det henstilles derfor til medlemsstaterne at sikre, at oplysningerne i det forenklede prospekt forbliver koncise.
Member States are therefore recommended to ensure that the information provided in the simplified prospectus remains concise.
Præcisering af begreberne »gebyrdelingsaftaler« og »bløde provisioner«
Precisions on the notions of ‘fee-sharing agreements’ and ‘soft commissions’
Identificering af »gebyrdelingsaftaler«
Identification of ‘fee-sharing agreements’
Det henstilles til medlemsstaterne at identificere og kategorisere som gebyrdelingsaftaler alle aftaler, hvorefter en part, der får et afkast, direkte eller indirekte, over et investeringsinstituts aktiver aftaler at dele dette afkast med en anden part, og som fører til, at denne anden part som led i gebyrdelingsaftalen afholder udgifter, som normalt afholdes enten direkte eller indirekte over investeringsinstituttets aktiver.
Member States are recommended to identify and classify as fee-sharing agreements those agreements whereby a party remunerated, either directly or indirectly, out of the assets of a UCITS agrees to split its remuneration with another party and which result in that other party meeting expenses through this fee-sharing agreement that should normally be met, either directly or indirectly, out of the assets of the UCITS.
Endvidere henstilles det til medlemsstaterne at anse følgende som gebyrdelingsaftaler som omhandlet ovenfor:
Furthermore, Member States are recommended to consider the following as fee-sharing agreements within the meaning of the above paragraph:
gebyrdelingsaftaler vedrørende transaktionsomkostninger mellem et investeringsinstituts administrationsselskab og en mægler, hvorved mægleren indvilliger i at dele de transaktionsgebyrer, som investeringsinstituttet betaler til mægleren for udførelsen af transaktioner på investeringsinstituttets vegne
fee-sharing agreements on transaction costs between a UCITS' management company and a broker whereby the broker agrees to split with the management company the transactions fees paid by the UCITS to the broker for processing transactions for the UCITS;
gebyrdelingsaftaler vedrørende andele i andre investeringsinstitutter (funds-of-funds) mellem et investeringsinstituts administrationsselskab og en anden fond (eller dennes administrationsselskab), hvorved — hvis investeringsinstituttet investerer i fonden, en del af de gebyrer, der skal afholdes af investeringsinstituttet (enten direkte — tegnings- og indløsningsgebyrer — eller indirekte — TER) på grund af denne investering, skal betales af målfonden (eller dennes administrationsselskab) til investeringsinstituttets administrationsselskab.
fee-sharing agreements in funds of funds between a UCITS management company and another fund (or its management company) whereby, if that UCITS invests in the fund, part of the fees charged to that UCITS (either directly – subscription/redemption fees – or indirectly – TER) because of this investment will be paid by the target fund (or its management company) to the UCITS management company.
Identificering af »bløde provisioner«
Identification of ‘soft commissions’
Det henstilles til medlemsstaterne, at de som bløde provisioner identificerer enhver økonomisk gevinst, bortset fra clearing- og ekspeditionsydelser, som en administrator af aktiver modtager i forbindelse med fondens betaling af provisioner for transaktioner, der involverer fondens værdipapirportefølje.
Member States are recommended to identify as soft commissions any economic benefit, other than clearing and execution services, that an asset manager receives in connection with the fund's payment of commissions on transactions that involve the fund's portfolio securities.
Bløde provisioner opnås typisk fra eller gennem den mægler, der forestår transaktionen.
Soft commissions are typically obtained from, or through, the executing broker.
Præsentation af TER og porteføljeomsætningsgraden
Presentation of TER and portfolio turnover rate
Medlemsstaterne opfordres til at tillade, at både TER og porteføljeomsætningsgraden enten indgår i eller vedlægges det forenklede prospekt under samme afsnit som oplysningerne om hidtidig indtjening.
Member States are invited to allow both the TER and the portfolio turnover rate to be either included in or attached to the simplified prospectus in the same paper as information on past performance.
Medlemsstaterne anmodes om så hurtigt som muligt inden den 30. september 2004 at underrette Kommissionen om de foranstaltninger, de træffer i henhold til denne henstilling, og om muligt informere Kommissionen om de første resultater af gennemførelsen senest den 28. februar 2005.
The Member States are requested to inform the Commission, in so far as possible, by 30 September 2004 of any measures they have taken further to this recommendation and to inform it of the first results of its implementation, in as far as they are able, no later than 28 February 2005.
Denne henstilling er rettet til medlemsstaterne.
This recommendation is addressed to the Member States.
EFT L 41 af 13.2.2001, s. 20.
OJ L 375, 31.12.1985, p. 3; Directive as last amended by Directive 2001/108/EC of the European Parliament and of the Council (OJ L 41, 13.2.2001, p. 35).
EFT L 375 af 31.12.1985, s. 3. Senest ændret ved Europa-Parlamentets og Rådets direktiv 2001/108/EF (EFT L 41 af 13.2.2001, s. 35).
OJ L 41, 13.2.2001, p. 20.
Samlet nøgletal for udgifterne (Total Expense Ratio (TER))
Total expense ratio (TER)
Definition af TER:
Definition of the TER
Det samlede nøgletal for udgifterne (Total Expense Ratio (TER)) for et investeringsinstitut er lig med investeringsinstituttets samlede driftsomkostninger i forhold til dets gennemsnitlige nettoaktiver beregnet som anvist i punkt 3 nedenfor.
The total expense ratio (TER) of a UCITS is equal to the ratio of the UCITS' total operating costs to its average net assets calculated as according to paragraph 3.
Medtagne/udelukkede omkostninger:
Included/excluded costs
De samlede driftsomkostninger er alle de udgifter, der skal fratrækkes investeringsinstituttets aktiver.
The total operating costs are all the expenses which come in deduction of a UCITS' assets.
Disse omkostninger fremgår sædvanligvis af investeringsinstituttets driftsopgørelse for det pågældende regnskabsår.
These costs are usually shown in a UCITS' statement of operations for the relevant fiscal period.
De vurderes »inklusive alle skatter«, hvilket betyder, at udgifternes bruttoværdi benyttes.
They are assessed on an ‘all taxes included’ basis, which means that the gross value of expenses should be used.
De omfatter alle investeringsinstituttets legitime udgifter uanset beregningsgrundlag (f.eks. fast gebyr, aktivbaseret, transaktionsbaseret [5]), såsom:
They include any legitimate expenses of the UCITS, whatever their basis of calculation (e.g. flat-fee, asset-based, transaction-based [5]), such as:
forvaltningsudgifter inkl. udbyttegebyrer
management costs including performance fees,
administrationsomkostninger
administration costs,
gebyrer i tilknytning til deponeringsafgifter
fees linked to depository duties,
revisionsgebyrer
audit fees,
betaling for udbydere af aktionærydelser, herunder betalinger til investeringsinstituttets transferagent og betalinger til mæglere/handlere, der registrerer indehaverne af investeringsinstituttets aktier og forestår underleverancer af regnskabsydelser for de omfattede ejere af investeringsinstituttets aktier
payments to shareholder services providers including payments to the UCITS' transfer agent and payments to broker-dealers that are record owners of the UCITS' shares and that provide sub-accounting services for the beneficial owners of the UCITS shares,
advokatsalærer
payments to lawyers,
eventuelle udgifter til udlodning eller mortifikation af andele afholdt af fonden
any distribution or unit cancellation costs charged to the fund,
registreringsgebyrer, lovbestemte gebyrer og lignende
registration fees, regulatory fees and similar charges,
eventuelle yderligere vederlag til administrationsselskabet (eller tredjemand) i tilknytning til visse gebyrdelingsaftaler i overensstemmelse med punkt 4 nedenfor.
any additional remuneration of the management company (or any other party) corresponding to certain fee-sharing agreements in accordance to point 4 below.
De samlede driftsomkostninger omfatter ikke:
The total operating costs do not include:
transaktionsomkostninger, som investeringsinstituttets skal afholde i forbindelse med transaktioner for porteføljen.
transaction costs which are costs incurred by a UCITS in connection with transactions on its portfolio.
De omfatter mæglergebyrer, afgifter og dertil knyttede betalinger samt transaktionens markedspåvirkning under hensyntagen til mæglers vederlag og de pågældende aktivers likviditet
They include brokerage fees, taxes and linked charges and the market impact of the transaction taking into account the remuneration of the broker and the liquidity of the concerned assets,
renter på optagne lån
interest on borrowing,
betalinger som følge af finansielle afledte instrumenter
payments incurred because of financial derivative instruments,
indtrædelses-/udtrædelsesprovision eller eventuelle andre gebyrer, der direkte afholdes af investor
entry /exit commissions or any other fees paid directly by the investor,
bløde provisioner i overensstemmelse med punkt 4 nedenfor.
soft commissions in accordance with point 4.
Beregningsmetode og oplysning:
Calculation method and disclosure
TER beregnes ex-post mindst en gang årligt, generelt på grundlag af investeringsinstituttets regnskabsår.
The TER is calculated at least once a year on an ex post basis, generally with reference to the fiscal year of the UCITS.
Til særlige formål kan TER også beregnes for andre perioder.
For specific purposes it may also be calculated for other time periods.
Det forenklede prospekt bør under alle omstændigheder indeholde en klar henvisning til oplysningens kilde (f.eks. fondens netsted), hvor investor kan finde TER-tal for tidligere år/perioder.
The simplified prospectus should in any case include a clear reference to an information source (e.g. the fund's website) where the investor may obtain previous years'/periods' TER figures.
De gennemsnitlige nettoaktiver beregnes ud fra tal, der er baseret på investeringsinstituttets nettoaktiver ved hver beregning af aktivernes nettoværdi (NAV), f.eks. daglige NAVs, hvor dette er sædvanlig NAV-beregningshyppighed som godkendt af investeringsinstituttets kompetente myndigheder.
The average net assets must be calculated using figures that are based on the UCITS' net assets at each calculation of the net asset value, e.g. daily NAVs where this is the normal frequency of NAV calculation as approved by the UCITS competent authorities.
Yderligere omstændigheder eller begivenheder, som kan føre til vildledende tal, bør ligeledes tages i betragtning.
Further circumstances or events which could lead to misleading figures have equally to be taken into consideration.
Skattelempelser bør ikke tages i betragtning.
Tax relief should not be taken into account.
Metoden til beregning af TER skal valideres af investeringsinstituttets revisorer og/eller kompetente myndigheder.
The calculation method of the TER must be validated by the UCITS' auditors and/or competent authorities.
Gebyrdelingsaftaler og bløde provisioner:
Fee-sharing agreements and soft commissions
Det følger sædvanligvis af gebyrdelingsaftaler om udgifter, der generelt ikke er omfattet af TER, at administrationsselskabet eller tredjemand faktisk helt eller delvis afholder driftsomkostninger, der normalt ville skulle indgå i TER.
It regularly results from fee-sharing agreements on expenses that are generally not included in the TER, that the management company or another party is actually meeting, in all or in part, operating costs that should normally be included in the TER.
De bør derfor tages i betragtning ved beregningen af TER ved at lægge eventuelle vederlag til administrationsselskabet (eller tredjemand), der følger af sådanne gebyrdelingsaftaler, til tallet for de samlede driftsudgifter.
They should therefore be taken into account when calculating the TER, by adding to the total operating costs any remuneration of the management company (or another party) that derives from such fee-sharing agreements.
Det er ikke nødvendigt at tage gebyrdelingsaftaler om udgifter, der allerede er omfattet af TER, i betragtning.
There is no need to take into account fee-sharing agreements on expenses that are already in the scope of the TER.
Bløde provisioner bør også udelukkes fra beregningsgrundlaget for TER.
Soft commissions should also be left outside the scope of the TER.
Det vil sige:
Thus:
Vederlag til et administrationsselskab gennem en gebyrdelingsaftale med en mægler om transaktionsomkostninger og med andre fondsadministrationsselskaber ved andele i andre investeringsinstitutter (funds-of-funds) (hvis dette vederlag ikke allerede er taget i betragtning i den syntetiske TER eller gennem andre udgifter, der allerede er påløbet fonden og dermed direkte indgår i TER) bør under alle omstændigheder indgå i TER.
the remuneration of a management company through a fee-sharing agreement with a broker on transaction costs and with other fund management companies in the case of funds of funds (if this remuneration has not been already been taken into account in the synthetic TER or through other costs already charged to the fund and therefore directly included into the TER) should anyway be taken into account in the TER,
Omvendt bør vederlag til et administrationsselskab gennem en gebyrdelingsaftale med en fond (bortset fra vederlag specifikt i forbindelse med funds-of-funds som omhandlet ovenfor) ikke tages i betragtning.
conversely, the remuneration of a management company through a fee-sharing agreement with a fund (except when this remuneration falls under the scope of the specific fund-of-fund case covered in the previous indent) should not be taken into account.