natgillin/translations-raw huggingface dataset:
De kompetente myndigheder i investeringsinstituttets hjemland bør med henblik på dette være i stand til at træffe forebyggende foranstaltninger og vedtage sanktioner i forhold til administrationsselskabet.
To that end, the competent authorities of the UCITS home Member State should be able to take preventive measures and adopt penalties as regards the management company.
De kompetente myndigheder i investeringsinstituttets hjemland bør som en sidste udvej have mulighed for at kræve, at administrationsselskaber ophører med at administrere dette investeringsinstitut.
As a last resort, the competent authorities of the UCITS home Member State should have the possibility to require the management company to cease managing the UCITS.
Medlemsstaterne bør i dette tilfælde indføre de nødvendige bestemmelser for at sikre en behørig administration eller likvidation af investeringsinstituttet.
Member States should provide for the necessary provisions in order to arrange for an orderly management or liquidation of the UCITS in such a case.
For at forebygge tilsynsarbitrage og fremme tilliden til, at de kompetente myndigheder i hjemlandet varetager deres tilsynsopgaver effektivt, bør godkendelse afvises, hvis investeringsinstituttet hindres i at markedsføre dets enheder i hjemlandet.
In order to prevent supervisory arbitrage and promote confidence in the effectiveness of supervision by the home Member State’s competent authorities, authorisation should be refused where a UCITS is prevented from marketing its units in its home Member State.
Når det først er godkendt, bør investeringsinstituttet frit kunne vælge den (de) medlemsstat(er), hvor dens andele skal markedsføres i overensstemmelse med dette direktiv.
Once authorised, UCITS should be free to choose the Member State(s) where its units are to be marketed, in accordance with this Directive.
For at værne om investorernes interesser og sikre lige konkurrencevilkår på markedet for harmoniserede institutter for kollektiv investering kræves det, at investeringsselskaber råder over startkapital.
To safeguard shareholders’ interests and secure a level playing field in the market for harmonised collective investment undertakings, initial capital is required for investment companies.
Investeringsselskaber, der har udpeget et administrationsselskab, dækkes dog gennem administrationsselskabets yderligere egenkapital.
Investment companies which have designated a management company will, however, be covered through the management company’s additional amount of own funds.
Eksisterer der relevante adfærds- og delegationsregler og må et administrationsselskab under dets hjemlands lovgivning foretage sådan delegation, bør godkendte investeringsselskaber overholde sådanne regler med de fornødne tilpasninger, enten direkte, hvis de ikke har udpeget et administrationsselskab godkendt i overensstemmelse med dette direktiv, eller indirekte, hvis de har udpeget et sådant administrationsselskab.
Where there are applicable rules on the conduct of business and the delegation of functions and where such delegation by a management company is allowed under the law of its home Member State, authorised investment companies should comply with such rules, mutatis mutandis, either directly, where they have not designated a management company authorised in accordance with this Directive, or indirectly, where they have designated such a management company.
Trods behovet for konsolidering blandt investeringsinstitutter rammes fusioner af investeringsinstitutter af mange juridiske og administrative vanskeligheder i Fællesskabet.
Despite the need for consolidation between UCITS, mergers of UCITS encounter many legal and administrative difficulties in the Community.
For at forbedre det indre markeds funktion er det derfor nødvendigt at vedtage fællesskabsbestemmelser, der gør det lettere for investeringsinstitutter (og investeringsafdelinger heraf) at fusionere.
It is therefore necessary, in order to improve the functioning of the internal market, to lay down Community provisions facilitating mergers between UCITS (and investment compartments thereof).
Skønt nogle medlemsstater sandsynligvis kun vil godkende aftalebaserede fonde, bør grænseoverskridende fusioner mellem alle former for investeringsinstitutter (aftalebaserede fonde, fonde i selskabsform og investeringsfonde) være tilladt og anerkendt af alle medlemsstater, uden at dette forpligter medlemsstaterne til at indføre nye juridiske former for investeringsinstitutter i deres nationale lovgivning.
Although some Member States are likely to authorise only contractual funds, cross-border mergers between all types of UCITS (contractual, corporate and unit trusts) should be permitted and recognised by each Member State without the need for Member States to provide for new legal forms of UCITS in their national law.
Dette direktiv vedrører de mest almindeligt anvendte fusionsteknikker i medlemsstaterne.
This Directive concerns those merger techniques which are most commonly used in Member States.
Det kræver ikke, at alle medlemsstaterne indarbejder alle tre teknikker i deres nationale lovgivning, men at alle medlemsstater bør anerkende overførsel af aktiver i forbindelse med anvendelsen af disse fusionsteknikker.
It does not require all Member States to introduce all three techniques into their national law, but each Member State should recognise a transfer of assets resulting from those merger techniques.
Dette direktiv hindrer ikke investeringsinstitutter i at anvende andre teknikker i rent nationale situationer, hvor ingen af de investeringsinstitutter, der berøres af fusionen, har anmeldt grænseoverskridende markedsføring af sine andele.
This Directive does not prevent UCITS from using other techniques on a purely national basis, in situations where none of the UCITS concerned by the merger has been notified for cross-border marketing of its units.
Disse fusioner vil fortsat skulle overholde de relevante nationale bestemmelser.
Those mergers will remain subject to the relevant provisions of national law.
Nationale regler om beslutningsdygtighed bør hverken forskelsbehandle nationale og grænseoverskridende fusioner, og bør ej heller være strengere end dem, der er fastlagt for selskabsfusioner.
National rules on quorum should neither discriminate between national and cross-border mergers, nor be more stringent than those laid down for mergers of corporate entities.
For at beskytte investorernes interesser bør medlemsstaterne forlange, at nationale eller grænseoverskridende fusioner mellem investeringsinstitutter skal godkendes af deres kompetente myndigheder.
In order to safeguard investors’ interests, Member States should require proposed domestic or cross-border mergers between UCITS to be subject to authorisation by their competent authorities.
I forbindelse med grænseoverskridende fusioner bør de kompetente myndigheder for det ophørende investeringsinstitut godkende fusionen for at sikre, at de deltagere, der reelt skifter investeringsinstitut, beskyttes behørigt.
For cross-border mergers, the competent authorities of the merging UCITS should authorise the merger so as to ensure that the interests of the unit-holders who effectively change UCITS are duly protected.
Såfremt fusionen omfatter mere end ét ophørende investeringsinstitut, og de pågældende investeringsinstitutter er hjemmehørende i forskellige medlemsstater, er det nødvendigt, at fusionen godkendes af de i forhold til hvert enkelt ophørende investeringsinstitut kompetente myndigheder, som skal arbejde snævert sammen, herunder ved hjælp af passende informationsudveksling.
If the merger involves more than one merging UCITS and such UCITS are domiciled in different Member States, the competent authorities of each merging UCITS will need to authorise the merger, in close cooperation with each other, including through appropriate information-sharing.
Da det også er nødvendigt at sikre en rimelig beskyttelse af deltagerne i det fortsættende investeringsinstitut, bør de kompetente myndigheder i det fortsættende investeringsinstituts hjemland tage hensyn til deres interesser.
Since the interests of the unit-holders of the receiving UCITS also need to be adequately safeguarded, they should be taken into account by the competent authorities of the receiving UCITS home Member State.
Deltagere i både det ophørende og forsættende investeringsinstitut bør ligeledes kunne anmode om tilbagekøb eller indløsning af deres andele eller, hvor dette er muligt, at konvertere dem til andele i et andet investeringsinstitut med en tilsvarende investeringspolitik, og som administreres af samme administrationsselskab eller af et tilknyttet selskab.
Unit-holders of both the merging and the receiving UCITS should also be able to request the repurchase or redemption of their units or, where possible, to convert them into units in another UCITS with similar investment policies and managed by the same management company or by a linked company.
Denne ret bør ikke være genstand for yderligere omkostninger med undtagelse af gebyrer, der udelukkende vil blive tilbageholdt af det respektive investeringsinstitut til dækning af omkostninger ved afvikling af investeringer, som fastsat i de ophørende og fortsættende investeringsinstitutters prospekter.
That right should not be subject to any additional charge, save for fees, to be retained exclusively by the respective UCITS, to cover disinvestment costs in all situations, as set out in the prospectuses of the merging and the receiving UCITS.
Tredjepartskontrol af fusioner bør ligeledes sikres.
Third-party control of mergers should also be ensured.
Enten depositaren eller en uvildig revisor bør udarbejde en rapport på vegne af alle de investeringsinstitutter, der er involveret i fusionen, og validere de metoder, der benyttes til værdiansættelse af institutternes aktiver og passiver, og de metoder, der benyttes til beregning af ombytningsforholdet i fusionsplanen samt det faktiske ombytningsforhold og i givet fald det kontante beløb pr. andel.
Either a depositary or an independent auditor should draw-up a report on behalf of all the UCITS involved in the merger validating the valuation methods of the assets and liabilities of such UCITS and the calculation method of the exchange ratio as set out in the common draft terms of merger as well as the actual exchange ratio and, where applicable, the cash payment per unit.
For at begrænse omkostningerne forbundet med grænseoverskridende fusioner bør det være muligt at udfærdige en enkelt rapport, der dækker samtlige involverede investeringsinstitutter, og den lovpligtige revisor for det ophørende eller det fortsættende investeringsinstitut bør have mulighed for at gøre dette.
In order to limit costs connected with cross-border mergers, it should be possible to draw up a single report for all UCITS involved and the statutory auditor of the merging or the receiving UCITS should be enabled to do so.
Af hensyn til beskyttelsen af investorerne bør deltagerne have mulighed for at modtage en gratis kopi af den pågældende rapport på anmodning.
For investor protection reasons, unit-holders should be able to obtain a copy of such report on request and free of charge.
Det er særlig vigtigt, at deltagerne modtager tilstrækkelige oplysninger om den foreslåede fusion, og at deres rettigheder beskyttes i tilstrækkelig grad.
It is particularly important that the unit-holders are adequately informed about the proposed merger and that their rights are sufficiently protected.
Skønt det især er deltagerne i det ophørende investeringsinstituts interesser, der berøres af fusionen, bør deltagerne i det fortsættende investeringsinstituts interesser også beskyttes.
Although the interests of the unit-holders of the merging UCITS are most concerned by the merger, those of the unit-holders of the receiving UCITS should also be safeguarded.
Bestemmelserne om fusioner i dette direktiv har ingen indflydelse på anvendelsen af lovgivningen om kontrol med fusioner mellem virksomheder, særlig Rådets forordning (EF) nr. 139/2004 af 20. januar 2004 om kontrol med fusioner og virksomhedsovertagelser (EF-fusionsforordningen) [5].
The provisions on mergers laid down in this Directive are without prejudice to the application of the legislation on control of concentrations between undertakings, in particular Council Regulation (EC) No 139/2004 of 20 January 2004 on the control of concentrations between undertakings (the EC Merger Regulation) [5].
Den frie markedsføring af andele fra investeringsinstitutter, der har tilladelse til at placere op til 100 % af deres aktiver i værdipapirer, som er udstedt af en og samme emittent (stat, lokal offentlig myndighed osv.), bør hverken direkte eller indirekte bevirke, at kapitalmarkedet forstyrres, eller at en medlemsstats finansiering vanskeliggøres.
The free marketing of the units issued by UCITS authorised to invest up to 100 % of their assets in transferable securities issued by the same body (State, local authority, etc.) should not have the direct or indirect effect of disturbing the functioning of the capital market or the financing of the Member States.
Den definition af værdipapirer, der benyttes i dette direktiv, gælder kun for dette direktiv og berører ikke de forskellige definitioner, der benyttes i nationale lovgivninger til andre formål som f.eks. beskatning.
The definition of transferable securities included in this Directive applies only for the purposes of this Directive and does not affect the various definitions used in national legislation for other purposes such as taxation.
Aktier og andre værdipapirer svarende til aktier, der udstedes af udstedere såsom »building societies« og industriselskaber og gensidige foreninger, og som i praksis ikke kan overdrages bortset fra den situation, hvor emittenten køber dem tilbage, dækkes følgelig ikke af denne definition.
Consequently, shares and other securities equivalent to shares issued by bodies such as building societies and industrial and provident societies, the ownership of which cannot, in practice, be transferred except by the issuing body buying them back, are not covered by this definition.
Pengemarkedsinstrumenter omfatter omsættelige instrumenter, der normalt handles på pengemarkedet frem for de regulerede markeder, f.eks. skatkammerbeviser og lokale myndigheders gældsbeviser, indlånsbeviser, commercial papers (virksomhedscertifikater), værdipapirer med middel løbetid og bankgaranterede veksler.
Money market instruments comprise transferable instruments which are normally dealt in on the money market rather than on the regulated markets, for example treasury and local authority bills, certificates of deposit, commercial papers, medium-term notes and bankers’ acceptances.
Begrebet regulerede markeder i dette direktiv svarer til begrebet i direktiv 2004/39/EF.
The concept of regulated market in this Directive corresponds to that in Directive 2004/39/EC.
Det er ønskeligt, at et investeringsinstitut kan investere sine aktiver i andele i investeringsinstitutter og andre åbne institutter for kollektiv investering, der også investerer i de likvide finansielle aktiver, som er omfattet af dette direktiv, og som opererer efter princippet om risikospredning.
It is desirable to permit a UCITS to invest its assets in units of UCITS and other collective investment undertakings of the open-ended type which also invest in liquid financial assets referred to in this Directive and which operate on the principle of risk spreading.
Det er nødvendigt, at investeringsinstitutter eller andre institutter for kollektiv investering, som et investeringsinstitut investerer i, er underkastet et effektivt tilsyn.
It is necessary that UCITS or other collective investment undertakings in which a UCITS invests be subject to effective supervision.
Det bør gøres lettere at udvikle et investeringsinstituts muligheder for at investere i investeringsinstitutter og andre institutter for kollektiv investering.
The development of opportunities for a UCITS to invest in UCITS and in other collective investments undertakings should be facilitated.
Det er derfor af afgørende betydning at sikre, at en sådan investeringsaktivitet ikke formindsker investorbeskyttelsen.
It is therefore essential to ensure that such investment activity does not diminish investor protection.
På grund af et investeringsinstituts øgede muligheder for at investere i andele i andre investeringsinstitutter og andre institutter for kollektiv investering er det nødvendigt at fastsætte visse regler om kvantitative grænser, fremlæggelse af oplysninger og forhindring af kaskadefænomenet.
Because of the enhanced possibilities for UCITS to invest in the units of other UCITS and collective investment undertakings, it is necessary to lay down certain rules on quantitative limits, the disclosure of information and prevention of the cascade phenomenon.
For at tage hensyn til markedsudviklingen og i betragtning af gennemførelsen af den økonomiske og monetære union er det ønskeligt at give investeringsinstitutterne tilladelse til at investere i bankindskud.
In order to take into account market developments and in consideration of the completion of economic and monetary union it is desirable to permit UCITS to invest in bank deposits.
For at sikre, at investeringerne i indskud er tilstrækkelig likvide, bør disse indskud kunne tilbagebetales på anfordring eller trækkes tilbage.
To ensure adequate liquidity of investments in deposits, those deposits should be repayable on demand or have the right to be withdrawn.
Hvis indskuddene foretages i et kreditinstitut, hvis vedtægtsmæssige hjemsted er beliggende i et tredjeland, bør kreditinstituttet være underkastet tilsynsregler, som svarer til reglerne i fællesskabsretten.
If the deposits are made with a credit institution the registered office of which is located in a third country, the credit institution should be subject to prudential rules equivalent to those laid down in Community law.
Ud over det tilfælde, hvor et investeringsinstitut investerer i bankindskud i henhold til dets fondsbestemmelser eller vedtægter, bør det være muligt at tillade alle investeringsinstitutter at besidde supplerende likvide aktiver såsom bankindskud på anfordring.
In addition to the case in which a UCITS invests in bank deposits in accordance with its fund rules or instruments of incorporation, it should be possible to allow all UCITS to hold ancillary liquid assets, such as bank deposits at sight.
Besiddelsen af sådanne supplerende likvide aktiver kan være berettiget, herunder for at dække løbende eller ekstraordinære betalinger, i tilfælde af salg for at få den nødvendige tid til at geninvestere i værdipapirer, pengemarkedsinstrumenter eller i andre finansielle aktiver, der omfattes af dette direktiv, eller i en strengt nødvendig periode, når investering i værdipapirer, pengemarkedsinstrumenter og andre finansielle aktiver på grund af ugunstige markedsvilkår er suspenderet.
The holding of such ancillary liquid assets may be justified, inter alia, in order to cover current or exceptional payments; in the case of sales, for the time necessary to reinvest in transferable securities, money market instruments or in other financial assets provided for in this Directive; or for a period of time strictly necessary when, because of unfavourable market conditions, the investment in transferable securities, money market instruments and in other financial assets is suspended.
Af forsigtighedshensyn er det nødvendigt, at investeringsinstitutter undgår en uforholdsmæssig stor koncentration af investeringer, som medfører medkontrahentrisiko over for en enkelt enhed eller enheder, der tilhører samme koncern.
For prudential reasons it is necessary to avoid excessive concentration by a UCITS in investments which expose it to counterparty risk to the same entity or to entities belonging to the same group.
Investeringsinstitutter bør som led i deres generelle investeringspolitik eller med henblik på hedging for at nå et fastsat finansielt mål eller opfylde den risikoprofil, der fremgår af prospektet, udtrykkeligt have mulighed for at investere i finansielle afledte instrumenter.
UCITS should be expressly permitted, as part of their general investment policy or for hedging purposes in order to reach a set financial target or the risk profile indicated in the prospectus, to invest in financial derivative instruments.
Med henblik på at sikre investorbeskyttelsen er det nødvendigt at begrænse den maksimale potentielle risiko i forbindelse med afledte instrumenter, således at denne ikke overstiger den totale nettoværdi i investeringsinstituttets portefølje.
In order to ensure investor protection, it is necessary to limit the maximum potential exposure relating to derivative instruments so that it does not exceed the total net value of the UCITS’ portfolio.
For konstant at kende de risici og forpligtelser, der følger af derivattransaktioner, og for at kunne kontrollere overholdelsen af bestemmelserne om investeringsgrænser bør investeringsinstitutterne løbende måle og nøje overvåge de risici og forpligtelser, der følger af derivattransaktioner.
In order to ensure constant awareness of the risks and commitments arising from derivative transactions and to check compliance with investment limits, those risks and commitments should be measured and monitored on an ongoing basis.
Endelig bør investeringsinstitutterne for at sikre investorbeskyttelsen via oplysninger beskrive, hvilke strategier, teknikker og investeringsgrænser, der gælder for deres derivatoperationer.
Finally, in order to ensure investor protection through disclosure, UCITS should describe their strategies, techniques and investment limits governing their derivative operations.
Det er nødvendigt, at foranstaltninger til at behandle en mulig manglende tilnærmelse af interesser i produkter, hvor kreditrisikoen overføres ved securitisering, som forudset med hensyn til Europa-Parlamentets og Rådets direktiv 2006/48/EF af 14. juni 2006 om adgang til at optage og udøve virksomhed som kreditinstitut [6] og Europa-Parlamentets og Rådets direktiv 2006/49/EF af 14. juni 2006 om kravene til investeringsselskabers og kreditinstitutters kapitalgrundlag [7], er i overensstemmelse og sammenhængende med al relevant lovgivning for den finansielle sektor.
It is necessary for measures to address the potential misalignment of interests in products where credit risk is transferred by securitisation, as envisaged with regard to Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions [6] and Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions [7], to be consistent and coherent in all relevant financial sector regulation.
Kommissionen fremsætter de relevante lovgivningsforslag, herunder vedrørende dette direktiv, for at sikre en sådan overensstemmelse og sammenhæng, efter grundigt at have overvejet virkningen af sådanne forslag.
The Commission will put forward the appropriate legislative proposals, including as regards this Directive, to ensure such consistency and coherence, after duly considering the impact of such proposals.
For så vidt angår over-the-counter-derivater (OTC-derivater) bør der fastsættes krav vedrørende valg af modparter og instrumenter, likviditet og løbende vurdering af stillingen.
With regard to over-the-counter (OTC) derivatives, requirements should be set in terms of the eligibility of counterparties and instruments, liquidity and ongoing assessment of the position.
Formålet med disse krav er at sikre en passende investorbeskyttelse, som kan sammenlignes med den beskyttelse, de opnår, når de erhverver derivater, der handles på regulerede markeder.
The purpose of such requirements is to ensure an adequate level of investor protection, close to that which they obtain when they acquire derivatives dealt in on regulated markets.
Transaktioner i derivater bør aldrig benyttes til at omgå principperne eller bestemmelserne i dette direktiv.
Operations in derivatives should never be used to circumvent the principles or rules set out in this Directive.