natgillin/translations-raw huggingface dataset:
Trods de forbedringer, der er blevet gennemført siden direktivets vedtagelse, særlig i 2001, står det stadig mere klart, at det er nødvendigt at ændre det regelværk, der gælder for investeringsinstitutter, for at tilpasse det til situationen på de finansielle markeder i det 21. århundrede.
However, despite the improvements introduced since its adoption, in particular in 2001, it has steadily become clear that changes need to be introduced into the UCITS legal framework in order to adapt it to the financial markets of the twenty-first century.
Kommissionens grønbog af 12. juli 2005 om en forbedring af EU-rammerne for investeringsfonde gav startskuddet til en offentlig debat om, hvordan direktiv 85/611/EØF bør ændres for at kunne tage disse nye udfordringer op.
The Commission Green Paper of 12 July 2005 on the enhancement of the EU framework for investment funds launched a public debate on the way in which Directive 85/611/EEC should be amended in order to meet those new challenges.
Denne intensive konsultationsproces viste, at der var bred enighed om, at der var behov for væsentlige ændringer i dette direktiv.
That intense consultation process led to the largely shared conclusion that substantial amendments to that Directive are needed.
En samordning af de nationale lovgivninger, der gælder for institutter for kollektiv investering, forekommer derfor hensigtsmæssig med henblik på indbyrdes at tilnærme konkurrencevilkårene for disse institutter på fællesskabsplan og derved gennemføre en mere effektiv og ensartet beskyttelse af deltagerne.
National laws governing collective investment undertakings should be coordinated with a view to approximating the conditions of competition between those undertakings at Community level, while at the same time ensuring more effective and more uniform protection for unit-holders.
En sådan samordning gør det lettere at ophæve begrænsningerne i den frie bevægelighed på fællesskabsplan for andele i investeringsinstitutter.
Such coordination facilitates the removal of the restrictions on the free movement of units of UCITS in the Community.
Under hensyn til disse målsætninger bør der gælde fælles grundlæggende bestemmelser for investeringsinstitutter etableret i medlemsstaterne for så vidt angår deres godkendelse, tilsyn, struktur, aktiviteter samt de oplysninger, som det kræves, de skal offentliggøre.
Having regard to those objectives, it is desirable to provide for common basic rules for the authorisation, supervision, structure and activities of UCITS established in the Member States and the information that they are required to publish.
Samordningen bør begrænses til medlemsstaternes lovgivning vedrørende investeringsinstitutter (bortset fra den lukkede type), som udbyder deres andele til offentligheden i Fællesskabet.
The coordination of the laws of the Member States should be confined to UCITS other than of the closed-ended type that promote the sale of their units to the public in the Community.
Det er ønskeligt, at investeringsinstitutter som led i deres investeringsformål tillades at investere i andre finansielle instrumenter end værdipapirer, som er tilstrækkeligt likvide.
It is desirable that UCITS be permitted, as part of their investment objective, to invest in financial instruments, other than transferable securities, which are sufficiently liquid.
De finansielle instrumenter, der kan indgå som investeringsaktiver i investeringsinstitutters portefølje, bør anføres i dette direktiv.
The financial instruments which are eligible to be investment assets of the portfolio of the UCITS should be listed in this Directive.
Udvælgelsen af investeringer til en portefølje på grundlag af et indeks er en styringsteknik.
The selection of investments for a portfolio by means of an index is a management technique.
Hvor en bestemmelse i dette direktiv kræver, at investeringsinstitutter griber ind, bør denne bestemmelse forstås som en henvisning til administrationsselskabet, hvis investeringsinstituttet er oprettet som en investeringsfond, der administreres af et administrationsselskab, og hvis en investeringsfond ikke har handleevne, som følge af at den ikke er en juridisk person.
Where a provision of this Directive requires that UCITS take action, that provision should be understood to refer to the management company in cases where the UCITS is constituted as a common fund managed by a management company and where a common fund is not in a position to act by itself because it has no legal personality of its own.
Investeringsinstitutters andele betragtes som finansielle instrumenter i henhold til Europa-Parlamentets og Rådets direktiv 2004/39/EF af 21. april 2004 om markeder for finansielle instrumenter [4].
Units of UCITS are considered to be financial instruments for the purposes of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments [4].
En godkendelse, der gives til administrationsselskabet i dets hjemland, bør sikre investorbeskyttelse og administrationsselskabernes solvens for at bidrage til stabiliteten i det finansielle system.
An authorisation granted to the management company in its home Member State should ensure investor protection and the solvency of management companies, with a view to contributing to the stability of the financial system.
Den valgte fremgangsmåde i dette direktiv skal sikre, at der harmoniseres i det omfang, det er nødvendigt for at sikre en gensidig anerkendelse af godkendelser og tilsynssystemer, således at det bliver muligt at give en godkendelse, der er gyldig overalt i Fællesskabet, og at anvende princippet om hjemlandstilsyn.
The approach adopted in this Directive is to ensure the essential harmonisation necessary and sufficient to secure the mutual recognition of authorisation and of prudential supervision systems, making possible the grant of a single authorisation valid throughout the Community and the application of the principle of home Member State supervision.
For at sikre, at administrationsselskabet kan opfylde de forpligtelser, der følger af dets aktiviteter, og dermed sikre dets stabilitet kræves der startkapital og yderligere egenkapital.
In order to ensure that the management company will be able to fulfil the obligations arising from its activities and thus to ensure its stability, initial capital and an additional amount of own funds are required.
For at tage højde for udviklingen, navnlig med hensyn til kapitalkrav i tilknytning til transaktionsrisici, både i Fællesskabet og i andre internationale fora, bør disse krav, herunder anvendelsen af garantier, tages op til fornyet overvejelse.
To take account of developments, particularly those pertaining to capital charges on operational risk, within the Community and other international forums, those requirements, including the use of guarantees, should be reviewed.
Af hensyn til beskyttelsen af investorer er det nødvendigt, at den interne kontrol i alle administrationsselskaber sikres navnlig ved, at ledelsen forestås af to personer og ved, at der anvendes passende interne kontrolsystemer.
It is necessary, for the protection of investors, to guarantee the internal overview of every management company in particular by means of a two-person management system and by adequate internal control mechanisms.
I kraft af princippet om hjemlandstilsyn bør administrationsselskaber, der er godkendt i deres hjemland, have lov til at udøve den virksomhed, de er godkendt til, i hele Fællesskabet ved at oprette filialer eller ved fri udveksling af tjenesteydelser.
By virtue of the principle of home Member State supervision, management companies authorised in their home Member States should be permitted to provide the services for which they have received authorisation throughout the Community by establishing branches or under the freedom to provide services.
Med hensyn til kollektiv porteføljeforvaltning (administration af investeringsfonde eller investeringsselskaber) bør den godkendelse, der gives et administrationsselskab i sit hjemland, jf. dog kapitel XI, give selskabet mulighed for at udøve følgende virksomhed i værtslandet: salg via etableringen af en filial af andele i de harmoniserede investeringsfonde, som dette selskab administrerer i sit hjemland, salg, ved etablering af en filial, af andele i de harmoniserede investeringsselskaber, som dette selskab administrerer, salg af andele i de harmoniserede investeringsfonde eller aktier i de harmoniserede investeringsselskaber, som administreres af andre administrationsselskaber, udførelse af alle andre funktioner og opgaver, der indgår i kollektiv porteføljeforvaltning, forvaltning af aktiverne i investeringsselskaber, der er stiftet i andre medlemsstater end administrationsselskabets hjemland, udførelse af de opgaver, der indgår i kollektiv porteføljeforvaltning, på grundlag af mandater og på vegne af administrationsselskaber, der er stiftet i andre medlemsstater end selskabets hjemstat.
With regard to collective portfolio management (management of unit trusts/common funds or investment companies), the authorisation granted to a management company in its home Member State should permit the company to pursue in host Member States the following activities, without prejudice to Chapter XI: to distribute, through the establishment of a branch, the units of the harmonised unit trusts/common funds managed by that company in its home Member State; to distribute, through the establishment of a branch, the shares of the harmonised investment companies, managed by that company; to distribute the units of the harmonised unit trusts/common funds or shares of the harmonised investment companies managed by other management companies; to perform all the other functions and tasks included in the activity of collective portfolio management; to manage the assets of investment companies incorporated in Member States other than its home Member State; to perform, on the basis of mandates, on behalf of management companies incorporated in Member States other than its home Member State, the functions included in the activity of collective portfolio management.
Hvor et administrationsselskab sælger andele i sine egne harmoniserede investeringsfonde eller aktier i sine egne harmoniserede investeringsselskaber i værtslandet uden etablering af en filial, bør det udelukkende være omfattet af bestemmelserne om grænseoverskridende markedsføring.
Where a management company distributes the units of its own harmonised unit trusts/common funds or shares of its own harmonised investment companies in host Member States, without the establishment of a branch, it should be subject only to rules regarding cross-border marketing.
Med hensyn til administrationsselskabers virksomhed og for at tage højde for national lovgivning og give selskaberne mulighed for at opnå væsentlige stordriftsfordele, bør disse ligeledes kunne administrere investeringsporteføljer på individuelt kundegrundlag (individuel porteføljeforvaltning), herunder administration af pensionsfonde og nogle nærmere bestemte accessoriske tjenesteydelser, der er forbundet med den primære virksomhed, uden at disse selskabers stabilitet påvirkes heraf.
With regard to the scope of activity of management companies and in order to take into account national law and permit such companies to achieve significant economies of scale, it is desirable to permit them also to pursue the activity of management of portfolios of investments on a client-by-client basis (individual portfolio management), including the management of pension funds as well as some specific non-core activities linked to the main business without prejudicing the stability of such companies.
Der bør imidlertid indføres specifikke bestemmelser til at forhindre, at der opstår interessekonflikter, når administrationsselskaber får lov til at udføre både kollektiv og individuel porteføljeforvaltning.
However, specific rules should be laid down in order to prevent conflicts of interest when management companies are authorised to pursue the business of both collective and individual portfolio management.
Forvaltning af individuelle investeringsporteføljer er en investeringsservice, der er omfattet af direktiv 2004/39/EF.
The activity of management of individual portfolios of investments is an investment service covered by Directive 2004/39/EC.
For at sikre at rammebestemmelserne på området er ensartede, bør administrationsselskaber, hvis godkendelse også omfatter denne virksomhed, underkastes de driftsvilkår, der er fastsat i dette direktiv.
In order to ensure a homogeneous regulatory framework in this area, it is desirable to subject management companies, the authorisation of which also covers that service, to the operating conditions laid down in that Directive.
Et hjemland bør principielt kunne fastsætte strengere regler end reglerne i dette direktiv, især om godkendelsesbetingelser, tilsynskrav og aflæggelse af beretning samt om prospekter.
A home Member State should be able, as a general rule, to establish rules stricter than those laid down in this Directive, in particular as regards authorisation conditions, prudential requirements and the rules on reporting and the prospectus.
Det bør fastsættes, under hvilke forudsætninger et administrationsselskab på grundlag af mandater må delegere specifikke opgaver og funktioner til tredjemand for at udøve sin virksomhed mere effektivt.
It is desirable to lay down rules defining the preconditions under which a management company may delegate, on the basis of mandates, specific tasks and functions to third parties so as to increase the efficiency of the conduct of its business.
For at princippet om hjemlandstilsyn kan fungere korrekt, bør medlemsstater, der tillader en sådan delegation, sikre, at et administrationsselskab, de har godkendt, ikke delegerer alle sine funktioner til en eller flere tredjeparter for derved at blive et tomt selskab, og at de foreliggende mandater ikke hindrer et effektivt tilsyn med administrationsselskabet.
In order to ensure the correct functioning of the principle of the home Member State supervision, Member States permitting such delegations should ensure that the management company to which they granted authorisation does not delegate the totality of its functions to one or more third parties, so as to become a letter-box entity, and that the existence of mandates does not hinder an effective supervision over the management company.
Administrationsselskabets eller depositarens forpligtelser over for deltagere og de kompetente myndigheder bør imidlertid ikke påvirkes af, at selskabet har delegeret sine funktioner til tredjemand.
However, the fact that the management company has delegated its functions should not affect the liabilities of that company or of the depositary vis-à-vis the unit-holders and the competent authorities.
For at sikre lige konkurrencevilkår og passende tilsyn på lang sigt bør Kommissionen have mulighed for at undersøge mulighederne for at harmonisere delegationsordninger på fællesskabsplan.
In order to ensure a level playing field and appropriate supervision in the long term, it should be possible for the Commission to examine the possibilities for harmonising delegation arrangements at Community level.
Princippet om hjemlandstilsyn nødvendiggør, at de kompetente myndigheder enten inddrager eller ikke meddeler en godkendelse, hvis faktorer som f.eks. forretningsprogrammets indhold, den geografiske fordeling eller de aktiviteter, der faktisk udøves, klart viser, at et administrationsselskab har valgt retssystemet i en bestemt medlemsstat for at undgå de strammere regler, der gælder i en anden medlemsstat, hvor det agter at udøve eller allerede udøver størstedelen af sin virksomhed.
The principle of home Member State supervision requires that the competent authorities withdraw or refuse to grant authorisation where factors, such as the content of programmes of operations, the geographical distribution or the activities in fact pursued indicate clearly that a management company has opted for the legal system of one Member State for the purpose of evading the stricter standards in force in another Member State within the territory of which it intends to pursue or does pursue the greater part of its activities.
I henhold til dette direktiv bør et administrationsselskab være godkendt i den medlemsstat, hvor det har sit hjemsted.
For the purposes of this Directive, a management company should be authorised in the Member State in which it has its registered office.
I overensstemmelse med princippet om hjemlandstilsyn er det kun de kompetente myndigheder i administrationsselskabets hjemland, der bør anses for at være kompetente til at føre tilsyn med administrationsselskabets organisation, herunder alle procedurer og ressourcer til at udføre den administrative funktion, der er nævnt i bilag II, der bør være underlagt lovgivningen i administrationsselskabets hjemland.
In accordance with the principle of home Member State supervision, only the competent authorities of the management company’s home Member State should be considered competent to supervise the organisation of the management company, including all procedures and resources to perform the function of administration referred to in Annex II, which should be subject to the law of the management company’s home Member State.
Administreres investeringsinstituttet af et administrationsselskab, der er godkendt i en anden medlemsstat end investeringsinstituttets hjemland, bør administrationsselskabet vedtage og indføre passende procedurer og ordninger for at behandle investorklager, såsom via passende bestemmelser i salgsordninger eller i form af en adresse i investeringsinstituttets hjemland, der ikke behøver at være selve administrationsselskabets adresse.
Where the UCITS is managed by a management company authorised in a Member State other than the UCITS home Member State, that management company should adopt and establish appropriate procedures and arrangements to deal with investor complaints, such as through appropriate provisions in distribution arrangements or through an address in the UCITS home Member State, which should not need to be an address of the management company itself.
Et sådant administrationsselskab bør også indføre passende procedurer og ordninger for at gøre oplysninger tilgængelige efter anmodning fra offentligheden eller de kompetente myndigheder i investeringsinstituttets hjemland, såsom ved at udpege en kontaktperson blandt administrationsselskabets ansatte for at behandle anmodninger om oplysninger.
Such a management company should also establish appropriate procedures and arrangements to make information available at the request of the public or the competent authorities of the UCITS home Member State, such as through the designation of a contact person, from among the employees of the management company, to deal with requests for information.
Administrationsselskabet bør imidlertid ikke være forpligtet i henhold til lovgivningen i investeringsinstituttets hjemland til at have en lokal repræsentant i den pågældende medlemsstat for at opfylde disse forpligtelser.
However, such a management company should not be required by the law of the UCITS home Member State to have a local representative in that Member State in order to fulfil those duties.
De kompetente myndigheder, der godkender investeringsinstitutter, bør tage højde for investeringsfondens fondsbestemmelser eller investeringsselskabets vedtægter, valget af depositar og administrationsselskabets evne til at administrere investeringsinstituttet.
The competent authorities that authorise the UCITS should take into account the rules of the common fund or the instruments of incorporation of the investment company, the choice of the depositary and the ability of the management company to manage the UCITS.
Hvis administrationsselskabet er etableret i en anden medlemsstat, bør de kompetente myndigheder kunne henholde sig til en erklæring udstedt fra de kompetente myndigheder i administrationsselskabets hjemland, hvoraf det fremgår, hvilken type investeringsinstitut administrationsselskabet er godkendt til at administrere.
Where the management company is established in another Member State, the competent authorities should be able to rely on an attestation, issued by the competent authorities of the management company’s home Member State, regarding the type of UCITS that the management company is authorised to manage.
Godkendelsen af et investeringsinstitut bør ikke betinges af et yderligere kapitalkrav til administrationsselskabet, af at administrationsselskabet har sit vedtægtsmæssige hjemsted i investeringsinstituttets hjemland, eller af at administrationsselskabet udøver virksomhed i investeringsinstituttets hjemland.
Authorisation of a UCITS should not be subject to an additional capital requirement at the level of the management company, the location of the management company’s registered office in the UCITS home Member State, or the location of any activity of the management company in the UCITS home Member State.
De kompetente myndigheder i investeringsinstituttets hjemland bør være kompetente til at føre tilsyn med overholdelsen af bestemmelserne vedrørende investeringsinstituttets oprettelse og drift, der bør være underlagt lovgivningen i investeringsinstituttets hjemland.
The competent authorities of the UCITS home Member State should be competent to supervise compliance with the rules regarding the constitution and functioning of the UCITS, which should be subject to the law of the UCITS home Member State.
I denne forbindelse bør de kompetente myndigheder i investeringsinstituttets hjemland kunne indhente oplysninger direkte fra administrationsselskabet.
To this end, the competent authorities of the UCITS home Member State should be able to obtain information directly from the management company.
De kompetente myndigheder i administrationsselskabets værtsland kan navnlig kræve, at administrationsselskaber forelægger oplysninger om transaktioner vedrørende investeringsinstituttets investeringer, der er godkendt i den pågældende medlemsstat, herunder oplysninger, der findes i regnskaber og registre over disse transaktioner og fondens regnskaber.
In particular, the competent authorities of the management company’s host Member State may require management companies to provide information on transactions concerning the investments of the UCITS authorised in that Member State, including information contained in books and records of those transactions and fund accounts.
Med henblik på afhjælpning af eventuelle overtrædelser af bestemmelserne inden for deres kompetenceområde bør de kompetente myndigheder i administrationsselskabets værtsland kunne forlade sig på et samarbejde med de kompetente myndigheder i administrationsselskabets hjemland og bør, om nødvendigt, kunne gribe direkte ind over for administrationsselskabet.
To remedy any breach of the rules under their responsibility, the competent authorities of the management company’s host Member States should be able to rely on the cooperation of the competent authorities of the management company’s home Member State and, if necessary, should be able to take action directly against the management company.
Det bør være muligt for investeringsinstituttets hjemland at fastsætte regler for indholdet af investeringsinstituttets deltagerregister.
It should be possible for the UCITS home Member State to provide for rules regarding the content of the unit-holder register of the UCITS.
Tilrettelæggelsen af vedligeholdelsen og placeringen af dette register bør dog stadig være en del af administrationsselskabets organisatoriske foranstaltninger.
The organisation of the maintenance and the location of that register should, however, remain part of the organisational arrangements of the management company.
Det er nødvendigt at give investeringsinstituttets hjemland alle muligheder for at afhjælpe eventuelle overtrædelser af investeringsinstituttets bestemmelser.
It is necessary to provide the UCITS home Member State with all means to remedy any breach in the rules of the UCITS.