natgillin/translations-raw huggingface dataset:
Et investeringsinstitut kan erhverve andele i investeringsinstitutter eller andre institutter for kollektiv investering, der er nævnt i artikel 50, stk. 1, litra e), forudsat at højst 10 % af dets aktiver investeres i andele i et og samme investeringsinstitut eller andet institut for kollektiv investering.
A UCITS may acquire the units of UCITS or other collective investment undertakings referred to in Article 50(1)(e), provided that no more than 10 % of its assets are invested in units of a single UCITS or other collective investment undertaking.
Medlemsstaterne kan forhøje denne grænse til højst 20 %.
Member States may raise that limit to a maximum of 20 %.
Investeringer i andele i andre institutter for kollektiv investering end investeringsinstitutter skal samlet ikke overstige 30 % af investeringsinstituttets aktiver.
Investments made in units of collective investment undertakings other than UCITS shall not exceed, in aggregate, 30 % of the assets of the UCITS.
Medlemsstaterne kan, når et investeringsinstitut har erhvervet andele i andre investeringsinstitutter eller institutter for kollektiv investering, bestemme, at de respektive institutters aktiver ikke behøver at blive lagt sammen med henblik på de grænser, der er fastlagt i artikel 52.
Member States may, where a UCITS has acquired units of another UCITS or collective investment undertakings, provide that the assets of the respective UCITS or other collective investment undertakings are not required to be combined for the purposes of the limits laid down in Article 52.
Hvor et investeringsinstitut investerer i andele i andre investeringsinstitutter eller institutter for kollektiv investering, der forvaltes direkte eller gennem delegation af det samme administrationsselskab eller af et andet selskab, som administrationsselskabet er knyttet til gennem fælles administration eller kontrol eller gennem en væsentlig direkte eller indirekte deltagelse, skal administrationsselskabet eller det andet selskab ikke opkræve tegnings- eller indløsningsgebyrer for investeringsinstituttets investeringer i andele i de andre investeringsinstitutter eller institutter for kollektiv investering.
Where a UCITS invests in the units of other UCITS or collective investment undertakings that are managed, directly or by delegation, by the same management company or by any other company with which the management company is linked by common management or control, or by a substantial direct or indirect holding, that management company or other company shall not charge subscription or redemption fees on account of the UCITS’ investment in the units of such other UCITS or collective investment undertakings.
Et investeringsselskab eller et administrationsselskab må for så vidt angår samtlige de investeringsfonde, de administrerer, og som henhører under dette direktivs anvendelsesområde, ikke erhverve aktier med stemmeret, som giver det mulighed for at udøve en betydelig indflydelse på administrationen af en emittent.
An investment company or a management company acting in connection with all of the common funds which it manages and which fall within the scope of this Directive shall not acquire any shares carrying voting rights which would enable it to exercise significant influence over the management of an issuing body.
Med henblik på anvendelse af det i første afsnit omhandlede princip tager medlemsstaterne indtil nærmere samordning hensyn til de eksisterende regler i de øvrige medlemsstaters lovgivning, hvori dette princip er defineret.
Pending further coordination, Member States shall take account of existing rules defining the principle stated in the first subparagraph in the law of other Member States.
Et investeringsinstitut må ikke erhverve mere end:
A UCITS may acquire no more than:
10 % af aktierne uden stemmeret fra en og samme emittent
10 % of the non-voting shares of a single issuing body;
10 % af obligationerne fra en og samme emittent
10 % of the debt securities of a single issuing body;
25 % af andelene fra et og samme investeringsinstitut eller andet institut for kollektiv investering som omhandlet i artikel 1, stk. 2, litra a) og b), eller
25 % of the units of a single UCITS or other collective investment undertaking within the meaning of Article 1(2)(a) and (b); or
10 % af pengemarkedsinstrumenterne fra en og samme emittent.
10 % of the money market instruments of a single issuing body.
De grænser, der er fastsat i litra b), c) og d), kan tilsidesættes på erhvervelsestidspunktet, hvis det på det tidspunkt ikke er muligt at beregne bruttobeløbet for obligationerne eller pengemarkedsinstrumenterne eller nettobeløbet for de udstedte værdipapirer.
The limits laid down in points (b), (c) and (d) may be disregarded at the time of acquisition if at that time the gross amount of the debt securities or of the money market instruments, or the net amount of the securities in issue, cannot be calculated.
Medlemsstaterne kan afstå fra at anvende stk. 1 og 2 for så vidt angår:
A Member State may waive the application of paragraphs 1 and 2 as regards:
værdipapirer og pengemarkedsinstrumenter, som er udstedt eller garanteret af en medlemsstat eller dennes lokale myndigheder
transferable securities and money market instruments issued or guaranteed by a Member State or its local authorities;
værdipapirer og pengemarkedsinstrumenter, som er udstedt eller garanteret af et tredjeland
transferable securities and money market instruments issued or guaranteed by a third country;
værdipapirer og pengemarkedsinstrumenter, som er udstedt af en international institution af offentlig karakter, hvori en eller flere medlemsstater deltager
transferable securities and money market instruments issued by a public international body to which one or more Member States belong;
et investeringsinstituts besiddelse af aktier i et selskab, der er beliggende i et tredjeland, og som hovedsagelig investerer sine aktiver i værdipapirer fra emittenter, der er hjemmehørende i det omhandlede land, såfremt sådan besiddelse i henhold til det omhandlede lands lovgivning udgør investeringsinstituttets eneste mulighed for at investere i værdipapirer fra emittenter i det omhandlede land, eller
shares held by a UCITS in the capital of a company incorporated in a third country investing its assets mainly in the securities of issuing bodies having their registered offices in that country, where under the legislation of that country such a holding represents the only way in which the UCITS can invest in the securities of issuing bodies of that country; or
et eller flere investeringsselskabers besiddelse af aktier i datterselskaber, som udelukkende og kun på investeringsselskabets eller investeringsselskabernes vegne udøver administrations-, rådgivnings- eller markedsføringsvirksomhed i det land, hvor datterselskabet er etableret, for så vidt angår tilbagekøb af andele på deltagernes forlangende.
shares held by an investment company or investment companies in the capital of subsidiary companies pursuing only the business of management, advice or marketing in the country where the subsidiary is established, in regard to the repurchase of units at unit-holders’ request exclusively on its or their behalf.
Undtagelsesbestemmelsen i litra d) i dette stykkes første afsnit finder dog kun anvendelse, såfremt selskabet i det pågældende tredjeland i sin investeringspolitik overholder de i artikel 52 og 55 samt de i stk. 1 og 2 i nærværende artikel fastsatte grænser.
The derogation referred to in point (d) of the first subparagraph of this paragraph shall apply only if in its investment policy the company from the third country complies with the limits laid down in Articles 52 and 55 and in paragraphs 1 and 2 of this Article.
I tilfælde af overskridelser af de ved artikel 52 og 55 fastsatte grænser finder artikel 57 tilsvarende anvendelse.
Where the limits set in Articles 52 and 55 are exceeded, Article 57 shall apply mutatis mutandis.
Investeringsinstitutter er ikke forpligtede til at overholde de i dette kapitel fastsatte grænser ved udøvelsen af de tegningsrettigheder, som er knyttet til værdipapirer eller pengemarkedsinstrumenter, der indgår i aktiverne.
UCITS are not required to comply with the limits laid down in this Chapter when exercising subscription rights attaching to transferable securities or money market instruments which form part of their assets.
Medlemsstaterne kan under overholdelse af princippet om risikospredning tillade nyligt oprettede investeringsinstitutter at afvige fra artikel 52 til 55 i seks måneder fra godkendelsesdatoen.
While ensuring observance of the principle of risk spreading, Member States may allow recently authorised UCITS to derogate from Articles 52 to 55 for six months following the date of their authorisation.
Såfremt de i stk. 1 omhandlede grænser overskrides af grunde, som investeringsinstituttet ikke har indflydelse på, eller som følge af udøvelse af tegningsrettigheder, giver instituttet i sin salgsvirksomhed prioritet til en normalisering af forholdene under hensyn til deltagernes interesser.
If the limits referred to in paragraph 1 are exceeded for reasons beyond the control of a UCITS or as a result of the exercise of subscription rights, that UCITS shall adopt as a priority objective for its sales transactions the remedying of that situation, taking due account of the interests of its unit-holders.
MASTER-FEEDER-STRUKTURER
MASTER-FEEDER STRUCTURES
Anvendelsesområde og godkendelse
Scope and approval
Et feeder-institut er et investeringsinstitut eller en investeringsafdeling heraf, der uanset bestemmelserne i artikel 1, stk. 2, litra a), artikel 50, 52 og 55 samt artikel 56, stk. 2, litra c), er blevet godkendt til at investere mindst 85 % af sine aktiver i andele i et andet investeringsinstitut eller en investeringsafdeling heraf (»master-instituttet«).
A feeder UCITS is a UCITS, or an investment compartment thereof, which has been approved to invest, by way of derogation from Article 1(2)(a), Articles 50, 52 and 55, and Article 56(2)(c), at least 85 % of its assets in units of another UCITS or investment compartment thereof (the master UCITS).
Et feeder-institut kan investere op til 15 % af sine aktiver i følgende:
A feeder UCITS may hold up to 15 % of its assets in one or more of the following:
likvide midler i overensstemmelse med artikel 50, stk. 2, andet afsnit
ancillary liquid assets in accordance with the second subparagraph of Article 50(2);
finansielle afledte instrumenter, som kun kan anvendes til hedgingformål, i overensstemmelse med artikel 50, stk. 1, litra g), og artikel 51, stk. 2 og 3
financial derivative instruments, which may be used only for hedging purposes, in accordance with Article 50(1)(g) and Article 51(2) and (3);
løsøre og fast ejendom, som er væsentlig for den direkte udøvelse af virksomhed, hvis feeder-instituttet er et investeringsselskab.
movable and immovable property which is essential for the direct pursuit of the business, if the feeder UCITS is an investment company.
For at overholde artikel 51, stk. 3, skal feeder-instituttet beregne sin samlede eksponering i finansielle afledte instrumenter ved at kombinere sin egen direkte eksponering under første afsnit, litra b), med enten:
For the purposes of compliance with Article 51(3), the feeder UCITS shall calculate its global exposure related to financial derivative instruments by combining its own direct exposure under point (b) of the first subparagraph with either:
master-instituttets faktiske eksponering i finansielle afledte instrumenter i forhold til feeder-instituttets investering i master-instituttet, eller
the master UCITS’ actual exposure to financial derivative instruments in proportion to the feeder UCITS’ investment into the master UCITS; or
master-instituttets potentielle maksimale samlede eksponering i finansielle afledte instrumenter, der er fastsat i master-instituttets fondsbestemmelser eller vedtægter i forhold til feeder-instituttets investering i master-instituttet.
the master UCITS’ potential maximum global exposure to financial derivative instruments provided for in the master UCITS’ fund rules or instruments of incorporation in proportion to the feeder UCITS investment into the master UCITS.
Et master-institut er et investeringsinstitut eller en investeringsafdeling heraf, der:
A master UCITS is a UCITS, or an investment compartment thereof, which:
har mindst et feeder-institut blandt sine deltagere
has, among its unit-holders, at least one feeder UCITS;
ikke selv er et feeder-institut, og
is not itself a feeder UCITS; and
der ikke er deltager i et feeder-institut.
does not hold units of a feeder UCITS.
hvis et master-institut har mindst to feeder-institutter som deltagere, finder artikel 1, stk. 2, litra a), og artikel 3, litra b), ikke anvendelse, ved at give master-instituttet mulighed for at tilvejebringe kapital hos andre investorer
if a master UCITS has at least two feeder UCITS as unit-holders, Article 1(2)(a) and Article 3(b) shall not apply, giving the master UCITS the choice whether or not to raise capital from other investors;
hvis et master-institut ikke tilvejebringer kapital hos offentligheden i en anden medlemsstat end den, hvor det er etableret, men kun har en eller flere feeder-institutter i den pågældende medlemsstat, finder kapitel XI og artikel 108, stk. 1, andet afsnit, ikke anvendelse.
If a master UCITS does not raise capital from the public in a Member State other than that in which it is established, but only has one or more feeder UCITS in that Member State, Chapter XI and the second subparagraph of Article 108(1) shall not apply.
Medlemsstaterne sikrer, at et feeder-instituts investering i et givet master-institut, som overstiger den grænse for investeringer i andre investeringsinstitutter, der er fastsat i artikel 55, stk. 1, skal forhåndsgodkendes af de kompetente myndigheder i feeder-instituttets hjemland.
Member States shall ensure that the investment of a feeder UCITS into a given master UCITS which exceeds the limit applicable under Article 55(1) for investments into other UCITS be subject to prior approval by the competent authorities of the feeder UCITS home Member State.
Feeder-instituttet underrettes inden for 15 arbejdsdage efter indgivelsen af en fyldestgørende ansøgning om, hvorvidt de kompetente myndigheder har godkendt feeder-instituttets investering i master-instituttet eller ej.
The feeder UCITS shall be informed within 15 working days following the submission of a complete file, whether or not the competent authorities have approved the feeder UCITS’ investment into the master UCITS.
For at kontrollere dette forelægger feeder-instituttet følgende dokumenter for de kompetente myndigheder i sit hjemland:
For such purposes, the feeder UCITS shall provide to the competent authorities of its home Member State the following documents:
feeder-instituttets og master-instituttets fondsbestemmelser eller vedtægter
the fund rules or instruments of incorporation of the feeder UCITS and the master UCITS;
feeder- og master-instituttets prospekt og centrale investorinformation som omhandlet i artikel 78
the prospectus and the key investor information referred to in Article 78 of the feeder and the master UCITS;
den i artikel 60, stk. 1, nævnte aftale mellem feeder- og master-instituttet eller de interne regler om god forretningsskik
the agreement between the feeder and the master UCITS or the internal conduct of business rules referred to in Article 60(1);
i givet fald de oplysninger, der i henhold til artikel 64, stk. 1, skal udleveres til deltagerne
where applicable, the information to be provided to unit-holders referred to in Article 64(1);
den i artikel 61, stk. 1, nævnte aftale om udveksling af oplysninger mellem deres respektive depositarer, hvis master-instituttet og feeder-instituttet har forskellige depositarer og
if the master UCITS and the feeder UCITS have different depositaries, the information-sharing agreement referred to in Article 61(1) between their respective depositaries; and
den i artikel 62, stk. 1, nævnte aftale om udveksling af oplysninger mellem deres respektive revisorer, hvis master-instituttet og feeder-instituttet har forskellige revisorer.
if the master UCITS and the feeder UCITS have different auditors, the information-sharing agreement referred to in Article 62(1) between their respective auditors.
Hvor feeder-instituttet er etableret i en anden medlemsstat end master-instituttet, forelægger feeder-instituttet også en erklæring fra de kompetente myndigheder i master-instituttets hjemland om, at master-instituttet er et investeringsinstitut eller en investeringsafdeling heraf, som opfylder betingelserne i artikel 58, stk. 3, litra b) og c).
Where the feeder UCITS is established in a Member State other than the master UCITS home Member State, the feeder UCITS shall also provide an attestation by the competent authorities of the master UCITS home Member State that the master UCITS is a UCITS, or an investment compartment thereof, which fulfils the conditions set out in Article 58(3)(b) and (c).
Feeder-instituttet forelægger dokumenterne på det officielle sprog eller et af de officielle sprog i feeder-instituttets hjemland eller på et sprog, som dette lands kompetente myndigheder har godkendt.
Documents shall be provided by the feeder UCITS in the official language, or one of the official languages, of the feeder UCITS home Member State or in a language approved by its competent authorities.
Fælles bestemmelser for feeder- og master-institutter
Common provisions for feeder and master UCITS
Feeder-instituttet investerer ikke ud over den grænse, der er fastsat i artikel 55, stk. 1, i andele i dette master-institut, før den i første afsnit nævnte aftale er trådt i kraft.
The feeder UCITS shall not invest in excess of the limit applicable under Article 55(1) in units of that master UCITS until the agreement referred to in the first subparagraph has become effective.
Denne aftale skal udleveres efter anmodning og gratis til alle deltagere.
That agreement shall be made available, on request and free of charge, to all unit-holders.
Hvis både master- og feeder-instituttet administreres af det samme administrationsselskab eller administrative organ, kan aftalen erstattes af interne regler om god forretningsskik, der sikrer overholdelsen af de betingelser, som fastsættes i dette stykke.
In the event that both master and feeder UCITS are managed by the same management company, the agreement may be replaced by internal conduct of business rules ensuring compliance with the requirements set out in this paragraph.
Master- og feeder-instituttet tager skridt til at koordinere timingen af deres beregning og offentliggørelse af nettoværdien for at undgå markedstiming af deres fondes andele for at undgå arbitragemuligheder.
The master and the feeder UCITS shall take appropriate measures to coordinate the timing of their net asset value calculation and publication in order to avoid market timing in their units, preventing arbitrage opportunities.
Med forbehold af artikel 84 hvis et master-institut på eget initiativ eller efter anmodning fra de kompetente myndigheder midlertidigt suspenderer tilbagekøbet, indløsningen eller tegningen af sine andele, har alle dets feeder-institutter, uanset betingelserne i artikel 84, stk. 2, ret til at suspendere tilbagekøbet, indløsningen eller tegningen af deres andele i samme periode som master-instituttet.
Without prejudice to Article 84, if a master UCITS temporarily suspends the repurchase, redemption or subscription of its units, whether at its own initiative or at the request of its competent authorities, each of its feeder UCITS is entitled to suspend the repurchase, redemption or subscription of its units notwithstanding the conditions laid down in Article 84(2) within the same period of time as the master UCITS.
Hvis master-instituttet træder i likvidation, gør feeder-instituttet det ligeså, medmindre de kompetente myndigheder i dets hjemland godkender:
If a master UCITS is liquidated, the feeder UCITS shall also be liquidated, unless the competent authorities of its home Member State approve:
at mindst 85 % af feeder-instituttets aktiver investeres i andele i et andet master-institut eller
the investment of at least 85 % of the assets of the feeder UCITS in units of another master UCITS; or
at dets fondsbestemmelser eller vedtægter ændres for at sætte det i stand til at konvertere til et investeringsinstitut, der ikke er et feeder-institut.
the amendment of its fund rules or instruments of incorporation in order to enable the feeder UCITS to convert into a UCITS which is not a feeder UCITS.
Med forbehold af specifikke nationale bestemmelser om tvangslikvidation kan et master-institut først træde i likvidation tidligst tre måneder efter, at det har underrettet alle sine deltagere og de kompetente myndigheder i feeder-instituttets hjemland om dens bindende beslutning om at træde i likvidation.
Without prejudice to specific national provisions regarding compulsory liquidation, the liquidation of a master UCITS shall take place no sooner than three months after the master UCITS has informed all of its unit-holders and the competent authorities of the feeder UCITS home Member State of the binding decision to liquidate.
Hvis et master-institut fusionerer med et andet investeringsinstitut eller opsplittes i to eller flere investeringsinstitutter, likvideres feeder-instituttet, medmindre de kompetente myndigheder i feeder-instituttets hjemland godkender, at feeder-instituttet:
If a master UCITS merges with another UCITS or is divided into two or more UCITS, the feeder UCITS shall be liquidated, unless the competent authorities of the feeder UCITS home Member State grant approval to the feeder UCITS to:
fortsætter som master-instituttets eller et andet investeringsinstituts feeder-institut efter fusionen eller opsplitningen af master-instituttet
continue to be a feeder UCITS of the master UCITS or another UCITS resulting from the merger or division of the master UCITS;
investerer mindst 85 % af sine aktiver i andele i et andet master-institut, der ikke er et resultat af fusionen eller opsplitningen, eller
invest at least 85 % of its assets in units of another master UCITS not resulting from the merger or the division; or
ændrer sine fondsbestemmelser eller vedtægter med det formål at konvertere til et investeringsinstitut, der ikke er et feeder-institut.
amend its fund rules or its instruments of incorporation in order to convert into a UCITS which is not a feeder UCITS.
En fusion eller opsplitning af et master-institut får ikke virkning, medmindre master-instituttet har forsynet alle sine deltagere og de kompetente myndigheder i dets feeder-institutters hjemlande med de i artikel 43 nævnte oplysninger eller oplysninger af tilsvarende karakter senest 60 dage før den påtænkte gennemførelsesdato.
No merger or division of a master UCITS shall become effective, unless the master UCITS has provided all of its unit-holders and the competent authorities of its feeder UCITS home Member States with the information referred to, or comparable with that referred to, in Article 43 by 60 days before the proposed effective date.
Medmindre de kompetente myndigheder i feeder-instituttets hjemland har givet deres godkendelse i henhold til første afsnit, litra a), giver master-instituttet feeder-instituttet mulighed for at tilbagekøbe eller indløse alle andele i master-instituttet, før fusionen eller opsplitningen af master-instituttet får virkning.
Unless the competent authorities of the feeder UCITS home Member State has granted approval pursuant to point (a) of the first subparagraph, the master UCITS shall enable the feeder UCITS to repurchase or redeem all units in the master UCITS before the merger or division of the master UCITS becomes effective.
Kommissionen kan træffe gennemførelsesforanstaltninger til specificering af følgende:
The Commission may adopt implementing measures specifying:
indholdet af den i stk. 1 nævnte aftale eller de interne regler om god forretningsskik
the content of the agreement or of the internal conduct of business rules referred to in paragraph 1;
de af de i stk. 2 nævnte foranstaltninger, der kan betragtes som hensigtsmæssige, og
which measures referred to in paragraph 2 are deemed appropriate; and