natgillin/translations-raw huggingface dataset:
Forvaltnings- og markedsføringsreglerne i de gældende retlige rammer bør desuden anvendes på pengemarkedsforeninger under hensyn til, om de er investeringsinstitutter eller AIF'er.
Furthermore, the management and marketing rules laid down in the existing legal framework should apply to MMFs taking into account whether they are UCITS or AIFs.
På samme måde bør reglerne om grænseoverskridende levering af tjenesteydelser og etableringsret i direktiv 2009/65/EF og direktiv 2011/61/EU anvendes tilsvarende på pengemarkedsforeningers grænseoverskridende aktiviteter.
Equally, the rules on the cross-border provision of services and freedom of establishment laid down in Directives 2009/65/EC and 2011/61/EU should apply correspondingly to the cross-border activities of MMFs.
Samtidig bør en række regler om investeringsinstitutters investeringspolitik, der er fastsat i kapitel VII i direktiv 2009/65/EF, udtrykkelig ikke finde anvendelse.
At the same time, a number of rules in relation to the investment policies of UCITS laid down in Chapter VII of Directive 2009/65/EC should be explicitly disapplied.
Der bør gælde harmoniserede regler for institutter for kollektiv investering, hvis kendetegn svarer til pengemarkedsforeningers.
Harmonised rules should apply to collective investment undertakings whose characteristics correspond to those associated with an MMF.
For investeringsinstitutter og AIF'er, der som mål har at tilbyde afkast svarende til pengemarkedsrenten eller bevare investeringens værdi, og som søger at opnå disse mål ved at investere i aktiver med kort løbetid som f.eks. pengemarkedsinstrumenter eller indlån, eller indgår omvendte genkøbsaftaler eller visse derivataftaler udelukkende med det formål at afdække risici ved andre af deres investeringer, bør overholdelse af de nye regler for pengemarkedsforeninger være obligatorisk.
For UCITS and AIFs that have the objective of offering returns in line with money market rates, or of preserving the value of the investment, and that seek to achieve those objectives by investing in short-term assets such as money market instruments or deposits, or entering into reverse repurchase agreements or certain derivative contracts with the sole purpose of hedging risks inherent to other investments of the fund, compliance with the new rules on MMFs should be mandatory.
Det særegne ved pengemarkedsforeninger skyldes kombinationen af de aktiver, som de investerer i, og de mål, de forfølger.
The specificity of MMFs results from the combination of the assets in which they invest and the objectives they pursue.
Målet om at tilbyde et afkast svarende til pengemarkedsrenten og målet om at bevare en investerings værdi udelukker ikke hinanden gensidigt.
The objective of offering returns in line with money market rates and the objective of preserving the value of an investment are not mutually exclusive.
En pengemarkedsforening kan forfølge et af disse mål eller begge samtidigt.
An MMF can have either one of those objectives or both objectives jointly.
Målet om at tilbyde afkast svarende til pengemarkedsrenten skal forstås i bred betydning.
The objective of offering returns in line with money market rates is to be understood in a broad sense.
Det forventede afkast behøver ikke at være fuldstændig i overensstemmelse med Eonia, Libor, Euribor eller en anden relevant pengemarkedsrente.
The anticipated return does not need to be perfectly aligned with EONIA, Libor, Euribor or any other relevant money market rate.
Hvis et investeringsinstitut eller en AIF har som mål at overgå pengemarkedsrenten med en lille margen, bør dette ikke medføre, at investeringsinstituttet eller AIF'en ikke er omfattet af de i denne forordning omhandlede nye fælles regler.
An objective which seeks to outperform the money market rate by a slight margin is not to be considered to take a UCITS or AIF outside the scope of the new uniform rules provided for in this Regulation.
Målet om at bevare værdien af investeringen skal ikke forstås som en kapitalgaranti ydet af en pengemarkedsforening.
The objective of preserving the value of the investment is not to be understood to be a capital guarantee promised by an MMF.
Det skal forstås som en målsætning, som et investeringsinstitut eller en AIF søger at forfølge.
It is to be understood as an aim that a UCITS or AIF seeks to pursue.
Et fald i investeringernes værdi medfører ikke, at instituttet for kollektiv investering antages at have ændret sit mål om at bevare en investerings værdi.
A decrease in value of the investments does not imply that the collective investment undertaking has changed its objective of preserving the value of an investment.
Det er vigtigt, at investeringsinstitutter og AIF'er, der har pengemarkedsforeningers kendetegn, identificeres som pengemarkedsforeninger, og at deres evne til løbende at være i overensstemmelse med de nye fælles regler for pengemarkedsforeninger konkret kontrolleres.
It is important that UCITS and AIFs that have the characteristics of MMFs be identified as MMFs and that their capacity to comply on an ongoing basis with the new uniform rules on MMFs be explicitly verified.
Der bør derfor være kompetente myndigheder, der godkender pengemarkedsforeninger.
For that purpose, competent authorities should authorise MMFs.
For investeringsinstitutter bør godkendelsen som pengemarkedsforening være en del af godkendelsen som investeringsinstitut i henhold til de harmoniserede procedurer i direktiv 2009/65/EF.
For UCITS, their authorisation as MMFs should be part of the authorisation as UCITS in accordance with the harmonised procedures under Directive 2009/65/EC.
Da AIF'er ikke er omfattet af harmoniserede procedurer for erhvervelse af tilladelse og tilsyn i henhold til direktiv 2011/61/EU, er det nødvendigt at indføre fælles grundlæggende regler om godkendelse, der afspejler de gældende harmoniserede regler for investeringsinstitutter.
For AIFs, as they are not subject to harmonised authorisation and supervision procedures under Directive 2011/61/EU, it is necessary to provide for common basic rules on authorisation that mirror the existing harmonised rules for UCITS.
Sådanne procedurer bør sikre, at forvalteren af en AIF, der er godkendt som en pengemarkedsforening, er en forvalter af alternative investeringsfonde (FAIF), der har erhvervet tilladelse i henhold til direktiv 2011/61/EU.
Such procedures should ensure that the manager of an AIF authorised as an MMF is an AIFM authorised in accordance with Directive 2011/61/EU.
For at sikre, at alle institutter for kollektiv investering, hvis kendetegn svarer til pengemarkedsforeningers, er omfattet af de nye fælles regler for pengemarkedsforeninger, bør anvendelsen af betegnelsen »pengemarkedsforening« eller andre betegnelser, der peger i retning af, at et institut for kollektiv investering har samme kendetegn som en pengemarkedsforening, forbydes, medmindre det pågældende institut er godkendt som en pengemarkedsforening i henhold til denne forordning.
In order to ensure that all collective investment undertakings displaying the characteristics of MMFs are subject to the new common rules on MMFs, the use of the designation ‘MMF’, or any other term that suggests that a collective investment undertaking shares the characteristics of MMFs, should be prohibited unless that undertaking is authorised as an MMF under this Regulation.
For at forhindre omgåelse af reglerne i denne forordning bør de kompetente myndigheder overvåge den markedspraksis, som følges af institutter for kollektiv investering, der er etableret eller markedsføres på deres område, for at kontrollere, at de ikke misbruger betegnelsen pengemarkedsforening eller udgiver sig for at være en pengemarkedsforening uden at overholde den nye retlige ramme.
To prevent circumvention of the rules in this Regulation, competent authorities should monitor the market practices of collective investment undertakings established or marketed in their jurisdiction to verify that they do not misuse the MMF designation or suggest that they are an MMF without complying with the new legal framework.
Da investeringsinstitutter og AIF'er kan have forskellige retlige former, der ikke nødvendigvis giver dem status som juridisk person, skal bestemmelserne i denne forordning om, at pengemarkedsforeninger skal handle, forstås sådan, at de vedrører forvalteren af pengemarkedsforeningen i tilfælde, hvor pengemarkedsforeningen er oprettet som et investeringsinstitut eller som en AIF, der ikke selv kan handle, fordi det eller den ikke har status som juridisk person.
Given that UCITS and AIFs can take different legal forms that do not necessarily endow them with legal personality, the provisions in this Regulation requiring MMFs to take action are to be understood to refer to the manager of the MMF in cases where the MMF is constituted as a UCITS or as an AIF that is not in a position to act by itself because it has no legal personality of its own.
Regler om pengemarkedsforeningers portefølje bør klart fastlægge de kategorier af aktiver, der er investerbare for pengemarkedsforeninger, og på hvilke betingelser de er investerbare.
Rules on the portfolio of MMFs should clearly identify the categories of assets that are eligible for investment by MMFs and the conditions under which they are eligible.
For at sikre pengemarkedsforeningers integritet bør det også forbydes pengemarkedsforeninger at indgå bestemte finansielle transaktioner, der vil kunne udgøre en risiko for deres investeringsstrategi og mål.
To ensure the integrity of MMFs, MMFs should also be prohibited from engaging in certain financial transactions that would endanger their investment strategy and objectives.
Pengemarkedsinstrumenter er omsættelige instrumenter, der normalt handles på pengemarkedet, og omfatter skatkammerbeviser, kortfristede gældsbeviser udstedt af lokale myndigheder, indlånsbeviser, commercial papers, bankaccepter samt andre værdipapirer med middel eller kort løbetid.
Money market instruments are transferable instruments normally dealt in on the money market and include treasury and local authority bills, certificates of deposits, commercial papers, bankers' acceptances, and medium- or short-term notes.
Pengemarkedsinstrumenter bør kun være investerbare for pengemarkedsforeninger, hvis de opfylder løbetidsgrænserne og af en pengemarkedsforening anses for at være af høj kreditkvalitet.
Money market instruments should be eligible for investment by MMFs only insofar as they comply with maturity limits and are considered by an MMF to be of high credit quality.
Ud over det tilfælde, hvor en pengemarkedsforening investerer i bankindskud i overensstemmelse med dets fondsbestemmelser eller vedtægter, bør det være muligt at tillade en pengemarkedsforening at besidde supplerende likvide aktiver, såsom et anfordringsindskud i en bank, som er tilgængeligt til enhver tid.
In addition to the case in which an MMF invests in bank deposits in accordance with its fund rules or its instruments of incorporation, it should be possible to allow an MMF to hold ancillary liquid assets, such as cash in a bank account accessible at any time.
Besiddelsen af sådanne supplerende likvide aktiver kan være berettiget, bl.a. for at dække løbende eller ekstraordinære betalinger og i tilfælde af salg for at få den nødvendige tid til at geninvestere i investerbare aktiver.
The holding of such ancillary liquid assets could be justified, inter alia, in order to cover current or exceptional payments, in the case of sales, for the time necessary to reinvest in eligible assets.
Securitiseringer og gældsbreve med sikkerhed i konkrete aktiver (ABCP'er), bør anses for at være investerbare, i det omfang de opfylder en række krav.
Securitisations and asset-backed commercial paper (ABCPs), should be considered to be eligible to the extent that they respect certain requirements.
Da visse securitiseringer under finanskrisen var særligt ustabile, bør securitiseringer og gældsbreve med sikkerhed i konkrete aktiver pålægges visse kvalitetskriterier, således at kun de securitiseringer og gældsbreve med sikkerhed i konkrete aktiver, som klarer sig godt, bør være investerbare.
Due to the fact that during the financial crisis certain securitisations were particularly unstable, certain quality criteria should be imposed on securitisations and ABCPs so that only those securitisations and ABCPs that perform well should be eligible.
Indtil Europa-Parlamentets og Rådets forordning for simpel, transparent og standardiseret (STS) securitisering, som er foreslået (den foreslåede forordning om STS-securitisering), er vedtaget og finder anvendelse med henblik på nærværende forordning, bør det tillades pengemarkedsforeninger at investere i securitiseringer og gældsbreve med sikkerhed i konkrete aktiver op til en grænse på 15 % af deres aktiver.
Until such time as the Regulation of the European Parliament and of the Council for simple, transparent and standardised (STS) securitisations that is proposed (the proposed Regulation on STS securitisations) is adopted and becomes applicable for the purposes of this Regulation, MMFs should be allowed to invest in securitisations and ABCPs up to a limit of 15 % of their assets.
Kommissionen bør vedtage en delegeret retsakt for at sikre, at kriteriet for identifikation af STS-securitiseringer finder anvendelse med henblik på nærværende forordning.
The Commission should adopt a delegated act to ensure that the criteria identifying STS securitisations apply for the purposes of this Regulation.
Når den nævnte delegerede retsakt finder anvendelse, bør pengemarkedsforeninger kunne investere i securitiseringer og gældsbreve op til en grænse på 20 % af deres aktiver, hvoraf op til 15 % bør kunne investeres i securitiseringer og gældsbreve med sikkerhed i konkrete aktiver, som ikke er STS.
Once that delegated act applies, MMFs should be allowed to invest in securitisations and ABCPs up to a limit of 20 % of their assets, whereby up to 15 % should be able to be invested in securitisations and ABCPs which are not STS.
Pengemarkedsforeninger bør kunne investere i indlån, i det omfang de til enhver tid kan trække deres penge tilbage.
An MMF should be allowed to invest in deposits to the extent that it is able to withdraw the money at any time.
De praktiske muligheder for at hæve pengene ville blive hæmmet, hvis den dekort, der anvendes ved hævning før tiden, er så høj, at den overstiger de renter, der er påløbet før hævningen.
The effective possibility of withdrawal would be impaired if the penalties associated with early withdrawal are so high as to exceed the interest accrued prior to withdrawal.
Pengemarkedsforeninger bør derfor sørge for ikke at foretage indlån i et kreditinstitut, der anvender dekort over gennemsnittet, eller for lange indlån, hvis dette medfører for høj dekort.
For that reason, an MMF should take due care not to make deposits with a credit institution that requires above average penalties or to engage in too long deposits where that results in too high penalties.
For at tage højde for forskellene i bankstrukturerne i Unionen, navnlig i mindre medlemsstater eller i medlemsstater, hvor der er en stærkt koncentreret banksektor, og hvor det ville være uøkonomisk for en pengemarkedsforening at benytte sig af tjenester fra et kreditinstitut i en anden medlemsstat, såsom hvis dette ville nødvendiggøre en valutaomregning med alle de dermed forbundne omkostninger og risici, bør en vis fleksibilitet i diversificeringskravene for indskud i det samme kreditinstitut være tilladt.
In order to take account of the differences in banking structures across the Union, particularly in smaller Member States or in Member States where there is a highly concentrated banking sector, and where it would be uneconomical for an MMF to use the services of a credit institution in another Member State, such as where that would necessitate a currency exchange with all the associated costs and risks, some flexibility in the diversification requirement for deposits with the same credit institution should be allowed.
Afledte finansielle instrumenter, der er investerbare for pengemarkedsforeninger, bør kun tjene det formål at afdække rente- og valutarisiko og bør som underliggende instrument kun have rentesatser, valutakurser, valutaer eller indeks, der repræsenterer disse kategorier.
Financial derivative instruments eligible for investment by an MMF should only serve the purpose of hedging interest rate and currency risk and should only have as an underlying instrument interest rates, foreign exchange rates, currencies or indices representing those categories.
Anvendelse af derivater til andre formål eller med andre underliggende aktiver bør forbydes.
Any use of derivatives for another purpose or on other underlying assets should be prohibited.
Derivater bør kun anvendes som supplement til pengemarkedsforeningens strategi og ikke som det vigtigste værktøj til at nå foreningens mål.
Derivatives should only be used as a complement to the strategy of an MMF and not as the main tool for achieving the MMF's objectives.
Hvis en pengemarkedsforening investerer i aktiver, der er udstedt i en anden valuta end pengemarkedsforeningens valuta, forventes det, at forvalteren af pengemarkedsforeningen afdækker hele valutarisikoen, herunder ved hjælp af derivater.
In the event that an MMF invests in assets labelled in another currency than the currency of the MMF, it is expected that the manager of the MMF would hedge the entire currency risk exposure, including via derivatives.
Pengemarkedsforeninger bør have ret til at investere i afledte finansielle instrumenter, hvis instrumentet handles på et reguleret marked som omhandlet i artikel 50, stk. 1, litra a), b) eller c), i direktiv 2009/65/EF eller over-the-counter (OTC), såfremt visse betingelser er opfyldt.
MMFs should be entitled to invest in financial derivative instruments if that instrument is traded on a regulated market as referred to in point (a), (b) or (c) of Article 50(1) of Directive 2009/65/EC or traded over-the-counter (OTC) provided certain conditions are fulfilled.
Omvendte genkøbsaftaler bør kunne anvendes af pengemarkedsforeninger til at investere overskydende likviditet på meget kort sigt, forudsat at der stilles fuld sikkerhed for positionen.
Reverse repurchase agreements should be able to be used by MMFs as a means to invest excess cash on a very short-term basis, provided that the position is fully collateralised.
For at beskytte investorernes interesser er det nødvendigt at sikre, at sikkerhedsstillelsen i forbindelse med omvendte genkøbsaftaler er af høj kvalitet og ikke viser en høj grad af korrelation med modpartens resultater med henblik på at undgå negative indvirkninger, i tilfælde af at modparten ikke leverer resultaterne.
In order to protect investors, it is necessary to ensure that the collateral provided in the framework of reverse repurchase agreements is of high quality and does not display a high correlation with the performance of the counterparty, in order to avoid a negative impact in the event of default of the counterparty.
Pengemarkedsforeninger bør desuden kunne investere i genkøbsaftaler op til en grænse på 10 % af deres aktiver.
In addition, an MMF should be allowed to invest in repurchase agreements up to a limit of 10 % of its assets.
Ingen andre effektive porteføljeforvaltningsteknikker, herunder udlån og lån af værdipapirer, bør anvendes af pengemarkedsforeninger, da de kan have negativ indflydelse på pengemarkedsforeningernes opnåelse af deres mål.
Other efficient portfolio management techniques, including securities lending and borrowing, should not be used by an MMF as they are likely to impinge on achieving the investment objectives of the MMF.
For at sætte grænser for pengemarkedsforeningers risikotagning er det væsentligt at begrænse modpartsrisikoen ved at fastsætte klare diversificeringskrav for pengemarkedsforeningers portefølje.
In order to limit risk-taking by MMFs, it is essential to reduce counterparty risk by subjecting the portfolio of MMFs to clear diversification requirements.
Med henblik herpå bør der stilles fuld sikkerhed for de omvendte genkøbsaftaler, og der bør for at begrænse den operationelle risiko indføres et krav om, at en enkelt omvendt genkøbsaftale ikke bør udgøre mere end 15 % af pengemarkedsforeningens aktiver.
To that end, reverse repurchase agreements should be fully collateralised and, in order to limit the operational risk, a single reverse repurchase agreement counterparty should not account for more than 15 % of an MMF's assets.
Alle OTC-derivater bør være omfattet af Europa-Parlamentets og Rådets forordning (EU) nr. 648/2012 [6].
All OTC derivatives should be subject to Regulation (EU) No 648/2012 of the European Parliament and of the Council [6].
Af forsigtighedshensyn og for at undgå, at en pengemarkedsforening udøver en væsentlig indflydelse på ledelsen af en udstedende enhed, bør det undgås, at pengemarkedsforeninger i for høj grad koncentrerer deres investeringer i emissioner fra samme udstedende enhed.
For prudential reasons and in order to avoid the exercise of significant influence over the management of an issuing body by an MMF, excessive concentration by an MMF in investments issued by the same issuing body should be avoided.
Pengemarkedsforeninger, der udelukkende opererer som medarbejderopsparingsordninger, bør kunne fravige visse betingelser, som finder anvendelse på investeringer i andre pengemarkedsforeninger, for så vidt som deltagerne i sådanne ordninger, som er fysiske personer, er underlagt restriktive tilbagekøbsbetingelser, der ikke er knyttet til markedsudviklingen, men i stedet knyttet til særlige og foruddefinerede livsbegivenheder, såsom pensionering, og andre særlige omstændigheder, herunder, men ikke begrænset til erhvervelse af en primær bolig, skilsmisse, sygdom eller arbejdsløshed.
MMFs operating solely as employee savings schemes should be able to diverge from certain requirements applicable to investments in other MMFs insofar as the participants in such schemes, who are natural persons, are subject to restrictive redemption conditions that are not linked to market developments but instead related to particular and predefined life events, such as retirement, and other special circumstances, including but not limited to the acquisition of a main residence, divorce, sickness or unemployment.
Det er vigtigt for arbejdstagere at få lov til at investere i pengemarkedsforeninger, som anses for at være én af de sikreste kortsigtede investeringer.
It is important for employees to be allowed to invest in MMFs, which are considered to be one of the safest short-term investments.
En sådan undtagelse bringer ikke denne forordnings mål om at sikre finansiel stabilitet i fare, eftersom arbejdstagere, der investerer i pengemarkedsforeninger via deres medarbejderopsparingsordninger, ikke kan indløse deres investering på anfordring.
Such derogation does not endanger the objective of this Regulation to ensure financial stability, as employees investing in MMFs via their employee savings schemes cannot redeem their investment on demand.
Indløsning kan kun finde sted i tilfælde af visse foruddefinerede livsforhold.
Redemptions are only able to occur in the case of certain predefined life events.
Derfor vil arbejdstagere selv i situationer med markedsstress ikke kunne indløse deres investering i pengemarkedsforeninger.
Therefore, even in stressed market situations, employees will not be able to redeem their investment in MMFs.
Pengemarkedsforeninger bør have som ansvar at investere i investerbare aktiver af høj kvalitet.
MMFs should have a responsibility to invest in high-quality eligible assets.
Med henblik herpå bør forvalteren af en pengemarkedsforening kunne indføre en intern procedure for udvælgelse af kreditvurderingsbureauer, som er afpasset efter pengemarkedsforeningens specifikke investeringsportefølje, samt for fastlæggelse af, hvor hyppigt pengemarkedsforeningen bør overvåge disse bureauers kreditvurderinger.
MMFs should be able to use ratings as a complement to their own assessment of the quality of eligible assets.