natgillin/translations-raw huggingface dataset:
Uanset de enkelte grænser fastsat i stk. 1 må en pengemarkedsforening højst investere 20 % af sine aktiver i obligationer udstedt af et enkelt kreditinstitut, hvis kravene i artikel 10, stk. 1, litra f), eller artikel 11, stk. 1, litra c), i delegeret forordning (EU) 2015/61 er opfyldt, herunder eventuelle investeringer i aktiver som omhandlet i nærværende artikels stk. 8.
In particular, sums deriving from the issue of those bonds shall be invested in accordance with the law in assets which, during the whole period of validity of the bonds, are capable of covering claims attaching to the bonds and which, in the event of failure of the issuer, would be used on a priority basis for the reimbursement of the principal and payment of the accrued interest.
I tilfælde, hvor en pengemarkedsforening investerer mere end 5 % af sine aktiver i de i første afsnit omhandlede obligationer, som er udstedt af en enkelt emittent, må den samlede værdi af disse investeringer ikke overstige 60 % af pengemarkedsforeningens aktiver, herunder enhver eventuel investering i de aktiver, der er omhandlet i stk. 8, under overholdelse af de i dette stykke fastsatte grænser.
Where an MMF invests more than 5 % of its assets in the bonds referred to in the first subparagraph issued by a single issuer, the total value of those investments shall not exceed 40 % of the value of the assets of the MMF.
Selskaber, som indgår i samme koncern med henblik på konsoliderede regnskaber, jf. Europa-Parlamentets og Rådets direktiv 2013/34/EU [18], eller i overensstemmelse med anerkendte internationale regnskabsregler, anses for at være en enkelt enhed ved beregning af de grænser, der er omhandlet i denne artikels stk. 1-6.
Notwithstanding the individual limits laid down in paragraph 1, an MMF may invest no more than 20 % of its assets in bonds issued by a single credit institution where the requirements set out in point (f) of Article 10(1) or point (c) of Article 11(1) of Delegated Regulation (EU) 2015/61 are met, including any possible investment in assets referred to in paragraph 8 of this Article.
Artikel 18
Where an MMF invests more than 5 % of its assets in the bonds referred to in the first subparagraph issued by a single issuer, the total value of those investments shall not exceed 60 % of the value of the assets of the MMF, including any possible investment in assets referred to in paragraph 8, respecting the limits set out therein.
Koncentration
Companies which are included in the same group for the purposes of consolidated accounts under Directive 2013/34/EU of the European Parliament and of the Council [18] or in accordance with recognised international accounting rules, shall be regarded as a single body for the purpose of calculating the limits referred to in paragraphs 1 to 6 of this Article.
En pengemarkedsforening må højst besidde 10 % af de pengemarkedsinstrumenter, securitiseringer og gældsbreve med sikkerhed i konkrete aktiver, som en enkelt enhed har udstedt.
Article 18
Den i stk. 1 fastsatte grænse finder ikke anvendelse på besiddelser af pengemarkedsinstrumenter udstedt eller garanteret af Unionen, medlemsstaternes nationale, regionale og lokale myndigheder eller deres centralbanker, Den Europæiske Centralbank, Den Europæiske Investeringsbank, Den Europæiske Investeringsfond, den europæiske stabilitetsmekanisme, den europæiske finansielle stabilitetsfacilitet, en central myndighed eller centralbank i et tredjeland, Den Internationale Valutafond, Den Internationale Bank for Genopbygning og Økonomisk Udvikling, Europarådets Udviklingsbank, Den Europæiske Bank for Genopbygning og Udvikling, Den Internationale Betalingsbank eller enhver anden relevant international finansiel institution eller organisation, som én eller flere medlemsstater tilhører.
Concentration
Afdeling III
An MMF shall not hold more than 10 % of the money market instruments, securitisations and ABCPs issued by a single body.
Kreditkvaliteten af pengemarkedsinstrumenter, securitiseringer og gældsbreve med sikkerhed i konkrete aktiver
The limit laid down in paragraph 1 shall not apply in respect of holdings of money market instruments issued or guaranteed by the Union, national, regional and local administrations of the Member States or their central banks, the European Central Bank, the European Investment Bank, the European Investment Fund, the European Stability Mechanism, the European Financial Stability Facility, a central authority or central bank of a third country, the International Monetary Fund, the International Bank for Reconstruction and Development, the Council of Europe Development Bank, the European Bank for Reconstruction and Development, the Bank for International Settlements, or any other relevant international financial institution or organisation to which one or more Member States belong.
Artikel 19
Section III
Intern procedure for kreditkvalitetsvurdering
Credit quality of money market instruments, securitisations and ABCPs
Forvalteren af en pengemarkedsforening skal indføre, implementere og konsekvent anvende en forsvarlig intern procedure for kreditkvalitetsvurdering til bedømmelse af kreditkvaliteten af pengemarkedsinstrumenter, securitiseringer og gældsbreve med sikkerhed i konkrete aktiver under hensyn til instrumentets emittent og selve instrumentets karakteristika.
Article 19
Forvalteren af en pengemarkedsforening skal sikre, at de oplysninger, der anvendes i forbindelse med den interne procedure for kreditkvalitetsvurdering er af tilstrækkelig god kvalitet, ajourførte og stammer fra pålidelige kilder.
Internal credit quality assessment procedure
Den interne vurderingsprocedure skal være baseret på forsvarlige, systematiske og kontinuerlige vurderingsmetoder.
The manager of an MMF shall establish, implement and consistently apply a prudent internal credit quality assessment procedure for determining the credit quality of money market instruments, securitisations and ABCPs, taking into account the issuer of the instrument and the characteristics of the instrument itself.
De anvendte metoder skal valideres af forvalteren af en pengemarkedsforening på grundlag af historiske erfaringer og empirisk dokumentation, herunder backtestning.
The manager of an MMF shall ensure that the information used in applying the internal credit quality assessment procedure is of sufficient quality, up-to-date and from reliable sources.
Forvalteren af en pengemarkedsforening skal sikre, at den interne procedure for kreditkvalitetsvurdering overholder alle følgende generelle principper:
The internal assessment procedure shall be based on prudent, systematic and continuous assessment methodologies.
der skal indføres en effektiv procedure til at indhente og ajourføre relevante oplysninger om emittentens og instrumentets karakteristika
The methodologies used shall be subject to validation by the manager of an MMF based on historical experience and empirical evidence, including back testing.
der skal vedtages og implementeres passende foranstaltninger til at sikre, at den interne kreditkvalitetsvurdering er baseret på en indgående analyse af alle tilgængelige og relevante oplysninger og tager hensyn til alle relevante faktorer, der påvirker emittentens kreditværdighed og instrumentets kreditkvalitet
The manager of an MMF shall ensure that the internal credit quality assessment procedure complies with all of the following general principles:
den interne procedure for kreditkvalitetsvurdering skal løbende overvåges, og alle kreditkvalitetsvurderinger skal mindst en gang om året tages op til revision
an effective process is to be established to obtain and update relevant information on the issuer and the instrument's characteristics;
eftersom der i overensstemmelse med artikel 5a i forordning (EF) nr. 1060/2009 ikke må være mekanisk afhængighed af eksterne kreditvurderinger, skal forvalteren af en pengemarkedsforening gennemføre en ny kreditkvalitetsvurdering for et pengemarkedsinstrument, securitiseringer og gældsbreve med sikkerhed i konkrete aktiver, når der sker en væsentlig ændring, der kan påvirke den eksisterende vurdering af instrumentet
adequate measures are to be adopted and implemented to ensure that the internal credit quality assessment is based on a thorough analysis of the information that is available and pertinent, and includes all relevant driving factors that influence the creditworthiness of the issuer and the credit quality of the instrument;
kreditkvalitetsvurderingsmetoderne skal mindst en gang om året tages op til revision af forvalteren af en pengemarkedsforening for at afklare, om de fortsat er hensigtsmæssige set i forhold til den aktuelle portefølje og de eksterne vilkår, og vurderingen skal fremsendes af forvalteren af pengemarkedsforeningen til den kompetente myndighed.
the internal credit quality assessment procedure is to be monitored on an ongoing basis and all credit quality assessments shall be reviewed at least annually;
Hvis forvalteren af pengemarkedsforeningen får kendskab til fejl i kreditkvalitetsvurderingsmetoden eller i anvendelsen af denne, skal disse fejl straks korrigeres
while there is to be no mechanistic over-reliance on external ratings in accordance with Article 5a of Regulation (EC) No 1060/2009, the manager of an MMF shall undertake a new credit quality assessment for a money market instrument, securitisations and ABCPs when there is a material change that could have an impact on the existing assessment of the instrument;
hvis metoder, modeller eller vigtige udgangshypoteser, der anvendes i de interne procedurer for kreditkvalitetsvurdering, ændres, skal forvalteren af en pengemarkedsforening hurtigst muligt tage alle berørte interne kreditkvalitetsvurderinger op til revision.
the credit quality assessment methodologies are to be reviewed at least annually by the manager of an MMF to determine whether they remain appropriate for the current portfolio and external conditions and the review shall be transmitted to the competent authority of the manager of the MMF.
Artikel 20
Where the manager of the MMF becomes aware of errors in the credit quality assessment methodology or in its application, it shall immediately correct those errors;
Intern kreditkvalitetsvurdering
when methodologies, models or key assumptions used in the internal credit quality assessment procedure are changed, the manager of an MMF is to review all affected internal credit quality assessments as soon as possible.
Forvalteren af en pengemarkedsforening skal anvende den i artikel 19 fastsatte procedure med henblik på at afgøre, om kreditkvaliteten af et pengemarkedsinstrument, en securitisering eller et gældsbrev med sikkerhed i konkrete aktiver får en positiv vurdering.
Article 20
Hvis et kreditvurderingsbureau, der er registreret og godkendt i overensstemmelse med forordning (EF) nr. 1060/2009, har fremlagt en kreditvurdering af det pågældende pengemarkedsinstrument, kan forvalteren af pengemarkedsforeningen tage hensyn til en sådan vurdering og til supplerende oplysninger og analyser i sin interne kreditkvalitetsvurdering, dog uden udelukkende eller på mekanisk vis at forlade sig på sådanne vurderinger i overensstemmelse med artikel 5a i forordning (EF) nr. 1060/2009.
Internal credit quality assessment
Kreditkvalitetsvurderingen skal som minimum tage følgende faktorer og generelle principper i betragtning:
The manager of an MMF shall apply the procedure laid down in Article 19 to determine whether the credit quality of a money market instrument, securitisation or ABCP receives a favourable assessment.
kvantificeringen af emittentens kreditrisiko og den relative risiko for misligholdelse fra emittentens eller instrumentets side
Where a credit rating agency registered and certified in accordance with Regulation (EC) No 1060/2009 has provided a rating of that money market instrument, the manager of the MMF may have regard to such rating and supplementary information and analysis in its internal credit quality assessment, while not solely or mechanistically relying on such rating in accordance with Article 5a of Regulation (EC) No 1060/2009.
kvalitative indikatorer om emittenten af instrumentet, herunder i lyset af den makroøkonomiske og finansmarkedsmæssige situation
The credit quality assessment shall take into account at least the following factors and general principles:
pengemarkedsinstrumenters kortfristede natur
the quantification of the credit risk of the issuer and of the relative risk of default of the issuer and of the instrument;
instrumentets aktivklasse
qualitative indicators on the issuer of the instrument, including in the light of the macroeconomic and financial market situation;
typen af emittent, hvor der som minimum skal sondres mellem følgende: nationale, regionale eller lokale myndigheder, finansielle selskaber og ikke-finansielle selskaber
the short-term nature of money market instruments;
for strukturerede finansielle instrumenter, den iboende operative risiko og modpartsrisikoen i den strukturerede finansielle transaktion, og i tilfælde af eksponering for securitiseringer, kreditrisikoen ved emittenten, strukturen af securitiseringen og kreditrisikoen ved de underliggende aktiver
the asset class of the instrument;
instrumentets likviditetsprofil.
the type of issuer distinguishing at least the following types of issuers: national, regional or local administrations, financial corporations, and non-financial corporations;
Forvalteren af en pengemarkedsforening kan i tillæg til de i dette stykke omhandlede faktorer og generelle principper tage hensyn til advarsler og indikatorer i forbindelse med vurderingen af et pengemarkedsinstruments kreditkvalitet, jf. artikel 17, stk. 7.
for structured financial instruments, the operational and counterparty risk inherent within the structured financial transaction and, in case of exposure to securitisations, the credit risk of the issuer, the structure of the securitisation and the credit risk of the underlying assets;
Artikel 21
the liquidity profile of the instrument.
Dokumentation
The manager of an MMF may, in addition to the factors and general principles referred to in this paragraph, take into account warnings and indicators when determining the credit quality of a money market instrument referred to in Article 17(7).
Forvalteren af en pengemarkedsforening skal dokumentere dens interne procedure for kreditkvalitetsvurdering og kreditkvalitetsvurderingen.
Article 21
I denne dokumentation skal indgå:
Documentation
udformningen og virkemåden af dens interne procedure for kreditkvalitetsvurdering beskrevet på en måde, der giver de kompetente myndigheder mulighed for at forstå og vurdere hensigtsmæssigheden af kreditkvalitetsvurderingsproceduren
The manager of an MMF shall document its internal credit quality assessment procedure and credit quality assessments.
baggrunden for og analysen til støtte for kreditkvalitetsvurderingen og for pengemarkedsforeningens forvalteres valg af kriteriet og revisionshyppigheden for kreditkvalitetsvurderingen
Documentation shall include all of the following:
alle væsentlige ændringer af den interne procedure for kreditkvalitetsvurdering, herunder angivelse af, hvad der udløser sådanne ændringer
the design and operational details of its internal credit quality assessment procedure in a manner that allows competent authorities to understand and evaluate the appropriateness of a credit quality assessment;
tilrettelæggelsen af den interne procedure for kreditkvalitetsvurdering og strukturen af den interne kontrol
the rationale for and the analysis supporting the credit quality assessment, as well as the manager of the MMF's choice of criteria for, and the frequency of, the review of the credit quality assessment;
detaljerede oplysninger om tidligere interne kreditkvalitetsvurderinger af instrumenter, emittenter og, hvor det er relevant, anerkendte garantistillere
all major changes to the internal credit quality assessment procedure, including identification of the triggers of such changes;
oplysninger om den eller de personer, der har ansvaret for den interne procedure for kreditkvalitetsvurdering.
the organisation of the internal credit quality assessment procedure and the internal control structure;
Forvalteren af en pengemarkedsforening skal opbevare al den i stk. 1 omhandlede dokumentation i mindst tre fuldstændige årlige regnskabsperioder.
complete internal credit quality assessment histories on instruments, issuers and, where relevant, recognised guarantors;
Den interne procedure for kreditkvalitetsvurdering skal være nærmere beskrevet i pengemarkedsforeningens fondsbestemmelser eller vedtægter, og alle de i stk. 1 omhandlede dokumenter stilles på anmodning til rådighed for pengemarkedsforeningens kompetente myndigheder og for pengemarkedsforeningens forvalters kompetente myndigheder.
the person or persons responsible for the internal credit quality assessment procedure.
Artikel 22
The manager of an MMF shall keep all the documentation referred to in paragraph 1 for at least three complete annual accounting periods.
Delegerede retsakter vedrørende kreditkvalitetsvurderingen
The internal credit quality assessment procedure shall be detailed in the fund rules or rules of incorporation of the MMF and all documents referred to in paragraph 1 shall be made available upon request to the competent authorities of the MMF and to the competent authorities of the manager of the MMF.
Kommissionen vedtager delegerede retsakter i overensstemmelse med artikel 45 med henblik på at supplere denne forordning, idet den præciserer følgende:
Article 22
kriteriet vedrørende validering af kreditkvalitetsvurderingsmetoden, jf. artikel 19, stk. 3
Delegated acts for the credit quality assessment
kriteriet for kvantificeringen af kreditrisikoen og for den relative risiko for misligholdelse fra emittentens eller instrumentet side, jf. artikel 20, stk. 2, litra a)
The Commission shall adopt delegated acts in accordance with Article 45 in order to supplement this Regulation by specifying the following points:
kriteriet for at fastsætte kvalitative indikatorer om emittenten af instrumentet, jf. artikel 20, stk. 2, litra b)
the criteria for the validation of the credit quality assessment methodology, as referred to in Article 19(3);
betydningen af væsentlig ændring, jf. artikel 19, stk. 4, litra d).
the criteria for quantification of the credit risk, and of the relative risk of default of an issuer and of the instrument, as referred to in point (a) of Article 20(2);
Artikel 23
the criteria for establishing qualitative indicators on the issuer of the instrument, as referred to in point (b) of Article 20(2);
Governance i forbindelse med kreditkvalitetsvurdering
the meaning of material change as referred to in point (d) of Article 19(4).
Den interne procedure for kreditkvalitetsvurdering skal godkendes af den daglige ledelse, ledelsesorganet og, hvis en sådan findes, tilsynsfunktionen for en pengemarkedsforenings forvalter.
Article 23
Disse parter skal have en god forståelse af den interne procedure for kreditkvalitetsvurdering og de metoder, som forvalteren af en pengemarkedsforening anvender, samt et indgående kendskab til de dertil knyttede rapporter.
Governance of the credit quality assessment
Forvalteren af en pengemarkedsforening skal aflægge rapport om pengemarkedsforeningens kreditrisikoprofil baseret på en analyse af pengemarkedsforeningens interne kreditkvalitetsvurdering til de i stk. 1 omhandlede parter.
The internal credit quality assessment procedure shall be approved by the senior management, the governing body, and, where it exists, the supervisory function of the manager of an MMF.
Rapporteringshyppigheden skal afhænge af, hvilke oplysninger der er tale om, og hvor vigtige de er, idet der dog som minimum skal ske årlig rapportering.
Those parties shall have a good understanding of the internal credit quality assessment procedure and the methodologies applied by the manager of an MMF, as well as a detailed comprehension of the associated reports.
Den daglige ledelse skal løbende sikre, at den interne procedure for kreditkvalitetsvurdering fungerer efter hensigten.
The manager of an MMF shall report to the parties referred to in paragraph 1 on the MMF's credit risk profile, based on an analysis of the MMF's internal credit quality assessments.
Den daglige ledelse skal løbende holdes orienteret om, hvordan den interne procedure for kreditkvalitetsvurdering fungerer, de områder, hvor der er konstateret mangler, og fremskridt med hensyn til bestræbelser og tiltag, der er gjort for at rette op på tidligere konstaterede mangler.
Reporting frequencies shall depend on the significance and type of information and shall be at least annual.
De interne kreditkvalitetsvurderinger og den jævnlige revision af disse, som forvalteren af en pengemarkedsforening skal foretage, må ikke foretages af personer, der udfører eller er ansvarlige for en pengemarkedsforenings porteføljeforvaltning.
Senior management shall ensure, on an ongoing basis, that the internal credit quality assessment procedure is operating properly.
KAPITEL III
Senior management shall be regularly informed about the performance of the internal credit quality assessment procedures, the areas where deficiencies were identified, and the status of efforts and actions taken to improve previously identified deficiencies.
Forpligtelser vedrørende pengemarkedsforeningers risikostyring
Internal credit quality assessments and their periodic reviews by the manager of an MMF shall not be performed by the persons performing or responsible for the portfolio management of an MMF.
Artikel 24
CHAPTER III
Porteføljebestemmelser for pengemarkedsforeninger med kort løbetid
Obligations concerning the risk management of MMFs
Pengemarkedsforeninger med kort løbetid skal løbende opfylde samtlige følgende porteføljekrav:
Article 24
deres portefølje skal have en WAM på højst 60 dage
Portfolio rules for short-term MMFs
deres portefølje skal have en WAL på højst 120 dage, jf. dog andet og tredje afsnit
A short-term MMF shall comply on an ongoing basis with all of the following portfolio requirements:
for pengemarkedsforeninger med nettoaktivværdi med lav volatilitet og statsgældsbaserede pengemarkedsforeninger med konstant nettoaktivværdi skal mindst 10 % af deres aktiver bestå af aktiver med udløb inden for en dag, omvendte genkøbsaftaler, der kan opsiges med et forudgående varsel på én arbejdsdag, eller kontanter, der kan hæves med et forudgående varsel på én arbejdsdag.
its portfolio is to have a WAM of no more than 60 days;
Pengemarkedsforeninger med nettoaktivværdi med lav volatilitet og statsgældsbaserede pengemarkedsforeninger med konstant nettoaktivværdi må ikke investere i andre aktiver end aktiver med udløb inden for en dag, hvis en sådan erhvervelse ville medføre, at den pågældende pengemarkedsforening ville have mindre end 10 % af sin portefølje investeret i aktiver med udløb inden for en dag
its portfolio is to have a WAL of no more than 120 days, subject to the second and third subparagraphs;
for pengemarkedsforeninger med variabel nettoaktivværdi med kort løbetid skal mindst 7,5 % af deres aktiver bestå af aktiver med udløb inden for en dag, omvendte genkøbsaftaler, der kan opsiges med et forudgående varsel på én arbejdsdag, eller kontanter, der kan hæves med et forudgående varsel på én arbejdsdag.
for LVNAV MMFs and public debt CNAV MMFs, at least 10 % of their assets are to be comprised of daily maturing assets, reverse repurchase agreements which are able to be terminated by giving prior notice of one working day or cash which is able to be withdrawn by giving prior notice of one working day.
Pengemarkedsforeninger med variabel nettoaktivværdi med kort løbetid må ikke investere i andre aktiver end aktiver med udløb inden for en dag, hvis en sådan erhvervelse ville medføre, at den pågældende pengemarkedsforening ville have mindre end 7,5 % af sin portefølje investeret i aktiver med udløb inden for en dag
A LVNAV MMF or public debt CNAV MMF is not to acquire any asset other than a daily maturing asset when such acquisition would result in that MMF investing less than 10 % of its portfolio in daily maturing assets;