natgillin/translations-raw huggingface dataset:
Regulation (EU) 2017/1991 of the European Parliament and of the Council
Uredba (EU) 2017/1991 Europskog parlamenta i Vijeća
amending Regulation (EU) No 345/2013 on European venture capital funds and Regulation (EU) No 346/2013 on European social entrepreneurship funds
o izmjeni Uredbe (EU) br.
(Text with EEA relevance)
345/2013 o europskim fondovima poduzetničkog kapitala i Uredbe (EU) br.
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
346/2013 o europskim fondovima za socijalno poduzetništvo
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 114 thereof,
(Tekst značajan za EGP)
Having regard to the proposal from the European Commission,
EUROPSKI PARLAMENT I VIJEĆE EUROPSKE UNIJE,
After transmission of the draft legislative act to the national parliaments,
uzimajući u obzir Ugovor o funkcioniranju Europske unije, a posebno njegov članak 114.,
Having regard to the opinion of the European Central Bank [1],
uzimajući u obzir prijedlog Europske komisije,
Having regard to the opinion of the European Economic and Social Committee [2],
nakon prosljeđivanja nacrta zakonodavnog akta nacionalnim parlamentima,
Acting in accordance with the ordinary legislative procedure [3],
uzimajući u obzir mišljenje Europske središnje banke [1],
Whereas:
uzimajući u obzir mišljenje Europskoga gospodarskog i socijalnog odbora [2],
Regulations (EU) No 345/2013 [4] and (EU) No 346/2013 [5] of the European Parliament and of the Council lay down uniform requirements and conditions for managers of collective investment undertakings that wish to use the designations ‘EuVECA’ or ‘EuSEF’ in the Union for the marketing of qualifying venture capital funds and qualifying social entrepreneurship funds respectively.
u skladu s redovnim zakonodavnim postupkom [3],
Regulations (EU) No 345/2013 and (EU) No 346/2013 contain rules governing, in particular, qualifying investments, qualifying portfolio undertakings and eligible investors.
budući da:
Under Regulations (EU) No 345/2013 and (EU) No 346/2013, only managers with assets under management that in total do not exceed the threshold referred to in point (b) of Article 3(2) of Directive 2011/61/EU of the European Parliament and of the Council [6] qualify for the use of the designations ‘EuVECA’ and ‘EuSEF’ respectively.
Uredbama (EU) br.
The communication of the Commission of 26 November 2014 on an Investment Plan for Europe provides a comprehensive strategy to tackle the lack of financing which is holding back Europe’s potential to grow and to provide jobs for its citizens.
345/2013 [4] i (EU) br.
It aims to unlock private investment by using public funding and by improving the legal framework for the investment environment.
346/2013 [5] Europskog parlamenta i Vijeća utvrđuju se jedinstveni zahtjevi i uvjeti za upravitelje subjekata za zajednička ulaganja koji žele upotrebljavati oznake „EuVECA” ili „EuSEF” u Uniji u vezi s trgovanjem kvalificiranim fondovima poduzetničkog kapitala, odnosno kvalificiranim fondovima za socijalno poduzetništvo.
The communication of the Commission of 30 September 2015 on an Action Plan on Building a Capital Markets Union is an important element of the Investment Plan.
Uredbe (EU) br.
It aims to reduce fragmentation in the financial markets and to increase the supply of capital to businesses, from inside and outside the Union, through the establishment of a genuine single capital market.
345/2013 i (EU) br.
That communication specifies that Regulations (EU) No 345/2013 and (EU) No 346/2013 need to be amended to ensure that the frameworks are best able to support investment in small and medium-sized enterprises (SMEs).
346/2013 sadržavaju pravila kojima se posebno uređuju kvalificirana ulaganja, kvalificirani subjekt za imovinu i prihvatljivi ulagatelji.
The market for qualifying venture capital funds and qualifying social entrepreneurship funds should be opened up in order to increase scale effects, to reduce transaction and operational costs, to improve competition and to strengthen investor choice.
U skladu s uredbama (EU) br.
Enlarging the base of prospective managers contributes to opening up that market, and would benefit undertakings seeking investment by giving them access to financing from a greater and more varied range of risk investment sources.
345/2013 i (EU) br.
The scope of Regulations (EU) No 345/2013 and (EU) No 346/2013 should therefore be extended by opening up the use of the designations ‘EuVECA’ and ‘EuSEF’ to managers of collective investment undertakings authorised under Article 6 of Directive 2011/61/EU.
346/2013 samo upravitelji čija ukupna imovina pod upravljanjem ne premašuje prag iz članka 3. stavka 2. točke (b) Direktive 2011/61/EU Europskog parlamenta i Vijeća [6] kvalificirani su za upotrebu oznaka „EuVECA” i „EuSEF”.
In order to maintain a high level of investor protection, managers of collective investment undertakings authorised under Article 6 of Directive 2011/61/EU should continue to be subject to the requirements of that Directive and should continue to comply with certain provisions of Regulation (EU) No 345/2013 or Regulation(EU) No 346/2013, namely those concerning eligible investments, targeted investors and information requirements.
Komunikacija Komisije od 26. studenoga 2014. o Planu ulaganja za Europu donosi sveobuhvatnu strategiju rješavanja nedostatka financiranja koji sputava potencijal Europe za rast i osiguravanje radnih mjesta svojim građanima.
The competent authorities on which Directive 2011/61/EU confers supervisory powers should also exercise those powers with respect to such managers.
Cilj joj je potaknuti privatna ulaganja upotrebom javnih financijskih sredstava i poboljšavanjem pravnog okvira za ulagačko okruženje.
In order to ensure that competent authorities are aware of every new use of the designations ‘EuVECA’ and ‘EuSEF’, managers of collective investment undertakings authorised under Article 6 of Directive 2011/61/EU should register each qualifying venture capital fund or qualifying social entrepreneurship fund that they intend to manage and market.
Komunikacija Komisije od 30. rujna 2015. o Akcijskom planu izgradnje unije tržišta kapitala važan je element Plana ulaganja.
That should ensure that such managers may maintain their business models by being able to manage collective investment undertakings established in other Member States and further widen the range of products they offer.
Cilj joj je smanjiti fragmentaciju financijskih tržišta i povećati ponudu kapitala koji dolazi iz Unije i izvan nje poduzećima, uspostavom istinskog jedinstvenog tržišta kapitala.
The range of eligible undertakings in which qualifying venture capital funds can invest should be expanded, in order to further increase the supply of capital to businesses.
Tom se komunikacijom određuje da je uredbe (EU) br.
The definition of qualifying portfolio undertakings should therefore include companies with up to 499 employees (small mid-caps) not admitted to trading on a regulated market or on a multilateral trading facility, and SMEs listed on SME growth markets.
345/2013 i (EU) br.
The new investment options should also allow growth stage entities that already have access to other sources of financing, such as SME growth markets, to receive capital from qualifying venture capital funds which in turn should contribute to the development of the SME growth markets.
346/2013 potrebno izmijeniti kako bi se osiguralo da okviri mogu na najbolji mogući način podupirati ulaganja u mala i srednja poduzeća (MSP-ovi).
In addition, investments by qualifying venture capital funds in qualifying portfolio undertakings do not automatically disqualify those qualifying portfolio undertakings from being eligible for public programmes.
Tržište kvalificiranih fondova poduzetničkog kapitala i kvalificiranih fondova za socijalno poduzetništvo trebalo bi se otvoriti kako bi se povećali učinci razmjera, smanjili troškovi transakcija i operativni troškovi, poboljšalo tržišno natjecanje i ulagateljima ponudilo veću mogućnost izbora.
In order to further enhance investment, it should remain possible to set up a fund of funds structure under Regulations (EU) No 345/2013 and (EU) No 346/2013.
Povećavanje osnovice mogućih upravitelja doprinosi otvaranju tog tržišta te bi od toga korist imali subjekti koji traže ulaganja jer im se time pruža pristup financiranju iz većeg i raznovrsnijeg raspona izvora rizičnih ulaganja.
In order to make the use of the designation ‘EuSEF’ more appealing and to further increase the supply of capital to social businesses, the range of eligible undertakings in which qualifying social entrepreneurship funds can invest should be expanded by extending the definition of positive social impact.
Stoga je opseg uredaba (EU) br.
Such extension would simplify the regulatory landscape for social entrepreneurship funds, and would facilitate the participation of investors in such funds by addressing the discrepancies between different interpretations of what constitutes positive social impact in different Union contexts.
345/2013 i (EU) br.
Qualifying venture capital funds should also be allowed to participate, in the longer term, in the funding ladder for unlisted SMEs, unlisted small mid-caps and SMEs listed on SME growth markets, to further enhance their potential for making returns from high-growth companies.
346/2013 potrebno proširiti otvaranjem mogućnosti upotrebe oznaka „EuVECA” i „EuSEF” upraviteljima subjekata za zajednička ulaganja koji su dobili odobrenje za rad u skladu s člankom 6.
Therefore, follow-on investments subsequent to the first investment should be allowed.
Direktive 2011/61/EU.
Registration procedures should be simple and cost-effective.
Kako bi se održala visoka razina zaštite ulagatelja, na upravitelje subjekata za zajednička ulaganja koji su dobili odobrenje za rad u skladu s člankom 6.
Therefore, registration of a manager in accordance with Regulations (EU) No 345/2013 and (EU) No 346/2013 should also serve the purpose of the registration referred to in Directive 2011/61/EU in relation to the management of the qualifying venture capital funds or qualifying social entrepreneurship funds.
Direktive 2011/61/EU trebali bi se nastaviti primjenjivati uvjeti iz te direktive te bi se oni trebali i dalje pridržavati određenih odredbi Uredbe (EU) br.
Registration decisions and refusals to register under Regulation (EU) No 345/2013 or Regulation(EU) No 346/2013 should, where appropriate, be subject to administrative or judicial review in accordance with national law.
345/2013 ili Uredbe (EU) br.
This should not pre-empt in any way the outcome of the upcoming legislative reviews of Regulation (EU) No 1095/2010 and of Directive 2011/61/EU.
Nadležna tijela kojima se Direktivom 2011/61/EU povjeravaju nadzorne ovlasti trebala bi i izvršavati te ovlasti u odnosu na takve upravitelje.
The fees and other charges that host Member States impose on qualifying venture capital fund managers and on qualifying social entrepreneurship fund managers contribute to regulatory divergence and may sometimes represent significant obstacles to cross-border activities.
Kako bi se osiguralo da su nadležna tijela upoznata sa svakom novom upotrebom oznaka „EuVECA” i „EuSEF”, upravitelji subjekata za zajednička ulaganja koji su dobili odobrenje za rad u skladu s člankom 6.
Such fees and charges impede the free flow of capital across Union borders, thereby undermining the principles of the internal market.
Direktive 2011/61/EU trebali bi registrirati svaki kvalificirani fond poduzetničkog kapitala i kvalificirani fond za socijalno poduzetništvo kojim namjeravaju upravljati i trgovati.
It is therefore necessary to emphasise and clarify that the prohibition on the imposition by the host Member State of requirements or administrative procedures in relation to the marketing of qualifying venture capital funds and qualifying social entrepreneurship funds in its territory includes a prohibition on the imposition of fees and other charges on the managers for the marketing of such funds if no supervisory task has to be performed.
Time bi se trebalo osigurati da takvi upravitelji mogu nastaviti primjenjivati svoje poslovne modele tako što će imati mogućnost upravljati subjektima za zajednička ulaganja s poslovnim nastanom u drugim državama članicama i dalje proširivati raspon proizvoda koje nude.
Regulations (EU) No 345/2013 and (EU) No 346/2013 require that managers of qualifying venture capital funds and qualifying social entrepreneurship funds, which are not authorised in accordance with Directive 2011/61/EU, have sufficient own funds at all times.
Raspon prihvatljivih subjekata u koje kvalificirani fondovi poduzetničkog kapitala mogu ulagati trebao bi se proširiti kako bi se dodatno povećala ponuda kapitala poduzećima.
In order to develop an appropriate and proportionate own funds requirement for qualifying venture capital fund managers and for qualifying social entrepreneurship fund managers, the level of own funds should be based on cumulative criteria and should be significantly lower and less complex than the amounts laid down in Directive 2011/61/EU to take into account the specificities, nature and small size of those funds, and to respect the principle of proportionality.
Definicija kvalificiranih subjekata za imovinu stoga bi trebala obuhvaćati poduzeća koja imaju do 499 zaposlenika (mala poduzeća srednje tržišne kapitalizacije), a koja nisu uvrštena za trgovanje na uređenom tržištu ili na multilateralnoj tržišnoj platformi, te MSP-ove uvrštene na rastućim tržištima MSP-ova.
To ensure a consistent understanding of those requirements for those managers across the Union, the application of minimum capital requirements and own funds should be provided for in this Regulation.
Nove mogućnosti ulaganja također bi trebale omogućiti subjektima u fazi rasta koji već imaju pristup drugim izvorima financiranja, kao što su rastuća tržišta MSP-ova, primanje kapitala iz kvalificiranih fondova poduzetničkog kapitala koji bi dalje trebali doprinijeti razvoju rastućih tržišta MSP-ova.
Due to the particular role that qualifying venture capital funds and qualifying social entrepreneurship funds could play in the context of the Capital Markets Union, in particular fostering the financing of venture capital and social entrepreneurship, it is necessary to provide for specific and targeted own funds rules for registered managers that diverge from the own funds framework for authorised managers laid down in Directive 2011/61/EU.
Osim toga, ulaganja kvalificiranih fondova poduzetničkog kapitala u kvalificirane subjekte za imovinu sama po sebi ne onemogućuju kvalificiranim subjektima za imovinu da sudjeluju u javnim programima.
ESMA should be able to develop draft regulatory technical standards, for submission to the Commission.
Kako bi se dodatno povećala ulaganja, trebalo bi i dalje biti moguće uspostaviti strukturu fonda fondova na temelju uredaba (EU) br.
Those standards should specify the information to be provided to competent authorities in applications for the registration of managers or funds under Regulations (EU) No 345/2013 and (EU) No 346/2013, and the parts of that information that should be made available to ESMA by the competent authorities for the purpose of enabling ESMA to organise and conduct peer reviews under Regulation (EU) No 1095/2010.
345/2013 i (EU) br.
Since this Regulation opens up the use of the designations ‘EuVECA’ and ‘EuSEF’ to managers of collective investment undertakings authorised under Article 6 of Directive 2011/61/EU, the central database, maintained by ESMA in accordance with Regulations (EU) No 345/2013 and (EU) No 346/2013 should also include information concerning the qualifying venture capital funds and qualifying social entrepreneurship funds that are managed and marketed by those managers.
346/2013.
In order to avoid any potential market disruption it is necessary to provide existing managers of existing qualifying venture capital funds and existing qualifying social entrepreneurship funds during the terms of those funds with a derogation from rules on own funds under this Regulation.
Kako bi upotreba oznake „EuSEF” postala privlačnija i kako bi se dodatno povećao dotok kapitala socijalnim poduzećima, raspon prihvatljivih subjekata u koja kvalificirani fondovi za socijalno poduzetništvo mogu ulagati trebalo bi se povećati proširenjem definicije pozitivnog socijalnog učinka.
Such managers should nevertheless ensure that they are able to justify at all times the sufficiency of their own funds to maintain operational continuity.
Takvim bi se proširenjem pojednostavnio regulatorni okvir fondova za socijalno poduzetništvo te bi se olakšalo sudjelovanje ulagatelja u takvim fondovima time što bi se smanjile razlike između različitih tumačenja što čini pozitivni socijalni učinak u različitim kontekstima u Uniji.
In the context of the next review of Regulations (EU) No 345/2013 and (EU) No 346/2013, the Commission should investigate whether it would be beneficial to create an additional voluntary option for retail investors through the use of a feeder fund under Regulations (EU) No 345/2013 and (EU) No 346/2013 for those qualifying venture capital funds and qualifying social entrepreneurship funds that wish to enlarge their investor base.
Kvalificiranim fondovima poduzetničkog kapitala trebalo bi se isto tako dopustiti dugoročnije sudjelovanje i na ljestvici financiranja za neuvrštene MSP-ove, neuvrštena mala poduzeća srednje tržišne kapitalizacije i MSP-ove uvrštene na rastućim tržištima MSP-ova kako bi se dodatno poboljšao njihov potencijal za ostvarivanje povrata od brzorastućih poduzeća.
The Commission should also investigate whether lowering the relatively high minimum investment threshold might be beneficial, especially as it can be seen as a potential barrier to more investment in such funds.
Stoga bi trebalo dopustiti naknadna ulaganja nakon prvog ulaganja.
It should also investigate whether it might be appropriate to extend the use of the designation ‘EuSEF’ to certain crowdfunding and microfinancing entities with a high social impact.
Postupci registracije trebali bi biti jednostavni i troškovno učinkoviti.
Although venture capital remains a highly risky form of investment, it should be recalled that similarly risky, unregulated forms of investment are increasingly available to consumers.
Stoga bi registracija upravitelja u skladu s Uredbom (EU) br.
Such forms of investment, such as crowdfunding, are currently unregulated at the Union level, whereas the use of the designations ‘EuVECA’ and ‘EuSEF’ is regulated and supervised.
345/2013 i Uredbom (EU) br.
The Commission’s work on a Capital Markets Union identified the definition of marketing and discrepancies in the interpretation of that definition by national competent authorities as significant barriers to cross-border investments.
346/2013 ujedno trebala poslužiti svrsi registracije iz Direktive 2011/61/EU u vezi s upravljanjem kvalificiranim fondovima poduzetničkog kapitala ili kvalificiranim fondovima za socijalno poduzetništvo.
The Commission should review the suitability of that definition.
Na odluke o registracijama i na odbijanje registracije u skladu s Uredbom (EU) br.
In addition, the Commission should analyse the appropriateness of introducing a management passport for managers of qualifying venture capital funds and qualifying social entrepreneurship funds and the suitability of the definition of marketing for venture capital.
345/2013 ili Uredbom (EU) br.
Following that analysis, the Commission should submit a report to the European Parliament and to the Council, accompanied, if appropriate, by a legislative proposal.
346/2013 trebalo bi se, prema potrebi, primjenjivati upravno ili sudsko preispitivanje u skladu s nacionalnim pravom.
Since the objectives of this Regulation, namely to further strengthen an internal market for qualifying venture capital funds and qualifying social entrepreneurship funds by strengthening the use of designations ‘EuVECA’ and ‘EuSEF’, cannot be sufficiently achieved by the Member States but can rather, by reason of their scale and effects, be better achieved at Union level, the Union may adopt measures in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union.
Naknade i ostale pristojbe koje države članice domaćini nameću upraviteljima kvalificiranih fondova poduzetničkog kapitala i upraviteljima kvalificiranih fondova za socijalno poduzetništvo doprinose regulatornom razilaženju i mogu ponekad predstavljati znatne prepreke prekograničnim aktivnostima.
In accordance with the principle of proportionality as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve those objectives.
Takvim se naknadama i pristojbama sprečava slobodan protok kapitala preko granica Unije, čime se narušavaju načela unutarnjeg tržišta.
This Regulation should be without prejudice to the application of State aid rules to qualifying venture capital funds.
Stoga je potrebno naglasiti i pojasniti da zabrana državi članici domaćinu da nameće uvjete ili administrativne postupke u odnosu na trgovanje kvalificiranim fondovima poduzetničkog kapitala i kvalificiranim fondovima za socijalno poduzetništvo na njezinu državnom području uključuje zabranu nametanja naknada i ostalih pristojbi upraviteljima za trgovanje takvim fondovima ako se ne treba obavljati nikakva nadzorna zadaća.
Such funds may serve as vehicles for State aid to promote risk capital investments in SMEs through, for example, more favourable treatment of private investors than of public investors, provided such aid is compatible with State aid rules and in particular with Commission Regulation (EU) No 651/2014 [8].
U skladu s uredbama (EU) br.
Regulations (EU) No 345/2013 and (EU) No 346/2013 should be amended accordingly,
345/2013 i (EU) br.
HAVE ADOPTED THIS REGULATION:
346/2013 upravitelji kvalificiranih fondova poduzetničkog kapitala i kvalificiranih fondova za socijalno poduzetništvo koji nisu dobili odobrenje za rad u skladu s Direktivom 2011/61/EU u svakom trenutku moraju imati dovoljno vlastitih sredstava.
Article 1
Kako bi se razvio primjeren i razmjeran zahtjev za vlastita sredstva za upravitelje kvalificiranih fondova poduzetničkog kapitala i upravitelje kvalificiranih fondova za socijalno poduzetništvo, razina zahtjeva za vlastita sredstva trebala bi se temeljiti na kumulativnim kriterijima i biti znatno niža i manje složena od iznosa utvrđenih u Direktivi 2011/61/EU kako bi se uzele u obzir posebnosti, priroda i mala veličina tih fondova te poštovalo načelo proporcionalnosti.
Regulation (EU) No 345/2013 is amended as follows:
Kako bi se osiguralo dosljedno razumijevanje tih zahtjeva za te upravitelje u cijeloj Uniji, u ovoj Uredbi trebalo bi predvidjeti primjenu zahtjeva o minimalnom kapitalu i vlastitim sredstvima.
In Article 2, paragraph 2 is replaced by the following:
S obzirom na posebnu ulogu koju bi kvalificirani fondovi poduzetničkog kapitala i kvalificirani fondovi za socijalno poduzetništvo mogli imati u kontekstu unije tržišta kapitala, posebno u pogledu poticanja financiranja poduzetničkog kapitala i socijalnog poduzetništva, potrebno je predvidjeti specifična i ciljana pravila za vlastita sredstava za registrirane upravitelje koji odstupaju od okvira za vlastita sredstva za upravitelje koji su dobili odobrenje za rad utvrđeno u Direktivi 2011/61/EU.
Articles 3 to 6, Article 12, points (c) and (i) of Article 13(1), Articles 14a to 19, the second subparagraph of Article 20(3), and Articles 21 and 21a of this Regulation shall apply to managers of collective investment undertakings authorised under Article 6 of Directive 2011/61/EU that manage portfolios of qualifying venture capital funds and intend to use the designation “EuVECA” in relation to the marketing of those funds in the Union.’.
ESMA bi trebala moći izraditi nacrt regulatornih tehničkih standarda, koji se predaju Komisiji.
In Article 3, the first paragraph is amended as follows:
Ti bi standardi bi trebali sadržavati informacije koje treba dostaviti nadležnim tijelima u zahtjevu za registraciju upravitelja ili fondova u skladu s uredbama (EU) br.
in point (d), point (i) is replaced by the following:
345/2013 i (EU) br.