natgillin/translations-raw huggingface dataset:
For derivatives that are futures, call options and put options traded on a regulated market or on a third-country market considered to be equivalent to a regulated market in accordance with Article 28 of Regulation (EU) No 600/2014, Elements A, B, and, where relevant, H, shall be included.
Smjernice za popunjavanje s obzirom na SRI
Narrative explanations
U tekstu objašnjenja nakon SRI-ja ukratko se pojašnjava svrha SRI-ja i temeljni rizici.
For the purposes of the SRI presentation, including point 4 of this Annex, the following narrative explanations shall be used, as appropriate:
Odmah ispod SRI-ja naznačuje se vremenski okvir preporučenog razdoblja držanja.
[Element A] The summary risk indicator is a guide to the level of risk of this product compared to other products.
Nadalje, daje se i upozorenje odmah ispod SRI-ja u sljedećim slučajevima:
It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
ako se smatra da će rizik PRIIP-a biti znatno veći u slučaju drugačijeg razdoblja držanja;
[Element B] We have classified this product as [1/2/3/4/5/6/7] out of 7, which is [1=‘the lowest’/2=‘a low’/3=‘a medium-low’/4=‘a medium’/5=‘a medium-high’/6=‘the second-highest’/7=‘the highest’] risk class.
ako se smatra da PRIIP ima materijalno značajan likvidnosni rizik ili da je nelikvidan, bez obzira na to jesu li utvrđeni ugovorom ili nisu.
[In addition, insert a brief explanation of the classification of the product with a maximum of 300 characters in plain language]
Tekst objašnjenja koji se primjenjuje na svaki PRIIP obuhvaća:
[An example explanation: This rates the potential losses from future performance at a [1=‘very low’/2=‘low’/3=‘medium-low’/4=‘medium’/5=‘medium-high’/6=‘high’/7=‘very high’] level, and poor market conditions [1, 2=‘are very unlikely to’/3=‘are unlikely to’/4=‘could’/5=‘will likely’/6=‘are very likely to’] impact [our] [the] capacity [of X] to pay you].
upozorenje tiskano podebljanim slovima ako:
[[Where applicable:] Element C, in bold] Be aware of currency risk.
i. se smatra da PRIIP ima valutni rizik kako je navedeno u članku 3. stavku 2. točki (c) ove Uredbe (element C);
You will receive payments in a different currency, so the final return you will get depend on the exchange rate between the two currencies.
PRIIP ima moguću obvezu nadopunjavanja početnog ulaganja (element D);
This risk is not considered in the indicator shown above.
objašnjenje, prema potrebi, rizika koji su materijalno značajni za PRIIP, a koji se nisu mogli na odgovarajući način obuhvatiti SRI-jem (element E);
[[Where applicable:] Element D] In some circumstances you may be required to make further payments to pay for losses.
pojašnjenje:
(in bold) The total loss you may incur may significantly exceed the amount invested.
i. da PRIIIP ima (djelomičnu) kapitalnu zaštitu od tržišnog rizika, prema potrebi, uključujući točnu naznaku postotka uloženog kapitala koji je zaštićen (element F);
[Where applicable:] [Element E] [Other risks materially relevant to the PRIIP not included in the summary risk indicator to be explained with a maximum of 200 characters]
posebnih uvjeta ograničenja ako je (djelomična) kapitalna zaštita od tržišnog rizika ograničena (element G);
[Where applicable:] [Element F] [You are entitled to receive back at least [insert %] of your capital.
da PRIIP nema kapitalnu zaštitu od tržišnog rizika, prema potrebi (element H);
Any amount over this, and any additional return, depends on future market performance and is uncertain.]
da PRIIP nema kapitalno jamstvo za kreditni rizik, prema potrebi (element I);
[Where applicable:] [Element G] [However, this protection against future market performance will not apply if you [..]
v. posebnih uvjeta ograničenja ako je zaštita od kreditnog rizika ograničena (element J).
[Where early exit conditions apply] cash-in before [… years/months/days]]
Za PRIIP koji nudi različite mogućnosti za ulaganje, izdavatelji PRIIP-ova upotrebljavaju oblik iz točke 1. ovog Priloga za prikazivanje SRI-ja, uz naznaku svih ponuđenih kategorija rizika od kategorije najnižeg rizika do kategorije najvišeg rizika.
[Where ongoing payments must be made] fail to make your payments in time.
Za izvedenice koje su budućnosnice, opcije kupnje i opcije prodaje kojima se trguje na uređenom tržištu ili na tržištu treće zemlje za koje se smatra da je jednakovrijedno uređenom tržištu, u skladu s člankom 28.
[Where other limitations apply: explain these in a maximum of […] characters in plain language.]
Uredbe (EU) 600/2014, uključuju se elementi A, B i, prema potrebi, H.
[Where applicable:] [Element H] [This product does not include any protection from future market performance so you could lose some or all of your investment.]
Tekstovi objašnjenja
[Where applicable:] [Element I] [If (we) (are) not able to pay you what is owed, you could lose your entire investment.]
Za potrebe prikaza SRI-ja, uključujući točku 4. ovog Priloga, upotrebljavaju se, prema potrebi, sljedeći tekstovi objašnjenja:
[Where applicable:] [Element J] [However, you may benefit from a consumer protection scheme (see the section ‘what happens if we are unable to pay you’).
[Element A] Zbirni pokazatelj rizika služi kao smjernica za razinu rizika ovog proizvoda u usporedbi s drugim proizvodima.
The indicator shown above does not consider this protection.]
Pokazuje koliko je vjerojatno da ćete na proizvodu izgubiti novac zbog kretanja na tržištima ili zbog toga što vam mi ne možemo platiti.
ANNEX IV
[Element B] Razvrstali smo ovaj proizvod kao [1/2/3/4/5/6/7] od mogućih 7, što označuje [1=„najnižu”/2=„nisku”/3=„srednje nisku”/4=„srednju”/5=„srednje visoku”/6=„drugu najvišu”/7=„najvišu”] kategoriju rizika.
PERFORMANCE SCENARIOS
[Osim toga, dodajte kratko objašnjenje klasifikacije proizvoda od najviše 300 znakova, pisano jednostavnim jezikom]
Number of scenarios
[Primjer objašnjenja: Ovime se ocjenjuje da će mogući gubici od buduće aktivnosti biti na [1=„vrlo niskoj”/2=„niskoj”/3=„srednje niskoj”/4=„srednjoj”/5=„srednje visokoj”/6=„visokoj”/7=„vrlo visokoj”] razini, a loši tržišni uvjeti [1, 2= „vrlo vjerojatno neće”/3=„vjerojatno neće”/4=„mogli bi”/5=„vjerojatno će”/6=„vrlo vjerojatno će”] utjecati na [našu] sposobnost [X-a] da vam platimo [plati]].
The four performance scenarios under this Regulation which shall show a range of possible returns, shall be the following:
[[Prema potrebi:] Element C, podebljana slova] Budite svjesni valutnog rizika.
a favourable scenario;
Primit ćete uplate u različitim valutama, tako da konačni prinos koji ćete ostvariti ovisi o tečaju između dviju valuta.
a moderate scenario;
U gore prikazanom pokazatelju ne uzima se u obzir taj rizik.
an unfavourable scenario;
[[Prema potrebi:] Element D] U određenim okolnostima može se od vas tražiti da izvršite dodatne uplate kako biste pokrili gubitke.
a stress scenario.
(podebljana slova) Ukupni gubitak koji za vas može nastati može znatno premašivati uloženi iznos.
The stress scenario shall show intermediate periods where those periods would be shown for the performance scenarios under point 1(a) to (c) of this Annex.
[Prema potrebi:] [Element F] [Imate pravo na povrat od barem [umetnite %] vašeg kapitala.
An additional scenario for insurance-based investment products shall be based on the moderate scenario referred to in point 1(b), where the performance is relevant in respect of the return of the investment.
Svaki iznos koji premašuje taj iznos, kao i svaki dodatni prinos, ovise o budućim kretanjima na tržištu te je neizvjestan.]
Calculation of scenario values for the recommended holding period
[Prema potrebi:] [Element G] [Međutim, ova zaštita od budućih tržišnih kretanja ne primjenjuje se ako [..]
The scenario values under different performance scenarios shall be calculated in a similar manner as the market risk measure.
[Ako se primjenjuju uvjeti za prijevremeni izlazak] unovčite proizvod prije [… godina/mjeseci/dana]]
The scenarios values shall be calculated for the recommended holding period.
[Ako se moraju izvršavati kontinuirane uplate] ne izvršite uplate na vrijeme.
The unfavourable scenario shall be the value of the PRIIP at the 10th percentile.
[Ako se primjenjuju druga ograničenja: objasnite ih s najviše […] znakova jednostavnim jezikom.]
The moderate scenario shall be the value of the PRIIP at the 50th percentile.
[Prema potrebi:] [Element H] [Ovaj proizvod ne uključuje nikakvu zaštitu od budućih tržišnih kretanja, tako da biste mogli izgubiti određeni dio ili cjelokupno vaše ulaganje.]
The favourable scenario shall be the value of the PRIIP value at the 90th percentile.
[Prema potrebi:] [Element I] [Ako (mi) (ne) budemo mogli platiti ono što vam dugujemo, mogli biste izgubiti vaše cjelokupno ulaganje.]
The stress scenario shall be the value of the PRIIP that results from the methodology outlined in points 10 and 11 of this Annex for Category 2 PRIIPs and in points 12 and 13 of this Annex for Category 3 PRIIPs.
[Prema potrebi:] [Element J] [Međutim, možete ostvariti pogodnosti od programa za zaštitu potrošača (vidjeti odjeljak „što se događa ako vam nismo u mogućnosti platiti”).
For Category 2 PRIIPs, the expected values at the end of the recommended holding period shall be:
U gore navedenom pokazatelju ne uzima se u obzir ta zaštita.]
The unfavourable scenario:
U gore navedenom pokazatelju ne uzima se u obzir ta zaštita.]
The moderate scenario:
PRILOG IV.
The favourable scenario:
SCENARIJI USPJEŠNOSTI
where N is the number of trading periods in the recommended holding period, and where the other terms are defined in point 12 of Annex II.
Broj scenarija
For Category 2 PRIIPs, the calculation of the stress scenario has the following steps:
Četiri scenarija prema ovoj Uredbi u kojima se prikazuje nekoliko mogućih prinosa jesu sljedeći:
Identify a sub interval of length w which corresponds to the following intervals:
povoljni scenarij.
1 year
umjereni scenarij;
> 1 year
nepovoljni scenarij;
Daily prices
scenarij u uvjetima stresa.
Weekly prices
U scenariju u uvjetima stresa navode se znatni nepovoljni učinci proizvoda, ako ti učinci nisu obuhvaćeni nepovoljnim scenarijem iz točke 1. podtočke (c) ovog Priloga.
Monthly prices
U scenariju u uvjetima stresa prikazuju se međurazdoblja i to za scenarije uspješnosti iz točke 1. podtočaka (a) do (c) ovog Priloga.
Identify for each sub interval of length w the historical lognormal returns rt, where t = t0, t1, t2, …, tN.
Dodatni scenarij za investicijske osigurateljne proizvode temelji se na umjerenom scenariju iz točke 1. podtočke (b), ako je uspješnost relevantna s obzirom na prinos od ulaganja.
Measure the volatility based on the formula below starting from ti = t0 rolling until ti = tN – w
Izračun vrijednosti iz scenarija za preporučeno razdoblje držanja
Where Mw is the count of number of observations in the sub interval and ti
Nepovoljni scenarij jest vrijednost PRIIP-a u 10. percentilu.
is the mean of all the historical lognormal returns in the corresponding sub interval.
Umjereni scenarij jest vrijednost PRIIP-a u 50. percentilu.
Infer the value that corresponds to the 99th percentile for 1 year and the 90th percentile for the other holding periods.
Povoljni scenarij jest vrijednost PRIIP-a u 90. percentilu.
This value shall be the stressed volatility w
Scenarij u uvjetima stresa vrijednost je PRIIP-a koja se dobiva metodologijom utvrđenom u točkama 10. i 11. ovog Priloga za PRIIP-ove kategorije 2 te u točkama 12. i 13. ovog Priloga za PRIIP-ove kategorije 3 ovog Priloga.
the expected return for each asset or assets shall be the return observed over the period as determined under point 6 of Annex II;
Povoljni scenarij:
the expected performance shall be calculated at the end of the recommended holding period, and without discounting the expected performance using the expected risk-free discount factor.
pri čemu je N broj razdoblja trgovanja u preporučenom razdoblju držanja i gdje su ostali pojmovi definirani u točki 12.
For Category 3 PRIIPs, the following adjustments shall be made for the calculation of the stress scenario:
Priloga II.
based on methodology defined in point 10 of this Annex; (b) Rescale historical returns rt, based on the formula set out below;
Utvrdi se podinterval duljine w koji odgovara sljedećim intervalima:
Conduct bootstrapping on radj
1 godina
as described in point 22 of Annex II;
> 1 godine
Calculate the return for each contract by summing returns from selected periods and correcting these returns to ensure that the expected return measured from the simulated return's distribution is as below
Dnevne cijene
E* rbootstrapped
Tjedne cijene
where E*[rbootstrapped] is the new simulated mean.
Mjesečne cijene
For Category 3 PRIIPs, the stress scenario shall be the value of the PRIIP at the extreme zα percentile as defined in point 11 of this Annex of the simulated distribution as set out in point 13 of this Annex.
Za svaki podinterval duljine w utvrde se povijesni log-normalni prinosi rt, pri čemu je t = t0, t1, t2, …, tN.
For Category 4 PRIIPs, the method under point 27 of Annex II shall be used in respect of those factors that are not observed in the market, combined as necessary with the method for Category 3 PRIIPs.
Izmjeri se volatilnost na temelju formule u nastavku počevši od ti = t0, koja se mijenja sve do ti = tN – w
The relevant methods for Category 2 PRIIPs set out in points 9 to 11 of this Annex and the relevant methods for Category 3 PRIIPs set out in points 12 to 14 of this Annex shall be used for the relevant components of the PRIIP where the PRIIP combines different components.
pri čemu je Mw broj opažaja u podintervalu, a ti
The performance scenarios shall be a weighted average of the relevant components.
je aritmetička sredina svih povijesnih log-normalnih prinosa u odgovarajućem podintervalu.
Product features and capital guarantees shall be taken into consideration in the performance calculations.
Utvrdi se vrijednost koja odgovara 99. percentilu za 1 godinu i 90. percentilu za ostala razdoblja držanja.
For Category 1 PRIIPs as defined in point 4(a) of Annex II, and Category 1 PRIIPs as defined in point 4(b) of Annex II that are not futures, call options and put options traded on a regulated market or on a third-country market considered to be equivalent to a regulated market in accordance with Article 28 of Regulation (EU) No 600/2014, performance scenarios shall be calculated in accordance with points 12 to 14 of this Annex.
Ta je vrijednost volatilnost u uvjetima stresa w
For Category 1 PRIIPs, that are futures, call options and put options traded on a regulated market or on a third-country market considered to be equivalent to a regulated market in accordance with Article 28 of Regulation (EU) No 600/2014, performance scenarios shall be shown in the form of pay-off structure graphs.
Za PRIIP-ove kategorije 2 očekivane vrijednosti na kraju preporučenog razdoblja držanja su:
A graph shall be included to show performance for all scenarios for the different levels of the underlying value.
pri čemu je zα pravilno odabrana vrijednost PRIIP-a za ekstremni percentil koja odgovara vrijednosti od 1 % za 1 godinu i 5 % za ostala razdoblja držanja.
The horizontal axis of the graph shall show the various possible prices of the underlying value and the vertical axis shall show the profit or loss at the different prices of the underlying value.
Za PRIIP-ove kategorije 3 provode se sljedeća usklađenja izračuna povoljnog, umjerenog i nepovoljnog scenarija uspješnosti:
For every price of the underlying value, the graph shall show the resulting profit or loss and at which price of the underlying value the profit or loss shall be zero.
očekivani prinos za svaku imovinu prinos je koji se opaža tijekom razdoblja utvrđenog u točki 6.
For Category 1 PRIIPs as defined in point 4(c) of Annex II a reasonable and conservative best estimate of the expected values for the performance scenarios set out in point 1(a) to (c) of this Annex at the end of the recommended holding period shall be provided.
Priloga II.;
The scenarios selected and shown shall be consistent with and complement the other information contained in the key information document, including the overall risk profile for the PRIIP.
očekivana uspješnost izračunava se na kraju preporučenog razdoblja držanja te bez diskontiranja očekivane uspješnosti primjenom očekivanog nerizičnog diskontnog faktora.
The PRIIP manufacturer shall ensure the consistency of the scenarios with internal product governance conclusions, including amongst other things, any stress-testing undertaken by the PRIIP manufacturer for the PRIIP, and data and analysis used for the purposes of producing the other information contained with the key information document.
Za PRIIP-ove kategorije 3 provode se sljedeća usklađenja izračuna scenarija uspješnosti:
The scenarios shall be selected to give a balanced presentation of the possible outcomes of the product in both favourable and unfavourable conditions, but only scenarios that can be reasonably expected shall be shown.
Provede se ponovno uzorkovanje postupkom bootstrap na radj
The scenarios shall not be selected so as give undue prominence to favourable outcomes at the expense of unfavourable ones.
, kako je opisano u točki 22.
Calculation of expected values for intermediate holding periods
Priloga II.;
For PRIIPs with a recommended holding period between 1 and 3 years, performance shall be shown at 2 different holding periods: at the end of the first year and at the end of the recommended holding period.
Izračuna se prinos svakog ugovora zbrajanjem prinosâ iz odabranih razdoblja i ispravljanjem tih prinosa kako bi se osiguralo da je očekivani prinos koji se mjeri iz simulirane raspodjele prinosa jednak sljedećem:
For PRIIPs with a recommended holding period of 3 years or more, performance shall be shown at 3 holding periods: at the end of the first year, after half the recommended holding period rounded up to the end of the nearest year, and at the end of the recommended holding period.
pri čemu je E*[rbootstrapped] nova simulirana aritmetička sredina.
For PRIIPs with a recommended holding period of 1 year or less, no performance scenarios for intermediate holding periods shall be shown.
Za PRIIP-ove kategorije 3 scenarij u uvjetima stresa jednak je vrijednosti PRIIP-a na ekstremnom percentilu, kako je utvrđeno u točki 11. ovog Priloga, simulirane raspodjele, kako je utvrđeno u točki 13. ovog Priloga.
For Category 2 PRIIPs, the values to be shown for the intermediate periods shall be calculated using the formulas in point 9 to 11 of this Annex with the N defined to be the number of trading periods from the start date to the end of the intermediate period.
Za PRIIP-ove kategorije 4 upotrebljava se metoda iz točke 27.
For Category 1 PRIIPs and Category 4 PRIIPs, the values to be shown for the intermediate periods shall be estimated by the PRIIP manufacturer in a manner consistent with the estimation at the end of the recommended holding period.
Priloga II. u pogledu onih čimbenika koji se ne opažaju na tržištu, prema potrebi zajedno s metodom za PRIIP-ove kategorije 3.
To this end, the method used to estimate the value of the PRIIP at the start of each intermediate period needs to produce the same value for the entire recommended holding period, as under the method prescribed in points 16 and 15 of this Annex respectively.
Relevantne metode za PRIIP-ove kategorije 2 utvrđene u točkama 9. do 11. ovog Priloga i relevantne metode za PRIIP-ove kategorije 3 utvrđene u točkama 12. do 14. ovog Priloga upotrebljavaju se za relevantne sastavnice PRIIP-a ako PRIIP ima različite sastavnice.
For Category 3 PRIIPs, to produce the favourable, moderate, unfavourable and stress scenarios at an intermediate period before the end of the recommended holding period, the manufacturer shall pick three underlying simulations as referred to in points 16 to 24 of Annex II used for the calculation of the MRM and one underlying simulation as referred to in point 13 of this Annex, on the basis of underlying levels only and in such a manner that the simulated value of the PRIIPs for that intermediate period is likely to be consistent with the relevant scenario.
Scenariji uspješnosti ponderirani su prosjek relevantnih sastavnica.
To produce the favourable, moderate, unfavourable and stress scenarios at an intermediate period for a Category 3 PRIIP with one underlying and whose value is known to be a increasing function of its underlying level, the manufacturer shall pick three underlying simulations as referred to in points 16 to 24 of Annex II used for the calculation of the MRM and one underlying simulation as referred to in point 13 of this Annex, leading respectively to the 90th percentile level for the favourable scenario, the 50th percentile level for the moderate scenario, the 10th percentile level for the unfavourable scenario and the percentile level that corresponds to 1 % for 1 year and to 5 % for the other holding periods for the stress scenario.
Obilježja proizvoda i kapitalna jamstva uzimaju se u obzir u izračunima uspješnosti.
To produce the favourable, moderate, unfavourable and stress scenarios at an intermediate period for a Category 3 PRIIP with one underlying and whose value is known to be an decreasing function of its underlying level, the manufacturer shall pick three underlying simulations as referred to in points 16 to 24 of Annex II used for the calculation of the MRM and one underlying simulation as referred to in point 13 of this Annex, leading respectively to the 90 the percentile level for the unfavourable scenario, the 50th percentile level for the moderate scenario, the 10th percentile level for the favourable scenario and the percentile level that corresponds to 1 % for 1 year and to 5 % for the other holding periods for the stress scenario.
Za PRIIP-ove kategorije 1, kako je definirano u točki 4. podtočki (a) Priloga II., i za PRIIP-ove kategorije 1, kako je definirano u točki 4. podtočki (b) Priloga II., koji nisu budućnosnice, opcije prodaje i opcije kupnje kojima se trguje na uređenom tržištu ili na tržištu treće zemlje za koje se smatra da je jednakovrijedno uređenom tržištu, u skladu s člankom 28.
To produce the favourable, moderate, unfavourable and stress scenarios at an intermediate period for a Category 3 PRIIP other than those mentioned in points (a) and (b) the manufacturer shall choose underlying values consistent with the 90th, the 50th, and the 10th percentile levels and the percentile level that corresponds to 1 % for 1 year and to 5 % for the other holding periods of the PRIIP and use these values as the seed values for a simulation to determine the value of the PRIIP.
Uredbe (EU) 600/2014, scenariji uspješnosti izračunavaju se u skladu s točkama 12. do 14. ovog Priloga.
For Category 1 PRIIPs that are futures, call options and put options traded on a regulated market or on a third-country market considered to be equivalent to a regulated market in accordance with Article 28 of Regulation (EU) No 600/2014, performance scenarios for intermediate holding periods shall not be included.
Za PRIIP-ove kategorije 1 koji su budućnosnice, opcije kupnje i opcije prodaje kojima se trguje na uređenom tržištu ili na tržištu treće zemlje za koje se smatra da je jednakovrijedno uređenom tržištu, u skladu s člankom 28.
For favourable, moderate and unfavourable scenarios at intermediate periods, the estimate of the distribution used to read the value of the PRIIP at different percentiles shall be consistent with the observed return and volatility observed over the past 5 years of all market instruments that determine the PRIIP's value.
Uredbe (EU) 600/2014, scenariji uspješnosti prikazuju se obliku grafikona strukture isplate.
For the stress scenario at intermediate periods, the estimate of the distribution used to read the value of the PRIIP at different percentiles shall be consistent with the simulated distribution of all market instruments that determine the PRIIP's value as set out in points 11 and 13.
Grafikon se uključuje kako bi se pokazala uspješnost za sve scenarije za različite razine temeljene vrijednosti.