natgillin/translations-raw huggingface dataset:
the securitisations referred to in points (a) and (c) of paragraph 1 are amortising instruments and have a WAL of 2 years or less.
i. pri izdavanju ima ugovoreno dospijeće od 397 dana ili manje;
A standard MMF may invest in the securitisations or ABCPs referred to in paragraph 1 provided any of the following conditions is fulfilled, as applicable:
ima preostali rok do dospijeća od 397 dana ili manje;
the legal maturity at issuance or residual maturity of the securitisations and ABCPs referred to in points (a), (b) and (c) of paragraph 1 is 2 years or less and the time remaining until the next interest rate reset date is 397 days or less;
izdavatelj instrumenta tržišta novca i kvaliteti instrumenta tržišta novca dobio je pozitivnu ocjenu na temelju članaka od 19. do 22.;
The Commission shall adopt, by 6 months from the date of entry into force of the proposed Regulation on STS securitisations, a delegated act in accordance with Article 45 amending this Article by introducing a cross-reference to the criteria identifying STS securitisations and ABCPs in the corresponding provisions of that Regulation.
ako novčani fond ulaže u sekuritizaciju ili ABCP, on podliježe zahtjevima utvrđenima u članku 11.
The amendment shall become effective at the latest by 6 months after the date of entry into force of that delegated act or from the date of application of the corresponding provisions in the proposed Regulation on STS securitisations, whichever is the later.
Neovisno o stavku 1. točki (b), standardni novčani fondovi također smiju ulagati u instrumente tržišta novca s preostalim rokom do dospijeća do ugovorenog datuma isplate kraćim od dvije godine ili jednakim tom razdoblju, pod uvjetom da je preostalo vrijeme do sljedećeg datuma usklađivanja kamatnih stopa 397 dana ili manje.
For the purposes of the first subparagraph, the criteria identifying STS securitisations and ABCPs shall include at least the following:
U tu se svrhu instrumenti tržišta novca s promjenjivom stopom i instrumenti tržišta novca s fiksnom stopom koji su zaštićeni ugovorom o razmjeni usklađuju sa stopom ili indeksom na tržištu novca.
requirements relating to the simplicity of the securitisation, including its true sale character and the respect of standards relating to the underwriting of the exposures;
3.
requirements relating to standardisation of the securitisation, including risk retention requirements;
Stavak 1. točka (c) ne primjenjuje se na instrumente tržišta novca koje izdaje ili za koje jamči Unija, središnje tijelo ili središnja banka države članice, Europska središnja banka, Europska investicijska banka, Europski stabilizacijski mehanizam ili Europski fond za financijsku stabilnost.
requirements relating to the transparency of the securitisation, including the provision of information to potential investors;
Članak 11.
for ABCPs, in addition to points (a), (b) and (c), requirements relating to the sponsor and to the sponsor support of the ABCP programme.
Prihvatljive sekuritizacije i ABCP-ovi
Article 12
I sekuritizacija i ABCP smatraju se prihvatljivima za ulaganje novčanog fonda pod uvjetom da su sekuritizacija ili ABCP dovoljno likvidni, da su dobili pozitivnu ocjenu na temelju članaka od 19. do 22. te da su jedno od sljedećeg:
Eligible deposits with credit institutions
sekuritizacija iz članka 13.
A deposit with a credit institution shall be eligible for investment by an MMF provided that all of the following conditions are fulfilled:
Delegirane uredbe Komisije (EU) 2015/61 [16];
the deposit is repayable on demand or is able to be withdrawn at any time;
ABCP koji je izdao program ABCP:
the deposit matures in no more than 12 months;
i. koji u potpunosti podupire regulirana kreditna institucija koja pokriva sve likvidnosne, kreditne i značajne razrjeđivačke rizike, kao i tekuće transakcijske troškove i tekuće troškove na razini čitavog programa povezane s ABCP-om, ako je to potrebno da bi se ulagatelju zajamčila puna isplata svakog iznosa u okviru ABCP-a;
the credit institution has its registered office in a Member State or, where the credit institution has its registered office in a third country, it is subject to prudential rules considered equivalent to those laid down in Union law in accordance with the procedure laid down in Article 107(4) of Regulation (EU) No 575/2013.
koji nije resekuritizacija, te temeljne izloženosti sekuritizacije na razini svake transakcije ABCP ne uključuju nikakvu sekuritizacijsku poziciju;
Article 13
koji ne uključuje sintetsku sekuritizaciju kako je definirana u članku 242. točki 11.
Eligible financial derivative instruments
Uredbe (EU) br. 575/2013;
A financial derivative instrument shall be eligible for investment by an MMF provided it is dealt in on a regulated market as referred to in point (a), (b) or (c) of Article 50(1) of Directive 2009/65/EC or OTC and provided that all of the following conditions are fulfilled:
jednostavna, transparentna i standardizirana (STS) sekuritizacija ili ABCP.
the underlying of the derivative instrument consists of interest rates, foreign exchange rates, currencies or indices representing one of those categories;
Kratkoročni novčani fond može ulagati u sekuritizacije ili ABCP-ove iz stavka 1. pod uvjetom da je ispunjen bilo koji od sljedećih uvjeta, kako je primjenjivo:
the derivative instrument serves only the purpose of hedging the interest rate or exchange rate risks inherent in other investments of the MMF;
ugovoreno dospijeće pri izdavanju sekuritizacija iz stavka 1. točke (a) je dvije godine ili manje, a preostalo vrijeme do sljedećeg datuma usklađivanja kamatnih stopa je 397 dana ili manje;
the counterparties to OTC derivative transactions are institutions subject to prudential regulation and supervision and belonging to the categories approved by the competent authority of the MMF;
ugovoreno dospijeće pri izdavanju ili preostali rok do dospijeća sekuritizacija ili ABCP-ova iz stavka 1. točaka (b) i (c) je 397 dana ili manje;
the OTC derivatives are subject to reliable and verifiable valuation on a daily basis and can be sold, liquidated or closed by an offsetting transaction at any time at their fair value at the MMF's initiative.
sekuritizacije iz stavka 1. točaka (a) i (c) amortizacijski su instrumenti te imaju WAL od dvije godine ili manje.
Article 14
Standardni novčani fond može ulagati u sekuritizacije ili ABCP-ove iz stavka 1. pod uvjetom da je ispunjen bilo koji od sljedećih uvjeta, kako je primjenjivo:
Eligible repurchase agreements
ugovoreno dospijeće pri izdavanju ili preostali rok do dospijeća sekuritizacija i ABCP-ova iz stavka 1. točaka (a), (b) i (c) je dvije godine ili manje, a preostalo vrijeme do sljedećeg datuma usklađivanja kamatnih stopa je 397 dana ili manje;
A repurchase agreement shall be eligible to be entered into by an MMF provided that all of the following conditions are fulfilled:
U roku od šest mjeseci od datuma stupanja na snagu predložene Uredbe o STS sekuritizacijama, Komisija donosi delegirani akt u skladu s člankom 45. o izmjeni tog članka uvođenjem upućivanja na kriterije prema kojima se STS sekuritizacije i ABCP -ovi utvrđuju u odgovarajućim odredbama te uredbe.
it is used on a temporary basis, for no more than seven working days, only for liquidity management purposes and not for investment purposes other than as referred to in point (c);
Izmjena počinje proizvoditi učinak najkasnije šest mjeseci od datuma stupanja na snagu tog delegiranog akta ili od datuma primjene odgovarajućih odredbi u predloženoj Uredbi o STS sekuritizacijama, ovisno o tome što nastupi kasnije.
the counterparty receiving assets transferred by the MMF as collateral under the repurchase agreement is prohibited from selling, investing, pledging or otherwise transferring those assets without the MMF's prior consent;
Za potrebe prvog podstavka, kriteriji prema kojima se utvrđuju STS sekuritizacije i ABCP-ovi uključuju barem sljedeće:
the cash received by the MMF as part of the repurchase agreement is able to be:
zahtjeve u vezi s jednostavnošću sekuritizacije, uključujući njezin pravi prodajni karakter i poštovanje standarda povezanih s osiguravanjem izloženosti;
placed on deposits in accordance with point (f) of Article 50(1) of Directive 2009/65/EC; or
zahtjeve u vezi sa standardizacijom sekuritizacije, uključujući zahtjeve zadržavanja rizika;
invested in assets referred to in Article 15(6), but shall not otherwise be invested in eligible assets as referred to in Article 9, transferred or otherwise reused;
zahtjeve u vezi s transparentnošću sekuritizacije, uključujući pružanje informacija potencijalnim ulagateljima;
the cash received by the MMF as part of the repurchase agreement does not exceed 10 % of its assets;
za ABCP-ove, osim točaka (a), (b) i (c), zahtjeve u vezi s pokroviteljima i pokroviteljskom potporom programa ABCP-ova.
the MMF has the right to terminate the agreement at any time upon giving prior notice of no more than two working days.
Članak 12.
Article 15
Prihvatljivi depoziti kod kreditnih institucija
Eligible reverse repurchase agreements
Depozit kod kreditne institucije prihvatljiv je za ulaganje novčanog fonda pod uvjetom da su ispunjeni svi sljedeći uvjeti:
A reverse repurchase agreement shall be eligible to be entered into by an MMF provided that all of the following conditions are fulfilled:
riječ je o depozitu koji je povratan na zahtjev ili depozitu koji se može opozvati u svakom trenutku;
the MMF has the right to terminate the agreement at any time upon giving prior notice of no more than two working days;
depozit dospijeva za najviše 12 mjeseci;
the market value of the assets received as part of the reverse repurchase agreement is at all times at least equal to the value of the cash paid out.
kreditna institucija ima statutarno sjedište u državi članici ili, ako kreditna institucija ima sjedište u trećoj zemlji, podliježe bonitetnim pravilima koja se smatraju istovjetnim onima koja su utvrđena pravom Unije u skladu s postupkom utvrđenim u članku 107. stavku 4.
The assets received by an MMF as part of a reverse repurchase agreement shall be money market instruments that fulfil the requirements set out in Article 10.
Uredbe (EU) br. 575/2013.
The assets received by an MMF as part of a reverse repurchase agreement shall not be sold, reinvested, pledged or otherwise transferred.
Članak 13.
Securitisations and ABCPs shall not be received by an MMF as part of a reverse repurchase agreement.
Prihvatljivi izvedeni financijski instrumenti
The assets received by an MMF as part of a reverse repurchase agreement shall be sufficiently diversified with a maximum exposure to a given issuer of 15 % of the MMF's NAV, except where those assets take the form of money market instruments that fulfil the requirements of Article 17(7).
Izvedeni financijski instrument prihvatljiv je za ulaganje novčanog fonda ako se njime trguje na uređenom tržištu iz članka 50. stavka 1. točke (a), (b) ili (c) Direktive 2009/65/EZ ili izvan uređenog tržišta (OTC), pod uvjetom da su ispunjeni svi sljedeći uvjeti:
In addition, the assets received by an MMF as part of a reverse repurchase agreement shall be issued by an entity that is independent from the counterparty and is expected not to display a high correlation with the performance of the counterparty.
temelj izvedenog instrumenta su kamatne stope, devizni tečajevi, valute ili indeksi jedne od tih kategorija;
An MMF that enters into a reverse repurchase agreement shall ensure that it is able to recall the full amount of cash at any time on either an accrued basis or a mark-to-market basis.
izvedeni instrument služi isključivo za zaštitu od rizika kamatne stope ili tečajne stope koji su povezani s drugim ulaganjima novčanog fonda;
When the cash is recallable at any time on a mark-to-market basis, the mark-to-market value of the reverse repurchase agreement shall be used for the calculation of the NAV of the MMF.
druge ugovorne strane u transakcijama s OTC izvedenicama su institucije koje podliježu bonitetnoj regulativi i nadzoru, te pripadaju kategorijama koje je odobrilo nadležno tijelo novčanog fonda;
By way of derogation from paragraph 2 of this Article, an MMF may receive as part of a reverse repurchase agreement liquid transferable securities or money market instruments other than those that fulfil the requirements set out in Article 10 provided that those assets comply with one of the following conditions:
OTC izvedenice podliježu svakodnevnom pouzdanom i provjerljivom vrednovanju, te ih je u svakom trenutku moguće prodati, likvidirati ili zatvoriti prijebojnom transakcijom po njihovoj fer vrijednosti na zahtjev novčanog fonda;
they are issued or guaranteed by the Union, a central authority or central bank of a Member State, the European Central Bank, the European Investment Bank, the European Stability Mechanism or the European Financial Stability Facility provided that a favourable assessment has been received pursuant to Articles 19 to 22;
Članak 14.
they are issued or guaranteed by a central authority or central bank of a third country, provided that a favourable assessment has been received pursuant to Articles 19 to 22.
Prihvatljivi repo ugovori
The assets received as part of a reverse repurchase agreement in accordance with the first subparagraph of this paragraph shall be disclosed to MMF investors, in accordance with Article 13 of Regulation (EU) 2015/2365 of the European Parliament and of the Council [17].The assets received as part of a reverse repurchase agreement in accordance with the first subparagraph of this paragraph shall fulfil the requirements of Article 17(7).
Novčani fond može sklopiti repo ugovor pod uvjetom da su ispunjeni svi sljedeći uvjeti:
The Commission shall be empowered to adopt delegated acts in accordance with Article 45 to supplement this Regulation by specifying quantitative and qualitative liquidity requirements applicable to assets referred to in paragraph 6 and quantitative and qualitative credit quality requirements applicable to assets referred to in point (a) of paragraph 6 of this Article.
upotrebljava se na privremenoj osnovi, ne duže od sedam radnih dana, i to samo u svrhe upravljanja likvidnošću i ne u svrhe ulaganja koje nisu navedene u točki (c);
For those purposes, the Commission shall take into account the report referred to in Article 509(3) of Regulation (EU) No 575/2013.
druga ugovorna strana koja u okviru repo ugovora prima imovinu novčanog fonda kao kolateral ne smije prodavati, ulagati, založiti ili na drugi način prenositi tu imovinu bez prethodne suglasnosti novčanog fonda;
The Commission shall adopt the delegated act referred to in the first subparagraph no later than 21 January 2018.
gotovinu koju primi kao dio repo ugovora novčani fond može:
Article 16
i. staviti u depozite u skladu s člankom 50. stavkom 1. točkom (f) Direktive 2009/65/EZ; ili
Eligible units or shares of MMFs
uložiti u imovinu iz članka 15. stavka 6., ali je ne smije uložiti u prihvatljivu imovinu iz članka 9., prenositi ili na bilo koji drugi način ponovno upotrebljavati;
An MMF may acquire the units or shares of any other MMF (‘targeted MMF’) provided that all of the following conditions are fulfilled:
gotovina koju novčani fond primi kao dio repo ugovora ne smije prelaziti 10 % njegove imovine;
no more than 10 % of the assets of the targeted MMF are able, according to its fund rules or instruments of incorporation, to be invested in aggregate in units or shares of other MMFs;
novčani fond ima pravo raskinuti ugovor u svakom trenutku, uz otkazni rok od najviše dva radna dana.
the targeted MMF does not hold units or shares in the acquiring MMF.
Članak 15.
An MMF whose units or shares have been acquired shall not invest in the acquiring MMF during the period in which the acquiring MMF holds units or shares in it.
Prihvatljivi obratni repo ugovori
An MMF may acquire the units or shares of other MMFs, provided that no more than 5 % of its assets are invested in units or shares of a single MMF.
Novčani fond može sklopiti obratni repo ugovor pod uvjetom da su ispunjeni svi sljedeći uvjeti:
An MMF may, in aggregate, invest no more than 17,5 % of its assets in units or shares of other MMFs.
novčani fond ima pravo raskinuti ugovor u svakom trenutku, uz otkazni rok od najviše dva radna dana;
Units or shares of other MMFs shall be eligible for investment by an MMF provided that all of the following conditions are fulfilled:
tržišna vrijednost imovine primljene u okviru obratnog repo ugovora je u svakom trenutku barem jednaka vrijednosti isplaćene gotovine.
the targeted MMF is authorised under this Regulation;
Imovina koju novčani fond prima u okviru obratnog repo ugovora moraju biti instrumenti tržišta novca koji ispunjavaju uvjete iz članka 10.
where the targeted MMF is managed, whether directly or under a delegation, by the same manager as that of the acquiring MMF or by any other company to which the manager of the acquiring MMF is linked by common management or control, or by a substantial direct or indirect holding, the manager of the targeted MMF, or that other company, is prohibited from charging subscription or redemption fees on account of the investment by the acquiring MMF in the units or shares of the targeted MMF;
Imovina koju novčani fond prima u okviru obratnog repo ugovora ne smije se prodavati, ponovno ulagati, založiti ili prenositi na drugi način.
where an MMF invests 10 % or more of its assets in units or shares of other MMFs:
Novčani fond u okviru obratnog repo ugovora ne smije primati sekuritizacije ni ABCP-ove.
the prospectus of that MMF shall disclose the maximum level of the management fees that may be charged to the MMF itself and to the other MMFs in which it invests; and
Imovina koju novčani fond prima u okviru obratnog repo ugovora mora biti dovoljno diversificirana uz maksimalnu izloženost danog izdavatelja od 15 % NAV-a novčanog fonda, osim ako je ta imovina u obliku instrumenata tržišta novca koji ispunjavaju uvjete iz članka 17. stavka 7.
the annual report shall indicate the maximum proportion of management fees charged to the MMF itself and to the other MMFs in which it invests.
Osim toga, imovinu koju novčani fond prima u okviru obratnog repo ugovora izdaje tijelo koje je neovisno o drugoj ugovornoj strani i za koje se očekuje da neće pokazati visoku korelaciju s ispunjavanjem obveza druge ugovorne strane.
Paragraphs 2 and 3 of this Article shall not apply to an MMF that is an AIF authorised in accordance with Article 5, where all of the following conditions are met:
Novčani fond koji sklapa obratni repo ugovor osigurava da u svakom trenutku može opozvati puni iznos gotovine bilo na temelju obračuna bilo na temelju vrednovanja po tržišnoj vrijednosti.
the MMF is marketed solely through an employee savings scheme governed by national law and which has only natural persons as investors;
U slučaju da se gotovina u svakom trenutku može opozvati na temelju vrednovanja po tržišnoj vrijednosti, za izračun NAV-a novčanog fonda upotrebljava se vrijednost obratnog repo ugovora utvrđena vrednovanjem po tržišnoj vrijednosti.
the employee savings scheme referred to in point (a) only allows investors to redeem their investment subject to restrictive redemption terms which are laid down in national law, whereby redemptions may only take place in certain circumstances that are not linked to market developments.
Odstupajući od stavka 2. ovog članka, novčani fond može u okviru obratnog repo ugovora primiti likvidne prenosive vrijednosne papire ili instrumente tržišta novca osim onih koji ispunjavaju uvjete iz članka 10. pod uvjetom da je ta imovina u skladu s jednim od sljedećih uvjeta:
By way of derogation from paragraphs 2 and 3 of this Article, an MMF that is a UCITS authorised in accordance with Article 4(2) may acquire units or shares in other MMFs in accordance with Article 55 or 58 of Directive 2009/65/EC under the following conditions:
izdaje je ili za nju jamči Unija, središnje tijelo ili središnja banka države članice, Europska središnja banka, Europska investicijska banka, Europski stabilizacijski mehanizam ili Europski fond za financijsku stabilnost pod uvjetom da im je dodijeljena pozitivna ocjena na temelju članaka od 19. do 22.;
the employee savings scheme referred to in point (a) only allows investors to redeem their investment subject to restrictive redemption terms which are laid down in national law, whereby redemptions may only take place in certain circumstances that are not linked to market developments.
izdaje je ili za nju jamči središnje tijelo ili središnja banka treće zemlje, pod uvjetom da im su dobili pozitivnu ocjenu na temelju članaka od 19. do 22.;
Short-term MMFs may only invest in units or shares of other short-term MMFs.
Imovina primljena u okviru obratnog repo ugovora u skladu s prvim podstavkom ovog stavka objavljuje se ulagateljima novčanog fonda, u skladu s člankom 13.
Standard MMFs may invest in units or shares of short-term MMFs and standard MMFs.
Uredbe (EU) 2015/2365 Europskog parlamenta i Vijeća [17].Imovina primljena u okviru obratnog repo ugovora u skladu s prvim podstavkom ovog stavka ispunjava kriterije iz članka 17. stavka 7.
Section II
Komisija je ovlaštena donijeti delegirane akte u skladu s člankom 45. kojima se ova Uredba dopunjuje određivanjem kvantitativnih i kvalitativnih zahtjeva za likvidnost koji su primjenjivi na imovinu iz stavka 6. te kvantitativnih i kvalitativnih zahtjeva za kreditnu kvalitetu koji su primjenjivi na imovinu iz stavka 6. točke (a) ovog članka.
Provisions on investment policies
U tu svrhu Komisija uzima u obzir izvješće iz članka 509. stavka 3.
Article 17
Uredbe (EU) br. 575/2013.
Diversification
Komisija donosi delegirane akte iz prvog podstavka najkasnije do 21. siječnja 2018.
An MMF shall invest no more than:
Članak 16.
5 % of its assets in money market instruments, securitisations and ABCPs issued by the same body;
Prihvatljivi udjeli ili dionice novčanih fondova
10 % of its assets in deposits made with the same credit institution, unless the structure of the banking sector in the Member State in which the MMF is domiciled is such that there are insufficient viable credit institutions to meet that diversification requirement and it is not economically feasible for the MMF to make deposits in another Member State, in which case up to 15 % of its assets may be deposited with the same credit institution.
Novčani fond može steći udjele ili dionice bilo kojeg drugog novčanog fonda („ciljani novčani fond”) ako da su ispunjeni svi sljedeći uvjeti:
By way of derogation from point (a) of paragraph 1, a VNAV MMF may invest up to 10 % of its assets in money market instruments, securitisations and ABCPs issued by the same body provided that the total value of such money market instruments, securitisations and ABCPs held by the VNAV MMF in each issuing body in which it invests more than 5 % of its assets does not exceed 40 % of the value of its assets.
najviše 10 % imovine ciljanog novčanog fonda može se, u skladu s pravilima fonda ili dokumentima o osnivanju fonda, ukupno uložiti u udjele ili dionice drugih novčanih fondova;
Until the date of application of the delegated act referred to in Article 11(4), the aggregate of all of an MMF's exposures to securitisations and ABCPs shall not exceed 15 % of the assets of the MMF.
ciljani novčani fond nema udjele ili dionice u novčanom fondu koji to stjecanje provodi.
As from the date of application of the delegated act referred to in Article 11(4), the aggregate of all of an MMF's exposures to securitisations and ABCPs shall not exceed 20 % of the assets of the MMF, whereby up to 15 % of the assets of the MMF may be invested in securitisations and ABCPs that do not comply with the criteria for the identification of STS securitisations and ABCPs.
Novčani fond čiji su udjeli ili dionice stečeni ne smije ulagati u novčani fond koji to stjecanje provodi, tijekom razdoblja u kojemu novčani fond koji provodi stjecanje drži njegove udjele ili dionice.
The aggregate risk exposure to the same counterparty of an MMF stemming from OTC derivative transactions which fulfil the conditions set out in Article 13 shall not exceed 5 % of the assets of the MMF.
Novčani fond može steći udjele ili dionice drugih novčanih fondova pod uvjetom da se najviše 5 % njegove imovine uloži u udjele ili dionice jednog novčanog fonda.