natgillin/translations-raw huggingface dataset:
National competent authorities could work together through the Committee of European Securities Regulators (CESR) to develop common approaches on the practical, day-to-day application of those clarifications in the context of their supervisory duties, notably in connection with other requirements of Directive 85/611/EEC such as control or risk management procedures, and to ensure the smooth functioning of the product passport.
Pristojni nacionalni organi bi lahko sodelovali v okviru Odbora evropskih regulativnih organov s področja vrednostnih papirjev (CESR) pri razvijanju enotnih pristopov k praktični, vsakodnevni uporabi teh pojasnil v okviru svojih nadzornih nalog, zlasti v povezavi z drugimi zahtevami Direktive 85/611/EGS, kot so postopki nadzora ali obvladovanja tveganja, in pri zagotavljanju nemotenega delovanja potnega lista za produkte.
Directive 85/611/EEC defines transferable securities exclusively from a formal/legal point of view.
Direktiva 85/611/EGS prenosljive vrednostne papirje opredeljuje izključno s formalnopravnega vidika.
Accordingly the definition of transferable securities is applicable to a wide range of financial products with differing features and different levels of liquidity.
Zaradi tega se lahko opredelitev prenosljivih vrednostnih papirjev uporablja za široko vrsto finančnih produktov z različnimi lastnostmi in stopnjami likvidnosti.
For each of those financial products, consistency between the definition of transferable securities and other provisions of the Directive should be ensured.
Za vsakega od teh finančnih produktov je treba zagotoviti skladnost med opredelitvijo prenosljivih vrednostnih papirjev in drugimi določbami Direktive.
Closed end funds constitute an asset class which is not explicitly referred to as an eligible asset for a UCITS under Directive 85/611/EEC.
Zaprti skladi so vrsta sredstev, ki jih Direktiva 85/611/EGS ne navaja izrecno kot upravičeno sredstvo za KNPVP.
However, the units of closed end funds are often treated as transferable securities and their admission to trading on a regulated market often gives grounds for such a treatment.
Vendar se enote zaprtih skladov pogosto obravnavajo kot prenosljivi vrednostni papirji in njihovo sprejetje v trgovanje na zakonsko urejenem trgu pogosto daje podlago za tako obravnavo.
It is therefore necessary to provide market participants and competent authorities with certainty as to whether units of closed end funds are covered by the definition of transferable securities.
Zato je treba udeležencem na trgu in pristojnim organom zanesljivo dati vedeti, ali opredelitev prenosljivih vrednostnih papirjev zajema enote zaprtih skladov.
National competent authorities could work together through the CESR to develop common approaches as regards the practical, day-to-day application of the criteria applicable to closed end funds, notably in respect of minimum core standards in relation to corporate governance mechanisms.
Pristojni nacionalni organi bi lahko sodelovali v okviru CESR pri razvijanju enotnih pristopov k praktični, vsakodnevni uporabi teh meril, ki se uporabljajo pri zaprtih skladih, zlasti glede najmanjših temeljnih standardov v povezavi z mehanizmi upravljanja.
Additional legal certainty is also necessary with regard to the categorisation, as transferable securities, of financial instruments which are linked to the performance of other assets, including assets which are not referred to by Directive 85/611/EEC itself, or which are backed by such assets.
Dodatna pravna varnost je potrebna tudi glede tega, ali se kot prenosljivi vrednostni papirji kategorizirajo finančni instrumenti, ki so povezani z dosežki drugih sredstev, vključno s sredstvi, ki jih Direktiva 85/611/EGS navaja, ali ki jih taka sredstva podpirajo.
It should be made clear that if the linkage to the underlying or to another component of the instrument amounts to an element which has to be considered as an embedded derivative, the financial instrument falls in the subcategory of transferable securities embedding a derivative element.
Treba je razjasniti, da če povezava z osnovno ali drugo sestavino instrumenta vključuje element, ki ga je treba šteti za vloženi izvedeni instrument, spada finančni instrument v podkategorijo prenosljivih vrednostnih papirjev, ki vključujejo izvedeni element.
This has the consequence that the criteria for derivatives under Directive 85/611/EEC have to be applied in respect of that element.
Zato je treba za ta element uporabiti merila za izvedene finančne instrumente iz Direktive 85/611/EGS.
In order to be covered by the definition of money market instruments in Directive 85/611/EEC, a financial instrument should fulfil certain criteria, notably it must normally be dealt in on the money market, it must be liquid and it must have a value which can be accurately determined at any time.
Da bi za finančni instrument veljala opredelitev instrumentov denarnega trga iz Direktive 85/611/EGS, mora izpolnjevati določena merila, zlasti se mora z njim običajno trgovati na denarnem trgu, mora biti likviden in imeti mora vrednost, ki jo je mogoče kadar koli točno določiti.
It is necessary to ensure a uniform application of those criteria taking into account certain market practices.
Treba je zagotoviti enotno uporabo teh meril ob upoštevanju določenih tržnih praks.
It is also necessary to clarify that the criteria have to be understood in coherence with other principles of Directive 85/611/EEC.
Treba je tudi pojasniti, da je merila treba razumeti skladno z drugimi načeli Direktive 85/611/EGS.
The definition of money market instruments should extend to financial instruments which are not admitted to or dealt in on a regulated market and for which Directive 85/611/EEC sets out criteria in addition to the general criteria for money market instruments.
Opredelitev instrumentov denarnega trga mora vključevati finančne instrumente, ki niso sprejeti v trgovanje oz. s katerimi se ne trguje na zakonsko urejenem trgu in za katere Direktiva 85/611/EGS navaja merila poleg splošnih meril za instrumente denarnega trga.
It was therefore equally necessary to clarify those criteria in the light of investor protection requirements and taking into account principles of the Directive such as portfolio liquidity, as resulting from Article 37 thereof.
Zato je treba razjasniti ta merila prav tako z vidika zahtev za varstvo vlagateljev in ob upoštevanju načel Direktive, kot je likvidnost portfelja, kakor izhaja iz člena 37 Direktive.
Under Directive 85/611/EEC financial derivative instruments are to be considered as liquid financial assets if they fulfil the criteria set out in that Directive.
V okviru Direktive 85/611/EGS je treba izvedene finančne instrumente šteti za likvidna finančna sredstva, če izpolnjujejo merila iz navedene direktive.
It is necessary to ensure a uniform application of those criteria and it is also necessary to make clear that the criteria have to be understood in a way which is consistent with other provisions of the Directive.
Treba je zagotoviti enotno uporabo teh meril in tudi pojasniti, da je treba ta merila razumeti na način, skladen z drugimi določbami navedene direktive.
It should also be made clear that if credit derivatives comply with those criteria, they are financial derivative instruments within the meaning of Directive 85/611/EEC and hence eligible for treatment as liquid financial assets.
Pojasniti je treba tudi, da če izvedeni kreditni instrumenti izpolnjujejo ta merila, so to izvedeni finančni instrumenti v smislu Direktive 85/611/EGS in so zato upravičeni do obravnave kot likvidna finančna sredstva.
The need for clarification is particularly pressing for derivatives on financial indices.
Potreba po razjasnitvi je še zlasti nujna za izvedene instrumente na osnovi finančnih indeksov.
There is currently a wide range of financial indices which function as the underlying for a derivative instrument.
Trenutno obstaja široka paleta finančnih indeksov, ki so osnova za izvedeni instrument.
These indices may vary as regards their composition or the weighting of their components.
Ti indeksi se lahko razlikujejo glede na svojo sestavo ali težo sestavin.
In all cases it has to be ensured that the UCITS is able to fulfil its obligations as regards portfolio liquidity, as resulting from Article 37 of Directive 85/611/EEC, and the calculation of the net asset value and that those obligations are not negatively affected by the features of the underlying of a derivative.
V vseh primerih je treba zagotoviti, da je KNPVP sposoben izpolniti svoje obveznosti v zvezi z likvidnostjo portfelja, kakor izhaja iz člena 37 Direktive 85/611/EGS, in izračunom čiste vrednosti sredstev ter da na te obveznosti ne vplivajo negativno lastnosti osnovnih instrumentov izvedenega finančnega instrumenta.
It should be clarified that derivatives on financial indices whose composition is sufficiently diversified, which represent an adequate benchmark to the market to which they refer and which are subject to appropriate information regarding the index composition and calculation fall under the category of derivatives as liquid financial assets.
Treba je pojasniti, da izvedeni instrumenti na osnovi finančnih indeksov, katerih sestava je dovolj raznolika, ki so dovolj reprezentativen odraz trga, na katerega se nanašajo, ter so predmet ustreznega obveščanja glede sestave in izračuna indeksa, spadajo v kategorijo izvedenih instrumentov kot finančna likvidna sredstva.
National competent authorities could work together through the CESR to develop common approaches as regards the practical, day-to-day application of those criteria in respect of indices based on assets which are not individually identified as eligible assets in the Directive.
Pristojni nacionalni organi bi lahko sodelovali v okviru CESR pri razvijanju enotnih pristopov k praktični, vsakodnevni uporabi teh meril v zvezi z indeksi na podlagi sredstev, ki jih Direktiva ne identificira individualno kot upravičena sredstva.
Directive 85/611/EEC recognises as a sub-category of transferable securities and money market instruments those which embed a derivative element.
Direktiva 85/611/EGS priznava kot podkategorijo prenosljivih vrednostnih papirjev in instrumentov denarnega trga instrumente, ki vključujejo izvedeni element.
Embedding a derivative element into a transferable security or money market instrument does not transform the whole financial instrument into a financial derivative instrument which would fall outside the definitions of transferable security or money market instrument.
Z vključitvijo izvedenega elementa v prenosljivi vrednostni papir ali instrument denarnega trga, se celotni finančni instrument ne pretvori v izvedeni finančni instrument, kar ne bi bilo zajeto v opredelitvah za prenosljive vrednostne papirje ali instrumente denarnega trga.
Therefore, it is necessary to make clear whether a financial derivative can be considered embedded in another instrument.
Zato je treba pojasniti, ali se lahko šteje, da je finančni izvedeni instrument vključen v drug instrument.
In addition, embedding a derivative into a transferable security or money market instrument entails the risk that the rules for derivatives imposed by Directive 85/611/EEC are bypassed.
Poleg tega pri vključitvi izvedenega instrumenta v prenosljiv vrednostni papir ali instrument denarnega trga obstaja nevarnost, da se pravila o izvedenih instrumentih iz Direktive 85/611/EGS zaobidejo.
For that reason, the Directive requires identification of the embedded derivative element and compliance with those rules.
Zaradi tega Direktiva zahteva identifikacijo vloženega izvedenega elementa in upoštevanje teh pravil.
Given the level of financial innovation, the identification of an embedded derivative element is not always evident.
Glede na stopnjo finančne inovativnosti identifikacija vloženega izvedenega elementa ni vedno očitna.
In order to achieve more certainty in this respect, criteria for identifying such elements should be laid down.
Da bi v tem pogledu dosegli večjo zanesljivost, je treba določiti merila za identifikacijo takih elementov.
Pursuant to Directive 85/611/EEC, techniques and instruments relating to transferable securities or money market instruments for the purpose of efficient portfolio management do not fall under the definitions of transferable securities and money market instruments.
V skladu z Direktivo 85/611/EGS tehnike in instrumenti v zvezi s prenosljivimi vrednostnimi papirji ali instrumenti denarnega trga za namen učinkovitega upravljanja portfelja niso zajeti v opredelitvah prenosljivih vrednostnih papirjev in instrumentov denarnega trga.
To clarify the boundaries of those definitions it is necessary to set out criteria to identify the transactions which would fall under those techniques and instruments.
Za pojasnitev meja teh opredelitev je treba določiti merila za identifikacijo transakcij, zajetih v teh tehnikah in instrumentih.
It is also necessary to recall that those techniques and instruments have to be understood in coherence with the other obligations of a UCITS, particularly as regards its risk profile.
Treba je tudi opozoriti, da je treba te tehnike in instrumente razumeti skladno z drugimi obveznostmi KNPVP, zlasti glede njegovega profila tveganj.
That is to say, they must be consistent with the rules laid down by Directive 85/611/EEC on risk management and on risk diversification, as well as with its restrictions on short sales and borrowing.
To pomeni, da morajo biti skladni s pravili iz Direktive 85/611/EGS o obvladovanju tveganja in razpršitvi tveganj ter z njenimi omejitvami glede prodaje na kratko in zadolževanja.
Directive 85/611/EEC sets out criteria to define UCITS which replicate bond or share indices.
Direktiva 85/611/EGS določa merila za opredelitev KNPVP, ki posnemajo indekse obveznic ali delnic.
UCITS which comply with those criteria are subject to a more flexible treatment as regards issuer concentration limits.
KNPVP, ki izpolnjujejo ta merila, se obravnavajo bolj fleksibilno kar zadeva mejne koncentracije izdajateljev.
It is therefore necessary to develop a clear understanding of those criteria and to ensure their uniform application in all Member States.
Zato je treba doseči jasno razumevanje teh meril in zagotoviti njihovo enotno uporabo v vseh državah članicah.
That entails giving further clarification as to whether a UCITS can be considered to be an index-replicating UCITS, and thus more certainty about the conditions which justify the preferential treatment of index-replicating UCITS.
To vključuje dajanje nadaljnjih pojasnil glede tega, ali se KNPVP lahko šteje za KNPVP, ki posnema indekse, in s tem večje gotovosti glede okoliščin, ki upravičujejo to preferencialno obravnavo KNPVP, ki posnemajo indekse.
The Committee of European Securities Regulators has been consulted for technical advice.
Strokovno je svetoval Odbor evropskih regulativnih organov s področja vrednostnih papirjev.
The measures provided for in this Directive are in accordance with the opinion of the European Securities Committee,
Ukrepi iz te direktive so v skladu z mnenjem Odbora evropskih regulativnih organov s področja vrednostnih papirjev –
This Directive lays down rules clarifying, for the purposes of their uniform application, the following terms:
Ta direktiva določa pravila, ki pojasnjujejo naslednje izraze z namenom, da bi se ti enotno uporabljali:
transferable securities, as defined in Article 1(8) of Directive 85/611/EEC;
prenosljivi vrednostni papirji, kot so opredeljeni v členu 1(8) Direktive 85/611/EGS;
money market instruments, as defined in Article 1(9) of Directive 85/611/EEC;
instrumenti denarnega trga, kot so opredeljeni v členu 1(9) Direktive 85/611/EGS;
liquid financial assets, as referred to in the definition of UCITS laid down in Article 1(2) of Directive 85/611/EEC, with respect to financial derivative instruments;
likvidna finančna sredstva, kot so navedena v opredelitvi KNPVP iz člena 1(2) Direktive 85/611/EGS, v zvezi z izvedenimi finančnimi instrumenti;
transferable securities and money market instruments embedding derivatives, as referred to in the fourth subparagraph of Article 21(3) of Directive 85/611/EEC;
prenosljivi vrednostni papirji in instrumenti denarnega trga, ki vključujejo izvedene finančne instrumente, kot je navedeno v četrtem pododstavku člena 21(3) Direktive 85/611/EGS;
techniques and instruments for the purpose of efficient portfolio management, as referred to in Article 21(2) of Directive 85/611/EEC;
tehnike in instrumenti za učinkovito upravljanje portfelja, kot so navedeni v členu 21(2) Direktive 85/611/EGS;
index-replicating UCITS, as referred to in Article 22a(1) of Directive 85/611/EEC.
KNPVP, ki posnemajo indekse, kot so navedeni v členu 22a(1) Direktive 85/611/EGS.
Article 1(8) of Directive 85/611/EEC
Člen 1(8) Direktive 85/611/EGS
The reference in Article 1(8) of Directive 85/611/EEC to transferable securities shall be understood as a reference to financial instruments which fulfil the following criteria:
Navedba prenosljivih vrednostnih papirjev iz člena 1(8) Direktive 85/611/EGS se razume kot navedba finančnih instrumentov, ki izpolnjujejo naslednja merila:
the potential loss which the UCITS may incur with respect to holding those instruments is limited to the amount paid for them;
možna izguba, ki jo lahko utrpi KNPVP, ker ima te instrumente, je omejena na znesek, ki je bil plačan zanje;
their liquidity does not compromise the ability of the UCITS to comply with Article 37 of Directive 85/611/EEC;
njihova likvidnost ne ogroža sposobnosti KNPVP, da je v skladu s členom 37 Direktive 85/611/EGS;
reliable valuation is available for them as follows:
zanje je na razpolago zanesljivo vrednotenje:
in the case of securities admitted to or dealt in on a regulated market as referred to in points (a) to (d) of Article 19(1) of Directive 85/611/EEC, in the form of accurate, reliable and regular prices which are either market prices or prices made available by valuation systems independent from issuers;
pri vrednostnih papirjih, sprejetih na zakonsko urejen trg ali s katerimi se trguje na zakonsko urejenem trgu, kot so navedeni v točkah od (a) do (d) člena 19(1) Direktive 85/611/EGS, v obliki natančnih, zanesljivih in rednih cen, ki so tržne cene ali cene, dane na razpolago prek sistemov vrednotenja, neodvisnih od izdajateljev;
in the case of other securities as referred to in Article 19(2) of Directive 85/611/EEC, in the form of a valuation on a periodic basis which is derived from information from the issuer of the security or from competent investment research;
pri drugih vrednostnih papirjih, kot so navedeni v členu 19(2) Direktive 85/611/EGS, v obliki rednega vrednotenja na podlagi informacij izdajatelja vrednostnega papirja ali informacij iz pristojnih naložbenih raziskav;
appropriate information is available for them as follows:
zanje so na razpolago ustrezne informacije:
in the case of securities admitted to or dealt in on a regulated market as referred to in points (a) to (d) of Article 19(1) of Directive 85/611/EEC, in the form of regular, accurate and comprehensive information to the market on the security or, where relevant, on the portfolio of the security;
pri vrednostnih papirjih, sprejetih na zakonsko urejen trg ali s katerimi se trguje na zakonsko urejenem trgu, kot so navedeni v točkah od (a) do (d) člena 19(1) Direktive 85/611/EGS, v obliki rednih, natančnih in celovitih informacij za trg o vrednostnem papirju ali, kjer je ustrezno, o portfelju vrednostnega papirja;
in the case of other securities as referred to in Article 19(2) of Directive 85/611/EEC, in the form of regular and accurate information to the UCITS on the security or, where relevant, on the portfolio of the security;
pri drugih vrednostnih papirjih, kot so navedeni v členu 19(2) Direktive 85/611/EGS, v obliki rednih in natančnih informacij za KNPVP o vrednostnem papirju ali, če je ustrezno, o portfelju vrednostnega papirja;
they are negotiable;
so prenosljivi;
their acquisition is consistent with the investment objectives or the investment policy, or both, of the UCITS pursuant to Directive 85/611/EEC;
njihova pridobitev je skladna z naložbenimi cilji ali naložbeno politiko KNPVP, ali obema, v skladu z Direktivo 85/611/EGS;
their risks are adequately captured by the risk management process of the UCITS.
njihova tveganja so primerno zajeta v procesu obvladovanja tveganj za KNPVP.
For the purposes of points (b) and (e) of the first subparagraph, and unless there is information available to the UCITS that would lead to a different determination, financial instruments which are admitted or dealt in on a regulated market in accordance with points (a), (b) or (c) of Article 19(1) of Directive 85/611/EEC shall be presumed not to compromise the ability of the UCITS to comply with Article 37 of Directive 85/611/EEC and shall also be presumed to be negotiable.
Za namene točk (b) in (e) prvega odstavka, in razen če so za KNPVP na voljo informacije, ki vodijo k drugi določitvi, se za finančne instrumente, sprejete v trgovanje na zakonsko urejenem trgu ali s katerimi se trguje na zakonsko urejenem trgu v skladu s točkami (a), (b) ali (c) člena 19(1) Direktive 85/611/EGS, predpostavlja, da ne ogrožajo sposobnosti KNPVP, da so v skladu s členom 37 Direktive 85/611/EGS, in da so prenosljivi.
Transferable securities as referred to in Article 1(8) of Directive 85/611/EEC shall be taken to include the following:
Prenosljivi vrednostni papirji, kot so navedeni v členu 1(8) Direktive 85/611/EGS, vključujejo:
units in closed end funds constituted as investment companies or as unit trusts which fulfil the following criteria:
enote v zaprtih skladih, ustanovljenih kot investicijske družbe in vzajemni skladi, ki izpolnjujejo naslednja merila:
they fulfil the criteria set out in paragraph 1;
izpolnjujejo merila iz odstavka 1;
they are subject to corporate governance mechanisms applied to companies;
za njih veljajo mehanizmi upravljanja, ki se uporabljajo za gospodarske družbe;
where asset management activity is carried out by another entity on behalf of the closed end fund, that entity is subject to national regulation for the purpose of investor protection;
če dejavnost upravljanja premoženja izvaja drug subjekt v imenu zaprtega sklada, za ta subjekt veljajo nacionalni predpisi za namen varstva vlagateljev;
units in closed end funds constituted under the law of contract which fulfil the following criteria:
enote zaprtih skladov, ustanovljenih v skladu s pogodbenim pravom, ki izpolnjujejo naslednja merila:
they are subject to corporate governance mechanisms equivalent to those applied to companies as referred to in point (a)(ii);
za njih veljajo mehanizmi upravljanja, enakovredni mehanizmom upravljanja, ki se uporabljajo za gospodarske družbe iz točke (a)(ii);
they are managed by an entity which is subject to national regulation for the purpose of investor protection;
upravlja jih subjekt, za katerega veljajo nacionalni predpisi za namen varstva vlagateljev;
financial instruments which fulfil the following criteria:
finančni instrumenti, ki izpolnjujejo naslednja merila:
they are backed by, or linked to the performance of, other assets, which may differ from those referred to in Article 19(1) of Directive 85/611/EEC.
podprti so z drugimi sredstvi ali povezani z dosežki drugih sredstev, ki so lahko drugačna od sredstev iz člena 19(1) Direktive 85/611/EGS.
Where a financial instrument covered by point (c) of paragraph 2 contains an embedded derivative component as referred to in Article 10 of this Directive, the requirements of Article 21 of Directive 85/611/EEC shall apply to that component.
Če finančni instrument iz točke (c) odstavka 2 vsebuje vloženo izvedeno sestavino, kot je navedeno v členu 10 te direktive, za to sestavino uporablja člen 21 Direktive 85/611/EGS.
Article 1(9) of Directive 85/611/EEC
Člen 1(9) Direktive 85/611/EGS
Instruments normally dealt in on the money market
Instrumenti, s katerimi se običajno trguje na denarnem trgu
The reference in Article 1(9) of Directive 85/611/EEC to money market instruments as instruments shall be understood as a reference to the following:
Navedba instrumentov denarnega trga kot instrumentov iz člena 1(9) Direktive 85/611/EGS se razume kot navedba: