natgillin/translations-raw huggingface dataset:
Where a UCITS invests in the units of other UCITS or collective investment undertakings that are managed, directly or by delegation, by the same management company or by any other company with which the management company is linked by common management or control, or by a substantial direct or indirect holding, that management company or other company shall not charge subscription or redemption fees on account of the UCITS’ investment in the units of such other UCITS or collective investment undertakings.
Če KNPVP vlaga v enote premoženja drugih KNPVP ali drugih kolektivnih naložbenih podjemov, ki jih neposredno ali po pogodbi o prenosu upravljanja upravlja ista družba za upravljanje ali druga družba, s katero je družba za upravljanje povezana s skupnim upravljanjem ali nadzorom ali z bistvenim posrednim ali neposrednim deležem, ta družba za upravljanje ali druga družba ne sme za račun KNPVP zaračunavati provizij od vplačila in izplačila pri vlaganju v enote drugih KNPVP ali drugih kolektivnih naložbenih podjemov.
A UCITS that invests a substantial proportion of its assets in other UCITS or collective investment undertakings shall disclose in its prospectus the maximum level of the management fees that may be charged both to the UCITS itself and to the other UCITS or collective investment undertakings in which it intends to invest.
KNPVP, ki znaten del svojih sredstev vlaga v druge KNPVP ali druga kolektivne naložbene podjeme, naj razkrije v svojem prospektu najvišji nivo provizij za upravljanje, ki se lahko zaračunajo samemu KNPVP in drugim KNPVP ali drugim kolektivnim naložbenim podjemov, v katere namerava vlagati.
It shall indicate in its annual report the maximum proportion of management fees charged both to the UCITS itself and to the other UCITS or collective investment undertaking in which it invests.
V svojem letnem poročilu prikaže najvišji delež provizij za upravljanje, ki jih zaračuna samemu KNPVP in drugim KNPVP ali kolektivnim naložbenim podjemom, v katere vlaga.
An investment company or a management company acting in connection with all of the common funds which it manages and which fall within the scope of this Directive shall not acquire any shares carrying voting rights which would enable it to exercise significant influence over the management of an issuing body.
Investicijska družba ali družba za upravljanje, v povezavi z vsemi splošnimi skladi, ki jih upravlja in sodijo v področje uporabe te direktive, ne pridobi delnic z glasovalnimi pravicami, ki bi ji omogočile, da bi bistveno vplivala na upravljanje izdajatelja.
Pending further coordination, Member States shall take account of existing rules defining the principle stated in the first subparagraph in the law of other Member States.
Do prihodnje uskladitve države članice upoštevajo obstoječa pravila v zakonodaji drugih držav članic, ki opredeljujejo načelo iz prvega pododstavka.
A UCITS may acquire no more than:
KNPVP lahko pridobita največ:
10 % of the non-voting shares of a single issuing body;
10 % delnic posameznega izdajatelja brez glasovalnih pravic;
10 % of the debt securities of a single issuing body;
10 % dolžniških vrednostnih papirjev posameznega izdajatelja;
25 % of the units of a single UCITS or other collective investment undertaking within the meaning of Article 1(2)(a) and (b); or
25 % enot premoženja posameznega KNPVP ali drugega kolektivnega naložbenega podjema v skladu s členom 1(2)(a) in (b), ali
10 % of the money market instruments of a single issuing body.
10 % instrumentov denarnega trga posameznega izdajatelja.
The limits laid down in points (b), (c) and (d) may be disregarded at the time of acquisition if at that time the gross amount of the debt securities or of the money market instruments, or the net amount of the securities in issue, cannot be calculated.
Omejitve iz točk (b), (c) in (d) se lahko zanemarijo med pridobivanjem, če se v tem času ne da izračunati kosmatega zneska dolžniških vrednostnih papirjev ali instrumentov denarnega trga ali čistega zneska vrednostnih papirjev, katerih prvi postopek prodaje še ni zaključen.
A Member State may waive the application of paragraphs 1 and 2 as regards:
Država članica lahko opusti uporabo odstavkov 1 in 2 v zvezi:
transferable securities and money market instruments issued or guaranteed by a Member State or its local authorities;
s prenosljivimi vrednostnimi papirji in instrumenti denarnega trga, ki jih izda ali zanje jamči država članica ali njeni lokalni organi;
transferable securities and money market instruments issued or guaranteed by a third country;
s prenosljivimi vrednostnimi papirji in instrumenti denarnega trga, ki jih izda ali zanje jamči tretja država;
transferable securities and money market instruments issued by a public international body to which one or more Member States belong;
s prenosljivimi vrednostnimi papirji in instrumenti denarnega trga, ki jih izdajo javna mednarodna združenja, v katera so včlanjene ena ali več držav članic;
shares held by a UCITS in the capital of a company incorporated in a third country investing its assets mainly in the securities of issuing bodies having their registered offices in that country, where under the legislation of that country such a holding represents the only way in which the UCITS can invest in the securities of issuing bodies of that country; or
z delnicami, ki jih imajo KNPVP v kapitalu družbe, ustanovljene v tretji državi, ki vlaga svoja sredstva v glavnem v vrednostne papirje izdajateljev, ki imajo svoj registrirani sedež v tej državi, če po zakonodaji te države takšno imetje predstavlja edini način, da lahko KNPVP vlagajo v vrednostne papirje izdajateljev v tej državi;
shares held by an investment company or investment companies in the capital of subsidiary companies pursuing only the business of management, advice or marketing in the country where the subsidiary is established, in regard to the repurchase of units at unit-holders’ request exclusively on its or their behalf.
z delnicami, ki jih ima investicijska družba ali investicijske družbe v kapitalu hčerinskih družb, ki v državi, v kateri je ustanovljen sedež hčerinske družbe, izvajajo le posle upravljanja, svetovanja ali trženja v zvezi s ponovnim odkupom enot premoženja na zahtevo imetnikov enot premoženja izključno v njihovem imenu.
The derogation referred to in point (d) of the first subparagraph of this paragraph shall apply only if in its investment policy the company from the third country complies with the limits laid down in Articles 52 and 55 and in paragraphs 1 and 2 of this Article.
Odstopanje iz točke (d) prvega pododstavka tega odstavka velja le, če se naložbena politika družbe v tretji državi ujema z omejitvami iz členov 52 in 55 ter iz odstavkov 1 in 2 tega člena.
Where the limits set in Articles 52 and 55 are exceeded, Article 57 shall apply mutatis mutandis.
Če so omejitve, določene v členih 52 in 55, presežene, se smiselno uporablja člen 57.
UCITS are not required to comply with the limits laid down in this Chapter when exercising subscription rights attaching to transferable securities or money market instruments which form part of their assets.
KNPVP ni treba upoštevati omejitev, navedenih v tem poglavju, kadar uveljavljajo pravico do vpisa, izhajajočo iz prenosljivih vrednostnih papirjev ali instrumentov denarnega trga, ki so sestavni del njihovih sredstev.
While ensuring observance of the principle of risk spreading, Member States may allow recently authorised UCITS to derogate from Articles 52 to 55 for six months following the date of their authorisation.
Pri zagotavljanju izpolnjevanja načela razpršitve tveganj lahko države članice dovolijo KNPVP, ki jim je bilo nedavno izdano dovoljenje, odstopanje od členov 52 do 55 za šest mesecev od datuma izdaje dovoljenja.
If the limits referred to in paragraph 1 are exceeded for reasons beyond the control of a UCITS or as a result of the exercise of subscription rights, that UCITS shall adopt as a priority objective for its sales transactions the remedying of that situation, taking due account of the interests of its unit-holders.
Če so omejitve iz odstavka 1 presežene iz razlogov zunaj nadzora KNPVP ali kot posledica uveljavljanja pravice do vpisa, ti KNPVP kot prednostni cilj svojih prodajnih transakcij sprejmejo odpravo tega stanja z upoštevanjem interesov imetnikov enot premoženja.
MASTER-FEEDER STRUCTURES
STRUKTURE CENTRALNIH IN NAPAJALNIH KNPVP
Scope and approval
Področje uporabe
A feeder UCITS is a UCITS, or an investment compartment thereof, which has been approved to invest, by way of derogation from Article 1(2)(a), Articles 50, 52 and 55, and Article 56(2)(c), at least 85 % of its assets in units of another UCITS or investment compartment thereof (the master UCITS).
Napajalni KNPVP je KNPVP ali njegov naložbeni razdelek, ki ima dovoljenje, da z odstopanjem od členov 1(2)(a), 50, 52, 55 in 56(2)(c) vsaj 85 % svojih sredstev vloži v enote premoženja drugega KNPVP („centralni KNPVP“) ali v njegov naložbeni razdelek.
A feeder UCITS may hold up to 15 % of its assets in one or more of the following:
Napajalni KNPVP ima lahko do 15 % svojih sredstev v eni ali več od naslednjih oblik:
ancillary liquid assets in accordance with the second subparagraph of Article 50(2);
dodatnih likvidnih sredstvih v skladu z drugim pododstavkom člena 50(2);
financial derivative instruments, which may be used only for hedging purposes, in accordance with Article 50(1)(g) and Article 51(2) and (3);
izvedenih finančnih instrumentih, ki se lahko uporabljajo le za obvladovanje tveganja, v skladu s členom 50(1)(g) ter členom 51(2) in (3);
movable and immovable property which is essential for the direct pursuit of the business, if the feeder UCITS is an investment company.
premičninah in nepremičninah, ki so ključnega pomena za neposredno opravljanje dejavnosti, če je napajalni KNPVP investicijska družba.
For the purposes of compliance with Article 51(3), the feeder UCITS shall calculate its global exposure related to financial derivative instruments by combining its own direct exposure under point (b) of the first subparagraph with either:
Za namene skladnosti s členom 51(3) napajalni KNPVP izračuna svojo celotno izpostavljenost v zvezi z izvedenimi finančnimi instrumenti, tako da svojo neposredno izpostavljenost iz točke (b) prvega pododstavka kombinira z:
the master UCITS’ actual exposure to financial derivative instruments in proportion to the feeder UCITS’ investment into the master UCITS; or
dejansko izpostavljenostjo centralnega KNPVP do izvedenih finančnih instrumentov v sorazmerju z naložbami napajalnega KNPVP v centralni KNPVP, ali
the master UCITS’ potential maximum global exposure to financial derivative instruments provided for in the master UCITS’ fund rules or instruments of incorporation in proportion to the feeder UCITS investment into the master UCITS.
največjo možno celotno izpostavljenostjo centralnega KNPVP do izvedenih finančnih instrumentov, določenih v pravilih upravljanja sklada ali ustanovnih listinah centralnega KNPVP v sorazmerju z naložbami napajalnega KNPVP v centralni KNPVP.
A master UCITS is a UCITS, or an investment compartment thereof, which:
Centralni KNPVP je KNPVP ali njegov naložbeni razdelek, ki:
has, among its unit-holders, at least one feeder UCITS;
ima med imetniki enot premoženja vsaj en napajalni KNPVP;
is not itself a feeder UCITS; and
sam ni napajalni KNPVP, in
does not hold units of a feeder UCITS.
nima v lasti enot premoženja napajalnega KNPVP.
The following derogations for a master UCITS shall apply:
Za centralni KNPVP veljajo naslednja odstopanja:
if a master UCITS has at least two feeder UCITS as unit-holders, Article 1(2)(a) and Article 3(b) shall not apply, giving the master UCITS the choice whether or not to raise capital from other investors;
če ima vsaj dva napajalna KNPVP kot imetnika enot premoženja, se člen 1(2)(a) in 3(b) ne uporabljata, tako da lahko centralni KNPVP sam odloči, ali bo zbiral kapital pri drugih vlagateljih;
If a master UCITS does not raise capital from the public in a Member State other than that in which it is established, but only has one or more feeder UCITS in that Member State, Chapter XI and the second subparagraph of Article 108(1) shall not apply.
če centralni KNPVP ne zbira kapitala javno v državi članici, ki ni država, v kateri je ustanovljen, ampak ima v tej državi članici samo enega ali več napajalnih KNPVP, se poglavje XI in drugi pododstavek člena 108(1) ne uporabljata.
Member States shall ensure that the investment of a feeder UCITS into a given master UCITS which exceeds the limit applicable under Article 55(1) for investments into other UCITS be subject to prior approval by the competent authorities of the feeder UCITS home Member State.
Države članice zagotovijo, da morajo naložbe napajalnega KNPVP v določeni centralni KNPVP, ki presegajo mejo iz člena 55(1) za naložbe v druge KNPVP, predhodno odobriti pristojni organi matične države članice napajalnega KNPVP.
The feeder UCITS shall be informed within 15 working days following the submission of a complete file, whether or not the competent authorities have approved the feeder UCITS’ investment into the master UCITS.
Napajalni KNPVP je v 15 delovnih dneh po predložitvi popolne vloge obveščen o tem, ali so pristojni organi odobrili naložbo napajalnega KNPVP v centralni KNPVP.
The competent authorities of the feeder UCITS home Member State shall grant approval if the feeder UCITS, its depositary and its auditor, as well as the master UCITS, comply with all the requirements set out in this Chapter.
Pristojni organi matične države članice napajalnega KNPVP odobrijo naložbo, če napajalni KNPVP, njegov depozitar, njegov revizor, kot tudi centralni KNPVP izpolnjujejo vse zahteve iz tega poglavja.
For such purposes, the feeder UCITS shall provide to the competent authorities of its home Member State the following documents:
V te namene napajalni KNPVP pristojnim organom svoje matične države članice predloži naslednje dokumente:
the fund rules or instruments of incorporation of the feeder UCITS and the master UCITS;
pravila upravljanja sklada ali ustanovne listine napajalnega in centralnega KNPVP;
the prospectus and the key investor information referred to in Article 78 of the feeder and the master UCITS;
prospekt in ključne podatke za vlagatelje iz člena 78 napajalnega in centralnega KNPVP;
the agreement between the feeder and the master UCITS or the internal conduct of business rules referred to in Article 60(1);
dogovor med napajalnim in centralnim KNPVP ali interna pravila poslovanja iz člena 60(1);
where applicable, the information to be provided to unit-holders referred to in Article 64(1);
kjer je primerno, podatke, ki se zagotovijo imetnikom enot premoženja, kot jih določa člen 64(1);
if the master UCITS and the feeder UCITS have different depositaries, the information-sharing agreement referred to in Article 61(1) between their respective depositaries; and
če imata centralni in napajalni KNPVP različna depozitarja, dogovor o izmenjavi podatkov iz člena 61(1) med tema depozitarjema, in
if the master UCITS and the feeder UCITS have different auditors, the information-sharing agreement referred to in Article 62(1) between their respective auditors.
če imata centralni in napajalni KNPVP različna revizorja, dogovor o izmenjavi podatkov iz člena 62(1) med tema revizorjema;
Where the feeder UCITS is established in a Member State other than the master UCITS home Member State, the feeder UCITS shall also provide an attestation by the competent authorities of the master UCITS home Member State that the master UCITS is a UCITS, or an investment compartment thereof, which fulfils the conditions set out in Article 58(3)(b) and (c).
Če je napajalni KNPVP ustanovljen v državi članici, ki ni matična država članica centralnega KNPVP, napajalni KNPVP predloži tudi potrdilo pristojnih organov matične države članice centralnega KNPVP, da centralni KNPVP je KNPVP ali njegov naložbeni razdelek, ki izpolnjuje pogoje iz točk (b) in (c) člena 58(3).
Documents shall be provided by the feeder UCITS in the official language, or one of the official languages, of the feeder UCITS home Member State or in a language approved by its competent authorities.
Dokumente zagotovi centralni KNPVP v uradnem jeziku ali v enem od uradnih jezikov matične države članice napajalnega KNPVP ali v jeziku, ki so ga odobrili njegovi pristojni organi.
Common provisions for feeder and master UCITS
Skupne določbe za napajalni in centralni KNPVP
Member States shall require that the master UCITS provide the feeder UCITS with all documents and information necessary for the latter to meet the requirements laid down in this Directive.
Države članice zahtevajo, da centralni KNPVP napajalnemu KNPVP posreduje vso dokumentacijo in informacije, ki so potrebne, da slednji izpolnjuje zahteve te direktive.
For this purpose, the feeder UCITS shall enter into an agreement with the master UCITS.
V ta namen napajalni KNPVP sklene dogovor s centralnim KNPVP.
The feeder UCITS shall not invest in excess of the limit applicable under Article 55(1) in units of that master UCITS until the agreement referred to in the first subparagraph has become effective.
Napajalni KNPVP ne vlaga v enote premoženja tega centralnega KNPVP nad mejo iz člena 55(1), dokler ne začne veljati dogovor iz prvega pododstavka.
That agreement shall be made available, on request and free of charge, to all unit-holders.
Ta dogovor je na zahtevo in brezplačno na voljo vsem imetnikom enot premoženja.
In the event that both master and feeder UCITS are managed by the same management company, the agreement may be replaced by internal conduct of business rules ensuring compliance with the requirements set out in this paragraph.
Če centralni in napajalni KNPVP upravlja ista družba za upravljanje, se lahko dogovor nadomesti z internimi pravili poslovanja, ki zagotavljajo spoštovanje zahtev iz tega odstavka.
The master and the feeder UCITS shall take appropriate measures to coordinate the timing of their net asset value calculation and publication in order to avoid market timing in their units, preventing arbitrage opportunities.
Centralni in napajalni KNPVP sprejmeta ustrezne ukrepe za usklajevanje urnika izračuna in objave čiste vrednosti sredstev, da se prepreči borzna preprodaja, ki izkorišča razliko v ceni enote.
Without prejudice to Article 84, if a master UCITS temporarily suspends the repurchase, redemption or subscription of its units, whether at its own initiative or at the request of its competent authorities, each of its feeder UCITS is entitled to suspend the repurchase, redemption or subscription of its units notwithstanding the conditions laid down in Article 84(2) within the same period of time as the master UCITS.
Če centralni KNPVP na lastno pobudo ali na zahtevo svojih pristojnih organov začasno ustavi ponovni odkup, izplačilo ali vpis svojih enot premoženja, so brez poseganja v člen 84 vsi njegovi napajalni KNPVP upravičeni do tega, da v istem obdobju začasno ustavijo ponovni odkup, izplačilo ali vpis svojih enot premoženja, ne glede na pogoje iz člena 84(2).
If a master UCITS is liquidated, the feeder UCITS shall also be liquidated, unless the competent authorities of its home Member State approve:
Če se centralni KNPVP likvidira, se likvidira tudi napajalni KNPVP, razen če pristojni organi njegove matične države članice odobrijo:
the investment of at least 85 % of the assets of the feeder UCITS in units of another master UCITS; or
naložbo v višini vsaj 85 % sredstev napajalnega KNPVP v enote premoženja drugega centralnega KNPVP, ali
the amendment of its fund rules or instruments of incorporation in order to enable the feeder UCITS to convert into a UCITS which is not a feeder UCITS.
spremembo njegovih pravil upravljanja ali ustanovnih listin, da se napajalnemu KNPVP omogoči preoblikovanje v KNPVP, ki ni napajalni KNPVP.
Without prejudice to specific national provisions regarding compulsory liquidation, the liquidation of a master UCITS shall take place no sooner than three months after the master UCITS has informed all of its unit-holders and the competent authorities of the feeder UCITS home Member State of the binding decision to liquidate.
Brez poseganja v posebne nacionalne določbe o obvezni likvidaciji se centralni KNPVP likvidira šele tri mesece po tem, ko je vse svoje imetnike enot premoženja in pristojne organe matičnih držav članic napajalnih KNPVP obvestil o zavezujoči odločitvi glede likvidacije.
If a master UCITS merges with another UCITS or is divided into two or more UCITS, the feeder UCITS shall be liquidated, unless the competent authorities of the feeder UCITS home Member State grant approval to the feeder UCITS to:
Če se centralni KNPVP združi z drugim KNPVP ali se razdeli na dva ali več KNPVP, se napajalni KNPVP likvidira, razen če pristojni organi matične države članice napajalnega KNPVP dovolijo, da napajalni KNPVP:
continue to be a feeder UCITS of the master UCITS or another UCITS resulting from the merger or division of the master UCITS;
po združitvi ali delitvi centralnega KNPVP ostane napajalni KNPVP centralnega ali drugega KNPVP;
invest at least 85 % of its assets in units of another master UCITS not resulting from the merger or the division; or
vlaga vsaj 85 % svojih sredstev v enote premoženja drugega centralnega KNPVP, ki ni nastal z združitvijo ali delitvijo, ali
amend its fund rules or its instruments of incorporation in order to convert into a UCITS which is not a feeder UCITS.
spremeni svoja pravila upravljanja ali svoje ustanovne listine, da bi se preoblikoval v KNPVP, ki ni napajalni KNPVP.
No merger or division of a master UCITS shall become effective, unless the master UCITS has provided all of its unit-holders and the competent authorities of its feeder UCITS home Member States with the information referred to, or comparable with that referred to, in Article 43 by 60 days before the proposed effective date.
Združitev ali delitev centralnega KNPVP začne veljati šele po tem, ko centralni KNPVP vsem svojim imetnikom enot premoženja in pristojnim organom matičnih držav članic svojih napajalnih KNPVP predloži podatke ali primerljive podatke iz člena 43, in sicer najpozneje 60 dni pred predlaganim datumom začetka veljavnosti.
Unless the competent authorities of the feeder UCITS home Member State has granted approval pursuant to point (a) of the first subparagraph, the master UCITS shall enable the feeder UCITS to repurchase or redeem all units in the master UCITS before the merger or division of the master UCITS becomes effective.
Preden združitev ali delitev centralnega KNPVP začne veljati, centralni KNPVP omogoči, da napajalni KNPVP ponovno odkupi ali izplača vse enote premoženja v centralnem KNPVP, razen če so pristojni organi matične države članice napajalnega KNPVP dodelili odobritev v skladu s točko (a) prvega pododstavka.
The Commission may adopt implementing measures specifying:
Komisija lahko sprejme izvedbene ukrepe, ki določajo:
the content of the agreement or of the internal conduct of business rules referred to in paragraph 1;
vsebino dogovora ali interna pravila poslovanja iz odstavka 1;
which measures referred to in paragraph 2 are deemed appropriate; and
kateri ukrepi iz odstavka 2 se štejejo za primerne, in
the procedures for the required approvals pursuant to paragraphs 4 and 5 in the event of a liquidation, merger or division of a master UCITS.
postopke za zahtevane odobritve v skladu z odstavkoma 4 in 5 v primeru likvidacije, združitve ali delitve centralnega KNPVP.
Depositaries and auditors
Depozitarji in revizorji
Member States shall require that, if the master and the feeder UCITS have different depositaries, those depositaries enter into an information-sharing agreement in order to ensure the fulfilment of the duties of both depositaries.
Države članice zahtevajo, da v primeru, ko imata centralni in napajalni KNPVP različna depozitarja, ta depozitarja skleneta dogovor o izmenjavi podatkov in tako zagotovita, da oba izpolnjujeta svoje dolžnosti.
The feeder UCITS shall not invest in units of the master UCITS until such agreement has become effective.
Dokler ta dogovor ne začne veljati, napajalni KNPVP ne sme vlagati v enote centralnega KNPVP.