natgillin/translations-raw huggingface dataset:
It is necessary that UCITS or other collective investment undertakings in which a UCITS invests be subject to effective supervision.
KNPVP in drugi kolektivni naložbeni podjemi, v katere vlagajo KNPVP, morajo biti predmet učinkovitega nadzora.
The development of opportunities for a UCITS to invest in UCITS and in other collective investments undertakings should be facilitated.
Treba je omogoćiti razvoj možnosti KNPVP za vlaganja v KNPVP in druge kolektivne naložbene podjeme.
It is therefore essential to ensure that such investment activity does not diminish investor protection.
V ta namen je treba zagotoviti, da taka naložbena dejavnost ne zmanjšuje varstva vlagatelja.
Because of the enhanced possibilities for UCITS to invest in the units of other UCITS and collective investment undertakings, it is necessary to lay down certain rules on quantitative limits, the disclosure of information and prevention of the cascade phenomenon.
Za dosego možnosti KNPVP za vlaganja v enote premoženja drugih KNPVP in v kolektivne naložbene podjeme je treba določiti nekatera pravila glede količinskih omejitev, razkritja podatkov in preprečevanja pojavov piramidnih struktur.
In order to take into account market developments and in consideration of the completion of economic and monetary union it is desirable to permit UCITS to invest in bank deposits.
Zaradi upoštevanja razvoja trga in glede na dokončno vzpostavitev ekonomske in monetarne unije je zaželeno, da se KNPVP dovoli vlaganje v bančne vloge.
To ensure adequate liquidity of investments in deposits, those deposits should be repayable on demand or have the right to be withdrawn.
Zaradi zagotavljanja zadostne likvidnosti naložb v vlogah morajo biti te vloge izplačljive na odpoklic ali morajo vlagatelju dajati pravico do odpoklica.
If the deposits are made with a credit institution the registered office of which is located in a third country, the credit institution should be subject to prudential rules equivalent to those laid down in Community law.
Če so vloge vplačane pri kreditni instituciji, ki ima statutarni sedež v tretji državi, mora biti kreditna institucija predmet pravil varnega in skrbnega poslovanja, ki so enakovredna pravilom iz zakonodaje Skupnosti.
In addition to the case in which a UCITS invests in bank deposits in accordance with its fund rules or instruments of incorporation, it should be possible to allow all UCITS to hold ancillary liquid assets, such as bank deposits at sight.
Ob vlaganjih KNPVP v bančne vloge v skladu z njegovimi pravili upravljanja ali ustanovnimi listinami je treba dovoliti vsem KNPVP dodatna likvidna sredstva, kakor so bančne vloge na vpogled.
The holding of such ancillary liquid assets may be justified, inter alia, in order to cover current or exceptional payments; in the case of sales, for the time necessary to reinvest in transferable securities, money market instruments or in other financial assets provided for in this Directive; or for a period of time strictly necessary when, because of unfavourable market conditions, the investment in transferable securities, money market instruments and in other financial assets is suspended.
Imetništvo takih dodatnih likvidnih sredstev je utemeljeno med drugim za kritje tekočih ali izrednih plačil; pri prodaji za čas, potreben za ponovno vlaganje v prenosljive vrednostne papirje, instrumente denarnega trga ali druga finančna sredstva, iz te direktive, ali za časovno obdobje, kadar je nujno potrebno vlaganje v prenosljive vrednostne papirje, instrumente denarnega trga in druga finančna sredstva zaradi neugodnih razmer na trgu začasno zaustaviti.
For prudential reasons it is necessary to avoid excessive concentration by a UCITS in investments which expose it to counterparty risk to the same entity or to entities belonging to the same group.
Zaradi varnega in skrbnega poslovanja se morajo KNPVP izogibati presežni koncentraciji investiranja v naložbe, s katerimi se tvega izpostavljenost do posamezne osebe ali oseb, ki spadajo v isto skupino.
UCITS should be expressly permitted, as part of their general investment policy or for hedging purposes in order to reach a set financial target or the risk profile indicated in the prospectus, to invest in financial derivative instruments.
KNPVP bi morali imeti izrecno dovoljenje, da kot del njihove splošne naložbene politike ali zaradi obvladovanja tveganj za doseganje zastavljenega finančnega cilja ali v prospektu prikazanega profila tveganj vlagajo v izvedene finančne instrumente.
In order to ensure investor protection, it is necessary to limit the maximum potential exposure relating to derivative instruments so that it does not exceed the total net value of the UCITS’ portfolio.
Zaradi zagotovitve varstva vlagateljev je treba omejiti največjo dopustno izpostavljenost, povezano z izvedenimi finančnimi instrumenti, tako da ta ne preseže skupne čiste vrednosti portfelja KNPVP.
In order to ensure constant awareness of the risks and commitments arising from derivative transactions and to check compliance with investment limits, those risks and commitments should be measured and monitored on an ongoing basis.
Za zagotovitev stalnega zavedanja tveganj in obveznosti, ki izhajajo iz poslov z izvedenimi finančnimi instrumenti, in preverjanja usklajenosti z naložbenimi omejitvami, je potrebno stalno merjenje in spremljanje teh tveganj in obveznosti.
Finally, in order to ensure investor protection through disclosure, UCITS should describe their strategies, techniques and investment limits governing their derivative operations.
Nazadnje, da bi se z razkritjem podatkov zagotovilo varstvo vlagateljev, morajo KNPVP opisati svoje strategije, tehnike in naložbene omejitve, ki urejajo posle z izvedenimi finančnimi instrumenti.
It is necessary for measures to address the potential misalignment of interests in products where credit risk is transferred by securitisation, as envisaged with regard to Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions [6] and Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions [7], to be consistent and coherent in all relevant financial sector regulation.
Ukrepi za reševanje morebitnega navzkrižja interesov pri proizvodih, kjer se kreditno tveganje prenese z listinjenjem, kot je predvideno glede na Direktivo 2006/48/ES Evropskega parlamenta in Sveta z dne 14. junija 2006 o začetku opravljanja in opravljanju dejavnosti kreditnih institucij (preoblikovano) [6] in Direktivo 2006/49/ES Evropskega parlamenta in Sveta z dne 14. junija 2006 o kapitalski ustreznosti investicijskih podjetij in kreditnih institucij (preoblikovano) [7], morajo biti dosledni in skladni v vseh ustreznih predpisih za finančni sektor.
The Commission will put forward the appropriate legislative proposals, including as regards this Directive, to ensure such consistency and coherence, after duly considering the impact of such proposals.
Komisija bo predložila ustrezne zakonodajne predloge, vključno v zvezi s to direktivo, da po ustrezni proučitvi presoje vpliva takšnega predloga, zagotovi takšno doslednost in skladnost.
With regard to over-the-counter (OTC) derivatives, requirements should be set in terms of the eligibility of counterparties and instruments, liquidity and ongoing assessment of the position.
Kar zadeva izvedene finančne instrumente, s katerimi se trguje na izvenborznem prostem trgu (izvedeni finančni instrumenti OTC), bi morali predpisati zahteve glede ustreznosti nasprotnih strank v poslu in instrumentov, likvidnosti in stalne ocene stanja.
The purpose of such requirements is to ensure an adequate level of investor protection, close to that which they obtain when they acquire derivatives dealt in on regulated markets.
Namen takšnih zahtev je zagotoviti zadostno raven varstva vlagateljev, primerljivo s tisto ravnjo varstva, ki jo vlagatelji imajo ob pridobitvi izvedenih finančnih instrumentov, s katerimi se trguje na reguliranem trgu vrednostnih papirjev.
Operations in derivatives should never be used to circumvent the principles or rules set out in this Directive.
Poslovanje z izvedenimi finančnimi instrumenti se ne sme nikoli uporabljati za izogibanje načelom ali pravilom iz te direktive.
With regard to OTC derivatives, additional risk-spreading rules should apply to exposures to a single counterparty or group of counterparties.
Kar zadeva izvedene finančne instrumente OTC, bi morala veljati dodatna pravila za razpršitev tveganj izpostavljenosti do posamezne nasprotne stranke ali do skupine nasprotnih strank.
Some portfolio management techniques for collective investment undertakings investing primarily in shares or debt securities are based on the replication of stock indices or debt-security indices.
Nekatere tehnike upravljanja portfeljev podjetij kolektivnih naložbenih podjemov, ki vlagajo predvsem v delnice ali dolžniške vrednostne papirje, temeljijo na natančnem posnemanju sestave borznih indeksov ali indeksov dolžniških vrednostnih papirjev.
It is desirable to permit UCITS to replicate well-known and recognised stock indices or debt-security indices.
Zaželeno je, da se KNPVP dovoli natančno posnemanje sestave splošno znanih in priznanih borznih indeksov ali indeksov dolžniških vrednostnih papirjev.
It may therefore be necessary to introduce more flexible risk-spreading rules for UCITS investing in shares or debt securities to this end.
V ta namen se lahko uvede bolj prilagodljiva pravila razpršitve tveganj za vlaganja KNPVP v delnice ali dolžniške vrednostne papirje.
Collective investment undertakings falling within the scope of this Directive should not be used for purposes other than the collective investment of the capital raised from the public according to the rules laid down in this Directive.
Kolektivni naložbeni podjemi, ki spadajo v področje, ki ga ureja ta direktiva, ne smejo biti uporabljeni za druge namene, razen za kolektivno vlaganje kapitala, zbranega pri javnosti, v skladu s pravili iz te direktive.
In the cases identified by this Directive, it should be possible for a UCITS to have subsidiaries only when necessary to pursue effectively, on its own behalf, certain activities, also defined in this Directive.
V primerih, ki jih navaja ta direktiva, bi bilo treba KNPVP omogočiti, da imajo lahko hčerinske družbe le, če je to potrebno za učinkovito opravljanje nekaterih dejavnosti v svojem imenu, opredeljenih v tej direktivi.
It is necessary to ensure effective supervision of UCITS.
Nujno je zagotoviti učinkovit nadzor KNPVP.
The establishment of a subsidiary of a UCITS in a third country should therefore be permitted only in the cases identified and in accordance with the conditions laid down in this Directive.
Ustanovitev hčerinskih družb KNPVP v tretji državi je zato dovoljena le v primerih in pod pogoji, iz te direktive.
The general obligation to act solely in the interests of unit-holders and, in particular, the objective of increasing cost efficiencies, never justify a UCITS undertaking measures that could hinder the competent authorities from effectively exercising their supervisory functions.
S splošno obveznostjo ravnanja izključno v interesu imetnikov enot premoženja in zlasti zaradi povečanja stroškovne učinkovitosti se nikoli ne upravičujejo ukrepi KNPVP, ki bi lahko pristojnim organom ovirale učinkovito izvajanje njihovih nadzornih nalog.
The original version of Directive 85/611/EEC contained a derogation from the restriction on the percentage of its assets that a UCITS can invest in transferable securities issued by the same body, which applied in the case of bonds issued or guaranteed by a Member State.
Izvirna različica Direktive 85/611/EGS je vsebovala odstopanje od omejitev na odstotek sredstev KNPVP, ki jih KNPVP lahko vlaga v prenosljive vrednostne papirje istega izdajatelja, ki se je uporabljalo v primeru obveznic, ki jih izda ali zanje jamči država članica.
That derogation allowed UCITS to invest, in particular, up to 35 % of their assets in such bonds.
To odstopanje je dovoljevalo KNPVP, da vlagajo do 35 % svojih sredstev zlasti v take obveznice.
A similar but more limited derogation is justified with regard to private sector bonds which, even in the absence of a State guarantee, offer special guarantees to the investor under the specific rules applicable thereto.
Podobno, a bolj omejeno odstopanje je upravičeno za obveznice zasebnega sektorja, ki celo v odsotnosti državnega jamstva kljub temu dajejo posebna jamstva vlagatelju po posebnih pravilih, ki veljajo zanje.
It is necessary, therefore, to extend the derogation to the totality of private sector bonds which fulfil jointly fixed criteria, while leaving it to the Member States to draw up the list of bonds to which they intend, where appropriate, to grant a derogation.
Treba je torej razširiti to odstopanje na vse obveznice zasebnega sektorja, ki skupno izpolnjujejo določene kriterije, in pri tem pustiti državam članicam, da sestavijo seznam obveznic, za katere nameravajo, kjer je to primerno, dovoliti odstopanje.
Several Member States have enacted provisions that enable non-coordinated collective investment undertakings to pool their assets in one so-called master fund.
Več držav članic je sprejelo določbe, ki neusklajenim kolektivnim naložbenim podjemom omogočajo združitev njihovih sredstev v en tako imenovan centralni sklad.
In order to allow UCITS to make use of those structures, it is necessary to exempt feeder UCITS wishing to pool their assets in a master UCITS from the prohibition to invest more than 10 % of their assets or, as the case may be, 20 % of their assets in a single collective investment undertaking.
Da bi omogočili KNPVP uporabo teh struktur, je treba „napajalne KNPVP“, ki želijo svoja sredstva združiti v „centralne KNPVP“, izvzeti iz prepovedi, v okviru katere ne smejo vložiti več kot 10 %, oziroma glede na okoliščine 20 % svojih sredstev v posamezni kolektivni naložbeni podjem.
Such an exemption is justified as the feeder UCITS invests all or almost all of its assets into the diversified portfolio of the master UCITS, which itself is subject to UCITS diversification rules.
Takšno izvzetje je upravičeno, če napajalni KNPVP naloži vsa ali skoraj vsa sredstva v razpršeni portfelj centralnega KNPVP, za katerega veljajo pravila o razpršenosti KNPVP.
In order to facilitate the effective operation of the internal market and to ensure the same level of investor protection throughout the Community, master-feeder structures should be allowed both where the master and the feeder are established in the same Member State and where they are established in different Member States.
Da bi olajšali učinkovito delovanje notranjega trga in zagotovili enako raven zaščite vlagateljev v vsej Skupnosti, je treba dovoliti centralno-napajalne strukture tako v primerih, če so centralni in napajalni skladi ustanovljeni v isti državi članici in če so ustanovljeni v različnih državah članicah.
In order to allow investors better to understand master-feeder-structures and regulators to supervise them more easily, notably in a cross-border situation, no feeder UCITS should be able to invest into more than one master.
Da bi vlagateljem omogočili boljše razumevanje centralno-napajalnih struktur in da bi jih zakonodajalci lažje nadzirali, zlasti v čezmejnih okoliščinah, naj bi posamezni napajalni sklad lahko vlagal samo v en centralni sklad.
In order to ensure the same level of investor protection throughout the Community the master should itself be an authorised UCITS.
Da bi zagotovili enako raven zaščite vlagateljev v vsej Skupnosti, mora centralni sklad biti KNPVP, ki mu je bilo izdano dovoljenje.
In order to avoid an undue administrative burden, provisions on notification of cross-border marketing should not apply if a master UCITS does not raise capital from the public in a Member State other than that in which it is established, but has only one or more feeder UCITS in that other Member State.
Da bi se izognili nepotrebni upravni obremenitvi, naj bi se določbe priglasitve čezmejnega trženja ne uporabljale, če centralni KNPVP v državi članici, ki ni država članica, v kateri je bil ustanovljen, ne zbira kapitala pri javnosti, ampak ima v tej državi članici samo enega ali več napajalnih KNPVP.
In order to protect the feeder UCITS’ investors, the feeder UCITS’ investment into the master UCITS should be subject to prior approval by the competent authorities of the feeder UCITS home Member State.
Da bi zaščitili vlagatelje napajalnega KNPVP, mora za naložbe napajalnega KNPVP v centralni KNPVP veljati predhodna odobritev pristojnih organov matične države članice napajalnega KNPVP.
Only the initial investment into the master UCITS, by which the feeder UCITS exceeds the limit applicable for investing into another UCITS, requires approval.
Odobritev bi se morala zahtevati samo za začetno naložbo v centralni KNPVP, s katero bi napajalni KNPVP presegel mejo, ki velja za naložbe v druge KNPVP.
In order to facilitate the effective operation of the internal market and to ensure the same level of investor protection throughout the Community, the conditions which must be met and the documents and information which are to be provided for approving the feeder UCITS’ investment into the master UCITS should be exhaustive.
Da bi olajšali učinkovito delovanje notranjega trga in zagotovili enako raven zaščite vlagateljev v vsej Skupnosti, bi bilo treba izčrpno opredeliti zahtevane pogoje ter dokumente in podatke, ki so potrebni za odobritev naložbe napajalnega KNPVP v centralni KNPVP.
In order to allow the feeder UCITS to act in the best interests of its unit-holders and notably place it in a position to obtain from the master UCITS all information and documents necessary to perform its obligations, the feeder and the master UCITS should enter into a binding and enforceable agreement.
Da bi napajalnim KNPVP omogočili delovanje v najboljšem interesu njihovih imetnikov enot premoženja in jih postavili v položaj, ki jim bo omogočal pridobitev vseh potrebnih podatkov in dokumentov centralnih KNPVP za opravljanje svojih dolžnosti, morata napajalni KNPVP in centralni KNPVP skleniti zavezujoč in izvršljiv sporazum.
If both feeder and master UCITS are managed by the same management company, however, it should be sufficient that the latter establish internal conduct of business rules.
Če tako napajalni KNPVP kot centralni KNPVP upravlja ista družba za upravljanje, bi moralo zadostovati, da slednja uvede notranja pravila o poslovanju.
Information-sharing agreements between the depositaries or the auditors respectively of the feeder UCITS and the master UCITS should ensure the flow of information and documents that is needed for the feeder UCITS’ depositary or auditor to fulfil its duties.
Dogovori o izmenjavi podatkov med depozitarji oziroma revizorji napajalnega KNPVP in centralnega KNPVP mora zagotoviti tok podatkov in dokumentov, ki so potrebni, da lahko depozitar ali revizor napajalnega KNPVP izpolni svoje dolžnosti.
This Directive should ensure that, when complying with those requirements, the depositaries or the auditors are not to be found in breach of any restriction on disclosure of information or of data protection.
Ta direktiva bo zagotovila, da zaradi upoštevanja teh zahtev depozitarji ali revizorji ne bodo kršili omejitev o razkritju podatkov ali varovanja podatkov.
In order to ensure a high level of protection of the interests of the feeder UCITS’ investors, the prospectus, the key investor information, as well as all marketing communications should be adapted to the specificities of master-feeder structures.
Da bi zagotovili visoko raven zaščite interesov vlagateljev napajalnih KNPVP, je treba prospekt, ključne podatke za vlagatelje ter vse tržne komunikacije prilagoditi posebnostim centralno-napajalnih struktur.
The investment of the feeder UCITS into the master UCITS should not affect the ability of the feeder UCITS itself either to repurchase or redeem units at the request of its unit-holders or to act in the best interests of its unit-holders.
Naložba napajalnega KNPVP v centralni KNPVP ne bi smela vplivati na zmožnost napajalnega KNPVP, da na zahtevo svojih imetnikov enot premoženja bodisi ponovno odkupi bodisi izplača lastne enote premoženja ali da deluje v njihovem najboljšem interesu.
Under this Directive, unit-holders should be protected from being charged unjustified additional costs by a prohibition against master UCITS charging feeder UCITS subscription and redemption fees.
Ta direktiva naj bi imetnike enot premoženja ščitila pred neupravičenimi dodatnimi stroški s prepovedjo, da centralni KNPVP ne sme zaračunati napajalnemu KNPVP provizije vpisa in odkupa.
The master UCITS should, however, be able to charge subscription or redemption fees to other investors in the master UCITS.
Centralni KNPVP naj bi imel kljub temu možnost zaračunavanja provizije za vpis ali odkup drugim vlagateljem v centralnem KNPVP.
The conversion rules should enable an existing UCITS to convert into a feeder UCITS.
Pravila o preoblikovanju morajo obstoječemu KNPVP omogočati, da se preoblikuje v napajalni KNPVP.
At the same time they should sufficiently protect unit-holders.
Obenem morajo v zadostni meri zaščititi imetnike enot premoženja.
As conversion is a fundamental change of the investment policy, the converting UCITS should be required to provide its unit-holders with sufficient information in order to enable them to decide whether to maintain their investment.
Ker je takšno preoblikovanje bistvena sprememba naložbene politike, se mora od preoblikovanega KNPVP zahtevati, da svojim imetnikom enot premoženja zagotovi zadostne podatke, da se lahko odločijo, ali naj ohranijo svoje naložbe.
The competent authorities should not require the feeder UCITS to provide more or information other than that specified in this Directive.
Pristojni organi od napajalnega KNPVP ne smejo zahtevati, naj preskrbi dodatne ali druge podatke, kot so navedene v tej direktivi.
Where the competent authorities of the master UCITS home Member State are informed of an irregularity with regard to the master UCITS or detect that the master UCITS does not comply with the provisions of this Directive, they may decide, where appropriate, to take relevant action to ensure that unit-holders of the master UCITS are informed accordingly.
Če je pristojni organ matične države članice centralnega KNPVP obveščen o nepravilnostih v zvezi s centralnim KNPVP ali ugotovi, da slednji ne spoštuje določbe te direktive, lahko po potrebi ukrepa, s čimer zagotovi, da so imetniki enot premoženja centralnega KNPVP ustrezno obveščeni.
Member States should make a clear distinction between marketing communications and obligatory investor disclosures provided for under this Directive.
Države članice morajo jasno razlikovati med tržno komunikacijo in obveznim razkritjem podatkov vlagateljem, iz te direktive ta direktiva.
Obligatory investor disclosure includes key investor information, the prospectus and annual and half-yearly reports.
Obvezno razkritje podatkov vlagateljem vključuje ključne podatke za vlagatelje, prospekt ter letna in polletna poročila.
Key investor information should be provided as a specific document to investors, free of charge, in good time before the subscription of the UCITS, in order to help them to reach informed investment decisions.
Ključne podatke za vlagatelje je treba vlagateljem zagotoviti v posebnem brezplačnem dokumentu pravočasno pred vpisom v KNPVP, da se jim olajša sprejemanje informiranih naložbenih odločitev.
Such key investor information should contain only the essential elements for making such decisions.
Ti ključni podatki za vlagatelje morajo vsebovati le ključne elemente za sprejemanje takšnih odločitev.
The nature of the information to be found in the key investor information should be fully harmonised so as to ensure adequate investor protection and comparability.
Narava podatkov, ki se nahajajo v ključnih podatkih za vlagatelje, mora biti popolnoma usklajena, da se zagotovi ustrezna zaščita vlagateljev in primerljivost.
Key investor information should be presented in a short format.
Ključni podatki za vlagatelje morajo biti predstavljeni v kratki obliki.