natgillin/translations-raw huggingface dataset:
the reasonable steps AIFMs are expected to take in terms of structures and organisational and administrative procedures in order to identify, prevent, manage, monitor and disclose conflicts of interest.
ustrezne ukrepe, ki naj jih UAIS sprejme v zvezi s strukturami in organizacijskimi ter upravnimi postopki, da se ugotovijo, preprečijo, obvladujejo in spremljajo nasprotja interesov ter da se jih ustrezno razkrije.
AIFMs shall functionally and hierarchically separate the functions of risk management from the operating units, including from the functions of portfolio management.
UAIS funkcionalno in po hierarhiji ločijo naloge obvladovanja tveganja in delujočih enot, vključno z nalogo upravljanja premoženja.
The functional and hierarchical separation of the functions of risk management in accordance with the first subparagraph shall be reviewed by the competent authorities of the home Member State of the AIFM in accordance with the principle of proportionality, on the understanding that the AIFM shall, in any event, be able to demonstrate that specific safeguards against conflicts of interest allow for the independent performance of risk management activities and that the risk management process satisfies the requirements of this Article and is consistently effective.
Funkcionalno in hierarhično ločitev nalog obvladovanja tveganja v skladu s prvim pododstavkom pregledujejo nadzorni organi matične države članice UAIS v skladu z načelom sorazmernosti, pri čemer se razume, da mora biti UAIS vedno sposoben dokazati, da posebni zaščitni ukrepi proti nasprotju interesov omogočajo neodvisno izvajanje dejavnosti za obvladovanje tveganja in da postopek obvladovanja tveganja izpolnjuje zahteve tega člena in da je dosledno učinkovit.
AIFMs shall implement adequate risk management systems in order to identify, measure, manage and monitor appropriately all risks relevant to each AIF investment strategy and to which each AIF is or may be exposed.
UAIS izvajajo ustrezne sisteme obvladovanja tveganja, da se opredeli, izmeri, obvladuje in ustrezno spremlja vsa tveganja, ki se navezujejo na vsako naložbeno strategijo AIS in ki jim je ali jim je lahko izpostavljen vsak AIS.
AIFMs shall review the risk management systems with appropriate frequency at least once a year and adapt them whenever necessary.
UAIS dovolj pogosto, najmanj enkrat na leto, pregledajo sisteme obvladovanja tveganja in jih po potrebi prilagodijo.
AIFMs shall at least:
UAIS morajo najmanj:
implement an appropriate, documented and regularly updated due diligence process when investing on behalf of the AIF, according to the investment strategy, the objectives and risk profile of the AIF;
izvajati ustrezen, dokumentiran in redno posodobljen postopek s potrebno skrbnostjo, ko vlagajo v imenu AIS, v skladu z naložbeno strategijo, cilji in profilom tveganja AIS;
ensure that the risks associated with each investment position of the AIF and their overall effect on the AIF’s portfolio can be properly identified, measured, managed and monitored on an ongoing basis, including through the use of appropriate stress testing procedures;
zagotoviti, da je mogoče tveganja, povezana z vsako naložbo AIS, in njihov skupni vpliv na premoženje AIS stalno ustrezno opredeliti, izmeriti, obvladovati in spremljati, vključno z uporabo ustreznega postopka testiranja izjemnih situacij;
ensure that the risk profile of the AIF shall correspond to the size, portfolio structure and investment strategies and objectives of the AIF as laid down in the AIF rules or instruments of incorporation, prospectus and offering documents.
zagotoviti, da profil tveganja AIS ustreza velikosti, strukturi premoženja in naložbenim strategijam ter ciljem AIS, kot so določeni v pravilih upravljanja ali aktu o ustanovitvi AIS, prospektu in ponujenih dokumentih.
AIFMs shall set a maximum level of leverage which they may employ on behalf of each AIF they manage as well as the extent of the right to reuse collateral or guarantee that could be granted under the leveraging arrangement, taking into account, inter alia:
UAIS določijo najvišjo raven finančnega vzvoda, ki ga lahko uporabijo za vsak AIS, ki ga upravljajo in obseg pravice do ponovne uporabe zavarovanja ali garancije, ki se lahko dodeli v okviru ureditve finančnega vzvoda, pri čemer med drugim upoštevajo:
the type of the AIF;
vrsto AIS;
the investment strategy of the AIF;
naložbeno strategijo AIS;
the sources of leverage of the AIF;
vire finančnega vzvoda AIS;
any other interlinkage or relevant relationships with other financial services institutions, which could pose systemic risk;
vse druge medsebojne povezave ali pomembne odnose z drugimi institucijami za finančne storitve, ki bi lahko predstavljali sistemsko tveganje;
the need to limit the exposure to any single counterparty;
potrebo po omejitvi izpostavljenosti kateri koli nasprotni stranki;
the extent to which the leverage is collateralised;
obseg zavarovanosti finančnega vzvoda;
the asset-liability ratio;
razmerje med sredstvi in obveznostmi;
the scale, nature and extent of the activity of the AIFM on the markets concerned.
obseg in naravo dejavnosti UAIS na zadevnih trgih.
the risk management systems to be employed by AIFMs in relation to the risks which they incur on behalf of the AIFs that they manage;
sisteme obvladovanja tveganj, ki jih UAIS uporabijo v zvezi s tveganji, ki jih UAIS imajo v imenu AIS, ki jih upravljajo;
the appropriate frequency of review of the risk management system;
ustrezno pogostost pregledovanja sistema obvladovanja tveganja;
how the risk management function is to be functionally and hierarchically separated from the operating units, including the portfolio management function;
kako naj se naloga obvladovanja tveganja funkcionalno in hierarhično loči od delujočih enot, vključno z nalogami upravljanja premoženja;
specific safeguards against conflicts of interest referred to in the second subparagraph of paragraph 1;
posebne zaščitne ukrepe proti nasprotju interesov, opredeljenim v drugem pododstavku odstavka 1;
the requirements referred to in paragraph 3.
zahteve iz odstavka 3.
Liquidity management
Upravljanje likvidnosti
AIFMs shall, for each AIF that they manage which is not an unleveraged closed-ended AIF, employ an appropriate liquidity management system and adopt procedures which enable them to monitor the liquidity risk of the AIF and to ensure that the liquidity profile of the investments of the AIF complies with its underlying obligations.
UAIS za vsak AIS, ki ga upravljajo in ki ni AIS brez finančnih vzvodov zaprtega tipa, sprejmejo ustrezen sistem za upravljanje likvidnosti in postopke, ki jim omogočajo spremljanje likvidnostnega tveganja AIS in zagotovitev, da profil likvidnosti naložb AIS izpolnjuje osnovne obveznosti.
AIFMs shall regularly conduct stress tests, under normal and exceptional liquidity conditions, which enable them to assess the liquidity risk of the AIFs and monitor the liquidity risk of the AIFs accordingly.
UAIS redno izvajajo teste izjemnih situacij, pod običajnimi in izjemnimi likvidnostnimi pogoji, kar jim omogoča oceno likvidnostnega tveganja AIS in skladno s tem spremljanje likvidnostnih tveganj AIS.
AIFMs shall ensure that, for each AIF that they manage, the investment strategy, the liquidity profile and the redemption policy are consistent.
UAIS zagotovijo, da ima za vsak AIS, ki ga upravljajo, usklajeno naložbeno strategijo, profil likvidnosti in politiko glede zahteve po izplačilu.
the liquidity management systems and procedures; and
sisteme in postopke upravljanja likvidnosti; in
the alignment of the investment strategy, liquidity profile and redemption policy set out in paragraph 2.
uskladitev naložbene strategije, profila likvidnosti in politike glede zahteve po izplačilu, kot je navedeno v odstavku 2.
Investment in securitisation positions
Naložbe v pozicije listinjenja
In order to ensure cross-sectoral consistency and to remove misalignment between the interest of firms that repackage loans into tradable securities and originators within the meaning of point (41) of Article 4 of Directive 2006/48/EC, and AIFMs that invest in those securities or other financial instruments on behalf of AIFs, the Commission shall adopt, by means of delegated acts in accordance with Article 56 and subject to the conditions of Articles 57 and 58, measures laying down the requirements in the following areas:
Komisija za zagotovitev med-sektorske usklajenosti ter za odpravo neskladnosti med interesi podjetij, ki so posojila preoblikovala v prenosne vrednostne papirje, in originatorji v smislu točke 41 člena 4 Direktive 2006/48/ES ter UAIS, ki vlagajo v te vrednostne papirje ali druge finančne instrumente v imenu AIS, z delegiranimi akti v skladu s členom 56 ter pod pogoji iz členov 57 in 58 sprejme ukrepe, ki določajo zahteve na naslednjih področjih:
the requirements that need to be met by the originator, the sponsor or the original lender, in order for an AIFM to be allowed to invest in securities or other financial instruments of this type issued after 1 January 2011 on behalf of AIFs, including requirements that ensure that the originator, the sponsor or the original lender retains a net economic interest of not less than 5 %;
zahteve, ki jih mora izpolniti originator, sponzor ali prvotni posojilodajalec, da lahko UAIS vlaga v vrednostne papirje ali druge finančne instrumente te vrste, izdane po 1. januarju 2011, v imenu AIS, vključno z zahtevami, ki zagotavljajo, da originator, sponzor ali prvotni posojilodajalec obdrži neto delež, ki ni manjši od 5 %;
qualitative requirements that must be met by AIFMs which invest in these securities or other financial instruments on behalf of one or more AIFs.
kvalitativne zahteve, ki jih morajo izpolniti UAIS, ki vlagajo v navedene vrednostne papirje ali druge finančne instrumente v imenu enega ali več AIS.
Member States shall require that AIFMs use, at all times, adequate and appropriate human and technical resources that are necessary for the proper management of AIFs.
Države članice zahtevajo, da UAIS vedno uporabljajo primerne in ustrezne človeške in tehnične vire, ki so potrebni za stalno pravilno upravljanje AIS.
In particular, the competent authorities of the home Member State of the AIFM, having regard also to the nature of the AIFs managed by the AIFM, shall require that the AIFM has sound administrative and accounting procedures, control and safeguard arrangements for electronic data processing and adequate internal control mechanisms including, in particular, rules for personal transactions by its employees or for the holding or management of investments in order to invest on its own account and ensuring, at least, that each transaction involving the AIFs may be reconstructed according to its origin, the parties to it, its nature, and the time and place at which it was effected and that the assets of the AIFs managed by the AIFM are invested in accordance with the AIF rules or instruments of incorporation and the legal provisions in force.
Pristojni organi matične države članice UAIS ob upoštevanju lastnosti AIS, ki jih upravlja UAIS, zlasti zahtevajo, da ima UAIS zanesljive upravne in računovodske postopke, nadzorno in zaščitno ureditev za elektronsko obdelavo podatkov in zadostne mehanizme notranjega nadzora, ki zlasti vključujejo pravila za osebne transakcije lastnih delavcev ali za imetje ali upravljanje naložb, z namenom vlagati na svoj lastni račun in zagotavljati najmanj, da je vsako transakcijo, pri kateri sodeluje AIS, mogoče rekonstruirati do njenega izvora, sodelujočih strank, njenih lastnosti ter časa in kraja izvedbe in da se sredstva AIS, ki jih upravlja UAIS, vlagajo v skladu s pravili upravljanja ali aktom o ustanovitvi AIS ter drugimi veljavnimi pravnimi predpisi.
The Commission shall adopt, by means of delegated acts in accordance with Article 56 and subject to the conditions of Articles 57 and 58, measures specifying the procedures and arrangements as referred to in paragraph 1.
Komisija z delegiranimi akti v skladu s členom 56 ter pod pogoji iz členov 57 in 58 sprejme ukrepe, ki določajo postopke in ureditve iz odstavka 1.
AIFMs shall ensure that, for each AIF that they manage, appropriate and consistent procedures are established so that a proper and independent valuation of the assets of the AIF can be performed in accordance with this Article, the applicable national law and the AIF rules or instruments of incorporation.
UAIS zagotovijo, da se za vsak AIS, ki ga upravljajo, vzpostavijo ustrezni in skladni postopki, tako da se lahko izvaja ustrezno in neodvisno vrednotenje sredstev AIS v skladu s tem členom, veljavno nacionalno zakonodajo in pravili upravljanja ali aktom o ustanovitvi AIS.
The rules applicable to the valuation of assets and the calculation of the net asset value per unit or share of the AIF shall be laid down in the law of the country where the AIF is established and/or in the AIF rules or instruments of incorporation.
Predpisi, ki veljajo za vrednotenje sredstev in izračun čiste vrednosti sredstev na enoto ali delež AIS, so določeni v zakonodaji države, v kateri ima AIS sedež, in/ali v pravilih upravljanja ali aktu o ustanovitvi AIS.
AIFMs shall also ensure that the net asset value per unit or share of AIFs is calculated and disclosed to the investors in accordance with this Article, the applicable national law and the AIF rules or instruments of incorporation.
UAIS obenem zagotovijo, da se čista vrednost enot ali deležev AIS izračuna in razkrije vlagateljem v skladu s tem členom, veljavno nacionalno zakonodajo in pravili upravljanja ali aktu o ustanovitvi AIS.
The valuation procedures used shall ensure that the assets are valued and the net asset value per unit or share is calculated at least once a year.
Uporabljeni postopki vrednotenja zagotavljajo, da se vrednost sredstev in čista vrednost sredstev na enoto ali delež izračunata in vrednotita najmanj enkrat na leto.
If the AIF is of the open-ended type, such valuations and calculations shall also be carried out at a frequency which is both appropriate to the assets held by the AIF and its issuance and redemption frequency.
Če je AIS odprtega tipa, se ta vrednotenja in izračuni lahko izvedejo tudi tako pogosto, kot je primerno glede na sredstva, ki jih ima AIS, in njegovo pogostost izdaje in odkupa.
If the AIF is of the closed-ended type, such valuations and calculations shall also be carried out in case of an increase or decrease of the capital by the relevant AIF.
Če je AIS zaprtega tipa, se ta vrednotenja in izračuni izvedejo tudi, če pride do povečanja ali zmanjšanja kapitala zadevnega AIS.
The investors shall be informed of the valuations and calculations as set out in the relevant AIF rules or instruments of incorporation.
Vlagatelje se obvešča o vrednotenjih in izračunih na način, določen v pravilih upravljanja ali aktu o ustanovitvi zadevnega AIS.
AIFMs shall ensure that the valuation function is either performed by:
UAIS zagotovijo, da nalogo vrednotenja opravi:
an external valuer, being a legal or natural person independent from the AIF, the AIFM and any other persons with close links to the AIF or the AIFM; or
zunanji cenilec, ki je pravna ali fizična oseba, neodvisna od AIS, UAIS in katere koli druge osebe, tesno povezane z AIS ali UAIS, ali
the AIFM itself, provided that the valuation task is functionally independent from the portfolio management and the remuneration policy and other measures ensure that conflicts of interest are mitigated and that undue influence upon the employees is prevented.
UAIS sam, če je naloga vrednotenja funkcionalno neodvisna od upravljanja premoženja in politike prejemkov in če drugi ukrepi zagotavljajo blažitev nasprotja interesov in preprečujejo neprimeren vpliv na delavce.
The depositary appointed for an AIF shall not be appointed as external valuer of that AIF, unless it has functionally and hierarchically separated the performance of its depositary functions from its tasks as external valuer and the potential conflicts of interest are properly identified, managed, monitored and disclosed to the investors of the AIF.
Depozitar, imenovan za AIS, ni imenovan za zunanjega cenilca tega AIS, razen če je opravljanje depozitarne naloge funkcionalno in hierarhično ločeno od nalog zunanjega cenilca in če so bila morebitna nasprotja interesov pravilno ugotovljena, upravljana in spremljana, ter razkrita vlagateljem v AIS.
Where an external valuer performs the valuation function, the AIFM shall demonstrate that:
Če vrednotenje opravlja zunanji cenilec, UAIS dokaže, da:
the external valuer is subject to mandatory professional registration recognised by law or to legal or regulatory provisions or rules of professional conduct;
je zunanji cenilec zavezan zakonsko priznani obvezni poslovni registraciji oziroma pravnim ali ureditvenim predpisom ali pravilom poslovnega ravnanja;
the external valuer can provide sufficient professional guarantees to be able to perform effectively the relevant valuation function in accordance with paragraphs 1, 2 and 3; and
zunanji cenilec lahko predloži zadostna poklicna zagotovila za učinkovito opravljanje zadevnih nalog vrednotenja v skladu z odstavki 1, 2 in 3; in
the appointment of the external valuer complies with the requirements of Article 20(1) and (2) and the delegated acts adopted pursuant to Article 20(7).
je imenovanje zunanjega cenilca skladno z zahtevami člena 20(1) in (2) ter delegiranih aktov, sprejetih v skladu s členom 20(7).
The appointed external valuer shall not delegate the valuation function to a third party.
Imenovani zunanji cenilec ne sme prenesti naloge vrednotenja na tretjo osebo.
AIFMs shall notify the appointment of the external valuer to the competent authorities of their home Member State which may require that another external valuer be appointed instead, where the conditions laid down in paragraph 5 are not met.
UAIS o imenovanju zunanjega cenilca uradno obvesti pristojne organe svoje matične države članice, ki lahko zahtevajo, da se namesto njega imenuje drug zunanji cenilec, če niso izpolnjeni pogoji iz odstavka 5.
The valuation shall be performed impartially and with all due skill, care and diligence.
Funkcija vrednotenja se opravlja nepristransko, strokovno, skrbno in vestno.
Where the valuation function is not performed by an independent external valuer, the competent authorities of the home Member State of the AIFM may require the AIFM to have its valuation procedures and/or valuations verified by an external valuer or, where appropriate, by an auditor.
Če vrednotenja ne opravlja neodvisni zunanji cenilec, lahko pristojni organi matične države članice UAIS zahtevajo, da postopke vrednotenja in/ali vrednotenja UAIS preveri zunanji cenilec ali po potrebi revizor.
AIFMs are responsible for the proper valuation of AIF assets, the calculation of the net asset value and the publication of that net asset value.
UAIS je odgovoren za pravilno vrednotenje sredstev AIS, izračun in objavo čiste vrednosti sredstev.
The AIFM’s liability towards the AIF and its investors shall, therefore, not be affected by the fact that the AIFM has appointed an external valuer.
Zato na odgovornost UAIS do AIS in njegovih vlagateljev nikakor ne vpliva dejstvo, da je UAIS imenoval zunanjega cenilca.
Notwithstanding the first subparagraph and irrespective of any contractual arrangements providing otherwise, the external valuer shall be liable to the AIFM for any losses suffered by the AIFM as a result of the external valuer’s negligence or intentional failure to perform its tasks.
Vendar pa je ne glede na prvi pododstavek in na morebitne pogodbene določbe, ki določajo drugače, zunanji cenilec odgovoren UAIS za vse dejanske izgube, ki jih je UAIS utrpel zaradi njegove malomarnosti ali namernega neizpolnjevanja nalog.
the criteria concerning the procedures for the proper valuation of the assets and the calculation of the net asset value per unit or share;
merila v zvezi s postopki za ustrezno vrednotenje sredstev in izračun čiste vrednosti enot ali deležev;
the professional guarantees the external valuer must be able to provide to effectively perform the valuation function;
poklicna zagotovila, ki jih mora biti zmožen dati zunanji cenilec za učinkovito opravljanje naloge vrednotenja;
the frequency of valuation carried out by open-ended AIFs which is both appropriate to the assets held by the AIF and its issuance and redemption policy.
pogostost vrednotenja, ki ga opravljajo AIS odprtega tipa, glede na sredstva, ki jih ima AIS, ter njegovo politiko izdaje in odkupa.
Delegation of AIFM functions
Prenos nalog UAIS
Delegation
Prenos
AIFMs which intend to delegate to third parties the task of carrying out functions on their behalf shall notify the competent authorities of their home Member State before the delegation arrangements become effective.
UAIS, ki nameravajo na tretje osebe prenesti nalogo opravljanja funkcij v njihovem imenu, o tem uradno obvestijo pristojne organe svoje matične države članice, še preden ureditev prenosa začne učinkovati.
The following conditions shall be met:
Izpolnjujejo naslednje pogoje:
the AIFM must be able to justify its entire delegation structure on objective reasons;
UAIS mora imeti objektivne razloge, s katerimi lahko upraviči svojo celotno strukturo prenosa;
the delegate must dispose of sufficient resources to perform the respective tasks and the persons who effectively conduct the business of the delegate must be of sufficiently good repute and sufficiently experienced;
izbrani zastopnik mora imeti dovolj sredstev za opravljanje ustreznih nalog in osebe, ki dejansko opravljajo posle izbranega zastopnika morajo imeti zadosten ugled in izkušnje;
where the delegation concerns portfolio management or risk management, it must be conferred only on undertakings which are authorised or registered for the purpose of asset management and subject to supervision or, where that condition cannot be met, only subject to prior approval by the competent authorities of the home Member State of the AIFM;
če se prenos nanaša na upravljanje premoženja ali obvladovanje tveganja, je treba pooblastilo izdati le podjetjem, ki imajo dovoljenje ali so registrirana za upravljanje premoženja in so pod nadzorom ali, če tega pogoja ni mogoče izpolniti, razen če ga predhodno odobrijo pristojni organi matične države članice UAIS;
where the delegation concerns portfolio management or risk management and is conferred on a third-country undertaking, in addition to the requirements in point (c), cooperation between the competent authorities of the home Member State of the AIFM and the supervisory authority of the undertaking must be ensured;
če se prenos nanaša na upravljanje premoženja ali obvladovanje tveganja in se ta naloga prenese na podjetje iz tretje države, je treba poleg izpolnitve zahtev iz točke (c) zagotoviti sodelovanje med pristojnimi organi matične države članice UAIS in nadzornim organom zadevnega podjetja;
the delegation must not prevent the effectiveness of supervision of the AIFM, and, in particular, must not prevent the AIFM from acting, or the AIF from being managed, in the best interests of its investors;
prenos ne sme preprečevati učinkovitosti nadzora nad UAIS in zlasti ne sme preprečiti UAIS, da ravna v najboljšem interesu svojih vlagateljev, ali AIS, da je upravljan v najboljšem interesu svojih vlagateljev;
the AIFM must be able to demonstrate that the delegate is qualified and capable of undertaking the functions in question, that it was selected with all due care and that the AIFM is in a position to monitor effectively at any time the delegated activity, to give at any time further instructions to the delegate and to withdraw the delegation with immediate effect when this is in the interest of investors.
UAIS mora biti sposoben dokazati, da je izbrani zastopnik usposobljen in zmožen prevzeti zadevne naloge, da je bil izbran z vso potrebno skrbnostjo in da lahko UAIS vedno učinkovito spremlja prenesene naloge, da kadar koli izbranemu zastopniku lahko da nadaljnja navodila in prekliče prenos s takojšnjim učinkom, če je to v interesu vlagateljev.
The AIFM shall review the services provided by each delegate on an ongoing basis.
UAIS stalno preverja storitve, ki jih nudi vsak izbrani zastopnik.