natgillin/translations-raw huggingface dataset:
Therefore, it is necessary to set out clear rules specifying where the payments of fees, commissions and non-monetary benefits are not considered a violation of those principles.
Zato je treba določiti jasna pravila o tem, kdaj se plačila pristojbin, provizij in nedenarnih ugodnosti ne štejejo za kršitev teh načel.
The cross-border activities of the management company create new challenges for the relationship between the management company and the UCITS’ depositary.
Čezmejne dejavnosti družbe za upravljanje prinašajo nove izzive za razmerje med družbo za upravljanje in depozitarjem KNPVP.
To ensure the necessary legal certainty, the main elements of the agreement between the UCITS’ depositary and the management company, where that management company is established in a Member State other than the UCITS’ home Member State, should be specified in this Directive.
Za zagotovitev potrebne pravne varnosti je treba v tej direktivi določiti glavne točke, ki jih mora vsebovati sporazum med depozitarjem KNPVP in družbo za upravljanje, kadar ima družba za upravljanje sedež v državi članici, ki ni matična država članica KNPVP.
Given the need to ensure that this agreement properly serves its purpose it is necessary to provide for conflict of law rules which derogate from Articles 3 and 4 of the Regulation (EC) No 593/2008 of the European Parliament and of the Council of 17 June 2008 on the law applicable to contractual obligations (Rome I) [6] in such a way that the applicable law to this agreement should be the law of the UCITS’ home Member State.
Ker je treba zagotoviti, da ta sporazum izpolnjuje svoj namen, je treba predvideti kolizijska pravila, ki odstopajo od členov 3 in 4 Uredbe (ES) št. 593/2008 Evropskega parlamenta in Sveta z dne 17. junija 2008 o pravu, ki se uporablja za pogodbena obligacijska razmerja (Rim I) [6], tako da je pravo, ki se mora uporabljati za ta sporazum, pravo matične države članice KNPVP.
Directive 2009/65/EC contains an obligation to specify the criteria for assessing the adequacy of a management company’s risk management process.
V skladu z Direktivo 2009/65/ES je treba določiti merila za ocenjevanje ustreznosti postopka družbe za upravljanje za obvladovanje tveganj.
Such criteria focus on the establishment of an adequate and documented risk management policy to be employed by management companies.
Ta merila se nanašajo predvsem na določitev ustrezne in dokumentirane politike obvladovanja tveganj, ki jo morajo uporabljati družbe za upravljanje.
This policy should enable the management companies to assess the risks of the positions taken within the portfolios they manage and the contributions of these individual risks to the overall risk profile of the portfolio.
Ta politika mora družbam za upravljanje omogočiti, da ocenijo tveganja pozicij, povezanih s portfelji, ki jih upravljajo, in kako velik je delež posameznih tveganj v celotnemu profilu tveganja portfelja.
The organisation of the risk management policy should be adequate and proportionate to the nature, scale and complexity of the management company’s activities and of the UCITS it manages.
Organizacija politike obvladovanja tveganj mora ustrezati vrsti, obsegu in kompleksnosti dejavnosti družbe za upravljanje in KNPVP, ki ga upravlja, ter mora biti sorazmerna z naravo, obsegom in kompleksnostjo dejavnosti družbe za upravljanje in KNPVP, ki ga upravlja.
The periodical assessment, monitoring and review of the risk management policy by management companies are also a criterion to assess the adequacy of the risk management process.
Redno ocenjevanje, spremljanje in pregledovanje politike obvladovanja tveganj s strani družb za upravljanje so tudi merilo za ocenjevanje ustreznosti postopka obvladovanja tveganj.
This criterion also includes the review of the effectiveness of measures taken to address any deficiencies in the performance of the risk management process.
To merilo vključuje tudi pregled učinkovitosti ukrepov, sprejetih za odpravo morebitnih pomanjkljivosti v delovanju postopka obvladovanja tveganj.
As an essential element in the criteria for assessing the adequacy of risk management processes, proportionate and effective risk measurement techniques should be adopted by management companies in order to measure at any time the risks which the UCITS they manage are or might be exposed to.
Kot bistven element meril za ocenjevanje ustreznosti postopka obvladovanja tveganj morajo družbe za upravljanje sprejeti sorazmerne in učinkovite tehnike merjenja tveganja, da lahko kadar koli izmerijo tveganja, ki so jim izpostavljeni ali bi jim lahko bili izpostavljeni KNPVP, ki jih upravljajo.
These requirements are based on common practices agreed by competent authorities of Member States.
Te zahteve temeljijo na skupnih praksah, o katerih so se dogovorili pristojni organi držav članic.
They include both quantitative measures, as regards quantifiable risks, and qualitative methods.
Zajemajo kvantitativna merila (za izmerljiva tveganja) in kvalitativne metode.
Electronic data processing systems and tools used for the computation of quantitative measures should be integrated with one another or with the front-office and accounting applications.
Sisteme in orodja elektronske obdelave podatkov, s katerimi se izračunajo kvantitativna merila, je treba povezati med seboj ali z aplikacijami sprejemne pisarne in računovodstva.
Risk measurement techniques should allow for an adequate measurement of risks in periods of increased market turbulence and be reviewed whenever necessary in the interest of unit-holders.
Tehnike merjenja tveganja morajo omogočati ustrezno merjenje tveganj v obdobjih povečanih pretresov na trgu ter jih je treba pregledati, kadar je to potrebno v interesu imetnikov enot premoženja.
They should also allow adequate assessment of the concentration and interaction of relevant risks at the portfolio level.
Omogočati morajo tudi ustrezno oceno koncentracije in medsebojnega vpliva zadevnih tveganj na ravni portfelja.
It is the objective of a functioning risk management system that the investment limits set by Directive 2009/65/EC such as limits on global exposure and exposure to counterparty risk are respected by the management companies.
Delujoči sistem obvladovanja tveganj mora zagotoviti, da družbe za upravljanje spoštujejo naložbene omejitve iz Direktive 2009/65/ES, kot sta omejitev celotne izpostavljenosti in omejitev izpostavljenosti tveganju nasprotne stranke.
Therefore criteria should be laid down as to how the global exposure should be calculated and how counterparty risk should be calculated.
Zato je treba določiti merila za izračun celotne izpostavljenosti in tveganja nasprotne stranke.
It is necessary in laying down such criteria that this Directive clarifies how the global exposure can be calculated, including by using the commitment approach, the value at risk approach or advanced risk measurement methodologies.
Pri določanju teh meril je treba v tej direktivi pojasniti, kako se lahko izračuna celotna izpostavljenost, na primer s pristopno zavezo, modelom tvegane vrednosti ali naprednimi metodami merjenja tveganja.
It should also lay down the main elements of the methodology according to which the management company should calculate the counterparty risk.
V njej je treba tudi določiti glavne elemente metode, v skladu s katero mora družba za upravljanje izračunati tveganje nasprotne stranke.
In applying those rules, account should be taken of the conditions under which those methodologies are used, including the principles to be applied to such collateral arrangements to reduce the UCITS’ exposure to counterparty risk as well as the use of the hedging and netting arrangements, as developed by competent authorities working within the Committee of European Securities Regulators.
Pri uporabi teh pravil je treba upoštevati pogoje, pod katerimi se uporabljajo te metode, vključno z načeli, ki se uporabljajo za tiste dogovore o zavarovanju s premoženjem, ki zmanjšujejo izpostavljenost KNPVP tveganju nasprotne stranke, ter uporabo dogovorov o varovanju pred tveganji in o pobotu, ki so jih razvili pristojni organi, ki delujejo v Odboru evropskih zakonodajalcev za vrednostne papirje.
According to Directive 2009/65/EC, management companies are obliged to employ a process for the accurate and independent assessment of the value of over-the-counter (OTC) derivatives.
V skladu z Direktivo 2009/65/ES morajo družbe za upravljanje uporabljati postopek, ki omogoča natančno in neodvisno oceno vrednosti izvedenih finančnih instrumentov, s katerimi se trguje na izvenborznem prostem trgu.
This Directive therefore lays down detailed rules for that process in accordance with Commission Directive 2007/16/EC of 19 March 2007 implementing Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards the clarification of certain definitions [7].
Ta direktiva torej za ta postopek določa podrobna pravila v skladu z Direktivo Komisije 2007/16/ES z dne 19. marca 2007 o izvajanju Direktive Sveta 85/611/EGS o usklajevanju zakonov in drugih predpisov o kolektivnih naložbenih podjemih za vlaganja v prenosljive vrednostne papirje (KNPVP) glede razjasnitve nekaterih opredelitev [7].
As a matter of good practice, management companies should apply those requirements to instruments which expose UCITS to valuation risks equivalent to those raised by OTC derivatives, such as those relating to product illiquidity and/or the complexity of the pay-off structure.
Družbe za upravljanje morajo – kot dobra praksa – uporabljati te zahteve pri instrumentih, ki izpostavljajo KNPVP enakim tveganjem v zvezi z vrednotenjem kot izvedeni finančni instrumenti, s katerimi se trguje na izvenborznem prostem trgu, to so tveganja, povezana z nelikvidnostjo produktov in/ali kompleksnostjo strukture izplačil.
Accordingly, management companies should adopt arrangements and procedures consistent with the requirements set out in Article 44 for the valuation of less liquid or complex transferable securities and money market instruments which require the use of model-based valuation methods.
Družbe za upravljanje morajo torej sprejeti ukrepe in postopke, ki so v skladu z zahtevami, določenimi v členu 44 za vrednotenje manj likvidnih ali kompleksnih prenosljivih vrednostnih papirjev in instrumentov denarnega trga, ki zahtevajo uporabo metod vrednotenja na podlagi modela.
Directive 2009/65/EC obliges a management company to provide the relevant competent authorities with information with regard to the types of derivative instruments in which a UCITS has been invested, the underlying risks posed, applicable quantitative limits and methods chosen for estimating the risks associated with such transactions.
Direktiva 2009/65/ES družbo za upravljanje zavezuje, da zadevne pristojne organe obvesti o vrstah izvedenih instrumentov, v katere je bil vložen KNPVP, povezanih osnovnih tveganjih, veljavnih količinskih omejitvah in izbranih metodah za oceno tveganj, povezanih s temi transakcijami.
The content and the procedure to be followed by a management company when discharging this obligation should be specified.
Vsebino in postopek, ki ju mora družba za upravljanje upoštevati pri izpolnjevanju te obveznosti, je treba podrobneje določiti.
The Committee of European Securities Regulators, established by Commission Decision 2009/77/EC [8] has been consulted for technical advice.
Pri strokovnih vprašanjih se je posvetovalo z Odborom evropskih zakonodajalcev za vrednostne papirje, ustanovljenim s Sklepom Komisije 2009/77/ES [8].
SUBJECT-MATTER, SCOPE AND DEFINITIONS
VSEBINA, PODROČJE UPORABE IN OPREDELITVE POJMOV
This Directive lays down rules implementing Directive 2009/65/EC:
Ta direktiva določa pravila o izvajanju Direktive 2009/65/ES:
specifying the procedures and arrangements as referred to under point (a) of the second subparagraph of Article 12(1), and the structures and organisational requirements to minimise conflicts of interests as referred to under point (b) of the second subparagraph of Article 12(1);
ki opredeljujejo postopke in ureditve iz točke (a) drugega pododstavka člena 12(1) ter strukture in organizacijske zahteve za zmanjšanje navzkrižij interesov iz točke (b) drugega pododstavka člena 12(1);
establishing criteria for acting honestly and fairly and with due skill, care and diligence in the best interests of the UCITS and the criteria for determining the types of conflict of interests, specifying the principles required to ensure that the resources are employed effectively, defining the steps that should be taken to identify, prevent, manage or disclose conflicts of interests referred to in Article 14(1) and (2);
ki postavljajo merila za pošteno in pravično delovanje ter delovanje z ustrezno sposobnostjo, skrbnostjo in gospodarnostjo v najboljšo korist KNPVP ter merila za določanje vrst navzkrižij interesov, načel, ki so potrebna za zagotovitev učinkovite uporabe virov, in ukrepov, ki jih je treba sprejeti za ugotavljanje, preprečevanje, upravljanje ali razkrivanje navzkrižij interesov iz člena 14(1) in (2);
concerning the particulars that need to be included in the agreements between the depository and management company in accordance with Articles 23(5) and 33(5); and
v zvezi z informacijami, ki jih je treba vključiti v sporazume med depozitarjem in družbo za upravljanje v skladu s členoma 23(5) in 33(5), in
concerning the risk management process referred to in Article 51(1), in particular criteria for assessing the adequacy of the risk management process employed by the management company and the risk management policy and processes and the arrangements, processes and techniques for risk measurement and management relating to such criteria.
v zvezi s postopkom obvladovanja tveganj iz člena 51(1), zlasti pa merili za ocenjevanje ustreznosti postopka obvladovanja tveganj, ki ga uporablja družba za upravljanje, politiko in postopkom obvladovanja tveganj ter ukrepi, postopki in tehnikami za merjenje in obvladovanje tveganj v zvezi s temi merili.
This Directive shall apply to management companies pursuing the activity of management of an undertaking for collective investment in transferable securities (UCITS) as referred to in Article 6(2) of Directive 2009/65/EC.
Ta direktiva se uporablja za družbe za upravljanje, ki upravljajo kolektivni naložbeni podjem za vlaganje v prenosljive vrednostne papirje (KNPVP), kot je določeno v členu 6(2) Direktive 2009/65/ES.
Chapter V of this Directive shall also apply to depositaries carrying out their functions according to the provisions of Chapter IV and Section 3 of Chapter V of Directive 2009/65/EC.
Poglavje V te direktive se uporablja tudi za depozitarje, ki opravljajo svoje naloge v skladu z določbami Poglavja IV in oddelka 3 Poglavja V Direktive 2009/65/ES.
The provisions of this Chapter, Article 12 of Chapter II and Chapters III, IV and VI shall apply mutatis mutandis to investment companies that have not designated a management company authorised pursuant to Directive 2009/65/EC.
Določbe tega poglavja, člena 12 Poglavja II ter poglavij III, IV in VI se smiselno uporabljajo za investicijske družbe, ki niso prenesle pooblastil za upravljanje na družbo za upravljanje, ki ji je bilo izdano dovoljenje v skladu z Direktivo 2009/65/ES.
In those cases ‘management company’ shall be understood as ‘investment company’.
V takih primerih pomeni „družba za upravljanje“„investicijsko družbo“.
For the purposes of this Directive, the following definitions shall apply in addition to the definitions set out in Directive 2009/65/EC:
V tej direktivi se poleg opredelitev pojmov iz Direktive 2009/65/ES uporabljajo naslednje opredelitve pojmov:
‘client’ means any natural or legal person, or any other undertaking including a UCITS, to whom a management company provides a service of collective portfolio management or services pursuant to Article 6(3) of Directive 2009/65/EC;
„stranka“ pomeni vsako fizično ali pravno osebo ali katero koli drugo podjetje, vključno s KNPVP, za katero družba za upravljanje opravlja storitev upravljanja skupnega premoženja ali storitve v skladu s členom 6(3) Direktive 2009/65/EC;
‘unit-holder’ means any natural or legal person holding one or more units in a UCITS;
„imetnik enote premoženja“ pomeni vsako fizično ali pravno osebo z eno ali več enotami premoženja v KNPVP;
‘relevant person’ in relation to a management company, means any of the following:
„zadevna oseba“ v zvezi z družbo za upravljanje pomeni katero koli od naslednji oseb:
a director, partner or equivalent, or manager of the management company;
direktor, partner ali enakovredna oseba ali član vodstva družbe za upravljanje;
an employee of the management company, as well as any other natural person whose services are placed at the disposal and under the control of the management company and who is involved in the provision by the management company of collective portfolio management;
zaposlena oseba v družbi za upravljanje in katera koli druga fizična oseba, katere storitve so na voljo družbi za upravljanje in ki jih družba za upravljanje nadzoruje ter ki je vključena v storitev upravljanja skupnega premoženja, ki jo zagotavlja družba za upravljanje;
a natural person who is directly involved in the provision of services to the management company under a delegation arrangement to third parties for the purpose of the provision by the management company of collective portfolio management;
fizična oseba, ki je neposredno vključena v izvajanje storitev za družbo za upravljanje na podlagi dogovora o prenosu pooblastil na tretje osebe za namen upravljanja skupnega premoženja s strani družbe za upravljanje;
‘senior management’ means the person or persons who effectively conduct the business of a management company in accordance with Article 7(1)(b) of Directive 2009/65/EC;
„višje vodstvo“ pomeni osebo ali osebe, ki dejansko vodijo posle družbe za upravljanje v skladu s členom 7(1)(b) Direktive 2009/65/ES;
‘board of directors’ means the board of directors of the management company;
„upravni odbor“ pomeni upravni odbor družbe za upravljanje;
‘supervisory function’ means the relevant persons or body or bodies responsible for the supervision of its senior management and for the assessment and periodical review of the adequacy and effectiveness of the risk management process and of the policies, arrangements and procedures put in place to comply with the obligations under Directive 2009/65/EC;
„nadzorna funkcija“ pomeni zadevne osebe ali organ ali organe, ki so odgovorni za nadzor višjega vodstva ter za ocenjevanje in redno pregledovanje ustreznosti in učinkovitosti postopka obvladovanja tveganj ter politik, ukrepov in postopkov, vzpostavljenih zaradi izpolnjevanja obveznosti iz Direktive 2009/65/ES;
‘counterparty risk’ means the risk of loss for the UCITS resulting from the fact that the counterparty to a transaction may default on its obligations prior to the final settlement of the transaction’s cash flow;
„tveganje nasprotne stranke“ pomeni tveganje izgube za KNPVP, ki izhaja iz dejstva, da nasprotna stranka v poslu morda ne bo izpolnila svojih obveznosti pred končno poravnavo s poslom povezanih denarnih tokov;
‘liquidity risk’ means the risk that a position in the UCITS portfolio cannot be sold, liquidated or closed at limited cost in an adequately short time frame and that the ability of the UCITS to comply at any time with Article 84(1) of Directive 2009/65/EC is thereby compromised;
„likvidnostno tveganje“ pomeni tveganje, da pozicije v portfelju KNPVP ni mogoče prodati, unovčiti ali zapreti z omejenimi stroški v dovolj kratkem času in da je s tem zmanjšana sposobnost KNPVP, da vedno izpolnjuje zahteve iz člena 84(1) Direktive 2009/65/ES;
‘market risk’ means the risk of loss for the UCITS resulting from fluctuation in the market value of positions in the UCITS’ portfolio attributable to changes in market variables, such as interest rates, foreign exchange rates, equity and commodity prices or an issuer’s credit worthiness;
„tržno tveganje“ pomeni tveganje izgube za KNPVP, ki je posledica nihanja tržne vrednosti pozicij v portfelju KNPVP, ki se lahko pripiše spremembam tržnih spremenljivk, kot so obrestna mera, devizni tečaji, cene lastniškega kapitala in surovin ali kreditna sposobnost izdajatelja;
‘operational risk’ means the risk of loss for the UCITS resulting from inadequate internal processes and failures in relation to people and systems of the management company or from external events, and includes legal and documentation risk and risk resulting from the trading, settlement and valuation procedures operated on behalf of the UCITS.
„operativno tveganje“ pomeni tveganje izgube za KNPVP, ki je posledica neustreznih notranjih postopkov ter napak ljudi in sistemov v družbi za upravljanje ali zunanjih dogodkov, vključuje pa pravno in dokumentacijsko tveganje ter tveganje, ki izhaja iz postopkov trgovanja, poravnave in vrednotenja, izvedenih v imenu KNPVP.
The term ‘board of directors’ defined in point 5 of the first paragraph shall not comprise the supervisory board where management companies have a dual structure composed of a board of directors and a supervisory board.
Pojem „upravni odbor“, opredeljen v točki 5 prvega odstavka, pri družbi za upravljanje z dualno strukturo, sestavljeno iz upravnega odbora in nadzornega odbora, ne vključuje nadzornega odbora.
ADMINISTRATIVE PROCEDURES AND CONTROL MECHANISM
UPRAVNI POSTOPKI IN NADZORNI MEHANIZEM
(Article 12(1)(a) and Article 14(1)(c) of Directive 2009/65/EC)
(Člen 12(1)(a) in člen 14(1)(c) Direktive 2009/65/ES)
General requirements on procedures and organisation
Splošne zahteve glede postopkov in organizacije
Member States shall require management companies to comply with the following requirements:
Države članice zahtevajo, da družbe za upravljanje izpolnijo naslednje zahteve:
to establish, implement and maintain decision-making procedures and an organisational structure which clearly and in a documented manner specifies reporting lines and allocates functions and responsibilities;
uvedejo, izvajajo in vzdržujejo postopke odločanja ter organizacijsko strukturo, ki jasno in na dokumentiran način določa, kaj mora biti navedeno v poročilu, ter razporeja funkcije in naloge;
to ensure that their relevant persons are aware of the procedures which must be followed for the proper discharge of their responsibilities;
zagotovijo, da so njihove zadevne osebe seznanjene s postopki, ki jih morajo upoštevati za pravilno opravljanje svojih nalog;
to establish, implement and maintain adequate internal control mechanisms designed to secure compliance with decisions and procedures at all levels of the management company;
uvedejo, izvajajo in vzdržujejo ustrezne mehanizme notranjega nadzora, katerih namen je zagotoviti skladnost z odločitvami in postopki na vseh ravneh družbe za upravljanje;
to establish, implement and maintain effective internal reporting and communication of information at all relevant levels of the management company as well as effective information flows with any third party involved;
uvedejo, izvajajo in vzdržujejo učinkovito notranje poročanje ter sporočanje informacij na vseh zadevnih ravneh družbe za upravljanje in učinkovite pretoke informacij z vsemi zadevnimi tretjimi osebami;
to maintain adequate and orderly records of their business and internal organisation.
vzdržujejo ustrezne in urejene evidence svojih poslov in notranje organizacije.
Member States shall ensure that management companies take into account the nature, scale and complexity of the business of the management company, and the nature and range of services and activities undertaken in the course of that business.
Države članice zagotovijo, da družbe za upravljanje upoštevajo vrsto, obseg in kompleksnost poslov družbe za upravljanje ter naravo in obseg storitev in dejavnosti, ki se opravljajo pri teh poslih.