natgillin/translations-raw huggingface dataset:
Purpose and design of an investee
Namen in oblika podjetja, v katero se naloži
B5 When assessing control of an investee, an investor shall consider the purpose and design of the investee in order to identify the relevant activities, how decisions about the relevant activities are made, who has the current ability to direct those activities and who receives returns from those activities.
B5 Pri ocenjevanju obvladovanja podjetja, v katero se naloži, mora naložbenik upoštevati namen in obliko tega podjetja, da opredeli pomembne dejavnosti, način sprejemanja odločitev o pomembnih dejavnostih, kdo lahko trenutno usmerja te dejavnosti in kdo prejema donose iz teh dejavnosti.
B6 When an investee’s purpose and design are considered, it may be clear that an investee is controlled by means of equity instruments that give the holder proportionate voting rights, such as ordinary shares in the investee.
B6 Kar zadeva namen in obliko podjetja, v katero se naloži, je lahko jasno, da se podjetje, v katero se naloži, obvladuje prek kapitalskih instrumentov, ki njihovemu imetniku zagotavljajo sorazmerne glasovalne pravice, kot so navadne delnice podjetja, v katero se naloži.
In this case, in the absence of any additional arrangements that alter decision-making, the assessment of control focuses on which party, if any, is able to exercise voting rights sufficient to determine the investee’s operating and financing policies (see paragraphs B34–B50).
V tem primeru in če ni nobenih dodatnih ureditev, ki spreminjajo odločanje, je ocena obvladovanja osredotočena na to, katera stranka, če sploh katera, lahko uveljavlja dovolj glasovalnih pravic, da lahko odloča o poslovnih in finančnih usmeritvah podjetja, v katero se naloži (B34.–B50. člen).
In the most straightforward case, the investor that holds a majority of those voting rights, in the absence of any other factors, controls the investee.
V najenostavnejšem primeru naložbenik, ki ima večino teh glasovalnih pravic, v odsotnosti drugih dejavnikov obvladuje podjetje, v katero naloži.
B7 To determine whether an investor controls an investee in more complex cases, it may be necessary to consider some or all of the other factors in paragraph B3.
B7 Da se v zapletenejših primerih ugotovi, ali naložbenik obvladuje podjetje, v katero naloži, je včasih treba upoštevati nekaj dejavnikov ali vse druge dejavnike iz B3. člena.
B8 An investee may be designed so that voting rights are not the dominant factor in deciding who controls the investee, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements.
B8 Podjetje, v katero se naloži, je lahko oblikovano tako, da glasovalne pravice niso glavni dejavnik pri odločanju, kdo ga obvladuje, npr. kadar so morebitne glasovalne pravice povezane le z upravnimi nalogami, pri čemer se pomembne dejavnosti usmerjajo na podlagi pogodbenih sporazumov.
In such cases, an investor’s consideration of the purpose and design of the investee shall also include consideration of the risks to which the investee was designed to be exposed, the risks it was designed to pass on to the parties involved with the investee and whether the investor is exposed to some or all of those risks.
V takšnih primerih mora naložbenik pri upoštevanju namena in oblike podjetja, v katero naloži, upoštevati tudi tveganja, ki naj bi jim bilo podjetje, v katero se naloži, izpostavljeno, tveganja, ki naj bi se prenesla na stranke, povezane s podjetjem, v katero se naloži, in svojo izpostavljenost nekaterim ali vsem tem tveganjem.
Consideration of the risks includes not only the downside risk, but also the potential for upside.
Upoštevanje tveganj ne vključuje le negativnega tveganja, ampak tudi možnosti za pozitivno tveganje.
B9 To have power over an investee, an investor must have existing rights that give it the current ability to direct the relevant activities.
B9 Da ima naložbenik vpliv na podjetje, v katero naloži, mora imeti obstoječe pravice, na podlagi katerih lahko trenutno usmerja pomembne dejavnosti.
For the purpose of assessing power, only substantive rights and rights that are not protective shall be considered (see paragraphs B22–B28).
Za namene ocene vpliva se upoštevajo le materialne pravice in pravice, ki niso pravice do zaščite (glej B22.–B28. člen).
B10 The determination about whether an investor has power depends on the relevant activities, the way decisions about the relevant activities are made and the rights the investor and other parties have in relation to the investee.
B10 Določitev, ali ima naložbenik vpliv, je odvisna od pomembnih dejavnosti, načina sprejemanja odločitev o pomembnih dejavnostih ter pravic naložbenika in drugih strank v povezavi s podjetjem, v katero se naloži.
Relevant activities and direction of relevant activities
Pomembne dejavnosti in njihovo usmerjanje
B11 For many investees, a range of operating and financing activities significantly affect their returns.
B11 Na donos veliko podjetij, v katera se naloži, bistveno vpliva vrsta dejavnosti poslovanja in financiranja.
Examples of activities that, depending on the circumstances, can be relevant activities include, but are not limited to:
Primeri dejavnosti, ki so lahko glede na okoliščine pomembne dejavnosti, med drugim vključujejo:
selling and purchasing of goods or services;
prodajo in nakup blaga ali storitev;
managing financial assets during their life (including upon default);
upravljanje finančnih sredstev med njihovo življenjsko dobo (tudi pri neizpolnitvi finančnih obveznosti);
selecting, acquiring or disposing of assets;
izbiro, pridobitev ali odtujitev sredstev;
researching and developing new products or processes; and
raziskave in razvoj novih izdelkov ali postopkov ter
determining a funding structure or obtaining funding.
določitev strukture financiranja ali pridobivanje virov financiranja.
B12 Examples of decisions about relevant activities include but are not limited to:
B12 Primeri odločitev o pomembnih dejavnostih med drugim vključujejo:
establishing operating and capital decisions of the investee, including budgets; and
oblikovanje odločitev podjetja, v katero se naloži, v zvezi s poslovanjem in kapitalom, vključno s predračuni, ter
appointing and remunerating an investee’s key management personnel or service providers and terminating their services or employment.
imenovanje ključnega poslovodnega osebja podjetja, v katero se naloži, ali izvajalcev storitev in zagotavljanje plačila zanje ter prenehanje njihovih storitev ali zaposlitve.
B13 In some situations, activities both before and after a particular set of circumstances arises or event occurs may be relevant activities.
B13 V nekaterih primerih so lahko dejavnosti pred nastankom določenih okoliščin ali pojavom določenega dogodka in po njem pomembne dejavnosti.
When two or more investors have the current ability to direct relevant activities and those activities occur at different times, the investors shall determine which investor is able to direct the activities that most significantly affect those returns consistently with the treatment of concurrent decision-making rights (see paragraph 13).
Kadar lahko pomembne dejavnosti trenutno usmerjata dva ali več naložbenikov in se te dejavnosti izvajajo v različnih obdobjih, morajo naložbeniki določiti, kateri od njih lahko usmerja dejavnosti, ki najbolj bistveno vplivajo na ta donos, skladno z obravnavo sočasnih pravic odločanja (glej 13. člen).
The investors shall reconsider this assessment over time if relevant facts or circumstances change.
Naložbeniki morajo to oceno v določenem obdobju ponovno preučiti, če se spremenijo pomembna dejstva ali okoliščine.
Application examples
Primeri uporabe
Two investors form an investee to develop and market a medical product.
Naložbenika oblikujeta podjetje, v katero naložita, za razvoj in trženje zdravila.
One investor is responsible for developing and obtaining regulatory approval of the medical product—that responsibility includes having the unilateral ability to make all decisions relating to the development of the product and to obtaining regulatory approval.
En naložbenik je odgovoren za razvoj zdravila in pridobitev uradne odobritve zanj, pri čemer ta odgovornost vključuje enostransko možnost sprejemanja vseh odločitev v zvezi z razvojem zdravila in pridobitvijo uradne odobritve.
Once the regulator has approved the product, the other investor will manufacture and market it—this investor has the unilateral ability to make all decisions about the manufacture and marketing of the project.
Potem ko regulator odobri zdravilo, ga drugi naložbenik proizvaja in trži, pri čemer ima ta naložbenik enostransko možnost sprejemanja vseh odločitev v zvezi s proizvodnjo in trženjem zdravila.
If all the activities—developing and obtaining regulatory approval as well as manufacturing and marketing of the medical product—are relevant activities, each investor needs to determine whether it is able to direct the activities that most significantly affect the investee’s returns.
Če so vse dejavnosti – razvoj zdravila in pridobitev uradne odobritve zanj ter njegova proizvodnja in trženje – pomembne dejavnosti, mora vsak naložbenik določiti, ali lahko usmerja dejavnosti, ki najbolj bistveno vplivajo na donos podjetja, v katero naloži.
Accordingly, each investor needs to consider whether developing and obtaining regulatory approval or the manufacturing and marketing of the medical product is the activity that most significantly affects the investee’s returns and whether it is able to direct that activity.
Zato mora vsak naložbenik preučiti, ali so dejavnosti razvoja zdravila in pridobitve uradne odobritve zanj oziroma njegove proizvodnje in trženja dejavnosti, ki najbolj bistveno vplivajo na donos podjetja, v katero se naloži, ter ali lahko usmerja te dejavnosti.
In determining which investor has power, the investors would consider:
Pri določanju, kateri naložbenik ima vpliv, bi naložbenika preučila:
the purpose and design of the investee;
namen in obliko podjetja, v katero se naloži;
the factors that determine the profit margin, revenue and value of the investee as well as the value of the medical product;
dejavnike, ki določajo stopnjo dobička, prihodke in vrednost podjetja, v katero se naloži, ter vrednost zdravila;
the effect on the investee’s returns resulting from each investor’s decision-making authority with respect to the factors in (b); and
učinek na donos podjetja, v katero se naloži, ki izhaja iz pristojnosti odločanja posameznega naložbenika v zvezi z dejavniki iz točke (b), ter
the investors’ exposure to variability of returns.
izpostavljenost naložbenikov spremenljivosti donosa.
In this particular example, the investors would also consider:
V tem primeru bi naložbenika preučila tudi:
the uncertainty of, and effort required in, obtaining regulatory approval (considering the investor’s record of successfully developing and obtaining regulatory approval of medical products); and
negotovost in potrebno prizadevanje v zvezi s pridobitvijo uradne odobritve (glede na preteklo uspešnost naložbenika pri razvoju zdravil in pridobivanju uradnih odobritev zanje) ter
which investor controls the medical product once the development phase is successful.
kateri naložbenik nadzira zdravilo po uspešno končani fazi razvoja.
An investment vehicle (the investee) is created and financed with a debt instrument held by an investor (the debt investor) and equity instruments held by a number of other investors.
Nosilec naložbe (podjetje, v katero se naloži) je ustanovljen ter financiran z dolžniškim instrumentom naložbenika (naložbenika, ki zagotovi dolžniški kapital) in kapitalskimi instrumenti več drugih naložbenikov.
The equity tranche is designed to absorb the first losses and to receive any residual return from the investee.
Kapitalska tranša je namenjena absorpciji prvih izgub in prejemanju morebitnega preostalega donosa podjetja, v katero se naloži.
One of the equity investors who holds 30 per cent of the equity is also the asset manager.
Eden od naložbenikov, ki zagotovi lastniški kapital in ki ima v lasti 30 % lastniškega kapitala, je tudi upravljavec sredstev.
The investee uses its proceeds to purchase a portfolio of financial assets, exposing the investee to the credit risk associated with the possible default of principal and interest payments of the assets.
Podjetje, v katero se naloži, svoje donose uporabi za nakup portfelja s finančnimi sredstvi, s čimer je izpostavljeno kreditnemu tveganju, povezanemu z morebitnim neplačilom glavnice in obresti pri sredstvih.
The transaction is marketed to the debt investor as an investment with minimal exposure to the credit risk associated with the possible default of the assets in the portfolio because of the nature of these assets and because the equity tranche is designed to absorb the first losses of the investee.
Transakcija je naložbeniku, ki zagotovi dolžniški kapital, na voljo kot naložba z minimalno izpostavljenostjo kreditnemu tveganju, povezanemu z morebitnim neplačilom sredstev v portfelju, zaradi narave teh sredstev in namena kapitalske tranše absorpciji prvih izgub podjetja, v katero se naloži.
The returns of the investee are significantly affected by the management of the investee’s asset portfolio, which includes decisions about the selection, acquisition and disposal of the assets within portfolio guidelines and the management upon default of any portfolio assets.
Na donos podjetja, v katero se naloži, bistveno vpliva upravljanje portfelja sredstev podjetja, v katero se naloži, kar vključuje odločitve o izbiri, pridobitvi in odtujitvi sredstev v okviru smernic v zvezi s portfeljem ter upravljanje katerih koli sredstev portfelja v primeru neplačila.
All those activities are managed by the asset manager until defaults reach a specified proportion of the portfolio value (ie when the value of the portfolio is such that the equity tranche of the investee has been consumed).
Vse te dejavnosti vodi upravljavec sredstev, dokler neplačila ne dosežejo določenega deleža vrednosti portfelja (tj. ko je vrednost portfelja takšna, da je kapitalska tranša podjetja, v katero se naloži, porabljena).
From that time, a third-party trustee manages the assets according to the instructions of the debt investor.
Od tega trenutka sredstva upravlja neodvisni upravljavec v skladu z navodili naložbenika, ki zagotovi dolžniški kapital.
Managing the investee’s asset portfolio is the relevant activity of the investee.
Upravljanje portfelja sredstev podjetja, v katero se naloži, je pomembna dejavnost podjetja, v katero se naloži.
The asset manager has the ability to direct the relevant activities until defaulted assets reach the specified proportion of the portfolio value; the debt investor has the ability to direct the relevant activities when the value of defaulted assets surpasses that specified proportion of the portfolio value.
Upravljavec sredstev lahko usmerja pomembne dejavnosti, dokler neplačana sredstva ne dosežejo določenega deleža vrednosti portfelja; naložbenik, ki zagotovi dolžniški kapital, lahko usmerja pomembne dejavnosti, ko vrednost neplačanih sredstev preseže ta določeni delež vrednosti portfelja.
The asset manager and the debt investor each need to determine whether they are able to direct the activities that most significantly affect the investee’s returns, including considering the purpose and design of the investee as well as each party’s exposure to variability of returns.
Tako upravljavec sredstev kot tudi naložbenik, ki zagotovi dolžniški kapital, morata določiti, ali lahko usmerjata dejavnosti, ki najbolj bistveno vplivajo na donos podjetja, v katero se naloži, vključno s preučitvijo namena in oblike podjetja, v katero se naloži, ter izpostavljenosti vsake stranke spremenljivosti donosa.
Rights that give an investor power over an investee
Pravice, na podlagi katerih ima naložbenik vpliv na podjetje, v katero naloži
B14 Power arises from rights.
B14 Vpliv izhaja iz pravic.
To have power over an investee, an investor must have existing rights that give the investor the current ability to direct the relevant activities.
Da ima naložbenik vpliv na podjetje, v katero naloži, mora imeti obstoječe pravice, na podlagi katerih lahko trenutno usmerja pomembne dejavnosti.
The rights that may give an investor power can differ between investees.
Pravice, na podlagi katerih lahko ima naložbenik vpliv, se lahko med podjetji, v katera se naloži, razlikujejo.
B15 Examples of rights that, either individually or in combination, can give an investor power include but are not limited to:
B15 Primeri pravic, ki lahko posamezno ali skupaj naložbeniku zagotovijo vpliv, med drugim vključujejo:
rights in the form of voting rights (or potential voting rights) of an investee (see paragraphs B34–B50);
pravice v obliki glasovalnih pravic (ali potencialnih glasovalnih pravic) podjetja, v katero se naloži (glej B34.–B50. člen);
rights to appoint, reassign or remove members of an investee’s key management personnel who have the ability to direct the relevant activities;
pravice do imenovanja, prerazporeditve ali odstavitve članov ključnega poslovodnega osebja podjetja, v katero se naloži, ki lahko usmerjajo pomembne dejavnosti;
rights to appoint or remove another entity that directs the relevant activities;
pravice do imenovanja ali odstavitve drugega subjekta, ki usmerja pomembne dejavnosti;
rights to direct the investee to enter into, or veto any changes to, transactions for the benefit of the investor; and
pravice do usmerjanja podjetja, v katero se naloži, v sklepanje poslov ali do veta na kakršne koli spremembe poslov v korist naložbenika ter
other rights (such as decision-making rights specified in a management contract) that give the holder the ability to direct the relevant activities.
druge pravice (kot so pravice odločanja, določene v upravljalnih pogodbah), na podlagi katerih lahko imetnik usmerja pomembne dejavnosti.
B16 Generally, when an investee has a range of operating and financing activities that significantly affect the investee’s returns and when substantive decision-making with respect to these activities is required continuously, it will be voting or similar rights that give an investor power, either individually or in combination with other arrangements.
B16 Kadar ima podjetje, v katero se naloži, vrsto dejavnosti poslovanja in financiranja, ki bistveno vplivajo na donos tega podjetja, in je treba redno sprejemati vsebinske odločitve v zvezi s temi dejavnostmi, naložbeniku vpliv na splošno zagotavljajo glasovalne ali podobne pravice, in sicer same ali skupaj z drugimi ureditvami.
B17 When voting rights cannot have a significant effect on an investee’s returns, such as when voting rights relate to administrative tasks only and contractual arrangements determine the direction of the relevant activities, the investor needs to assess those contractual arrangements in order to determine whether it has rights sufficient to give it power over the investee.
B17 Če glasovalne pravice ne vplivajo bistveno na donos podjetja, v katero se naloži, na primer kadar so glasovalne pravice povezane le z upravnimi nalogami in se usmerjanje pomembnih dejavnosti določi s pogodbenimi sporazumi, mora naložbenik oceniti te pogodbene sporazume za določitev, ali ima dovolj pravic, da ima vpliv na podjetje, v katero naloži.
To determine whether an investor has rights sufficient to give it power, the investor shall consider the purpose and design of the investee (see paragraphs B5–B8) and the requirements in paragraphs B51–B54 together with paragraphs B18–B20.
Za določitev, ali ima naložbenik dovolj pravic, da ima vpliv na podjetje, v katero naloži, mora naložbenik preučiti namen in obliko tega podjetja (glej B5.–B8. člen) ter zahteve iz B51.–B54. člena skupaj z B18.–B20. členom.
B18 In some circumstances it may be difficult to determine whether an investor’s rights are sufficient to give it power over an investee.
B18 V nekaterih okoliščinah je morda težko določiti, ali ima naložbenik dovolj pravic, da ima vpliv na podjetje, v katero naloži.
In such cases, to enable the assessment of power to be made, the investor shall consider evidence of whether it has the practical ability to direct the relevant activities unilaterally.
Da lahko naložbenik v takšnih primerih oceni vpliv, mora preučiti dokaze o tem, ali lahko dejansko enostransko usmerja pomembne dejavnosti.
Consideration is given, but is not limited, to the following, which, when considered together with its rights and the indicators in paragraphs B19 and B20, may provide evidence that the investor’s rights are sufficient to give it power over the investee:
Med drugim je treba preučiti naslednje elemente, ki lahko skupaj s pravicami naložbenika ter kazalniki iz B19. in B20. člena pomenijo dokaz, da ima naložbenik dovolj pravic, da ima vpliv na podjetje, v katero naloži:
The investor can, without having the contractual right to do so, appoint or approve the investee’s key management personnel who have the ability to direct the relevant activities.
naložbenik lahko brez pogodbene pravice imenuje ali potrdi ključno poslovodno osebje podjetja, v katero naloži, ki lahko usmerja pomembne dejavnosti;
The investor can, without having the contractual right to do so, direct the investee to enter into, or can veto any changes to, significant transactions for the benefit of the investor.
naložbenik lahko brez pogodbene pravice usmerja podjetje, v katero naloži, v sklepanje pomembnih poslov ali da veto na kakršne koli spremembe pomembnih poslov v korist naložbenika;
The investor can dominate either the nominations process for electing members of the investee’s governing body or the obtaining of proxies from other holders of voting rights.
naložbenik lahko ima prevladujočo vlogo v postopku imenovanja članov upravnega organa podjetja, v katero naloži, ali pridobivanju pooblastil od drugih imetnikov glasovalnih pravic;
The investee’s key management personnel are related parties of the investor (for example, the chief executive officer of the investee and the chief executive officer of the investor are the same person).
člani ključnega poslovodnega osebja podjetja, v katero se naloži, so povezane stranke naložbenika (na primer, glavni izvršni direktor podjetja, v katero se naloži, je tudi glavni izvršni direktor naložbenika);
The majority of the members of the investee’s governing body are related parties of the investor.
večina članov upravnega organa podjetja, v katero se naloži, so povezane stranke naložbenika.
B19 Sometimes there will be indications that the investor has a special relationship with the investee, which suggests that the investor has more than a passive interest in the investee.
B19 Včasih obstajajo znaki posebnega razmerja med naložbenikom in podjetjem, v katero se naloži, na podlagi katerega bi lahko imel naložbenik v podjetju, v katero naloži, več kot le pasivne interese.
The existence of any individual indicator, or a particular combination of indicators, does not necessarily mean that the power criterion is met.
Obstoj katerega koli posameznega kazalnika ali kombinacije kazalnikov ne pomeni vedno, da je izpolnjeno merilo vpliva.
However, having more than a passive interest in the investee may indicate that the investor has other related rights sufficient to give it power or provide evidence of existing power over an investee.
Vendar lahko interesi v podjetju, v katero se naloži, ki niso le pasivni, pomenijo, da ima naložbenik dovolj drugih povezanih pravic, da ima vpliv, ali dokazujejo obstoj vpliva na podjetje, v katero se naloži.
For example, the following suggests that the investor has more than a passive interest in the investee and, in combination with other rights, may indicate power:
Naslednje na primer kaže, da ima naložbenik v podjetju, v katero naloži, več kot le pasivne interese, in lahko v kombinaciji z drugimi pravicami pomeni vpliv:
The investee’s key management personnel who have the ability to direct the relevant activities are current or previous employees of the investor.
člani ključnega poslovodnega osebja podjetja, v katero se naloži, ki lahko usmerjajo pomembne dejavnosti, so ali so bili zaposleni pri naložbeniku;