natgillin/translations-raw huggingface dataset:
However, under no circumstances should this Regulation benefit investments made in portfolio undertakings established in third countries characterised by a lack of appropriate cooperation arrangements between the competent authorities of the home Member State of the manager of a qualifying venture capital fund and with each other Member State in which units or shares of the qualifying venture capital fund are intended to be marketed or by a lack of effective exchange of information in tax matters.
Vendar ta uredba v nobenem primeru ne bi smela koristiti naložbam v portfeljska podjetja, ustanovljena v tretjih državah, za katere je značilno pomanjkanje ustreznih dogovorov o sodelovanju med pristojnimi organi matične države članice upravitelja kvalificiranega sklada tveganega kapitala in z vsako drugo državo članico, v katerih so enote ali deleži kvalificiranega sklada tveganega kapitala namenjeni trženju, ali pomanjkanje učinkovite izmenjave informacij pri davčnih zadevah.
A qualifying venture capital fund should, as a first step, be established in the Union in order to be entitled to use the designation ‘EuVECA’ as established by this Regulation.
Kvalificiran sklad tveganega kapitala bi moral biti najprej ustanovljen v Uniji, da bi lahko uporabljal oznako „EuVECA“, kot jo določa ta uredba.
The Commission should, within two years of the date of application of this Regulation, review the limitation on the use of the designation ‘EuVECA’ to funds established in the Union, taking into account experience of applying the Commission Recommendation regarding measures intended to encourage third countries to apply minimum standards of good governance in tax matters.
Komisija bi morala v dveh letih od datuma začetka uporabe te uredbe pregledati omejitev uporabe oznake „EuVECA“ za sklade, ustanovljene v Uniji, ob upoštevanju izkušenj pri uporabi priporočila Komisije glede ukrepov, namenjenih spodbujanju tretjih držav k uporabi minimalnih standardov dobrega upravljanja pri davčnih zadevah.
Managers of qualifying venture capital funds should be able to attract additional capital commitments during the life of that fund.
Upravitelji kvalificiranih skladov tveganega kapitala bi morali biti sposobni med življenjsko dobo sklada privabljati dodatne kapitalske zaveze.
Such additional capital commitments during the life of the qualifying venture capital fund should be taken into account when the next investment in assets other than qualifying assets is contemplated.
Take dodatne kapitalske zaveze med življenjsko dobo kvalificiranega sklada tveganega kapitala bi bilo treba upoštevati pri razmisleku o naslednji naložbi v sredstva, ki niso kvalificirana.
Additional capital commitments should be permitted in accordance with criteria and subject to conditions set out in the qualifying venture capital fund’s rules or instruments of incorporation.
Dodatne kapitalske zaveze bi morale biti dovoljene v skladu z merili in pod pogoji iz pravil upravljanja ali ustanovnega akta kvalificiranega sklada tveganega kapitala.
Qualifying investments should be in the form of equity or quasi-equity instruments.
Kvalificirane naložbe bi morale imeti obliko lastniških ali navideznih lastniških instrumentov.
Quasi-equity instruments comprise a type of financing instrument, which is a combination of equity and debt, where the return on the instrument is linked to the profit or loss of the qualifying portfolio undertaking, and where the repayment of the instrument in the event of default is not fully secured.
Navidezni lastniški instrumenti so finančni instrumenti, ki so kombinacija lastniškega in dolžniškega kapitala, katerih donos je povezan z dobičkom ali izgubo kvalificiranega portfeljskega podjetja in katerih poplačilo v primeru neizpolnitve obveznosti ni v celoti zavarovano.
Such instruments include a variety of financing instruments such as subordinated loans, silent participations, participating loans, profit participating rights, convertible bonds and bonds with warrants.
Taki instrumenti vključujejo vrsto finančnih instrumentov, kot so podrejena posojila, tiha udeležba, udeležbena posojila, pravice do udeležbe pri dobičku, zamenljive obveznice in obveznice z nakupnim bonom.
As a possible complement to — but not a substitute for — equity and quasi-equity instruments, secured or unsecured loans, such as bridge financing, granted by the qualifying venture capital fund to a qualifying portfolio undertaking in which the qualifying venture capital fund already holds qualifying investments, should be permitted, provided that no more than 30 % of the aggregate capital contributions and uncalled committed capital in the qualifying venture capital fund is used for such loans.
Kot možno dopolnilo – vendar ne kot nadomestilo – za lastniške ali navidezne lastniške instrumente bi morala biti dovoljena zavarovana ali nezavarovana posojila, kot je premostitveno financiranje, ki ga kvalificirani sklad tveganega kapitala odobri kvalificiranemu portfeljskemu podjetju, v katerem ima ta sklad že kvalificirane naložbe, če se za takšna posojila ne uporabi več kot 30 % združenih kapitalskih vložkov in neporabljenega kapitala na vpoklic v kvalificiranem skladu tveganega kapitala.
Furthermore, to reflect existing business practices in the venture capital market, a qualifying venture capital fund should be allowed to buy existing shares of a qualifying portfolio undertaking from existing shareholders of that undertaking.
Poleg tega bi moral kvalificirani sklad tveganega kapitala imeti možnost, da od imetnikov deležev tega podjetja kupi obstoječe deleže kvalificiranega portfeljskega podjetja, da bi se odrazile obstoječe poslovne prakse na trgu tveganega kapitala.
Also, for the purposes of ensuring the widest possible opportunities for fundraising, investments into other qualifying venture capital funds should be permitted.
Za namene zagotavljanja kar največjih priložnosti za zbiranje sredstev, bi morale biti dovoljene tudi naložbe v druge kvalificirane sklade tveganega kapitala.
To prevent dilution of the investments into qualifying portfolio undertakings, qualifying venture capital funds should only be permitted to invest into other qualifying venture capital funds, provided that those qualifying venture capital funds have not themselves invested more than 10 % of their aggregate capital contributions and uncalled committed capital in other qualifying venture capital funds.
Da bi preprečili zmanjšanje vrednosti naložb v kvalificiranih portfeljskih podjetjih, bi morale biti kvalificiranim skladom tveganega kapitala dovoljene le naložbe v druge kvalificirane sklade tveganega kapitala, pod pogojem, da ti kvalificirani skladi tveganega kapitala niso sami vložili več kot 10 % svojih združenih kapitalskih vložkov in neporabljenega kapitala na vpoklic v druge kvalificirane sklade tveganega kapitala.
The core activities of venture capital funds are providing finance to SMEs through primary investments.
Osrednja dejavnost skladov tveganega kapitala je zagotavljanje sredstev MSP z neposrednimi naložbami.
Venture capital funds should neither participate in systemically important banking activities outside of the usual prudential regulatory framework (so-called ‘shadow banking’) nor follow typical private equity strategies, such as leveraged buyouts.
Skladi tveganega kapitala ne bi smeli niti sodelovati v sistemsko pomembnih bančnih dejavnostih zunaj običajnega bonitetnega zakonodajnega okvira (tako imenovano „bančništvo v senci“) niti uporabljati običajnih strategij zasebnega kapitala, kot so odkupi z zadolžitvijo.
In line with Europe 2020, this Regulation aims to promote venture capital investments into innovative SMEs anchored in the real economy.
V skladu z Evropa 2020 je namen te uredbe spodbujanje naložb tveganega kapitala v inovativna MSP, ki so zasidrana v resničnem gospodarstvu.
Credit institutions, investment firms, insurance undertakings, financial holding companies and mixed-activity holding companies should therefore be excluded from the definition of qualifying portfolio undertakings under this Regulation.
Kreditne institucije, investicijska podjetja, zavarovalnice ter finančni in mešani holdingi bi morali biti zato izključeni iz opredelitve kvalificiranih portfeljskih podjetij v tej uredbi.
In order to put in place an essential safeguard that differentiates qualifying venture capital funds under this Regulation from the broader category of alternative investment funds which trade in issued securities on secondary markets, it is necessary to lay down rules so that qualifying venture capital funds make investments primarily in directly issued instruments.
Za zagotovitev bistvenega varovala, in sicer da se kvalificirani skladi tveganega kapitala iz te uredbe razlikujejo od širše kategorije alternativnih investicijskih skladov, ki trgujejo z izdanimi vrednostnimi papirji na sekundarnih trgih, je treba določiti pravila tako, da bodo kvalificirani skladi tveganega kapitala vlagali v glavnem v neposredno izdane instrumente.
In order to allow managers of qualifying venture capital funds a certain degree of flexibility in the investment and liquidity management of their qualifying venture capital funds, trading, such as in shares or participations in non-qualifying portfolio undertakings or acquisitions of non-qualifying investments, should be permitted up to a maximum threshold of 30 % of aggregate capital contributions and uncalled capital.
Da se upraviteljem kvalificiranih skladov tveganega kapitala omogoči določena stopnja prožnosti pri naložbenem in likvidnostnem upravljanju njihovih kvalificiranih skladov tveganega kapitala, bi moralo biti trgovanje, kot je trgovanje z delnicami ali udeležbami v nekvalificiranih portfeljskih podjetjih ali pridobitve nekvalificiranih naložb, dovoljeno do praga 30 % združenih kapitalskih vložkov in nevpoklicanega kapitala.
In order to ensure that the designation ‘EuVECA’ is reliable and easily recognisable for investors across the Union, only managers of qualifying venture capital funds which comply with the uniform quality criteria as set out in this Regulation should be eligible to use the designation ‘EuVECA’ when marketing qualifying venture capital funds across the Union.
Za zagotovitev, da bo oznaka „EuVECA“ zanesljiva in lahko prepoznavna za vlagatelje v celotni Uniji, bi morali uporabo oznake „EuVECA“ pri trženju kvalificiranih skladov tveganega kapitala po Uniji dovoliti le upraviteljem kvalificiranih skladov tveganega kapitala, ki izpolnjujejo enotna merila kakovosti iz te uredbe.
In order to ensure that qualifying venture capital funds have a distinct and identifiable profile which is suited to their purpose, there should be uniform rules on the composition of the portfolio and on the investment techniques which are permitted for such funds.
Za zagotovitev ločenega in prepoznavnega profila kvalificiranih skladov tveganega kapitala, ki ustreza njihovemu namenu, bi bilo treba določiti enotna pravila o sestavi portfelja in naložbenih tehnikah, ki so dovoljene za take sklade.
In order to ensure that qualifying venture capital funds do not contribute to the development of systemic risks, and that such funds concentrate, in their investment activities, on supporting qualifying portfolio undertakings, the use of leverage at the level of the fund should not be permitted.
Za zagotovitev, da kvalificirani skladi tveganega kapitala ne prispevajo k razvoju sistemskih tveganj ter da se taki skladi s svojimi naložbenimi dejavnostmi osredotočajo na podpiranje kvalificiranih portfeljskih podjetij, uporaba finančnih vzvodov na ravni sklada ne bi smela biti dovoljena.
Managers of qualifying venture capital funds should only be permitted to borrow, issue debt obligations or provide guarantees, at the level of the qualifying venture capital fund, provided that such borrowings, debt obligations or guarantees are covered by uncalled commitments and thus do not increase the exposure of the fund beyond the level of its committed capital.
Upraviteljem kvalificiranih skladov tveganega kapitala bi moralo biti dovoljeno, da najemajo posojila ali izdajajo zadolžnice ali jamstva na ravni kvalificiranega sklada tveganega kapitala le, če so taka posojila, zadolžnice ali jamstva krita z neporabljenim kapitalom na vpoklic in tako ne povečujejo izpostavljenosti sklada prek ravni njegovega kapitala na vpoklic.
Cash advances from investors of qualifying venture capital funds that are fully covered by capital commitments from those investors do not increase the exposure of the qualifying venture capital fund and should therefore be allowed.
Gotovinska predplačila vlagateljev kvalificiranega sklada tveganega kapitala, ki so v celoti krita s kapitalskimi obveznostmi teh vlagateljev, ne povečajo izpostavljenosti tega sklada in bi zato morala biti dovoljena.
Also, in order to permit the fund to cover extraordinary liquidity needs that might arise between a call of committed capital from investors and the actual reception of the capital in its accounts, short-term borrowing should be allowed provided that the amount of such borrowing does not exceed the fund’s uncalled committed capital.
Prav tako bi morala biti dovoljena kratkoročna posojila, s katerimi bi sklad lahko pokril izredne potrebe po likvidnosti, ki se lahko pojavijo v obdobju od vlagateljevega poziva za kapital na vpoklic do dejanskega prejetja kapitala na njegove račune, pod pogojem, da znesek takega posojila ne preseže skladovega neporabljenega kapitala na vpoklic.
In order to ensure that qualifying venture capital funds are only marketed to investors who have the experience, knowledge and expertise to make their own investment decisions and properly assess the risks that those funds carry, and in order to maintain investor confidence and trust in qualifying venture capital funds, certain specific safeguards should be laid down.
Za zagotovitev, da se kvalificirani skladi tveganega kapitala tržijo le vlagateljem z izkušnjami, znanjem in strokovnim znanjem, ki lahko sami odločajo o svojih naložbah in ustrezno ocenijo tveganje teh skladov, in za ohranitev zaupanja vlagateljev v kvalificirane sklade tveganega kapitala bi bilo treba določiti nekatera posebna varovala.
Therefore, qualifying venture capital funds should only be marketed to investors who are professional clients or who can be treated as professional clients under Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments [6].
Zato bi bilo treba kvalificirane sklade tveganega kapitala tržiti le vlagateljem, ki so profesionalne stranke ali se lahko štejejo za profesionalne stranke v skladu z Direktivo 2004/39/ES Evropskega parlamenta in Sveta z dne 21. aprila 2004 o trgih finančnih instrumentov [6].
However, in order to have a sufficiently broad investor base for investment into qualifying venture capital funds it is also desirable that certain other investors have access to qualifying venture capital funds, including high net worth individuals.
Vendar je za zagotavljanje dovolj širokega nabora vlagateljev za naložbe v kvalificirane sklade tveganega kapitala zaželeno tudi, da imajo dostop do kvalificiranih skladov tveganega kapitala določeni drugi vlagatelji, vključno s premožnimi posamezniki.
For those other investors, however, specific safeguards should be laid down in order to ensure that qualifying venture capital funds are only marketed to investors that have the appropriate profile for making such investments.
Za te druge vlagatelje bi bilo treba določiti posebna varovala, da se zagotovi trženje kvalificiranih skladov tveganega kapitala samo vlagateljem z ustreznim profilom za izvajanje takih naložb.
These safeguards exclude marketing through the use of periodic savings plans.
Ta varovala izključujejo trženje z uporabo rednih varčevalnih shem.
Furthermore, investments made by executives, directors or employees involved in the management of a manager of a qualifying venture capital fund should be possible when investing in the qualifying venture capital fund that they manage, as such individuals are knowledgeable enough to participate in venture capital investments.
Poleg tega bi bilo treba vodstvenim delavcem, direktorjem ali zaposlenim, ki so vključeni v upravljanje upravitelja kvalificiranega sklada tveganega kapitala, omogočiti naložbe v kvalificirane sklade tveganega kapitala, ki jih upravljajo, saj imajo ti posamezniki zadostno znanje, da lahko vlagajo v tvegani kapital.
To ensure that only managers of qualifying venture capital funds that fulfil uniform quality criteria as regards their behaviour in the market use the designation ‘EuVECA’, there should be rules on the conduct of business and the relationship of those managers with their investors.
Za zagotovitev, da oznako „EuVECA“ uporabljajo samo upravitelji kvalificiranih skladov tveganega kapitala, ki izpolnjujejo enotna merila kakovosti glede ravnanja na trgu, bi morala obstajati pravila o poslovanju in razmerju teh upraviteljev z njihovimi vlagatelji.
For the same reason, uniform conditions concerning the handling of conflicts of interest by those managers should be established.
Iz istega razloga bi bilo treba določiti enotne pogoje glede obravnave nasprotij interesov teh upraviteljev.
Those rules and conditions should also require the managers to have the necessary organisational and administrative arrangements in place to ensure a proper handling of conflicts of interest.
Ta pravila in pogoji bi morali določati tudi, da imajo upravitelji urejene potrebne organizacijske in administrativne ureditve za zagotavljanje ustreznega obravnavanja nasprotja interesov.
Where a manager of a qualifying venture capital fund intends to delegate functions to third parties, the manager’s liability towards the venture capital fund and the investors therein should not be affected by such delegation of functions to a third party.
Kadar namerava upravitelj kvalificiranega sklada tveganega kapitala prenesti naloge na tretjo osebo, tak prenos ne bi smel vplivati na odgovornost upravitelja do sklada tveganega kapitala in njegovih vlagateljev.
Moreover, the manager should not delegate functions to the extent that, in essence, it can no longer be considered to be a manager of a qualifying venture capital fund and has become a letter-box entity.
Poleg tega upravitelj nalog na tretjo osebo ne bi smel prenesti v tolikšni meri, da ga dejansko ne bi bilo mogoče več obravnavati kot upravitelja kvalificiranega sklada tveganega kapitala in ima samo še vlogo „poštnega nabiralnika“.
The manager should remain responsible for the proper performance of delegated functions and compliance with this Regulation at all time.
Upravitelj bi moral biti še naprej odgovoren za ustrezno izvajanje prenesenih nalog in neprestano izpolnjevanje te uredbe.
The delegation of functions should not undermine the effectiveness of supervision of the manager, and, in particular, should not prevent the manager from acting, or the fund from being managed, in the best interests of its investors.
Prenos nalog ne bi smel ogroziti učinkovitosti nadzora nad upraviteljem, zlasti pa upravitelju ne bi smel preprečiti delovanja v interesu njegovih vlagateljev oziroma takega upravljanja sklada.
In order to ensure the integrity of the designation ‘EuVECA’ quality criteria as regards the organisation of a manager of a qualifying venture capital fund should be established.
Za zagotovitev integritete oznake „EuVECA“ bi bilo treba določiti merila kakovosti v zvezi z organizacijo upravitelja kvalificiranega sklada tveganega kapitala.
Therefore, uniform, proportionate requirements for the need to maintain adequate technical and human resources should be laid down.
Zato bi bilo treba določiti enotne in sorazmerne zahteve zaradi potrebe po vzdrževanju ustreznih tehničnih in človeških virov.
In order to ensure the proper management of qualifying venture capital funds and the ability of their managers to cover potential risks arising from their activities, uniform, proportionate requirements for managers of qualifying venture capital funds to maintain sufficient own funds should be laid down.
Za zagotovitev ustreznega upravljanja kvalificiranih skladov tveganega kapitala in da bi njihovi upravitelji lahko krili morebitna tveganja, ki izhajajo iz njihovih dejavnosti, bi bilo treba določiti enotne in sorazmerne zahteve za upravitelje kvalificiranih skladov tveganega kapitala, da ohranijo zadostna lastna sredstva.
The amount of such own funds should be sufficient to ensure the continuity and proper management of qualifying venture capital funds.
Znesek takih lastnih sredstev bi morala zadostovati za zagotavljanje neprekinjenega in ustreznega upravljanja kvalificiranih skladov tveganega kapitala.
It is necessary for the purpose of investor protection to ensure that the assets of the qualifying venture capital fund are properly evaluated.
Zaradi varstva vlagateljev je treba zagotoviti ustrezno vrednotenje sredstev kvalificiranega sklada tveganega kapitala.
The rules or instruments of incorporation of qualifying venture capital funds should therefore contain provisions on the valuation of assets.
Zato bi morala pravila upravljanja ali ustanovni akti kvalificiranih skladov tveganega kapitala vsebovati določbe o vrednotenju sredstev.
This should ensure the integrity and transparency of the valuation.
S tem bi bilo treba zagotoviti integriteto in preglednost vrednotenja.
In order to ensure that managers of qualifying venture capital funds which make use of the designation ‘EuVECA’ give sufficient account of their activities, uniform rules on annual reports should be established.
Za zagotovitev, da upravitelji kvalificiranih skladov tveganega kapitala, ki uporabljajo oznako „EuVECA“, v zadostni meri poročajo o svojih dejavnostih, bi bilo treba vzpostaviti enotna pravila o letnih poročilih.
It is necessary, for the purposes of ensuring the integrity of the designation ‘EuVECA’ in the eyes of investors, that it is only used by managers of qualifying venture capital funds that are fully transparent as to their investment policy and their investment targets.
Za zagotovitev, da vlagatelji verjamejo v integriteto oznake „EuVECA“, lahko oznako uporabljajo samo upravitelji kvalificiranih skladov tveganega kapitala s popolnoma pregledno naložbeno politiko in naložbenimi cilji.
Uniform rules on disclosure requirements that are incumbent on such managers in relation to their investors should therefore be laid down.
Zato bi bilo treba določiti enotna pravila o zahtevah po razkritju, ki so obvezna za take upravitelje v zvezi z njihovimi vlagatelji.
In particular, there should be pre-contractual disclosure obligations related to the investment strategy and objectives of the qualifying venture capital funds, the investment instruments which are used, information on costs and associated charges, and the risk/reward profile of the investment proposed by a qualifying fund.
Zlasti bi morala obstajati predpogodbene zahteve po razkritju v zvezi z naložbeno strategijo in cilji kvalificiranih skladov tveganega kapitala, uporabljenimi naložbenimi instrumenti, informacijah o stroških in povezanih bremenitvah ter profilu tveganja/donosa naložbe, ki jo predlaga kvalificirani sklad.
In view of achieving a high degree of transparency, such disclosure requirements should also include information on how the remuneration of the managers is calculated.
Da bi se dosegla visoka stopnja preglednosti, bi morale takšne zahteve po razkritju vključevati tudi informacije o tem, kako se izračunajo prejemki upraviteljev.
In order to ensure effective supervision of the uniform requirements contained in this Regulation, the competent authority of the home Member State should supervise compliance of managers of qualifying venture capital funds with the uniform requirements set out in this Regulation.
Za zagotovitev učinkovitega nadzora enotnih zahtev iz te uredbe bi moral pristojni organ matične države članice nadzorovati skladnost upraviteljev kvalificiranih skladov tveganega kapitala z enotnimi zahtevami, določenimi v tej uredbe.