natgillin/translations-raw huggingface dataset:
In order to receive appropriate information for monitoring systemic risks and to gain a complete picture of the use of leverage by the AIFM, information about the exposure of an AIF should be provided to competent authorities and investors both on a gross and on a commitment method basis and all AIFMs should therefore calculate exposure using both the gross and the commitment method.
Za pridobitev ustreznih informacij za spremljanje sistemskih tveganj in pregled nad uporabo finančnega vzvoda s strani UAIS, bi morale biti informacije o izpostavljenosti AIS pristojnim organom in vlagateljem predložene na podlagi metode bruto izpostavljenosti in metode zavezujoče izpostavljenosti, vsi UAIS pa bi morali zato izpostavljenost izračunati na podlagi obeh metod.
Specifically, the degree to which overall exposure differs between the gross method and the commitment method may provide useful information.
Zlasti je lahko koristen podatek, v kolikšni meri se skupna izpostavljenost razlikuje med metodo bruto izpostavljenosti in metodo zavezujoče izpostavljenosti.
If necessary to ensure that any increase of the exposure of AIFs is adequately reflected the Commission may adopt additional delegated acts on an additional and optional method for the calculation of leverage.
Če je treba zagotoviti, da se vsako povečanje izpostavljenosti AIS ustrezno odraža, lahko Komisija sprejme dodatne delegirane akte o dodatni in neobvezni metodi za izračun finančnega vzvoda.
When calculating the exposure, all positions of the AIF should initially be included, including short and long assets and liabilities, borrowings, derivative instruments and any other method increasing the exposure where the risks and rewards of assets or liabilities are with the AIF, and all other positions that make up the net asset value.
Pri izračunu izpostavljenosti bi se morale na začetku vključiti vse pozicije AIS, vključno s kratkimi in dolgimi pozicijami v zvezi s sredstvi ter obveznostmi, izposojo, izvedenimi finančnimi instrumenti in katero koli drugo metodo, ki povečuje izpostavljenost, kadar tveganja in koristi sredstev ali obveznosti nosi AIS, ter vsemi drugimi pozicijami, ki sestavljajo čisto vrednost sredstev.
Borrowing arrangements entered into by the AIF should be excluded if they are temporary in nature and relate to and are fully covered by capital commitments from investors.
Dogovore o izposoji, ki jih sklenejo AIS, bi bilo treba izvzeti, če so začasni in zadevajo kapitalske obveznosti vlagateljev ter so v celoti kriti z njimi.
Revolving credit facilities should not be considered being temporary in nature.
Obnovljiva posojila se ne štejejo kot začasna.
In addition to calculating exposure using the gross method, all AIFMs should calculate exposure using the commitment method.
Poleg izračuna izpostavljenosti z metodo bruto izpostavljenosti bi morali vsi UAIS izpostavljenost izračunati tudi z metodo zavezujoče izpostavljenosti.
According to the commitment method financial derivative instruments should be converted into equivalent positions in the underlying asset.
V skladu s to metodo bi se morali izvedeni finančni instrumenti pretvoriti v enakovredne pozicije v osnovnem sredstvu.
However, if an AIF invests in certain derivatives in order to off-set the market risk of other assets in which the AIF is invested, under certain conditions, those derivatives should not be converted into an equivalent position in the underlying assets as the exposures of the two investments balance one another.
Če pa AIS vlaga v določene izvedene finančne instrumente, da bi izravnal tržno tveganje drugih sredstev, v katere vlaga, se pod določenimi pogoji navedeni instrumenti ne smejo pretvoriti v enakovredno pozicijo v osnovnem sredstvu, saj se izpostavljenosti obeh naložb izravnata.
That should be the case where, for instance, an AIF portfolio invests in a certain index and holds a derivative instrument which swaps the performance of that index with the performance of a different index, that should be equivalent to holding exposure to the second index in the portfolio and therefore the AIF’s net asset value would not depend on the performance of the first index.
Do tega bi moralo priti, kadar na primer portfelj AIS vlaga v določen indeks in ima v lasti izvedeni finančni instrument, ki zamenja donos navedenega indeksa z donosom drugega indeksa, kar bi moralo biti enako izpostavljenosti do drugega indeksa v portfelju, in zato čista vrednost sredstev AIS ne bi bila odvisna od donosa prvega indeksa.
When calculating exposure according to the commitment method, derivatives which fulfil the criteria set out in this Regulation do not provide any incremental exposure.
Pri izračunu izpostavljenosti v skladu z metodo zavezujoče izpostavljenosti izvedeni finančni instrumenti, ki izpolnjujejo merila iz te uredbe, ne povzročajo nobene dodatne izpostavljenosti.
Thus, if the AIF invests in index future contracts and holds a cash position equal to the total underlying market value of future contracts, this would be equivalent to directly investing in index shares and therefore the index future contract should not be taken into account for the purpose of calculating the exposure of the AIF.
Če AIS vlaga v indeksirane standardizirane terminske pogodbe in ima denarno pozicijo, enako celotni osnovni tržni vrednosti standardiziranih terminskih pogodb, bi bilo to enakovredno neposrednemu vlaganju v indeksirane delnice, zato se indeksirana standardizirana terminska pogodba ne bi smela upoštevati za namene izračuna izpostavljenosti AIS.
When calculating exposure according to the commitment method, AIFMs should be allowed to consider hedging and netting arrangements provided they fulfil the criteria relating to the commitment method.
Pri izračunu izpostavljenosti na podlagi metode zavezujoče izpostavljenosti bi bilo treba UAIS omogočiti, da uporabijo pogodbe o varovanju pred tveganjem in pobotu, če izpolnjujejo merila, povezana z metodo zavezujoče izpostavljenosti.
The requirement that netting arrangements refer to the same underlying asset should be interpreted strictly so that assets which the AIFM considers as equivalent or highly correlated, such as different share classes or bonds issued by the same issuer, should not be considered as identical for the purposes of netting arrangements.
Zahtevo, da pogodbe o pobotu zadevajo isto osnovno sredstvo, je treba dosledno razlagati tako, da se sredstva, ki jih UAIS šteje kot enakovredna ali tesno povezana, kot so različni razredi delnic ali obveznic, ki jih izda isti izdajatelj, ne bi smela šteti kot enaka za namene pogodbe o pobotu.
The definition of netting arrangements aims to ensure that only those trades which offset the risks linked to other trades, leaving no material residual risk, are taken into account.
Namen opredelitve pogodbe o pobotu je zagotoviti, da se upoštevajo le tista trgovanja, ki izravnajo tveganja, povezana z drugimi trgovanji, in ne puščajo nobenega pomembnega preostalega tveganja.
Combinations of trades which aim to generate a return, however small, by reducing some risks while keeping others should not be considered as netting arrangements, as with arbitrage investment strategies which aim to generate a return by taking advantage of pricing discrepancies between derivative instruments with the same underlying but different maturities.
Kombinacije trgovanj, katerih cilj je ustvariti donos, čeprav majhen, z zmanjšanjem nekaterih tveganj, medtem ko druga ostanejo nespremenjena, se ne bi smele šteti kot pogodbe o pobotu, kot so arbitražne naložbene strategije, katerih cilj je ustvariti donos z izkoriščanjem cenovnih neskladij med izvedenimi finančnimi instrumenti z istim osnovnim sredstvom, vendar drugačno zapadlostjo.
A portfolio management practice which aims to reduce the duration risk by combining an investment in a long-dated bond with an interest rate swap or to reduce the duration of an AIF bond portfolio by concluding a short position on bond future contracts representative of the interest rate risk of the portfolio (duration hedging) should be considered as a hedging arrangement provided that it complies with the hedging criteria.
Upravljanje portfelja, katerega namen je zmanjšati tveganje trajanja z združevanjem naložbe v dolgoročno obveznico z obrestno zamenjavo ali skrajšati trajanje portfelja obveznic AIS z odprtjem kratke pozicije v standardizirani terminski pogodbi na obveznico, ki predstavlja obrestno tveganje portfelja (varovanje pred tveganjem trajanja), bi bilo treba šteti kot pogodbo o varovanju pred tveganjem, če izpolnjuje merila o varovanju pred tveganjem.
A portfolio management practice, which aims to offset the significant risks linked to an investment in a well diversified portfolio of shares by taking a short position on a stock market index future, where the composition of the equity portfolio is very close to that of the stock market index and its return highly correlated to that of the stock market index and where the short position on the stock market index future allows an unquestionable reduction of the general market risk related to the equity portfolio and the specific risk is insignificant, such as a beta-hedging of a well-diversified equity portfolio where the specific risk is considered to be insignificant, should be considered as complying with the hedging criteria.
Upravljanje portfelja, katerega namen je izravnava znatnih tveganj, povezanih z naložbo v dobro razpršen portfelj delnic z odprtjem kratke pozicije v indeksirani standardizirani terminski pogodbi na delniškem trgu, kjer je sestava lastniškega portfelja zelo podobna sestavi indeksa delniškega trga, njegov donos pa je tesno povezan z donosom indeksa delniškega trga in kjer kratka pozicija v indeksirani standardizirani terminski pogodbi na delniškem trgu omogoča nedvomno zmanjšanje splošnega tržnega tveganja, povezanega z lastniškim portfeljem, specifično tveganje pa je neznatno, kot je varovanje pred tveganjem beta dobro razpršenega lastniškega portfelja, kjer se specifično tveganje šteje kot neznatno, bi se moralo šteti kot upravljanje portfelja, ki izpolnjuje merila o varovanju pred tveganjem.
A portfolio management practice which aims to offset the risk linked to an investment in a fixed interest rate bond by combining a long position on a credit default swap and an interest rate swap which swaps that fixed interest rate with an interest rate equal to an appropriate money market reference rate plus a spread should be considered as a hedging arrangement where all the hedging criteria of the commitment method are in principle complied with.
Upravljanje portfelja, katerega namen je izravnava tveganja, povezanega z naložbo v obveznico z nespremenljivo obrestno mero z združevanjem dolge pozicije v kreditni zamenjavi z obrestno zamenjavo, ki fiksno obrestno mero zamenja z obrestno mero, enako ustreznemu ekvivalentu denarnega trga in razliki v obrestnih merah, bi se moralo šteti kot pogodba o varovanju pred tveganjem, če so načeloma izpolnjena vsa merila metode zavezujoče izpostavljenosti o varovanju pred tveganjem.
A portfolio management practice which aims to offset the risk of a given share by taking a short position through a derivative contract on a share that is different to but strongly correlated with that first share should not be considered as complying with the hedging criteria.
Upravljanje portfelja, katerega namen je izravnava tveganja določene delnice z odprtjem kratke pozicije prek pogodbe o izvedenih finančnih instrumentih v delnici, ki je drugačna, a tesno povezana s prvo delnico, se ne bi smelo šteti kot izpolnjevanje meril o varovanju pred tveganjem.
Although such a strategy relies on taking opposite positions on the same asset class, it does not hedge the specific risk linked to the investment in a certain share.
Čeprav se ta strategija opira na odpiranje nasprotnih pozicij v istem razredu sredstev, ne zavaruje pred specifičnim tveganjem, povezanim z vlaganjem v določeno delnico.
Therefore, it should not be considered as a hedging arrangement as laid down in the criteria related to the commitment method.
Zato se ne bi smela šteti kot pogodba o varovanju pred tveganjem, kot je določeno v merilih, povezanih z metodo zavezujoče izpostavljenosti.
A portfolio management practice which aims to keep the alpha of a basket of shares (comprising a limited number of shares) by combining the investment in that basket of shares with a beta-adjusted short position on a future on a stock market index should not be considered as complying with the hedging criteria.
Upravljanje portfelja, katerega namen je ohranjati alfo košarice delnic (ki zajema omejeno število delnic) s kombinacijo naložbe v navedeno košarico delnic s kratko pozicijo v standardizirani terminski pogodbi v indeksu delniškega trga, prilagojeno z beta, se ne bi smelo šteti kot izpolnjevanje meril o varovanju pred tveganjem.
Such a strategy does not aim to offset the significant risks linked to the investment in that basket of shares but to offset the beta (market risk) of that investment and keep the alpha.
Namen takšne strategije ni izravnati znatnih tveganj, povezanih z naložbo v navedeno košarico delnic, temveč izravnati beto (tržno tveganje) navedene naložbe in ohranjati alfo.
The alpha component of the basket of shares may dominate over the beta component and as such lead to losses at the level of the AIF.
Alfa del košarice delnic lahko prevlada nad beta delom in tako povzroči izgubo na ravni AIS.
For that reason, it should not be considered as a hedging arrangement.
Zato se ne bi smela šteti kot pogodba o varovanju pred tveganjem.
A merger arbitrage strategy is a strategy that combines a short position on a stock with a long position on another stock.
Arbitražna strategija o združitvi je strategija, ki združuje kratko pozicijo v delnici z dolgo pozicijo v drugi delnici.
Such a strategy aims to hedge the beta (market risk) of the positions and generate a return linked to the relative performance of both stocks.
Cilj take strategije je varovanje pred beto (tržnim tveganjem) pozicij in ustvarjanje donosa, povezanega z relativno uspešnostjo obeh delnic.
A strategy, which aims to hedge a long position in a stock or bond with purchased credit protection on the same issuer, relates to two different asset classes and therefore should not be considered as a hedging arrangement.
Strategija, katere namen je varovanje dolge pozicije v delnici ali obveznici s kupljeno kreditno zaščito za istega izdajatelja, zadeva dva različna razreda sredstev in se zato ne bi smela šteti kot pogodba o varovanju pred tveganjem.
When using methods which increase the exposure of an AIF, the AIFM should observe general principles such as considering the substance of the transaction in addition to its legal form.
UAIS bi moral pri uporabi metod, ki povečujejo izpostavljenost AIS, upoštevati splošna načela, kot je upoštevanje vsebine posla poleg njegove pravne oblike.
Specifically with respect to repurchase transactions, the AIFM should consider whether the risks and rewards of the assets involved are passed or retained by the AIF.
UAIS bi moral zlasti v zvezi s posli začasne prodaje in/ali začasnega nakupa ugotoviti, ali je AIS preprečil ali ohranil tveganja in koristi vključenih sredstev.
The AIFM should also look through derivative instruments or other contractual arrangements to the underlying assets to determine the possible future commitments of the AIF resulting from those transactions.
UAIS bi moral pregledati tudi izvedene finančne instrumente ali druge pogodbe na podlagi osnovnih sredstev, da bi ugotovil morebitne prihodnje obveznosti AIS, ki izhajajo iz navedenih poslov.
As the commitment method leads to interest rates with different maturities being considered as different underlying assets, AIFs that according to their core investment policy primarily invest in interest rate derivatives may use specific duration netting rules in order to take into account the correlation between the maturity segments of the interest rate curve.
Ker metoda zavezujoče izpostavljenosti vodi k temu, da se obrestne mere z različnimi zapadlostmi štejejo kot različna osnovna sredstva, lahko AIS, ki v skladu s svojo osnovno naložbeno politiko primarno vlagajo v obrestne izvedene finančne instrumente, uporabijo posebna pravila o pobotu trajanja, da se upošteva korelacija med razponi zapadlosti obrestne krivulje.
When setting out its investment policy and risk profile, an AIF should be able to define the level of the interest rate risk and consequently to determine its target duration.
AIS bi moral pri določitvi svoje naložbene politike in profila tveganja opredeliti stopnjo obrestnega tveganja in posledično določiti svoje ciljno trajanje.
The AIF should take into account the predefined target duration when making its investment choices.
AIS bi moral pri odločanju o naložbah upoštevati vnaprej določeno ciljno trajanje.
When the portfolio duration diverges from the target duration, the strategy should not be considered as a duration netting arrangement as laid down in the criteria related to the commitment method.
Kadar se trajanje portfelja razlikuje od ciljnega trajanja, se strategija ne bi smela šteti kot pogodba o pobotu trajanja, kot je določeno v merilih, povezanih z metodo zavezujoče izpostavljenosti.
The duration netting rules allow long positions to be netted with short positions whose underlying assets are different interest rates.
Pravila o pobotu trajanja omogočajo, da se dolge pozicije pobotajo s kratkimi pozicijami, katerih osnovna sredstva so različne obrestne mere.
The maturities serving as the thresholds of the maturity ranges are two years, seven years and 15 years.
Zapadlosti, ki služijo kot pragi zapadlosti, zajemajo dve leti, sedem let in 15 let.
Within each maturity range, netting positions should be allowed.
V okviru vsakega razpona zapadlosti bi moral biti dovoljen pobot pozicij.
Netting positions between two different maturity ranges should be partially allowed.
Pobot pozicij med dvema različnima razponoma zapadlosti bi se moral dovoliti delno.
Penalties have to be applied to the netted positions to allow only partial netting.
Za pobotane pozicije, ki omogočajo le delen pobot, je treba uporabiti kazni.
They should be expressed by means of percentages relying on the average correlations between the maturity ranges for two years, five years, 10 years and 30 years of the interest rate curve.
Izražene bi morale biti v odstotkih, ki izražajo povprečne korelacije med razponi zapadlosti za dve leti, pet let, deset let in 30 let obrestne krivulje.
The longer the difference between the maturities of the positions, the more their netting must be subject to a penalty, and therefore the percentages must increase.
Večja kot je razlika med zapadlostmi pozicij, bolj je njihov pobot predmet kazni in zato se morajo odstotki povečati.
Positions whose modified duration is much longer than the whole portfolio’s modified duration are not in line with the investment strategy of the AIF and fully matching them should not be allowed.
Pozicije, katerih modificirano trajanje je precej večje od modificiranega trajanja celotnega portfelja, niso v skladu z naložbeno strategijo AIS in njihov popoln pobot ne bi smel biti dovoljen.
Thus, it should not be acceptable to match an 18 months maturity short position (set in maturity range 1) with a 10 years maturity long position (set in maturity range 3), if the target duration of the AIF is around two years.
Zato pobot kratke pozicije z zapadlostjo 18 mesecev (razpon zapadlosti 1) z dolgo pozicijo z zapadlostjo 10 let (razpon zapadlosti 3) ne bi smel biti sprejemljiv, če je ciljno trajanje AIS okoli 2 leti.
When calculating the exposure, AIFs can firstly identify the hedging arrangements.
AIS lahko pri izračunu izpostavljenosti najprej opredeli pogodbe o varovanju pred tveganjem.
The derivatives involved in these arrangements are then excluded from the global exposure calculation.
Izvedeni finančni instrumenti, vključeni v te pogodbe, se nato izključijo iz izračuna skupne izpostavljenosti.
AIFs should use an exact calculation in hedging arrangements.
AIS bi moral v pogodbah o varovanju pred tveganjem uporabiti točen izračun.
AIFs should not use duration netting rules in the hedging calculation.
AIS pri izračunu varovanja pred tveganjem ne bi smeli uporabljati pravil o pobotu trajanja.
The duration-netting rules may be used to convert the remaining interest rate derivatives into their equivalent underlying asset positions.
Pravila o pobotu trajanja se lahko uporabljajo za pretvorbo preostalih obrestnih izvedenih finančnih instrumentov v njihove enakovredne pozicije osnov.
Pursuant to Directive 2011/61/EU, an AIFM has to ensure that the potential professional liability risks resulting from its activities are appropriately covered either by way of additional own funds or by way of professional indemnity insurance.
UAIS mora v skladu z Direktivo 2011/61/EU zagotoviti, da so morebitna tveganja poklicne odgovornosti, ki izhajajo iz njegove dejavnosti, ustrezno krita z dodatnimi lastnimi sredstvi ali zavarovanjem poklicne odgovornosti.
Uniform application of this provision requires a common understanding of the potential professional liability risks to be covered.
Enotna uporaba te določbe zahteva splošno razumevanje morebitnih tveganj poklicne odgovornosti, ki morajo biti krita.
The general specification of the risks arising from an AIFM’s professional negligence should determine the features of the relevant risk events and identify the scope of potential professional liability, including damage or loss caused by persons who are directly performing activities for which the AIFM has legal responsibility, such as the AIFM’s directors, officers or staff, and persons performing activities under a delegation arrangement with the AIFM.
Splošna specifikacija tveganj, ki izhajajo iz poklicne malomarnosti UAIS, bi morala opredeliti značilnosti relevantnih tveganih dogodkov in določiti obseg morebitne poklicne odgovornosti, vključno s škodo ali izgubo, ki jo povzročijo osebe, ki neposredno opravljajo dejavnosti, za katere je UAIS zakonsko odgovoren, kot so direktorji, uradniki ali osebje UAIS, in osebe, ki opravljajo dejavnosti v okviru dogovora o prenosu z UAIS.
In line with the provisions of Directive 2011/61/EU, the liability of the AIFM should not be affected by delegation or sub-delegation and the AIFM should provide adequate coverage for professional risks related to such third parties for whom it is legally liable.
V skladu z določbami Direktive 2011/61/EU na odgovornost UAIS ne bi smel vplivati prenos ali nadaljnji prenos, UAIS pa bi moral zagotoviti ustrezno kritje poklicnih tveganj, povezanih s takimi tretjimi osebami, za katere je zakonsko odgovoren.
To ensure a common understanding of the general specification, a list of examples should serve as benchmark for identifying potential professional liability risk events.
Za zagotovitev splošnega razumevanja splošne specifikacije bi moral seznam primerov služiti kot merilo za prepoznavanje primerov morebitnih tveganj poklicne odgovornosti.
That list should include a wide range of events resulting from negligent actions, errors or omissions, such as the loss of documents evidencing title to investments, misrepresentations, or breach of the various obligations or duties incumbent on the AIFM.
Navedeni seznam bi moral vključevati veliko različnih dogodkov, ki izhajajo iz malomarnih dejanj, napak ali opustitev, kot so izguba dokumentov, ki izkazujejo lastništvo naložbe, zavajajoče informacije ali kršitev različnih obveznosti ali dolžnosti UAIS.
It should also include the failure to prevent, by means of adequate internal control systems, fraudulent behaviour within the AIFM’s organisation.
Vključiti bi bilo treba tudi opustitev preprečevanja goljufivega ravnanja v organizaciji UAIS, in sicer z ustreznimi sistemi notranjega nadzora.
Damage resulting from failure to carry out sufficient due diligence on an investment that turned out to be fraudulent would trigger the AIFM’s liability for professional liability and should be appropriately covered.
Škoda, nastala zaradi neizvajanja dolžnosti primerne skrbnosti pri naložbi, ki se je izkazala kot goljufija, bi sprožila poklicno odgovornost UAIS in bi morala biti ustrezno krita.