natgillin/translations-raw huggingface dataset:
be conducted at a frequency which is appropriate to the nature of the AIF, taking in to account the investment strategy, liquidity profile, type of investor and redemption policy of the AIF, and at least once a year.
se izvajajo tako pogosto, kot je primerno glede na naravo AIS, pri čemer se upoštevajo naložbena strategija, profil likvidnosti, vrsta vlagatelja in politika odkupov AIS, vendar najmanj enkrat letno.
AIFMs shall act in the best interest of investors in relation to the outcome of any stress tests.
UAIS v zvezi z rezultati vseh testov izjemnih situacij ravnajo v najboljšem interesu vlagateljev.
Alignment of investment strategy, liquidity profile and redemption policy
Uskladitev naložbene strategije, profila likvidnosti in politike odkupov
For the purposes of Article 16(2) of Directive 2011/61/EU, the investment strategy, liquidity profile and redemption policy of each AIF managed by an AIFM shall be considered to be aligned when investors have the ability to redeem their investments in a manner consistent with the fair treatment of all AIF investors and in accordance with the AIF’s redemption policy and its obligations.
Za namene člena 16(2) Direktive 2011/61/EU se za naložbeno strategijo, profil likvidnosti in politiko odkupov vsakega AIS, ki ga upravlja UAIS, šteje, da so usklajeni, če imajo vlagatelji možnost, da se njihove naložbe odkupijo na način, ki je skladen s pravično obravnavo vseh vlagateljev v AIS in v skladu s politiko odkupov in obveznostmi AIS.
In assessing the alignment of the investment strategy, liquidity profile and redemption policy the AIFM shall also have regard to the impact that redemptions may have on the underlying prices or spreads of the individual assets of the AIF.
Pri ocenjevanju usklajenosti naložbene strategije, profila likvidnosti in politike odkupov UAIS upošteva tudi vpliv, ki ga lahko imajo odkupi na osnovne cene ali na razlike med prodajnimi in nakupnimi cenami posameznih sredstev AIS.
(Article 17 of Directive 2011/61/EU)
(člen 17 Direktive 2011/61/EU)
‘securitisation’ means a securitisation within the meaning of Article 4(36) of Directive 2006/48/EC;
„listinjenje“ pomeni listinjenje v smislu člena 4(36) Direktive 2006/48/ES;
‘securitisation position’ means a securitisation position within the meaning of Article 4(40) of Directive 2006/48/EC;
„pozicija listinjenja“ pomeni pozicijo listinjenja v smislu člena 4(40) Direktive 2006/48/ES;
‘sponsor’ means a sponsor within the meaning of Article 4(42) of Directive 2006/48/EC;
„sponzor“ pomeni sponzorja v smislu člena 4(42) Direktive 2006/48/ES;
‘tranche’ means a tranche within the meaning of Article 4(39) of Directive 2006/48/EC.
„tranša“ pomeni tranšo v smislu člena 4(39) Direktive 2006/48/ES.
Requirements for retained interest
Zahteve za zadržani delež
AIFMs shall assume exposure to the credit risk of a securitisation on behalf of one or more AIFs it manages only if the originator, sponsor or original lender has explicitly disclosed to the AIFM that it retains, on an ongoing basis, a material net economic interest, which in any event shall not be less than 5 %.
UAIS prevzamejo izpostavljenost kreditnemu tveganju listinjenja v imenu enega ali več AIS, ki jih upravljajo, samo, če je originator, sponzor ali prvotni posojilodajalec UAIS izrecno razkril, da bo trajno zadržal pomemben neto ekonomski delež, ki bo v vsakem primeru znašal vsaj 5 %.
Only any of the following shall qualify as retention of a material net economic interest of not less than 5 %:
Za zadržanje pomembnega neto ekonomskega deleža v višini najmanj 5 % velja samo kar koli od naslednjega:
retention of no less than 5 % of the nominal value of each of the tranches sold or transferred to the investors;
zadržanje najmanj 5 % nominalne vrednosti vsake tranše, prodane ali prenesene na vlagatelje;
in the case of securitisations of revolving exposures, retention of the originator’s interest of no less than 5 % of the nominal value of the securitised exposures;
v primeru listinjenja obnavljajočih se izpostavljenosti zadržanje deleža originatorja v višini najmanj 5 % nominalne vrednosti listinjenih izpostavljenosti;
retention of randomly selected exposures, equivalent to not less than 5 % of the nominal value of the securitised exposures, where such exposures would otherwise have been securitised in the securitisation, provided that the number of potentially securitised exposures is not less than 100 at origination;
zadržanje naključno izbranih izpostavljenosti, ki so enakovredne vsaj 5 % nominalne vrednosti listinjenih izpostavljenosti, če bi bile te sicer listinjene v listinjenju, pod pogojem, da je število potencialno listinjenih izpostavljenosti ob izvedbi listinjenja najmanj 100;
retention of the first loss tranche and, if necessary, other tranches having the same or a more severe risk profile than those transferred or sold to investors and not maturing any earlier than those transferred or sold to investors, so that the retention equals in total not less than 5 % of the nominal value of the securitised exposures;
zadržanje tranše prve izgube in po potrebi drugih tranš, ki imajo enak ali strožji profil tveganja kot tiste, ki so prenesene ali prodane vlagateljem in ki ne zapadejo prej kot tiste, ki so prenesene ali prodane vlagateljem, tako da je zadržanje enako najmanj 5 % nominalne vrednosti listinjenih izpostavljenosti;
retention of a first loss exposure of not less than 5 % of every securitised exposure in the securitisation.
zadržanje izpostavljenosti prve izgube v višini najmanj 5 % od vsake listinjene izpostavljenosti pri listinjenju.
Net economic interest shall be measured at the origination and shall be maintained on an ongoing basis.
Neto ekonomski delež se izračuna ob izvedbi listinjenja in se stalno vzdržuje.
The net economic interest, including retained positions, interest or exposures, shall not be subject to any credit risk mitigation or any short positions or any other hedge and shall not be sold.
Za neto ekonomski delež, vključno z zadržanimi pozicijami, deležem ali izpostavljenostmi, se ne sme uporabljati nikakršno zmanjševanje kreditnega tveganja niti se ne smejo uporabljati kratke pozicije ali druga varovanja pred tveganji, prav tako pa se ga ne sme prodati.
The net economic interest shall be determined by the notional value for off-balance sheet items.
Neto ekonomski delež se za zunajbilančne postavke določi na podlagi nominalne vrednosti.
Paragraph 1 shall not apply where the securitised exposures are claims or contingent claims on or fully, unconditionally and irrevocably guaranteed by the institutions listed in the first subparagraph of Article 122a(3) of Directive 2006/48/EC, and shall not apply to those transactions listed in the second subparagraph of Article 122a(3) of Directive 2006/48/EC.
Odstavek 1 se ne uporablja, če so listinjene izpostavljenosti terjatve ali pogojne terjatve do institucij ali terjatve ali pogojne terjatve, ki jih v celoti, brezpogojno in nepreklicno jamčijo institucije, navedene v prvem pododstavku člena 122a(3) Direktive 2006/48/ES, in se ne uporablja za posle, navedene v drugem pododstavku člena 122a(3) Direktive 2006/48/ES.
Qualitative requirements concerning sponsors and originators
Kvalitativne zahteve glede sponzorjev in originatorjev
Prior to an AIFM assuming exposure to the credit risk of a securitisation on behalf of one or more AIFs, it shall ensure that the sponsor and originator:
Preden UAIS prevzame izpostavljenost kreditnemu tveganju listinjenja v imenu enega ali več AIS, zagotovi, da sponzor in originator:
grant credit based on sound and well-defined criteria and clearly establish the process for approving, amending, renewing and re-financing loans to exposures to be securitised as they apply to exposures they hold;
odobravata posojila na osnovi zanesljivih in jasno opredeljenih meril ter jasno določita postopek za odobritev, spremembo, obnovitev in ponovno financiranje posojil za izpostavljenosti, ki se bodo listinile, ki je enak tistemu, ki se uporablja za izpostavljenosti, ki jih držita;
have in place and operate effective systems to manage the ongoing administration and monitoring of their credit risk-bearing portfolios and exposures, including for identifying and managing problem loans and for making adequate value adjustments and provisions;
imata vzpostavljene in upravljata učinkovite sisteme za tekoče vodenje in spremljanje portfeljev in izpostavljenosti s kreditnim tveganjem, kot tudi za ugotavljanje in upravljanje problematičnih posojil ter oblikovanje ustreznih popravkov vrednosti in rezervacij;
adequately diversify each credit portfolio based on the target market and overall credit strategy;
ustrezno razpršita vsak kreditni portfelj na podlagi ciljnega trga in splošne kreditne strategije;
have a written policy on credit risk that includes their risk tolerance limits and provisioning policy and describes how it measures, monitors and controls that risk;
imata pisno politiko za kreditno tveganje, ki vključuje njune meje dovoljenega tveganja in politiko oblikovanja rezervacij ter opisuje, kako se meri, spremlja in obvladuje to tveganje;
grant readily available access to all materially relevant data on the credit quality and performance of the individual underlying exposures, cash flows and collateral supporting a securitisation exposure and such information that is necessary to conduct comprehensive and well informed stress tests on the cash flows and collateral values supporting the underlying exposures.
zagotovita dostop do vseh pomembnih podatkov o kreditni kakovosti in uspešnosti posameznih osnovnih izpostavljenosti, denarnih tokovih in zavarovanju za kritje izpostavljenosti listinjenju ter podatkov, ki so potrebni za izvedbo obsežnih in dobro premišljenih testov izjemnih situacij v zvezi z denarnimi tokovi in vrednostjo zavarovanj za kritje osnovnih izpostavljenosti.
For that purpose, materially relevant data shall be determined as at the date of the securitisation and where appropriate due to the nature of the securitisation thereafter;
V ta namen se pomembne podatke določi na dan listinjenja oziroma na poznejši datum, če je to potrebno zaradi narave listinjenja;
grant readily available access to all other relevant data necessary for the AIFM to comply with the requirements laid down in Article 53;
zagotovita dostop do vseh drugih relevantnih podatkov, potrebnih, da lahko UAIS izpolnjuje zahteve iz člena 53;
disclose the level of their retained net economic interest as referred to in Article 51, as well as any matters that could undermine the maintenance of the minimum required net economic interest as referred to in that Article.
razkrijeta raven zadržanega neto ekonomskega deleža iz člena 51, kot tudi vse zadeve, ki bi lahko ogrozile ohranjanje najmanjšega zahtevanega neto ekonomskega deleža, kot je naveden v tem členu.
Qualitative requirements concerning AIFMs exposed to securitisations
Kvalitativne zahteve glede UAIS, ki so izpostavljeni listinjenju
Before becoming exposed to the credit risk of a securitisation on behalf of one or more AIFs, and as appropriate thereafter, AIFMs shall be able to demonstrate to the competent authorities for each of their individual securitisation positions that they have a comprehensive and thorough understanding of those positions and have implemented formal policies and procedures appropriate to the risk profile of the relevant AIF’s investments in securitised positions for analysing and recording:
Preden postanejo izpostavljeni kreditnemu tveganju listinjenja v imenu enega ali več AIS in po potrebi po tem, so UAIS pristojnim organom za vsako posamezno pozicijo listinjenja sposobni dokazati, da dobro razumejo navedene pozicije ter da izvajajo formalne politike in postopke, ki so primerni za profil tveganja zadevnih naložb AIS v pozicije listinjenja, za analizo in evidentiranje:
information disclosed under Article 51, by originators or sponsors to specify the net economic interest that they maintain, on an ongoing basis, in the securitisation;
informacij, ki jih originatorji ali sponzorji razkrijejo v skladu s členom 51 za določitev neto ekonomskega deleža, ki ga trajno ohranjajo v listinjenju;
the reputation and loss experience in earlier securitisations of the originators or sponsors in the relevant exposure classes underlying the securitisation position;
dobrega imena in dejanskih izgub pri prejšnjih listinjenjih originatorjev ali sponzorjev v zadevnih kategorijah osnovnih izpostavljenosti pozicije listinjenja;
the statements and disclosures made by the originators or sponsors, or their agents or advisors, about their due diligence on the securitised exposures and, where applicable, on the quality of the collateral supporting the securitised exposures;
izjav in razkritij originatorjev ali sponzorjev oziroma njihovih zastopnikov ali svetovalcev o primerni skrbnosti za listinjene izpostavljenosti in po potrebi v zvezi s kakovostjo zavarovanja za kritje listinjenih izpostavljenosti;
where applicable, the methodologies and concepts on which the valuation of collateral supporting the securitised exposures is based and the policies adopted by the originator or sponsor to ensure the independence of the valuer;
če je primerno, metodologij in konceptov, na katerih temelji vrednotenje zavarovanja za kritje listinjenih izpostavljenosti, ter politik, ki jih sprejme originator ali sponzor, da zagotovi neodvisnost ocenjevalca;
all the structural features of the securitisation that can materially impact the performance of the institution’s securitisation position, such as the contractual waterfall and waterfall related triggers, credit enhancements, liquidity enhancements, market value triggers, and deal-specific definitions of default.
vse strukturne lastnosti listinjenja, ki lahko bistveno vplivajo na uspešnost pozicije listinjenja institucije, kot so poravnava pogodbenih obveznosti po kaskadnem načelu (contractual waterfall) in z njim povezani sprožilci (waterfall related triggers), izboljšave kreditne kvalitete, izboljšave likvidnosti, sprožilci tržne vrednosti in za posamezen posel značilna opredelitev neplačila.
Where an AIFM has assumed exposure to a material value of the credit risk of a securitisation on behalf of one or more AIFs, it shall regularly perform stress tests appropriate to such securitisation positions in accordance with point (b) of Article 15(3) of Directive 2011/61/EU.
Če je UAIS prevzel izpostavljenost do pomembne vrednosti kreditnega tveganja listinjenja v imenu enega ali več AIS, redno izvaja teste izjemnih situacij, ki so primerni za takšne pozicije listinjenja v skladu s točko (b) člena 15(3) Direktive 2011/61/EU.
The stress test shall be commensurate with the nature, scale and complexity of the risk inherent in the securitisation positions.
Test izjemnih situacij je sorazmeren z naravo, obsegom in kompleksnostjo tveganj, povezanih s pozicijami listinjenja.
AIFMs shall establish formal monitoring procedures in line with the principles laid down in Article 15 of Directive 2011/61/EU commensurate with the risk profile of the relevant AIF in relation to the credit risk of a securitisation position in order to monitor on an ongoing basis and in a timely manner performance information on the exposures underlying such securitisation positions.
UAIS vzpostavijo formalne postopke spremljanja v skladu z načeli, določenimi v členu 15 Direktive 2011/61/EU, ki so sorazmerni s profilom tveganja zadevnega AIS v povezavi s kreditnim tveganjem pozicije listinjenja, da redno in pravočasno spremljajo informacije o uspešnosti izpostavljenosti iz naslova takšnih pozicij listinjenja.
Such information shall include (if relevant to the specific type of securitisation and not limited to such types of information further described herein), the exposure type, the percentage of loans more than 30, 60 and 90 days past due, default rates, prepayment rates, loans in foreclosure, collateral type and occupancy, frequency distribution of credit scores or other measures of credit worthiness across underlying exposures, industry and geographical diversification and frequency distribution of loan to value ratios with bandwidths that facilitate adequate sensitivity analysis.
Takšne informacije vključujejo (če je ustrezno glede na specifično vrsto listinjenja in ni omejeno na vrste informacij, ki so dodatno opisane tukaj) vrsto izpostavljenosti, odstotek posojil, zapadlih pred več kot 30, 60 in 90 dnevi, stopnje neplačil, stopnje predčasnih plačil, posojila v izvršilnem postopku, vrsto zavarovanja in stopnjo zasedenosti nepremičnin ter porazdelitev pogostosti kreditnih točk ali drugih meril kreditne sposobnosti za osnovne izpostavljenosti, panožno in geografsko razpršenost ter porazdelitev pogostosti razmerij med posojilom in vrednostjo zavarovanja z obsegi, ki omogočajo lažjo ustrezno analizo občutljivosti.
Where the underlying exposures are themselves securitisation positions, AIFMs shall have the information set out in this subparagraph not only on the underlying securitisation tranches, such as the issuer name and credit quality, but also on the characteristics and performance of the pools underlying those securitisation tranches.
Če so osnovne izpostavljenosti same pozicije listinjenja, UAIS poleg informacij iz tega pododstavka o tranšah, ki so osnovne izpostavljenosti listinjenja, na primer imena izdajatelja in kreditne kakovosti, spremljajo tudi informacije o značilnostih in uspešnosti paketov osnovnih izpostavljenosti navedenih tranš.
AIFMs shall apply the same standards of analysis to participations or underwritings in securitisation issues purchased from third parties.
UAIS uporabljajo iste standarde za analizo tudi za udeležbe ali prevzem izdaj listinjenja, kupljenih od tretjih oseb.
For the purposes of appropriate risk and liquidity management, AIFMs assuming exposure to the credit risk of a securitisation on behalf of one or more AIFs shall properly identify, measure, monitor, manage, control and report the risks that arise because of mismatches between the assets and liabilities of the relevant AIF, concentration risk or investment risk arising from these instruments.
Za namene ustreznega obvladovanja tveganja in upravljanja likvidnosti UAIS, ki prevzamejo izpostavljenost kreditnemu tveganju listinjenja v imenu enega ali več AIS, ustrezno opredelijo, merijo, spremljajo, obvladujejo, nadzorujejo in sporočajo tveganja, nastala zaradi neusklajenosti med sredstvi in obveznostmi zadevnih AIS, tveganje koncentracije ali naložbeno tveganje, ki izhaja iz teh instrumentov.
The AIFM shall ensure that the risk profile of such securitisation positions corresponds to the size, overall portfolio structure, investment strategies and objectives of the relevant AIF as laid down in the AIF rules or instruments of incorporation, prospectus and offering documents.
UAIS zagotovi, da profil tveganja takšnih pozicij listinjenja ustreza velikosti, splošni strukturi portfelja in naložbenim strategijam ter ciljem zadevnega AIS, kot so določeni v pravilih upravljanja ali aktu o ustanovitvi, prospektu in ponudbenih dokumentih AIS.
AIFMs shall ensure, in line with the requirements laid down in Article 18 of Directive 2011/61/EU, that there is an adequate degree of internal reporting to the senior management so that senior management is fully aware of any material assumption of exposure to securitisations and that the risks arising from those exposures are adequately managed.
UAIS v skladu z zahtevami iz člena 18 Direktive 2011/61/EU zagotovijo, da obstaja ustrezna raven notranjega poročanja višjemu vodstvu, tako da je to v celoti seznanjeno z vsemi pomembnimi prevzemi izpostavljenosti listinjenjem in da se tveganja, ki izhajajo iz teh izpostavljenosti, ustrezno obvladujejo.
AIFMs shall include appropriate information on their exposures to the credit risk of securitisation and their risk management procedures in this area in the reports and disclosures to be submitted in accordance with Articles 22, 23 and 24 of Directive 2011/61/EU.
UAIS v poročila in razkritja, ki jih je treba predložiti v skladu s členi 22, 23 in 24 Direktive 2011/61/EU, vključijo ustrezne informacije o svojih izpostavljenostih kreditnemu tveganju listinjenja in postopkih za obvladovanje tveganja na tem področju.
AIFMs shall take such corrective action as is in the best interest of the investors in the relevant AIF where they discover, after the assumption of an exposure to a securitisation, that the determination and disclosure of the retained interest did not meet the requirements laid down in this Regulation.
Če po prevzemu izpostavljenosti listinjenju UAIS odkrijejo, da določitev in razkritje zadržanega deleža nista izpolnila zahtev iz te uredbe, sprejmejo korektivne ukrepe, ki so v najboljšem interesu vlagateljev v zadevni AIS.
AIFMs shall take such corrective action as is in the best interest of the investors in the relevant AIF, where the retained interest becomes less than 5 % at a given moment after the assumption of the exposure and this is not due to the natural payment mechanism of the transaction.
Če v danem trenutku po prevzemu izpostavljenosti zadržani delež postane manjši od 5 % in to ni posledica naravnega plačilnega mehanizma transakcije, UAIS sprejmejo korektivne ukrepe, ki so v najboljšem interesu vlagateljev v zadevni AIS.
Grandfathering clause
Prehodni določbi
In the absence of specific interpretation given by ESMA or by the Joint Committee of the European Supervisory Authorities, the provisions of this Section shall be interpreted in a consistent manner with the corresponding provisions of Directive 2006/48/EC and with the Guidelines to Article 122a of the Capital Requirements Directive of 31 December 2010 [9] issued by the Committee of European Banking Supervisors and their subsequent amendments.SECTION 6
Če posebna razlaga organa ESMA ali skupnega odbora evropskih nadzornih organov ni na voljo, se določbe tega oddelka razlagajo vzporedno z ustreznimi določbami Direktive 2006/48/ES in smernicami za uporabo člena 122a direktive o kapitalskih zahtevah z dne 31. decembra 2010 [9], ki jih je izdal Odbor evropskih bančnih nadzornikov, in njihovimi poznejšimi spremembami.ODDELEK 6
Organisational requirements — general principles
Organizacijske zahteve – splošna načela
(Articles 12 and 18 of Directive 2011/61/EU)
(člena 12 in 18 Direktive 2011/61/EU)
AIFMs shall:
UAIS:
establish, implement and maintain decision-making procedures and an organisational structure which specifies reporting lines and allocates functions and responsibilities clearly and in a documented manner;
vzpostavijo, izvajajo in vzdržujejo postopke odločanja ter organizacijsko strukturo, ki jasno in na dokumentiran način določa hierarhijo poročanja ter razporeja funkcije in naloge;
ensure that their relevant persons are aware of the procedures to be followed for the proper discharge of their responsibilities;
zagotovijo, da se relevantne osebe v UAIS zavedajo, katere postopke morajo upoštevati za pravilno opravljanje svojih dolžnosti;
establish, implement and maintain adequate internal control mechanisms designed to secure compliance with decisions and procedures at all levels of the AIFM;
vzpostavijo, izvajajo in vzdržujejo ustrezne mehanizme notranjega nadzora, ki so namenjeni zagotavljanju spoštovanja odločitev in postopkov na vseh ravneh UAIS;
establish, implement and maintain effective internal reporting and communication of information at all relevant levels of the AIFM and effective information flows with any third party involved;
vzpostavijo, izvajajo in vzdržujejo učinkovito notranje poročanje, sporočanje informacij na vseh zadevnih ravneh UAIS ter učinkovite pretoke informacij z vsemi vpletenimi tretjimi osebami;
maintain adequate and orderly records of their business and internal organisation.
vzdržujejo ustrezne in urejene evidence svojih poslov in notranje organizacije.
AIFMs shall take into account the nature, scale and complexity of their business and the nature and range of services and activities undertaken in the course of that business.
UAIS upoštevajo naravo, obseg in kompleksnost poslov ter naravo in obseg storitev in dejavnosti, ki se izvajajo pri navedenih poslih.