natgillin/translations-raw huggingface dataset:
the performance of the risk management function;
izvajanje funkcije obvladovanja tveganja;
the adequacy and effectiveness of measures aiming to ensure the functional and hierarchical separation of the risk management function in accordance with Article 42.
ustreznost in učinkovitost ukrepov za zagotovitev funkcionalne in hierarhične ločitve funkcije obvladovanja tveganja v skladu s členom 42.
The frequency of the periodic review referred to in the first subparagraph shall be decided by the senior management in accordance with the principle of proportionality given the nature, scale and complexity of the AIFM’s business and the AIF it manages.
Pogostost rednih pregledov iz prvega pododstavka določi višje vodstvo v skladu z načelom sorazmernosti ter ob upoštevanju narave, obsega in kompleksnosti poslov UAIS in AIS, ki ga upravlja.
In addition to the periodic review referred to in paragraph 1, the risk management systems shall be reviewed where:
Poleg rednih pregledov iz odstavka 1 se sistemi obvladovanja tveganja pregledajo, če:
material changes are made to the risk management policies and procedures and to the arrangements, processes and techniques referred to in Article 45;
pride do pomembnih sprememb politik in postopkov obvladovanja tveganja ter ukrepov, postopkov in tehnik iz člena 45;
internal or external events indicate that an additional review is required;
notranji ali zunanji dogodki kažejo na to, da je potreben dodaten pregled;
material changes are made to the investment strategy and objectives of an AIF that the AIFM manages.
pride do pomembnih sprememb naložbene strategije in ciljev AIS, ki ga upravlja UAIS.
The AIFM shall update the risk management systems on the basis of the outcome of the review referred to in paragraphs 1 and 2.
UAIS posodobi sisteme obvladovanja tveganja na podlagi rezultatov pregleda iz odstavkov 1 in 2.
The AIFM shall notify the competent authority of its home Member State of any material changes to the risk management policy and of the arrangements, processes and techniques referred to in Article 45.
UAIS uradno obvesti pristojni organ svoje matične države članice o vseh pomembnih spremembah politike obvladovanja tveganja ter ukrepov, postopkov in tehnik iz člena 45.
Functional and hierarchical separation of the risk management function
Funkcionalna in hierarhična ločitev funkcije obvladovanja tveganja
The risk management function shall be considered as functionally and hierarchically separated from the operating units, including the portfolio management function, only where all the following conditions are satisfied:
Za funkcijo obvladovanja tveganja velja, da je funkcionalno in hierarhično ločena od delujočih enot, vključno s funkcijo upravljanja portfelja, samo če so izpolnjeni vsi naslednji pogoji:
persons engaged in the performance of the risk management function are not supervised by those responsible for the performance of the operating units, including the portfolio management function, of the AIFM;
oseb, ki izvajajo funkcijo obvladovanja tveganja, ne nadzorujejo osebe, ki so odgovorne za uspešnost delujočih enot UAIS, vključno s funkcijo upravljanja portfelja;
persons engaged in the performance of the risk management function are not engaged in the performance of activities within the operating units, including the portfolio management function;
osebe, ki izvajajo funkcijo obvladovanja tveganja, ne opravljajo dejavnosti v okviru delujočih enot, vključno s funkcijo upravljanja portfelja;
persons engaged in the performance of the risk management function are compensated in accordance with the achievement of the objectives linked to that function, independently of the performance of the operating units, including the portfolio management function;
osebe, ki izvajajo funkcijo obvladovanja tveganja, so nagrajene glede na dosežene cilje, povezane s to funkcijo, neodvisno od uspešnosti delujočih enot, vključno s funkcijo upravljanja portfelja;
the remuneration of senior officers in the risk management function is directly overseen by the remuneration committee, where such a committee has been established.
prejemke višjih uslužbencev, ki opravljajo funkcijo obvladovanja tveganja, neposredno nadzira odbor za prejemke, če je tak odbor bil ustanovljen.
The functional and hierarchical separation of the risk management function in accordance with paragraph 1 shall be ensured throughout the whole hierarchical structure of the AIFM, up to its governing body.
Funkcionalna in hierarhična ločitev funkcije obvladovanja tveganj v skladu z odstavkom 1 se zagotovi v celotni hierarhiji UAIS, vse do njenega vodstvenega organa.
It shall be reviewed by the governing body and, where it exists, the supervisory function of the AIFM.
Pregleda jo vodstveni organ in, kjer obstaja, nadzorna funkcija UAIS.
The competent authorities of the home Member State of the AIFM shall review the way in which the AIFM has applied paragraphs 1 and 2 on the basis of the criteria laid down in the second subparagraph of Article 15(1) of Directive 2011/61/EU.
Pristojni organi matične države članice UAIS pregledajo način, na katerega je UAIS uporabil odstavka 1 in 2, na podlagi meril, določenih v drugem pododstavku člena 15(1) Direktive 2011/61/EU.
Safeguards against conflicts of interest
Varovala pred nasprotji interesov
The safeguards against conflicts of interest referred to in Article 15(1) of Directive 2011/61/EU shall ensure, at least, that:
Varovala pred nasprotji interesov iz člena 15(1) Direktive 2011/61/EU zagotovijo vsaj, da:
decisions taken by the risk management function are based on reliable data, which are subject to an appropriate degree of control by the risk management function;
odločitve, ki jih sprejme funkcija obvladovanja tveganja, temeljijo na zanesljivih podatkih, ki jih funkcija obvladovanja tveganja v ustrezni meri nadzira;
the remuneration of those engaged in the performance of the risk management function reflects the achievement of the objectives linked to the risk management function, independently of the performance of the business areas in which they are engaged;
prejemki oseb, vključenih v izvajanje funkcije obvladovanja tveganja, odražajo dosežene cilje, povezane s funkcijo obvladovanja tveganja, neodvisno od uspešnosti poslovnih področij, na katerih se udejstvujejo;
the risk management function is subject to an appropriate independent review to ensure that decisions are being arrived at independently;
funkcija obvladovanja tveganja je predmet ustreznega neodvisnega pregleda, da se zagotovi, da se odločitve sprejemajo neodvisno;
the risk management function is represented in the governing body or the supervisory function, where it has been established, at least with the same authority as the portfolio management function;
funkcija obvladovanja tveganja je zastopana v vodstvenem organu ali v nadzorni funkciji, če je bila ustanovljena, vsaj z enakimi pooblastili, kot jih ima funkcija upravljanja portfelja;
any conflicting duties are properly segregated.
vse nasprotujoče si naloge so ustrezno ločene.
Where proportionate, taking into account the nature, scale and complexity of the AIFM, the safeguards referred to in paragraph 1 shall also ensure that:
Kadar je to sorazmerno, ob upoštevanju narave, obsega in kompleksnosti UAIS, varovala iz odstavka 1 prav tako zagotovijo, da:
the performance of the risk management function is reviewed regularly by the internal audit function, or, if the latter has not been established, by an external party appointed by the governing body;
izvajanje funkcije obvladovanja tveganja redno pregleduje funkcija notranje revizije, oziroma, če ta ni bila ustanovljena, zunanja oseba, ki jo imenuje vodstveni organ;
where a risk committee has been established, it is appropriately resourced and its non-independent members do not have undue influence over the performance of the risk management function.
če je bil ustanovljen odbor za tveganja, ima ta ustrezna sredstva in člani odbora, ki niso neodvisni, nimajo neprimernega vpliva na izvajanje funkcije obvladovanja tveganja.
The governing body of the AIFM and, where it exists, the supervisory function shall establish the safeguards against conflicts of interest laid down in paragraphs 1 and 2, regularly review their effectiveness and take timely remedial action to address any deficiencies.
Vodstveni organ UAIS in, kjer obstaja, nadzorna funkcija vzpostavita varovala pred nasprotji interesov, določena v odstavkih 1 in 2, redno preverjata njihovo učinkovitost in pravočasno sprejmeta ukrepe za odpravo morebitnih pomanjkljivosti.
Risk limits
Omejitve tveganja
An AIFM shall establish and implement quantitative or qualitative risk limits, or both, for each AIF it manages, taking into account all relevant risks.
UAIS vzpostavi in izvaja kvantitativne ali kvalitativne omejitve tveganja ali oboje za vsak AIS, ki ga upravlja, ob upoštevanju vseh pomembnih tveganj.
Where only qualitative limits are set, the AIFM shall be able to justify this approach to the competent authority.
Kadar so določene le kvalitativne omejitve, je UAIS zmožen ta pristop utemeljiti pristojnemu organu.
The qualitative and quantitative risk limits for each AIF shall, at least, cover the following risks:
Kvantitativne in kvalitativne omejitve tveganja za vsak AIS morajo zajemati vsaj naslednja tveganja:
market risks;
tržna tveganja;
credit risks;
kreditna tveganja;
liquidity risks;
likvidnostna tveganja;
counterparty risks;
tveganja izpostavljenosti do nasprotne stranke;
operational risks.
operativna tveganja.
When setting risk limits, the AIFM shall take into account the strategies and assets employed in respect of each AIF it manages as well as the national rules applicable to each of those AIFs.
Pri določanju omejitev tveganja UAIS upošteva strategije in sredstva, ki se uporabljajo v zvezi z vsakim AIS, ki ga upravlja, kot tudi nacionalne predpise, ki se uporabljajo za vsakega od takih AIS.
Those risk limits shall be aligned with the risk profile of the AIF as disclosed to investors in accordance with point (c) of Article 23(4) of Directive 2011/61/EU and approved by the governing body.
Navedene omejitve tveganj se prilagodijo glede na profil tveganja AIS, kot je bil razkrit vlagateljem v skladu s točko (c) člena 23(4) Direktive 2011/61/EU in kot ga je odobril vodstveni organ.
Risk measurement and management
Merjenje in obvladovanje tveganja
AIFMs shall adopt adequate and effective arrangements, processes and techniques in order to:
UAIS sprejmejo ustrezne in učinkovite ukrepe, postopke in tehnike, s katerimi:
identify, measure, manage and monitor at any time the risks to which the AIFs under their management are or might be exposed;
lahko kadar koli ugotavljajo, merijo, obvladujejo in spremljajo tveganja, ki so jim ali bi jim lahko bili izpostavljeni AIS, ki jih upravljajo;
ensure compliance with the limits set in accordance with Article 44.
zagotavljajo spoštovanje omejitev, določenih v skladu s členom 44.
The arrangements, processes and techniques referred to in paragraph 1 shall be proportionate to the nature, scale and complexity of the business of the AIFM and of each AIF it manages and shall be consistent with the AIF’s risk profile as disclosed to investors in accordance with point (c) of Article 23(4) of Directive 2011/61/EU.
Ukrepi, postopki in tehnike iz odstavka 1 so sorazmerni z naravo, obsegom in kompleksnostjo poslov UAIS in vsakega AIS, ki ga upravlja, in so skladni s profilom tveganja AIS, kot je bil razkrit vlagateljem v skladu s točko (c) člena 23(4) Direktive 2011/61/EU.
For the purposes of paragraph 1, the AIFM shall take the following actions for each AIF it manages:
Za namene odstavka 1 UAIS za vsak AIS, ki ga upravlja, sprejme naslednje ukrepe:
put in place such risk measurement arrangements, processes and techniques as are necessary to ensure that the risks of positions taken and their contribution to the overall risk profile are accurately measured on the basis of sound and reliable data and that the risk measurement arrangements, processes and techniques are adequately documented;
vzpostavi ukrepe, postopke in tehnike merjenja tveganja, ki so potrebni za zagotovitev, da se lahko tveganja sprejetih pozicij in njihov delež v celotnem profilu tveganja natančno izmerijo na podlagi točnih in zanesljivih podatkov ter da so ukrepi, postopki in tehnike merjenja tveganja ustrezno dokumentirani;
conduct periodic back-tests in order to review the validity of risk measurement arrangements which include model-based forecasts and estimates;
izvaja redne teste za nazaj za preučitev veljavnosti ukrepov za merjenje tveganja, ki vključujejo napovedi in ocene na podlagi modelov;
conduct, periodic appropriate stress tests and scenario analyses to address risks arising from potential changes in market conditions that might adversely impact the AIF;
redno izvaja ustrezne teste izjemnih situacij in analize scenarijev za obravnavanje tveganj, ki izhajajo iz morebitnih sprememb tržnih pogojev, ki lahko negativno vplivajo na AIS;
ensure that the current level of risk complies with the risk limits set in accordance with Article 44;
zagotovi, da je trenutna raven tveganja skladna z omejitvami tveganja, določenimi v skladu s členom 44;
establish, implement and maintain adequate procedures that, in the event of actual or anticipated breaches of the risk limits of the AIF, result in timely remedial actions in the best interest of investors;
vzpostavi, izvaja in vzdržuje ustrezne postopke, ki v primeru dejanske ali pričakovane kršitve omejitev tveganja AIS zagotavljajo pravočasne korektivne ukrepe, ki so v najboljšem interesu vlagateljev;
ensure that there are appropriate liquidity management systems and procedures for each AIF in line with the requirements laid down in Article 46.
zagotovi, da za vsak AIS obstajajo ustrezni sistemi in postopki upravljanja likvidnosti v skladu z zahtevami, določenimi v členu 46.
(Article 16 of Directive 2011/61/EU)
(člen 16 Direktive 2011/61/EU)
Liquidity management system and procedures
Sistem in postopki upravljanja likvidnosti
AIFMs shall be able to demonstrate to the competent authorities of their home Member State that an appropriate liquidity management system and effective procedures referred to in Article 16(1) of Directive 2011/61/EU are in place taking into account the investment strategy, the liquidity profile and the redemption policy of each AIF.
UAIS so pristojnim organom matične države članice sposobni dokazati, da so vzpostavljeni ustrezen sistem upravljanja likvidnosti in učinkoviti postopki iz člena 16(1) Direktive 2011/61/EU, ob upoštevanju naložbene strategije, profila likvidnosti in politike odkupov vsakega AIS.
Monitoring and managing liquidity risk
Spremljanje in obvladovanje likvidnostnega tveganja
The liquidity management system and procedures referred to in Article 46 shall at least, ensure that:
Sistem upravljanja likvidnosti in postopki iz člena 46 zagotovijo vsaj, da:
the AIFM maintains a level of liquidity in the AIF appropriate to its underlying obligations, based on an assessment of the relative liquidity of the AIF’s assets in the market, taking account of the time required for liquidation and the price or value at which those assets can be liquidated, and their sensitivity to other market risks or factors;
UAIS ohranja raven likvidnosti v AIS, ki je primerna glede na njegove osnovne obveznosti, ki temeljijo na oceni relativne likvidnosti sredstev AIS na trgu, pri čemer se upošteva čas, ki je potreben za likvidacijo sredstev, cena ali vrednost, po kateri se lahko likvidirajo, in njihova občutljivost na druga tržna tveganja ali dejavnike;
the AIFM monitors the liquidity profile of the AIF’s portfolio of assets, having regard to the marginal contribution of individual assets which may have a material impact on liquidity, and the material liabilities and commitments, contingent or otherwise, which the AIF may have in relation to its underlying obligations.
UAIS spremlja profil likvidnosti portfelja sredstev AIS, pri čemer upošteva mejni prispevek posameznih sredstev, ki bi lahko pomembno vplivala na likvidnost, ter pomembne obveznosti in zaveze, potencialne ali druge, ki jih lahko ima AIS v povezavi z osnovnimi obveznostmi.
For these purposes the AIFM shall take into account the profile of the investor base of the AIF, including the type of investors, the relative size of investments and the redemption terms to which these investments are subject;
Za te namene UAIS upošteva profil baze vlagateljev AIS, vključno z vrsto vlagateljev, sorazmerno velikostjo naložb in pogoji odkupa, ki veljajo za te naložbe;
the AIFM, where the AIF invests in other collective investment undertakings, monitors the approach adopted by the managers of those other collective investment undertakings to the management of liquidity, including through conducting periodic reviews to monitor changes to the redemption provisions of the underlying collective investment undertakings in which the AIF invests.
če AIS vlaga v druge kolektivne naložbene podjeme, UAIS spremlja pristop, ki ga uporabljajo upravitelji teh drugih kolektivnih naložbenih podjemov pri upravljanju likvidnosti, vključno z izvajanjem rednih pregledov za spremljanje sprememb v določbah glede odkupa zadevnih kolektivnih naložbenih podjemov, v katere vlaga AIS.
Subject to Article 16(1) of Directive 2011/61/EU, this obligation shall not apply where the other collective investment undertakings in which the AIF invests are actively traded on a regulated market within the meaning of point (14) of Article 4(1) of Directive 2004/39/EC or an equivalent third country market;
Ob upoštevanju člena 16(1) Direktive 2011/61/EU se ta obveznost ne uporablja, če se z drugimi kolektivnimi naložbenimi podjemi, v katere vlaga AIS, aktivno trguje na reguliranem trgu v smislu točke 14 člena 4(1) Direktive 2004/39/ES ali na enakovrednem trgu tretje države;
the AIFM implements and maintains appropriate liquidity measurement arrangements and procedures to assess the quantitative and qualitative risks of positions and of intended investments which have a material impact on the liquidity profile of the portfolio of the AIF’s assets to enable their effects on the overall liquidity profile to be appropriately measured.
UAIS izvaja in vzdržuje primerne ukrepe za merjenje likvidnosti in postopke za oceno kvantitativnih in kvalitativnih tveganj pozicij in predvidenih naložb, ki imajo pomemben vpliv na profil likvidnosti portfelja sredstev AIS, tako da se lahko ustrezno izmerijo učinki na splošen profil likvidnosti.
The procedures employed shall ensure that the AIFM has the appropriate knowledge and understanding of the liquidity of the assets in which the AIF has invested or intends to invest including, where applicable, the trading volume and sensitivity of prices and, as the case may be, or spreads of individual assets in normal and exceptional liquidity conditions;
Uporabljeni postopki zagotovijo, da ima UAIS ustrezno znanje in razumevanje likvidnosti sredstev, v katera je AIS vlagal ali namerava vlagati, če je smiselno, vključno z obsegom trgovanja in občutljivostjo cen in/ali razliko med prodajno in nakupno ceno posameznih sredstev v običajnih in izjemnih likvidnostnih pogojih;
the AIFM considers and puts into effect the tools and arrangements, including special arrangements, necessary to manage the liquidity risk of each AIF under its management.
UAIS obravnava in izvaja orodja in ukrepe, vključno s posebnimi ukrepi, potrebnimi za obvladovanje likvidnostnega tveganja vsakega AIS, ki ga upravlja.
The AIFM shall identify the types of circumstances where these tools and arrangements may be used in both normal and exceptional circumstances, taking into account the fair treatment of all AIF investors in relation to each AIF under management.
UAIS opredeli vrste okoliščin, v katerih se lahko ta orodja in ukrepi uporabljajo, tako v običajnih kot v izjemnih okoliščinah, ob upoštevanju pravične obravnave vseh vlagateljev v AIS v povezavi z vsakim AIS, ki ga upravlja.
The AIFM may use such tools and arrangements only in these circumstances and if appropriate disclosures have been made in accordance with Article 108.
UAIS lahko takšna orodja in ukrepe uporabi samo v teh okoliščinah in če so bila podana ustrezna razkritja v skladu s členom 108.
AIFMs shall document their liquidity management policies and procedures, as referred to in paragraph 1, review them on at least an annual basis and update them for any changes or new arrangements.
UAIS dokumentirajo svoje politike in postopke za upravljanje likvidnosti iz odstavka 1, jih pregledujejo vsaj na letni osnovi in jih posodabljajo v primeru kakršnih koli sprememb ali novih ukrepov.
AIFMs shall include appropriate escalation measures in their liquidity management system and procedures, as referred to in paragraph 1, to address anticipated or actual liquidity shortages or other distressed situations of the AIF.
UAIS v sistem in postopke za upravljanje likvidnosti iz odstavka 1 vključijo ustrezne ukrepe stopnjevanja, da lahko obravnavajo pričakovana ali dejanska zmanjšanja likvidnosti ali drugih izrednih situacij AIS.
Where the AIFM manages an AIF which is a leveraged closed-ended AIF, point (e) of paragraph 1 shall not apply.
Če UAIS upravlja AIS, ki je AIS zaprtega tipa brez finančnega vzvoda, se točka (e) odstavka 1 ne uporablja.
Liquidity management limits and stress tests
Omejitve upravljanja likvidnosti in testi izjemnih situacij
AIFMs shall, where appropriate, considering the nature, scale and complexity of each AIF they manage, implement and maintain adequate limits for the liquidity or illiquidity of the AIF consistent with its underlying obligations and redemption policy and in accordance with the requirements laid down in Article 44 relating to quantitative and qualitative risk limits.
Če je primerno, UAIS, ob upoštevanju narave, obsega in kompleksnosti vsakega AIS, ki ga upravljajo, izvajajo in vzdržujejo ustrezne omejitve za likvidnost oziroma nelikvidnost AIS skladno s svojimi osnovnimi obveznostmi in politiko odkupov in v skladu z zahtevami iz člena 44, ki se nanašajo na kvantitativne in kvalitativne omejitve tveganja.
AIFMs shall monitor compliance with those limits and where limits are exceeded or likely to be exceeded, they shall determine the required (or necessary) course of action.
UAIS spremljajo spoštovanje navedenih omejitev, in če so omejitve presežene ali obstaja verjetnost, da bodo presežene, določijo zahtevane (ali potrebne) ukrepe.
In determining appropriate action, AIFMs shall consider the adequacy of the liquidity management policies and procedures, the appropriateness of the liquidity profile of the AIF’s assets and the effect of atypical levels of redemption requests.
Pri določanju primernih ukrepov UAIS preučijo ustreznost politik in postopkov za upravljanje likvidnosti, primernost profila likvidnosti sredstev AIS in učinek netipičnih ravni zahtevkov za odkup.
AIFMs shall regularly conduct stress tests, under normal and exceptional liquidity conditions, which enable them to assess the liquidity risk of each AIF under their management.
UAIS redno izvajajo teste izjemnih situacij pod običajnimi in izjemnimi likvidnostnimi pogoji, ki jim omogočajo oceno likvidnostnega tveganja vsakega AIS, ki ga upravljajo.
The stress tests shall:
Testi izjemnih situacij:
be conducted on the basis of reliable and up-to-date information in quantitative terms or, where this is not appropriate, in qualitative terms;
se izvajajo na podlagi zanesljivih in najnovejših informacij v kvantitativnem smislu oziroma, če to ni primerno, v kvalitativnem smislu;
where appropriate, simulate a shortage of liquidity of the assets in the AIF and atypical redemption requests;
če je primerno, simulirajo zmanjšanje likvidnosti sredstev v AIS in netipične zahtevke za odkup;
cover market risks and any resulting impact, including on margin calls, collateral requirements or credit lines;
pokrivajo tržna tveganja in kateri koli posledičen vpliv, med drugim tudi na pozive k doplačilu kritja, zahteve glede zavarovanja ali kreditne linije;
account for valuation sensitivities under stressed conditions;
upoštevajo občutljivosti pri vrednotenju v izjemnih pogojih;