natgillin/translations-raw huggingface dataset:
However, losses incurred because an investment has lost value as a result of adverse market conditions should not be covered.
Vendar pa izgube, ki nastanejo zato, ker je naložba izgubila vrednost zaradi neugodnih tržnih pogojev, ne bi smele biti krite.
The list should also include valuations that are improperly carried out, which should be understood as a valuation failure breaching Article 19 of Directive 2011/61/EU and the corresponding delegated acts.
Seznam bi moral vključevati tudi neustrezno izvedena vrednotenja, ki bi jih bilo treba razumeti kot neizpolnjevanje obveznosti vrednotenja, ki krši člen 19 Direktive 2011/61/EU in ustrezne delegirane akte.
In line with their risk management obligations, AIFMs should have appropriate qualitative internal control mechanisms to avoid or mitigate operational failures, including professional liability risks.
UAIS bi morali v skladu z obveznostmi obvladovanja tveganja imeti na voljo ustrezne kvalitativne mehanizme za notranji nadzor, s čimer bi se izognili poslovnim napakam ali bi jih omilili, vključno s tveganji poklicne odgovornosti.
Therefore, an AIFM should have, as part of its risk management policy, adequate policies and procedures for operational risk management, appropriate to the nature, scale and complexity of its business.
Zato bi moral UAIS v okviru svoje politike obvladovanja tveganja imeti na voljo ustrezne politike in postopke za upravljanje poslovnega tveganja, ki ustrezajo naravi, obsegu in kompleksnosti njegovega poslovanja.
Such procedures and policies should in any event enable an internal loss database to be built up to serve for the purpose of assessing the operational risk profile.
Takšni postopki in politike bi morali v vsakem primeru omogočiti oblikovanje baze podatkov o notranjih izgubah, ki bi služila za namene ocenjevanja profila poslovnega tveganja.
To ensure that additional own funds and professional liability insurance appropriately cover potential professional liability risks, quantitative minimum benchmarks should be established for determining the proper level of coverage.
Za zagotovitev, da dodatna lastna sredstva in zavarovanje poklicne odgovornosti ustrezno krijejo morebitna tveganja poklicne odgovornosti, bi bilo treba uvesti kvantitativna minimalna merila za določitev ustrezne stopnje kritja.
Such quantitative benchmarks should be determined by the AIFM as a specific percentage of the value of portfolios of AIFs managed, calculated as the sum of the absolute value of all assets of all AIFs managed, irrespective of whether they are acquired through use of leverage or with investors’ money.
UAIS bi moral takšna kvantitativna merila določiti kot določen odstotek vrednosti upravljanega portfelja AIS, izračunan kot vsota absolutne vrednosti vseh sredstev vseh upravljanih AIS, ne glede na to, ali so pridobljena z uporabo finančnega vzvoda ali z denarjem vlagateljev.
In this context, derivative instruments should be valued at their market price as they could be replaced at that price.
V tem okviru bi se izvedeni finančni instrumenti morali vrednotiti po tržni ceni, saj bi jih lahko nadomestili po tej ceni.
As coverage through professional indemnity insurance is by nature more uncertain than coverage provided through additional own funds, different percentages should apply to the two different instruments used for covering professional liability risk.
Ker je kritje prek zavarovanja poklicne odgovornosti po naravi bolj negotovo od kritja prek dodatnih lastnih sredstev, bi morali za ta dva različna instrumenta, ki se uporabljata za kritje tveganja poklicne odgovornosti, veljati različni odstotki.
To ensure that professional indemnity insurance is effective in covering losses that result from insured events, it should be taken out from an insurance undertaking which is authorised to provide professional indemnity insurance.
Za zagotovitev, da je zavarovanje poklicne odgovornosti učinkovito pri kritju izgub, ki izhajajo iz zavarovanih dogodkov, bi moralo biti sklenjeno z zavarovalnico, ki je pooblaščena za izdajanje zavarovanja poklicne odgovornosti.
This includes EU insurance undertakings and non-EU undertakings to the extent that they are permitted to provide such insurance service by Union law or by national law.
To vključuje zavarovalnice v EU in zunaj EU, ki lahko takšne zavarovalniške storitve izvajajo v skladu z zakonodajo Unije ali nacionalno zakonodajo.
In order to allow some flexibility when devising appropriate professional indemnity insurance, it should be possible for the AIFM and the insurance undertaking to agree on a clause providing that a defined amount will be borne by the AIFM as the first part of any loss (defined excess).
Za namene prožnosti bi pri določanju ustreznega zavarovanja poklicne odgovornosti moralo biti mogoče, da se UAIS in zavarovalnica dogovorita o klavzuli, ki določa, da bo UAIS določen znesek plačal kot prvi del kakršne koli izgube (določeno preseganje).
Where such a defined excess is agreed, the AIFM should provide own funds corresponding to the defined amount of loss to be borne by the AIFM.
Kadar je takšno določeno preseganje dogovorjeno, bi moral UAIS zagotoviti lastna sredstva, ki ustrezajo določenemu znesku izgube, ki ga krije UAIS.
Such own funds should be in addition to the initial capital of the AIFM and to the own funds to be provided by the AIFM pursuant to Article 9(3) of Directive 2011/61/EU.
Takšna lastna sredstva bi morala dopolnjevati ustanovitveni kapital UAIS in lastna sredstva, ki jih mora UAIS zagotoviti v skladu s členom 9(3) Direktive 2011/61/EU.
As a matter of principle, the adequacy of coverage through additional own funds or professional indemnity insurance should be reviewed at least once a year.
Načeloma bi bilo treba ustreznost kritja z dodatnimi lastnimi sredstvi ali zavarovanjem poklicne odgovornosti pregledati najmanj enkrat na leto.
However, the AIFM should have procedures in place that ensure ongoing monitoring of the total value of AIF portfolios managed and ongoing adjustments to the amount of coverage of professional liability risks should there be significant mismatches identified.
Vendar pa bi UAIS moral imeti vzpostavljene postopke, ki zagotavljajo stalno spremljanje celotne vrednosti upravljanega portfelja AIS in stalno prilagajanje zneska kritja tveganja poklicne odgovornosti, če so ugotovljena znatna neskladja.
Furthermore, the competent authority of the home Member State of an AIFM may lower or increase the minimum requirement for additional own funds, after taking into account the risk profile of the AIFM, its loss history and the adequacy of its additional own funds or professional indemnity insurance.
Poleg tega lahko pristojni organ matične države članice UAIS zmanjša ali poveča zahtevo glede minimalnih dodatnih lastnih sredstev, in sicer na podlagi profila tveganja UAIS, njegovih preteklih izgub in ustreznosti njegovih dodatnih lastnih sredstev ali zavarovanja poklicne odgovornosti.
Directive 2011/61/EU requires AIFMs to act in the best interests of AIFs, the investors in the AIFs and the integrity of the market.
Direktiva 2011/61/EU zahteva, da UAIS delujejo v najboljšem interesu AIS, vlagateljev v AIS in integritete trga.
AIFMs should therefore apply appropriate policies and procedures which allow them to prevent malpractices such as market timing or late trading.
UAIS bi zato morali uporabiti ustrezne politike in postopke, ki bi jim omogočali preprečevati zlorabe, kot je tržno časovno kalkuliranje ali pozno trgovanje.
Market timers take advantage of out of date or stale prices for portfolio securities that impact the calculation of AIF’s net asset value (NAV) or buy and redeem units of the AIF within a few days, thereby exploiting the way the AIF calculates its NAV.
Osebe, ki se ukvarjajo s tržnim časovnim kalkuliranjem, izkoriščajo neposodobljene ali zastarele cene vrednostnih papirjev v portfelju, ki vplivajo na izračun čiste vrednosti sredstev AIS, ali kratkoročno kupujejo in odkupujejo enote AIS in tako izkoriščajo način, na katerega AIS izračuna svojo čisto vrednost sredstev.
Late trading involves placing of orders to buy or redeem units of AIFs after a designated cut off point but the price received is the one of the cut off point.
Pozno trgovanje vključuje dajanje naročil za nakup ali odkup enot AIS po določeni točki zaustavitve trgovanja, prejeta cena pa je cena, veljavna v navedeni točki.
Both malpractices harm the interests of long term investors as they dilute their return and have detrimental effects on AIF’s returns as they increase transaction costs and disrupt portfolio management.
Obe zlorabi škodujeta interesom dolgoročnih vlagateljev, saj zmanjšujeta njihov donos in imata škodljive učinke na donos AIS, ker zvišujeta transakcijske stroške ter ovirata upravljanje portfelja.
AIFMs should also establish appropriate procedures to ensure that the AIF is managed efficiently and should act in such a way as to prevent undue costs being charged to the AIF and its investors.
UAIS bi morali vzpostaviti tudi ustrezne postopke za zagotovitev, da se AIS upravlja učinkovito, in bi morali delovati tako, da bi preprečili nepotrebne stroške, ki se obračunajo AIS in njegovim vlagateljem.
In line with the approach applied to UCITS managers, AIFMs should ensure a high standard of diligence in the selection and monitoring of investments.
UAIS bi morali v skladu s pristopom, ki se uporablja za upravitelje KNPVP, zagotoviti visok standard skrbnosti pri izbiri in spremljanju naložb.
They should have appropriate professional expertise and knowledge of the assets in which AIFs are invested.
Imeti bi morali ustrezno strokovno znanje in poznavanje sredstev, v katera vlagajo AIS.
In order to ensure that investment decisions are carried out in compliance with the investment strategy and, where applicable, risk limits of the AIFs managed, AIFMs should establish and implement written policies and procedures on due diligence.
Za zagotovitev, da se odločitve o naložbah izvajajo v skladu z naložbeno strategijo in, kadar je primerno, omejitvami tveganj upravljanih AIS, bi morali UAIS uvesti in izvajati pisne politike in postopke glede primerne skrbnosti.
These policies and procedures should be reviewed and updated on a regular basis.
Te politike in postopke bi bilo treba redno pregledovati in posodabljati.
When AIFMs invest in specific types of assets for a long duration, less liquid assets such as real estate or partnership interests, due diligence requirements should apply also to the negotiation phase.
Kadar UAIS vlagajo v posebne vrste sredstev z dolgim trajanjem, manj likvidna sredstva, kot so deleži v nepremičninah ali partnerstvih, bi morale zahteve glede primerne skrbnosti veljati tudi v fazi pogajanj.
The activities performed by the AIFM before closing an agreement should be well documented in order to demonstrate that they are consistent with the economic and financial plan and therefore with the duration of the AIF.
Dejavnosti, ki jih izvaja UAIS pred zaključkom sporazuma, bi morale biti dobro dokumentirane, da se lahko dokaže njihova skladnost z ekonomskim in finančnim načrtom ter tako s trajanjem AIS.
AIFMs should maintain minutes of the relevant meetings, the preparatory documentation and the economic and financial analysis conducted for assessing the feasibility of the project and the contractual commitment.
UAIS morajo hraniti zapisnike pomembnih sestankov, pripravljalno dokumentacijo in gospodarske ter finančne analize, izvedene za namene ocenjevanja izvedljivosti projekta in pogodbenih obveznosti.
The requirement that AIFMs act with due skill, care and diligence should also apply where the AIFM appoints a prime broker or counterparty.
Zahteva, da UAIS delujejo strokovno, skrbno in vestno, bi morala veljati tudi, kadar UAIS imenuje glavnega posrednika ali nasprotno stranko.
The AIFM should select and appoint only those prime brokers and counterparties, which are subject to ongoing supervision, are financially sound and have the necessary organisational structure appropriate to the services to be provided to the AIFM or the AIF.
UAIS bi moral izbrati in imenovati le tiste glavne posrednike in nasprotne stranke, ki so predmet stalnega nadzora, so finančno trdni in imajo potrebno organizacijsko strukturo, ki ustreza storitvam, ki se zagotavljajo UAIS ali AIS.
In order to ensure that investors’ interests are adequately protected, it is important to clarify that one of the criteria against which financial soundness should be assessed is whether or not prime brokers or counterparties are subject to relevant prudential regulation, including adequate capital requirements, and effective supervision.
Za zagotovitev, da so interesi vlagateljev ustrezno zaščiteni, je pomembno pojasniti, da je eno od meril, na podlagi katerega bi se morala ocenjevati finančna trdnost, merilo o tem, ali za glavne posrednike ali nasprotne stranke veljajo ustrezna pravila varnega in skrbnega poslovanja, vključno z zahtevami glede ustreznega kapitala, in učinkovit nadzor.
In line with Directive 2011/61/EU, which requires AIFMs to act honestly, fairly and with due skill, persons who effectively direct the business of the AIFM, who are members of the governing body or of the senior management, in the case of entities which do not have a governing body, should possess sufficient knowledge, skills and experience to exercise their tasks, in particular to understand the risks associated with the activity of the AIFM.
V skladu z Direktivo 2011/61/EU, ki zahteva, da UAIS delujejo pošteno, pravično in strokovno, bi morale imeti osebe, ki dejansko vodijo posle UAIS, ki so člani vodstvenega organa ali višjega vodstva, in sicer v primeru subjektov, ki nimajo vodstvenega organa, zadostno znanje, spretnosti in izkušnje za opravljanje svojih nalog, zlasti da razumejo tveganja, povezana z dejavnostjo UAIS.
In line with the Commission’s Green Paper on corporate governance in the financial sector [2], persons who effectively direct the business of the AIFM should also commit sufficient time to perform their functions in the AIFM and act with honesty, integrity and independence of mind to, inter alia, effectively assess and challenge the decisions of the senior management.
V skladu z zeleno knjigo Komisije o korporativnem upravljanju finančnih institucij [2] bi morale osebe, ki dejansko upravljajo UAIS, zadosti časa posvetiti tudi opravljanju nalog v UAIS ter delovati pošteno, celovito in neodvisno, da bi med drugim lahko učinkovito ocenjevale in izpodbijale odločitve višjega vodstva.
To ensure that the relevant activities are performed properly, AIFMs should employ personnel with the necessary skills, knowledge and expertise to carry out tasks assigned to them.
Za zagotovitev, da se relevantne dejavnosti ustrezno izvajajo, bi UAIS morali zaposliti osebje s potrebnimi spretnostmi, znanjem in strokovnostjo, ki so potrebni za opravljanje nalog, ki so mu dodeljene.
AIFMs that provide the service of individual portfolio management have to comply with inducement rules laid down in Commission Directive 2006/73/EC of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive [3].
UAIS, ki opravljajo storitev upravljanja individualnega portfelja, morajo izpolnjevati pravila glede nagrajevanja iz Direktive Komisije 2006/73/ES z dne 10. avgusta 2006 o izvajanju Direktive 2004/39/ES Evropskega parlamenta in Sveta v zvezi z organizacijskimi zahtevami in pogoji poslovanja investicijskih družb ter opredeljenimi izrazi za namene navedene direktive [3].
For reasons of consistency, those principles should extend to AIFMs that provide the service of collective portfolio management, and marketing.
Zaradi doslednosti bi se morala ta načela razširiti na UAIS, ki opravljajo storitev upravljanja skupnega portfelja in trženja.
The existence, nature and amount of the fee, commission or benefit, or, where the amount cannot be ascertained, the method of calculating the amount, should be disclosed in the AIFM’s annual report.
Obstoj, naravo in znesek pristojbine, provizije ali koristi ali, če zneska ni mogoče določiti, metode izračuna zneska bi bilo treba razkriti v letnem poročilu UAIS.
Investors in AIFs should benefit from protection similar to that of AIFM clients to whom AIFMs provide the service of individual portfolio management, as in such a case they have to comply with the best execution rules laid down in Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC [4] and Directive 2006/73/EC.
Vlagatelji v AIS bi morali biti zaščiteni podobno, kot so zaščitene stranke UAIS, za katere UAIS opravljajo storitev upravljanja individualnega portfelja, saj morajo v takem primeru izpolnjevati pravila najboljše izvedbe iz Direktive 2004/39/ES Evropskega parlamenta in Sveta z dne 21. aprila 2004 o trgih finančnih instrumentov in o spremembah direktiv Sveta 85/611/EGS, 93/6/EGS in Direktive 2000/12/ES Evropskega parlamenta in Sveta ter o razveljavitvi Direktive Sveta 93/22/EGS [4] in Direktive 2006/73/ES.
However, the differences between the various types of assets in which AIFs are invested should be taken into account, since best execution is not relevant, for instance, when the AIFM invests in real estate or partnership interests and the investment is made after extensive negotiations on the terms of the agreement.
Upoštevati pa bi bilo treba razlike med različnimi vrstami sredstev, v katere vlagajo AIS, saj najboljša izvedba ni pomembna v primeru, ko UAIS vlaga v deleže v nepremičninah ali partnerstvih in je naložba izvedena po obsežnih pogajanjih o pogojih sporazuma.
Where there is no choice of different execution venues, the AIFM should be able to demonstrate to the competent authorities and auditors that there is no choice of different execution venues.
Kadar izbira različnih izvedbenih mest ni mogoča, bi morali UAIS imeti možnost, da pristojnim organom in revizorjem dokažejo, da izbira različnih izvedbenih mest ni mogoča.
For reasons of consistency with requirements applying to UCITS managers, rules on handling of orders and on aggregation and allocation of trading orders should apply to AIFMs when providing collective portfolio management.
Zaradi skladnosti z zahtevami, ki veljajo za upravitelje KNPVP, bi morala pravila o obravnavi naročil in združevanju ter razdeljevanje naročil za trgovanje veljati za UAIS, ko upravljajo skupen portfelj.
However, such rules should not apply where the investment in assets is made after extensive negotiations on the terms of the agreement, such as investment in real estate, partnership interests or non-listed companies as in such cases no order is executed.
Vendar pa ta pravila ne bi smela veljati, kadar je naložba v sredstva izvedena po obsežnih pogajanjih o pogojih sporazuma, kot so naložbe v deleže v nepremičninah ali partnerstvih ali podjetja, ki ne kotirajo na borzi, saj v takih primerih ni izvedeno nobeno naročilo.
It is important to specify the situations where conflicting interests are likely to occur, in particular where there is a prospect of financial gain or avoidance of financial loss or where financial or other incentives are provided to steer the behaviour of the AIFM in such a way that it favours particular interests at the expense of interests of other parties, such as another AIF, its clients, undertakings for collective investments in transferable securities (UCITS) or other clients of the AIFM.
Pomembno je opredeliti primere, v katerih lahko pride do nasprotij interesov, zlasti kjer obstaja možnost finančnega dobička ali izogibanja finančni izgubi ali kjer finančne ali druge spodbude vplivajo na ravnanje UAIS tako, da daje prednost posebnim interesom pred interesi drugih strani, kot so drug AIS, njegove stranke, naložbeni podjemi za vlaganja v prenosljive vrednostne papirje (KNPVP) ali druge stranke UAIS.
The conflicts of interest policy established by the AIFM should identify situations in which activities carried out by the AIFM could constitute conflicts of interest that do or do not lead to potential risks of damage to the AIF’s interests or the interests of its investors.
Politika obvladovanja nasprotij interesov, ki jo vzpostavi UAIS, bi morala določiti primere, v katerih bi lahko dejavnosti, ki jih izvaja UAIS, pomenile nasprotje interesov, ki vodi ali ne vodi do morebitnih tveganj oškodovanja interesov AIS ali njegovih vlagateljev.
To identify them the AIFM should take into account not only the activity of collective portfolio management but also other activities it is authorised to carry out, including activities of its delegates, sub-delegates, external valuer or counterparty.
Pri njihovem določanju bi UAIS moral upoštevati dejavnost upravljanja skupnega portfelja in tudi druge dejavnosti, za izvajanje katerih je pooblaščen, vključno z dejavnostmi njegovih pooblaščencev, podpooblaščencev, zunanjega cenilca ali nasprotne stranke.
In line with the approach considered in Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) [5] for UCITS management companies and in Directive 2004/39/EC for investment firms, AIFMs should adopt procedures and measures to ensure that relevant persons engaged in different business activities that could involve conflicts of interest carry out these activities at an independent level, appropriate to the size and activities of the AIFM.
V skladu s pristopom iz Direktive 2009/65/ES Evropskega parlamenta in Sveta z dne 13. julija 2009 o usklajevanju zakonov in drugih predpisov o kolektivnih naložbenih podjemih za vlaganja v prenosljive vrednostne papirje (KNPVP) [5] za družbe za upravljanje KNPVP in iz Direktive 2004/39/ES za investicijska podjetja bi morali UAIS tudi sprejeti postopke in ukrepe za zagotovitev, da ustrezne osebe, ki izvajajo različne poslovne dejavnosti, ki bi lahko povzročile nasprotja interesov, te dejavnosti izvajajo neodvisno ter ustrezno velikosti in dejavnostim UAIS.
It is essential to provide for a general framework according to which conflicts of interest, if they occur, should be managed and disclosed.
Bistveno je, da se zagotovi splošni okvir, v skladu s katerim bi bilo treba upravljati in razkriti nasprotja interesov, če do njih pride.
The detailed steps and procedures to be followed in such situations should be clarified in the conflicts of interest policy to be established by the AIFM.
Natančne ukrepe in postopke, ki jih je treba upoštevati v takih primerih, bi bilo treba pojasniti v politiki obvladovanja nasprotij interesov, ki jo mora uvesti UAIS.
One of the central components of a risk management system is a permanent risk management function.
Eden od glavnih sestavnih delov sistema obvladovanja tveganj je trajna funkcija obvladovanja tveganj.
In the interest of consistency, its tasks and responsibilities should be similar in nature to those assigned by Commission Directive 2010/43/EU of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards organisational requirements, conflicts of interest, conduct of business, risk management and content of the agreement between a depositary and a management company [6] to the permanent risk management function in UCITS management companies.
Zaradi doslednosti bi morale biti njene naloge in odgovornosti podobne tistim iz Direktive Komisije 2010/43/EU z dne 1. julija 2010 o izvajanju Direktive 2009/65/ES Evropskega parlamenta in Sveta o organizacijskih zahtevah, nasprotjih interesov, poslovanju, obvladovanju tveganja ter vsebini sporazuma med depozitarjem in družbo za upravljanje [6], in sicer trajni funkciji obvladovanja tveganj v družbah za upravljanje KNPVP.