natgillin/translations-raw huggingface dataset:
By way of derogation from paragraph 2, a derivative instrument shall not be converted into an equivalent position in the underlying asset when calculating the exposure according to the commitment method if it meets both of the following conditions:
Z odstopanjem od odstavka 2 se izvedeni finančni instrument ne pretvori v enakovredno pozicijo v osnovnem sredstvu pri izračunu izpostavljenosti v skladu z metodo zavezujoče izpostavljenosti, če izpolnjuje oba naslednja pogoja:
the combined holding by the AIF of a derivative instrument relating to a financial asset and cash which is invested in cash equivalent as defined in Article 7(a) is equivalent to holding a long position in the given financial asset;
kombinirano držanje s strani AIS izvedenega finančnega instrumenta, ki zadeva finančno sredstvo in denarna sredstva, ki so vložena v njihov ustreznik, kot je opredeljeno v členu 7(a), je enako držanju dolge pozicije v zadevnem finančnem sredstvu;
the derivative instrument shall not generate any incremental exposure and leverage or risk.
izvedeni finančni instrument ne sme povzročati nobene dodatne izpostavljenosti in finančnega vzvoda ali tveganja.
Hedging arrangements shall be taken into account when calculating the exposure of an AIF only if they comply with all the following conditions:
Pogodbe o varovanju pred tveganjem se upoštevajo pri izračunu izpostavljenosti AIS samo, če izpolnjujejo vse naslednje pogoje:
the positions involved within the hedging relationship do not aim to generate a return and general and specific risks are offset;
cilj pozicij varovanja ni ustvarjati donos, splošna in posebna tveganja pa so izravnana;
there is a verifiable reduction of market risk at the level of the AIF;
na ravni AIS obstaja preverljivo zmanjšanje tržnega tveganja;
the risks linked to derivative instruments, general and specific, if any, are offset;
tveganja, povezana z izvedenimi finančnimi instrumenti, ter splošna in posebna tveganja so izravnana;
the hedging arrangements relate to the same asset class;
pogodbe o varovanju pred tveganjem zadevajo isti razred sredstev;
they are efficient in stressed market conditions.
so učinkovite v izjemnih tržnih pogojih.
Subject to paragraph 6, derivative instruments used for currency hedging purposes and that do not add any incremental exposure, leverage or other risks shall not be included in the calculation.
Ob upoštevanju odstavka 6 se izvedeni finančni instrumenti, ki se uporabljajo za namene varovanja pred tečajnimi tveganji in ne povzročajo dodatne izpostavljenosti, finančnega vzvoda ali drugih tveganj, ne vključijo v izračun.
An AIFM shall net positions in any of the following cases:
UAIS pozicije pobota v naslednjih primerih:
between derivative instruments, provided they refer to the same underlying asset, even if the maturity date of the derivative instruments is different;
med izvedenimi finančnimi instrumenti, če zadevajo isto osnovno sredstvo, tudi če se zapadlost izvedenih finančnih instrumentov razlikuje;
between a derivative instrument whose underlying asset is a transferable security, money market instrument or units in a collective investment undertaking as referred to in points 1 to 3 of Section C of Annex I to Directive 2004/39/EC, and that same corresponding underlying asset.
med izvedenim finančnim instrumentom, katerega osnovno sredstvo je prenosljiv vrednostni papir, instrument denarnega trga ali enota v kolektivnih naložbenih podjemih, kot je določeno v točkah 1 do 3 oddelka C Priloge I k Direktivi 2004/39/ES, in istim navedenim ustreznim osnovnim sredstvom.
AIFMs managing AIFs that, in accordance with their core investment policy, primarily invest in interest rate derivatives shall make use of specific duration netting rules in order to take into account the correlation between the maturity segments of the interest rate curve as set out in Article 11.
UAIS, ki upravljajo AIS, ki v skladu s svojo glavno naložbeno politiko vlagajo predvsem v obrestne izvedene finančne instrumente, imajo na voljo posebna pravila o pobotu trajanja, pri čemer upoštevajo korelacijo med elementi zapadlosti obrestne krivulje iz člena 11.
Methods of increasing the exposure of an AIF
Metode za povečanje izpostavljenosti AIS
When calculating exposure AIFMs shall use the methods set out in Annex I for the situations referred to therein.
UAIS pri izračunu izpostavljenosti uporabijo metode iz Priloge I, in sicer v primerih, ki so navedeni v njej.
Conversion methodologies for derivative instruments
Metodologija za pretvorbo izvedenih finančnih instrumentov
AIFMs shall use the conversion methodologies set out in Annex II for the derivative instruments referred to therein.
UAIS uporabijo metodologije za pretvorbo iz Priloge II, in sicer za izvedene finančne instrumente, ki so navedeni v njej.
Duration netting rules
Pravila o pobotu trajanja
Duration netting rules shall be applied by AIFMs when calculating the exposure of AIFs according to Article 8(9).
UAIS pravila o pobotu trajanja uporabljajo pri izračunu izpostavljenosti AIS v skladu s členom 8(9).
The duration-netting rules shall not be used where they would lead to a misrepresentation of the risk profile of the AIF.
Pravila o pobotu trajanja se ne uporabljajo, kadar bi povzročila zavajajoče informacije o profilu tveganja AIS.
AIFMs availing themselves of those netting rules shall not include other sources of risk such as volatility in their interest rate strategy.
UAIS, ki navedena pravila o pobotu izkoriščajo, v svojo obrestno strategijo ne vključujejo drugih virov tveganja, kot je nestanovitnost.
Consequently, interest rate arbitrage strategies shall not apply those netting rules.
Zato se v strategijah arbitraže obrestnih mer ne uporabljajo navedena pravila o pobotu.
The use of those duration-netting rules shall not generate any unjustified level of leverage through investment in short-term positions.
Uporaba navedenih pravil o pobotu trajanja ne zagotavlja nobene neupravičene ravni finančnega vzvoda z naložbami v kratkoročne pozicije.
Short-dated interest rate derivatives shall not be the main source of performance for an AIF with medium duration which uses the duration netting rules.
Kratkoročni obrestni izvedeni finančni instrumenti niso glavni vir donosa za AIS s srednjeročnim trajanjem, ki uporablja pravila o pobotu trajanja.
Interest rate derivatives shall be converted into their equivalent underlying asset position and netted in accordance with Annex III.
Obrestni izvedeni finančni instrumenti se pretvorijo v njihovo enakovredno pozicijo osnov in pobotajo v skladu s Prilogo III.
An AIF making use of the duration-netting rules may still make use of the hedging framework.
AIS, ki uporabljajo pravila o pobotu trajanja, lahko še vedno uporabljajo varovanje pred tveganjem.
Duration netting rules may be applied only to the interest rate derivatives which are not included in hedging arrangements.
Pravila o pobotu trajanja se lahko uporabljajo le za obrestne izvedene finančne instrumente, ki niso vključeni v pogodbe o varovanju pred tveganjem.
Additional own funds and professional indemnity insurance
Dodatna lastna sredstva in zavarovanje poklicne odgovornosti
(Article 9(7) and Article 15 of Directive 2011/61/EU)
(člen 9(7) in člen 15 Direktive 2011/61/EU)
Professional liability risks
Tveganja poklicne odgovornosti
The professional liability risks to be covered pursuant to Article 9(7) of Directive 2011/61/EU shall be risks of loss or damage caused by a relevant person through the negligent performance of activities for which the AIFM has legal responsibility.
Tveganja poklicne odgovornosti, ki jih je treba zajeti v skladu s členom 9(7) Direktive 2011/61/EU, so tveganja izgube ali škode, ki jo zadevna oseba povzroči z malomarnim izvajanjem dejavnosti, za katere je UAIS zakonsko odgovoren.
Professional liability risks as defined in paragraph 1 shall include, without being limited to, risks of:
Zavarovanja poklicne odgovornosti iz odstavka 1 vključujejo, ne da bi bila omejena nanje, naslednja tveganja:
loss of documents evidencing title of assets of the AIF;
izgube dokumentov, ki dokazujejo lastništvo sredstev AIS;
misrepresentations or misleading statements made to the AIF or its investors;
zavajajočih informacij ali izjav, predloženih AIS ali njegovim vlagateljem;
acts, errors or omissions resulting in a breach of:
dejanj, napak ali opustitev, ki povzročijo kršitve:
legal and regulatory obligations;
pravnih in zakonskih obveznosti;
duty of skill and care towards the AIF and its investors;
dolžnosti ustreznega znanja in skrbnosti do AIS in njegovih vlagateljev;
fiduciary duties;
fiduciarnih dolžnosti;
obligations of confidentiality;
obveznosti glede zaupnosti;
AIF rules or instruments of incorporation;
pravil upravljanja ali aktov o ustanovitvi AIS;
terms of appointment of the AIFM by the AIF;
mandata, ki ga AIS podeli UAIS;
failure to establish, implement and maintain appropriate procedures to prevent dishonest, fraudulent or malicious acts;
neizpolnjevanja obveznosti glede vzpostavljanja, izvajanja in ohranjanja ustreznih postopkov za preprečitev nepoštenih, goljufivih ali zlonamernih dejanj;
improperly carried out valuation of assets or calculation of unit/share prices;
neustrezno izvedenega vrednotenja sredstev ali izračuna cen enote/deleža;
losses arising from business disruption, system failures, failure of transaction processing or process management.
izgube zaradi poslovnih motenj, sistemskih napak, napak pri obdelavah transakcij ali postopku upravljanja.
Professional liability risks shall be covered at all times either through appropriate additional own funds determined in accordance with Article 14 or through appropriate coverage of professional indemnity insurance determined in accordance with Article 15.
Tveganja poklicne odgovornosti so stalno krita z dodatnimi lastnimi sredstvi, določenimi v skladu s členom 14, ali ustreznim zavarovanjem poklicne odgovornosti, določenim v skladu s členom 15.
Qualitative requirements addressing professional liability risks
Kvalitativne zahteve glede tveganj poklicne odgovornosti
An AIFM shall implement effective internal operational risk management policies and procedures in order to identify, measure, manage and monitor appropriately operational risks including professional liability risks to which the AIFM is or could be reasonably exposed.
UAIS izvaja učinkovite politike in postopke za obvladovanje notranjih poslovnih tveganj, ki omogočajo ustrezno ugotavljanje, merjenje, upravljanje in spremljanje poslovnih tveganj, vključno s tveganji poklicne odgovornosti, katerim je ali bi bil UAIS lahko dejansko izpostavljen.
The operational risk management activities shall be performed independently as part of the risk management policy.
Dejavnosti obvladovanja poslovnega tveganja se izvajajo neodvisno in kot del politike obvladovanja tveganj.
An AIFM shall set up a historical loss database, in which any operational failures, loss and damage experience shall be recorded.
UAIS vzpostavi zbirko preteklih podatkov o izgubi, v kateri so zabeležene vse poslovne napake, izgube in škode.
This database shall record, without being limited to, any professional liability risks as referred to in Article 12(2) that have materialised.
V zbirki so zabeležena, ne da bi bila na njih omejena, vsa tveganja poklicne odgovornosti iz člena 12(2), ki so se uresničila.
Within the risk management framework the AIFM shall make use of its internal historical loss data and where appropriate of external data, scenario analysis and factors reflecting the business environment and internal control systems.
UAIS v okviru obvladovanja tveganja uporablja svoje notranje pretekle podatke o izgubi in, kadar je primerno, zunanje podatke, analize scenarijev in dejavnike, ki odražajo poslovno okolje in notranje nadzorne sisteme.
Operational risk exposures and loss experience shall be monitored on an ongoing basis and shall be subject to regular internal reporting.
Izpostavljenosti poslovnemu tveganju in pretekle izgube se redno spremljajo, o njih pa se redno notranje poroča.
An AIFM’s operational risk management policies and procedures shall be well documented.
Politike in postopki UAIS za obvladovanje tveganja so dobro dokumentirani.
An AIFM shall have arrangements in place for ensuring compliance with its operational risk management policies and effective measures for the treatment of non-compliance with these policies.
UAIS ima na voljo ureditve za zagotavljanje skladnosti s politikami za obvladovanje poslovnega tveganja in učinkovite ukrepe za obravnavo neizpolnjevanja teh politik.
An AIFM shall have procedures in place for taking appropriate corrective action.
UAIS ima vzpostavljene postopke za sprejemanje ustreznih korektivnih ukrepov.
The operational risk management policies and procedures and measurement systems shall be subject to regular review, at least on an annual basis.
Politike in postopki za obvladovanje poslovnih tveganj ter sistemi merjenja se redno pregledujejo, in sicer vsaj enkrat na leto.
An AIFM shall maintain financial resources adequate to its assessed risk profile.
UAIS ohranja finančna sredstva, ki ustrezajo oceni profila tveganja.
Additional own funds
Dodatna lastna sredstva
This Article shall apply to AIFMs that choose to cover professional liability risks through additional own funds.
Ta člen uporabljajo UAIS, ki se odločijo, da bodo tveganja poklicne odgovornosti krili z dodatnimi lastnimi sredstvi.
The AIFM shall provide additional own funds for covering liability risks arising from professional negligence at least equal to 0,01 % of the value of the portfolios of AIFs managed.
UAIS zagotovi dodatna lastna sredstva za kritje tveganj odgovornosti, ki izhajajo iz poklicne malomarnosti, ki znašajo vsaj 0,01 % vrednosti portfelja upravljanih AIS.
The value of the portfolios of AIFs managed shall be the sum of the absolute value of all assets of all AIFs managed by the AIFM, including assets acquired through use of leverage, whereby derivative instruments shall be valued at their market value.
Vrednost portfelja upravljanih AIS je vsota absolutne vrednosti vseh sredstev vseh AIS, ki jih upravlja UAIS, vključno s sredstvi, pridobljenimi z uporabo finančnega vzvoda, pri čemer se izvedeni finančni instrumenti vrednotijo glede na tržno vrednost.
The additional own funds requirement referred to in paragraph 2 shall be recalculated at the end of each financial year and the amount of additional own funds shall be adjusted accordingly.
Izračun zahtevanih dodatnih lastnih sredstev iz odstavka 2 se ponovi ob koncu vsakega proračunskega leta in znesek dodatnih lastnih sredstev se ustrezno prilagodi.
The AIFM shall establish, implement and apply procedures to monitor on an ongoing basis the value of the portfolios of AIFs managed, calculated in accordance with the second subparagraph of paragraph 2.
UAIS vzpostavi, izvaja in uporablja postopke za stalno spremljanje vrednosti portfelja upravljanih AIS, ki jih izračuna v skladu z drugim pododstavkom odstavka 2.
Where, before the annual recalculation referred to in the first subparagraph, the value of the portfolios of AIFs managed increases significantly, the AIFM shall without undue delay recalculate the additional own funds requirement and shall adjust the additional own funds accordingly.
Če se pred letnim ponovnim izračunom iz prvega pododstavka vrednost portfelja upravljanih AIS znatno poveča, UAIS nemudoma ponovno izračuna zahtevana dodatna lastna sredstva in jih ustrezno prilagodi.
The competent authority of the home Member State of the AIFM may authorise the AIFM to provide additional own funds lower than the amount referred to in paragraph 2 only if it is satisfied — on the basis of the historical loss data of the AIFM as recorded over an observation period of at least three years prior to the assessment — that the AIFM provides sufficient additional own funds to appropriately cover professional liability risks.
Pristojni organ matične države članice UAIS lahko UAIS odobri, da zagotovi dodatna lastna sredstva, ki so nižja od zneska iz odstavka 2, samo, če je na podlagi preteklih podatkov UAIS o izgubi, ki so zabeleženi v obdobju opazovanja najmanj tri leta pred ocenjevanjem, prepričan, da UAIS zagotavlja zadostna dodatna lastna sredstva za ustrezno kritje tveganj poklicne odgovornosti.
The authorised lower amount of additional own funds shall be not less than 0,008 % of the value of the portfolios of AIFs managed by the AIFM.
Odobreni nižji znesek dodatnih lastnih sredstev ne sme biti manjši od 0,008 % vrednosti portfelja AIS, ki jih upravlja UAIS.
The competent authority of the home Member State of the AIFM may request the AIFM to provide additional own funds higher than the amount referred to in paragraph 2 if it is not satisfied that the AIFM has sufficient additional own funds to appropriately cover professional liability risks.
Pristojni organ matične države članice UAIS lahko od UAIS zahteva, da zagotovi dodatna lastna sredstva, ki so višja od zneska iz odstavka 2, če ni prepričan, da ima UAIS zadostna dodatna lastna sredstva za ustrezno kritje tveganj poklicne odgovornosti.
The competent authority shall give reasons why it considers that the AIFM’s additional own funds are insufficient.
Pristojni organ navede razloge, zakaj meni, da so dodatna lastna sredstva UAIS nezadostna.
Professional indemnity insurance
Zavarovanje poklicne odgovornosti
This Article shall apply to AIFMs that choose to cover professional liability risks through professional indemnity insurance.
Ta člen uporabljajo UAIS, ki se odločijo, da bodo tveganja poklicne odgovornosti krili z zavarovanjem poklicne odgovornosti.
The AIFM shall take out and maintain at all times professional indemnity insurance that:
UAIS sklene in stalno ohranja zavarovanje poklicne odgovornosti, ki:
shall have an initial term of no less than one year;
ima začetno obdobje veljavnosti najmanj eno leto;
shall have a notice period for cancellation of at least 90 days;
ima odpovedni rok za preklic najmanj 90 dni;
shall cover professional liability risks as defined in Article 12(1) and (2);
zajema tveganja poklicne odgovornosti, kot je določeno v členu 12(1) in (2);
is taken out from an EU or non-EU undertaking authorised to provide professional indemnity insurance, in accordance with Union law or national law;
je sklenjeno pri zavarovalnici EU ali zunaj EU, ki ima dovoljenje za sklepanje zavarovanja poklicne odgovornosti v skladu z zakonodajo Unije ali nacionalno zakonodajo;
is provided by a third party entity.
ga sklene subjekt tretje osebe.
Any agreed defined excess shall be fully covered by own funds which are in addition to the own funds to be provided in accordance with Article 9(1) and (3) of Directive 2011/61/EU.
Vsak dogovorjeni določeni presežek se v celoti krije z dodatnimi lastnimi sredstvi, ki se zagotovijo poleg lastnih sredstev v skladu s členom 9(1) in (3) Direktive 2011/61/EU.
The coverage of the insurance for an individual claim shall be equal to at least 0,7 % of the value of the portfolios of AIFs managed by the AIFM calculated as set out in the second subparagraph of Article 14(2).
Kritje zavarovanja posameznega zahtevka znaša najmanj 0,7 % vrednosti portfelja AIS, ki jih upravljajo UAIS, izračunane na podlagi drugega pododstavka člena 14(2).
The coverage of the insurance for claims in aggregate per year shall be equal to at least 0,9 % of the value of the portfolios of AIFs managed by the AIFM calculated as set out in the second subparagraph of Article 14(2).
Kritje zavarovanja skupnih zahtevkov na leto znaša najmanj 0,9 % vrednosti portfelja AIS, ki jih upravljajo UAIS, izračunane na podlagi drugega pododstavka člena 14(2).
The AIFM shall review the professional indemnity insurance policy and its compliance with the requirements laid down in this Article at least once a year and in the event of any change which affects the policy’s compliance with the requirements in this Article.
UAIS politiko zavarovanja poklicne odgovornosti in njeno skladnost z zahtevami iz tega člena pregleda vsaj enkrat na leto in v primeru kakršne koli spremembe, ki vpliva na skladnost politike z zahtevami v tem členu.
(Article 12(1) of Directive 2011/61/EU)
(člen 12(1) Direktive 2011/61/EU)
General obligations for competent authorities
Splošne obveznosti pristojnih organov
When assessing the AIFM’s compliance with Article 12(1) of Directive 2011/61/EU, the competent authorities shall use at least the criteria laid down in this Section.
Pristojni organi pri oceni skladnosti UAIS s členom 12(1) Direktive 2011/61/EU uporabljajo vsaj merila iz tega oddelka.
Duty to act in the best interests of the AIF or the investors in the AIF and the integrity of the market
Dolžnost delovanja v najboljšem interesu AIS ali vlagateljev v AIS in integritete trga
AIFMs shall apply policies and procedures for preventing malpractices, including those that might reasonably be expected to affect adversely the stability and integrity of the market.
UAIS uporabljajo politike in postopke za preprečevanje zlorab, vključno s tistimi, za katere se lahko razumno pričakuje, da negativno vplivajo na stabilnost in integriteto trga.
AIFMs shall ensure that the AIFs they manage or the investors in these AIFs are not charged undue costs.
UAIS zagotovijo, da AIS, ki jih upravljajo, ali vlagateljem v te AIS ne zaračunavajo nepotrebnih stroškov.
AIFMs shall apply a high standard of diligence in the selection and ongoing monitoring of investments.
UAIS pri izbiri in stalnem spremljanju naložb uporabljajo visoko stopnjo primerne skrbnosti.
AIFMs shall ensure that they have adequate knowledge and understanding of the assets in which the AIF is invested.
UAIS zagotovijo, da imajo ustrezno znanje in razumevanje sredstev, v katere vlaga AIS.
AIFMs shall establish, implement and apply written policies and procedures on due diligence and implement effective arrangements for ensuring that investment decisions on behalf of the AIFs are carried out in compliance with the objectives, the investment strategy and, where applicable, the risk limits of the AIF.
UAIS vzpostavijo, izvajajo in uporabljajo pisne politike in postopke o primerni skrbnosti ter izvajajo učinkovite ureditve, s katerimi zagotovijo, da se naložbene odločitve, sprejete v imenu AIS, izvedejo v skladu s cilji, naložbeno strategijo in po potrebi omejitvami tveganja AIS.
The policies and procedures on due diligence referred to in paragraph 3 shall be regularly reviewed and updated.
Politike in postopki o primerni skrbnosti iz odstavka 3 se redno pregledujejo in posodabljajo.
Due diligence when investing in assets of limited liquidity
Primerna skrbnost pri naložbah v sredstva z omejeno likvidnostjo
Where AIFMs invest in assets of limited liquidity and where such investment is preceded by a negotiation phase, they shall, in relation to the negotiation phase, in addition to the requirements laid down in Article 18:
Kadar UAIS vlagajo v sredstva z omejeno likvidnostjo in takšne naložbe spremlja faza pogajanj, v zvezi s pogajanji in poleg zahtev iz člena 18:
set out and regularly update a business plan consistent with the duration of the AIF and market conditions;
določijo in redno posodabljajo poslovni načrt, ki je skladen s trajanjem AIS in tržnimi pogoji;
seek and select possible transactions consistent with the business plan referred to in point (a);
iščejo in izberejo morebitne transakcije, ki so skladne s poslovnim načrtom iz točke (a);
assess the selected transactions in consideration of opportunities, if any, and overall related risks, all relevant legal, tax-related, financial or other value affecting factors, human and material resources, and strategies, including exit strategies;
ocenijo izbrane transakcije ob upoštevanju morebitnih priložnosti in vsa povezana tveganja, vse ustrezne pravne, davčne, finančne in druge dejavnike, ki vplivajo na vrednost, človeške in materialne vire ter strategije, vključno z izstopnimi strategijami;
perform due diligence activities related to the transactions prior to arranging execution;
izvajajo dejavnosti primerne skrbnosti, povezane s transakcijami, in sicer pred izvedbo;
monitor the performance of the AIF with respect to the business plan referred to in point (a).
spremljajo donosnost AIS na podlagi poslovnega načrta iz točke (a).