natgillin/translations-raw huggingface dataset:
With regard to portfolio transactions on an execution venue, the record referred to in paragraph 1 shall include the following information:
V zvezi s portfeljskimi transakcijami na izvedbenem mestu evidenca iz odstavka 1 vsebuje naslednje informacije:
the name or other designation of the AIF and of the person acting for the account of the AIF;
ime ali drugo poimenovanje AIS in osebe, ki deluje za račun AIS;
the asset;
sredstvo;
where relevant, the quantity;
kjer je ustrezno, količino;
for orders, the date and exact time of the transmission of the order and the name or other designation of the person to whom the order was transmitted, or for transactions, the date and exact time of the decision to deal and the execution of the transaction;
pri naročilih datum in točen čas prenosa naročila in ime ali drugo poimenovanje osebe, ki ji je bilo naročilo posredovano, pri transakcijah pa datum in točen čas odločitve o trgovanju in izvedbe transakcije;
where applicable, the name of the person transmitting the order or executing the transaction;
kjer je ustrezno, ime osebe, ki posreduje naročilo ali izvaja transakcijo;
where applicable, the reasons for the revocation of an order;
kjer je ustrezno, razloge za preklic naročila;
for executed transactions the counterparty and execution venue identification.
nasprotno stranko in izvedbeno mesto za izvedene transakcije.
With regard to portfolio transactions by the AIF outside an execution venue, the record referred to in paragraph 1 shall include the following information:
V zvezi s portfeljskimi transakcijami AIS izven izvedbenega mesta evidenca iz odstavka 1 vsebuje naslednje informacije:
the name or other designation of the AIF;
ime ali drugo poimenovanje AIS;
the legal and other documentation that forms the basis of the portfolio transaction, including in particular the agreement as executed;
pravno in drugo dokumentacijo, ki je podlaga za portfeljsko transakcijo, vključno zlasti s sporazumom, kot je bil izvršen;
the price.
ceno.
For the purposes of paragraphs 2 and 3, an execution venue shall include a systematic internaliser as referred to in point (7) of Article 4(1) of Directive 2004/39/EC, a regulated market as referred to in point (14) of Article 4(1) of that Directive, a multilateral trading facility as referred to in point (15) of Article 4(1) of that Directive, a market maker as referred to in point (8) of Article 4(1) of that Directive or other liquidity provider or an entity that performs a similar function in a third country to the functions performed by any of the foregoing.
Za namene odstavkov 2 in 3 izvedbena mesta vključujejo sistematičnega internalizerja iz točke 7 člena 4(1) Direktive 2004/39/ES, regulirani trg iz točke 14 člena 4(1) navedene direktive, večstranski sistem trgovanja iz točke 15 člena 4(1) navedene direktive, ustvarjalca trga iz točke 8 člena 4(1) navedene direktive ali drugega zagotovitelja likvidnosti ali subjekt, ki v tretji državi opravlja funkcijo, podobno funkcijam, ki jih zagotavljajo prej navedeni subjekti.
AIFMs shall take all reasonable steps to ensure that received AIF subscriptions and, where relevant, redemption orders are recorded without undue delay after receipt of any such order.
UAIS sprejmejo vse razumne ukrepe, da zagotovijo, da se prejeti vpisi AIS, in, kadar je ustrezno, naročila za odkup evidentirajo nemudoma po prejetju vseh takih naročil.
the relevant AIF;
zadevni AIS;
the number of units or shares or equivalent amounts subscribed or redeemed;
število enot ali deležev ali enakovredni zneski, ki so vpisani ali ki se odkupijo;
the subscription or, where relevant, redemption price for each unit or share or, where relevant, the amount of capital committed and paid;
cena vpisa ali, kjer je ustrezno, odkupa za vsako enoto ali delež oziroma, kjer je ustrezno, znesek vpisanega in plačanega kapitala;
the total subscription or redemption value of the units or shares;
skupna vpisna ali odkupna vrednost enot ali deležev;
the gross value of the order including charges for subscription, or the net amount after charges for redemption.
bruto vrednost naročila vključno s provizijo za vpis ali neto znesek brez provizije za odkup.
Information under points (i), (j) and (k) shall be recorded as soon as available.
Informacije iz točk (i), (j) in (k) se evidentirajo takoj, ko so na voljo.
AIFMs shall ensure that all required records referred to in Articles 64 and 65 are retained for a period of at least five years.
UAIS zagotovijo, da se vse zahtevane evidence iz členov 64 in 65 hranijo najmanj pet let.
However, competent authorities may require AIFMs to ensure that any or all of those records are retained for a longer period, taking into account the nature of the asset or portfolio transaction, where it is necessary to enable the authority to exercise its supervisory functions under Directive 2011/61/EU.
Pristojni organi pa lahko od UAIS zahtevajo, da zagotovijo, da se katera koli ali vse navedene evidence hranijo daljše obdobje, ob upoštevanju narave sredstva ali portfeljske transakcije, če je to potrebno, da lahko organ izvaja nadzorne naloge v skladu z Direktivo 2011/61/EU.
Following the termination of the authorisation of an AIFM, the records are to be retained at least for the outstanding term of the five-year period referred to in paragraph 1.
V primeru prenehanja dovoljenja UAIS se morajo evidence hraniti vsaj preostanek petletnega obdobja iz odstavka 1.
Competent authorities may require retention for a longer period.
Pristojni organi lahko zahtevajo, da se evidence hranijo daljše obdobje.
Where the AIFM transfers its responsibilities in relation to the AIF to another AIFM, it shall ensure that the records referred to in paragraph 1 are accessible to that AIFM.
Če UAIS prenese svoje naloge v zvezi z AIS drugemu UAIS, zagotovi, da so evidence iz odstavka 1 na voljo drugemu UAIS.
The records shall be retained on a medium that allows the storage of information in a way accessible for future reference by the competent authorities, and in such a form and manner that:
Evidence se hranijo na nosilcu podatkov, na katerem se lahko informacije shranijo tako, da imajo pristojni organi v prihodnosti dostop do njih, ter v taki obliki in na tak način, da:
the competent authorities are able to access them readily and to reconstitute each key stage of the processing of each portfolio transaction;
lahko pristojni organi hitro dostopijo do njih in rekonstruirajo vsako ključno fazo obdelave vsake portfeljske transakcije;
corrections or other amendments, and the contents of the records prior to such corrections or amendments, may be easily ascertained;
se lahko brez težav ugotovijo popravki ali druge spremembe ter vsebina evidenc pred kakršnimi koli takimi popravki ali spremembami;
no other manipulation or alteration is possible.
druge manipulacije ali spremembe niso mogoče.
(Article 19 of Directive 2011/61/EU)
(člen 19 Direktive 2011/61/EU)
Policies and procedures for the valuation of the assets of the AIF
Politike in postopki vrednotenja sredstev AIS
AIFMs shall establish, maintain, implement and review, for each AIF they manage, written policies and procedures that ensure a sound, transparent, comprehensive and appropriately documented valuation process.
UAIS za vsak AIS, ki ga upravljajo, vzpostavijo, vzdržujejo, izvajajo in pregledujejo pisne politike in postopke, ki zagotavljajo zanesljiv, pregleden, celovit in ustrezno dokumentiran postopek vrednotenja.
The valuation policy and procedures shall cover all material aspects of the valuation process and valuation procedures and controls in respect of the relevant AIF.
Politike in postopki vrednotenja zajemajo vse pomembne vidike procesa vrednotenja ter postopke in kontrole vrednotenja v zvezi z zadevnim AIS.
Without prejudice to requirements under national law and the AIF rules and instruments of incorporation, the AIFM shall ensure that fair, appropriate and transparent valuation methodologies are applied for the AIFs it manages.
UAIS brez poseganja v zahteve nacionalne zakonodaje ter pravila upravljanja in akte o ustanovitvi AIS zagotovi, da se za AIS, ki ga upravlja, uporabljajo poštene, ustrezne in pregledne metodologije vrednotenja.
The valuation policies shall identify and the procedures shall implement the valuation methodologies used for each type of asset in which the AIF may invest in accordance with applicable national law, the AIF rules and the instruments of incorporation.
Politike vrednotenja opredelijo, postopki pa izvajajo metodologije vrednotenja, ki se uporabljajo za vsako vrsto sredstev, v katero lahko AIS vlaga v skladu z veljavno nacionalno zakonodajo, pravili upravljanja in akti o ustanovitvi AIS.
The AIFM shall not invest in a particular type of asset for the first time unless an appropriate valuation methodology or methodologies have been identified for that specific type of asset.
UAIS v določene vrste sredstev ne vlaga prvikrat, razen če je bila oziroma so bile za to konkretno vrsto sredstev opredeljene ustrezne metodologije vrednotenja.
The policies and procedures setting out valuation methodologies shall include inputs, models and the selection criteria for pricing and market data sources.
Politike in postopki, ki določajo metodologije vrednotenja, vključujejo vhodne podatke, modele in izbirna merila za oblikovanje cen in izbiro virov tržnih podatkov.
They shall provide that prices shall be obtained from independent sources whenever possible and appropriate.
Politike in postopki določajo, da se cene pridobijo od neodvisnih virov, kadar koli je to mogoče in primerno.
The selection process of a particular methodology shall include an assessment of the available relevant methodologies, taking into account their sensitivity to changes in variables and how specific strategies determine the relative value of the assets in the portfolio.
Izbirni postopek za določeno metodologijo vključuje oceno razpoložljivih zadevnih metodologij, pri čemer se upošteva njihova občutljivost na spremembe v spremenljivkah in kako konkretne strategije določajo relativno vrednost sredstev v portfelju.
The valuation policies shall set out the obligations, roles and responsibilities of all parties involved in the valuation process, including the senior management of the AIFM.
Politike vrednotenja določajo obveznosti, vloge in odgovornosti vseh oseb, vključenih v postopek vrednotenja, vključno z višjim vodstvom UAIS.
The procedures shall reflect the organisational structure as set out in the valuation policies.
Postopki odražajo organizacijsko strukturo, kot je določena v politikah vrednotenja.
The valuation policies and procedures shall address at least the following:
Politike in postopki vrednotenja obravnavajo najmanj naslednje:
the competence and independence of personnel who are effectively carrying out the valuation of assets;
sposobnost in neodvisnost osebja, ki dejansko izvaja vrednotenje sredstev;
the specific investment strategies of the AIF and the assets the AIF might invest in;
specifične investicijske strategije AIS in sredstva, v katera bi lahko vlagal AIS;
the controls over the selection of valuation inputs, sources and methodologies;
kontrole pri izbiri vhodnih podatkov, virov in metodologij vrednotenja;
the escalation channels for resolving differences in values for assets;
postopke stopnjevanja za odpravo razlik pri rezultatih vrednotenja sredstev;
the valuation of any adjustments related to the size and liquidity of positions, or to changes in the market conditions, as appropriate;
vrednotenje vseh prilagoditev, povezanih z velikostjo in likvidnostjo pozicij ali s spremembami v tržnih pogojih, kot je ustrezno;
the appropriate time for closing the books for valuation purposes;
ustrezen čas za zaključek računovodskih evidenc za potrebe vrednotenja;
the appropriate frequency for valuing assets.
ustrezno pogostost vrednotenja sredstev.
Where an external valuer is appointed, the valuation policies and procedures shall set out a process for the exchange of information between the AIFM and the external valuer to ensure that all necessary information required for the purpose of performing the valuation task is provided.
Če se imenuje zunanji cenilec, politike in postopki vrednotenja določijo postopek za izmenjavo informacij med UAIS in zunanjim cenilcem, da se zagotovi, da se posredujejo vse potrebne informacije, ki se zahtevajo za potrebe vrednotenja.
The valuation policies and procedures shall ensure that the AIFM conducts initial and periodic due diligence on third parties that are appointed to perform valuation services.
Politike in postopki vrednotenja zagotovijo, da UAIS izvaja začetne in redne skrbne preglede tretjih oseb, ki se imenujejo za izvajanje storitev vrednotenja.
Where the valuation is performed by the AIFM itself, the policies shall include a description of the safeguards for the functionally independent performance of the valuation task in accordance with point (b) of Article 19(4) of Directive 2011/61/EU.
Če vrednotenje izvaja UAIS sam, politike vključujejo opis varoval za funkcionalno neodvisno izvajanje vrednotenja v skladu s točko (b) člena 19(4) Direktive 2011/61/EU.
Such safeguards shall include measures to prevent or restrain any person from exercising inappropriate influence over the way in which a person carries out valuation activities.
Taka varovala vključujejo ukrepe za preprečevanje ali omejevanje kateri koli osebi, da neprimerno vpliva na način, na katerega neka oseba izvaja dejavnosti vrednotenja.
Use of models to value assets
Uporaba modelov za vrednotenje sredstev
If a model is used to value the assets of an AIF, the model and its main features shall be explained and justified in the valuation policies and procedures.
Če se za vrednotenje sredstev AIS uporablja model, se model in njegove glavne značilnosti obrazložijo in utemeljijo v politikah in postopkih vrednotenja.
The reason for the choice of the model, the underlying data, the assumptions used in the model and the rationale for using them, and the limitations of the model-based valuation shall be appropriately documented.
Razlog za izbiro modela, osnovni podatki, uporabljene predpostavke v modelu in razlogi za njihovo uporabo, kot tudi omejitve modelno zasnovanega vrednotenja se ustrezno dokumentirajo.
The valuation policies and procedures shall ensure that before being used a model is validated by a person with sufficient expertise who has not been involved in the process of building that model.
Politike in postopki vrednotenja zagotovijo, da pred uporabo model potrdi oseba z zadostnim strokovnim znanjem, ki ni bila vključena v proces oblikovanja modela.
The validation process shall be appropriately documented.
Postopek potrjevanja se ustrezno dokumentira.
The model shall be subject to prior approval by the senior management of the AIFM.
Model mora predhodno odobriti višje vodstvo UAIS.
Where the model is used by an AIFM that performs the valuation function itself, the approval by the senior management shall be without prejudice to the competent authority’s right to require under Article 19(9) of Directive 2011/61/EU that the model be verified by an external valuer or an auditor.
Če model uporablja UAIS, ki sam izvaja funkcijo vrednotenja, odobritev s strani višjega vodstva ne vpliva na pravico pristojnega organa, da na podlagi člena 19(9) Direktive 2011/61/EU zahteva, da model preveri zunanji cenilec ali revizor.
Consistent application of valuation policies and procedures
Dosledna uporaba politik in postopkov vrednotenja
An AIFM shall ensure that the valuation policies and procedures and the designated valuation methodologies are applied consistently.
UAIS zagotovi, da se politike in postopki vrednotenja ter izbrane metodologije vrednotenja dosledno uporabljajo.
The valuation policies and procedures and the designated methodologies shall be applied to all assets within an AIF taking into account the investment strategy, the type of asset and, if applicable, the existence of different external valuers.
Politike in postopki vrednotenja in izbrane metodologije se uporabljajo za vsa sredstva v AIS, pri čemer se upoštevajo naložbena strategija, vrsta sredstev in, če je ustrezno, obstoj različnih zunanjih cenilcev.
Where no update is required, the policies and procedures shall be applied consistently over time and valuation sources and rules shall remain consistent over time.
Če posodobitev ni potrebna, se politike in postopki uporabljajo dosledno skozi čas, viri in pravila vrednotenja pa ostanejo enaki.
The valuation procedures and the designated valuation methodologies shall be applied consistently across all AIFs managed by the same AIFM, taking into account the investment strategies and the types of asset held by the AIFs, and, if applicable, the existence of different external valuers.
Postopki vrednotenja in izbrane metodologije vrednotenja se uporabljajo dosledno v vseh AIS, ki jih upravlja isti UAIS, pri čemer se upoštevajo naložbene strategije, vrste sredstev, ki jih drži AIS, in, če je ustrezno, obstoj različnih zunanjih cenilcev.
Periodic review of valuation policies and procedures
Redni pregledi politik in postopkov vrednotenja
Valuation policies shall provide for a periodic review of the policies and procedures, including of the valuation methodologies.
Politike vrednotenja določajo redne preglede politik in postopkov, vključno z metodologijami ocenjevanja.
The review shall be carried out at least annually and before the AIF engages with a new investment strategy or a new type of asset that is not covered by the actual valuation policy.
Pregled se izvede vsaj enkrat letno in preden se AIS začne ukvarjati z novo naložbeno strategijo ali novo vrsto sredstev, ki jih trenutna politika vrednotenja ne zajema.
The valuation policies and procedures shall outline how a change to the valuation policy, including a methodology, may be effected and in what circumstances this would be appropriate.
Politike in postopki vrednotenja opisujejo, kako se lahko uvedejo spremembe v politiki vrednotenja, vključno z metodologijo, in v kakšnih okoliščinah bi bilo to primerno.
Recommendations for changes to the policies and procedures shall be made to the senior management, which shall review and approve any changes.
Priporočila za spremembe politik in postopkov se predložijo višjemu vodstvu, ki pregleda in odobri kakršne koli spremembe.
The risk management function referred to in Article 38 shall review and, if needed, provide appropriate support concerning the policies and procedures adopted for the valuation of assets.
Funkcija obvladovanja tveganja iz člena 38 pregleda in po potrebi zagotovi ustrezno podporo v zvezi s politikami in postopki, ki se sprejmejo za vrednotenje sredstev.
Review of individual values of assets
Pregled posameznih vrednosti sredstev
An AIFM shall ensure that all assets held by the AIF are fairly and appropriately valued.
UAIS zagotovi, da so vsa sredstva, ki jih drži AIS, pošteno in ustrezno ovrednotena.
The AIFM shall document by type of asset the way the appropriateness and fairness of the individual values is assessed.
UAIS glede na vrsto sredstev dokumentira način, kako se oceni ustreznost in poštenost posameznih vrednosti.
The AIFM shall at all times be able to demonstrate that the portfolios of AIFs it manages are properly valued.
UAIS mora biti vedno sposoben dokazati, da so portfelji AIS, ki jih upravlja, ustrezno ovrednoteni.
The valuation policies and procedures shall set out a review process for the individual values of assets, where a material risk of an inappropriate valuation exists, such as in the following cases:
Politike in postopki vrednotenja določajo postopek pregleda za posamezne vrednosti sredstev, če obstaja pomembno tveganje neustreznega vrednotenja, kot v naslednjih primerih:
the valuation is based on prices only available from a single counterparty or broker source;
vrednotenje temelji na cenah, ki so na voljo samo od ene same nasprotne stranke ali posredniškega vira;
the valuation is based on illiquid exchange prices;
vrednotenje temelji na cenah nelikvidne borze;
the valuation is influenced by parties related to the AIFM;
na vrednotenje vplivajo osebe, povezane z UAIS;
the valuation is influenced by other entities that may have a financial interest in the AIF’s performance;
na vrednotenje vplivajo drugi subjekti, ki lahko imajo finančni interes za uspešnost poslovanja AIS;
the valuation is based on prices supplied by the counterparty who originated an instrument, in particular where the originator is also financing the AIF’s position in the instrument;
vrednotenje temelji na cenah, ki jih je zagotovila nasprotna stranka, ki je originator instrumenta, zlasti če originator financira tudi pozicijo AIS v instrumentu;
the valuation is influenced by one or more individuals within the AIFM.
na vrednotenje vplivajo ena ali več oseb znotraj UAIS.
The valuation policies and procedures shall describe the review process including sufficient and appropriate checks and controls on the reasonableness of individual values.
Politike in postopki vrednotenja opisujejo postopek pregleda, vključno z zadostnimi in ustreznimi preveritvami in kontrolami upravičenosti posameznih vrednosti.
Reasonableness shall be assessed in terms of the existence of an appropriate degree of objectivity.
Upravičenost se ocenjuje glede na obstoj ustrezne stopnje objektivnosti.
Such checks and controls shall include at least:
Takšne preveritve in kontrole vključujejo vsaj:
verifying values by a comparison amongst counterparty-sourced pricings and over time;
preverjanje vrednosti s primerjavo med cenami, pridobljenimi od nasprotnih strank, in skozi čas;
validating values by comparison of realised prices with recent carrying values;
potrjevanje vrednosti s primerjavo realiziranih cen z zadnjimi knjigovodskimi vrednostmi;
considering the reputation, consistency and quality of the valuation source;
upoštevanje ugleda, doslednosti in kakovosti vira vrednotenja;
a comparison with values generated by a third party;
primerjavo z vrednostmi, ki jih ustvari tretja oseba;
an examination and documentation of exemptions;
preverjanje in dokumentiranje izjem;
highlighting and researching any differences that appear unusual or vary by valuation benchmark established for the type of asset;
izpostavljanje in raziskovanje kakršnih koli razlik, ki so videti nenavadne ali odstopajo glede na primerjalno vrednost vrednotenja, določeno za neko vrsto sredstev;
testing for stale prices and implied parameters;
testiranje za zastarelimi cenami in implicitnimi parametri;
a comparison with the prices of any related assets or their hedges;
primerjavo s cenami kakršnih koli povezanih sredstev ali njihovih varovanj pred tveganji;
a review of the inputs used in model-based pricing, in particular of those to which the model’s price exhibits significant sensitivity.
pregled vhodnih podatkov, uporabljenih pri modelno zasnovanem določanju cen, zlasti tistih, na katere cena modela kaže večjo občutljivost.
The valuation policies and procedures shall include appropriate escalation measures to address differences or other problems in the valuation of assets.
Politike in postopki vrednotenja vključujejo ustrezne ukrepe stopnjevanja za obravnavanje razlik ali drugih težav pri vrednotenju sredstev.
Calculation of the net asset value per unit or share
Izračun čiste vrednosti sredstev na enoto ali delež
An AIFM shall ensure that for each AIF it manages the net asset value per unit or share is calculated on the occasion of each issue or subscription or redemption or cancellation of units or shares, but at least once a year.
UAIS zagotovi, da se za vsak AIS, ki ga upravlja, čista vrednost sredstev na enoto ali delež izračuna ob vsaki izdaji, vpisu, odkupu ali umiku enot ali deležev, vendar najmanj enkrat letno.
An AIFM shall ensure that the procedures and the methodology for calculating the net asset value per unit or share are fully documented.
UAIS zagotovi, da se postopki in metodologija za izračun čiste vrednosti sredstev na enoto ali delež v celoti dokumentirajo.
The calculation procedures and methodologies and their application shall be subject to regular verification by the AIFM, and the documentation shall be amended accordingly.
UAIS redno preverja postopke in metodologije za izračun in njihovo uporabo, dokumentacija pa se ustrezno popravlja in dopolnjuje.