natgillin/translations-raw huggingface dataset:
Types of conflicts of interest
Vrste nasprotij interesov
For the purpose of identifying the types of conflicts of interest that arise in the course of managing an AIF, AIFMs shall take into account, in particular, whether the AIFM, a relevant person or a person directly or indirectly linked by way of control to the AIFM:
UAIS za namene ugotavljanja nasprotij interesov, ki se pojavijo pri upravljanju AIS, zlasti upoštevajo, ali UAIS, zadevna oseba ali oseba, ki je neposredno ali posredno povezana z UAIS na področju nadzora:
is likely to make a financial gain, or avoid a financial loss, at the expense of the AIF or its investors;
lahko ustvari finančni dobiček ali se izogne finančni izgubi na račun AIS ali njegovih vlagateljev;
has an interest in the outcome of a service or an activity provided to the AIF or its investors or to a client or of a transaction carried out on behalf of the AIF or a client, which is distinct from the AIF’s interest in that outcome;
ima interes za rezultate storitve ali dejavnosti, ki se opravlja za AIS ali njegove vlagatelje ali stranko, ali v transakciji, ki se opravi v imenu AIS ali stranke, ki se razlikuje od interesa AIS v navedenih rezultatih;
has a financial or other incentive to favour:
ima finančno ali drugo spodbudo, da:
the interest of a UCITS, a client or group of clients or another AIF over the interest of the AIF,
interesu KNPVP, stranke ali skupine strank ali drugega AIS daje prednost pred interesom AIS,
the interest of one investor over the interest of another investor or group of investors in the same AIF;
interesu enega vlagatelja daje prednost pred interesom drugega vlagatelja ali skupine vlagateljev v isti AIS;
receives or will receive from a person other than the AIF or its investors an inducement in relation to collective portfolio management activities provided to the AIF, in the form of monies, goods or services other than the standard commission or fee for that service.
prejme ali bo prejela od osebe, ki ni AIS ali njegov vlagatelj, spodbudo v zvezi z dejavnostmi upravljanja skupnega portfelja, ki se opravljajo za AIS, v obliki denarnih sredstev, blaga ali storitev, ki niso standardna provizija ali pristojbina za navedeno storitev.
Conflicts of interest policy
Politika obvladovanja nasprotij interesov
The AIFM shall establish, implement and apply an effective conflicts of interest policy.
UAIS vzpostavi, izvaja in uporablja učinkovito politiko obvladovanja nasprotij interesov.
That policy shall be set out in writing and shall be appropriate to the size and organisation of the AIFM and the nature, scale and complexity of its business.
Navedena politika se določi pisno ter je sorazmerna z velikostjo in organizacijo UAIS ter naravo, obsegom in kompleksnostjo njegovega poslovanja.
Where the AIFM is a member of a group, the policy shall also take into account any circumstances of which the AIFM is or should be aware which may give rise to a conflict of interest resulting from the structure and business activities of other members of the group.
Kadar je UAIS član skupine, politika upošteva tudi vse okoliščine, s katerimi je UAIS seznanjen ali bi moral biti seznanjen ter ki lahko zaradi strukture in poslovnih dejavnosti drugih članic skupine povzročijo nasprotje interesov.
The conflicts of interest policy established in accordance with paragraph 1 shall include the following:
Politika obvladovanja nasprotij interesov, določena v skladu z odstavkom 1, obsega naslednje:
with reference to the activities carried out by or on behalf of the AIFM, including activities carried out by a delegate, sub-delegate, external valuer or counterparty, identification of the circumstances which constitute or may give rise to a conflict of interest entailing a material risk of damage to the interests of the AIF or its investors;
glede dejavnosti, ki jih opravlja UAIS ali se opravljajo v njegovem imenu, vključno z dejavnostmi, ki jih opravlja pooblaščenec, podpooblaščenec, zunanji cenilec ali nasprotna stranka, opredelitev okoliščin, ki predstavljajo ali lahko povzročijo nasprotje interesov s pomembnim tveganjem oškodovanja interesov AIS ali njegovih vlagateljev;
procedures to be followed and measures to be adopted in order to prevent, manage and monitor such conflicts.
postopke, ki jih je treba upoštevati, in ukrepe, ki jih je treba sprejeti za preprečevanje, obvladovanje in spremljanje teh nasprotij.
Conflicts of interest related to the redemption of investments
Nasprotja interesov v zvezi z odkupom naložb
The AIFM that manages an open-ended AIF shall identify, manage and monitor conflicts of interest arising between investors wishing to redeem their investments and investors wishing to maintain their investments in the AIF, and any conflicts between the AIFM’s incentive to invest in illiquid assets and the AIF’s redemption policy in accordance with its obligations under Article 14(1) of Directive 2011/61/EU.
UAIS, ki upravlja AIS odprtega tipa, ugotovi, obvladuje in spremlja nasprotja interesov, ki nastanejo med vlagatelji, ki želijo odkup svojih naložb, in vlagatelji, ki želijo ohraniti svoje naložbe v AIS, ter vsa nasprotja interesov med spodbudami UAIS za vlaganje v nelikvidna sredstva in politiko odkupa AIS v skladu z obveznostmi iz člena 14(1) Direktive 2011/61/EU.
Procedures and measures preventing or managing conflicts of interest
Postopki in ukrepi za preprečevanje in obvladovanje nasprotij interesov
The procedures and measures established for the prevention or management of conflicts of interest shall be designed to ensure that the relevant persons engaged in different business activities involving a risk of conflict of interest carry out these activities having a degree of independence which is appropriate to the size and activities of the AIFM and of the group to which it belongs, and to the materiality of the risk of damage to the interests of the AIF or its investors.
Postopki in ukrepi za preprečevanje in obvladovanje nasprotij interesov se oblikujejo za zagotovitev, da zadevne osebe, ki sodelujejo pri različnih poslovnih dejavnostih, ki vključujejo tveganje nasprotja interesov, izvajajo te dejavnosti s stopnjo neodvisnosti, ki ustreza velikosti in dejavnostim UAIS in skupine, v katero spada, in pomembnosti tveganj oškodovanja interesov AIS ali njegovih vlagateljev.
Where necessary and appropriate for the AIFM to ensure the requisite degree of independence, the procedures to be followed and measures to be adopted in accordance with point (b) of Article 31(2) shall include the following:
Kadar je potrebno in primerno, da UAIS zagotovi zahtevano stopnjo neodvisnosti, postopki, ki jih je treba uporabiti, in ukrepi, ki jih je treba sprejeti v skladu s členom 31(2)(b), vključujejo naslednje:
effective procedures to prevent or control the exchange of information between relevant persons engaged in collective portfolio management activities or other activities pursuant to Article 6(2) and (4) of Directive 2011/61/EU involving a risk of conflict of interest where the exchange of information may harm the interest of one or more AIFs or their investors;
učinkovite postopke za preprečevanje ali nadzor izmenjave informacij med zadevnimi osebami, ki opravljajo dejavnosti upravljanja skupnega portfelja ali druge dejavnosti v skladu s členom 6(2) in (4) Direktive 2011/61/EU, ki vključujejo tveganje za nastanek nasprotja interesov, pri katerih lahko izmenjava informacij oškoduje interes enega ali več AIS ali njihovih vlagateljev;
the separate supervision of relevant persons, whose principal functions involve carrying out collective portfolio management activities on behalf of, or providing services to, clients or investors, whose interests may conflict, or who otherwise represent different interests that may conflict, including those of the AIFM;
ločen nadzor zadevnih oseb, katerih glavne naloge zajemajo opravljanje dejavnosti upravljanja skupnega portfelja v imenu strank ali vlagateljev ali opravljanje storitev za stranke ali vlagatelje, katerih interesi bi bili lahko v nasprotju, ali ki kako drugače zastopajo različne interese, ki bi bili lahko v nasprotju, vključno z interesi UAIS;
the removal of any direct link between the remuneration of relevant persons principally engaged in one activity and the remuneration of, or revenues generated by, different relevant persons principally engaged in another activity, where a conflict of interest may arise in relation to those activities;
odstranitev vsake neposredne povezave med plačilom zadevnih oseb, ki se ukvarjajo predvsem z eno dejavnostjo, in plačilom ali ustvarjenimi prihodki različnih zadevnih oseb, ki se ukvarjajo predvsem z drugo dejavnostjo, kadar bi lahko v zvezi s temi dejavnostmi prišlo do nasprotja interesov;
measures to prevent or restrain any person from exercising inappropriate influence over the way in which a relevant person carries out collective portfolio management activities;
ukrepe, ki kateri koli osebi preprečujejo, da bi neustrezno vplivala na način, kako zadevna oseba opravlja dejavnosti upravljanja skupnega portfelja, ali jo omejujejo pri tem;
measures to prevent or control the simultaneous or sequential involvement of a relevant person in separate collective portfolio management activities or other activities pursuant to Article 6(2) and (4) of Directive 2011/61/EU where such involvement may impair the proper management of conflicts of interest.
ukrepe za preprečevanje ali nadziranje hkratnega ali naknadnega vključevanja zadevne osebe v ločene dejavnosti upravljanja skupnega portfelja ali druge dejavnosti iz člena 6(2) in (4) Direktive 2011/61/EU, če lahko tako vključevanje ogrozi ustrezno obvladovanje nasprotij interesov.
Where the adoption or the application of one or more of those measures and procedures does not ensure the requisite degree of independence, the AIFM shall adopt such alternative or additional measures and procedures as are necessary and appropriate for those purposes.
Kadar sprejetje ali uporaba enega ali več navedenih ukrepov in postopkov ne zagotavlja zahtevane stopnje neodvisnosti, UAIS sprejme alternativne ali dodatne ukrepe in postopke, ki so za te namene potrebni in primerni.
Managing conflicts of interest
Obvladovanje nasprotij interesov
Where the organisational or administrative arrangements made by the AIFM are not sufficient to ensure, with reasonable confidence, that risks of damage to the interests of the AIF or investors in the AIF are prevented, the senior management or other competent internal body of the AIFM shall be promptly informed in order to take any necessary decision or action to ensure that the AIFM acts in the best interests of the AIF or the investors in that AIF.
Kadar organizacijske ali upravne ureditve UAIS ne zadoščajo za popolno zagotovitev, da so odpravljena tveganja oškodovanja interesov AIS ali vlagateljev v AIS, je treba o tem nemudoma obvestiti višje vodstvo ali drug pristojen notranji organ UAIS, da lahko sprejme potrebno odločitev ali ukrep za zagotovitev, da UAIS deluje v najboljšem interesu AIS ali vlagateljev v navedeni AIS.
Monitoring conflicts of interest
Spremljanje nasprotij interesov
The AIFM shall keep and regularly update a record of the types of activities undertaken by or on behalf of the AIFM in which a conflict of interest entailing a material risk of damage to the interests of one or more AIFs or its investors has arisen or, in the case of an ongoing activity, may arise.
UAIS vodijo in redno posodabljajo evidenco vseh vrst dejavnosti, ki jih opravlja UAIS ali se opravljajo v njegovem imenu in pri katerih je prišlo do nasprotij interesov s pomembnim tveganjem oškodovanja interesov enega ali več AIS ali njegovih vlagateljev ali ki bi v primeru tekočih dejavnosti lahko nastala.
Senior management shall receive on a frequent basis, and at least annually, written reports on activities referred to in paragraph 1.
Višje vodstvo redno in vsaj enkrat na leto prejme pisna poročila o dejavnostih iz odstavka 1.
Disclosure of conflicts of interest
Razkrivanje nasprotij interesov
The information to be disclosed to investors in accordance with Article 14(1) and (2) of Directive 2011/61/EU shall be provided to investors in a durable medium or by means of a website.
Informacije, ki jih je treba razkriti vlagateljem v skladu s členom 14(1) in (2) Direktive 2011/61/EU, se vlagateljem zagotovijo na trajnem nosilcu podatkov ali na spletni strani.
Where information referred to in paragraph 1 is provided by means of a website and is not addressed personally to the investor, the following conditions shall be satisfied:
Kadar so informacije iz odstavka 1 na voljo na spletni strani in niso naslovljene osebno na vlagatelja, morajo biti izpolnjeni naslednji pogoji:
the investor has been notified of the address of the website, and the place on the website where the information may be accessed, and has consented to the provision of the information by such means;
vlagatelj je bil obveščen o spletnem naslovu in mestu na spletni strani, kjer lahko dostopa do informacij, in je privolil v zagotavljanje informacij na takšen način;
the information must be up to date;
informacije se morajo posodabljati;
the information must be accessible continuously by means of that website for such period of time as the investor may reasonably need to inspect it.
informacije morajo biti stalno dostopne prek navedene spletne strani, in sicer toliko časa, kot vlagatelj dejansko potrebuje za njihov pregled.
An AIFM shall develop adequate and effective strategies for determining when and how any voting rights held in the AIF portfolios it manages are to be exercised, to the exclusive benefit of the AIF concerned and its investors.
UAIS razvije ustrezne in učinkovite strategije za določanje, kdaj in kako se uveljavljajo kakršne koli glasovalne pravice v portfelju AIS, ki ga upravlja, in sicer za izključno korist zadevnega AIS in njegovih vlagateljev.
monitoring relevant corporate actions;
spremljanje relevantnih poslovnih ukrepov;
ensuring that the exercise of voting rights is in accordance with the investment objectives and policy of the relevant AIF;
zagotavljanje, da se glasovalne pravice uveljavljajo v skladu z naložbenimi cilji in politiko zadevnega AIS;
preventing or managing any conflicts of interest arising from the exercise of voting rights.
preprečevanje ali obvladovanje vseh nasprotij interesov, ki izhajajo iz uveljavljanja glasovalnih pravic.
A summary description of the strategies and details of the actions taken on the basis of those strategies shall be made available to the investors on their request.
Kratek povzetek strategij in natančni podatki o ukrepih, sprejetih na podlagi navedenih strategij, so vlagateljem na voljo na njihovo zahtevo.
(Article 15 of Directive 2011/61/EU)
(člen 15 Direktive 2011/61/EU)
Risk management systems
Sistemi obvladovanja tveganja
For the purposes of this Section, risk management systems shall be understood as systems comprised of relevant elements of the organisational structure of the AIFM, with a central role for a permanent risk management function, policies and procedures related to the management of risk relevant to each AIF’s investment strategy, and arrangements, processes and techniques related to risk measurement and management employed by the AIFM in relation to each AIF it manages.
Za namene tega oddelka sistemi obvladovanja tveganja pomenijo sisteme, ki jih sestavljajo ustrezni elementi organizacijske strukture UAIS, ki imajo osrednjo vlogo pri trajni funkciji obvladovanja tveganja, politike in postopki, povezani z obvladovanjem tveganja, ki je relevantno za naložbeno strategijo vsakega AIS, ter ukrepi, postopki in tehnike, povezani z merjenjem in obvladovanjem tveganja, ki jih uporablja UAIS v povezavi z vsakim AIS, ki ga upravlja.
Permanent risk management function
Trajna funkcija obvladovanja tveganja
An AIFM shall establish and maintain a permanent risk management function that shall:
UAIS vzpostavi in vzdržuje trajno funkcijo obvladovanja tveganja, ki:
implement effective risk management policies and procedures in order to identify, measure, manage and monitor on an ongoing basis all risks relevant to each AIF’s investment strategy to which each AIF is or may be exposed;
izvaja učinkovite politike in postopke obvladovanja tveganj, da lahko redno opredeljuje, meri, obvladuje in spremlja vsa tveganja, relevantna za vsako naložbeno strategijo AIS, ki jim je ali bi jim lahko bil izpostavljen vsak AIS;
ensure that the risk profile of the AIF disclosed to investors in accordance with point (c) of Article 23(4) of Directive 2011/61/EU is consistent with the risk limits that have been set in accordance with Article 44 of this Regulation;
zagotovi, da je profil tveganja AIS, ki se razkrije vlagateljem v skladu s točko (c) člena 23(4) Direktive 2011/61/EU, skladen z omejitvami tveganja, ki so bile določene v skladu s členom 44 te uredbe;
monitor compliance with the risk limits set in accordance with Article 44 and notify the AIFM’s governing body and, where it exists, the AIFM’s supervisory function in a timely manner when it considers the AIF’s risk profile inconsistent with these limits or sees a material risk that the risk profile will become inconsistent with these limits;
spremlja spoštovanje omejitev tveganja, določenih v skladu s členom 44, in pravočasno obvesti vodstveni organ UAIS in, če obstaja, njegovo nadzorno funkcijo, kadar meni, da profil tveganja AIS ni skladen s temi omejitvami ali da obstaja pomembno tveganje, da profil tveganja ne bo več skladen s temi omejitvami;
provide the following regular updates to the governing body of the AIFM and where it exists the AIFM’s supervisory function at a frequency which is in accordance with the nature, scale and complexity of the AIF or the AIFM’s activities:
vodstvenemu organu UAIS in, če obstaja, njegovi nadzorni funkciji, redno, tj. tako pogosto, kot je smiselno glede na naravo, obseg in kompleksnost dejavnosti AIS oziroma UAIS, poroča o naslednjem:
the consistency between and compliance with the risk limits set in accordance with Article 44 and the risk profile of the AIF as disclosed to investors in accordance with Article 23(4)(c) of Directive 2011/61/EU;
spoštovanju omejitev tveganja, določenih v skladu s členom 44, in profila tveganja AIS, kot je bil razkrit vlagateljem v skladu s členom 23(4)(c) Direktive 2011/61/EU, ter skladnosti med njima;
the adequacy and effectiveness of the risk management process, indicating in particular whether appropriate remedial measures have been or will be taken in the event of any actual or anticipated deficiencies;
ustreznosti in učinkovitosti postopka obvladovanja tveganja, pri čemer zlasti navede, ali so bili oziroma bodo za odpravo kakršnih koli dejanskih ali pričakovanih pomanjkljivosti sprejeti ustrezni ukrepi;
provide regular updates to the senior management outlining the current level of risk incurred by each managed AIF and any actual or foreseeable breaches of any risk limits set in accordance with Article 44, so as to ensure that prompt and appropriate action can be taken.
višjemu vodstvu redno poroča o trenutni ravni tveganja vsakega upravljanega AIS in o vseh dejanskih ali predvidljivih kršitvah katerih koli omejitev tveganja, določenih v skladu s členom 44, da se lahko hitro sprejmejo ustrezni ukrepi.
The risk management function shall have the necessary authority and access to all relevant information necessary to fulfil the tasks set out in paragraph 1.
Funkcija obvladovanja tveganja ima potrebna pooblastila in dostop do vseh pomembnih informacij, ki jih potrebuje za izpolnitev nalog iz odstavka 1.
Risk management policy
Politika obvladovanja tveganja
An AIFM shall establish, implement and maintain an adequate and documented risk management policy which identifies all the relevant risks to which the AIFs it manages are or may be exposed.
UAIS vzpostavi, izvaja in vzdržuje ustrezno in dokumentirano politiko obvladovanja tveganja, ki določa vsa pomembna tveganja, ki so jim ali bi jim lahko bili izpostavljeni AIS, ki jih upravlja.
The risk management policy shall comprise such procedures as are necessary to enable the AIFM to assess for each AIF it manages the exposure of that AIF to market, liquidity and counterparty risks, and the exposure of the AIF to all other relevant risks, including operational risks, which may be material for each AIF it manages.
Politika obvladovanja tveganja zajema postopke, ki so potrebni, da lahko UAIS pri vsakem AIS, ki ga upravlja, oceni njegovo izpostavljenost tržnemu in likvidnostnemu tveganju, tveganju izpostavljenosti do nasprotne stranke in vsem drugim tveganjem, vključno z operativnim, ki so lahko bistvena za posamezne AIS, ki jih upravlja.
The AIFM shall address at least the following elements in the risk management policy:
UAIS v politiki obvladovanja tveganja obravnava vsaj naslednje elemente:
the techniques, tools and arrangements that enable it to comply with Article 45;
tehnike, orodja in ukrepe, ki mu omogočajo zagotavljanje skladnosti s členom 45;
the techniques, tools and arrangements that enable liquidity risk of the AIF to be assessed and monitored under normal and exceptional liquidity conditions including through the use of regularly conducted stress tests in accordance with Article 48;
tehnike, orodja in ukrepe, ki omogočajo oceno in spremljanje likvidnostnega tveganja AIS pod običajnimi in izjemnimi likvidnostnimi pogoji, vključno z uporabo rednega izvajanja testov izjemnih situacij v skladu s členom 48;
the allocation of responsibilities within the AIFM pertaining to risk management;
razdelitev pristojnosti znotraj UAIS v zvezi z obvladovanjem tveganja;
the limits set in accordance with Article 44 of this Regulation and a justification of how these are aligned with the risk profile of the AIF disclosed to investors in accordance with Article 23(4)(c) of Directive 2011/61/EU;
omejitve, določene v skladu s členom 44 te uredbe, in utemeljitev, kako so te povezane s profilom tveganja AIS, razkritim vlagateljem v skladu s členom 23(4)(c) Direktive 2011/61/EU;
the terms, contents, frequency and addressees of reporting by the permanent risk management function referred to in Article 39.
pogoje, vsebino, pogostost in naslovnike poročanja stalne funkcije obvladovanja tveganja iz člena 39.
The risk management policy shall include a description of the safeguards referred to in Article 43, in particular:
Politika obvladovanja tveganja vključuje opis varoval iz člena 43, zlasti:
the nature of the potential conflicts of interest;
naravo morebitnih nasprotij interesov;
the remedial measures put in place;
vzpostavljene korektivne ukrepe;
the reasons why these measures should be reasonably expected to result in independent performance of the risk management function;
razloge, zakaj bi se za te ukrepe moralo razumno pričakovati, da bodo privedli do neodvisnega opravljanja funkcije obvladovanja tveganja;
how the AIFM expects to ensure that the safeguards are consistently effective.
kako namerava UAIS zagotoviti, da bodo varovala dosledno učinkovita.
The risk management policy referred to in paragraph 1 shall be appropriate to the nature, scale and complexity of the business of the AIFM and of the AIF it manages.
Politika obvladovanja tveganja iz odstavka 1 je primerna glede na naravo, obseg in kompleksnost poslov UAIS in AIS, ki ga upravlja.
Assessment, monitoring and review of the risk management systems
Ocenjevanje, spremljanje in pregled sistemov obvladovanja tveganja
AIFMs shall assess, monitor and periodically, at least once a year, review:
UAIS ocenjujejo, spremljajo in redno, najmanj enkrat na leto, pregledajo:
the adequacy and effectiveness of the risk management policy and of the arrangements, processes and techniques referred to in Article 45;
ustreznost in učinkovitost politike obvladovanja tveganja ter ukrepov, postopkov in tehnik iz člena 45;
the degree of compliance by the AIFM with the risk management policy and with the arrangements, processes and techniques referred to in Article 45;
raven spoštovanja politike obvladovanja tveganja ter ukrepov, postopkov in tehnik iz člena 45 s strani UAIS;
the adequacy and effectiveness of measures taken to address any deficiencies in the performance of the risk management process;
ustreznost in učinkovitost ukrepov, sprejetih za odpravo morebitnih pomanjkljivosti pri izvajanju postopka obvladovanja tveganja;