natgillin/translations-raw huggingface dataset:
This function should have a primary role in shaping the risk policy of the AIF, risk monitoring and risk measuring in order to ensure that the risk level complies on an ongoing basis with the AIF’s risk profile.
Ta funkcija bi morala imeti glavno vlogo pri oblikovanju politike obvladovanja tveganj AIS ter spremljanju in merjenju tveganja za zagotovitev, da je stopnja tveganja stalno usklajena s profilom tveganja AIS.
The permanent risk management function should have the necessary authority, access to all relevant information and regular contacts with the senior management and the governing body of the AIFM in order to provide them with updates so that they can take prompt remedial action where needed.
Trajna funkcija obvladovanja tveganj bi morala imeti potrebno pristojnost, dostop do vseh ustreznih informacij in redne stike z višjim vodstvom in vodstvenim organom UAIS, s čimer bi imela zagotovljene posodobljene informacije in bi po potrebi lahko takoj ukrepala.
The risk management policy forms another pillar of the risk management system.
Politika obvladovanja tveganj sestavlja drug steber sistema obvladovanja tveganj.
That policy should be appropriately documented and should explain, in particular, measures and procedures employed to measure and manage risks, the safeguards for independent performance of the risk management function, the techniques used to manage risks and the details of the allocation of responsibilities within the AIFM for risk management and operating procedures.
Navedena politika bi morala biti ustrezno dokumentirana in bi morala pojasniti zlasti ukrepe in postopke, ki se uporabljajo za merjenje in upravljanje tveganj, zaščitne ukrepe za neodvisno opravljanje funkcije obvladovanja tveganj, tehnike, uporabljene za obvladovanje tveganj, in natančne podatke o razporeditvi odgovornosti v UAIS za obvladovanje tveganj in postopke poslovanja.
In order to ensure its effectiveness, the risk management policy should be reviewed at least annually by the senior management.
Višje vodstvo bi moralo za zagotavljanje učinkovitosti politiko obvladovanja tveganja pregledati vsaj enkrat na leto.
As required by Directive 2011/61/EU, the function of risk management should be functionally and hierarchically separated from the operating units.
Kot zahteva Direktiva 2011/61/EU, bi morala biti funkcija obvladovanja tveganj funkcionalno in hierarhično ločena od delujočih enot.
It should thus be clarified that such separation should be ensured up to the governing body of the AIFM and that those in the risk management function should not carry out any conflicting tasks or be supervised by someone who is in charge of conflicting functions.
Zato bi bilo treba pojasniti, da bi bilo tako ločevanje treba zagotoviti vse do ravni vodstvenega organa UAIS in da osebe, ki opravljajo funkcijo obvladovanja tveganj, ne bi smele opravljati nobenih nalog, ki bi lahko povzročile nasprotje interesov, ali da ne bi smele biti nadzorovane s strani osebe, ki je odgovorna za funkcije, ki bi lahko povzročile nasprotje interesov.
It is essential to specify the safeguards to be employed by the AIFM in any event in order to ensure the independent performance of the risk management function, and in particular, that those performing the risk management function should not be entrusted with conflicting duties, that they should make decisions on the basis of the data which they can appropriately assess and that the decision making process should be capable of being reviewed.
Bistveno je opredeliti zaščitne ukrepe, ki jih mora UAIS uporabiti v vsakem primeru, da se zagotovi neodvisno opravljanje funkcije obvladovanja tveganj in zlasti, da osebam, ki opravljajo funkcijo obvladovanja tveganj, niso zaupane naloge, ki bi lahko povzročile nasprotje interesov, da bi morale te osebe odločitve sprejemati na podlagi podatkov, ki jih lahko ustrezno ocenijo, in da je postopek odločanja mogoče pregledati.
Although Directive 2011/61/EU does not impose any investment restrictions on AIFs, the risks incurred by each AIF cannot be managed effectively if the risk limits have not been set in advance by AIFMs.
Čeprav Direktiva 2011/61/EU AIS ne nalaga nobenih omejitev glede naložb, tveganj vsakega AIS ni mogoče učinkovito obvladovati, če UAIS vnaprej ne določi omejitev tveganja.
The risk limits should be in line with the risk profile of the AIF, and should be disclosed to investors in accordance with Directive 2011/61/EU.
Te bi morale biti v skladu s profilom tveganja AIS, v skladu z Direktivo 2011/61/EU pa jih je treba razkriti vlagateljem.
For consistency reasons, the requirements relating to identification, measuring and monitoring of risk are built on similar provisions of Directive 2010/43/EU.
Zaradi doslednosti so zahteve glede ugotavljanja, merjenja in spremljanja tveganja podobne določbam Direktive 2010/34/EU.
AIFMs should deal appropriately with the possible vulnerability of their risk measurement techniques and models by carrying out stress tests, back tests and scenario analysis.
UAIS bi morali ustrezno obravnavati morebitno občutljivost svojih tehnik in modelov za merjenje tveganj, in sicer z izvajanjem testov izjemnih situacij, testov preteklih dogodkov in analize scenarijev.
Where stress tests and scenario analysis reveal particular vulnerability to a given set of circumstances, AIFMs should take prompt steps and corrective actions.
Kadar testi izjemnih situacij in analize scenarijev pokažejo posebno občutljivost v določenih okoliščinah, bi morali UAIS takoj ukrepati in sprejeti korektivne ukrepe.
Directive 2011/61/EU requires the Commission to specify the liquidity management systems and procedures enabling the AIFM to monitor the liquidity risk of the AIF, except where the AIF is an un-leveraged closed-ended AIF, and ensure that the liquidity profile of the AIF’s investments complies with its underlying obligations.
Direktiva 2011/61/EU od Komisije zahteva, da opredeli sisteme in postopke upravljanja likvidnosti, ki omogočajo, da UAIS spremlja likvidnostno tveganje AIS, razen kadar je AIS zaprtega tipa brez finančnega vzvoda, in zagotovi, da profil likvidnosti naložb AIS izpolnjuje osnovne obveznosti.
Therefore, it is important to set out fundamental general requirements addressed to all AIFMs, the application of which should be adapted to the size, structure and nature of the AIFs managed by the AIFM concerned.
Zato je pomembno za vse UAIS določiti temeljne zahteve, katerih uporabo bi bilo treba prilagoditi velikosti, strukturi in vrsti AIS, ki ga upravlja zadevni UAIS.
AIFMs should be able to demonstrate to their competent authorities that appropriate and effective liquidity management policies and procedures are in place.
UAIS bi morali biti svojim pristojnim organom sposobni dokazati, da so uvedli ustrezne in učinkovite politike ter postopke upravljanja likvidnosti.
That requires due consideration to be given to the nature of the AIF, including the type of underlying assets and the amount of liquidity risk to which the AIF is exposed, the scale and complexity of the AIF or the complexity of the process to liquidate or sell assets.
To zahteva ustrezno upoštevanje vrste AIS, vključno z vrsto osnovnih sredstev in obsegom likvidnostnega tveganja, ki mu je AIS izpostavljen, obsegom in kompleksnostjo AIS ali kompleksnostjo postopka likvidacije ali prodaje sredstev.
Liquidity management systems and procedures can allow AIFMs to apply the tools and arrangements necessary to cope with illiquid assets and related valuation problems in order to respond to redemption requests.
Sistemi in postopki za upravljanje likvidnosti lahko UAIS omogočajo uporabo instrumentov in ureditev, ki so potrebni za upravljanje nelikvidnih sredstev in z njimi povezanih težav vrednotenja, da bi se lahko odzvali na zahteve po odkupu.
The suspension of an AIF should not be considered as a special arrangement as this applies to all of the AIF’s assets and all of the AIF’s investors.
Začasna ukinitev AIS se ne bi smela obravnavati kot posebna ureditev, saj to velja za vsa sredstva AIS in vse vlagatelje AIS.
The use of tools and special arrangements to manage liquidity should be made dependent on concrete circumstances and should vary according to the nature, scale and investment strategy of the AIF.
Uporaba instrumentov in posebnih ureditev za upravljanje likvidnosti bi morala biti odvisna od dejanskih okoliščin in bi se morala razlikovati glede na naravo, obseg in naložbeno strategijo AIS.
The requirement to monitor the liquidity management of underlying collective investment undertakings in which AIFs invest, along with the requirements to put in place tools and arrangements to manage liquidity risk and identify, manage and monitor conflicts of interest between investors should not apply to AIFMs managing AIFs of the closed-ended type regardless of whether they are deemed to be employing leverage.
Zahteve za spremljanje upravljanja likvidnosti osnovnih kolektivnih naložbenih podjemov, v katere vlagajo AIS, skupaj z zahtevami glede vzpostavitve instrumentov in ureditev za upravljanje likvidnostnega tveganja in opredelitve, upravljanja in spremljanja nasprotij interesov med vlagatelji, ne bi smela veljati za UAIS, ki upravljajo AIS zaprtega tipa, ne glede na to, ali se šteje, da uporabljajo finančni vzvod.
The exemption from those redemption-related liquidity management requirements should reflect the differences in the general redemption terms of investors in a closed-ended AIF compared to those in an open-ended AIF.
Oprostitev teh zahtev glede upravljanja likvidnosti, povezanih z odkupom, bi morala odražati razlike v splošnih pogojih odkupa za vlagatelje v AIS zaprtega tipa v primerjavi s tistimi, ki vlagajo v AIS odprtega tipa.
The use of minimum limits regarding the liquidity or illiquidity of the AIF could provide an effective monitoring tool for certain types of AIFMs.
Uporaba minimalnih omejitev glede likvidnosti ali nelikvidnosti AIS bi lahko zagotovila učinkovito orodje za spremljanje nekaterih vrst UAIS.
Exceeding a limit may not of itself require action by the AIFM as this depends on the facts and circumstances and the tolerances set by the AIFM.
Preseganje omejitve samo po sebi ne bi zahtevalo ukrepanja UAIS, saj je to odvisno od dejstev in okoliščin ter dovoljenih odstopanj, ki jih določi UAIS.
Limits could thus be used in practice in relation to monitoring average daily redemption versus fund liquidity in terms of days over the same period.
Omejitve bi se tako lahko uporabile v povezavi s spremljanjem povprečnega dnevnega odkupa v odvisnosti od likvidnosti sredstev, in sicer po dnevih v istem obdobju.
That could also be used to monitor investor concentration to support stress testing scenarios.
To bi bilo mogoče uporabiti tudi za spremljanje namena vlagateljev, da podprejo testiranje izjemnih situacij.
Those limits could provide triggers for continued monitoring or remedial action depending on the circumstances.
Navedene omejitve bi lahko sprožile nadaljnje spremljanje ali ukrepanje, odvisno od okoliščin.
The stress tests should, where appropriate, simulate shortage of liquidity of the assets as well as atypical redemption requests.
Testi izjemnih situacij bi morali, kadar je primerno, simulirati zmanjšano likvidnost sredstev in nenavadne zahteve za odkup.
Recent and expected future subscriptions and redemptions should be taken into consideration together with the impact of anticipated AIF performance relative to peers on such activity.
Trenutne in pričakovane prihodnje vpise in odkupe bi bilo treba upoštevati skupaj z vplivom predvidene uspešnosti AIS glede na podobne sklade v taki dejavnosti.
The AIFM should analyse the period of time required to meet redemption requests in the stress scenarios simulated.
UAIS bi moral v simuliranem izjemnem scenariju analizirati obdobje, potrebno za izpolnitev zahtev za odkup.
The AIFM should also conduct stress tests on market factors such as foreign exchange movements which could materially impact the credit profile of the AIFM or that of the AIF and as a result collateral requirements.
UAIS bi moral teste izjemnih situacij izvesti tudi na tržnih dejavnikih, kot je gibanje deviznega tečaja, ki bi lahko bistveno vplivali na kreditni profil UAIS ali AIS in tudi na zahteve glede zavarovanja.
The AIFM should account for valuation sensitivities under stressed conditions in its approach to stress testing or scenario analysis.
UAIS bi moral utemeljiti vrednotenje občutljivosti v izjemnih pogojih v svojem pristopu k testiranju izjemnih situacij ali analizi scenarijev.
The frequency with which stress tests should be conducted should depend on the nature of the AIF, the investment strategy, liquidity profile, type of investor and redemption policy of the AIF.
Kako pogosto bi se morali izvajati testi izjemnih situacij, bi moralo biti odvisno od vrste AIS, naložbene strategije, likvidnostnega profila, vrste vlagateljev in politike odkupa AIS.
However, it is expected that those tests will be conducted at least on an annual basis.
Vendar pa se pričakuje, da se navedeni testi izvajajo najmanj enkrat na leto.
Where stress tests suggest significantly higher than expected liquidity risk, the AIFM should act in the best interest of all AIF investors taking into consideration the liquidity profile of the AIF’s assets, the level of redemption requests and where appropriate the adequacy of the liquidity management policies and procedures.
Kadar testi izjemnih situacij kažejo na znatno večje likvidnostno tveganje od pričakovanega, bi UAIS moral delovati v najboljšem interesu vseh vlagateljev v AIS ob upoštevanju likvidnostnega profila sredstev AIS, stopnje zahtev za odkup in, kjer je primerno, ustreznosti politik in postopkov za upravljanje likvidnosti.
Directive 2011/61/EU requires the Commission to specify how the investment strategy, liquidity profile and redemption policy are to be aligned.
Direktiva 2011/61/EU od Komisije zahteva, da določi, kako je treba uskladiti naložbeno strategijo, likvidnostni profil in politiko odkupa.
The consistency between those three elements is ensured if investors are able to redeem their investments in accordance with the AIF redemption policy, which should cover conditions for redemption in both normal and exceptional circumstances, and in a manner consistent with the fair treatment of investors.
Usklajenost teh treh elementov je zagotovljena, če vlagatelji lahko odkupijo svoje naložbe v skladu s politiko odkupov AIS, ki bi morala zajemati pogoje za odkup v običajnih in izjemnih okoliščinah, in v skladu s pošteno obravnavo vlagateljev.
Directive 2011/61/EU requires cross-sectoral consistency and the removal of misalignment between the interests of originators that repackage loans into tradable securities and AIFMs that invest in those securities or other financial instruments on behalf of AIFs.
Direktiva 2011/61/EU zahteva medsektorsko usklajenost in odpravo neskladnosti med interesi originatorjev, ki posojila preoblikujejo v trgovalne vrednostne papirje, in UAIS, ki vlagajo v te vrednostne papirje ali druge finančne instrumente v imenu AIS.
To achieve that aim, the relevant provisions of Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions [7] that lay down the quantitative and qualitative requirements to be met by investors exposed to the credit risk of a securitisation, by originators and by sponsors have been taken into account.
Za doseganje tega cilja so bile upoštevane ustrezne določbe Direktive 2006/48/ES Evropskega parlamenta in Sveta z dne 14. junija 2006 o začetku opravljanja in opravljanju dejavnosti kreditnih institucij [7], ki določajo kvantitativne in kvalitativne zahteve, ki jih morajo izpolnjevati vlagatelji, izpostavljeni kreditnemu tveganju listinjenja, originatorji in sponzorji.
As the same objective of aligning the interests of the originator or sponsor and the interests of investors are pursued by this Regulation and the relevant provisions of Directive 2006/48/EC it is essential that the terminology is used consistently in both legal acts, therefore the definitions given in Directive 2006/48/EC are taken as reference.
Ker ta uredba in ustrezne določbe Direktive 2006/48/ES zasledujejo isti cilj usklajevanja interesov originatorja ali sponzorja ter interesov vlagateljev, je pomembno, da se terminologija v obeh aktih uporablja usklajeno, zato se uporablja opredelitev pojmov iz Direktive 2006/48/ES.
Given that the Committee of European Banking Supervisors, the predecessor of the European Banking Authority, has provided detailed Guidelines for interpreting the relevant provisions of Directive 2006/48/EC [8], achieving cross-sectoral consistency requires the current provisions seeking to align interests between originators, sponsors and AIFMs to be interpreted in light of those Guidelines.
Glede na to, da je Odbor evropskih bančnih nadzornikov, predhodnik Evropskega bančnega organa, predložil natančne smernice za razlaganje ustreznih določb Direktive 2006/48/ES [8], doseganje medsektorske usklajenosti zahteva, da je treba veljavne določbe o uskladitvi interesov originatorjev, sponzorjev in UAIS razlagati na podlagi teh smernic.
It is important that transactions that re-package loans into tradable securities are not structured in such a way as to avoid the application of the requirements relating to investments in securitisation positions.
Pomembno je, da transakcije, ki posojila preoblikujejo v trgovalne vrednostne papirje, niso strukturirane tako, da bi omogočale izogibanje uporabi zahtev glede naložb v pozicije listinjenja.
Therefore, the reference to an investment in tradable securities or other financial instruments based on repackaged loans should not be interpreted strictly as a legally valid and binding transfer of title with respect to such instruments, but as an investment made in a material economic sense so that any other forms of synthetic investments should be covered and subject to the specific requirements.
Zato se sklicevanja na naložbo v trgovalne vrednostne papirje ali drug finančni instrument, ki temelji na preoblikovanju posojil, ne bi smelo razlagati strogo kot zakonsko veljavnega in zavezujočega prenosa lastninske pravice v zvezi s takimi instrumenti, temveč kot naložbo v pomembnem gospodarskem smislu, pri čemer bi bilo treba kriti katero koli drugo obliko sintetičnih naložb in bi morala biti predmet posebnih zahtev.
To avoid misunderstandings and align the language with that used in the banking legislation, the terms ‘assumption of exposure to the credit risk of a securitisation’ should be used instead of ‘investment in tradable securities or other financial instruments based on repackaged loans’.
Da bi se izognili nesporazumom in uskladili jezik z jezikom, ki se uporablja v bančni zakonodaji, bi se namesto izraza „naložbe v trgovalne vrednostne papirje ali druge finančne instrumente, ki temeljijo na preoblikovanih posojilih“ moral uporabljati izraz „predvidena izpostavljenost kreditnemu tveganju listinjenja“.
The requirements that need to be met by institutions acting as originators, sponsors or original lenders of a securitisation are directly imposed on them by way of Directive 2006/48/EC.
Zahteve, ki jih morajo izpolnjevati institucije, ki v postopku listinjenja delujejo kot originatorji, sponzorji ali prvotni posojilodajalci, so jim naložene neposredno z Direktivo 2006/48/ES.
It is therefore important to prescribe the corresponding duties of an AIFM assuming exposure to securitisations.
Zato je pomembno, da se določijo ustrezne dolžnosti UAIS, da prevzamejo izpostavljenost listinjenju.
Consequently, the AIFM should assume exposure to securitisations only if the originator, sponsor or original lender has explicitly disclosed to the AIFM the retention of a significant economic interest in the underlying asset, known as retention requirement.
Zato bi UAIS moral prevzeti izpostavljenost listinjenju le, če originator, sponzor ali prvotni posojilodajalec UAIS izrecno razkrije zadržanje znatnega gospodarskega deleža v osnovnem sredstvu, kar je poznano kot zahteva za zadržanje.
Furthermore, the AIFM should ensure that various qualitative requirements imposed on the sponsor and originator through Directive 2006/48/EC are met.
Poleg tega bi moral UAIS zagotoviti, da so izpolnjene različne kvalitativne zahteve, ki jih sponzorju in originatorju nalaga Direktiva 2006/48/ES.
In addition, the AIFM should itself meet qualitative requirements in order to have a comprehensive and thorough understanding of the securitisation investment and its underlying exposure.
Poleg tega bi UAIS sam moral izpolnjevati kvalitativne zahteve za obsežno in temeljito razumevanje naložb v pozicije listinjenja ter njene osnovne izpostavljenosti.
To achieve that, AIFMs should make their investment decision only after having conducted careful due diligence from which they should have adequate information on and knowledge of the securitisations concerned.
Za doseganje tega bi UAIS morali svoje naložbene odločitve sprejemati šele po izvedbi temeljitega skrbnega pregleda, pri čemer bi morali imeti ustrezne informacije in znanje o zadevnem listinjenju.
There are circumstances in which entities meet the definition of originator or sponsor, or fulfil the role of original lender;
Obstajajo okoliščine, v katerih subjekti ustrezajo opredelitvi originatorja ali sponzorja ali izpolnjujejo vlogo prvotnega posojilodajalca.
however, another entity that neither meets the definition of sponsor or originator, nor fulfils the role of original lender — but whose interests are most optimally aligned with those of investors — may seek to fulfil the retention requirement.
Vendar pa si lahko drug subjekt, ki ne ustreza opredelitvi sponzorja ali originatorja ter ne izpolnjuje vloge prvotnega posojilodajalca, njegovi interesi pa so najbolj optimalno usklajeni z interesi vlagateljev, prizadeva za izpolnjevanje zahteve za zadržanje.
For the sake of legal certainty, such other entity should not be required to fulfil the retention requirement if the retention requirement is fulfilled by the originator, sponsor or original lender.
Od takega subjekta se zaradi pravne varnosti ne zahteva, da izpolnjuje zahtevo za zadržanje, če to zahtevo izpolni originator, sponzor ali prvotni posojilodajalec.
In case of a breach of the retention requirement or the qualitative requirements the AIFM should consider taking some corrective action, such as hedging, selling or reducing the exposure or approaching the party in breach of the retention requirement with a view to reinstating compliance.
UAIS bi moral v primeru kršitve zahteve za zadržanje ali kvalitativnih zahtev sprejeti nekatere korektivne ukrepe, kot so varovanje pred tveganjem, prodaja ali zmanjšanje izpostavljenosti ali pozivanje stranke, ki krši zahtevo za zadržanje, da ponovno vzpostavi skladnost z zahtevami.
Such corrective action should always be in the interest of the investors and should not involve any direct obligation to sell the assets immediately after the breach has become apparent, therefore avoiding a ‘fire sale’.
Takšni korektivni ukrepi bi morali biti vedno v interesu vlagateljev in ne bi smeli vključevati nobenih neposrednih obveznosti za takojšnjo prodajo sredstev po tem, ko je kršitev odkrita, s čimer bi se preprečilo „hitro prodajo“.
The AIFM should take the breach into account when considering making another investment in a further transaction in which the party in breach of the requirement is involved.
UAIS bi moral kršitev upoštevati pri sprejemanju odločitve o drugi naložbi v novo transakcijo, v katero je vključena stranka, ki krši zahtevo.
In order to comply with the requirements of Directive 2011/61/EU to specify internal procedures and organisational arrangements, which each AIFM should apply, AIFMs should be required to establish a well-documented organisational structure that clearly assigns responsibilities, defines control mechanisms and ensures a good flow of information between all parties involved.
Za izpolnjevanje zahtev Direktive 2011/61/EU o določanju notranjih postopkov in organizacijskih ureditev, ki bi jih moral uporabljati vsak UAIS, bi morali UAIS vzpostaviti dobro dokumentirano organizacijsko strukturo, ki jasno dodeljuje odgovornosti, določa nadzorne mehanizme in zagotavlja dober pretok informacij med vsemi vključenimi stranmi.