natgillin/translations-raw huggingface dataset:
5 % of its capital in assets referred to in point (b) of Article 9(1) where those assets have been issued by any single body.
Skupna izpostavljenost ELTIF nasprotni stranki, ki izhaja iz poslov z izvedenim finančnim instrumentom, s katerim se trguje na prostem trgu (OTC), pogodb o začasni prodaji ali iz pogodb o začasnem odkupu, ne sme presegati 5 % vrednosti kapitala ELTIF.
The aggregate value of units or shares of ELTIFs, EuvECAs and EuSEFs in an ELTIF portfolio shall not exceed 20 % of the value of the capital of the ELTIF.
Z odstopanjem od točk (a) in (b) odstavka 2 lahko ELTIF zviša 10-odstotno omejitev iz navedenih točk na 20 %, če skupna vrednost sredstev, ki jih ima ELTIF v kvalificiranih portfeljskih podjetjih in v posameznih realnih sredstvih, v katera vloži več kot 10 % svojega kapitala, ne presega 40 % vrednosti kapitala ELTIF.
The aggregate risk exposure to a counterparty of the ELTIF stemming from OTC derivative transactions, repurchase agreements, or reverse repurchase agreements shall not exceed 5 % of the value of the capital of the ELTIF.
Brez poseganja v točko (d) odstavka 2 lahko ELTIF zviša petodstotno mejo iz navedene točke na 25 %, kadar obveznice izda kreditna institucija z registriranim sedežem v državi članici, ki je na podlagi zakona predmet posebnega javnega nadzora, zasnovanega za varstvo imetnikov obveznic.
By way of derogation from points (a) and (b) of paragraph 2, an ELTIF may raise the 10 % limit referred to therein to 20 %, provided that the aggregate value of the assets held by the ELTIF in qualifying portfolio undertakings and in individual real assets in which it invests more than 10 % of its capital does not exceed 40 % of the value of the capital of the ELTIF.
Zlasti se zneski, ki izhajajo iz izdaje teh obveznic, v skladu z zakonom vložijo v sredstva, ki so v celotnem obdobju do dospelosti obveznice zmožne kriti terjatve, ki izhajajo iz teh obveznic, in ki bi se v primeru propada izdajatelja prednostno uporabile za poplačilo glavnice in plačilo obračunanih in še ne izplačanih obresti.
By way of derogation from point (d) of paragraph 2, an ELTIF may raise the 5 % limit referred to therein to 25 % where bonds are issued by a credit institution which has its registered office in a Member State and is subject by law to special public supervision designed to protect bond-holders.
Podjetja, ki so vključena v isto skupino za namene konsolidiranih računovodskih izkazov, kot jih ureja Direktiva 2013/34/EU Evropskega parlamenta in Sveta [20], ali v skladu s priznanimi mednarodnimi računovodskimi standardi, se za namene izračunavanja omejitev iz odstavkov 1 do 6 obravnavajo kot posamezno kvalificirano portfeljsko podjetje ali posamezni organ.
In particular, sums deriving from the issue of those bonds shall be invested in accordance with the law in assets which, during the whole period of validity of the bonds, are capable of covering claims attaching to the bonds and which, in the event of failure of the issuer, would be used on a priority basis for the reimbursement of the principal and payment of the accrued interest.
Člen 14
Companies which are included in the same group for the purposes of consolidated accounts, as regulated by Directive 2013/34/EU of the European Parliament and of the Council [20] or in accordance with recognised international accounting rules, shall be regarded as a single qualifying portfolio undertaking or a single body for the purpose of calculating the limits referred to in paragraphs 1 to 6.
Saniranje stanja naložb
Article 14
V primeru, da ELTIF krši zahteve po diverzifikaciji iz člena 13(2) do (6), upravitelj ELTIF pa ne more vplivati na kršitev, slednji v ustreznem času sprejme ukrepe, ki so potrebni, da to stanje sanira, in pri tem upošteva interese vlagateljev v ELTIF.
Rectification of investment positions
Člen 15
In the event that an ELTIF infringes the diversification requirements set out in Article 13(2) to 13(6) and the infringement is beyond the control of the manager of the ELTIF, the manager of the ELTIF shall, within an appropriate period of time, take such measures as are necessary to rectify the position, taking due account of the interests of the investors in the ELTIF.
Koncentracija
Article 15
ELTIF lahko pridobi največ 25 % enot ali delnic posameznega ELTIF, EuVECA ali EuSEF.
Concentration
Omejitve glede koncentracije iz člena 56(2) Direktive 2009/65/ES se uporabljajo le za naložbe v sredstva iz točke (b) člena 9(1) te uredbe.
An ELTIF may acquire no more than 25 % of the units or shares of a single ELTIF, EuVECA, or EuSEF.
Člen 16
The concentration limits laid down in Article 56(2) of Directive 2009/65/EC shall apply to investments in the assets referred to in point (b) of Article 9(1) of this Regulation.
Izposojanje denarja
Article 16
ELTIF si lahko izposodi denar, če izposoja izpolnjuje vse naslednje pogoje:
Borrowing of cash
predstavlja največ 30 % vrednosti kapitala ELTIF;
An ELTIF may borrow cash provided that such borrowing fulfils all of the following conditions:
njen namen je vlaganje v primerna naložbena sredstva, razen za posojila iz točke (c) člena 10, pod pogojem, da deleži v denarju ali njihovi ustrezniki, ki jih ima ELTIF, ne zadostujejo za zadevno naložbo;
it represents no more than 30 % of the value of the capital of the ELTIF;
pogodba zanjo je sklenjena v isti valuti, kot je valuta sredstev, ki bodo pridobljena z izposojenim denarjem;
it serves the purpose of investing in eligible investment assets, except for loans referred to in point (c) of Article 10, provided that the holdings in cash or cash equivalents of the ELTIF are not sufficient to make the investment concerned;
njena zapadlost ni daljša od življenjske dobe ELTIF;
it is contracted in the same currency as the assets to be acquired with the borrowed cash;
bremeni sredstva, ki predstavljajo največ 30 % vrednosti kapitala ELTIF.
it has a maturity no longer than the life of the ELTIF;
Upravitelj ELTIF v svojem prospektu navede, ali si v okviru svoje naložbene strategije namerava izposoditi denar.
it encumbers assets that represent no more than 30 % of the value of the capital of the ELTIF.
Člen 17
The manager of the ELTIF shall specify in the prospectus of the ELTIF whether or not it intends to borrow cash as part of its investment strategy.
Uporaba sestave portfelja in pravil o diverzifikaciji
Article 17
Naložbene omejitve iz člena 13(1) se:
Application of portfolio composition and diversification rules
začnejo uporabljati do datuma, navedenega v pravilih ali aktih o ustanovitvi ELTIF;
The investment limit laid down in Article 13(1) shall:
prenehajo uporabljati, ko ELTIF začne prodajati sredstva, da bodo vlagatelji po izteku življenjske dobe ELTIF imeli možnost odkupa njihovih enot ali delnic;
apply by the date specified in the rules or instruments of incorporation of the ELTIF;
začasno umaknejo, ko ELTIF zbira dodatni kapital ali zmanjša obstoječega, pod pogojem, da ta umik ne traja dlje od 12 mesecev.
cease to apply once the ELTIF starts to sell assets in order to redeem investors' units or shares after the end of the life of the ELTIF;
Datum iz točke (a) prvega pododstavka upošteva posebnosti in značilnosti sredstev, v katera bo ELTIF vložil, ne sme pa biti določen pozneje kot pet let po datumu pridobitve dovoljenja za delovanje kot ELTIF ali pozneje od polovice življenjske dobe ELTIF, kot je določena v skladu s členom 18(3), kar nastopi prej.
be temporarily suspended where the ELTIF raises additional capital or reduces its existing capital, so long as such a suspension lasts no longer than 12 months.
V izjemnih primerih lahko pristojni organ ELTIF ob predložitvi ustrezno utemeljenega naložbenega načrta odobri podaljšanje te časovne omejitve, vendar ne več kot za dodatno leto.
The date referred to in point (a) of the first subparagraph shall take account of the particular features and characteristics of the assets to be invested by the ELTIF, and shall be no later than either five years after the date of the authorisation as an ELTIF, or half the life of the ELTIF as determined in accordance with Article 18(3), whichever is the earlier.
Če dolgoročno sredstvo, v katero je ELTIF vlagal, izda kvalificirano portfeljsko podjetje, ki ne izpolnjuje več zahtev iz točke (b) člena 11(1), se dolgoročno sredstvo lahko še naprej upošteva za namene izračunavanja naložbene omejitve iz člena 13(1), za največ tri leta od datuma, na katerega kvalificirano portfeljsko podjetje ne izpolnjuje več zahtev iz točke (b) člena 11(1).
In exceptional circumstances, the competent authority of the ELTIF, upon submission of a duly justified investment plan, may approve an extension of this time limit by no more than one additional year.
POGLAVJE III
Where a long-term asset in which an ELTIF has invested is issued by a qualifying portfolio undertaking that no longer complies with point (b) of Article 11(1), the long-term asset may continue to be counted for the purpose of calculating the investment limit referred to in Article 13(1) for a maximum of three years from the date on which the qualifying portfolio undertaking no longer fulfils the requirements of point (b) of Article 11(1).
ODKUP, TRGOVANJE IN IZDAJANJE ENOT ALI DELNIC ELTIF TER RAZDELITEV IZKUPIČKA IN KAPITALA
REDEMPTION, TRADING AND ISSUE OF UNITS OR SHARES OF AN ELTIF AND DISTRIBUTION OF PROCEEDS AND CAPITAL
Politika odkupov ter življenjska doba ELTIF
Article 18
Vlagatelji v ELTIF ne morejo zahtevati odkupa svojih enot ali delnic pred iztekom življenjske dobe ELTIF.
Redemption policy and life of ELTIFs
Vlagatelji pridobijo možnost za odkup dan po datumu izteka življenjske dobe ELTIF.
Investors in an ELTIF shall not be able to request the redemption of their units or shares before the end of the life of the ELTIF.
V pravilih ali aktih o ustanovitvi ELTIF se jasno navede iztek življenjske dobe ELTIF v obliki točnega datuma, lahko pa tudi pravica do začasnega podaljšanja življenjske dobe ELTIF ter pogoji za uveljavljanje te pravice.
Redemptions to investors shall be possible from the day following the date of the end of the life of the ELTIF.
V pravilih ali aktih o ustanovitvi ELTIF ter v razkritju vlagateljem se določijo postopki za odkup enot ali delnic in prodajo sredstev, jasno pa se navede tudi, da vlagatelji pridobijo možnost za odkup dan po datumu izteku življenjske dobe ELTIF.
Rules or instruments of incorporation of the ELTIF shall clearly indicate a specific date for the end of the life of the ELTIF and may provide for the right to extend temporarily the life of the ELTIF and the conditions for exercising such a right.
Z odstopanjem od člena 1 se pravilih ali aktih o ustanovitvi ELTIF lahko predvidi možnost odkupa pred iztekom življenjske dobe ELTIF, če so izpolnjeni vsi naslednji pogoji:
Rules or instruments of incorporation of the ELTIF and disclosures to investors shall lay down the procedures for the redemption of units or shares and the disposal of assets, and state clearly that redemptions to investors shall commence on the day following the date of the end of life of the ELTIF.
odkup ni odobren pred datumom iz točke (a) člena 17(1);
By way of derogation from paragraph 1, rules or instruments of incorporation of the ELTIF may provide for the possibility of redemptions before the end of the life of the ELTIF, provided that all of the following conditions are fulfilled:
v času izdaje dovoljenja in v celotni življenjski dobi ELTIF je njegov upravitelj sposoben pristojnim organom dokazati, da so vzpostavljeni ustrezen sistem za upravljanje likvidnosti in učinkoviti postopki za spremljanje likvidnostnega tveganja ELTIF, ki so skladni z dolgoročno naložbeno strategijo ELTIF in s predlagano politiko odkupov;
redemptions are not granted before the date specified in point (a) of Article 17(1);
upravitelj ELTIF določi politiko odkupov, v kateri so točno določena obdobja, v katerih vlagatelji lahko zaprosijo za odkup;
at the time of authorisation and throughout the life of the ELTIF, the manager of the ELTIF is able to demonstrate to the competent authorities that an appropriate liquidity management system and effective procedures for monitoring the liquidity risk of the ELTIF are in place, which are compatible with the long-term investment strategy of the ELTIF and the proposed redemption policy;
politika odkupov ELTIF zagotavlja, da je skupni znesek odkupov v katerem koli obdobju omejen na odstotek tistih sredstev ELTIF, ki so navedena v točki (b) člena 9(1).
the manager of the ELTIF sets out a defined redemption policy, which clearly indicates the periods of time during which investors may request redemptions;
Ta odstotek mora biti usklajen s strategijo za upravljanje likvidnosti in naložbe, ki jo razkrije upravitelj ELTIF;
the redemption policy of the ELTIF ensures that the overall amount of redemptions within any given period is limited to a percentage of those assets of the ELTIF which are referred to in point (b) of Article 9(1).
politika odkupov ELTIF zagotavlja, da so vlagatelji obravnavani pošteno in da so odkupi odobreni sorazmerno, če skupen znesek zahtevkov v katerem koli obdobju presega odstotek iz točke (d) tega odstavka.
This percentage shall be aligned to the liquidity management and investment strategy disclosed by the manager of the ELTIF;
Življenjska doba ELTIF mora biti skladna z njegovo dolgoročno naravo in dovolj dolga, da zajema življenjsko dobo vsakega posameznega sredstva ELTIF, merjeno glede na profil nelikvidnosti, gospodarsko življenjsko dobo sredstva in navedeni naložbeni cilj ELTIF.
the redemption policy of the ELTIF ensures that investors are treated fairly and redemptions are granted on a pro rata basis if the total amount of requests for redemptions within any given period of time exceed the percentage referred to in point (d) of this paragraph.
Vlagatelji lahko zahtevajo prenehanje ELTIF, če njihove zahteve po odkupu, vložene v skladu s politiko odkupov ELTIF, v enem letu po datumu, ko so bile vložene, niso izpolnjene.
The life of an ELTIF shall be consistent with the long-term nature of the ELTIF and shall be sufficient in length to cover the life-cycle of each of the individual assets of the ELTIF, measured according to the illiquidity profile and economic life-cycle of the asset and the stated investment objective of the ELTIF.
Vlagatelji morajo vedno imeti možnost, da so poplačani v denarju.
Investors may request the winding down of an ELTIF if their redemption requests, made in accordance with the ELTIF's redemption policy, have not been satisfied within one year from the date on which they were made.
Poplačilo v naravi iz sredstev ELTIF je mogoče le, če so izpolnjeni vsi naslednji pogoji:
Investors shall always have the option to be repaid in cash.
v pravilih ali aktih o ustanovitvi ELTIF je ta možnost predvidena, če so vsi vlagatelji obravnavani pravično;
Repayment in kind out of an ELTIF's assets shall be possible only where all of the following conditions are met:
vlagatelj pisno zahteva poplačilo v delnicah sredstev ELTIF;
the rules or instruments of incorporation of the ELTIF provide for this possibility, provided that all investors are treated fairly;
prenosa teh sredstev ne omejujejo nobena posebna pravila.
the investor asks in writing to be repaid through a share of the assets of the ELTIF;
ESMA pripravi osnutke regulativnih tehničnih standardov, v katerih določi okoliščine, v katerih življenjska doba ELTIF šteje za dovolj dolgo, da zajame življenjsko dobo vsakega posameznega sredstva ELTIF, kot je navedeno v odstavku 3.
no specific rules restrict the transfer of those assets.
Člen 19
ESMA shall develop draft regulatory technical standards specifying the circumstances in which the life of an ELTIF is considered sufficient in length to cover the life-cycle of each of the individual assets of the ELTIF, as referred to in paragraph 3.
Sekundarni trg
Article 19
Pravila ali akti o ustanovitvi ELTIF ne smejo preprečevati sprejetja enot ali delnic tega ELTIF v trgovanje na reguliranemu trgu ali v večstranskem sistemu trgovanja.
Secondary market
Pravila ali akti o ustanovitvi ELTIF vlagateljem ne smejo preprečevati prostega prenosa njihovih enot ali delnic tretjim osebam, z izjemo upravitelja ELTIF.
The rules or instruments of incorporation of an ELTIF shall not prevent units or shares of the ELTIF from being admitted to trading on a regulated market or on a multilateral trading facility.
ELTIF v svojih periodičnih poročilih objavi tržno vrednost enot ali delnic, ki kotirajo na borzi, skupaj z neto vrednostjo sredstev na enoto ali delnico.
The rules or instruments of incorporation of an ELTIF shall not prevent investors from freely transferring their units or shares to third parties other than the manager of the ELTIF.
V primeru znatne spremembe vrednosti sredstev, upravitelj ELTIF to razkrije vlagateljem v svojih periodičnih poročilih.
An ELTIF shall publish in its periodical reports the market value of its listed units or shares along with the net asset value per unit or share.
Člen 20
In the event that there is a material change in the value of an asset, the manager of the ELTIF shall disclose this to investors in its periodical reports.
Izdaja novih enot ali delnic
Article 20
ELTIF lahko ponudi nove izdaje enot ali delnic v skladu s svojimi pravili ali akti o ustanovitvi.
Issuance of new units or shares
ELTIF ne sme izdajati novih enot ali delnic po ceni, ki je nižja od njihove neto vrednosti, ne da bi jih prej po tej ceni ponudili obstoječim vlagateljem v ELTIF.
An ELTIF may offer new issues of units or shares in accordance with its rules or instruments of incorporation.
Člen 21
An ELTIF shall not issue new units or shares at a price below their net asset value without a prior offering of those units or shares at that price to existing investors in the ELTIF.
Prodaja sredstev ELTIF
Article 21
ELTIF za urejeno prodajo svojih sredstev, s katero bodo vlagatelji po izteku življenjske dobe ELTIF imeli možnost odkupa svojih enot ali delnic, sprejme razčlenjen časovni razpored in ga razkrije pristojnemu organu ELTIF najpozneje eno leto pred datumom izteka življenjske dobe ELTIF.
Disposal of ELTIF assets
Časovni razpored iz odstavka 1 vsebuje:
An ELTIF shall adopt an itemised schedule for the orderly disposal of its assets in order to redeem investors' units or shares after the end of the life of the ELTIF, and shall disclose this to the competent authority of the ELTIF at the latest one year before the date of the end of the life of the ELTIF.
oceno trga za potencialne kupce;
The schedule referred to in paragraph 1 shall include:
oceno in primerjavo potencialnih prodajnih cen;
an assessment of the market for potential buyers;
vrednotenje sredstev, ki bodo odprodana;
an assessment and comparison of potential sales prices;
časovni okvir za časovni razpored prodaje.
a valuation of the assets to be divested;
ESMA pripravi osnutke regulativnih tehničnih standardov, v katerih določi merila za oceno iz točke (a) in vrednotenje iz točke (c) odstavka 2.
a time-frame for the disposal schedule.
Člen 22
ESMA shall develop draft regulatory technical standards specifying the criteria to be used for the assessments in point (a) and the valuation in point (c) of paragraph 2.
Razdelitev izkupička in kapitala
Article 22
ELTIF lahko med vlagatelje redno razdeli izkupiček, ki ga prinašajo sredstva, vsebovana v portfelju.
Distribution of proceeds and capital
Ta izkupiček obsega:
An ELTIF may regularly distribute to investors the proceeds generated by the assets contained in its portfolio.
izkupiček, ki ga sredstva redno ustvarjajo;
Those proceeds shall comprise:
povečano vrednost kapitala, realizirano po prodaji sredstva.
proceeds that the assets are regularly producing;
Izkupiček se ne razdeli v obsegu, ki bi presegal, kar je potrebno za prihodnje obveznosti ELTIF.
capital appreciation realised after the disposal of an asset.
ELTIF lahko v primeru prodaje sredstva pred iztekom življenjske dobe ELTIF sorazmerno zmanjša svoj kapital, pod pogojem, da upravitelj ELTIF upravičeno meni, da je takšna prodaja v interesu vlagateljev.
The proceeds shall not be distributed to the extent that they are required for future commitments of the ELTIF.
V pravilih ali aktih o ustanovitvi ELTIF se določi politika razdelitve, ki jo bo ELTIF izvajal med svojo življenjsko dobo sklada.
An ELTIF may reduce its capital on a pro rata basis in the event of a disposal of an asset before the end of the life of the ELTIF, provided that such a disposal is duly considered to be in the investors' interests by the manager of the ELTIF.
POGLAVJE IV
The rules or instruments of incorporation of an ELTIF shall specify the distribution policy that the ELTIF will apply during its life.
ZAHTEVE GLEDE PREGLEDNOSTI
CHAPTER IV
Člen 23
TRANSPARENCY REQUIREMENTS
Preglednost
Article 23
Enote ali delnice ELTIF se ne tržijo brez predhodne objave prospekta.
Transparency
Enote ali delnice ELTIF se ne tržijo malim vlagateljem v Uniji brez predhodne objave dokumenta s ključnimi informacijami v skladu z Uredbo (EU) št. 1286/2014.
The units or shares of an ELTIF shall not be marketed in the Union without prior publication of a prospectus.
Prospekt vsebuje vse informacije, ki jih vlagatelji potrebujejo za informirano presojo o predlagani naložbi ter predvsem z njo povezanih tveganjih.
The units or shares of an ELTIF shall not be marketed to retail investors in the Union without prior publication of a key information document in accordance with Regulation (EU) No 1286/2014.
Prospekt vsebuje najmanj naslednje:
The prospectus shall include all information necessary to enable investors to make an informed assessment regarding the investment proposed to them and, in particular, the risks attached thereto.
izjavo, v kateri je navedeno, kako naložbeni cilji ELTIF in strategija za doseganje teh ciljev kvalificirajo naravo sklada kot dolgoročno;
The prospectus shall contain at least the following:
informacije, ki jih bodo razkrili kolektivni naložbeni podjemi zaprtega tipa v skladu z Direktivo 2003/71/ES in Uredbo (ES) št. 809/2004;
a statement setting out how the ELTIF's investment objectives and strategy for achieving these objectives qualify the fund as long-term in nature;
informacije, ki bodo razkrite vlagateljem na podlagi člena 23 Direktive 2011/61/EU, če jih ne zajema že točka (b) tega odstavka;
information to be disclosed by collective investment undertakings of the closed-end type in accordance with Directive 2003/71/EC and Regulation (EC) No 809/2004;
jasno oznako kategorij sredstev, za katera ima ELTIF dovoljenje, da lahko vanje vlaga;
information to be disclosed to investors pursuant to Article 23 of Directive 2011/61/EU, if it is not already covered under point(b) of this paragraph;
jasno oznako jurisdikcij, v katerih ELTIF lahko vlaga;
a prominent indication of the categories of assets in which the ELTIF is authorised to invest;
kakršne koli druge informacije, za katere pristojni organi menijo, da so pomembne za namene odstavka 2.
a prominent indication of the jurisdictions in which the ELTIF is allowed to invest;
Prospekt in vsi drugi dokumenti v zvezi s trženjem morajo jasno obveščati vlagatelje o nelikvidni naravi ELTIF.
any other information considered by the competent authorities to be relevant for the purposes of paragraph 2.
Zlasti morajo prospekt in vsi drugi dokumenti v zvezi s trženjem jasno:
The prospectus and any other marketing documents shall prominently inform investors about the illiquid nature of the ELTIF.
obveščati vlagatelje o dolgoročni naravi naložb ELTIF;
In particular, the prospectus and any other marketing documents shall clearly:
obveščati vlagatelje o izteku življenjske dobe ELTIF in o možnosti za podaljšanje njegove življenjske dobe, če je ta možnost določena, ter o pogojih za to podaljšanje;
inform investors about the long-term nature of the ELTIF's investments;
navesti, ali se namerava ELTIF tržiti malim vlagateljem;
inform investors about the end of the life of the ELTIF as well as the option to extend the life of the ELTIF, where this is provided for, and the conditions thereof;
obrazložiti, da imajo vlagatelji v skladu s členom 18 in s pravili ali akti o ustanovitvi ELTIF pravico odkupiti svojo naložbo;
state whether the ELTIF is intended to be marketed to retail investors;
navesti pogostost in čas razdelitve morebitnega izkupička vlagateljem med življenjsko dobo ELTIF;