natgillin/translations-raw huggingface dataset:
The definition of what constitutes a long-term investment is broad.
Opredelitev, kaj predstavlja dolgoročno naložbo, je široka.
Eligible investment assets are generally illiquid, require commitments for a certain period of time, and have an economic profile of a long-term nature.
Primerna naložbena sredstva so v splošnem nelikvidna, zahtevajo obveze za določeno obdobje in imajo dolgoročen ekonomski profil.
Eligible investment assets are non-transferable securities and therefore do not have access to the liquidity of secondary markets.
Primerna naložbena sredstva so neprenosljivi vrednostni papirji in zato nimajo dostopa do likvidnosti sekundarnih trgov.
They often require fixed term commitments which restrict their marketability.
Pogosto zahtevajo fiksne zaveze, kar omejuje možnosti njihovega trženja.
Nevertheless, as listed SMEs may face problems of liquidity and access to the secondary market, they should also be considered to be qualifying portfolio undertakings.
Ker pa imajo MSP, ki kotirajo na borzi, lahko težave z likvidnostjo in dostopom do sekundarnega trga, bi jih bilo kljub navedenemu treba obravnavati kot kvalificirana portfeljska podjetja.
The economic cycle of the investment sought by ELTIFs is essentially of a long-term nature due to the high capital commitments and the length of time required to produce returns.
Narava ekonomske dobe naložbe, ki jo zahtevajo ELTIF, je zaradi visokih kapitalskih obveznosti in dolžine obdobja, ki je potrebno za ustvarjanje donosov, dolgoročna.
An ELTIF should be allowed to invest in assets other than eligible investment assets as may be necessary to manage its cash flow efficiently, but only so long as this is consistent with the ELTIF's long-term investment strategy.
ELTIF bi moralo biti dovoljeno vlagati tudi v sredstva, ki niso primerna naložbena sredstva, saj bi to lahko bilo potrebno, če želijo učinkovito upravljati svoj denarni tok, a le, če je to v skladu z njihovo dolgoročno naložbeno strategijo.
Eligible investment assets should be understood to include participations, such as equity or quasi-equity instruments, debt instruments in qualifying portfolio undertakings, and loans provided to them.
Primerna naložbena sredstva bi bilo treba razumeti, kot da vključujejo udeležbo, kot so instrumenti lastniškega ali navideznega lastniškega kapitala, dolžniški instrumenti v kvalificiranih portfeljskih podjetjih in posojila, ki so jim dana.
They should also include participations in other funds that are focused on assets, such as investments in unlisted undertakings that issue equity or debt instruments for which there is not always a readily identifiable buyer.
Vključevati bi morala tudi udeležbo v drugih skladih, ki so usmerjeni na sredstva, kot so naložbe v podjetja, ki ne kotirajo na borzi in ki izdajajo instrumente lastniškega kapitala ali dolžniške instrumente, katerih kupec ni zlahka določljiv.
Direct holdings of real assets, unless they are securitised, should also form a category of eligible assets, provided that they yield a predictable cash flow, whether regular or irregular, in the sense that they can be modelled and valued based on a discounted cash flow valuation method.
Neposredni deleži realnih sredstev, razen če so listinjena, bi morali tudi ustvariti kategorijo primernih sredstev, če ustvarijo predvidljiv denarni tok, bodisi reden ali nereden, v smislu, da jih je mogoče oblikovati in oceniti z uporabo metode diskontirane vrednosti denarnega toka.
Those assets could indicatively include social infrastructure that yields a predictable return, such as energy, transport and communication infrastructure, as well as education, health, welfare support or industrial facilities.
Ta sredstva bi na primer lahko zajemala socialno infrastrukturo, ki zagotavlja predvidljive donose, kot so energija, promet in komunikacijska infrastruktura ter izobraževanje, zdravje, socialno varstvo ali industrijski obrati.
Conversely, assets such as works of art, manuscripts, wine stocks or jewellery should not be eligible as they do not normally yield a predictable cash flow.
Nasprotno pa sredstva, kot so umetnine, rokopisi, zaloge vin ali nakit ne bi smela biti primerna, ker praviloma ne zagotavljajo predvidljivega denarnega toka.
Eligible investment assets should include real assets with a value of more than EUR 10000000 that generate an economic and social benefit.
Primerna naložbena sredstva bi morala zajemati realna sredstva v vrednosti nad 10000000 EUR, ki prinašajo ekonomske in socialne koristi.
Such assets include infrastructure, intellectual property, vessels, equipment, machinery, aircraft or rolling stock, and immovable property.
Ta sredstva zajemajo infrastrukturo, intelektualno lastnino, plovila, opremo, stroje, letalski ali železniški vozni park ter nepremično premoženje.
Investments in commercial property or housing should be permitted to the extent that they serve the purpose of contributing to smart, sustainable and inclusive growth or to the Union's energy, regional and cohesion policies.
Naložbe v poslovne in stanovanjske nepremičnine bi morale biti dovoljene v obsegu, v katerem prispevajo k pametni, trajnostni in vključujoči rasti ali k energetski, regionalni in kohezijski politiki Unije.
Investments in such immovable property should be clearly documented so as to demonstrate the long-term commitment in the property.
Naložbe v takšno nepremično premoženje bi morale biti jasno dokumentirane, da se dokažejo dolgoročne zaveze takšnemu premoženju.
This Regulation is not seeking to promote speculative investments.
Namen te uredbe ni spodbujanje špekulativnih naložb.
The scale of infrastructure projects means that they require large amounts of capital to remain invested for long periods of time.
Obseg infrastrukturnih projektov zahteva veliko kapitala, ki mora ostati naložen daljša obdobja.
Such infrastructure projects include public building infrastructure such as schools, hospitals or prisons, social infrastructure such as social housing, transport infrastructure such as roads, mass transit systems or airports, energy infrastructure such as energy grids, climate adaptation and mitigation projects, power plants or pipelines, water management infrastructure such as water supply systems, sewage or irrigation systems, communication infrastructure such as networks, and waste management infrastructure such as recycling or collection systems.
Taki infrastrukturni projekti vključujejo javno stavbno infrastrukturo, kot so šole, bolnišnice ali zapori, socialno infrastrukturo, kot so neprofitna stanovanja, prometno infrastrukturo, kot so ceste, množični tranzitni sistemi ali letališča, energetsko infrastrukturo, kot so energetska omrežja, projekti prilagajanja podnebnim spremembam in zmanjšanja posledic teh sprememb, elektrarne ali cevovodi, infrastrukturo za upravljanje voda, kot so vodovodni sistemi, kanalizacija ali namakalni sistemi, komunikacijsko infrastrukturo, kot so omrežja, in infrastrukturo za ravnanje z odpadki, kot so sistemi njihovega recikliranja ali zbiranja.
Quasi-equity instruments should be understood to comprise a type of financing instrument which is a combination of equity and debt, where the return on the instrument is linked to the profit or loss of the qualifying portfolio undertaking and where the repayment of the instrument in the event of default is not fully secured.
Instrumente navideznega lastniškega kapitala bi bilo treba razumeti, kot da vsebujejo vrsto finančnega instrumenta, ki je kombinacija lastniškega in dolžniškega kapitala, katerega donos je povezan z dobičkom ali izgubo kvalificiranega portfeljskega podjetja in katerega poplačilo v primeru neizpolnitve obveznosti ni v celoti zavarovano.
To reflect existing business practices, an ELTIF should be allowed to buy existing shares of a qualifying portfolio undertaking from existing shareholders of that undertaking.
ELTIF bi moralo biti kot odraz obstoječih poslovnih praks dovoljeno kupovati obstoječe delnice kvalificiranega portfeljskega podjetja od obstoječih delničarjev tega podjetja.
In addition, for the purposes of ensuring the widest possible opportunities for fundraising, investments in other ELTIFs, European Venture Capital Funds (EuVECAs), regulated by Regulation (EU) No 345/2013 of the European Parliament and of the Council [5], and European Social Entrepreneurship Funds (EuSEFs), regulated by Regulation (EU) No 346/2013 of the European Parliament and of the Council [6], should be permitted.
Za zagotovitev kar najširših možnosti za zbiranje sredstev bi morale biti dovoljene tudi naložbe v druge ELTIF, evropske sklade tveganega kapitala (EuVECA), ki jih ureja Uredba (EU) št. 345/2013 Evropskega parlamenta in Sveta [5], ter evropske sklade za socialno podjetništvo (EuSEF), ki jih ureja Uredba (EU) št. 346/2013 Evropskega parlamenta in Sveta [6].
To prevent dilution of the investments in qualifying portfolio undertakings, ELTIFs should only be permitted to invest in other ELTIFs, EuVECAs, and EuSEFs provided that they have not themselves invested more than 10 % of their capital in other ELTIFs.
Za preprečevanje razpršitve naložb v kvalificirana portfeljska podjetja bi ELTIF moralo biti dovoljeno vlagati le v druge ELTIF, EuVECA in EuSEF, pod pogojem, da ti skladi niso že sami vložili več kot 10 % svojega kapitala v druge ELTIF.
The use of financial undertakings may be necessary in order to pool and organise the contributions of different investors, including investments of a public nature, in infrastructure projects.
Uporaba finančnih podjetij je lahko potrebna za zbiranje in organizacijo prispevkov različnih vlagateljev, vključno z naložbami javne narave, v infrastrukturne projekte.
ELTIFs should therefore be permitted to invest in eligible investment assets by means of financial undertakings, so long as these undertakings are dedicated to financing long-term projects, as well as the growth of SMEs.
Zato bi bilo treba ELTIF dovoliti, da v primerna naložbena sredstva vlagajo prek finančnih podjetij, če so ta zavezana financiranju dolgoročnih projektov ter rasti MSP.
Unlisted undertakings can face difficulties accessing capital markets and financing further growth and expansion.
Podjetja, ki ne kotirajo na borzi, se lahko soočijo s težavami pri dostopu do kapitalskih trgov in financiranju nadaljnje rasti ter širitve.
Private financing through equity stakes or loans are typical ways of raising financing.
Zasebno financiranje prek lastniških deležev ali posojil je običajen način zbiranja finančnih sredstev.
Because such instruments are by their nature long-term investments, they require patient capital which ELTIFs can provide.
Ker so ti instrumenti po svoji naravi dolgoročne naložbe, zahtevajo potrpežljivi kapital, ki ga lahko zagotovijo ELTIF.
Moreover, listed SMEs often face significant obstacles in acquiring long-term financing and ELTIFs may provide valuable alternative sources of funding.
Poleg tega MSP, ki kotirajo na borzi, pogosto naletijo na ovire pri pridobivanju dolgoročnega financiranja, ELTIF pa bi utegnili zagotoviti dragocene alternativne vire financiranja.
Categories of long-term assets within the meaning of this Regulation should therefore comprise unlisted undertakings that issue equity or debt instruments for which there might not be a readily identifiable buyer, and listed undertakings with a maximum capitalisation of EUR 500000000.
Kategorije dolgoročnih sredstev v smislu te uredbe bi morale obsegati podjetja, ki ne kotirajo na borzi, ki izdajajo instrumente lastniškega kapitala ali dolžniške instrumente, katerih kupec morda ni zlahka določljiv, ter podjetja, ki kotirajo na borzi, z maksimalno kapitalizacijo 500000000 EUR.
Where the manager of an ELTIF holds a stake in a portfolio undertaking, there is a risk that the manager puts its own interests ahead of the interests of investors in the ELTIF.
Če ima upravitelj ELTIF delež v portfeljskem podjetju, obstaja tveganje, da bo svoje interese postavil pred interese vlagateljev ELTIF.
To avoid such a conflict of interests, and to ensure sound corporate governance, an ELTIF should only invest in assets that are unrelated to the manager of the ELTIF, unless the ELTIF invests in units or shares of other ELTIFs, EuVECAs, or EuSEFs that are managed by the manager of the ELTIF.
Da bi se izognilo takšnim nasprotjem interesov in zagotovilo dobro upravljanje podjetja, bi morali ELTIF vlagati le v sredstva, ki niso povezana z upraviteljem ELTIF, razen če vlagajo v enote ali deleže, ki pripadajo drugim ELTIF, EuVECA ali EuSEF, ki jih upravlja upravitelj ELTIF.
In order to allow managers of ELTIFs a certain degree of flexibility in the investment of their funds, trading in assets other than long-term investments should be permitted up to a maximum threshold of 30 % of the capital of the ELTIF.
Če želimo upraviteljem ELTIF dovoliti določeno stopnjo prilagodljivosti pri naložbah njihovih skladov, bi bilo treba dovoliti trgovanje z naložbami, ki niso dolgoročne, v obsegu do največ 30 % kapitala ELTIF.
In order to limit risk-taking by ELTIFs, it is essential to reduce counterparty risk by subjecting the portfolio of ELTIFs to clear diversification requirements.
Za omejitev tveganih dejanj ELTIF je nujno zmanjšati tveganje izpostavljenosti do nasprotne stranke, tako da se njihov portfelj podvrže jasnim zahtevam po diverzifikaciji.
All over-the-counter (OTC) derivatives should be subject to Regulation (EU) No 648/2012 of the European Parliament and of the Council [7].
Za vse izvedene finančne instrumente, s katerimi se trguje na prostem trgu (OTC), bi morala veljati Uredba (EU) št. 648/2012 Evropskega parlamenta in Sveta [7].
In order to prevent the exercise of significant influence by an investing ELTIF over the management of another ELTIF or of an issuing body, it is necessary to avoid excessive concentration by an ELTIF in the same investment.
Za preprečitev znatnega vpliva, ki bi ga ELTIF, ki vlaga, lahko imel na upravitelje drugega ELTIF ali izdajatelja, se je potrebno izogniti pretirani koncentraciji ELTIF na eno samo naložbo.
In order to allow managers of ELTIFs to raise further capital during the life of the fund, they should be permitted to borrow cash amounting to up to 30 % of the value of the capital of the ELTIF.
Da se upraviteljem ELTIF med življenjsko dobo sklada omogoči zbiranje dodatnega kapitala, bi jim moralo biti dovoljeno izposojanje denarja v obsegu do 30 % vrednosti kapitala ELTIF.
That should serve to provide additional return to the investors.
Namen tega bi morala biti zagotovitev dodatnega donosa vlagateljem.
In order to address concerns related to shadow banking activities, the cash borrowed by the ELTIF should not be used for granting loans to qualifying portfolio undertakings.
Pri času, potrebnem za njihovo uvedbo, bi bilo treba upoštevati posebnosti in značilnosti naložb, pri čemer ta čas ne bi smel preseči petih let po datumu pridobitve dovoljenja za delovanje kot ELTIF ali polovice življenjske dobe ELTIF, kar nastopi prej.
Due to the long-term and illiquid nature of the investments of an ELTIF, the manager of the ELTIF should have sufficient time to apply the investment limits.
Zaradi njihovega profila portfelja in usmerjenosti h kategorijam dolgoročnih sredstev so ELTIF namenjeni usmerjanju zasebnih prihrankov v evropsko gospodarstvo.
The time required to implement these limits should take account of the particular features and characteristics of the investments but should not exceed five years after the date of the authorisation as an ELTIF or half the life of the ELTIF, whichever is the earlier.
ELTIF so zasnovani tudi kot naložbeni instrument, s pomočjo katerega lahko skupina Evropske investicijske banke (EIB) usmerja svoje financiranje evropske infrastrukture ter MSP.
ELTIFs, on account of their portfolio profile and their focus on categories of long-term assets, are designed to channel private savings toward the European economy.
Na podlagi te uredbe so ELTIF oblikovani kot združeni naložbeni instrument, ki ustreza usmeritvi skupine EIB, da prispeva k uravnoteženemu in stabilnemu razvoju notranjega trga dolgoročnih naložb v interesu Unije.
ELTIFs are also conceived as an investment vehicle through which the European Investment Bank (the EIB) Group can channel its European infrastructure or SME financing.
Ker so usmerjeni h kategorijam dolgoročnih sredstev, lahko ELTIF izpolnijo svojo vlogo prednostnega instrumenta za uresničitev naložbenega načrta za Evropo, ki je določen v Sporočilu Komisije z dne 26. novembra 2014.
By virtue of this Regulation, ELTIFs are structured as a pooled investment vehicle that responds to the EIB Group's focus on contributing to a balanced and steady development of an internal market for long-term investments in the interest of the Union.
Komisija bi morala dati prednost postopkom za vse vloge za financiranje s strani EIB, ki jih oddajo ELTIF, ter jih poenostaviti.
Given their focus on categories of long-term assets, ELTIFs can fulfil their designated role as a priority tool to accomplish the Investment Plan for Europe set out in the Commission communication of 26 November 2014.
Komisija bi morala zato poenostaviti pripravo vseh mnenj ali prispevkov v zvezi s katero koli vlogo za financiranje s strani EIB, ki jih oddajo ELTIF.
The Commission should prioritise and streamline its processes for all applications by ELTIFs for financing from the EIB.
Poleg tega bi države članice ter regionalni in lokalni organi utegnili biti zainteresirani, da potencialne vlagatelje in javnost ozaveščajo o ELTIF.
The Commission should therefore streamline the delivery of any opinions or contributions on any applications by ELTIFs for financing from the EIB.
Ne glede na dejstvo, da ELTIF ne ponuja pravic odkupa pred iztekom svoje življenjske dobe, nič ne bi smelo preprečiti, da bi ELTIF za svoje enote ali delnice zaprosil za sprejetje v trgovanje na reguliranem trgu ali v večstranskem sistemu trgovanja, s čimer bi imeli vlagatelji priložnost, da svoje enote ali delnice prodajo pred iztekom življenjske dobe ELTIF.
Moreover, Member States, as well as regional and local authorities, may have an interest in making potential investors and the public aware of ELTIFs.
Pravila ali akti o ustanovitvi ELTIF ne bi smeli preprečiti, da se enote ali delnice ELTIF sprejmejo v trgovanje na reguliranih trgih ali v večstranskem sistemu trgovanja, poleg tega pa tudi ne bi smeli preprečiti vlagateljem, da prosto prenesejo svoje enote ali delnice na tretje osebe, ki jih želijo kupiti.
Notwithstanding the fact that an ELTIF is not required to offer redemption rights before the end of its life, nothing should prevent an ELTIF from seeking admission of its units or shares to a regulated market or to a multilateral trading facility, thus providing investors with an opportunity to sell their units or shares before the end of the life of the ELTIF.
To je namenjeno spodbujanju sekundarnih trgov kot pomembnih mest za nakup in prodajo enot ali delnic ELTIF za male vlagatelje.
The rules or instruments of incorporation of an ELTIF should not prevent units or shares of the ELTIF being admitted to trading on a regulated market or on a multilateral trading facility, nor should they prevent investors from freely transferring their units or shares to third parties who wish to purchase those units or shares.
Individualne vlagatelje bi utegnilo zanimati vlaganje v ELTIF, vendar nelikvidna narava večine naložb v dolgoročne projekte onemogoča ELTIF, da bi vlagateljem zagotavljali redne odkupe.
This is intended to promote secondary markets as an important venue for retail investors for buying and selling units or shares of ELTIFs.
Sprejeta zaveza individualnega vlagatelja do naložbe v taka sredstva je po svoji naravi dolgoročna naložba.
While individual investors may be interested in investing in an ELTIF, the illiquid nature of most investments in long-term projects precludes an ELTIF from offering regular redemptions to its investors.
Zato bi morali biti ELTIF načeloma strukturirani tako, da rednih odkupov ne bi ponujali pred iztekom življenjske dobe ELTIF.
The commitment of the individual investor to an investment in such assets is, by its nature, made to the full term of the investment.
Da bi spodbudili vlagatelje, zlasti male vlagatelje, ki svojih sredstev ne želijo vezati za daljše časovno obdobje, bi moral ELTIF svojim vlagateljem pod določenimi pogoji dati pravico do predčasnega odkupa.
ELTIFs should, consequently, be structured in principle so as not to offer regular redemptions before the end of the life of the ELTIF.
Upravitelj ELTIF bi moral zato imeti možnost, da v skladu z naložbeno strategijo ELTIF po lastni presoji odloči, ali naj se ELTIF ustanovijo s pravicami do odkupa ali brez nje.
In order to incentivise investors, in particular retail investors, who might not be willing to lock their capital up for a long period of time, an ELTIF should be able to offer, under certain conditions, early redemption rights to its investors.
Ko je vzpostavljen režim v zvezi s pravicami do odkupa, bi bilo treba te pravice in njihove glavne značilnosti vnaprej jasno določiti in razkriti v pravilih ali aktih o ustanovitvi ELTIF.
Therefore, the manager of the ELTIF should be given discretion to decide whether to establish ELTIFs with or without redemption rights, according to the ELTIF's investment strategy.
Da se vlagateljem ob izteku življenjske dobe ELTIF omogoči učinkovit odkup njihovih enot ali delnic, bi moral upravitelj ELTIF portfeljska sredstva ELTIF začeti prodajati pravočasno, da se zagotovi pravilna realizacija vrednosti.
When a redemption rights regime is in place, those rights and their main features should be clearly predefined and disclosed in the rules or instruments of incorporation of the ELTIF.
Pri določanju urejenega časovnega razporeda dezinvestiranja bi moral upravitelj ELTIF upoštevati različne profile zapadlosti naložb in čas, potreben za iskanje kupca sredstev, v katera je ELTIF vlagal.
In order for investors to redeem effectively their units or shares at the end of the ELTIF's life, the manager of the ELTIF should start to sell the portfolio of assets of the ELTIF in good time to ensure that its value is properly realised.
Ker vzdrževanje naložbenih omejitev v tem časovnem obdobju za unovčenje ni praktično, bi morala njihova veljavnost z začetkom obdobja za unovčenje prenehati.
In determining an orderly disinvestment schedule, the manager of the ELTIF should take into account the different maturity profiles of the investments and the length of time necessary to find a buyer for the assets in which the ELTIF is invested.
Da bi razširili dostop malih vlagateljev do ELTIF, lahko KNPVP vlaga v enote ali delnice, ki jih izda ELTIF, če so enote ali delnice ELTIF primerne na podlagi Direktive 2009/65/ES Evropskega parlamenta in Sveta [8].
Due to the impracticality of maintaining the investment limits during this liquidation period, they should cease to apply when the liquidation period starts.
Omogočiti bi bilo treba, da lahko ELTIF sorazmerno zmanjša svoj kapital, če odproda katera od svojih sredstev, zlasti če gre za infrastrukturno naložbo.
In order to broaden retail investors' access to ELTIFs, a UCITS is able to invest in units or shares issued by an ELTIF to the extent that the ELTIF's units or shares are eligible under Directive 2009/65/EC of the European Parliament and of the Council [8].
Sredstva, ki ne kotirajo na borzi in v katera je ELTIF vlagal, lahko v času življenjske dobe sklada začnejo kotirati na reguliranem trgu.
It should be possible for an ELTIF to reduce its capital on a pro rata basis in the event that it has divested itself of one of its assets, in particular in the case of an infrastructure investment.
Če se to zgodi, sredstva morda ne izpolnjujejo več zahteve iz te uredbe, da ne smejo kotirati na borzi.
The unlisted assets in which an ELTIF has invested may obtain a listing on a regulated market during the life of the fund.
Da se upravitelju ELTIF na urejen način omogoči dezinvestiranje takih sredstev, ki ne bi bila več primerna, bi se lahko ta sredstva do treh let upoštevala pri zahtevi po 70-odstotni omejitvi primernih naložbenih sredstev.