natgillin/translations-raw huggingface dataset:
Where that happens, the assets may no longer comply with the non-listing requirement of this Regulation.
Ob upoštevanju posebnih značilnosti ELTIF in malih ter profesionalnih vlagateljev, h katerim so usmerjeni, je pomembno vzpostaviti temeljite zahteve glede preglednosti, ki bodo morebitnim vlagateljem omogočale informirano presojo in popolno zavedanje zadevnih tveganj.
In order to allow the manager of the ELTIF to disinvest in an orderly manner from such assets that would no longer be eligible, the assets could continue to count towards the 70 % limit of eligible investment assets for up to three years.
Poleg izpolnjevanja zahtev glede preglednosti iz Direktive 2011/61/EU bi morali ELTIF objaviti prospekt, katerega vsebina bi morala nujno vsebovati vse informacije, ki jih morajo kolektivni naložbeni podjemi zaprtega tipa razkriti v skladu z Direktivo 2003/71/ES Evropskega parlamenta in Sveta [9] ter Uredbo Komisije (ES) št. 809/2004 [10].
Given the specific characteristics of ELTIFs, as well as of the retail and professional investors they target, it is important that sound transparency requirements be put in place that are capable of allowing prospective investors to make an informed judgement and be fully aware of the risks involved.
Pri trženju ELTIF malim vlagateljem bi morala biti obvezna objava dokumenta s ključnimi informacijami v skladu z Uredbo (EU) št. 1286/2014 Evropskega parlamenta in Sveta [11].
In addition to complying with the transparency requirements contained in Directive 2011/61/EU, ELTIFs should publish a prospectus the content of which should include all information required to be disclosed by collective investment undertakings of the closed-end type in accordance with Directive 2003/71/EC of the European Parliament and of the Council [9] and Commission Regulation (EC) No 809/2004 [10].
Poleg tega bi morali vsi dokumenti v zvezi s trženjem izrecno poudariti profil tveganj ELTIF.
When marketing an ELTIF to retail investors, it should be mandatory to publish a key information document in accordance with Regulation (EU) No 1286/2014 of the European Parliament and of the Council [11].
ELTIF je lahko zanimiv za vlagatelje, kot so občine, cerkve, dobrodelne organizacije in ustanove, ki bi morali imeti možnost zahtevati, da se jih obravnava kot profesionalne stranke, če izpolnjujejo pogoje iz oddelka II Priloge II k Direktivi 2014/65/EU Evropskega parlamenta in Sveta [12].
Furthermore, any marketing documents should explicitly draw attention to the risk profile of the ELTIF.
Ker so ELTIF usmerjeni tako k profesionalnim kot k malim vlagateljem po vsej Uniji, je trženjskim zahtevam, že določenim v Direktivi 2011/61/EU, treba dodati določene dodatne zahteve, da se zagotovi ustrezna raven zaščite malih vlagateljev.
ELTIFs may be attractive to investors, such as municipalities, churches, charities and foundations, which should be able to request to be treated as professional clients in circumstances where they meet the conditions of Section II of Annex II of Directive 2014/65/EU of the European Parliament and of the Council [12].
Tako bi morali biti na voljo sistemi za vpis, za izplačila imetnikom enot ali delničarjem, za ponovni odkup ali izplačilo enot ali delnic in za objavo podatkov, ki so jih ELTIF in njihovi upravitelji dolžni zagotoviti.
As ELTIFs target not only professional but also retail investors across the Union, it is necessary that certain additional requirements be added to the marketing requirements already laid down in Directive 2011/61/EU, in order to ensure an appropriate degree of retail investor protection.
Da se zagotovi, da se malih vlagateljev ne prikrajša v primerjavi z izkušenimi profesionalnimi vlagatelji, bi bilo treba pri trženju ELTIF malim vlagateljem uvesti nekatere zaščitne ukrepe.
Accordingly, facilities should be made available for making subscriptions, making payments to unit- or shareholders, repurchasing or redeeming units or shares, and making available the information which the ELTIF and the manager of the ELTIF are required to provide.
Če trženje ali plasiranje ELTIF malim vlagateljem poteka prek distributerja, bi moral ta izpolnjevati ustrezne zahteve iz Direktive 2014/65/EU ter Uredbe (EU) št. 600/2014 Evropskega parlamenta in Sveta [13].
Moreover, in order to ensure that retail investors are not at a disadvantage relative to professional investors, certain safeguards should be put in place when ELTIFs are marketed to retail investors.
Upravitelj ELTIF ali distributer bi moral pridobiti vse potrebne informacije o znanju in izkušnjah malega vlagatelja, njegovem finančnem stanju, nagnjenosti k tveganju, naložbenih ciljih in časovnem okviru, da lahko oceni, ali je ELTIF primeren za trženje zadevnemu malemu vlagatelju, pri čemer je treba med drugim upoštevati življenjsko dobo in načrtovano naložbeno strategijo ELTIF.
In the event that the marketing or placing of ELTIFs to retail investors is done through a distributor, such distributor should comply with the relevant requirements of Directive 2014/65/EU and Regulation (EU) No 600/2014 of the European Parliament and of the Council [13].
Če življenjska doba ELTIF, ki se ponuja ali plasira malim vlagateljem, presega 10 let, bi moral poleg tega upravitelj ELTIF ali distributer jasno in v pisni obliki opozoriti na to, da ta produkt morda ni primeren za male vlagatelje, ki ne morejo sprejeti tako dolgoročne in nelikvidne zaveze.
The manager of the ELTIF or the distributor should obtain all necessary information regarding the retail investor's knowledge and experience, financial situation, risk appetite, investment objectives and time horizon in order to assess whether the ELTIF is suitable for marketing to that retail investor, taking into account, inter alia, the life and the intended investment strategy of the ELTIF.
Pri trženju ELTIF malim vlagateljem bi moral depozitar ELTIF spoštovati določbe Direktive 2009/65/ES glede primernosti subjektov, ki lahko nastopajo kot depozitarji, pravila prepovedi omejitve odgovornosti ter ponovne uporabe sredstev.
In addition, where the life of an ELTIF that is offered or placed to retail investors exceeds 10 years, the manager of the ELTIF or the distributor should indicate clearly and in written form that this product may not be suitable for those retail investors unable to sustain such a long-term and illiquid commitment.
Z namenom okrepiti zaščito malih vlagateljev ta uredba določa tudi, da bi moral upravitelj ELTIF ali distributer pri malih vlagateljih – katerih portfelj iz gotovinskih vlog in finančnih instrumentov, z izjemo finančnih instrumentov, ki služijo kot zavarovanje, ne presega 500000 EUR – potem ko je izvedel test ustreznosti in ustrezno naložbeno svetovanje, zagotoviti, da mali vlagatelj v ELTIF ne vloži več kot 10 % svojega portfelja ter da prvotni znesek, vložen v enega ali več ELTIF, ni nižji od 10000 EUR.
When an ELTIF is marketed to retail investors, the depositary of the ELTIF should comply with the provisions of Directive 2009/65/EC as regards the eligible entities that are permitted to act as depositaries, the ‘no discharge of liability’ rule, and the reuse of assets.
V izrednih okoliščinah, opredeljenih v pravilih ali aktih o ustanovitvi ELTIF, bi se lahko življenjska doba ELTIF zaradi večje prožnosti podaljšala ali skrajšala, da bi se uskladila z dolgoročno naložbeno strategijo sklada, na primer, če se projekt konča kasneje ali prej kot načrtovano.
With a view to strengthening the protection of retail investors, this Regulation in addition provides that for retail investors whose portfolio, composed of cash deposits and financial instruments excluding any financial instruments that have been given as collateral, does not exceed EUR 500000, the manager of the ELTIF or any distributor, after having performed a suitability test and having provided appropriate investment advice, should ensure that the retail investor does not invest an aggregate amount exceeding 10 % of the investor's portfolio in ELTIFs and the initial amount invested in one or more ELTIFs is not less than EUR 10000.
Pristojni organ ELTIF bi moral redno preverjati, ali ELTIF izpolnjuje zahteve iz te uredbe.
Under exceptional circumstances specified in the rules or instruments of incorporation of an ELTIF, the life of the ELTIF could be extended or reduced to allow for more flexibility where, for instance, a project is completed later or earlier than expected, in order to bring it into line with its long-term investment strategy.
Ker imajo pristojni organi v okviru Direktive 2011/61/EU že široke pristojnosti, je te pristojnosti treba razširiti glede na to uredbo.
The competent authority of the ELTIF should verify on an on-going basis whether an ELTIF complies with this Regulation.
Evropski nadzorni organ (Evropski organ za vrednostne papirje in trge) (ESMA), ustanovljen z Uredbo (EU) št. 1095/2010 Evropskega parlamenta in Sveta [14], bi moral biti v zvezi s to uredbo sposoben izvajati vsa pooblastila, ki so nanj prenesena z Direktivo 2011/61/EU, in bi moral imeti vsa za to potrebna sredstva, zlasti človeške vire.
As the competent authorities are already provided with extensive powers under Directive 2011/61/EU, it is necessary to extend those powers having regard to this Regulation.
ESMA bi moral imeti osrednjo vlogo pri uporabi pravil, ki zadevajo ELTIF, z zagotavljanjem dosledne uporabe pravil Unije s strani pristojnih nacionalnih organov.
The European Supervisory Authority (European Securities and Markets Authority) (ESMA), established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council [14], should be able to exercise all the powers conferred on it under Directive 2011/61/EU with respect to this Regulation and should be provided with all resources necessary for that purpose, in particular human resources.
Ker je ESMA organ z visoko specializiranimi strokovnjaki za vrednostne papirje in trge, je učinkovito in ustrezno, da se mu za predložitev Komisiji zaupa priprava osnutkov regulativnih tehničnih standardov, ki ne vključujejo odločitev v zvezi s politikami.
ESMA should play a central role in the application of the rules concerning ELTIFs, by ensuring consistent application of Union rules by national competent authorities.
Ti regulativni tehnični standardi bi se morali nanašati na okoliščine, v katerih je izključni namen uporabe izvedenih finančnih instrumentih zavarovanje pred tveganji, neločljivo povezanimi z naložbami, okoliščine, v katerih bo življenjska doba ELTIF dovolj dolga, da bo zajemala življenjsko dobo vsakega posameznega sredstva ELTIF, lastnosti časovnega razporeda urejene prodaje sredstev ELTIF, opredelitve in metodologije izračuna stroškov, ki jih krijejo vlagatelji, predstavitve razkritja stroškov, ki jih krijejo investitorji, ter lastnosti sistemov, ki jih bodo ELTIF vzpostavili v vsaki državi članici, kjer želijo tržiti enote ali delnice.
As a body with highly specialised expertise regarding securities and securities markets, it is efficient and appropriate to entrust ESMA with the drawing up of draft regulatory technical standards which do not involve policy choices for submission to the Commission.
Pri izmenjavi, prenosu in obdelavi osebnih podatkov za namene te uredbe bi bilo treba v celoti uporabljati Direktivo 95/46/ES Evropskega parlamenta in Sveta [15] ter Uredbo (ES) št. 45/2001 Evropskega parlamenta in Sveta [16].
These regulatory technical standards should concern the circumstances in which the use of financial derivative instruments solely serves the purpose of hedging the risks inherent to the investments, the circumstances in which the life of an ELTIF will be sufficient in length to cover the life-cycle of each of the individual assets of the ELTIF, the features of the schedule for the orderly disposal of ELTIF assets, the definitions of, and calculation methodologies for costs borne by investors, presentation of cost disclosures, and the characteristics of the facilities to be set up by ELTIFs in each Member State where they intend to market units or shares.
Ker ciljev te uredbe, namreč zagotovitve enotnih zahtev glede pogojev za naložbe in delovanje ELTIF po vsej Uniji ter sočasnega popolnega upoštevanja potrebe po ravnovesju med varnostjo in zanesljivostjo ELTIF z učinkovitim delovanjem trga za dolgoročno financiranje in stroški za različne deležnike, države članice ne morejo zadovoljivo doseči, temveč se zaradi njihove obsežnosti in učinkov lažje dosežejo na ravni Unije, lahko Unija sprejme ukrepe v skladu z načelom subsidiarnosti iz člena 5 Pogodbe o Evropski uniji.
Directive 95/46/EC of the European Parliament and of the Council [15] and Regulation (EC) No 45/2001 of the European Parliament and of the Council [16] should be fully applicable to the exchange, transmission and processing of personal data for the purposes of this Regulation.
V skladu z načelom sorazmernosti iz navedenega člena ta uredba ne presega tistega, kar je potrebno za doseganje navedenih ciljev.
Since the objectives of this Regulation, namely to ensure uniform requirements on the investments and operating conditions for ELTIFs throughout the Union, while taking full account of the need to balance safety and reliability of ELTIFs with the efficient operation of the market for long-term financing and the cost for its various stakeholders, cannot be sufficiently achieved by the Member States but can rather, by reason of their scale and effects, be better achieved at Union level, the Union may adopt measures in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union.
Ta uredba spoštuje temeljne pravice in upošteva načela, priznana zlasti v Listini Evropske unije o temeljnih pravicah, še posebej zaščito potrošnikov, svobodo gospodarske pobude, pravico do pravnega sredstva in poštenega sojenja ter varstvo osebnih podatkov in dostop do storitev splošnega gospodarskega pomena.
In accordance with the principle of proportionality, as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve those objectives.
To uredbo je treba uporabljati v skladu s temi pravicami in načeli –
This Regulation respects the fundamental rights and observes the principles recognised in particular by the Charter of Fundamental Rights of the European Union and notably consumer protection, the freedom to conduct a business, the right to remedy and to a fair trial, and the protection of personal data as well as access to services of general economic interest.
SPREJELA NASLEDNJO UREDBO:
This Regulation has to be applied in accordance with those rights and principles,
POGLAVJE I
GENERAL PROVISIONS
Predmet urejanja in cilj
Article 1
Ta uredba določa enotna pravila glede pridobitve dovoljenj, naložbenih politik in pogojev delovanja alternativnih investicijskih skladov EU (EU AIS) ali razdelkov EU AIS, ki se v Uniji tržijo kot evropski dolgoročni investicijski skladi (ELTIF).
Subject matter and objective
Cilj te uredbe je zbrati kapital in ga usmeriti k evropskim dolgoročnim naložbam v realno gospodarstvo v skladu s ciljem Unije glede pametne, trajnostne in vključujoče rasti.
This Regulation lays down uniform rules on the authorisation, investment policies and operating conditions of EU alternative investment funds (EU AIFs) or compartments of EU AIFs that are marketed in the Union as European long-term investment funds (ELTIFs).
Na področju, ki ga zajema ta uredba, države članice ne smejo dodajati dodatnih zahtev.
The objective of this Regulation is to raise and channel capital towards European long-term investments in the real economy, in line with the Union objective of smart, sustainable and inclusive growth.
Člen 2
Member States shall not add any further requirements in the field covered by this Regulation.
Opredelitev pojmov
Definitions
„kapital“ pomeni skupni prispevek kapitala in nevpoklicani zavezani kapital, izračunan na podlagi zneskov, ki jih je mogoče vložiti po odbitku vseh plačil, dajatev in stroškov, ki jih neposredno ali posredno krijejo vlagatelji;
For the purposes of this Regulation, the following definitions apply:
„profesionalni vlagatelj“ pomeni vlagatelja, ki šteje kot profesionalna stranka ali ki se ga lahko na zahtevo obravnava kot profesionalno stranko v skladu s Prilogo II Direktive 2014/65/EU;
‘capital’ means aggregate capital contributions and uncalled committed capital, calculated on the basis of amounts investible after deduction of all fees, charges and expenses that are directly or indirectly borne by investors;
„mali vlagatelj“ pomeni vlagatelja, ki ni profesionalni vlagatelj;
‘professional investor’ means an investor which is considered to be a professional client, or may, on request, be treated as a professional client in accordance with Annex II to Directive 2014/65/EU;
„lastniški kapital“ pomeni lastniško udeležbo v kvalificiranem portfeljskem podjetju, ki ga predstavljajo delnice ali druge oblike udeležbe v kapitalu kvalificiranega portfeljskega podjetja, ki se izdajo njegovim vlagateljem;
‘retail investor’ means an investor who is not a professional investor;
„navidezni lastniški kapital“ pomeni katero koli vrsto finančnega instrumenta, katerega donos je povezan z dobičkom ali izgubo kvalificiranega portfeljskega podjetja in katerega poplačilo v primeru neizpolnitve obveznosti ni v celoti zavarovano;
‘equity’ means ownership interest in a qualifying portfolio undertaking, represented by the shares or other forms of participation in the capital of the qualifying portfolio undertaking issued to its investors;
„realno sredstvo“ pomeni sredstvo, ki ima vrednost zaradi svoje vsebine in lastnosti ter lahko zagotavlja donose, vključno z infrastrukturo in drugimi sredstvi, ki prinašajo gospodarske ali družbene koristi, kot so izobraževanje, svetovanje, raziskave in razvoj, ter vključno s poslovnimi ali stanovanjskimi nepremičninami, in sicer le, če so te sestavni del ali pomožni element dolgoročnega naložbenega projekta, ki prispeva k cilju Unije glede pametne, trajnostne in vključujoče rasti v Evropi;
‘quasi-equity’ means any type of financing instrument 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;
„finančno podjetje“ pomeni katerega koli od naslednjih subjektov:
‘real asset’ means an asset that has value due to its substance and properties and may provide returns, including infrastructure and other assets that give rise to economic or social benefit, such as education, counselling, research and development, and including commercial property or housing only where they are integral to, or an ancillary element of, a long-term investment project that contributes to the Union objective of smart, sustainable and inclusive growth;
kreditno institucijo, kot je opredeljena v točki 1 člena 4(1) Uredbe (EU) št. 575/2013 Evropskega parlamenta in Sveta [17];
‘financial undertaking’ means any of the following:
investicijsko podjetje, kot je opredeljeno v točki 1 člena 4(1) Direktive 2014/65/EU;
a credit institution as defined in point (1) of Article 4(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council [17];
zavarovalnico, kot je opredeljena v točki 1 člena 13 Direktive 2009/138/ES Evropskega parlamenta in Sveta [18];
an investment firm as defined in point (1) of Article 4(1) of Directive 2014/65/EU;
finančni holding, kot je opredeljen v točki 20 člena 4(1) Uredbe (EU) št. 575/2013;
an insurance undertaking as defined in point (1) of Article 13 of Directive 2009/138/EC of the European Parliament and of the Council [18];
mešani poslovni holding, kot je opredeljen v točki 22 člena 4(1) Uredbe (EU) št. 575/2013;
a financial holding company as defined in point (20) of Article 4(1) of Regulation (EU) No 575/2013;
družba za upravljanje, kot je opredeljena v točki (b) člena 2(1) Direktive 2009/65/ES;
a mixed-activity holding company as defined in point (22) of Article 4(1) of Regulation (EU) No 575/2013;
upravitelj alternativnih investicijskih skladov (UAIS), kot je opredeljen v točki (b) člena 4(1) Direktive 2011/61/EU;
a management company as defined in point (b) of Article 2(1) of Directive 2009/65/EC;
„EU AIS“ pomeni alternativni investicijski sklad EU (EU AIS), kot je opredeljen v točki (k) člena 4(1) Direktive 2011/61/EU;
an AIFM as defined in point (b) of Article 4(1) of Directive 2011/61/EU.
„EU UAIS“ pomeni upravitelja alternativnih investicijskih skladov EU (EU UAIS), kot je opredeljen v točki l člena 4(1) Direktive 2011/61/EU;
‘EU AIF’ means EU AIF as defined in point (k) of Article 4(1) of Directive 2011/61/EU;
„pristojni organ ELTIF“ pomeni pristojni organ EU AIS v smislu točke (h) člena 4(1) Direktive 2011/61/EU;
‘EU AIFM’ means EU AIFM as defined in point (l) of Article 4(1) of Directive 2011/61/EU;
„matična država članica ELTIF“ pomeni državo članico, v kateri je ELTIF pridobil dovoljenje;
‘competent authority of the ELTIF’ means the competent authority of the EU AIF within the meaning of point (h) of Article 4(1) of Directive 2011/61/EU;
„upravitelj ELTIF“ pomeni EU UAIS, ki ima dovoljenje za upravljanje ELTIF, ali ELTIF, ki ima notranjega upravitelja, kadar njegova pravna oblika omogoča notranje upravljanje in kadar ni bil imenovan zunanji AIFM;
‘home Member State of the ELTIF’ means the Member State where the ELTIF is authorised;
„pristojni organ upravitelja ELTIF“ pomeni pristojni organ matične države članice UAIS, v smislu točke (q) člena 4(1) Direktive 2011/61/EU;
‘manager of the ELTIF’ means the authorised EU AIFM approved to manage an ELTIF, or the internally managed ELTIF where the legal form of the ELTIF permits internal management and where no external AIFM has been appointed;
„posojanje vrednostnih papirjev“ in „izposojanje vrednostnih papirjev“ pomeni kateri koli posel, pri kateri nasprotna stranka prenese vrednostne papirje, pri čemer se izposojevalec zaveže vrniti enakovredne vrednostne papirje na določen dan v prihodnosti ali kadar to zahteva prenosnik, pri čemer gre za posojanje vrednostnih papirjev v primeru nasprotne stranke, ki prenese vrednostne papirje, in izposojanje vrednostnih papirjev v primeru nasprotne stranke, na katero se slednji prenesejo;
‘competent authority of the manager of the ELTIF’ means the competent authority of the home Member State of the AIFM within the meaning of point (q) of Article 4(1) of Directive 2011/61/EU;
„repo posel“ pomeni repo posel, kot je opredeljen v točki 83 člena 4(1) Uredbe (EU) št. 575/2013;
‘securities lending’ and ‘securities borrowing’ mean any transaction in which a counterparty transfers securities subject to a commitment that the borrower will return equivalent securities at some future date or when requested to do so by the transferor, that transaction being considered as securities lending for the counterparty transferring the securities and being considered as securities borrowing for the counterparty to which they are transferred;
„finančni instrument“ pomeni finančni instrument, kot je opredeljen v oddelku C Priloge I k Direktivi 2014/65/EU;
‘repurchase transaction’ means a repurchase transaction as defined in point (83) of Article 4(1) of Regulation (EU) No 575/2013;
„prodaja na kratko“ pomeni dejavnost, kot je opredeljena v točki (b) člena 2(1) Uredbe (EU) št. 236/2012 Evropskega parlamenta in Sveta [19];
‘financial instrument’ means a financial instrument as specified in Section C of Annex I to Directive 2014/65/EU;
„regulirani trg“ pomeni regulirani trg, kot je opredeljen v točki 21 člena 4(1) Direktive 2014/65/EU;
‘short selling’ means an activity as defined in point (b) of Article 2(1) of Regulation (EU) No 236/2012 of the European Parliament and of the Council [19];
„večstranski sistem trgovanja“ pomeni večstranski sistem trgovanja, kot je opredeljen v točki 22 člena 4(1) Direktive 2014/65/EU.
‘regulated market’ means a regulated market as defined in point (21) of Article 4(1) of Directive 2014/65/EU;
Člen 3
‘multilateral trading facility’ means a multilateral trading facility as defined in point (22) of Article 4(1) of Directive 2014/65/EU.
Pridobitev dovoljenj in osrednji javni register
Article 3
ELTIF se lahko trži v Uniji le po pridobitvi dovoljenja v skladu s to uredbo.
Authorisation and central public register
Dovoljenje za delovanje kot ELTIF velja v vseh državah članicah.