natgillin/translations-raw huggingface dataset:
Such models can, for example, be developed by the MMF itself, or the MMF can use existing models from external parties such as data vendors.
Take modele lahko na primer sklad denarnega trga razvije sam ali pa lahko uporabi obstoječe modele zunanjih strank, kot so prodajalci podatkov.
Public debt CNAV MMFs have the objective of preserving the capital of the investment while ensuring a high degree of liquidity.
Namen skladov denarnega trga s konstantno NVS za naložbe v instrumente javnega dolga je ohranjanje kapitala naložbe in hkrati zagotavljanje visoke ravni likvidnosti.
The majority of public debt CNAV MMFs have a net asset value (NAV) per unit or share set, for example, at EUR 1, USD 1 or GBP 1, when they distribute the income to the investors.
Večina skladov denarnega trga s konstantno NVS za naložbe v instrumente javnega dolga ima neto vrednost sredstev (NVS) določeno na enoto ali delež, ki je na primer 1 EUR, 1 USD ali 1 GBP, kadar se prihodek deli investitorjem.
Other public debt CNAV MMFs accumulate income in the NAV of the fund while maintaining the intrinsic value of the asset at a constant value.
Drugi skladi denarnega trga s konstantno NVS za naložbe v instrumente javnega dolga zbirajo prihodke v NVS sklada in hkrati ohranjajo konstantno neto vrednost sredstva.
To allow for the specificities of public debt CNAV MMFs and LVNAV MMFs, they should also be permitted to use the internationally recognised amortised cost method as set out under international accounting standards adopted by the Union for certain assets.
Da se upoštevajo posebnosti skladov denarnega trga s konstantno NVS za naložbe v instrumente javnega dolga in skladov denarnega trga z manjšim nihanjem NVS, bi jim bilo treba omogočiti, da uporabijo mednarodno priznano metodo odplačne vrednosti, kakor je določena v mednarodnih računovodskih standardih, ki jih je Unija sprejela za določena sredstva.
Nevertheless, for the purpose of ensuring that the difference between the constant NAV per unit or share and the NAV per unit or share is monitored at all times, public debt CNAV MMFs and LVNAV MMFs should also calculate the value of their assets on the basis of mark-to-market or mark-to-model.
Ne glede na to bi morali skladi denarnega trga s konstantno NVS za naložbe v instrumente javnega dolga in skladi denarnega trga z manjšim nihanjem NVS za namen zagotavljanja stalnega spremljanja razlike med konstantno NVS na enoto ali delež in NVS na enoto ali delež izračunati tudi vrednost svojih sredstev na podlagi vrednotenja po tržnih cenah ali z uporabo notranjega modela.
As an MMF should publish a NAV that reflects all movements in the value of its assets, the published NAV should be rounded at a maximum to the nearest basis point or its equivalent.
Ker bi moral sklad denarnega trga objaviti NVS, ki kaže vse spremembe v vrednosti njegovih sredstev, bi morala biti objavljena NVS zaokrožena največ na najbližjo bazično točko ali njeno ustreznico.
As a consequence, when the NAV is published in a specific currency, for example EUR 1, the incremental change in value should be done every EUR 0,0001.
Zato bi morala biti dodatna sprememba vrednosti pri NVS, ki je objavljena v določeni valuti, na primer 1 EUR, opravljena na vsak 0,0001 EUR.
In the case of a NAV at EUR 100, the incremental change in value should be done every EUR 0,01.
V primeru NVS pri 100 EUR bi morala biti dodatna sprememba vrednosti opravljena na vsak 0,01 EUR.
In addition, if the MMF is a public debt CNAV MMF or a LVNAV MMF, the MMF should be able to publish the constant NAV and the difference between the constant NAV and the NAV.
Poleg tega bi moralo biti skladu denarnega trga, če gre za sklad denarnega trga s konstantno NVS za naložbe v instrumente javnega dolga ali sklad denarnega trga z manjšim nihanjem NVS, omogočeno objaviti konstantno NVS in razliko med le-to in NVS.
In that case, the constant NAV is calculated by rounding the NAV to the nearest cent for a NAV at EUR 1 (every EUR 0,01 move).
V tem primeru se lahko konstantna NVS izračuna tako, da se NVS zaokroži na najbližji cent za NVS pri 1 EUR (vsak premik 0,01 EUR).
In order to be able to mitigate potential investor redemptions in times of severe market stress, public debt CNAV MMFs and LVNAV MMFs should have in place provisions for liquidity fees and redemption gates to ensure investor protection and prevent a ‘first mover advantage’.
Da bi lahko ublažili morebitne odkupe od investitorjev v času zelo neugodnih razmer na trgu, bi morali imeti skladi denarnega trga s konstantno NVS za naložbe v instrumente javnega dolga in skladi denarnega trga z manjšim nihanjem NVS določbe o provizijah za likvidnost in omejevanju odkupov ter tako zaščititi investitorje in preprečiti „prednost prvega“.
The liquidity fee should adequately reflect the cost to the MMF of achieving liquidity and should not amount to a penalty charge that would offset losses incurred by other investors as a result of the redemption.
Provizija za likvidnost bi morala ustrezno odražati stroške, ki jih ima sklad denarnega trga zaradi doseganja likvidnosti, in ne bi smela pomeniti kazni, s katero bi izravnavali izgube zaradi odkupa od drugih investitorjev.
External support provided to an MMF with a view to maintaining either liquidity or stability, or de facto having such effects, increases the contagion risk between the MMF sector and the rest of the financial sector.
Zunanja podpora za sklad denarnega trga, katere namen je vzdrževati likvidnost ali stabilnost ali ki ima dejansko take učinke, poveča tveganje razširitve negativnih vplivov med sektorjem sklada denarnega trga in ostalim finančnim sektorjem.
Third parties, including credit institutions, other financial institutions or legal entities in the same group as the MMF, providing such support could have an interest in doing so, either because they have an economic interest in the management company managing the MMF or because they want to avoid any reputational damage in the event that their name is associated with the failure of an MMF.
Tretje strani, ki zagotavljajo tako podporo, vključno s kreditnimi institucijami, drugimi finančnimi institucijami ali pravnimi subjekti v isti skupini kot sklad denarnega trga, jo zagotavljajo, ker bi utegnili imeti gospodarski interes v družbi za upravljanje, ki upravlja sklad denarnega trga, ali ker se želijo izogniti škodi za svoj ugled, če bi bilo njihovo ime povezano z neizpolnjevanjem obveznosti sklada denarnega trga.
Because those third parties do not always commit explicitly to providing or guaranteeing the support, there is uncertainty whether such support will be granted when the MMF needs it.
Ker se te tretje strani ne zavežejo vedno izrecno zagotavljanju podpore in ne jamčijo vedno zanjo, obstaja negotovost, ali bo ta podpora zagotovljena, ko jo bo sklad denarnega trga potreboval.
In those circumstances, the discretionary nature of sponsor support contributes to uncertainty among market participants about who will bear losses of the MMF when they do occur.
V teh razmerah diskrecijska narava sponzorske podpore prispeva k negotovosti med udeleženci na trgu glede vprašanja, kdo bo nosil izgube sklada denarnega trga, ko do njih pride.
That uncertainty likely makes MMFs even more vulnerable to runs during periods of financial instability, when broader financial risks are most pronounced and when concerns arise about the health of the sponsors and their ability to provide support to affiliated MMFs.
Zaradi te negotovosti so skladi denarnega trga še bolj ranljivi za beg investitorjev v obdobjih finančne nestabilnosti, ko so širša finančna tveganja najbolj izrazita ter se pojavijo pomisleki o zdravem poslovanju sponzorjev in o njihovi zmožnosti za zagotavljanje podpore skladom denarnega trga, s katerimi so povezani.
For those reasons, external support for MMFs should be prohibited.
Zato bi morala biti zunanja podpora skladom denarnega trga prepovedana.
Prior to investing in an MMF, investors should be clearly informed whether the MMF is of a short-term nature or of a standard nature and whether the MMF is a public debt CNAV MMF, a LVNAV MMF or a VNAV MMF.
Investitorje je treba pred naložbami v sklad denarnega trga nedvoumno obvestiti, ali je sklad denarnega trga kratkoročne ali standardne narave in ali gre za sklad denarnega trga s konstantno NVS za naložbe v instrumente javnega dolga, sklad denarnega trga z manjšim nihanjem NVS ali sklad denarnega trga s spremenljivo NVS.
In order to avoid misplaced expectations from the investor, it should also be clearly stated in any marketing document that an MMF is not a guaranteed investment vehicle.
Da bi preprečili neutemeljena pričakovanja investitorjev, bi moralo biti v vseh tržnih dokumentih tudi jasno navedeno, da sklad denarnega trga ni naložbeni nosilec z jamstvom.
MMFs should also make available certain other information to investors on a weekly basis, including the maturity breakdown of the portfolio, the credit profile and details of the 10 largest holdings in the MMF.
Skladi denarnega trga bi morali dajati investitorjem tedensko na voljo tudi nekatere druge informacije, vključno z razčlenitvijo portfelja po zapadlosti, kreditnim profilom in podrobnostmi o 10 največjih deležih v skladu denarnega trga.
In addition to reporting already required under Directive 2009/65/EC or 2011/61/EU and to ensure that competent authorities are able to detect, monitor and respond to risks in the MMF market, MMFs should report to their competent authorities a detailed list of information on the MMF, including the type and characteristics of the MMF, portfolio indicators and information on the assets held in the portfolio.
Za zagotovitev, da bodo lahko pristojni organi zaznali, spremljali in se odzivali na tveganja na trgu skladov denarnega trga, bi morali skladi denarnega trga pristojnim organom poleg poročanja, ki je zahtevano z direktivama 2009/65/ES in 2011/61/EU, sporočiti tudi podroben seznam informacij o skladu denarnega trga, vključno z vrsto in značilnostmi ter s kazalniki portfelja in informacijami o sredstvih v portfelju.
Competent authorities should collect that data in a consistent way throughout the Union in order to obtain a substantive knowledge of the main evolutions of the MMF market.
Pristojni organi bi morali te podatke dosledno zbirati po vsej Uniji, da bi pridobili izčrpne informacije o glavnih razvojnih dosežkih na trgu skladov denarnega trga.
To facilitate a collective analysis of potential impacts of the MMF market in the Union, such data should be transmitted to 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 [10], which should create a central database of MMFs.
Za spodbujanje skupne analize morebitnih vplivov trga skladov denarnega trga v Uniji bi morali biti ti podatki posredovani Evropskemu nadzornemu organu (Evropski organ za vrednostne papirje in trge) (ESMA), ustanovljenemu z Uredbo (EU) št. 1095/2010 Evropskega parlamenta in Sveta [10], ki bi moral oblikovati centralno podatkovno zbirko za sklade denarnega trga.
The competent authority of an MMF should verify whether the MMF is able to comply with this Regulation on an ongoing basis.
Pristojni organ sklada denarnega trga bi moral preveriti, ali lahko sklad denarnega trga trajno ravna v skladu s to uredbo.
Therefore, competent authorities should be given all the supervisory and investigatory powers, including the ability to impose certain penalties and measures, necessary for the exercise of their functions with respect to this Regulation.
Zato bi morala biti pristojnim organom podeljena vsa nadzorna in preiskovalna pooblastila, tudi možnost, da naložijo nekatere kazni in ukrepe, ki so potrebni za izvajanje njihovih nalog v skladu s to uredbo.
Those powers should be without prejudice to powers existing under Directives 2009/65/EC and 2011/61/EU.
Ta pooblastila ne bi smela posegati v pooblastila v okviru direktiv 2009/65/ES in 2011/61/EU.
The competent authorities of the UCITS or AIF should also verify compliance of all collective investment undertakings that display the characteristics of MMFs and that are in existence at the time this Regulation enters into force.
Pristojni organi KNPVP ali AIS bi morali prav tako preveriti skladnost vseh kolektivnih naložbenih podjemov, ki obstajajo v trenutku, ko začne veljati ta uredba, in imajo lastnosti skladov denarnega trga.
In order to specify further technical elements of this Regulation, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union (TFEU) should be delegated to the Commission in respect of the introduction of a cross-reference to the criteria for STS securitisations and ABCPs, in respect of specifying the quantitative and qualitative liquidity and credit quality requirements applicable to assets, and in respect of specifying the criteria for credit quality assessment.
Da se opredelijo nadaljnji tehnični elementi te uredbe, bi bilo treba na Komisijo prenesti pooblastilo, da v skladu s členom 290 Pogodbe o delovanju Evropske unije sprejme akte v zvezi z uvedbo sklicevanja na merila za STS listinjenja in komercialne zapise s premoženjskim kritjem, in sicer za opredelitev kvantitativne in kvalitativne likvidnosti in zahtev glede kreditne kakovosti ter za določitev meril za ocenjevanje kreditne kakovosti.
It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level, and that those consultations be conducted in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making [11].
Zlasti je pomembno, da se Komisija pri svojem pripravljalnem delu ustrezno posvetuje, vključno na ravni strokovnjakov, in da se ta posvetovanja izvedejo v skladu z načeli, določenimi v Medinstitucionalnem sporazumu z dne 13. aprila 2016 o boljši pripravi zakonodaje [11].
The Commission should also be empowered to adopt implementing technical standards by means of implementing acts pursuant to Article 291 TFEU and in accordance with Article 15 of Regulation (EU) No 1095/2010.
Prav tako bi bilo treba na Komisijo prenesti pooblastilo za sprejetje izvedbenih tehničnih standardov z uporabo izvedbenih aktov na podlagi člena 291 Pogodbe o delovanju Evropske unije in v skladu s členom 15 Uredbe (EU) št. 1095/2010.
ESMA should be entrusted with drafting implementing technical standards for submission to the Commission with regard to a reporting template containing information on MMFs for competent authorities.
ESMA bi moral biti odgovoren za pripravo osnutka izvedbenih tehničnih standardov, ki bi ga predložil Komisiji, in sicer ob upoštevanju predloge za poročanje, ki vsebuje informacije o skladih denarnega trga, namenjene pristojnim organom.
ESMA should be able to exercise all the powers conferred on it under Directives 2009/65/EC and 2011/61/EU with respect to this Regulation.
ESMA bi moral imeti možnost izvajanja vseh pooblastil, ki so bila prenesena nanj na podlagi direktiv 2009/65/ES in 2011/61/EU, v zvezi s spoštovanjem te uredbe.
It is also entrusted with developing draft implementing technical standards.
Zaupana mu je tudi priprava osnutka izvedbenih tehničnih standardov.
By 21 July 2022, the Commission should undertake a review of this Regulation.
Komisija bi morala pregledati to uredbo do 21. julija 2022.
That review should consider the experience acquired in applying this Regulation and analyse the impact on the different economic aspects attached to MMFs.
Pri tem bi morala upoštevati izkušnje, pridobljene pri uporabi te uredbe, in analizirati učinke na različne ekonomske vidike, povezane s skladi denarnega trga.
It should also consider the impact on investors, MMFs and the managers of MMFs in the Union.
Preučiti bi morala tudi vpliv na investitorje, sklade denarnega trga in upravitelje skladov denarnega trga v Uniji.
It should also assess the role that MMFs play in purchasing debt issued or guaranteed by the Member States, while taking into account the specific characteristics of such debt given that it plays a vital role in financing Member States.
Oceniti bi morala vlogo skladov denarnega trga pri kupovanju dolžniških instrumentov, ki jih izdajo ali za katere jamčijo države članice, obenem pa upoštevati posebnosti tovrstnih dolžniških instrumentov, saj imajo ključno vlogo pri financiranju držav članic.
In addition, the review should take into account the report referred to in Article 509(3) of Regulation (EU) No 575/2013 of the European Parliament and of the Council [12], the impact of this Regulation on short-term financing markets, and regulatory developments at international level.
Poleg tega bi bilo treba pri pregledu upoštevati poročilo iz člena 509(3) Uredbe (EU) št. 575/2013 Evropskega parlamenta in Sveta [12], učinke te uredbe na kratkoročne finančne trge in regulativni razvoj na mednarodni ravni.
Finally, by 21 July 2022, the Commission should present a report on the feasibility of establishing an 80 % EU public debt quota, since the issuance of EU short-term public debt instruments is governed by Union law, which therefore justifies, from a prudential supervisory point of view, a preferential treatment as opposed to non-EU public debt.
Komisija bi morala tudi do 21. julija 2022 predložiti poročilo o izvedljivosti vzpostavitve kvote 80 % javnega dolga EU, saj kratkoročne izdaje instrumentov javnega dolga EU ureja pravo Unije, zaradi česar je z vidika bonitetnega nadzora upravičena prednostna obravnava v primerjavi z javnim dolgom zunaj EU.
Given the current scarcity of EU short-term public debt instruments and the uncertainty with respect to the development of the newly established LVNAV MMFs, the Commission should review the viability of establishing an 80 % EU public debt quota by 21 July 2022, including an assessment of whether the LVNAV MMF model has become an appropriate alternative to non-EU public debt CNAV MMFs.
Glede na to, da v EU ravno primanjkuje kratkoročnih instrumentov javnega dolga, in glede na negotovost v zvezi z razvojem novoustanovljenih skladov denarnega trga z manjšim nihanjem NVS, bi morala Komisija do 21. julija 2022 preučiti vzdržnost vzpostavitve kvote 80 % javnega dolga EU, vključno z oceno, ali je model sklada denarnega trga z manjšim nihanjem NVS postal ustrezna alternativa skladom denarnega trga s konstantno NVS za naložbe v instrumente javnega dolga zunaj EU.
The new uniform rules on MMFs provided for in this Regulation should comply with Directive 95/46/EC of the European Parliament and of the Council [13] and with Regulation (EC) No 45/2001 of the European Parliament and of the Council [14].
Nova enotna pravila za sklade denarnega trga, določena v tej uredbi, bi morala biti skladna z Direktivo 95/46/ES Evropskega parlamenta in Sveta [13] ter Uredbo (ES) št. 45/2001 Evropskega parlamenta in Sveta [14].
Since the objectives of this Regulation, namely to ensure uniform prudential, governance and transparency requirements that apply to MMFs throughout the Union, while taking full account of the need to balance safety and reliability of MMFs with the efficient operation of the money markets and the cost for its various stakeholders, cannot be sufficiently achieved by the Member States but can rather, by reason of its 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.
Ker ciljev te uredbe, in sicer zagotoviti enotna pravila skrbnega in varnega poslovanja, upravljanja in preglednosti, ki se uporabljajo za sklade denarnega trga po vsej Uniji, ob polnem upoštevanju potrebe po doseganju ravnovesja med varnostjo in zanesljivostjo skladov denarnega trga ter učinkovitim upravljanjem denarnih trgov in stroškov za različne zainteresirane strani države članice ne morejo zadovoljivo doseči, temveč se zaradi obsega in učinkov lažje dosežejo na ravni Unije, lahko Unija sprejme ukrepe v skladu z načelom subsidiarnosti iz člena 5 Pogodbe o Evropski uniji.
The new uniform rules on MMFs provided for in this Regulation respect the fundamental rights and observe 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 and the protection of personal data.
Nova enotna pravila za sklade denarnega trga, določena v tej uredbi spoštujejo temeljne pravice in upoštevajo načela, ki jih priznava zlasti Listina Evropske unije o temeljnih pravicah, predvsem varstvo potrošnikov, svobodo gospodarske pobude in varstvo osebnih podatkov.
The new uniform rules on MMFs should be applied in accordance with those rights and principles,
Nova enotna pravila za sklade denarnega trga bi se morala uporabljati v skladu z navedenimi pravicami in načeli –
This Regulation lays down rules for money market funds (MMFs) established, managed or marketed in the Union, concerning the financial instruments eligible for investment by a MMF, the portfolio of an MMF, the valuation of the assets of an MMF, and the reporting requirements in relation to an MMF.
Ta uredba določa pravila za sklade denarnega trga, ki so vzpostavljeni, se upravljajo ali tržijo v Uniji, glede finančnih instrumentov, ki so upravičeni za naložbe sklada denarnega trga, portfelja sklada denarnega trga, vrednotenja sredstev sklada denarnega trga ter obveznosti poročanja v zvezi s skladom denarnega trga.
This Regulation applies to collective investment undertakings that:
Ta uredba se uporablja za kolektivne naložbene podjeme, ki:
require authorisation as UCITS or are authorised as UCITS under Directive 2009/65/EC or are AIFs under Directive 2011/61/EU;
potrebujejo ali imajo dovoljenje kot KNPVP v skladu z Direktivo 2009/65/ES ali so AIS v skladu z Direktivo 2011/61/EU;
invest in short-term assets; and
vlagajo v kratkoročna sredstva in
have distinct or cumulative objectives offering returns in line with money market rates or preserving the value of the investment.
imajo različne ali kumulativne cilje, ki ponujajo donose v skladu z obrestnimi merami na denarnem trgu ali ohranjajo vrednost naložbe.
Member States shall not add any additional requirements in the field covered by this Regulation.
Države članice na področju, ki ga ureja ta uredba, ne dodajajo dodatnih zahtev.
‘short-term assets’ means financial assets with a residual maturity not exceeding 2 years;
„kratkoročna sredstva“ pomenijo finančna sredstva, katerih preostala zapadlost ne preseže dveh let;
‘money market instruments’ means money market instruments as defined in Article 2(1)(o) of Directive 2009/65/EC, and instruments as referred to in Article 3 of Commission Directive 2007/16/EC [15];
„instrumenti denarnega trga“ pomenijo instrumente denarnega trga, kakor so opredeljeni v členu 2(1)(o) Direktive 2009/65/ES, in instrumente iz člena 3 Direktive Komisije 2007/16/ES [15];
‘transferable securities’ means transferable securities as defined in Article 2(1)(n) of Directive 2009/65/EC, and instruments as referred to in Article 2(1) of Directive 2007/16/EC;
„prenosljivi vrednostni papirji“ pomenijo prenosljive vrednostne papirje, kakor so opredeljeni v členu 2(1)(n) Direktive 2009/65/ES, in instrumente iz člena 2(1) Direktive 2007/16/ES;
‘repurchase agreement’ means any agreement in which one party transfers securities or any rights related to that title to a counterparty, subject to a commitment to repurchase them at a specified price on a future date specified or to be specified;
„pogodba o začasni prodaji“ pomeni vsako pogodbo, pri kateri ena stranka prenese vrednostne papirje ali z njimi povezane pravice nasprotni stranki, ta pa se zaveže, da jih bo odkupila po določeni ceni na datum v prihodnosti, ki je že ali še bo določen;
‘reverse repurchase agreement’ means any agreement in which one party receives securities, or any rights related to a title or security from a counterparty subject to a commitment to sell them back at a specified price on a future date specified or to be specified;
„pogodba o začasnem odkupu“ pomeni vsako pogodbo, pri kateri ena stranka pridobi vrednostne papirje ali z njimi povezane pravice od nasprotne stranke, ta pa se zaveže, da jih bo prodala nazaj po določeni ceni na datum v prihodnosti, ki je že ali še bo določen;