natgillin/translations-raw huggingface dataset:
The arrival price shall be calculated based on the price(s) of the underlying assets, using appropriate weightings if there is more than one underlying asset.
če predhodna neodvisno ocenjena cena sredstva ni na voljo, je treba transakcijske stroške oceniti na podlagi razlike med transakcijsko ceno in oceno poštene vrednosti sredstva pred prodajo;
Where the cost of transacting in the instrument is materially higher than the cost of transacting in the underlying asset, this must be reflected in the transaction cost calculation;
za nakup:
for non-linear instruments, it is permissible to calculate the transaction costs as the difference between the price paid or received for the instruments and the fair value of the instrument, on the basis described in points 36 to 46 of this Annex.
cena ob prispetju se izračuna kot predhodna neodvisno ocenjena cena sredstva, po potrebi prilagojena za tržna gibanja, z uporabo ustreznega primerljivega indeksa, če je taka cena na voljo;
In calculating the costs associated with foreign exchange, the arrival price must reflect a reasonable estimate of the consolidated price, and must not simply be the price available from a single counterparty or foreign exchange platform, even if an agreement exists to undertake all foreign exchange transactions with a single counterparty.
če predhodna neodvisno ocenjena cena sredstva ni na voljo, je treba transakcijske stroške oceniti na podlagi razlike med transakcijsko ceno in oceno poštene vrednosti sredstva pred nakupom;
In calculating the costs associated with orders that are initially entered into an auction, the arrival price shall be calculated as the mid-price immediately prior to the auction.
Ocena transakcijskih stroškov ne sme biti manjša od zneska dejansko določljivih stroškov, ki so neposredno povezani s transakcijo.
Transaction costs for other assets
Transakcijski stroški za nove PRIIP
When estimating transaction costs for assets other than assets as referred to in point 9 of this Annex, the methodology in point 12 of this Annex shall be used and the arrival price shall be calculated as follows:
Za PRIIP, s katerimi se posluje manj kot tri leta in v zvezi s katerimi se vlaga predvsem v sredstva iz točke 9 te priloge, se lahko transakcijski stroški izračunajo bodisi tako, da se množi ocena prometa portfelja v vsakem razredu finančnih instrumentov, pri čemer se stroški izračunajo v skladu z metodologijo iz točke (c), bodisi kot povprečje dejanskih transakcijskih stroškov, nastalih v obdobju poslovanja, in standardizirane ocene na naslednji podlagi:
for a sale:
za najvišji večkratnik šestih mesecev, v katerih se posluje s PRIIP, se transakcijski stroški izračunajo, kot je opisano v točkah od 12 do 18 te priloge;
the arrival price shall be calculated as the previous independent valuation price of the asset, adjusted for market movements, where appropriate, using an appropriate benchmark index;
za preostalo obdobje do treh let se transakcijski stroški ocenijo tako, da se zmnoži ocena prometa portfelja v vsakem razredu finančnih instrumentov v skladu z metodologijo iz točke (c);
where a previous independent valuation price is not available, the transaction costs must be estimated based on the difference between the transaction price and an appraisal of the fair value of the asset prior to sale;
odvisno od razreda finančnih instrumentov se lahko uporabijo različne metodologije, ki se določijo na naslednji način:
for a purchase:
Za razrede finančnih instrumentov, navedene v spodnji preglednici, se transakcijski stroški izračunajo kot povprečje ocenjenih stroškov transakcije (na podlagi cenovnih razponov med ponudbo in povpraševanjem, deljeno z dve) za zadevni razred finančnih instrumentov v običajnih tržnih pogojih.
the arrival price shall be calculated as the previous independent valuation price of the asset, adjusted for market movements, where appropriate, using an appropriate benchmark index, where such a price is available;
Za oceno stroškov se določi en ali več referenčnih indeksov za vsak razred finančnih instrumentov.
where a previous independent valuation price is not available, the transaction costs must be estimated based on the difference between the transaction price and an appraisal of the fair value of the asset prior to purchase.
Nato se zberejo povprečni cenovni razponi med ponudbo in povpraševanjem za osnovne indekse.
The transaction cost estimate must not be less than the amount of actual identifiable costs directly associated with the transaction.
Zbrani podatki se nanašajo na končni cenovni razpon med ponudbo in povpraševanjem na deseti delovni dan vsakega meseca v zadnjem letu.
Transaction costs for new PRIIPs
Zbrani cenovni razponi med ponudbo in povpraševanjem se nato delijo z dve, da se izračuna ocenjeni strošek transakcije za vsak trenutek.
For PRIIPs that have been operating for less than 3 years and that invest predominantly in assets as referred to in point 9 of this Annex, transaction costs may be calculated either by multiplying an estimate of portfolio turnover in each asset class with the costs calculated according to the methodology referred to in point (c), or as an average of the actual transaction costs incurred during the period of operation and a standardised estimate on the following basis:
Povprečje teh vrednosti je ocenjeni strošek transakcije za vsak razred finančnih instrumentov v običajnih tržnih pogojih.
for the highest multiple of six months that the PRIIP has been operating, transaction costs shall be calculated on the basis described in points 12 to 18 of this Annex;
Razredi finančnih instrumentov
for the remaining period up to three years, transaction costs shall be estimated by multiplying an estimate of portfolio turnover in each asset class according to the methodology referred to in point (c);
Državne obveznice
the methodology to be used differs depending on the asset class and shall be determined as follows:
Državne obveznice in podobni instrumenti, razviti trgi, bonitetna ocena AAA-A
For the asset classes indicated in the table below, transaction costs shall be calculated as the average of the estimated cost of transaction (based on bid-ask spreads divided by two) for the relevant asset class under normal market conditions.
Državne obveznice in podobni instrumenti, razviti trgi, druga bonitetna ocena pod A
To estimate the cost, one or more reference indexes shall be identified for each asset class.
Državne obveznice, novi trgi (trdna in mehka valuta)
Then, the average bid-ask spreads of the underlying indexes shall be collected.
Podjetniške obveznice naložbenega razreda
The data collected shall refer to the closing bid-ask spread at the tenth business day of each month during the last year.
Druge podjetniške obveznice
The bid-ask spreads collected shall then be divided by two to obtain the estimated cost of transaction for each point in time.
Podjetniške obveznice z visokim donosom
The average of those values is the estimated cost of transaction in each asset class under normal market conditions.
Za razrede finančnih sredstev v spodnji preglednici se transakcijski stroški (vključno z eksplicitnimi in implicitnimi stroški) ocenijo bodisi z uporabo primerljivih informacij bodisi z dodajanjem ocen eksplicitnih stroškov ocenam polovice cenovnega razpona med ponudbo in povpraševanjem z uporabo metodologije, opisane v točki (i).
Asset Classes
Likvidnost
Government bonds
Instrumenti denarnega trga (zaradi jasnosti niso vključeni skladi denarnega trga)
Government bonds and similar instruments developed market rating AAA-A
Delnice, razviti trgi
Government bonds and similar instruments developed market different rating below A
Delnice z veliko tržno kapitalizacijo (razviti trgi)
Government bonds emerging markets (hard and soft currency)
Delnice s srednjo tržno kapitalizacijo (razviti trgi)
Investment grade corporate bonds
Delnice z majhno tržno kapitalizacijo (razviti trgi)
Other corporate bonds
Delnice, novi trgi
High yield corporate bonds
Delnice z veliko tržno kapitalizacijo (novi trgi)
For the asset classes indicated in the table below, transaction costs (including explicit costs and implicit costs) shall be estimated either by using comparable information or by adding estimates of explicit costs to estimates of half the bid-ask spread, using the methodology described in point (i).
Delnice s srednjo tržno kapitalizacijo (novi trgi)
Liquidity
Delnice z majhno tržno kapitalizacijo (novi trgi)
Money market instruments (for the sake of clarity, money markets funds not included)
Izvedeni finančni instrumenti, ki kotirajo na borzi
Shares developed markets
Za razrede finančnih instrumentov, navedene v spodnji preglednici, je transakcijski strošek povprečje ugotovljenega stroška transakcije (na podlagi cenovnih razponov med ponudbo in povpraševanjem, deljeno z dve) za ta razred finančnih instrumentov v običajnih tržnih pogojih.
Large-cap shares (developed markets)
Pri določitvi ugotovljenega stroška transakcije se lahko upoštevajo rezultati panelne ankete.
Mid-cap shares (developed markets)
OTC – eksotične opcije
Small-cap shares (developed markets)
OTC – navadne opcije
Shares emerging markets
OTC – obrestne zamenjave, kreditne zamenjave in podobno
Large-cap shares (emerging markets)
OTC – menjalni posli in podobni instrumenti (ki niso obrestne zamenjave, kreditne zamenjave in podobno)
Small-cap shares (emerging markets)
OTC – terminski posli na tuje valute, novi trgi
Listed derivatives
Za PRIIP, s katerimi se posluje manj kot leto, je treba promet portfelja oceniti dosledno z razkritjem naložbene politike v ponudbeni dokumentaciji.
For the asset classes indicated in the table below, the transaction cost is the average of the observed cost of transaction (based on bid-ask spreads divided by two) in this asset class under normal market conditions.
Za PRIIP, s katerimi se posluje več kot leto, morajo biti ocene prometa portfelja skladne z dejanskim prometom portfelja.
When identifying the observed cost of transaction, results of a panel survey may be taken into account.
Za PRIIP, s katerimi se posluje manj kot tri leta in v zvezi s katerimi se vlaga predvsem v sredstva, ki niso sredstva iz točke 9 te priloge, proizvajalec PRIIP oceni transakcijske stroške na podlagi metode vrednotenja po pošteni vrednosti z uporabo primerljivih sredstev.
OTC
Provizije, vezane na uspešnost
OTC Exotic options
Za izračun provizij, vezanih na uspešnost, je treba izvesti naslednje korake:
OTC Plain vanilla options
provizije se izračunajo na podlagi preteklih podatkov za zadnjih pet let.
OTC IRS, CDS and similar
Povprečne letne provizije, vezane na uspešnost, se izračunajo v odstotkih;
OTC Swaps and similar instruments (different from IRS, CDS and similar)
če niso na voljo vsi pretekli podatki o provizijah za uspešnost, ker je sklad/razred delnic nov ali ker so se spremenili pogoji sklada zaradi uvedbe provizije za uspešnost ali spremembe ene od njenih parametrov, se zgoraj navedena metoda prilagodi v skladu z naslednjimi koraki:
OTC FX Forwards developed markets
pridobijo se ustrezni razpoložljivi pretekli podatki o provizijah za uspešnost za sklad/razred delnic;
OTC FX Forwards emerging markets
za leta, za katera niso na voljo podatki, se oceni donos sklada/razreda delnic, v primeru modela relativne provizije za uspešnost pa se upoštevajo pretekle serije primerjalne stopnje / minimalne stopnje donosnosti;
Estimates of portfolio turnover for a PRIIP that has been operating for less than one year must be made on a consistent basis with the investment policy disclosed in the offering documents.
za nove sklade se donosnost oceni z uporabo donosa primerljivega sklada ali enakovredne skupine.
Estimates of portfolio turnover for a PRIIP that has been operating for more than one year must be consistent with actual portfolio turnover.
Ocenjen donos je bruto vrednost in vključuje vse stroške, ki bremenijo nov sklad.
For PRIIPs that have been operating for less than three years and that invest predominantly in assets other than assets as referred to in point 9 of this Annex, the PRIIP manufacturer shall estimate the transaction costs on the basis of the fair value method using comparable assets.
Zato je treba donos enakovrednih skupin prilagoditi tako, da se dodajo povprečni ustrezni stroški, ki se zaračunajo v skladu s pravili novega sklada.
Performance related fees
Na primer v primeru novega razreda z drugačno strukturo provizij se donosi tega novega razreda prilagodijo ob upoštevanju stroškov obstoječega razreda;
To calculate performance related fees, the following steps shall be taken:
izračunajo se provizije od začetka vzorčnega obdobja, kot je določeno v točki (a), do datuma razpoložljivosti podatkov o dejanskih provizijah za uspešnost za sklad z uporabo ustreznega algoritma za zgoraj navedene pretekle serije;
compute the fees on the basis of historical data covering the last 5 years.
obe seriji provizij za uspešnost se povežeta v eno serijo za celotno vzorčno obdobje, kot je določeno v točki (a);
The average annual performance fees shall be computed in percentage terms,
provizije za uspešnost se izračunajo z uporabo metodologije iz točke (a) (povprečje letnih provizij za uspešnost).
where a full performance fees history is not available because the fund/share class is new or the fund's terms have changed due to the introduction of the performance fee or the change of one of its parameters, the abovementioned method shall be adjusted according to the following steps:
Spodbujevalne provizije
take the relevant available history of the performance fees of the fund/share class;
Za izračun spodbujevalnih provizij je treba izvesti naslednje korake:
for any years for which data is not available, estimate the return of the fund/share class and, in case of a relative performance fee model, take into account the historical series of the benchmark/hurdle rate;
Povprečne letne spodbujevalne provizije se izračunajo v odstotkih;
for new funds, their return shall be estimated using the return of a comparable fund or of a peer group.
če niso na voljo vsi pretekli podatki o spodbujevalnih provizijah, ker je sklad/razred delnic nov ali ker so se spremenili pogoji sklada zaradi uvedbe spodbujevalne provizije ali spremembe ene od njenih parametrov, se zgoraj navedena metoda prilagodi v skladu z naslednjimi koraki:
The estimated return shall be gross of all the costs charged to the new fund.
pridobijo se ustrezni razpoložljivi pretekli podatki o spodbujevalnih provizijah za sklad/razred delnic;
Therefore peer groups' returns need to be adjusted by adding the average relevant costs charged according to the rules of the new fund.
za leta, za katera niso na voljo podatki, se oceni donos sklada/razreda delnic;
For instance, in case of a new class with a different fee structure, the returns of this new class shall be adjusted taking into account the costs of the existing class;
Zato je treba donos enakovrednih skupin prilagoditi tako, da se dodajo povprečni ustrezni stroški, ki se zaračunajo v skladu s pravili novega sklada.
compute the fees from the beginning of the sample period, as required in point (a), until the date of availability of the actual performance fee data of the fund, applying the relevant algorithm to the abovementioned historical series;
Na primer v primeru novega razreda z drugačno strukturo provizij se donosi tega novega razreda prilagodijo ob upoštevanju stroškov obstoječega razreda;
concatenate both performance fee series to one series over the full sample period as required in point (a);
izračunajo se spodbujevalne provizije od začetka vzorčnega obdobja, kot je določeno v točki (a), do datuma razpoložljivosti podatkov o dejanskih spodbujevalnih provizijah za sklad z uporabo ustreznega algoritma za zgoraj navedene pretekle serije;
compute the performance fees using the methodology referred to in point (a) (average of annual performance fees).
obe seriji spodbujevalnih provizij se povežeta v eno serijo za celotno vzorčno obdobje, kot je določeno v točki (a);
Carried interests
spodbujevalne provizije se izračunajo z uporabo metodologije iz točke (a) (povprečje letnih spodbujevalnih provizij).
To calculate carried interests, the following steps shall be taken:
Če se v celotni naložbi ne zaračunajo spodbujevalne provizije, je treba k navedbi ničelne spodbujevalne provizije v preglednici s sestavo stroškov dodati opozorilo za razjasnitev, da se plačilo x % končnega donosa opravi po izstopu naložbe.
The average annual carried interests shall be computed in percentage terms;
SEZNAM STROŠKOV PRIIP, KI NISO NALOŽBENI SKLADI
where a full carried interests history is unavailable because the fund/share class is new or the fund's terms have changed due to the introduction of carried interests or the change of one of its parameters, the abovementioned method shall be adjusted according to the following steps:
Enkratni strošek je vstopni in izstopni strošek, ki vključuje začetne pristojbine, provizije ali kakršen koli drug znesek, ki ga mali vlagatelj plača neposredno ali se odšteje od plačila, ki ga mali vlagatelj prejme ali mu je dolgovan.
take the relevant available history of the carried interests of the fund/share class;
Enkratne stroške nosi PRIIP, ki ni naložbeni sklad, in predstavljajo nujne stroške, ki so nastali pri njegovem poslovanju, ali plačilo katere koli osebe, ki je povezana z njim ali zanj izvaja storitve.
for any years for which data is not available, estimate the return of the fund/share class,
Enkratni vstopni stroški in pristojbine
Therefore peer group's returns need to be adjusted by adding the average relevant costs charged according to the rules of the new fund.
Enkratni vstopni stroški in pristojbine med drugim vključujejo naslednje vrste stroškov, ki se upoštevajo v znesku stroškov, ki ga je treba razkriti za PRIIP, ki niso naložbeni skladi:
For instance, in case of a new class with a different fee structure, the returns of this new class shall be adjusted taking into account the costs of the existing class.
prodajne provizije;
compute the carried interests from the beginning of the sample period, as required in point (a), until the date of availability of the actual carried interests data of the fund, applying the relevant algorithm to the abovementioned historical series;
strukturne stroške, vključno s stroški vzdrževanja trga (razpon) in stroški poravnave;
concatenate both carried interests series to one series over the full sample period as required in point (a);
stroške varovanja pred tveganji (za zagotovitev, da lahko proizvajalec PRIIP posnema uspešnost izvedene sestavine strukturiranega produkta – ti stroški vključujejo transakcijske stroške);
compute the carried interests using the methodology referred to in point (a) (average of annual carried interests).
stroške pravnih storitev;
If no carried interests are taken throughout the investment, a warning needs to accompany the indication of zero carried interests in the composition of costs table in order to clarify that a payment of x % of the final return shall take place subsequently to the exit of the investment.
stroške jamstva za kapital;
LIST OF COSTS OF PRIPS OTHER THAN INVESTMENT FUNDS
implicitno premijo, ki se plača izdajatelju.
A one-off cost is an entry and exit cost which include initial charges, commissions or any other amount paid directly by the retail investor or deducted from a payment received by or due to the retail investor.
Enkratni izstopni stroški in pristojbine
One-off costs are borne by a PRIP other than an investment fund, whether they represent expenses necessarily incurred in its operation, or the remuneration of any party connected with it or providing services to it.
Enkratni izstopni stroški in pristojbine med drugim vključujejo naslednje vrste stroškov, ki se upoštevajo v znesku, ki ga je treba razkriti za PRIIP, ki niso naložbeni skladi:
One-off entry costs and charges
pristojbine, izračunane glede na vrednost;
One-off entry costs and charges include, but are not limited to, the following types that shall be taken into account in the cost amount to be disclosed for PRIPs other than investment funds:
cenovni razpon med ponudbo in srednjo ceno za prodajo produkta in morebitne eksplicitne stroške ali kazni za predčasen izstop.
sales commissions;
Cenovni razpon med ponudbo in srednjo ceno se oceni glede na razpoložljivost sekundarnega trga, tržne razmere in vrsto produkta.
structuring costs, including market-making costs (spread) and settlement costs;
Kadar je proizvajalec PRIIP (ali povezana tretja oseba) edina razpoložljiva nasprotna stranka za nakup produkta na sekundarnem trgu, oceni stroške izstopa, ki se dodajo pošteni vrednosti produkta, v skladu s svojimi notranjimi politikami;
hedging costs (to ensure that the PRIIP manufacturer is able to replicate the performance of the derivative component of the structured product — these costs include transaction costs)
stroške, vezane na pogodbo na razliko (CFD – contract-for-difference), kot so:
legal fees;
provizije, ki jih zaračunavajo izvajalci CFD – splošna provizija ali provizija za vsak posel, tj. na odpiranje in zapiranje pogodbe;
costs for capital guarantee;
trgovanje s CFD, kot so cenovni razponi med ponudbo in povpraševanjem, dnevni stroški financiranja in stroški financiranja čez noč, provizije za vodenje računa in davki, ki niso že vključeni v pošteno vrednost.
implicit premium paid to the issuer.
Ponavljajoči se stroški so plačila, ki se redno odštejejo od vseh plačil, dolgovanih malemu vlagatelju, ali od vloženega zneska.
One-off exit costs and charges
Ponavljajoči se stroški vključujejo vse vrste stroškov, ki jih nosi PRIIP, ki ni naložbeni sklad, in ki predstavljajo nujne stroške, ki so nastali pri njegovem poslovanju, ali plačilo katere koli osebe, ki je povezana z njim ali zanj izvaja storitve.
One-off exit costs and charges include, but are not limited to, the following types that shall be taken into account in the amount to be disclosed for PRIPs other than investment funds:
Naslednji okvirni, vendar neizčrpni seznam vsebuje vrste ponavljajočih se stroškov, ki se, kadar se ločeno odštejejo in zaračunajo, upoštevajo v znesku, ki ga je treba razkriti:
proportional fees;
stroški za izplačila kuponov;
bid-mid spread to sell the product and any explicit costs or penalties for early exit applicable.
morebitni stroški v zvezi z osnovo.
The estimation of the bid-mid spread shall be done in relation to the availability of a secondary market, to the market conditions and the type of product.
Stroški PRIIP iz točke 17 Priloge IV
In the situation where the PRIIP manufacturer (or a related third party) is the only available counterparty to buy the product on the secondary market, it shall estimate the exit costs to be added to the fair value of the product according to its internal policies;
Enkratni izstopni stroški in pristojbine so stroški zamenjave, obračuna in poravnave, če so znani.
contract-for-difference (CFD) related costs such as:
Ponavljajoči se stroški so stroški varovanja pred tveganji, ki nastanejo v običajnih in izjemnih tržnih pogojih.
commissions charged by CFD providers — general commission or a commission on each trade — i.e. on opening and closing a contract;
Izračun implicitnih stroškov PRIIP, ki niso naložbeni skladi
CFD trading such as bid-ask spreads, daily and overnight financing costs, account management fees and taxes which are not already included in the fair value.
Proizvajalec PRIIP se za izračun implicitnih stroškov PRIIP sklicuje na ceno ob izdaji, po obdobju vpisa pa na ceno, ki je na voljo za nakup produkta na sekundarnem trgu.
Recurring costs are payments regularly deducted from all payments due to the retail investor or from the amount invested.
Razlika med ceno in pošteno vrednostjo produkta se šteje za oceno skupnih vstopnih stroškov, vključenih v ceno.
Recurring costs include all types of cost borne by a PRIP other than an investment fund whether they represent expenses necessarily incurred in its operation, or the remuneration of any party connected with it or providing services to it.
Če proizvajalec PRIIP na podlagi razlike med ceno in pošteno vrednostjo ne more razlikovati ustreznih implicitnih stroškov, ki jih je treba razkriti v skladu s točko 29 te priloge, se poveže z izdajateljem različnih elementov produkta ali ustreznim organom, da bi pridobil ustrezne informacije o navedenih stroških.