natgillin/translations-raw huggingface dataset:
MMFs operating solely as employee savings schemes should be able to diverge from certain requirements applicable to investments in other MMFs insofar as the participants in such schemes, who are natural persons, are subject to restrictive redemption conditions that are not linked to market developments but instead related to particular and predefined life events, such as retirement, and other special circumstances, including but not limited to the acquisition of a main residence, divorce, sickness or unemployment.
Skladom denarnega trga, ki delujejo izključno kot varčevalne sheme delavcev, bi moralo biti omogočeno, da odstopajo od nekaterih zahtev, ki se uporabljajo za naložbe v druge sklade denarnega trga, kolikor za udeležence v takih shemah, ki so fizične osebe, veljajo omejevalni pogoji odkupa, ki niso povezani z razvojem dogodkov na trgu, temveč na posebne in predhodno določene življenjske dogodke, kot so upokojitev in druge posebne okoliščine, med drugim pridobitev glavnega prebivališča, razveza, bolezen ali brezposelnost.
It is important for employees to be allowed to invest in MMFs, which are considered to be one of the safest short-term investments.
Pomembno je, da imajo delavci možnost vlagati v sklade denarnega trga, saj veljajo za eno najvarnejših kratkoročnih naložb.
Such derogation does not endanger the objective of this Regulation to ensure financial stability, as employees investing in MMFs via their employee savings schemes cannot redeem their investment on demand.
To odstopanje ne posega v cilj te uredbe glede zagotavljanja finančne stabilnosti, saj delavci, ki v sklade denarnega trga vlagajo prek svojih delavskih varčevalnih shem, svoje naložbe ne morejo prodati na zahtevo.
Redemptions are only able to occur in the case of certain predefined life events.
Do odkupa lahko pride le v primeru nekaterih vnaprej določenih življenjskih dogodkov.
Therefore, even in stressed market situations, employees will not be able to redeem their investment in MMFs.
Zato delavci tudi v izjemnih tržnih razmerah ne bodo mogli prodati svoje naložbe v sklade denarnega trga.
MMFs should have a responsibility to invest in high-quality eligible assets.
Skladi denarnega trga bi morali biti odgovorni, da vlagajo v visokokakovostna upravičena sredstva.
Therefore, an MMF should have a prudent internal credit quality assessment procedure for determining the credit quality of the money market instruments, securitisations and ABCPs in which it intends to invest.
Zato bi moral sklad denarnega trga imeti preudaren postopek notranjega ocenjevanja kreditne kakovosti za določanje kreditne kakovosti instrumentov denarnega trga, listinjenj in komercialnih zapisov s premoženjskim kritjem, v katere namerava vlagati.
In accordance with Union law limiting over-reliance on credit ratings, it is important that MMFs avoid mechanistic reliance and over-reliance on ratings issued by rating agencies.
V skladu s pravom Unije, ki omejuje prekomerno zanašanje na bonitetne ocene, je pomembno, da se skladi denarnega trga izogibajo mehanskemu in pretiranemu zanašanju na bonitetne ocene, ki jih izdajo bonitetne agencije.
MMFs should be able to use ratings as a complement to their own assessment of the quality of eligible assets.
Skladi denarnega trga bi morali biti zmožni uporabiti te ocene kot dopolnitev k lastni oceni kakovosti upravičenih sredstev.
Managers of MMFs should undertake a new assessment of money market instruments, securitisations and ABCPs whenever there is a material change, in particular when it comes to the attention of the manager of an MMF that a money market instrument, securitisation or ABCP is downgraded below the two highest short-term credit ratings provided by any credit rating agency regulated and certified in accordance with Regulation (EC) No 1060/2009 of the European Parliament and of the Council [7].
Upravitelji skladov denarnega trga bi morali na novo oceniti instrumente denarnega trga, listinjenja in komercialne zapise s premoženjskim kritjem, kadar pride do pomembnih sprememb, zlasti kadar opazijo, da bonitetna ocena instrumenta denarnega trga, listinjenja ali komercialnega zapisa s premoženjskim kritjem pade pod dve najvišji kratkoročni bonitetni oceni, ki jih pripravljajo bonitetne agencije, regulirane in certificirane v skladu z Uredbo (ES) št. 1060/2009 Evropskega parlamenta in Sveta [7].
To that end, the manager of an MMF should be able to establish an internal procedure for the selection of credit rating agencies suited to the specific investment portfolio of the MMF and for determining the frequency at which the MMF should monitor the ratings of those agencies.
V ta namen bi moral biti upravitelj sklada denarnega trga zmožen vzpostaviti notranji postopek za izbor bonitetnih agencij, ki ustrezajo posebnemu naložbenemu portfelju sklada denarnega trga, in za določitev, kako pogosto bi moral sklad denarnega trga spremljati bonitetne ocene teh agencij.
The selection of credit rating agencies should remain consistent over time.
Izbor bonitetnih agencij se ne bi smel spreminjati s časom.
Taking note of the work done on reducing investor over-reliance on credit ratings by international bodies, such as IOSCO and the FSB, as well as in Union law, including in Regulation (EC) No 1060/2009 and Directive 2013/14/EU of the European Parliament and of the Council [8], it is not appropriate to prohibit any product, including MMFs, from soliciting or financing an external credit rating.
Glede na opravljena prizadevanja za zmanjšanje prekomernega zanašanja investitorjev na bonitetne ocene mednarodnih organov, kot sta IOSCO in Odbor za finančno stabilnost, ter pravo Unije, vključno z Uredbo (ES) št. 1060/2009 in Direktivo 2013/14/EU Evropskega parlamenta in Sveta [8], ni primerno za noben produkt, vključno s skladi denarnega trga, prepovedati naročanja ali financiranja zunanje bonitetne ocene.
In order to ensure that managers of MMFs do not use different assessment criteria for evaluating the credit quality of a money market instrument, securitisation or ABCP and thus attribute different risk characteristics to the same instrument, it is essential that managers of MMFs rely on the same criteria.
Za zagotovitev, da upravitelji skladov denarnega trga ne uporabijo različnih ocenjevalnih meril za vrednotenje kreditne kakovosti instrumenta denarnega trga, listinjenja ali komercialnega zapisa s premoženjskim kritjem ter tako istemu instrumentu pripišejo različne značilnosti tveganja, je ključnega pomena, da se upravitelji skladov denarnega trga zanašajo na enaka merila.
To that end, the minimum criteria for the assessment of a money market instrument, securitisation and ABCP should be harmonised.
V ta namen bi bilo treba harmonizirati minimalna merila za oceno instrumenta denarnega trga, listinjenja in komercialnega zapisa s premoženjskim kritjem.
Examples of internal credit quality assessment criteria are quantitative measures on the issuer of the instrument, such as financial ratios, balance sheet dynamics and profitability guidelines, each of which is evaluated and compared to those of industry peers and groups, and qualitative measures on the issuer of the instrument, such as management effectiveness and corporate strategy, each of which is analysed with a view to determining that the issuer's overall strategy does not impede on its future credit quality.
Primeri meril za notranje ocenjevanje kreditne kakovosti so kvantitativni ukrepi izdajatelja instrumenta, kot so finančna razmerja, dinamike bilance stanja in smernice donosnosti, od katerih se vsaka vrednoti in primerja s smernicami donosnosti podobnih subjektov in skupin, kvalitativni ukrepi izdajatelja instrumenta, kot sta učinkovitost upravljanja in poslovna strategija, ki sta analizirani, zato da se zagotovi, da celostna strategija izdajatelja ne bo ovirala njegove prihodnje kreditne kakovosti.
A favourable outcome of the internal credit quality assessment should reflect sufficient creditworthiness of the issuer of the instruments and sufficient credit quality of the instruments.
Ugoden rezultat notranjega ocenjevanja kreditne kakovosti bi moral izražati zadostno kreditno sposobnost izdajatelja instrumentov in zadostno kreditno kakovost instrumentov.
In order to develop a transparent and coherent internal credit quality assessment procedure, the manager of an MMF should document the procedure and the credit quality assessments.
Za razvoj preglednega in doslednega notranjega postopka notranjega ocenjevanja kreditne kakovosti bi moral upravitelj sklada denarnega trga postopek in ocene kreditne kakovosti dokumentirati.
That requirement should ensure that the procedure follows a clear set of rules that can be monitored and that the methodologies employed are communicated, upon request, to the investors and competent authorities in accordance with this Regulation.
S to zahtevo bi bilo treba zagotoviti, da postopek sledi jasno določenim pravilom, ki jih je mogoče spremljati, in da se uporabljene metodologije na zahtevo sporočijo investitorjem in pristojnim organom v skladu s to uredbo.
To reduce the portfolio risk of MMFs, it is important to set maturity limitations, providing for a maximum allowable weighted average maturity (WAM) and weighted average life (WAL).
Da se zmanjša tveganje portfelja skladov denarnega trga, je treba določiti omejitve zapadlosti, s katerimi se določita največja dovoljena tehtana povprečna zapadlost (WAM) in tehtano povprečno trajanje (WAL).
WAM is used to measure the sensitivity of an MMF to changing money market interest rates.
WAM se uporablja za merjenje občutljivosti sklada denarnega trga na spreminjanje obrestnih mer na denarnem trgu.
When determining the WAM, managers of MMFs should take into account the impact of financial derivative instruments, deposits, repurchase agreements and reverse repurchase agreements and reflect their effect on the interest rate risk of the MMF.
Pri določanju WAM bi morali upravitelji skladov denarnega trga upoštevati vpliv izvedenih finančnih instrumentov, depozitov, pogodb o začasni prodaji in pogodb o začasnem odkupu ter prikazati njihov učinek na tveganje sklada denarnega trga zaradi obrestne mere.
When an MMF enters into a swap transaction in order to gain exposure to a fixed rate instrument instead of a floating rate, that fact should be taken into account for determining the WAM.
Kadar sklad denarnega trga sklene posel zamenjave, da pridobi izpostavljenost pri instrumentu s fiksno namesto s spremenljivo obrestno mero, bi se to moralo upoštevati pri določanju WAM.
WAL is used to measure the credit risk of an MMF's portfolio: the longer the reimbursement of the principal is postponed, the higher the credit risk.
WAL se uporablja za merjenje kreditnega tveganja portfelja sklada denarnega trga: dlje ko je odloženo vračilo glavnice, večje je kreditno tveganje.
WAL is also used to limit the liquidity risk of an MMF's portfolio.
WAL se uporablja tudi za omejevanje likvidnostnega tveganja portfelja sklada denarnega trga.
In contrast to the calculation of the WAM, the calculation of the WAL for floating rate securities and structured financial instruments does not permit the use of interest rate reset dates and instead only uses a financial instrument's stated final maturity.
V nasprotju z izračunom WAM pa pri izračunu WAL za vrednostne papirje s spremenljivo obrestno mero in strukturirane finančne instrumente ni mogoče uporabiti datumov sprememb obrestne mere, temveč se uporablja samo končna zapadlost, določena za finančni instrument.
The maturity used for calculating the WAL is the residual maturity until legal redemption, since that is the only date on which the management company can reasonably expect that the instrument will have been reimbursed.
Zapadlost, ki se uporablja za izračun WAL, je preostala zapadlost do rednega odkupa, ker je to edini datum, pri katerem lahko družba za upravljanje razumno pričakuje, da bo instrument povrnjen.
Due to the particular nature of the underlying assets for some securitisations and ABCPs, in the case of amortising instruments, the WAL should be able to be based on the maturity calculation for amortising instruments either on the contractual amortisation profile of such instruments or the amortisation profile of the underlying assets from which the cash-flows for the redemption of such instruments result.
Zaradi posebne narave sredstev, na katerih temeljijo nekatera listinjenja in komercialni zapisi s premoženjskim kritjem, bi moralo biti v primeru instrumentov, ki se odplačajo, omogočeno opreti WAL na izračun zapadlosti za instrumente, ki se odplačajo, in sicer bodisi na njihov pogodbeni profil odplačila ali na profil odplačila temeljnih sredstev, iz katerega izhajajo denarni tokovi za odkup teh instrumentov.
In order to strengthen MMFs' ability to face redemptions and prevent their assets from being liquidated at heavily discounted prices, MMFs should hold on an ongoing basis a minimum amount of liquid assets that mature daily or weekly.
Da se okrepi zmožnost skladov denarnega trga za izvedbo odkupov in prepreči likvidacija njihovih sredstev po močno znižanih cenah, bi morali imeti skladi denarnega trga trajen minimalni znesek likvidnih sredstev, ki zapadejo dnevno ali tedensko.
Daily maturing assets should comprise assets such as cash, securities that mature within one working day and reverse repurchase agreements.
Dnevno zapadla sredstva bi morala zajemati sredstva, kot so denarna sredstva, vrednostni papirji, ki zapadejo v enem delovnem dnevu, in pogodbe o začasnem odkupu.
Weekly maturing assets should comprise assets such as cash, securities that mature within one week and reverse repurchase agreements.
Tedensko zapadla sredstva bi morala zajemati sredstva, kot so denarna sredstva, vrednostni papirji, ki zapadejo v enem tednu, in pogodbe o začasnem odkupu.
In the case of public debt CNAV MMFs and low volatility net asset value MMFs (LVNAV MMFs), a limited percentage of government paper with a residual maturity of 190 days that can be settled within one working day should also be able to be counted towards the weekly liquidity requirements.
V primeru skladov denarnega trga s konstantno NVS za naložbe v instrumente javnega dolga in skladov denarnega trga z manjšim nihanjem neto vrednosti sredstev (v nadaljnjem besedilu: skladi denarnega trga z manjšim nihanjem NVS) bi moralo biti za doseganje zahteve glede tedenske likvidnosti dovoljeno šteti tudi omejen delež državnih vrednostnih papirjev s preostalo zapadlostjo 190 dni, ki jih je mogoče poravnati v enem delovnem dnevu.
In the case of variable net asset value MMFs (VNAV MMFs), a limited percentage of money market instruments or units or shares of eligible MMFs should also be able to be counted towards the weekly liquidity requirements provided they can be settled within five working days.
V primeru skladov denarnega trga s spremenljivo neto vrednostjo sredstev (v nadaljnjem besedilu: skladi denarnega trga s spremenljivo NVS) bi moralo biti za doseganje zahteve glede tedenske likvidnosti dovoljeno šteti omejen delež instrumentov denarnega trga ali enot ali deležev v upravičenih skladih denarnega trga, pod pogojem, da jih je mogoče poravnati v petih delovnih dneh.
To calculate the proportion of daily and weekly maturing assets, the legal redemption date of the asset should be used.
Za izračun deleža dnevno in tedensko zapadlih sredstev bi se moral uporabljati datum rednega odkupa.
The possibility for the manager of an MMF to terminate a contract on a short-term basis can be taken into consideration.
Upošteva se lahko možnost, da upravitelj sklada denarnega trga prekine pogodbo s kratkim odpovednim rokom.
For instance, if a reverse repurchase agreement can be terminated by giving prior notice of one working day, it should count as a daily maturing asset.
Če je na primer pogodbo o začasnem odkupu mogoče prekiniti z enodnevnim vnaprejšnjim obvestilom, bi se morala šteti za dnevno zapadlo sredstvo.
If the manager has the possibility of withdrawing cash from a deposit account by giving prior notice of one working day, it should count as a daily maturing asset.
Če ima upravitelj možnost dvigniti denarna sredstva z depozitnega računa z enodnevnim vnaprejšnjim obvestilom, bi se moralo to šteti za dnevno zapadlo sredstvo.
When a financial instrument embeds a put option and the put can be freely exercised on a daily basis, or within five working days, and the strike price of the put is close to the expected value of the instrument, that instrument should count respectively as a daily or weekly maturing asset.
Kadar finančni instrument vsebuje prodajno opcijo, ki se lahko prosto izvaja dnevno ali v petih delovnih dneh, izvršilna cena prodaje pa je blizu pričakovani vrednosti instrumenta, bi se moral ta instrument ustrezno šteti kot dnevno oziroma tedensko zapadlo sredstvo.
Given that MMFs can invest in assets with different maturity ranges, it is important for investors to be able to distinguish between different categories of MMFs.
Glede na to, da lahko skladi denarnega trga vlagajo v sredstva z različnim razponom zapadlosti, je pomembno, da so investitorji sposobni razlikovati med različnimi kategorijami skladov denarnega trga.
Therefore, an MMF should be classified as either a short-term MMF or as a standard MMF.
Zato bi bilo treba sklad denarnega trga razvrstiti kot kratkoročni sklad denarnega trga ali kot standardni sklad denarnega trga.
Short-term MMFs have the objective of offering money market rate returns while ensuring the highest possible level of safety for the investors.
Namen kratkoročnih skladov denarnega trga je ponuditi donose iz obrestne mere na denarnem trgu, obenem pa investitorjem zagotoviti najvišjo možno raven varnosti.
With short WAM and WAL, the duration risk and credit risk of short-term MMFs are kept at low levels.
Tveganje trajanja in kreditno tveganje kratkoročnih skladov denarnega trga je zaradi kratkih WAM in WAL razmeroma nizko.
Standard MMFs have the objective of offering returns slightly higher than money market returns, and they therefore invest in assets that have an extended maturity.
Namen standardnih skladov denarnega trga je ponujanje nekoliko višjih donosov od donosov denarnega trga, zato vlagajo v sredstva s podaljšano zapadlostjo.
To achieve such outperformance, standard MMFs should be permitted to employ extended limits for the portfolio risk such as WAM and WAL.
Za doseganje te nadpovprečne donosnosti bi moralo biti standardnim skladom denarnega trga dovoljeno uporabiti podaljšane omejitve za tveganje portfelja, kot sta WAM in WAL.
Under Article 84 of Directive 2009/65/EC, the managers of MMFs that are UCITS have the possibility of temporarily suspending redemptions in exceptional cases where circumstances so require.
V skladu s členom 84 Direktive 2009/65/ES imajo upravitelji skladov denarnega trga, ki so KNPVP, možnost, da v izjemnih primerih, kadar tako zahtevajo okoliščine, začasno prekinejo odkupe.
Under Article 16 of Directive 2011/61/EU and in Article 47 of the Commission Delegated Regulation (EU) No 231/2013 [9], the managers of MMFs that are AIFs can use special arrangements in order to cope with a supervening illiquidity of the funds' assets.
V skladu s členom 16 Direktive 2011/61/EU in členom 47 Delegirane uredbe Komisije (EU) št. 231/2013 [9] lahko upravitelji skladov denarnega trga, ki so AIS, za obvladovanje nenadne nelikvidnosti sredstev iz skladov uporabijo posebne ureditve.
In order to ensure appropriate liquidity management, MMFs should establish sound policies and procedures to get to know their investors.
Da se zagotovi ustrezno upravljanje likvidnosti, bi morali skladi denarnega trga vzpostaviti zanesljive politike in postopke za spoznavanje svojih investitorjev.
The policies that the manager of an MMF puts in place should help in understanding the MMF's investor base, to the extent that large redemptions could be anticipated.
Politike, ki jih mora vzpostaviti upravitelj sklada denarnega trga, bi morale pomagati razumeti bazo investitorjev sklada denarnega trga, da bi bilo mogoče predvideti velike odkupe.
So that an MMF does not face sudden massive redemptions, particular attention should be paid to large investors representing a substantial portion of the MMF's assets, such as with one investor representing more than the proportion of daily maturing assets.
Da bi se sklad denarnega trga izognil nenadnim množičnim odkupom, bi bilo treba posebno pozornost nameniti velikim investitorjem, ki predstavljajo znaten delež sredstev sklada denarnega trga, kot kadar en investitor predstavlja večji delež dnevno zapadlih sredstev.
The manager of an MMF should whenever possible look at the identity of its investors, even if they are represented by nominee accounts, portals or any other indirect buyer.
Upravitelj sklada denarnega trga bi moral, kadar je le mogoče, preveriti identiteto investitorjev, tudi če jih zastopajo imenski računi, portali ali drugi posredni kupci.
As part of prudent risk management, MMFs should, at least bi-annually, conduct stress testing.
Kot del varnega obvladovanja tveganja bi morali skladi denarnega trga vsaj dvakrat letno izvajati testiranje izjemnih situacij.
The manager of an MMF is expected to act in order to strengthen the MMF's robustness whenever the results of stress testing point to vulnerabilities.
Kadar rezultati testiranja izjemnih situacij pokažejo ranljive točke, se od upravitelja sklada denarnega trga pričakuje, da bo skušal okrepiti trdnost sklada denarnega trga.
In order to reflect the actual value of assets, the use of mark-to-market should be the preferred method of valuation.
Prednostna metoda za izražanje dejanske vrednosti sredstev bi morala biti metoda vrednotenja po tržnih cenah.
The manager of an MMF should not be allowed to use mark-to-model when mark-to-market provides a reliable value of the asset, as mark-to-model is prone to providing less accurate valuation.
Upravitelju sklada denarnega trga ne bi smelo biti dovoljeno, da uporablja notranji model, kadar vrednotenje po tržnih cenah zagotavlja zanesljivo vrednost sredstev, saj je vrednotenje z uporabo notranjega modela pogosto manj natančno.
Assets such as treasury and local authority bills, medium- or short-term notes are generally the ones that are expected to have a reliable mark-to-market value.
Za sredstva, kot so zakladne menice, menice, ki jih izdajajo lokalne oblasti ter srednjeročni ali kratkoročni zapisi, se običajno pričakuje, da imajo zanesljivo vrednotenje po tržnih cenah.
For valuing commercial papers or certificates of deposit, the manager of an MMF should check if accurate pricing is provided by a secondary market.
Za vrednotenje komercialnih zapisov ali potrdil o depozitih bi moral upravitelj sklada denarnega trga preveriti, ali sekundarni trg zagotavlja natančno oblikovanje cen.
The buy-back price offered by the issuer is also considered to represent a good estimate of the value of the commercial paper.
Tudi odkupna cena, ki jo ponuja izdajatelj, predstavlja dobro oceno vrednosti komercialnega zapisa.
Some assets can be inherently difficult to value based on market prices, for example some OTC derivatives which are thinly traded.
Nekatera sredstva je že sama po sebi težko vrednotiti na podlagi tržnih cen, na primer nekatere izvedene finančne instrumente OTC, s katerimi se manj trguje.
Where that is the case and where mark-to-market does not provide a reliable value of the assets, the manager of an MMF should assign a fair value to the asset by using mark-to-model, for example the manager of an MMF should use market data such as yields on comparable issues and comparable issuers or by discounting the asset's cash-flows.
Kadar je tako in kadar vrednotenje po tržnih cenah ne da zanesljive tržne vrednosti sredstev, bi moral upravitelj sklada denarnega trga sredstvom pripisati pošteno vrednost z vrednotenjem z uporabo notranjega modela, pri tem bi moral na primer uporabiti tržne podatke, kot so donosi primerljivih izdaj in primerljivih izdajateljev, ali z diskontiranjem denarnih tokov sredstva.
Mark-to-model uses financial models to allocate a fair value to an asset.
Pri vrednotenju z uporabo notranjega modela se uporabijo finančni modeli, da se sredstvu pripiše poštena vrednost.