natgillin/translations-raw huggingface dataset:
Diverging requirements on portfolio composition, eligible assets, their maturity, liquidity and diversification, as well as on credit quality of issuers and of money market instruments, lead to different levels of investor protection because of the different levels of risk attached to the investment proposition associated with an MMF.
Različne zahteve za sestavo portfelja, upravičena sredstva, njihovo zapadlost, likvidnost in diverzifikacijo ter zahteve za kreditno kakovost izdajateljev instrumentov denarnega trga vodijo do različnih ravni zaščite investitorjev zaradi različnih ravni tveganja, povezanega z naložbenimi predlogi, vezanimi na sklad denarnega trga.
It is therefore essential to adopt a uniform set of rules in order to avoid contagion of the short-term funding market which would put at risk the stability of the Union's financial market.
Zato je ključnega pomena sprejeti sklop enotnih pravil, da se prepreči razširitev negativnih vplivov na trg kratkoročnega financiranja, kar bi ogrozilo stabilnost finančnega trga Unije.
In order to mitigate systemic risk, constant net asset value MMFs (CNAV MMFs) should only operate in the Union as public debt CNAV MMFs.
Da bi ublažili sistemska tveganja, bi morali skladi denarnega trga s konstantno neto vrednostjo sredstev (v nadaljnjem besedilu: skladi denarnega trga s konstantno NVS v Uniji delovati le kot skladi denarnega trga s konstantno NVS za naložbe v instrumente javnega dolga.
The new rules on MMFs build upon Directive 2009/65/EC of the European Parliament and of the Council [4], which forms the legal framework governing the establishment, management and marketing of undertakings for collective investment in transferable securities (UCITS) in the Union, and also upon Directive 2011/61/EU of the European Parliament and of the Council [5], which forms the legal framework governing the establishment, management and marketing of alternative investment funds (AIFs) in the Union.
Nova pravila o skladih denarnega trga nadgrajujejo Direktivo 2009/65/ES Evropskega parlamenta in Sveta [4], ki tvori pravni okvir, s katerim se ureja ustanavljanje, upravljanje in trženje kolektivnih naložbenih podjemov za vlaganja v prenosljive vrednostne papirje (KNPVP) v Uniji, ter tudi nadgrajujejo Direktivo 2011/61/EU Evropskega parlamenta in Sveta [5], ki tvori pravni okvir, s katerim se ureja ustanavljanje, upravljanje in trženje alternativnih investicijskih skladov (AIS) v Uniji.
In the Union, collective investment undertakings can operate as UCITS, managed by UCITS management companies or UCITS investment companies authorised under Directive 2009/65/EC, or as AIFs, managed by alternative investment fund managers (AIFMs) authorised or registered under Directive 2011/61/EU.
V Uniji lahko kolektivni naložbeni podjemi delujejo kot KNPVP, ki jih upravljajo družbe za upravljanje KNPVP, ali kot naložbena podjetja KNPVP, ki so jim izdana dovoljenja v skladu z Direktivo 2009/65/ES, ali kot AIS, ki jih upravljajo upravitelji alternativnih investicijskih skladov (UAIS), ki jim je izdano dovoljenje ali so registrirani v skladu z Direktivo 2011/61/EU.
The new rules on MMFs build on the existing legal framework established by those Directives, including the acts adopted for their implementation, and should therefore apply in addition to those Directives.
Nova pravila za sklade denarnega trga nadgrajujejo obstoječi pravni okvir, vzpostavljen z navedenima direktivama, vključno akte, sprejete za njuno izvajanje, zato bi se morala uporabljati poleg pravil iz navedenih direktiv.
Furthermore, the management and marketing rules laid down in the existing legal framework should apply to MMFs taking into account whether they are UCITS or AIFs.
Poleg tega bi se morala za sklade denarnega trga uporabljati pravila o upravljanju in trženju, določena v obstoječem pravnem okviru, ob upoštevanju, ali gre za KNPVP ali AIS.
Equally, the rules on the cross-border provision of services and freedom of establishment laid down in Directives 2009/65/EC and 2011/61/EU should apply correspondingly to the cross-border activities of MMFs.
Enako bi se morala v skladu s čezmejnimi dejavnostmi skladov denarnega trga uporabljati ustrezna pravila o čezmejnem opravljanju storitev in pravici do ustanavljanja, določena v direktivah 2009/65/ES in 2011/61/EU.
At the same time, a number of rules in relation to the investment policies of UCITS laid down in Chapter VII of Directive 2009/65/EC should be explicitly disapplied.
Obenem številnih pravil v zvezi z naložbenimi politikami KNPVP, ki so določena v poglavju VII Direktive 2009/65/ES, izrecno ne bi smeli uporabljati.
Harmonised rules should apply to collective investment undertakings whose characteristics correspond to those associated with an MMF.
Za kolektivne naložbene podjeme, katerih značilnosti ustrezajo značilnostim sklada denarnega trga, bi se morala uporabljati harmonizirana pravila.
For UCITS and AIFs that have the objective of offering returns in line with money market rates, or of preserving the value of the investment, and that seek to achieve those objectives by investing in short-term assets such as money market instruments or deposits, or entering into reverse repurchase agreements or certain derivative contracts with the sole purpose of hedging risks inherent to other investments of the fund, compliance with the new rules on MMFs should be mandatory.
Za KNPVP in AIS, katerih cilj je ponujanje donosov v skladu z obrestnimi merami na denarnem trgu ali ohranjanje vrednosti naložbe ter skušajo ta cilj doseči tako, da vlagajo v kratkoročna sredstva, kot so instrumenti ali depoziti na denarnem trgu, ali sklepajo pogodbe o začasnem odkupu ali nekatere pogodbe o izvedenih finančnih instrumentih z edinim namenom varovanja pred tveganji, ki jih vsebujejo druge naložbe sklada, bi morala biti obvezna skladnost z novimi pravili o skladih denarnega trga.
The specificity of MMFs results from the combination of the assets in which they invest and the objectives they pursue.
Skladi denarnega trga so specifični zaradi kombinacije sredstev, v katera vlagajo, in svojih ciljev.
The objective of offering returns in line with money market rates and the objective of preserving the value of an investment are not mutually exclusive.
Cilj ponujanja donosov v skladu z obrestnimi merami na denarnem trgu ter cilj ohranjanja vrednosti naložbe se medsebojno ne izključujeta.
An MMF can have either one of those objectives or both objectives jointly.
Sklad denarnega trga ima lahko enega od obeh teh ciljev ali oba cilja hkrati.
The objective of offering returns in line with money market rates is to be understood in a broad sense.
Cilj ponujanja donosov v skladu z obrestnimi merami na denarnem trgu bi bilo treba razumeti v širšem smislu.
The anticipated return does not need to be perfectly aligned with EONIA, Libor, Euribor or any other relevant money market rate.
Pričakovani donos ni nujno popolnoma usklajen z obrestno mero EONIA, Libor, Euribor ali drugimi ustreznimi obrestnimi merami na denarnem trgu.
An objective which seeks to outperform the money market rate by a slight margin is not to be considered to take a UCITS or AIF outside the scope of the new uniform rules provided for in this Regulation.
KNPVP ali AIS zaradi cilja le malo boljšega donosa v primerjavi z obrestno mero na denarnem trgu ne bi smela biti izvzeta iz obsega uporabe novih enotnih pravil, določenih v tej uredbi.
The objective of preserving the value of the investment is not to be understood to be a capital guarantee promised by an MMF.
Cilja ohranjanja vrednosti naložbe ne gre razumeti, kot da sklad denarnega trga jamči za kapital.
It is to be understood as an aim that a UCITS or AIF seeks to pursue.
Razumeti ga je treba kot cilj, h kateremu stremi KNPVP ali AIS.
A decrease in value of the investments does not imply that the collective investment undertaking has changed its objective of preserving the value of an investment.
Zmanjšanje vrednosti naložb ne pomeni, da je kolektivni naložbeni podjem spremenil cilj ohranjanja vrednosti naložbe.
It is important that UCITS and AIFs that have the characteristics of MMFs be identified as MMFs and that their capacity to comply on an ongoing basis with the new uniform rules on MMFs be explicitly verified.
Pomembno je, da so KNPVP in AIS z značilnostmi skladov denarnega trga opredeljeni kot skladi denarnega trga ter da je njihova zmožnost trajno ravnati v skladu z novimi enotnimi pravili o skladih denarnega trga izrecno preverjena.
For that purpose, competent authorities should authorise MMFs.
V ta namen bi morali pristojni organi izdati dovoljenje kot sklad denarnega trga.
For UCITS, their authorisation as MMFs should be part of the authorisation as UCITS in accordance with the harmonised procedures under Directive 2009/65/EC.
Za KNPVP bi moralo biti dovoljenje kot sklad denarnega trga izdano v okviru izdaje dovoljenj za KNPVP v skladu s harmoniziranimi postopki iz Direktive 2009/65/ES.
For AIFs, as they are not subject to harmonised authorisation and supervision procedures under Directive 2011/61/EU, it is necessary to provide for common basic rules on authorisation that mirror the existing harmonised rules for UCITS.
Ker se za AIS ne uporabljajo harmonizirani postopki izdaje dovoljenj in nadzora iz Direktive 2011/61/EU, je treba zagotoviti skupna osnovna pravila o izdaji dovoljenj, ki bodo podobna veljavnim harmoniziranim pravilom za KNPVP.
Such procedures should ensure that the manager of an AIF authorised as an MMF is an AIFM authorised in accordance with Directive 2011/61/EU.
Ti postopki bi morali zagotoviti, da je upravitelj AIS, ki ima dovoljenje kot sklad denarnega trga, UAIS z dovoljenjem, izdanim v skladu z Direktivo 2011/61/EU.
In order to ensure that all collective investment undertakings displaying the characteristics of MMFs are subject to the new common rules on MMFs, the use of the designation ‘MMF’, or any other term that suggests that a collective investment undertaking shares the characteristics of MMFs, should be prohibited unless that undertaking is authorised as an MMF under this Regulation.
Za zagotovitev, da bodo za vse kolektivne naložbene podjeme z značilnostmi skladov denarnega trga veljala nova skupna pravila o skladih denarnega trga, bi bilo treba prepovedati uporabo poimenovanja „sklad denarnega trga“ ali drugih izrazov, ki bi nakazovali, da ima kolektivni naložbeni podjem enake značilnosti kot skladi denarnega trga, razen če ima dovoljenje kot sklad denarnega trga v skladu s to uredbo.
To prevent circumvention of the rules in this Regulation, competent authorities should monitor the market practices of collective investment undertakings established or marketed in their jurisdiction to verify that they do not misuse the MMF designation or suggest that they are an MMF without complying with the new legal framework.
Da se prepreči izogibanje pravilom iz te uredbe, bi morali pristojni organi spremljati tržne prakse kolektivnih naložbenih podjemov, ustanovljenih ali trženih na območju v njihovi pristojnosti, in preverjati, da ne uporabljajo nepravilnega poimenovanja sklada denarnega trga ali nakazujejo, da so sklad denarnega trga, čeprav ne ravnajo skladno z novim pravnim okvirom.
Given that UCITS and AIFs can take different legal forms that do not necessarily endow them with legal personality, the provisions in this Regulation requiring MMFs to take action are to be understood to refer to the manager of the MMF in cases where the MMF is constituted as a UCITS or as an AIF that is not in a position to act by itself because it has no legal personality of its own.
Ker imajo lahko KNPVP in AIS različne pravne oblike, ki jim ne dajejo nujno pravne osebnosti, bi bilo treba razumeti, da se določbe v tej uredbi, ki od skladov denarnega trga zahtevajo ukrepanje, v primerih ko sklad denarnega trga, ki je ustanovljen kot KNPVP ali AIS in nima pravne osebnosti ter zato ne more ukrepati sam, nanašajo na upravitelja sklada denarnega trga.
Rules on the portfolio of MMFs should clearly identify the categories of assets that are eligible for investment by MMFs and the conditions under which they are eligible.
Pravila o portfelju skladov denarnega trga bi morala jasno določiti kategorije sredstev, ki so upravičena do naložb skladov denarnega trga, ter pogoje upravičenosti.
To ensure the integrity of MMFs, MMFs should also be prohibited from engaging in certain financial transactions that would endanger their investment strategy and objectives.
Da se zagotovi integriteta skladov denarnega trga, bi jim moralo biti prepovedano sklepati tudi nekatere finančne transakcije, ki bi ogrozile njihovo naložbeno strategijo in cilje.
Money market instruments are transferable instruments normally dealt in on the money market and include treasury and local authority bills, certificates of deposits, commercial papers, bankers' acceptances, and medium- or short-term notes.
Instrumenti denarnega trga so prenosljivi instrumenti, s katerimi se običajno trguje na denarnem trgu, in vključujejo zakladne menice, menice, ki jih izdajo lokalne oblasti, potrdila o depozitih, komercialne zapise, bančne akcepte ter srednjeročne ali kratkoročne zapise.
Money market instruments should be eligible for investment by MMFs only insofar as they comply with maturity limits and are considered by an MMF to be of high credit quality.
Instrumenti denarnega trga bi morali biti do naložb skladov denarnega trga upravičeni le, če izpolnjujejo omejitve zapadlosti in jih sklad denarnega trga obravnava kot instrumente visoke kreditne kakovosti.
In addition to the case in which an MMF invests in bank deposits in accordance with its fund rules or its instruments of incorporation, it should be possible to allow an MMF to hold ancillary liquid assets, such as cash in a bank account accessible at any time.
Poleg primera, ko sklad denarnega trga vlaga v bančne depozite v skladu s svojimi pravili upravljanja ali akti o ustanovitvi, bi moralo biti možno, da se mu dovoli posedovati dodatna likvidna sredstva, kot so denarna sredstva na bančnem računu, dostopnem kadar koli.
The holding of such ancillary liquid assets could be justified, inter alia, in order to cover current or exceptional payments, in the case of sales, for the time necessary to reinvest in eligible assets.
Posedovanje dodatnih likvidnih sredstev bi lahko med drugim utemeljili s kritjem izrednih plačil, v primeru prodaj, toliko časa, kot je potrebno za ponovno naložbo v upravičena sredstva.
Securitisations and asset-backed commercial paper (ABCPs), should be considered to be eligible to the extent that they respect certain requirements.
Listinjenja in komercialne zapise s premoženjskim kritjem bi bilo treba, kolikor spoštujejo določene zahteve, šteti kot upravičene.
Due to the fact that during the financial crisis certain securitisations were particularly unstable, certain quality criteria should be imposed on securitisations and ABCPs so that only those securitisations and ABCPs that perform well should be eligible.
Ker so bila med finančno krizo nekatera listinjenja še posebej nestabilna, bi bilo treba za listinjenja in komercialne zapise s premoženjskim kritjem uvesti določena merila kakovosti, tako da bodo lahko upravičena le uspešna listinjenja in komercialni zapisi s premoženjskim kritjem.
Until such time as the Regulation of the European Parliament and of the Council for simple, transparent and standardised (STS) securitisations that is proposed (the proposed Regulation on STS securitisations) is adopted and becomes applicable for the purposes of this Regulation, MMFs should be allowed to invest in securitisations and ABCPs up to a limit of 15 % of their assets.
Dokler se za namene te uredbe ne sprejme in začne uporabljati uredba Evropskega parlamenta in Sveta za enostavna, pregledna in standardizirana (STS) listinjenja (v nadaljnjem besedilu: predlagana uredba o STS listinjenjih), bi moralo biti skladom denarnega trga dovoljeno, da v listinjenja in komercialne zapise s premoženjskim kritjem vložijo do največ 15 % svojih sredstev.
The Commission should adopt a delegated act to ensure that the criteria identifying STS securitisations apply for the purposes of this Regulation.
Komisija bi morala sprejeti delegirani akt za zagotovitev, da se bodo v tej uredbi uporabljala merila za opredelitev STS listinjenj.
Once that delegated act applies, MMFs should be allowed to invest in securitisations and ABCPs up to a limit of 20 % of their assets, whereby up to 15 % should be able to be invested in securitisations and ABCPs which are not STS.
Ko se navedeni delegirani akt začne uporabljati, bi moralo biti skladom denarnega trga dovoljeno, da v listinjenja in komercialne zapise s premoženjskim kritjem vložijo do največ 20 % svojih sredstev, pri čemer bi lahko bilo do 15 % vloženih v listinjenja in komercialne zapise s premoženjskim kritjem, ki niso STS.
An MMF should be allowed to invest in deposits to the extent that it is able to withdraw the money at any time.
Skladu denarnega trga bi moralo biti dovoljeno vlagati v depozite, kolikor bi bil zmožen denar kadar koli umakniti.
The effective possibility of withdrawal would be impaired if the penalties associated with early withdrawal are so high as to exceed the interest accrued prior to withdrawal.
Dejanska možnost umika bi bila oslabljena, če so kazni za zgodnji umik tako visoke, da presegajo obračunane obresti pred umikom.
For that reason, an MMF should take due care not to make deposits with a credit institution that requires above average penalties or to engage in too long deposits where that results in too high penalties.
Zato bi moral sklad denarnega trga paziti, da ne sklene depozitov pri kreditnih institucijah, ki zahtevajo nadpovprečne kazni, ali da ne sklene predolgih depozitov, kadar to povzroči previsoke kazni.
In order to take account of the differences in banking structures across the Union, particularly in smaller Member States or in Member States where there is a highly concentrated banking sector, and where it would be uneconomical for an MMF to use the services of a credit institution in another Member State, such as where that would necessitate a currency exchange with all the associated costs and risks, some flexibility in the diversification requirement for deposits with the same credit institution should be allowed.
Zaradi upoštevanja razlik med bančnimi strukturami v Uniji, zlasti v manjših državah članicah ali v državah članicah, kjer je bančni sektor zelo koncentriran in bi bilo za sklad denarnega trga negospodarno uporabljati storitve kreditnih institucij v drugi državi članici, kot kadar bi bila potrebna menjava valut z vsemi stroški in tveganji, bi bilo treba dovoliti nekaj prilagodljivosti glede zahteve po diverzifikaciji za depozite pri isti kreditni instituciji.
Financial derivative instruments eligible for investment by an MMF should only serve the purpose of hedging interest rate and currency risk and should only have as an underlying instrument interest rates, foreign exchange rates, currencies or indices representing those categories.
Izvedeni finančni instrumenti, upravičeni do naložb sklada denarnega trga, bi se morali uporabljati le za varovanje pred tveganjem obrestne mere in valutnim tveganjem ter bi morali za temeljni instrument imeti obrestne mere, devizne tečaje, valute ali indekse, ki predstavljajo te kategorije.
Any use of derivatives for another purpose or on other underlying assets should be prohibited.
Uporaba izvedenih finančnih instrumentov za druge namene ali druga temeljna sredstva bi morala biti prepovedana.
Derivatives should only be used as a complement to the strategy of an MMF and not as the main tool for achieving the MMF's objectives.
Izvedeni finančni instrumenti bi se smeli uporabiti le za dopolnjevanje strategije sklada denarnega trga, ne pa kot glavni instrument za doseganje njegovih ciljev.
In the event that an MMF invests in assets labelled in another currency than the currency of the MMF, it is expected that the manager of the MMF would hedge the entire currency risk exposure, including via derivatives.
V primeru, da sklad denarnega trga vlaga v sredstva, označena z valuto, ki ni enaka njegovi valuti, se pričakuje, da bo njegov upravitelj vso izpostavljenost varoval pred valutnim tveganjem, tudi z izvedenimi finančnimi instrumenti.
MMFs should be entitled to invest in financial derivative instruments if that instrument is traded on a regulated market as referred to in point (a), (b) or (c) of Article 50(1) of Directive 2009/65/EC or traded over-the-counter (OTC) provided certain conditions are fulfilled.
Skladom denarnega trga bi moralo biti omogočeno vlagati v izvedene finančne instrumente, če se z njimi trguje na reguliranem trgu iz točke (a), (b) ali (c) člena 50(1) Direktive 2009/65/ES ali na prostem trgu (OTC), če so izpolnjeni določeni pogoji.
Reverse repurchase agreements should be able to be used by MMFs as a means to invest excess cash on a very short-term basis, provided that the position is fully collateralised.
Skladi denarnega trga bi lahko pogodbe o začasnem odkupu uporabljali kot sredstvo za vlaganje presežka denarnih sredstev v zelo kratkoročnem okviru, pod pogojem, da je pozicija popolnoma zavarovana s premoženjem.
In order to protect investors, it is necessary to ensure that the collateral provided in the framework of reverse repurchase agreements is of high quality and does not display a high correlation with the performance of the counterparty, in order to avoid a negative impact in the event of default of the counterparty.
Za zaščito investitorjev je treba zagotoviti, da je zavarovanje s premoženjem, ki je zagotovljeno v okviru pogodb o začasnem odkupu, visoke kakovosti in ne izkazuje visoke korelacije z uspešnostjo nasprotne stranke, zato da se prepreči negativen vpliv, če nasprotna stranka ne bi izpolnjevala svojih obveznosti.
In addition, an MMF should be allowed to invest in repurchase agreements up to a limit of 10 % of its assets.
Poleg tega bi moralo biti skladu denarnega trga dovoljeno, da v pogodbe o začasni prodaji vloži do največ 10 % svojih sredstev.
Other efficient portfolio management techniques, including securities lending and borrowing, should not be used by an MMF as they are likely to impinge on achieving the investment objectives of the MMF.
Sklad denarnega trga ne bi smel uporabljati drugih učinkovitih tehnik upravljanja portfelja, vključno s posojanjem in izposojo vrednostnih papirjev, saj obstaja velika možnost, da bi vplivale na doseganje naložbenih ciljev sklada denarnega trga.
In order to limit risk-taking by MMFs, it is essential to reduce counterparty risk by subjecting the portfolio of MMFs to clear diversification requirements.
Da bi se omejilo prevzemanje tveganja skladov denarnega trga, je ključnega pomena zmanjšanje tveganje nasprotne strani tako, da se za portfelj skladov denarnega trga predvidi uporaba jasnih zahtev o diverzifikaciji.
To that end, reverse repurchase agreements should be fully collateralised and, in order to limit the operational risk, a single reverse repurchase agreement counterparty should not account for more than 15 % of an MMF's assets.
V ta namen morajo biti pogodbe o začasnem odkupu v celoti zavarovane s premoženjem, za omejitev operativnega tveganja pa ena nasprotna stran pogodbe o začasnem odkupu ne sme predstavljati več kot 15 % sredstev sklada denarnega trga.
All OTC derivatives should be subject to Regulation (EU) No 648/2012 of the European Parliament and of the Council [6].
Za vse izvedene finančne instrumente OTC bi se morala uporabljati Uredba (EU) št. 648/2012 Evropskega parlamenta in Sveta [6].
For prudential reasons and in order to avoid the exercise of significant influence over the management of an issuing body by an MMF, excessive concentration by an MMF in investments issued by the same issuing body should be avoided.
Zaradi skrbnega in varnega poslovanja ter da se prepreči znaten vpliv sklada denarnega trga na upravljanje posameznega izdajatelja, se je treba izogibati presežni koncentraciji sklada denarnega trga v naložbe istega izdajatelja.