natgillin/translations-raw huggingface dataset:
According to the Commission , the purpose of this criterion is to ensure that information on instruments issued by corporate entities --- particularly considering that these entities are not supervised or regulated --- is reliable and subject to a qualified scrutiny .
Po mnenju Komisije je namen tega merila zagotoviti , da bodo informacije o instrumentih , ki jih izdajajo gospodarski subjekti -- upoštevaje zlasti , da ti subjekti niso nadzirani ali regulirani --, zanesljive in predmet strokovnega pregleda .
However , the Commission 's proposal leaves some flexibility as to how this can be achieved and does not impose a specific structure .
Vendar pa predlog Komisije pušča nekaj prožnosti glede načina za dosego tega in ne vzpostavlja določne strukture .
It is not clear who should ultimately decide on the « appropriateness » of the third party .
Ni jasno , kdo bi moral na koncu odločiti o „ustreznosti » tretje strani .
In addition , Article 5 ( 2 ) ( c ) of the proposed directive provides that the control of the information concerns both the issue or the issuance programme and the legal and the financial situation of the issuer .
Poleg tega člen 5 ( 2 )( c ) predlagane direktive določa , da se kontroliranje informacij nanaša tako na izdajo ali program za izdajo kot tudi na pravni in finančni položaj izdajatelja .
However , depending on the nature of the third party , the controling entity will not necessarily « control » both of these elements .
Vendar pa , odvisno od narave tretje strani , subjekt , ki kontrolira , ne bo nujno „kontroliral » obeh teh elementov .
For instance , an auditor will control the financial situation of the issuer but not the programme .
Revizor bo na primer kontroliral finančni položaj izdajatelja , ne pa programa .
It is doubtful that law firms and dealers could be considered as controlling financial information .
Vprašljivo je , da bi lahko odvetniške družbe in posredniki prišli v poštev za kontroliranje finančnih informacij .
Moreover , a public entity might control the programme but not necessarily the financial situation of the issuer .
Oseba javnega prava pa bi morda kontrolirala program , ne pa nujno finančnega položaja izdajatelja .
Lastly , the introduction of unspecified information control mechanisms by « an appropriately qualified third party » ( 12 ) into the proposed directive would seem to approximate the information requirements for money market instruments to those applied for formal prospectuses .
Končno se zdi , da bi uvedba nedoločnega mehanizma kontroliranja informacij s strani „ustrezno usposobljene tretje strani » ( 12 ) v predlagano direktivo približala zahteve po informacijah v zvezi z instrumenti denarnega trga tistim , ki veljajo za uradne prospekte .
In this respect it should be underlined that prospectus requirements appear to be exhaustively covered by the Prospectus Directive , under which money market instruments are exempted from the definition of securities ( 13 ) .
V tej zvezi je treba poudariti , da se zdijo zahteve glede prospektov izčrpno urejene v Direktivi o prospektu , po kateri so instrumenti denarnega trga izvzeti iz opredelitve vrednostnih papirjev ( 13 ) .
2.5 Evidently , the discretion granted to Member States regarding the application of this criterion contradicts the objective of these implementing measures , which is to provide more legal certainty and to ensure uniform application .
2.5 Diskrecijska pravica , podeljena državam članicam glede uporabe tega merila , je v očitnem nasprotju s ciljem teh izvedbenih ukrepov , ki je zagotoviti večjo pravno varnost in enotno uporabo .
Therefore , unless it is possible to clarify the meaning of the provision , which seems to be problematic in view of the various situations possibly covered , it is suggested to drop this criterion altogether .
Zato se predlaga , da se to merilo povsem opusti , razen če je mogoče razjasniti pomen te določbe , kar pa se zdi težavno glede na različne primere , ki bi lahko bili zajeti .
2.6 Fifth , Article 5 ( 4 ) of the proposed directive provides that , for all money market instruments covered by the first indent of Article 19 ( 1 )( h ) of the UCITS Directive ( except those referred to in paragraph 2 of this Article ) , appropriate information shall consist of information on the issue or issuance programme or on the legal and financial situation of the issuer prior to the issue of money market instrument .
2.6 Petič , člen 5 ( 4 ) predlagane direktive določa , da za vse instrumente denarnega trga , zajete v prvi alinei člena 19 ( 1 )( h ) Direktive o KNPVP ( razen za instrumente denarnega trga iz odstavka 2 tega člena ) , ustrezne informacije zajemajo informacije o izdaji ali programu za izdajo ali o pravnem in finančnem položaju izdajatelja pred izdajo instrumenta denarnega trga .
In terms of issuers , the first indent of Article 19 ( 1 )( h ) of the UCITS Directive covers in particular nonMember States , the EU , the European Investment Bank , the ECB and central banks of a Member State .
Glede izdajateljev zajema prva alinea člena 19 ( 1 )( h ) Direktive o KNPVP zlasti države nečlanice , EU , Evropsko investicijsko banko , ECB in centralne banke držav članic .
( 10 ) Article 1 ( 2 )( d ) of Directive 2003/71 / EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34 / EC ( OJ L 345 , 31.12.2003 , p. 64 ) .
Ta predlagana določba bi tako veljala za naložbe kolektivnih naložbenih podjemov ( 10 ) Člen 1 ( 2 )( d ) Direktive 2003/71 / ES Evropskega parlamenta in Sveta z dne 4 . novembra 2003 o prospektu , ki se objavi ob javni ponudbi ali sprejemu vrednostnih papirjev v trgovanje in o spremembi Direktive 2001/34 / ES , ( UL L 345 , 31.12.2003 , str .
( 11 ) See Working document ESC / 24/2006 .
( 11 ) Glej Delovni dokument ESC / 24/2006 .
( 12 ) Article 5 ( 2 )( c ) of the proposed directive .
( 12 ) Člen 5 ( 2 )( c ) predlagane direktive .
( 13 ) Article 2 ( 1 )( a ) of Directive 2003/71 / EC .
( 13 ) Člen 2 ( 1 )( a ) Direktive 2003/71 / ES .
This proposed provision would therefore apply to the investment by collective investment undertakings in certain instruments issued by central banks and used in the implementation of monetary policy ( 14 ) .
v nekatere instrumente , ki jih izdajajo centralne banke in se uporabljajo pri izvajanju denarne politike ( 14 ) .
Taking into account the fact that the information on the issuer 's legal and financial situation would not be of direct relevance for UCITS investors in the case of central banks , and also having regard to the Eurosystem 's prerogatives regarding the conditions of issuance of such instruments ( 15 ) , the ECB proposes to amend Article 5 ( 4 ) of the proposed directive in order to exclude all money market instruments issued by either the ECB or a Member State central bank from the application of that paragraph .
Ob upoštevanju dejstva , da v primeru centralnih bank informacije o pravnem in finančnem položaju izdajatelja ne bi imele neposrednega pomena za vlagatelje KNPVP , ter pristojnosti Eurosistema v zvezi s pogoji za izdajanje takih instrumentov ( 15 ) ECB predlaga , da se člen 5 ( 4 ) predlagane direktive spremeni tako , da se ta odstavek ne bo uporabljal za instrumente denarnega trga , ki jih izdaja ECB ali centralna banka države članice .
2.7 Finally , Article 3 ( 2 ) of the Commission 's proposed directive defines money market instruments as instruments normally dealt in on the money market which fulfil one of the following criteria : ( i ) they have a maturity at issuance of up to 397 days ; or ( ii ) they have a residual maturity of up to 397 days ;
2.7 Končno , člen 3 ( 2 ) predlagane direktive Komisije opredeljuje instrumente denarnega trga kot instrumente , s katerimi se običajno trguje na denarnem trgu in ki izpolnjujejo eno od naslednjih meril : ( i ) njihova zapadlost ob izdaji je do 397 dni , ( ii ) njihova preostala zapadlost ob izdaji je do 397 dni ;
or ( iii ) they undergo regular yield adjustments in line with money market conditions at least every 397 days ;
( iii ) so predmet rednih popravkov donosa v skladu z okoliščinami na denarnem trgu najmanj vsakih 397 dni ;
or ( iv ) their risk profile corresponds to that of financial instruments which have a maturity of up to 397 days or are subject to a yield adjustment as referred to in point ( iii ) .
ali ( iv ) njihov profil tveganj ustreza profilu tveganj finančnih instrumentov , ki imajo zapadlost do 397 dni ali so predmet popravka donosa , kot je navedeno v točki ( iii ) .
The Commission 's attention is drawn to the fact that this definition is not consistent with the definition of money market instruments in Regulation ECB / 2001/13 ( 16 ) , which refers to a residual maturity of up to and including one year , or regular yield adjustments in line with money market conditions at least every 12 months .
Komisijo se želi opozoriti na dejstvo , da ta opredelitev ni skladna z opredelitvijo instrumentov denarnega trga v Uredbi ECB / 2001/13 ( 16 ) , ki določa preostalo zapadlost do vključno enega leta ali redne popravke donosnosti v skladu z razmerami na denarnem trgu vsaj vsakih 12 mesecev .
The ECB is aware that the proposed 397 day period is the outcome of a suggestion by CESR that the 12-month maturity be extended to 397 days to include the risk of settlement delays which may result in a breach in the event of a delay in settling the instrument ( 17 ) .
ECB se zaveda , da je predlagano 397-dnevno obdobje rezultat predloga CESR , da se zapadlost podaljša z 12 mesecev na 397 dni in tako vključi tveganje zamud pri poravnavi , ki bi lahko v primeru zamude pri poravnavi instrumenta povzročile kršitev ( 17 ) .
It is suggested to return to the solution proposed by the Commission in earlier drafts of the proposed directive , which set a maturity period of one year « without prejudice to any additional delay for settlement as provided for in the issue or the issuance programme » .
Predlaga se vrnitev k rešitvi , ki jo je Komisija predlagala v prejšnjih osnutkih predlagane direktive , v katerih je določeno obdobje zapadlosti enega leta , „ne da bi to vplivalo na morebiten dodatni odlog pri poravnavi , kot je določena pri izdaji ali v programu za izdajo » .
Drafting proposals Where the above advice would lead to changes in « the proposed directive » , drafting proposals are set out in the Annex .
Predlagane spremembe besedila Za primer , ko bi zgornji nasveti vodili v spremembe „predlagane direktive » , so predlagane spremembe besedila navedene v prilogi .
Done at Frankfurt am Main , 12 December 2006 .
V Frankfurtu na Majni , 12 .
The President of the ECB Jean-Claude TRICHET
decembra 2006 Predsednik ECB Jean-Claude TRICHET
( 14 ) For example , as part of the Eurosystem 's open market operations the ECB may issue debt certificates with the aim of adjusting the Eurosystem 's structural position vis-à-vis the financial sector so as to create or enlarge a liquidity shortage in the market .
( 14 ) ECB lahko , na primer , kot del operacij odprtega trga Eurosistema izda dolžniške certifikate s ciljem prilagajanja strukturne pozicije Eurosistema do finančnega sektorja , da bi se ustvaril ali povečal likvidnostni primanjkljaj na trgu .
These debt certificates have a maturity of less than 12 months .
Ti dolžniški certifikati imajo dospelost , krajšo od 12 mesecev .
The terms and conditions for such debt certificates are established by the ECB ( see European Central Bank , The Implementation of Monetary Policy in the Euro Area : General Documentation on Eurosystem Monetary Policy Instruments and Procedures , September 2006 , p. 17 ) .
Pogoje za takšne dolžniške certifikate določi ECB ( glej Evropska centralna banka , Izvajanje denarne politike v euroobmočju : Splošna dokumentacija o instrumentih in postopkih denarne politike Eurosistema , september 2006 , str . 18 ) .
( 15 ) See Article 105 ( 2 ) , first indent , of the Treaty Establishing the European Community ( the « Treaty ') , as well as Articles 18 ( 2 ) and 20 of the Protocol annexed to the Treaty on the Statute of the European Central Bank and of the European System of Central Banks .
( 15 ) Glej člen 105 ( 2 ) , prva alinea , Pogodbe o ustanovitvi Evropske skupnosti ( „Pogodba ") ter člena 18 ( 2 ) in 20 Protokola o Statutu Evropskega sistema centralnih bank in Evropske centralne banke , ki je priložen Pogodbi .
( 16 ) See the fifth indent of point 7 in Annex 1to Regulation ECB / 2001/13 of 22 November 2001 concerning the consolidated balance sheet of the monetary financial institutions sector , ( OJ L 333 , 17.12.2001 , p. 1 ) .
( 16 ) Glej peto alineo točke 7 v Prilogi 1 k Uredbi ECB / 2001/13 z dne 22 . novembra 2001 o konsolidirani bilanci stanja v sektorju monetarnih finančnih institucij , ( UL L 333 , 17.12.2001 , str .
Regulation as last amended by Regulation ECB / 2004/21 ( OJ L 371 , 18.12.2004 , p. 42 ) .
Uredba , kakor je bila zadnjič spremenjena z Uredbo ECB / 2004/21 ( UL L 371 , 18.12.2004 , str . 42 ) .
( 17 ) CESR 's Advice to the European Commission on Clarification of Definitions concerning Eligible Assets for Investments of UCITS ( January 2006 ) ( CESR / 06-005 ) , p. 20 , points 63-64 .
( 17 ) „CESR 's Advice to the European Commission on Clarification of Definitions concerning Eligible Assets for Investments of UCITS » ( Nasvet CESR Evropski komisiji glede razjasnitve opredelitev v zvezi primernimi sredstvi za naložbe KNPVP ) ( januar 2006 ) ( CESR / 06-005 ) , str . 20 , točki 63 in 64 .
Official Journal of the European Union ANNEX Drafting proposals Text proposed by the Commission Amendment 1 Article 5 ( 2 ) Amendments proposed by the ECB ( 1 )
Uradni list Evropske unije PRILOGA Predlagane spremembe besedila Besedilo , ki ga predlaga Komisija Sprememba 1 Člen 5 ( 2 ) Spremembe , ki jih predlaga ECB ( 1 )
For money market instruments covered by the second and the fourth indents of Article 19 ( 1 )( h ) of Directive 85/611 / EEC , or for those which are issued by a local or regional authority of a Member State or by a public international body but are not guaranteed by a Member State or , in the case of a federal State which is a Member State , by one of the Members making up the federation , appropriate information as referred to in point ( b ) of paragraph 1 of this Article shall consist in the following : ( a ) information on both the issue or the issuance programme and the legal and financial situation of the issuer prior to the issue of the money market instrument ;
Za instrumente denarnega trga , zajete v drugi in četrti alinei člena 19 ( 1 )( h ) Direktive 85/611 / EGS , ali za instrumente denarnega trga , ki jih izdaja lokalna ali regionalna oblast države članice ali mednarodna javna organizacija , vendar za katere država članica ali v primeru zvezne države , ki je država članica , ena od članic , ki sestavljajo federacijo , ne jamči , ustrezne informacije iz točke ( b ) odstavka 1 tega člena zajemajo naslednje : ( a ) informacije o izdaji ali programu za izdajo ter o pravnem in finančnem položaju izdajatelja pred izdajo instrumenta denarnega trga ;
( b ) up-dates of the information referred to in point ( a ) on a regular basis and whenever a significant event occurs ;
( b ) dopolnjevanje informacij iz točke ( a ) v rednih obdobjih in ob vsakem pomembnem dogodku ;
( c ) control of the information referred to in point ( a ) by an appropriately qualified third party not subject to instructions from the issuer ;
( c ) kontroliranje informacij iz točke ( a ) , ki ga izvaja ustrezno usposobljena tretja stran , ki ni podrejena navodilom izdajatelja ;
( d ) availability of reliable statistics on the issue or issuance programmes .
( d ) razpoložljivost zanesljivih statističnih podatkov o izdaji ali programu za izdajo .
For money market instruments covered by the second , third and the fourth indents of Article 19 ( 1 )( h ) of Directive 85/611 / EEC , or for those which are issued by a local or regional authority of a Member State or by a public international body but are not guaranteed by a Member State or , in the case of a federal State which is a Member State , by one of the Members making up the federation , appropriate information as referred to in point ( b ) of paragraph 1 of this Article shall consist in the following : ( a ) information on both the issue or the issuance programme and the legal and financial situation of the issuer prior to the issue of the money market instrument ;
Za instrumente denarnega trga , zajete v drugi , tretji in četrti alinei člena 19 ( 1 )( h ) Direktive 85/611 / EGS , ali za instrumente denarnega trga , ki jih izdaja lokalna ali regionalna oblast države članice ali mednarodna javna organizacija , vendar za katere država članica ali v primeru zvezne države , ki je država članica , ena od članic , ki sestavljajo federacijo , ne jamči , ustrezne informacije iz točke ( b ) odstavka 1 tega člena zajemajo naslednje : ( a ) informacije o izdaji ali programu za izdajo ter o pravnem in finančnem položaju izdajatelja pred izdajo instrumenta denarnega trga ;
up-dates of the information referred to in point ( a ) on a regular basis and whenever a significant event occurs ;
dopolnjevanje informacij iz točke ( a ) v rednih obdobjih in ob vsakem pomembnem dogodku ;
control of the information referred to in point ( a ) by an appropriately qualified third party not subject to instructions from the issuer ;
kontroliranje informacij iz točke ( a ) , ki ga izvaja ustrezno usposobljena tretja stran , ki ni podrejena navodilom izdajatelja ;
( cd ) availability of reliable statistics on the issue or issuance programmes .
( cd ) razpoložljivost zanesljivih statističnih podatkov o izdaji ali programu za izdajo .
Justification --- See paragraphs 2.1 - 2.5 of the opinion
Utemeljitev --- Glej odstavke 2.1 - 2.5 tega mnenja
Amendment 2 Article 5 ( 3 )
Sprememba 2 Člen 5 ( 3 )
For money market instruments covered by the third indent of Article 19 ( 1 )( h ) of Directive 85/611 / EEC , appropriate information as referred to in point ( b ) of paragraph 1 of this Article shall consist in the following : ( a ) information on the issue or issuance programme or on the legal and financial situation of the issuer prior to the issue of the money market instrument ;
Za instrumente denarnega trga , zajete v tretji alinei člena 19 ( 1 )( h ) Direktive 85/611 / EGS , ustrezne informacije iz točke ( b ) odstavka 1 tega člena zajemajo naslednje : ( a ) informacije o izdaji ali programu za izdajo ali o pravnem in finančnem položaju izdajatelja pred izdajo instrumenta denarnega trga ;
( c ) availability of reliable statistics on the issue or issuance programme or other data enabling an appropriate assessment of the credit risks related to the investment in such instruments .
( c ) razpoložljivost zanesljivih statističnih podatkov o izdaji ali programu za izdajo ali drugih podatkov , ki omogočajo ustrezno oceno kreditnih tveganj v zvezi z naložbo v take instrumente .
Official Journal of the European Union Amendment 3 Article 5 ( 4 ) would become Article 5 ( 3 )
Uradni list Evropske unije Sprememba 3 Člen 5 ( 4 ) bi postal člen 5 ( 3 )
For all money market instruments covered by the first indent of Article 19 ( 1 )( h ) of Directive 85/611 / EEC except those referred to in paragraph 2 of this Article , appropriate information as referred to in point ( b ) of paragraph 1 of this Article shall consist in information on the issue or issuance programme or on the legal and financial situation of the issuer prior to the issue of the money market instrument .
Za vse instrumente denarnega trga , zajete v prvi alinei člena 19 ( 1 )( h ) Direktive 85/611 / EGS , razen za instrumente denarnega trga iz odstavka 2 tega člena , ustrezne informacije iz točke ( b ) odstavka 1 tega člena zajemajo informacije o izdaji ali programu za izdajo ali o pravnem in finančnem položaju izdajatelja pred izdajo instrumenta denarnega trga .
For all money market instruments covered by the first indent of Article 19 ( 1 )( h ) of Directive 85/611 / EEC except those referred to in paragraph 2 of this Article and those issued by the European Central Bank or a central bank of a Member State , appropriate information as referred to in point ( b ) of paragraph 1 of this Article shall consist in information on the issue or issuance programme or on the legal and financial situation of the issuer prior to the issue of the money market instrument .
Za vse instrumente denarnega trga , zajete v prvi alinei člena 19 ( 1 )( h ) Direktive 85/611 / EGS , razen za instrumente denarnega trga iz odstavka 2 tega člena za instrumente denarnega trga , izdane s strani Evropske centralne banke ali centralne banke države članice , ustrezne informacije iz točke ( b ) odstavka 1 tega člena zajemajo informacije o izdaji ali programu za izdajo ali o pravnem in finančnem položaju izdajatelja pred izdajo instrumenta denarnega trga .
Justification --- See paragraphs 2.6 of the opinion Amendment 4 Article 3 ( 2 ) The reference in Article 1 ( 9 ) of Directive 85/611 / EEC to money market instruments as instruments normally dealt in on the money market shall be understood as a reference to financial instruments which fulfil one of the following criteria : ( i ) they have a maturity at issuance of up to and including 397 days ;
Utemeljitev --- Glej odstavek 2.6 tega mnenja Sprememba 4 Člen 3 ( 2 ) Navedba instrumentov denarnega trga kot instrumentov , s katerimi se običajno trguje na denarnem trgu , iz člena 1 ( 9 ) Direktive 85/611 / EGS se razume kot navedba finančnih instrumentov , ki izpolnjujejo eno od naslednjih meril : ( i ) njihova zapadlost ob izdaji je do vključno 397 dni ;
( ii ) they have a residual maturity of up to and including 397 days ;
( ii ) njihova preostala zapadlost ob izdaji je do vključno 397 dni ;
( iii ) they undergo regular yield adjustments in line with money market conditions at least every 397 days ;
( iii ) so predmet rednih popravkov donosa v skladu z okoliščinami na denarnem trgu najmanj vsakih 397 dni ;
( iv ) their risk profile , including credit and interest rate risks , corresponds to that of financial instruments which have a maturity as referred to in points ( i ) or ( ii ) , or are subject to a yield adjustment as referred to in point ( iii ) .
( iv ) njihov profil tveganj , vključno s kreditnim in obrestnim tveganjem , ustreza profilu tveganj finančnih instrumentov , ki imajo zapadlost , kot je navedena v točkah ( i ) , ali ( ii ) , ali so predmet popravkov donosa , kot je navedeno v točki ( iii ) .
The reference in Article 1 ( 9 ) of Directive 85/611 / EEC to money market instruments as instruments normally dealt in on the money market shall be understood as a reference to financial instruments which , without prejudice to any additional delay for settlement as provided for in the issue or the issuance programme , fulfil one of the following criteria : ( i ) they have a maturity at issuance of up to and including one year 397 days ;
Navedba instrumentov denarnega trga kot instrumentov , s katerimi se običajno trguje na denarnem trgu , iz člena 1 ( 9 ) Direktive 85/611 / EGS se razume kot navedba finančnih instrumentov , ki izpolnjujejo , ne glede na morebitno dodatno zamudo pri poravnavi , kot je določena pri izdaji ali v programu za izdajo , eno od naslednjih meril : ( i ) njihova zapadlost ob izdaji je do vključno enega leta 397 dni ;
( ii ) they have a residual maturity of up to and including one year 397 days ;
( ii ) njihova preostala zapadlost ob izdaji je do vključno enega leta 397 dni ;
( iii ) they undergo regular yield adjustments in line with money market conditions at least every one year 397 days ;
( iii ) so predmet rednih popravkov donosa v skladu z okoliščinami na denarnem trgu najmanj vsako leto vsakih 397 dni ;
Justification --- See paragraph 2.7 of the opinion
Utemeljitev --- Glej odstavek 2.7 tega mnenja
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