natgillin/translations-raw huggingface dataset:
Nadalje je v zakonodajnem postopku pomembno zagotoviti skladnost med novimi določbami direktive o alternativnih investicijskih skladih, prihodnjim predlogom Komisije o depozitarni vlogi direktive KNPVP (KNPVP V) in revizijo direktive o trgih finančnih instrumentov.
Furthermore it is important in the law making process to ensure that there is consistency between the new provisions in the Directive on Alternative Investment funds (AIFMD), the forthcoming Commission proposal on the depositary function of the UCITS directive (UCITS V) and the review of MiFID.
Koristnost širitve področja uporabe v tem trenutku je zato vprašljiva.
The usefulness of broadening the scope at this point in time must therefore be questioned.
Varstvo potrošnikov je treba izboljšati, zato je treba skrbnike, ki so tretje osebe, vključiti v področje uporabe direktive.
Consumer protection should be raised and therefore third party custodians should be included in the scope of the Directive.
Poročevalec podpira predlog o kritju plačilne nesposobnosti depozitarja ali skrbnika, ki ga je izbralo investicijsko podjetje, in ni zmožen vrniti finančnih instrumentov.
The rapporteur supports the proposal to cover the failure of the depositor or custodian chosen by the investment firm who is not able to return the financial instruments.
Potrošnik lahko izbere drugo investicijsko podjetje, vendar ne prevzema odgovornosti za izbiro skrbnika s strani podjetja in njegovo plačilno nesposobnost.
The consumer can choose another Investment firm, but has no responsibility for the firm's choice of custodian - chosen by the Investment firm - and should not be responsible if it fails.
Poročevalec predlaga naslednje spremembe:
The rapporteur proposes the following changes:
· Možno razširitev obsega kritja v direktivi o odškodninskih shemah za vlagatelje na KNPVP in njihove depozitarje je treba analizirati v prihodnji reviziji direktive o KNPVP glede ureditve obveznosti depozitarjev KNPVP, ob upoštevanju vseh vidikov direktive.
· The possible extension of the coverage in ICSD to UCITS and their depositaries should be analysed in the upcoming review of UCITS Directive on the UCITS depositary liability's regime when all considerations of the Directive are taken in to account.
V tej direktivi naj ne bi bilo ločene zakonodaje za KNPVP.
There should not be a separate legislation for UCITS in this Directive.
Stopnja uskladitve na ravni odškodnine
Degree of harmonisation on the level of compensation
Komisija predlaga višjo raven minimalne odškodnine za posameznega vlagatelja, in sicer 50.000 EUR namesto sedaj v zakonodaji določenih 20.000 EUR.
The Commission proposes a higher level of minimum compensation for each investor, EUR 50 000 instead of EUR 20 000 in the current legislation.
Vendar imajo nekatere države višje omejitve odškodnin: Združeno kraljestvo (50.000 £), Španija (100.000 EUR) in Francija (70.000 EUR)..
However there are countries that have higher limits for compensation; United Kingdom (£ 50 000), Spain (EUR 100 000) and France (EUR 70 000).
Poročevalec zagovarja popolno uskladitev na fiksni ravni odškodnine v višini 100.000 EUR (višja omejitev bi bila prav tako dovoljena) in nasprotuje minimalni stopnji uskladitve.
The rapporteur is in favour of full harmonisation - as opposed to minimum harmonisation - at a fixed level of compensation of EUR 100 000 (a higher limit would also be permitted).
Fiksna raven odškodnine povečuje varstvo potrošnikov, vlagateljem daje več zaščite in ne predstavlja tveganja za arbitražo med državami članicami.
This fixed level of compensation increases consumer protection, gives investors stronger protection and creates no risk of arbitrage between Member States.
Poročevalec meni, da nobena država članica ne bi smela biti obvezana znižati svoje ravni odškodnine.
The rapporteur is of the view that no Member States should be obliged to lower their level of compensation.
Posledica bi bila nižja zaščita potrošnikov.
The effect would be lower protection for consumers.
Stranke, ki so se odločile vložiti svoj denar na trg preko investicijskih podjetij, bi morale imeti enako stopnjo zaščite, kot če bi denar vložile preko banke ali drugih kreditnih institucij.
Customers that choose to invest their money on the market through an investment firm should have the same protection as if they would have invested the money through a bank or other credit institutions.
Denar, ki ga je deponiralo investicijsko podjetje je treba zaščiti na enak način kot denar, deponiran na bančnem računu.
Money that is deposited by the investment firm must be protected the same way as money deposited in a bank account.
· Višjo raven minimalne odškodnine za posameznega vlagatelja, in sicer 100.000 EUR namesto 50.000 EUR.
· A higher level of minimum compensation for each investor, EUR 100 000 instead of EUR 50 000.
Načela financiranja in mehanizem – uskladitev načina financiranja shem
Funding principles and mechanism – Harmonisation of how the schemes should be funded
Uskladitev financiranja odškodninskih shem je dobrodošla in poročevalec zagovarja minimalno ciljno raven finančnih sredstev in vnaprej zagotovljena finančna sredstva.
Harmonisation of the financing of the compensation schemes is welcomed, and the rapporteur favours a minimum target fund level and ex ante funding.
Komisija je simulacijo pripravila na podlagi zneska kritih vrednostnih papirjev in denarnih sredstev, saj meni, da so najboljša osnova za izračun minimalne ciljne ravni finančnih sredstev.
The Commission has made their simulation based on the amount of covered securities and monies which they think are the most appropriate calculation base to calculate the amount of the target fund level.
Komisija je svoje izračune naredila samo na podlagi shem desetih držav članic.
The Commission has based its calculations on schemes from only 10 Member states.
Pomanjkanje podatkov na ravni nacionalnih shem otežuje preverjanje ustrezne ciljne ravni finančnih sredstev.
The lack of data at the national schemes level makes the calibration of an appropriate target fund level very difficult.
Predlagana ciljna raven finančnih sredstev v višini 0,5 % je glede na trdne dokaze previsoka, zlasti ker naj bi skladi krili primere slabega upravljanja in goljufije v deponiranih vrednostnih papirjih.
There is however strong evidence to suggest that the proposed target fund level of 0,5% is too high, especially since the funds should be covering cases of mismanagement and fraud in the deposited securities.
Ena izmed študij terjatev, ki jih je v zadnjih letih prejela britanska odškodninska shema za finančne storitve, je pokazala, da so bile terjatve relativno nizke.
One study of the claims made on the UK Financial Services Compensation Scheme during recent years shows that the claims have been relatively low.
Glede na študijo naj bi bil prispevek vnaprejšnjega financiranja določen v višini, ki ne presega 0,2 % (20 osnovnih točk).
The study suggests that a pre-funding contribution should be set at no more than 0,2% (20 basis points).
Pretekle izkušnje na Švedskem, moji domovini, kažejo, da bi zadostovala raven financiranja v višini 0,05 %.
Based on historical experience in my home country, Sweden, a fund level of 0,05% would be sufficient.
Število terjatev 200.000 bi predstavljalo 1-3 (srednje velikih) plačilno nesposobnih investicijskih podjetij ali nekaj ducatov majhnih podjetij v težavah.
200.000 claims would represent 1-3 large (medium sized) investment firms’ failure or a couple of dozen small companies in trouble.
Na tej podlagi bi bila ciljna raven 10 milijard EUR.
On that basis, the target level would be EUR 10 billion.
Čeprav izračun 0,5 % kritega premoženja za raven kritja ni povsem jasen, uporaba približne ocene in odzivi prispevkov tržnih udeležencev na poziv za predložitev kažejo, da je morda približno 50 milijard EUR, kar je vsaj 5-krat več.
Although the calculation of the 0,5% of the covered assets as a coverage level is not very clear, using a rough estimation and the reactions of the contributions of market participants to the Call for Evidence it might be around EUR 50 billion i.e. at least 5 times higher."
Farkas sklepa, da je zadostna raven kritja 10 osnovnih točk premoženja, ki ga upravlja investicijsko podjetje v imenu upravičenih strank.
Farkas concludes that "the coverage level as of 10 basis points of the assets managed by investment firms on behalf of eligible clients should be treated as sufficient".
Poročevalec prav tako predlaga, naj se v direktivo o odškodninskih shemah za vlagatelje vključi načelo, ki temelji na tveganju, in naj se prispevek v shemo določi za vsakega člana na podlagi stopnje tveganja, ki ga ima podjetje.
The rapporteur also proposes to include a risk-based principle in the ICSD that the contribution to a scheme shall be determined for each member on the basis of the degree of risk incurred by the firm.
· Prispevek v shemo se določi za vsakega člana na podlagi stopnje nastalega tveganja.
· The contribution to a scheme shall be determined for each member on the basis of the degree of risk incurred.
· Predlagana vnaprej zagotovljena sredstva bi morala biti zagotovljena in doseči ciljno raven financiranja v vseh državah članicah v petih namesto v desetih letih.
· The proposed ex-ante funds should be in place and have reached the target fund level in all Members States in five years instead of ten years.
· Raven financiranja, prispevki, bi se morali zmanjšati na upravičljivo raven.
· The level of funding, the contributions, should be reduced to a justifiable level.
Države članice zagotovijo, da vsaka odškodninska shema določi ciljno raven finančnih sredstev v višini vsaj 0,3 % vrednosti denarnih sredstev in finančnih instrumentov, ki jih hranijo, vodijo ali upravljajo investicijska podjetja.
Member States shall ensure that each scheme establishes a target fund level of at least 0.3% of the value of the monies and financial instruments held, administered or managed by the investment firms.
Mehanizmi posojil med nacionalnimi shemami
Borrowing mechanism between national schemes
Predlagan mehanizem posojil je mehanizem solidarnosti med državami članicami, zato se ga lahko kot zamisel pozdravi.
The proposed borrowing mechanism is a mechanism of solidarity between Member States and should therefore be welcomed as an idea.
Vendar države članice še naprej nosijo odgovornost za ustrezne mehanizme financiranja, ki jih uporabljajo.
However the Member States shall continue to have the responsibility to have appropriate financing mechanisms in place.
Poročevalec predlaga, da se mehanizem posojil začne uporabljati šele po tem, ko bodo vse sheme imele zadosti denarja v svojih skladih, da se prepreči, da bi nekatere države članice vplačale premalo denarnih sredstev v svoje sklade.
In order to avoid that some Member States would undersize their funds the rapporteur proposes that the borrowing mechanism should not be launched before all the schemes have sufficient money in their funds.
Večina držav članic bi morala biti zmožna najti druge vire sredstev za posojila, zato bi moral biti cilj obveznega mehanizma posojanja nižji odstotek razpoložljivih finančnih sredstev, kot ga predlaga Komisija; na ravni 5 % namesto 10 %.
Most Member States should be able to find other resources for lending and therefore the compulsory lending mechanism should aim for a lower percentage of the available financial means than proposed by the Commission; at a level of 5% instead of 10%.
· Obvezni mehanizem posojanja se ne bi smel začeti uporabljati, dokler vse sheme ne dosežejo ciljne ravni finančnih sredstev.
· The obligatory lending mechanism should not start before all the schemes are funded at target fund level.
· Po preteku petletnega obdobja bi morala imeti shema pravico do izposojanja od vseh drugih shem v Uniji, če je shema predhodno dosegla ciljno raven finančnih sredstev.
· After the five year period a scheme shall have the right to borrow from all other schemes within the Union provided that the scheme which finds itself in the situation had previously reached the target fund level.
· Raven obveznega posojanja se zmanjša z 10 % na 5 % sheme.
· The level of obligatory lending is reduced from ten to five percent of the scheme.
Države članice zagotovijo, da je 5 % vnaprej zagotovljenih finančnih sredstev shem na voljo za posojanje drugim shemam.
Member States shall ensure that 5% of the ex-ante funding amount of the schemes is available for lending to other schemes.
Direktiva 97/9/ES o odškodninskih shemah za vlagatelje je bila sprejeta leta 1997, da bi dopolnila Direktivo o investicijskih storitvah (to pa je kasneje nadomestila Direktiva o trgih finančnih instrumentov (MiFID).
Directive 97/9/EC on Investor-Compensation Schemes (ICSD) was adopted in 1997 to complement the Investment Services Directive (the last one was replaced later by the Markets in Financial Instruments Directive (MiFID).
Deset let po začetku veljavnosti Direktive o odškodninskih shemah za vlagatelje in takoj po finančni krizi je pravi čas, da se pregleda delovanje navedene direktive.
Ten years after the ICSD entered into force, and immediately after the financial crisis, it is the right time to review the functioning of the ICSD.
Revizija direktive je posledica tega, da so bile Komisiji predložene številne pritožbe vlagateljev nad njeno uporabo, pri katerih je včasih šlo za velike izgube, ki so jih vlagatelji utrpeli.
The review of this directive is a consequence of the fact that numerous complaints from investors about its application were submitted to the Commission, sometimes involving large losses suffered by them.
Revizija upošteva tudi cilj, določen na ravni G-20, da se bodo odpravile morebitne vrzeli v regulativnem in nadzornem sistemu, ter cilj ponovne vzpostavitve zaupanja vlagateljev v finančni sistem.
Also, this review considers the objective set at G-20 level of addressing any loopholes in the regulatory and supervisory system and the objective of restoring investor confidence in the financial system.
Ciljev predloga države članice ne morejo ustrezno uresničevati.
The objectives of the proposal cannot be sufficiently fulfilled by the Member States.
Sedanji okvir EU določa le nekatera načela minimalnega usklajevanja ter državam članicam prepušča njihovo nadaljnjo opredelitev.
The current EU framework only provides for some minimum harmonisation principles leaving it up to Member States to develop it further.
Vendar težave, ki so se pojavile v nekaterih državah članicah, kažejo, da je potrebno dodatno in zlasti obsežnejše usklajevanje na ravni EU, da bodo cilji direktive uresničeni v EU.
However, problems encountered in some Member States demonstrate that additional and notably more extensive harmonisation at EU level is necessary in order to ensure that the objectives of the Directive are fulfilled within the EU.
Cilj predloga je izboljšati pravilno delovanje enotnega trga za investicijske storitve ter s tem povečati zaščito in zaupanje vlagateljev v EU.
The proposal aims at improving the proper functioning of a single market for investment services, increasing investor protection and investor confidence in the EU.
Zlasti je namenjen izboljšanju praktičnega delovanja Direktive o odškodninskih shemah za vlagatelje, natančni opredelitvi področja uporabe navedene direktive ob upoštevanju finančne krize in nedavnih sprememb v zakonodajnem okolju EU ter zmanjšanju vrzeli v regulativnem sistemu in neenakosti med zaščito strank posredniških podjetij in deponentov bank.
In particular, it aims at improving the practical functioning of the ICSD, at clarifying the scope of the ICSD taking into account the financial crisis and recent changes in the EU regulatory landscape, at reducing gaps in the regulatory system and disparities between the protection of clients of the brokerage firms and of banking depositors.
Predlog ob upoštevanju obstoječih razlik v delovanju shem na nacionalni ravni določa skupna pravila za zagotovitev usklajenosti financiranja shem in vsakodnevnega delovanja; to je tudi podlaga za vzpostavitev mehanizma posojil med nacionalnimi shemami kot zadnje možnosti za pokritje morebitnih začasnih potreb shem, pri čemer Evropski organ za vrednostne papirje in trge opravi strogo oceno, vsako posojilo pa je treba vrniti najpozneje v petih letih.
In the light of the existing differences in the functioning of the schemes at national level, the proposal introduces common rules to ensure a degree of harmonisation in the funding of the schemes and in the day-to-day practice; this is also the basis for the provision of a borrowing mechanism among national schemes as a last resort tool to compensate any temporary needs from schemes, subject to a rigorous assessment carried out by the European Securities and Markets Authority and to the obligation to repay any loan within the maximum period of five years.
Predlog je v skladu z načelom sorazmernosti, saj so bile vse rešitve ocenjene glede na njegovo stroškovno učinkovitost, poleg tega pa upoštevajo posebnosti trgov v državah članicah.
The proposal respects the principle of proportionality as all solutions have been assessed against its cost-efficiency and they respect the particularities of markets in Member States.
Predlog ne presega okvirov, ki so potrebni za doseganje zastavljenih ciljev, tj. zlasti ohranja načela minimalnega usklajevanja, kjer je to ustrezno, na primer pri pogojih, v skladu s katerimi morajo člani odškodninskih shem prispevati v shemo.
The proposal does not go beyond what it is necessary to achieve the objectives pursued, in particular, it keeps minimum harmonisation principles where pertinent, for instance concerning the modalities according to which the members of the compensation schemes have to contribute to the scheme.
Uvedba sistema posojil med nacionalnimi shemami je v skladu z načelom sorazmernosti, saj ne posega v fiskalne pristojnosti držav članic; je ukrep v skrajnem primeru, ki se uporabi potem, ko so bili uporabljeni drugi mehanizmi financiranja (običajni in dodatni prispevki članov) in samo uvaja možnost posojil, za katere je določeno plačilo obresti in obveznost poplačila sheme, ki si izposoja, ter je časovno in po obsegu omejen.
The introduction of a borrowing system between the national schemes is consistent with the proportionality principle in that it does not impinge any fiscal responsibility of Member States, it is a last resort measure subject to the previous use of other funding mechanisms (ordinary and additional contributions from members), it only introduces a lending possibility subject to the payment of interests and to a repayment obligation from the borrowing scheme and it is limited in time and size.
2. ,investicijski posel‘ pomeni investicijske storitve in dejavnosti, kot so opredeljene v členu 4(1)(2) Direktive 2004/39/EGS, ter pomožne storitve iz točke 1 oddelka B Priloge I k Direktivi 2004/39/ES Evropskega parlamenta in Sveta;
2. 'investment business' shall mean investment services and activities as defined in Article 4(1)(2) of Directive 2004/39/EC and the ancillary service referred to in point 1 of Section B of the Annex I to Directive 2004/39/EC of the European Parliament and of the Council;
2. ,investicijski posel‘ pomeni vsakršne investicijske storitve in dejavnosti, kot so opredeljene v členu 4(1)(2) Direktive 2004/39/EGS, ter pomožne storitve iz točke 1 oddelka B Priloge I k Direktivi 2004/39/ES Evropskega parlamenta in Sveta;
2. 'investment business' shall mean any of the investment services and activities as defined in Article 4(1)(2) of Directive 2004/39/EC and the ancillary service referred to in point 1 of Section B of the Annex I to Directive 2004/39/EC of the European Parliament and of the Council;
Člen 1 – točka 1 – točka a a (novo)
Article 1 – point 1 – point a a (new)
„3. , instrumenti‘ pomeni instrumente, navedene v oddelku C Priloge I k Direktivi 2004/39/ES ;“
"3. 'instruments' shall mean the instruments listed in Section C of Annex I to Directive 2004/39/EC ; "
(b) sodni organ je izdal odločbo zaradi razlogov, neposredno povezanih s finančnim položajem investicijskega podjetja ali finančnim položajem katere koli tretje osebe, pri kateri je investicijsko podjetje deponiralo finančne instrumente, ki vpliva na začasen odlog možnosti, da vlagatelj predloži terjatev do podjetja ali da podjetje predloži terjatev do tretje osebe.
(b) a judicial authority has made a ruling, for reasons directly related to the financial circumstances of the investment firm or the financial circumstances of any third party with whom financial instruments have been deposited by the investment firm, which has the effect of suspending investors' ability to make claims against the firm or the firm's ability to make claims against the third party.
(b) sodni organ je izdal odločbo , ki je v skladu z zakonodajo države članice izvršljiva zaradi razlogov, neposredno povezanih s finančnim položajem investicijskega podjetja ali finančnim položajem katere koli tretje osebe, pri kateri je investicijsko podjetje deponiralo finančne instrumente, ki vpliva na začasen odlog možnosti, da vlagatelj predloži terjatev do podjetja ali da podjetje predloži terjatev do tretje osebe.
(b) a judicial authority has made a ruling which is enforceable, in accordance with the Member State’s legislation , for reasons directly related to the financial circumstances of the investment firm or the financial circumstances of any third party with whom financial instruments have been deposited by the investment firm, which has the effect of suspending investors' ability to make claims against the firm or the firm's ability to make claims against the third party.
Tudi za sodno odločbo bi moralo veljati, da se je zoper njo možno pritožiti ali da je preprosto izvršljiva.
A court decision could, also, be subject to appeals or simply enforceable.
Ta določba bi se morala nanašati samo na izvršljive sodbe.
This provision should refer only to enforceable ones.
Člen 1 – točka 4 – točka d
Article 1 – point 4 – point d
(d) Odstavek 4 se črta .
(d) Paragraph 4 is deleted.
(d) Odstavek 4 se nadomesti z naslednjim :
(d) Paragraph 4 is replaced by the following:
Država članica lahko omeji kritje iz te direktive na določen odstotek vlagateljeve terjatve.
A Member State may limit the cover provided for in this Directive to a specified percentage of an investor's claim.
Odstotek kritja je enak ali večji od 80 % terjatve, če je znesek, ki naj se plača iz odškodninske sheme, nižji od tistega, ki je določen v tej direktivi .
The percentage covered shall , however, be equal to or exceed 80 % of the claim as long as the amount to be paid under the compensation scheme is lower than that provided for in this Directive ."
Člen 4 b – odstavek 1 – točka b
Article 4 b – paragraph 1 – point b
(b) položaj iz točke (a) tega pododstavka je posledica pomanjkanja sredstev, kot je navedeno v členu 4a(3):
(b) the situation referred to in point (a) of this subparagraph is due to a lack of funds as referred to in Article 4a(3);
(b) položaj iz točke (a) tega pododstavka je posledica dejstva, da ciljna raven sredstev, kot je navedeno v členu 4a(3), ni bila dosežena :
(b) the situation referred to in point (a) of this subparagraph is due to the fact that the target level of funds as referred to in Article 4a(3) has not been reached ;
Natančnejše pojasnilo.
For a better clarification.
Člen 4 b – odstavek 3– pododstavek 2
Article 4 b – paragraph 3 – subparagraph 2
Evropski organ za vrednostne papirje in trge svojo potrditev skupaj s podatki iz odstavka (g) posreduje posojilnim shemam.
ESMA shall transmit its confirmation together with the information referred to in paragraph (g) to the lending Schemes.
To potrditev in podatke prejmejo v 15 delovnih dneh.
They shall receive this confirmation and information within 15 working days.
Posojilne sheme čim prej in najpozneje v naslednjih 15 delovnih dneh po prejemu izvršijo izplačilo posojila shemi, ki si izposoja.
The lending schemes shall, without delay but at the latest within further 15 working days after reception effect payment of the loan to the borrowing scheme.
Posojilne sheme čim prej in najpozneje v naslednjih 30 delovnih dneh po prejemu izvršijo izplačilo posojila shemi, ki si izposoja.
The lending schemes shall, without delay but at the latest within further 30 working days after reception effect payment of the loan to the borrowing scheme.