natgillin/translations-raw huggingface dataset:
(12c) Komisija bi morala podati ustrezen horizontalen zakonodajni predlog, v katerem bi pojasnila odgovornosti in obveznosti depozitarja ter uredila pravico depozitarja v eni državi članici, da opravlja storitve v drugi državi članici (enotna licenca).
(12c) The Commission should put forward an appropriate horizontal legislative proposal that clarifies the responsibilities and liabilities of a depositary and governs the right of a depositary in one Member State to provide its services in another Member State (passport).
Ta zakonodajni predlog bi moral nadomestiti ustrezne zahteve za depozitarje v tej direktivi.
That legislative proposal should replace the relevant depositary requirements of this Directive .
(12d) Komisija bi morala zagotoviti, da se zahteve za depozitarje iz te direktive uporabljajo za depozitarje KNPVP, zato bi morala v ta namen najkasneje do datuma začetka veljavnosti te direktive ustrezno spremeniti Direktivo 2009/65/ES.
(12d) The Commission should ensure that the requirements concerning depositaries set out in this Directive are applied to UCITS depositaries and should for that purpose revise Directive 2009/65/EC accordingly by the date of entry into force of this Directive.
(13) Zanesljivo in objektivno vrednotenje sredstev je nujno za zaščito interesov vlagateljev.
(13) Reliable and objective asset valuation is crucial for the protection of investor interests.
Različni UAIS uporabljajo različne metodologije in sisteme za vrednotenje sredstev, odvisno od sredstev in trgov, v katere večinoma vlagajo.
Different AIFM employ different methodologies and systems for valuing assets, depending on the assets and markets in which they predominantly invest.
Primerno je, da se te razlike priznajo.
It is appropriate to recognise these differences.
Proces vrednotenja premoženja in izračunavanja čiste vrednosti sredstev bi moral biti funkcionalno neodvisen od funkcij upravljanja UAIS.
The process for valuation of assets and calculation of the net asset value should be functionally independent from the management functions of the AIFM.
Kadar je to ustrezno, bi moralo biti UAIS omogočeno, da proces vrednotenja premoženja in izračunavanja čiste vrednosti sredstev prenese na tretjo osebo.
Where relevant, AIFM should be able to delegate the valuation of assets and the calculation of the net asset value to a third party.
(14) UAIS lahko odgovornost za izvajanje nekaterih svojih funkcij naložijo v skladu s to direktivo.
(14) AIFM may delegate responsibility for the performance of some of their functions in accordance with this Directive.
UAIS bi morali biti še naprej odgovorni za pravilno izvajanje nalog in za skladnost s predpisi iz te direktive.
AIFM should remain responsible for the proper performance of their functions and compliance with the rules set out in this Directive.
(15) Glede na to, da lahko UAIS, ki v svojih naložbenih strategijah uporabljajo finančne vzvode, v določenih okoliščinah prispevajo k nastanku sistemskega tveganja ali neurejenih trgov, je treba UAIS, ki uporabljajo določene tehnike, ki povzročijo posebna tveganja, naložiti posebne zahteve.
(15) Given that AIFM employing leverage in their investment strategies may, under certain conditions, contribute to the build up of systemic risk or disorderly markets, special requirements should be imposed on AIFM using certain techniques giving rise to particular risks.
Informacije, potrebne za odkrivanje, spremljanje in odzivanje na ta tveganja, v Uniji še niso bile zbrane in izmenjane med državami članicami, da bi bilo mogoče opredeliti potencialne vire tveganja za stabilnost finančnih trgov v Uniji .
The information needed to detect, monitor and respond to those risks has not been collected in a consistent way throughout the Union , and shared across Member States so as to identify potential sources of risk to the stability of financial markets in the Union .
Da bi popravili to stanje, morajo za te UAIS, ki v svojih naložbenih strategijah uporabljajo finančne vzvode, veljati posebne zahteve.
To remedy this situation, special requirements should apply to those AIFM which use leverage in their investment strategies.
Ti UAIS morajo določiti meje finančnega vzvoda za vsak AIS, ki ga upravljajo, in razkriti informacije v zvezi z uporabo in viri finančnega vzvoda.
Those AIFM should be obliged to set leverage limits in respect of each AIF they manage and to disclose information regarding their use and sources of leverage.
Razkrite informacije je treba poslati Evropskemu organu za vrednostne papirje in trge in jih izmenjati z drugimi organi v Skupnosti, da se pospeši skupna analiza vpliva finančnega vzvoda teh UAIS na finančni sistem v Skupnosti in tudi skupni odziv na to.
The information disclosed should be transmitted to ESMA and shared with other authorities in the Community, so as to facilitate a collective analysis of the impact of the leverage of those AIFM on the financial system in the Community, as well as a common response.
Pristojni organi bi morali te informacije posredovati tudi Evropskemu odboru za sistemska tveganja, ustanovljenemu z Uredbo (EU) št. …/2010 Evropskega parlamenta in Sveta z dne …
The competent authorities should also pass such information to the Europe an Systemic Risk Board established under Regulation (EU) No .../2010 of the European Parliament and of the Council of ...
* UL: Vstaviti številko uredbe v KOM(2009)0499 . * (ESRB), da bi jih ta uporabil pri opravljanju svojih nalog.
* OJ: Please insert number of the regulation in COM(2009)0499 . * (ESRB) for use in the performance of its duties.
Evropskemu organu za vrednostne papirje in trge bi bilo na podlagi teh informacij in ob upoštevanju mnenja Evropskega odbora za sistemska tveganja nujno treba dovoliti, da določi, ali finančni vzvod, ki ga uporablja UAIS, znatno ogroža stabilnost in celovitost finančnega sistema, ter natančno opredeli popravne ukrepe, ki jih je treba sprejeti (vključno z omejitvijo ravni finančnih vzvodov, ki jih ta UAIS lahko uporabi).
It is considered necessary to allow ESMA, on the basis of that information, and after taking into account the advice of the ESRB, to determine whether the leverage employed by an AIFM poses a substantial risk to the stability and integrity of the financial system and to specify the remedial measures to be taken (including limits to the level of leverage which that AIFM can employ).
Evropski organ za vrednostne papirje in trge bi moral Komisijo in pristojne organe nemudoma obvestiti o vsaki taki določitvi.
ESMA should immediately inform the Commission and the competent authorities concerned of any such determination.
Pristojni organ matične države članice katerega koli UAIS, za katerega velja taka določitev, bi moral izvesti odločitve Evropskega organa za vrednostne papirje in trge.
The competent authority of the home Member State of any AIFM which is the subject of such a determination should implement the decisions of ESMA.
(15a) Glede na splošni cilj finančne stabilnosti in obvladovanja sistemskega tveganja bi bilo treba posebno pozornost nameniti finančnim institucijam, na primer posojilnim institucijam in glavnim borznim posrednikom, ki so ključni partnerji za AIS in so dejavni pri postopkih ustvarjanja tveganja.
(15a) In view of the general objective of financial stability and containment of systemic risk, particular attention should be paid to financial institutions such as lending institutions and prime brokers which are key partners to the AIF and are active in the building risk processes.
Te institucije bi morale izpolnjevati zahteve glede razkritja v odnosu do pristojnih organov, poleg tega pa bi morale zanje veljati posebne kapitalske zahteve ob upoštevanju tveganja, ki so mu izpostavljene glede na svoje vezi z AIS.
Those institutions should, in addition to complying with disclosure requirements towards competent authorities, also be subject to specific capital requirements considering the risk they incur, depending on their links with AIF.
Poleg tega bi morali glavni posredniki (angl. prime brokers) in drugi posojilodajalci v UAIS in AIS izpolnjevati vse ustrezne predpise, zlasti Direktivo 2006/48/ES in Direktivo 2006/49/ES, kar zadeva varno in skrbno poslovanje.
In addition, prime-brokers and other lenders to AIFM and AIF should comply with all applicable laws, notably Directive 2006/48/EC and Directive 2006/49/EC, in the case of prudential regulation.
Poleg tega je treba v ustreznih zakonodajnih besedilih kot nujno obravnavati navzkrižje interesov, do katerega pride, ko take institucije same vodijo AIS, vzporedno pa zagotavljajo storitve svojim strankam.
Moreover, the conflict of interest arising when those institutions run AIF themselves in parallel to providing services to their customers should be addressed in the appropriate legislative texts as a matter of urgency.
V ta namen je treba vzpostaviti posebno usklajevanje med Evropskim organom za vrednostne papirje in trge ter Evropskim nadzornim organom (bančništvo), ustanovljenim v skladu z Uredbo (EU) št. …/2010 Evropskega parlamenta in Sveta z dne …
To that end, specific coordination should be put in place between ESMA and the European Supervisory Authority (Banking) established under Regulation (EU) No.../2010 of the European Parliament and of the Council of ...
* UL: Vstaviti številko uredbe v KOM(2009)0501 . * (EBA), da bi lahko spremljali raven financiranja, ki jo takemu UAIS zagotovijo finančne institucije, udeležene v teh dejavnostih.
* OJ: Please insert number of the regulation in COM(2009)0501 . * (EBA) to keep track of the level of financing provided to such AIFM by financial institutions involved in these activities.
(16a) Prodaja na kratko je razširjena tržna praksa, ki jo UAIS in drugi udeleženci na trgu uporabljajo v veliki meri.
(16a) Short selling is a widespread market practice extensively used by AIFM and other market participants.
Čeprav ima včasih koristno vlogo pri ohranjanju likvidnosti trgov, jih obenem naredi manj stabilne in zaradi svojega procikličnega učinka prispeva k njihovi destabilizaciji.
Although it may sometimes perform a useful role in keeping markets liquid, it also makes them more volatile and plays a part in destabilising them because of its pro-cyclical effect.
Zlasti v izrednih tržnih razmerah lahko prodaja na kratko prispeva k motnjam na trgu.
Notably in extreme market conditions, short selling may contribute to market disorder.
Že dolgo je priznano, da prodaja na kratko prispeva k upadanju tržnih cen vedno, ko se pojavi kriza na finančnem trgu.
The part played by short selling in accelerating a market downturn has long been documented whenever a financial market crisis occurs.
Poleg tega lahko prodaja na kratko spodbudi širjenje lažnih informacij, da bi ustvarili dobiček na šibkem trgu.
In addition, short selling can encourage the spread of false rumours with a view to making a profit on a falling market.
Ker sta pravilno delovanje in integriteta trgov bistvena za ponovno pridobitev zaupanja dolgoročnih vlagateljev, ki so bistveni za financiranje gospodarstva, in ker integracija finančnih trgov zahteva skupne prakse v Uniji, da bi se izognili izbiranju najugodnejših predpisov, bi morala prodaja na kratko potekati v usklajenem regulativnem okviru, da bi tako zmanjšali njen morebitni destabilizacijski učinek.
As the orderly operation and integrity of markets is vital to restoring the confidence of long-term investors, who are vital to finance the economy, and as the integration of financial markets demands common practices within the Union in order to avoid forum shopping, short selling should operate in a harmonised regulatory framework to reduce the potential destabilising effect that it may cause.
Komisija bi morala zato predlagati horizontalni ukrep na ravni Unije, s katerim bi zagotovila enake konkurenčne pogoje za UAIS in druge uporabnike prodaje na kratko ter prepovedala nekrito prodajo na kratko v Uniji.
For this purpose, the Commission should propose a horizontal measure at Union level that ensures a level playing field between AIFM and other users of short selling and that bans naked short selling in the Union .
16. in z njo prepovedati nekrito prodajo na kratko.
16. should be amended and should prohibit naked short selling.
(17) Treba je zagotoviti, da UAIS vsem podjetjem, v katerih ima kontrolni ali prevladujoči vpliv, zagotovi informacije, potrebne za to, da podjetje oceni, kako ta kontrolni vpliv kratko- in srednjeročno vpliva na gospodarsko in socialno stanje podjetja.
(17) It is necessary to ensure that an AIFM provides all companies over which it can exercise a controlling or dominant influence with the information necessary for the company to assess how this controlling influence in the short to medium term impacts the company's economic and social situation.
Kadar UAIS upravljajo AIS, ki lahko imajo kontrolni vpliv pri izdajatelju, katerega delnice so sprejete v trgovanje na reguliranem trgu, bi bilo treba informacije razkriti v skladu z Direktivo Evropskega parlamenta in Sveta 2004/25/ES z dne 21. aprila 2004 o ponudbah za prevzem
When AIFM are managing AIF which are in a position to exercise controlling influence in an issuer whose shares are admitted to trading on a regulated market, information should be disclosed in accordance with Directive 2004/25/EC of the Europe an Parliament and of the Council of 21 April 2004 on takeover bids
Da bi zagotovili enake konkurenčne pogoje med izdajatelji in podjetji, ki ne kotirajo na borzi in v katera vlagajo UAIS, morajo obveznosti iz te direktive veljati za UAIS, ki upravljajo AIS, ki imajo lahko kontrolni vpliv pri izdajatelju, katerega delnice so sprejete v trgovanje na reguliranem trgu, samo, če in kolikor presegajo obstoječe določbe prava Unije, ki se uporabljajo za izdajatelje.
In order to guarantee a level playing field between the issuers and non-listed companies, which AIFM invest in, the requirements of this Directive should thus apply to AIFM, which are managing AIF which are in a position to exercise controlling influence in an issuer whose shares are admitted to trading on a regulated market, only if and to the extent that they exceed already existing provisions of Union law, applicable to issuers.
V ta namen za UAIS, ki upravljajo AIS in imajo kontrolni vpliv na podjetja, ki ne kotirajo na borzi, veljajo posebne zahteve, zlasti v zvezi s priglasitvijo obstoja takšnega vpliva in v zvezi z razkritjem informacij podjetju in vsem njegovim delničarjem o namenih UAIS v zvezi s prihodnjim poslovnim razvojem in drugimi načrtovanimi spremembami v podrejenem podjetju.
To this end, particular requirements should apply to AIFM managing AIF which are in a position to exercise controlling influence over a non-listed company, in particular to notify the existence of this position and to disclose information to the company and all its other shareholders about the intentions of the AIFM with regard to the future business development and other planned changes of the controlled company.
Da se zagotovi preglednost v zvezi s podrejenim podjetjem, bi morale veljati strožje zahteve za poročanje.
In order to ensure transparency regarding the controlled company, enhanced reporting requirements should apply.
V letna poročila zadevnih AIS je treba vključiti informacije, ki so specifične za vrsto naložbe in podrejeno podjetje.
The annual reports of the relevant AIF should be supplemented with information that is specific to the type of investment and the controlled company.
(17a) Zagotoviti je treba, da za podjetja s portfelji ne bodo veljale strožje zahteve kot za katerega koli drugega izdajatelja ali podjetje, ki ne kotira na borzi, prejemnika zasebnih naložb, ki niso naložbe AIS.
(17a) It is necessary to ensure that portfolio companies are not subject to more stringent requirements than any other issuer or non-listed company receiving private investment other than the investment provided by AIF.
Čeprav je potrebna preglednost prava družb, bi vsaka diskriminacija, kot je nalaganje obveznosti razkritja določenih strateških in razvojnih načrtov za podjetja s portfelji, na podlagi njihovega lastništva, vplivala na pošteno konkurenco in ogrozila financiranje inovacij v Evropski uniji.
While transparency in corporate law is needed, any discrimination such as the imposition of an obligation to make specific disclosure of the portfolio company's strategy and development plan based on ownership of the company would affect fair competition and endanger the financing of innovation in the European Union.
Ogroziti bi utegnila tudi pravice drugih delničarjev.
It may also affect the rights of other shareholders.
Zato bi morala Komisija najkasneje do datuma začetka veljavnosti te direktive pregledati ustrezno zakonodajo na področju prava družb in ustrezne direktive o finančnem sektorju ter vnesti potrebne spremembe v obliki zakonodajnih predlogov, vključno z morebitnimi ustreznimi predlogi sprememb, ki so potrebne v tej direktivi.
To that end, the Commission should conduct a review of all relevant company law legislation as well as of relevant financial sector directives at the latest by the date of entry into force of this Directive, and should make necessary changes in the form of a legislative proposal, including any appropriate amendments needed to this Directive.
Poročilo Komisije in z njim povezani predlogi bi morali zagotavljati enake konkurenčne pogoje med podjetji s portfelji in drugimi podjetji.
The Commission's report and associated proposal should ensure a level playing-field between portfolio companies and other companies.
V svojem poročilu in predlogih bi morala Komisija upoštevati varstvo pravic delničarjev, pa tudi potrebo po enakih mednarodnih konkurenčnih pogojih in evropsko konkurenčnost glede financiranja inovacij in razvoja tehnologij.
In its report and proposal, the Commission should take into account the protection of shareholders' rights as well as the need for an international level playing-field and European competitiveness regarding the financing of innovation and developing technologies .
(17b) Da bi se izognili morebitni odprodaji podjetja po delih, mora biti čista vrednost premoženja ciljnega podjetja, ki ga nadzira AIS, v skladu z določbami sistema kapitalske ustreznosti iz druge direktive o pravu družb
(17b) In order to avoid potential asset-stripping, the net assets of a target company controlled by an AIF should comply with the provisions of the capital adequacy regime under the Second Company Law Directive
Druga direktiva Sveta 77/91/EGS z dne 13. decembra 1976 o uskladitvi zaščitnih ukrepov za varovanje interesov družbenikov in tretjih oseb, ki jih države članice zahtevajo od gospodarskih družb v skladu z drugim odstavkom člena 58 Pogodbe glede ustanavljanja delniških družb ter ohranjanja in spreminjanja njihovega kapitala, zato da se oblikujejo zaščitni ukrepi z enakim učinkom v vsej Skupnosti (UL L 26, 31.1.1977, str.
Second Council Directive 77/91/EEC of 13 December 1976 on coordination of safeguards which, for the protection of the interests of members and others, are required by Member States of companies within the meaning of the second paragraph of Article 58 of the Treaty, in respect of the formation of public limited liability companies and the maintenance and alteration of their capital, with a view to making such safeguards equivalent (OJ L 26, 31.1.1977, p.
(18) Veliko UAIS trenutno upravlja AIS s sedežem v kateri od tretjih držav .
(18) Many AIFM currently manage AIF established in a third country .
Primerno je, da se UAIS, ki imajo dovoljenje, dovoli upravljanje AIS s sedežem v kateri od tretjih držav , pod pogojem ustrezne ureditve, ki zagotavlja dobro vodenje teh AIS in učinkovito varno hrambo premoženja, ki ga vložijo vlagatelji iz Unije .
It is appropriate to allow authorised AIFM to manage AIF established in a third country , subject to appropriate arrangements that ensure the sound administration of those AIF and the effective safe-keeping of assets invested by Union investors.
(19) UAIS morajo biti zmožni tudi tržiti AIS s sedežem v kateri od tretjih držav profesionalnim vlagateljem v matični državi članici in drugim državam članicam.
(19) AIFM should also be able to market AIF established in a third country to professional investors both in the home Member State of the AIFM and in other Member States.
Za navedeno pravico morajo veljati postopki priglasitve in izpolnjevanje zahtev v zvezi s tretjo državo.
That right should be subject to notification procedures and the satisfaction of requirements concerning the third country .
Kadar ima tudi UAIS sedež v tretji državi, bi se moralo od njega zahtevati izpolnjevanje zahtev iz te direktive, tako da bi zanj veljale iste obveznosti kot za UAIS s sedežem v Uniji, pri čemer bi imel na podlagi te direktive enake pravice.
Where the AIFM is also established in a third country, then it should be required to comply with this Directive, so that it is subject to the same obligations as AIFM established in the Union, when receiving the same rights under this Directive .
(20) Za sredstva, ki so v tretji državi, in pod nekaterimi pogoji je primerno, da se UAIS s sedežem v Uniji dovoli prenos nekaterih upravnih nalog na subjekt s sedežem v tretji državi, pod pogojem, da veljajo potrebni zaščitni ukrepi.
(20) For assets located in a third country and under certain conditions it is appropriate to allow the AIFM to delegate administrative tasks to an entity established in that third country provided that necessary safeguards are in place.
Podobno lahko depozitar del svojih nalog v zvezi z AIS s sedežem v tretji državi prenese na depozitarja v tej tretji državi, pod pogojem, da zakonodaja te tretje države zagotavlja raven zaščite interesov vlagateljev, ki je enakovredna ravni zaščite v Uniji .
Similarly, a depositary may delegate some of its depositary tasks in respect of AIF established in a third country to a depositary established in that third country, provided that the legislation of that third country ensures a level of protection of investor interests which is equivalent to that in the Union .
Poleg tega bi morali biti UAIS zmožni izkazovati ustrezno skrbnost, sposobnost in gospodarnost pri izbiri, imenovanju in rednem pregledovanju te tretje osebe in dogovorov glede zadev, ki jih je nanjo prenesel.
In addition, AIFM should be able to exercise due care, skill and diligence in the selection, appointment and periodic review of that third party and of its arrangements in respect of the matters delegated to it .
Biti mora tudi mogoče, da UAIS imenuje pravno ali funkcionalno neodvisnega cenilca s sedežem v tretji državi.
It should also be possible for ▌AIFM to appoint a legally or functionally independent valuator established in a third country.
(21) Osnovno načelo te direktive bi moralo biti, da bi moral imeti UAIS s sedežem v tretji državi pravice iz te direktive (npr. da trži deleže ali enote v AIS po vsej Uniji na podlagi licence) samo, kadar zanj veljajo obveznosti iz te direktive.
(21) A basic principle of this Directive should be that an AIFM established in a third country should benefit from the rights conferred under this Directive (such as to market shares and units in AIF throughout the Union under a visa) only where it is subject to the obligations of this Directive.
S tem bi zagotovili konkurenčno enakost z UAIS, ki imajo sedež v Uniji (vprašanje enakih konkurenčnih pogojev).
This should ensure competitive equality with AIFM established in the Union (the level playing field issue).
S to direktivo bi zato morali določiti način, na katerega bi imeli UAIS s sedežem v tretji državi dovoljenje v skladu s to direktivo.
This Directive should therefore establish a means for AIFM established in a third country to be authorised under this Directive.
Zaradi praktičnih vidikov in vidikov glede nacionalne suverenosti bi morala ta direktiva določati, da se morajo UAIS s sedežem v tretji državi prostovoljno strinjati, da bodo ravnali skladno s to direktivo.
In order to meet practical and national sovereignty concerns, this Directive should therefore require AIFM established in a third country voluntarily to agree to comply with this Directive.