natgillin/translations-raw huggingface dataset:
Direktiva Sveta 85/611/EGS z dne 20. decembra 1985 o usklajevanju zakonov in drugih predpisov o kolektivnih naložbenih podjemih za vlaganja v prenosljive vrednostne papirje (KNPVPVP) (UL L 375, 31.12.1985, str.
Council Directive 85/611/EEC of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS)(OJ L 375, 31.12.1985, p.
3), kakor je bila nazadnje spremenjena z Direktivo 2005/1/ES (UL L 79, 24.3.2005, str.
3), as last amended by Directive 2005/1/EC (OJ L 79, 24.3.2005, p.
9). o kolektivnih naložbenih podjemih za vlaganja v prenosljive vrednostne papirje (KNPVPVP), z namenom zakonsko urediti družbe za upravljanje in izvlečke prospektov v povezavi z vlaganju KNPVPVP,
9). , on undertakings for collective investment in transferable securities (UCITS), respectively, with a view to regulating management companies and simplified prospectuses, and with regard to investments of UCITS,
- ob upoštevanju Direktive 2004/39/ES Evropskega parlamenta in Sveta z dne 21. aprila 2004 o trgih finančnih instrumentov
- having regard to Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments
UL L 145, 30.04.2004, str.
OJ L 145, 30.4.2004, p.
- ob upoštevanju Direktive 2005/1/ES
- having regard to Directive 2005/1/EC
UL L 79, 24.03.2005, str.
OJ L 79, 24.3.2005, p.
- ob upoštevanju Direktive 2003/41/ES Evropskega parlamenta in Sveta z dne 3. junija 2003 o dejavnostih in nadzoru institucij za poklicno pokojninsko zavarovanje
- having regard to Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision
- ob upoštevanju Direktive 2002/92/ES Evropskega parlamenta in Sveta z dne 9. decembra 2002 o zavarovalnem posredovanju
- having regard to Directive 2002/92/EC of the European Parliament and of the Council of 9 December 2002 on insurance mediation
3. in Direktive 2002/83/ES Evropskega parlamenta in Sveta z dne 5. novembra 2002 o življenjskem zavarovanju
(Insurance Mediation Directive) and Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance
UL L 345, 19.12.2002, str.
OJ L 345, 19.12.2002, p.
- ob upoštevanju svoje resolucije z dne 15. januarja 2004 o prihodnosti tveganih skladov (hedge) in izvedenih finančnih instrumentov
- having regard to its resolution of 15 January 2004 on the future of hedge funds and derivatives
UL C 92 E, 16.04.2004, str.
OJ C 92 E, 16.4.2004, p.
- ob upoštevanju poročila strokovne skupine za upravljanje premoženja z dne 7. maja 2004 in poročil strokovne skupine iz julija 2006 ter resolucije z dne 27. aprila 2006 o upravljanju premoženja
- having regard to the Asset Management Expert Group report of 7 May 2004 and Expert Group reports of July 2006, and to its resolution of 27 April 2006 on asset management
UL C 296 E, 6.11.2006, str.
OJ C 296 E, 6.11.2006, p.
- ob upoštevanju nasveta Odbora evropskih regulativnih organov s področja vrednostnih papirjev (CESR) Komisiji z dne 26. januarja 2006 glede razjasnitve opredelitev v zvezi s primernim premoženjem za naložbe KNPVPVP (CESR/06-005),
- having regard to the Committee of European Securities Regulators (CESR)' advice to the Commission of 26 January 2006 on clarification of definitions concerning eligible assets for investments of UCITS (CESR/06-005),
- ob upoštevanju poročila Mednarodnega denarnega sklada o svetovni finančni stabilnosti in razvoju trgov ( Global Financial Stability Report: Market Developments and Issues ) iz aprila 2007,
- having regard to the Global Financial Stability Report: Market Developments and Issues, of April 2007, International Monetary Fund,
- ob upoštevanju poglavja IV o finančni stabilnosti in integraciji iz letnega poročila Evropske centralne banke iz aprila 2007,
- having regard to the ECB annual report 2006, Chapter IV: Financial Stability and Integration of April 2007,
- ob upoštevanju Direktive Komisije 2006/73/ES z dne 10. avgusta 2006 o izvajanju Direktive 2004/39/ES Evropskega parlamenta in Sveta v zvezi z organizacijskimi zahtevami in pogoji poslovanja investicijskih družb ter opredeljenimi izrazi za namene navedene direktive
- having regard to Commission Directive 2006/73/EC of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive
26. (izvedbena direktiva MiFID),
(MiFID Implementing Directive),
- ob upoštevanju priporočil odbora CESR o spodbudah v skladu z MiFID, maj 2007 (CESR/07-228b),
- having regard to the CESR Recommendations on Inducements under MiFID of May 2007 (CESR/07-228b),
- ob upoštevanju 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
- having regard to Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on prospectus to be published when securities are offered to the public or admitted to trading
UL L 345, 31.12.2003, str.
OJ L 345, 31.12.2003, p.
- ob upoštevanju predloga Komisije za Direktivo Evropskega parlamenta in Sveta o začetku opravljanja in opravljanju dejavnosti zavarovanja in pozavarovanja ( KOM(2007)0361 ) – C6-0231/2007 – 2007/0143(COD) ) (direktiva o solventnosti II),
- having regard to the Commission proposal for a directive of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance ( COM(2007)0361 - C6-0231/2007 - 2007/0143(COD) ) (Solvency II Directive),
- ob upoštevanju sklepov Ekonomsko-finančnega sveta z dne 8. maja 2007,
- having regard to the ECOFIN Council conclusions of 8 May 2007,
- ob upoštevanju poročila foruma za finančno stabilnost o institucijah z visoko stopnjo finančnih vzvodov z dne 19. maja 2007,
- having regard to the Financial Stability Forum Report on Highly Leveraged Institutions of 19 May 2007,
- ob upoštevanju poročila usmerjevalne skupine Organizacije za gospodarsko sodelovanje in razvoj iz maja 2007 z naslovom "Vloga zasebnih skladov kapitala pri upravljanju družb: o vlogi zasebnih kapitalskih družb in 'aktivističnih' tveganih skladov“,
- having regard to the OECD Steering Group report of May 2007, entitled "The role of private pools of capital in corporate governance: about the role of private equity firms and "activist" hedge funds",
- ob upoštevanju poročila Odbora za ekonomske in monetarne zadeve ( A6-0460/2007 ),
- having regard to the report of the Committee on Economic and Monetary Affairs ( A6‑0460/2007 ),
A. ker Parlament s to resolucijo ne namerava obravnavati petih zakonodajnih ukrepov revizijskega svežnja KNPVPVP III (poenostavitev postopka priglasitve, uvedba potnega lista za družbe za upravljanje, revizija izvlečka prospekta, vzpostavitev okvira za spojitev skladov in okvira za združevanje) ali razpravljati o spremembi sodelovanja pri nadzoru, ki je načrtovana v teh petih letih,
A. whereas the Parliament with this resolution does not intend either to address the five legislative measures of the UCITS III revision package, namely the facilitation of the notification procedure, the establishment of a management company passport, the revision of the simplified prospectus and the creation of a framework for fund mergers and a framework for pooling, or to discuss modifications of supervisory cooperation foreseen in these five areas,
B. ker namerava Evropski parlament v celoti izpolniti svojo vlogo pri oblikovanju bolj povezanega evropskega trga za investicijske sklade, ki presega prihodnjo omejeno revizijo direktive 85/611/EGS, kakor je bila spremenjena zlasti z direktivama 2001/107/ES in 2001/108/ES (direktiva KNPVPVP III),
B. whereas the European Parliament intends to play its full role in designing a more integrated European market for investment funds going beyond the forthcoming limited revision of the Directive 85/611/EEC as amended especially by Directives 2001/107/EC and 2001/108/EC (UCITS III Directive),
C. ker odprti nepremičninski skladi, krovni tvegani skladi (hedge) in drugi neusklajeni skladi za male vlagatelje ostajajo zunaj okvira KNPVPVP in zato ne uporabljajo evropskega potnega lista, kar omejuje raznovrstnost naložbenih proizvodov, ki so na voljo malim vlagateljem, in naložbeno strategijo KNPVPVP,
C. whereas open-ended real estate funds (OREF) and funds of hedge funds (FoHF) as well as other non-harmonised retail funds, remain currently outside the UCITS framework and hence do not benefit from a European passport, which limits the diversity of investment products available to retail investors as well as the investment strategy of UCITS,
D. ker različni sistemi in prakse zasebnega plasiranja ovirajo čezmejno plasiranje naložbenih proizvodov za izkušene vlagatelje,
D. whereas different national private placement regimes (PPR) and practices present an obstacle to cross-border placement of investment products to sophisticated investors,
E. ker različne zahteve za razkritje podatkov o KNPVPVP in drugih konkurenčnih naložbenih proizvodih, različni nacionalni davčni predpisi za čezmejne spojitve skladov, ovire za obdelavo skladov in različne odgovornosti onemogočajo enake pogoje za vse udeležence, večjo konkurenčnost in utrjevanje evropskega tega skladov,
E. whereas diverging disclosure requirements for UCITS and other competing investment products, different national taxation rules on cross-border fund mergers, barriers to fund processing and diverging responsibilities of depositaries present an obstacle to a level playing field, enhanced competitiveness and consolidation of the European fund market,
F. ker je bilo veliko primerov napačnega razumevanja različnih sredstev za nadomestne naložbe in ker se instrumenti, kot so tvegani skladi in zasebni kapitalski skladi, med seboj razlikujejo glede na zbiranje sredstev, cilje naložbene politike in nadzor vodstva,
F. whereas there has been much misconception over different vehicles of alternative investment and whereas instruments such as hedge funds and private equity are different , from each other, in their fund raising, investment policy objectives and management control,
1. pozdravlja ustanovitev strokovne skupine za odprte nepremičninske sklade, vendar obžaluje, da Komisija ne namenja enake pozornosti krovnim tveganim skladom; pričakuje poročilo te strokovne skupine in rezultate študije Komisije o neusklajenih skladih za male vlagatelje, kar bo omogočilo vzpostavitev enotnega trga za te proizvode;
Welcomes the establishment of an expert group on OREF, but regrets the fact that the Commission has not given equal priority to the question of FoHF; looks forward to receiving both the expert group report on OREF and the results of the Commission study on non-harmonised retail funds aiming at so as to enable the establishment of a single market for these products;
4. poziva k usklajenemu okviru za zasebno plasiranje na ravni EU, da se izboljša povezovanje enotnega trga na osnovi celovite presoje vpliva; poudarja, da mora takšna ureditev zagotavljati potrebno pravno varnost za vse udeležence, vendar ne sme biti preveč stroga in obremeniti dejavnosti zasebnega plasiranja izkušenih in dobro obveščenih udeležencev s pretirano podrobnimi ali omejevalnimi zahtevami; poudarja, da ne bi smeli dovoliti čezmernega urejanja na nacionalni ravni;
Calls for a harmonised framework for private placement at EU-level in order to enhance the single market integration, based on a thorough impact assessment; underlines that such regime must provide for the necessary legal certainty for its players but should not over-regulate and hence over-burden the private placement activities between sophisticated and well-informed players by too detailed or too prescriptive requirements; reiterates that national gold plating should not be possible;
7. predlaga, da se kot prviukrep pri reviziji KNPVPVP III leta 2008 opusti postopek obveščanja za KNPVPVP, ta opustitev pa naj velja le za majhno število zelo izkušenih vlagateljev, kot je poklicna stranka iz MiFID;
Suggests that, as a first step, a waiver from the notification process for UCITS should be introduced in the 2008 UCITS III revision, this waiver being restricted to a small number of highly sophisticated investors such as the MiFID professional client;
Distribucija, razkritje in finančna pismenost
Distribution, disclosure and financial literacy
13. v zvezi s tem zahteva revizijo zakonodajnega okvira o trženju, svetovanju in prodaji naložbenih proizvodov za male vlagatelje najpozneje do konca leta 2008, zlasti predvidene direktive o solventnosti II, direktive o zavarovalnem posredovanju (2002/92/ES) in direktive KNPVPVP III, da se dosežejo enaki konkurenčni pogoji in skladen pristop do varstva vlagateljev; poziva Komisijo, da odbore na tretji stopnji zaprosi za tehnične nasvete s tega področja, pri tem pa upošteva raznolikost proizvodov in distribucijskih poti;
Requests, in this context, a review of the legislative framework on the marketing, advise and sale of all retail investment products by the end of 2008 at the latest, in particular the upcoming Solvency II Directive, the Insurance Mediation Directive and the UCITS III Directive in order to achieve a level playing field and a coherent approach to investor protection; invites the Commission to ask the Level 3 Committees for technical advice in this area whilst taking into account the diversity of products and distribution channels;
16. ugotavlja, da določbe iz člena 26 izvedbene direktive MiFID o spodbudah veljajo za plačila ali nedenarne koristi med dvema ločenima pravnima osebama, medtem ko proizvodi, ki jih proizvaja in distribuira ista pravna oseba, ne sodijo na področje uporabe člena 26; poziva Komisijo, da preuči dejanski vpliv člena 26 na distribucijo konkurenčnih proizvodov in s tem na odprto arhitekturo;
Notes that under Article 26 of the MiFID Implementing Directive, provisions on inducements apply to payments or non-monetary benefits made between two separate legal entities whereas products that are produced and distributed by the same legal entity do not fall within the scope of Article 26; calls on the Commission to examine the practical impact of Article 26 on the distribution of competing products and hence on open architecture;
18. poziva odbor CESR, da poroča o učinku člena 26 izvedbene direktive MiFID o sedanjih ukrepih za ublažitev in združevanje v letu 2008 ter da ob upooštevanju obstoječih in morebitnih prihodnjih samoregulativnih pobud v sektorju preuči, ali bi skupen pristop za nadzor v EU koristil vlagateljem;
Calls on CESR to report on the impact of Article 26 of the MiFID Implementing Directive on current softing and bundling arrangements in 2008 and to examine, taking into account already existing as well as possible future self-regulatory initiatives by the industry, whether a common supervisory approach across the EU would benefit investors;
20. odobrava namero Komisije, da odpravi morebitna neskladja med določbami KNPVPVP III in MiFID o distribuciji, spodbudah in izvajanju pravil o poslovanju v svojem priročniku; vseeno obžaluje, da Komisija teh smernic ni objavila pred začetkom izvajanja MiFID v državah članicah; poziva Komisijo, da upošteva izvedbeno zakonodajo in predpise držav članic ter pojasni pravni status priročnika in njegove povezave z ukrepi na tretji stopnji odbora CESR in njenimi vprašanji in odgovori o MiFID;
Welcomes the Commission's intention to solve possible conflicts of UCITS III and MiFID provisions on distribution, inducements and conduct of business rules in its vade-mecum; regrets, however, that the Commission has not published this guidance before the implementation of MiFID by the Member States; calls on the Commission to take account of Member State’s implementing laws and regulations, to clarify the legal status of the vade-mecum and its relation to CESR level 3 measures as well as to the Commission’s Questions and Answers on MiFID;
Finančna pismenost
Financial Literacy
Obdavčitev čezmejnih spojitev skladov
Taxation of cross-border fund mergers
23. poziva Komisijo, da v letu 2008 pripravi direktivo o obdavčitvi spojitev skladov po načelu davčne nevtralnosti iz direktiv 90/434/EGS
Calls on the Commission to prepare a taxation of fund mergers directive following the principle of tax neutrality set out in Directives 90/434/EEC
Direktiva Sveta 90/434/EGS z dne 23. julija 1990 o skupnem sistemu obdavčitve za združitve, delitve, prenose sredstev in zamenjave kapitalskih deležev družb iz različnih držav članic (UL L 225, 20.8.1990, str.
Council Directive 90/434/EEC of 23 July 1990 on the common system of taxation applicable to mergers, divisions, transfers of assets and exchanges of shares concerning companies of different Member States, (OJ L 225, 20.8.1990, p.
1), kakor je bila nazadnje spremenjena z Direktivo 2006/98/ES (UL L 363, 20.12.2006, str.
1 ), as last amended by Directive 2006/98/EC (OJ L 363, 20.12.2006, p.
129). in 2005/56/ES;
129). and 2005/56/EC
Direktiva Evropskega parlamenta in Sveta 2005/56/ES z dne 26. oktobra 2005 o čezmejnih združitvah kapitalskih družb (UL L 310, 25.11.2005, str..
Directive 2005/56/EC of the European Parliament and of the Council of 26 October 2005 on cross-border mergers of limited liability companies (OJ L 310, 25.11.2005, p.
1). poudarja, da ključno vprašanje ni uskladitev obdavčitve, temveč da bi morale biti domače in čezmejne spojitve davčno nevtralne, če vlagatelj naložbo pred spojitvijo in po njej obdrži v skladu oziroma jo prekliče zaradi nameravane spojitve, še preden je ta opravljena;
1). in 2008; stresses that the objective is not to harmonise tax but to determine that domestic and cross-border mergers should be tax-neutral if the investor keeps its investment in the fund before and after the merger or withdraws its investment as a result of the intended merger, before the latter takes place;
25. poudarja izjemno pomembnost usklajevanja nadzora nad proizvodi KNPVPVP in drugimi proizvodi ter poziva k stalnemu prizadevanju za izmenjavo informacij in praktično sodelovanje med finančnimi organi;
Underlines the paramount importance of supervisory coordination of UCITS and non-UCITS products, and calls for continued efforts to exchange information and practical cooperation among the financial authorities;
Naložbena politika in obvladovanje tveganja
Investment Policy and Risk Management
27. meni, da določanje razpoložljivega premoženja in naložbenih omejitev samo po sebi ne zagotavlja kakovostnega upravljanja naložb in bi lahko malim vlagateljem celo dalo lažen občutek varnosti; zato predlaga, da bi morali srednjeročno preiti od predpisovanja k načelom, ki bi temeljila na upravljanju razmerja med sredstvi in obveznostmi, kot bolj izpopolnjeni obliki razpršitve tveganja; poudarja, da trenutne revizije direktive KNPVPVP III ne bi smeli odložiti zaradi korenite razprave o takšni spremembi; poudarja, da je treba pozorno preučiti vplive takšne spremembe na delovanje KNPVP in blagovno znamko KNPVPVP;
Believes that defining eligible assets and setting investment limits does not guarantee the quality of investment management and might even give retail investors a false sense of security; suggests therefore that a shift from a prescriptive to a principle-lead approach based on asset-liability management as a more sophisticated form of risk diversification should be considered in the medium term; underlines that the current revision of the UCITS III Directive should not be delayed by opening a fundamental discussion on such change at this stage; underlines the need to carefully analyse the impact of such a change on the performance of UCITS and the UCITS brand;
29. meni, da je treba, će želimo povečati zaupanje vlagateljev, poskrbeti, da vse družbe za upravljanje v pravni obliki kapitalskih družb in vse distribucijske družbe, ki kotirajo na borzi, upoštevajo nacionalne predpise o upravljanju družb v državi, kjer imajo sedež, in predpise Skupnosti o upravljanju družb;
Considers it necessary, in order to bolster investor confidence, for all management companies established as joint stock companies and all distribution companies listed on a stock exchange to be subject to the national corporate governance regulations of their countries of registration and the provisions of Community law on corporate governance;
Obdelava skladov
Fund processing
Rešitev iz študije Eurofi 2007: Optimizacija čezmejne distribucije in obdelava investicijskih skladov v EU. ;
Solution discussed in the Eurofi study 2007: Optimising cross-border distribution and processing of investment funds in the EU. ;
Ena od možnosti iz študije Eurofi 2007: Optimizacija čezmejne distribucije in obdelava investicijskih skladov v EU. ;
One of the options discussed in the Eurofi study 2007: Optimising cross-border distribution and processing of investment funds in the EU. ;
36. poudarja, da bi bilo treba potni list za depozitarja uvesti po doseženi popolni uskladitvi vloge in odgovornosti vlagatelja; poudarja, da je treba pred sprejetjem vsakršne odločitve natančno preučiti povezavo med potnim listom za depozitarja, potnim listom družbe za upravljanje, skladom in zakonodajalcem;
Highlights that a depositary passport should only be introduced after complete harmonisation of the role and responsibilities of the depositary are achieved; underlines that, before taking any decision, the interaction between a depositary passport, the management company passport, the fund and the regulator must be carefully examined;
39. opozarja na dokaze, da alternativne naložbene možnosti, kot so tvegani skladi, čeprav njihovi morebitni sistemski učinki niso še dovolj raziskani, pogosto povečujejo likvidnost trga, razpršitev tveganja, še zlasti pri tradicionalnih portfeljih, večjo konkurenčnost med ustvarjalci trga in posredniki ter koristne raziskave o primernosti, ki zagotavljajo več informacij in učinkovitejše oblikovanje cen;
Points to the evidence showing that alternative investments such as hedge fund activities, while still inadequately understood in terms of their potential systemic impact, often result in higher market liquidity, dispersion of risk, in particular for traditional portfolios, and enhanced competition among market makers and intermediaries as well as in beneficial propriety research contributing to more information and more efficient pricing;
41. je prepričan, da dostop do tveganih skladov malim vlagateljem kot tak ne bi smel biti prepovedan; kljub temu opozarja, da bi morali zaradi ohlapne ureditve tveganih skladov in njihovih dejavnosti za dostop malih vlagateljev veljati strogi pogoji; poudarja, da so jasna merila o primernosti vlagateljev ter predpisi o izpostavljenosti nasprotnih strank ključnega pomena; hkrati poudarja, da za pravne osebe, ki jih ureja MiFID, veljajo preskusi primernosti in ustreznosti za distribucijo, kot določbe proti zlorabam pri prodaji;
Is convinced that access of retail investors to hedge funds should not be prohibited per se; points out, however, that given the often light regulation of hedge funds and their activities, retail access must be subject to strict conditions; highlights that clear criteria of eligibility of investors as well as regulation of the counterparties exposure are crucial; underlines, at the same time, that entities regulated by the MiFID are subject to suitability and appropriateness tests for distribution as provisions against misselling;