natgillin/translations-raw huggingface dataset:
Evropski parlament poziva Komisijo, naj predlaga direktivo ali direktive za zagotavljanje skupnega standarda preglednosti ter obravnava spodaj navedena vprašanja v zvezi s hedge skladi in skladi zasebnega kapitala, pri čemer mora(-jo) direktiva(-e) državam članicam po potrebi omogočiti zadostno stopnjo prilagodljivosti, da prenesejo pravila EU v svoje obstoječe sisteme prava družb; vzporedno poziva Komisijo, naj spodbudi izboljšanje preglednosti s podporo in spremljanjem razvoja samourejanja, ki so ga že uvedli upravljavci hedge skladov in skladov zasebnega kapitala ter njihovih nasprotnih skladov, ter naj države članice spodbudi k podpori teh prizadevanj z dialogom in izmenjavo najboljših praks.
The European Parliament asks the Commission to propose a directive or directives guaranteeing a common standard of transparency and to tackle the issues mentioned below covering hedge funds and private equity, on the basis that the directive(s) should give Member States, where necessary, enough flexibility to transpose EU rules into their existing company-law systems; in parallel, it asks the Commission to encourage improvements in transparency by supporting and monitoring the evolution of self-regulation already introduced by managers of hedge funds and private equity and their counterparties, and to encourage Member States to support these efforts through dialogue and exchange of best practice.
Ob upoštevanju dejstva, da ni enotnega javnega razkritja državnih premoženjskih skladov, Evropski parlament pozdravlja pobudo Mednarodnega denarnega sklada, da se ustanovi delovna skupina za oblikovanje mednarodnega kodeksa ravnanja v zvezi z državnimi premoženjskimi skladi, in je prepričan, da bo takšen kodeks ravnanja pripomogel k pojasnjevanju dejavnosti državnih premoženjskih skladov; Komisijo poziva, naj sodeluje v tem postopku.
Taking into account the fact that there is no uniform public disclosure of sovereign wealth funds (SWFs), the European Parliament welcomes the initiative of the International Monetary Fund to establish a working group to draft an international code of conduct for SWFs, and believes that such a code of conduct would go some way to demystifying SWF activities; it calls on the Commission to take part in that process.
O hedge skladih in skladih zasebnega kapita la
On hedge funds and private equity
Evropski parlament poziva Komisijo, naj predloži ustrezne zakonodajne predloge s priloženim pregledom obstoječega pravnega reda, ki zadeva različne vrste vlagateljev in nasprotnih strank, skupaj z oceno učinka in vključitvijo zadevnih sektorjev, preuči možnost razlikovanja med vlagatelji v hedge sklade, sklade zasebnega kapitala in drugimi vlagatelji ter prilagodi ali oblikuje pravila, ki zagotavljajo jasno razkritje pomembnih in bistvenih informacij ter pravočasno obveščanje o njih, kar bi spodbudilo zelo kakovostno odločanje in pregledno sporazumevanje med vlagatelji in vodstvom družbe ter med vlagatelji in drugimi nasprotnimi strankami; če predlogi že obstajajo, jih je treba ustrezno izvajati; poziva Komisijo, naj preuči načine za povečanje prepoznavnosti in razumevanja tveganja, ločeno od kreditne sposobnosti; preučiti je treba vprašanje, ali obstoječih in prihodnjih direktiv in ukrepov o preglednosti ne ogrožajo pretirane omejitve odgovornosti v pogodbah.
The European Parliament asks the Commission to submit the appropriate legislative proposals by way of review of the existing acquis communautaire affecting the various types of investors and counterparties, together with an impact assessment and with the involvement of the industries concerned, to explore the possibility of differentiating between hedge funds, private equity and other investors and to adapt or establish rules providing for the clear disclosure and timely communication of relevant and material information so as to facilitate high-quality decision-making and transparent communication between investors and the company management as well as between investors and other counterparties; where proposals already exist they should be implemented accordingly; it invites the Commission to explore ways of enhancing the visibility and understanding of risk, as distinct from creditworthiness; attention should be paid to the question whether existing and future directives and transparency measures are not undermined by excessive disclaimers in contracts.
Nova zakonodaja mora od delničarjev zahtevati, da obvestijo izdajatelje o deležu svojih glasovalnih pravic v primeru pridobitve ali odsvojitve delnic, kadar ta delež doseže, preseže ali pade pod določeni prag, ki se namesto pri 5 % začne pri 3 %, kot določa direktiva 2004/109/ES; poleg tega mora nova zakonodaja od hedge skladov in skladov zasebnega kapitala, če se lahko zadevne kategorije vlagateljev razlikujejo od drugih, zahtevati, da razkrijejo in razložijo svojo naložbeno politiko in tveganja, povezana z naložbami, v nasprotju z družbami, od katerih pridobijo delnice ali jih imajo v lasti, malimi in institucionalnimi vlagatelji, borznimi posredniki ter nadzorniki, ki jim tega ni treba storiti.
The new legislation should require shareholders to notify issuers of the proportion of their voting rights resulting from an acquisition or disposal of shares where that proportion reaches, exceeds or falls below the specific thresholds starting with 3% instead of 5%, as mentioned in Directive 2004/109/EC; it should also oblige hedge funds and private equity, as far as those categories of investors can be differentiated from others, to disclose and explain – vis-à-vis the companies whose shares they acquire or own, retail and institutional investors, prime brokers and supervisors – their investment policy and associated risks.
Ti predlogi morajo temeljiti na pregledu obstoječe zakonodaje Skupnosti, ki se izvede za ugotavljanje obsega uporabe obstoječih pravil v primeru posebnega položaja hedge skladov in skladov zasebnega kapitala.
These proposals should be based on an examination of the existing Community legislation, carried out with a view to ascertaining the extent to which the existing rules on transparency can be applied to the specific situation of hedge funds and private equity.
Ob upoštevanju zgoraj navedenih zakonodajnih predlogov mora Komisija zlasti:
With a view to the above-mentioned legislative proposals, the Commission should in particular:
– preučiti možnost uporabe pogodbenih določil pri alternativnih naložbah, ki zagotavljajo nedvoumno razkritje podatkov in obvladovanje tveganja, ukrepe, ki se izvedejo v primeru preseganja pragov, jasno določitev obdobij, v katerih se ne smejo prodajati delnice, ter izjemne pogoje za preklic ali prekinitev pogodbe;
– explore the possibility of contract terms, to be applied to alternative investments, that provide for an unambiguous disclosure and management of risk, for measures to be taken in the event of thresholds being exceeded, for a clear description of lock-up periods and for explicit conditions governing cancellation and termination of the contract;
– raziskati vprašanje v zvezi s pranjem denarja v okviru hedge skladov in skladov zasebnega kapitala;
– investigate the issue of money laundering in the context of hedge funds and private equity;
– raziskati možnosti uskladitve pravil in priporočil za hedge sklade in – odvisno od primera – sklade zasebnega kapitala za registracijo in identifikacijo delničarjev nad določenim deležem ter za razkritje njihovih strategij in namer, ob upoštevanju preprečevanja poplave informacij;
– explore possibilities of harmonising rules and recommendations for hedge funds and – as the case may be – private equity to register and identify shareholders beyond a certain proportion, as well as to disclose their strategies and intentions – bearing in mind that an overflow of information should be avoided;
– raziskati potrebo po tem, da se posredniki zavežejo k omogočanju dejavnega sodelovanja prvotnih delničarjev pri glasovanju na splošnih srečanjih delničarjev, in zagotoviti, da imetniki glasovalnih pravic spoštujejo njihova navodila za glasovanje ter da se razkrije politika glasovanja opredeljenih delničarjev in načine, kako to storiti;
– explore the need for, and ways of, obliging intermediaries to enable the original shareholders to participate actively in voting at general meetings of shareholders and to make sure that their voting instructions are respected by proxy-holders, as well as to ensure that voting policies of identified shareholders are disclosed;
– skupaj s sektorjem oblikovati kodeks najboljših praks v zvezi s tem, kako ponovno uravnotežiti sedanjo strukturo upravljanja družb, da se okrepi dolgoročna usmeritev ter preprečijo finančne in druge spodbude za kratkoročna čezmerna tveganja in neodgovorno vedenje;
– establish, together with the industry, a code of best practice on how to rebalance the current structure of corporate governance with a view to reinforcing long-term orientation and discouraging financial and other incentives for short-term excessive risk-taking and irresponsible behaviour;
– oblikovati pravila, ki predvidevajo popolno preglednost plačilnih sistemov upravljavcev, vključno z opcijami na delnice, tako da generalna skupščina uradno odobri delničarje družbe.
– establish rules providing for full transparency of managers’ remuneration systems, including stock options, through formal approval by the general meeting of the company’s shareholders.
Podrobnosti o hedge skladih
On hedge funds specifically
Evropski parlament poziva Komisijo, naj oblikuje pravila za večjo preglednost politik v zvezi z glasovanjem v hedge skladih, pri čemer morajo biti upravljavci takšnih skladov naslovniki pravil Skupnosti; takšna pravila lahko vključujejo tudi sistem identifikacije delničarjev po vsej EU; če predlogi že obstajajo, jih je treba ustrezno izvajati.
The European Parliament asks the Commission to establish rules that enhance the transparency of voting policies of hedge funds, on the basis that the addressees of Community rules should be the managers of such funds; such rules could also include a system of EU-wide shareholder identification; where proposals already exist they should be implemented accordingly.
Ob upoštevanju zgoraj navedenega(-ih) zakonodajnega(-ih) predloga(-ov) mora Komisija zlasti:
With a view to the above-mentioned legislative proposal(s), the Commission should in particular:
– raziskati učinke posojanja vrednostnih papirjev in glasovanja za izposojene delnice, pri čemer se upoštevajo načela boljše pravne ureditve;
– investigate the effects of securities lending and voting on borrowed shares, having regard to better regulation principles;
– preučiti, ali veljajo zahteve za poročanje tudi za sporazume o sodelovanju med več delničarji in neposredne pridobitve glasovalnih pravic z dogovori o opcijah.
– examine whether reporting requirements should also apply to cooperation agreements between several shareholders and to indirect acquisitions of voting rights via option arrangements.
Podrobnosti o skladih zasebnega kapital a
On private equity specifically
Evropski parlament poziva Komisijo, naj predlaga pravila, ki vlagateljem prepovedujejo „plenjenje“ družb (tako imenovana odprodaja premoženja), ker tako zlorabljajo svojo finančno moč na način, ki dolgoročno škodi le pridobljeni družbi ter nima nobenega pozitivnega učinka na prihodnost družbe in položaj njenih zaposlenih, upnikov in poslovnih partnerjev; poleg tega mora Komisija preučiti skupna pravila za zagotovitev ohranjanja kapitala družb; vzporedno Evropski parlament pozove Komisijo, naj preuči, ali so države članice sprejele ukrepe za boj proti odprodaji premoženja.
The European Parliament asks the Commission to propose rules that forbid investors to “plunder” companies (so called “asset stripping”) and thus misuse their financial power in a way that merely disadvantages the company acquired in the long term, without having any positive impact on the company’s future and the interest of its employees, creditors and business partners; moreover, the Commission should explore common rules to guarantee the capital maintenance of companies; in parallel, the European Parliament also asks the Commission to examine whether the Member States have put in place measures to counteract asset stripping.
Ob upoštevanju zgoraj navedenega(-ih) zakonodajnega(-ih) predloga(-ih) mora Komisija preučiti načine za obravnavanje vprašanj, povezanih z razmerami, v katerih banke posodijo velik znesek denarja pridobiteljem, vključno s skladi zasebnega kapitala, in nato odklonijo vsako odgovornost v zvezi z namenom porabe tega denarja, ali izvorom denarja, porabljenega za odplačilo posojila, ob upoštevanju, da ta vprašanja na koncu ostanejo odgovornost dolžnika ter da morajo biti zahteve glede kapitala za primerljiva tveganja enake v celotnem finančnem sistemu.
With a view to the above-mentioned legislative proposal(s), the Commission should examine ways of addressing the issues arising when banks lend huge amounts of money to acquirers, including private equity, and then disclaim any responsibility whatsoever as to the purpose for which that money is used or the provenance of the money used to repay the loan, bearing in mind that these points ultimately remain the responsibility of the debtor and that capital requirements for comparable risks must be the same across the entire financial system.
Evropski parlament prav tako poziva Komisijo, da preuči, ali je treba direktivo o prenosu podjetij
The European Parliament also asks the Commission to examine whether the Transfers of Undertakings Directive
Direktiva Sveta 2001/23/ES z dne 12. marca 2001 o približevanju zakonodaje držav članic v zvezi z ohranjanjem pravic delavcev v primeru prenosa podjetij, obratov ali delov podjetij ali obratov (UL L 82, 22.3.2001, str.
Council Directive 2001/23/EC of 12 March 2001 on the approximation of the laws of the Member States relating to the safeguarding of employees' rights in the event of transfers of undertakings, businesses or parts of undertakings or businesses (OJ L 82, 22.3.2001, p.
16). prilagoditi posebnim razmeram glede odkupov z zadolžitvijo.
16). needs to be adjusted to the specific situation of leveraged buy-outs.
S samoiniciativnim poročilom Evropskega parlamenta o preglednosti skladov, ki uporabljajo alternativne naložbene možnosti, se začenja razprava o zakonodaji Evropske unije na tem področju.
The European Parliament own-initiative report on transparency of funds using alternative investment opportunities marks the start of the legislative debate on this topic in the European Union.
Medtem ko je potekala razprava v zvezi s hedge skladi in skladi zasebnega kapitala na najvišji politični ravni, npr. na vrhu G8 in v Svetu za ekonomske in finančne zadeve, je Evropska komisija že na samem začetku odklonila podrobnejši pregled te zapletene teme z možnim sprejetjem regulativnih ukrepov.
While problems in connection with hedge funds and private equity have been discussed at the highest political level, such as at the G8 Summit and in the ECOFIN Council, the Commission initially rejected any close scrutiny of this complex issue with possible regulatory implications.
Odbor Evropskega parlamenta za pravne zadeve je 25. februarja 2008 izvedel posvetovanje z naslovom „Preglednost institucionalnih vlagateljev“.
On 25 February 2008 Parliament’s Committee on Legal Affairs held a hearing entitled ‘Transparency of Institutional Investors’.
Na podlagi rezultatov posvetovanja se lahko ugotovi, da je potrebno po mnenju zainteresiranih strani sprejeti ukrepe za večjo preglednost alternativnih naložbenih instrumentov.
It concluded, in essence, that the circles that are affected definitely see a need to increase the transparency of alternative investment vehicles.
Splošna pravila bi koristila tudi nasprotnikom zakonodajnih ukrepov, če ta pravila ne bi posegala v svobodo ravnanja finančnih podjetij preveč omejevalno.
Even those opposed to legislative measures admitted that general rules would be useful, as long as they were not too restrictive of the operational freedom of financial enterprises.
Odbor za pravne zadeve meni, da obstaja možnost za zagotovitev večje preglednosti finančnih sredstev v okviru prava družb zlasti v zvezi z odnosom med hedge skladi in skladi zasebega kapitala ter družbami, v katere so skladi vključeni, kar bi bilo splošno koristno ter ne bi vplivalo na delovanje in razvoj trga negativno.
The Committee on Legal Affairs considers that the instruments of company law could be used to increase transparency, particularly in the relationship between hedge funds and private equity and the enterprises in which the funds hold shares, without adversely affecting the market process and market development, and for the benefit of all.
Odbor priznava, da so družbe in združenja izvedla študije o dobrem podjetniškem ravnanju in oblikovala prostovoljne kodekse ravnanja.
The Committee is aware that enterprises and associations have conducted studies on good entrepreneurial conduct and created voluntary codes of conduct.
Te študije obravnavajo znaten del obstoječih težav.
These address a substantial proportion of the existing problems.
Veliko težav je na primer zajetih v poročilu delovne skupine za hedge sklade
For example, the report of the Hedge Fund Working Group
http://www.pellin.co.uk/HFWG/Final-Report.pdf . ter kodeksu ravnanja združenja za zasebni in tvegani kapital
http://www.pellin.co.uk/HFWG/Final-Report.pdf and the Code of Conduct of the Private Equity and Venture Capital Association
Za zakonodajalca so lahko ti dokumenti zelo dober vzorec, vendar ne vključujejo zakonodajnih ukrepov v primeru slabega ravnanja.
They can serve the legislator very well as a model, but are not a substitute for legislation to deal with cases of poor conduct.
o preglednosti na področju institucionalnih vlagateljev
on transparency of institutional investors
4. priznava, da so hedge skladi in skladi zasebnega kapitala jasni naložbeni nosilci, ki se razlikujejo glede na naravo naložbe in naložbeno strategijo;
Recognises that hedge funds and private equity are distinct investment vehicles that differ as regards the nature of investment and investment strategy;
6. upošteva izkušnje Združenih držav, v katerih so konkurenti izrabili zakonodajo o svobodi obveščanja za pridobitev podrobnosti o naložbah v sklad, namenjene vlagateljem, kar je ogrozilo tako vlagatelje kot sklad;
Notes the experience of the United States where freedom of information legislation has been used by competitors to obtain fund investment details at a level intended for investors, which has compromised both the investors and the fund;
8. opozarja na izvajanje pogodbenih pogojev za omejevanje tveganja, ki bi povzročilo pravno ureditev proizvodov ter oviralo finančne inovacije in izbire vlagateljev;
Warns against the implementation of contractual terms to impose risk limitations, which would amount to product regulation and interfere with financial innovation as well as investor choice;
11. ugotavlja, da se je pozornost javnosti zaradi odmevnih primerov in delovanja v okviru znanih podjetij usmerila k hedge skladom in skladom zasebnega kapitala; priznava, da se hedge skladi in skladi zasebnega kapitala odzivajo na kritike s predlogi o samoregulaciji, ki vključujejo načelo „upoštevaj ali pojasni“; meni, da je treba te kodekse (ki so samostojna dopolnitev zakonodaje) hitro sprejeti in globalno razširiti, treba pa je dopustiti dovolj časa za analizo njihovih učinkov;
Notes that public attention was drawn to hedge funds and private equity following high-profile cases and activity in the context of well-known companies; recognises that both hedge funds and private equity are responding to criticism by way of self-regulatory proposals incorporating a 'comply-or-explain' principle; considers that those codes (which exist as an autonomous complement to legislation) need to be taken up rapidly and spread globally, but that sufficient time should be allowed for their effects to be analysed;
16. meni, da mora kakršna koli preiskava o možnostih sistema identifikacije delničarjev po vsej EU vključevati analizo stroškov in koristi dodatnih zahtev za poročanje, da se prepreči poplava informacij;
Is of the opinion that any investigation into the possibility of a system of EU-wide shareholder identification should include a cost-benefit analysis of additional reporting requirements with the aim of avoiding an overflow of information;
19. pozdravlja predlog mednarodne organizacije komisij za vrednostne papirje o vrednotenju portfeljev hedge skladov in se veseli njegovega obsežnega uvajanja; ugotavlja, da se vrednotenje nelikvidnih sredstev že izvaja;
Welcomes the proposal of the International Organization of Securities Commissions (IOSCO) for the valuation of hedge fund portfolios and looks forward to its widespread introduction; notes that the valuation of illiquid assets is currently work in progress;
22. ugotavlja, da so države članice sprejele ukrepe za boj proti odprodaji premoženja, vključno z obveznostmi direktorjev, ali bi to lahko naredile, in da ni dokaza, da bi bil ukrep Skupnosti učinkovitejši;
Notes that Member States have or can put in place measures to counter asset stripping, as regards the obligations of directors, and that there is no evidence that a Community measure in these terms would be more effective;
o predlogu Direktive Evropskega parlamenta in Sveta o uporabi gensko spremenjenih mikroorganizmov v zaprtih sistemih (prenovitev)
on the proposal for a directive of the European Parliament and of the Council on the contained use of genetically modified micro-organisms (recast)
(Prenovitev – člen 80a poslovnika)
(Recast – Rule 80a of the Rules of Procedure)
MNENJE Odbora za okolje, javno zdravje in varnost hrane .....................8
OPINION of the Committee on the Environment, Public Health and Food Safety 8
– ob upoštevanju predloga Komisije Evropskemu parlamentu in Svetu ( KOM(2007)0736 ),
– having regard to the Commission proposal to the European Parliament and the Council ( COM(2007)0736 ),
– ob upoštevanju členov 251(2) in 175(1) Pogodbe ES, na podlagi katerih je Komisija Parlamentu podala predlog ( C6-0439/2007 ),
– having regard to Article 251(2) and Article 175(1) of the EC Treaty, pursuant to which the Commission submitted the proposal to Parliament ( C6‑0439/2007 ),
– ob upoštevanju poročila Odbora za pravne zadeve in mnenja Odbora za okolje, javno zdravje in varnost hrane ( A6-0297/2008 ),
– having regard to the report of the Committee on Legal Affairs and the opinion of the Committee on the Environment, Public Health and Food Safety ( A6‑0297/2008 ),
Komisija sprejme spremembe, potrebne za prilagoditev dela A Priloge II in Prilog III, IV in V tehničnemu napredku ter za prilagoditev dela C Priloge II.
The Commission shall adopt the amendments necessary to adapt Annex II, Part A, and Annexes III, IV and V to technical progress and to adapt Annex II, Part C.
Komisija sprejme spremembe, potrebne za prilagoditev prilog II, III, IV in V tehničnemu napredku ter za prilagoditev dela C Priloge II.
The Commission shall adopt the amendments necessary to adapt Annexes II, III, IV and V to technical progress and to adapt Annex II, Part C.
Tudi predloge spremembe k delu B priloge II je treba sprejeti v skladu z regulativnim postopkom s pregledom.
Also amendments to Annex II, Part B should be adopted in accordance with the regulatory procedure with scrutiny.
Spremembe dela B Priloge II sprejme Svet s kvalificirano večino na predlog Komisije.
Amendments to Annex II, Part B, shall be adopted by the Council acting by qualified majority on a proposal from the Commission.
Zato je treba del B priloge II vključiti v člen 19, člen 20 pa črtati.
Therefore Annex II, Part B should be included in Article 19 and Article 20 should be deleted .
23. je bil spremenjen s Sklepom 2006/512/ES Sveta z dne 17. julija 2006
23. was amended by Council Decision 2006/512/EC of 17 July 2006
Ker predlagana prilagoditev regulativnemu postopku s pregledom ni zaključena, Odbor za pravne zadeve ne predlaga sprememb, razen tistih, ki jih je predlagal sektorski odbor v zvezi z delom B iz Priloge II.
In view of the fact that the proposed alignment to RPS is not complete, the Committee on Legal Affairs does not propose any amendments apart from those suggested by the sectoral committee with regard to Part B of Annex II.