natgillin/translations-raw huggingface dataset:
(b) delujejo v najboljšem interesu AIS, ki jih upravljajo, vlagateljev v te AIS in integritete trga in
(b) act in the best interests of the AIF it manages, the investors in those AIF and the integrity of the market; and
(c) zagotovijo, da so vsi vlagatelji v AIS deležni poštene obravnave.
(c) ensure that all AIF investors are treated fairly.
Noben vlagatelj ne sme biti deležen prednostne obravnave, razen če je to navedeno v pravilih upravljanja AIS ali ustanovni listini.
No investor may obtain a preferential treatment, unless this is disclosed in the AIF rules or instruments of incorporation.
Komisija sprejme delegirane akte v skladu s členi 49a, 49b in 49c , v katerih opredeli merila za pristojne organe pri ocenjevanju, ali UAIS izpolnjujejo obveznosti iz odstavka 1.
The Commission shall adopt delegated acts in accordance with Articles 49a, 49b and 49c specifying the criteria to be used by the competent authorities to assess whether AIFM comply with their obligation under paragraph 1.
Komisija sprejme delegirane akte v skladu s členi 49a, 49b in 49c, ki podrobneje opredeljujejo načela iz Priloge Ib, in po posvetovanju z Evropskim organom za vrednostne papirje in trge določi smernice za premišljeno politiko prejemkov.
The Commission shall adopt delegated acts in accordance with Articles 49a, 49b and 49c specifying the principles described in Annex Ib and set guidelines on sound remuneration policies after consultation of ESMA.
V smernicah se upoštevajo tudi načela o premišljeni politiki prejemkov iz priporočila Komisije z dne 30. aprila 2009 o politikah prejemkov v sektorju finančnih storitev ter velikost UAIS in AIS, ki jih upravljajo, njihova notranja organizacija in narava, obseg in kompleksnost njihovih dejavnosti.
The guidelines shall also take into account the principles on sound remuneration policies set out in the Commission Recommendation of 30 April 2009 on remuneration policies in the financial services sector and shall take into account the size of the AIFM and the size of AIF they manage, their internal organisation and the nature, the scope and the complexity of their activities.
Člen 10 Navzkrižje interesov
Article 10 Conflicts of interest
Države članice zahtevajo, da UAIS sprejmejo vse ustrezne ukrepe za prepoznavanje navzkrižja interesov med njimi, vključno z njihovimi poslovodji, zaposlenimi in katero koli osebo, ki je neposredno ali posredno povezana z UAIS prek obvladovanja, in vlagatelji v AIS, ki ga upravljajo UAIS, ali med dvema vlagateljema, do katerih pride pri upravljanju enega ali več AIS.
Member States shall require AIFM to take all reasonable steps to identify conflicts of interest between the AIFM, including their managers, employees or any person directly or indirectly linked to the AIFM by control, and the investors in AIF managed by the AIFM or between one investor and another that arise in the course of managing one or more AIF.
UAIS vzdržuje in vodi učinkovito organizacijsko in administrativno ureditev s ciljem sprejeti vse razumne ukrepe za preprečitev, da bi navzkrižje interesov škodljivo vplivalo na interese AIS in njegovih vlagateljev.
AIFM shall maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps designed to prevent conflicts of interest from adversely affecting the interests of the AIF and its investors.
UAIS v svojem delovnem okolju loči naloge in odgovornosti, ki se lahko obravnavajo kot nezdružljive.
AIFM shall segregate within its own operating environment, tasks and responsibilities which may be regarded as incompatible with each other.
UAIS oceni, ali njegovo delovno okolje zajema druga pomembna navzkrižja interesov, in o njih obvesti vlagatelje v AIS.
AIFM shall assess whether its operating conditions may involve any other material conflicts of interest and disclose them to the AIF investors.
Če organizacijska ureditev, ki jo sprejme UAIS za obvladovanje navzkrižja interesov, ne zadošča, da bi lahko z ustrezno stopnjo verjetnosti zagotovila, da bo nevarnost škodovanja interesom vlagateljev preprečena, mora UAIS vlagateljem jasno razkriti splošno naravo ali vire navzkrižja interesov, preden začne poslovati v njihovem imenu, ter razviti ustrezne politike in postopke.
Where organisational arrangements made by the AIFM to manage conflicts of interest are not sufficient to ensure, with reasonable confidence, that risks of damage to investors' interests will be prevented, the AIFM shall clearly disclose the general nature or sources of conflicts of interest to the investors before undertaking business on their behalf, and develop appropriate policies and procedures.
Komisija sprejme delegirane akte v skladu s členi 49a, 49b in 49c:
The Commission shall adopt delegated acts in accordance with Articles 49a, 49b and 49c :
(a) ki podrobneje opredeljujejo vrste navzkrižja interesov, kot je navedeno v odstavku 1;
(a) further specifying the types of conflicts of interests as referred to in paragraph 1;
(b) ki opredeljujejo ustrezne ukrepe, ki naj jih UAIS sprejme v zvezi z notranjimi in organizacijskimi postopki, da se opredeli, prepreči, obvladuje in razkrije navzkrižje interesov.
(b) specifying the reasonable steps AIFM are expected to take in terms of internal and organisational procedures in order to identify, prevent, manage and disclose conflicts of interest.
Obvladovanje tveganj
Risk Management
UAIS izvajajo sisteme obvladovanja tveganja, da izmerijo, ustrezno spremljajo in obvladujejo vsa tveganja, ki se navezujejo na vsako naložbeno strategijo AIS in ki jim je ali je lahko izpostavljen vsak AIS.
2. ▌ AIFM shall implement risk management systems in order to measure , monitor and manage appropriately all risks relevant to each AIF investment strategy and to which each AIF is or can be exposed.
Kadar UAIS uporabljajo storitve glavnega posrednika, se pogoji določijo v pisni pogodbi.
Where AIFM use the services of a prime broker, the terms shall be set out in a written contract.
V tej pogodbi so določene zlasti vse možnosti prenosa in ponovne uporabe premoženja AIS, kar mora biti v skladu s pravili AIS.
In particular any possibility of transfer and reuse of AIF assets shall be provided for in that contract and shall comply with the AIF rules.
V pogodbi je določeno, da mora biti depozitar obveščen o njej.
The contract shall provide that the depositary be informed of the contract.
Pred izvedbo naložbe v AIS so vlagatelji obveščeni o tej določbi v pogodbi in o identiteti glavnega posrednika.
Before investing in the AIF, investors shall be informed of that provision in the contract and of the identity of the prime broker.
Zlasti se vlagatelje obvesti o prenosu odgovornosti na morebitnega glavnega posrednika, tudi kadar gre za izgubo finančnih instrumentov.
In particular investors shall be informed about the transfer of liability to the prime broker that may exist, including where there is loss of financial instruments.
V tem primeru se rok za povrnitev v prejšnje stanje določi v skladu z določbami pogodbe med UAIS in glavnim posrednikom.
In that case, the delay for restitution shall be in accordance with the terms of the contract between the AIFM and the prime broker.
UAIS pri izbiri in imenovanju glavnih posrednikov, s katerimi bo sklenjena pogodba, ravna s potrebno skrbnostjo dobrega strokovnjaka.
AIFM shall exercise due skill, care and diligence in the selection and appointment of prime brokers with whom a contract is to be concluded.
V primeru UAIS, ki se ukvarjajo s prodajo na kratko, ko vlagajo v imenu enega ali več AIS, države članice zagotovijo, da UAIS :
In the case of AIFM which engage in short selling when investing on behalf of one or more AIF, Member States shall ensure that the AIFM :
(-a) ima v lasti ali je sklenil dogovor za izposojo ustreznih vrednostnih papirjev ali drugih finančnih instrumentov v trenutku naročila za prodajo na kratko;
(-a) is in possession of or entered into an agreement to borrow the relevant securities or other financial instruments at the time of the submission of the short sale order;
(a) uporablja postopke, ki mu dajejo dostop do vrednostnih papirjev ali drugih finančnih instrumentov na datum, na katerega se je UAIS zavezal, da jih bo izdal;
(a) operates procedures which provide it with access to the securities or other financial instruments at the date when the AIFM committed to deliver them;
(b) izvaja postopek obvladovanja tveganja, ki omogoča ustrezno obvladovanje tveganj, povezanih z izdajo na kratko prodanih vrednostnih papirjev ali drugih finančnih instrumentov ;
(b) implements a risk management procedure which allows the risks associated with the delivery of short sold securities or other financial instruments to be adequately managed ;
(c) redno razkriva informacije pristojnim organom o svojih pomembnih kratkih pozicijah.
(c) regularly discloses information on its significant short positions to the competent authorities.
V izrednih primerih lahko pristojni nacionalni organ od UAIS zahteva, da poroča o vseh zavzetih kratkih pozicijah in izposojenih vrednostnih papirjih.
In exceptional circumstances, the competent national authority may request AIFM to report all short positions and securities borrowed.
Vsak pristojni organ redno sporoča Evropskemu organu za vrednostne papirje in trge pridobljene informacije iz odstavka 4(c).
Each competent authority shall regularly provide ESMA with the information provided to it under paragraph 4(c).
Evropski organ za vrednostne papirje in trge lahko v izrednih okoliščinah ali da bi zagotovil stabilnost in celovitost finančnega sistema na podlagi teh ali drugih pomembnih informacij odloči, da bo omejil dejavnosti prodaje na kratko.
In exceptional circumstances or in order to ensure the stability and integrity of the financial system, on the basis of that or other relevant information, ESMA may restrict short selling activities.
Komisija sprejme delegirane akte v skladu s členi 49a, 49b in 49c , ki podrobneje opredeljujejo ▌:
The Commission shall adopt delegated acts in accordance with Articles 49a, 49b and 49c further specifying ▌:
(a) zahteve glede obvladovanja tveganj, ki jih morajo UAIS uporabiti kot funkcijo tveganj, ki jih UAIS povzročijo v imenu AIS, ki jih upravljajo;
(a) the risk management requirements to be employed by AIFM as a function of the risks which the AIFM incurs on behalf of the AIF that it manages;
(b) vse ukrepe, potrebne za obvladovanje določenih tveganj s strani UAIS, povezanih s transakcijami prodaje na kratko, vključno z vsemi zadevnimi omejitvami, ki so lahko potrebne za zaščito AIS pred neprimernimi izpostavljenostmi tveganju ;
(b) any arrangements needed to enable AIFM to manage the particular risks associated with short selling transactions, including any relevant restrictions that might be needed to protect the AIF from undue risk exposures;
(c) posebnosti sistema poročanja iz odstavka 4a.
(c) the specificities of the reporting regime referred to in paragraph 4a.
Upravljanje likvidnosti
Liquidity management
Za vsak AIS, ki ga upravlja, UAIS sprejme ustrezen sistem za upravljanje likvidnosti in postopke za zagotovitev, da profil likvidnosti naložb AIS izpolnjuje osnovne obveznosti.
For each AIF it manages the AIFM shall employ an appropriate liquidity management system and adopt procedures which ensure that the liquidity profile of the investments of the AIF complies with its underlying obligations .
UAIS redno izvajajo test izjemnih situacij, pod običajnimi in tudi izjemnimi likvidnostnimi pogoji, in skladno s tem spremljajo likvidnostno tveganje AIS.
The AIFM shall regularly conduct stress tests, both under normal and exceptional liquidity conditions and monitor the liquidity risk of the AIF accordingly.
Rezultate teh testov izjemnih situacij je treba posredovati pristojnim organom.
The results of these stress tests need to be communicated to the competent authorities.
UAIS zagotovijo, da sta za vsak AIS, ki ga upravljajo, skladni naložbena strategija in politika odplačevanja.
AIFM shall ensure that, for each AIF it manages , the investment strategy, the liquidity profile and the redemption policy are consistent .
Komisija sprejme delegirane akte v skladu s členi 49a, 49b in 49c , ki natančneje določajo ▌zahteve upravljanja likvidnosti iz odstavka 1 ▌.
The Commission shall adopt delegated acts in accordance with Articles 49a, 49b and 49c further specifying ▌ the liquidity management requirements set out in paragraph 1 ▌.
Naložbe v pozicije vrednostnih papirjev
Investment in securitisation positions
Komisija za zagotovitev medsektorske usklajenosti ter za odpravo neskladnosti med interesi podjetij, ki so posojila preoblikovala v prenosne vrednostne papirje in originatorje v smislu člena 4(41) Direktive 2006/48/ES in UAIS, ki vlaga v te vrednostne papirje ali druge finančne instrumente v imenu enega ali več AIS, sprejme delegirane akte v skladu s členi 49a, 49b in 49c, v katerih določi :
In order to ensure cross-sectoral consistency and to remove misalignment between the interest of firms that repackage loans into tradable securities and originators within the meaning of Article 4(41) of Directive 2006/48/EC and AIFM that invest in these securities or other financial instruments on behalf of one or more AIF, the Commission shall adopt delegated acts in accordance with Articles 49a, 49b and 49c specifying :
(a) zahteve, ki jih mora izpolniti originator, da lahko UAIS vlaga v vrednostne papirje ali druge finančne instrumente te vrste, ki so izdani po 1. januarju 2011, v imenu enega ali več AIS, vključno z zahtevami, ki zagotavljajo, da originator obdrži neto delež, ki ni manjši od 5 %;
(a) the requirements that need to be met by the originator in order for an AIFM to be allowed to invest in securities or other financial instruments of this type issued after 1 January 2011 on behalf of one or more AIF, including requirements that ensure that the originator retains a net economic interest of not less than 5 %;
(b) kvalitativne zahteve, ki jih mora izpolniti UAIS, ki vlaga v navedene vrednostne papirje ali druge finančne instrumente v imenu enega ali več AIS.
(b) qualitative requirements that must be met by AIFM which invest in these securities or other financial instruments on behalf of one or more AIF.
ODDELEK 2: KAPITALSKE ZAHTEVE IN ZAVAROVANJE ODGOVORNOSTI
SECTION 2: CAPITAL REQUIREMENTS AND LIABILITY INSURANCE
Člen 14 Ustanovitveni in tekoči kapital
Article 14 Initial and ongoing capital
Ustanovitveni kapital AIS, ki se upravljajo sami, je vsaj 300.000 EUR.
The initial capital of a self-managed AIF shall be at least EUR 300 000.
V skladu z odstavki od 2 do 4, kadar je UAIS imenovan za zunanjega upravitelja enega ali več AIS, njegov ustanovitveni kapital znaša najmanj 125.000 EUR.
Subject to paragraphs 2 to 4, w here an AIFM is appointed as external manager of one or more AIF, the AIFM shall have an initial capital of at least EUR 125 000.
Kadar vrednost portfeljev AIS, ki jih upravlja UAIS, presega 250 milijonov EUR, UAIS zagotovi dodaten znesek lastnih sredstev; ta dodatni znesek lastnih sredstev je enak 0,02 % zneska, za katerega vrednost portfeljev UAIS presega 250 milijonov EUR, vendar zahtevani skupni znesek ustanovitvenega kapitala in dodatni znesek ne smeta presegati 10 milijonov EUR .
Where the value of the portfolios of AIF managed by the AIFM exceeds EUR 250 million, the AIFM shall provide an additional amount of own funds; that additional amount of own funds shall be equal to 0.02 % of the amount by which the value of the portfolios of the AIFM exceeds EUR 250 million but the required total of the initial capital and the additional amount shall not exceed EUR 10 million.
Ne glede na znesek zahtev iz odstavkov -1, 1 in 2 lastna sredstva UAIS nikoli niso manjša od zneska, ki ga zahteva člen 21 Direktive 2006/49/ES ▌.
Irrespective of the amount of the requirements set out in paragraphs -1, 1 and 2 , the own funds of the AIFM shall never be less than the amount required under Article 21 of Directive 2006/49/EC.
Za namene odstavkov od -1 do 3 se kot portfelji UAIS obravnavajo naslednji portfelji:
For the purposes of paragraphs -1 to 3, the following portfolios shall be deemed to be the portfolios of the AIFM:
(a) vsi portfelji AIS, ki jih upravlja UAIS, vključno z AIS, za katere je UAIS v skladu s členom 18 prenesel eno ali več funkcij, razen portfeljev, ki jih je UAIS prevzel v upravljanje;
(a) any AIF portfolios managed by the AIFM, including AIF for which the AIFM has delegated one or more functions in accordance with Article 18 but excluding portfolios that the AIFM is managing under delegation ;
(b) drugi kolektivni naložbeni podjemi, ki so ali niso usklajeni na ravni Unije in jih upravlja UAIS, vključno s tistimi, za katere je UAIS prenesel eno ali več funkcij, razen kolektivnih naložbenih podjemov, ki jih je prevzel v upravljanje.
(b) other collective investment undertakings, whether or not coordinated at Union level, managed by the AIFM including those for which it has delegated one or more functions but excluding those that the AIFM is managing under delegation.
Države članice lahko UAIS odobrijo oprostitev do 50 % dodatnega zneska lastnih sredstev iz drugega odstavka, če ti pridobijo jamstvo za isti znesek pri kreditni instituciji ali zavarovalnici; kreditna institucija ali zavarovalnica ima registrirani sedež v državi članici ali v tretji državi, kjer zanjo veljajo pravila varnega in skrbnega poslovanja, ki so po mnenju pristojnih organov enakovredna pravilom iz zakonodaje Unije.
Member States may authorise AIFM not to provide up to 50 % of the additional amount of own funds referred to in paragraph 2 if they benefit from a guarantee of the same amount given by a credit institution or an insurance undertaking which has its registered office in a Member State, or in a third country where it is subject to prudential rules considered by the competent authorities as equivalent to those laid down in Union law.
UAIS sklenejo zavarovanje poklicne odgovornosti za poklicno malomarnost.
AIFM shall hold professional indemnity insurance against liability arising from professional negligence.
Pri prilagajanju zneska tega zavarovanja je treba upoštevati prilagoditve v okviru Direktive 2002/92/ES Evropskega parlamenta in Sveta z dne 9. decembra 2002 o zavarovalnem posredovanju
The adjustments of the amounts of that insurance should take into account adjustments made in the framework of Directive 2002/92/EC of the Europe an Parliament and of the Council of 9 December 2002 on insurance mediation
Znesek, ki ga UAIS vloži v posamezen AIS, ki ga upravlja, kadar značilnosti AIS ne preprečuje takšne naložbe, je takšen, da je letna neto izpostavljenost UAIS večja ali enaka določenemu deležu celotnega zneska, ki so ga v ta AIS vložili vsi vlagatelji.
The amount invested by AIFM in each AIF they manage, provided that characteristics of the AIF do not prevent such an investment, shall be such that, on an annual basis, the AIFM hold a net economic exposure superior or equal to a specified percentage of the total amount invested by all the investors in that AIF.
Lastna sredstva se vlagajo v likvidna sredstva ali sredstva, ki jih je mogoče kratkoročno takoj pretvoriti v gotovino, in ne vključujejo špekulativnih pozicij.
Own funds shall be invested in liquid assets or assets readily convertible to cash in the short term and shall not include speculative positions.
Komisija sprejme delegirane akte v skladu s členi 49a, 49b in 49c, v katerih natančneje opredeli določeni delež iz odstavka 7.
The Commission shall adopt delegated acts in accordance with Articles 49a, 49b and 49c further defining the specified percentage referred to in paragraph 7 .
ODDELEK 3: ORGANIZACIJSKE ZAHTEVE
SECTION 3: ORGANISATIONAL REQUIREMENTS
UAIS stalno uporabljajo primerne in ustrezne vire, ki so potrebni za pravilno izvajanje upravljavskih dejavnosti.
AIFM shall, at all times, use adequate and appropriate resources that are necessary for the proper performance of their management activities.
UAIS imajo posodobljene sisteme, dokumentirane notranje postopke in reden notranji nadzor vodenja poslov, da se zmanjšajo in upravljajo tveganja, povezana z njihovo dejavnostjo.
They shall have updated systems, documented internal procedures and regular internal controls of their conduct of business, in order to mitigate and manage the risks associated with their activity.
Člen 16 Vrednotenje
Article 16 Valuation
UAIS zagotovi, da za vsak AIS, ki ga upravlja, imenuje cenilca, ki ni pravno ali funkcionalno odvisen od UAIS pri določitvi vrednosti premoženja, pridobljenega z AIS, ter vrednosti deležev in enot AIS.
AIFM shall ensure that, for each AIF that it manages, a valuator is appointed which is legally or functionally independent from the AIFM to establish the value of assets acquired by the AIF and the value of the shares and units of the AIF.
UAIS zagotovi, da se premoženje, deleži in enote AIS vrednotijo vsaj ▌letno.
AIFM shall ensure that the assets, shares and units of AIF are valued at least annually .
UAIS zagotovi tudi, da se deleži ali enote AIS vrednotijo, kadar je to potrebno, da se omogoči odkup ali izdaja .
The AIFM shall also ensure that the shares or units of ▌ AIF are valued whenever needed to enable redemption or issuance.
UAIS zagotovi, da so procesi vsakega AIS za vrednotenje premoženja in izračun čiste vrednosti sredstev AIS neodvisni, tudi v primeru, ko UAIS sam opravi vrednotenje, in da obstajajo primerni zaščitni ukrepi za preprečevanje navzkrižja interesov ter neprimernega vpliva na zaposlene, ki opravljajo funkcijo vrednotenja.
For each AIF the AIFM shall ensure that independence is embedded into the processes adopted for valuation of assets and calculation of the net asset value of the AIF, including, in the case where the AIFM itself performs the valuation, that appropriate safeguards are in place to prevent conflicts of interest and undue influence upon the employees performing the valuation function .
UAIS so odgovorni za pravilno vrednotenje premoženja AIS, pa tudi za izračun čiste vrednosti sredstev AIS in njeno objavo.
AIFM are responsible for the proper valuation of AIF assets as well as for the calculation of the net asset value of AIF and the publication of that net asset value.
Depozitar je odgovoren za preverjanje pogojev, pod katerimi potekajo vrednotenje, izračun in objava.
The depository is responsible for verifying the conditions under which the valuation, calculation and publication are done.
Na odgovornost UAIS ne vpliva, da je katero od svojih nalog v zvezi z vrednotenjem AIS prenesel na tretjo osebo.
The liability of AIFM shall not be affected by the fact that it has delegated any of its tasks in relation with the AIF's valuation to a third party.
Vsa vrednotenja, če jih opravi UAIS ali zunanji cenilec, nadzoruje in spremlja depozitar AIS.
All valuations, whether carried out by the AIFM or by an external valuator, shall be subject to the oversight and monitoring of the AIF's depositary.
Kadar se uporabi zunanji cenilec, UAIS dokaže, da je tretja oseba usposobljena in zmožna prevzeti zadevne funkcije, da je bila izbrana s potrebno skrbnostjo in da lahko UAIS kadar koli učinkovito spremlja dejavnost zunanjega cenilca.
Where an external valuator is used, AIFM shall demonstrate that such third party is qualified and capable of undertaking the functions in question, that it was selected with due care and that the AIFM is in a position to monitor effectively at any time the activity of the external valuator.
Uporaba zunanjega cenilca ne sme preprečevati učinkovitosti nadzora UAIS in zlasti ne prepreči UAIS, da ravna v najboljšem interesu svojih vlagateljev, ali AIS, da je upravljan v najboljšem interesu njegovih vlagateljev.
The use of an external valuator shall not prevent the effectiveness of supervision by the AIFM, and, in particular, it shall not prevent the AIFM from acting, or the AIF from being managed, in the best interests of its investors.
Če ni uporabljen zunanji cenilec, pristojni organ matične države članice lahko zahteva, da mora postopke vrednotenja in/ali ocene UAIS preveriti zunanji cenilec ali po potrebi revizor.
Where an external valuator is not used, the competent authorities of the home Member State may require the AIFM to have its valuation procedures and/or valuations verified by an external valuator or, where appropriate, by an auditor.