natgillin/translations-raw huggingface dataset:
43. meni, da lahko tvegani skladi okrepijo prakso upravljanja družb, saj povečujejo število vlagateljev, ki dejavno in ozaveščeno izkoriščajo svoje pravice delničarjev; je kljub temu v skrbeh, da bi nekateri tvegani skladi za nizke stroške lahko okrepili svoje glasovalne pravice z najrazližnejšimi mehanizmi, kot je posojanje delnic; sicer priznava, da tega ne počnejo samo tvegani skladi; predlaga, da naj Komisija preuči izvedljivost in koristnost določbe, ki bi predvidevala, da mora pogodba o posoji delnic, kadar te nekdo upravlja v imenu vlagateljev, predvideti pravico posojevalca, da takoj prekliče svoje delnice; če teh ne prekliče, lahko izposojevalec glasuje samo po navodilih posojevalca;
Believes that hedge funds could help strengthening corporate governance practices by increasing the number of investors that make active and informed use of their shareholder rights; is, however, concerned that some hedge funds might boost their voting power at low costs through a variety of different mechanisms such as stock lending and borrowing; recognises that the latter is not only undertaken by hedge funds; suggests that the Commission should examine the feasibility and practicability of a provision that stipulates that where stock is held for the account of investors, a stock lending agreement must contain the right for the lender to promptly recall his shares; if no re-call takes place, the borrower should only be allowed to exercise the voting rights in accordance with instructions from the lender;
Zasebni kapital
Private Equity
45. poudarja, da je preglednost pristojbin in zbiranja sredstev zelo pomembna za vlagatelje in nadzorne organe, zlasti kadar izboljša finančni položaj podjetij, ki so se privatizirala, in cilje upravljanja, predvsem pri prestrukturiranju velikih podjetij;
Stresses the importance of transparency towards the investors as well as towards supervisory authorities concerning fees and raising funds, especially when resulting in the leverage of the financial position of the company taken private, as well as their management objectives, in particular when restructuring large companies;
Sektor investicijskih skladov ni le pomemben del finančnega sistema, ampak prispeva tudi k stabilnosti gospodarskega in socialnega sistema z usmerjanjem prihrankov v proizvodne naložbe.
The investment fund industry is not only a significant part of the financial system, but also contributes to the stability of the economic and social system by channelling savings into productive investments.
Temelj okvira EU za investicijske sklade je direktiva KNPVPVP iz leta 1985, ki je povzročila oblikovanje velikega in rastočega trga skladov za male vlagatelje v EU.
The cornerstone of the EU framework for investment funds is the 1985 UCITS Directive which has led to the creation of a large and growing market for retail funds within the EU.
Danes je v KNPVPVP vloženih 6,213 milijarde EUR, kar pomeni 78,9 % evropskega trga skladov
Today, with € 6.213 billion invested in UCITS, this segment accounts for 78,9 % of the European fund market
EFAMA, četrtletna statistična izdaja št. 29 (prva četrtina leta 2007). .
EFAMA Quarterly Statistical Release N°29 (First Quarter of 2007). .
Bela knjiga
The White Paper
Evropska komisija v beli knjigi (COM 2006/686), objavljeni novembra 2006, ugotavlja, da sedanje določbe KNPVPVP ne sledijo novim konkurenčnim izzivom in spreminjajočim se potrebam evropskih vlagateljev.
The European Commission analyses in its White Paper (COM 2006/686) published in November 2006 that the current UCITS provisions do not keep pace with the new competitive challenges and the changing needs of European investors.
Predvideva postopen razvoj obstoječega okvira prek ciljno usmerjene revizije direktive KNPVPVP III (postopek obveščanja, izvleček prospekta, združevanje, spojitve, sodelovanje pri nadzoru).
It foresees a progressive development of the existing framework through a targeted revision of the UCITS III Directive (notification procedure, simplified prospectus, pooling, mergers, supervisory cooperation).
Ta revizija ne bo predmet tega poročila, ker bo Parlament prihodnji predlog spremenil v skladu z rednim postopkom soodločanja, ki se bo začel na začetku leta 2008.
This revision will not be subject of this report because Parliament will amend the forthcoming proposal within the regular co-decision process which is about to start in early 2008.
Poročevalec želi izraziti svoje stališče do več področij, ki niso zajeta v omejeni reviziji KNPVPVP III, vendar jih zajema bela knjiga, ter do vprašanj, ki jih Komisija ni načela.
The rapporteur wants to comment on a number of fields beyond the limited revision of UCITS III but covered by the White Paper as well as on issues that have not been raised by the Commission.
Obseg poročila
Scope of the report
Neusklajeni skladi za male vlagatelje
Non-harmonised retail funds
Veliko skladov, ki niso skladi KNPVPVP, postaja vse bolj privlačnih za male vlagatelje, vendar nimajo potnega lista, zato imajo vlagatelji kot potrošniki na enotnem trgu omejeno izbiro.
A large range of non-UCITS funds are becoming more and more attractive to retail investors, but suffer from the absence of a passport and by consequence, retail investors across the single market have limited consumer choice.
Nepremičninski skladi so ena največjih kategorij nacionalno urejenih naložbenih proizvodov.
Real estate funds are one of the largest categories of nationally regulated investment products.
Konec leta 2006 je bilo v EU okrog 188 milijard EUR premoženja predmet upravljanja nepremičninskih skladov
At the end of 2006, there were around € 188 billion in assets under management in real estate funds in the EU
EFAMA: letno poročilo 06/07.
EFAMA: Annual Report 06/07.
Pravna ureditev, pokojnine, industrijski standardi, maj 2007, Bruselj, str.
Regulation, Pensions, Industry Standards, May 2007, Brussels, p.36. .
Krovni tvegani skladi so malim vlagateljem na voljo v več državah članicah.
Funds of hedge funds are available to retail investors in several Member States.
Leta 2002 je celotno premoženje v teh proizvodih znašalo 14 milijard EUR, do konca decembra 2006 pa se je ta številka povečala na 73 milijard EUR
In 2002, assets in these products had totalled € 14 billion, but by the end of December 2006 this figure increased to € 73 billion
FERI Fund Market Information Ltd (FERI FMI): European Fund Market Data Digest 2007 , četrta izdaja, marec 2007, London, str.
FERI Fund Market Information Ltd (FERI FMI): European Fund Market Data Digest 2007, Fourth Edition published March 2007, London, p.
Krovni tvegani skladi omogočajo diverzifikacijo portfelja zaradi odprtosti za različne vrste premoženje in strategije ter tako zmanjšajo tveganje, ki je povezano s tveganimi skladi z eno strategijo.
Funds of hedge funds can offer portfolio diversification through exposure to various asset classes and strategies, thus reducing the risk inherent in single-strategy hedge funds.
Sistem zasebnega plasiranja
Private Placement Regime
Več držav članic ima lastne sisteme zasebnega plasiranja, ki se znatno razlikujejo v smislu regulativnega okvira in splošnega delovanja.
Several Member States have their own private placement regimes which differ substantially in terms of regulatory framework and general functioning.
Aprila 2007 je Komisija podala dokazni predlog za evropski sistem zasebnega plasiranja.
In April 2007, the Commission launched a call for evidence for a European private placement regime.
Opredelila ga je kot metodo prodaje naložbenega proizvoda v nereguliranem prostoru, kjer lahko kupec in prodajalec opravljata transakcije pod določenimi pogoji, v skladu s katerimi sta izvzeta iz zahtev javnih ponudb.
The Commission defines it as a method of investment product sale in a non-regulated space where buyer and seller can conduct transactions under certain conditions that exempt them from requirements of public offering.
Ta ponudba proizvodov je lahko usklajena (KNPVPVP), neusklajena ali je celo iz tujine.
The products on offer can either be harmonised (UCITS), non-harmonised or even off-shore products.
Do zdaj ni bilo jasne odločitve o tem, ali bi se tak sistem uporabljal za vse proizvode, kdo bi bil primeren za naložbe in kdo za zagotavljanje (prostora) in ali bi se proizvod, prvotno iz zasebne prodaje, lahko prodal malim vlagateljem.
Until now there has not been a clear decision as to whether such a regime should be open to all products, who should be eligible to invest and who to provide (place), and whether an originally privately placed product could be sold on to retail investors.
Poleg tega še vedno ni določeno, kako opredeliti mejo med javnimi ponudbami in zasebnim plasiranjem ter katere dele že obstoječega regulativnega okvira bi bilo mogoče uporabiti za vzpostavitev evropskega sistema zasebnega plasiranja (MiFID: primerne nasprotne stranke/poklicna stranka; direktiva o prospektu: kvalificirani vlagatelj).
Moreover, it is still open how to define the borderline between public offering and private placement and which parts of the already existing regulatory framework could be used for the construction of a European private placement regime (MiFID: eligible counterparties / professional client; Prospectus Directive: qualified investor).
Distribucija in provizija
Distribution and fees
Vlagatelji nimajo dostopa le do KNPVPVP, temveč tudi do podobnih in zato konkurenčnih naložbenih proizvodov v skladu z različnimi pravnimi okviri, kot so strukturirani proizvodi (tj. certifikati in dolžniški vrednostni papirji) ter proizvodi življenjskega zavarovanja (tj. proizvodi, vezani na enoto premoženja v skladih).
Investors do not only have access to UCITS, but also to similar and therefore competing investment products under different legal frameworks, such as structured products (i.e. certificates and notes) and life insurance products (i.e. unit-linked).
Glede na vse pogostejšo odprto arhitekturo distribucije so za male vlagatelje še pomembnejši ustrezna primerjava stroškov, vrednotenje, učinkovitost in tveganje.
Given the increasingly open architecture of distribution, the appropriate comparison of cost, valuation, performance and risk is even more important for retail investors.
Vendar je treba priznati, da je popolno primerljivost in zato enake konkurenčne pogoje skoraj nemogoče doseči zaradi individualnih značilnosti različnih naložbenih proizvodov (izstopne možnosti, obdavčitev itd.).
However, it must be recognised that full comparability and hence an identical level playing field are unlikely to be achieved due to individual characteristics of different investment products (exit possibilities, taxation etc.).
Strukture provizij pogosto ostanejo nepregledne, ker so te provizije vključene v dobiček brez navedbe, kako se porazdelijo v vrednostni verigi.
Fee structures often remain in-transparent because fees are included in returns without any indication of how they are broken down in the value-chain.
To še zlasti velja za retrocesijo
This is particularly true for the retrocession
Retrocesija/prispevek/provizija Del provizije za upravljanje, ki jo prejme upravljavec in se plača distributerju kot plačilo za njegovo dejavnost prodaje.
Retrocession/placement fee/trailer fee: A portion of the management fee received by the manager and paid to the distributor in remuneration of its placement activity.
Provizija je ponavadi periodična in se jo plačuje dokler je premoženje angažirano.
The fee is usually recurrent and paid as long as the assets remain invested. .
Takšna nepreglednost ogroža varnost vlagatelja, poslovni razvoj in lojalno konkurenco.
Such lack of transparency undermines investor protection, business development and sound competition.
Namen določb direktive MiFID o spodbudah
MiFID and its provisions on inducements
Spodbuda = pristojbina, provizija ali nedenarna korist, ki jo investicijska družba prejme ali plača zaradi opravljanja investicijskih ali pomožnih storitev za stranke. je izboljšanje preglednosti provizij.
Inducement = a fee, commission or non-monetary benefit that an investment firm may receive or pay in connection with the provision of investment and ancillary services to clients. aim at improving fee transparency.
Vendar je treba opozoriti, da določbe o razkritju iz te direktive veljajo le za sklade tretjih oseb, in ne za interno distribucijo, zato ne spodbujajo odprte arhitekture.
However, it has to be noted that its disclosure provisions only apply to third-party funds and not to in-house distribution and do hence not foster open architecture.
Poleg tega še ni mogoče predvideti, kakšen učinek bo imela direktiva MiFID na obstoječe določbe KNPVPVP ter na ukrepe za ublažitev in združevanje.
Moreover, it is not yet predictable what impact MiFID will have on already existing UCITS provisions and on softing and bundling arrangements.
Čeprav ima trg investicijskih skladov EU le dve tretjini več premoženja kot trg Združenih držav, ima trikrat več skladov.
Although the EU investment funds market only has two-thirds as many assets as the US market, it has over three times as many funds.
To pomeni sorazmerno velik delež skladov z večjimi stroški v sorazmerju z njihovo velikostjo.
This implies a relatively high proportion of funds with a higher cost proportional to their size.
Zaradi majhne povprečne velikosti sklada morajo evropski vlagatelji plačati od 2 do 6 milijard EUR več letnih pristojbin, kot bi jih morali, če bi bila ekonomija obsega v celoti izkoriščena
Due to the small average fund size, European investors are charged an estimated € 2-6 billion more in annual fees than they would, if economies of scale were fully exploited
Evropska Komisija, generalni direktorat za notranji trg in storitve: poročilo strokovne skupine o učinkovitosti trga investicijskih skladov, julij 2006, Bruselj, str.
European Commission, Internal Market and Services DG: Report of the Expert Group on Investment Fund Market Efficiency, July 2006, Brussels, p.
Nacionalni davčni predpisi so ena največjih ovir za (čezmejno) spojitev skladov.
National taxation rules are one of the major obstacles to (cross-border) fund mergers.
Vir: Lasten grafikon na podlagi podatkov iz podatkovnika EFAMA: Trends in European investment funds, 4. izdaja, julij 2006, stran 53
Source: Own chart, based on data from EFAMA Fact Book: Trends in European investment funds, 4th edition, July 2006, page 53.
Vendar KNPVPVP še ne sme vlagati v blago, izvedene finančne instrumente za blago, tvegane sklade, krovne tvegane sklade in odprte nepremičninske sklade.
However, UCITS are not yet allowed to invest in commodities and derivatives on commodities, hedge funds (HF), funds of hedge funds (FOHF) and open-ended real estate funds (OREF).
Delo odbora CESR v zvezi z indeksi tveganih skladov kot primernim premoženjem še poteka, vendar v sektorju tveganih skladov ustvarja skrbi glede neenakih konkurenčnih pogojev v primerjavi s krovnimi tveganimi skladi, ki so pogosto učinkovitejši in preglednejši kot indeksi tveganih skladov.
The CESR work on hedge funds indices (HFI) as eligible assets is still on-going, but creates concerns among the hedge fund industry of an uneven level playing field in comparison to FoHF whose performance and transparency is often superior to the one of HFIs.
Ker je naložbena politika KNPVPVP v veliki meri predpisana, ostaja vprašanje, kako daleč naj gredo določbe KNPVPVP za obvladovanje tveganja.
Since the investment policy of UCITS is fairly prescriptive, there remains the question as to how far the risk management provisions of UCITS should go.
Veliko strokovnjakov in akademikov meni, da pravila naložbene politike in sistem za obvladovanje tveganja tvorita celoto.
Many practitioners as well as academics see the investment policy rules on the one hand and the risk management system on the other as two sides of the coin.
Sedanje določbe direktive KNPVPVP III (1985/611) določajo, da mora upava podjetja uporabiti postopek obvladovanja tveganja, ki mora upoštevati trenutno vrednost temeljnih sredstev, tveganje nasprotne stranke, prihodnja tržna gibanja in čas, ki je na voljo za likvidacijo postavk.
The current provisions of UCITS III Directive (1985/611) require the management company to employ a risk-management process, which must take into account the current value of the underlying assets, the counterparty risk, future market movements and the time available for liquidating the positions.
Nadzorniki o programih za obvladovanje tveganja obvestijo zakonodajalce, tem pa jih ni treba odobriti.
From the supervisory side, the risk management programmes are notified to the regulator, but not authorised.
Razlika je tudi v tem, v kolikšni meri depozitarji, uprava sklada in upravljavci sklada prispevajo k podatkom, ki se jih zagotovi za programsko opremo, ter v tem, v kolikšni meri so vlagatelji vključeni v pregled nad to funkcijo.
It also varies in how far custodians, the administration of the fund and the fund managers contribute to the data put into the software as well as in how far depositories are involved in the oversight of this function.
Obdelava naročil skladov se ni prilagajala rasti trga in spremembam distribucijskih sistemov, kar je postopoma vodilo do višjih operativnih tveganj, zamud pri obdelavi in večjih stroškov.
Fund order-processing has not kept pace with the growth of the market and changes in distribution systems, which in turn has led to higher operational risks, processing delays and higher costs.
Zdaj je še vedno okrog 50 % čezmejnih transakcij, ki se obdelajo ročno, in stanejo dva- do trikrat več kot avtomatska naročila
At the moment, there is still around 50 % of cross-border transactions handled manually that costs two to three times more than automated orders
Študija organizacije Eurofi 2007: Optimizacija čezmejne distribucije in obdelava investicijskih skladov v EU. .
Eurofi study 2007: Optimising cross-border distribution and processing of investment funds in the EU. .
Takšne pomanjkljivosti ne izhajajo iz nezadostnega regulativnega ali pravnega okvira, ampak iz zasebnega sektorja.
Such inefficiencies do not arise from an insufficient regulatory or legal framework but from within the private sector.
Zato bi moral evropski sektor pospešiti svoje projekte in napredovati pri avtomatizaciji in standardizaciji obdelovanja skladov.
Hence, the European industry should step up its projects and progress in the automation and standardisation of fund processing.
Ker natančen zakonodajni okvir EU ne obstaja, so opredelitve vloge in odgovornosti depozitarja različne.
The absence of a precise EU legislative framework has led to diverging definitions of the role and responsibilities of the depositary.
Zato bi bilo treba razmisliti o odobritvi podružnic evropskih kreditnih institucij, ki bi imele depozitarno funkcijo, o nalogi hrambe depozitarja in usklajenosti njegovih nalog na splošno.
Consequently, further thought should be given to the authorisation of branches of EU credit institutions to act as depositary, to the depositary's safekeeping mission and to a harmonisation of its functions in general.
Med pričakovanim postopkom revizije mora Komisija preučiti, kako bi bilo mogoče mehanizme, ki so podobni Lamfalussyjevemu postopku, razširiti brez preoblikovanja celotne direktive.
During the forthcoming revision process, the Commission should examine where Lamfalussy style mechanisms can be extended without restructuring the whole Directive.
Zato je treba zagotoviti, da bo morebitna nova ali spremenjena obstoječa zakonodaja vsebovala pravno podlago drugostopenjskih izvedbenih direktiv in drugostopenjskih izvedbenih predpisov.
Thereby, it is crucial to ensure that any further new legislation or revision of the existing legislation will include the legal basis for both Level 2 implementing directives and Level 2 implementing regulations.
Tvegani skladi
Hedge Funds
Celotno premoženje, ki ga upravljajo tvegani skladi, znaša okrog 1,537 milijona USD,
Global assets under management in HFs present about $ 1,537 million
Revizija tveganega sklada, marec 2007. v primerjavi s 55 bilijoni USD sredstev v celotnem sektorju skladov
Hedge Fund Review March 2007. compared to $ 55.0 trillion assets in the global fund management industry
Investment Company Institute, december 2006. .
Investment Company Institute December 2006. .
Jasne in enotne opredelitve tveganega sklada ni, vendar ta pojem pomeni neregulirane naložbene nosilce, ki uporabljajo naložbene tehnike, ki poskušajo izkoristiti pomanjkljivosti na trgu.
Despite the lack of a clear and common definition of a HF, the concept represents unregulated investment vehicles using investment techniques which try to use market imperfections.
Te tehnike so na primer kratka prodaja, obsežni finančni vzvodi in izvedeni instrumenti, ki niso na voljo za druge skupne naložbene nosilce.
They use shorting techniques, extensive leverage, and derivatives, which are not available to other collective investment vehicles.
Vendar ima veliko drugih finančnih institucij in investicijskih skladov nekatere od teh značilnosti.
However, many other financial institutions and investment funds share some of these features.
Tvegani skladi prispevajo k razpršitvi tveganja, večji likvidnosti, večji konkurenčnosti med ustvarjalci trga in posredniki ter obsežni lastniški raziskavi trga, ki vodi k boljšemu obveščanju in oblikovanju cen.
HFs contribute to a dispersion of risk, higher liquidity, increased competitiveness between market makers and intermediaries as well as substantive proprietary market research that leads to better information and price discovery.
Glede na težave, s katerimi so se nekateri tvegani skladi nedavno srečali, poteka sporna razprava o finančni stabilnosti in sistemskem tveganju, ki ga lahko povzročijo.
In view of the difficulties some HFs have run into recently, there is a controversial discussion on the financial stability and systemic risk that might arise from HFs.
Večina nadzornikov se odloči za nadzor nasprotnih strank tveganih skladov in reguliranje dostopa vlagateljev.
Most supervisors opt for the supervision of HFs' counterparties and regulation of investors' access.
Dejavnost se tako začne z zbiranjem sredstev (ponavadi iz pokojninskih skladov, dotacij, finančnih institucij (bank, zavarovalnic), od posameznikov z visoko neto vrednostjo ali iz zasebnih kapitalskih krovnih skladov).
Their activity thus starts with fund raising (usually from pension funds, endowments, financial institutions (banks, insurance companies), high-net worth individuals or funds of private equity funds).
Temu sledi dejavnost upravljanja sklada, tj. odkupi s finančnim vzvodom (ki predvsem vlagajo v javna podjetja in jih privatizirajo), tvegani kapital, kapital za rast, vmesni kapital itd.
It is followed by fund management activity, i.e. leveraged buy-outs (LBOs, mostly investing in publicly listed companies and taking them private), venture capital, growth capital, mezzanine capital etc.
Odkup s finančnim vzvodom se ponavadi opravi z enim delom zbranih sredstev in tremi do štirimi deli dolga, ki se pozneje pokažejo v bilanci stanja ciljnega podjetja.
LBOs are usually done by one part raised funds to three to four parts of debt, which later show on the targeted company's balance sheet.
Značilne izstopne strategije so začetna javna ponudba, sekundaren odkup, ki ga opravi drugo zasebno kapitalsko podjetje, ali prodaja deleža drugi družbi.
Typical exit strategies are either an initial public offering (IPO), a secondary buy-out by another private equity firm or a trade sale to another corporation.
Kljub skrbem o velikem finančnem vzvodu odkupa in možnih socialnih posledicah zasebni kapital ostaja velik vir začetnega kapitala in kapitala za rast za mala in srednje velika podjetja ter v veliko primerih – zaradi prestrukturiranja ciljnega podjetja – zagotavlja uspešen razvoj.
Despite concerns about high leverage of LBOs and potential social consequences, private equity remains a great source of start up and growth capital for SMEs and in many cases - due to the restructuring of the target company - ensures its successful development.
Leta 2006 je bilo približno 90 % naložb izvedenih v podjetja z manj kot 500 zaposlenimi
In 2006, some 90 % of investments were made in companies with fewer than 500 employees
Letopis družbe EVCA, 2007. .
EVCA Yearbook 2007. .