natgillin/translations-raw huggingface dataset:
Za zagotovitev te skladnosti bi morala ta direktiva določiti način, na katerega bi nadzornik tega UAIS v povezavi z Evropskim organom za vrednostne papirje in trge ter ustreznimi pristojnimi organi Unije zagotovil ravnanje v skladu s to direktivo.
To ensure that such compliance is enforced, this Directive should establish a means by which the supervisor of that AIFM, in conjunction with ESMA and the relevant Union competent authorities, enforces compliance with this Directive.
(21a) Komisija bi morala preučiti razvoj sistema zasebnega plasiranja v Evropski uniji.
(21a) Consideration should be given by the Commission to develop a European Union private placement regime.
(21b) Ta direktiva ne bi smela vplivati na sedanje razmere, ko lahko profesionalni vlagatelj s sedežem v Uniji na lastno pobudo vlaga v AIS s sedežem v Uniji ne glede na to, kje ima sedež UAIS.
(21b) This Directive should not affect the current situation, whereby a professional investor established in the Union may invest in AIF established in the Union at its own initiative, regardless where the AIFM is established.
(22) Treba je razjasniti pooblastila in dolžnosti pristojnih organov, odgovornih za izvajanje te direktive, ter okrepiti mehanizme, ki so potrebni za zagotavljanje potrebne ravni čezmejnega sodelovanja pri nadzoru.
(22) It is necessary to clarify the powers and duties of the competent authorities responsible for implementing this Directive, and to strengthen the mechanisms needed to ensure the necessary level of cross-border supervisory cooperation.
Na podlagi te direktive bi moral imeti Evropski organ za vrednostne papirje in trge usklajevalno vlogo in pristojnost, da daje smernice pristojnim organom o nadzoru in izvajanju te direktive.
This Directive should give a coordinating role to ESMA and the power to issue guidelines to the competent authorities on supervision and enforcement of this Directive.
(22a) V skladu z novo nadzorno strukturo, predlagano za Unijo, bi morala ta direktiva Evropskemu organu za vrednostne papirje in trge podeliti neposredna pooblastila za nadzor in pooblastila za posredovanje na trgih v nekaterih okoliščinah, da bi določil ravni finančnih vzvodov v nekaterih okoliščinah in razrešil spore med pristojnimi organi.
(22a) Consistent with the new supervisory architecture proposed for the Union, this Directive should give ESMA direct powers of supervision and power to intervene in markets under certain circumstances, to set leverage levels under certain circumstances and to resolve disputes between the competent authorities.
(23) Dejavnosti UAIS na nekaterih finančnih trgih, zlasti kadar AIS, ki jih upravljajo, nimajo materialnih interesov zaradi proizvodov ali instrumentov, iz katerih so navedeni trgi izvedeni, so relativno pomembne, ker lahko v nekaterih okoliščinah zavrejo učinkovito delovanje navedenih trgov.
(23) The relative importance of the activities of AIFM in some financial markets, especially in those cases where the AIF they manage do not have a material interest in the underlying products or instruments from which those markets derive, could, under some circumstances, hinder the efficient functioning of those markets.
To lahko na primer povzroči prekomerno nestabilnost navedenih trgov ali vpliva na pravilno ocenjevanje instrumentov, s katerimi se trguje na navedenih trgih.
For example it could make those markets excessively volatile or affect the correct pricing of the instruments traded in them.
Zato je treba zagotoviti, da imajo pristojni organi in Evropski organ za vrednostne papirje in trge pristojnosti, ki so potrebne za spremljanje dejavnosti UAIS na navedenih trgih in ukrepanje, kadar okoliščine zahtevajo varstvo urejenega delovanja navedenih trgov.
It is therefore considered necessary to make sure the competent authorities and ESMA enjoy the powers necessary to monitor the activities of AIFM in those markets and to intervene in those circumstances where it would be necessary to protect their orderly functioning.
(24) Države članice naj določijo kazni , ki upoštevajo smernice Evropskega organa za vrednostne papirje in trge, za kršitve določb te direktive in zagotovijo njihovo izvajanje.
(24) Member States should lay down rules , following guidelines established by ESMA, on sanctions applicable to infringements of the provisions of this Directive and ensure that they are implemented.
Sankcije bi morale biti učinkovite, sorazmerne in odvračilne.
The sanctions should be effective, proportionate and dissuasive.
(25) Vsaka izmenjava ali prenos informacij med pristojnimi organi, Evropskim organom za vrednostne papirje in trge, Evropskim odborom za sistemska tveganja, drugimi organi, organi ali osebami mora potekati v skladu s pravili o prenosu osebnih podatkov iz Direktive 95/46/ES Evropskega parlamenta in Sveta z dne 24. oktobra 1995 o varstvu posameznikov pri obdelavi osebnih podatkov in o prostem pretoku takih podatkov
(25) Any exchange or transmission of information between ESMA, the ESRB, the competent authorities, other authorities, bodies or persons should be effected in accordance with the rules on transfer of personal data as laid down in Directive 95/46/EC of the European Parliament and of the Council of 24 October 1995 on the protection of individuals with regard to the processing of personal data and on the free movement of such data
(27) Komisija mora biti pristojna za sprejetje delegiranih aktov v skladu s členom 290 Pogodbe, zlasti tistih, ki so potrebni za izvajanje te direktive. ▌
(27) ▌The Commission should be empowered to adopt delegated acts in accordance with Article 290 of the Treaty , in particular those necessary for the implementation of this Directive. ▌
(29) Ker ciljev te direktive , in sicer zagotovitve visoke ravni zaščite potrošnikov in vlagateljev z določitvijo skupnega okvira za dovoljenje in nadzor UAIS, države članice ne morejo zadovoljivo doseči, kot to dokazujejo pomanjkljivosti obstoječih nacionalnih ureditev in nadzora teh akterjev, in ker se ta cilj lažje doseže na ravni Unije , lahko Unija sprejme ukrepe v skladu z načelom subsidiarnosti iz člena 5 Pogodbe o Evropski uniji .
(29) Since the objectives of this Directive , namely to ensure a high level of consumer and investor protection by laying down a common framework for the authorisation and supervision of AIFM , cannot be sufficiently achieved by the Member States, as evidenced by the deficiencies of existing nationally based regulation and oversight of these actors, and can therefore, be better achieved at Union level, the Union may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union .
V skladu z načelom sorazmernosti iz navedenega člena ta direktiva ne presega tistega, kar je potrebno za dosego navedenih ciljev –
In accordance with the principle of proportionality, as set out in that Article, this Directive does not go beyond what is necessary in order to achieve those objectives.
Ta direktiva določa pravila za dovoljenje, trajno delovanje in preglednost upraviteljev alternativnih investicijskih skladov (UAIS).
This Directive lays down the rules for the authorisation, ongoing operation and transparency of the managers of alternative investment funds (AIFM).
Ta direktiva velja za ▌ UAIS s sedežem v Uniji, ki zagotavljajo upravljavske storitve enemu ali več alternativnim investicijskim skladom (AIS) ne glede na to:
This Directive shall apply to ▌ AIFM established in the Union that provide management services to one or more alternative investment funds (AIF) irrespective of:
(a) ali ima AIS sedež v Uniji ali v tretji državi;
(a) whether the AIF is established in ▌the Union or in a third country ;
(b) ali UAIS storitve zagotavlja neposredno ali s prenosom;
(b) whether the AIFM provides its services directly or by delegation;
(c) ali AIS pripada odprtemu ali zaprtemu tipu;
(c) whether the AIF belongs to the open-ended or closed-ended type;
(ca) ali je AIS ustanovljen v okviru pogodbenega prava, investicijskega prava, statuta ali v okviru kakršne koli druge pravne oblike;
(ca) whether the AIF is constituted under contract law or trust law, under statute or under any other legal form;
(d) kakšna je pravna struktura UAIS.
(d) the legal structure of the AIFM.
V primerih, kjer zakonodaja, v skladu s katero so AIS organizirani, zahteva ustanovitev upravnega odbora ali kakšnega drugega vodstvenega organa, in ko AIS ne imenujejo UAIS, se AIS za namene te direktive obravnava kot UAIS.
In cases where the law under which AIF are organised requires the establishment of a board of directors or any other governing body and AIF do not designate a n AIFM, the AIF shall itself qualify as the AIFM for the purposes of this Directive.
Ta direktiva ne preprečuje investitorjem ali jih omejuje, da na kapitalskem trgu prodajo enote ali deleže, ki jih imajo v AIS.
This Directive shall not prevent or restrict investors from disposing of units or shares which they hold in AIF on the capital market.
UAIS, ki imajo v skladu s to direktivo dovoljenje, da zagotavljajo upravljavske storitve enemu ali več AIS, imajo pod pogoji iz Poglavja VI in po potrebi člena 35 pravico tudi do trženja deležev ali enot teh AIS za profesionalne vlagatelje v Uniji .
2. ▌ AIFM authorised in accordance with this Directive to provide management services to one or more AIF are also entitled to market shares or units of these AIF to professional investors in the Union subject to the conditions laid down in Chapter VI and, where relevant, to Article 35.
Države članice zagotovijo, da se UAIS, ki so upravičeni do izjem iz členov 2-a in 2a, obravnavajo kot UAIS, ki spadajo v področje uporabe te direktive.
Member States shall ensure that AIFM benefitting from the exemptions set out in Articles 2-a and 2a are entitled to be treated as AIFM falling under the scope of this Directive.
Člen 2-a
Article 2-a
Ta direktiva se ne uporablja za:
This Directive shall not apply to any of the following:
(a) KNPVP ali njihove družbe za upravljanje ali investicijska podjetja, ki imajo dovoljenje v skladu z Direktivo 2009/65/ES, če te družbe ali podjetja ne upravljajo AIS;
(a) UCITS or their management or investment companies authorised in accordance with Directive 2009/65/EC in so far as those management or investment companies do not manage AIF ;
(b) kreditne institucije, institucije za poklicno pokojninsko zavarovanje, institucije, ki izključno upravljajo sklade za zagotavljanje poklicnih pokojnin,zavarovalnice in pozavarovalnice ali katero koli drugo regulirano institucijo, če te vlagajo samo v svojem imenu;
(b) credit institutions, institutions for occ upational retirement provision, institutions exclusively managing funds for occupational retirement provisions , insurance and reinsurance companies or any other regulated institution in so far as they invest solely on their own account;
(c) nadnacionalne institucije, kot so Svetovna banka, Mednarodni denarni sklad, Evropska centralna banka, Evropska investicijska banka, Evropski investicijski sklad, druge nadnacionalne organizacije in podobne mednarodne organizacije, če takšne institucije ali organizacije upravljajo enega ali več AIS , ki delujejo v javnem interesu;
(c) supranational institutions, such as the World Bank, the IMF, the ECB, the EIB, the EIF, other supranational institutions and similar international organisations, in case such institutions or organisations manage one or several AIFs in so far as those AIF act in the public interest ;
(d) centralne banke;
(d) central banks;
(e) UAIS, ki so holdinške družbe, ki svoje delnice tržijo na reguliranem trgu Unije in ki ne dajejo svojim delničarjem nobenih pravic odplačevanja ali vnovičnega nakupa.
(e) AIFM which are holding companies having their shares traded on a Union regulated market and which do not grant to their shareholders any redemption or repurchase rights.
Posebne ali delne izjeme
Specific or partial exemptions
UAIS, ki izpolnjujejo naslednja merila, morajo izpolnjevati samo določbe iz poglavja II (dovoljenje), člena 9 (splošna načela – etika) in členov 21, 24 in 25 (obveznost poročanja pristojnim organom):
AIFM meeting the following criteria need only comply with Chapter II (authorisation), Article 9 (general principles - ethic) and Articles 21, 24 and 25 (reporting obligations to competent authorities):
(a) UAIS, ki zagotavljajo upravljavske storitve izključno svojim matičnim družbam, svojim hčerinskim družbam ali drugim hčerinskim družbam svojih matičnih družb;
(a) A IFM which provide management services exclusively for their parent undertakings, for their subsidiaries or for other subsidiaries of their parent undertakings;
(b) UAIS za AIS, ki imajo do tri profesionalne vlagatelje, ki niso drug AIS ali KNPVP;
(b) AIFM in respect of AIF with up to three professional investors, which are not other AIF or UCITS themselves;
(c) UAIS v obliki nacionalnih, regionalnih in lokalnih oblasti in organov ali institucij, ki upravljajo sklade, s katerimi se podpirajo sistemi socialne varnosti in pokojninski sistemi;
(c) AIFM in the form of n ational, regional and local governments and bodies or institutions which manage funds supporting social security and pension systems;
(d) UAIS v obliki AIS, ki se upravljajo sami, ki so pravne osebe, svojim delničarjem ne dajejo nobenih pravic odplačevanja ali vnovičnega nakupa, vlagajo pretežno v prenosljive vrednostne papirje in se z njihovimi deleži trguje na reguliranem trgu v Uniji;
(d) AIFM in the form of self-managed AIF which have legal personality, do not grant their shareholders any redemption or repurchase rights, invest predominantly in transferable securities and have their shares traded on a regulated market in the Union;
(e) UAIS, ki upravljajo sisteme udeležbe zaposlenih.
(e) AIFM which manage e mployee participation schemes.
UAIS, ki sodijo v področje uporabe tega odstavka, ne uporabljajo postopka iz člena 33 za trženje enot ali deležev AIS, ki jih upravljajo za profesionalne vlagatelje v drugi državi članici.
AIFM falling within the scope of this paragraph shall not use the procedure set out in Article 33 for marketing the units or shares of an AIF it manages to professional investors in another Member State .
Za sistemsko nepomembne UAIS veljajo samo poglavje II (dovoljenje), člena 9 in 10 (etika in preprečevanje navzkrižja interesov), člena 19 in 20 (zahteve glede preglednosti), členi 21, 24 in 25 (obveznosti poročanja pristojnim organom), člen 11 (obvladovanje tveganja), člen 14 (kapital) ter poglavje VIII (nadzor) te direktive.
For non-systemically relevant AIFM, only Chapter II (authorisation) Articles 9 and 10 (ethic and prevention of conflict of interest), Articles 19 to 20 (transparency requirements), Articles 21, 24 and 25 (reporting obligations to competent authorities), Article 11 (risk management), Article 14 (capital) and Chapter VIII (Supervision) of this Directive apply.
Kadar je zadevni AIS nepremičninski sklad glede na člen 16, redno vrednotenje ni obvezno.
Where the AIF concerned is a real estate fund in relation to Article 16, periodical valuation is optional.
Pogostost vrednotenja je v skladu s pravili AIS.
The frequency with which the valuation is performed shall be in compliance with the rules of the AIF.
Za te AIS se ne uporablja člen 17 (depozitar).
Article 17 (depositary) shall not apply in relation to such AIF.
UAIS morajo ravnati v skladu s to direktivo samo za vse AIS zasebnega kapitala, ki jih upravljajo, in sicer:
AIFM need only comply with this Directive in relation to each private equity AIF that they manage as follows :
(a) veljajo poglavje II (dovoljenje), člena 9 in 10 (etika in preprečevanje navzkrižja interesov), člen 18 (prenos), člena 19 in 20 (letno poročilo in razkrivanje informacij vlagateljem), poglavje V (obveznosti UAIS, ki upravljajo posebne vrste AIS), poglavje VII (tretje države) in poglavje VIII (nadzor);
(a) Chapter II (authorisation) Articles 9 and 10 (ethics and prevention of conflict of interest), Article 18 (delegation), Articles 19 to 20 (annual report and disclosure to investors), Chapter V (obligations of AIFM managing specific types of AIF), Chapter VII (third countries) and Chapter VIII (supervision) shall apply;
(b) kot odstopanje od člena 16 redno vrednotenje ni obvezno, pogostost njegovega izvajanja pa mora biti v skladu s pravili AIS, samo vrednotenje pa mora v vsakem primeru potekati vsakič, ko so deleži ali enote AIS zasebnega kapitala izdani ali odkupljeni;
(b) as a derogation from Article 16, periodical valuation shall be optional but the frequency of such valuation shall be in compliance with the rules of the AIF and valuation shall, in any event, take place each time shares or units in the private equity AIF are issued or redeemed ;
(c) se člen 17 ne uporablja.
(c) Article 17 shall not apply;
Odstavki 1, 2 in 3 se ne uporabljajo za UAIS, ki upravljajo AIS zasebnega kapitala.
Paragraphs 1, 2 and 3 shall not apply to AIFM managing a private equity AIF.
Poglavje V se uporablja za UAIS, ki spadajo v področje uporabe tega člena.
Chapter V shall apply to AIFM falling within the scope of this Article.
Pristojni organi držav članic pripravijo seznam UAIS, zajetih v tem členu.
The competent authorities of the Member States shall establish a list of the AIFM covered by this Article.
Ta seznam se posreduje Evropski komisiji in Evropskemu organu za vrednostne papirje in trge.
The list shall be communicated to the European Commission and ESMA.
Evropski organ za vrednostne papirje in trge redno preverja, ali pristojni organi zagotavljajo, da so UAIS iz področja uporabe tega člena še naprej zajeti v tem členu.
ESMA shall periodically review whether the competent authorities ensure that an AIFM within the scope of this Article continues to fall within that scope on an on-going basis.
V tej direktivi se uporabljajo naslednje opredelitve:
For the purpose of this Directive, the following definitions shall apply:
(a) „alternativni investicijski sklad“ ali AIS pomeni vsak kolektivni naložbeni podjem, vključno z njegovimi naložbenimi razdelki, katerega cilj so kolektivne naložbe in upravljani računi z vzvodom in ki ne potrebuje dovoljenja v skladu s členom 5 Direktive 2009 /65/ ES;
(a) 'alternative investment funds' or 'AIF' means any collective investment undertaking, including investment compartments thereof whose object is the collective investment in assets and leveraged managed accounts and which do not require authorisation pursuant to Article 5 of Directive 2009/ 65 /EC;
(b) „upravitelj alternativnih investicijskih skladov“ ali UAIS pomeni vsako pravno ali fizično osebo, ki upravlja enega ali več AIS , je odgovorna za skladnost z zahtevami te direktive in je lahko glede na pravno obliko zadevnega AIS bodisi sam AIS ali zunanji subjekt;
(b) 'manager of alternative investment funds ' or 'AIFM' means a legal or natural person whose business is to manage one or several AIF which is responsible for the compliance with the requirements of this Directive and which, depending on the legal form of the AIF concerned, may be either the AIF itself or an external entity ;
(c) „cenilec“ pomeni pravno osebo ali funkcionalno neodvisno službo UAIS, ki jo pooblasti in nadzoruje pristojni organ , ki vrednoti premoženje ali vzpostavlja vrednost deležev ali enot AIS ▌;
(c) 'valuator' means a legal person or a functionally independent service of the AIFM whic h is authorised and supervised by a competent authority, valuing the assets or establishing the value of the shares or units of an AIF;
(d) „upravljavske storitve“ so funkcije, opredeljene v Prilogi Ia;
(d) 'management services' means the functions defined in Annex Ia ;
(e) „trženje“ pomeni ▌ponudbo ali namestitev enot ali deležev v AIS , ki ga upravlja UAIS, vlagateljem s sedežem v Uniji ali z njimi na pobudo katerega koli UAIS ali posrednika, odgovornega za distribucijo ;
(e) 'marketing' means an offering or placement , at the initiative of an AIFM or of an intermediary responsible for distribution, of units or shares in an AIF that that AIFM manages to or with investors established in the Union ;
(f) „profesionalni vlagatelj“ je vsak vlagatelj v smislu Priloge II Direktive 2004/39/ES;
(f) 'professional investor' means an investor within the meaning of Annex II of Directive 2004/39/EC;
(g) „mali vlagatelj“ je vsak vlagatelj, ki ni profesionalni vlagatelj;
(g) 'retail investor' means an investor who is not a professional investor;
(h) „matična država članica“ je država članica, v kateri ima UAIS dovoljenje po členu 6;
(h) 'home Member State' means the Member State in which the AIFM has been authorised pursuant to Article 6;
(i) „država članica gostiteljica“ je država članica, ki ni matične država članica in na katere ozemlju UAIS AIS nudi upravljavske storitve ali trži deleže ali enote tega AIS;
(i) 'host Member State' means a Member State, other than the home Member State, within the territory of which AIFM provide management services to AIF or markets shares or units thereof;
(j) „pristojni organi“ so tisti državni organi, ki so z zakonom ali drugim predpisom pooblaščeni za nadzor UAIS;
(j) 'competent authorities' means the national authorities which are empowered by law or regulation to supervise AIFM;
(k) „finančni instrument“ je instrument, ▌ določen v oddelku C Priloge I Direktive 2004/39/ES;
(k) 'financial instrument' means an instrument ▌ specified in Annex I, Section C of Directive 2004/39/EC;
(l) „finančni vzvod“ pomeni vsako metodo, s katero UAIS poveča izpostavljenost AIS, ki ga upravlja, določenim naložbam , in sicer s pomočjo izposojanja denarja ali vrednostnih papirjev, ali pa finančni vzvod, vložen v finančne postavke ali kako drugače , vključno s finančnim vzvodom, ki ga uporabljajo skladi ali drugi pravni subjekti pod nadzorom AIS, samostojno ali v navezi z drugimi AIS, in ki poveča finančni dolg, ki ga podpira AIS;
(l) 'leverage' means any method by which the AIFM increases the exposure of an AIF it manages to particular investments whether through borrowing of cash or securities, or leverage embedded in derivative positions or by any other means , including leverage used by funds or other legal entities controlled by the AIF, alone or jointly with other AIF and which increases the financial debt supported by the AIF ;
(m) „kvalificirani delež“ je kakršen koli neposredni ali posredni delež v UAIS, ki predstavlja 10 % ali več kapitala ali glasovalnih pravic ali ki omogoča pomembno vplivanje na vodenje zadevnega UAIS, v katerem je ta delež.
(m) ‘qualifying holding’ means any direct or indirect holding in an AIFM which represents 10% or more of the capital or of the voting rights or which makes it possible to exercise a significant influence over the management of the AIFM in which that holding subsists.
Za ta namen se upoštevajo glasovalne pravice iz členov 9 in 10 Direktive 2004/109/ES ▌;
For this purpose the voting rights referred to in Articles 9 and 10 of Directive 2004/109/EC ▌ shall be taken into account;
(n) „izdajatelj“ je kateri koli izdajatelj deležev, ki ima sedež v Uniji , v smislu člena 2(1)(d) Direktive 2004/109/ES;
(n) 'issuer' means any issuer of shares established in the Union within the meaning of Article 2(1)(d) of Directive 2004/109/EC;
(o) „predstavniki delavcev“ pomenijo predstavnike delavcev, kot so opredeljeni v členu 2(e) Direktive 2002/14/ES z dne 11. marca 2002 o določitvi splošnega okvira za obveščanje in posvetovanje z delavci v Evropski skupnosti
(o) 'representatives of employees' means representatives of employees as defined by Article 2(e) of Directive 2002/14/EC of the European Parliament and of the Council of 11 March 2002 establishing a general framework for informing and consulting employees in the European Community
(oa) „varna hramba“ pomeni nadzorovanje ali posedovanje premoženja v imenu lastnika kot varuha ali depozitarja;
(oa) 'safe-keeping' means control or possession of the assets concerned on behalf of the owner as custodian or depositary;
(ob) „depozitar“ pomeni institucijo, ki so ji zaupane naloge iz člena 17;
(ob) 'depositary' means an institution entrusted with the duties set out in Article 17;
(oc) „lastna sredstva“ pomeni lastna sredstva, kot so določena v naslovu V, poglavje 2, oddelek 1 Direktive 2006/48/ES;
(oc) 'own funds' means own funds as referred to in Title V, Chapter 2, Section 1 of Directive 2006/48/EC;