natgillin/translations-raw huggingface dataset:
– ob upoštevanju Direktive 2001/107/ES Evropskega parlamenta in Sveta z dne 21. januarja 2002 o spremembi Direktive Sveta 85/611/EGS o usklajevanju zakonov in drugih predpisov o kolektivnih naložbenih podjemih za vlaganja v prenosljive vrednostne papirje (KNPVP), z namenom zakonsko urediti družbe za upravljanje in izvlečke prospektov
– having regard to Directive 2001/107/EC of the European Parliament and of the Council of 21 January 2002 amending Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) with a view to regulating management companies and simplified prospectuses
– ob upoštevanju Direktive 2001/108/ES Evropskega parlamenta in Sveta z dne 21. januarja 2002 o spremembi Direktive Sveta 85/611/EGS o usklajevanju zakonov in drugih predpisov o kolektivnih naložbenih podjemih za vlaganja v prenosljive vrednostne papirje (KNPVP)
– having regard to Directive 2001/108/EC of the European Parliament and of the Council of 21 January 2002 amending Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), with regard to investments of UCITS
– ob upoštevanju Direktive 2002/65/ES Evropskega parlamenta in Sveta z dne 23. septembra 2002 o trženju finančnih storitev potrošnikom na daljavo
– having regard to Directive 2002/65/EC of the European Parliament and of the Council of 23 September 2002 concerning the distance marketing of consumer financial services
– ob upoštevanju Direktive 2003/6/ES Evropskega parlamenta in Sveta z dne 28. januarja 2003 o trgovanju z notranjimi informacijami in tržni manipulaciji (zloraba trga)
– having regard to Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse)
– ob upoštevanju Direktive Sveta 2003/48/ES z dne 3. junija 2003 o obdavčevanju dohodka od prihrankov v obliki plačil obresti
– having regard to Council Directive 2003/48/EC of 3 June 2003 on taxation of savings income in the form of interest payments
UL L 157, 26.6.2003, str.
OJ L 157, 26.6.2003, p.
– ob upoštevanju Direktive 2003/51/ES Evropskega parlamenta in Sveta z dne 18. junija 2003 o spremembah Direktiv 78/660/EGS, 83/349/EGS, 86/635/EGS in 91/674/EGS o letnih in konsolidiranih računovodskih izkazih posameznih vrst družb, bank in drugih finančnih institucij ter zavarovalnic
– having regard to Directive 2003/51/EC of the European Parliament and of the Council of 18 June 2003 amending Directives 78/660/EEC, 83/349/EEC, 86/635/EEC and 91/674/EEC on the annual and consolidated accounts of certain types of companies, banks and other financial institutions and insurance undertakings
– ob upoštevanju direktive 2003/71/ES Evropskega parlamenta in Sveta z dne 4. novembra 2003 o prospektu, ki se objavi ob javni ponudbi ali sprejemu vrednostnih papirjev v trgovanje
– having regard to Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading
– ob upoštevanju Direktive Evropskega parlamenta in Sveta 2004/25/ES z dne 21. aprila 2004 o ponudbah za prevzem
– having regard to Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids
– ob upoštevanju direktive 2004/39/ES Evropskega parlamenta in Sveta z dne 21. aprila 2004 o trgih finančnih instrumentov
– having regard to Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments
– ob upoštevanju direktive 2004/109/ES Evropskega parlamenta in Sveta z dne 15. decembra 2004 o uskladitvi zahtev v zvezi s preglednostjo informacij o izdajateljih, katerih vrednostni papirji so sprejeti v trgovanje na reguliranem trgu
– having regard to Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market
38. („direktiva o preglednosti“),
38. (the 'Transparency Directive'),
– ob upoštevanju Direktive Evropskega parlamenta in Sveta 2005/1/ES z dne 9. marca 2005 o spremembi Direktiv Sveta 73/239/EGS, 85/611/EGS, 91/675/EGS, 92/49/EGS in 93/6/EGS ter Direktiv 94/19/ES, 98/78/ES, 2000/12/ES, 2001/34/ES, 2002/83/ES in 2002/87/ES za vzpostavitev nove organizacijske strukture odborov za finančne storitve
– having regard to Directive 2005/1/EC of the European Parliament and of the Council of 9 March 2005 amending Council Directives 73/239/EEC, 85/611/EEC, 91/675/EEC, 92/49/EEC and 93/6/EEC and Directives 94/19/EC, 98/78/EC, 2000/12/EC, 2001/34/EC, 2002/83/EC and 2002/87/EC in order to establish a new organisational structure for financial services committees
– ob upoštevanju Direktive Evropskega parlamenta in Sveta 2005/60/ES z dne 26. oktobra 2005 o preprečevanju uporabe finančnega sistema za pranje denarja in financiranje terorizma
– having regard to Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing
UL L 309, 25.11.2005, str.
OJ L 309, 25.11.2005, p.
– ob upoštevanju Direktive 2006/48/ES Evropskega parlamenta in Sveta z dne 14. junija 2006 o začetku opravljanja in opravljanju dejavnosti kreditnih institucij
– having regard to Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions
– ob upoštevanju Direktive 2006/49/ES Evropskega parlamenta in Sveta z dne 14. junija 2006 o kapitalski ustreznosti investicijskih podjetij in kreditnih institucij
– having regard to Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions
– ob upoštevanju Direktive Komisije 2006/73/ES z dne 10. avgusta 2006 o izvajanju Direktive 2004/39/ES Evropskega parlamenta in Sveta v zvezi z organizacijskimi zahtevami in pogoji poslovanja investicijskih družb ter opredeljenimi izrazi za namene navedene direktive
– having regard to Commission Directive 2006/73/EC of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive
UL L 241, 2.9.2006, str.
OJ L 241, 2.9.2006, p.
26. (izvedbena direktiva MiFID),
26. (the MiFID Implementing Directive),
– ob upoštevanju Direktive 2007/36/ES Evropskega parlamenta in Sveta z dne 11. julija 2007 o uveljavljanju določenih pravic delničarjev družb, ki kotirajo na borzi
– having regard to Directive 2007/36/EC of the European Parliament and of the Council of 11 July 2007 on the exercise of certain rights of shareholders in listed companies
UL L 184, 14.7.2007, str.
OJ L 184, 14.7.2007, p.
– ob upoštevanju svoje resolucije z dne 25. septembra 2003 o predlogu direktive Evropskega parlamenta in Sveta o investicijskih storitvah in reguliranih trgih
– having regard to its resolution of 25 September 2003 on the proposal for a European Parliament and Council directive on investment services and regulated markets
– ob upoštevanju študije o hedge skladih: preglednost in navzkrižje interesov, ki jo je naročil Odbor za ekonomske in monetarne zadeve
– having regard to the Study on Hedge Funds: Transparency and Conflict of Interest commissioned by its Committee on Economic and Monetary Affairs
– ob upoštevanju poročila Odbora za pravne zadeve in mnenja Odbora za ekonomske in monetarne zadeve ( A6-0296/2008 ),
– having regard to the report of the Committee on Legal Affairs and the opinion of the Committee on Economic and Monetary Affairs ( A6-0296/2008 ),
A. ker je jasno, da lahko alternativni nosilci naložb, kot so hedge skladi in skladi zasebnega kapitala, zagotovijo upravljavcem premoženja prednosti razpršitve, povečajo likvidnost trga, izboljšajo možnosti za visoke donose za vlagatelje, prispevajo k postopku oblikovanja cen, razpršitvi tveganja in finančnemu povezovanju ter povečajo učinkovitost trga;
A. whereas it is recognised that alternative investment vehicles such as hedge funds and private equity can offer new diversification benefits for asset managers, increase market liquidity and the prospects of high returns for investors, contribute to the price discovery process, risk diversification and financial integration, and improve market efficiency,
B. ker so hedge skladi in skladi zasebnega kapitala jasni naložbeni nosilci, ki se razlikujejo glede na naravo naložbe in naložbeno strategijo;
B. whereas hedge funds and private equity are distinct investment vehicles that differ as regards the nature of investment and investment strategy,
C. ker je za hedge sklade in sklade zasebnega kapitala na ravni EU potrebno zakonodajno okolje, v katerem bodo upoštevane njihove inovativne strategije, kar bi jim omogočilo, da ostanejo mednarodno konkurenčni in ublažijo učinke morebitne negativne dinamike trga; ker obstaja tveganje, da bo zakonodaja, prilagojena določenim produktom, neprožna in bo preprečevala inovativnost;
C. whereas EU-based hedge funds and private equity require a regulatory environment which will respect their innovative strategies in order to enable them to remain internationally competitive while mitigating the effects of potential adverse market dynamics; whereas there is a risk that product-specific legislation could be inflexible and stifle innovation,
D. ker morajo biti hedge skladi in skladi zasebnega kapitala, katerih družba za upravljanje ima sedež v EU, v skladu z veljavno in prihodnjo zakonodajo Skupnosti; ker morajo biti tudi subjekti, ki nimajo sedeža v EU, v okviru nekaterih dejavnosti usklajeni s to zakonodajo;
D. whereas hedge funds and private equity which have their management company domiciled in the EU have to comply with existing and future Community legislation; whereas non-EU-based entities also have to comply with this legislation in the context of certain activity,
E. ker za domače hedge sklade, ki ne uživajo ugodnejše davčne obravnave („onshore“ skladi), za upravljavce hedge skladov in skladov zasebnega kapitala velja obstoječa zakonodaja, zlasti zakonodaja na področju zlorab trga, ter jih zakonodaja ureja prek strank in v primeru prodaje povezanih naložb v regulirane proizvode;
E. whereas EU onshore hedge funds, hedge fund managers and private equity are subject to existing legislation, notably concerning market abuse, and whereas they are subject to regulation indirectly through counterparties and when related investments in regulated products are sold,
F. ker v nekaterih državah članicah za hedge sklade in sklade zasebnega kapitala veljajo nacionalne pravne ureditve ter se veljavne direktive EU različno izvajajo; ker obstaja tveganje, da postane notranji trg zaradi takšnih različnih nacionalnih pravil regulativno razdrobljen, kar lahko ovira čezmejni razvoj te dejavnosti v Evropi;
F. whereas in some Member States hedge funds and private equity are subject to national regulatory regimes and differing implementation of existing EU directives; whereas such divergent national rules give rise to the risk of regulatory fragmentation in the internal market, which may have the effect of impeding the cross-border development of this business in Europe,
G. ker so direktive ustrezni pravni instrumenti za obravnavanje kakršnih koli vprašanj v zvezi s hedge skladi in skladi zasebnega kapitala; ker je treba pred morebitno direktivo o preglednosti izvesti analizo in oceno vpliva veljavne zakonodaje v državah članicah na hedge sklade in sklade zasebnega kapitala, ker mora biti takšna zakonodaja izhodiščna točka za usklajevanje; ker bo treba obstoječo zakonodajo morda prilagoditi, vendar se je treba izogniti spremembam, ki bi uvedle neutemeljene razlike;
G. whereas directives seem to be the appropriate legal instruments with which to address any issues needing to be tackled in relation to hedge funds and private equity; whereas an analysis and assessment of the impact on hedge funds and private equity of legislation already in force in the Member States and in the EU should precede any directive on the transparency thereof; whereas such legislation should be the starting-point for harmonisation; and whereas existing regulations may need to be adjusted but should avoid changes that would introduce unjustifiable divergences,
H. ker je znano, da je eno od glavnih vprašanj potreba po preglednosti in njena analiza ter primeri, kjer se ta lahko izboljša; ker preglednost zadeva številne vidike, kot je preglednost hedge skladov in – odvisno od primera – skladov zasebnega kapitala v nasprotju z družbami, od katerih pridobijo ti skladi delnice ali od katere jih imajo v lasti, borznimi posredniki, institucionalnimi vlagatelji, kot so pokojninski skladi ali banke, malimi vlagatelji, poslovnimi partnerji, nadzorniki in organi; ker je ena od glavnih težav v zvezi s preglednostjo odnos med hedge skladom in –odvisno od primera – skladom zasebnega kapitala na eni strani ter družbo, od katere ti skladi pridobijo delnice ali od katere jih imajo v lasti na drugi strani;
H. whereas it is recognised that one of the main issues is the need for, and analysis of, transparency and instances in which it can be enhanced; whereas transparency has several facets, such as the transparency of hedge funds and – as the case may be – private equity vis-à-vis the companies whose shares they acquire or own, as well as vis-à-vis prime brokers, institutional investors such as pension funds or banks, retail investors, business partners, regulators and authorities; whereas one of the main transparency problems lies in the relationship between a hedge fund and – as the case may be – a private equity on one hand and the companies whose shares it acquires or owns on the other hand,
I. ker so 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;
I. whereas 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, is that this has compromised both the investors and the fund,
J. ker je neskladno izvajanje direktive o preglednosti povzročilo neskladne stopnje preglednosti po vsej EU in visoke stroške vlagateljev;
J. whereas inconsistent implementation of the Transparency Directive has led to divergent levels of transparency throughout the EU and to high costs for investors,
K. ker je preglednost bistveni pogoj za zaupanje vlagateljev in razumevanje zapletenih finančnih produktov ter s tem prispeva k optimalnemu delovanju in stabilnosti finančnih trgov; ker je preglednost podpora ustreznega prizadevanja in ne nadomestilo zanj;
K. whereas transparency is an essential condition for investor confidence and the understanding of complex financial products, and thus contributes to the optimum functioning and stability of the financial markets; whereas transparency is an aid to, not a replacement for, due diligence,
L. ker razloga za sedanjo krizo drugorazrednih posojil ni mogoče pripisati enemu samemu sektorju – ob upoštevanju, da bo za popolno razumevanje vseh razlogov in učinkov te krize potrebnega več časa, in ker različni razlogi za to krizo med drugim vključujejo:
L. whereas the current sub-prime crisis cannot primarily be attributed to one single sector – bearing in mind that it will take time to thoroughly understand the full causes and effects of that crisis, and whereas the manifold reasons for it include inter alia :
– bonitetne agencije , zlasti navzkrižje interesov v bonitetnih agencijah in napačno razumevanje bonitetnih ocen,
– rating agencies, especially the conflicts of interest of credit rating agencies and the misconception of the meaning of ratings,
– malomarne prakse posojanja denarja na stanovanjskem trgu ZDA,
– negligent lending practices in the US housing market,
– hitre inovacije na področju zapleteno oblikovanih produktov,
– rapid innovation in the area of complex structured products,
– model „originate-to-distribute“ (model posojila, pri katerem se posojila po odobritvi prodajo kot vrednostni papirji) in dolgo posredniško verigo,
– the originate-to-distribute model and the long intermediation chain,
– pohlep vlagateljev po vedno večjem donosu in kratkoročno strukturo spodbud v zvezi s plačami,
– investors' greed in seeking ever-higher returns and a short-sighted incentive structure as regards remuneration,
– nespoštovanje procesa ustrezne skrbnosti,
– failure to observe the due diligence process,
– listinjenje in postopek bonitetnih agencij v zvezi z zapleteno oblikovanimi produkti, kar je povzročilo čezmerne cene teh produktov glede na osnovno premoženje,
– the securitisation and rating agency process in the context of complex structured products, which resulted in overpricing of those products with respect to the underlying assets,
– navzkrižje interesov med ameriškimi investicijskimi bankami in pomanjkanje njihove pravne ureditve;
– conflicts of interests within, and the lack of regulation of, American investment banks,
M. ker zakonodaja Skupnosti zagotavlja mehanizme, kot sta postopek komitologije ali Lamfalussyjev postopek, ki z izvajanjem ukrepov omogočajo prilagodljivo odzivanje na spreminjajoče se poslovno okolje; ker se bo ta sistem z instrumentom delegiranih aktov v skladu z lizbonsko pogodbo izboljšal;
M. whereas Community legislation provides for mechanisms such as comitology or Lamfalussy procedures which allow for flexibility in reacting to the changing business environment via implementing measures; whereas this system will improve with the instrument of delegated acts under the Treaty of Lisbon,
N. ker je veliko različnih pobud in organizacij hedge skladov in skladov zasebnega kapitala, kot so Mednarodno združenje nadzornikov trga vrednostnih papirjev, Mednarodni denarni sklad, Organizacija za gospodarsko sodelovanje in razvoj ter sektor, vključno s tistimi v zvezi s hedge skladi in skladi zasebnega kapitala, že oblikovalo načela in pravila najboljših praks, ki lahko dopolnjujejo in služijo kot model za zakonodajo EU; ker je treba družbe in poslovna združenja spodbujati k skladnosti z zakonodajo EU in temu, da se zavežejo tem pravilom na podlagi načela „upoštevaj ali pojasni“ ter da se podrobnosti te usklajenosti in obrazložitve javno objavijo in so primerno ocenjene;
N. whereas numerous different hedge funds and private equity initiatives and organisations such as the International Organization of Securities Commissions, the International Monetary Fund, the Organisation for Economic Co-operation and Development and industry bodies, including those relating to hedge funds and private equity, have established principles and codes of best practice which may complement and serve as a model for EU legislation; whereas, in addition to complying with EU legislation, companies and business associations should be encouraged to sign up to these codes on a 'comply or explain' basis and details of such compliance and explanations should be publicly available and properly assessed,
O. ker bi bilo treba za nekatere proizvode, s katerimi se trguje prek okenc, uporabiti bolj odprte ali prepoznavne sisteme trgovanja, da bi se povečalo vrednotenje po tržnih cenah, kjer je to mogoče, in navedlo morebitne spremembe lastništva; ker je splošnejši klirinški sistem na trgu prek okenc privlačen za nadzorni pregled in oceno tveganja, vendar je za zagotovitev enakih konkurenčnih pogojev na svetovni ravni treba vsak nov sistem uvesti na mednarodni podlagi;
O. whereas some over-the-counter (OTC) products could use more open or visible trading systems in order to increase markt-to-market valuation where possible and to give an indication of potential ownership changes; whereas a more general OTC clearing system is attractive for the purposes of supervisory oversight and risk assessment, but, in order to ensure that there is a level playing field in the global context, any new system needs to be introduced on an international basis,
P. ker sta vsesektorsko spremljanje in poročanje pomembna za obravnavanje javnih vprašanj in razumevanje gospodarskega učinka skladov zasebnega kapitala, ter ker že obstaja obveznost v zvezi s tem, da se zasebne in javne družbe posvetujejo s svojimi zaposlenimi glede vprašanj, ki zadevajo njihove interese; ker ne sme priti do neravnovesja med poslovnimi razkritji, ki se zahtevajo od portfeljskih družb skladov zasebnega kapitala, in tistimi, ki se zahtevajo od drugih zasebnih družb;
P. whereas industry-wide monitoring and reporting has a role to play in addressing public concerns and in order to understand the economic impact of private equity, and whereas there is already an obligation incumbent on private and public companies to consult their employees about matters that affect their interests; whereas no imbalance should be created between commercial disclosure required of private equity portfolio companies and that required of other private companies,
Q. ker zakonodaja v zvezi s proizvodi ni ustrezna vrsta pravne ureditve za obravnavo tega inovativnega sektorja;
Q. whereas product-related legislation does not seem to be the appropriate type of regulation to deal with this innovative sector,
R. ker bi bila spletna stran za kodekse ravnanja „vse na enem mestu“ koristna in jo je treba oblikovati za Evropsko unijo ter mednarodno spodbujati; ker mora ta spletna stran vključevati register tistih udeležencev na trgu, ki delujejo v skladu s kodeksi ravnanja, njihova razkritja in obrazložitve neskladnosti; ker so lahko razlogi za neskladnost tudi orodje za učenje;
R. whereas a one-stop-shop website for codes of conduct would be helpful and should be established for the European Union and promoted internationally; whereas that website should include a register of those market players who comply with the codes of conduct, their disclosures, and explanations of non-compliance; whereas reasons for non-compliance can also be a learning tool,
S. ker je treba opozoriti na potrebo po premagovanju ovir za čezmejno distribucijo alternativnih naložb z oblikovanjem evropskega sistema zasebnega plasiranja za institucionalne vlagatelje;
S. whereas attention is drawn to the need to overcome the obstacles to cross-border distribution of alternative investments by establishing a European private placement regime for institutional investors,
T. ker je treba v okviru skladov zasebnega kapitala stroške za vse dodatne zahteve o poročanju, še posebej, ko so pogoste, upravičiti, biti pa morajo sorazmerni koristim, ki jih prinašajo; ker je v vseh pogledih potrebna boljša povezava med plačili in dolgoročno uspešnostjo;
T. whereas, in the context of private equity, the costs of any additional reporting requirements, in particular where these are frequent, should be justified and proportionate to the benefits flowing from them; whereas, in all contexts, better linkage is needed between remuneration packages and long-term performance,
U. ker je pogoj iz člena 39(2), da ni nobenega predloga v pripravi, izpolnjen;
U. whereas the condition in Rule 39(2), that no proposal should be in preparation, is duly fulfilled,
PRILOGA K PREDLOGU RESOLUCIJE: PODROBNA PRIPOROČILA O VSEBINI ZAHTEVANIH PREDLOGOV
ANNEX TO THE MOTION FOR A RESOLUTION: DETAILED RECOMMENDATIONS REGARDING THE SUBSTANCE OF THE REQUESTED PROPOSALS