natgillin/translations-raw huggingface dataset:
Poleg tega lahko upravitelji, ki ne prihajajo iz EU, brez registracije ali nadzora uvajajo tuje sklade znotraj EU.
What is more, managers of foreign funds who are not EU nationals would be able to invest in the EU without being registered or supervised.
(b) Predhodno razlikovanje med sistemsko pomembnimi podjetji z uvedbo pragov in tistimi, ki ne pomenijo sistemskega tveganja, ni mogoče.
(b) It is impossible to determine in advance, on the basis of threshold values, which firms are systemically important and which are not.
Kot je pokazala sedanja kriza, postane jasno, ali je podjetje sistemsko pomembno, ko je neuspešno.
As the current crisis shows, it only becomes clear whether a firm is systemically important when it fails.
Poleg tega mejne vrednosti povzročijo vrzel, saj se jim je mogoče z lahkoto izogniti s pomočjo povsem formalne razdelitve sklada na manjše enote.
In addition, the threshold values create a loophole, since it would be an easy task to circumvent the limits by means of the purely formal division of a fund into smaller units.
(c) Poročevalka pozdravlja pravila o preglednosti in nadzoru, vendar meni, da jih je treba še izboljšati.
(c) Although the rules governing transparency and oversight are welcome, your rapporteur still sees room for improvement.
Pomembno je, da se razkrijejo plačne politike UAIS in njihov interes za uspešnost podjetja, ki temelji na trajnosti.
It is important that AIFMs should be forced to disclose their remuneration strategy and make clear that it is geared to sustainable business success.
Nujna je tudi vzpostavitev zanesljivih in preglednih ocenjevalnih postopkov za vso EU.
Reliable, transparent assessment procedures applicable throughout the EU are also essential.
V primerih čezmejnega delovanja UAIS je ustrezno, da se pristojnost za nadzor prenese na evropski organ.
In cases where AIFMs are active in more than one country, the transfer of responsibility for oversight to a European authority makes sense.
(d) Zaradi uporabe finančnega vzvoda, zlasti pri skladih zasebnega kapitala, in velikokrat uporabljene prakse prenosa posojil, najetih za nakup podjetij, na kupljena podjetja, s čimer je bil velikokrat ogrožen njihov nadaljnji obstoj, bi na tem področju morale veljati strožje ureditve.
(d) The way in which private equity funds use leveraged financing and transfer loans contracted in order to purchase firms to those firms themselves, in many cases jeopardising their survival, makes stricter rules to govern such funds essential.
Ob upoštevanju daljnosežnih posledic nakupa podjetja prek skladov zasebnega kapitala na tem področju ne sme biti izjem niti za mala in srednja podjetja.
Against the background of the far-reaching implications of the purchase of a firm by a private equity fund, no exceptions should be made for SMEs in this respect.
Pripravljavki mnenja se zdi pomembno opozoriti na to, da je treba ustvariti boljše spodbude za pozitivno dolgoročno usmerjenost podjetij, predvsem s krepitvijo pravic do obveščenosti in soodločanja v podjetjih in s tem povezanimi prilagoditvami prava finančnih trgov in družb.
Your rapporteur is keen to point out that the best means of making long-term business strategies more attractive is by strengthening employees' information and codetermination rights, combined with the corresponding changes to the law governing capital markets and companies such a step would imply.
Odbor za pravne zadeve poziva Odbor za notranji trg in varstvo potrošnikov kot pristojni odbor, da brez glasovanja sprejme predloge spremembe, ki sodijo v izključno pristojnost pridruženega odbora po postopku s pridruženimi odbori (člen 50):
The Committee on Legal Affairs calls on the Committee on Internal Market and Consumer Protection, as the committee responsible, to accept without a vote the amendments falling within the exclusive competence of the associated committee, under the procedure with associated committees (Rule 50):
(5) Področje uporabe te direktive je treba omejiti na upravljanje kolektivnih investicijskih podjetij, ki zberejo kapital več vlagateljev z namenom vlaganja teh sredstev v skladu z opredeljeno naložbeno politiko na podlagi načela razpršitve tveganj v korist teh vlagateljev.
(5) The scope of this Directive should be confined to the management of collective investment undertakings which raise capital from a number of investors with a view to investing it in accordance with a defined investment policy on the principle of risk-spreading for the benefit of those investors.
Ta direktiva ne sme veljati za upravitelje pokojninskih skladov ali nezdruženih naložb, kot so dotacije, državni naložbeni skladi ali lastna sredstva kreditnih institucij oziroma zavarovalnic in pozavarovalnic.
This Directive should not apply to the management of pension funds or managers of non-pooled investments such as endowments, sovereign wealth funds or assets hold on own account by credit institutions, insurance or reinsurance undertakings.
Ta direktiva ne sme veljati za aktivno upravljane naložbe v obliki vrednostnih papirjev, kot so certifikati, upravljane terminske pogodbe ali na indekse vezane obveznice.
This Directive should neither apply to actively managed investments in the form of securities, such as certificates, managed futures, or index-linked bonds.
Vendar pa mora zajemati upravitelje vseh kolektivnih naložbenih podjemov, za katere ni potrebno, da imajo dovoljenje v skladu z KNPVP .
It should , however , cover managers of all collective investment undertakings which are not required to be authorised as UCITS .
Investicijska podjetja, ki imajo dovoljenje po Direktivi 2004/39/ES o trgih finančnih instrumentov, ne potrebujejo dovoljenja po tej direktivi za zagotavljanje investicijskih storitev v zvezi z AIS.
Investment firms authorised under Directive 2004/39/EC on Markets in Financial Instruments should not be required to obtain an authorisation under this Directive in order to provide investment services in respect of AIF.
Investicijska podjetja pa lahko zagotavljajo investicijske storitve v zvezi z AIS samo, če in v tistem obsegu, v katerem je enote ali delnice AIS mogoče tržiti v skladu s to direktivo.
Investment firms can however only provide investment services in respect of AIF, if and to the extent the units or shares thereof can be marketed in accordance with this Directive.
Vendar pa mora zajemati upravitelje vseh kolektivnih naložbenih podjemov, za katere ni potrebno, da imajo dovoljenje v skladu z KNPVP.
It should cover managers of all such collective investment undertakings which are not required to be authorised as UCITS.
Ta direktiva ne sme veljati za upravitelje pokojninskih skladov ali nezdruženih naložb, kot so dotacije, državni naložbeni skladi ali lastna sredstva kreditnih institucij oziroma zavarovalnic in pozavarovalnic.
This Directive should not apply to the management of pension funds or managers of non-pooled investments such as endowments, sovereign wealth funds or assets held on own account by credit institutions, insurance or reinsurance undertakings.
Za namene te direktive se kot kolektivni naložbeni podjem ne bi smelo obravnavati niti podjetje, ki v glavnem deluje kot lastniški subjekt skupine podružničnih podjetij in ima v lasti strateške deleže v podjetjih z namenom dolgoročnega lastništva, ne pa doseganja donosov z odsvojitvami v določenem času.
Nor , for the purposes of this Directive, should an undertaking which principally acts as a holding entity for a group of subsidiary undertakings, and which owns strategic stakes in undertakings with a view to long-term holding rather than for the purpose of generating returns through divestment within a defined timeframe, be regarded as a collective investment undertaking .
Investicijska podjetja, ki imajo dovoljenje po Direktivi 2004/39/ES o trgih finančnih instrumentov, ne potrebujejo dovoljenja po tej direktivi za zagotavljanje investicijskih storitev v zvezi z AIS.
Investment firms authorised under Directive 2004/39/EC on markets in financial instruments should not be required to obtain an authorisation under this Directive in order to provide investment services in respect of AIF.
Jasno mora biti, da je sklicevanje na kolektivne naložbene podjeme v trditvi, da za upravitelje vseh kolektivnih naložbenih podjemov, ki niso KNPVP, velja področje uporabe te direktive, sklicevanje na kolektivne naložbene podjeme, ki zberejo kapital več vlagateljev z namenom vlaganja teh sredstev v skladu z opredeljeno naložbeno politiko na podlagi načela razpršitve v korist teh vlagateljev, ne pa širša skupina kolektivnega naložbenega podjema.
It should be clear that the reference to ‘collective investment undertakings’ in the statement that managers of all collective investment undertakings which are not UCITS are within the scope of the Directive is a reference to collective investment undertakings which raise capital from a number of investors with a view to investing it in accordance with a defined investment policy on the principle of risk-spreading for the benefit of those investors, rather than a broader class of collective investment undertaking.
(6a) Da se prepreči morebitna odprodaja po delih, mora biti čista vrednost premoženja ciljnega podjetja, ki ga nadzira AIS, v skladu z določbami režima o kapitalski ustreznosti v okviru druge direktive o pravu družb 1 .
(6a) In order to avoid potential asset-stripping, the net assets of a target company controlled by AIF should comply with the provisions of the capital adequacy regime under the Second Company Law Directive 1 .
1 Druga Direktiva Sveta 77/91/EGS z dne 13. decembra 1976 o uskladitvi zaščitnih ukrepov za varovanje interesov družbenikov in tretjih oseb, ki jih države članice zahtevajo od gospodarskih družb v skladu z drugim odstavkom člena 58 Pogodbe glede ustanavljanja delniških družb ter ohranjanja in spreminjanja njihovega kapitala, zato da se oblikujejo zaščitni ukrepi z enakim učinkom v vsej Skupnosti (UL L 26, 31.01.77, str.
1 Second Council Directive 77/91/EEC of 13 December 1976 on coordination of safeguards which, for the protection of the interests of members and others, are required by member States of companies within the meaning of the second paragraph of Article 58 of the Treaty, in respect of the formation of public limited liability companies and the maintenance and alteration of their capital, with a view to making such safeguards equivalent (OJ L 26, 31.1.1977, p.
Določbe v točki (a) člena 15(1) Druge Direktive Sveta 77/91/EGS z dne 13. decembra 1976 o uskladitvi zaščitnih ukrepov ter določbe člena 1(4)(b) in člena 1(5) Direktive 2006/68/ES Evropskega parlamenta in Sveta z dne 6. septembra 2006, ki spreminja Direktivo Sveta 77/91/EGS, kot se uporablja za delniške družbe, bi lahko pomagale preprečiti odprodajo delov podjetja v smislu dezinvestiranja izključno za odplačilo dolga za nakup, obenem pa bi dovolile večjo možnost odstopanja za upravičene strateške rekonstrukcije.
The provisions in point (a) of Article 15(1) of Second Council Directive 77/91/EEC of 13 December 1976 on coordination of safeguards, and the provisions of Article 1(4)(b) and Article 1(5) of Directive 2006/68/EC of the European Parliament and of the Council of 6 September 2006 amending Council Directive 77/91/EEC as applied to Public Limited Liability Companies could help prevent asset stripping as divestment just to pay down acquisition debt while at the same time allowing sufficient leeway for legitimate strategic restructurings.
UAIS morajo biti upravljani in organizirani tako, da se zmanjša navzkrižje interesov.
AIFM should be managed and organised so as to minimise conflicts of interest.
Nedavni razvojni dogodki kažejo na to, da je treba funkcije varne hrambe premoženja nujno ločiti od funkcij upravljanja, ločiti pa je treba tudi sredstva vlagatelja od sredstev upravitelja.
Recent developments underline the crucial need to separate asset safe-keeping and management functions, and segregate investor assets from those of the manager.
V ta namen mora UAIS imenovati depozitarja in mu zaupati knjiženje denarja vlagatelja na ločenem računu, varno hrambo finančnih instrumentov in preverjanje, ali je AIS ali UAIS v imenu AIS pridobil lastništvo nad vsem drugim premoženjem.
To this end, the AIFM has to appoint a depositary and entrust it with the booking of investor money on a segregated account, the safe-keeping of financial instruments and the verification of whether the AIF or the AIFM on behalf of the AIF has obtained ownership of all other assets.
Da se olajša hitro in učinkovito povrnitev sredstev vlagateljev, je depozitar odgovoren UAIS, AIS in vlagateljem AIS kot skupnosti, razen v primerih, ko take izgube nastanejo zaradi višje sile.
To facilitate speedy and effective restitution of investor assets, the depositary shall be liable to the AIFM, to the AIF and to the investors of the AIF collectively except in cases where such losses arise as a result of 'force majeure'.
V tem primeru„ višja sila“ pomeni nepredvidljive zunanje dogodke, ki povzročijo izgube zunaj nadzora depozitarja in katerih posledicam se ni mogoče izogniti kljub skladnosti z zahtevami po potrebni skrbnosti iz te direktive.
In this context, 'force majeure' means unforeseeable external events, causing losses beyond the control of the depositary, the consequences of which could not have been avoided despite compliance with the due diligence requirements laid down in this Directive.
(12a) Na odgovornost depozitarja ne vpliva prenos te odgovornosti na pooblaščeno tretjo osebo.
(12a) The depositary's liability shall not be affected by the delegation of that liability to an authorised third party.
Če pa zakonodaja tretje države ali rezultat nepredvidljivega zunanjega dogodka depozitarju to preprečujejo, mora imeti ta možnost, da se razreši odgovornosti.
However, where the depositary is legally prevented by the law of the third country or as a result of an unforeseeable external event, the depositary should be able to discharge itself of its liability.
Tako razrešitev odgovornosti mora odobriti organ pristojne države članice in tako prenesene odgovornosti ni mogoče prenesti naprej.
Such a discharge of liability should be approved by the authority of the competent Member State and such delegated liability should not be capable of being further delegated .
(13) Zanesljiva in objektivna cenitev premoženja je nujna za zaščito interesov vlagateljev.
(13) Reliable and objective asset valuation is crucial for the protection of investor interests.
Različni UAIS uporabljajo različne metodologije in sisteme za vrednotenje premoženja, odvisno od premoženja in trgov, v katere večinoma vlagajo.
Different AIFM employ different methodologies and systems for valuing assets, depending on the assets and markets in which they predominantly invest.
Primerno je, da se prizna te razlike, vendar kljub temu zahteva vrednotenje premoženja s strani subjekta, ki ni odvisen od UAIS.
It is appropriate to recognise these differences but to, nevertheless, require the valuation of assets to be undertaken by an entity which is independent of the AIFM.
Merila za vrednotenje morajo biti določena v skladu s smernicami Evropskega organa za vrednostne papirje in trge, ustanovljenega z Uredbo (ES) 2009/.../ES 1* (ESMA).
Valuation criteria should be laid down in line with guidelines provided by the European Securities Markets Authority established under Regulation 2009/.../EC 1* (ESMA).
+ UL Prosimo, vstavite številko, datum in podrobnosti objave v UL.
+ OJ please insert number, date and OJ reference.
(15) Glede na to, da lahko UAIS, ki v svojih naložbenih strategijah uporabljajo visoke ravni finančnega vzvoda, v določenih okoliščinah prispevajo k nastanku sistemskega tveganja ali neurejenih trgov, je treba UAIS, ki uporabljajo določene tehnike, ki povzročijo posebna tveganja , naložiti posebne zahteve.
(15) Given that AIFM employing high levels of leverage in their investment strategies may, under certain conditions, contribute to the build up of systemic risk or disorderly markets, special requirements should be imposed on AIFM using certain techniques giving rise to particular risks .
Informacije, potrebne za odkrivanje, spremljanje in odzivanje na ta tveganja, v Skupnosti še niso bile zbrane in izmenjane med državami članicami, da bi bilo mogoče opredeliti potencialne vire tveganja za stabilnost finančnih trgov v Skupnosti.
The information needed to detect, monitor and respond to those risks has not been collected in a consistent way throughout the Community, and shared across Member States so as to identify potential sources of risk to the stability of financial markets in the Community.
Da bi popravili to stanje, morajo za UAIS, ki v svojih naložbenih strategijah stalno uporabljajo visoke ravni finančnega vzvoda, veljati posebne zahteve.
To remedy this situation, special requirements should apply to AIFM , which consistently use high levels of leverage in their investment strategies.
Ti UAIS morajo razkriti informacije v zvezi z uporabo in viri finančnega vzvoda.
Those AIFM should be obliged to disclose information regarding their use and sources of leverage.
Te informacije je treba združiti in jih izmenjati z drugimi organi v Skupnosti , da se pospeši skupna analiza vpliva finančnega vzvoda teh UAIS na finančni sistem v Skupnosti in tudi skupni odziv na to.
That information should be aggregated and shared with other authorities in the Community , so as to facilitate a collective analysis of the impact of the leverage of those AIFM on the financial system in the Community , as well as a common response.
(15) Glede na to, da lahko UAIS, ki v svojih naložbenih strategijah uporabljajo visoke ravni finančnega vzvoda, v določenih okoliščinah prispevajo k nastanku sistemskega tveganja ali neurejenih trgov, je treba UAIS, ki uporabljajo finančni vzvod , naložiti posebne zahteve po poročanju .
(15) Given that AIFM employing high levels of leverage in their investment strategies may, under certain conditions, contribute to the build up of systemic risk or disorderly markets, special reporting requirements should be imposed on AIFM using leverage .
Da bi popravili to stanje, morajo za UAIS, ki v svojih naložbenih strategijah uporabljajo visoke ravni finančnega vzvoda, veljati posebne zahteve po poročanju .
To remedy this situation, special reporting requirements should apply to AIFM which use high levels of leverage in their investment strategies.
Te informacije je treba združiti v osrednjem registru pod okriljem Evropskega odbora za sistemska tveganja, ustanovljenega z Uredbo (ES) št. .../2009 in jih izmenjati z drugimi organi v Uniji , z ESMA in po potrebi s pristojnimi organi v tretjih državah, da se pospeši skupna analiza vpliva finančnega vzvoda teh AIS na finančni sistem v Unij i in tudi skupni odziv na to.
That information should be aggregated in a central register under the auspices of the European Systemic Risk Board (ESRB) established by Regulation 2009/.../EC and shared with other authorities in the Union , the ESMA and competent authorities in third countries, where appropriate, so as to facilitate a collective analysis of the impact of the leverage of those AIFM on the financial system in the Union , as well as a common response.
V direktivah 2006/48/ES in 2006/49/ES se ustanovi tudi centralni register pod okriljem Evropskega odbora za sistemska tveganja za banke, ki opravljajo storitve glavnega borznega posrednika za AIS.
A central register under the auspices of the ESRB for banks that provide prime broker services to AIF shall also be set up in Directives 2006/48/EC and 2006/49/EC.
Da bi lahko zajeli morebitno sistemsko tveganje, morajo biti informacije, zbrane na nacionalni ravni, združene v osrednjem registru pod okriljem Evropskega odbora za sistemska tveganja.
In order to be able to capture potential systemic risk, information that is collected at national level has to be aggregated within a central register under the auspices of the ESRB.
Poleg tega je treba v direktivi o kapitalskih zahtevah ustanoviti register za storitve glavnega borznega posrednika.
This should be accompanied by a register for prime brokerage activities to be set-up in the CRD.
(16) Dejavnosti UAIS, ki temeljijo na uporabi visoke ravni finančnega vzvoda, so lahko škodljive za stabilnost in učinkovito delovanje finančnih trgov.
(16) Activities of AIFM based on the use of high levels of leverage could be detrimental to the stability and efficient functioning of financial markets.
Zato se šteje, da je treba Komisiji omogočiti, da omeji raven finančnega vzvoda, ki ga lahko UAIS uporablja , zlasti kadar UAIS sistematično uporablja visoke ravni finančnega vzvoda .
It is considered necessary to allow the Commission to impose limits on the level of leverage that AIFM could use , in particular in those cases where AIFM employ high levels of leverage on a systematic basis .
Pri določanju najvišje ravni finančnega vzvoda je treba upoštevati vidike v zvezi z virom finančnega vzvoda in strategijami, ki jih uporablja UAIS.
The limits to the maximum amount of leverage should take into account aspects related to the source of leverage and the strategies employed by the AIFM.
Upoštevati je treba v bistvu tudi dinamično naravo upravljanja, ki jo večina UAIS izvaja z uporabo visoke ravni finančnega vzvoda.
They should also take into account the essentially dynamic nature of the management of leverage by most AIFM using a high level of leverage.
Tako je lahko meja finančnega vzvoda prag, ki se nikoli ne sme prekršiti, ali meja povprečnega finančnega vzvoda, ki se uporablja v določenem obdobju (tj. mesecu ali trimesečju).
In this respect the limits to leverage could for example either consist in a threshold that should not be breached at any point in time or a limit on the average leverage employed during a given period (i.e. monthly or quarterly) .
Koncept finančnega vzvoda je težko opredeliti .
Leverage is a difficult concept to define.
Vendar morajo imeti pristojni organi matične države članice UAIS možnost , da omejijo raven finančnega vzvoda, ki ga lahko UAIS uporablja v času izjemnih pretresov na trgu .
The competent authorities of the home Member State of the AIFM should however have the possibility of imposing limits on the level of leverage that AIFM can use in times of extreme market stress .
Države članice morajo o vsakem takem ukrepu obvestiti ESMA in Komisijo.
Member States should inform the ESMA and the Commission of any such measure.
(16a) Treba je zagotoviti, da za vse udeležence na trgu, ki se ukvarjajo s prodajo „na kratko“, veljajo enake zahteve.
(16a) It is necessary to ensure that all market participants engaging in short selling are subject to the same requirements.
Komisija bi morala zato predlagati horizontalni ukrep, s katerim se zagotovi enake konkurenčne pogoje za UAIS in druge uporabnike prodaje „na kratko“.
For that purpose, the Commission should propose a horizontal measure to ensure a level playing-field between AIFM and other users of short selling.
Prodajo „na kratko“ je treba obravnavati na horizontalni ravni, da bi zagotovili enake konkurenčne pogoje za vse in se izognili regulatorni arbitraži.
Short selling must be addressed on a horizontal basis to ensure a level-playing field and avoid regulatory arbitrage.
(17a) Zagotoviti je treba, da za podjetja s portfelji ne bodo veljale strožje zahteve kot za katerega koli drugega izdajatelja ali podjetje, ki ne kotira na borzi, in je prejemnik zasebnih naložb, ki niso naložbe UAIS.
(17a) It is necessary to ensure that portfolio companies are not subject to more stringent requirements than any other issuer or non-listed company receiving private investment other than the investment provided by an AIF.
Čeprav je potrebna preglednost prava družb, bi vsaka diskriminacija, kot je nalaganje obveznosti razkritja določenih strateških in razvojnih načrtov za podjetja s portfelji, na podlagi njihovega lastništva, vplivala na pošteno konkurenco in ogrozila financiranje inovacij v Uniji.
While transparency in corporate law is needed, any discrimination such as the imposition of an obligation to make specific disclosure of the portfolio company's strategy and development plan based on ownership of the company would affect fair competition and endanger the financing of innovation in the Union.