natgillin/translations-raw huggingface dataset:
Če združitev vključuje več kot en KNPVP, ki se združuje, in imajo takšni KNPVP sedež v različnih državah članicah, morajo pristojni organi posameznega KNPVP, ki se združuje, združitev odobriti v tesnem medsebojnem sodelovanju, tudi z ustrezno izmenjavo podatkov.
If the merger involves more than one merging UCITS and such UCITS are domiciled in different Member States, the competent authorities of each merging UCITS will need to approve the merger, in close cooperation with each other , including through appropriate information sharing .
Treba je ustrezno zaščititi tudi koristi imetnikov premoženja KNPVP prejemnika , zato jih morajo pristojni organi matične države članice KNPVP prejemnika upoštevati.
Since the interests of the unit-holders of the receiving UCITS also need to be adequately safeguarded, they should be taken into account by the competent authorities of the receiving UCITS' home Member State.
Tudi imetniki enot premoženja KNPVP, ki se združuje, in KNPVP prejemnika bi morali imeti pravico, da zaprosijo za ponovni odkup ali izplačilo svojih enot premoženja brez dodatnih stroškov, tj. da so dolžni plačati le pristojbine, ki jih en ali drugi sklad potrebuje za kritje prerazporeditvenih stroškov v vseh razmerah, kakor je opredeljeno v ustreznih prospektih.
Furthermore, unit holders of both the merging and the receiving UCITS should have the right to request the repurchase or redemption of their units without additional charge, i.e. they should be subject only to the fees to be retained by the respective funds to cover disinvestment costs in all situations, as laid down in the respective prospectuses .
Če je mogoče, morajo imeti imetniki enot premoženja tako v KNPVP, ki se združuje, kot v KNPVP prejemnika možnost, da svoje enote premoženja spremenijo v enote premoženja v drugem KNPVP, ki ima podobno naložbeno politiko in ki ga upravlja ista družba za upravljanje ali družba, ki je z njo povezana.
Alternatively , where possible, unit-holders of both the merging and receiving UCITS should be able to convert the ir units into units in another UCITS with similar investment policies and managed by the same management company or by another company linked to it.
(20) Treba je zagotoviti dodatni nadzor združitev s strani tretjih strank.
(20) It is necessary to ensure additional third-party control of mergers.
Depozitarji posameznega KNPVP, ki je vključen v združitev, morajo preveriti skladnost osnutka pogojev združitve z zadevnimi določbami te direktive in pravili upravljanja skladov KNPVP.
The depositaries of each of the UCITS involved in the merger should verify the conformity of the common draft terms of the merger with the relevant provisions of this Directive and of the UCITS fund rules.
Neodvisni revizor mora sestaviti poročilo v imenu vseh KNPVP, vključenih v združitev, ki potrjuje metode vrednotenja sredstev in obveznosti takšnega KNPVP in metodo izračuna menjalnega razmerja, kot ga določa upravni in/ali administrativni organ takšnega KNPVP v skupnem osnutku pogojev združitve.
An independent auditor should draw-up a report on behalf of all the UCITS involved in the merger validating the valuation methods of the assets and liabilities of such UCITS and the calculation method of the exchange ratio as set forth by the management and/or administrative body of such UCITS in the common draft terms of merger.
Da bi omejili stroške, povezane s čezmejnimi združitvami, je treba zakonitemu revizorju KNPVP, ki se združuje, in/ali KNPVP prejemnika omogočiti, da sestavi eno poročilo za vse vključene KNPVP.
In order to limit costs connected with cross-border mergers, it should be possible to draw up a single report for all UCITS involved and the statutory auditor of the merging UCITS and/or the receiving UCITS should be enabled to do so.
Zaradi zaščite vlagateljev je treba imetnikom enot premoženja ponuditi možnost, da brezplačno pridobijo kopijo takšnega poročila.
For investor protection reasons, unit-holders should be offered the possibility to obtain a copy of such report free of charge.
(20) Treba je zagotoviti tudi nadzor združitev s strani tretjih strank.
(20) Third-party control of mergers should also be ensured .
Depozitar ali neodvisni revizor mora sestaviti poročilo v imenu vseh KNPVP, vključenih v združitev, ki potrjuje metode vrednotenja sredstev in obveznosti takšnega KNPVP in metodo izračuna menjalnega razmerja, kot ga določa upravni in/ali administrativni organ takšnega KNPVP v skupnem osnutku pogojev združitve.
Either a depositary or an independent auditor should draw-up a report on behalf of all the UCITS involved in the merger validating the valuation methods of the assets and liabilities of such UCITS and the calculation method of the exchange ratio as set forth by the management and/or administrative body of such UCITS in the common draft terms of merger.
(21) Zlasti je pomembno, da so imetniki enot premoženja ustrezno obveščeni o predlagani združitvi in da so njihove pravice v ustrezni meri zaščitene.
(21) It is particularly important that the unit-holders are adequately informed about the proposed merger and that their rights are sufficiently protected.
Čeprav to najbolj zadeva imetnike premoženja KNPVP, ki se združuje, je treba v takšnih primerih zaščititi tudi imetnike premoženja KNPVP prejemnika , če bi predlagana združitev lahko imela znaten vpliv na njihove naložbe .
Although unit-holders of the merging UCITS are most concerned, the interests of the unit-holders of the receiving UCITS should also be safeguarded in such situations where the proposed merger could have a substantial impact on their investment .
Čeprav to najbolj zadeva imetnike premoženja KNPVP, ki se združuje, je treba v takšnih primerih zaščititi tudi imetnike premoženja KNPVP prejemnika.
Although unit-holders of the merging UCITS are most concerned, the interests of the unit-holders of the receiving UCITS should also be safeguarded.
(22a) Komisija mora do 31. decembra 2010 z namenom zagotovitve obvezujočega okvira davčne nevtralnosti pripraviti direktivo o obdavčitvi združevanja skladov v skladu z načelom davčne nevtralnosti, določene v direktivi Sveta 90/434/EGS z dne 23. julija 1990 o skupnem sistemu obdavčitve za združitve, delitve, prenose sredstev in zamenjave kapitalskih deležev družb iz različnih držav članic ter za prenose registriranih sedežev, SE ali SCE med državami članicami 1 , in direktivi Evropskega parlamenta in Sveta 2005/56/ES z dne 26. oktobra 2005 o čezmejnih združitvah kapitalskih družb 2 .
(22a) B y 31 December 2010 and in order to provide a binding framework of tax neutrality, the Commission should propose a directive for taxation of fund mergers following the principle of tax neutrality laid down in Council Directive 90/434/EEC of 23 July 1990 on the common system of taxation applicable to mergers, divisions, partial divisions, transfers of assets and exchanges of shares concerning companies of different Member States and to the transfer of the registered office, of an SE or SCE, between Member States 1 and Directive 2005/56/EC of the European Parliament and of the Council of 26 October 2005 on cross-border mergers of limited liability companies 2 .
Sporočilo Komisije in dvostranski sporazumi med državami članicami se morajo medtem posvetiti obstoječim težavam.
A Commission Communication and bilateral agreements between Member States should address the existing difficulties in the meantime .
1 UL L 225, 20.8.1990, str.
1 OJ L 225, 20.8.1990, p.
2 UL L 310, 25.11.2005, str.
2 OJ L 310, 25.11.2005, p.
Pomanjkanje določb na ravni EU, ki bi zagotavljale davčno nevtralnost pri čezmejnih združitvah skladov, je velika ovira na poti do ekonomij obsega, kot jih predvideva novi okvir za združitve.
The lack of an EU-Level provision to ensure tax-neutrality of cross-border fund mergers is a major obstacle to achieving the economies of scale envisaged by the new framework for mergers.
Komisija se je v beli knjigi leta 2006 zavezala, da bo pripravila sporočilo o davčni obravnavi čezmejnih združitev, a ga doslej še ni objavila.
The Commission committed in its White Paper of 2006 to bring forward a Communication on the tax treatment of cross-border fund mergers, which has not yet been published.
Nadaljnje delo na tej tematiki je bistvenega pomena, saj bo omogočilo oblikovanje resničnega skupnega trga, prav tako pa je treba določiti jasne časovne okvire.
Further work on this is essential to allow for a true common market and clear time frames need to be set.
(32a) Ukrepi za obravnavo morebitnega navzkrižja interesov pri produktih, kjer se kreditno tveganje prenese z listinjenjem, kot predvideva direktiva .../.../ES 1 , ki spreminja direktivi 2008/49/ES in 2006/49/ES, morajo biti dosledni in skladni v vseh ustreznih predpisih za finančni sektor; to direktivo je zato treba spremeniti z ustreznimi horizontalnimi ukrepi takoj po temeljiti presoji vpliva.
(32a) Measures to address the potential misalignment of interests in products where credit risk is transferred by securitisation, as envisaged by Directive .../... /EC 1 amending Directives 2008/49/EC and 2006/49EC, need to be consistent and coherent in all relevant financial sector regulation; this Directive should therefore be amended by appropriate horizontal measures as soon as the impact has been duly considered.
(39) Da bi olajšali učinkovito delovanje notranjega trga in zagotovili enako raven zaščite vlagateljev v vsej Skupnosti, je treba dovoliti strukture centralnih in napajalnih KNPVP tako v primerih, ko so centralni in napajalni KNPVP ustanovljeni v isti državi članici, kot kadar so ustanovljeni v različnih državah članicah.
(39) In order to facilitate the effective operation of the Internal Market and to ensure the same level of investor protection throughout the Community, both master-feeder-structures where the master and the feeder are established in the same Member State and where they are established in different Member States should be allowed .
Da bi vlagateljem omogočili boljše razumevanje struktur centralnih in napajalnih KNPVP in da bi jih zakonodajalci lažje nadzirali, zlasti v čezmejnem kontekstu, naj bi posamezni napajalni KNPVP lahko vlagal le v en centralni KNPVP.
In order to allow investors to better understand master-feeder-structures and regulators to supervise them more easily, notably in a cross-border context, no feeder UCITS should be able to invest into more than one master.
Da bi zagotovili enako raven zaščite vlagateljev v vsej Skupnosti, mora biti centralni sklad sam KNPVP, ki mu je bilo izdano dovoljenje.
In order to ensure the same level of investor protection throughout the Community the master should be itself an authorised UCITS.
(39) Da bi olajšali učinkovito delovanje notranjega trga in zagotovili enako raven zaščite vlagateljev v vsej Skupnosti, je treba dovoliti strukture centralnih in napajalnih KNPVP tako v primerih, ko so centralni in napajalni KNPVP ustanovljeni v isti državi članici, kot kadar so ustanovljeni v različnih državah članicah.
(39) In order to facilitate the effective operation of the Internal Market and to ensure the same level of investor protection throughout the Community, master-feeder-structures should be permitted both where the master and the feeder are established in the same Member State and where they are established in different Member States.
Da bi zagotovili enako raven zaščite vlagateljev v vsej Skupnosti, mora biti centralni sklad sam KNPVP, ki mu je bilo izdano dovoljenje.
In order to ensure the same level of investor protection throughout the Community the master should itself be an authorised UCITS.
Da bi se izognili nepotrebnemu upravnemu bremenu, naj bi se določbe o obveščanju o čezmejnem trženju ne uporabljale, če centralni KNPVP v državi članici, ki ni država članica, v kateri je bil ustanovljen, ne zbira kapitala pri strankah, ampak ima v tej državi članici samo enega ali več napajalnih KNPVP.
In order to avoid undue administrative burden, provisions on notification of cross - border marketing should not apply if a master UCITS does not raise capital from the public in a Member State other than that in which it is established, but has only one or more feeder UCITS in that other Member State.
(40) Da bi zaščitili vlagatelje napajalnega KNPVP, mora za naložbe napajalnega KNPVP v centralni KNPVP veljati predhodna odobritev pristojnih organov matične države članice napajalnega KNPVP.
(40) In order to protect the feeder UCITS' investors , the feeder UCITS' investment into the master UCITS should be subject to prior approval of the competent authorities of the feeder UCITS' home Member State.
(40) Da bi zaščitili vlagatelje v napajalni KNPVP, mora za naložbe napajalnega KNPVP v centralni KNPVP veljati predhodna odobritev pristojnih organov matične države članice napajalnega KNPVP.
(40) In order to protect th ose investing in feeder UCITS , the investment by the feeder UCITS into the master UCITS should be subject to prior approval of the competent authorities of the feeder UCITS' home Member State.
Odobritev bi se morala zahtevati samo za osnovno naložbo v centralni KNPVP, s katero bi napajalni KNPVP presegel mejo, ki velja za naložbe v druge KNPVP.
Only the initial investment into the master UCITS by which the feeder UCITS exceeds the limit applicable for investing into another UCITS should require approval.
Da bi olajšali učinkovito delovanje notranjega trga in zagotovili enako raven zaščite vlagateljev v vsej Skupnosti, bi bilo treba izčrpno opredeliti zahtevane pogoje ter dokumente in podatke, ki so potrebni za odobritev naložbe napajalnega KNPVP v centralni KNPVP.
In order to facilitate the effective operation of the internal market and to ensure the same level of investor protection throughout the Community, the conditions which have to be met and the documents and information which have to be provided for approving the feeder UCITS' investment into the master UCITS should be exhaustive.
(41) Da bi napajalnim KNPVP omogočili delovanje v najboljšem interesu njihovih imetnikov enot premoženja in jih postavili v položaj, ki jim bo omogočal pridobitev vseh potrebnih informacij in dokumentov centralnih KNPVP za opravljanje svojih dolžnosti, morata napajalni KNPVP in centralni KNPVP skleniti zavezujoč in izvršljiv sporazum.
(41) In order to allow the feeder UCITS to act in the best interests of its unit-holders and notably place it in a position to obtain from the master UCITS all information and documents necessary to perform its obligations, the feeder UCITS and the master UCITS should enter into a binding and enforceable agreement.
Podobno mora dogovor o izmenjavi podatkov med depozitarji oziroma revizorji napajalnega KNPVP in centralnega KNPVP zagotoviti tok informacij in dokumentov, ki je potreben, da lahko depozitar ali revizor napajalnega KNPVP izpolni svoje dolžnosti.
In a similar way the information-sharing agreement between the depositaries or, respectively, the auditors of the feeder UCITS and the master UCITS should ensure the flow of information and documents that is needed for the feeder UCITS' depositary or auditor to fulfil its duties.
Če oba upravlja ista družba za upravljanje, mora biti dovolj, da slednja pripravi notranja pravila o poslovanju.
However, if both are managed by the same management company, it should be sufficient that the latter set up internal conduct of business rules.
Dogovor o izmenjavi podatkov med depozitarji oziroma revizorji napajalnega KNPVP in centralnega KNPVP mora zagotoviti tok informacij in dokumentov, ki je potreben, da lahko depozitar ali revizor napajalnega KNPVP izpolni svoje dolžnosti.
An information-sharing agreement between the depositaries or, respectively, the auditors of the feeder UCITS and the master UCITS should ensure the flow of information and documents that is needed for the feeder UCITS' depositary or auditor to fulfil its duties.
Direktiva naj bi zagotovila, da bi zaradi upoštevanja teh zahtev depozitarji ali revizorji ne kršili omejitev o razkritju informacij ali varovanja podatkov.
This Directive should ensure that, when complying with these requirements, the depositaries or the auditors would not be in breach of any restriction on disclosure of information or of data protection.
(42) Da bi zagotovili visoko raven zaščite interesov vlagateljev napajalnih KNPVP, je treba prospekt, ključne podatke za vlagatelje, kot jih opredeljuje člen 73, ter vse tržne komunikacije prilagoditi posebnostim struktur centralnih in napajalnih KNPVP.
(42) In order to ensure a high level of protection of the interests of the feeder UCITS' investors, the prospectus, the key investor information as referred to in Article 73, as well as all marketing communications should be adapted to the specificities of master-feeder-structures.
Naložba napajalnega v centralni KNPVP ne bi smela vplivati na zmožnost napajalnega KNPVP, da na zahtevo svojih imetnikov premoženja bodisi ponovno odkupi ali izplača enote premoženja ali da deluje v njihovem najboljšem interesu.
The investment of the feeder UCITS into the master UCITS should not affect the ability of the feeder UCITS itself either to repurchase or redeem units at the request of its unit-holders or to act in the best interests of its unit-holders.
(44) Pravila o preoblikovanju morajo obstoječemu KNPVP omogočati, da se preoblikuje v napajalni KNPVP.
(44) The conversion rules should enable an existing UCITS to convert into a feeder UCITS.
Obenem morajo v zadostni meri zaščititi imetnike enot premoženja.
At the same time they should sufficiently protect unit-holders.
Ker je takšno preoblikovanje bistvena sprememba naložbene politike, se mora od napajalnega KNPVP zahtevati, da svojim imetnikom enot premoženja zagotovi zadostne informacije, da se lahko odločijo ali naj ohranijo svoje naložbe ali ne.
As such a conversion is a fundamental change of the investment policy, the converting feeder UCITS should be required to provide its unit-holders with sufficient information as to enable them to decide whether to maintain their investment or not .
Ker je takšno preoblikovanje bistvena sprememba naložbene politike, se mora od napajalnega KNPVP zahtevati, da svojim imetnikom enot premoženja zagotovi zadostne informacije, da se lahko odločijo , ali naj ohranijo svoje naložbe ali ne.
As such a conversion is a fundamental change of investment policy, the converting feeder UCITS should be required to provide its unit-holders with sufficient information in order to enable them to decide whether or not to maintain their investment.
Pristojni organi od napajalnega KNPVP ne bi smeli zahtevati, naj preskrbi več informacij ali drugačne informacije od navedenih.
Competent authorities should not require the feeder UCITS to provide more or different information than th at specified .
(46) Ključne podatke za vlagatelje je treba vlagateljem zagotoviti na predpogodbeni stopnji , da se jim olajša sprejemanje informiranih odločitev o naložbah.
(46) Key investor information should be provided to investors , at a pre-contractual stage , in order to help them to reach informed investment decisions.
Vsebovati morajo le ključne elemente za sprejemanje takšnih odločitev.
It should contain only the essential elements for making such decisions.
Narava podatkov, ki se nahajajo v ključnih podatkih za vlagatelje, mora biti v kar največji meri usklajena, da se zagotovi ustrezna zaščita vlagateljev in primerljivost.
The nature of the information to be found in the key investor information should be harmonised to the highest extent so as to ensure adequate investor protection and comparability.
Ključni podatki za vlagatelje morajo biti predstavljeni v kratki obliki.
Key investor information should be presented in a short format.
En sam dokument omejene dolžine, ki podatke predstavlja po določenem vrstnem redu, je najprimernejši način za doseganje jasnosti in enostavnosti predstavitve, ki jo zahtevajo mali vlagatelji, in naj bi omogočal uporabne primerjave.
A single document of limited length presenting the information in a specified order is the most appropriate way to achieve the clarity and simplicity of presentation that is required by retail investors, and should allow for useful comparisons.
(46) Ključne podatke za vlagatelje je treba vlagateljem brezplačno in dovolj zgodaj pred vpisom v KNPVP zagotoviti v posebnem dokumentu, da se jim olajša sprejemanje informiranih odločitev o naložbah.
(46) Key investor information should be provided as a specific document to investors free of charge , in good time before the subscription of the UCITS , in order to help them to reach informed investment decisions.
Narava podatkov, ki se nahajajo v ključnih podatkih za vlagatelje, mora biti povsem usklajena, da se zagotovi ustrezna zaščita vlagateljev in primerljivost.
The nature of the information to be found in the key investor information should be fully harmonised so as to ensure adequate investor protection and comparability.
En sam dokument omejene dolžine, ki podatke predstavlja po določenem vrstnem redu, je najprimernejši način za doseganje jasnosti in enostavnosti predstavitve, ki jo zahtevajo mali vlagatelji, in naj bi omogočal uporabne primerjave , zlasti glede profila stroškov in tveganj, povezanih z odločitvijo o naložbah.
A single document of limited length presenting the information in a specified order is the most appropriate way to achieve the clarity and simplicity of presentation that is required by retail investors, and should allow for useful comparisons , notably of costs and risk profile, relevant to the investment decision .
Ključni podatki za vlagatelje morajo biti vlagateljem na voljo brezplačno, tako kot v primeru izvlečka prospekta.
The key investor information should, as was the case with the simplified prospectus, be provided to investors without charge.
(47) Ključni podatki za vlagatelje morajo biti izdelani za vse KNPVP.
(47) Key investor information should be produced for all UCITS.
Družbe za upravljanje ali, kjer je primerno, investicijske družbe morajo ključne podatke za vlagatelje posredovati ustreznim subjektom , glede na uporabljeno distribucijsko metodo (neposredna prodaja ali posredniška prodaja).
Management companies or, where applicable, investment companies should deliver the key investor information to the relevant entities, depending on the distribution method used (direct sales or intermediated sales).
Ureditev tega, kako posredniki uporabljajo ključne podatke za vlagatelje na mestu prodaje, naj bo prepuščena ustrezni zakonodaji, ki ureja takšne posrednike, kot na primer Direktiva 2004/39/ES.
Regulation on how the key investor information is used by intermediaries at the point of sale is to be left to the relevant legislation covering such intermediaries, such as Directive 2004/39/EC.
Družbe za upravljanje ali, kjer je primerno, investicijske družbe morajo ustreznim subjektom priskrbeti ključne podatke za vlagatelje, glede na uporabljeno distribucijsko metodo (neposredna prodaja ali posredniška prodaja).
Management companies or, where applicable, investment companies should provide the key investor information to the relevant entities, depending on the distribution method used (direct sales or intermediated sales).
Ključne podatke za vlagatelje morajo strankam in potencialnim strankam priskrbeti posredniki.
Intermediaries should provide key investor information to clients and potential clients.
(47a) Pravica KNPVP, da svoje enote premoženja prodajo v drugih državah članicah, bi morala biti pogojena s tem, da sprejmejo ukrepe, s katerimi zagotovijo, da so v tej državi članici na razpolago zmogljivosti za izplačila imetnikom enot premoženja, ponovni odkup ali izplačilo enot premoženja in razkritje podatkov, ki so jih KNPVP dolžni zagotoviti.
(47a) The right for UCITS to sell their units in other Member States should be subject to their taking the necessary measures to ensure that facilities are available in the host Member State for making payments to unit-holders, re-purchasing or redeeming units and making available the information which UCITS are obliged to provide.
Vseeno pa naj bi z zakoni gostujoče države članice KNPVP ne bili dolžni v tej državi članici imeti plačilnega agenta, ki bi izvrševal njihove dolžnosti.
However, UCITS should not be obliged by the law of the host Member State to have a paying agent in that Member State in order to fulfil their duties.