natgillin/translations-raw huggingface dataset:
(o) uslužbenci se morajo zavezati, da ne bodo uporabljali osebnih strategij zavarovanja pred tveganji ali zavarovanja v zvezi s prejemki in odgovornostjo ter s tem posegali v učinke usklajevanj tveganj iz njihovih dogovorov glede prejemkov.
(o) staff members are required to undertake not to use personal hedging strategies or remuneration- and liability-related insurance to undermine the risk alignment effects embedded in their remuneration arrangements.
Načela iz točke 1 se uporabljajo tudi za prejemke, ki jih plačajo UAIS, in za prejemke, ki jih plačajo sami AIS, vključno z deležem dobička, ki se ga izplača upraviteljem.
The principles set out in point 1 shall apply both to the remuneration paid by the AIFM and to the remuneration paid by the AIF itself, including carried interest.
Točka 1 se uporablja za povračila zaposlenim iz njihovih naložb v AIS, ki ga upravlja UAIS, in za prejemke v zvezi z likvidacijo AIS.
Point 1 shall apply to returns to employees from their investments in AIF managed by the AIFM and to remuneration paid in connection with the liquidation of an AIF.
Točka 1(m) se ne uporablja za variabilne prejemke, povezane neposredno s pristojbinami, ki jih zaračunajo UAIS in ki jih ni mogoče izterjati.
Point 1(m) shall not apply in respect of variable remuneration linked directly to fees earned by the AIFM which cannot be clawed back.
Večji UAIS ali UAIS, ki upravljajo večje AIS, ki imajo večjo notranjo organizacijo ali ki so večji po naravi, obsegu in zapletenosti svojih dejavnosti, ustanovijo odbor za prejemke.
AIFM that are significant in terms of their size or the size of the AIF they manage, their internal organisation and the nature, the scope and the complexity of their activities shall establish a remuneration committee.
Odbor za prejemke je urejen tako, da lahko strokovno in neodvisno presoja politike in prakse prejemkov ter spodbude za obvladovanje tveganja.
The remuneration committee shall be constituted in a way that enables it to exercise competent and independent judgment on remuneration policies and practices and the incentives created for managing risk.
Odbor za prejemke je odgovoren za pripravo odločitev v zvezi s prejemki, vključno s tistimi, ki vplivajo na tveganje in obvladovanje tveganja zadevnega UAIS ali AIS in jih mora sprejeti upravni organ v svoji nadzorni funkciji.
The remuneration committee shall be responsible for the preparation of decisions regarding remuneration, including those which have implications for the risk and risk management of the AIFM or the AIF concerned and which are to be taken by the management body in its supervisory function.
Odboru za prejemke predseduje član upravnega organa, ki v zadevnem UAIS ne opravlja nobene izvršilne funkcije.
The remuneration committee shall be chaired by a member of the management body who does not perform any executive functions in the AIFM concerned.
Upravitelji alternativnih investicijskih skladov, v katerih je skoraj 1000 milijard dolarjev
Alternative investment fund managers, who manage around USD 1000 billion
Evropska centralna banka – Pregled finančne stabilnosti iz junija 2009 sredstev (2000 milijard sredi leta 2008), imajo pomembno vlogo pri financiranju evropskega gospodarstva.
BCE - Financial stability review - Juin 2009 of assets (as against 2000 billion in mid-2008) play an important role in financing the European economy.
Ta dejavnost vključuje zelo različne akterje in instrumente: alternativne sklade, sklade zasebnega kapitala, blagovne sklade itd.
This sector of activity is made up of a wide variety of actors and products: hedge funds, private equity funds, real estate funds, commodity funds, etc.
Načrtovana ureditev mora upoštevati tudi posebnosti, povezane s sistemskim tveganjem, zlasti kar zadeva sklade zasebnega kapitala.
However, the proposed directive should take account of specific characteristics in terms of the systemic risks involved, especially as regards private equity funds.
Čeprav ti skladi niso neposredni dejavnik finančne krize, je treba njihovo upravljanje upoštevati pri ureditvi vseh akterjev finančnih storitev.
Even though these funds are not directly responsible for the financial crisis, their management should not be exempt from the regulation to which all actors involved in financial services must be subject.
Finančna kriza je pokazala, da je za pomanjkljivosti svetovnega finančnega sistema po eni strani kriva prevelika izpostavljenost tveganjem sistemsko pomembnih akterjev, po drugi strani pa slabosti v sistemih upravljanja teh tveganj.
The financial crisis shows that the malfunctioning of the global financial system is partly due to key operators in the system being overly exposed to risk and partly due to weaknesses in the systems for managing these risks.
Evropska komisija je v tej zvezi 30. aprila 2009 objavila predlog direktive o upraviteljih alternativnih investicijskih skladov (UAIS), v katerem je zaobjela vse alternativne investicijske sklade (AIS), ki niso urejeni z direktivo KNPVP.
It was against this background that on 30 April 2009 the Commission published a proposal for a Directive on Alternative Investment Fund Managers (AIFM), which seeks to provide a framework for all alternative investment funds (AIF) other than those regulated by the UCITS Directive.
Ta predlog temelji na vrsti poročil Evropskega parlamenta o upravljanju sredstev: samoiniciativna poročila o investicijskih skladih (2001), upravljanju sredstev I (2006), upravljanju sredstev II (2007), investicijskih skladih in skladih zasebnega kapitala (2008) ter preglednosti na področju institucionalnih vlagateljev (2008).
This proposal followed a good deal of work done by Parliament on asset management: the own-initiative report on investment funds (2001), asset management I (2006), asset management II (2007), hedge funds and private equity (2008) and the transparency of institutional investors (2008).
Cilj predloga za nadomestitev nacionalnih ureditev AIS in UAIS z evropsko ureditvijo je večja stabilnost finančnega sistema, večja zaščita vlagateljev in oblikovanje evropskega notranjega trga alternativnih investicijskih skladov.
The proposal to replace national regulations on AIF and AIFM with European regulations seeks to achieve greater stability in the financial system, to increase the protection of investors, and to create an internal European market in alternative investment funds.
Pri izvajanju teh ciljev, ki jih odobravamo, je treba ohraniti ravnovesje med posebnostmi, vitalnostjo in ustvarjalnostjo te finančne dejavnosti ter zahtevami učinkovite ureditve in ustreznega nadzora.
The implementation of these objectives, which we support, will need to strike a balance between on the one hand, the specific characteristics, vitality and creativity of this industry and, on the other, the need for effective regulation and appropriate supervision.
Področje uporabe direktive in dovoljenje za upravitelje
Scope of the directive and authorisation of managers
Poročevalec odobrava predlog, po katerem bi vsi upravitelji alternativnih skladov, ki imajo sedež in delujejo v Skupnosti, razen ustrezno pojasnjenih izjem, in ki upravljajo alternativne sklade ne glede na njihov sedež, morali imeti dovoljenje za upravljanje in biti nadzorovani.
Your rapporteur endorses the proposal, which lays down that all alternative fund managers other than those specifically exempted who are established and operating in the Union, and who manage alternative funds, regardless of where they are established, should be authorised and subject to supervision.
Oblikovati je treba zahteve glede finančnih, tehničnih in človeških virov ter organizacije in vodenja poslov, s katerimi bi zaobjeli vse upravitelje in druge ustrezne akterje, kot so depozitarji in cenilci.
It is essential that requirements be introduced in terms of technical, financial and human resources, organisational considerations and the conduct of business in order to provide a framework for managers and the other actors concerned, such as the depositary and the valuator.
Da bi ohranili enake konkurenčne pogoje med posameznimi akterji, ki upravljajo alternativne sklade, in preprečili izogibanje zahtevam direktive, zlasti prek strukturiranih produktov („wrappers“), poročevalec predlaga, da se omejijo izvzetja iz uporabe direktive.
Your rapporteur also proposes limiting exemptions to the directive's application with a view to maintaining a level playing field between the different actors involved in managing alternative funds and preventing circumvention of the directive's requirements, in particular as regards 'wrappers'.
Predlaga, naj se meje za prekoračitev področja uporabe direktive črtajo in nadomestijo z načelom sorazmernosti.
This report therefore suggests removing the thresholds providing exemption from the directive's scope and replacing them with a proportionality rule.
Pomembno je, da uvedena pravila zaradi njihove splošne uporabe omogočajo večjo preglednost nad upravljanjem skladov.
It is important to ensure that the rules introduced are applied across the board so that they allow greater transparency regarding the management of the funds themselves.
Upravitelj mora za pridobitev dovoljenja razpolagati z minimalnimi lastnimi sredstvi v obliki kratkoročnih likvidnih sredstev ali kratkoročnega finančnega premoženja za zavarovanje terjatev.
To obtain authorisation, AIFMs will be required to hold a minimum level of capital in the form of liquid or short-term assets.
Poročevalec predlaga uskladitev teh zneskov z zneski v direktivi KNPVP.
Your rapporteur proposes aligning these amounts with those contained in the UCITS Directive.
Trženje skladov in odnosi s tretjimi državami
Marketing of the funds and relations with third countries
Upravitelji lahko po pridobitvi dovoljenja upravljajo in tržijo svoje sklade s sedežem v Evropi pri profesionalnih vlagateljih na celotnem ozemlju Skupnosti.
Once they have been authorised, AIFMs should be able to manage and market their funds established in the Union to professional investors throughout the territory of the Union.
Ta evropski potni list omogoča trženje vseh skladov, ki imajo sedež v Skupnosti in jih upravljajo upravitelji, ki so pridobili dovoljenje v matični državi članici, upoštevati je treba le postopek priglasitve v drugih državah članicah.
Such a European passport should make it possible for any fund established inside the Union and managed by an authorised manager in its home Member State to be marketed, subject to a simple notification procedure, in all Member States.
Skladi s sedežem v Evropi bi tako imeli evropsko oznako, ki bi se razlikovala od oznake KNPVP.
Funds established in the Union would thus benefit from a European label, distinct from any UCITS label.
Poročevalec pa ne izključuje skladov iz tretjih držav, saj bo vsaka država članica lahko še naprej sama odločala, ali bo prek nacionalnih sistemov zasebnih vlaganj na svojem ozemlju dovolila prosti pretok alternativnih skladov s sedežem zunaj Evropske unije.
This does not mean that your rapporteur wishes to close the door to third-country AIFMs and third-country funds.
Poleg tega bi bilo treba spremeniti opredelitev trženja, da bi lahko profesionalni vlagatelji sami odločali, v katere sklade bodo vlagali, kar velja tudi za sklade zunaj Skupnosti.
An AIFM established in a third country may provide management services on the territory of a Member State provided that certain conditions are satisfied by the third country where the AIFM is established (anti-money laundering standards, agreement for effective exchange of information for tax matters with that Member State, reciprocity of market access) and by the AIFM and its competent authority (agreements between the AIFM and the European Securities and Market Authority (ESMA) and between the competent authority of the AIFM and ESMA).
Ta možnost je odvisna od ustanovitve UAIS na evropskem ozemlju ali obstoja sporazuma o sodelovanju in izmenjavi informacij, zlasti o sistemskih tveganjih.
In addition, AIFMs authorised in the Union or, subject to the conditions described previously, established in a third country, may market units or shares of an AIF established in a third country to professional investors on the territory of a Member State provided that certain conditions are satisfied by the third country where the AIF is established (anti-money laundering standards, agreement for effective exchange of information for tax matters with that Member State, reciprocity of market access) and by the supervisor of the AIF (cooperation agreement between the supervisor of the AIF and the competent authority of that Member State).
Sporazum naj bi bil sprejet med pristojnimi organi držav članic in državo članico, v kateri se AIS trži, pa tudi med UAIS in njegovim nadzornikom ter slednjim in Evropskim organom za vrednostne papirje in trge (ESMA).
The definition of marketing should also be amended in order to give professional investors the freedom to choose the funds in which they wish to invest, including third-country funds subject to compliance with the same conditions applying to the marketing of AIF established in a third country by the third country where the third-country funds are established.
Da bi zaščitili male vlagatelje, ti ne bi smeli imeti možnosti vlaganja v združene glavne sklade, kadar je glavni sklad alternativni investicijski sklad v tretji državi, in v sklade, katerih več kot 30 % sredstev je vloženih v sklade tretjih držav.
Finally, with a view to their protection, retail investors should not be able to invest in master-feeder structures where the master is an AIF located in a third country, nor in funds more than 30% of which are invested in third-country funds.
Direktiva UAIS predlaga ureditev za depozitarje AIS.
The AIFM Directive proposes arrangements applicable to the depositaries of AIF.
Zahteve te direktive je treba uskladiti z določbami direktive KNPVP, da bi zagotovili skladnost med sektorji.
For the purposes of sectoral consistency, this directive's requirements should be aligned with the provisions of the UCITS Directive.
Poročevalec predlaga, da se v njej navedejo opredelitev depozitarja, njegov sedež, vloga in funkcije, pogoji za prenos nekaterih funkcij ter njegove odgovornosti.
Your rapporteur is proposing to insert provisions relating to the definition of the depositary, its location, its role, its functions, the conditions for delegating some of its functions, and its responsibility.
Meni, da bi moral imeti depozitar sedež v isti državi kot sklad, kadar ima ta sedež v Evropski uniji.
He also considers that the depositary should be in the same country as the fund if the fund is established in the European Union.
Za depozitarja ne predvideva potnega lista.
He is not providing for any depositary passport.
Kadar ima sklad sedež v tretji državi, mora biti sedež depozitarja v Evropski uniji, razen v primeru sporazuma o sodelovanju in izmenjavi informacij med nadzorniki, ki zagotavlja, da so ureditve enake in da se nadzor lahko izvaja v skladu z zahtevami Skupnosti.
Where the fund is established in a third country, the depositary should be located in the European Union, unless a cooperation and information exchange agreement exists between the supervisors ensuring that regulations are equivalent and supervision can be carried out in accordance with requirements in the Union.
Depozitar je odgovoren vlagatelju in upravitelju.
The depositary is liable to the investor and the manager.
Če je depozitarju zaradi zakonodaje v državi, v katero sklad vlaga, pravno onemogočeno, da bi izvajal vse svoje funkcije, je treba skleniti pogodbo med družbo za upravljanje, vlagateljem, depozitarjem in poddepozitarjem za delni prenos odgovornosti na poddepozitarja.
Where the depositary is legally prevented from exercising the full range of its functions under the law of the country in which the fund invests, a contract must be concluded between the management company, the investor, the depositary and the subdepositary with a view to partially transferring liability to the subdepositary.
Funkcionalna neodvisnost cenilca ne sme biti zahteva, temveč možnost, ki je prepuščena presoji pogodbenih strank.
The valuator's functional independence should not be a requirement, but a possibility left to the discretion of the parties.
Po drugi strani mora organizacijska ureditev zagotavljati neodvisnost te funkcije, kadar se vrednotenje izvaja znotraj UAIS (kitajski zid).
On the other hand, organisational arrangements should guarantee the function's independence where valuation is internal to the AIFM (Chinese wall).
Sistematično vrednotenje ni predvideno za dejavnosti, ki se izvajajo s sredstvi iz skladov zasebnega kapitala.
Last, no systematic valuation will be introduced with respect to private equity activities.
Uporaba učinka vzvoda
The use of leverage
Poročevalec predlaga, da upravitelji vnaprej določijo meje finančnega vzvoda, ki jih bodo uporabljale za posamezne AIS, ki jih upravljajo.
Your rapporteur proposes that AIFMs provide an ex ante definition of the leverage limits which they will use in respect of each AIF they are responsible for managing.
Za določitev teh mej je treba opredeliti nekaj osnovnih načel.
A number of basic rules will need to be laid down in order to establish these limits.
Upravitelji bodo morali seznanjati nacionalne nadzornike o mejah, ki jih bodo sprejeli.
AIFMs will be required to keep national supervisors informed of the limits which they adopt.
V izrednih okoliščinah bi moral biti ESMA pristojen, da za najvišje ravni finančnega vzvoda določi strožje meje od tistih, ki jih objavi upravitelj.
In exceptional circumstances, ESMA will have the power to establish limits in respect of maximum leverage that are more stringent than those announced by the manager.
Prodaja „na kratko“
Short selling
Ker pa lahko prispeva k večjemu sistemskemu tveganju, je treba zanjo določiti nekaj enostavnih pravil, ki bodo zagotovila finančno stabilnost in celovitost finančnih trgov.
However, as it can contribute to increasing systemic risks, it should be made subject to a few simple rules ensuring financial stability and the integrity of financial markets.
Obveznosti razkrivanja informacij
Reporting obligations
Ni razlogov, da nadzorniki ne bi imeli popolne preglednosti.
There is no reason why there should not be total transparency vis-à-vis the supervisory body.
Kar zadeva sklade zasebnega kapitala, je pomembno, da se od ciljnih podjetij ne zahteva več informacij, kot so zakonsko predpisane za podjetja iste vrste.
As regards private equity funds, the target company should not be required to provide more information than what is legally required of similar companies.
Kontrolni vpliv sklada zasebnega kapitala v podjetjih
Controlling influence in companies by private equity funds
Posebna pravila za kontrolni vpliv sklada zasebnega kapitala v posameznem subjektu se morajo uporabljati na podlagi dejanskega kontrolnega vpliva v podjetju v skladu z običajnimi merili prava družb in ne na podlagi višine deležev.
The specific rules governing the acquisition of controlling influence of an entity by a private equity fund should be applied on the basis of the actual degree of controlling influence exerted by the company according to the standard criteria used under company law, and not simply of the volume of shares held.
Poročevalec je upošteval novo evropsko nadzorno strukturo, katere besedila se trenutno preučujejo in katere cilj je zagotoviti večjo finančno stabilnost in omejiti sistemska tveganja.
Your rapporteur has taken into consideration the new European supervisory structure, the texts relating to which are currently being examined with a view to ensuring greater financial stability and limiting systemic risks.
Pri tem bo imel pomembno vlogo ESRB (Evropski organ za sistemska tveganja) in ESMA.
The ESRB (European Systemic Risk Board) and ESMA have an important role to play in this respect.
Pooblastila držav članic
Powers of the Member States
Pristojni organi matične države članice, v kateri je upravitelj pridobil dovoljenje, in države članice gostiteljice, v kateri upravitelj opravlja storitve upravljanja in trženja, morajo imeti pooblastila za nadzor.
The competent authorities of the 'home Member State' in which the AIFM has been authorised and of the 'host Member State' on whose territory the AIFM is providing its management and marketing services must enjoy supervisory powers.
Prejemki vodstvenih delavcev
Executive remuneration
V izjavi skupine G-20 25. septembra 2009 v Pittsburghu je bilo oblikovano mednarodno soglasje o prejemkih vodstvenih delavcev v bankah in drugih finančnih ustanovah.
The G20's Pittsburgh Declaration of 25 September 2009 marked an international agreement on the remuneration of executives of banks and other financial institutions.
Poročevalec predlaga uporabo teh pravil za UAIS.
Your rapporteur proposes applying these principles to the AIFM.
Lamfalussyjev postopek
The Lamfalussy procedure
Poročevalec je želel vzpostaviti večje ravnovesje med ukrepi na teh ravneh.
Your rapporteur has sought to strike a better balance between the measures at these different levels.
Medsebojni vpliv in skladnost z drugimi besedili
Interaction and consistency with other texts
Različne teme v predlogu direktive UAIS so obravnavane tudi v drugih besedilih, kot so direktive MiFID (direktiva o trgih finančnih instrumentov), KNPVP, CRD (direktiva o kapitalskih zahtevah) itd., ki jih je treba upoštevati, da bi zagotovili skladnost.
Various topics in the proposed AIFM Directive are also dealt with in other texts, such as the MiFID, UCITS, CRD, etc.
Pripravljavka mnenja (*): Evelyn Regner
Rapporteur (*): Evelyn Regner
Finančna in gospodarska kriza je pokazala, da sta zakonska ureditev in nadzor finančnih trgov zelo pomanjkljiva.
The financial and economic crisis is laying bare the serious shortcomings in the regulation and supervision of financial markets.
Trenutno ni ravnovesja med tveganjem in odgovornostjo oz. pravno odgovornostjo.
At present there is no balance between risk, on the one hand, and responsibility, and legal liability, on the other.
Namen te direktive je vzpostavitev ravnovesja med tveganjem, ki izhaja iz skladov, in s tem povezano odgovornostjo.
The proposal for a directive under consideration here is intended to establish just such a balance between the risk inherent in the activities of investment funds and the responsibility they bear as a result.
Komisija je na podlagi predhodnih samoiniciativnih poročil Evropskega parlamenta in zaradi čedalje večjega javnega pritiska 30. aprila 2009 predložila predlog direktive o upraviteljih alternativnih investicijskih skladov, ki določa pravni okvir za vse sklade, ki jih ne ureja Direktiva KNPVP.
On 30 April 2009, in response to a number of Parliament own-initiative reports and ever increasing public pressure, the Commission put forward a proposal for a directive on Alternative Investment Fund Managers which is designed to create a legal framework for all funds not covered by the UCITS Directive.
Pravni okvir bi kot vseevropska rešitev nadomestil številne nacionalne ureditve in tako omogočil boljše delovanje.
This legal framework would provide the basis for a more effective, European solution to the problem of investment fund regulation by replacing the plethora of national rules currently applicable in this area.
Pristop in prva prizadevanja Komisije so vredna pohvale, vendar je treba glavne točke še izpopolniti.
Although the mere fact that the Commission is taking action, and the approach it has chosen, are welcome, the proposal needs to be improved in certain key areas.
Mnenje poročevalke Odbora za pravne zadeve:
Rapporteur's position:
Poročevalka Odbora za pravne zadeve želi opozoriti na nekaj glavnih pomanjkljivosti predloga Komisije:
Your rapporteur would like to draw attention to a number of serious shortcomings in the Commission proposal:
(a) Predlog obravnava upravitelje skladov in ne skladov samih.
(a) The proposal seeks to regulate fund managers, not funds themselves.
Ureditev okvira za upravitelje alternativnih investicijskih skladov sicer vzbuja občutek varnosti, vendar dopušča nezanemarljive zakonske vrzeli.
Although this approach creates an impression of security, it fails to close a number of significant loopholes.