natgillin/translations-raw huggingface dataset:
(3a) Namen te direktive bi moral biti tudi oblikovanje spodbud za premestitev off-shore skladov v Unijo, kar ne bi prineslo samo prednosti na področju regulative in zaščite vlagateljev, temveč tudi ustrezno obdavčitev prihodkov na ravni upraviteljev, skladov in vlagateljev.
(3a) The purpose of this Directive should also be to create incentives towards the relocation of off-shore funds in the Union, bringing not only regulatory and investor protection advantages but also allowing for a proper taxation of revenues, at manager, fund and investor level.
(3b) Ta direktiva sledi sporazumu, ki je bil dosežen na septembrskem vrhunskem srečanju skupine G-20 v Pittsburghu, in sicer da je treba ustrezno regulirati vse akterje, trge in proizvode.
(3b) This Directive follows the agreement reached at the September 2009 G-20 summit in Pittsburgh that all players, markets and products shall be appropriately regulated.
(4) Ta direktiva določa zahteve v zvezi z načinom, kako naj bi UAIS upravljali AIS, za katere so odgovorni.
(4) This Directive lays down requirements regarding the way in which AIFM should manage AIF under their responsibility.
V nekaterih primerih lahko te zahteve posredno vplivajo na AIS.
In certain cases those requirements may have an indirect impact on AIF.
(4a) Ta direktiva bi morala določiti enega UAIS za vsak AIS, ki se upravlja v okviru direktive; ta UAIS bi moral biti odgovoren za izpolnjevanje zahtev te direktive.
(4a) This Directive should provide for a single AIFM for each AIF managed within the scope of the Directive, which should be responsible for compliance with the requirements of this Directive.
UAIS bi moral biti zunanji upravitelj, in sicer pravna oseba, ki jo imenuje AIS ali deluje v njegovem imenu.
The AIFM should be an external manager, namely a legal person appointed by or acting on behalf of the AIF.
Če pa se AIS upravlja sam, kar pomeni, da je ustanovljen na način, da upravne odločitve sprejema vodstveni organ AIS in ni bil imenovan zunanji subjekt, bi moral sam AIS veljati za UAIS.
Alternatively, if the AIF is self-managed, namely established in such a way that the management decisions are taken by the governing body of the AIF and no external entity is designated, the AIF should itself qualify as the AIFM.
V slednjem primeru bi moral AIS izpolnjevati vse zahteve za UAIS iz te direktive in bi moral imeti dovoljenje kot UAIS.
In that last case, the AIF should therefore comply with all requirements for AIFM under this Directive and be authorised as such .
Poleg tega AIS, ki se upravlja sam, ne bi smel imeti dovoljenja za zunanjega upravitelja enega ali več drugih AIS.
In addition, a self-managed AIF should not be authorised as the external manager of one or more other AIF.
(5) Področje uporabe te direktive je treba omejiti na upravljanje kolektivnih naložbenih podjemov, ki zberejo kapital več vlagateljev z namenom vlaganja teh sredstev v skladu z opredeljeno ali diskrecijsko naložbeno politiko 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 or discretionary investment policy for the benefit of those investors.
Ta direktiva bi morala zajemati upravitelje vseh kolektivnih naložbenih podjemov, za katere se ne zahteva, da imajo dovoljenje kot KNPVP.
This Directive should cover managers of all collective investment undertakings which are not required to be authorised as UCITS.
Vendar so UAIS, od katerih ne bi smeli zahtevati, da izpolnjujejo neprimerne določbe v zvezi z nekaterimi AIS zaradi posebnega značaja in značilnosti teh AIS.
However, there are AIFM which should not be required to comply with inappropriate provisions in relation to certain AIF, because of the special nature and characteristics of such AIF.
Navsezadnje zaradi sorazmernosti za UAIS, ki upravljajo nekatere AIS, veljajo samo navedene določbe te direktive ali zahteve, ki so ustrezno spremenjene, da se upošteva sorazmernost.
Finally, proportionality requires that AIFM managing certain AIF be subject only to specified provisions of this Directive, or to requirements appropriately modified to introduce proportionality.
Vendar se direktive ne sme zaobiti v primerih, ki vključujejo na primer umetno razdrobitev skladov, ki jih upravlja isti UAIS.
The Directive should not, however, be circumvented in cases involving, for example, the artificial splitting of funds managed by the same AIFM.
Da bi upoštevali razvoj na finančnih trgih, bi moral Evropski organ za vrednostne papirje in trge, ustanovljen z Uredbo (EU) št. …/2010
In order to take into account the developments of the financial markets, the European markets and Securities Authority established by Regulation (EU) No .../2010
Ta direktiva ne sme veljati za upravitelje nezdruženih naložb, kot so dotacije, državni naložbeni skladi , centralne banke ali kreditne institucije , institucije za zagotavljanje poklicnih pokojnin ali institucije, ki izključno upravljajo sklade za zagotavljanje poklicnih pokojnin, ali zavarovalnice in pozavarovalnice za lastna sredstva, ali 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, kar se obravnava kot kolektivni podjem.
This Directive should not apply to managers of non-pooled investments such as endowments, sovereign wealth funds, central banks or credit institutions, institutions for occupational retirement provision or those institutions exclusively managing funds for occupational retirement provisions, or insurance or reinsurance undertakings for assets held on own account, or an undertaking which principally acts as an 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 time-frame, to be regarded as a collective undertaking .
Investicijska podjetja, ki imajo dovoljenje po Direktivi 2004/39/ES Evropskega parlamenta in Sveta z dne 21. aprila 2004 o trgih finančnih instrumentov
Investment firms authorised under Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on Markets in Financial Instruments
Investicijska podjetja in kreditne institucije po Direktivi 2006/48/ES pa bi morale biti zmožne zagotavljati samo investicijske storitve v zvezi z AIS, če in kolikor je enote ali delnice AIS mogoče tržiti v skladu s to direktivo.
Investment firms and credit institutions under Directive 2006/48/EC should, however , be able to provide only investment services in respect of AIF, if and to the extent the units or shares thereof can be marketed in accordance with this Directive.
(6) Da bi se izognili nalaganju pretiranih ali nesorazmernih zahtev, ta direktiva določa različne izjeme za nekatere UAIS ▌.
(6) In order to avoid imposing excessive or disproportionate requirements, this Directive provides for various exemptions for certain AIFM ▌.
Dejavnosti zadevnega UAIS najverjetneje ne bodo bistveno vplivale na finančno stabilnost ali učinkovitost trga. ▌Za UAIS, ki so izvzeti iz te direktive, mora še naprej veljati ustrezna nacionalna zakonodaja.
The activities of the AIFM concerned are unlikely to have significant consequences for financial stability or market efficiency. ▌AIFM which are exempt from this Directive should continue to be subject to any relevant national legislation.
Vendar pa jih je treba še vedno obravnavati kot UAIS, za katere velja opt-in postopek, določen v tej direktivi.
They should however be allowed to be treated as AIFM subject to the opt-in procedure foreseen by this Directive.
(7) Cilj te direktive je zagotoviti usklajen in strog regulativni in nadzorni okvir za dejavnosti UAIS.
(7) This Directive aims at providing a harmonised and stringent regulatory and supervisory framework for the activities of AIFM.
Dovoljenje v skladu s to direktivo mora zajemati storitve upravljanja in vodenja AIS v vsej Uniji .
Authorisation in accordance with this Directive should cover the services of management and administration of AIF throughout the Union .
Poleg tega morajo imeti UAIS pravico, da profesionalnim vlagateljem v vsej Uniji tržijo AIS s sedežem v Uniji , pod pogojem postopka priglasitve.
In addition, authorised AIFM should be entitled to market AIF established in the Union throughout the Union to professional investors, subject to a notification procedure.
(8) Ta direktiva ne ureja AIS in zato državam članicam ne preprečuje sprejetja ali nadaljnje uporabe dodatnih zahtev v zvezi z AIS s sedežem na njihovem ozemlju.
(8) This Directive does not regulate AIF and therefore does not prevent Member States from adopting or from continuing to apply additional requirements in respect of AIF established on their territory.
Država članica lahko AIS s sedežem na svojem ozemlju naloži dodatne zahteve, ki pa ne smejo preprečevati izvajanja pravic UAIS, ki imajo v drugih državah članicah v skladu s to direktivo dovoljenje, da tržijo profesionalnim vlagateljem AIS s sedežem zunaj države članice, za katere zato ne veljajo dodatne zahteve in jim jih ni treba upoštevati.
The fact that a Member State may impose additional requirements on AIF established on its territory should not prevent the exercise of rights of AIFM authorised in other Member States in accordance with this Directive to market to professional investors AIF established outside the Member State imposing additional requirements and which are therefore not subject to and do not need to comply with those additional requirements.
(9) Brez poseganja v uporabo drugih instrumentov zakonodaje Unije lahko države članice UAIS naložijo strožje zahteve, kadar UAIS tržijo AIS samo malim vlagateljem ali tržijo isti AIS tako profesionalnim kot malim vlagateljem, ne glede na to, ali se enote oziroma deleži AIS tržijo v državi ali čezmejno.
(9) Without prejudice to the application of other instruments of Union law, Member States may impose stricter requirements on AIFM whenever AIFM market an AIF solely to retail investors or whenever AIFM market the same AIF both to professional and retail investors, irrespective of whether units or shares of this AIF are marketed on a domestic or cross-border basis.
Ti dve izjemi državam članicam omogočata, da vzpostavijo dodatne zaščitne ukrepe, potrebne za zaščito malih vlagateljev.
These two exceptions enable Member States to impose additional safeguards which they deem necessary for the protection of retail investors.
Pri tem se upošteva, da so AIS pogosto nelikvidni in podvrženi velikemu tveganju znatne kapitalske izgube.
This takes account of the fact that AIF are often illiquid and subject to high risk of substantial capital loss.
Naložbene strategije v zvezi z AIS običajno niso prilagojene naložbenemu profilu ali potrebam malih vlagateljev.
Investment strategies in relation to AIF are generally not adapted to the investment profile or needs of retail investors.
Primernejše so za profesionalne vlagatelje in tiste vlagatelje, ki imajo dovolj velik naložbeni portfelj, da lahko sprejmejo večja tveganja izgube, povezana s temi naložbami.
They are more suitable for professional investors and investors having a sufficiently large investment portfolio so as to be able to absorb the higher risks of loss associated with these investments.
Ne glede na to lahko države članice na svojem ozemlju dovolijo trženje ▌ nekaterih vrst AIS, ki jih upravljajo UAIS, malim vlagateljem, razen skladov skladov z osnovnimi naložbami nad 30 % v AIS, in posredniških skladov z naložbami v glavnih AIS, ki ne bi smeli imeti koristi od evropske enotne licence za trženje v skladu s to direktivo.
Nevertheless, Member States may allow the marketing of ▌ certain types of AIF managed by AIFM to retail investors on their territory , excluding funds of funds with an underlying investment of more than 30 % in AIF and feeders that invest in master AIF, which should not benefit from the Europe an marketing passport under this Directive. .
Vendar bi morale institucije Unije, zlasti Komisija, preučiti, ali je treba predlagati poseben okvir Unije za opredelitev skupnih pravil za razdelitev AIS malim vlagateljem v Uniji.
Consideration should, however, be given by the Union institutions and, in particular, by the Commission to whether a specific Union framework should be proposed to define common rules for the distribution of AIF to retail investors in the Union.
Na podlagi člena 19(4) in (5) Direktive 2004/39/ES morajo države članice še naprej zagotavljati ustrezne določbe, če dovolijo trženje AIS malim vlagateljem.
Against the background of paragraphs 4 and 5 of Article 19 of Directive 2004/39/EC, Member States should continue to ensure that appropriate provision is made whenever they permit the marketing of AIF to retail investors.
Investicijska podjetja, ki imajo dovoljenje v skladu z Direktivo 2004/39/ES in ki investicijske storitve nudijo malim vlagateljem, morajo upoštevati te dodatne zaščitne ukrepe, ko ocenjujejo ustreznost ali primernost določenega AIS za posameznega malega vlagatelja.
Investment firms authorised in accordance with Directive 2004/39/EC which provide investment services to retail clients have to take into account these additional safeguards when assessing whether a certain AIF is suitable or appropriate for an individual retail client.
Kadar država članica na svojem ozemlju dovoljuje trženje AIS malim vlagateljem, mora biti ta možnost na voljo ne glede na državo članico, v kateri ima UAIS sedež, dodatne določbe pa morajo veljati nediskriminatorno.
Where a Member State allows the marketing of AIF to retail investors on its territory, this possibility should be available regardless of the Member State where the AIFM is established, and any additional provisions should apply on a non-discriminatory basis.
(9a) Ta direktiva ne bi smela omejevati investitorjev ali jim preprečevati, da na kapitalskem trgu prodajo enote ali deleže, ki jih imajo v AIS.
(9a) This Directive should not prevent or restrict investors from disposing of units or shares which they hold in AIF on the capital market.
Vsako ponudbo ali namestitev takih enot ali deležev na pobudo UAIS, ki upravlja takšne AIS, bi bilo treba obravnavati kot trženje takega UAIS za namene te direktive.
Any offering or placement of such units or shares at the initiative of the AIFM managing such AIF should be treated as marketing by such AIFM for the purposes of this Directive.
(10) Da se zagotovi visoka raven zaščite strank investicijskih podjetij v smislu Direktive 2004/39/ES, se AIS ne sme obravnavati kot nekompleksni finančni instrument za namene te direktive.
(10) In order to ensure a high level of protection of clients of investment firms within the meaning of Directive 2004/39/EC, AIF should not be considered as non-complex financial instruments for the purposes of that directive.
Zato je treba to direktivo spremeniti v skladu s tem.
That directive should therefore be amended accordingly.
(10a) V skladu z načelom sorazmernosti ter glede na veliko prekrivanje zahtev za dovoljenje iz Direktive 2009/65/ES in zahtev za dovoljenje iz te direktive morajo imeti upravitelji, ki imajo dovoljenje v skladu z Direktivo 2009/65/ES ali v skladu s to direktivo, pravico do dovoljenja v skladu z drugo direktivo, pri čemer je pogoj le, da izpolnjujejo ustrezne dodatne zahteve za pridobitev takega dovoljenja.
(10a) In accordance with the principle of proportionality and recognising the substantial overlap between the authorisation requirements laid down in Directive 2009/65/EC and those laid down in this Directive, managers authorised under Directive 2009/65/EC or under this Directive should be entitled to be authorised under the other directive, subject only to complying with any relevant additional requirements for such authorisation.
Pri tem mora biti mogoče navzkrižno sklicevanje na dokumente pod pogojem, da ostanejo informacije v teh dokumentih nespremenjene.
In that respect, cross-referencing concerning documents should be possible, provided that the information contained in those documents remains unchanged.
Direktivo 2009/65/ES je treba zato spremeniti, da bi dosegli ta rezultat.
Directive 2009/65/EC should be therefore amended to achieve that result.
(11) Treba je zagotoviti uporabo minimalnih kapitalskih zahtev, da se zagotovita kontinuiteta in regularnost upravljavskih storitev, ki jih nudijo UAIS.
(11) It is necessary to provide for the application of minimum capital requirements to ensure the continuity and the regularity of the management services provided by the AIFM.
Stalne kapitalske zahteve morajo zajemati potencialno izpostavljenost UAIS poklicni odgovornosti v zvezi z vsemi njihovimi dejavnostmi, vključno z upravljavskimi storitvami, ki so nudene na podlagi prenosa ali na podlagi mandata.
The ongoing capital requirements should cover the potential exposure of AIFM to professional liability in respect of all their activities, including management services provided under delegation or on the basis of a mandate.
Za zahtevo po lastnih sredstvih mora veljati zgornja meja, ki je določena v Direktivi 2009/65/ES.
The own funds requirement should therefore be subject to the same ceiling as that set by Directive 2009/65/EC.
Poleg tega je treba lastna sredstva vlagati v likvidna sredstva ali sredstva, ki jih je mogoče kratkoročno takoj pretvoriti v gotovino, in ne smejo vključevati špekulativnih pozicij.
In addition, own funds should be invested in liquid assets or assets readily convertible to cash in the short term and should not include speculative positions.
(12) Treba je zagotoviti, da UAIS delujejo v skladu s strogimi nadzori upravljanja.
(12) It is necessary to ensure that AIFM operate subject to robust governance controls.
UAIS bi bilo treba upravljati in organizirati tako, da se zmanjša navzkrižje interesov.
AIFM should be managed and organised so as to minimise conflicts of interest.
Nedavni razvoj dogodkov kaže 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 bi moral UAIS imenovati ali zagotoviti imenovanje depozitarja , ki je ločen od UAIS, 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 should appoint or ensure the appointment of a depositary , which is separate from the AIFM, 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 bi omogočili hitro in učinkovito povrnitev sredstev vlagateljev, bi moral biti depozitar odgovoren UAIS, AIS in vlagateljem AIS skupaj, razen v primerih, ko take izgube nastanejo zaradi višje sile.
To facilitate speedy and effective restitution of investor assets, the depositary should 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 izven nadzora depozitarja in katerih posledicam se ni bilo mogoče izogniti kljub primernemu upoštevanju zahtev po potrebni skrbnosti iz te direktive.
In this context, 'force majeure' means unforeseeable external events, causing losses beyond the control of the depositary, whose consequences could not have been avoided in spite of proper adherence to the due diligence requirements laid down in this Directive.
(12-a) Na odgovornost depozitarja ne bi smel vplivati njen prenos na pooblaščeno tretjo osebo.
(12-a) The depositary's liability should not be affected by its transfer to an authorised third party.
Kadar pa zakonodaja tretje države ali rezultat nepredvidljivega zunanjega dogodka depozitarju to preprečujejo, bi moral ta imeti možnost, da se razreši odgovornosti, kar mora odobriti pristojni organ države članice.
However, in cases where the depositary is prevented by the law of a third country or as a result of an unforeseeable external event, the depositary should be able to discharge its liability, subject to approval of the competent authority of the Member State .
Taka razrešitev odgovornosti bi se morala zgoditi samo enkrat.
Such discharge of liability should take place only once.
(12a) V izjavi voditeljev po vrhunskem srečanju skupine G-20 septembra 2009 v Pittsburghu je bilo oblikovano mednarodno soglasje o prejemkih osebja v bankah in drugih sistemsko pomembnih podjetjih za finančne storitve.
(12a) The Leaders' statement following the September 2009 G-20 Summit in Pittsburgh set out the international consensus concerning remuneration of staff in banks and other systemically important financial services firms.
Za odpravo potencialno škodljivega učinka slabo oblikovanih struktur prejemkov na premišljeno obvladovanje tveganja in nadzor nad tveganim ravnanjem posameznikov bi morala veljati izrecna obveznost za UAIS, da za osebje, katerega poklicne dejavnosti imajo bistven vpliv na njihov profil tveganja ali na profile tveganja AIS, ki ga upravljajo, vzpostavijo in vzdržujejo politiko in prakso prejemkov, ki sta skladni z učinkovitim obvladovanjem tveganja.
In order to address the potentially detrimental effect of poorly designed remuneration structures on the sound management of risk and control of risk-taking behaviour by individuals, there should be an express obligation for AIFM to establish and maintain, for those categories of staff whose professional activities have a material impact on their risk profile or the risk profiles of AIF they manage, remuneration policies and practices that are consistent with effective risk management.
Te kategorije osebja bi morale zajemati vsaj višje vodstvo, prevzemalce tveganja in nadzorne funkcije.
Those categories of staff should at least include senior management, risk takers and control functions.
Komisija bi morala biti pristojna za sprejemanje delegiranih aktov v skladu s členom 290 Pogodbe o delovanju Evropske unije, da bi po posvetovanju z Evropskim organom za vrednostne papirje in trge oblikovala smernice o premišljeni politiki prejemkov.
The Commission should be empowered to adopt delegated acts, in accordance with Article 290 of the Treaty on the Functioning of the European Union, to set guidelines on sound remuneration policies after consulting ESMA.
Pomembno je zagotoviti ustrezno usklajenost med določbami za premišljeno politiko prejemkov za UAIS in tistimi za kreditne institucije in investicijska podjetja.
It is important to ensure appropriate coherence between provisions on sound remuneration for AIFM and those for credit institutions and investment firms .
Take zavezujoče smernice bi morale zato zagotoviti skladnost z določbami o prejemkih, določenimi v direktivah 2006/48/ES in 2006/49/ES.
Such binding guidance should therefore ensure compliance with the provisions on remuneration set out in Directives 2006/48/EC and 2006/49/EC .
(12b) Da bi se izognili pretiranemu tveganju in zagotovili boljšo uskladitev interesov, bi morali UAIS v AIS, ki jih upravljajo, vložiti tudi nekaj lastnih sredstev, pod pogojem, da taka obveznost ni v nasprotju z značilnostmi teh AIS.
(12b) In order to avoid excessive risk taking and provide for a better alignment of interest, AIFM should commit some of their own money in the AIF they manage provided that the characteristics of these AIF do not prevent such a commitment .