natgillin/translations-raw huggingface dataset:
AB. ker so bili hedge skladi med vlagatelji v kompleksno oblikovane produkte, ki so zašli v kreditno krizo, in tako utrpeli izgube skupaj z drugimi vlagatelji;
AB. whereas hedge funds were amongst the investors in the complex structured products that were subject to the credit crisis, and thus incurred losses as did other investors.,
AC. ker se zato, da se zmanjša tveganje v zvezi s prihodnjimi finančnimi krizami glede na velik medsebojni vpliv na trgih in med tržnimi udeleženci ter zato, da so čezmejni konkurenčni pogoji in tisti med urejenimi in neurejenimi udeleženci na trgu enaki, v EU in na svetovni ravni pripravlja več pobud, vključno s pregledom direktive o kapitalskih zahtevah in kapitalski ustreznosti ter predlogom direktive o bonitetnih agencijah, da se zagotovijo bolj koherentni in usklajeni predpisi;
AC. whereas in order to minimise the risk of future financial crises and given the strong interactions across markets and between market participants as well as the objective of a level playing field across borders and between regulated and unregulated market participants, several initiatives in the EU and at global level are under way, including a review of the Capital Requirements and Capital Adequacy Directives and a proposal for a directive on Credit Rating Agencies, in order to secure more coherent and harmonised regulation across the board,
AD. ker je na načelu temelječa uredba primerna za urejanje finančnih trgov in bolje sledi tržnemu razvoju;
AD. whereas principle-based regulation is an appropriate approach to regulating financial markets as it is better able to keep up with market developments,
AE. ker na ravni EU obstaja potreba po ukrepanju na podlagi naslednjih sedmih načel za finančne institucije in trge:
AE. whereas there is need for action at EU level on the basis of the following seven principles for financial institutions and markets:
- regulativno zajetje : veljavno zakonodajo Skupnosti je treba pregledati, da se ugotovi kakršne koli regulativne vrzeli; pregledati je treba nacionalna odstopanja, spodbujati pa je treba usklajevanje, na primer prek kolegijev nadzornikov ali drugače; treba si je prizadevati za mednarodno enakovrednost in sodelovanje;
- r egulatory coverage : existing Community legislation should be reviewed to identify any regulatory gaps; national variations should be reviewed and harmonisation should be promoted, for example through colleges of supervisors or otherwise; international equivalence and cooperation should be pursued;
- kapital : kapitalske zahteve morajo biti obvezne za vse finančne institucije, odražati pa morajo tveganje glede na vrsto poslovanja, izpostavljenost in nadzor tveganja; upoštevati je treba tudi daljša obdobja likvidnosti;
- c apital : capital requirements should be mandatory for all financial institutions and should reflect risk from the type of business, exposures and risk control; longer liquidity horizons should also be considered;
- izdajanje in distribucija : za doseganje boljše usklajenosti interesov vlagateljev in izdajateljev, morajo izdajatelji v splošnem ohraniti izpostavljenost svojih listinjenih produktov tako, da obdržijo reprezentativen delež v produktu; razkriti je treba stopnjo deležev, ki jih izdajatelji ohranijo v posojilnih produktih; kot alternativo ohranitvi deleža je treba raziskati tudi druge ukrepe za uskladitev interesov vlagateljev in izdajateljev;
- o riginate and d istribute : to achieve a better alignment of the interests of investors and originators, originators should generally retain exposure to their securitised products by holding a representative stake in the product; disclosure should be made of the level of the stakes originators keep in loan products; as an alternative to retention, other measures to align interests of investors and originators should be investigated;
- računovodstvo : upoštevati je treba blažilno tehniko za soočanje s procikličnimi učinki računovodstva poštene vrednosti;
- a ccounting : a smoothing technique to counter the pro-cyclical effects of fair value accounting should be considered;
- bonitetna ocena : za povečanje preglednosti in razumevanja na trgu bonitetnih ocen, morajo bonitetne agencije sprejeti kodekse ravnanja glede vidnosti predpostavk, zapletenosti produktov in poslovnih praks; upravljati je treba navzkrižja interesov; nezahtevano bonitetno oceno je treba neodvisno kategorizirati, ne sme se je pa uporabljati kot prisilo za ohranitev poslovanja;
- r ating : to increase transparency and understanding in the ratings market, Credit Rating Agencies should adopt codes of conduct regarding visibility of assumptions, product complexity and business practices; conflict of interest should be managed; unsolicited rating should be independently categorised and not used as a means of pressure to obtain business;
- trgovanje z izvedenimi finančnimi instrumenti : spodbujati je treba odprto in vidno trgovanje z izvedenimi finančnimi instrumenti na borzah ali drugod;
- d erivative trading : open and visible trading of derivatives should be promoted whether on-exchange or otherwise;
- dolgi rok : nagradne pakete je treba uskladiti z izidi na dolgi rok, da odražajo izgube in dobičke;
- the l ong term : reward packages should be aligned with longer term outcomes, reflecting losses as well as profits,
AF. ker bodo taka dejanja zagotovila univerzalno in obsežno pravno podlago, ki bo zajemala vse omenjene finančne institucije določene velikosti, ob tem pa upoštevala mednarodne nadzorne in regulativne prakse;
AF. whereas such action would provide a legal basis, universal and comprehensive, encompassing all financial institutions above a certain size, mutually taking into account international supervisory and regulatory practices,
4. naroči svojemu predsedniku, naj posreduje to resolucijo in priložena podrobna priporočila Komisiji, Svetu ter parlamentom in vladam držav članic.
Instructs its President to forward this resolution and the accompanying detailed recommendations to the Commission, the Council and the parliaments and governments of the Member States.
PRILOGA K PREDLOGU RESOLUCIJE: PODROBNA PRIPOROČILA O VSEBINI ZAHTEVANEGA(IH) PREDLOGA(OV)
ANNEX TO THE MOTION FOR A RESOLUTION: DETAILED RECOMMENDATIONS on THE CONTENT OF THE PROPOSAL(S) REQUESTED
Priporočilo 1 o finančni stabilnosti, kapitalskem in univerzalnem regulativnem okviru
Re commendation 1 on f inancial s tability, c apital and u niversal r egulatory c overage
Evropski parlament meni, da se mora zakonodajni akt, ki se bo sprejel, osredotočiti na ureditev:
The European Parliament considers that the legislative act to be adopted should aim to regulate:
izdajateljev in listinjenja : predlog(i) Komisije glede kapitalskih zahtev morajo zahtevati, da izdajatelji ohranijo deleže listinjenih posojil v svojih računovodskih izkazih, ali pa naložiti kapitalske zahteve za izdajatelja, ki so izračunane na predpostavki, da je ohranil te deleže, oziroma zagotoviti druga sredstva za uskladitev interesov vlagateljev in izdajateljev;
Originators and Securitisation - The Commission's proposal(s) concerning capital requirements should require that originators hold portions of securitised loans on their balance sheets or impose capital requirements on the originator that are calculated on the assumption that it held those portions or provide other means to align the interests of investors and originators.
nadzora bonitetnih agencij s strani EU : Komisija mora vzpostaviti mehanizem, s katerim bo EU nadzorovala bonitetne agencije, postopke in skladnost, dolžnosti pa bodo prejeli obstoječi organi, kot so evropski regulatorji trga vrednostnih papirjev (CESR), tudi za to, da se pospešuje konkurenco in omogoči dostop na trg na področju bonitetnih ocen;
EU oversight of Credit Rating Agencies - The Commission should establish a mechanism for EU review of Credit Rating Agencies, procedures and compliance, with duties allocated to existing bodies such as the Committee of European Securities Regulators (CESR), also in order to foster competition and enable market access in the field of credit ratings.
vrednotenja : Komisija mora sprejeti na načelih temelječe zakonodajne ukrepe o vrednotenju nelikvidnih finančnih instrumentov, skladno z delom pristojnih mednarodnih organov, da se bo izboljšalo varovanje vlagateljev in stabilnosti finančnih trgov, ob upoštevanju različnih pobud o vrednotenju, ki se zdaj izvajajo v EU in v globalnem okviru ter preučujejo, kako se najučinkoviteje spodbuja to vrednotenje;
Valuation - The Commission should adopt principle-based legislative measures on the valuation of illiquid financial instruments in line with the work of competent international bodies in order better to protect investors and the stability of financial markets, taking into account the various initiatives on valuation currently under way in the EU and globally and examining how best to promote this valuation.
borznih posrednikov : zahteve po preglednosti katerih koli ustanov, ki izvajajo storitve borznega posredništva, je treba povečati v skladu z zapletenostjo in nejasnostjo strukture ali vrsto izpostavljenosti, katerim jih izpostavljajo njihovi posli z vsemi produkti in udeleženci, vključno s hedge skladi in skladi zasebnega kapitala;
Prime brokers - The transparency requirements applicable to any institution providing prime brokerage services should be increased in line with the complexity and opacity of the structure or nature of the exposures, to which their dealings with all products and actors, including hedge funds and private equity expose them.
Priporočilo 2 o ukrepih v zvezi s preglednostjo
Recommendation 2 on t ransparency m easures
– splošno naložbeno strategijo in politiko o plačilih,
- general investment strategy and fee policy,
– izpostavljenost finančnemu vzvodu/dolgu, sistem za upravljanje tveganja in predstavitev metod za vrednotenje portfeljev,
- leverage/debt exposure, risk-management system and portfolio valuation methods,
– vir in znesek zbranih sredstev, tudi interno,
- source and amount of funds raised, including internally,
– pravila, ki zahtevajo popolno preglednost sistemov plačevanja višjih vodstvenih delavcev in upravljavcev, vključno z opcijami na delnice,
- rules providing for full transparency of high level executives and senior managers’ remuneration systems, including stock options,
– registracijo in identifikacijo delničarjev, ki obvladujejo več kot določen delež;
- registration and identification of shareholders beyond a certain proportion.
vlagateljev : Komisija mora v sodelovanju z nadzornimi organi določiti pravila za zagotavljanje jasnega razkritja in sporočanja primernih in snovnih informacij vlagateljem;
Investors - The Commission should, in cooperation with supervisory authorities, devise rules to ensure clear disclosure and communication of relevant and material information to investors.
zasebnega kapitala in varstva zaposlenih : Komisija mora zagotoviti, da direktiva št. 2001/23/ES zaposlenim vedno daje iste pravice, vključno s pravico do obveščenosti in posvetovanja, kadar koli se nadzor zadevnega podjetja prenese s strani katerega koli vlagatelja, vključno s skladi zasebnega kapitala in hedge skladi;
Private equity and protection of employees - The Commission should ensure that Directive 2001/23/EC always grants the same rights to employees, including the right to be informed and consulted, whenever control of the undertaking or business concerned is transferred by any investors, including private equity and hedge funds.
Priporočilo 3 o ukrepih v zvezi s prevelikimi dolgovi
Recommendation 3 on e xcessive d ebt measures
finančnega vzvoda zasebnega kapitala : Komisija mora ob pregledu direktive št. 77/91/EGS o kapitalu zagotoviti, da za kakršne koli spremembe velja pristop temeljnih načel: skladno s tveganjem je treba zadržati kapital, obstaja razumno pričakovanje, da je raven finančnega vzvoda vzdržna tako za sklad zasebnega kapitala kot za družbo in za ciljno podjetje ter da ni nepravične diskriminacije posebnih zasebnih vlagateljev ali med različnimi investicijskimi skladi ali nosilci naložb, ki uporabljajo podobne strategije;
Leverage for private equity - The Commission should, while reviewing Directive 77/91/EEC on capital, ensure that any amendments adhere to the following fundamental principles: there is capital held according to risk, there is a reasonable expectation that the level of leverage is sustainable both for the private equity fund/firm and for the target company, and that there is no unfair discrimination against specific private investors or between different investment funds or vehicles that use similar strategy.
črpanja kapitala : Komisija mora predlagati usklajene dodatne ukrepe na ravni EU, kjer je potrebno, na podlagi pregleda obstoječe nacionalne zakonodajne možnosti in zakonodajne možnosti Skupnosti, da bi se izognila nerazumni odprodaji sredstev v ciljnih podjetjih.
Capital depletion - The Commission should propose harmonised supplementary measures at EU level, where needed, on the basis of a review of existing national and Community legislative options in order to avoid unreasonable asset stripping in target companies.
Priporočilo 4 o ukrepih v zvezi z navzkrižji interesov
Recommendation 4 on c onflicts of i nterest measures
Priporočilo 5 o veljavni zakonodaji o finančnih storitvah
Recommendation 5 on e xisting f inancial s ervices l egislation
MNENJE Odbora za pravne zadeve (*)
OPINION OF THE COMMITTEE ON LEGAL AFFAIRS (*)
o hedge skladih in skladih zasebnega kapitala
on hedge funds and private equity
(*) Postopek s pridruženimi odbori – člen 47 poslovnika
(*) Associated committees – Rule 47 of the Rules of Procedure
A. ker imajo zlasti dolgoročne naložbe hedge skladov in skladov zasebnega kapitala lahko pomembno pozitivno vlogo v evropskem gospodarstvu, saj povečujejo evropsko konkurenčnost in prispevajo k oblikovanju delovnih mest,
A. whereas particularly long-term investments of hedge funds and private equity can play an important positive role in the European economy by increasing Europe's competitiveness and contributing to job creation,
B. ker imajo hedge skladi in skladi zasebnega kapitala zelo različne značilnosti, o njih pa ne obstajajo nobene jasne opredelite; ker jih v uredbi, ki je prilagojena določenim proizvodom, ni možno primerno obravnavati kot eno kategorijo,
B. whereas hedge funds and private equity have very different characteristics and no unambiguous definition of either exists; whereas they cannot be appropriately treated as a single category for product-specific regulation,
C. ker ne obstaja posebna zakonodaja Skupnosti glede hedge skladov in skladov zasebnega kapitala,
C. whereas specific Community legislation concerning hedge funds or private equity does not exist,
D. ker je uredba, ki temelji na načelu, primerna za urejanje finančnih trgov in lažje sledi tržnemu razvoju kot uredba, ki je prilagojena določenim proizvodom,
D. whereas principle-based regulation is an appropriate approach to regulating financial markets as it is better able to keep up with market developments than product-specific regulation,
E. ker se hedge skladov in skladov zasebnega kapitala ne sme obravnavati drugače kot drugih zasebnih naložb, oziroma zanje ne sme veljati posebna zakonodaja, ki bi nepravično vplivala na njihovo konkurenčnost,
E. whereas hedge funds and private equity should neither be treated differently from other private investments nor be subject to specific legislation unfairly affecting their competitiveness,
F. ker je trenutna finančna kriza pokazala na pomen preglednosti in potrebo po primernih ravneh preglednosti; ker mora biti preglednost, ki je bistvenega pomena za delujoči trg, usmerjena v ciljno skupino; ker bi imela neusmerjena preglednost negativen vpliv na tržno stabilnost zaradi črednega obnašanja in plenilskega trgovanja ter tveganj, ki uničujejo celotni poslovni model alternativnih naložb, temelječ na inovativnih strategijah trgovanja,
F. whereas the current financial crisis has highlighted the importance of transparency and a need for appropriate levels of transparency is recognised; whereas while transparency is vital for a functioning market, it must be purposive in relation to the target group; whereas transparency that is not purposive will have adverse effects on market stability through herding and predatory trading, and risks destroying the entire alternative investment business model based on innovative trading strategies,
G. ker trenutne različne opredelitve zasebnega plasiranja v državah članicah ovirajo notranji trg in omogočajo uhajanje zelo tveganih proizvodov na maloprodajni trg,
G. whereas the current diversity of private placement definitions in the Member States constitutes an obstacle to the internal market and creates an incentive for the leakage of high risk products onto the retail market,
H. ker sistemi nadomestil za upravitelje hedge skladov in skladov zasebnega kapitala lahko povzročijo neprimerne spodbude, ki vodijo k neodgovornemu tveganju,
H. whereas the remuneration systems for hedge funds and private equity managers may give rise to inappropriate incentives leading to irresponsible risk-taking,
5. poziva Komisijo, naj obravnava možnost vključitve v opredelitev načela "preudarne osebe" tam, kjer je načelo vključeno v obstoječo zakonodajo Skupnosti, zahtevo za vlagatelje, da preverijo, ali alternativni investicijski skladi, v katere vlagajo, spoštujejo primerno zakonodajo in dosegajo sektorske standarde najboljših praks;
Calls on the Commission to consider including in the definition of the “prudent person” principle, where the principle is incorporated in the existing Community legislation, the requirement for investors to verify that the alternative investment funds in which they invest abide by appropriate legislation and the industry's best practice standards;
8. priznava, da prekomerni finančni vzvod lahko ogrozi finančno stabilnost družb in finančnih trgov; vendar meni, da je tveganje del teh trgov in da morajo zadevni tržni udeleženci oceniti, kakšna je ustrezna raven tveganja, ki so ga pripravljeni sprejeti; zato ne podpira ideje o pravno določeni najvišji stopnji finančnega vzvoda;
Recognises that excessive leverage may pose risks to the financial stability of companies and the financial markets; takes the view, however, that risk is part of those markets and that it must be left to participants in the markets concerned to assess the appropriate level of risk to take; does not support, therefore, the idea of setting a legal maximum level of leverage;
Odbor za zaposlovanje in socialne zadeve poziva Odbor za ekonomske in monetarne zadeve, kot pristojni odbor, da v svoj predlog resolucije vključi naslednje pobude:
The Committee on Employment and Social Affairs calls on the Committee on Economic and Monetary Affairs, as the committee responsible, to incorporate the following suggestions in its motion for a resolution:
3. poziva Komisijo, naj predlaga način za dopolnitev direktive Sveta 2001/23/ES
Calls on the Commission to present a proposal on how Council Directive 2001/23/EC
UL L 80, 23.3.3003, str.
OJ L 80, 23.3.3003, p.
29. v zvezi z ohranjanjem pravic delavcev v primeru prenosa podjetij, s čimer bo ob prevzemu hedge skladov in skladov zasebnega kapitala zagotovljena zaščita pravic delavcev ter se bo preprečila ogroženost delovnih mest zaradi izgube likvidnosti prevzetih podjetij;
29. on the safeguarding of employees' rights in the event of the transfer of undertakings should be supplemented in order to safeguard the rights of the employees concerned in the case of HF and PE takeovers and prevent jobs being jeopardised by loss of liquidity in firms taken over;
64. in direktivo Evropskega parlamenta in Sveta 2002/14/ES
64. and Directive 2002/14/EC
UL L 80, 23.3.2002, str.
OJ L 80, 23.3.2002, p.
29. o določitvi splošnega okvira za obveščanje in posvetovanje z delavci v Evropski skupnosti;
29. of the European Parliament and of the Council establishing a general framework for informing and consulting employees in the European Community;
7. poziva Komisijo, naj opazuje in analizira učinke trgovanja hedge skladov in skladov zasebnega kapitala ter pripravi direktivo o pravilih minimalne preglednosti glede vrste financiranja naložb v prihodnje, obvladovanja tveganja, metod ocenjevanja, kvalifikacij upravljavcev in možnega navzkrižja interesov ter razkritja lastniške strukture in registracije hedge skladov.
Calls on the Commission to monitor and analyse the effects of the operations of HF and PE and to consider putting forward a directive on minimum transparency rules on how investments are financed in the future, risk management, methods of assessment, the qualifications of managers and possible conflicts of interest as well as disclosure of ownership structures and the registration of HF.
o predlogu Uredbe Sveta o spremembi Uredbe Sveta (Euratom, ESPJ, EGS) št. 549/69 o določitvi kategorij uradnikov in drugih uslužbencev Evropskih skupnosti, za katere se uporabljajo določbe člena 12, drugega odstavka člena 13 in člena 14 Protokola o privilegijih in imunitetah Skupnosti
on the proposal for a Council regulation amending Regulation (Euratom, ECSC, EEC) No 549/69 determining the categories of officials and other servants of the European Communities to whom the provisions of Article 12, the second paragraph of Article 13 and Article 14 of the Protocol on the Privileges and Immunities of the Communities apply
– ob upoštevanju predloga Komisije Svetu ( KOM(2008)0305 ),
– having regard to the Commission proposal to the Council ( COM(2008)0305 ),
– ob upoštevanju člena 291 Pogodbe o ES,
– having regard to Article 291 of the EC Treaty,
– ob upoštevanju člena 16 Protokola o privilegijih in imunitetah Evropskih skupnosti, v skladu s katerim se je Svet posvetoval s Parlamentom (C6 0214/2008),
– having regard to Article 16 of the Protocol on the Privileges and Immunities of the European Communities, pursuant to which the Council consulted Parliament ( C6‑0214/2008 ),
– ob upoštevanju poročila Odbora za državljanske svoboščine, pravosodje in notranje zadeve ( A6-0339/2008 ),
– having regard to the report of the Committee on Civil Liberties, Justice and Home Affairs ( A6‑0339/2008 ),
Predlog Uredbe Sveta o spremembi Uredbe Sveta (Euratom, ESPJ, EGS) št. 549/69 o določitvi kategorij uradnikov in drugih uslužbencev Evropskih skupnosti, za katere se uporablja Protokol o privilegijih in imunitetah Skupnosti, si prizadeva zagotoviti, da se imuniteta pred sodnimi postopki, ki jo določa člen 12(a) protokola, ne bi uporabljala za osebje Europola, ki je dano na razpolago skupni preiskovalni skupini, v zvezi z uradnimi dejanji, potrebnimi za izpolnitev operativnih nalog, ki so mu bile zaupane.
The proposal for a Council regulation amending Regulation (Euratom, ECSC, EEC) No 549/69 determining the categories of officials and other servants of the European Communities to whom the provisions of the Protocol on the Privileges and Immunities of the Communities apply aims to ensure that the immunity from legal proceedings laid down in Article 12(a) of that Protocol does not apply to Europol staff placed at the disposal of a joint investigation team, in respect of official acts required to be undertaken in fulfilment of the operational tasks entrusted to them.
Na srečanju stalnih predstavnikov 9. aprila 2008 je bilo doseženo široko in dokončno soglasje o predlogu Sklepa Sveta o ustanovitvi Evropskega policijskega urada (Europol).
At the meeting of the Permanent Representatives held on 9 April 2008, broad and definitive agreement was reached on the proposal for a Council Decision establishing the European Police Office (Europol).
Novi pravni instrument bo novi evropski agenciji omogočil, da bo obseg svojih dejavnosti hitreje prilagajala spreminjajočim se okoliščinam v EU, zlasti kar se tiče novih oblik kriminala in novih terorističnih groženj.
This new legal instrument will enable the new European Agency to adjust the scope of its activities more swiftly to suit the changing circumstances in the EU, especially as regards new forms of crime and new terrorist threats.