natgillin/translations-raw huggingface dataset:
pozdravlja priporočilo odbora CESR, da bi bilo treba plačila ali nedenarne koristi, ki jih prejme ali ima pravna oseba znotraj iste skupine, ki ponuja le lastne proizvode (interni skladi), obravnavati povsem enako kot plačila ali nedenarne koristi, ki jih prejme ali ima katerakoli druga pravna oseba v smislu podjetij z odprto arhitekturo (skladi tretjih strank);
Welcomes the recommendation by the CESR that a payment or non-monetary benefit provided to or made by a legal entity within the same group which offers only its own products (in-house funds) should be treated in exactly the same way as one provided to or made by any other legal entity in the context of open architecture firms (third-party funds);
ugotavlja, da določbe iz člena 26 izvedbene direktive MiFID o spodbudah veljajo za plačila ali nedenarne koristi med dvema ločenima pravnima osebama, medtem ko proizvodi, ki jih proizvaja in distribuira ista pravna oseba, ne sodijo na področje uporabe člena 26; poziva Komisijo, naj preuči dejanski vpliv člena 26 na distribucijo konkurenčnih proizvodov in s tem na odprto arhitekturo;
Notes that under Article 26 of the MiFID Implementing Directive, provisions on inducements apply to payments or non-monetary benefits made between two separate legal entities whereas products that are produced and distributed by the same legal entity do not fall within the scope of Article 26; calls on the Commission to examine the practical impact of Article 26 on the distribution of competing products and hence on open architecture;
priznava, da je spremljanje provizij, zlasti provizij iz retrocesije, dolgotrajen in drag postopek, ki naj bi se z vse bolj odprto arhitekturo okrepil; zato poziva sektor, naj preuči, ali so v Evropski uniji potrebni skupni standardi za ustrezno ohranitev položaja, kot so standardi za ugotavljanje istovetnosti distributerjev ali zagotavljanje podatkov, kot so oblike datotek, protokoli za prenos podatkov, pogostost poročanja;
Acknowledges that tracking of commissions, in particular retrocession fees, is a time-consuming and costly process expected to intensify with increasingly open architecture; therefore calls on the industry to examine whether common standards across the European Union for appropriate position keeping are necessary such as standards for identifying distributors or providing data, such as data file formats, data transmission protocols, reporting frequency;
poziva odbor CESR, naj poroča o učinku člena 26 izvedbene direktive MiFID o sedanjih ukrepih za ublažitev in združevanje v letu 2008 ter da ob upoštevanju obstoječih in morebitnih prihodnjih samoregulativnih pobud v sektorju preuči, ali bi skupen pristop za nadzor v EU koristil vlagateljem;
Calls on CESR to report on the impact of Article 26 of the MiFID Implementing Directive on current softing and bundling arrangements in 2008 and to examine, taking into account already existing as well as possible future self-regulatory initiatives by the industry, whether a common supervisory approach across the EU would benefit investors;
se strinja s pomisleki, ki jih je Komisija izrazila v zeleni knjigi o izboljšavi zakonodajnega okvira EU za investicijske sklade v zvezi z ustanavljanjem jamstvenih skladov, ki zavajajo potrošnike, saj so tako poimenovani, čeprav ne izpolnjujejo zahtev za kapitalsko ustreznost; zato poziva Komisijo, naj predlaga, kako bi lahko na ravni EU za te sklade uvedli ustrezne ukrepe, in sicer zahteve za kapitalsko ustreznost, s čimer bi zagotovili učinkovito zaščito potrošnikov; v zvezi s tem ugotavlja, da mora biti nadzor celovit in strog tako kvalitativno (na primer standardi za obvladovanje tveganja) kot kvantitativno (na primer zahteva za posledično doseženo kapitalsko ustreznost);
Shares the concern expressed by the Commission in its Green Paper on the enhancement of the EU framework for investment funds regarding the emergence of guaranteed funds, misleadingly defined as such, when not backed by capital adequacy requirements; thus calls on the Commission to propose how the appropriate provisions, such as capital requirements for those funds at the EU level, can be achieved in order to ensure effective consumer protection; observes in this context that supervision requirements must be coherent and equally stringent both qualitatively, in terms of risk management standards, and quantitatively, as regards the resulting capital requirements;
Povezava med KNPVP in MiFID
UCITS-MiFID interaction
odobrava namero Komisije, da odpravi morebitna neskladja med določbami KNPVP III in MiFID o distribuciji, spodbudah in izvajanju pravil o poslovanju v svojem priročniku; vseeno obžaluje, da Komisija teh smernic ni objavila pred začetkom izvajanja MiFID v državah članicah; poziva Komisijo, da upošteva izvedbeno zakonodajo in predpise držav članic ter pojasni pravni status priročnika in njegove povezave z ukrepi na tretji stopnji odbora CESR in njenimi vprašanji in odgovori o MiFID;
Welcomes the Commission's intention to solve possible conflicts between the provisions of UCITS III and MiFID on distribution, inducements and conduct of business rules in its vade-mecum; regrets, however, that the Commission has not published that guidance before the implementation of MiFID by the Member States; calls on the Commission to take account of Member States' implementing laws and regulations and clarify the legal status of the vade-mecum and its relation to CESR Level 3 measures as well as to the Commission's Questions and Answers on MiFID;
poudarja, da enakovredne zahteve za razkritje podatkov o stroških, tveganju in uspešnosti konkurenčnih proizvodov v trenutku prodaje vlagatelju pomagajo sprejeti ozaveščeno odločitev le, če dobro pozna osnove delovanja različnih naložbenih proizvodov; zato opozarja na potrebo po finančni pismenosti;
Points out that equivalent disclosure requirements of competing products at the point of sale on costs, risk and performance help the investor to make an informed decision only if he has a sound knowledge and basic understanding of the functioning of different investment products; highlights, therefore, the need for financial literacy;
z obžalovanjem ugotavlja, da so v številnih jurisdikcijah čezmejne spojitve še vedno obdavčene, medtem ko notranje niso; meni, da bi moale biti čezmejne in notranje spojitve davčno nevtralne, ker vlagatelji ne morejo vplivati na takšne dogodke in bi jih bilo treba obravnavati enako;
Notes with regret that in many jurisdictions cross-border mergers remain subject to taxation while domestic mergers do not constitute taxable events; believes that since investors cannot influence such events and should be treated equally, cross-border and domestic mergers should be taxed neutrally;
poziva Komisijo, da v letu 2008 predlaga direktivo o obdavčitvi spojitev skladov po načelu davčne nevtralnosti iz direktiv 90/434/EGS in 2005/56/ES; poudarja, da ključno vprašanje ni uskladitev obdavčitve, temveč da bi morale biti domače in čezmejne spojitve davčno nevtralne, če vlagatelj naložbo pred spojitvijo in po njej obdrži v skladu oziroma jo prekliče zaradi nameravane spojitve, še preden je ta opravljena;
Calls on the Commission to propose a directive relating to the taxation of fund mergers in 2008, following the principle of tax neutrality set out in Directives 90/434/EEC and 2005/56/EC; stresses that the objective is not to harmonise tax but to determine that domestic and cross-border mergers should be tax-neutral if the investor keeps its investment in the fund before and after the merger or withdraws its investment as a result of the intended merger, before the merger takes place;
meni, da bi morala davčna nevtralnost iz praktičnih razlogov najprej veljati le za spojitve KNPVP, pozneje pa vse preostale sklade;
Believes that for practical reasons, tax neutrality should first be applied only to UCITS mergers and later to all other funds;
poudarja izjemno pomembnost usklajevanja nadzora nad proizvodi KNPVP in drugimi proizvodi ter poziva k stalnemu prizadevanju za izmenjavo informacij in praktično sodelovanje med finančnimi organi;
Underlines the paramount importance of supervisory coordination of UCITS and non-UCITS products, and calls for continued efforts to exchange information and practical cooperation among the financial authorities;
obžaluje, da zaradi sedanje naložbene politike premoženje, kot so krovni tvegani skladi ali odprti nepremičninski skladi, ne sodi v področje uporabe primernega premoženja v okviru KNPVP III, medtem ko je odbor CESR manj pregledne indekse tveganih skladov s precej velikim nihanjem označil za sprejemljive;
Regrets that the current design of investment policies has resulted in assets such as FoHF and OREF to remain outside the scope of eligible assets under UCITS III, while fairly volatile and less transparent assets such as HFI are considered eligible by CESR;
meni, da določanje razpoložljivega premoženja in naložbenih omejitev samo po sebi ne zagotavlja kakovostnega upravljanja naložb in bi lahko malim vlagateljem celo dalo lažen občutek varnosti; zato predlaga, da bi morali srednjeročno preiti od predpisovanja k načelom, ki bi temeljila na upravljanju razmerja med sredstvi in obveznostmi, kot bolj izpopolnjeni obliki razpršitve tveganja; poudarja, da trenutne revizije direktive KNPVP III ne bi smele odložiti zaradi korenite razprave o takšni spremembi; poudarja, da je treba pozorno preučiti vplive takšne spremembe na delovanje KNPVP in blagovno znamko KNPVP;
Believes that defining eligible assets and setting investment limits does not guarantee the quality of investment management and could even give retail investors a false sense of security; suggests, therefore, that a shift from a prescriptive to a principle-based approach on the basis of asset-liability management as a more sophisticated form of risk diversification should be considered in the medium term; underlines that the revision of UCITS III should not be delayed by opening a fundamental discussion of such a change at this stage; underlines the need to analyse carefully the impact of such a change on the performance of UCITS and the UCITS brand;
meni, da bodo na načelih temelječe določbe o sistemih obvladovanja tveganja na prvi stopnji prispevale k zagotavljanju finančne stabilnosti in zbliževanju nadzornih praks; zato pričakuje, da bo Komisija po končanem zakonodajnem delu za revizijo direktive KNPVP III pripravila seznam na načelih temelječih meril za sisteme obvladovanja tveganja, ob upoštevanju, da morajo takšni sistemi ustrezati posameznim profilom tveganja posameznih skladov; poziva Komisijo, da preuči, ali bi morale družbe za upravljanje pojasniti ustreznost določenega sistema in ali sta splošna zahteva, da nadzornik predhodno odobri sisteme obvladovanja tveganja, in jasnejša vloga depozitarja pri pregledu investicijskih dejavnosti nujni; poziva odbor CESR, naj zaključi svoje delo pri usklajevanju sistemov obvladovanja tveganja in naj se začne ukvarjati z upravljanjem likvidnosti;
Believes that introducing principle-based provisions on risk management systems at Level 1 will help ensure financial stability and convergence in supervisory practices; expects the Commission therefore, once the legislative work on the evised UCITS III is completed, to draw up a list of principle-based criteria for the use of risk management systems, bearing in mind that such systems should correspond to the individual risk profile of each fund; calls on the Commission to examine whether management companies should be obliged to explain the appropriateness of a certain system and whether a general requirement for pre-authorisation of risk management systems through the supervisor or a clearer role of the depositary in the investment activity oversight are necessary; calls on CESR to complete its work on the harmonisation of risk measurement systems and to begin looking at liquidity management;
meni, da je treba, če želimo povečati zaupanje vlagateljev, poskrbeti, da vse družbe za upravljanje v pravni obliki kapitalskih družb in vse distribucijske družbe, ki kotirajo na borzi, upoštevajo nacionalne predpise o upravljanju družb v državi, kjer imajo sedež, in predpise Skupnosti o upravljanju družb;
Considers it necessary, in order to bolster investor confidence, for all management companies established as joint stock companies and all distribution companies listed on a stock exchange to be subject to the national corporate governance regulations applicable in their country of registration as well as the provisions of Community law on corporate governance;
pozdravlja pobude, kot sta skupina za standardizacijo obdelave skladov Evropske stanovske organizacije nacionalnih združenj podjetij, ki se ukvarjajo z upravljanjem premoženja, in organizacija Eurofi, ter druge nacionalne pobude za učinkovitejšo obdelavo skladov; ugotavlja pa, da je dosedanji napredek nezadovoljiv; meni, da bi morala Komisija ukrepati, če sektor do konca leta 2009 ne bo bistveno napredoval na področju elektronske in standardizirane obdelave skladov;
Welcomes initiatives such as those of the Fund Processing Standardization Group of the European Fund and Asset Management Association, Eurofi and other initiatives at national level to increase the efficiency of fund processing; notes, however, that the progress made so far is unsatisfactory; believes that the Commission should take action if the industry does not substantially progress in greater use of electronic and standardised fund processing by the end of 2009;
opozarja na težave malih in srednje velikih distributerjev ter distributerjev z omejeno čezmejno dejavnostjo pri prehodu k samodejnim in standardiziranim rešitvam;
Draws attention to the difficulties of small and medium-sized distributors and distributors with limited cross-border activity when switching to automated and standardised solutions;
je seznanjen z zamislijo, da bi lahko s standardiziranimi roki za poravnavo spodbudili avtomatizacijo, poenostavili in pojasnili obdelavo naročil ter zmanjšali pogostost napak;
Notes the idea that standardised settlement deadlines could provide an incentive for more automation, simplify and clarify the processing of orders and reduce error rates;
je seznanjen z zamislijo o uvedbi standardiziranega postopka za lažji dostop do zanesljivih in standardiziranih podatkov o čezmejnih skladih, če je to potrebno, s podporo referenčne zbirke statističnih podatkov o evropskih skladih, na primer o prospektu in obdelavi podatkov; poudarja, da je treba z nadzorom zagotoviti, da bodo podatki posodobljeni in zanesljivi;
Notes the idea of setting up a standardised process to facilitate access to reliable and standardised data on cross-border funds, for example, if appropriate, supported by a European funds reference database on static data such as prospectus and processing data; highlights the need for oversight to guarantee that the data is up-to-date and reliable;
obžaluje, da vse države članice ne omogočijo, da bi podružnice kreditnih institucij EU opravljale depozitarno funkcijo, čeprav je to področje urejeno na ravni EU v skladu z zakonodajo EU o finančnih storitvah; zato poziva Komisijo, da pri trenutni reviziji KNPVP III leta 2008 sprejme nujne zakonodajne ukrepe, da se takšnim podružnicam bank omogoči, da opravljajo depozitarno funkcijo, ter da se razjasnijo načini za učinkovito sodelovanje pri nadzoru;
Regrets that not all Member States allow branches of EU credit institutions to act as depositary even though they are regulated at the EU level in accordance with EU financial services legislation; calls on the Commission, therefore, to take the necessary legislative steps in the course of the revision of UCITS III in order to allow such credit institution branches to act as depositary and to clarify ways for effective supervisory cooperation;
meni, da bi lahko uskladitev opredelitev depozitarnih funkcij prispevala k boljšemu razumevanju in sodelovanju med zakonodajalci in zagotovila enako raven varstva vlagateljev v Evropi; vendar priznava, da obstajajo težave pri premagovanju nacionalnih razlik, zlasti glede prava lastninskih razmerij, pogojev za odgovornost in pravil o zaščiti pred nesolventnostjo; poziva k nadaljnji analizi pravnih ovir, ki bi jih bilo treba odstraniti pri usklajevanju depozitarnih funkcij, ob upoštevanju različnih vlog in odgovornosti depozitarjev v državah članicah;
Believes that a harmonised definition of depositary functions could contribute to a better understanding and better cooperation between regulators and ensure a consistent level of investor protection across Europe; recognises, however, the difficulty of overcoming national differences, in particular with regard to property law, terms of liability and insolvency protection rules; calls for further analysis of the legal barriers that would have to be removed in order to achieve harmonisation of depositary functions, taking into account existing research on the different roles and responsibilities of depositaries across Member States;
poudarja, da bi bilo treba potni list za depozitarja uvesti po doseženi popolni uskladitvi vloge in odgovornosti vlagatelja; poudarja, da je treba pred sprejetjem vsakršne odločitve natančno preučiti povezavo med potnim listom za depozitarja, potnim listom družbe za upravljanje, skladom in zakonodajalcem;
Highlights that a depositary passport should only be introduced after complete harmonisation of the role and responsibilities of the depositary are achieved; underlines that, before taking a decision, the interaction between a depositary passport, the management company passport, the fund and the regulator must be carefully examined;
poziva Komisijo, da mora preučiti učinek, ki ga ima široka uporaba zelo zapletenih proizvodov (tj. izvedeni finančni instrumenti, vključno s kreditnimi izvedenimi finančnimi instrumenti in indeksi, vključno z indeksi tveganih skladov) na učinkovitost pregleda depozitarne funkcije;
Requests that the Commission should examine the impact the wide use of highly complex products, such as derivatives, including credit derivatives and indices, including hedge fund indices, has on the effectiveness of the depositary's oversight function;
poudarja, da je treba zagotoviti izbiro instrumentov za izvajanje na podlagi vsebine in ciljev temeljne prvostopenjske zakonodaje; poziva Komisijo, naj predlaga pravno podlago na prvi stopnji za uporabo izvedbenih direktiv in predpisov na drugi stopnji; poudarja, da je treba novi regulativni postopek s pregledom uporabljati za vse ukrepe na drugi stopnji;
Highlights the importance of ensuring the choice of implementing instruments on the basis of the content and objectives of the underlying Level 1 legislation; calls on the Commission to propose a legal basis at Level 1 for the use of both implementing directives and implementing regulations at Level 2; points out that the new regulatory procedure with scrutiny must be applied to all Level 2 measures;
opozarja na dokaze, da alternativne naložbene možnosti, kot so tvegani skladi, čeprav njihovi morebitni sistemski učinki niso še dovolj raziskani, pogosto povečujejo likvidnost trga, razpršitev tveganja, še zlasti pri tradicionalnih portfeljih, večjo konkurenčnost med ustvarjalci trga in posredniki ter koristne raziskave o primernosti, ki zagotavljajo več informacij in učinkovitejše oblikovanje cen;
Points to the evidence showing that alternative investments such as hedge fund activities, while still inadequately understood in terms of their potential systemic impact, often result in higher market liquidity, dispersion of risk, in particular for traditional portfolios, and enhanced competition among market makers and intermediaries as well as in beneficial propriety research contributing to more information and more efficient pricing;
meni, da sta preglednost in razkritje za vlagatelje in nadzornike izjemnega pomena, in pričakuje, da bodo pričakovani predlogi Mednarodnega združenja nadzornikov trga vrednostnih papirjev (IOSCO) razjasnili to vprašanje, poziva sektor, naj se dogovori o kodeksu ravnanja pri ocenjevanju portfelja, sistemih za obvladovanje tveganja, preglednosti struktur provizij in boljšem vpogledu v strategije vlaganja; poziva Komisijo, naj dejavneje sodeluje v tej razpravi (npr. v G8);
Considers transparency and disclosure for investors and supervisors of utmost importance and expects the forthcoming proposals of the International Organization of Securities Commissions (IOSCO) to bring more clarity in this respect, urges the industry to agree on a code of conduct for portfolio valuation, risk management systems, transparency of fee structures and enhanced insight in investment strategies; asks the Commission to play a more active role in that discussion (for example, within the remit of the G8);
je prepričan, da dostop do tveganih skladov malim vlagateljem kot tak ne bi smel biti prepovedan; kljub temu opozarja, da bi morali zaradi ohlapne ureditve tveganih skladov in njihovih dejavnosti za dostop malih vlagateljev veljati strogi pogoji; poudarja, da so jasna merila o primernosti vlagateljev ter predpisi o izpostavljenosti nasprotnih strank ključnega pomena; hkrati poudarja, da za pravne osebe, ki jih ureja MiFID, veljajo preskusi primernosti in ustreznosti za distribucijo, kot določbe proti zlorabam pri prodaji;
Is convinced that access of retail investors to hedge funds should not be prohibited per se; points out, however, that given the often light regulation of hedge funds and their activities, retail access must be subject to strict conditions; highlights that clear criteria for the eligibility of investors as well as regulation of the counterparties' exposure are crucial; underlines, at the same time, that entities regulated by MiFID are subject to suitability and appropriateness tests for distribution as provisions against mis-selling;
meni, da je treba vprašanja o finančni stabilnosti reševati na svetovni ravni prek poglobljenega sodelovanja med nadzornimi organi in centralnimi bankami v mednarodnih organih, kot je IOSCO, ter prek rednega dialoga med vladami in zakonodajalci; poziva Komisijo, Evropsko centralno banko in odbor CESR, naj dejavno sodelujejo pri spodbujanju tega dialoga ter po potrebi predlagajo ustrezne ukrepe;
Considers that financial stability issues need to be addressed at the global level through enhanced cooperation of supervisory authorities and central banks in international bodies such as IOSCO as well as through a regular dialogue between governments and legislators; urges the Commission, the European Central Bank and CESR to take an active role in stimulating that dialogue and proposing appropriate measures where necessary;
meni, da lahko tvegani skladi okrepijo prakso upravljanja družb, saj povečujejo število vlagateljev, ki dejavno in ozaveščeno izkoriščajo svoje pravice delničarjev; je kljub temu v skrbeh, da bi nekateri tvegani skladi za nizke stroške lahko okrepili svoje glasovalne pravice z najrazličnejšimi mehanizmi, kot je posojanje delnic; sicer priznava, da tega ne počnejo samo tvegani skladi; predlaga, da naj Komisija preuči izvedljivost in koristnost določbe, ki bi predvidevala, da mora pogodba o posoji delnic, kadar te nekdo upravlja v imenu vlagateljev, predvideti pravico posojevalca, da takoj prekliče svoje delnice, in če teh ne prekliče, lahko izposojevalec glasuje samo po navodilih posojevalca;
Believes that hedge funds could help strengthening corporate governance practices by increasing the number of investors that make active and informed use of their shareholder rights; is concerned, however, that some hedge funds might boost their voting power at low costs through a variety of different mechanisms such as stock lending and borrowing; recognises that the latter is not only undertaken by hedge funds; suggests that the Commission should examine the feasibility and practicability of a provision that stipulates that where stock is held for the account of investors, a stock lending agreement must contain the right for the lender promptly to recall his shares and that if no recall takes place, the borrower should be allowed only to exercise the voting rights in accordance with instructions from the lender;