natgillin/translations-raw huggingface dataset:
meni, da mora Komisija skupaj s finančnimi ministri držav članic, centralnimi bankami in EFDI analizirati možne prednosti in pomanjkljivosti delitve bremena pred morebitno krizo in po njej ter o izsledkih obvestiti Parlament;
Believes it necessary for the Commission, together with the finance ministers of Member States, the central banks, and the EFDI, to analyse the potential advantages and disadvantages of burden sharing before and after potential crisis situations arise, and to inform Parliament of the results;
meni, da je treba postopke in sodelovanje vseh zainteresiranih strani v morebitnem primeru čezmejne krize določiti vnaprej, da mora Komisija skupaj s predstavniki držav članic, centralnih bank in EFDI načrtovati in določiti postopke in sodelovanje ter o njih obvestiti Parlament;
Considers it necessary for the procedures and interaction between all parties concerned in a potential cross-border crisis situation to be determined in advance, and for the Commission, together with representatives of the Member States, the central banks and the EFDI, to plan and determine procedures and cooperation and to inform Parliament accordingly;
poziva Komisijo, da pripravi standarde za boljše zgodnje odkrivanje tveganja prek sistemov zajamčenih vlog; meni, da se lahko sistem za zgodnje odkrivanje tveganja uporabi za opredelitev prispevkov na podlagi tveganja;
Calls on the Commission to draw up standards to improve early-risk detection by the deposit-guarantee systems; sees an opportunity to use the early detection system to set risk-based contributions;
meni, da bi bilo koristno opraviti izčrpnejšo raziskavo, na podlagi katere bi določili skupno metodo za ocenjevanje tveganja;
Considers it advisable to embark on a more exhaustive study necessary in order to determine a common risk assessment method;
meni, da so za omejitev tveganja odgovorne zlasti banke;
Clearly states that the principal responsibility for risk limitation lies with the banks;
meni, da je treba določiti načela za čezmejno obvladovanje tveganja in krizno upravljanje, da bi omejili težave, povezane s prostimi strelci, in nevarnost moralnega tveganja;
Considers it necessary to develop principles for cross-border risk and crisis management in order to reduce the free rider problem and the risk of moral hazard;
naroči svojemu predsedniku, naj to resolucijo posreduje Svetu in Komisiji.
Instructs its President to forward this resolution to the Commission.
ob upoštevanju Bele knjige Komisije o izboljšanju okvira enotnega trga za investicijske sklade ( KOM(2006)0686 ),
having regard to the Commission White Paper on enhancing the single market framework for investment funds ( COM(2006)0686 ),
, ki spreminjata Direktivo Sveta 85/611/EGS UL L 375, 31.12.1985, str.
, both amending Directive 85/611/EEC OJ L 375, 31.12.1985, p.
o kolektivnih naložbenih podjemih za vlaganja v prenosljive vrednostne papirje (KNPVP), z namenom zakonsko urediti družbe za upravljanje in izvlečke prospektov v povezavi z vlaganju KNPVP (KNPVP III),
on undertakings for collective investment in transferable securities (UCITS), respectively, with a view to regulating management companies and simplified prospectuses and with regard to investments of UCITS (UCITS III),
ob upoštevanju Direktive 2005/1/ES Evropskega parlamenta in Sveta z dne 9. marca 2005 za vzpostavitev nove organizacijske strukture odborov za finančne storitve,
having regard to Directive 2005/1/EC of the European Parliament and of the Council of 9 March 2005 establishing a new organisational structure for financial services committees,
(direktiva o pokojninskih skladih),
(the Pension Funds Directive),
(direktiva o zavarovalnem posredovanju) in Direktive 2002/83/ES Evropskega parlamenta in Sveta z dne 5. novembra 2002 o življenjskem zavarovanju UL L 345, 19.12.2002, str.
(Insurance Mediation Directive) and Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance OJ L 345, 19.12.2002, p.
ob upoštevanju svoje resolucije z dne 15. januarja 2004 o prihodnosti tveganih skladov (hedge) in izvedenih finančnih instrumentov UL C 92 E, 16.4.2004, str.
having regard to its resolution of 15 January 2004 on the future of hedge funds and derivatives OJ C 92 E, 16.4.2004, p.
ob upoštevanju poročila strokovne skupine za upravljanje premoženja z dne 7. maja 2004 in poročil strokovne skupine iz julija 2006 ter svoje resolucije z dne 27. aprila 2006 o upravljanju premoženja UL C 296 E, 6.12.2006, str.
having regard to the Asset Management Expert Group report of 7 May 2004, Expert Group reports of July 2006, and Parliament's resolution of 27 April 2006 on asset management OJ C 296 E, 6.12.2006, p.
ob upoštevanju nasveta Odbora evropskih regulativnih organov s področja vrednostnih papirjev (CESR) Komisiji z dne 26. januarja 2006 glede razjasnitve opredelitev v zvezi s primernim premoženjem za naložbe KNPVP (CESR/06-005),
having regard to the Committee of European Securities Regulators (CESR)' Advice to the European Commission on Clarification of Definitions concerning Eligible Assets for Investments of UCITS of 26 January 2006 (CESR/06-005),
ob upoštevanju poročila Mednarodnega denarnega sklada o svetovni finančni stabilnosti in razvoju trgov iz aprila 2007,
having regard to the International Monetary Fund's Global Financial Stability Report: Market Developments and Issues of April 2007,
ob upoštevanju poglavja IV o finančni stabilnosti in integraciji iz letnega poročila Evropske centralne banke za leto 2006 ,
having regard to the European Central Bank's Annual Report 2006, Chapter IV: Financial Stability and Integration,
ob upoštevanju Direktive Komisije 2006/73/ES z dne 10. avgusta 2006 o izvajanju Direktive 2004/39/ES Evropskega parlamenta in Sveta v zvezi z organizacijskimi zahtevami in pogoji poslovanja investicijskih družb ter opredeljenimi izrazi za namene navedene direktive UL L 241, 2.9.2006, str.
having regard to Commission Directive 2006/73/EC of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive OJ L 241, 2.9.2006, p.
(izvedbena direktiva MiFID),
(the MiFID Implementing Directive),
ob upoštevanju priporočil stopnje 3 odbora CESR o spodbudah v skladu z MiFID z dne 29. maja 2007 (CESR/07-228b),
having regard to the CESR Level 3 Recommendations on Inducements under MiFID of 29 May 2007 (CESR/07-228b),
ob upoštevanju Direktive 2003/71/ES Evropskega parlamenta in Sveta z dne 4. novembra 2003 o prospektu, ki se objavi ob javni ponudbi ali sprejemu vrednostnih papirjev v trgovanje UL L 345, 31.12.2003, str.
having regard to Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on prospectus to be published when securities are offered to the public or admitted to trading OJ L 345, 31.12.2003, p.
(direktiva o prospektu),
(the Prospectus Directive),
ob upoštevanju predloga Komisije za Direktivo Evropskega parlamenta in Sveta o začetku opravljanja in opravljanju dejavnosti zavarovanja in pozavarovanja ( KOM(2007)0361 ) (direktiva o solventnosti II),
having regard to the Commission proposal for a directive of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance ( COM(2007)0361 ) (the impending Solvency II directive),
ob upoštevanju sklepov Ekonomsko-finančnega sveta z dne 8. maja 2007,
having regard to the ECOFIN Council conclusions of 8 May 2007,
ob upoštevanju Zelene knjige Komisije o izboljšavi zakonodajnega okvira EU za investicijske sklade ( KOM(2005)0314 ),
having regard to the Commission Green Paper on the enhancement of the EU framework for investment funds ( COM(2005)0314 ),
ob upoštevanju Direktive Sveta 90/434/EGS z dne 23. julija 1990 o skupnem sistemu obdavčitve za združitve, delitve, prenose sredstev in zamenjave kapitalskih deležev družb iz različnih držav članic UL L 225, 20.8.1990, str.
having regard to Council Directive 90/434/EEC of 23 July 1990 on the common system of taxation applicable to mergers, divisions, transfers of assets and exchanges of shares concerning companies of different Member States OJ L 225, 20.8.1990, p.
Direktiva, kakor je bila nazadnje spremenjena z Direktivo 2006/98/ES (UL L 363, 20.12.2006, str.
Directive as last amended by Directive 2006/98/EC (OJ L 363, 20.12.2006, p.
in Direktive 2005/56/ES Evropskega parlamenta in Sveta z dne 26. oktobra 2005 o čezmejnih združitvah kapitalskih družb UL L 310, 25.11.2005, str.
and Directive 2005/56/EC of the European Parliament and of the Council of 26 October 2005 on cross-border mergers of limited liability companies OJ L 310, 25.11.2005, p.
ob upoštevanju posodobljenega poročila foruma za finančno stabilnost o institucijah z visoko stopnjo finančnih vzvodov z dne 19. maja 2007,
having regard to the update of the Financial Stability Forum Report on Highly Leveraged Institutions of 19 May 2007,
ob upoštevanju poročila usmerjevalne skupine Organizacije za gospodarsko sodelovanje in razvoj o upravljanju družb iz maja 2007 z naslovom "Vloga zasebnih skladov kapitala pri upravljanju družb: o vlogi zasebnih kapitalskih družb in "aktivističnih" tveganih skladov",
having regard to the report of the OECD Steering Group on Corporate Governance entitled "The role of private pools of capital in corporate governance: about the role of private equity firms and "activist" hedge funds" of May 2007,
ob upoštevanju poročila Odbora za ekonomske in monetarne zadeve ( A6-0460/2007 ),
having regard to the report of the Committee on Economic and Monetary Affairs ( A6-0460/2007 ),
ker namen te resolucije ni obravnava petih zakonodajnih ukrepov revizijskega svežnja KNPVP III, namreč poenostavitev postopka priglasitve, uvedba potnega lista za družbe za upravljanje, revizija izvlečka prospekta, vzpostavitev okvira za spojitev skladov in okvira za združevanje, ali razpravljati o spremembi sodelovanja pri nadzoru, ki je načrtovana v teh petih letih,
whereas this resolution is not intended to address the five legislative measures foreseen in the UCITS III revision package, namely the facilitation of the notification procedure, the establishment of a management company passport, the revision of the simplified prospectus and the creation of a framework for fund mergers and a framework for pooling, or discuss modifications of supervisory cooperation foreseen in those five areas,
ker namerava Parlament v celoti izpolniti svojo vlogo pri oblikovanju bolj povezanega evropskega trga za investicijske sklade, ki presega prihodnjo omejeno revizijo KNPVP III,
whereas Parliament intends to play a full role in designing a more integrated European market for investment funds going beyond the forthcoming limited revision of UCITS III,
ker odprti nepremičninski skladi, krovni tvegani skladi (hedge) in drugi neusklajeni skladi za male vlagatelje ostajajo zunaj okvira KNPVP in zato ne uporabljajo evropskega potnega lista, kar omejuje raznovrstnost naložbenih proizvodov, ki so na voljo malim vlagateljem, in naložbeno strategijo KNPVP,
whereas open-ended real estate funds (OREF) and funds of hedge funds (FoHF) as well as other non-harmonised retail funds currently remain outside the UCITS framework and hence do not benefit from a European passport, which limits the diversity of investment products available to retail investors as well as the investment strategy of UCITS,
ker različni sistemi in prakse zasebnega plasiranja ovirajo čezmejno plasiranje naložbenih proizvodov za izkušene vlagatelje,
whereas different national private placement regimes (PPR) and practices present an obstacle to the cross-border placement of investment products to sophisticated investors,
ker različne zahteve za razkritje podatkov o KNPVP in drugih konkurenčnih naložbenih proizvodih, različni nacionalni davčni predpisi za čezmejne spojitve skladov, ovire za obdelavo skladov in različne odgovornosti onemogočajo enake pogoje za vse udeležence, večjo konkurenčnost in utrjevanje evropskega trga skladov,
whereas diverging disclosure requirements for UCITS and other competing investment products, different national taxation rules on cross-border fund mergers, barriers to fund processing and diverging responsibilities of depositaries present an obstacle to a level playing field, enhanced competitiveness and consolidation of the European fund market,
ker je bilo veliko primerov napačnega razumevanja različnih sredstev za nadomestne naložbe in ker se instrumenti, kot so tvegani skladi in zasebni kapitalski skladi, med seboj razlikujejo glede na zbiranje sredstev, cilje naložbene politike in nadzor vodstva,
whereas there has been much misconception over different vehicles of alternative investment and whereas instruments such as hedge funds and private equity differ as regards their fund raising, investment policy objectives and management control,
pozdravlja ustanovitev strokovne skupine za odprte nepremičninske sklade, vendar obžaluje, da Komisija ne namenja enake pozornosti krovnim tveganim skladom; pričakuje poročilo te strokovne skupine in rezultate študije Komisije o neusklajenih skladih za male vlagatelje, kar bo omogočilo vzpostavitev notranjega trga za te proizvode;
Welcomes the establishment of an expert group on OREF, but regrets the fact that the Commission has not given equal priority to the question of FoHF; looks forward to receiving both the expert group report on OREF and the results of the Commission study on non-harmonised retail funds aiming at the establishment of a internal market for these products;
poziva Komisijo, naj preuči možnost širitve področja uporabe člena 19(1) KNPVP III na odprte nepremičninske sklade in krovne tvegane sklade ob upoštevanju dejstva, da indeksi tveganih skladov že veljajo za primerno premoženje; poudarja, da je treba pripraviti celovito presojo vpliva tveganj in koristi, ki lahko nastanejo zaradi takšne spremembe, pri tem pa je treba posebno pozornost nameniti zaščiti blagovne znamke KNPVP; poudarja, da revizija KNPVP III, ki že poteka, ne sme biti motena;
Calls on the Commission to examine a future extension of the scope of Article 19(1) of UCITS III to cover OREF and FoHF bearing in mind that hedge fund indices (HFI) are already considered as eligible assets; highlights the need for a full impact assessment of the risks and benefits of such a change, thus paying particular attention to the protection of the UCITS brand; underlines that such an examination must not interrupt the revision of UCITS III;
meni, da bo treba po tem, ko bodo upoštevane ugotovitve zgoraj navedene strokovne skupine in študije Komisije, pozornost nameniti vzpostavitvi okvira notranjega trga za odprte nepremičninske sklade, krovne tvegane sklade in druge neusklajene sklade za male vlagatelje kot regulirane proizvode na ravni EU; takšni proizvodi morajo biti v skladu z rezultati presoje vpliva in morajo v celoti upoštevati vprašanja o razpršitvi, likvidnosti in oceni; poudarja, da revizija KNPVP III, ki že poteka, ne sme biti motena;
Considers that, after taking into account the conclusions of the above-mentioned expert group report and Commission study, consideration should be given to the establishment of a internal market framework for OREF, FoHF and other non-harmonised retail funds as regulated products at EU-level underpinned by an impact assessment and taking full account of diversification, liquidity and valuation issues; underlines that such consideration must not interrupt the revision of UCITS III;
poziva k usklajenemu okviru za zasebno plasiranje na ravni EU, da se izboljša povezovanje notranjega trga na osnovi celovite presoje vpliva; poudarja, da mora takšna ureditev zagotavljati potrebno pravno varnost za vse udeležence, vendar ne sme biti preveč stroga in obremeniti dejavnosti zasebnega plasiranja izkušenih in dobro obveščenih udeležencev s pretirano podrobnimi ali omejevalnimi zahtevami; poudarja, da ne bi smeli dovoliti čezmernega urejanja na nacionalni ravni;
Calls for a harmonised framework for private placement at EU-level in order to enhance internal market integration based on a thorough impact assessment; underlines that such a regime must provide for the necessary legal certainty for its players but should not over-regulate and hence over-burden private placement activities between sophisticated and well-informed players by means of requirements that are overly detailed or prescriptive; reiterates that national gold plating should not be possible;
meni, da bi moral sistem zasebnega plasiranja veljati za vse odprte investicijske sklade, vključno s skladi, ki so regulirani na nacionalni ravni, na ravni EU ali v tretjih državah; vseeno izraža prepričanje, da je, kjer je to primerno, zelo pomembno doseči napredek glede vprašanja o vzajemnem dostopu do trga; zato poziva Komisijo, naj se o takšnih sporazumih pogaja s tretjimi državami, zlasti z ZDA, ter prosi Komisijo, naj to vprašanje obravnava v čezatlantskem gospodarskem svetu;
Believes that a PPR should apply to all open-ended investment funds, including EU-regulated funds, nationally regulated funds as well as funds regulated in third countries; is, nevertheless, convinced that progress on the question of reciprocal market access where appropriate is essential; calls on the Commission, therefore, to negotiate such agreements with third countries, in particular with the United States, and requests the Commission to address this issue within the Transatlantic Economic Council;
prepričan je, da je opredelitev primernih vlagateljev ključna; predlaga, da se upoštevajo že obstoječe kategorije vlagateljev iz direktive MiFiD in direktive o prospektu; podpira široko opredelitev izkušenega vlagatelja; vendar poudarja, da je treba kljub obstoječi zakonodaji obravnavati več vprašanj, kot so na primer merila v zvezi z letnim prihodkom in potreba po določitvi omejitev prenosa, ki izkušenemu vlagatelju, primernemu za vlaganje v skladu s takšnim sistemom zasebnega plasiranja, onemogočajo prodajo proizvodov malim vlagateljem neposredno ali posredno, npr. z njihovim združevanjem z drugimi maloprodajnimi proizvodi;
Is convinced that a definition of who is eligible to invest is crucial; suggests that existing investor categories in MiFID and the Prospectus Directive should be taken into account; supports a broad definition of a sophisticated investor; highlights, however, that, despite existing legislation, several issues remain to be addressed, such as the criteria of annual income as well as the need to establish transfer restrictions forbidding the sophisticated investor, eligible for investment under such a PPR, to sell the product to retail investors directly or indirectly, for example by bundling it with other retail products;
predlaga, da se kot prvi ukrep pri revidirani KNPVP III opusti postopek obveščanja za KNPVP, ta opustitev pa naj velja le za majhno število zelo izkušenih vlagateljev, kot je poklicna stranka iz MiFID;
Suggests that, as a first step, a waiver from the notification process for UCITS should be introduced in the revised UCITS III, that waiver being restricted to a small number of highly sophisticated investors such as the MiFID professional client;
meni, da bi se moral kot drugi ukrep sistem zasebnega plasiranja razširiti na druge proizvode, na širše opredeljeno vrsto izkušenih vlagateljev, in vključevati splošno opustitev določb o lokalnem trženju; poziva Komisijo, da do poletja 2008 določi, ali bodo potrebni zakonodajni ukrepi ali so zadostne smernice odbora CESR;
Believes that, as a second step, the PPR should be extended to other products, to a more broadly defined type of sophisticated investor, and should contain a general waiver from local marketing provisions; asks the Commission to determine, by summer 2008, whether legislative measures are needed or CESR guidance is sufficient;
je prepričan, da bi moral evropski okvir odprtih investicijskih skladov veljati le za čezmejni sistem zasebnega plasiranja in obstoječa nacionalna pravila preglasiti samo v tem primeru, ne bi pa smel nadomestiti nacionalnih pravil, ki veljajo za domače zasebno plasiranje; je vsaj v prvem koraku bolj naklonjen ureditvi, temelječi na smernicah odbora CESR, vendar poudarja, da je treba razmisliti tudi o evropskih zakonodajnih ukrepih, da bi dosegli večjo pravno varnost;
Is convinced that a European PPR framework should apply only to cross-border private placement and in that case override existing national rules, but should not replace national rules that apply to domestic private placement; favours, at least as a first step, a regime based on CESR guidance, but highlights that, in order to achieve more legal certainty, the need for European legislative measures should be examined;
poziva Komisijo, da preuči in odpravi davčne ovire za čezmejni sistem plasiranja teh proizvodov;
Calls on the Commission to examine and reduce the tax barriers to the cross-border placement of those products;
poudarja, da je provizija sprejemljiv način plačila, vendar poudarja, da so vlagateljske informacije, vključno z razkritjem provizije in razpona, ključne za to, da lahko vlagatelji sprejemajo odločitve bolj ozaveščeno in da se poveča konkurenčnost; odobrava določbe MiFID o razkritju provizije, vendar opozarja, da MiFID ne velja za vse konkurenčne naložbene proizvode;
Believes that the use of commission payments is an acceptable means of remuneration; points out, at the same time, that investor information including fee and spread disclosure is crucial to empowering investors to take more informed decisions and to increase competition; welcomes the MiFID provisions on fee disclosure, but recalls that MiFID does not apply to all competing investment products;
Konkurenčni proizvodi
Competing products
meni, da zahteve po razkritju stroškov in provizij v trenutku prodaje ter tudi stalne zahteve po informacijah o tveganju in uspešnosti ne bi smele veljati le za KNPVP, temveč tudi za vse konkurenčne proizvode (npr. certifikate, dolžniške vrednostne papirje, življenjsko zavarovanje, vezano na enoto premoženja investicijskega sklada); vendar priznava, da ni mogoče zagotoviti popolne primerljivosti med različnimi vrstami naložbenih proizvodov;
Believes that cost and fee disclosure requirements at the point of sale as well as information requirements on risk and performance on an ongoing basis should apply not only to UCITS but equally to all competing products (i.e. certificates, notes, unit-linked life insurance); recognises, however, that it is not possible to provide for complete comparability between different types of investment products;
v zvezi s tem zahteva revizijo zakonodajnega okvira o trženju, svetovanju in prodaji naložbenih proizvodov za male vlagatelje najpozneje do konca leta 2008, zlasti predvidene direktive o solventnosti II, direktive o zavarovalnem posredovanju in direktive KNPVP III, da se dosežejo enaki konkurenčni pogoji in skladen pristop do varstva vlagateljev; poziva Komisijo, da odbore na tretji stopnji zaprosi za tehnične nasvete s tega področja, pri tem pa upošteva raznolikost proizvodov in distribucijskih poti;
Requests, in this context, a review of the legislative framework on marketing, advice and the sale of all retail investment products by the end of 2008 at the latest, in particular the impending Solvency II directive, the Insurance Mediation Directive and UCITS III, in order to achieve a level playing field and a coherent approach to investor protection; invites the Commission to ask the Level 3 Committees for technical advice in this area while taking into account the diversity of products and distribution channels;
poziva Komisijo, naj preuči, ali bi lahko kodeks ravnanja po vzoru sektorja lahko povečal preglednost provizij, pri tem pa upošteva dobre in slabe učinke kodeksa ravnanja v sektorju trgovanja z vrednostnimi papirji po uradnem zaključku delovanja trga;
Asks the Commission to examine whether an industry-driven code of conduct might be helpful to increase fee transparency, taking into account the positive and negative impact linked to the code of conduct in the post-trading sector;