natgillin/translations-raw huggingface dataset:
ker je Mednarodni denarni sklad v svojem poročilu o svetovni finančni stabilnosti, ki ga je pripravil aprila 2008, zaključil, da obstaja skupni neuspeh glede ocene obsega finančnega vzvoda, ki ga je prevzelo veliko število institucij – banke, zavarovalnice, subjekti, ki prejemajo sredstva vlade, hedge skladi – in povezanega tveganja neurejenega reševanja;
whereas in its Global Financial Stability Report of April 2008, the International Monetary Fund (IMF) concluded that there is a "collective failure to appreciate the extent of leverage taken on by a wide range of institutions - bank, monoline insurers, government-sponsored entities, hedge funds - and the associated risks of a disorderly unwinding",
ker izpolnjevanje programa lizbonske strategije zahteva dolgoročne naložbe v rast in delovna mesta;
whereas realising the Lisbon Agenda requires long-term investment in growth and jobs,
ker take dolgoročne naložbe zahtevajo dobro delujoče stabilne finančne trge v EU in na globalni ravni ter tako prispevajo k dejanskemu gospodarstvu, kar se lahko doseže le, če se zagotovi obstoj konkurenčnega in inovativnega finančnega sektorja v Evropski uniji;
whereas such long-term investment requires well-functioning stable financial markets in the EU and globally, contributing to the real economy, which can be achieved only by ensuring the presence in the EU of a competitive and innovative financial industry,
ker hedge skladi in skladi zasebnega kapitala v veliko primerih zagotavljajo likvidnost, spodbujajo tržno raznolikost in večjo tržno učinkovitost tako, da ustvarjajo povpraševanje po inovativnih produktih in pomagajo oblikovati cene;
whereas hedge funds and private equity in many cases provide liquidity, foster market diversification and market efficiency by creating demand for innovative products, and aid price discovery,
ker finančna stabilnost prav tako zahteva boljše nadzorno sodelovanje tudi na globalni ravni, kar logično zahteva stalne izboljšave aktualnih nadzornih dogovorov EU, vključno z rednimi izmenjavami informacij in povečano preglednostjo institucionalnih investitorjev;
whereas financial stability also requires better supervisory cooperation, including at global level, which logically requires, continuing improvements of current EU supervisory arrangements including regular exchanges of information and enhanced transparency of institutional investors,
ker mora Komisija preučiti možnosti za globalno ureditev statusa tržnih akterjev v tujini;
whereas the Commission should investigate the possibilities of regulating off-shore market players globally,
ker so primerne stopnje preglednosti vlagateljev in nadzornih organov bistvene za zagotovitev takega dobro delujočega in stabilnega finančnega trga pa tudi za spodbujanje konkurence med tržnimi udeleženci in produkti;
whereas appropriate levels of transparency towards investors and supervisory authorities are crucial to ensure such well-functioning and stable financial markets as well as for promoting competition between market actors and products,
ker mora Komisija spremljati in analizirati učinke delovanja hedge skladov in skladov zasebnega kapitala ter pripraviti direktivo o pravilih minimalne preglednosti glede načina financiranja naložb v prihodnje, upravljanja tveganja, metod ocenjevanja, kvalifikacij upravljavcev in morebitnega navzkrižja interesov ter razkritja lastniške strukture in registracije hedge skladov;
whereas the Commission should monitor and analyse the effects of the operations of hedge funds and private equity and to consider putting forward a directive on minimum transparency rules on how investments are financed in the future, risk management, methods of assessment, managers' qualifications, possible conflicts of interest as well as the disclosure of ownership structures and the registration of hedge funds,
ker je za izpolnjevanje potrebe po spremljanju tržnih dejavnosti v nadzorne namene treba informacije o izpostavljenosti hedge skladov in posojilih predložiti pristojnim nadzornim organom brez pretiranih bremen;
whereas in order to satisfy the need to monitor market activity for supervisory purposes, information on hedge fund exposures and lending should be made available to competent supervisory authorities without excessive burdens,
ker se od sektorja skladov pričakuje, da bo zaradi večje preglednosti nadaljeval razvoj zavezujočih ukrepov za upravljanje podjetij in jih tudi obvezno objavil; ker poziva k izboljšanju mehanizmov nadzora;
whereas the fund industry is expected to move further towards binding measures on corporate governance with a view to achieving greater transparency which must also be made public; calls for an improvement of controlling mechanisms,
ker morajo države članice zagotavljati najboljšo prakso, da se pokojninski skladi, ki jih pridobijo zaposleni, zavarujejo pred stečajem;
whereas Member States should use best practice to ensure that company pensions acquired by employees are shielded from bankruptcies;
ker mora Komisija obravnavati 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;
whereas the Commission should consider including in the definition of the prudent person principle, whenever that principle is incorporated in the existing Community legislation, the requirement for investors to verify that the alternative investment funds in which they invest comply with appropriate legislation and the industry's best practice standards,
ker trenutne različne opredelitve zasebnega plasiranja v državah članicah ovirajo notranji trg in omogočajo uhajanje zelo tveganih proizvodov na maloprodajni trg;
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,
ker je treba oblikovati spletno stran za kodekse ravnanja po načelu "vse na enem mestu", vključno z registrom tistih, ki so v skladu s temi kodeksi ravnanja, njihovimi razkritji in obrazložitvijo neskladnosti; ker ugotavlja, da so lahko razlogi za neskladnost tudi orodje za učenje; ker je treba to spletno stran oblikovati v interesu EU in jo mednarodno spodbujati;
whereas a one-stop-shop website for codes of conduct should be established, including a register of those who comply, their disclosure and explanations of non-compliance; observes that reasons for non-compliance can also be a learning tool; whereas that website should be established for the EU and promoted internationally,
ker je Mednarodni denarni sklad v svojem poročilu o svetovni finančni stabilnosti, ki ga je pripravil aprila 2008, opozoril, da trg podjetniških dolgov deluje ranljivo, saj zaradi makroekonomskih in strukturnih dejavnikov stopnje izgube rastejo;
whereas in its Global Financial Stability Report of April 2008, the IMF warned that "corporate debt market appears vulnerable as default rates are set to rise, owing to both macroeconomic and structural factors",
ker je nedavno povečanje števila transakcij v skladih zasebnega kapitala znatno povečalo število zaposlenih, katerih delovna mesta končno nadzirajo skladi zasebnega kapitala, in je zato treba upoštevati veljavno nacionalno zakonodajo o zaposlovanju in socialno pravo Skupnosti (zlasti Direktivo 2001/23/ES), ki je bilo oblikovano, ko temu še ni bilo tako; ker se morata nacionalna zakonodaja o zaposlovanju in socialno pravo Skupnosti uporabljati na nedisktiminatorni podlagi, vključno s pravično in primerno obravnavo vseh gospodarskih udeležencev s podobnimi odgovornostmi do zaposlenih;
whereas the recent increase in private equity transactions has significantly increased the number of employees whose jobs are ultimately controlled by equity funds, and, therefore, due regard should be paid to existing national employment laws as well as Community employment law (in particular Directive 2001/23/EC), which was formulated when this was not so; whereas national and Community employment law should apply on a non-discriminatory basis, including fair and appropriate treatment of all economic actors with similar responsibilities towards employees,
ker se na podlagi različnih pravnih sistemov hedge skladi in skladi zasebnega kapitala, ki imajo v lasti podjetja in jih nadzorujejo, ne obravnavajo kot delodajalci ter so zato izključeni iz pravnih obveznosti delodajalca;
whereas under many legal systems, hedge funds and private equity that own and control companies are not regarded as employers and are therefore exempt from employers" legal obligations,
ker v primeru skrajnih dolgov podjetja predstavljajo večje tveganje;
whereas in the event of extreme debt loads companies present a higher risk profile,
ker tako kot pri drugih podjetjih lahko pride do navzkrižij interesov, ki izhajajo iz poslovnega modela skladov zasebnega kapitala ali hedge skladov ali odnosa med navedenimi nosilci in drugimi udeleženci na finančnem trgu; prizadevanja za spodbujanje veljavne zakonodaje Skupnosti ne smejo biti omejena na hedge sklade in sklade zasebnega kapitala, morajo pa biti skladna z globalnimi standardi, kot so načela Mednarodnega združenja nadzornikov trga vrednostnih papirjev za upravljanje navzkrižij interesov kolektivnih naložbenih shem in tržnih posrednikov;
whereas, as with other entities, there may be conflicts of interest either arising from the business model of private equity or hedge funds or from the relationships between those vehicles and other actors in financial markets; efforts to enhance existing Community legislation should not be restricted to hedge funds and private equity and should be in line with global standards such as the IOSCO principles for the management of conflicts of interest by collective investment schemes and market intermediaries;
ker sistemi plač za upravljavce hedge skladov in skladov zasebnega kapitala lahko povzročijo neprimerne spodbude, ki vodijo k neodgovornemu prevzemanju tveganj;
whereas the remuneration systems for managers of hedge funds and private equity may give rise to inappropriate incentives leading to irresponsible risk taking,
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;
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.,
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 direktiv o kapitalskih zahtevah in kapitalski ustreznosti ter predlogom direktive o bonitetnih agencijah, da se zagotovijo bolj koherentni in usklajeni predpisi;
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,
ker je na načelu temelječa uredba primerna za urejanje finančnih trgov in bolje sledi tržnemu razvoju;
whereas principle-based regulation is an appropriate approach to regulating financial markets as it is better able to keep up with market developments,
ker na ravni EU obstaja potreba po ukrepanju na podlagi naslednjih sedmih načel za finančne institucije in trge:
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;
regulatory 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;
capital: 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;
originate and distribute: 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;
accounting: 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;
rating: 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;
derivative 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 long term: reward packages should be aligned with longer term outcomes, reflecting losses as well as profits,
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;
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,
naroči Komisiji, naj Parlamentu do konca leta 2008 na podlagi člena 44, člena 47(2) ali člena 95 Pogodbe ES predloži zakonodajni predlog ali več zakonodajnih predlogov o vseh pomembnih akterjih in udeležencih na finančnem trgu, vključno s hedge skladi in skladi zasebnega kapitala, ki upošteva sedem načel iz uvodne izjave AE in podrobna priporočila, priložena spodaj;
Requests the Commission to submit to Parliament by the end of 2008, on the basis of Article 44, Article 47(2), or Article 95 of the EC Treaty, a legislative proposal or proposals covering all relevant actors and financial market participants, including hedge funds and private equity, responding to the seven principles outlined in Recital AE and following the detailed recommendations below;
meni, da morajo biti morebitne finančne posledice zahtevanega predloga ali zahtevanih predlogov zajete v dodeljenih proračunskih sredstvih EU;
Considers that the financial implications of the requested proposal or proposals should be covered by EU budgetary allocation;
naroči svojemu predsedniku, naj to resolucijo in priložena podrobna priporočila posreduje Komisiji, Svetu ter vladam in parlamentom držav članic.
Instructs its President to forward this resolution and the accompanying detailed recommendations to the Commission, the Council and the governments and parliaments of the Member States.
Priporočilo 1 o finančni stabilnosti, kapitalskem in univerzalnem regulativnem okviru
Recommendation 1 on financial stability, capital and universal regulatory coverage
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 transparency measures
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 excessive debt 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 conflicts of interest measures
Priporočilo 5 o veljavni zakonodaji o finančnih storitvah
Recommendation 5 on existing financial services legislation