Metadata
Author: EurLex-2
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Bulgarian[bg]
37 Освен това за специални инвестиционни фондове трябва да се считат и фондове, които, без да са предприятия за колективно инвестиране по смисъла на Директивата ПКИПЦК, имат същите характеристики като тези предприятия и следователно извършват същите сделки или най-малкото са сходни с тези предприятия, до степен че да се конкурират с тях (вж. в този смисъл решения Abbey National, C‐169/04, EU:C:2006:289, т. 53—56, JP Morgan Fleming Claverhouse Investment Trust и The Association of Investment Trust Companies, C‐363/05, EU:C:2007:391, т. 48—51, Wheels Common Investment Fund Trustees и др., C‐424/11, EU:C:2013:144, т. 24 и ATP PensionService, C‐464/12, EU:C:2014:139, т. 47).
Czech[cs]
37 Za zvláštní investiční fondy musí být dále považovány fondy, které mají stejné vlastnosti jako subjekty kolektivního investování ve smyslu směrnice SKIPCP, aniž jsou těmito subjekty, a provádějí tedy stejné operace nebo alespoň vykazují srovnatelné rysy, takže se nacházejí v konkurenčních vztazích (v tomto smyslu viz rozsudky Abbey National, C‐169/04, EU:C:2006:289, body 53 až 56; JP Morgan Fleming Claverhouse Investment Trust a The Association of Investment Trust Companies, C‐363/05, EU:C:2007:391, body 48 až 51; Wheels Common Investment Fund Trustees a další, C‐424/11, EU:C:2013:144, bod 24, jakož i ATP PensionService, C‐464/12, EU:C:2014:139, bod 47).
Danish[da]
37 Endvidere skal fonde, der – uden at udgøre institutter for kollektiv investering som omhandlet i direktivet om investeringsinstitutter – fremviser lignende kendetegn som sidstnævnte og dermed foretager de samme transaktioner, eller i det mindste fremviser sammenlignelige træk i en sådan grad, at de konkurrerer med dem, ligeledes anses for investeringsforeninger (jf. i denne retning domme Abbey National, C-169/04, EU:C:2006:289, præmis 53-56, JP Morgan Fleming Claverhouse Investment Trust og The Association of Investment Trust Companies, C-363/05, EU:C:2007:391, præmis 48-51, Wheels Common Investment Fund Trustees m.fl., C-424/11, EU:C:2013:144, præmis 24, og ATP PensionService, C-464/12, EU:C:2014:139, præmis 47).
German[de]
37 Als Sondervermögen sind darüber hinaus auch Fonds anzusehen, die zwar keine Organismen für gemeinsame Anlagen im Sinne der OGAW‐Richtlinie darstellen, jedoch dieselben Merkmale aufweisen wie diese und somit dieselben Umsätze tätigen oder diesen zumindest so weit ähnlich sind, dass sie mit ihnen im Wettbewerb stehen (vgl. in diesem Sinne Urteile Abbey National, C‐169/04, EU:C:2006:289, Rn. 53 bis 56, JP Morgan Fleming Claverhouse Investment Trust und The Association of Investment Trust Companies, C‐363/05, EU:C:2007:391, Rn. 48 bis 51, Wheels Common Investment Fund Trustees u. a., C‐424/11, EU:C:2013:144, Rn. 24, und ATP PensionService, C‐464/12, EU:C:2014:139, Rn. 47).
Greek[el]
37 Επιπλέον, πρέπει να χαρακτηρίζονται ως αμοιβαία και τα κεφάλαια τα οποία, χωρίς να αποτελούν οργανισμούς συλλογικών επενδύσεων κατά την έννοια της οδηγίας ΟΣΕΚΑ, έχουν τα ίδια γνωρίσματα με αυτούς και προβαίνουν, ως εκ τούτου, στις ίδιες πράξεις ή, τουλάχιστον, έχουν παρεμφερή γνωρίσματα σε τέτοιον βαθμό ώστε να τελούν σε σχέση ανταγωνισμού με αυτούς (βλ., υπ’ αυτή την έννοια, αποφάσεις Abbey National, C‐169/04, EU:C:2006:289, σκέψεις 53 έως 56, JP Morgan Fleming Claverhouse Investment Trust και The Association of Investment Trust Companies, C-363/05, EU:C:2007:391, σκέψεις 48 έως 51, Wheels Common Investment Fund Trustees κ.λπ., C‐424/11, EU:C:2013:144, σκέψη 24, και ATP PensionService, C‐464/12, EU:C:2014:139, σκέψη 47).
English[en]
37 Furthermore, funds which, without being collective investment undertakings within the meaning of the UCITS Directive, display characteristics identical to theirs and thus carry out the same transactions or, at least, display features that are sufficiently comparable for them to be in competition with such undertakings must also be regarded as special investment funds (see, to that effect, judgments in Abbey National, C‐169/04, EU:C:2006:289, paragraphs 53 to 56; JP Morgan Fleming Claverhouse Investment Trust and The Association of Investment Trust Companies, C‐363/05, EU:C:2007:391, paragraphs 48 to 51; Wheels Common Investment Fund Trustees and Others, C‐424/11, EU:C:2013:144, paragraph 24; and ATP PensionService, C‐464/12, EU:C:2014:139, paragraph 47).
Spanish[es]
37 Además, también deben considerarse fondos comunes de inversión aquellos fondos que, sin constituir organismos de inversión colectiva en el sentido de la Directiva OICVM, tengan características idénticas a éstos y efectúen, por tanto, las mismas operaciones o, al menos, tengan rasgos tan similares a dichos organismos que compitan con ellos (véanse, en este sentido, las sentencias Abbey National, C‐169/04, EU:C:2006:289, apartados 53 a 56; JP Morgan Fleming Claverhouse Investment Trust y The Association of Investment Trust Companies, C‐363/05, EU:C:2007:391, apartados 48 a 51; Wheels Common Investment Fund Trustees y otros, C‐424/11, EU:C:2013:144, apartado 24, y ATP PensionService, C‐464/12, EU:C:2014:139, apartado 47).
Estonian[et]
37 Lisaks tuleb eriotstarbeliste investeerimisfondidena käsitada ka fonde, mis ei ole küll avatud investeerimisfondid direktiivi 85/611 tähenduses, kuid millel on viimastega identsed tunnused ja mis seega teevad samu tehinguid, või vähemalt on neil sarnased tunnused, et olla omavahel konkureerivad (vt selle kohta kohtuotsused, Abbey National, C‐169/04, EU:C:2006:289, punktid 53–56; JP Morgan Fleming Claverhouse Investment Trust ja The Association of Investment Trust Companies, C‐363/05, EU:C:2007:391, punktid 48–51; Wheels Common Investment Fund Trustees jt, C‐424/11, EU:C:2013:144, punkt 24, ning ATP PensionService, C‐464/12, EU:C:2014:139, punkt 47).
Finnish[fi]
37 Erityisinä sijoitusrahastoina on lisäksi pidettävä rahastoja, jotka eivät ole yhteissijoitusyrityksistä annetussa direktiivissä tarkoitettuja yhteistä sijoitustoimintaa harjoittavia yrityksiä mutta joilla on samat ominaispiirteet kuin näillä yrityksillä ja jotka suorittavat siis samoja liiketoimia tai jotka ovat ainakin piirteiltään siinä määrin samankaltaisia, että niiden voidaan katsoa kilpailevan mainittujen yritysten kanssa (ks. vastaavasti tuomio Abbey National, C‐169/04, EU:C:2006:289, 53–56 kohta; tuomio JP Morgan Fleming Claverhouse Investment Trust ja The Association of Investment Trust Companies, C‐363/05, EU:C:2007:391, 48–51 kohta; tuomio Wheels Common Investment Fund Trustees ym., C‐424/11, EU:C:2013:144, 24 kohta ja tuomio ATP PensionService, C‐464/12, EU:C:2014:139, 47 kohta).
French[fr]
37 En outre, doivent également être considérés comme des fonds communs de placement des fonds qui, sans constituer des organismes de placement collectif au sens de la directive OPCVM, présentent des caractéristiques identiques à ces derniers et effectuent donc les mêmes opérations ou, à tout le moins, présentent des traits comparables au point de se situer dans un rapport de concurrence avec eux (voir, en ce sens, arrêts Abbey National, C‐169/04, EU:C:2006:289, points 53 à 56; JP Morgan Fleming Claverhouse Investment Trust et The Association of Investment Trust Companies, C‐363/05, EU:C:2007:391, points 48 à 51; Wheels Common Investment Fund Trustees e.a., C‐424/11, EU:C:2013:144, point 24, ainsi que ATP PensionService, C‐464/12, EU:C:2014:139, point 47).
Croatian[hr]
37 Osim toga, investicijskim fondovima također se trebaju smatrati fondovi koji, premda nisu subjekti za zajednička ulaganja u smislu Direktive UCITS, imaju obilježja koja su istovjetna onima koja imaju potonji i stoga izvršavaju iste transakcije ili barem imaju dovoljno usporedivih obilježja koja ih dovode u odnos tržišnog natjecanja s njima (vidjeti u tom smislu presude Abbey National, C‐169/04, EU:C:2006:289, t. 53. do 56. ; JP Morgan Fleming Claverhouse Investment Trust i The Association of Investment Trust Companies, C‐363/05, EU:C:2007:391, t. 48. do 51. ; Wheels Common Investment Fund Trustees i dr., C‐424/11, EU:C:2013:144, t. 24., kao i ATP PensionService, C‐464/12, EU:C:2014:139, t. 47.).
Hungarian[hu]
37 Ezenkívül szintén befektetési alapoknak kell minősíteni azon alapokat, amelyek anélkül, hogy az ÁÉKBV‐irányelv értelmében vett kollektív befektetési vállalkozásoknak minősülnének, az utóbbiakkal azonos jellemzőkkel rendelkeznek, és ily módon ugyanazon műveleteket végzik, vagy legalább oly mértékben hasonló vonásokat mutatnak, hogy versenyhelyzetbe kerülnek velük (lásd ebben az értelemben: Abbey National ítélet, C‐169/04, EU:C:2006:289, 53–56. pont; JP Morgan Fleming Claverhouse Investment Trust és The Association of Investment Trust Companies ítélet, C‐363/05, EU:C:2007:391, 48–51. pont; Wheels Common Investment Fund Trustees és társai ítélet, C‐424/11, EU:C:2013:144, 24. pont; ATP PensionService ítélet, C‐464/12, EU:C:2014:139, 47. pont).
Italian[it]
37 Inoltre, vanno altresì considerati fondi comuni d’investimento i fondi che, pur non costituendo organismi d’investimento collettivo ai sensi della direttiva OICVM, presentano caratteristiche identiche a questi ultimi ed effettuano quindi le stesse operazioni o, quanto meno, presentano tratti comparabili a tal punto da porsi in rapporto di concorrenza con essi (v., in tal senso, sentenze Abbey National, C‐169/04, EU:C:2006:289, punti da 53 a 56; JP Morgan Fleming Claverhouse Investment Trust e The Association of Investment Trust Companies, C‐363/05, EU:C:2007:391, punti da 48 a 51;Wheels Common Investment Fund Trustees e a., C‐424/11, EU:C:2013:144, punto 24, nonché ATP PensionService, C‐464/12, EU:C:2014:139, punto 47).
Lithuanian[lt]
37 Be to, specialiaisiais investiciniais fondais taip pat turi būti laikomi fondai, kurie nebūdami kolektyvinio investavimo subjektai, kaip tai suprantama pagal KIAVPS direktyvą, turi tokias pačias charakteristikas kaip šie ir vykdo tokius pačius sandorius ar bent jau turi panašias charakteristikas, kad galėtų su jais konkuruoti (šiuo klausimu žr. Sprendimo Abbey National, C‐169/04, EU:C:2006:289, 53–56 punktus; Sprendimo JP Morgan Fleming Claverhouse Investment Trust ir The Association of Investment Trust Companies, C‐363/05, EU:C:2007:391, 48–51 punktus; Sprendimo Wheels Common Investment Fund Trustees ir kt., C‐424/11, EU:C:2013:144, 24 punktą ir Sprendimo ATP PensionService, C‐464/12, EU:C:2014:139, 47 punktą).
Latvian[lv]
37 Turklāt par kopīgu ieguldījumu fondiem ir uzskatāmi arī fondi, kuriem – kaut arī tie nav kolektīvo ieguldījumu fondi PVKIU direktīvas izpratnē – ir pēdējiem minētajiem identiskas īpašības un kuri veic tādas pašas darbības vai vismaz ir tiem pielīdzināmi tādā ziņā, ka tie ir iepriekšminēto konkurenti (skat. šajā ziņā spriedumus Abbey National, C‐169/04, EU:C:2006:289, 53.–56. punkts; JP Morgan Fleming Claverhouse Investment Trust un The Association of Investment Trust Companies, C‐363/05, EU:C:2007:391, 48.–51. punkts; Wheels Common Investment Fund Trustees u.c., C‐424/11, EU:C:2013:144, 24. punkts, kā arī ATP PensionService, C‐464/12, EU:C:2014:139, 47. punkts).
Maltese[mt]
37 Barra minn hekk, fondi li, mingħajr ma jikkostitwixxu organi ta’ investiment kollettiv skont id-Direttiva UCITS, għandhom karatteristiċi identiċi għal dawn tal-aħħar u għaldaqstant iwettqu l-istess operazzjonijiet jew, mill-inqas, għandhom karatteristiċi komparabbli sal-punt li jinsabu f’kompetizzjoni magħhom għandhom ukoll jiġu kkunsidrati bħala fondi speċjali ta’ investiment (ara, f’dan is-sens, is-sentenzi Abbey National, C‐169/04, EU:C:2006:289, punti 53 sa 56; JP Morgan Fleming Claverhouse Investment Trust u The Association of Investment Trust Companies, C‐363/05, EU:C:2007:391, punti 48 sa 51; Wheels Common Investment Fund Trustees et, C‐424/11, EU:C:2013:144, punt 24, kif ukoll ATP PensionService, C‐464/12, EU:C:2014:139, punt 47).
Dutch[nl]
37 Bovendien moeten ook fondsen die geen instellingen voor collectieve belegging in de zin van de icbe-richtlijn zijn, maar dezelfde kenmerken als deze instellingen vertonen en dus dezelfde handelingen verrichten of op zijn minst zodanig vergelijkbaar zijn met deze instellingen dat zij ermee concurreren, als gemeenschappelijke beleggingsfondsen worden aangemerkt (zie in die zin arresten Abbey National, C‐169/04, EU:C:2006:289, punten 53‐56; JP Morgan Fleming Claverhouse Investment Trust en The Association of Investment Trust Companies, C‐363/05, EU:C:2007:391, punten 48‐51; Wheels Common Investment Fund Trustees e.a., C‐424/11, EU:C:2013:144, punt 24, en ATP PensionService, C‐464/12, EU:C:2014:139, punt 47).
Polish[pl]
37 Ponadto za specjalne fundusze inwestycyjne należy również uznać fundusze, które nie są przedsiębiorstwami zbiorowego inwestowania w rozumieniu dyrektywy UCITS, lecz wykazują cechy identyczne z tymi przedsiębiorstwami i dokonują takich samych transakcji lub w każdym razie są na tyle podobne, że znajdują się z nimi w konkurencji (zob. podobnie wyroki: Abbey National, C‐169/04, EU:C:2006:289, pkt 53–56; JP Morgan Fleming Claverhouse Investment Trust i The Association of Investment Trust Companies, C‐363/05, EU:C:2007:391, pkt 48–51; Wheels Common Investment Fund Trustees i in., C‐424/11, EU:C:2013:144, pkt 24, a także ATP PensionService, C‐464/12, EU:C:2014:139, pkt 47).
Portuguese[pt]
37 Além disso, devem igualmente ser considerados fundos comuns de investimento os fundos que, embora não sendo organismos de investimento coletivo na aceção da diretiva OICVM, têm características semelhantes a estes e efetuam as mesmas operações, ou, pelo menos, têm características de tal forma comparáveis que se encontram numa relação de concorrência com eles (v., neste sentido, acórdãos Abbey National, C‐169/04, EU:C:2006:289, n.os 53 a 56; JP Morgan Fleming Claverhouse Investment Trust e The Association of Investment Trust Companies, C‐363/05, EU:C:2007:391, n.os 48 a 51; Wheels Common Investment Fund Trustees e o., C‐424/11, EU:C:2013:144, n.° 24; e ATP PensionService, C‐464/12, EU:C:2014:139, n. ° 47).
Romanian[ro]
37 În plus, trebuie de asemenea să fie considerate fonduri comune de plasament fonduri care, fără a constitui organisme de plasament colectiv în sensul Directivei OPCVM, prezintă caracteristici identice cu acestea din urmă și efectuează, așadar, aceleași operațiuni sau, cel puțin, prezintă trăsături comparabile, astfel încât se află într‐un raport de concurență cu acestea (a se vedea în acest sens Hotărârea Abbey National, C‐169/04, EU:C:2006:289, punctele 53-56, Hotărârea JP Morgan Fleming Claverhouse Investment Trust și The Association of Investment Trust Companies, C‐363/05, EU:C:2007:391, punctele 48-51, Hotărârea Wheels Common Investment Fund Trustees și alții, C‐424/11, EU:C:2013:144, punctul 24, precum și Hotărârea ATP PensionService, C‐464/12, EU:C:2014:139, punctul 47).
Slovak[sk]
37 Okrem toho za zvláštne investičné fondy musia byť považované tiež fondy, ktoré bez toho, aby predstavovali podniky kolektívneho investovania v zmysle smernice PKIPCP, majú identické charakteristiky a uskutočňujú tak rovnaké operácie, alebo sú prinajmenšom porovnateľné natoľko, že si navzájom konkurujú (pozri v tomto zmysle rozsudky Abbey National, C‐169/04, EU:C:2006:289, body 53 až 56; JP Morgan Fleming Claverhouse Investment Trust a The Association of Investment Trust Companies, C‐363/05, EU:C:2007:391, body 48 až 51; Wheels Common Investment Fund Trustees a i., C‐424/11, EU:C:2013:144, bod 24, ako aj ATP PensionService, C‐464/12, EU:C:2014:139, bod 47).
Slovenian[sl]
37 Poleg tega je treba za posebne investicijske sklade šteti tudi sklade, ki niso kolektivni naložbeni podjemi v smislu direktive KNPVP, vendar imajo enake lastnosti kot ti podjemi in zato opravljajo enake transakcije ali so vsaj toliko primerljivi z njimi, da jim konkurirajo (glej v tem smislu sodbe Abbey National, C‐169/04, EU:C:2006:289, točke od 53 do 56; JP Morgan Fleming Claverhouse Investment Trust in The Association of Investment Trust Companies, C‐363/05, EU:C:2007:391, točke od 48 do 51; Wheels Common Investment Fund Trustees in drugi, C‐424/11, EU:C:2013:144, točka 24, in ATP PensionService, C‐464/12, EU:C:2014:139, točka 47).
Swedish[sv]
37 Vidare ska även sådana fonder anses utgöra särskilda investeringsfonder som, utan att utgöra företag för kollektiva investeringar i den mening som avses i direktiv 85/611, har likadana egenskaper som de sistnämnda och således utför samma transaktioner, eller åtminstone har så likartade drag att de kan anses konkurrera med dessa (se, för ett liknande resonemang, dom Abbey National, C‐169/04, EU:C:2006:289, punkterna 53–56, dom JP Morgan Fleming Claverhouse Investment Trust och The Association of Investment Trust Companies, C‐363/05, EU:C:2007:391, punkterna 48–51, dom Wheels Common Investment Fund Trustees m.fl., C‐424/11, EU:C:2013:144, punkt 24, och dom ATP PensionService, C‐464/12, EU:C:2014:139, punkt 47).