natgillin/translations-raw huggingface dataset:
Kunderne skal rettidigt have korrekte, klare og ikke-vildledende oplysninger om finansielle instrumenter, foreslåede investeringer og handelssystemer, således at de er i stand til at træffe kvalificerede investeringsbeslutninger.
Timely information shall be provided to the client regarding financial instruments, proposed investments and execution venues which is fair, clear and not misleading, so as to enable the client to take investment decisions on an informed basis.
I dette kompromis anvendes den samme tilgang på artikel 18, stk. 5, som blev foreslået oven for til artikel 18, stk. 4.
This reproduces the same approach for Article 18.5 as has been suggested above for Article 18.4.
Ligesom i det forrige kompromis har det til formål at inddrage de problemstillinger, som ligger til grund for ændringsforslag 178 (Ettl), 179 (Randzio-Plath) og 180 (Berès og Goebbels).
Like the previous compromise, it seeks to recognise the concerns behind amendments 178 (Ettl), 179 (Randzio Plath) and 180 (Beres Goebbels).
Se ovenstående detaljerede begrundelse for denne tilgang.
See above for a detail justification of this approach.
Ændringsforslag 55 Artikel 18, stk. 6
Amendment 55 Article 18, paragraph 6
Kunderne skal have fyldestgørende vejledning og advarsler om risiciene ved investeringer i særlige instrumenter eller ved investeringsstrategier, idet der tages særligt hensyn til kundernes viden og erfaringer.
Appropriate guidance and warnings on the risks associated with investments in particular instruments or investment strategies shall be provided to the client, having particular regard to the client’s knowledge and experience.
I forbindelse med rådgivning og tjenesteydelser baseret på skøn skal kunderne skal have fyldestgørende vejledning og advarsler om risiciene ved investeringer i særlige former for instrumenter eller investeringsstrategier, idet der tages særligt hensyn til de oplysninger, selskabet har fået om kundernes viden og erfaringer.
When providing advice or discretionary services, appropriate guidance and warnings on the risks associated with investments in particular types of instruments or investment strategies shall be provided to the client having particular regard to the information which the firm has obtained about the client’s knowledge and experience.
(i) Jf. ændringsforslag til artikel 18, stk. 4, og 18, stk. 5.
(i) See the amendments to Article 18.4 and 18.5.
Fokus bør ligge på de oplysninger, som selskabet har fået i overensstemmelse med dets forpligtelser.
The focus should be on the information which the firm has obtained in accordance with its obligations.
Ændringsforslag 56 Artikel 18, stk. 7
Amendment 56 Article 18, paragraph 7
Aftaler mellem investeringsselskabet og kunden skal nedfældes i et dokument med angivelse af parternes rettigheder og forpligtelser samt de øvrige betingelser, som gælder for selskabets tjenesteydelser til kunden.
A documentary record of an agreement between the firm and the client shall be established which sets out the rights and obligations of the parties, and the other terms on which the firm will provide services to the client.
En aftale kan også nedfældes i et standardiseret dokument.
A documentary record of an agreement can also be made in a standardised format.
Som følge af almindelig praksis i mange medlemsstater foreslås det, at disse oplysninger kan indhentes ved hjælp af et standardiseret dokument.
In view of common practice in many member states, it is proposed that this information can be obtained in a standardised format.
Denne fremgangsmåde vil medføre, at investeringsselskabets omkostninger til sagsbehandling kan reduceres uden, at det går ud over beskyttelsen af kunderne.
As a result of this approach, processing expense can be reduced for the investment firm without a reduction in client protection.
Ændringsforslag 57 Artikel 18, stk. 8
Amendment 57 Article 18, paragraph 8
Investeringsselskabet skal aflægge rapport for kunden, hvori der gøres status over transaktioner og tjenesteydelser udført for kundens regning og over omkostningerne i forbindelse med transaktionerne og tjenesteydelserne.
Reports shall be provided to the client on the progress of and the costs associated with the transactions and services undertaken on behalf of the client.
Kunden modtager en ordrebekræftelse eller en afregningsnota.
The client shall receive an order confirmation or a settlement note.
Afregningsnotaen indeholder omkostningerne i forbindelse med transaktioner og tjenesteydelser udført for kundens regning.
The settlement note shall include the costs associated with the transactions and services undertaken on behalf of the client.
I artikel 18, stk. 8, i Kommissionens forslag specificeres forpligtelsen til at aflægge rapport over ordreudførelsen.
Article 18(8) of the Commission's proposal specifies the obligation for reports to be given on the status of order execution.
Dette giver det indtryk, at selskabet på ethvert tidspunkt skal være i stand til at forelægge oplysninger.
This gives the impression that the firm must be in a position to provide information at all times.
Ændringsforslag 58 Artikel 18, stk. 9, afsnit 1
Amendment 58 Article 18, paragraph 9, subparagraph 1
For at sikre den nødvendige investorbeskyttelse og den ensartede anvendelse af stk. 1-8 vedtager Kommissionen efter fremgangsmåden i artikel 59, stk. 2, gennemførelsesbestemmelser, der sikrer, at investeringsselskaberne overholder principperne i stk. 1-8, når de leverer investeringsservice eller accessoriske tjenesteydelser til deres kunder.
In order to ensure the necessary protection of investors and the uniform application of paragraphs 1 to 8, the Commission shall adopt, in accordance with the procedure referred to in Article 59(2), implementing measures to ensure that investment firms comply with the principles set out therein when providing investment or ancillary services to their clients.
Gennemførelsesbestemmelserne skal tage hensyn til:
Those implementing measures shall take into account:
For at sikre den nødvendige investorbeskyttelse og den konsekvente anvendelse af stk. 1-8 vedtager Kommissionen efter fremgangsmåden i artikel 59, stk. 2, gennemførelsesbestemmelser, der sikrer, at investeringsselskaberne overholder principperne i stk. 1-8, når de leverer investeringsservice eller accessoriske tjenesteydelser til deres kunder.
In order to ensure the necessary protection of investors and the consistent application of paragraphs 1 to 8 the Commission shall adopt, in accordance with the procedure referred to in Article 59(2), implementing measures to ensure that investment firms comply with the principles set out therein when providing investment or ancillary services to their clients.
Ordet "konsekvent" er mere passende end "ensartede", idet fuldstændig ensartethed vil normalt være uhensigtsmæssigt og unødvendigt.
The word 'consistent' is more appropriate than 'uniform' as complete uniformity will usually be inappropriate and unnecessary.
Det overordnede formål med harmoniserede generelle normer er reguleringsmæssig beskyttelse, hvor medlemsstater får en vis fleksibilitet til at tilpasse direktivets bestemmelser til lokale forhold.
The general aim is harmonised general standards of regulatory protection, with Member States permitted a degree of flexibility in adapting the rules in the directive to local conditions.
Ændringsforslag 59 Artikel 18 stk. 9, litra c
Amendment 59 Article 18, paragraph 9, point (c)
(c) om kunden eller de potentielle kunder er private eller professionelle investorer.
(c) the retail or professional nature of the client or potential clients.
(c) om kunden eller de potentielle kunder er private eller professionelle investorer , herunder relevante bestemmelser om gældende lovgivning for klassificering af eksisterende kunder, som giver tilstrækkelig fleksibilitet for investeringsselskaberne, når de foretager den klassificering, der er fastsat i bilag II. .
(c) the retail or professional nature of the client or potential clients including adequate grandfathering provisions for the categorisation of existing clients and leaving a sufficient degree of flexibility for investment firms when implementing the categorisation set out in Annex II.
Eventuelt kan det i de gennemførselsbestemmelser, der er vedtaget i dette stykke, fastsættes, at de principper, der er fastsat i stk. 1-8, ikke skal gælde for professionelle kunder eller potentielle professionelle kunder, og/eller at professionelle kunder kan se bort fra reglerne om god forretningsskik, hvis de ønsker det.
Where appropriate, the implementing measures adopted under this paragraph may provide that the principles set out in paragraphs 1 to 8 shall not apply to professional clients or potential professional clients and/or that conduct of business rules may be waived by professional clients, if they so wish.
Det bør gøres klart, at Kommissionens pligt til at sondre mellem forskellige kundetyper også omfatter overvejelser om, hvilke regler der skal anvendes for professionelle kunder, og hvilke der ikke skal.
It should be made clear that the Commission’s duty to differentiate between different classes of client extends to considering which rules should be applied to professionals and which should not.
Hvis der ikke skelnes ordentligt mellem professionelle kunder og private kunder, kan det give alvorlige forstyrrelser på markedet.
Failure to differentiate properly between professional and retail clients could severely disrupt markets.
Hvis man for professionelle kunder anvender beskyttelsesforanstaltninger, der er udformet til private kunder, vil det drive omkostningerne i vejret og skade de millioner af private kunder, der sparer op gennem institutionelle investorer som f.eks. institutter for kollektiv investering i værdipapirer (UCITS), fondsadministratorer og pensionsfonde.
Applying protections to professionals which have been designed for retail markets drives up costs and damages the millions of retail clients who save via institutional investors such as UCITS, fund managers and pension funds.
Ændringsforslag 60 Artikel 18, stk. 10, afsnit 1
Amendment 60 Article 18, paragraph 10, subparagraph 1
Medlemsstaterne tillader , at et investeringsselskab, der gennem et andet investeringsselskab modtager instrukser om at udføre investeringsservice eller accessoriske tjenesteydelser for en kundes regning, påberåber sig kundeoplysninger fra det selskab, der formidler instrukserne .
Member States shall allow an investment firm receiving an instruction to perform investment or ancillary services on behalf of a client through the medium of another investment firm to rely on client information transmitted by the firm which mediates the instructions.
Medlemsstaterne sikrer , at et investeringsselskab, der fra et andet investeringsselskab modtager instrukser om at udføre investeringsservice eller accessoriske tjenesteydelser for en kundes regning fra det andet investeringsselskab , kan påberåbe sig kundeoplysninger fra dette selskab, og at det ikke er forpligtet til at indhente oplysninger om den bagvedliggende kunde i det andet investeringsselskab.
Member States shall ensure that an investment firm receiving from another investment firm an instruction to perform investment or ancillary services on behalf of a client of that other investment firm is able to rely on client information transmitted by that firm, and is not obliged to seek information about the underlying client of that other investment firm.
Dette ændringsforslag fortolker mere klart formålet med den oprindelige ordlyd for at sikre, at det ikke er nødvendigt for et selskab, der modtager instrukser fra en kunde at indhente kundeoplysninger fra den bagvedliggende kunde.
This amendment interprets more clearly the aim of the original wording so that it is certain that it is not necessary for a firm which receives instructions on behalf of a client to obtain the necessary client information from the underlying client itself.
Den bør kunne påberåbe sig kundeoplysningerne fra det selskab, som det handler med.
It should be able to rely on client information provided by the firm with which it is dealing.
Ændringsforslag 61 Artikel 19, stk. 1
Amendment 61 Article 19, paragraph 1
Medlemsstaterne kræver, at investeringsselskaber, der præsterer tjenesteydelser, som indebærer , at enten selskabet selv eller et andet investeringsselskab udfører kundeordrer vedrørende finansielle instrumenter, sikrer, at disse ordrer udføres på en sådan måde, at kunden opnår det bedst mulige resultat hvad angår kurs, omkostninger, hurtighed og sandsynlighed for, at ordren bliver udført , i betragtning af tidspunktet for ordreafgivelsen, ordrens omfang og art samt eventuelle særlige instrukser fra kunden.
Member States shall require that investment firms providing services which entail the execution , whether by the firm itself or another investment firm, of client orders in financial instruments ensure that those orders are executed in such a way that the client obtains the best possible result in terms of price, costs, speed and likelihood of execution, taking into account the time, size and nature of customer orders, and any specific instructions from the client.
Medlemsstaterne kræver, at investeringsselskaber, der præsterer tjenesteydelser, som indebærer kundeordrer vedrørende finansielle instrumenter, sørger for, at der etableres ordninger, der sikrer, at disse ordrer udføres på en sådan måde, at kunden ud fra en rimelig betragtning opnår det bedste resultat i henhold til den politik for udførelsen, der er beskrevet i artikel 20, stk. 3, for størrelsen og arten af kundens ordre under hensyntagen til eventuelle særlige instrukser fra kunden.
Member States shall require that investment firms providing services which entail the execution of client orders in financial instruments are responsible for making arrangements designed to ensure that those orders are executed in such a way that the client obtains the best result reasonably achievable, under the execution policy described in Article 20.3, for the size and type of the customer’s order, taking into account any specific instructions from the client.
Politikken for udførelsen skal dække kurs, omkostninger, hurtighed og sandsynlighed for, at ordren bliver udført, og de handelssystemer, selskabet har adgang til.
The execution policy shall cover price, costs, speed and likelihood of execution, and the execution venues to which the firm has access.
Ved professionelle kunder, som har beholdt deres valgfrihed med hensyn til fremgangsmåde og markedet for udførelse, består investeringsselskabets forpligtelse til best execution udelukkende i at følge instrukserne fra kunden.
In the case of professional clients who have retained discretion over the manner and market of execution, the investment firm’s best-execution duty shall consist only of a need to follow the client’s instructions .
Kompromiset kombinerer ændringsforslag 32 (ordfører) og 195 (Katiforis).
The compromise combines 32 (Rapporteur) and 195 (Katiforis).
Ifølge kompromiset bør best execution være et mere avanceret begreb - en proces snarere end et enkelt specifikt resultat, hvor der fokuseres på de foranstaltninger, der træffes for ud fra en rimelig betragtning at nå det bedste resultat.
The compromise provides that best execution should be a more sophisticated concept - a process rather than a single specific result, focussing on the steps to be taken to achieve the best result reasonably achievable.
Ændringsforslag 62 Artikel 19, stk. 1a (nyt)
Amendment 62 Article 19, paragraph 1a (new)
Kravene i stk. 1, tager hensyn til størrelsen og typen af ordren, samt om det er en professionel eller ikke-professionel kunde.
The requirements imposed under paragraph 1 shall take into account the size and type of order and the professional or non-professional nature of the client.
Som for andre normer for god forretningsskik bør artikel 19 udtrykkeligt kræve, at tilsynsmyndighederne tager hensyn til kundens professionelle eller ikke-professionelle karakter, når de anvender kravene om best execution.
As for other conduct of business standards, Article 19 should explicitly require regulators to take into account the professional or non-professional nature of the client in the application of best execution requirements.
Dette er nødvendigt som følge af, at nogle professionelle kunder eventuelt ikke ønsker, at investeringsselskaber, der handler på deres vegne, bliver pålagt de samme forpligtelser, som ville blive anvendt, hvis selskabet handler på vegne af en uerfaren investor.
This is because some professional clients may not wish precisely the same obligations to be imposed on the investment firm acting for them as would apply when the firm is acting for an inexperienced investor.
Ændringsforslag 63 Artikel 19, stk. 2
Amendment 63 Article 19, paragraph 2
Den kompetente myndighed kontrollerer, at investeringsselskaber har effektive procedurer , som tilsammen udgør en systematisk, gentagelig og påviselig metode til at lette udførelsen af kundeordrer på de for kunden gunstigste betingelser .
The competent authority shall verify that investment firms implement effective and efficient procedures which form a systematic, repeatable and demonstrable method for facilitating execution of client orders on terms that are most favourable to the client .
Ved vurderingen af disse procedurer skal der tages hensyn til, om de giver selskabet mulighed for at opnå det bedst mulige resultat i betragtning af de gældende markedsforhold på et marked, som et investeringsselskab med rimelighed kan forventes at have adgang til.
In assessing these procedures, regard shall be had to the extent to which the procedures enable the firm to obtain the best possible result having regard to the conditions prevailing in the marketplace to which the investment firm can reasonably be expected to have access.
Den kompetente myndighed kontrollerer, at disse investeringsselskaber har systematiske, effektive procedurer til at overvåge kvaliteten og lette udførelsen af kundeordrer i overensstemmelse med stk. 1 .
The competent authority shall verify that such investment firms implement systematic, effective and efficient procedures for monitoring execution quality and facilitating execution of client orders in accordance with Paragraph 1.
Ved vurderingen af disse procedurer skal der tages hensyn til, om de giver selskabet mulighed for at opnå det ud fra en rimelig betragtning bedste resultat i betragtning af betingelserne for ordren og de gældende markedsforhold på et marked, som et investeringsselskab med rimelighed kan forventes at have adgang til i henhold til betingelserne for politikken for udførelsen .
In assessing these procedures, regard shall be had to the extent to which the procedures enable the firm to obtain the best result reasonably achievable having regard to the conditions of the order, and the conditions prevailing in the marketplace to which the investment firm can reasonably be expected to have access under the terms of the execution policy.
Den kompetente myndighed skal regelmæssigt kontrollere, om investeringsselskaber overholder disse forpligtelser.
The competent authority must regularly monitor compliance of investment firms with these obligations.
Kompromiset er en kombination af ændringsforslag 33 (ordfører), 200 (Berès og Goebbels) og 201 (Bourlanges).
The compromise is a combination of 33 (Rapporteur), 200 (Berès and Goebbels) and 201 (Bourlanges).
Kravet om at kontrollere udførelseskvaliteten sammenkædes med indførelsen af politikker for udførelse i kompromiset til artikel 19, stk. 1.
The requirement introduced to monitor execution quality is linked to the introduction of the execution policies in the compromise on 19.1.
Denne forpligtelse har til formål at sikre, at selskaber konstant vurderer deres politikker for udførelse for at sikre, at de fortsat tilbyder kunder udførelse af høj kvalitet.
This obligation is designed to ensure that firms keep reviewing their execution policies to ensure that they continue to give clients high quality execution.
Kompromiset foreskriver også, at den kompetente myndighed ikke kun bør kontrollere om, at investeringsselskaberne har indført procedurer, men også hvorvidt disse procedurer gennemføres effektivt kontinuerligt.
The compromise also provides that the competent authority should not only supervise the setting up of procedures but also the effective implementation of these procedures on a continuous basis.
I dette ændringsforslag erkendes, at best execution er et raffineret begreb, og at de foranstaltninger, der med rimelighed skal træffes for at opnå ”best execution”, kan variere fra sag til sag afhængig af kundens behov, ordrens art og de gældende markedsforhold.
This amendment recognises the sophistication of the best execution concept and that the steps which should reasonably be taken to achieve “best execution” may vary in different cases, according to the needs of the client, the type of order and the prevailing conditions in the market.
Derfor indgår de procedurer, der anvendes, og de vurderinger, der foretages, ikke altid i en gentagelig og tilbagevendende metode, der kan anvendes i alle tilfælde.
Therefore the processes used and the judgements made may not always form part of a repeatable and recurrent method, applicable in every case.
Ændringsforslag 64 Artikel 19, stk. 3
Amendment 64 Article 19, paragraph 3
Medlemsstaterne kræver, at investeringsselskaber regelmæssigt gennemgår de procedurer , de anvender for at opnå det for deres kunder bedst mulige resultat, og i givet fald tilpasser disse procedurer for at få adgang til de handelssystemer, som konsekvent tilbyder markedets gunstigste ordreudførelsesbetingelser .
Member States shall require investment firms to review, on a regular basis, the procedures which they employ to obtain the best possible result for their clients and, where necessary, to adapt those procedures so as to obtain access to the execution venues which, on a consistent basis, offer the most favourable terms of execution available in the marketplace.
Medlemsstaterne kræver, at investeringsselskaber regelmæssigt gennemgår deres handelssystemer og i givet fald ændrer dem for at opnå det for deres kunder bedste resultat , der med rimelighed kan opnås.
Member States shall require investment firms to review, on a regular basis, their execution arrangements and, where appropriate, make changes to them so as to obtain the best result reasonably achievable for their clients.
Medlemsstater kræver, at investeringsselskaber har effektive procedurer til at overvåge udførelseskvaliteten.
Member States shall require that investment firms implement effective and efficient procedures for monitoring execution quality.
Ved vurderingen af disse procedurer skal der tages hensyn til, om de giver selskabet mulighed for at identificere og i givet fald rette op på konsekvent ineffektivitet i dets udførelsesprocedurer.
In assessing these procedures, regard shall be had to the extent to which the procedures enable the firm to identify and correct, where appropriate, consistent inefficiencies in its execution practices.
Se ændringsforslag til artikel 19, stk. 1 og stk. 2.
See amendments to Article 19.1 and Article 19.2.
Det er meget vigtigt, at investeringsselskaber indfører ordninger for regelmæssig og effektiv overvågning af udførelsens kvalitet, som bør anvendes til at identificere ineffektivitet i politikken for udførelsen.
It is very important to ensure that investment firms put in place arrangements for regular and effective monitoring execution quality, which should identify any inefficiencies in execution policy.
Det er nødvendigt at sikre, at selskaber regelmæssigt ajourfører deres praksis for at sikre, at investorer kan få gavn af de højeste standarder for udførelsens kvalitet.
This is necessary to ensure that firms continuously update their practices to ensure investors get the highest standards of execution quality.
Ændringsforslag 65 Artikel 19, stk. 4, litra a
Amendment 65 Article 19, paragraph 4, point (a)