natgillin/translations-raw huggingface dataset:
der henviser til betænkning fra Udvalget om Økonomi og Valutaspørgsmål og udtalelse fra Udvalget om Retlige Anliggender og det Indre Marked ( A5-0287/2003 ),
having regard to the report of the Committee on Economic and Monetary Affairs and the opinion of the Committee on Legal Affairs and the Internal Market ( A5-0287/2003 ),
anmoder om fornyet forelæggelse, hvis Kommissionen agter at ændre dette forslag i væsentlig grad eller erstatte det med en anden tekst;
Calls on the Commission to refer the matter to Parliament it intends to amend the proposal substantially or replace it with another text;
Økonomiske og Sociale Udvalg
Economic and Social Committee
Europa-Parlamentets holdning af 25. september 2003.
Position of the European Parliament of 25 September 2003.
var at fastlægge betingelserne for, at investeringsselskaber og banker, som havde fået tilladelse, kunne præstere nærmere specificerede tjenesteydelser eller oprette filialer i andre medlemsstater på grundlag af hjemlandstilladelse og -tilsyn.
sought to establish the conditions under which authorised investment firms and banks could provide specified services or establish branches in other Member States on the basis of home country authorisation and supervision.
Direktivet tog derfor sigte på at harmonisere de krav, investeringsselskaber skulle opfylde for at opnå den første tilladelse og drive virksomhed, herunder reglerne om god forretningsskik.
To this end, that Directive aimed to harmonise the initial authorisation and operating requirements for investment firms including conduct of business rules.
Også nogle af betingelserne for at drive regulerede markeder blev harmoniseret ved direktivet.
It also provided for the harmonisation of some conditions governing the operation of regulated markets.
I denne forbindelse gjorde direktivet det muligt for medlemsstaterne at give private investorer mulighed for at anmode om at få deres transaktioner gennemført på et reguleret marked.
In this respect, it granted Member States the option of allowing retail investors to request execution of their transactions on a regulated market.
I de senere år er flere investorer blevet aktive på de finansielle markeder, hvor de tilbydes et stadig mere komplekst og vidtrækkende sæt tjenesteydelser og instrumenter.
In recent years more investors have become active in the financial markets and are offered an even more complex wide-ranging set of services and instruments.
I betragtning af det ovenfor anførte bør direktiv 93/22/EØF erstattes af et nyt direktiv.
In view of the preceding, Directive 93/22/EEC should be replaced by a new Directive.
På grund af investorers stigende afhængighed af personlige anbefalinger bør ydelsen af investeringsrådgivning medtages som en investeringsservice, der kræver tilladelse.
Due to the increasing dependence of investors on personal recommendations, it is appropriate to include the provision of investment advice as an investment service requiring authorisation.
Der bør derfor stilles rimelige og relevante krav til investeringsrådgivere for at sikre, at disses personlige anbefalinger ikke påvirkes af andre forhold end kundens finansielle stilling, investeringsmål, viden, risikoprofil og ekspertise.
Therefore proportionate and relevant requirements should be imposed on investment advisors to ensure that the content of personal recommendations is not influenced by factors other than the financial situation, investment objectives, knowledge, risk profile and expertise of the client.
Kravene bør ikke gælde for den helt generelle information om finansielle instrumenter, forudsat at informationsaktiviteten ikke har til formål at hjælpe kunden med at indgå eller opfylde en aftale om investeringsservice eller om et finansielt instrument.
Those requirements should not apply to the mere provision of information of a general nature on financial instruments, provided that the purpose of that activity is not to help the client conclude or fulfil a contract for an investment service or financial instrument.
På listen over finansielle instrumenter bør medtages råvarederivater,
It is appropriate to include in the list of financial instruments commodity derivatives which
som ikke er fysiske spot- eller terminsforretninger med råvarer, og som
, not being physical spot or forward commodity contracts,
er udfærdiget og handles på en sådan måde, at de rejser samme reguleringsmæssige spørgsmål som traditionelle finansielle instrumenter som f.eks. visse futures- eller optionskontrakter, der handles på regulerede markeder
are constituted and traded in such a way as to give rise to regulatory issues comparable to traditional financial instruments such as certain futures or options contracts traded on regulated markets
kan afvikles
even though they may
Reguleringen bør have en dobbelt målsætning, nemlig
The twin objectives of regulation should be
at sikre en udførelse af investortransaktioner af høj kvalitet og opretholde det finansielle systems integritet og overordnede effektivitet.
to ensure a high quality of execution of investor transactions and to uphold the integrity and overall efficiency of the financial system.
Der bør
A coherent and risk-sensitive framework for regulating the main types of order-execution arrangement currently active in the European financial marketplace should
Hvis handelssystemer, der drives af investeringsselskaber, kan give anledning til problemer vedrørende markedets integritet svarende til dem, som regulerede markeder giver anledning til, bør de reguleres som multilaterale handelsfaciliteter (MHF'er) og underkastes tilsvarende reguleringsprincipper, der er tilpasset deres særlige forhold.
Where trading systems operated by investment firms potentially raise market integrity concerns similar to those raised by regulated markets, they should be regulated as MTFs and subject to similar regulatory principles tailored to their specific circumstances.
Der bør fastlægges definitioner af et reguleret marked og en MHF, der er nøje afstemte, således at de afspejler,
Definitions of regulated market and MTF should be introduced and closely aligned with each other to reflect the
i hvor vid udstrækning
extent to which
begreberne repræsenterer
they represent
en lignende
a similar
funktion (organiseret handel).
organised trading functionality.
Ved kravet om, at interesserne skal sammenbringes "inden for systemet og efter faste regler opstillet af systemets operatør" forstås, at interesserne sammenbringes efter systemets regler eller ved brug af systemets protokoller eller interne driftsprocedurer (inklusive de procedurer, der er indarbejdet i
The requirement that the interests be "brought together … in the system by means of non-discretionary rules set by the system operator" means that they are brought together under the system's rules or by means of the system's protocols or internal operating procedures (including procedures embodied in computer
Direktivet bør derfor ikke omfatte personer
Its scope should not therefore cover any person
eller virksomheder
or undertaking
, hvis erhvervsmæssige virksomhed er af en anden art
with a different professional activity
, eller personer, som gør brug af et investeringsselskabs ydelser til transaktioner med finansielle instrumenter for egen regning (uanset om investeringsselskabet indgår transaktionen som ejer eller formidler eller modtager og videregiver ordren til tredjemand til udførelse).
or any person who uses the services of an investment firm to enter into transactions in financial instruments on own account (whether the investment firm enters into the transaction as principal or agent or receives and transmits the order to a third party for execution).
Det er vigtigt at holde sig for øje, at der er stordriftsfordele ved udførelse, clearing og afvikling af værdipapirhandler.
It is important to recognise that the execution, clearing and settlement of securities trades benefit from economies of scale.
For at undgå, at der opstår monopolagtige markedsstrukturer, er det derfor nødvendigt, at reguleringen gennemføres på en hensigtsmæssig og risikobaseret måde, der tilskynder til innovation, nye markedsdeltagere og konkurrence.
To avoid the emergence of monopolistic market structures, it is therefore necessary for regulation to be applied in a proportionate, risk-based manner, which encourages innovation, new market entrants and competition.
Regulering bør ikke være en unødvendig hindring for adgang.
Regulation should not serve as an unnecessary barrier to entry.
Forsikringsselskaber, hvis virksomhed er underlagt et passende tilsyn fra de kompetente tilsynsførende myndigheder, og som er omfattet af Rådets direktiv 64/225/EØF af 25. februar 1964 om ophævelse af begrænsningerne i etableringsfriheden og den fri udveksling af tjenesteydelser inden for genforsikring og retrocession
Insurance undertakings the activities of which are subject to appropriate monitoring by the competent prudential-supervision authorities and which are subject of Council Directive 64/225/EEC of 25 February 1964 on the abolition of restrictions on freedom of establishment and freedom to provide services in respect of reinsurance and retrocession OJ 56, 4.4.1964, p.
, Rådets første direktiv 73/239/EØF af 24. juli 1973 om samordning af de administrativt eller ved lov fastsatte bestemmelser om adgang til udøvelse af direkte forsikringsvirksomhed bortset fra livsforsikring EFT L 228 af 16.8.1973, s. 3
, First Council Directive 73/239/EEC of 24 July 1973 on the coordination of laws, regulations and administrative provisions relating to the taking up and pursuit of direct insurance other than life assurance OJ L 228, 16.8.1973, p.
ved direktiv 2002/87/EF
by Directive 2002/87/EC
ved direktiv 2002/87/EF.
by Directive 2002/87/EC
Personer, som kun lejlighedsvis yder investeringsservice som led i deres normale erhvervsmæssige virksomhed, bør også være undtaget fra direktivet, såfremt denne virksomhed er omfattet af lovbestemmelser, der ikke udelukker, at der ydes lejlighedsvis investeringsservice.
Persons who provide investment services only on an incidental basis in the course of professional activity should also be excluded from the scope of this Directive, provided that activity is regulated and the relevant rules do not prohibit the provision, on an incidental basis, of investment services.
Også institutter for kollektiv investering, uanset om de er samordnet på fællesskabsplan eller ej, samt depositarer og direktører for sådanne institutter bør være udelukket fra direktivets anvendelsesområde, i det omfang de er underlagt særlige bestemmelser, som er direkte tilpasset deres virksomhed.
It is also necessary to exclude from the scope of this Directive collective investment undertakings, whether or not coordinated at Community level, and the depositaries or managers of such undertakings, since they are subject to specific rules directly adapted to their activities.
Med henblik på at beskytte investorerne og sikre det finansielle systems stabilitet er udøvelsen af den form for investeringsservice, som er omfattet af dette direktiv, betinget af, at investeringsselskabets hjemland har
Firms that provide the investment services covered by this Directive should be subject to
tilladelse hertil.
by their home Member States in order to protect investors and the stability of the financial system.
Principperne om gensidig anerkendelse og hjemlandstilsyn forudsætter, at de kompetente myndigheder i hver medlemsstat undlader at
The principles of mutual recognition and of home Member State supervision require that the Member States" competent authorities should not grant or should withdraw
tilladelse eller inddrager denne i de tilfælde, hvor
where factors such as the content of programmes of operations, the geographical distribution or the activities actually carried
Et investeringsselskab, som er en juridisk person, bør anses for at have tilladelse i den medlemsstat, hvor det har sit vedtægtsmæssige hjemsted.
An investment firm which is not a legal person should be
Med henblik på en sund og forsigtig forvaltning af investeringsselskabet bør den ansvarlige ledelse samt de personer, der faktisk udøver kontrol, pålægges særlige forpligtelser.
In the interest of the sound and prudent management of the investment firm, special obligations should be imposed on persons who effectively direct the business and persons exercising effective control.
, bør de forpligtes til at tegne en erhvervsansvarsforsikring.
, they should be obliged to hold professional indemnity insurance.
Ved tilpasninger af forsikringssummerne bør der tages hensyn til de tilpasninger, der er foretaget i henhold til Europa-Parlamentets og Rådets direktiv
The adjustments of the amounts of that insurance should take account adjustments made in the framework of European Parliament and Council Directive
Disse særlige kapitalkravsbestemmelser foregriber dog ikke eventuelle beslutninger om, hvorledes sådanne selskaber skal behandles ved fremtidige ændringer af Fællesskabets lovgivning om kapitalkrav.
This particular treatment for the purposes of capital adequacy should be without prejudice to any decisions regarding the appropriate treatment of these firms under future changes to Community legislation on capital adequacy.
Senest den 31. december 2006 bør Kommissionen forelægge Europa-Parlamentet og Rådet en rapport om anvendelsen af disse bestemmelser, i givet fald med ledsagende ændringsforslag.
No later than the 31 December 2006, the Commission should present a report to the European Parliament and the Council on the application of these provisions accompanied where appropriate by proposals for their revision.
Bestemmelserne bør tage hensyn til udviklingen inden for Fællesskabet og andre internationale fora, især udviklingen med hensyn til kapitaludgifter i forbindelse med driftsrisici.
These proposals should take account of developments within the Community and other international fora, particularly those pertaining to capital charges on operational risk.
Da den tilsynsmæssige regulering bør begrænses til de foretagender, som, fordi de forvalter en handelsbeholdning erhvervsmæssigt, udgør en kilde til modpartsrisiko for andre markedsdeltagere, bør foretagender, der handler for egen regning med finansielle instrumenter, inklusive de råvarederivater, der er omfattet af dette direktiv, som en accessorisk aktivitet til deres hovedforretningsområde, udelukkes fra direktivets anvendelsesområde.
Since the scope of prudential regulation should be limited to those entities which, by virtue of running a trading book on a professional basis, represent a source of counterparty risk to other market participants, entities which deal for their own account in financial instruments, including those commodity derivatives covered by this Directive, on an ancillary basis to their main business, should be excluded from the scope of this Directive.
personer eller
persons or
For at sikre, at private investorer ikke foretager uhensigtsmæssige transaktioner, bør adgangen til en MHF's systemer begrænses til
For the purposes of ensuring that retail investors do not enter into unsuitable transactions, access to the systems operated by an MTF should be restricted to
professisonelle investorer som defineret i bilag II
professional investors, as defined in Annex II,
, når der er tale om handel for egen regning eller for deres kunders og andre
for the purposes of trading on own account or on behalf of their customers and other
professionelle investorers
professional investors
Disse filialer bør ikke være omfattet af den fri udveksling af tjenesteydelser efter traktatens artikel 49 og heller ikke af etableringsfriheden i andre medlemsstater end den, hvori de er etablerede.
Those branches should not enjoy the freedom to provide services under the second paragraph of Article 49 of the Treaty or the right of establishment in Member States other than those in which they are established.
Det voksende antal forskellige aktiviteter, som mange investeringsselskaber og kreditinstitutter udøver samtidigt, har øget risikoen for interessekonflikter mellem disse forskellige aktiviteter og kunderne.
The expanding range of activities that many investment firms and credit institutions undertake simultaneously has increased potential for conflicts of interests between these different activities and the interest of their clients.
præsterer tjenesteydelser med kunder eller for kunders regning.
framework to protect investors by enhancing obligations of investment firms when providing services with or on behalf of client.
Især må et investeringsselskab, der
In particular, it is indispensable for an investment firm
rådgiver eller præsterer tjenesteydelser baseret på skøn
providing advice or discretionary services
for en kundes regning, for behørigt at opfylde sine formidlerforpligtelser over for kunderne skaffe sig oplysninger om kundens finansielle stilling, erfaringer og investeringsmål og vurdere, om de tjenesteydelser eller transaktioner med finansielle instrumenter, som på baggrund af disse oplysninger er under overvejelse, egner sig for denne kunde.
on behalf of a client, in order to properly fulfil its agency obligations to its clients, to obtain information on the client's financial position, experience, and investment objectives and to assess the suitability, for that client, of services or transactions in financial instruments which are being considered in the light of this information.
Det er nødvendigt at pålægge investeringsselskaber en effektiv "best execution"-forpligtelse for at sikre, at investeringsselskaberne udfører kundeordrer på de
It is necessary to impose an effective "best execution" obligation to ensure that the investment firms execute client orders on terms that are
Derfor bør investeringsselskabet indhente kundernes udtrykkelige samtykke, før kundeordrerne udføres, især hvis dette sker over selskabets egenbeholdning.
To this end, the clients should give their express consent before their orders are executed, in particular against the proprietary positions of the firm.
Investeringsselskabet skal have ret til at afgøre, om dette forhåndssamtykke skal opnås generelt (f.eks. ved indledningen af forretningsforholdet) eller for den enkelte handel.
The investment firm should have the right to decide whether to obtain this prior consent on a general basis (e.g. at the outset of the relationship) or on a trade-by-trade basis.
Der bør fastsættes betingelser for investeringsselskabers brug af fuldmægtige.
limited range of functions on behalf of one investment firm, the tied agent should not
Medlemsstaterne bør kunne henlægge ansvaret for meddelelsen af tilladelsen til, registreringen af og tilsynet med fuldmægtige til uafhængige selvregulerende institutioner, der råder over de nødvendige ressourcer.
Member States should be able to delegate responsibility as regards the authorisation, registration and supervision of tied agents to appropriately resourced and independent self-regulatory bodies.
Dette direktiv anfægter ikke fuldmægtiges ret til at udøve beslægtede aktiviteter, der involverer andre finansielle tjenesteydelser eller produkter end dem, der er omfattet af dette direktiv, heller ikke selv om aktiviteterne udøves for dele af samme finansielle koncern.
This Directive should be without prejudice to the right of tied agents to undertake related activities in respect of financial services or products not covered by this Directive, including on behalf of parts of the same financial group.
Direktivet bør ikke omfatte betingelserne for at udøve virksomhed uden for investeringsselskabets område (dørsalg).
The conditions for conducting activities outside the premises of the investment firm (door-to-door selling) should not be covered by this Directive.
For at gøre det muligt for investorer og markedsdeltagere til enhver tid at vurdere vilkårene for en påtænkt aktietransaktion og senere kontrollere de betingelser, hvorunder transaktionen er gennemført, bør der fastsættes fælles regler for offentliggørelse af oplysninger om gennemførte aktietransaktioner og videregivelse af nærmere oplysninger om aktuelle muligheder for at handle aktier.
In order to enable investors or market participants to assess at any time the terms of a transaction on shares that they are considering and to verify afterwards the conditions in which it has been carried out, common rules should be established for the publication of details of completed transactions in shares and disclosure of details of current opportunities to trade in shares.
For at sikre den grad af førhandelsinformation, der er nødvendig for at understøtte den effektive kursdannelse for aktier og gøre det muligt for markedsdeltagere at fastslå, hvor vilkårene for at gennemføre transaktioner er mest favorable, bør det kræves, at investeringsselskaber, der handler for egen regning, offentliggør en fast købs- og salgskurs for en nærmere bestemt handelspoststørrelse i likvide aktier.
In order to ensure a degree of pre-trade information needed to support the efficient formation of prices in shares and to allow market participants to determine the most favourable terms for concluding transactions, it is appropriate to require investment firms dealing on own account to make public a firm two-sided quote for transactions of a specified size in respect of liquid shares.
Alle investeringsselskaber bør have samme mulighed for at blive medlem af eller have adgang til regulerede markeder i hele Fællesskabet.
Investment firms should all have the same opportunities of joining or having access to regulated markets throughout the Community.
Tilladelsen til at drive et reguleret marked bør omfatte alle aktiviteter, som har direkte forbindelse med offentliggørelse, behandling, udførelse, bekræftelse og indberetning af ordrer fra det tidspunkt, hvor ordrerne modtages af det regulerede marked, til det tidspunkt, hvor de videregives med henblik på endelig udførelse, og alle aktiviteter med relation til finansielle instrumenters optagelse til handel.
The authorisation to operate a regulated market should extend to all activities which are directly related to the display, processing, execution, confirmation and reporting of orders from the point at which such orders are received by the regulated market to the point at which they are transmitted for subsequent finalisation, and to activities related to the admission of financial instruments to trading.
Tilladelsen bør tillige omfatte transaktioner, som gennemføres efter det regulerede markeds regler og systemer gennem prisstillere, der er udpeget af det regulerede marked.
This should also include transactions concluded through the medium of designated market makers appointed by the regulated market which are undertaken under its rules and systems.
Et reguleret markeds operatører bør også kunne drive en MHF uden at skulle indhente yderligere tilladelse til at udøve virksomhed som investeringsselskab.
Operators of a regulated market should also be able to operate an MTF without being required to obtain additional authorisation as an investment firm.
Et reguleret marked bør ikke forhindres i at stille strengere krav til udstederne af værdipapirer eller instrumenter, som det regulerede marked påtænker at optage til handel, end dem, der stilles i medfør af dette direktiv.
A regulated market should not be prevented from applying more demanding requirements in respect of the issuers of securities or instruments which it is considering for admission to trading than are imposed pursuant to this Directive.
Udpegningen af offentlige myndigheder bør ikke udelukke uddelegering under den kompetente myndigheds ansvar.
The designation of public authorities should not exclude delegation under the responsibility of the competent authority.
Et fælles sæt af mindstebeføjelser kombineret med de nødvendige ressourcer bør sikre tilsynets effektivitet.
A common minimum set of powers coupled with adequate resources should guarantee supervisory effectiveness.
Det er nødvendigt at skærpe bestemmelserne om udveksling af oplysninger mellem nationale kompetente myndigheder og udvide disses pligt til at yde hinanden bistand og til at samarbejde.
It is necessary to reinforce provisions on exchange of information between national competent authorities and to strengthen the duties of assistance and cooperation which they owe to each other.