natgillin/translations-raw huggingface dataset:
gennem tredjemand
through the offices of a third party;
gennem ordninger for handler med egenbeholdninger.
through proprietary arrangements.
Medlemsstaterne kræver, at investeringsselskaber, som enten for egen eller for kunders regning gennemfører transaktioner med aktier, der er optaget til handel på et reguleret marked, uden om et reguleret markeds eller en MHF's regler og systemer, offentliggør omfang, kurser og tidspunkt for transaktionerne.
Member States shall require investment firms which, either on own account or on behalf of clients, conclude transactions in shares admitted to trading on a regulated market outside the rules and systems of a regulated market or MTF, to make public the volume and price of those transactions and the time at which they were concluded.
Disse oplysninger skal
This information shall be made public
så snart de foreligger
as soon as available
på en let tilgængelig måde eller på rimelige forretningsmæssige vilkår bringes til andre markedsdeltageres kundskab.
on a reasonable commercial basis, and in a manner which is easily accessible to other market participants.
Den kompetente myndighed sikrer, at de oplysninger, der offentliggøres i henhold til stk. 1, og fristerne for oplysningernes offentliggørelse opfylder krav, der er fastsat i medfør af
The competent authority shall ensure that the information which is made public in accordance with paragraph 1 and the time-limits within which it is published comply with the requirements adopted pursuant to
artikel 43
Article 43.
fastsatte bestemmelser giver mulighed for at udsætte indberetningen for visse kategorier af aktietransaktioner, gælder denne mulighed tilsvarende for sådanne transaktioner, når de gennemføres uden om regulerede markeders eller MHF'ers regler og systemer.
provide for deferred reporting for certain categories of transaction in shares, this possibility shall apply mutatis mutandis to those transactions when undertaken outside the rules and systems of regulated markets or MTFs.
anvendelse af stk. 1 vedtager Kommissionen efter fremgangsmåden i
application of paragraph 1, the Commission shall adopt, in accordance with the procedure referred to in
nærmere angiver de måder, hvorpå investeringsselskaber kan opfylde deres forpligtelser i henhold til stk. 1, nemlig bl.a.:
specify the means by which investment firms may comply with their obligations under paragraph 1 including the following possibilities:
gennem de faciliteter, der findes på et reguleret marked, der har optaget det pågældende instrument til handel
through the facilities of any regulated market which has admitted the instrument in question to trading;
gennem tredjemand eller
through the offices of a third party;
gennem ordninger for handler med egenbeholdninger
through proprietary arrangements;
, under hvilke omstændigheder
in which circumstances
den i stk. 1 fastsatte forpligtelse
the obligation under paragraph 1
gælder for transaktioner, hvor aktier anvendes til sikkerhedsstillelse, lån eller andre formål, hvor aktietransaktionen bestemmes af andre forhold end aktiens øjeblikkelige markedsværdi
to transactions involving the use of shares for collateral, lending or other purposes where the exchange of shares is determined by factors other than the current market valuation of the share
, eller for andre transaktioner, som kun indeholder få eller ingen nyttige kursinformationer
nor to other transactions which contain little or no useful price information
Medlemsstaterne kræver
Member States shall require that,
, hvis det er relevant i betragtning af størrelsen og karakteren af den handel, der gennemføres på en MHF uden om et reguleret markeds regler
where appropriate given the size and nature of trading undertaken on an MTF outside the rules of a regulated market,
, at investeringsselskaber, der driver en MHF, offentliggør de omhandlede aktuelle købs- og salgskurser, som annonceres gennem selskabernes systemer
investment firms operating an MTF make public current bid and offer prices which are advertised through their systems
til alle brugere
to all users
for aktier, der er optaget til handel på et reguleret marked.
in respect of shares admitted to trading on a regulated market.
lader de
shall waive or modify
i stk. 1 omhandlede
the obligations referred to in paragraph 1
forpligtelser bortfalde, eller ændrer dem, når en MHF's særlige struktur eller begrænsede størrelse i forhold til det samlede marked for et instrument, gør dette hensigtsmæssigt.
when the particular structure of the MTF, or its small size relative to the overall market in an instrument, make it appropriate to do so.
Disse krav finder ikke anvendelse, når enkeltheder om handler på en MHF offentliggøres i henhold til et reguleret markeds regler.
These requirements shall not apply where details of trades executed on an MTF are made public under the rules of a regulated market.
Den kompetente myndighed sikrer, at oplysninger efter handelen opfylder samme krav til indhold og offentliggørelsestidspunkt og -metoder som dem, der i medfør af
The competent authority shall ensure that the content and timing of the post-trade information, and the methods for its publication comply with the same requirements as apply pursuant to
gælder for transaktioner med aktier på et reguleret marked.
in respect of transactions in shares undertaken on a regulated market.
Medlemsstaterne sikrer, at ethvert investeringsselskab, der i henhold til dette direktiv har fået tilladelse af en anden medlemsstats kompetente myndigheder og er underlagt disse myndigheders tilsyn, frit kan yde investeringsservice og præstere accessoriske tjenesteydelser på deres område, under forudsætning af at disse tjenesteydelser er omfattet af tilladelsen.
Member States shall ensure that any investment firm authorised and supervised by the competent authorities of another Member State in accordance with this Directive may freely provide investment and ancillary services within their territories, provided that such services are covered by its authorisation.
Medlemsstaterne må ikke stille yderligere krav til et sådant investeringsselskab på de områder, der er omfattet af dette direktiv.
Member States shall not impose any additional requirements on such an investment firm in respect of the matters covered by this Directive.
Ethvert investeringsselskab, der for første gang ønsker at præstere tjenesteydelser på en anden medlemsstats område eller ønsker at ændre udvalget af de således udbudte ydelser, meddeler hjemlandets kompetente myndigheder:
Any investment firm wishing to provide services within the territory of another Member State for the first time, or which wishes to change the range of services so provided, shall communicate the following information to the competent authorities of its home Member State:
i hvilken medlemsstat selskabet har til hensigt at udøve virksomhed
the Member State in which it intends to operate;
en driftsplan, hvori det bl.a. angives, hvilken investeringsservice og hvilke accessoriske tjenesteydelser det har til hensigt at udføre, og om selskabet har til hensigt at ansætte fuldmægtige i de medlemsstater, hvor det påtænker at præstere tjenesteydelser.
a programme of operations stating in particular the investment or ancillary services which it intends to provide and whether it intends to employ the services of tied agents in the territory of the Member States in which it intends to provide services.
Hjemlandets kompetente myndighed fremsender senest én måned efter modtagelsen af oplysningerne disse til den kompetente myndighed i
The competent authority of the home Member State shall, within one month of receiving the information, forward it to the competent authority of the host Member
I tilfælde af ændring af en oplysning, der er givet meddelelse om efter stk. 2, underretter investeringsselskabet skriftligt den kompetente myndighed i hjemlandet herom mindst en måned, før den foretages.
In the event of a change in any of the particulars communicated in accordance with paragraph 2, an investment firm shall give written notice of that change to the competent authority of the home Member State at least one month before implementing the change.
Den kompetente myndighed i hjemlandet underretter den kompetente myndighed i værtslandet om disse ændringer.
The competent authority of the home Member State shall inform the competent authority of the host Member State of those changes.
Medlemsstaterne tillader uden yderligere retlige eller administrative betingelser MHF'er fra andre medlemsstater at etablere passende ordninger på deres område for at gøre det lettere for fjernbrugere eller -deltagere, der er etableret dér, at få adgang til og bruge deres systemer.
Member States shall, without further legal or administrative requirement, allow MTFs from other Member States to provide appropriate arrangements on their territory so as to facilitate access to and use of their systems by remote users or participants established in their territory.
Medlemsstaterne kræver, at ethvert investeringsselskab, der ønsker at oprette en filial på en anden medlemsstats område, først giver hjemlandets kompetente myndighed meddelelse herom sammen med følgende oplysninger:
Member States shall require any investment firm wishing to establish a branch within the territory of another Member State first to notify the competent authority of its home Member State and to provide it with the following information:
i hvilke medlemsstater selskabet har til hensigt at etablere en filial
the Member States within the territory of which it plans to establish a branch;
en driftsplan, hvori det bl.a. angives, hvilke tjenesteydelser der skal tilbydes, filialens organisatoriske struktur, og om filialen har til hensigt at ansætte fuldmægtige
a programme of operations setting out inter alia the services to be offered and the organisational structure of the branch and indicating whether the branch intends to employ the services of tied agents;
en adresse i værtslandet, hvorfra dokumenter kan rekvireres
the address in the host Member State from which documents may be obtained;
navnene på filialens direktører.
the names of those responsible for the management of the branch.
Medmindre den kompetente myndighed i hjemlandet har grund til at betvivle, at det pågældende investeringsselskabs administrative strukturer og finansielle situation er sunde under hensyn til den påtænkte etablering, videresender den kompetente myndighed alle oplysningerne senest tre måneder efter modtagelsen heraf til den kompetente myndighed i værtslandet og underretter det berørte investeringsselskab herom.
Unless the competent authority of the home Member State has reason to doubt the adequacy of the administrative structure or the financial situation of an investment firm, taking into account the activities envisaged, it shall, within three months of receiving all the information, communicate that information to the competent authority of the host Member State and inform the investment firm concerned accordingly.
Ud over de i stk. 2 omhandlede oplysninger sender den kompetente myndighed i hjemlandet oplysninger om den godkendte garantiordning, som investeringsselskabet deltager i i henhold til direktiv 97/9/EF, til den kompetente myndighed i værtslandet.
In addition to the information referred to in paragraph 2, the competent authority of the home Member State shall communicate details of the accredited compensation scheme of which the investment firm is a member in accordance with Directive 97/9/EC to the competent authority of the host Member State.
I tilfælde af ændringer i oplysningerne underretter den kompetente myndighed i hjemlandet myndigheden i værtslandet herom.
In the event of a change in the particulars, the competent authority of the home Member State shall inform the authority of the host Member State accordingly.
Nægter den kompetente myndighed i hjemlandet at videresende oplysningerne til den kompetente myndighed i værtslandet, skal den begrunde dette afslag over for det berørte investeringsselskab senest tre måneder efter modtagelsen af samtlige oplysninger.
Where the competent authority of the home Member State refuses to communicate the information to the competent authority of the host Member State, it shall give reasons for its refusal to the investment firm concerned within three months of receiving all the information.
Så snart meddelelsen fra den kompetente myndighed i værtslandet foreligger, eller hvis denne myndighed senest to måneder fra datoen for meddelelsen fra den kompetente myndighed i hjemlandet ikke har giver nogen meddelelse, kan filialen oprettes og påbegynde sin
On receipt of a communication from the competent authority of the host Member State, or failing such communication from the latter at the latest after two months from the date of transmission of the communication by the competent authority of the home Member State, the branch may be established and commence
medlemsstat foreskriver, at når et investeringsselskab, der har fået tilladelse i en anden medlemsstat, har oprettet en filial på dens område, kan den kompetente myndighed i investeringsselskabets hjemland under udøvelsen af sit hverv og efter at have underrettet den kompetente myndighed i værtslandet herom selv eller gennem personer, der har fået instrukser med henblik herpå, udføre inspektion på stedet hos den pågældende filial.
Member State shall provide that, where an investment firm authorised in another Member State has established a branch within its territory, the competent authority of the home Member State of the investment firm, in the exercise of its responsibilities and after informing the competent authority of the host Member State, may itself or through the intermediary of persons instructed for that purpose, carry out on-site inspections in that branch.
I tilfælde af ændring af en oplysning, der er givet meddelelse om efter stk. 2, underretter investeringsselskabet skriftligt den kompetente myndighed i hjemlandet herom mindst en måned, før den foretages.
In the event of a change in any of the information communicated in accordance with paragraph 2, an investment firm shall give written notice of that change to the competent authority of the home Member State at least one month before implementing the change.
Den kompetente myndighed i hjemlandet underretter den kompetente myndighed i værtslandet om disse ændringer.
The competent authority of the host Member State shall also be informed of those changes by the competent authority of the home Member State.
Regler for filialer
Regulation of branches
Den kompetente myndighed i værtslandet har ret til at gennemgå de foranstaltninger, filialen har truffet, og til at kræve de ændringer, der er strengt nødvendige for at gøre det muligt for den kompetente myndighed at håndhæve de nævnte forpligtelser i henhold til artikel 12, stk. 7, artikel 16, 18, 19, 20, 21, 22, 23, 25 og 26 samt bestemmelser vedtaget i medfør heraf.
The competent authority of the host Member State shall have the right to examine the branch arrangements and to request such changes as are strictly needed to enable the competent authority to enforce the obligations under Articles 12(7), 16, 18, 19, 20, 21, 22, 23, 25, and 26 and measures adopted pursuant thereto.
Adgang til regulerede markeder
Access to regulated markets
Medlemsstaterne sikrer, at investeringsselskaber fra andre medlemsstater, der har fået tilladelse til at udføre kundeordrer eller handle for egen regning, kan blive medlemmer af eller få adgang til regulerede markeder på deres område på en eller flere af følgende måder:
Member States shall ensure that investment firms from other Member States which are authorised to execute client orders or to deal on own account have the right of membership or have access to regulated markets established in their territory by means of any or all of the following arrangements:
direkte ved at oprette en filial i værtslandet
directly, by setting up branches in the host Member States;
indirekte ved at etablere et datterselskab i værtslandet eller erhverve et i værtslandet eksisterende selskab, der allerede er medlem af eller har adgang til deres regulerede markeder, og/eller
indirectly, by setting up subsidiaries in the host Member States or by acquiring firms in the host Member States that are already members of their regulated markets or already have access thereto; and/or
ved at blive fjernmedlemmer af eller få fjernadgang til det regulerede marked uden at skulle være etableret i hjemlandet for det regulerede marked, såfremt fysisk tilstedeværelse ifølge det pågældende markeds handelsprocedurer og -systemer ikke er nødvendig for at kunne gennemføre transaktioner på markedet.
by becoming remote members of or having remote access to the regulated market without having to be established in the home Member State of the regulated market, where the trading procedures and systems of the market in question do not require a physical presence for conclusion of transactions on the market.
Medlemsstaterne pålægger ikke investeringsselskaber, der udøver den rettighed, der tillægges dem ved stk. 1, yderligere reguleringsmæssige eller administrative krav på de af dette direktiv omfattede områder.
Member States shall not impose any additional regulatory or administrative requirements, in respect of matters covered by this Directive, on investment firms exercising the right conferred by paragraph 1.
Adgang til clearing- og afviklingsfaciliteter samt ret til at vælge afviklingssystem
Access to clearing and settlement facilities and right to designate settlement system
Medlemsstaterne sikrer, at investeringsselskaber fra andre medlemsstater har
Member States shall ensure that investment firms from other Member States have the
at få direkte eller indirekte adgang til centrale modparts-, clearing- og afviklingssystemer på deres område med henblik på at afslutte transaktioner med finansielle instrumenter.
of direct or indirect access to central counterparty, clearing and settlement systems in their territory for the purposes of finalising transactions in financial instruments.
Medlemsstaterne må ikke begrænse anvendelsen af disse faciliteter til kun at omfatte clearing og afvikling af transaktioner med finansielle instrumenter, der gennemføres på et reguleret marked eller en MHF på deres område.
Member States shall not restrict the use of those facilities to the clearing and settlement of transactions in financial instruments undertaken on a regulated market or MTF in their territory.
Medlemsstaterne sikrer, at regulerede markeder på deres område giver direkte og indirekte medlemmer og deltagere samt fjernmedlemmer og -deltagere ret til at vælge afviklingssystem for transaktioner med finansielle instrumenter på det regulerede marked, idet det dog forudsættes,
Member States shall ensure that regulated markets in their territory offer direct, indirect and remote members or participants the right to designate the system for the settlement of transactions in financial instruments undertaken on that regulated market, subject to:
at der består de nødvendige forbindelser og ordninger mellem det valgte afviklingssystem og ethvert andet system eller enhver anden facilitet til at sikre en effektiv og økonomisk afvikling af den pågældende transaktion, og
such links and arrangements between the designated settlement system and any other system or facility as are necessary to ensure the efficient and economic settlement of the transaction in question; and
at den kompetente myndighed, der er ansvarlig for det regulerede marked, er enig i, at de tekniske betingelser for afvikling af transaktioner på det regulerede marked gennem et andet afviklingssystem end det, der er valgt af det regulerede marked, er egnede til at sikre de finansielle markeders gnidningsløse og ordnede funktion.
agreement by the competent authority responsible for the regulated market that technical conditions for settlement of transactions concluded on the regulated market through a settlement system other than that designated by the regulated market are such as to allow the smooth and orderly functioning of financial markets.
Investeringsselskabers rettigheder i henhold til stk. 1 og 2 berører ikke den ret, operatører af centrale modparts-, clearing- eller værdipapirafviklingssystemer har til af berettigede forretningsmæssige årsager at nægte at stille de ønskede ydelser til rådighed.
The rights of investment firms under paragraphs 1 and 2 shall be without prejudice to the right of operators of central counterparty, clearing or securities settlement systems to refuse on legitimate commercial grounds to make the requested services available.
anvendelse af stk. 1, 2 og 3 vedtager Kommissionen efter fremgangsmåden i
application of paragraphs 1, 2 and 3, the Commission shall adopt, in accordance with the procedure referred to in
, gennemførelsesbestemmelser, som tydeliggør:
implementing measures which clarify:
arten af de tekniske forbindelser mellem de afviklingssystemer, der er valgt af investeringsselskaber, og andre systemer og faciliteter, der er nødvendige for at sikre en effektiv og økonomisk afvikling af transaktioner, samt betingelserne for, at disse forbindelser kan anses for egnede til at opfylde formålene med denne artikel
the nature of the technical links between settlement systems designated by investment firms and other systems and facilities which are needed to ensure the efficient and economic settlement of transactions, and the conditions under which those links are to be considered adequate for the purposes of this Article;
de overvejelser, en kompetent myndighed har ret til at tage hensyn til ved vurderingen af, om afviklingen af transaktioner på et reguleret marked gennem et andet værdipapirafviklingssystem end det, der er valgt af det regulerede marked, vil kunne forstyrre finansmarkedernes gnidningsløse og ordnede funktion.
those considerations which a competent authority is entitled to take into account when assessing whether the settlement of transactions on a regulated market through a securities settlement system other than that designated by the regulated market might prove prejudicial to the smooth and orderly functioning of financial markets.
REGULEREDE MARKEDER
REGULATED MARKETS
Medlemsstaterne meddeler alene de foretagender på deres område, som opfylder bestemmelserne i dette afsnit, tilladelse til at udøve virksomhed som et reguleret marked.
Member States shall reserve authorisation as a regulated market to those entities on their territory which comply with the provisions of this Title.
Den kompetente myndighed meddeler alene en sådan tilladelse, såfremt myndigheden er overbevist om, at både markedsoperatøren og det regulerede markeds regler og systemer opfylder kravene i dette afsnit.
Authorisation as a regulated market shall be granted only where the competent authority is satisfied that both the market operator and the rules and systems of the regulated market comply with the requirements laid down in this Title.
Hvis et reguleret marked er en juridisk person og forvaltes eller drives af en anden markedsoperatør end det regulerede marked selv, fastsætter medlemsstaterne, hvordan de forpligtelser, der pålægges markedsoperatører i henhold til dette direktiv, skal fordeles mellem det regulerede marked og markedsoperatøren.
In the event of a regulated market being a legal person and being managed or operated by a market operator other than the regulated market itself, Member States shall establish how the obligations imposed on market operators under this Directive are to be apportioned between the regulated market and the market operator.
Medlemsstaterne kræver, at
Member States shall require the
operatøren af et reguleret
operator of a
marked udfører de opgaver, der er forbundet med dets organisering og drift, under den kompetente myndigheds tilsyn og ansvar.
regulated market to perform tasks relating to the organisation and operation of the regulated market under the supervision and responsibility of the competent authority.
Uden at foregribe eventuelle relevante bestemmelser i direktiv
Without prejudice to any relevant provisions of Directive
, medmindre det pågældende regulerede marked fastsætter, at en anden stats lov gælder for sådanne transaktioner.
unless the regulated market concerned determines that the law of another jurisdiction shall govern such transactions.