natgillin/translations-raw huggingface dataset:
Det er ikke hensigten at forhindre kompetente nationale myndigheder eller CFD-udbydere i at sikre et højere niveau for investorbeskyttelsen, f.eks. ved at anvende et højere initialmarginkrav.
In order to determine whether an account lost money, both the realised and unrealised profits or losses have to be taken into account.
FORANSTALTNINGERNE MEDFØRER IKKE RISIKO FOR REGELARBITRAGE (ARTIKEL 40, STK. 3, LITRA b), I FORORDNING (EU) Nr. 600/2014)
Realised profits and losses relate to the CFD positions that were closed during the calculation period.
I lyset af karakteren af de påpegede risici samt antallet og typen af berørte investorer samt de nationale foranstaltninger, der er foreslået af en række medlemsstater, sikrer ESMA's foranstaltning en fælles minimumsindsats i hele EU.
Unrealised profits and losses relate to the value of open positions at the end of the calculation period.
ESMA har også overvejet risikoen for, at udbydere, der for øjeblikket tilbyder CFD'er, kunne forsøge at tilbyde produkter med sammenlignelige funktioner som optioner, futures, swaps og fremtidige renteaftaler.
In order to provide a complete picture of the percentage of accounts that resulted in a profit or loss all costs in relation to the trading of CFDs should be taken into account in the calculation.
Respondenter til opfordringen til indsendelse af dokumentation bekræftede, at der er ligheder mellem CFD'er og disse produkter.
For newly established CFD providers and CFD providers that have not had any open CFD positions in the past 12 months, it is not possible to calculate such a percentage over the last 12 months.
Selv om ESMA's beviser primært vedrører handel med CFD'er, vil ESMA og de kompetente nationale myndigheder også nøje følge med i, hvorvidt sådanne nye distributionstendenser udvikler lignende negative konsekvenser for detailkunder, og om CFD-udbydere gør sådanne bestræbelser for at omgå disse interventionsforanstaltninger og vil handle efter behov.
This Decision prescribes for these firms a standardised risk warning in which reference is made to the percentages found by NCAs in their existing studies.
Desuden finder ESMA's midlertidige indgrebstiltag anvendelse på alle udbydere af CFD'er og enhver person, der bevidst og med vilje bidrager til overtrædelse af de foranstaltninger, der falder ind under anvendelsesområdet for forordning (EU) nr. 600/2014.
As mentioned above, almost all providers that responded to the call for evidence supported or were neutral towards a standardised risk warning.
Mens omfanget af de enheder, der falder ind under denne forordnings artikel 40 for så vidt angår fondsforvaltningsvirksomheder, i sidste ende skal behandles på lovgivningsniveau for at forbedre retssikkerheden, har ESMA overvejet omfanget af lovgivningsmæssig arbitrage.
The respondents who were negative either questioned the effectiveness of a risk warning or disagreed with the percentages found by NCA studies.
ESMA har fastslået, at de foreslåede foranstaltninger i lyset af de ovenfor beskrevne investorskader har et tilstrækkeligt bredt anvendelsesområde og derfor er i stand til at imødegå de væsentlige investorbeskyttelseshensyn, der skyldes markedsføring, distribution eller salg af CFD'er.
A frequently made comment is that firms requested a more condensed version of the risk warning which could be used for digital marketing by the firms.
HØRING OG UNDERRETNING (ARTIKEL 40, STK.
ESMA has considered the possibility of requiring a generic risk warning stating only the risk that retail clients may lose money rapidly due to the leverage of CFDs or a more specific risk warning based on average losses for retail clients based on the studies of NCAs.
3, LITRA c), OG STK.
The former option has been discarded because it did not effectively draw retail clients' attention to the actual risk, specific to CFDs trading.
4, I FORORDNING (EU) Nr. 600/2014)
The latter option has been discarded because these studies do not reflect any specificities (for example a firm offering only certain types of CFDs).
Eftersom de foreslåede foranstaltninger i begrænset omfang kan berøre landbrugsråvarederivater, har ESMA rådført sig med offentlige organer med ansvar for overvågning, forvaltning og regulering af fysiske landbrugsmarkeder i henhold til forordning (EF) nr. 1234/2007.
Although firm specific calculations may be more burdensome for providers than a generic risk warning, in line with feedback from the call for evidence, ESMA believes they are necessary to properly warn investors of the risk of losses.
ESMA har modtaget svar fra Bundesministerium für Ernährung und Landwirtschaft (Tyskland), landbrugsministeriet (Letland) og ministeriet for land- og skovbrug (Finland).
One risk ESMA and NCAs acknowledge of the firm-specific loss percentages is that these percentages will be used for marketing instead of the original purpose, being the risk warning.
Disse respondenter er ikke kommet med nogen indvendinger mod vedtagelsen af de foreslåede foranstaltninger.
For these reasons NCAs should monitor that investment firms will not use the firm-specific percentages in an inappropriate manner and will review the application of this measure.
ESMA har underrettet de kompetente nationale myndigheder om forslaget til denne afgørelse —
In line with feedback from the call for evidence, ESMA considers a more proportionate approach would also adapt the risk warning to the type of communication channels used.
VEDTAGET DENNE AFGØRELSE
For this reason, an abbreviated risk warning for communications through a non-durable medium, such as mobile applications or social media posts, is prescribed in this Decision.
Artikel 1
The prohibition of monetary and non-monetary benefits
»differencekontrakt« eller »CFD« (contract for differences) betyder et andet derivat end en option, future, swap eller fremtidige renteaftale, hvis formål er at give indehaveren lang eller kort eksponering for udsving i pris, niveau eller værdi af et underliggende instrument, uanset om der handles på et handelssted, og om det skal afregnes i kontanter eller kan afregnes i kontanter efter en af parternes valgmuligheder, undtagen som følge af misligholdelse eller anden opsigelsesbegivenhed
They draw in retail clients who may not otherwise choose to invest in these products.
»ekskluderede ikkepengemæssige goder« betyder alle ikkepengemæssige goder ud over, for så vidt de vedrører CFD'er, informations- og forskningsværktøjer
Such benefits are often contingent on clients depositing money on the account or on executing a certain volume of trades.
»initialmargin« betyder enhver betaling med henblik på indgåelse af en CFD, eksklusive provision, transaktionsgebyrer og eventuelle andre dertil knyttede omkostninger
ESMA's prohibition of benefits however does not capture information and research tools provided to retail clients insofar as they relate to CFDs (excluded non-monetary benefits), as these would help clients' decision-making.
»initialmarginbeskyttelse« betyder den initialmargin, der er fastlagt i bilag I
A majority of the responses from providers, trade organisations and brokers were in favour of the measures in relation to incentivisation of clients.
»margin close-out-beskyttelse« betyder lukning af en eller flere af detailkundernes åbne CFD'er på vilkår, der er mest gunstige for kunden i overensstemmelse med artikel 24 og 27 i direktiv 2014/65/EU, når summen af midler i CFD-handel kontoen og det urealiserede nettoresultat af alle åbne CFD'er forbundet med denne konto falder til mindre end halvdelen af den samlede initialmarginbeskyttelse for alle de åbne CFD'er
Also the consumer representatives that explicitly referred to these measures were positive.
»negativ saldobeskyttelse« betyder grænsen på midlerne på CFD-handelskontoen for en detailkundes samlede ansvar for alle CFD'er, der er knyttet til en CFD-handelskonto hos en CFD-udbyder.
Considering the risks posed to retail clients of these benefits, ESMA considers it is necessary and proportionate to restrict them.
Artikel 2
Overall proportionality
Midlertidig begrænsning af CFD'er for detailkunder
ESMA has reached the limit of the effectiveness of its non-binding tools in this area.
Markedsføring, distribution eller salg af CFD'er til detailkunder er begrænset til omstændigheder, hvor mindst alle følgende betingelser er opfyldt:
In this context, specifically with regard to product governance, ESMA also acknowledges that product governance principles already form part of the financial services supervisory culture in the Union.
CFD-udbyderen kræver, at detailkunden betaler initialmarginbeskyttelsen
In November 2013, the European Supervisory Authorities (‘ESAs’) issued a Joint Position on ‘Manufacturers’ Product Oversight and Governance Processes' setting out high-level principles applicable to the oversight and governance processes of financial instruments.
CFD udbyderen giver detailkunden margin close-out beskyttelse
In February 2014, ESMA issued an opinion on ‘MiFID practices for firms selling complex products’ and, in March 2014, it issued an opinion on ‘Structured Retail Products — Good practices for product governance arrangements’.
CFD udbyderen tilbyder detailkunden en negativ saldobeskyttelse
Furthermore, as of March 2007, guidance setting out product governance principles is in place in the UK .
CFD udbyderen tilbyder ikke direkte eller indirekte detailkunden en betaling, monetær eller ikke dækket ikke-monetær fordel i forbindelse med markedsføring, distribution eller salg af en CFD, bortset fra det realiserede overskud på en CFD, der ydes og
Despite these supervisory principles and the regulatory requirements described in this Decision, the detriment in relation to the marketing, distribution or sale of CFDs to retail clients had continued to develop over the past years.
CFD-udbyderen sender ikke direkte eller indirekte en meddelelse til eller offentliggør oplysninger, der er tilgængelige for en detailkunde vedrørende markedsføring, distribution eller salg af CFD, medmindre den indeholder den relevante risikovarsel, der er specificeret af og opfylder betingelserne i bilag II.
ESMA's overall measure is necessary and proportionate to address the investor protection concern identified.
Artikel 3
In general, it is expected that it will reduce abnormal and significant losses experienced by retail clients on CFDs as well as enhance retail clients' awareness of the risks related to these products.
Forbud mod deltagelse i omgåelse
The benefits gained from addressing the investor protection concern identified in the way proposed outweigh the potential consequences for CFD providers, including through implementation costs associated with complying with these requirements and a potential reduction in CFD providers' revenues (through lower volumes of trading, lower total transaction fees paid by clients and lower client losses).
Det er forbudt med vilje og med forsæt at deltage i aktiviteter, hvis formål eller virkning er at omgå kravene i artikel 2, herunder ved at fungere som erstatning for CFD-udbyderen.
Additionally, ESMA's measure will apply from 2 months after publication of this Decision in the Official Journal of the European Union (OJEU).
Artikel 4
This implies a notice period of 2 months after official publication which aims at balancing retail clients' interest to an immediate reduction of the detriment arising from the current trading of CFDs and the need to allow sufficient time to relevant market participants to organise and change their business models in an orderly manner.
Ikrafttræden og anvendelse
This Decision lays down common requirements which aim to provide a necessary minimum level of protection to retail clients across the Union, in addition to existing requirements.
Denne afgørelse træder i kraft dagen efter offentliggørelsen i Den Europæiske Unions Tidende.
It is not intended to prevent NCAs or CFD providers from ensuring a greater level of investor protection, for example, by applying higher initial margins requirements.
Denne afgørelse finder anvendelse fra den 1. august 2018 i en periode på tre måneder.
THE MEASURES DO NOT CREATE A RISK OF REGULATORY ARBITRAGE (ARTICLE 40(3)(b) OF REGULATION (EU) No 600/2014)
Udfærdiget i Paris, den 22. maj 2018.
In light of the nature of the risks identified and the number and type of investors affected and the national measures being proposed by a number of Member States, ESMA's measure will ensure a common minimum approach across the Union.
På tilsynsrådets vegne
ESMA has also considered the risk that providers currently offering CFDs could try to offer products with comparable features such as options, futures, swaps and forward rate agreements.
Formand
Respondents to the call for evidence confirmed that there are similarities between CFDs and these products.
EUT L 331 af 15.12.2010, s. 84.
Therefore, while ESMA's evidence primarily relates to trading in CFDs, ESMA and NCAs will also closely monitor whether such new distribution trends develop raising similar detrimental consequences for retail clients and whether there are any such efforts by CFD providers to circumvent these intervention measures and will act as necessary.
EUT L 173 af 12.6.2014, s. 84.
In addition, ESMA's temporary intervention measures apply to all providers of CFDs and any other persons knowingly and intentionally contributing to a breach of the measures that fall under the scope of Regulation (EU) No 600/2014.
EUT L 87 af 31.3.2017, s. 90.
While the scope of the entities falling under Article 40 of this Regulation in respect of fund management companies ultimately needs to be addressed at a legislative level to improve legal certainty, ESMA has considered the scope for regulatory arbitrage.
Den fælles gruppe består af repræsentanten for Cyprus Securities and Exchange Commission (CY-CySEC) (Cyperns værdipapir- og børskommission), den cypriotiske kompetente nationale myndighed samt repræsentanter for otte kompetente nationale myndigheder, hvis jurisdiktioner er blevet påvirket af de ydelser, der ydes af de Cypernbaserede udbydere.
ESMA has determined that, in light of the investor detriment evidenced above, the measures proposed have a sufficiently wide scope of application and are therefore able to address the significant investor protection concern arising from the marketing, distribution or sale of CFDs.
Arbejdet i den fælles gruppe udmøntede sig i en handlingsplan, der skal gennemføres af CY-CySEC, og som blandt andet omfatter udvidede undersøgelser af udbydere af CFD'er samt tematiske gennemgange af en stikprøve af selskaber, der er godkendt af CY-CySEC.
CONSULTATION AND NOTICE (ARTICLE 40(3)(c) AND (4) OF REGULATION (EU) No 600/2014)
Udtalelse om MIFID-praksis for selskaber, der sælger komplekse finansielle produkter (ESMA/2014/146).
As the proposed measures may, to a limited extent, relate to agricultural commodities derivatives, ESMA has consulted the public bodies competent for the oversight, administration and regulation of physical agricultural markets under Council Regulation (EC) No 1234/2007.
Spørgsmål og svar (Q&A'er) vedrørende levering af CFD'er og andre spekulative produkter til detailkunder i henhold til MiFID (ESMA-35-36-794).
ESMA received responses from the Bundesministerium für Ernährung und Landwirtschaft (Germany), the Ministry of Agriculture (Latvia) and the Ministry of Agriculture and Forestry (Finland).
Spørgsmålene og svarene blev sidst opdateret den 31. marts 2017.
These respondents have not raised any objections to the adoption of the proposed measures.
ESMA og EBA's investoradvarsel om »differencekontrakter (CFD'er)« af 28. februar 2013 (tilgængelig på: https://www.esma.europa.eu/sites/default/files/library/2015/11/2013-267.pdf), ESMA's investoradvarsel om risiciene ved investering i komplekse produkter af 7. februar 2014 (tilgængelig på: https://www.esma.europa.eu/sites/default/files/library/2015/11/investor_warning_-_complex_products_20140207_-_en_0.pdf), og ESMA's advarsel om CFD'er, binære optioner og andre spekulative produkter af 25. juli 2016 (tilgængelig på: https://www.esma.europa.eu/sites/default/files/library/2016-1166_warning_on_cfds_binary_options_and_other_speculative_products_0.pdf).
ESMA has notified NCAs of this proposed Decision,
F.eks. har arbejdet i den fælles gruppe ført til, at CY-CySEC vedtog en række håndhævelsesforanstaltninger med henblik på at øge overholdelsen blandt investeringsselskaber, der tilbyder spekulative produkter som CFD'er.
HAS ADOPTED THIS DECISION:
Opfordringen til indsendelse af dokumentation for potentielle produktinterventionsforanstaltninger vedrørende differencekontrakter og binære optioner for detailkunder (ESMA35-43-904).
Article 1
Antallet af respondenter er lavere end dette tal, da ESMA også modtog i) flere svar fra de samme respondenter (f.eks. et svar på hver af de foreslåede begrænsninger for CFD'er i en separat e-mail) og ii) gentagne svar fra de samme respondenter.
Definitions
Europa-Parlamentets og Rådets direktiv 2014/65/EU af 15. maj 2014 om markeder for finansielle instrumenter og om ændring af direktiv 2002/92/EF og direktiv 2011/61/EU (EUT L 173 af 12.6.2014, s. 349).
For the purposes of this Decision:
Se betragtning 35.
‘contract for differences’ or ‘CFD’ means a derivative other than an option, future, swap or forward rate agreement, the purpose of which is to give the holder a long or short exposure to fluctuations in the price, level or value of an underlying, irrespective of whether it is traded on a trading venue, and that must be settled in cash or may be settled in cash at the option of one of the parties other than by reason of default or other termination event;
Se betragtning 73 og 75.
‘excluded non-monetary benefit’ means any non-monetary benefit other than, insofar as they relate to CFDs, information and research tools;
CFD'er opfylder ikke kriterierne for ikkekomplekse finansielle instrumenter i overensstemmelse med den kombinerede læsning af artikel 25, stk.4, i direktiv 2014/65/EU og artikel 57 i Kommissionens delegerede forordning (EU) 2017/565 af 25. april 2016 om supplerende regler til Europa-Parlamentets og Rådets direktiv 2014/65/EU for så vidt angår de organisatoriske krav til og vilkårene for drift af investeringsselskaber samt definitioner af begreber med henblik på nævnte direktiv (EUT L 87 af 31.3.2017, s. 1).
‘initial margin’ means any payment for the purpose of entering into a CFD, excluding commission, transaction fees and any other related costs;
Et spread, der er citeret af en CFD-udbyder til detailkunder, kan omfatte en mark-up af de markedspriser, som udbyderen indhenter fra en ekstern kilde, som f.eks. en likviditetsudbyder.
‘initial margin protection’ means the initial margin determined by Annex I;
Se også artikel 19, stk. 2, litra d), i delegeret forordning (EU) 2017/567, og især den sidste underfaktor heri, dvs. brugen af blandt andet terminologi, der antyder et højere sikkerhedsniveau end hvad, der faktisk er muligt eller sandsynligt.
‘margin close-out protection’ means the closure of one or more of a retail client's open CFDs on terms most favourable to the client in accordance with Articles 24 and 27 of Directive 2014/65/EU when the sum of funds in the CFD trading account and the unrealised net profits of all open CFDs connected to that account falls to less than half of the total initial margin protection for all those open CFDs;
Se f.eks. den fælles advarsel fra ESMA, EBA og EIOPA om virtuelle valutaer.
‘negative balance protection’ means the limit of a retail client's aggregate liability for all CFDs connected to a CFD trading account with a CFD provider to the funds in that CFD trading account.
Den Finansielle Adfærdsmyndighed (UK-FCA), NCA i Det Forenede Kongerige, har noteret gearingsniveauer på 200:1 for mindre positionsstørrelser.
Article 2
Desuden har UK-FCA også observeret, at 200:1 er den typiske gearing i »store« valutaer, men 500:1 og lejlighedsvis højere er tilgængelig fra udbydere rettet mod mindre detailkunder.
Temporary restriction on CFDs in respect of retail clients
L'Autorité des marchés financiers (FR-AMF), den franske NCA, har observeret gearing på op til 400:1 for de mest likvide valutapar.
The marketing, distribution or sale to retail clients of CFDs is restricted to circumstances where at least all of the following conditions are met:
Irlands centralbank (IE-CBI), den irske NCA, har observeret gearing på op til 400:1.
the CFD provider requires the retail client to pay the initial margin protection;
Bundesanstalt für Finanzdienstleistungsaufsicht (DE-BaFin), den tyske NCA, fremhævede en konkret sag i Tyskland for et selskab med en gearing på 400:1 uden marginindkald.
the CFD provider provides the retail client with the margin close-out protection;
Commissione Nazionale per le Società e la Borsa (IT-CONSOB), den italienske NCA, og den bulgarske NCA, Комисията за финансов надзор (BG-FSC), har observeret gearing på op til 500:1.
the CFD provider provides the retail client with the negative balance protection;
Se betragtning 15.
the CFD provider does not directly or indirectly provide the retail client with a payment, monetary or excluded non-monetary benefit in relation to the marketing, distribution or sale of a CFD, other than the realised profits on any CFD provided; and
Det er imidlertid også markedspraksis for CFD-udbydere at indstille et margenopkaldsniveau, der er højere end margin close-out-niveauet, og som giver kunden mulighed for at indsende yderligere margin for at understøtte deres handel.
the CFD provider does not send directly or indirectly a communication to or publish information accessible by a retail client relating to the marketing, distribution or sale of a CFD unless it includes the appropriate risk warning specified by and complying with the conditions in Annex II.
Kunden kan vælge at gøre det med risiko for at tabe flere penge.
Article 3
Hvis en udbyder f.eks. indstiller marginalopkaldsniveauet til 70 % af en initialmargin på 100, vil kunden blive bedt om at placere flere penge på handelskontoen, når saldoen falder til 70 eller lavere.
Prohibition of participating in circumvention activities
ESMA og kompetente nationale myndigheder har delt information, herunder i en diskussion, i forbindelse med udbud af CFD'er i hele EU.
It shall be prohibited to participate, knowingly and intentionally, in activities the object or effect of which is to circumvent the requirements in Article 2, including by acting as a substitute for the CFD provider.
Ceská národní banka (CZ-CBN), den tjekkiske NCA, har observeret, at tjekkiske CFD-udbydere normalt lukker positioner, når margin falder under 15 %.
Article 4
DE-BaFIN og BG-FSC har observeret, at kundernes positioner ville blive lukket, når midler på en kundes konto falder mellem 30-50 % af minimumsmarginen.
Entry into force and application
Kommissionen, Surveillance du Secteur Financier (LU-CSSF), den luxembourgske NCA og l'Autorité des marchés financiers (FR-AMF), den franske NCA, har bemærket, at automatiske close-outs fastsat af udbydere typisk ligger mellem 120-150 % af initialmarginen.
This Decision enters into force on the day following that of its publication in the Official Journal of the European Union.
CY-CySEC og UK-FCA.
This Decision shall apply from 1 August, 2018 for a period of 3 months.
F.eks. med en gearing på 50:1 en prisændring på mere end 2 %.
Done at Paris, 22 May 2018.
F.eks. FR-AMF, DE-BaFIN og UK-FCA.
For the Board of Supervisors
Ifølge DE-BaFin blev »sådanne produkter (CFD'er) … offentligt kendt først og fremmest som følge af »schweiziske franc chokket« i begyndelsen af 2015, da den schweiziske nationalbank opgav loftet på den schweiziske francs værdi over for euroen og mange CFD-investorer led store tab som følge af at skulle indbetale yderligere summer senere.
The Chair
« Tilgængelig på: https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Pressemitteilung/2016/pm_161208_allgvfg_cfd_en.html.
OJ L 331, 15.12.2010, p. 84.
Nogle respondenter til opfordringen til indsendelse af dokumentation antydede, at de tabte mere end 100000 EUR, mens de handlede CFD'er.
OJ L 173, 12.6.2014, p. 84.
Se et eksempel, hvor en investor tabte 280000 EUR med en investering på kun 2800 EUR.
OJ L 87, 31.3.2017, p. 90.