natgillin/translations-raw huggingface dataset:
Endelig ville anvendelsen af nationale tilsynsmyndigheders kontrolbeføjelser i henhold til artikel 69 i direktiv 2014/65/EU, f.eks. i henhold til stk. 2, litra f) (midlertidigt forbud mod erhvervsmæssig aktivitet) og litra t) (suspension af markedsføring eller salg pga. en manglende overholdelse af krav til produktgodkendelsesproces) heller ikke tage fat på det væsentlige investorbeskyttelseshensyn.
In July 2017, the Polish Ministry of Finance released a project of change in the Act on Trading in Financial Instruments in order to set maximum leverage of 25:1 across all asset classes and financial instruments traded by retail clients without CCP settlement.
En foranstaltning vedrørende produktintervention gælder for et produkt eller en aktivitet vedrørende det pågældende produkt og finder derfor anvendelse på alle investeringsselskaber, der tilbyder det produkt eller den aktivitet, i stedet for et enkelt investeringsfirmas manglende efterlevelse.
Following its wide public consultation between July and November 2017, on 13 December 2017, the Polish Ministry of Finance announced an update to the project with a public consultation open from 13 to 22 December 2017.
Ved at behandle de risici, der følger af udbuddet af CFD'er til detailkunder på EU-plan, er interventionsforanstaltningen mere effektiv end kompetente nationale myndigheder, der forsøger at skride ind for hver enkelt virksomhed individuelt.
The new project will introduce two different maximum leverage limits: 100:1 for experienced retail clients (those who concluded at least 40 transactions in the 24 months prior to entering into a new transaction for which a leverage limit is being established) and 50:1 for inexperienced retail clients;
Som det fremgår af ovenstående viser bevismaterialet, at dette er et problem på verdensplan, da problemet ikke er begrænset til særlige udbyderes særlige forhold, og at de vigtigste risici er iboende for produktet og udbydernes forretningsmodel.
since October 2017, the Malta Financial Services Authority (‘MT-MFSA’), the NCA in Malta, has in place an Online Forex Policy requiring providers of CFDs, rolling spot forex and other complex, speculative products to set the following leverage limits: 50:1 for retail clients and 100:1 for retail clients which elect to be treated as professional clients;
Forskellige enkeltstående tilsynsforanstaltninger vil derfor ikke umiddelbart sikre, at skader på detailkunder forebygges, og vil ikke tilbyde et passende alternativ til brugen af ESMA's interventionsbeføjelser.
in May 2017, the Bundesanstalt für Finanzdienstleistungsaufsicht (‘DE-BaFin’), the German NCA, banned the marketing, distribution or sale of CFDs to retail clients that do not exclude additional payment obligations;
Den grænseoverskridende karakter af distribuering af CFD'er, den omstændighed, at de berører mere end en medlemsstat, spredningen af distribueringen af CFD'er i nye jurisdiktioner og udbredelsen af forskellige nationale foranstaltninger til løsning af lignende hensyn vedrørende investorbeskyttelse (som på tur, kan bidrage til risikoen for lovgivningsmæssig arbitrage) fører til den konklusion, at EU-dækkende foranstaltninger til sikring af et fælles beskyttelsesniveau i hele EU betragtes som nødvendige.
in March 2017, the ES-CNMV requested entities which market to retail clients established in Spain, CFDs or forex products with leverage of over 10 times or binary options to expressly inform such clients that the ES-CNMV considers that, due to the complexity and the level of risk of these products, their acquisition is not suitable for retail clients.
ESMA'S FORANSTALTNING VEDRØRER DET VÆSENTLIGE PROBLEM MED HENSYN TIL INVESTORBESKYTTELSE OG HAR IKKE EN SKADELIG VIRKNING PÅ DE FINANSIELLE MARKEDERS EFFEKTIVITET ELLER PÅ INVESTORER, DER IKKE STÅR I FORHOLD TIL FORANSTALTNINGENS FORDELE (ARTIKEL 40, STK.
These entities have also been requested to ensure that clients are informed of the cost they would have to assume if they decided to close their position upon purchasing such products and, in the case of CFDs and forex products, that they are warned that, due to leverage, the losses could be greater than the amount initially paid to purchase the relevant product.
2, LITRA a), OG STK.
In addition, they must obtain from the client a handwritten or recorded verbal statement that allows them to prove that the client is aware that the product they are going to acquire is particularly complex and that the ES-CNMV considers that it is not suitable for a retail client.
3, LITRA a), I FORORDNING (EU) Nr. 600/2014)
Furthermore, the advertising material used by the entities subject to the ES-CNMV's action to promote these products must always contain a warning about the difficulty of understanding the products and the fact that the ES-CNMV considers that these products are not suitable for retail clients because of their complexity and the level of risk they carry.
Under hensyntagen til størrelsen og arten af den væsentlige investorbeskyttelseshensyn, anser ESMA det nødvendigt og forholdsmæssigt at midlertidigt begrænse markedsføring, distribution eller salg af CFD'er til detailkunder under omstændigheder, hvor en række betingelser er opfyldt.
The ES-CNMV also requested CY-CySEC and the UK-FCA to inform CFD providers of these requirements, encouraging providers that provide services in Spain to display the same warning;
ESMA's begrænsning vedrører det væsentlige investorbeskyttelseshensyn, der er identificeret ved at give et passende og ensartet minimumsbeskyttelsesniveau til detailkunder, der handler med CFD'er i Unionen.
on 6 March 2017, the IE-CBI issued a consultation paper which sought views on two main options: (i) the prohibition of the sale or distribution of CFDs to retail clients, or (ii) the implementation of enhanced investor protection measures, including a limitation on leverage and a requirement that retail clients cannot lose more than the amount they had deposited on a per-position basis;
Desuden har den ikke en skadelig indvirkning på effektiviteten på de finansielle markeder eller på investorer, der er uforholdsmæssigt store i forhold til deres fordele.
on 10 May 2017 the Ελληνική Επιτροπή Κεφαλαιαγοράς (‘EL-HCMC’),the Greek NCA, issued a circular on providing investment services in over-the-counter derivative financial instruments (including forex, CFDs and binary options) through electronic trading platforms; and
De vigtigste fordele forbundet med ESMA's midlertidige interventionsforanstaltninger er følgende:
in February 2018, the PT-CMVM issued a circular letter stating that investment firms shall refrain from providing trading services related to derivatives linked to cryptocurrencies if they are unable to ensure compliance with all the information obligations towards clients regarding the characteristics of the products.
reduktion af risici i forbindelse med lovgivningsmæssig eller tilsynsarbitrage på tværs af forskellige enheder og jurisdiktioner
In addition to this, the Finanstilsynet (‘NO-Finanstilsynet’), the Norwegian NCA, published on 26 February 2018 a consultation paper in which they propose inter alia similar measures in relation to CFDs as proposed by ESMA in the call for evidence.
genoprette investorernes tillid til finansielle markeder, herunder tillid til udbydere, der er aktive inden for denne sektor, som muligvis har lidt et prestigetab som følge af problemer, som investorerne har oplevet.
The consultation period is from 26 February 2018 until 26 March 2018.
ESMA mener, at mulige finansielle konsekvenser og omkostninger, som udbydere vil have i forbindelse med gennemførelsen af interventionsforanstaltningerne i denne afgørelse, sandsynligvis vil være af en engangssammenhængende karakter, der blandt andet er knyttet til:
Other NCAs have warned retail clients in relation to CFDs.
indledende og løbende IT-omkostninger
In particular:
opdatering/gennemgang af de eksisterende proceduremæssige og organisatoriske ordninger
in December 2016, the AT-FMA issued a warning regarding the risks associated with CFDs, rolling spot forex and binary options;
relevante HR-omkostninger i forbindelse med gennemførelsen af ESMA's interventionsforanstaltninger (herunder overvågningsfunktion og personale, der yder relevante investeringstjenester eller giver oplysninger om produkterne)
in February 2017, IT-CONSOB issued a specific communication to warn Italian retail clients on the risks associated with CFDs; and
den potentielle gennemgang og opdatering af eksisterende kontrakter (omlægning) og
in November 2017, the UK-FCA issued a warning regarding the risks associated with CFDs on cryptocurrencies.
reducerede salgsmængder af produkter omfattet af ESMA's interventionsforanstaltninger.
Furthermore, the NO- Finanstilsynet has revoked the authorisation of a CFD provider after an on-site inspection.
Det er muligt, at nogle af disse omkostninger vil blive videregivet til investorer.
As evidenced above, some actions to tackle investor protection concern arising from the marketing, distribution or sale of CFDs to retail clients have been taken or considered by NCAs in 13 out of 28 Member States.
Yderligere beskrivelse af interventionsforanstaltningernes forventede virkning er angivet nedenfor.
These measures vary significantly and include, inter alia, a ban on the commercialisation of CFDs to retail clients, the introduction of certain leverage limits, marketing restrictions and a requirement to ensure negative balance protection.
Initialmarginbeskyttelse
However, even though these measures have had some effects, the significant investor protection concern persist.
ESMA finder det nødvendigt at begrænse markedsføring, distribution eller salg af CFD'er til detailkunder ved anvendelse af visse specifikke gearingslofter afhængigt af det underliggende.
For example, in France, where one of the strongest measures in the Union was adopted, the FR-AMF confirms that it still has concerns linked to the features of these products and to the continuing offer of these products to retail clients.
Indførelsen af disse gearingslofter vil beskytte kunder ved at kræve, at de indbetaler en minimumsinitialmargin for at indgå en CFD.
By way of example, while the FR-AMF has recorded a reduction in the number of complaints in 2017, it still observes a significant number (33 %) of complaints in relation to these products, compared to the overall number of complaints it receives in relation to other investment products and services.
Dette krav kaldes initialmarginbeskyttelse.
In Poland, the adoption of measures in July 2015 has not been sufficient to address investor protection concern.
Dette vil begrænse kundens fiktive investeringseksponering i forhold til det investerede beløb.
As previously mentioned, a study conducted by the PL-KNF in the first quarter of 2018 showed that 79,69 % of clients lost money in 2017 and the average loss per client increased.
Da de omkostninger, som en kunde står overfor, stiger ved fiktive investeringseksponeringer, vil initialmarginbeskyttelse reducere sandsynligheden for kundernes tab i forhold til forventningerne, hvis kunden skulle handle med højere gearing.
In contrast, in Belgium, the BE-FSMA is satisfied with the result of its action; however, BE-FSMA introduced a ban of the commercialisation of CFDs to retail clients and therefore these products cannot be legally offered to retail clients in Belgium anymore.
Som yderligere forklaret nedenfor bekræfter empirisk akademisk forskning denne analyse og fastslår, at leverage grænser forbedrer de gennemsnitlige resultater for investorerne.
ESMA does not have evidence that a prohibition of, as opposed to restrictions on, the marketing, distribution or sale of CFDs to retail clients at Union level is necessary at this stage.
ESMA har med sin konklusion taget hensyn til svarene fra sin oplysningsanmodning.
However, given that the individual restrictions applied in the national measures taken so far which featured only some of the elements included in this measure (for example specific leverage limits or marketing restrictions) proved to be insufficient to solve the investor protection concern identified, ESMA considers it necessary to impose each of the requirements in this Decision as a package to achieve a minimum level of protection of retail clients across the Union.
Svarene fra udbydere, handelsorganisationer og andre interesserede enheder var med nogle undtagelser generelt negative over for de foreslåede gearingslofter i opfordringen til indsendelse af dokumentation.
Furthermore, CFDs are commonly marketed, distributed or sold through online trading accounts.
Den væsentligste indvirkning for udbydere ved indførelse af gearingslofter, som foreslået, var et forventet fald i indtægterne.
Therefore, a national ban or restriction is inadequate to protect retail clients in Member States other than the the Member State in which the measure is taken when CFD providers operate in other Member States.
Mange indikerede imidlertid, at de — generelt — ikke modsatte sig gearingslofter som en interventionsforanstaltning, men var uenige med de foreslåede specifikke grænser.
As evidenced by data gathered by the UK-FCA and the CY-CySEC, CFD providers have been able to reach out to new clients across the Union easily and quickly by operating online.
Forbrugerrepræsentanterne var generelt positive over for de foreslåede foranstaltninger vedrørende CFD'er, herunder de gearingslofter, som ESMA havde foreslået.
As a further example confirming the persisting EU dimension of business in this area, IT-CONSOB reported to ESMA that all complaints it received on CFDs and binary options in the time period from September 2017 to February 2018 entirely concerned CFD providers operating in Italy from five different Member States by virtue of the freedom to provide investment services or activities or the right to establish a branch in other Member States.
I næsten halvdelen af svarene fra forbrugerrepræsentanterne blev det imidlertid foreslået at gå ud over de foranstaltninger, som ESMA havde foreslået, ved at vedtage strengere foranstaltninger som strengere gearingslofter eller et fuldstændigt forbud mod markedsføring, distribution eller salg af CFD'er til detailkunder.
In the light of the above, for national measures to be effective for retail clients across the Union, it would be necessary for NCAs in all Member States to take action aimed at introducing the common minimum level of investor protection set out in this Decision within a short period of time.
De fleste reaktioner fra enkeltpersoner var en generisk, ofte meget kort, godkendelse eller misbilligelse af de foreslåede foranstaltninger, og kun et meget begrænset antal kvalificerede deres kommentarer på en mere omfattende måde.
Since this has not occurred and given the urgency to address the investor protection concern identified, ESMA finds it necessary to exercise its temporary product intervention powers.
Langt størstedelen af disse personer var negative over for de foreslåede gearingslofter.
The current fragmented framework provides retail clients with no or a different level of protection across the Union when investing in the same complex products, sometimes from the same providers.
Blandt de få personer, der støtter ESMA's foreslåede foranstaltninger vedrørende CFD'er, nævnte nogle, at de mener, at detailkunder kræver et yderligere beskyttelsesniveau, når de handler med disse instrumenter.
Lastly, the use of supervisory powers by NCAs under Article 69 of Directive 2014/65/EU, for example under paragraph (2)(f) (temporary prohibition of professional activity) and (t) (suspension of the marketing or sale for a lack of compliance with the product approval process requirements) would also not address the significant investor protection concern.
I nogle tilfælde hævdede investorerne, at de var blevet ofre for bedrageri.
By addressing on a Union basis the risks arising from the offer of CFDs to retail clients, the intervention measure is more effective than NCAs trying to take action against each firm individually.
Nogle respondenter til opfordringen til indsendelse af dokumentation antydede, at de ville sætte pris på yderligere finjustering af de kategorier, der blev brugt til den initialmarginbeskyttelse.
As noted above, evidence shows that this is a market wide issue as the problem is not limited to the specificities of particular providers and that the key risks are inherent to the product and to the providers' business model.
En respondent angav flere specifikke underliggende for omklassificering på grund af dens volatilitet.
As such, varied individual supervisory actions would not immediately ensure that further harm to retail clients is prevented and would not provide an adequate alternative to the use of ESMA's intervention powers.
Efter yderligere kvantitativ analyse har ESMA omplaceret EuroSTOXX50 til aktivklasse for større indeks.
The cross-border nature of the distribution of CFDs, the fact that they affect more than one Member State, the spread of the distribution of CFDs in new jurisdictions, and the proliferation of different national measures to address similar investor protection concern (which, in turn, may contribute to the risk of regulatory arbitrage) lead to the conclusion that Union-wide measures to ensure a common level of protection across the Union are considered necessary.
Også NASDAQ-100 tilføjes til aktivklasse for større indekser.
ESMA'S MEASURE ADDRESSES THE SIGNIFICANT INVESTOR PROTECTION CONCERN IDENTIFIED AND DOES NOT HAVE A DETRIMENTAL EFFECT ON THE EFFICIENCY OF FINANCIAL MARKETS OR ON INVESTORS THAT IS DISPROPORTIONATE TO ITS BENEFITS (ARTICLE 40(2)(a) AND (3)(a) OF REGULATION (EU) No 600/2014)
Eksisterende forskning tyder på, at lavere gearing er forbundet med forbedrede kundeudfald, herunder lavere tab pr. handel og lavere samlede transaktionsgebyrer som en funktion af lavere handelsvolumener.
Taking into account the size and nature of the significant investor protection concern identified, ESMA considers it necessary and proportionate to temporarily restrict the marketing, distribution or sale of CFDs to retail clients to circumstances where a number of conditions are met.
I særdeleshed konkluderer detaljeret forskning fra Rawley Z. Heimer og Alp Simsek, der sammenligner klientresultater før og efter anvendelsen af gearingslofter på det amerikanske marked, at gearing begrænser forbedrede resultater for de højestgearede kunder med 18 procentpoint pr. måned og mindsker deres tab med 40 %.
ESMA's restriction addresses the significant investor protection concern identified by affording an appropriate and uniform level of minimum protection to retail clients trading CFDs in the Union.
Denne dybtgående akademiske undersøgelse viser et positivt forhold mellem lavere gearing og lavere handelsvolumener, hvilket har bidraget til forbedrede resultater for forbrugerne.
Furthermore, it does not have a detrimental effect on the efficiency of financial markets or on investors that is disproportionate to its benefits.
ESMA har ikke i løbet af opfordringen til indsendelse af dokumentation modtaget nogen kvantitative data, der viser, at indførelsen af en initialmarginbeskyttelse medfører lavere investeringsafkast for detailkunder.
The main benefits linked to ESMA's temporary intervention measures are the following:
Desuden kræver en minimumsinitialmargin en del af fordelingsrisikoen for CFD'er ved at sikre, at kun detailkunder, der er i stand til at indbetale en tilstrækkelig høj margin, kan handle med disse produkter.
reduction of the mis-selling risk of CFDs and its related financial consequences.
Tilsvarende forventes initialmarginbeskyttelsen at sænke sandsynligheden for, at CFD-udbydere henvender sig til en gruppe detailkunder med udsigt til mindre kontostørrelser, understøttet af højere gearing.
This is a major benefit for retail clients and for the financial markets as a whole;
Det vil sandsynligvis opmuntre virksomhederne til at fokusere på sofistikerede detailkunder og professionelle kunder, snarere end »kurtagerytteri« over for mindre sofistikerede detailkunder.
reduction of risks linked to regulatory or supervisory arbitrage across different entities and jurisdictions;
Den foreslåede initialmarginbeskyttelse vil derfor medvirke til at sikre, at CFD-udbydere handler på vilkår, der er i deres kunders bedste, i stedet for at søge at tiltrække nye kunder eller for at udvide markedsandelen gennem højere gearingsniveauer.
restoring investors' confidence in financial markets including confidence in providers active in this sector which may have suffered from reputational damage arising from problems encountered by investors.
Initialmarginbeskyttelse vil også bidrage til at løse risikoen for potentielle interessekonflikter, især når CFD-udbydere ikke afdækker deres kunders handler og dermed har direkte indflydelse på kundernes tab, ved at reducere risikoen for, at virksomhederne drager fordel af at miste kundehandler og forventede overskud fra handel.
ESMA believes that potential financial consequences and costs that providers will face when implementing the intervention measures in this Decision are likely to be of both a one-off and ongoing nature linked, inter alia, to:
Det afspejler en fælles investorbeskyttelsesmetode foretaget af en række andre internationale jurisdiktioner.
initial and ongoing IT costs;
Initialmarginbeskyttelse for hvert underliggende er fastsat i henhold til det underliggende instruments volatilitet ved hjælp af en simuleringsmodel for at vurdere sandsynligheden for, at en kunde taber 50 % af sin initiale investering i en passende holdingperiode.
the update/review of the existing procedural and organisational arrangements;
Især foretog ESMA en kvantitativ simulering af fordelingen af afkast, som en investor i en enkelt CFD kunne forvente at modtage på forskellige gearingsniveauer.
relevant HR costs linked to the implementation of ESMA's intervention measures (including compliance function staff and staff providing relevant investment services or information about the products);
Udgangspunktet for simuleringen var ca. 10 års daglige markedsprisdata (i de fleste tilfælde) for forskellige underliggende typer, der almindeligvis anvendes i CFD'er, der sælges til detailkunder.
the potential review and update of existing contracts (repapering); and
Med henblik på analysen vurderede ESMA en CFD, der automatisk lukkes, hvis marginen når 50 % af den oprindelige værdi.
reduced sales volumes of products covered by ESMA's intervention measures.
Den simulerede sandsynlighed med hvilken close-out opstår afhænger af (og øges ved) den givne gearing.
It is possible that some of these costs will be passed on to investors.
I en undersøgelse beregnedes sandsynligheden for (automatisk) close-out som en funktion af gearing.
Further reference to the expected impact of the intervention measures is set out below.
Denne beregning gør det muligt at fastsætte gearingslofter efter en model, der forventes at fokusere på skade på en konsekvent basis på tværs af forskellige underliggende typer.
Initial margin protection
ESMA mente, at det var hensigtsmæssigt at fastsætte en initialmarginbeskyttelse ved at antage, at detailkunderne har et aktiv i mindst en dag, i betragtning af investorernes detailsalg og statistikker om fordelingen af CFD-holdingperioder (ved hjælp af data indsamlet af kompetente nationale myndigheder).
ESMA considers it necessary to restrict the marketing, distribution or sale of CFDs to retail clients by the application of certain specific leverage limits depending on the nature of the underlying.
For at tilvejebringe et konsekvent referencepunkt simulerede ESMA, hvilken gearing der ville føre til margin-close-out med en 5 % sandsynlighed for forskellige underliggende aktiver.
The introduction of these leverage limits will protect clients by requiring them to pay a minimum initial margin in order to enter into a CFD.
Sortimentet af resultater inden for hver aktivklasse angav derefter udvælgelsen af gearingslofter.
This requirement is known as ‘initial margin protection’.
I de fleste tilfælde blev grænserne sat konservativt mod den nedre ende af spredningen.
This will limit the client's notional investment exposure in relation to the amount of money invested.