natgillin/translations-raw huggingface dataset:
Den kompetente myndighed i værtslandet har ret til at gennemgå de foranstaltninger , filialen har truffet , 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 , og artikel 18 samt bestemmelser vedtaget i medfør heraf .
The competent authority of the host Member State shall have the right to examine branch arrangements and to request such changes as are strictly needed to enable the competent authority to enforce the obligations under Articles 12 ( 7 ) and 18 and measures adopted pursuant thereto . 4 .
Hver 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 .
Each Member State shall provide that , where an investment firm authorised in another Member State has established a branch within its territory , the competent 68 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 .
9 . 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 .
Artikel 31 Adgang til regulerede markeder 9 .
Article 31 Access to regulated markets 1 .
1 . 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 : ( a ) ( b ) direkte ved at oprette en filial i værtslandet 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
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 : ( a ) ( b ) directly , by setting up branches in the host Member States ; 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 ;
( c ) 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 .
and / or 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 . ( c )
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 .
1 tillagte rettighed berører ikke investeringsselskabets forpligtelse til at opfylde eventuelle gennemsigtige og objektive forretningsmæssige kriterier , som det regulerede marked i henhold til artikel 39 eventuelt opstiller som betingelse for medlemskab eller adgang .
The right conferred by paragraph 1 shall be without prejudice to the obligation of the investment firm to comply with any transparent and objective commercial criteria which the regulated market imposes as a condition for membership or access in accordance with Article 39 .
Artikel 32 Adgang til clearing - og afviklingsfaciliteter samt ret til at vælge afviklingssystem
Article 32 Access to clearing and settlement facilities and right to designate settlement system
Medlemsstaterne sikrer , at investeringsselskaber fra andre medlemsstater har mulighed for at få direkte eller indirekte adgang til centrale modparts -, clearing - og afviklingssystemer på deres område med henblik på at afslutte transaktioner med finansielle instrumenter .
Member States shall ensure that investment firms from other Member States have the possibility 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 sikrer , at disse investeringsselskabers adgang til sådanne faciliteter er underlagt de samme gennemsigtige og objektive forretningsmæssige kriterier som dem , der gælder for lokale deltagere .
Member States shall ensure that access of those investment firms to such facilities is subject to the same transparent and objective commercial criteria as apply to local 69 participants .
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 , ( a ) 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 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 .
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 : ( a ) 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 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 .
( a ) 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 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 .
In order to ensure the uniform application of paragraphs 1 , 2 and 3 , the Commission shall adopt , in accordance with the procedure referred to in Article 59 ( 2 ) , implementing measures which clarify : ( a ) 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 ; 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 .
AFSNIT III REGULEREDE MARKEDER Artikel 33 Tilladelse og lovvalg
TITLE III REGULATED MARKETS Article 33 Authorisation and applicable law
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 . 70
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 .
Medlemsstaterne kræver , at det regulerede marked udfører de opgaver , der er forbundet med dets organisering og drift , under den kompetente myndigheds tilsyn og ansvar .
Member States shall require the regulated market to perform tasks relating to its organisation and operation under the supervision and responsibility of the competent authority .
Medlemsstaterne sikrer , at de kompetente myndigheder løbende kontrollerer regulerede markeders overholdelse af bestemmelserne i dette afsnit .
Member States shall ensure that competent authorities keep under regular review the compliance of regulated markets with the provisions of this Title .
Uden at foregribe eventuelle relevante bestemmelser i direktiv 2002 /..
Without prejudice to any relevant provisions of Directive 2002 /..
/ EF [ om markedsmisbrug ] er transaktioner udført efter det regulerede markeds regler og systemer underlagt de offentligretlige regler i det regulerede markeds hjemland .
/ EC [ Market Abuse ] , the public law governing the transactions conducted under the rules and systems of the regulated market shall be that of the home Member State of the regulated market .
Medlemsstaterne kræver , at det regulerede marked giver den kompetente myndighed meddelelse om eventuelle påtænkte ændringer af de betingelser , hvorunder tilladelsen blev meddelt , eller af driftsplanen .
Member States shall require the regulated market to notify the competent authority of any intended change to the conditions under which authorisation was granted or to its programme of operations .
Den kompetente myndighed nægter at give tilladelse til de foreslåede ændringer , såfremt driftsplanen efter ændringerne ikke ville opfylde betingelserne i dette afsnit .
The competent authority shall refuse to authorise the proposed changes where the resulting programme of operations would not fulfil the conditions laid down in this Title .
Medlemsstaterne foreskriver , at den kompetente myndighed kan inddrage en tilladelse , der er givet til et reguleret marked , såfremt manglende overholdelse af bestemmelserne i dette afsnit har ført til eller kan føre til påviselig og væsentlig forstyrrelse af den sunde og forsigtige forvaltning af det regulerede marked eller af de finansielle markeders gnidningsløse og ordnede funktion .
Member States shall provide that the competent authority may withdraw the authorisation granted to a regulated market where failure to comply with the provisions of this Title has resulted or may result in demonstrable and significant prejudice to the sound and prudent operation of the regulated market or the smooth and orderly functioning of financial markets .
Artikel 34 Krav til markedsoperatøren 1 .
Article 34 Requirements for the market operator 1 .
Medlemsstaterne kræver , at markedsoperatøren har et tilstrækkeligt godt omdømme og tilstrækkelige erfaringer til at sikre en sund og forsigtig forvaltning af det regulerede marked .
Member States shall require the market operator to be of sufficiently good repute and sufficiently experienced as to ensure the sound and prudent management of the regulated market .
Medlemsstaterne kræver tillige , at det regulerede marked underretter den kompetente myndighed om enhver udskiftning af de personer , der faktisk leder det regulerede markeds forretninger .
Member States shall also require the regulated market to inform the competent authority of any changes to the identity of the persons who effectively direct the business of the regulated market .
Den kompetente myndighed nægter at godkende foreslåede personaleændringer hos markedsoperatøren , såfremt der er objektive og påviselige grunde til at tro , at disse ændringer vil true den sunde og forsigtige forvaltning af det regulerede marked .
The competent authority shall refuse to approve proposed changes to the personnel of the market operator where there are objective and demonstrable grounds for believing that they pose a threat to the sound and prudent management of the regulated market .
Medlemsstaterne sikrer , at markedsoperatøren har ansvaret for især at sikre , at det regulerede marked opfylder alle krav i dette afsnit .
Member States shall ensure that the market operator is responsible , in particular , for ensuring that the regulated market complies with all requirements under this Title .
Medlemsstaterne kræver , at markedsoperatøren på tidspunktet for meddelelsen af tilladelsen og derefter råder over tilstrækkelige finansielle ressourcer til at lette det regulerede markeds ordnede funktion under hensyntagen til arten og omfanget af de transaktioner , der gennemføres på det regulerede marked , og til arten og omfanget af de risici , det regulerede marked er udsat for .
Member States shall require that the market operator possess , at the time of authorisation and on an ongoing basis , sufficient financial resources to facilitate the orderly functioning of the regulated market , having regard to the nature and extent of the transactions concluded on the regulated market and the range and degree of the risks to which the regulated market is exposed .
3 vedtager Kommissionen efter fremgangsmåden i artikel 59 , stk . 2 , og under hensyntagen til eventuelle andre ordninger , det regulerede marked måtte anvende for at mindske de risici , det er udsat for , gennemførelsesbestemmelser til fastlæggelse af størrelsen af de økonomiske ressourcer , en markedsoperatør skal råde over .
4 . In order to ensure the uniform application of paragraph 3 , the Commission shall adopt , in accordance with the procedure referred to in Article 59 ( 2 ) , implementing measures to determine the financial resources that a market operator is to be required to hold , taking into account any other arrangements that may be used by the regulated market to mitigate the risks to which it is exposed .
Markedsoperatører , som af den kompetente myndighed i deres hjemland anerkendes som opfyldende stk . 1 , anses for at opfylde disse krav , når de ansøger om tilladelse til at etablere et reguleret marked i en anden medlemsstat .
Market operators which are recognised by the competent authority of their home Member State as complying with paragraph 1 shall be deemed to comply with those requirements when seeking authorisation to establish a regulated market in another Member State .
Artikel 35 Krav vedrørende personer , der udøver faktisk kontrol over det regulerede marked 1 .
Article 35 Requirements relating to persons exercising effective control of the regulated market 5 .
Medlemsstaterne kræver , at personer , der er i en situation , hvor de direkte eller indirekte kan udøve faktisk kontrol over det regulerede marked , er hæderlige og egnede .
2 . Member States shall require the persons who are in a position to exercise , directly or indirectly , effective control of the regulated market to be suitable .
Medlemsstaterne kræver , at det regulerede marked ( a ) giver den kompetente myndighed og offentligheden oplysninger om sin ejerstruktur og især om , hvem der eventuelt er i en situation , hvor de kan kontrollere driften af det regulerede marked , og størrelsen af deres interesser underretter den kompetente myndighed og offentligheden om eventuelle ejerskift , hvorved identiteten af de personer , der faktisk udøver kontrol , ændres . 4 .
Member States shall require the regulated market : ( a ) to provide the competent authority with , and to make public , information regarding its ownership structure , and in particular , the identity and scale of interests of any parties in a position to exercise control over its operation ; to inform the competent authority of and to make public any transfer of ownership which gives rise to change in the identity of the persons exercising effective control .
2 . ( b )
( b ) 3 .
3 . Den kompetente myndighed nægter at godkende foreslåede ændringer af det regulerede markeds kontrollerende interesser , hvis der er objektive og påviselige
The competent authority shall refuse to approve proposed changes to the controlling interests of the regulated market where there are objective and demonstrable grounds for believing that they would pose a threat to the sound and prudent management of the regulated market .
grunde til at tro , at disse ændringer ville true den sunde og forsigtige forvaltning af det regulerede marked .
Article 36 Organisational requirements 1 .
Artikel 36 Organisatoriske krav Medlemsstaterne kræver , at det regulerede marked ( a ) har indført ordninger med henblik på klart at kunne påvise og håndtere de potentielle ugunstige følger for det regulerede markeds eller dets deltageres funktion af eventuelle interessekonflikter mellem på den ene side det regulerede marked , dets ejere eller dets operatør og på den anden side det regulerede markeds sunde funktion , især når sådanne interessekonflikter kan være til skade for udøvelsen af eventuelle hverv , som den kompetente myndighed måtte have henlagt til det regulerede marked er tilstrækkeligt rustet til at styre de risici , markedet udsættes for , anvender fyldestgørende ordninger og systemer med henblik på at påvise alle væsentlige risici for markedets drift og har indført effektive foranstaltninger til at mindske disse risici har indført ordninger med henblik på sund teknisk forvaltning af systemet , bl .
Member States shall require the regulated market : ( a ) to have arrangements to identify clearly and manage the potential adverse consequences , for the operation of the regulated market or its participants , of any conflict of interest between the interest of the regulated market , its owners or its operator and the sound functioning of the regulated market , and in particular where such conflicts of interest might prove prejudicial to accomplishment of any functions delegated to the regulated market by the competent authority ; to be adequately equipped to manage the risks to which it is exposed , implements appropriate arrangements and systems to identify all significant risks to its operation , and has put in place effective measures to mitigate those risks ;
a. ved at etablere effektive nødsystemer for at kunne håndtere risikoen for systemfejl har indført gennemsigtige og faste regler og procedurer , der muliggør en effektiv ordreudførelse efter objektive kriterier , således at markedsdeltagerne opnår den bedst mulige kurs på markedet på det pågældende tidspunkt i betragtning af størrelsen af deres interesser .
to have arrangements for the sound management of the technical operations of the system , including the establishment of effective contingency arrangements to cope with risks of systems disruptions ; to have transparent and non-discretionary rules and procedures that provide for the efficient execution of orders in accordance with objective criteria so as to enable market participants to obtain the best price available on the market , at the time and for their size of interest .
Disse regler og procedurer skal forhåndsgodkendes af den kompetente myndighed i hjemlandet har iværksat effektive ordninger , der kan lette en effektiv og rettidig afslutning af de transaktioner , der foretages efter markedets regler og systemer .
Those rules and procedures shall be subject to prior approval by the competent authority of the home Member State ; to have effective arrangements to facilitate the efficient and timely finalisation of the transactions executed under its rules and systems .
Artikel 37 Finansielle instrumenters optagelse til handel 1 .
Article 37 Admission of financial instruments to trading ( d )
Medlemsstaterne sikrer , at de regulerede markeder har klare og gennemsigtige regler for finansielle instrumenters optagelse til handel .
Member States shall ensure that regulated markets have clear and transparent rules regarding the admission of financial instruments to trading .
Medlemsstaterne kræver , at reglerne bliver godkendt af den kompetente myndighed under hensyntagen til alle gennemførelsesbestemmelser , der vedtages i medfør af stk . 6 .
Member States shall require those rules to be approved by the competent authority , taking into account all implementing measures adopted pursuant to paragraph 6 .
Reglerne skal sikre , at eventuelle finansielle instrumenter , der optages til handel på et reguleret marked , er blevet udstedt på en måde , der fremmer deres frie omsættelighed samt den frie handel med disse instrumenter på rimelige , regulære og effektive betingelser .
Those rules shall ensure that any financial instruments admitted to trading in a regulated market have been issued in a manner conducive to free negotiability and trading under conditions which are fair , orderly and efficient .
Er der tale om derivater , skal reglerne særlig sikre , at derivatkontrakten udformes på en måde , der sikrer dels en korrekt kursdannelse såvel på derivatmarkedet som på det underliggende marked , dels effektive afviklingsbetingelser . ( b )
In the case of derivatives , the rules shall ensure in particular that the design of the derivative contract allows for orderly pricing both in the derivative and in the underlying market as well as for the existence of effective settlement conditions .