natgillin/translations-raw huggingface dataset:
˙ ðæïôåØíüìåíç ç ¯ ˚Ô ıðïóôçæßæåØ ÝíŁåæìÆ ôçí åöÆæìïª Þ ôçò äØÆäØŒÆóßÆò ôøí ïäçª ßÆ åðØäØþŒåØ ôç óıìðº Þæøóç ôïı ôæÝ ÷ ïíôïò ŒïØíïôØŒïý åðØôæïðþí , üðøò ÆıôÞ ðæïâº ÝðåôÆØ Æðü ôçí ðæïôåØíüìåíç ïäçíïìïŁåôØŒïý ðº ÆØóßïı , ìå óŒïðü ôçí ðæïóôÆóßÆ ôçò ÆŒåæÆØª ßÆ , ìå ôç óıììåôï ÷ Þ ôçò ¯ ıæøðÆœŒÞò ¯ ðØôæïðÞò ÑıŁìØóôþí üôçôÆò ôçò Æª ïæÜò . --- æïâº ÝðåØ åðßóçò üôØ ŒÜŁå ŒæÜôïò ìÝº ïò ˚Øíçôþí « îØþí ŒÆØ ôçò ¯ ıæøðÆœŒÞò ¯ ðØôæïðÞò ˚Øíçôþí « îØþí .
The ECB considers that the proposed directive constitutes an important step towards the harmonisation of the currently divergent national rules addressing market manipulation and insider dealing . Consequently , the ECB welcomes this contribution to the establishment of sound and consistent standards , which should further promote the integrity of European financial markets , enhance investor confidence and ensure smooth functioning of the market .
ŁÆ ðæÝðåØ íÆ ïæßæåØ ìØÆ åíØÆßÆ ÆæìüäØÆ Ææ ÷ Þ äØïØŒçôØŒïý ÷ ÆæÆ˙ ¯ ˚Ô Łåøæåß üôØ ç åöÆæìïª Þ ôçò äØÆäØŒÆóßÆò ôøí åðØôæïðþí ŒôÞæÆ ªØÆ ôçí ŒÆôÆðïº Ýìçóç ôøí ŒÆôÆ ÷ æçóôØŒþí ðæÆŒôØŒþí ðÆæÝ ÷ åØ ôçí ÆðÆæÆßôçôç åıåº ØîßÆ , ŒÆŁØóôþíôÆò äıíÆôÞ ôçí óôçí Æª ïæÜ .
The ECB also welcomes the proposed directive as it implements the conclusions of the Lisbon European Council of March 2000 , which stressed that steps should be taken to accelerate the completion of the internal market for financial services and those of the Stockholm European Council of March 2001 , which stated that the creation of a dynamic and efficient European securities market is an essential element thereof .
^ åíØŒÜ , ç ¯ ˚Ô ðØóôåýåØ üôØ ç åöÆæìïª Þ ôçò äØÆæØóìü ìßÆò ïºïŒº çæøìÝíçò äÝóìçò ŒÆíüíøí ªØÆ ôçí ÆíôÆººÆª Þ äØŒÆóßÆò ôøí åðØôæïðþí óôç æýŁìØóç ôçò Æª ïæÜò ôøí ŒØíçôþí ðº çæïöïæØþí ìåôÆîý ôøí ÆæìüäØøí åŁíØŒþí Ææ ÷ þí .
Furthermore , the proposed directive responds to one of the objectives of the financial services action plan , i.e. the setting of common rules to prevent market players from rigging the market .
˙ ðæïôåØÆîØþí ŁÆ ðæÝðåØ íÆ ºÆìâÜíåØ ıðüłç ôï óıìâïıº åıôØŒü æüº ï íüìåíç ïäçª ßÆ ðæïâº ÝðåØ , ÆŒüìç , üôØ ôÆ ŒæÜôç ìÝº ç ìåæØìíïýí ðïı ç óıíŁÞŒç ÆíÆŁÝôåØ óôçí ¯ ˚Ô , ŒÆŁØóôþíôÆò äıíÆôÞ ôçí ªØÆ ôçí åöÆæìïª Þ ôçò ÆðÆª üæåıóçò ÷ åØæÆªþª çóçò ôçò Æª ïæÜò åíóøìÜôøóç ôøí Æðüłåøí ôçò ôåº åıôÆßÆò óôçí ŒÆíïíØóôØŒÞ Þ åŒìåôÜºº åıóçò åìðØóôåıôØŒþí ðº çæïöïæØþí óå ŒÜŁå öıóØŒü äØÆäØŒÆóßÆ .
In the view of the ECB , the proposed directive would contribute positively to the achievement of these objectives .
¯ ØäØŒüôåæÆ , ŒÆØ ªØÆ ºüª ïıò äØÆöÜíåØÆò ŒÆØ ÆðïôåÞ íïìØŒü ðæüóøðï , ŒÆŁþò ŒÆØ ªØÆ ôçí åðØâïº Þ Üìåóøí ŒÆØ ºåóìÆôØŒüôçôÆò ôçò åí ºüª ø äØÆäØŒÆóßÆò , ŒæßíåôÆØ ßóøò ÆðÆÆðïôæåðôØŒþí Œıæþóåøí ªØÆ ŒÜŁå ðÆæÜâÆóç ôøí ÆðÆª ïæåýæÆßôçôïò ï óÆöÞò ðæïóäØïæØóìüò ôøí ìÝôæøí åöÆæìïª Þò ðïı óåøí Þ ıðï ÷ æåþóåøí ðïı ðæïâº ÝðïíôÆØ óå ÆıôÞ .
5 . In accordance with the recommendations of the Committee of Wise Men endorsed by the Stockholm European Council , the ECB welcomes the use of the comitology procedure as envisaged by the proposed directive , with the involvement of the Committee of European Securities Regulators and of the European Securities Committee .
ÔÝº ïò , ç ðæüŒåØôÆØ íÆ ºÆìâÜíïíôÆØ óýìöøíÆ ìå ôç äØÆäØŒÆóßÆ ðïı ÆíÆðæïôåØíüìåíç ïäçª ßÆ ðæïâº ÝðåØ ôç äØÆäØŒÆóßÆ ôøí åðØôæïðþí , öÝæåôÆØ óôï ÜæŁæï 17 ðÆæÜª æÆöïò 2 ôçò ðæïôåØíüìåíçò ïäçº ÆìâÜíïíôÆò ıðüłç ôï łÞöØóìÆ ôïı ¯ ıæøðÆœŒïý Óıìâïıº ßïı ªßÆò ( äçº. ôç äØÆäØŒÆóßÆ ôøí åðØôæïðþí ) .
The ECB considers that the use of the comitology procedure provides the necessary flexibility , enabling the response in an adequate and timely manner to dynamic market developments .
˚æßíåôÆØ ßóøò óŒüðØìç , ðæïò ôï óŒïðü Æıôü , ç æçôÞ ÆðÆæßŁìçóç ôøí ÜæŁæøí 1 ) ¯¯ C 240 ¯ ôçò 28.8.2001 , ó .
Generally , the ECB holds the view that the application of the comitology procedure to securities market regulation should take account of the advisory role that the Treaty confers upon the ECB , by allowing for the incorporation of the views of the ECB in the regulatory process .
265 ( ıØïŁåôÞŁçŒå Æðü ôçí ¯ ıæøðÆœŒÞ ( ðïı óıíåðÜª ïíôÆØ ôçí åöÆæìïª Þ ôçò äØÆäØŒÆóßÆò ôøí åðØôæï ¯ ðØôæïðÞ óôØò 30.5.2001 ) .
More specifically , and for the sake of the clarity and efficiency of this procedure , there may be a need for a clear identification of the implementing measures that should be adopted in accordance with the procedure referred to in Article 17 ( 2 ) of the proposed directive ( i.e. the comitology procedure ) .
ðþí óôï ÜæŁæï 17 ðÆæÜª æÆöïò 2 ôçò ðæïôåØíüìåíçò ïäçª ßÆò 2 ) ˇäçª ßÆ 89/592 /¯ ˇ˚ ôïı Óıìâïıº ßïı , ôçò 13çò ˝ïåìâæßïı 1989 , ªØÆ ( Þ , ôïıº Ü ÷ Øóôïí , ç óå åíØÆßï ÜæŁæï óıª ŒÝíôæøóç ŒÜŁå ŒÆôçª ïôï óıíôïíØóìü ôøí æıŁìßóåøí üóïí ÆöïæÜ ôØò ðæÜîåØò ðæïóþðøí ôÆ æßÆò ìÝôæøí åöÆæìïª Þò ºçðôÝøí óýìöøíÆ ìå ôç äØÆäØŒÆóßÆ ïðïßÆ åßíÆØ ŒÜôï ÷ ïØ åìðØóôåıôØŒþí ðº çæïöïæØþí (¯¯ L 334 ôçò 18.11.1989 , ó .
It may therefore be advisable either to expressly enumerate the articles which envisage the use of the comitology procedure in Article 17 ( 2 ) or , as a minimum , to assemble all categories of implementing measures to be adopted according to the comitology procedure in one single article .
ôøí åðØôæïðþí . 26.1.2002
26.1.2002 EN
˙ ¯ ˚Ô ıðïóôçæßæåØ ôï åıæý ðåäßï åöÆæìïª Þò ôçò ðæïôåØíüìåíçò ïäçª ßÆò óå ü , ôØ ÆöïæÜ ôÆ ÷ æçìÆôïðØóôøôØŒÜ ìÝóÆ ( ÜæŁæï 1 ) , ôØò ŒÆº ıðôüìåíåò Æª ïæÝò ( ÜæŁæï 9 ) , ŒÆŁþò ŒÆØ ôçí åäÆöØŒüôçôÆ ( ÜæŁæï 10 ) , ðïı ÆíÆìÝíåôÆØ üôØ ŁÆ äØÆóöÆº ßóåØ ØóüôØìïıò üæïıò ÆíôÆª øíØóìïý åíôüò ôøí åıæøðÆœŒþí ÷ æçìÆôïðØóôøôØŒþí Æª ïæþí .
The ECB supports the wide scope of application of the proposed directive in terms of the financial instruments and markets covered ( Article 9 ) , as well as its wide geographical application ( Article 10 ) , which should contribute to creating a level playing field within the European financial markets .
˙ ¯ ˚Ô åðØóçìÆßíåØ ôçí åîÆßæåóç Æðü ôï ðåäßï åöÆæìïª Þò ôçò ðæïôåØíüìåíçò ïäçª ßÆò ôøí ðæÜîåøí « ðïı äØåíåæª ïýíôÆØ ŒÆôÜ ôçí ÜóŒçóç íïìØóìÆôØŒÞò Þ óıíÆººÆª ìÆôØŒÞò ðïº ØôØŒÞò Þ ðïº ØôØŒÞò äØÆ ÷ åßæØóçò äçìüóØïı ÷ æÝïıò Æðü ÝíÆ ŒæÜôïò ìÝº ïò , Æðü ôï ¯ ıæøðÆœŒü ÓýóôçìÆ ˚åíôæØŒþí ÔæÆðåæþí , Æðü åŁíØŒÞ ŒåíôæØŒÞ ôæÜðåæÆ Þ Æðü ïðïØïäÞðïôå üæª Æíï åðßóçìÆ åîïıóØïäïôçìÝíï ªØÆ ôï óŒïðü Æıôü , Þ Æðü ïðïØïäÞðïôå ðæüóøðï ðïı åíåæª åß ªØÆ ºïª ÆæØÆóìü ôïıò » , ŒÆôÜ ôÆ ÆíÆöåæüìåíÆ óôï ÜæŁæï 7 .
The ECB notes the exemption from the scope of the proposed directive of  transactions carried out in pursuit of monetary , exchange-rate or public debt-management policy by a Member State , by the European System of Central Banks , a national central bank or any other officially designated body , or by any person acting on their behalf , as stated in Article 7 .
ÓýìöøíÆ ìå ôï ÜæŁæï 105 ðÆæÜª æÆöïò 2 ôçò óıíŁÞŒçò , ôÆ âÆóØŒÜ ŒÆŁÞŒïíôÆ ôïı ¯ ıæøðÆœŒïý ÓıóôÞìÆôïò ˚åíôæØŒþí ÔæÆðåæþí ( «¯ ıæøóıóôÞìÆôïò » ) åßíÆØ , ìåôÆîý Üºº øí , íÆ ÷ ÆæÜæåØ ŒÆØ íÆ åöÆæìüæåØ ôç íïìØóìÆôØŒÞ ðïº ØôØŒÞ ôçò ˚ïØíüôçôÆò , íÆ äØåíåæª åß ðæÜîåØò óıíÆººÜª ìÆôïò ŒÆØ íÆ ŒÆôÝ ÷ åØ ŒÆØ íÆ äØÆ ÷ åØæßæåôÆØ ôÆ åðßóçìÆ óıíÆººÆª ìÆôØŒÜ äØÆŁÝóØìÆ ôøí ŒæÆôþí ìåº þí .
According to Article 105 ( 2 ) of the Treaty , the basic tasks to be carried out by the European System of Central Banks ( Eurosystem ) shall be , inter alia , to define and implement the monetary policy of the Community , to conduct foreign exchange operations and to hold and manage the official foreign reserves of the Member States .
Óå Æıôïýò ôïıò ôïìåßò , ôï äØïØŒçôØŒü óıìâïýº Øï ôçò ¯ ˚Ô åßíÆØ ÆðïŒº åØóôØŒÜ ÆæìüäØï ŒÆØ , øò ôÝôïØï , Ý ÷ åØ ðÜíôïôå óôç äØÜŁåóÞ ôïı åìðØóôåıôØŒÝò ðº çæïöïæßåò ïØ ïðïßåò äåí ŁÆ ðæÝðåØ íÆ ðÆæåìðïäßæïıí ôç äØåíÝæª åØÆ ôøí óıíÆººÆª þí ðïı åßíÆØ ÆðÆæÆßôçôåò ªØÆ ôçí ıº ïðïßçóç ôøí ðïº ØôØŒþí ôïı -* ôï ªåª ïíüò Æıôü ŁÆ ðæÝðåØ íÆ ÆíôØŒÆôïðôæßæåôÆØ óôØò äØÆôÜîåØò ó ÷ åôØŒÜ ìå ôçí åí ºüª ø åîÆßæåóç .
In these areas , the Governing Council of the ECB has sole competence and as such always has inside information at its disposal that should not prevent it from carrying out the necessary transactions to implement its policies and this should be reflected in the provisions on this exemption . In addition , as long as there are Member States with a derogation , their NCBs retain competence in these areas pursuant to Article 122 ( 3 ) of the Treaty .
¯ ðØðº Ýïí , üóï ıðÜæ ÷ ïıí ŒæÜôç ìÝº ç ìå ðÆæÝŒŒº Øóç , ïØ ïØŒåßåò ¯ Łí˚Ô åîÆŒïº ïıŁïýí íÆ åßíÆØ ÆæìüäØåò óôïıò ôïìåßò Æıôïýò , óýìöøíÆ ìå ôï ÜæŁæï 122 ðÆæÜª æÆöïò 3 ôçò óıíŁÞŒçò . Ó ÷ åôØŒÜ ìå ôï ÜæŁæï 7 ôçò ðæïôåØíüìåíçò ïäçª ßÆò ŁÆ ðæÝðåØ íÆ óçìåØøŁåß üôØ ðÆæüìïØÆ åîÆßæåóç ðåæØº ÆìâÜíåôÆØ óôï ÜæŁæï 2 ðÆæÜª æÆöïò 4 ôçò ïäçª ßÆò ªØÆ ôØò ðæÜîåØò ðæïóþðøí ôÆ ïðïßÆ åßíÆØ ŒÜôï ÷ ïØ åìðØóôåıôØŒþí ðº çæïöïæØþí .
It should be noted , regarding Article 7 of the proposed directive , that a similar exemption is included in Article 2 ( 4 ) of the Insider Dealing Directive . ISD , in particular in respect of the legal concepts used in these different legal texts and of the allocation of responsibilities between the different parties concerned with regard to the aim of safeguarding the integrity of the financial markets .
˙ ¯ ˚Ô ÆíôØº ÆìâÜíåôÆØ üôØ ç ðæïôåØíüìåíç ïäçª ßÆ ÆðïóŒïðåß óôçí ŒÜº ıłç ôøí ŒÆôÆ ÷ æçóôØŒþí ðæÆŒôØŒþí óôçí Æª ïæÜ , åßôå ÆıôÝò åìöÆíßæïíôÆØ ıðü ìïæöÞ ðæÜîåøí ŒÆôü ÷ øí åìðØóôåıôØŒþí ðº çæïöïæØþí åßôå ıðü ìïæöÞ ðæÜîåøí ÷ åØæÆªþª çóçò ôçò Æª ïæÜò ( ÆØôØïºïª ØŒÞ óŒÝłç 9 ôçò ðæïôåØíüìåíçò ïäçª ßÆò ) .
In this respect , the ECB would like to submit the following comments .
¯ í ðæïŒåØìÝíø , ç ¯ ˚Ô óıóôÞíåØ íÆ ðåæØº çöŁåß , óôçí ßäØÆ ôçí ðæïôåØíüìåíç ïäçª ßÆ , äØÆóÆöÞíØóç ôøí ŒıæØüôåæøí ïæØóìþí ðïı Æöïæïýí ôï óŒïðü ôçò ðæïóôÆóßÆò ôçò ÆŒåæÆØüôçôÆò ôçò Æª ïæÜò , þóôå íÆ Æðïöåı ÷ Łåß ŒÜŁå ÆíÆŒïº ïıŁßÆ ìåôÆîý ôøí äØÜöïæøí åŁíØŒþí íüìøí ðïı Øó ÷ ýïıí óôÆ ŒæÜôç ìÝº ç .
First , Article 6 ( 5 ) of the proposed directive requires that  a natural person , or an entity , professionally arranging transactions in financial instruments shall refrain from entering into transactions , and reject orders on behalf of its clients , if it reasonably suspects that a transaction would be based on inside information or would constitute market manipulation .
˙ ¯ ˚Ô óıììåæßæåôÆØ ôç äØÆôıðïýìåíç óôçí ÆØôØïºïª ØŒÞ ÝŒŁåóç Üðïłç , üôØ ªØÆ ôçí åíçìÝæøóç ôïı ŒÆôÆºüª ïı ôøí ÷ æçìÆôïðØóôøôØŒþí ìÝóøí ðïı ïæßæïíôÆØ óôï ôìÞìÆ « ôïı ðÆæÆæôÞìÆôïò ôçò ðæïôåØíüìåíçò ïäçª ßÆò ŁÆ ðæÝðåØ íÆ ºÆìâÜíïíôÆØ ıðüłç ïØ íÝåò åîåº ßîåØò óôØò ÷ æçìÆôïðØóôøôØŒÝò Æª ïæÝò . 9 .
It may be helpful to clarify whether this provision also covers back office activities such as order matching . Furthermore , the desirability for market operators to have mechanisms in place which promptly detect abusive or anomalous activities may also be highlighted in the proposed directive .
˙ ¯ ˚Ô óçìåØþíåØ üôØ ç ¯ ıæøðÆœŒÞ ¯ ðØôæïðÞ , óôØò ðæïŒÆôÆæŒôØŒÝò ðæïôÜóåØò ôçò ÆíÆöïæØŒÜ ìå ôç ìåºº ïíôØŒÞ ÆíÆŁåþæçóç ôçò ïäçª ßÆò ªØÆ ôØò åðåíäıôØŒÝò ıðçæåóßåò ( ˇ ¯ Õ ) ( 1 ) , ðæïâº ÝðåØ ôçí ðØŁÆíÞ åíóøìÜôøóç óôçí ÆíÆŁåøæçìÝíç ïäçª ßÆ ïæØóìÝíøí äØÆôÜîåøí ðïı ðæüŒåØôÆØ íÆ óıìðº çæþóïıí ôØò ıðï ÷ æåþóåØò ŒÆØ ÆðÆª ïæåýóåØò ðïı Þäç ðæïâº ÝðïíôÆØ óôçí ðæïôåØíüìåíç ïäçª ßÆ .
Secondly , it may be helpful to specify in the proposed directive whether and under which conditions competent authorities within the meaning of its Article 11 may have the possibility to delegate parts of their supervisory responsibilities to market operators in terms of monitoring and surveillance activities . Such clarification might be desirable as the current wording of the proposed directive only provides for collaboration of competent authorities with  other authorities , including judicial authorities .
˜ØÆôÜîåØò Æıôïý ôïı åßäïıò åíäÝ ÷ åôÆØ íÆ æıŁìßæïıí , Øäßøò , åðØìÝæïıò ÆæìïäØüôçôåò ðïı ÆíÆôßŁåíôÆØ óôØò ŒÆôÜ ôçí ÝííïØÆ ôçò ðæïôåØíüìåíçò ïäçª ßÆò ÆæìüäØåò Ææ ÷ Ýò , óå öïæåßò ôçò Æª ïæÜò ŒÆØ óå åðØ ÷ åØæÞóåØò åðåíäýóåøí .
Thirdly , for the sake of consistency , it is recommended that the list of financial instruments included in the proposed directive be identical to the list annexed to the ISD , once formally upgraded , and that the latter be as exhaustive as possible .
× øæßò íÆ ðæïäØŒÜæåôÆØ ïðïØÆäÞðïôå ìåºº ïíôØŒÞ ðæüôÆóç ïäçª ßÆò ôçò ¯ ðØôæïðÞò ðæïò ÆíÆŁåþæçóç ôçò ˇ ¯ Õ , óıíØóôÜôÆØ ßóøò óå Æıôü ôï óôÜäØï íÆ äØÆóöÆº Øóôåß ç ÆŒïº ïıŁßÆ ÆíÜìåóÆ óôçí ðæïôåØíü ( 1 ) ˇäçª ßÆ 93/22 /¯ ˇ˚ ôïı Óıìâïıº ßïı , ôçò 10çò ÌÆÀïı 1993 , ó ÷ åôØŒÜ ìå ôØò åðåíäıôØŒÝò ıðçæåóßåò óôïí ôïìÝÆ ôøí ŒØíçôþí ÆîØþí (¯¯ L 141 ôçò 11.6.1993 , ó . 27 ) .
8 . The ECB understands that the proposed directive is intended to cover market abuse both in the form of insider dealing and in the form of market manipulation ( recital 9 of the proposed directive ) .
ìåíç ïäçª ßÆ ŒÆØ óôçí ÆíÆŁåøæçìÝíç ˇ ¯ Õ , Øäßøò üóïí ÆöïæÜ ôØò íïìØŒÝò ÝííïØåò ïØ ïðïßåò ÷ æçóØìïðïØïýíôÆØ óå ÆıôÜ ôÆ äØÆöïæåôØŒÜ íïìØŒÜ ŒåßìåíÆ , ŒÆØ ôïí ŒÆôÆìåæØóìü ôøí ÆæìïäØïôÞôøí ìåôÆîý ôøí äØÆöüæøí åíäØÆöåæüìåíøí ìåæþí óôÆ ðº ÆßóØÆ ôçò åðØäØøŒüìåíçò äØÆöýº Æîçò ôçò ÆŒåæÆØüôçôÆò ôøí ÷ æçìÆôïðØóôøôØŒþí Æª ïæþí .
The ECB recommends in this respect that the core definitions related to the purpose of the protection of market integrity be clarified in the proposed directive itself , so as to avoid any discrepancy between the various national laws of Member States .
¯ í ðæïŒåØìÝíø , ç ¯ ˚Ô åðØŁıìåß íÆ äØÆôıðþóåØ ôÆ ÆŒüº ïıŁÆ ó ÷ üº ØÆ .
As stated in the explanatory memorandum , the ECB shares the view that the updating of the list of financial instruments defined in Section A of the Annex to the proposed directive should take into account new developments in financial markets .
--- æþôïí , ôï ÜæŁæï 6 ðÆæÜª æÆöïò 5 ôçò ðæïôåØíüìåíçò ïäçª ßÆò ÆðÆØôåß « Æðü ŒÜŁå öıóØŒü ðæüóøðï Þ ïíôüôçôÆ , ðïı ðæÆª ìÆôïðïØåß ıðü åðÆªªåº ìÆôØŒÞ ØäØüôçôÆ óıíÆººÆª Ýò óå ÷ æçìÆôïðØóôøôØŒÜ ìÝóÆ , íÆ ìçí óıììåôÝ ÷ åØ óå óıíÆººÆª Ýò ŒÆØ íÆ ÆæíåßôÆØ íÆ åŒôåº ÝóåØ åíôïº Ýò ðåº Æôþí ôïı , åÜí ìðïæåß åýºïª Æ íÆ ŁåøæÞóåØ üôØ ïØ óıíÆººÆª Ýò ÆıôÝò âÆóßæïíôÆØ óå åìðØóôåıôØŒÝò ðº çæïöïæßåò Þ åðçæåÜæïıí ìå ÆŁÝìØôï ôæüðï ôçí Æª ïæÜ » . ˚æßíåôÆØ ßóøò ÷ æÞóØìï íÆ ÆðïóÆöçíØóôåß åÜí óôçí åí ºüª ø äØÜôÆîç åìðßðôïıí åðßóçò äæÆóôçæØüôçôåò ó ÷ åôØŒÝò ìå ôçí ıðïóôÞæØîç ŒÆØ ôï äØÆŒÆíïíØóìü ôøí óıíÆººÆª þí , üðøò åßíÆØ ç ÆíôØóôïß ÷ Øóç åíôïº þí .
9 . The ECB notes that the European Commission envisages , in its preliminary suggestions regarding the future review of the Investment Services Directive ( ISD ) ( 1 ) , the possible incorporation in the revised ISD of some provisions which would supplement the obligations and prohibitions currently enshrined in the proposed directive .
¯ ðØðº Ýïí , ðæÝðåØ åðßóçò íÆ ôïíØóŁåß óôçí ðæïôåØíüìåíç ïäçª ßÆ üôØ åßíÆØ åıŒôÆßï ªØÆ ôïıò öïæåßò ôçò Æª ïæÜò íÆ äØÆŁÝôïıí ìç ÷ ÆíØóìïýò Ýª ŒÆØæïı åíôïðØóìïý ôøí ŒÆôÆ ÷ æçóôØŒþí Þ ÆíôØŒÆíïíØŒþí äæÆóôçæØïôÞôøí . ˜åýôåæïí , ŒæßíåôÆØ ßóøò óŒüðØìï íÆ ðæïóäØïæØóôåß óôçí ðæïôåØíüìåíç ïäçª ßÆ åÜí ŒÆØ ıðü ðïØåò ðæïßðïŁÝóåØò ïØ ŒÆôÜ ôçí ÝííïØÆ ôïı ÜæŁæïı 11 ÆæìüäØåò Ææ ÷ Ýò Ý ÷ ïıí ôç äıíÆôüôçôÆ ìåôÆâßâÆóçò ïæØóìÝíøí Æðü ôØò åðïðôØŒÝò ôïıò ÆæìïäØüôçôåò óå öïæåßò ôçò Æª ïæÜò , üóïí ÆöïæÜ ôØò äæÆóôçæØüôçôåò ðÆæÆŒïº ïýŁçóçò ŒÆØ åðØôÞæçóçò .
Such provisions might address , in particular , individual responsibilities attributed to competent authorities within the meaning of the proposed directive , to market operators and to investment firms .
ÌØÆ ôÝôïØÆ äØåıŒæßíçóç åßíÆØ åðØŁıìçôÞ , äØüôØ ç ôæÝ ÷ ïıóÆ äØÆôýðøóç ôçò ðæïôåØíüìåíçò ïäçª ßÆò ðæïâº ÝðåØ ìüíï ôç óıíåæª ÆóßÆ ôøí ÆæìüäØøí Ææ ÷ þí ìå « Üºº åò Ææ ÷ Ýò , ðåæØº ÆìâÆíïìÝíøí ôøí äØŒÆóôØŒþí » . Ôæßôïí , óıíØóôÜôÆØ , ªØÆ ºüª ïıò óıíï ÷ Þò , ï ðåæØå ÷ üìåíïò óôçí ðæïôåØíüìåíç ïäçª ßÆ ŒÆôÜºïª ïò ôøí ÷ æçìÆôïðØóôøôØŒþí ìÝóøí íÆ åßíÆØ ðÆíïìïØüôıðïò ìå åŒåßíïí ôïı ðÆæÆæôÞìÆôïò ôçò ˇ ¯ Õ  ŒÆôüðØí ÆíÆâÜŁìØóÞò ôçò óýìöøíÆ ìå ôïí ðæïâº åðüìåíï ôýðï , ï äå ôåº åıôÆßïò íÆ åßíÆØ üóï ôï äıíÆôü ðØï åîÆíôº çôØŒüò .
Without prejudging any future Commission proposal for a directive revising the ISD , it might be recommended at this stage that consistency be ensured between the proposed directive and the revised ( 1 ) Council Directive 93/22 / EEC of 10 May 1993 on investment services in the securities field ( OJ L 141 , 11.6.1993 , p. 27 ) .
˙ ¯ ˚Ô óçìåØþíåØ åðßóçò üôØ ç ðæïôåØíüìåíç ïäçª ßÆ ðæïâº ÝðåØ åØäØŒÞ óıíåæª ÆóßÆ ( üðøò ÆìïØâÆßÆ óıíäæïìÞ ŒÆØ ÆíôÆººÆª Þ ðº çæïöïæØþí ) ìåôÆîý ôçò [ ôøí ] « åíØÆßÆò [ øí ] ÆæìüäØÆò [ øí ] äØïØŒçôØŒÞò [ þí ] Ææ ÷ Þò [ þí ] » ( åöåîÞò ŒÆº ïýìåíøí « äØïØŒçôØŒÝò Ææ ÷ Ýò » ) , ðæïŒåØìÝíïı íÆ äØÆóöÆº Øóôåß ç åöÆæìïª Þ ôøí äØÆôÜîåøí ôçò ðæïôåØíüìåíçò ïäçª ßÆò .
The ECB also notes that the proposed directive provides for specific cooperation ( such as mutual assistance and sharing of information ) between the competent  single administrative authorit [ ies ]  in order to ensure the application of the provisions of the proposed directive ( hereinafter referred to as the  administrative authorities ) .
˚ÆôÜ ôçí Üðïłç ôçò ¯ ˚Ô , ç äØÆóıíïæØÆŒÞ ÆıôÞ óıíåæª ÆóßÆ åßíÆØ , ÆóöÆº þò , ðïº ýôØìç ŒÆØ ç ¯ ˚Ô ıðïóôçæßæåØ ÝíŁåæìÆ ôØò óıíÆöåßò äØÆôÜîåØò ôçò ðæïôåØíüìåíçò ïäçª ßÆò .
In the view of the ECB , this cross-border cooperation is certainly valuable and the ECB welcomes the relevant provisions in the proposed directive .
¯ ðØðº Ýïí , ç ¯ ˚Ô ðæïôåßíåØ íÆ åîåôÆóôåß ôï åíäå ÷ üìåíï äØåýæıíóçò ôïı ðåäßïı óıíåæª ÆóßÆò , ìå ôçí åØóÆªøª Þ ôçò äıíÆôüôçôÆò  Þ ÆŒüìç ŒÆØ ıðï ÷ æÝøóçò  óıíåæª ÆóßÆò ŒÆØ ÆíôÆººÆª Þò ðº çæïöïæØþí , ç ïðïßÆ ŁÆ ıðåæâÆßíåØ ôÆ üæØÆ ìØÆò Æðº Þò óıíåæª ÆóßÆò ìåôÆîý äØïØŒçôØŒþí Ææ ÷ þí .
In addition , the ECB suggests that broadening the scope of cooperation should be considered , by including a possibility , or even an obligation , of cooperation and sharing of information that goes beyond mere cooperation between administrative authorities .
« ıôü ÆðïŒôÜ ØäØÆßôåæç óçìÆóßÆ óå óıó ÷ åôØóìü ìå ôÆ ÜæŁæÆ 9 ŒÆØ 10 ôçò ðæïôåØíüìåíçò ïäçª ßÆò , ôÆ ïðïßÆ ıðåíŁıìßæïıí ôç äØïª Œïýìåíç äØÆóıíïæØÆŒÞ äØÜóôÆóç ôøí ŒÆôÆ ÷ æçóôØŒþí ðæÆŒôØŒþí óôØò ÷ æçìÆôïðØóôøôØŒÝò Æª ïæÝò .
This is of particular relevance in the light of Articles 9 and 10 of the proposed directive which recall the increasing cross-border dimension of abusive practices in financial markets .
˙ ¯ ˚Ô äØÆâº ÝðåØ ðØŁÆíÜ ïöÝº ç Æðü ìØÆ óôåíüôåæç óıíåæª ÆóßÆ ìåôÆîý ôøí äØïØŒçôØŒþí Ææ ÷ þí ŒÆØ ôøí ÆæìüäØøí Ææ ÷ þí ðïı åßíÆØ åðØöïæôØóìÝíåò ìå ôçí åðïðôåßÆ ôøí ðØóôøôØŒþí ØäæıìÜôøí , ôøí åðØ ÷ åØæÞóåøí åðåíäýóåøí , ôøí ÆóöÆº ØóôØŒþí åðØ ÷ åØæÞóåøí ŒÆØ , åíäå ÷ ïìÝíøò , ôøí ïæª ÆíØóìþí óıººïª ØŒþí åðåíäýóåøí ( åðØ ÷ åØæÞóåøí ðïı ıðÜª ïíôÆØ óå æıŁìØóôØŒü ŒÆŁåóôþò ) , ŒÆØ ðïı äØÆŒæßíïíôÆØ Æðü ôØò ïæØæüìåíåò äØïØŒçôØŒÝò Ææ ÷ Ýò .
The ECB sees potential benefits in a closer cooperation between the administrative authorities and the competent authorities in charge of supervising credit institutions , investment firms , insurance undertakings and , perhaps , collective investment undertakings ( regulated entities ) , to the extent that they are distinct from the designated administrative authorities . These regulated entities participate actively in regulated markets and their staff often possess inside information .
ˇØ åí ºüª ø åðØ ÷ åØæÞóåØò ðïı ıðÜª ïíôÆØ óå æıŁìØóôØŒü ŒÆŁåóôþò óıììåôÝ ÷ ïıí åíåæª Ü óå ïæª ÆíøìÝíåò Æª ïæÝò , ôï äå ðæïóøðØŒü ôïıò ŒÆôÝ ÷ åØ óı ÷ íÜ åìðØóôåıôØŒÝò ðº çæïöïæßåò .
As part of the operational risk , these regulated entities are exposed to the risk that their staff or management may breach the provisions of the proposed directive . Such breaches may have a significant negative impact on investors and also mean significant reputational risk for the regulated entity involved .
ˇØ åðØ ÷ åØæÞóåØò ÆıôÝò åßíÆØ åŒôåŁåØìÝíåò óôïí Œßíäıíï ôçò ðÆæÜâÆóçò ôøí äØÆôÜîåøí ôçò ðæïôåØíüìåíçò ïäçª ßÆò Æðü ôÆ ìÝº ç ôïı ðæïóøðØŒïý Þ ôçò äØïßŒçóÞò ôïıò , ªåª ïíüò ðïı åíôÜóóåôÆØ óôÆ ðº ÆßóØÆ ôïı åðØ -
The ECB therefore believes that close cooperation between the administrative authorities and the  competent
ˇØ ðÆæÆðÜíø ðÆæÆâÜóåØò , ïØ ïðïßåò åíäÝ ÷ åôÆØ íÆ Ý ÷ ïıí óçìÆíôØŒü ÆæíçôØŒü ÆíôßŒôıðï óôïıò åðåíäıôÝò , ìåôÆöæÜæïíôÆØ åðßóçò óå óçìÆíôØŒü Œßíäıíï ªØÆ ôç öÞìç ôçò åìðº åŒüìåíçò åðØ ÷ åßæçóçò ðïı ıðÜª åôÆØ óå æıŁìØóôØŒü ŒÆŁåóôþò .
authorities  will be beneficial to the pursuit of the respective objectives of these authorities .
˙ ¯ ˚Ô Łåøæåß , óıíåðþò , üôØ ç óôåíÞ óıíåæª ÆóßÆ ìåôÆîý ôøí äØïØŒçôØŒþí Ææ ÷ þí ŒÆØ ôøí « ÆæìüäØøí Ææ ÷ þí » ŁÆ Æðïâåß åðøöåº Þò ªØÆ ôçí åðØäßøîç ôøí óôü ÷ øí ôøí åí ºüª ø Ææ ÷ þí .
In fact , national legislation in this field already provides , in certain instances , for such cooperation .
Óå ïæØóìÝíåò , ìÜº ØóôÆ , ðåæØðôþóåØò , ç óıíÆöÞò åŁíØŒÞ íïìïŁåóßÆ ðæïâº ÝðåØ Þäç ìØÆ ôÝôïØÆ óıíåæª ÆóßÆ .
Consequently , it may be worthwhile to introduce such a framework of mutual cooperation for the entire single market .
--- æïŒåØìÝíïı , ðÜíôøò , íÆ åðØôåı ÷ Łåß Æıôü ôï ÆðïôÝº åóìÆ , ÆðÆØôåßôÆØ íÆ åðÆíåîåôÆóôïýí ü ÷ Ø ìüíï ïØ äØÆôÜîåØò ôçò ðæïôåØíüìåíçò ïäçª ßÆò ( Øäßøò ôÆ ÜæŁæÆ 12 ŒÆØ 16 ) , Æºº Ü ŒÆØ ïØ óıíÆöåßò äØÆôÜîåØò ôøí ôïìåÆŒþí ïäçª Øþí ó ÷ åôØŒÜ ìå ôçí ôÞæçóç ôïı åðÆªªåº ìÆôØŒïý ÆðïææÞôïı ŒÆØ ôçí åðïðôØŒÞ óıíåæª ÆóßÆ ( âº Ýðå ÜæŁæï 30 ôçò ŒøäØŒïðïØçìÝíçò ôæÆðåæØŒÞò ïäçª ßÆò ( 1 ) ŒÆØ ôØò ÆíôßóôïØ ÷ åò äØÆôÜîåØò ôøí ºïØðþí ôïìåÆŒþí ïäçª Øþí ) .
However , in order to achieve this result , a re-examination not only of the provisions of the proposed directive ( in particular Articles 12 and 16 ) but also of the relevant provisions of the sectoral directives on professional secrecy and supervisory cooperation ( see Article 30 of the Consolidated Banking Directive ( 1 ) and the corresponding provisions in the other sectoral Directives ) is warranted .
ÓŒïðüò ìØÆò ôÝôïØÆò åðÆíåîÝôÆóçò ŁÆ ÞôÆí íÆ äØåæåıíçŁåß , óýìöøíÆ ìå ôçí ðæïÆíÆöåæŁåßóÆ äØÆäØŒÆóßÆ ôøí åðØôæïðþí , ŒÆôÜ ðüóï ïØ ÆíôßóôïØ ÷ åò äØÆôÜîåØò ôøí åí ºüª ø ïäçª Øþí åðØôæÝðïıí ìØÆ ôÝôïØÆ óıíåæª ÆóßÆ ( 2 ) .
Such a re-examination would have to investigate , in accordance with the abovementioned comitology procedure , whether the respective provisions of these directives allow such cooperation ( 2 ) .
^ ØÆ ºüª ïıò óÆöÞíåØÆò , ç ¯ ˚Ô óıíØóôÜ åðßóçò ôçí ŒïØíïðïßçóç , óôçí ¯ ıæøðÆœŒÞ ¯ ðØôæïðÞ , ôïý óýìöøíÆ ìå ôï ÜæŁæï 11 ôçò ðæïôåØíüìåíçò ïäçª ßÆò äØïæØóìïý ôøí åíØÆßøí äØïØŒçôØŒþí Ææ ÷ þí ( ÞôïØ ôøí Ææ ÷ þí óıíôïíØóìïý ) Æðü ôÆ ŒæÜôç ìÝº ç , ŒÆŁþò ŒÆØ ôç äçìïóßåıóç ôøí ïíïìÆóØþí ôïıò óôçí ¯ ðßóçìç ¯ öçìåæßäÆ ôøí ¯ ıæøðÆœŒþí ˚ïØíïôÞôøí .
For the sake of clarity , the ECB also recommends that the single administrative authorities designated by Member States in accordance with Article 11 of the proposed directive ( i.e. the  coordinating authorities ) be notified to the European Commission and their names published in the Official Journal of the European Communities .
íÆ ıðïóôçæØ ÷ Łåß ŒÆº ýôåæÆ ç äØÆäØŒÆóßÆ åðßôåıîçò ôçò åðØŁıìçôÞò óýªŒº Øóçò ôøí åðïðôØŒþí ðæÆŒôØŒþí , ìå óŒïðü ôç äØÆóöÜº Øóç ØóüôØìøí üæøí ÆíôÆª øíØóìïý .
11 . As stated in the explanatory memorandum ( see section 1 ( d )) , the  new disciplinary framework set out by this Directive is not intended to replace the national provisions by directly applicable Community provisions , but contribute towards helping some convergence among the different national regimes through compliance with the requirements of the Directive .
˚ÆôÜ ôçí Üðïłç ôçò ¯ ˚Ô , ìØÆ åðØôæïðÞ ÆíôØðæïóþðøí ôøí äØïØŒçôØŒþí Ææ ÷ þí , åðØöïæôØóìÝíç ìå ôçí ðæïþŁçóç ôçò óýªŒº Øóçò ôøí åðïðôØŒþí ðæÆŒôØŒþí , ŁÆ ìðïæïýóå íÆ ÆðïäåØ ÷ Łåß ðïº ýôØìç óôïí åí ºüª ø ôïìÝÆ .
In this respect , the ECB suggests that it should be further considered how the pursuit of the desirable convergence of supervisory practices could be best fostered to ensure a level playing field .
¯ ðØðº Ýïí , ŁÆ ìðïæïýóå íÆ åîåôÆóôåß ôï åíäå ÷ üìåíï ŁÝóðØóçò äØÜôÆîçò ðïı íÆ ÆðÆØôåß ôçí ıðïâïº Þ Æðü ôçí ¯ ðØôæïðÞ ÝŒŁåóçò ªØÆ ôçí ðæüïäï óå ü , ôØ ÆöïæÜ ôçí åíÆæìüíØóç ŒÆØ ôçí åìðåØæßÆ ôøí ŒæÆôþí ìåº þí Æðü ôçí åöÆæìïª Þ ôçò ðæïôåØíüìåíçò ïäçª ßÆò .
In the view of the ECB , a committee of representatives of the administrative authorities in charge of promoting the convergence of supervisory practices might be valuable in this respect .