natgillin/translations-raw huggingface dataset:
˙ ÆæìïäØüôçôÆ ôçò ¯ ˚Ô íÆ äØÆôıðþíåØ ôç ªíþìç ôçò âÆóßæåôÆØ óôï ÜæŁæï 105 ðÆæÜª æÆöïò 4 ðæþôç ðåæßðôøóç ôçò óıíŁÞŒçò ªØÆ ôçí ßäæıóç ôçò ¯ ıæøðÆœŒÞò ˚ïØíüôçôÆò ( åöåîÞò ŒÆº ïýìåíçò « óıíŁÞŒç » ) , äåäïìÝíïı üôØ ç ðæïôåØíüìåíç ïäçª ßÆ Æðïôåº åß ïıóØÆóôØŒü ìÝóï ªØÆ ôç äØÆóöÜº Øóç ôçò ÆŒåæÆØüôçôÆò ôøí ŒïØíïôØŒþí ÷ æçìÆôïðØóôøôØŒþí Æª ïæþí ŒÆØ ªØÆ ôçí åíßó ÷ ıóç ôçò åìðØóôïóýíçò ôøí åðåíäıôþí óôØò Æª ïæÝò ÆıôÝò , ðåæØÝ ÷ åØ äå äØÆôÜîåØò ðïı Ý ÷ ïıí ÆðïöÆóØóôØŒÞ óçìÆóßÆ ªØÆ ôçí ÝŒäïóç ŒØíçôþí ÆîØþí Æðü ôçí ¯ ˚Ô .
The achievement of the primary objective of the Eurosystem , the maintenance of price stability , requires that monetary policy impulses be transmitted in a smooth way throughout the euro area by means of integrated and efficient financial markets .
˙ ¯ ˚Ô óçìåØþíåØ åðßóçò üôØ ôï ÜæŁæï 105 ðÆæÜª æÆöïò 1 ôçò óıíŁÞŒçò ŒÆØ ôï ÜæŁæï 2 ôïı ŒÆôÆóôÆôØŒïý ôïı ¯ ıæøðÆœŒïý ÓıóôÞìÆôïò ˚åíôæØŒþí ÔæÆðåæþí ŒÆØ ôçò ¯ ıæøðÆœŒÞò ˚åíôæØŒÞò ÔæÜðåæÆò ïæßæïıí üôØ ôï ¯ Ó˚Ô óôçæßæåØ ôØò ªåíØŒÝò ïØŒïíïìØŒÝò ðïº ØôØŒÝò óôçí ˚ïØíüôçôÆ .
Securities markets , together with the unsecured money market and the banking sector , play a key role in this respect .
ÓýìöøíÆ ìå ôï ÜæŁæï 17.5 ðæþôç ðæüôÆóç ôïı åóøôåæØŒïý ŒÆíïíØóìïý ôçò ¯ ˚Ô , ç ðÆæïýóÆ ªíþìç åŒäüŁçŒå Æðü ôï äØïØŒçôØŒü óıìâïýº Øï ôçò ¯ ˚Ô .
The existence of some degree of segmentation of financial markets in the jurisdiction of a central bank is not an uncommon phenomenon .
3 . ˙ ðæïôåØíüìåíç ïäçª ßÆ Ý ÷ åØ øò ŒýæØï óôü ÷ ï ôçí ŒÆŁØÝæøóç , óå åðßðåäï ¯ ıæøðÆœŒÞò ‚íøóçò , åíØÆßïı äØÆâÆôçæßïı ªØÆ åŒäüôåò ðïı ðæïâÆßíïıí óôçí ðæïóöïæÜ ŒØíçôþí ÆîØþí , ðæïâº ÝðåØ äå ôç äıíÆôüôçôÆ ðæïóöïæÜò Þ åØóÆªøª Þò ŒØíçôþí ÆîØþí ðæïò äØÆðæÆª ìÜôåıóç âÜóåØ Æðº Þò ŒïØíïðïßçóçò ôïı åíçìåæøôØŒïý äåº ôßïı ðïı Ý ÷ åØ åª ŒæØŁåß Æðü ôçí ÆæìüäØÆ Ææ ÷ Þ ôïı ŒæÜôïıò ìÝº ïıò ŒÆôÆªøª Þò .
However , obstacles to the integration of securities markets in the euro area may slow down or distort the transmission of monetary impulses to the economy . In addition , the Treaty states that without prejudice to the objective of price stability , the Eurosystem shall contribute to the achievement of the objectives of the Community .
--- æïò åðßôåıîç ôïı óôü ÷ ïı Æıôïý , ç ðæïôåØíüìåíç ïäçª ßÆ ŒÆŁØåæþíåØ ôçí ÆðÆæÆßôçôç åíÆæìüíØóç ôøí ŒÆíüíøí ðïı åöÆæìüæïíôÆØ óôç äçìüóØÆ ðæïóöïæÜ ŒÆØ ôçò ðº çæïöüæçóçò ðïı ðåæØÝ ÷ åôÆØ óôï åíçìåæøôØŒü äåº ôßï , äØÆóöÆº ßæïíôÆò ìå ôïí ôæüðï Æıôü ôçí ØóïäýíÆìç ðæïóôÆóßÆ ôøí åðåíäıôþí óå ŒïØíïôØŒü åðßðåäï .
A prominent objective of the Community is to achieve balanced and sustainable development , by establishing a common market .
ÔÆ ðæüôıðÆ ªíøóôïðïßçóçò ðïı ŒÆŁØåæþíåØ ç ðæïôåØíüìåíç ïäçª ßÆ åıŁıª æÆììßæïíôÆØ ìå ôÆ äØåŁíÞ ðæüôıðÆ ðïı Æöïæïýí ôç äçìüóØÆ ðæïóöïæÜ ŒØíçôþí ÆîØþí ŒÆØ ôçí åØóÆªøª Þ ôïıò ðæïò äØÆðæÆª ìÜôåıóç .
In this respect , the introduction of a single currency is proving to be a powerful triggering event , leading towards easier access to borrowing and investment opportunities .
4 . ^ åíØŒÜ , ç ¯ ˚Ô ÷ ÆØæåôßæåØ ŒÆØ óôçæßæåØ ôïıò óôü ÷ ïıò ðïı åðØäØþŒåØ ç ðæïôåØíüìåíç ïäçª ßÆ , ŁåøæþíôÆò ôçí ôåº åıôÆßÆ Æðïôåº åóìÆôØŒü ìÝóï ðæïþŁçóçò ôçò åíïðïßçóçò ôøí åıæøðÆœŒþí ÷ æçìÆôïðØóôøôØŒþí Æª ïæþí .
Ultimately , this will enhance the capacity of issuers to raise capital on an EU-wide basis , by reducing the cost of financing and improving the efficiency of the allocation of financial resources throughout the euro area . Therefore , it is in the interest of the Eurosystem that obstacles to the integration of securities markets do not thwart the full benefits of EMU .
˙ åðßôåıîç ôïı ðæøôÆæ ÷ ØŒïý óôü ÷ ïı ôïı ¯ ıæøóıóôÞìÆôïò , äçº ÆäÞ ôçò äØÆôÞæçóçò ôçò óôÆŁåæüôçôÆò ôøí ôØìþí , ÆðÆØôåß ôçí ïìÆº Þ ìåôÜäïóç ôøí ŒØíÞóåøí ôçò íïìØóìÆôØŒÞò ðïº ØôØŒÞò óôç æþíç ôïı åıæþ ìÝóø åíïðïØçìÝíøí ŒÆØ Æðïôåº åóìÆôØŒþí ÷ æçìÆôïðØóôøôØŒþí Æª ïæþí .
The ECB 's competence to deliver an opinion is based on the first indent of Article 105 ( 4 ) , of the Treaty establishing the European Community ( hereinafter referred to as  the Treaty ) , since the proposed Directive constitutes an instrument essential to ensure the integrity of the Community financial markets and to enhance investor confidence in those markets and contains provisions with a bearing on the issuance of securities by the ECB .
ˇØ Æª ïæÝò ŒØíçôþí ÆîØþí , Æðü ŒïØíïý ìå ôç ÷ æçìÆôÆª ïæÜ ÷ øæßò ÆóöÜº åØÆ ŒÆØ ôïí ôæÆðåæØŒü ôïìÝÆ , äØÆäæÆìÆôßæïıí ŒÆßæØï æüº ï óå Æıôü ôï ðåäßï .
The ECB also notes that Article 105 ( 1 ) of the Treaty and Article 2 of the Statute of the European System of Central Banks and of the European Central Bank state that the ESCB shall support the general economic policies in the Community .
˙ ýðÆæîç ŒÆôÆŒåæìÆôØóìÝíøí , óå ïæØóìÝíï âÆŁìü , ÷ æçìÆôïðØóôøôØŒþí Æª ïæþí ðïı âæßóŒïíôÆØ ıðü ôç äØŒÆØïäïóßÆ ŒÜðïØÆò ŒåíôæØŒÞò ôæÜðåæÆò äåí Æðïôåº åß ÆóıíÞŁØóôï öÆØíüìåíï .
In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the ECB , this opinion has been adopted by the Governing Council of the ECB . 3 .
Ùóôüóï , ôı ÷ üí åìðüäØÆ óôçí åíïðïßçóç ôøí Æª ïæþí ŒØíçôþí ÆîØþí óôç æþíç ôïı åıæþ åßíÆØ äıíÆôü íÆ åðØâæÆäýíïıí Þ íÆ óôæåâº þíïıí ôç ìåôÜäïóç ôøí ŒØíÞóåøí ôçò íïìØóìÆôØŒÞò ðïº ØôØŒÞò óôçí ïØŒïíïìßÆ .
The main objective of the proposed Directive is the introduction of a single passport for issuers offering securities at European Union level . It provides the possibility of offering securities or admitting securities to trading on the basis of a simple notification of the prospectus approved by the home competent authority .
¯ îÜºº ïı , ç óıíŁÞŒç ïæßæåØ üôØ , ìå ôçí åðØöýº Æîç ôïı óôü ÷ ïı ôçò óôÆŁåæüôçôÆò ôøí ôØìþí , ôï ¯ ıæøóýóôçìÆ óıìâÜºº åØ óôçí ıº ïðïßçóç ôøí óôü ÷ øí ôçò ˚ïØíüôçôÆò .
In order to attain this objective , the proposed Directive introduces the necessary harmonisation of the rules applicable to public offer and of the information contained in a prospectus thus ensuring equivalent protection for investors at Community level .
‚íÆò ðæïåîÝ ÷ øí óôü ÷ ïò ôçò ˚ïØíüôçôÆò óıíßóôÆôÆØ óôçí åðßôåıîç Øóüææïðçò ŒÆØ óôÆŁåæÞò ÆíÜðôıîçò ìÝóø ôçò ŁÝóðØóçò ìßÆò ŒïØíÞò Æª ïæÜò .
The disclosure standards introduced by the proposed Directive are in line with international standards regarding public offer of securities and admission to trading .
« ıôü , ôåº ØŒÜ , ŁÆ åíØó ÷ ýóåØ ôçí ØŒÆíüôçôÆ Üíôº çóçò ŒåöÆº Æßøí ôøí åŒäïôþí óå åðßðåäï ¯¯, ìåØþíïíôÆò ôï Œüóôïò ôçò ÷ æçìÆôïäüôçóçò ŒÆØ âåº ôØþíïíôÆò ôçí Æðïôåº åóìÆôØŒüôçôÆ ôçò ŒÆôÆíïìÞò ôøí ÷ æçìÆôØŒþí ðüæøí óôç æþíç ôïı åıæþ .
The ECB generally welcomes and supports the aims pursued by the proposed Directive , as the ECB sees the proposal as an effective means of advancing European financial markets integration . The Eurosystem has a keen
^ ØÆ ôï ºüª ï Æıôü ôï ¯ ıæøóýóôçìÆ Ý ÷ åØ óıìöÝæïí íÆ ìçí ìÆôÆØøŁåß , ºüª ø åìðïäßøí óôçí åíïðïßçóç ôøí Æª ïæþí ŒØíçôþí ÆîØþí , ôï óýíïº ï ôøí øöåº åØþí ðïı óıíåðÜª åôÆØ ç ˇ˝ ¯. 5 .
5 . Generally , efficient and integrated securities markets can facilitate economic growth and reduce the cost of raising capital in the EU .
¯ îÜºº ïı , ïØ åıæøðÆœŒÝò Æª ïæÝò ŒØíçôþí ÆîØþí ŁÆ ÆðïŒôÞóïıí ìåªÆº ýôåæç æåıóôüôçôÆ , ðæïóåº ŒýïíôÆò ðåæØóóüôåæåò åðåíäýóåØò ŒÆØ ðåæØóóüôåæïıò åŒäüôåò Æðü ôæßôåò ÷ þæåò .
In addition , European securities markets will become more liquid , therefore attracting more investments and also more issuers from third countries .
Ìå ôçí åØóÆªøª Þ åíØÆßïı äØÆâÆôçæßïı ªØÆ ôïıò åŒäüôåò , ç ðæïôåØíüìåíç ïäçª ßÆ ŁÆ âåº ôØþóåØ ôçí ðæüóâÆóç óôçí Æª ïæÜ ªØÆ Üíôº çóç ŒåöÆº Æßøí åíôüò ôçò ¯¯ ŒÆØ ŁÆ åîÆº åßłåØ ôÆ ıöØóôÜìåíÆ åìðüäØÆ óôç äØÆóıíïæØÆŒÞ ðæïóöïæÜ ŒØíçôþí ÆîØþí .
The proposed Directive , with the introduction of a single passport for issuers , will improve market access for raising capital in the EU and eliminate existing obstacles to crossborder offering of securities .
¸ üª ø ôïı íÝïı ªº øóóØŒïý ŒÆŁåóôþôïò ðïı äØÝðåØ ôçí ðæïóöïæÜ ŒØíçôþí ÆîØþí ŒÆØ ôçí åØóÆªøª Þ ôïıò ðæïò äØÆðæÆª ìÜôåıóç óå ðïº ıåŁíØŒÞ âÜóç , ïØ ıðÝæïª Œåò ìåôÆöæÆóôØŒÝò äÆðÜíåò ŁÆ ðåæØïæØóôïýí óçìÆíôØŒÜ .
On account of the new language regime for multinational offerings and admissions to trading costly translation will be significantly reduced .
ˇØ ıðï ÷ æåþóåØò óıììüæöøóçò ôøí åŒäïôþí ŁÆ Æðº ïıóôåıŁïýí , ŒÆŁþò ôÆ ŒæÜôç ìÝº ç ŒÆôÆªøª Þò ŁÆ óôåæïýíôÆØ ôçò äıíÆôüôçôÆò íÆ ÆðÆØôïýí ôÞæçóç ðæüóŁåôøí åŁíØŒþí ŒÆíüíøí .
Regulatory compliance will be simplified , since host Member States will be deprived of the possibility of requiring adherence to additional national rules .
˚ÆôÜ óıíÝðåØÆ , ÆíÆìÝíåôÆØ üôØ ç Üíôº çóç ŒåöÆº Æßøí ŁÆ ŒÆôÆóôåß åıŒïº üôåæç ŒÆØ öŁçíüôåæç ªØÆ åôÆØæåßåò ŒÜŁå ìåª ÝŁïıò .
As a consequence , raising capital should become easier and cheaper for companies of all sizes . The introduction of harmonised and enhanced disclosure standards in line with international standards for public offer of securities
˙ ŒÆŁØÝæøóç åíÆæìïíØóìÝíøí ŒÆØ Æıóôçæüôå - 6.12.2001
6.12.2001 EN
æøí ðæïôýðøí ªíøóôïðïßçóçò , åıŁıª æÆììØóìÝíøí ìå ôÆ äØåŁíÞ ðæüôıðÆ ðïı Æöïæïýí ôç äçìüóØÆ ðæïóöïæÜ ŒØíçôþí ÆîØþí ŒÆØ ôçí åØóÆªøª Þ ôïıò ðæïò äØÆðæÆª ìÜôåıóç , åßíÆØ ðØŁÆíü üôØ ŁÆ åíØó ÷ ýóåØ ôçí åìðØóôïóýíç ôøí åðåíäıôþí , Øäßøò ðæïŒåØìÝíïı ªØÆ ôØò åðåíäýóåØò óå åðßðåäï ¯¯.
and admission to trading is likely to increase investor confidence , in particular as regards investing on an EU-wide basis . However , a high level of disclosure has to be balanced against the need for an efficient issuance process , with costs proportional to the size of the issuing company and the type of security issued .
--- Üíôøò , ðæÝðåØ íÆ ıðÜæ ÷ åØ ìßÆ ó ÷ Ýóç ØóïææïðßÆò ìåôÆîý åíüò ıłçº ïý åðØðÝäïı ªíøóôïðïßçóçò ŒÆØ ôçò ÆíÜª Œçò ªØÆ ìßÆ Æðïôåº åóìÆôØŒÞ äØÆäØŒÆóßÆ ÝŒäïóçò , óôï ðº ÆßóØï ôçò ïðïßÆò ôï Œüóôïò ŁÆ åßíÆØ ÆíÜºïª ï ôïı ìåª ÝŁïıò ôçò åŒäüôæØÆò åôÆØæåßÆò ŒÆØ ôïı åßäïıò ôçò åŒÜóôïôå åŒäØäüìåíçò ŒØíçôÞò ÆîßÆò .
Standardised , easily available and regularly updated information will improve and widen the basis for well-founded decision making by investors .
ˇØ ôıðïðïØçìÝíåò , åýŒïº Æ ðæïóâÜóØìåò ŒÆØ ôÆŒôØŒÜ åíçìåæïýìåíåò ðº çæïöïæßåò ŁÆ âåº ôØþóïıí ŒÆØ ŁÆ äØåıæýíïıí ôï ıðüâÆŁæï ªØÆ ìØÆ ŒÆº Ü ôåŒìçæØøìÝíç ºÞłç ÆðïöÜóåøí Æðü ôïıò åðåíäıôÝò .
The positive implications of the proposed Directive for both issuers and investors will enhance the ability of the financial markets to fulfil their function of efficient capital allocation , as they become more liquid and efficient . Moreover , the ECB holds the view that the enhancement of issuer disclosure will favour selection by investors of new investment projects and reduce information asymmetry , leading in turn to greater market liquidity .
ˇØ ŁåôØŒÝò åðØðôþóåØò ôçò ðæïôåØíüìåíçò ïäçª ßÆò ôüóï ªØÆ ôïıò åŒäüôåò üóï ŒÆØ ªØÆ ôïıò åðåíäıôÝò ŁÆ åíØó ÷ ýóïıí ôçí ØŒÆíüôçôÆ ôøí ÷ æçìÆôïðØóôøôØŒþí Æª ïæþí íÆ åŒðº çæþíïıí ôç ºåØôïıæª ßÆ ôïıò ó ÷ åôØŒÜ ìå ôçí Æðïôåº åóìÆôØŒÞ ŒÆôÆíïìÞ ôïı ŒåöÆº Æßïı , ŒÆŁþò ŁÆ ÷ ÆæÆŒôçæßæïíôÆØ Æðü ìåªÆº ýôåæç æåıóôüôçôÆ ŒÆØ Æðïôåº åóìÆôØŒüôçôÆ .
The ECB also notes that the abovementioned benefits are in principle a consequence of any enhancement in corporate disclosure .
¯ ðØðº Ýïí , ç ¯ ˚Ô Łåøæåß üôØ ç ŒÆŁØÝæøóç Æıóôçæüôåæçò ªíøóôïðïßçóçò ªØÆ ôïıò åŒäüôåò ŁÆ åıíïÞóåØ ôçí åðØºïª Þ íÝøí åðåíäıôØŒþí ó ÷ åäßøí Æðü ôïıò åðåíäıôÝò ŒÆØ ŁÆ ìåØþóåØ ôçí ÆóıììåôæßÆ óôçí ðº çæïöüæçóç , ªåª ïíüò ðïı ìå ôç óåØæÜ ôïı ŁÆ ïäçª ÞóåØ óå ìåªÆº ýôåæç æåıóôüôçôÆ ôçò Æª ïæÜò .
In this respect , the ECB notes that the Lisbon European Council urged that steps be taken to enhance the quality and the comparability of corporate disclosure for listed companies , and that the Commission has already launched a number of new initiatives , which aim to build a new EU regime on disclosure requirements . implementing measures subject procedure in one single article .
˙ ¯ ˚Ô ðÆæÆôçæåß ÆŒüìç üôØ ôÆ ðæïÆíÆöåæŁÝíôÆ ðº åïíåŒôÞìÆôÆ Æðïôåº ïýí , ŒÆô » Ææ ÷ Þí , óıíÝðåØÆ ŒÜŁå Æıóôçæïý ðº ÆØóßïı ªíøóôïðïßçóçò ðº çæïöïæØÆŒþí óôïØ ÷ åßøí åôÆØæåØþí .
comitology 8 .
¯ í ðæïŒåØìÝíø , ç ¯ ˚Ô óçìåØþíåØ üôØ ôï ¯ ıæøðÆœŒü Óıìâïýº Øï ôçò ¸ ØóóÆâüíÆò ðæïÝôæåłå ÝíôïíÆ ôç ºÞłç ìÝôæøí ðæïò åíßó ÷ ıóç ôçò ðïØüôçôÆò ŒÆØ ôçò óıª ŒæØóØìüôçôÆò ôçò ÆðÆØôïýìåíçò ªíøóôïðïßçóçò ðº çæïöïæØþí ªØÆ åØóçª ìÝíåò åôÆØæåßåò ŒÆØ üôØ ç ¯ ðØôæïðÞ Ý ÷ åØ Þäç äæïìïºïª ÞóåØ ìØÆ óåØæÜ Æðü íÝåò ðæøôïâïıº ßåò , ïØ ïðïßåò ÆðïóŒïðïýí óôç äçìØïıæª ßÆ íÝïı ŒÆŁåóôþôïò ªØÆ ôØò ıðï ÷ æåþóåØò ªíøóôïðïßçóçò óå åðßðåäï ¯¯. 6 .
The ECB notes that Article 6 ( 2 ) of the proposed Directive refers to the work of the International Organisation of Securities Commissions ( IOSCO ) , by stating that rules concerning the information to be included in the prospectus , adopted by the Commission under comitology procedure , shall be in accordance with the information requirements set out by IOSCO , where it is possible and appropriate . The ECB welcomes the aim of bringing European securities legislation in line with IOSCO standards .
˙ ¯ ˚Ô ÷ ÆØæåôßæåØ ôçí ðæïôåØíüìåíç ŒÆŁØÝæøóç åíüò åíÆæìïíØóìÝíïı ïæØóìïý ôçò äçìüóØÆò ðæïóöïæÜò , ï ïðïßïò ŁÆ ÆðïôæÝłåØ äØÆöïæåôØŒÝò åæìçíåßåò ôøí ŒïØíïôØŒþí ŒÆíüíøí ŒÆØ ŁÆ äØÆóöÆº ßóåØ ôï ßäØï åðßðåäï ðæïóôÆóßÆò ôøí åðåíäıôþí óôçí ¯¯.
The adoption of internationally accepted principles such as those enacted by IOSCO would lead to convergence of international financial systems towards a more harmonised securities disclosure regime . The ECB also notes that Article 18 ( 1 ) of the proposed Directive stipulates conformity with IOSCO standards as a necessary requirement for the approval by a Member State of a prospectus drawn up for an offer or admission to trading in a third country .
˙ ¯ ˚Ô óçìåØþíåØ üôØ ôï ÜæŁæï 3 ðÆæÜª æÆöïò 2 ôçò ðæïôåØíüìåíçò ïäçª ßÆò ïæßæåØ øò ŒÆôçª ïæßåò ðæïóöïæþí , åðß ôøí ïðïßøí äåí Øó ÷ ýåØ ç ıðï ÷ æÝøóç äçìïóßåıóçò åíçìåæøôØŒïý äåº ôßïı , ôØò ðåæØðôþóåØò ðæïóöïæÜò ŒØíçôþí ÆîØþí óå åØäØŒïýò åðåíäıôÝò ªØÆ ßäØï ºïª ÆæØÆóìü Æıôþí Þ ðæïóöïæÜò ðïı ÆðåıŁýíåôÆØ óå ðåæØïæØóìÝíï ŒýŒº ï ðæïóþðøí Þ ðæïóöïæÜò ŒØíçôþí ÆîØþí ðïı ìðïæåß íÆ ÆðïŒôÞóåØ ÝíÆò åðåíäıôÞò , ç åº Ü ÷ Øóôç ÆîßÆ ôøí ïðïßøí ÆíÝæ ÷ åôÆØ óå 150 000 EUR . ¯ í ðæïŒåØìÝíø , ç ¯ ˚Ô äÝ ÷ åôÆØ åıíïœŒÜ ôçí ıðÆªøª Þ ôçò äØÆóÆöÞíØóçò ŒÆØ ðæïóÆæìïª Þ ôøí åîÆØæÝóåøí óôç äØÆäØŒÆóßÆ åðØôæïðïºïª ßÆò , ðæïŒåØìÝíïı íÆ äØÆóöÆº ßæåôÆØ ï ÆíÆª ŒÆßïò âÆŁìüò åıåº ØîßÆò .
The ECB welcomes the proposed introduction of a harmonised definition of public offer , which will avoid different interpretations of Community rules and ensure the same level of investor protection throughout the EU . The ECB notes that Article 3 ( 2 ) of the proposed Directive defines offers to which the obligation of publishing a prospectus does not apply as offers either to qualified investors for their account , or to a restricted circle of persons , or concerning securities which can be acquired only for a consideration of at least EUR 150 000 per investor .
¯ ðØðº Ýïí , ç ¯ ˚Ô óçìåØþíåØ üôØ óôïí ïæØóìü ôøí åØäØŒþí åðåíäıôþí ŁÆ ðæÝðåØ íÆ óıìðåæØº çöŁåß ŒÆØ ç ßäØÆ , ŒÆŁþò åðßóçò ŒÆØ ïØ ŒåíôæØŒÝò ôæÜðåæåò ôøí ŒæÆôþí ìåº þí .
In this respect , the ECB welcomes the fact that clarification and adaptation of the exemptions are under comitology procedure in order to ensure the necessary degree of flexibility . In addition , the ECB notes that the definition of qualified investors should also include the ECB and the central banks of the Member States .
˙ ¯ ˚Ô åðØŒæïôåß ôç ÷ æÞóç ôçò äØÆäØŒÆóßÆò åðØôæïðïºïª ßÆò óôçí ðæïôåØíüìåíç ïäçª ßÆ , óýìöøíÆ ìå ôØò óıóôÜóåØò ôçò ¯ ðØôæïðÞò Óïöþí .
The ECB welcomes the use of the comitology procedure in the proposed Directive , as recommended by the Committee of Wise Men .
˙ íÝÆ ðæïóÝªª Øóç , åª ŒæØŁåßóÆ âÜóåØ łçößóìÆôïò ôïı ¯ ıæøðÆœŒïý Óıìâïıº ßïı ôçò ÓôïŒ ÷ üº ìçò , ôï ÌÜæôØï ôïı 2001 , Ý ÷ åØ øò óôü ÷ ï íÆ ŒÆôÆóôÞóåØ ôç íïìïŁåóßÆ ðåæß ŒØíçôþí ÆîØþí ôçò ¯ ıæøðÆœŒÞò ‚íøóçò ðåæØóóüôåæï Æðïôåº åóìÆôØŒÞ ŒÆØ äØÆöÆíÞ , åðØôæÝðïíôÆò ôçí ðæüóöïæç ŒÆØ Ýª ŒÆØæç ÆíôÆðüŒæØóç óôØò äıíÆìØŒÝò åîåº ßîåØò ôçò Æª ïæÜò .
Following the endorsement by the resolution of the Stockholm European Council of March 2001 , the new approach aims to make the European Union securities legislation more effective and transparent , allowing adequate and timely response to dynamic market developments .
^ åíØŒÜ , ç ¯ ˚Ô åßíÆØ ôçò Üðïłçò üôØ ç åöÆæìïª Þ ôçò äØÆäØŒÆóßÆò åðØôæïðïºïª ßÆò óôç íïìïŁåôØŒÞ æýŁìØóç ôçò Æª ïæÜò ŒØíçôþí ÆîØþí ŁÆ ðæÝðåØ íÆ ºÜâåØ ıðüłç ôï óıìâïıº åıôØŒü æüº ï ðïı ç óıíŁÞŒç ÆíÆŁÝôåØ óôçí ¯ ˚Ô , ðæïâº ÝðïíôÆò ôç äıíÆôüôçôÆ åíóøìÜôøóçò ôøí Æðüłåøí ôçò ¯ ˚Ô óôçí ŒÆíïíØóôØŒÞ äØÆäØŒÆóßÆ .
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 on the ECB , by allowing for the incorporation of the ECB 's views in the regulatory process .
˙ ¯ ˚Ô óçìåØþíåØ , åØäØŒüôåæÆ , óå ó ÷ Ýóç ìå ôçí ðæïôåØíüìåíç ïäçª ßÆ , üôØ ªØÆ ºüª ïıò óÆöÞíåØÆò øò ðæïò ôçí åöÆæìïª Þ ôçò äØÆäØŒÆóßÆò óıíØóôÜôÆØ åíäå ÷ ïìÝíøò íÝÆ ÆðÆæßŁìçóç , óôï ÜæŁæï 22 ðÆæÜª æÆöïò 2 , ôøí ÜæŁæøí ðïı ıðüŒåØíôÆØ óôç äØÆäØŒÆóßÆ åðØôæïðïºïª ßÆò Þ , ôïıº Ü ÷ Øóôïí , óıª ŒÝíôæøóç óå åíØÆßï ÜæŁæï üº øí ôøí åŒôåº åóôØŒþí ìÝôæøí ðïı ıðüŒåØíôÆØ óôçí åí ºüª ø äØÆäØŒÆóßÆ .
More specifically , as regards the proposed Directive , the ECB notes that for the sake of clarity as to the application of the procedure it may be advisable either to restate in Article 22 ( 2 ) the articles subject to the comitology procedure or , as a minimum , to assemble all
˙ ¯ ˚Ô óçìåØþíåØ åðßóçò üôØ ôï ÜæŁæï 18 ðÆæÜª æÆöïò 1 ôçò ðæïôåØíüìåíçò ïäçª ßÆò ÆíÆöÝæåØ ôç óıìöøíßÆ ìå ôÆ ðæüôıðÆ ôçò IOSCO øò ÆðÆæÆßôçôç ðæïßðüŁåóç ªØÆ ôçí Ýª ŒæØóç , Æðü ïæØóìÝíï ŒæÜôïò ìÝº ïò , åíçìåæøôØŒïý äåº ôßïı ðïı Ý ÷ åØ ŒÆôÆæôØóŁåß Æðü ôæßôç ÷ þæÆ åíüłåØ ðæïóöïæÜò ŒØíçôþí ÆîØþí Þ åØóÆªøª Þò ôïıò ðæïò äØÆðæÆª ìÜôåıóç . 9 .
9 . In addition , the ECB holds the view that greater clarity could be obtained regarding the coverage of the Directive if reference was made to existing international and European standards such as ESA95 .
¯ îÜºº ïı , ç ¯ ˚Ô ıðïóôçæßæåØ ôçí Üðïłç üôØ ŁÆ ìðïæïýóå íÆ åðØôåı ÷ Łåß ìåªÆº ýôåæç óÆöÞíåØÆ øò ðæïò ôï ðåäßï åöÆæìïª Þò ôçò ïäçª ßÆò , åÜí ªØíüôÆí ÆíÆöïæÜ óå ıðÜæ ÷ ïíôÆ äØåŁíÞ ŒÆØ åıæøðÆœŒÜ ðæüôıðÆ , üðøò ôï ¯ Ó ¸ 95 .
This applies in particular to the definition of the term  securities  and the identification of the  sector  of the issuer .
« ıôü ÆöïæÜ Øäßøò ôïí ïæØóìü ôïı üæïı « ŒØíçôÝò Æîßåò » ŒÆØ ôïí ðæïóäØïæØóìü ôïı « ôïìÝÆ » ôïı åŒäüôç .
While Article 2 of the proposed Directive defines the term  securities , further elaboration is needed to obtain a common definition of securities that takes into account debt and equity securities .
--- ÆæÜ ôï ªåª ïíüò üôØ ôï ÜæŁæï 2 ôçò ðæïôåØíüìåíçò ïäçª ßÆò ïæßæåØ ôïí üæï « ŒØíçôÝò Æîßåò » , ÆðÆØôåßôÆØ ðåæÆØôÝæø åðåîåæª ÆóßÆ , ðæïŒåØìÝíïı íÆ äØÆìïæöøŁåß ÝíÆò ŒïØíüò ïæØóìüò ôøí ŒØíçôþí ÆîØþí ï ïðïßïò ŁÆ ºÆìâÜíåØ ıðüłç ôØò ïìïºïª ßåò ŒÆØ ôØò ìåôï ÷ Ýò .
A possible starting point could be the definitions used in ESA95 .
Óçìåßï åŒŒßíçóçò ŁÆ ìðïæïýóÆí åíäå ÷ ïìÝíøò íÆ Æðïôåº Ýóïıí ïØ ïæØóìïß ðïı ÷ æçóØìïðïØïýíôÆØ óôï ¯ Ó ¸ 95 .
Finally , the ECB notes that the proposed Directive shall apply to issuers except inter alia Member States and certain international organisations .
ÔÝº ïò , ç ¯ ˚Ô ðÆæÆôçæåß üôØ ç ðæïôåØíüìåíç ïäçª ßÆ åöÆæìüæåôÆØ óå åŒäüôåò åŒôüò , ìåôÆîý Üºº øí , ôøí ŒæÆôþí ìåº þí ŒÆØ ïæØóìÝíøí äØåŁíþí ïæª ÆíØóìþí .
Greater clarity would be desirable as to which economic entities are within the scope of the proposed Directive or conversely , to define which entities fall outside its scope .
˚æßíåôÆØ åíäåäåØª ìÝíç ç äØÆóöÜº Øóç ðåæØóóüôåæçò óÆöÞíåØÆò øò ðæïò ôïıò ïØŒïíïìØŒïýò ïæª ÆíØóìïýò ïØ ïðïßïØ åìðßðôïıí óôï æıŁìØóôØŒü ðåäßï ôçò ðæïôåØíüìåíçò ïäçª ßÆò Þ , ÆíôßóôæïöÆ , øò ðæïò ôïí ðæïóäØïæØóìü ôøí ïæª ÆíØóìþí ïØ ïðïßïØ äåí åìðßðôïıí óå Æıôü .
Again , the ESA95 definitions could be a good reference point .
ˇØ ïæØóìïß ôïı ¯ Ó ¸ 95 ŁÆ ìðïæïýóÆí , ŒÆØ óå ÆıôÞ ôçí ðåæßðôøóç , íÆ Æðïôåº Ýóïıí ÝíÆ ŒÆº ü óçìåßï ÆíÆöïæÜò . 10 .
10 . The ECB welcomes the exclusion from the scope of the proposed Directive of securities issued by the ECB .
˙ ¯ ˚Ô åðØäïŒØìÜæåØ ôçí åîÆßæåóç ôøí ŒØíçôþí ÆîØþí ðïı åŒäßäåØ ç ßäØÆ Æðü ôï æıŁìØóôØŒü ðåäßï ôçò ðæïôåØíüìåíçò ïäçª ßÆò .
In this respect the ECB wants to underline that this exclusion is vital for the unhampered conduct of the single monetary policy of the Eurosystem .
¯ í ðæïŒåØìÝíø , ç ¯ ˚Ô åðØŁıìåß íÆ ıðïª æÆììßóåØ üôØ ç åí ºüª ø åîÆßæåóç åßíÆØ æøôØŒÞò óçìÆóßÆò ªØÆ ôçí ÆðæüóŒïðôç ÜóŒçóç ôçò åíØÆßÆò íïìØóìÆôØŒÞò ðïº ØôØŒÞò ôïı ¯ ıæøóıóôÞìÆôïò . ˙ åíØÆßÆ íïìØóìÆôØŒÞ ðïº ØôØŒÞ åäæÜæåôÆØ óå ìßÆ óåØæÜ äØÆöïæåôØŒþí ìÝóøí , ìåôÆîý Üºº øí óå ÷ æåüª æÆöÆ ôçò ¯ ˚Ô , ôÆ ïðïßÆ åßíÆØ äıíÆôü íÆ åŒäßäïíôÆØ ìå óŒïðü ôçí ðæïóÆæìïª Þ ôçò äØÆæŁæøôØŒÞò ŁÝóçò ôïı ¯ ıæøóıóôÞìÆôïò ÝíÆíôØ ôïı ÷ æçìÆôïðØóôøôØŒïý ôïìÝÆ , þóôå íÆ äçìØïıæª åßôÆØ ( Þ íÆ äØåıæýíåôÆØ ) ÝíÆ Ýºº åØììÆ æåıóôüôçôÆò óôçí Æª ïæÜ , ŒÆôÜ ôÆ ïæØæüìåíÆ óôï
The single monetary policy relies on a number of different instruments , inter alia ECB debt certificates , which might be issued with the aim of adjusting the structural position of the Eurosystem vis-à-vis the financial sector so as to create ( or enlarge ) a liquidity shortage in the market , in accordance with section 3.3 of the general documentation on Eurosystem monetary
ôìÞìÆ 3.3 ôïı åª ÷ åØæØäßïı ìå ôßôº ï «^ åíØŒÞ ôåŒìçæßøóç ªØÆ ôÆ ìÝóÆ ŒÆØ ôØò äØÆäØŒÆóßåò íïìØóìÆôØŒÞò ðïº ØôØŒÞò ôïı ¯ ıæøóıóôÞìÆôïò , ˝ïÝìâæØïò 2000 » ( ðÆæÜæôçìÆ 1 ôçò ŒÆôåıŁıíôÞæØÆò ªæÆììÞò ôçò ¯ ˚Ô / 2000/7 , ôçò 31çò « ıª ïýóôïı 2000 , ó ÷ åôØŒÜ ìå ôÆ ìÝóÆ ŒÆØ ôØò äØÆäØŒÆóßåò íïìØóìÆôØŒÞò ðïº ØôØŒÞò ôïı ¯ ıæøóıóôÞìÆôïò ) ( 1 ) .
policy instruments and procedures , November 2000 ( Annex 1 to Guideline ECB / 2000/7 of 31 August 2000 on monetary policy instruments and procedures of the Eurosystem ) ( 1 ) .
˜åäïìÝíïı üôØ ç äØÆìüæöøóç ŒÆØ åöÆæìïª Þ ôçò íïìØóìÆôØŒÞò ðïº ØôØŒÞò ôïı ¯ ıæøóıóôÞìÆôïò åìðßðôïıí óôçí ÆðïŒº åØóôØŒÞ ÆæìïäØüôçôÆ ôøí ïæª Üíøí ºÞłçò ÆðïöÜóåøí ôçò ¯ ˚Ô , óýìöøíÆ ìå ôÆ ïæØæüìåíÆ óôç óıíŁÞŒç , ç ÷ æÞóç ôøí ìÝóøí ðïı åßíÆØ ÆíÆª ŒÆßÆ ªØÆ ôçí åŒðº Þæøóç ôøí ŒÆŁçŒüíôøí Æıôþí ŁÆ ðæÝðåØ íÆ åßíÆØ üóï ôï äıíÆôü ïìÆº üôåæç ŒÆØ íÆ ìçí ðæïóŒüðôåØ óå íïìØŒÜ ŒÆØ åðØ ÷ åØæçóØÆŒÜ åìðüäØÆ .
As the formulation and the implementation of the Eurosystem monetary policy lies within the exclusive competence of the ECB 's decision-making bodies , as laid down by the Treaty , the use of the instruments necessary to fulfil that task should be as smooth and unhampered by legal and operational obstacles as possible .
˚ÆôÜ óıíÝðåØÆ , ï ÆíÆª ŒÆßïò âÆŁìüò äØÆöÜíåØÆò ôøí üæøí ðïı åöÆæìüæïíôÆØ óôØò ŒØíçôÝò Æîßåò ÝŒäïóçò ôïı ¯ ıæøóıóôÞìÆôïò ŁÆ äØÆóöÆº Øóôåß ìÝóø ôçò äçìïóßåıóçò ôøí åöÆæìïóôÝøí íïìØŒþí åªª æÜöøí ( ôçò ðæïÆíÆöåæŁåßóÆò ŒÆôåıŁıíôÞæØÆò ªæÆììÞò ¯ ˚Ô / 2000/7 ŒÆØ ôøí ÆíôßóôïØ ÷ øí íïìØŒþí åªª æÜöøí ôøí åŁíØŒþí ŒåíôæØŒþí ôæÆðåæþí ) .
Consequently , the necessary degree of transparency of the conditions applicable to the securities issued by the Eurosystem will be ensured by the publication of the applicable legal documentation ( the aforementioned Guideline ECB / 2000/7 as well as the respective legal documentation of the national central banks ) .
Ôı ÷ üí ðæüóŁåôåò ôıðØŒÝò ÆðÆØôÞóåØò åßíÆØ äıíÆôü íÆ åðçæåÜæïıí ôçí ÆíÜª Œç ôÆ ÷ åßÆò ŒÆØ åıÝº ØŒôçò ÆíôßäæÆóçò ôïı ¯ ıæøóıóôÞìÆôïò óôØò åîåº ßîåØò ôçò ÷ æçìÆôïðØóôøôØŒÞò Æª ïæÜò .
Any additional formal requirements might compromise the necessity of the Eurosystem to react quickly and flexibly to financial market developments .
¸ ÆìâÜíïíôÆò ıðüłç ôØò ðÆæÆðÜíø óŒÝłåØò , ôï ÜæŁæï 1 ôçò ðæïôåØíüìåíçò ïäçª ßÆò ŁÆ ðæÝðåØ íÆ åîÆØæåß ôØò åŁíØŒÝò ŒåíôæØŒÝò ôæÜðåæåò Æðü ôï æıŁìØóôØŒü ôçò ðåäßï .
In the light of the abovementioned considerations , Article 1 of the proposed Directive should also exclude the national central banks from the scope of the Directive .
˙ ¯ ˚Ô óçìåØþíåØ üôØ ôï ÜæŁæï 19 ÆðÆØôåß Æðü ŒÜŁå ŒæÜôïò ìÝº ïò íÆ ïæßæåØ ôç äØïØŒçôØŒÞ Ææ ÷ Þ ðïı åßíÆØ ÆæìüäØÆ ªØÆ ôçí åŒôÝº åóç ôøí ŒÆŁçŒüíôøí ðïı ðæïâº ÝðåØ ç ðæïôåØíüìåíç ïäçª ßÆ ŒÆØ ÆðÆæØŁìåß ôØò åîïıóßåò ðïı ðÆæÝ ÷ ïíôÆØ óôçí åí ºüª ø Ææ ÷ Þ .
The ECB notes that Article 19 requires each Member State to designate the administrative authority competent to carry out the duties introduced by the proposed Directive , listing the powers given to the competent authority .