natgillin/translations-raw huggingface dataset:
A stock exchange must deny membership to a participant that is not authorised by FINMA and may deny membership to any participant that is subject to a statutory disqualification.
Svrha je ove procjene istovrijednosti procijeniti, među ostalim, jesu li pravno obvezujući zahtjevi koji se u Švicarskoj primjenjuju na burze koje su tamo osnovane i kojima je tamo izdano odobrenje za rad te su pod nadzorom Švicarskog nadzornog tijela za financijska tržišta („FINMA”) istovjetni zahtjevima iz Uredbe (EU) br. 596/2014, iz glave III.
The four conditions set out in the fourth subparagraph of Article 25(4)(a) of Directive 2014/65/EU must be fulfilled in order to determine that the legal and supervisory arrangements of a third country regarding the trading venues authorised therein are equivalent to those laid down in Directive 2014/65/EU.
Direktive 2014/65/EU, iz glave II.
According to the first condition, third-country trading venues must be subject to authorisation and to effective supervision and enforcement on an ongoing basis.
Uredbe (EU) br.
A stock exchange must be authorised by FINMA before it may begin operations.
600/2014 i iz Direktive 2004/109/EZ, koji podliježu učinkovitom nadzoru i provedbi u toj trećoj zemlji.
Pursuant to Articles 4 and 5 of the FMIA, FINMA grants authorisation if it finds that the applicable conditions and requirements with respect to the applicant are satisfied.
Kada je riječ o uvjetima da burze podliježu izdavanju odobrenja za rad i kontinuiranom učinkovitom nadzoru i provedbi, u članku 26. točki (b) Saveznog zakona o infrastrukturama financijskog tržišta i postupanju na tržištu na kojem se trguje vrijednosnim papirima i izvedenicama („Zakon o infrastrukturi financijskog tržišta”, „FMIA”) burza se definira kao institucija za multilateralno trgovanje vrijednosnim papirima na kojoj su vrijednosni papiri uvršteni, čija je svrha istovremena razmjena ponuda među više sudionika i sklapanje ugovora na temelju nediskrecijskih pravila.
The authorisation requirements are set out in the FMIA and the associated ordinances, which have force of law.
Burza nema diskrecijska prava nad izvršenjem trgovanja i ne može trgovati za vlastiti račun ili uparivanjem naloga.
The FMIA requires that a stock exchange has in place arrangements to address all of the types of conduct and activity that an applicant wishes to engage in.
Nadalje, burza mora sudionicima osigurati nepristrani i nediskriminirajući pristup svojim tržištima i uslugama.
According to Article 27(1) of the FMIA, a stock exchange shall establish under FINMA's supervision its own regulatory and supervisory organisation which is appropriate for its activity.
U tu svrhu burza mora imati pravila kojima se propisuje na koji način trgovac vrijednosnim papirima ili druge strane koje FINMA nadzire te strani sudionici kojima je FINMA izdala odobrenje za rad mogu podnijeti zahtjev za sudjelovanje.
With FINMA's approval, the stock exchange's self-regulation becomes binding and enforceable regulation.
U skladu s člankom 27. stavkom 4.
According to Article 27 of the FMIA in conjunction with Article 24(1) of the FMIO an appropriate regulatory and supervisory organisation requires the establishment of a body that fulfils regulatory tasks, a trading supervisory body, a body responsible for the admission of securities to trading and an appeal body.
Zakona o infrastrukturi financijskog tržišta u vezi s člankom 25. stavkom 1.
These bodies must be independent of the stock exchange's business management, both organisationally and with respect to personnel.
Pravilnika o infrastrukturama financijskog tržišta i postupanju na tržištu na kojem se trguje vrijednosnim papirima i izvedenicama („Pravilnik o infrastrukturi financijskog tržišta”, „FMIO”) FINMA preispituje i odobrava propise o uvrštenju, pristojbama i isključenju sudionika burze i njihove izmjene.
As part of the self-regulatory and supervisory organisation the respectively responsible body monitors and enforces compliance of the stock exchange's rules and regulations by the stock exchange's participants.
Burza mora odbiti zahtjev za članstvo sudioniku kojem FINMA nije izdala odobrenje za rad i sudioniku koji ne ispunjava zakonom propisane uvjete.
Furthermore, Article 18 of the FMIA requires stock exchanges to grant participants and market makers non-discriminatory and open access.
Da bi se moglo utvrditi da su pravni i nadzorni sustavi treće zemlje u pogledu mjesta trgovanja kojima je u toj zemlji izdano odobrenje za rad istovjetni onima propisanima u Direktivi 2014/65/EU moraju biti ispunjena četiri uvjeta iz članka 25. stavka 4. točke (a) četvrtog podstavka Direktive 2014/65/EU.
FINMA ensures both during the authorisation process and on an ongoing basis that exchange rules comply with this requirement (see sections 3 to 5 of the SSX Rule Book in conjunction with the SSX Directive 1 and sections 3-5 of the BX Swiss Rule Book).
U skladu s prvim uvjetom, mjesta trgovanja u trećoj zemlji moraju imati odobrenje za rad i podlijegati kontinuiranom i učinkovitom nadzoru i provedbi.
Denial of access is only permissible on safety and efficiency grounds and subject to a stringent proportionality test (Art. 18 of the FMIA, 17 of the FMIO).
Prije početka rada FINMA mora burzi izdati odobrenje za rad.
Applicants who have been denied access may lodge an appeal with an independent appeal board (section 8 of the SSX Rule Book and section 15 of the BX Swiss Rule Book).
U skladu s člancima 4. i 5.
Compliance of exchanges with Article 18 of the FMIA and Article 17 of the FMIO is subject to FINMA's supervision.
Zakona o infrastrukturi financijskog tržišta, FINMA izdaje odobrenje za rad ako utvrdi da su ispunjeni primjenjivi uvjeti i zahtjevi koji se odnose na podnositelja.
The adoption of rules and amendments thereto require FINMA's ex ante approval, their implementation may be scrutinised by FINMA staff, audits, requests for information, or remedial action pursuant to Articles 24 ff. of the Federal Act on the Swiss Financial Market Supervisory Authority (‘Financial Market Supervision Act’, ‘FINMASA’).
Zahtjevi za izdavanje odobrenja propisani su u Zakonu o infrastrukturi financijskog tržišta i povezanim pravilnicima koji imaju pravnu snagu zakona.
As regards effective supervision, the FINMASA, the Federal Act on Stock Exchanges and Securities Trading (‘Stock Exchange Act’, ‘SESTA’) and the FMIA constitute the main pieces of the primary legislation which establishes a legally enforceable regime for the trading of securities in Switzerland.
Zakonom o infrastrukturi financijskog tržišta propisano je da burza mora imati sustave za sve vrste postupanja i aktivnosti koje podnositelj želi obavljati.
The FINMASA, the SESTA and the FMIA empower FINMA with broad authority over all aspects of the securities industry, including the power to authorise and supervise securities dealers, central counterparties, central securities depositories, trade repositories and payment systems.
U skladu s člankom 27. stavkom 1.
The FMIA and the FMIO also identify and prohibit certain types of conduct in the markets and provide FINMA with disciplinary powers over regulated entities and persons associated with them.
Zakona o infrastrukturi financijskog tržišta, burza pod nadzorom FINMA-e uspostavlja vlastitu regulatornu i nadzornu organizaciju koja odgovara njezinim aktivnostima.
Article 29 of the FINMASA grants FINMA comprehensive access to all relevant information of any supervised person and entity, their audit firms and auditors.
Uz odobrenje FINMA-e samoregulacija burze postaje obvezujuća i izvršiva regulacija.
Under the Swiss framework, stock exchanges are primarily responsible for establishing the rules under which their participants conduct business and for monitoring the ways their participants conduct business.
U skladu s člankom 27.
FINMA directly monitors stock exchange regulations to ensure they are in line with the legal framework.
Zakona o infrastrukturi financijskog tržišta u vezi s člankom 24. stavkom 1.
All regulations and any changes to them must be submitted to FINMA for approval (Article 27(4) of the FMIA).
Pravilnika o infrastrukturi financijskog tržišta, za odgovarajuću regulatornu i nadzornu organizaciju potrebno je uspostaviti tijelo koje ispunjava regulatorne zadaće, tijelo za nadzor trgovanja, tijelo odgovorno za uvrštavanje vrijednosnih papira za trgovanje i žalbeno tijelo.
Investigations by FINMA are triggered either by reports of potential breaches of the law reported by stock exchanges to FINMA or on the basis of its own suspicion.
Ta tijela moraju biti ustrojstveno i kadrovski neovisna o poslovnom upravljanju burzom.
Once a stock exchange has been authorised, FINMA monitors on an ongoing basis whether it continues to comply with the conditions and duties associated with the authorisation (Article 83 of the FMIA).
Kao dio samoregulatorne i nadzorne organizacije nadležno tijelo prati pridržavaju li se sudionici na burzi pravila i propisa burze te osigurava njihovo zakonito postupanje.
A stock exchange is legally required to notify FINMA of any changes to the circumstances on which its authorisation or approval was originally based.
Nadalje, člankom 18.
If the changes are material, the financial market infrastructure must obtain prior authorisation or approval from FINMA to pursue its activities (Article 7 of the FMIA).
Zakona o infrastrukturi financijskog tržišta od burzi se zahtijeva da sudionicima i kreatorima tržišta odobre nediskriminirajući i otvoren pristup.
Key requirements are the compliance with organisational requirements; the existence and effectiveness of the internal control system; the appropriateness of IT systems; and proper business conduct.
FINMA osigurava da burza ispunjava taj zahtjev tijekom postupka izdavanja odobrenja za rad i kontinuirano (vidjeti odjeljke od 3. do 5.
FINMA's supervision extends to all bodies of the stock exchange including its trading surveillance and sanctioning functions.
Pravilnika SSX u vezi s Direktivom 1 SSC i odjeljcima od 3. do 5. švicarskog Pravilnika BX).
Pursuant to Article 24, 24a of the FINMASA, FINMA may carry out audits directly, or indirectly through licensed audit companies, both on-site and off-site.
Pristup se može uskratiti samo zbog sigurnosti i učinkovitosti i na temelju strogog testa proporcionalnosti (članak 18.
Articles 27, 30 and 34 of the FMIA also require all authorised stock exchanges to be able to enforce compliance by their issuers, participants and persons associated with their participants with the provisions of the FMIA and FMIO, associated acts and regulations, and their own rules and regulations.
Zakona o infrastrukturi financijskog tržišta, članak 17.
As part of its duty to enforce compliance by their members, the stock exchange is responsible for investigating and disciplining any breaches of the applicable laws and rules.
Pravilnika o infrastrukturi financijskog tržišta).
As regards the effective enforcement, FINMA has a range of administrative mechanisms for enforcing its powers and authority.
Podnositelji kojima je zabranjen pristup mogu podnijeti žalbu neovisnom žalbenom odboru (odjeljak 8.
Where breaches of the law or irregularities are identified, FINMA takes the necessary corrective measures, which may involve administrative enforcement proceedings.
Pravilnika SSX i odjeljak 15. švicarskog Pravilnika BX).
With due regard to the principle of proportionality, FINMA imposes the measures it deems most appropriate to ensure compliance with the law.
FINMA nadzire usklađenost postupanja burzi s člankom 18.
The measures available include reprimands, specific instructions to restore compliance with the law, prohibitions on individuals practising their profession, prohibitions on dealers conducting business, and the revocation of licenses.
Zakona o infrastrukturi financijskog tržišta i člankom 17.
FINMA may also confiscate illegally generated profits or illegally avoided losses and may order publication of a final and binding ruling.
Pravilnika o infrastrukturi financijskog tržišta.
To restore compliance of a stock exchange with applicable provisions, FINMA may use its administrative powers also for the removal of board members or staff whose irreproachable business conduct is in doubt.
Za donošenje pravila i njihovih izmjena potrebno je prethodno odobrenje FINMA-e, a njihovu provedbu može nadzirati osoblje FINMA-e, revizijama, zahtjevima za informacije ili korektivnim mjerama u skladu s člankom 24. ff Saveznog zakona o švicarskom Nadzornom tijelu za financijsko tržište („Zakon o nadzoru financijskog tržišta”, „FINMASA”).
FINMA's own administrative mechanisms are backed up by provisions for criminal sanctions in relation to the offences described in Chapter 4 of FINMASA.
Kada je riječ o učinkovitom nadzoru, Zakon o nadzoru financijskog tržišta, Savezni zakon o burzama i trgovanju vrijednosnim papirima („Zakon o burzi”, „SESTA”) i Zakon o infrastrukturi financijskog tržišta glavni su akti primarnog zakonodavstva kojima se utvrđuje pravno izvršiv sustav za trgovanje vrijednosnim papirima u Švicarskoj.
Provisions for criminal sanctions are also included in Articles 147 ff. of the FMIA and Articles 42a and 43 of the SESTA.
Zakon o nadzoru financijskog tržišta, Zakon o burzi i Zakon o infrastrukturi financijskog tržišta daju FINMA-i široke ovlasti nad svim aspektima trgovanja vrijednosnim papirima, uključujući ovlasti za izdavanje odobrenja za rad trgovcima vrijednosnim papirima, središnjim drugim ugovorim stranama, središnjim depozitorijima vrijednosnih papira, trgovinskim repozitorijima i sustavima plaćanja.
FINMA hands these cases on to the competent prosecution authorities.
U Zakonu o infrastrukturi financijskog tržišta i Pravilniku o infrastrukturi financijskog tržišta utvrđuju se i zabranjuju određene vrste postupanja na tržištima i FINMA-i se daju stegovne ovlasti nad reguliranim subjektima i osobama koje su s njima povezane.
FINMA and the competent prosecuting authority coordinate their investigations, as far as this is practicable and necessary.
Člankom 29.
In general, the Federal Department of Finance Legal Services both prosecutes and judges violations of the criminal provisions of FINMASA and of the financial markets acts.
Zakona o nadzoru financijskog tržišta FINMA-i se odobrava sveobuhvatni pristup svim relevantnim informacijama o bilo kojoj nadziranoj osobi i subjektu, njihovim revizijskim društvima i revizorima.
However, the Federal Attorney General's Office is competent for the prosecution of insider trading and price manipulation offences under FMIA.
U skladu sa švicarskim okvirom, burze su posebno odgovorne za uspostavu pravila u skladu s kojima njihovi sudionici posluju i za praćenje načina njihova poslovanja.
It can therefore be concluded that Swiss stock exchanges are subject to authorisation and to effective supervision and enforcement on an ongoing basis.
FINMA izravno prati pravilnike burze kako bi osigurala njihovu usklađenost s pravnim okvirom.
According to the second condition, third-country trading venues must have clear and transparent rules regarding admission of securities to trading so that such securities are capable of being traded in a fair, orderly and efficient manner, and are freely negotiable.
Svi pravilnici i sve njihove izmjene moraju se podnositi FINMA-i na odobrenje (članak 27. stavak 4.
Swiss law requires that stock exchanges issue regulations on the admission of securities to trading (Articles 35 and 36 of the FMIA).
Zakona o infrastrukturi financijskog tržišta).
These regulations have to be approved by FINMA.
FINMA pokreće istrage na temelju prijava o mogućim povredama zakona koje joj podnesu burze ili ih pokreće na temelju vlastite sumnje.
The regulations shall take account of recognised international standards and in particular shall contain provisions on the tradability of securities; the publication of information on which investors rely for assessing the characteristics of securities and the quality of the issuer; the duties of the issuer, its representatives and third parties for the entire duration of the listing or admission of securities to trading; the obligation, regarding the admission of equity securities, to comply with Articles 7 and 81 of the Federal Act of 16 December 2005 on the Licensing and Oversight of Auditors.
Kada burza dobije odobrenje za rad, FINMA kontinuirano nadzire ispunjava li burza uvjete i dužnosti povezane s odobrenjem (članak 83.
The admission to trading of securities and the listing, a qualified form of an admission to trading, of securities on stock exchanges are governed primarily by Listing Rules and Additional Rules for Listing and Admission to Trading.
Zakona o infrastrukturi financijskog tržišta).
The stock exchange reviews the application filed by the issuer for each security and verifies that all pertinent requirements are fulfilled.
Burza ima zakonsku obvezu obavijestiti FINMA-u o svim promjenama okolnosti na kojima se prvotno temeljilo njezino odobrenje za rad.
For each application, the stock exchange releases a written decision.
Ako su promjene bitne, infrastruktura financijskog tržišta mora prethodno od FINMA-e pribaviti ovlaštenje ili odobrenje da bi mogla obavljati svoje aktivnosti (članak 7.
The information on an admission decision is publicly available.
Zakona o infrastrukturi financijskog tržišta).
With the listing of a security, the issuer is subject to maintenance obligations concerning periodic reporting obligations as, for example, financial reporting and corporate governance obligations, but also occurrence-based reporting obligations such as regular reporting obligations, disclosure of management transactions and ad hoc publicity.
Ključni su zahtjevi su usklađenost postupanja s ustrojstvenim zahtjevima; postojanje unutarnjeg sustava kontrole i njegova učinkovitost; prikladnost sustava IT-a i uredno poslovanje.
According to Article 35(3) of the FMIA, the stock exchange monitors the issuer's compliance with these rules and imposes the sanctions provided for contractually in the event of violations.
FINMA nadzire sva tijela burze, kao i trgovanje na burzi, te ima funkcije izricanja sankcija.
According to Article 33(1) of the FMIO, a stock exchange shall guarantee that all securities admitted to trading and all listed securities can be traded in a fair, efficient and orderly manner.
U skladu s člancima 24. i 24.a Zakona o nadzoru financijskog tržišta, FINMA može revizije obavljati izravno ili neizravno posredstvom licenciranih revizijskih društava, na mjestu poslovanja i izvan njega.
With regard to equity securities, the Listing Rules provide for free float requirements to ensure that such securities can be traded efficiently.
Člancima 27., 30. i 34.
The independent bodies of the stock exchange may temporarily suspend the trading of securities if unusual circumstances, and specifically the breach of important disclosure obligations by the issuer, indicate that such a suspension is advisable.
Zakona o infrastrukturi financijskog tržišta propisano je i da sve burze kojima je izdano odobrenje za rad moraju moći osigurati usklađenost postupanja svojih izdavatelja, sudionika i osoba povezanih s njihovim sudionicima s odredbama Zakona o infrastrukturi financijskog tržišta i Pravilnika o infrastrukturi financijskog tržišta, povezanim aktima i propisima i sa svojim vlastitim pravilima i propisima.
They may cancel the listing of securities, if the solvency of the issuer is in serious doubt, or insolvency or liquidation proceedings have already commenced.
Dužnost osiguravanja usklađenosti postupanja njihovih članova s propisima uključuje i odgovornost burze za istrage i stegovne mjere zbog povreda važećih propisa i pravila.
FINMA may also compel a stock exchange to suspend trading in a given security by using its powers under Article 31 of the FINMASA with a view to restoring compliance with the provisions of the FMIA or responding to other irregularities.
Kada je riječ o učinkovitoj provedbi, FINMA ima niz administrativnih mehanizama za izvršenje svojih ovlasti i nadležnosti.
The Swiss regulatory framework includes requirements for providing pre-trade information to market participants.
Ako utvrdi povrede propisa ili nepravilnosti, FINMA poduzima nužne korektivne mjere, koje mogu uključivati upravne postupke radi izvršenja.
Pre-trade transparency has its legal basis in Article 29(1) of the FMIA which stipulates that the stock exchange shall publish the five best bid and offer prices for each share and other security in real time, as well as the sizes of the trading positions at these prices.
Pridržavajući se načela proporcionalnosti FINMA određuje mjere koje smatra najprikladnijima za osiguravanje usklađenosti postupanja za zakonom.
The same also applies for actionable indications of interest (Article 27(3) of the FMIO).
Na raspolaganju su joj mjere koje uključuju prigovore, posebne upute za ponovno usklađivanje postupanja sa zakonom, zabrane obavljanja zanimanja za pojedince, zabrane poslovanja ukidanje dozvola trgovcima.
Waivers are available for reference price systems, systems that exist only to formalise transactions already negotiated, orders held in an order management facility of the stock exchange pending disclosure and orders that are large in scale compared with normal market size.
FINMA može i oduzeti nezakonito stečenu dobit ili nezakonito izbjegnute gubitke i može narediti objavu konačnog i obvezujućeg rješenja.
The Swiss regulatory framework also includes requirements for providing post-trade information.
Da bi burza ponovno počela postupati u skladu s primjenjivim odredbama, FINMA može upotrijebiti svoje administrativne ovlasti i za razrješenje članova odbora ili osoblja čije je besprijekorno poslovno postupanje dovedeno u pitanje.
Post-trade transparency has its basis in Article 29(2) of the FMIA that stipulates that the stock exchange shall immediately publish information on the transactions carried out on- and off-exchange for all securities admitted to trading.
Administrativni mehanizmi FINMA-e temelje se na odredbama o kaznenim sankcijama u kaznenim djelima opisanima u poglavlju 4.
In particular, the price, volume and time of the transactions must be published.
Zakona o nadzoru financijskog tržišta.
The exemptions from post-trade transparency are the same as for pre-trade transparency.
Odredbe o kaznenim sankcijama uključene su i u članak 147.ff Zakona o infrastrukturi financijskog tržišta i članke 42.a i 43.
Information on certain atypical transactions will also be published with delay.
Zakona o burzi.
The stock exchange pre- and post-trade data services are fully transparent and offered to all exchange participants on a non-discriminatory basis.
FINMA prosljeđuje te predmete nadležnim tijelima radi kaznenog progona.
Delayed data is available to all users free of charge.
FINMA i nadležno tijelo za kazneni progon koordiniraju svoje istrage u mjeri u kojoj je to izvedivo i nužno.
It can therefore be concluded that Swiss stock exchanges have clear and transparent rules regarding the admission of securities to trading so that such securities are capable of being traded in a fair, orderly and efficient manner and are freely negotiable.
Savezno ministarstvo za financijske pravne usluge u načelu tuži i presuđuje o povredama kaznenih odredaba Zakona o nadzoru financijskog tržišta i akata o financijskim tržištima.
According to the third condition, security issuers must be subject to periodic and ongoing information requirements ensuring a high level of investor protection.
Međutim, Državno je odvjetništvo nadležno za kazneni progon u predmetima trgovanja na temelju povlaštenih informacija i manipuliranja cijenama na temelju Zakona o infrastrukturi financijskog tržišta.
The stock exchange's regulations on the admission to trading must set out the information to be published to allow investors to assess the characteristics of the securities and the quality of the issuer to ensure a high level of investor protection.
Stoga se može zaključiti da švicarske burze podliježu izdavanju odobrenja za rad i kontinuiranom učinkovitom nadzoru i provedbi.