natgillin/translations-raw huggingface dataset:
The evidence of losses observed by ESMA in retail client accounts described in this Decision demonstrates that binary options are unsuited to retail clients.
Neka su nacionalna nadležna tijela spomenula i da neki ponuditelji binarnih opcija upotrebljavaju podružnice ili vezane zastupnike za prekogranično poslovanje na područjima ovlasti domaćina; i
Marketing and distribution activities in relation to binary options
nacionalna nadležna tijela primijetila su povećanje broja zahtjeva za izdavanje odobrenja za rad investicijskim društvima koja nude navedene proizvode.
Although binary options are complex products, they are offered to retail clients most commonly via electronic trading platforms, without the provision of investment advice or portfolio management.
U skladu s IOSCO-ovim izvješćem, najviše žalbi iz svih područja ovlasti s obzirom na ovlaštenje ponuditelja odnosi se na učinkovitost proizvoda (gubitci nastali ulagateljima), ulagatelje koji ne razumiju pruženi proizvod i uslugu (i njihove rizike), poteškoće pri povlačenju sredstava, agresivni/obmanjujući marketing i manipulaciju cijenama ili trgovanjem.
An assessment of appropriateness is required in such cases pursuant to Article 25(3) of Directive 2014/65/EU.
Navedena analiza koju je provela ESMA o očekivanim negativnim prinosima malih ulagatelja temelji se i na podatcima o gubitcima malih ulagatelja koje je određeno nacionalno nadležno tijelo prijavilo ESMA-i:
However, this assessment does not prevent binary options providers or their clients or potential clients proceeding with a transaction, subject to a simple warning to the client.
Prosječni gubitak po računu iznosio je 480 EUR;
This can occur where the client has provided no or insufficient information to the provider as to their knowledge and experience in the investment field relevant to the specific type of product as well as where the provider has concluded that the product is not appropriate for the client.
Komisja Nadzoru Finansowego (PL-KNF), nacionalno nadležno tijelo u Poljskoj, otkrilo je na temelju podataka od poljskih investicijskih društava kako je 86,3 % klijenata izgubilo sredstva u 2016., odnosno 86,4 % u 2017.;
This enables retail clients to access products, such as binary options, which, by their features, should not be distributed to them.
nacionalno nadležno tijelo IT-CONSOB otkrilo je na temelju istraživanja provedenog u ožujku 2017. na pet podružnica investicijskih društava koja trguju binarnim opcijama sa sjedištem u Europskoj uniji da su talijanski mali ulagatelji u binarne opcije ostvarili prosječne gubitke od 74 % u 2016., odnosno 590 EUR; a
Also in the light of ESMA's Questions and Answers (Q&As), NCAs have observed aggressive marketing practices as well as misleading marketing communications in this sector of the market.
nacionalno nadležno tijelo UK-FCA otkrilo je prema podatcima o djelovanju računa ulagatelja iz 2016. kako je od 81 % do 85 % računa ulagatelja izgubilo novac, a prosječan gubitak ulagatelja je bio između 400 GBP i 1200 GBP.
They include, for example, the use of sponsorship arrangements or affiliations with major sports teams, which give the misleading impression that complex and speculative products such as binary options are suitable for the retail mass market by promoting general brand name awareness.
Prema podatcima izvješća ulagatelji su ostvarili dobit od trgovanja, ali imaju gubitak ako se uzmu u obzir transakcijske naknade.
Furthermore, some NCAs have highlighted not only the regular use of misleading marketing materials, but also the extensive and intensive nature of the marketing activities undertaken:
To znači da ulagatelji možda ne razumiju učinak transakcijski naknada na učinkovitost računa.
the Autorité des Marchés Financiers (FR-AMF), the NCA in France, has reported that for 2016, the number of new advertisements (TV, radio, internet) for speculative trading (binary options, CFDs, forex) represented 36 % of all new advertisements in the financial domain, and 45 % of all new advertisements for financial instruments;
Vrsta ulagatelja
DE-BaFin has noted that investment firms based in another European Union jurisdiction, although small in size, may use up to 200 introducing brokers simultaneously; and
Binarne se opcije stavljaju na tržište, distribuiraju ili prodaju uglavnom na masovnom tržištu malih ulagatelja.
some NCAs have noted that the distribution of binary options can occur through electronic gaming or slot machines.
Međutim, složenost binarnih opcija, kako je opisana u Odluci, otežava većini malih (za razliku od profesionalnih) ulagatelja pravilno razumijevanje i procjenu stvarnog rizika pri trgovanju navedenim proizvodima.
These developments are of particular concern given the increase in retail clients participating in this sector of the market.
Prema dokazima o gubitcima, koje je proučavala ESMA za račune malih ulagatelja koji su opisani u Odluci, binarne opcije nisu prikladne za male ulagatelje.
Also in this context, some NCAs have also raised concerns about the ‘churning’ nature of the business models.
Marketinške i distribucijske aktivnosti s obzirom na binarne opcije
Because the average life span of a client account can be relatively short, this can place a certain pressure on providers to maintain a steady stream of new clients, which could incentivise providers to adopt aggressive marketing and sales techniques that are not in the retail client's best interests.
Iako su binarne opcije složeni proizvodi, nude se malim ulagateljima najčešće putem elektroničkih platformi za trgovanje bez investicijskog savjetovanja ili upravljanja portfeljem.
A common feature of marketing and sales techniques adopted by the binary option industry is the offer of trading (monetary and non-monetary) benefits, such as bonuses to attract and encourage retail clients to invest in binary options, the offer of gifts (for example holidays, cars, electronic goods), trading tutorials or reduced costs (for example spread or fees).
U takvim je slučajevima potrebno provesti procjenu prikladnosti sukladno članku 25. stavku 3.
Bonuses and other trading benefits can act as a distraction from the high-risk nature of the product.
Direktive 2014/65/EU.
They are typically targeted to attract retail clients and incentivise trading.
Međutim, ova procjena ne sprečava ponuditelje binarnih opcija ili njihove ulagatelje ili potencijalne ulagatelje u daljnjoj transakciji, podložno jednostavnom upozorenju ulagatelju.
Retail clients can consider these promotions as a central product feature to the point they may fail to properly assess the level of risks associated with the product.
To se može dogoditi ako klijent nije pružio ponuditelju nikakve informacije ili mu je pružio nedovoljno informacija o svome znanju i iskustvu u području ulaganja koje je bitno za posebnu vrstu proizvoda i ako je ponuditelj zaključio da proizvod ne odgovara ulagatelju.
The practice of bonus systems is inspired by the online betting industry.
Time se omogućuje malim ulagateljima pristup proizvodu, poput binarnih opcija koje se ne bi trebale distribuirati ulagatelju sukladno njihovim značajkama.
Some providers marketing the relevant products offer ‘welcome bonuses’ (for any account opening) as well as bonuses based on the invested amounts (volume bonuses), for example, or as additional amounts of ‘virtual cash’ under certain conditions.
Isto tako, s obzirom na ESMA-ina Pitanja i odgovore, nacionalna nadležna tijela primijetila su prakse agresivnog marketinga te obmanjujuće marketinške komunikacije u ovom sektoru tržišta.
Supervisory work by several NCAs has discovered that the terms and conditions on promotional offers are often misleading and that many clients reported difficulties in withdrawing funds when trying to use such bonuses or are unaware that their access to the bonus offer or funds depends on a specified volume of trades.
One uključuju, primjerice, upotrebu sponzorskih aranžmana ili povezanost s velikim sportskim ekipama što daje obmanjujuću ideju da su složeni i špekulativni proizvodi poput binarnih opcija prikladni za masovno tržište malih ulagatelja promoviranjem opće osviještenosti o robnoj marki.
Given the feature of negative expected returns associated with trading in binary options, this often means that clients lose more money from trading more frequently than they otherwise would have without receiving a bonus offer.
Nadalje, neka od nacionalnih nadležnih tijela istaknula su ne samo redovitu upotrebu obmanjujućih marketinških materijala, nego i intenzivnost i opsežnost poduzetih marketinških aktivnosti:
In particular:
i.
FR-AMF has pointed out that one of the main issues about bonuses is that the client typically has to invest 20 or 30 times the amount of the bonus to have the right to withdraw the money;
Autorité des Marchés Financiers (FR-AMF), nacionalno nadležno tijelo u Francuskoj, izvijestilo je kako je u 2016. broj novih reklama (televizijskih, radijskih, internetskih) o špekulativnom trgovanju (binarnim opcijama, CFD-ovima, devizama) obuhvaća 36 % svih novih reklama u području financija te 45 % svih novih reklama o financijskim instrumentima;
the Financial Services and Markets Authority (‘BE-FSMA’), the Belgian NCA, has noted that it has received many complaints from investors unable to recover their money due to the conditions applicable to bonuses;
nacionalno nadležno tijelo DE-BaFin napomenulo je da investicijska društva sa sjedištem pod nekom drugom ovlasti iz Europske unije, iako su mala, mogu istovremeno upotrijebiti do 200 posrednika; i
DE-BaFin has stated that in the majority of cases involving bonuses observed so far, bonuses are offered by binary option providers acting on a cross-border basis to persuade inexperienced retail clients to speculate in the relevant products, which they may not fully understand.
Navedeni razvoji vrlo su zabrinjavajući zbog povećanja sudjelovanja malih ulagatelja u ovom sektoru tržišta.
Furthermore, NCAs have voiced concerns about the compliance of providers of binary options with their obligations to give clients fair, clear and not misleading information or act in the best interests of clients.
Određena su nacionalna nadležna tijela u ovom kontekstu izrazila zabrinutost zbog prevrtljive prirode poslovnih modela.
NCAs are also concerned about the quality of information provided to retail clients (for example on providers' websites) about how binary options work, and in particular information presented about the risks involved.
Prosječni vijek trajanja računa ulagatelja može biti relativno kratak i to može stvoriti određeni pritisak na ponuditelje za održavanjem kontinuiranog priljeva novih klijenata što bi ih moglo potaknuti na usvajanje agresivnih marketinških i prodajnih tehnika koje nisu u najboljem interesu ulagatelja.
Some examples that are not compliant with the obligation for information to be fair, clear and not misleading and which use techniques drawing clients' attention but not necessarily reflecting the suitability or overall quality of the financial instrument or practice relate to:
Zajednička značajka marketinških i prodajnih tehnika koje su usvojene u industriji binarnih opcija jest ponuda pogodnosti (novčanih ili nenovčanih) za trgovanje poput bonusa radi privlačenja i poticanja malih ulagatelja na ulaganje u binarne opcije, ponuda poklona (npr. odmora, automobila, elektroničke opreme), priručnika za trgovanje ili smanjenih troškova (npr. razlike cijena ili naknada).
website content or information presented in a language that is not a national language of the Member State where the services are to be provided, or presented in the official language but based on translations of insufficient quality, such that this is likely to hamper the comprehension of the information presented; and
Bonusi i ostale pogodnosti trgovanja mogu skretati pozornost s visoke rizičnosti proizvoda.
presenting information that emphasises the possible benefits associated with investing in binary options without also giving a fair and prominent indication of the relevant risks, suggesting that these speculative products are suitable or appropriate for all investors or that making a return is a simple task.
Obično se upotrebljavaju radi privlačenja malih ulagatelja i poticanja trgovanja.
For example: ‘Trading binary options is as easy as 1-2-3’; ‘Trading has never been so easy’, ‘Start your career as a trader right now’, ‘Gain up to 85 % return every 60 seconds’, ‘95 % return in a few minutes’, and ‘What can you do in 60 seconds?
Mali ulagatelji mogu smatrati da su navedene promocije temeljne značajke proizvoda i zbog toga krivo procijeniti razinu rizika povezanih s proizvodom.
Trade binary options and double your money’.
Praksa sustava bonusa potaknuta je industrijom klađenja na internetu.
The marketing and distribution practices associated with binary options described above confirms the existence of a significant investor protection concern.
Neki ponuditelji koji marketinški promoviraju odgovarajuće proizvode nude „bonuse dobrodošlice” (za otvaranje svakog računa) te bonuse koji se temelje na uloženim količinama (bonusi za obujam), primjerice, ili kao dodatne iznose „virtualnog novca” u određenim uvjetima.
The degree to which the financial instrument may threaten investors' confidence in the financial system
Nekoliko je nacionalnih nadležnih tijela nadzorom otkrilo da uvjeti i odredbe navedenih promotivnih ponuda često mogu biti obmanjujuće te da su brojni ulagatelji prijavili poteškoće u povlačenju sredstava kada pokušavaju upotrijebiti navedene bonuse ili kako nisu svjesni da njihov pristup bonusu ili sredstvima ovisi o određenom obujmu trgovanja.
The combination of the degree of complexity and lack of transparency of binary options, the negative expected return of the product for investors, the lack of reasonable investment objectives; the misleading and aggressive nature of many marketing and distribution activities, conflicts of interest for providers as well as the size of potential detrimental consequences, all contribute to retail clients losing confidence in the financial system.
S obzirom na značajku negativnog očekivanog prinosa koji je povezan s trgovanjem binarnim opcijama, to često može značiti da ulagatelji češće gube više novca u trgovanju nego što bi gubili bez ponude bonusa.
Given the high probability of clients suffering losses as evidenced in this Decision, investors who had no other experience of investing in financial instruments and had been attracted by the aggressive marketing conducted by binary option providers may conclude that these products are representative of all financial instruments.
Posebno:
This concern is even more significant considering the high number of retail clients of binary option providers and the number of complaints in respect of these products.
i. nacionalno nadležno tijelo FR-AMF istaknulo je kako je jedan od glavnih problema s bonusima taj što ulagatelj obično mora uložiti 20 do 30 puta veći iznos od iznosa bonusa kako bi imali pravo na upotrebu novca;
APPLICABLE EXISTING REGULATORY REQUIREMENTS UNDER UNION LAW DO NOT ADDRESS THE SIGNIFICANT INVESTOR PROTECTION CONCERN IDENTIFIED (ARTICLE 40(2)(b) OF REGULATION (EU) No 600/2014)
Financial Services and Markets Authority („BE-FSMA”), nadležno nacionalno tijelo u Belgiji, napomenulo je kako je primilo brojne pritužbe od ulagatelja koji ne mogu povući svoj novac zbog uvjeta koji se odnose na bonuse;
As required under Article 40(2)(b) of Regulation (EU) No 600/2014, ESMA has considered whether existing regulatory requirements in the Union that are applicable to the relevant financial instrument or activity do not address the threat.
nacionalno nadležno tijelo PL-KNF istaknulo je da ponuditelji nude poklone poput tableta ili telefona kako bi privukli nove ulagatelje te da tvrde kako ti pokloni omogućavaju bolju komunikaciju između ulagatelja i investicijskih društava; i
The applicable existing regulatory requirements are set out in Directive 2014/65/EU, Regulation (EU) No 600/2014 and Regulation (EU) No 1286/2014 of the European Parliament and of the Council.
nacionalno nadležno tijelo DE-BaFin izjavilo je kako u većini slučajeva s bonusima koji su proučeni bonuse nude ponuditelji binarnih opcija koji djeluju prekogranično kako bi nagovorili neiskusne male ulagatelje na špekuliranje odgovarajućim proizvodima koje možda ne shvaćaju potpuno.
In particular, they include: (i) the requirement to provide appropriate information to clients in Article 24(3) and (4) of Directive 2014/65/EU; (ii) the suitability and appropriateness requirements in Article 25(2) and (3) of Directive 2014/65/EU; (iii) the best execution requirements in Article 27 of Directive 2014/65/EU; (iv) the product governance requirements in Articles 16(3) and 24(2) of Directive 2014/65/EU; and (v) the disclosure requirements in Articles 5 to 14 of Regulation (EU) No 1286/2014.
Nadalje, nacionalna nadležna tijela izrazila su zabrinutost zbog usklađenosti ponuditelja binarnih opcija s obvezama prema kojima moraju klijentima omogućiti informacije koje su korektne, jasne i ne dovode u zabludu.
Some providers, brokers and trade organisations explicitly mentioned in their responses to the call for evidence that ESMA needs to consider the effects of new legislation before applying any product intervention measures, notably the recent introduction of MiFID II (in particular, the product governance rules) and PRIIPs.
i. sadržaj ili informacije na web-mjestima na jeziku koji nije nacionalni jezik države članice u kojoj se pružaju usluge ili na službenom jeziku, ali u prijevodu nedovoljne kvalitete zbog koje bi moglo doći do otežanog razumijevanja informacija; i
It should be noted that the scope and content of several applicable regulatory requirements under Directive 2014/65/EU and Regulation (EU) No 600/2014 are similar to those existing under Directive 2004/39/EC.
predstavljanje informacija koje ističu moguće koristi povezane s ulaganjem u binarne opcije bez pružanja poštenih i istaknutih indikacija o odgovarajućim rizicima, čime se navodi na zaključak da su ti špekulativni proizvodi pogodni i prikladni za sve ulagatelje ili da je ostvarivanje prinosa jednostavno.
While the adoption of Directive 2014/65/EU and Regulation (EU) No 600/2014 aimed to improve several notable aspects of investment services and activities to strengthen investor protection (including through product intervention powers), the improvements in a number of relevant provisions do not address the specific concerns described in this Decision.
Na primjer: „Trgovanje binarnim opcijama je jednostavno kao 1-2-3”, „Trgovanje nije nikad bilo tako jednostavno”, „Započnite svoju karijeru trgovca odmah”, „Dobijte do 85 % prinosa svakih 60 sekundi”, „95 % prinosa za nekoliko minuta” i „Što možete učiniti u 60 sekundi?
From the perspective of the risks and the investor detriment addressed in this Decision, several provisions have therefore remained substantially unchanged.
Trgujte binarnim opcijama i udvostručite svoj novac”.
The requirements to provide appropriate information to clients have been further detailed in Directive 2014/65/EU, with a significant improvement in the area of the disclosure of costs and charges, with investment firms required to provide clients with aggregated information on all costs and charges in connection with the investment services and the financial instruments.
Marketinške i distribucijske prakse koje su povezane s binarnim opcijama opisane prethodno u tekstu potvrđuju postojanje značajne zabrinutosti o zaštiti ulagatelja.
However, disclosure-based rules alone — including improved information on costs — are clearly insufficient to tackle the complex risk arising from the marketing, distribution or sale of binary option to retail clients.
Razina do koje financijski instrument može ugroziti povjerenje ulagatelja u financijski sustav
In particular, Article 24(3) of Directive 2014/65/EU requires inter alia investment firms to ensure that all information, including marketing communications, addressed to clients or potential clients is fair, clear and not misleading.
Kombinacija razine složenosti i nedostatka transparentnosti binarnih opcija, negativni očekivani prinos proizvoda za ulagatelje, nedostatak razumljivih ciljeva ulaganja, obmanjujuća i agresivna priroda marketinških i distribucijskih aktivnosti, sukobi interesa ponuditelja te opseg mogućih štetnih posljedica: sve to može uzrokovati da mali ulagatelji izgube povjerenje u financijski sustav.
Article 24(4) of Directive 2014/65/EU further requires investment firms to give appropriate information in good time to clients and potential clients with regard to the firm and its services, the financial instruments and proposed strategies, execution venues and all costs and related charges, including notably guidance on and warnings of the risks associated with investing in those financial instruments and whether the financial instrument is intended for retail or professional clients.
S obzirom na veliku vjerojatnost da će ulagatelji pretrpjeti gubitke kako je pokazano u Odluci, ulagatelji koji nisu imali nikakvo iskustvo u ulaganju u financijske instrumente i koje je privukao agresivan marketing koji provode ponuditelji binarnih opcija mogu zaključiti da su ti proizvodi predstavnici svih financijskih instrumenata.
Based on the description of investor protection concerns in relation to binary options (in particular their complexity, riskiness and expected negative return), it is clear that such investor detriment cannot be entirely and adequately controlled through the mere application of these rules.
Ta je zabrinutost još značajnija ako se uzme u obzir veliki broj malih ulagatelja ponuditelja binarnih opcija i broj žalbi povezan s tim proizvodima.
This type of disclosure does not sufficiently draw clients' attention to the concrete consequences (negative expected returns) of investing in these products and does not address concerns inherent to the product's features.
POSTOJEĆI PRIMJENJIVI REGULATORNI ZAHTJEVI U SUKLADNO PRAVU UNIJE NE OBUHVAĆAJU PREPOZNATU ZNAČAJNU ZABRINUTOST O ZAŠTITI ULAGATELJA (ČLANAK 40.
ESMA has also taken into consideration the relevance of the disclosure rules under Regulation (EU) No 1286/2014.
STAVAK 2., TOČKA (b) UREDBE (EU) br. 600/2014).
Regulation (EU) No 1286/2014 lays down uniform rules on the format and content of the key information document to be provided by manufacturers of packaged retail and insurance based investment products (‘PRIIPs’) to retail investors in order to help them understand and compare the key features and risks of a PRIIP.
Sukladno članku 40. stavku 2. točki (b) Uredbe (EU) 600/2014 ESMA je razmatrala suočavaju li se postojeći regulatorni zahtjevi u Uniji, koji su primjenjivi na odgovarajuće financijske instrumente ili aktivnosti, s navedenom prijetnjom.
In particular, Article 5 of Regulation (EU) No 1286/2014, as further implemented in the Commission Delegated Regulation (EU) 2017/653 sets out inter alia a methodology for the presentation of the summary risk indicator and accompanying explanations including whether the retail investor can lose all invested capital or incur additional financial commitments.
Postojeći primjenjivi regulatorni zahtjevi navedeni su u Direktivi 2014/65/EU, Uredbi (EU) br.
However, this type of disclosure does not sufficiently draw retail clients' attention to the consequences of investing in binary options in particular.
600/2014 i Uredbi (EU) br.
For example, the performance ratio only relates to the individual binary option product and does not provide the client with the overall percentage of retail client accounts that lose money.
1286/2014 Europskog parlamenta i Vijeća.
More generally, a disclosure-based regulatory solution is inappropriate for these products, which are in themselves unsuitable for retail clients.
Obuhvaćaju, prije svega: (i) zahtjev za pružanjem odgovarajućih podataka klijentima iz članka 24. stavka 3. i 4.
The requirements on suitability have also been strengthened in Directive 2014/65/EU by requiring the delivery of a suitability report to the client and refining the suitability assessment.
Direktive 2014/65/EU; (ii) zahtjeve primjerenosti i prikladnosti iz članka 25. stavka 2. i 3.