natgillin/translations-raw huggingface dataset:
However, it is also market practice for CFD providers to set a margin call level which is higher than the margin close-out level and which gives the client the opportunity to post more margin to support their trade.
ponuditelj CFD-a malom ulagatelju pruža zaštitu zatvaranjem na temelju iznosa nadoknade;
The client can choose to do so at the risk of losing more money.
ponuditelj CFD-a malom ulagatelju pruža zaštitu od negativnog salda;
For example, if a provider sets the margin call level at 70 % of an initial margin of 100, the client would be requested to place more money in the trading account once the balance falls to 70 or lower.
ponuditelj CFD-a malom ulagatelju ni izravno ni neizravno ne pruža plaćanje, novčanu ili isključenu nenovčanu pogodnost u pogledu stavljanja na tržište, distribucije ili prodaje CFD-a, osim ostvarene dobiti u okviru bilo kojeg ponuđenog CFD-a, i
The Ceská národní banka (CZ-CBN), the Czech NCA, has observed that Czech CFD providers usually close-out positions when margin drops under 15 %.
Članak 3.
DE-BaFIN and BG-FSC have observed that clients' positions would be closed when funds in a client's account fall between 30-50 % of the minimum margin.
Zabrana sudjelovanja u aktivnostima zaobilaženja pravila
The Commission de Surveillance du Secteur Financier (LU-CSSF), the Luxembourgish NCA, and l'Autorité des marchés financiers (FR-AMF), the French NCA, have noted that automatic close-outs set by providers are typically between 120-150 % of the initial margin.
Zabranjuje se sudjelovanje, svjesno i namjerno, u aktivnostima čiji je cilj ili učinak izbjeći zahtjeve iz članka 2., uključujući djelovanje u svojstvu zamjene ponuditelja CFD-a.
The CY-CySEC and the UK-FCA.
Članak 4.
For example, at a leverage of 50:1 a price change in excess of 2 %.
Stupanje na snagu i primjena
According to the DE-BaFin, ‘such products (CFDs) came to the public's attention primarily as a result of the ‘Swiss franc shock’ at the beginning of 2015, when the Swiss National Bank abandoned the cap on the Swiss franc's value against the euro and many CFD investors suffered major losses as a result of having to subsequently make additional payments. ’
Ova se Odluka primjenjuje od 1. kolovoza 2018. u razdoblju od tri mjeseca.
Available at: https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Pressemitteilung/2016/pm_161208_allgvfg_cfd_en.html
Sastavljeno u Parizu 22. svibnja 2018.
Some respondents to the call for evidence signalled that they lost more than EUR 100000 while trading CFDs.
Za Odbor nadzornih tijela
See an example where an investor lost EUR 280000 with only EUR 2800 invested.
Predsjedavajući
Available at: https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Pressemitteilung/2016/pm_161208_allgvfg_cfd_en.html.
SL L 331, 15.12.2010., str. 84.
Austria, Belgium, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Lithuania, Malta, Netherlands, Romania, Spain, Slovenia and the United Kingdom, as well as Norway, Liechtenstein and Iceland.
SL L 173, 12.6.2014., str. 84.
AT-FMA, BE-FSMA (with national measures introduced to restrict these products),CY-CySEC, CZ-CNB, DE-BaFin, DK-Finanstilsynet, EE-FSA, EL-HCMC, ES-CNMV, FI-FSA.
SL L 87, 31.3.2017., str. 90.
FR-AMF, IE-CBI, IS-FME, IT-CONSOB, LI-FMA, LT- Lietuvos Bankas, MT-MFSA, NL-AFM, NO-Finanstilsynet, PT-CMVM, RO-ASF, SE-FI, SI-ATVP, UK-FCA.
Zajednička skupina sastoji se od predstavnika Ciparskog odbora za vrijednosne papire i razmjenu (CY-CySEC), ciparskog NNT-a te predstavnika osam NNT-ova čije su nadležnosti pogođene uslugama koje pružaju ciparski ponuditelji.
IT-CONSOB, IE-CBI, FR-AFM and CZ-CNB.
Radom zajedničke skupine nastao je akcijski plan koji mora implementirati nacionalno nadležno tijelo CY-CySEC i koji sadrži, među ostalim, proširene istrage ponuditelja CFD-ova i tematske revizije uzorka društava koje je ovlastilo nacionalno nadležno tijelo CY-CySEC.
In 2017, the Ελληνική Επιτροπή Κεφαλαιαγοράς (EL-HCMC), the Greek NCA, the Magyar Nemzeti Bank (HU-MNB), the Hungarian NCA, and the Národná Banka Slovenska (SK-NBS), the Slovakian NCA,, reported to ESMA that they have observed a growth in the number of applications for authorisation of CFD providers.
Mišljenje o praksama Direktive o tržištima financijskim instrumentima (MiFID) za poduzeća koja prodaju složene financijske proizvode (ESMA/2014/146).
Data provided in 2015 by: BG-FSMA, CY-CySEC, CZ-CNB, FR-AMF, IE-CBI, IS-FME, LU-CSSF, NL-AFM, MT-MFSA, PT-CMVM, RO-ASF, UK-FCA.
Pitanja i odgovori koji se odnose na CFD-ove i drugih špekulativnih proizvoda malim ulagateljima u skladu s MiFID-om (ESMA-35-36-794).
Data provided in 2017 by: CY-CySEC,CZ-CNB, ES-CNMV, FR-AMF, IE-CBI, LU-CSSF, NL-AFM, MT-MFSA, NO- Finanstilsynet, SK-NBS, UK-FCA.
Pitanja i odgovori su posljednji put ažurirani 31. ožujka 2017.
Given the frequent cross-border dimension of the activity of product providers, this figure may include clients from non-EEA States.
Upozorenje ulagateljima o „ugovorima za razlike” (CFD-ovima) ESMA-e i Europskog nadzornog tijela za bankarstvo (EBA) od 28. veljače 2013. (dostupno na: https://www.esma.europa.eu/sites/default/files/library/2015/11/2013-267.pdf); ESMA-ino upozorenje ulagateljima o „rizicima ulaganja u složene proizvode” od 7. veljače 2014. (dostupno na: https://www.esma.europa.eu/sites/default/files/library/2015/11/investor_warning_-_complex_products_20140207_-_en_0.pdf); ESMA-ino upozorenje ulagateljima o „CFD-ovima, binarnim opcijama i ostalim špekulativnim proizvodima” od 25. srpnja 2016. (dostupno na: https://www.esma.europa.eu/sites/default/files/library/2016-1166_warning_on_cfds_binary_options_and_other_speculative_products_0.pdf).
With particular regard to the UK, the number of CFD funded client accounts has risen from 657000 in 2011 to 1051000 at end-2016.
Na primjer, rad Zajedničke skupine pridonio je tome da CY-CySEC donese brojne provedbene mjere u cilju povećanja usklađenosti među investicijskim poduzećima koja nude špekulativne proizvode poput CFD-a.
However, these figures do not exclude dormant client accounts or multiple accounts used by the same retail client.
Poziv na očitovanje o predloženim interventnim mjerama za ugovore za razlike i binarne opcije za male ulagatelje (ESMA35-43-904).
The figures provided by CY-CySEC have been compiled on the basis of accounts opened in CY-CySEC authorised providers offering these products.
Broj davatelja podataka niži je od tog broja jer je ESMA zaprimila i nekoliko odgovora istih davatelja podataka (na primjer očitovanje o svakom predloženom ograničenju CFD-ova u zasebnoj poruci e-pošte) te ii. dvostruke odgovore od istih davatelja podataka.
As far as the UK is concerned, this figure does not include non-UK clients of UK authorised providers which in 2016 was estimated at approximately 400000.
Direktiva 2014/65/EU Europskog parlamenta i Vijeća od 15. svibnja 2014. o tržištu financijskih instrumenata i izmjeni Direktive 2002/92/EZ i Direktive 2011/61/EU (SL L 173, 12. 6. 2014., str. 349.).
For the other Member States which provided the data to ESMA, the figure may include clients from non-EEA States.
Vidjeti uvodnu izjavu 35.
Complaints relating to CFDs have been received by the AT-FMA,, the BE-FSMA, the BG-FSC, the HR- HANFA, the CZ-CNB, the CY-CySEC, the DE-Bain, the DK-Finanstilsynet, the EE-Finantsinspektsioon, the EL-HCMC, the ES-CNMV), the FI-Finanssivalvonta, the FR-AMF, the IE-CBI), IT-CONSOB, the LT-Lietuvos Bankas, the MT-MFSA, the NL-AFM, the PL-KNF), the PT-CMVM), the RO-ASF, the SE-Finansinspektionen, the SI-ATVP, the UK-FCA and the NO-Finanstilsynet.
Vidjeti uvodne izjave 73. i 75.
For example, the Czech National Bank, the Polish KNF and the Spanish CNMV.
CFD-ovi ne ispunjavaju kriterije po kojima bi ih se moglo smatrati nekompleksnim financijskim instrumentima u skladu s kombiniranim čitanjem članka 25. stavka 4.
Available at: https://www.fsma.be/en/news/fsma-regulation-establishes-framework-distribution-otc-derivatives-binary-options-cfds
Direktive 2014/65/EU i članka 57.
Available at: http://www.amf-france.org/en_US/Actualites/Communiques-de-presse/AMF/annee-2016.html?docId=workspace%3A%2F%2FSpacesStore%2Fad42eecc-9720-49da-82a8-2ddcb72fbf1d
Delegirane uredbe Komisije (EU) 2017/565 od 25. travnja 2016. o dopuni Direktive 2014/65/EU Europskog parlamenta i Vijeća u vezi s organizacijskim zahtjevima i uvjetima poslovanja investicijskih društava te izrazima definiranima za potrebe te Direktive (SL L 87, 31.3.2017., str. 1.).
Across a study of 30000 clients representing approximately 100 % of retail clients of CFD providers authorised by CNMV.
Razlika u cijeni koju ponuditelj CFD-a navede malom ulagatelju može sadržavati i povećanje vrijednosti tržišnih cijena s kojima se ponuditelj susreće kod vanjskog izvora, npr. ponuditelja likvidnosti.
Published in Spanish: http://www.cnmv.es/Portal/verDoc.axd?t=%7bf1a92bb1-5f1b-420b-b58c-122d64a1ed9a%7d
Vidjeti i članak 19. stavak 2. točku (d) Delegirane uredbe (EU) 2017/567 i posebno zadnji potfaktor ondje naveden tj. upotrebu, među ostalim, pojmova koja podrazumijevaju višu razinu sigurnosti od one koja je stvarno moguća ili vjerojatna.
Available at: http://www.amf-france.org/technique/multimedia%3FdocId%3Dworkspace%253A%252F%252FSpacesStore%252F9bf2caa8-1ce4-4832-85f4-4dffcace8644%26
Na primjer, vidjeti zajedničko upozorenje koje su izdali ESMA, EBA i EIOPA za virtualne valute.
Available at: https://www.centralbank.ie/docs/default-source/publications/Consultation-Papers/cp107/consultation-paper-107.pdf?sfvrsn=4.
The Financial Conduct Authority (UK-FCA), britanski NNT, zabilježio je omjere financijske poluge od 200:1 za manje pozicije.
See page 1 and 2.
Nadalje, UK-FCA je primijetio i da je poluga od 200:1 uobičajena financijska poluga kod „velikih” valuta, ali postoje i omjeri od 500:1 i više koje ponuditelji nude manjim ulagateljima.
These data also include investors investing in binary options who constituted less than 4 % of active clients in 2017.
The Bundesanstalt für Finanzdienstleistungsaufsicht (DE-BaFin), njemački NNT, naglasio je jedan konkretan slučaj u Njemačkoj gdje je poduzeće nudilo omjer financijske poluge od 400:1 bez maržnog poziva.
Available at: https://www.fca.org.uk/publication/consultation/cp16-40.pdf.
The Commissione Nazionale per le Società e la Borsa (IT-CONSOB), talijanski NNT, i Комисията за финансов надзор (BG-FSC), bugarski NNT, primijetili su omjere financijske poluge do 500:1.
See page 23 and 35.
Vidjeti uvodnu izjavu 15.
Available at: https://www.fca.org.uk/publication/correspondence/dear-ceo-letter-cfd-review-findings.pdf
Međutim, tržišna je praksa isto tako da ponuditelji CFD-a određuju razinu iznosa naknade za upućivanje poziva na doplatu iznosa nadoknade koja je viša od razine iznosa nadoknade za zatvaranje što ulagatelju daje priliku da uplati veći iznos nadoknade kako bi održao trgovanje.
Representing approximately 33 % to 50 % of all CFD retail clients active in Norway.
Ulagatelj može odabrati tu opciju pod rizikom većeg gubitka novaca.
Published in Norwegian: https://www.finanstilsynet.no/nyhetsarkiv/nyheter/2017/finanstilsynet-advarer-mot-handel-i-cfd/
Na primjer, ako ponuditelj odredi razinu poziva na doplatu iznosa nadoknade na 70 % inicijalnog iznosa nadoknade od 100, od ulagatelja će se tražiti da plasira više sredstava na račun za trgovanje u trenutku kada razina salda padne na 70 ili niže.
For example, based on Thomson Reuters Lipper data on retail share classes of the EU-domiciled UCITS fund universe, ESMA estimates that the average annual investor return, weighted by assets, net of charges and front and back loads, was around 3 % over the period 2008-2017, with more than 5 % return on average for equity fund investments.
ESMA i NNT-ovi kontinuirano su razmjenjivali informacije, uključujući putem rasprava, u pogledu ponude CFD-ova u cijeloj Uniji.
Further details on performance and costs relating to EU UCITS may be found in the ESMA Report on Trends, Risks and Vulnerabilities No 2 2017, pages 36-44, available at https://www.esma.europa.eu/sites/default/files/library/esma50-165-416_trends_risks_and_vulnerabilities_no.2_2017.pdf).
Ceská národní banka (CZ-CBN), češki NNT, primijetio je da češki ponuditelji CFD-a obično zatvaraju pozicije kada iznos nadoknade padne ispod 15 %.
A study on the offer of CFDs and rolling spot forex to retail clients was conducted by the MT-MFSA.
DE-BaFIN i BG-FSC primijetili su da se pozicije ulagatelja zatvaraju kada sredstva ulagatelja na njegovom bankovnom računu padnu na 30 – 50 % minimalne marže.
Previously Article 19(5) of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).
Commission de Surveillance du Secteur Financier (LU-CSSF), luksemburški NNT, i l'Autorité des marchés financiers (FR-AMF), francuski NNT, primijetili su da se automatska zatvaranja ponuditelja obično vrše na razinama od 120 – 150 % inicijalnog iznosa nadoknade.
Annex IV to Directive 2014/65/EU provides a correlation table between the requirements of Directive 2004/39/EC and the requirements of Directive 2014/65/EU and Regulation (EU) No 600/2014.
CY-CySEC i UK-FCA.
This risk is possibly magnified by the overconfidence bias which has often been observed in recent behavioural studies.
Na primjer kod omjera financijske poluge od 50:1, promjena cijene u iznosu većem od 2 %.
A recent study focussing on forex markets demonstrates that leverage is a significant indicator of overconfidence: Forman, John H. and Horton, Joanne, Is Leverage Use a Better Indication for Overconfidence?
Na primjer FR-AMF, DE-BaFIN i UK-FCA.
UK-FCA, Dear CEO Letter, ‘Client take-on review in firms offering contract for difference (CFD) products,’ 2 February 2016.
Prema DE-BaFin-u, „takvi proizvodi (CFD-ovi) postali su predmetom zanimanja javnosti ponajviše zbog teške situacije sa švicarskim frankom koja se dogodila početkom 2015. kada je švicarska narodna banka ukinula gornju granicu vrijednosti švicarskog franka u odnosu na euro i mnogi su ulagatelji u CFD-ove pretrpjeli velike gubitke zbog nastalih dodatnih troškova.”
See: https://www.fca.org.uk/publication/correspondence/dear-ceo-letter-cfd.pdf
Dostupno na: https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Pressemitteilung/2016/pm_161208_allgvfg_cfd_en.html
UK-FCA, ‘CFD firms fail to meet our expectations on appropriateness assessments,’ 29 June 2017.
Neki su davatelji podataka u okviru poziva na očitovanje izjavili kako su izgubili više od 100000 EUR pri trgovanju CFD-ovima.
See: https://www.fca.org.uk/publications/multi-firm-reviews/cfd-firms-fail-expectations-appropriateness-assessments
Pogledajte primjer kada je ulagatelj izgubio 280000 EUR, a uložio samo 2800 EUR.
For example, DE - BaFin, DK- Finanstilsynet, ES-CNMV, IE-CBI, FR-AMF, LU-CSSF NL-AFM.
Dostupno na: https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Pressemitteilung/2016/pm_161208_allgvfg_cfd_en.html.
For example, IE-CBI.
Austrija, Belgija, Cipar, Češka, Danska, Estonija, Finska, Francuska, Njemačka, Grčka, Irska, Italija, Litva, Malta, Nizozemska, Rumunjska, Španjolska, Slovenija i Ujedinjena Kraljevina, kao i Norveška, Lihtenštajn i Island.
For example, the UK-FCA.
AT-FMA, BE-FSMA (s nacionalnim mjerama koje su uvedene kako bi se ograničili ti proizvodi), CY-CySEC, CZ-CNB, DE-BaFin, DK-Finanstilsynet, EE-FSA, EL-HCMC, ES-CNMV, FI-FSA.
Questions and Answers (Q&As) relating to the provision of CFDs and other speculative products to retail investors under MiFID (ESMA-35-36-794) as updated on 31 March 2017.
IT-CONSOB, IE-CBI, FR-AFM i CZ-CNB.
For example, BE-FSMA, ES-CNMV, FR-AMF and IT-CONSOB.
Ελληνική Επιτροπή Κεφαλαιαγοράς (EL-HCMC), grčki NNT, Magyar Nemzeti Bank (HU-MNB), mađarski NNT, i Národná Banka Slovenska (SK-NBS), slovački NNT, izvijestili su ESMA-u 2017. o primijećenom povećanju broja zahtjeva za odobrenje za rad ponuditelja CFD-a.
Section 3 of Questions and Answers (Q&As) relating to the provision of CFDs and other speculative products to retail investors under MiFID (ESMA-35-36-794) as updated on 31 March 2017 and one example from UK-FCA.
Podatci u 2015. koje su dali: BG-FSMA, CY-CySEC, CZ-CNB, FR-AMF, IE-CBI, IS-FME, LU-CSSF, NL-AFM, MT-MFSA, PT-CMVM, RO-ASF, UK-FCA.
For example, ES-CNMV.
Podatci u 2017. koje su dali: CY-CySEC, CZ-CNB, ES-CNMV, FR-AMF, IE-CBI, LU-CSSF, NL-AFM, MT-MFSA, NO-Finanstilsynet, SK-NBS, UK-FCA.
UK-FCA, CY-CySEC and DE-BaFin.
S obzirom na dimenziju čestog prekograničnog djelovanja ponuditelja proizvoda navedeni podatci mogu uključivati i ulagatelje iz država koje nisu dio EGP-a.
In particular the UK-FCA.
Ovi podatci CY-CySEC-a prikupljeni su na temelju računa otvorenih kod ovlaštenih ponuditelja CY-CySEC-a koji nude takve proizvode.
In Germany legislation was introduced to protect clients from losses (DE-BaFin General Administrative Act published on 8 May 2017.
Kad je riječ o Ujedinjenoj Kraljevini, taj broj ne uključuje ulagatelje ovlaštenih ponuditelja iz Ujedinjene Kraljevine koji nisu iz Ujedinjene Kraljevine kojih je 2016. bilo otprilike 400000.
It bans the marketing, distribution or sale of CFDs to retail clients that do not exclude additional payment obligations).
Za ostale države članice koje pružaju podatke ESMA-i podatci mogu uključivati ulagatelje iz država koje nisu dio EGP-a.
Section 6 of the Questions and Answers (Q&As) relating to the provision of CFDs and other speculative products to retail investors under MiFID (ESMA-35-36-794) as updated on 31 March 2017 states that it is unlikely that a firm offering a bonus that is designed to incentivise retail clients to trade in complex speculative products such as CFDs, CFDs and rolling spot forex could demonstrate that it is acting honestly, fairly and professionally and in the best interests of its retail clients.
Na primjer Češka narodna banka, poljski KNF i španjolski CNMV.
For example, FR-AMF, UK-FCA and ES-CNMV.
Dostupno na: https://www.fsma.be/en/news/fsma-regulation-establishes-framework-distribution-otc-derivatives-binary-options-cfds.
For example, CZ-CNB, FR-AMF, HU-MNB, LU-CSSF and UK-FCA.
Dostupno na: http://www.amf-france.org/en_US/Actualites/Communiques-de-presse/AMF/annee-2016.html?docId=workspace%3A%2F%2FSpacesStore%2Fad42eecc-9720-49da-82a8-2ddcb72fbf1d.
Section 2 of Questions and Answers (Q&As) relating to the provision of CFDs and other speculative products to retail investors under MiFID (ESMA35-36-794) as updated on 31 March 2017 discusses some of these conflicts of interest in more detail.
Rezultati istraživanja provedenog na 30000 ulagatelja koji predstavljaju oko 100 % malih ulagatelja ponuditelja CFD-ova koje je ovlastio CNMV.
Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) (OJ L 352, 9.12.2014, p. 1).
Objavljeno na španjolskom jeziku: http://www.cnmv.es/Portal/verDoc.axd?t=%7bf1a92bb1-5f1b-420b-b58c-122d64a1ed9a%7d.
Previously Article 19(2) and (3) of Directive 2004/39/EC.
Dostupno na: http://www.amf-france.org/technique/multimedia%3FdocId%3Dworkspace%253A%252F%252FSpacesStore%252F9bf2caa8-1ce4-4832-85f4-4dffcace8644%26.
Previously Article 19(4) and (5) of Directive 2004/39/EC.
Dostupno na: https://www.centralbank.ie/docs/default-source/publications/Consultation-Papers/cp107/consultation-paper-107.pdf?sfvrsn=4.
Previously Article 21 of Directive 2004/39/EC.
Vidjeti stranice 1. i 2.
Commission Delegated Regulation (EU) 2017/653 of 8 March 2017 supplementing Regulation (EU) No 1286/2014 of the European Parliament and of the Council on key information documents for packaged retail and insurance-based investment products (PRIIPs) by laying down regulatory technical standards with regard to the presentation, content, review and revision of key information documents and the conditions for fulfilling the requirement to provide such documents (OJ L 100, 12.4.2017, p. 1).
Dostupno na: https://www.knf.gov.pl/o_nas/komunikaty?articleId=50315&p_id=18 (dostupno samo na poljskom).
For example, the IE-CBI expressed concerns on the criteria used to assess knowledge and experience for the purposes of the assessment following their themed inspection (https://www.centralbank.ie/news/article/inspection-finds-75-percent-of-cfd-clients-lost-money).
Ti su ulagatelji većinom ulagali u CFD-ove.
Furthermore, firm data received by the UK-FCA in Q1 2017 from CFD providers shows that, at some of the largest retail CFD providers in the UK (representing approximately 70 % of the relevant UK market), approximately 50 % of clients had failed the appropriateness test but continued to trade after receiving an enhanced risk warning.
Ti podatci uključuju i ulagatelje koji ulažu u binarne opcije, a oni su činili 4 % aktivnih ulagatelja 2017.
Furthermore, the UK-FCA has observed repeated failings by firms in relation to the adequacy of their appropriateness assessments and related policies and procedures (see above).
Dostupno na: https://www.fca.org.uk/publication/consultation/cp16-40.pdf.
Questions and Answers (Q&As) relating to the provision of CFDs and other speculative products to retail investors under MiFID (ESMA35-36-794) as updated on 31 March 2017.
Vidjeti stranice 23. i 35.
ESMA ‘Guidelines on MiFID II product governance requirements’ of 2 June 2017 (ESMA35-43-620).
Dostupno na: https://www.fca.org.uk/publication/correspondence/dear-ceo-letter-cfd-review-findings.pdf.
For example London Capital Group Ltd, Dom Maklerski TMS Brokers S.A., GKFX Financial Services Limited, AxiCorp Financial Services Pty Ltd, Swissquote and also some confidential responses explicitly referred to a 100:1 leverage.
Otprilike je riječ o 33 % do 50 % svih malih ulagatelja u CFD-ove koji su aktivni u Norveškoj.
Regulation of the BE-FSMA governing the distribution of certain derivative financial instruments to the clients.
Objavljeno na norveškom jeziku: https://www.finanstilsynet.no/nyhetsarkiv/nyheter/2017/finanstilsynet-advarer-mot-handel-i-cfd/
CY-CySEC Circular No C168, dated 30 November 2016.
Na primjer, na temelju podataka poduzeća Thomson Reuters Lipper o klasama dionica malih ulagatelja fondova subjekata za zajednička ulaganja u prenosive vrijednosne papire (UCITS) utemeljenih u EU-u, ESMA procjenjuje da je prosječan povrat ulaganja ulagatelja, ponderiran imovinom, neto naknadama te jednokratnim i dugoročnim provizijama, iznosio oko 3 % u razdoblju od 2008. do 2017., s u prosjeku više od 5 % povrata u za investicijske fondove.
Article 72 de Loi no 2016-1691 du 9 décembre 2016 relative à la transparence, à la lutte contre la corruption et à la modernisation de la vie économique.
Pojedinosti o rezultatima i troškovima povezanima s EU UCITS-ima mogu se pronaći u ESMA-inom izvješću o trendovima, rizicima i osjetljivostima br. 2, 2017., str. 36.–44., dostupnom na https://www.esma.europa.eu/sites/default/files/library/esma50-165-416_trends_risks_and_vulnerabilities_no.2_2017.pdf).
Available at: http://legislacja.gov.pl/docs//2/12300403/12445426/12445427/dokument298571.pdf
Prethodno članak 19. stavak 5.
Available at: https://legislacja.rcl.gov.pl/docs//2/12300403/12445438/12445439/dokument321489.pdf
Direktive 2004/39/EZ Europskog parlamenta i Vijeća od 21. travnja 2004. o tržištima financijskih instrumenata te o izmjeni direktiva Vijeća 85/611/EEZ i 93/6/EEZ i Direktive 2000/12/EZ Europskog parlamenta i Vijeća te stavljanju izvan snage Direktive Vijeća 93/22/EEZ (SL L 145, 30.4.2004., str. 1.).
MT-MFSA: Requirements for Category 2 or Category 3 Investment Services Firms distributing or intending to distribute CFDs and/or rolling spot forex contracts under the MiFID regime, 3 April 2017; available at: https://www.mfsa.com.mt/pages/readfile.aspx?f=/files/Announcements/Consultation/2017/20170403_Revised%20online%20forex%20policy_clean.pdf
U Prilogu IV.
The intended measures were announced by ES-CNMV's communication Measures on the Marketing of CFDs and Other Speculative Products to Retail Investors, dated 21 March 2017.
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