natgillin/translations-raw huggingface dataset:
As evidenced in this Decision and as NCAs' supervisory experience has demonstrated, the appropriateness test has not been sufficient to address the investor protection concern described in this Decision.
Posebno nije moguće smanjiti zabrinutost smjernicama i upozorenjima navedenim u članku 24. stavku 4.
Both the suitability and appropriateness tests under the existing regulatory requirements therefore are unlikely to prevent retail clients from trading CFDs in a way that ensures that the significant investor protection concern is addressed.
Direktive 2014/65/EU zbog odstupanja u informacijama koje se mogu pružati ulagateljima i kojima se neće dovoljno privući pažnja ulagatelja na konkretne posljedice trgovanja CFD-ovima.
With regard to best execution, most of the best execution rules by themselves already existed under Directive 2004/39/EC.
Upozorenja o rizicima o kojima se govori u ovoj Odluci osigurala bi da mali ulagatelji dobiju važne informacije, tj. podatke o postotku računa malih ulagatelja koji su pretrpjeli financijski gubitak zbog trgovanja CFD-ovima sa svakim pojedinim društvom.
However, these rules have been strengthened under Directive 2014/65/EU.
Nadalje, time bi se uskladile prakse u prekograničnom poslovanju i osigurala ista razina informacija dostupna ulagateljima u cijeloj Uniji.
In particular, Article 27 of Directive 2014/65/EU provides that investment firms must take ‘all sufficient steps’ (and no longer ‘all reasonable steps’) to obtain the best possible result for their clients when executing orders.
Zahtjevi o primjerenosti pojačani su Direktivom 2014/65/EU zahtijevanjem isporuke odgovarajućih izvješća ulagatelju i poboljšavanjem procjene primjerenosti.
Furthermore, additional information has to be published by market participants and in particular investment firms are required to disclose the top five venues where they executed client orders and the outcomes achieved when executing those orders.
U članku 25. stavku 2.
ESMA has considered whether the revised best execution rules could address at least some of the concerns identified in relation to the marketing, distribution or sale of CFDs to retail clients.
Direktive 2014/65/EU posebno se zahtijeva da ponuditelji CFD-ova osiguraju potrebne informacije u pogledu znanja ili iskustva ulagatelja ili potencijalnog ulagatelja u području ulaganja relevantno, među ostalim, za konkretnu vrstu proizvoda, financijsku situaciju ulagatelja ili potencijalnog ulagatelja, uključujući i njihovu sposobnost snošenja posljedica financijskog gubitka, i njihove investicijske ciljeve, uključujući toleranciju rizika, kako bi ponuditelj CFD-a mogao preporučiti ulagatelju ili potencijalnom ulagatelju financijske proizvode koji su primjereni za njega i koji su u skladu s razinom tolerancije rizika i sposobnosti snošenja posljedica gubitka.
Increased transparency around order execution helps clients to better understand and to evaluate the quality of the firm's execution practices and thus to better assess the quality of the overall service provided to them.
Međutim, zahtjevi primjerenosti primjenjivi su samo kad je riječ o pružanju investicijskog savjetovanja i upravljanja portfeljem te su zbog toga obično nevažni za pitanje trgovanja CFD-ovima koje se najčešće odvija putem elektroničkih platformi, bez pružanja investicijskog savjetovanja ili upravljanja portfeljem.
In addition, improved information on how firms execute clients' orders, assists clients when monitoring that the firm has taken all sufficient steps to achieve the best possible results for the client.
Nadalje, ciljevi procjene primjerenosti (uzevši u obzir proizvode u odnosu na ulagateljevo znanje i iskustvo, financijsko stanje i ciljeve ulaganja) ostali su uglavnom isti o u odnosu na uvjete iz Direktive 2004/39/EZ te, kako je vidljivo iz Odluke, nisu dovoljni za sprečavanje prepoznate štete po ulagatelja.
The requirements in relation to best execution also strengthen the best execution standard in relation to OTC products by requiring firms to check the fairness of the price proposed to the client when executing orders or taking decisions to deal in OTC products, including bespoke products.
Isto su tako zahtjevi za prikladnošću pojačani u skladu s Direktivom 2014/65/EU uglavnom sužavanjem popisa jednostavnih proizvoda čime se ograničava raspon proizvoda na usluge koje se mogu pružati bez provođenja procjene prikladnosti.
The requirements in Directive 2014/65/EU imply gathering market data to use for the estimation of the price of such products and, where possible, by comparing with similar or comparable products.
Člankom 25. stavkom 3.
However, the best execution rules by themselves do not address the risks linked to the product's features, other than execution, and to the wide marketing, distribution or sale of these products to retail clients.
Direktive 2014/65/EU zahtijeva se od ponuditelja CFD-ova da zatraže od svojih ulagatelja ili potencijalnih ulagatelja informacije o njihovom znanju i iskustvu u, među ostalim, području ulaganja relevantnom za konkretan ponuđeni ili zatraženi proizvod kako bi ponuditelj mogao odrediti je li proizvod prikladan za ulagatelja ili potencijalnog ulagatelja.
In respect of these substantially similar existing regulatory requirements, ESMA has repeatedly noted the risks described above in investor warnings, the Questions and Answers (Q&As) and the opinion on ‘MiFID practices for firms selling complex products’.
Ako ponuditelj smatra da proizvod nije prikladan za ulagatelja ili potencijalnog ulagatelja, ponuditelj upozorava ulagatelja ili potencijalnog ulagatelja.
ESMA has also carried out supervisory convergence work through, inter alia, the Joint Group and the CFD task force.
CFD-ovi se kategoriziraju kao složeni financijski proizvodi i kao takvi su podložni procjeni prikladnosti u skladu s člankom 25. stavkom 3.
Despite ESMA's extensive use of its non-binding instruments to ensure a consistent and effective application of the applicable existing regulatory requirements, the investor protection concern persists.
Direktive 2014/65/EU.
This highlights that, for the reasons set out in this section, these requirements do not address the concern identified.
Međutim, to je već navedeno u Direktivi 2004/39/EZ, prema kojoj je utvrđeno gotovo isto ispitivanje prikladnosti kao i u Direktivi 2014/65/EU.
ESMA has indeed considered the potential impact of the product governance rules set out in Articles 16(3) and 24(2) of Directive 2014/65/EU.
Kao što je vidljivo iz ove Odluke i kao što je pokazalo iskustvo nadzora koji provode NNT-ovi, procjena prikladnosti nije bila dostatna da se riješi pitanje zaštite ulagatelja opisano u ovoj Odluci.
These rules require providers manufacturing financial instruments (including therefore CFDs) for sale to clients to ensure that the products are designed to meet the needs of an identified target market of end clients within the relevant category of clients; that the strategy for distribution of the products is compatible with the identified target market; and that the providers takes reasonable steps to ensure that the financial instruments are distributed to the identified target market and periodically review the identification of the target market of and the performance of the product.
Stoga procjene primjerenosti i procjene prikladnosti prema postojećim regulatornim zahtjevima vjerojatno neće spriječiti male ulagatelje da trguju CFD-ovima na način da uklone značajnu zabrinutost o zaštiti ulagatelja.
CFD providers shall understand the financial instruments they offer or recommend, assess the compatibility of the instrument with the needs of the client to whom it provides investment services, also taking into account the identified target market of end clients, and ensure that financial instruments are offered or recommended only when it is in the interest of the client.
S obzirom na najpovoljnije izvršenje, većina pravila za najpovoljnije izvršenje već su utvrđena Direktivom 2004/39/EZ.
Furthermore, CFD providers that would distribute a financial instrument not manufactured by them shall have appropriate arrangements in place to obtain and understand the relevant information concerning the product approval process, including the identified target market and the characteristics of the product.
Međutim, navedena pravila ojačana su Direktivom 2014/65/EU.
CFD providers distributing financial instruments manufactured by providers not subject to the product governance requirements in Directive 2014/65/EU or by third-country providers shall also have appropriate arrangements to obtain sufficient information about the financial instruments.
Konkretno, članak 27.
ESMA notes that the product governance requirements are introduced for the first time in Union law under Directive 2014/65/EU.
Direktive 2014/65/EU nalaže kako investicijska društva moraju poduzeti „sve potrebne korake” (ne više samo „sve razumne korake”) kako bi postigla najbolji mogući rezultat za svoje ulagatelje pri izvršenju naloga.
On 2 June 2017, ESMA published the ‘Guidelines on MiFID II product governance requirements’ in which guidance is provided to manufacturers and developers for the assessment of the target market.
Nadalje, dodatne informacije moraju objaviti dionici tržišta, a od investicijskih društava zahtijeva se i da objave prvih pet mjesta na kojima izvršavaju naloge ulagatelja te rezultate koji su postignuti pri izvršavanju istih.
Whilst these requirements could narrow down the type of clients (the target market) for which CFDs would be appropriate and to which they should therefore be distributed, they do not address the key risks described in this Decision linked to the product's features (for example high leverage) or associated practices (for example, allowing additional payment obligations or the offer of bonuses).
ESMA je razmotrila mogu li revidirana pravila o najboljem izvršenju riješiti barem neke od zabrinutosti povezanih sa stavljanjem na tržište, distribucijom i prodajom CFD-ova malim ulagateljima.
They also do not restrict specifically the distribution of products with the above features to the mass market.
Povećana transparentnost kod izvršavanja naloga pomaže ulagateljima u boljem razumijevanju i procjeni kvalitete praksi izvršavanja društva i u boljoj procjeni kvalitete ukupne usluge koju dobiju.
Instead, the detriment occurred to clients shows that the marketing, distribution or sale of CFDs is not appropriate for the retail mass market, unless accompanied by certain restrictions which the product governance requirements do not detail.
Uz to, poboljšane informacije o tome kako društva izvršavaju naloge pomažu ulagateljima u praćenju kako bi vidjeli je li društvo poduzelo sve dovoljne korake kako bi postiglo najbolji mogući ishod za ulagatelja.
Where respondents to the call for evidence fairly state that the product governance requirements are important aspects in determining the target market and aligning the distribution strategy with this target market, it is also clear from the call for evidence that certain providers indicated in their response that they consider that CFDs with high leverage limits (for example, 100:1) are, even where the product governance requirements are applicable, an appropriate product for retail clients (they conclude that the target market for CFDs with this particular leverage is a mass market).
Zahtjevi koji se odnose na nabolje izvršavanje jačaju i standard najboljeg izvršavanja s obzirom na OTC proizvode zato što prema njima društva moraju provjeriti je li poštena cijena predložena ulagatelju pri izvršavanju naloga ili donošenju odluka o trgovanju OTC proizvodima, uključujući nestandardizirane proizvode.
Several firms, after implementation of Directive 2014/65/EU and its product governance requirements, still market CFDs with such high leverages to the mass market (assessing only the appropriateness).
Prema zahtjevima iz Direktive 2014/65/EU tržišni podaci se prikupljaju za procjenu cijene tih proizvoda i, ako je to moguće, usporedbom sa sličnim ili usporednim proizvodima.
ESMA and the NCAs disagree with such an approach.
Međutim, pravila o najpovoljnijem izvršenju sama ne obuhvaćaju rizike koji su povezani sa značajkama proizvoda, osim izvršenja, i sa stavljanjem na tržište, distribucijom i prodajom navedenih proizvoda malim ulagateljima.
This demonstrates that product governance requirements still give a certain margin of discretion to individual providers to identify the features of products they intend to offer to their clients.
Kad je riječ o tim bitno sličnim postojećim regulatornim zahtjevima, ESMA neprestano zapaža rizike prethodno opisane u upozorenjima ulagateljima, pitanjima i odgovorima te mišljenju o „Praksama Direktive o tržištima financijskih instrumenata u pogledu društva koja prodaju složene proizvode” (engl.
There is still, therefore, a lack of a common minimum level of investor protection across the Union.
MiFID practices for firms selling complex products).
Despite the existence of these regulatory requirements, evidence shows that retail clients continue and will continue to lose money on CFDs.
ESMA je provela i aktivnosti nadzorne konvergencije, među ostalim, i kroz Zajedničku skupinu i Radnu skupinu za CFD-ove.
Therefore, this measure is necessary to address the threat.
Unatoč ESMA-inoj opsežnoj upotrebi vlastitih neobvezujućih instrumenata radi osiguravanja dosljedne i učinkovite primjene postojećih mjerodavnih regulatornih zahtjeva, pitanje zaštite ulagatelja i dalje postoji.
COMPETENT AUTHORITIES HAVE NOT TAKEN ACTION TO ADDRESS THE THREAT OR THE ACTIONS TAKEN DO NOT ADEQUATELY ADDRESS THE THREAT (ARTICLE 40(2)(c) OF REGULATION (EU) No 600/2014)
Time se ističe da, zbog razloga koji su navedeni u ovom odjeljku, navedeni zahtjevi ne obuhvaćaju izraženu zabrinutost.
One of the conditions for ESMA to adopt the restriction in this Decision is that a competent authority or competent authorities have not taken action to address the threat or the actions that have been taken do not adequately address the threat.
ESMA je doista razmotrila mogući učinak pravila o upravljanju proizvodima koja su utvrđena člankom 16. stavkom 3. i člankom 24. stavkom 2. u Direktivi 2014/65/EU.
since August 2016, the Financial Services and Markets Authority (‘BE-FSMA’), the Belgian NCA, has in place a ban on the commercialisation of certain OTC derivative contracts (including CFDs) to retail clients.
Ponuditelji CFD-ova moraju poznavati financijske instrumente koje nude ili preporučuju, ocjenjuju usklađenost instrumenta s potrebama ulagatelja kojemu pružaju usluge ulaganja, pri čemu uzimaju u obzir i utvrđeno ciljno tržište krajnjih ulagatelja te osiguravaju da se financijski instrumenti nude ili preporučuju isključivo onda kad su u interesu ulagatelja.
In addition, the FSMA has forbidden a number of aggressive or inappropriate distribution techniques such as cold calling via external call centres, inappropriate forms of remuneration and fictitious gifts or bonuses;
Nadalje, ponuditelji CFD-ova koji distribuiraju financijski instrument koji nisu sami proizveli moraju imati uspostavljene odgovarajuće mehanizme za dobivanje i razumijevanje relevantnih informacija koje se odnose na postupak odobrenja proizvoda, uključujući utvrđeno ciljno tržište i značajke proizvoda.
since November 2016, CY-CySEC requires CFD providers to establish a leverage policy and apply leverage limits not exceeding 50:1 for retail clients, unless a client, with the relevant knowledge and experience, requires a higher level of leverage.
Ponuditelji CFD-ova koji distribuiraju financijske instrumente koje su proizveli ponuditelji koji ne podliježu zahtjevima za upravljanje proizvodima iz Direktive 2014/65/EU ili ponuditelji iz trećih zemalja također moraju imati odgovarajuće mehanizme za dobivanje dostatnih informacija o financijskim instrumentima.
CY-CySEC also requires providers to have a negative balance protection per CFD account.
ESMA napominje kako su zahtjevi za upravljanjem proizvodima prvi put uvedeni u pravo Unije Direktivom 2014/65/EU.
Furthermore, since mid-March 2017 there is in place a bonus promotion prohibition;
ESMA je 2. lipnja 2017. objavila „Smjernice za zahtjeve za upravljanje proizvodima iz MiFID-a II” (engl.
since December 2016, in France the legislation sets forth a ban on investment service providers' marketing communications to individuals regarding CFDs not limiting the client's loss per position;
Guidelines on MiFID II product governance requirements) u kojima se proizvođačima i distributerima daju smjernice za procjenu ciljnog tržišta.
since July 2015, the PL-KNF requires CFD providers to have leverage limits for CFDs to retail clients not higher than 100:1.
Iako ti zahtjevi sužavaju izbor vrste ulagatelja (ciljno tržište) za koje bi CFD-ovi bili prikladni i na koje bi ih stoga trebalo distribuirati, ne uzimaju u obzir ključne rizike opisane u ovoj Odluci povezane sa značajkama proizvoda (na primjer visoka financijska poluga) ili povezanim praksama (na primjer dopuštanje dodatnih obveza plaćanja ili ponuda bonusa).
In July 2017, the Polish Ministry of Finance released a project of change in the Act on Trading in Financial Instruments in order to set maximum leverage of 25:1 across all asset classes and financial instruments traded by retail clients without CCP settlement.
Ne ograničavaju posebno ni distribuciju proizvoda s prethodno navedenim značajkama na masovnom tržištu.
Following its wide public consultation between July and November 2017, on 13 December 2017, the Polish Ministry of Finance announced an update to the project with a public consultation open from 13 to 22 December 2017.
Umjesto toga, šteta nastala ulagateljima pokazuje da stavljanje na tržište, distribucija ili prodaja CFD-ova nisu prikladni za masovno tržište malih ulagatelja osim ako nisu popraćeni određenim ograničenjima čije se pojedinosti ne navode u zahtjevima za upravljanje proizvodima.
The new project will introduce two different maximum leverage limits: 100:1 for experienced retail clients (those who concluded at least 40 transactions in the 24 months prior to entering into a new transaction for which a leverage limit is being established) and 50:1 for inexperienced retail clients;
Kad davatelji podataka u odgovoru na poziv na očitovanje navode da su zahtjevi za upravljanje proizvodom važan aspekt u određivanju ciljnog tržišta i usklađivanju strategije distribucije s ciljanim tržištem, jasno je i iz poziva na očitovanje da smatraju da su CFD-ovi s visokim ograničenjima financijske poluge (na primjer 100:1) prikladan proizvod za male ulagatelje (zaključuju da je ciljno tržište za CFD-ove s tom konkretnom polugom masovno tržište) čak i ako su zahtjevi za upravljanje proizvodima primjenjivi.
since October 2017, the Malta Financial Services Authority (‘MT-MFSA’), the NCA in Malta, has in place an Online Forex Policy requiring providers of CFDs, rolling spot forex and other complex, speculative products to set the following leverage limits: 50:1 for retail clients and 100:1 for retail clients which elect to be treated as professional clients;
Nakon implementacije Direktive 2014/65/EU i njezinih zahtjeva za upravljanje proizvodima nekoliko društava i dalje na masovno tržište stavlja CFD-ove s tako visokim financijskim polugama (ocjenjivanjem isključivo prikladnosti).
in May 2017, the Bundesanstalt für Finanzdienstleistungsaufsicht (‘DE-BaFin’), the German NCA, banned the marketing, distribution or sale of CFDs to retail clients that do not exclude additional payment obligations;
ESMA i NNT-ovi nisu suglasni s takvim pristupom.
in March 2017, the ES-CNMV requested entities which market to retail clients established in Spain, CFDs or forex products with leverage of over 10 times or binary options to expressly inform such clients that the ES-CNMV considers that, due to the complexity and the level of risk of these products, their acquisition is not suitable for retail clients.
Time se pokazuje da zahtjevi za upravljanje proizvodima i dalje pružaju određeni prostor prosudbe pojedinačnim ponuditeljima u utvrđivanju značajki proizvoda koji namjeravaju ponuditi svojim ulagateljima.
These entities have also been requested to ensure that clients are informed of the cost they would have to assume if they decided to close their position upon purchasing such products and, in the case of CFDs and forex products, that they are warned that, due to leverage, the losses could be greater than the amount initially paid to purchase the relevant product.
Stoga još uvijek ne postoji zajednička najmanja razina zaštite ulagatelja u Uniji.
In addition, they must obtain from the client a handwritten or recorded verbal statement that allows them to prove that the client is aware that the product they are going to acquire is particularly complex and that the ES-CNMV considers that it is not suitable for a retail client.
Unatoč postojanju tih regulatornih zahtjeva, iz dokaza je vidljivo da mali ulagatelji gube i nastavit će gubiti novac na CFD-ove.
Furthermore, the advertising material used by the entities subject to the ES-CNMV's action to promote these products must always contain a warning about the difficulty of understanding the products and the fact that the ES-CNMV considers that these products are not suitable for retail clients because of their complexity and the level of risk they carry.
Zato su te mjere potrebne kako bi se suočilo s prijetnjom.
The ES-CNMV also requested CY-CySEC and the UK-FCA to inform CFD providers of these requirements, encouraging providers that provide services in Spain to display the same warning;
NADLEŽNA TIJELA NISU POKUŠALA RIJEŠITI PRIJETNJU ILI SU PODUZELA RADNJE KOJE NISU ADEKVATNE ZA SUOČAVANJE S PRIJETNJOM (ČLANAK 40.
on 6 March 2017, the IE-CBI issued a consultation paper which sought views on two main options: (i) the prohibition of the sale or distribution of CFDs to retail clients, or (ii) the implementation of enhanced investor protection measures, including a limitation on leverage and a requirement that retail clients cannot lose more than the amount they had deposited on a per-position basis;
STAVAK 2.
on 10 May 2017 the Ελληνική Επιτροπή Κεφαλαιαγοράς (‘EL-HCMC’),the Greek NCA, issued a circular on providing investment services in over-the-counter derivative financial instruments (including forex, CFDs and binary options) through electronic trading platforms; and
TOČKE (c) UREDBE (EU) br.
in February 2018, the PT-CMVM issued a circular letter stating that investment firms shall refrain from providing trading services related to derivatives linked to cryptocurrencies if they are unable to ensure compliance with all the information obligations towards clients regarding the characteristics of the products.
600/2014)
In addition to this, the Finanstilsynet (‘NO-Finanstilsynet’), the Norwegian NCA, published on 26 February 2018 a consultation paper in which they propose inter alia similar measures in relation to CFDs as proposed by ESMA in the call for evidence.
Jedan od uvjeta kojima ESMA mora udovoljiti kako bi usvojila ograničenja u ovoj Odluci jest ako nadležno tijelo ili nadležna tijela nisu pokušali riješiti prijetnje ili su poduzeli radnje koje nisu adekvatne za rješavanje prijetnje.
The consultation period is from 26 February 2018 until 26 March 2018.
Pitanje zaštite ulagača opisano u Odluci dovelo je do toga da se neki NNT-ovi posavjetuju ili da poduzmu mjere na nacionalnoj razini usmjerene na ograničavanje stavljanja na tržište, distribucije ili prodaje CFD-ova malim ulagateljima:
Other NCAs have warned retail clients in relation to CFDs.
i. od kolovoza 2016.
In particular:
Agencija za financijske usluge i tržišta kapitala (BE-FSMA), belgijski NNT, uvela je zabranu komercijalizacije određenih ugovora o OTC izvedenicama (uključujući CFD-ove) malim ulagateljima.
in December 2016, the AT-FMA issued a warning regarding the risks associated with CFDs, rolling spot forex and binary options;
Osim toga, FSMA je zabranila brojne agresivne ili neprikladne tehnike distribucije kao što su automatizirani pozivi putem vanjskim pozivnih centara, neprikladni oblici naknada i fiktivni pokloni ili bonusi;
in February 2017, IT-CONSOB issued a specific communication to warn Italian retail clients on the risks associated with CFDs; and
od studenoga 2016.