natgillin/translations-raw huggingface dataset:
The UK-FCA observed repeated failings by the approach of CFD providers to completing the appropriateness assessment, including inadequacies in the assessment itself, inadequate risk warnings to retail clients who failed the appropriateness assessments and lack of establishment of a process to assess whether clients who fail the appropriateness assessment, but who nonetheless wish to trade CFDs, should be allowed to proceed with CFD transactions.
Pri ponovnom preispitivanju tog pitanja krajem 2016., UK-FCA primijetio je kako značajan broj društava nije uspio ukloniti te nedostatke nakon prethodno dobivenih povratnih informacija.
Revisiting this issue in late 2016, the UK-FCA found that a significant number of firms had failed to address these failings following the previous feedback provided to them.
Nadalje, NNT-ovi su izrazili zabrinutost u pogledu usklađenosti ponuditelja CFD-ova s obvezom davanja jasnih i neobmanjujućih informacija ulagateljima ili s obvezom postupanja u najboljem interesu ulagatelja.
Furthermore, NCAs have voiced concerns about CFD providers' compliance with their obligations to give clients clear and not misleading information, or act in the best interests of clients.
NNT-ovi su izrazili zabrinutost i u pogledu neodgovarajuće provedbe procjene prikladnosti u praksi i neodgovarajućih upozorenja ulagateljima kada ne prođu procjenu prikladnosti.
NCAs have also voiced concerns regarding the inadequate performance of appropriateness tests in practice and inadequate warnings to clients when they fail the appropriateness test.
Primjeri tih loših praksi potaknuli su ESMA-u da izradi pitanja i odgovore koji se odnose na ponudu CFD-ova i ostalih špekulativnih proizvoda malim ulagateljima u skladu s MiFID-om, te su opisani u njima.
Examples of these bad practices are described in and gave rise to ESMA's Questions and Answers relating to the provision of CFDs and other speculative products to retail clients under MiFID
NNT-ovi su primijetili i agresivne marketinške prakse, kao i obmanjujuću marketinšku komunikaciju u tom sektoru tržišta.
NCAs have also observed aggressive marketing practices as well as misleading marketing communications in this sector of the market.
One uključuju, na primjer, upotrebu sponzorstva ili pripadnosti velikim sportskim ekipama, što daje krivu sliku o složenim i špekulativnim proizvodima kao što su CFD-ovi i predstavlja ih kao prikladne za masovno tržište malih ulagatelja, i to promicanjem općenite svijesti o markama proizvoda.
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 CFDs are suitable for the retail mass market by promoting general brand name awareness.
Nadalje, one uključuju i obmanjujuće izjave poput „Trgovanje nikada nije bilo tako jednostavno”, „Započnite svoju karijeru trgovca već sada”, „Zaradite 13000 GBP u 24 sata!
Furthermore, they also include the use of misleading statements such as ‘Trading has never been so easy’, ‘Start your career as a trader right now’, ‘Earn GBP 13000 in 24 Hours!
Krenite odmah.”
Get started’.
U okviru razvoja pitanja i odgovora o CFD-ovima, neki su NNT-ovi prijavili ESMA-i kako ponuditelji CFD-ova često ne objave rizike povezane s tim proizvodima na odgovarajući način.
In the context of the development of the CFD Q&As, some NCAs have reported to ESMA that CFD providers often fail to adequately disclose the risks of these products.
Konkretno, neki su NNT-ovi primijetili da ponuditelji CFD-ova nisu na odgovarajući način opisali mogućnost naglih financijskih gubitaka koji mogu nadmašiti iznos uloženih sredstava.
In particular, some NCAs found that CFD providers did not adequately describe the potential for rapid losses that could exceed their invested funds.
Isto tako, u tom su kontekstu neki NNT-ovi iskazali zabrinutost zbog poslovnih modela nekih ponuditelja CFD-ova koji uključuju učestalo trgovanje ulagateljevim vrijednosnim papirima samo radi ubiranja provizije.
Also in this context, some NCAs have also raised concerns about the ‘churning’ nature of some CFD providers' business models.
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 interesu ulagatelja.
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.
Zajedničko obilježje marketinških i prodajnih tehnika koje se primjenjuju u industriji CFD-ova jest ponuda pogodnosti za trgovanje (novčanih i nenovčanih), kao što su bonusi kojima se privlače mali ulagatelji i potiču na ulaganje u CFD-ove, darovi (na primjer putovanja, automobili, elektronička roba), priručnici za trgovanje ili smanjeni troškovi (na primjer razlike u cijeni ili naknade).
A common feature of marketing and sales techniques adopted by the CFD industry has been the offer of trading (monetary and non-monetary) benefits, such as bonuses to attract and encourage retail clients to invest in CFDs, the offer of gifts (for example holidays, cars, electronic goods), trading tutorials or reduced costs (for example spread or fees).
Bonusi i ostale pogodnosti trgovanja mogu skretati pozornost s visoke rizičnosti proizvoda.
Bonuses and other trading benefits can act as a distraction from the high-risk nature of the product.
Obično se upotrebljavaju radi privlačenja malih ulagatelja i poticanja trgovanja.
They are typically targeted to attract retail clients and incentivise trading.
Mali ulagatelji mogu smatrati da su navedene promocije temeljne značajke proizvoda i zbog toga krivo procijeniti razinu rizika povezanih s proizvodom.
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.
Nadalje, kod takvih pogodnosti za trgovanje za otvaranje računa za trgovanje CFD-ovima obično se od ulagatelja traži da plati određena sredstva ponuditelju i obavi konkretan broj trgovanja tijekom određenog vremenskog razdoblja.
Furthermore, such trading benefits to open CFD trading accounts often require clients to pay funds to the provider and conduct a specified number of trades over a specified period of time.
S obzirom na to da dokazi pokazuju kako je većina malih ulagatelja pretrpjela financijski gubitak prilikom trgovanja CFD-ovima, to često znači da ulagatelji izgube više novca od čestog trgovanja CFD-ovima nego što bi inače izgubili bez primanja bonusa.
Given that the evidence demonstrates that the majority of retail clients lose money trading CFDs, this often means that clients lose more money from trading CFDs more frequently than they otherwise would have without receiving a bonus offer.
Nadzor koji provode NNT-ovi pokazao je kako su uvjeti ponuda pogodnosti često obmanjujući te da ulagatelji nisu svjesni uvjeta koje moraju ispuniti kako bi imali koristi od ponuđenih bonusa/pogodnosti.
Supervisory work by several NCAs has discovered that the terms and conditions on promotional offers are often misleading and that many clients were unaware of the conditions to access the benefits/bonuses offered.
Konačno, brojni su ulagatelji prijavili poteškoće pri povlačenju sredstava kada su pokušali iskoristiti takve bonuse.
Finally, a number of clients reported difficulties in withdrawing funds when trying to use such bonuses.
Uz prethodno navedene čimbenike, mnogi su NNT-ovi primijetili da promatrani distribucijski modeli u tom sektoru tržišta uključuju određene sukobe interesa.
In addition to the factors outlined above, many NCAs observe that distribution models observed in this sector of the market bear certain conflicts of interest.
Pritisak da se stalno održava dotok novih ulagatelja povećava mogućnost pojave sukoba interesa.
The pressure to maintain a pipeline of new clients increases the potential for conflicts of interest to occur.
Sukob interesa može se pojaviti zbog činjenice da su neki ponuditelji CFD-ova druga strana u trgovanju ulagatelja bez zaštite njihove izloženosti te je time njihov interes u izravnom sukobu s interesom ulagatelja.
Conflicts of interest have and may arise from the fact that some CFD providers are counterparties to clients' trades without hedging their exposure, therefore placing their interests in direct conflict with that of their clients.
Kod takvih ponuditelja postoji veća motivacija za, a time i rizik od manipulacije ili upotrebe manje transparentnih referentnih cijena ili provođenja drugih upitnih radnji, kao što je otkazivanje transakcija koje su ostvarile dobit uz lažne izgovore.
For these providers there is a greater risk and incentive to manipulate or use less transparent reference prices, or to pursue other questionable practices such as cancelling profitable trades on spurious pretexts.
Postoji i rizik da će ponuditelji pokušati iskoristiti asimetrično odstupanje cijena (na primjer prebaciti gubitak koji je rezultat odstupanja cijena na ulagatelja, a zadržati profit ostvaren odstupanjem cijena).
There is also a risk that providers may seek to exploit asymmetric slippage (for example pass on any loss as a result of slippage to the client, while retaining any profit obtained as a result of slippage).
Ponuditelji mogu i namjerno produljiti vremensko razdoblje između kotiranja i izvršenja trgovanja CFD-om kako bi se dodatno iskoristila ta praksa.
Providers may purposefully delay the time between quotes and execution of CFD trades to further exploit this practice.
NNT-ovi su utvrdili i prakse u kojima ponuditelji CFD-ova primjenjuju asimetrične ili nedosljedne marže na temeljne razlike u cijeni.
NCAs have also identified practices whereby CFD providers apply an asymmetrical or inconsistent mark up to core spreads.
Prakse stavljanja na tržište i distribucije CFD-ova koje su prethodno opisane potvrđuju postojanje značajne zabrinutosti o zaštiti ulagatelja u pogledu tih CFD-ova.
The marketing and distribution practices associated with CFDs described above confirms the existence of a significant investor protection concern in respect of these CFDs.
POSTOJEĆI PRIMJENJIVI REGULATORNI ZAHTJEVI U SUKLADNO PRAVU UNIJE NE OBUHVAĆAJU PREPOZNATU ZNAČAJNU ZABRINUTOST O ZAŠTITI ULAGATELJA (ČLANAK 40.
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)
STAVAK 2., TOČKA (b) UREDBE (EU) br.
As required under Article 40(2)(b) of Regulation (EU) 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.
600/2014)
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.
Kako je predviđeno člankom 40. stavkom 2. točkom (b) Uredbe (EU) 600/2014, ESMA je razmotrila rješavaju li postojeći regulatorni zahtjevi Unije primjenjivi na relevantne financijske instrumente ili aktivnosti predmetni problem.
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.
Primjenjivi postojeći regulatorni zahtjevi utvrđeni su u Direktivi 2014/65/EU, Uredbi (EU) br. 600/2014 i Uredbi (EU) br. 1286/2014 Europskog parlamenta i Vijeća.
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.
Obuhvaćaju, prije svega: i. zahtjev da se prikladne informacije dostave ulagateljima, u članku 24. stavcima 3. i 4.
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.
Direktive 2014/65/EU; ii. zahtjeve primjerenosti i prikladnosti, u članku 25. stavcima 2. i 3.
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.
Direktive 2014/65/EU; iii. zahtjeve najpovoljnijeg izvršenja, u članku 27.
From the perspective of the risks and the investor detriment addressed in this Decision, several provisions have therefore remained substantially unchanged.
Direktive 2014/65/EU; iv. zahtjeve upravljanja proizvodom, u članku 16. stavku 3. i članku 24. stavku 2.
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.
Direktive 2014/65/EU; i v. zahtjeve objavljivanja u člancima 5. i 14.
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 CFDs to retail clients.
Uredbe (EU) br. 1286/2014.
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.
Određeni ponuditelji, brokeri i strukovna udruženja navode izričito svoje odgovore na poziv na iskaz na mišljenje koji su potrebni ESMA-i kako bi razmotrila učinke novog zakonodavstva prije primjene bilo kakvih intervencijskih mjera na proizvode, odnosno nedavnog uvođenja Direktive o tržištima financijskih instrumenata II (posebno pravila o upravljanju proizvodima) i PRIIP-ova.
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.
Treba napomenuti da su područje primjene i sadržaj nekoliko primjenjivih regulatornih zahtjeva Direktive 2014/65/EU i Uredbe (EU) br. 600/2014 slični onima koji su navedeni u Direktivi 2004/39/EZ.
ESMA has also taken into consideration the relevance of the disclosure rules under Regulation (EU) No 1286/2014.
Cilj donošenja Direktive 2014/65/EU i Uredbe (EU) br.
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.
600/2014 jest poboljšati nekoliko bitnih aspekata investicijskih usluga i aktivnosti radi jačanja zaštite ulagatelja (isto i putem mjera za intervencije u području proizvoda), poboljšanja na nizu bitnih odredbi ne odnose se na posebne zabrinutosti navedene u ovoj Odluci.
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.
Iz perspektive rizika i štete za klijente na koje se ova Odluka odnosi, određene odredbe ostaju u svojoj biti nepromijenjene.
However, this type of disclosure does not sufficiently draw retail clients' attention to the consequences of investing in CFDs in particular.
Zahtjevi za pružanje odgovarajućih informacija ulagateljima detaljnije su razrađeni u Direktivi 2014/65/EU uz značajna poboljšanja u području otkrivanja informacija o troškovima i naknadama, pri čemu se od investicijskih društava zahtijeva da ulagateljima pruže ukupne informacije o svim troškovima i naknadama povezanima s investicijskim uslugama i financijskim instrumentima.
For example, the performance ratio only relates to the individual CFD product and this does not provide the client with the overall percentage of retail client accounts that lose money when trading CFDs.
Međutim, sama pravila o objavi – uključujući unaprjeđene informacije o troškovima – očito nisu dostatna da bi se savladao složen rizik koji proizlazi iz stavljanja na tržište, distribucije i prodaje CFD-ova malim ulagateljima.
Furthermore, the summary risk indicator does not include direct information on the past performance of the product and this information may not be provided in the accompanying narrative explanations as some discretion is left to the PRIIPS manufacturer on the extent to which certain narratives should be included.
Prema članku 24. stavku 3.
ESMA has considered whether those requirements could address some or all of the concerns in relation to the marketing, distribution or sale of CFDs to retail clients or at least remove the need to introduce the risk warnings in this Decision.
Direktive 2014/65/EU od investicijskih društava zahtijeva se, među ostalim, da omoguće da su sve informacije, uključujući marketinšku komunikaciju, usmjerene ulagateljima ili potencijalnim ulagateljima korektne, jasne i da ne dovode u zabludu.
However, these requirements do not ensure that retail clients across the Union are provided with uniform and effective information on the risks related to trading in CFDs.
Člankom 24. stavkom 4.
In particular, the guidance and warnings referred to in Article 24(4) of Directive 2014/65/EU do not appear to address these concerns given the divergence in the information that may be provided to clients which may not sufficiently draw clients' attention to the concrete consequences arising from trading CFDs.
Direktive 2014/65/EU zahtijeva se od investicijskih društava da ulagateljima ili potencijalnim ulagateljima pravovremeno pružaju odgovarajuće informacije u odnosu na investicijsko društvo i njegove usluge, financijske instrumente i predložene strategije ulaganja, mjesta izvršenja i sve troškove i povezana davanja, uključujući iznad svega odgovarajuće upute i upozorenja o rizicima vezanima uz ulaganja u ove instrumente te je li financijski instrument namijenjen malim ili profesionalnim ulagateljima.
The risk warnings introduced in this Decision would provide retail clients with important information, namely the percentage of retail accounts losing money when trading CFDs with each particular firm.
ESMA je uzela u obzir i koliko je bitno objavljivanje informacija sukladno Uredbi (EU) br.
Furthermore, it would harmonise practices in the cross-border business, hence ensuring an equal level of information to investors across the Union.
1286/2014.
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.
Uredba (EU) br.
In particular Article 25(2) of Directive 2014/65/EU requires CFD providers to obtain the necessary information regarding the client's or potential client's knowledge or experience in the investment field relevant inter alia to the specific type of product, the client's or potential client's financial situation including their ability to bear losses, and their investment objectives including their risk tolerance, so as to enable the CFD provider to recommend the client or potential client financial products that are suitable for them and are in accordance with their risk tolerance and ability to bear losses.
1286/2014 sadrži jedinstvena pravila o obliku i sadržaju dokumenta s ključnim informacijama koje trebaju omogućiti proizvođači za upakirane investicijske proizvode za male ulagatelje i investicijske osigurateljne proizvode (PRIIP-ove) malim ulagateljima kako bi im pomogli razumjeti i usporediti ključne značajke i rizike PRIIP-ova.
However, the suitability requirements are only applicable to the provision of investment advice and portfolio management and hence they are usually irrelevant in relation to CFD trading which mostly occurs via electronic platforms, without the provision of investment advice or portfolio management.
Posebno se člankom 5.
Furthermore, the objectives of the suitability assessment (considering products against clients' knowledge and experience, financial situation and investment objectives) are substantially unchanged compared to the regime in Directive 2004/39/EC and, as evidenced in this Decision, have not been sufficient to avoid the investor detriment identified.
Uredbe (EU) br. 1286/2014, kako je dalje razrađeno u Delegiranoj uredbi Komisije (EU) 2017/653, među ostalim uspostavlja metodologija za predstavljanje zbirnog pokazatelja rizika i navode dodatna objašnjenja, uključujući o tome može li mali ulagatelj izgubiti sav uloženi kapital ili se izložiti dodatnim financijskim obvezama.
Similarly, the requirements on appropriateness have been strengthened under Directive 2014/65/EU, mainly by narrowing down the list of non-complex products and therefore restricting the scope of products for execution-only services.
Međutim, takva vrsta objave ne privlači dovoljnu pažnju malih ulagatelja, posebno kad je riječ o posljedicama ulaganja u CFD-ove.
Article 25(3) of Directive 2014/65/EU requires CFD providers to ask their clients or potential clients to provide information regarding their knowledge and experience in the investment field relevant inter alia to the specific product offered or demanded so as to enable the provider to determine whether that product is appropriate for the client or potential client.
Na primjer, omjer rezultata odnosi se samo na pojedinačne proizvode CFD-a i ulagatelj nema podatak o ukupnom postotku računa malih ulagatelja koji su pretrpjeli gubitak pri trgovanju CFD-ovima.
If the provider considers the product to be inappropriate for the client or potential client, the provider shall warn them.
Nadalje, zbirni pokazatelj rizika ne sadržava izravne informacije o prošlim rezultatima proizvoda i te se informacije ne moraju nalaziti u priloženim opisnim objašnjenjima, a proizvođač PRIIP-ova ima pravo na diskrecijsku odluku o tome do koje mjere će uključiti opisna objašnjenja.
CFDs qualify as complex financial products and therefore are subject to the appropriateness test pursuant to Article 25(3) of Directive 2014/65/EU.
ESMA je razmotrila mogu li se tim zahtjevima riješiti neki ili svi problemi zbog kojih postoji zabrinutost u pogledu stavljanja na tržište, distribucije ili prodaje CFD-ova malim ulagateljima ili barem ukloniti potreba uvođenja upozorenja o rizicima u ovu Odluku.
However, that was already the case under Directive 2004/39/EC, which provided for substantially the same appropriateness test as the one set out in Directive 2014/65/EU.
Međutim, tim se zahtjevima ne osigurava da će mali ulagatelji u cijeloj Uniji dobiti jedinstvene i učinkovite informacije o rizicima u pogledu trgovanja CFD-ovima.