natgillin/translations-raw huggingface dataset:
In particular Article 25(2) of Directive 2014/65/EU requires binary option 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 binary option 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.
Direktive 2014/65/EU; (iii) zahtjev najpovoljnijeg izvršenja iz članka 27 Direktive 2014/65/EU; (iv) zahtjeve za upravljanje proizvodima iz članka 16. stavka 3. i članka 24. stavka 2.
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 the marketing, distribution or sale of binary options, which mostly occurs via electronic platforms, without the provision of investment advice or portfolio management.
Direktive 2014/65/EU i (v) zahtjeve za objavljivanje informacija iz članaka 5. do 14.
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.
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.
1286/2014.
Article 25(3) of Directive 2014/65/EU requires binary option 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.
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.
If the provider considers the product to be inappropriate for the client or potential client, the provider shall warn them.
Treba napomenuti kako su opseg i sadržaj nekoliko primjenjivih regulatornih zahtjeva u skladu s Direktivom 2014/65/EU i Uredbom (EU) 600/2014 slični onima koji postoji sukladno Direktivi 2004/39/EZ.
Binary options qualify as complex financial products and therefore are subject to the appropriateness test pursuant to Article 25(3) of Directive 2014/65/EU.
Cilj donošenja Direktive 2014/65/EU i Uredbe (EU) br.
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.
600/2014 jest poboljšati nekoliko bitnih stajališta usluga i aktivnosti ulaganja radi jačanja zaštite ulagatelja (isto i putem intervencijskih ovlasti na proizvod), poboljšanja na nizu bitnih odredbi ne obuhvaća posebne zabrinutosti navedene u ovoj Odluci.
As evidenced in this Decision and as NCAs' supervisory experience has demonstrated, the appropriateness test has not been sufficient to address the investor protection concerns described in this Decision.
S obzirom na mogućnost nastanka rizika i štete po ulagatelje koji su opisani u ovoj Odluci, određene odredbe ostaju nepromijenjene.
Both the suitability and appropriateness tests under the existing regulatory requirements therefore are unlikely to prevent retail clients from trading binary options in a way that ensures that the significant investor protection concern is addressed.
Zahtjevi za pružanje odgovarajućih informacija klijentima 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 uslugama ulaganja i financijskim instrumentima.
With regard to best execution, most of the best execution rules by themselves already existed under Directive 2004/39/EC.
Međutim, jasno je kako sama pravila koja se temelje na otkrivanju informacija, uključujući bolje informacije o troškovima, nisu dovoljna za rješavanje složenih rizika koji nastaju zbog stavljanje na tržište, distribucije ili prodaje binarnih opcija malim ulagateljima.
However, these rules have been strengthened under Directive 2014/65/EU.
Prema članku 24. stavku 3.
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.
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.
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.
Člankom 24. stavkom 4.
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 binary options to retail clients.
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.
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.
S obzirom na opis zabrinutosti o zaštiti ulagatelja povezano s binarnim opcijama (posebno njihovu složenost, rizičnost i očekivani negativni prinos), jasno je da se takvim štetnim učincima po ulagatelja ne može potpuno i adekvatno upravljati samom primjenom navedenih pravila.
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.
Ta vrsta pružanja informacija ne privlači dovoljno ulagateljeve pažnje na konkretne posljedice (negativni očekivani prinos) istraživanja tih proizvoda i ne obuhvaća zabrinutost koja je svojstvena značajkama tog proizvoda.
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.
ESMA je uzela u obzir i koliko je bitno objavljivanje informacija sukladno Uredbi (EU) br.
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.
1286/2014.
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.
Uredba (EU) br.
In respect of these substantially similar existing regulatory requirements, ESMA has repeatedly noted the risks described above in investor warnings, Questions and Answers (Q&As) and its opinion on ‘MiFID practices for firms selling complex products’.
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.
ESMA has also carried out supervisory convergence work through, inter alia, the Joint Group.
Osobito, člankom 5.
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 concerns persists.
Uredbe (EU) br.
This highlights that, for the reasons set out in this section, these requirements do not address the concern identified.
1286/2014, kako je dalje proveden u Delegiranoj uredbi Komisije (EU) 2017/653, utvrđuje se, među ostalim, metodologija za prikaz sažetka rizika te popratna objašnjenja koja sadržavaju informacije o tome može li mali ulagatelj izgubiti sav uloženi kapital ili rizik od nastanka dodatnih financijskih preuzetih obveza.
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.
Međutim, takva vrsta objavljivanja informacija ne privlači dovoljno pozornost malih ulagatelja na posljedice ulaganja u binarne opcije.
These rules require providers manufacturing financial instruments (including therefore binary options) 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 take reasonable steps to ensure that the financial instruments are distributed to the identified target market and periodically review the identification of the target market and the performance of the product.
Primjerice, omjer učinkovitosti povezan je samo s određenim proizvodima binarnih opcija i ne pruža ulagatelju ukupni postotak računa malih ulagatelja koji gube novac.
Binary options 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.
Općenito, regulatorno rješenje koje se temelji na objavljivanju informacija nije prikladno za navedene proizvode koji su sami za sebe neprimjereni za male ulagatelje.
Furthermore, binary options 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.
Zahtjevi za primjerenost pojačani su Direktivom 2014/65/EU zahtijevanjem isporuke odgovarajućih izvješća ulagatelju i poboljšavanjem procjene primjerenosti.
Binary options 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.
Osobito, člankom 25., stavkom 2.
ESMA notes that the product governance requirements are introduced for the first time in Union law under Directive 2014/65/EU.
Uredbe 2014/65/EU zahtijeva se od ponuditelja binarnih opcija da prikuplja potrebne podatke o znanju i iskustvu ulagatelja ili potencijalnog ulagatelja u području investicija o, među ostalim, određenim vrstama proizvoda, o njegovom financijskom stanju, uključujući sposobnost da podnosi gubitke, njegove investicijske ciljeve uključujući toleranciju na rizik kako bi ponuditelj binarnih opcija mogao preporučiti investicijske usluge i financijske instrumente koji su primjereni ulagatelju ili potencijalnom ulagatelju te su u skladu s njegovom tolerancijom na rizik i sposobnosti da podnosi gubitke.
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.
Međutim, zahtjevi primjerenosti primjenjivi su samo ako se pružaju savjeti o ulaganju ili upravljanju portfeljem i zbog toga su obično nebitni s obzirom na stavljanje na tržište, distribuciju ili prodaju binarnih opcija koji se uglavnom odvijaju putem elektroničkih platformi bez pružanja investicijskog savjetovanja ili upravljanja portfeljem.
The purpose of the product governance requirements is to narrow down the type of clients (that is, the target market) for which financial instruments would be appropriate and to which they should therefore be distributed.
Nadalje, ciljevi procjene primjerenosti (uzevši u obzir proizvode s obzirom na ulagateljevo znanje i iskustvo, financijsko stanje i ciljeve ulaganja) ostali su uglavnom isti s obzirom na uvjete iz Direktive 2004/39/EZ te, kako je dokazano u Odluci, nisu dovoljni za sprečavanje prepoznate štete po ulagatelja.
Considering the features of binary options (high degree of losses, negative expected return, short term of contracts, complexity of pricing structures, and in general the lack of reasonable investment objectives), NCAs and ESMA are of the view that no positive retail target market could be determined.
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 su isključive izvršne.
Several firms, after implementation of Directive 2014/65/EU and the product governance requirements, still market binary options to the mass market.
Člankom 25. stavkom 3.
Despite the existence of these regulatory requirements, evidence shows that retail clients continue and will continue to lose money on binary options.
Direktive 2014/65/EU od ponuditelja binarnih opcija zahtijeva se da se pružaju informacije u odnosu ponuditeljevo znanje i iskustvo na odgovarajućem području ulaganja, među ostalim, za posebni ponuđeni proizvod ili zatraženi proizvod kako bi omogućili ponuditelju da odredi je li proizvod prikladan za ulagatelja ili potencijalnog ulagatelja.
Therefore, this measure is necessary to address the threat.
Ako ponuditelj smatra da proizvod nije prikladan za ulagatelja ili potencijalnog ulagatelja, ponuditelj upozorava ulagatelja ili potencijalnog ulagatelja.
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)
Binarne opcije definirane su kao složeni financijski proizvodi i zato su podložne ispitivanju prikladnosti sukladno članku 25. stavku 3.
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.
Direktive 2014/65/EU.
The investor protection concerns described in this Decision have led some NCAs to consult on or take national actions aimed at restricting the marketing, distribution or sale of binary options to retail clients:
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.
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 binary options) to retail clients.
Kako je dokazano u ovoj Odluci i prema iskustvu nacionalnih nadležnih tijela, ispitivanje prikladnosti nije dovoljno rješenje za rješavanje zabrinutosti o zaštiti ulagatelja kako je opisana u ovoj Odluci.
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;
Zbog toga nije vjerojatno da ispitivanje primjerenosti i prikladnosti pod postojećim regulatornim zahtjevima mogu spriječiti trgovanje malih ulagatelja binarnim opcijama na način koji rješava zabrinutost o značajnoj zaštiti ulagatelja.
since December 2016, in France the legislation sets forth a ban on investment service providers' marketing communications to individuals regarding, inter alia, binary contracts;
S obzirom na najpovoljnije izvršenje, većina pravila za najpovoljnije izvršenje već su utvrđena Direktivom 2004/39/EZ.
in Spain since March 2017, the Comisión Nacional del Mercado de Valores (ES-CNMV), the Spanish NCA, requested entities which market, among 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.
Međutim, navedena pravila moraju se ojačati Direktivom 2014/65/EU.
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.
Posebno, člankom 27.
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.
Direktive 2014/65/EU investicijska društva moraju poduzeti „sve razumne korake” (engl. all sufficient steps) (a ne više „sve razumne korake” - engl. all reasonable steps) kako bi dobili najbolje moguće rezultate za svoje ulagatelje pri izvršavanju naloga.
Furthermore, the advertising material used by the entities subject to the CNMV's action to promote these products must always contain a warning about the difficulty of understanding the products and the fact that ES-CNMV considers that these products are not suitable for retail clients because of their complexity and the level of risk they carry.
Nadalje, dodatne informacije moraju objaviti dionici tržišta, a od investicijskih društava zahtjeva se i da objave pet najčešćih mjesta na kojima izvršavaju naloge ulagatelja te rezultate koji su postignuti pri izvršavanju istih.
The ES-CNMV also requested CY-CySEC and the UK-FCA to inform binary options providers of these requirements, encouraging providers which provide services in Spain to display the same warning;
ESMA je razmotrila obuhvaćaju li revidirana pravila o najpovoljnijem izvršenju barem neke zabrinutosti koje su prepoznate s obzirom na stavljanje na tržište, distribuciju ili prodaju binarnih opcija malim ulagateljima.
in Italy in February 2017, IT-CONSOB issued a specific communication to warn Italian retail clients on the risks associated with binary options;
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.
in February 2018, the Comissão do Mercado de Valores Mobiliários (‘PT-CMVM’) the Portuguese NCA, 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;
Uz to, poboljšane informacije o tome kako društva izvršavaju naloge pomažu ulagateljima u praćenju kako bi vidjeli je li društvo poduzelo se dovoljne korake kako bi postiglo najbolji mogući ishod za ulagatelja.
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.
Zahtjevi koji se odnose na najpovoljnije izvršenje jačaju i standard najpovoljnijeg izvršenja s obzirom na OTC proizvode zato što prema njima društva moraju provjeriti je poštena cijena predložena klijentu pri izvršavanju naloga ili donošenju odluka o trgovanju OTC proizvodima, uključujući nestandardizirane proizvode.
in the Czech Republic, the Central National Bank (CZ-CNB), the Czech NCA, issued a statement in October 2015 to warn retail investors about the risks associated with binary options;
Prema zahtjevima iz Direktive 2014/65/EU tržišni podatci se prikupljaju za procjenu cijene tih proizvoda i, ako je to moguće, usporedbom sa sličnim ili usporedivim proizvodima.
in the Netherlands, in February 2017 the Autoriteit Financiele Markten (NL-AFM), the Dutch NCA, launched a consultation paper that proposes to make certain products, including binary options, subject to an advertising ban;
Međutim, pravila o najpovoljnijem izvršenju sama ne mogu obuhvatiti rizike koji su povezani sa značajkama proizvoda, osim izvršenja, i sa stavljanjem na tržište, distribucijom i prodajom navedenih proizvoda malim ulagateljima.
in Cyprus, in February 2017 CY-CySEC issued a consultation paper proposing to ban the distribution and trading of binary options in their current form, so as for the final product to take on the characteristics of an on-exchange derivative product;
S obzirom na slične postojeće regulatorne zahtjeve, ESMA stalno napominje prethodno opisane rizike iz upozorenja ulagatelja, Pitanja i odgovora i vlastitog mišljenja „o praksama za društva koja prodaju složene proizvode”.
in December 2016 the UK-FCA anticipating that binary options would be brought within the scope of their regulation from 3 January 2018, consulted on early policy considerations for potential enhanced conduct of business rules for binary options, including potential use of product intervention powers to modify the particular product features of binary options or to place restrictions on the sale and marketing of these products to retail investors.
ESMA je provela i nadzornu konvergenciju putem, među ostalim, zajedničke skupine.
The UK FCA also issued a consumer warning about the risks of investing in binary options on 14 November 2017; and
Unatoč tome što je ESMA opsežno upotrijebila svoje neobvezujuće instrumente kako bi omogućila konzistentnu i učinkovitu primjenu postojećih primjenjivih regulatornih zahtjeva, zabrinutost o zaštiti ulagatelja i dalje postoji.
in December 2016, the AT-FMA, the Austrian NCA, has issued a warning regarding the risks associated with CFDs, rolling spot forex and binary options.
Time se ističe da, zbog razloga koji su navedeni u ovom odjeljku, navedeni zahtjevi ne obuhvaćaju izraženu zabrinutost.
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, a ban on the marketing distribution or sale of binary options to retail clients, as proposed by ESMA in the call for evidence.
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.