natgillin/translations-raw huggingface dataset:
The measure only applies if positions reach or exceed the 0,1 % threshold after the entry into force.
Ukrep se uporablja le, če pozicije po tistem, ko začne ukrep veljati, dosežejo ali presežejo prag 0,1 %.
This measure can be used to evaluate and potentially gradually implement further regulatory responses if those prove necessary.
S tem ukrepom bo mogoče oceniti in morebitno postopno uvesti nadaljnje regulativne ukrepe, če se izkaže, da bodo potrebni.
The existence of such risks is also evident by the multiple measures taken at Member State and Union level in the past few days to stabilise the financial system and the economy as a whole.
To tveganje izhaja tudi iz številnih ukrepov, sprejetih v preteklih dneh na ravni držav članic in Unije za stabilizacijo finančnega sistema ter gospodarstva kot celote.
Since 20 February 2020, the EUROSTOXX 50 INDEX, which covers 50 blue-chip issuers from 11 (5) Eurozone countries, fell by approximately 30 % [Figure 1].
Od 20. februarja 2020 je indeks EUROSTOXX 50, ki pokriva 50 uveljavljenih izdajateljev (blue chip) iz 11 (5) držav euroobmočja, padel za približno 30 % (slika 1).
In terms of creating market uncertainty, the measure does not introduce new regulatory obligations, as it only modifies the existing reporting obligation that has been in force since 2012, by lowering the threshold.
Glede ustvarjanja negotovosti na trgu se z ukrepom ne uvajajo nove regulativne obveznosti, saj se spreminja le obstoječa obveznost poročanja, ki velja že od leta 2012, tako, da se zniža samo prag.
The outbreak of the COVID-19 pandemic is having serious adverse effects on the real economy and on EU financial markets.
Izbruh pandemije COVID-19 ima resne škodljive vplive na realno gospodarstvo in finančne trge EU.
As explained by the ECB in its Financial Stability Review (4) , financial stability is a condition in which the financial system - which comprises financial intermediaries, markets and market infrastructures - is capable of withstanding shocks and the unravelling of financial imbalances.
Kot je ECB pojasnila v svojem pregledu finančne stabilnosti (Financial Stability Review (4) ), je finančna stabilnost dosežena, če finančni sistem (ki ga sestavljajo finančni posredniki, trgi in tržna infrastruktura) zmore prenesti nepredvidene dogodke in finančna neravnovesja.
The two measures were followed on 13 March 2020 also in Germany, on the Tradegate Exchange, and in the United Kingdom of Great Britain and Northern Ireland (8) , where the temporary ban concerned 154 instruments.
Obema ukrepoma je 13. marca 2020 sledil tudi ukrep v Nemčiji na Tradegate Exchange in v Združenem kraljestvu (8) , kjer se je začasna prepoved nanašala na 154 instrumentov.
In terms of duration of the measure, ESMA considers that a duration of three months is justified considering the information available at the moment.
Glede trajanja ukrepa organ ESMA meni, da je trimesečno obdobje upravičeno glede na trenutno razpoložljive informacije.
ESMA believes that limiting the scope of its measure to one or several sectors or to a subset of issuers may not achieve the desirable outcome.
Organ ESMA meni, da omejevanje področja uporabe ukrepa na enega ali več sektorjev ali na omejeno število izdajateljev ne bi doseglo zaželenega učinka.
It applies to all trading in shares admitted to trading on a regulated market and therefore does not create any uncertainty.
Nanaša se na vse trgovanje z delnicami, ki so uvrščene v trgovanje na reguliranih trgih, zato ne ustvarja nobene negotovosti.
Namely, the price movements are linked to the spreading of the COVID-19 pandemic in the EU, which has greatly increased the sensitivity of EU financial markets.
Gibanja cen so povezana s širjenjem pandemije COVID-19 v EU, s čimer se je zelo povečala občutljivost finančnih trgov EU.
On that basis and as of this date ESMA deems this Decision to be proportionate given current circumstances.
Na podlagi navedenega in na ta dan organ ESMA meni, da je ta sklep sorazmeren glede na trenutne okoliščine.
ESMA considers that the current market circumstances are substantially threatening the financial stability in the Union.
Organ ESMA meni, da sedanje okoliščine na trgu znatno ogrožajo finančno stabilnost Unije.
Following the expiration of the abovementioned temporary measures taken in Italy and Spain, no further measures based on Regulation (EU) No 236/2012 have been taken in the EU, and as of the date of this Decision there are no such measures in force.
Po izteku zgoraj navedenih začasnih ukrepov, sprejetih v Italiji in Španiji, v EU niso bili sprejeti nobeni nadaljnji ukrepi na podlagi Uredbe (EU) št. 236/2012, na dan izdaje tega sklepa pa ni v veljavi noben tak ukrep.
ESMA has consulted the ESRB.
Organ ESMA se je posvetoval z Evropskim odborom za sistemska tveganja.
The ban applied for the trading session of the 13 March 2020, and was not extended.
Prepoved se nanaša na trgovalni dan 13. marca 2020 in ni bila podaljšana.
In order to adopt a measure under Article 28 of Regulation (EU) No 236/2012 ESMA should take into account whether the measure creates a risk of regulatory arbitrage.
Organ ESMA bi moral ob sprejetju ukrepa na podlagi člena 28 Uredbe (EU) št. 236/2012 upoštevati, ali ukrep povzroča tveganje regulatorne arbitraže.
ESMA considers that lowering the reporting thresholds is a preliminary action that under these exceptional circumstances is essential to monitor developments in markets.
Organ ESMA meni, da je znižanje pragov za poročanje predhodni ukrep, ki je v teh izrednih okoliščinah bistvenega pomena za spremljanje razvoja na trgih.
ESMA is aware of the increasing administrative burden this decision implies for certain market participants and intends to revert to the regular reporting obligation as soon as the situation improves, but at the same time cannot discard the possibility of extending the measure where the situation should worsen.
Organ ESMA se zaveda povečanega upravnega bremena nekaterih udeležencev na trgu, ki bo posledica tega sklepa, in načrtuje ponovno vzpostavitev običajne obveznosti poročanja takoj, ko se razmere izboljšajo, vendar hkrati ne more ovreči možnosti podaljšanja ukrepa, če se razmere poslabšajo.
Unabated selling pressure on the shares of banks and other financial institutions as well as a wide range of issuers from all sectors can put the financial stability of one or several Member States and ultimately the financial system in the Union at risk.
Nezmanjšan pritisk na prodajo delnic bank in drugih finančnih institucij ter številnih izdajateljev iz vseh sektorjev lahko ogrozi finančno stabilnost ene ali več držav članic in ne nazadnje finančnega sistema v Uniji.
Additionally, the exception foreseen for market making activities and stabilisation programs is meant not to increase the burden for entities that provide an important service in terms of providing liquidity and reducing volatility, particularly relevant in the current situation.
Poleg tega namen izjeme, predvidene glede dejavnosti vzdrževanja trga in programov stabilizacije, ni povečati bremena subjektov, ki zagotavljajo pomembne storitve glede zagotavljanja likvidnosti in zmanjševanja nestanovitnosti, ki so v trenutnih okoliščinah še zlasti pomembne.
The magnitude of the price declines, the wide range of shares (and sectors) affected and the degree of interconnection between the EU economies and trading venues, suggest that an EU-wide measure is likely to be more effective than sectorial national measures.
Iz velikega padca cen, števila prizadetih delnic (in sektorjev) ter stopnje medsebojne povezanosti gospodarstev EU in mest trgovanja je mogoče sklepati, da bo vseevropski ukrep učinkovitejši od nacionalnih ukrepov v posameznih sektorjih.
On the same grounds, ESMA considers adequate to maintain the publication threshold in Article 6 of Regulation (EU) No 236/2012, but is monitoring on an ongoing basis the market conditions and will take further measures if the market conditions make it necessary.
Iz istega razloga organ ESMA meni, da je ustrezno ohraniti prag za objavo iz člena 6 Uredbe (EU) št. 236/2012, vendar redno spremlja razmere na trgu in bo sprejel nadaljnje ukrepe, če bo to potrebno.
In Italy the Commissione Nazionale per le Società e la Borsa imposed a temporary ban on short sales concerning 85 shares (7) listed on the MTA market of Borsa Italiana.
V Italiji je Commissione Nazionale per le Società e la Borsa uvedla začasno prepoved prodaje na kratko glede 85 delnic (7) , ki kotirajo na trgu MTA Borsa Italiana.
In Spain, the Comisión Nacional del Mercado de Valores imposed a temporary ban on short sales concerning 69 shares (6) listed on several Spanish trading venues.
V Španiji je Comisión Nacional del Mercado de Valores uvedla začasno prepoved prodaje na kratko, ki velja za 69 delnic (6) , ki kotirajo na več španskih mestih trgovanja.
It is at this stage of the developments, where there is an increasing amount of information flowing to the market in relation to Covid-19, that the measure may be most effective, as it will allow national competent authorities to better monitor the market trends and fine-tune further regulatory responses.
Na tej stopnji razvoja dogodkov, ko na trge priteka vse več informacij o Covid-19, je lahko sprejetje ukrepov najučinkovitejši način, saj bo pristojnim nacionalnim organom omogočilo boljše spremljanje tržnih gibanj in natančnejše nadaljnje ukrepanje.
The current measure should not affect the liquidity in the market as the increased reporting obligation for a limited set of market participants should not change their trading strategies and therefore, their participation in the market.
Ta ukrep ne bi smel vplivati na likvidnost trga, saj povečana obveznost poročanja za omejeno število udeležencev na trgu ne bi smela vplivati na njihove strategije trgovanja in s tem na njihovo udeležbo na trgu.
ESMA has to assess whether the measure has detrimental effects which would be considered disproportionate compared to its benefits.
Organ ESMA mora oceniti, ali ima ukrep negativne učinke, ki bi bili nesorazmerni glede na koristi ukrepa.
Having regard to Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (1) , and in particular Article 9(5), 43(2) and 44(1) thereof,
ob upoštevanju Uredbe (EU) št. 1095/2010 Evropskega parlamenta in Sveta z dne 24. novembra 2010 o ustanovitvi Evropskega nadzornega organa (Evropski organ za vrednostne papirje in trge) in o spremembi Sklepa št. 716/2009/ES ter razveljavitvi Sklepa Komisije 2009/77/ES (1) , zlasti člena 9(5), člena 43(2) in člena 44(1) Uredbe,
To that end, it is essential not only to ensure that the national competent authorities are getting reports at an earlier stage of the build-up of a net short position and not at the current level of 0,2 % but also that such revised reporting obligation enters into effect with immediate effect.
Zato je bistvenega pomena, da se zagotovi, da pristojni nacionalni organi prejemajo poročila takoj ob začetku naraščanja neto kratkih pozicij in ne šele na ravni, ki trenutno velja, to je pri 0,2 %; hkrati je bistvenega pomena, da začne taka spremenjena obveznost poročanja takoj veljati.
However, due to the consistent selling pressure caused by subsequent developments affecting an extremely large range of issuers from all kinds of sectors in all Member States, markets are nonetheless in a fragile state.
Glede na stalen pritisk na prodajo zaradi nadaljnjega razvoja dogodkov, ki bi lahko vplivali na izredno širok nabor izdajateljev iz raznih sektorjev v vseh državah članicah, pa so trgi kljub temu zelo ranljivi.
Therefore, ESMA does not consider that such enhanced transparency obligation can have a detrimental effect on the efficiency of financial markets or on investors that is disproportionate to its benefits.
Poleg tega organ ESMA meni, da taka okrepljena obveznost glede preglednosti ne bo imela negativnega učinka na učinkovitost finančnih trgov ali na vlagatelje, ki bi bil nesorazmeren glede na koristi ukrepa.
ESMA also has to take into account to which extent the measure significantly addresses the threats identified.
Organ ESMA mora upoštevati tudi, v kolikšnem obsegu ukrep pomembno zmanjša ogroženost.
In light of the abovementioned pan-EU threats, it has become evident that the information received by national competent authoritiesis is not sufficient under the current stressed market conditions.
Glede na zgoraj navedeno ogroženost, ki se nanaša na celotno EU, je postalo očitno, da informacije, ki jih prejemajo pristojni nacionalni organi, v trenutnih poostrenih razmerah na trgu ne zadoščajo.
In taking this measure, ESMA has also considered that the new notification threshold shall become applicable immediately after its publication on the ESMA website, as foreseen in Article 28(9) of Regulation (EU) No 236/2012.
Pri sprejetju tega ukrepa organ ESMA tudi meni, da bi se moral novi prag za priglasitev začel uporabljati takoj po objavi ukrepa na spletni strani organa ESMA, kot je predvideno v členu 28(9) Uredbe (EU) št. 236/2012.
In that context, data limitations for national competent authorities and ESMA would restrict their capacity to address any potential negative effects on the economy and ultimately the financial stability of the Union as a whole.
V tem smislu bi omejitve podatkov, ki jih prejmejo pristojni nacionalni organi in organ ESMA, zmanjšale njihovo zmožnost obravnave morebitnih negativnih učinkov na gospodarstvo in ne nazadnje na finančno stabilnost Unije kot celote.
As regards the latter, since 20 February 2020 the stock markets in the EU lost 30 % [Figure 1], and all sectors and types of issuers were affected by severe share price falls.
V zvezi s tem so trgi lastniških vrednostnih papirjev v EU od 20. februarja 2020 izgubili 30 % (slika 1), vsi sektorji in vrste izdajateljev pa so utrpeli hud padec cen delnic.
ESMA notes that the current reporting thresholds (0,2 % of the issued share capital) may not be adequate in the current exceptional market conditions to timely identify trends.
Organ ESMA meni, da trenutni pragovi za poročanje (0,2 % izdanega kapitala) v sedanjih izrednih razmerah na trgu morda niso ustrezni, da bi lahko pravočasno zaznali tržna gibanja.
ESMA has analysed the circumstances in recent trading days on trading venues, in particular since 9 March 2020 [Figure 1], in how far they constitute threats to the integrity of markets and to financial stability in the Union and whether the ESMA measure is efficient in addressing such threats by taking a forward-looking approach.
Organ ESMA je analiziral okoliščine v preteklih trgovalnih dneh na mestih trgovanja, zlasti od 9. marca 2020 naprej (slika 1), ter v kolikšni meri sta ogroženi integriteta trgov in finančna stabilnost v Uniji, pa tudi, ali ukrep organa ESMA učinkovito obvlada ogroženost s pristopom, usmerjenim v prihodnost.
Such temporary restrictions on short selling according to Article 23 of the Regulation (EU) No 236/2012 could not address the continuing threats as they are applicable for one trading day only.
Take začasne omejitve prodaje na kratko v skladu s členom 23 Uredbe (EU) št. 236/2012 niso mogle obvladati nadaljnje ogroženosti, saj so veljale le za en trgovalni dan.
One of the conditions for ESMA to adopt the measure 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.
Eden od pogojev, da lahko organ ESMA sprejme tak ukrep, je, da pristojni organi niso sprejeli ukrepov, s katerimi bi obvladali ogroženost, ali pa ukrepi, ki so jih sprejeli, ne zadostujejo za obvladovanje ogroženosti.
Such severe price falls undermine the price-formation mechanism, thereby threatening the integrity and orderly functioning of the markets.
Takšni hudi padci cen spodkopavajo mehanizme določanja cen ter s tem ogrožajo integriteto in pravilno delovanje trgov.
ESMA'S MEASURE DOES NOT HAVE A DETRIMENTAL EFFECT ON THE EFFICIENCY OF FINANCIAL MARKETS, INCLUDING BY REDUCING LIQUIDITY IN THOSE MARKETS OR CREATING UNCERTAINTY FOR MARKET PARTICIPANTS, THAT IS DISPROPORTIONATE TO ITS BENEFITS (ARTICLE 28(3)(C) OF REGULATION (EU) NO 236/2012)
UKREP ORGANA ESMA NIMA NEGATIVNEGA UČINKA NA UČINKOVITOST FINANČNIH TRGOV, SAJ NE ZMANJŠUJE LIKVIDNOSTI NAVEDENIH TRGOV ALI USTVARJA NEGOTOVOSTI ZA UDELEŽENCE NA TRGU, KI BI BILI NESORAZMERNI GLEDE NA KORISTI UKREPA (ČLEN 28(3)(C) UREDBE (EU) ŠT. 236/2012).
Although the enhanced reporting obligation laid down in this decision may add additional burden to reporting entities, it will not limit the capacity of market participants to enter into or increase their short positions in shares.
Čeprav lahko okrepljena obveznost poročanja na podlagi tega sklepa povzroči dodatno breme subjektom, ki morajo poročati, pa udeležencev na trgu ne bo omejila pri sklepanju ali povečevanju svojih kratkih pozicij v delnicah.
ESMA considers it appropriate that national competent authorities closely monitor the evolution of the market and any evolution of net short positions before considering adopting any further measure.
Organ ESMA meni, da je ustrezno, da pristojni nacionalni organi skrbno spremljajo dogajanje na trgu in spreminjanje neto kratkih pozicij, preden se sprejmejo kakršni koli nadaljnji ukrepi.
ESMA considers that despite the extraordinary losses that were incurred in the trading of shares on regulated markets since 20 February 2020 and particularly since 9 March 2020, markets have functioned orderly and that the integrity of markets has been largely preserved.
Organ ESMA meni, da so trgi kljub izjemnim izgubam, ki so od 20. februarja 2020 nastale pri trgovanju z delnicami na reguliranih trgih, zlasti od 9. marca 2020, pravilno delovali in da se je integriteta trgov večinoma ohranila.
While short selling at other times may serve positive functions in terms of determining the correct valuation of issuers, in current market circumstances it poses an additional threat to the orderly functioning and integrity of markets.
Čeprav ima lahko prodaja na kratko v drugačnih okoliščinah pozitivno funkcijo pri opredeljevanju prave vrednosti izdajateljev, pa v trenutnih razmerah dodatno ogroža pravilno delovanje in integriteto trgov.
ESMA also highlights that the measure is limited to the reporting of shares that are admitted to trading on a regulated market to capture those positions where additional reporting appears most relevant.
Organ ESMA tudi poudarja, da je ukrep omejen na poročanje o delnicah, ki so uvrščene v trgovanje na reguliranih trgih, da se zajamejo tiste pozicije, pri katerih je dodatno poročanje najpomembnejše.
In this context, as further explained in Section 3 below, short sales can contribute to accelerate price volatility and to exacerbate market losses.
V tem smislu, kot je nadalje pojasnjeno v oddelku 3 v nadaljevanju, lahko prodaja na kratko prispeva k povečanju nestanovitnosti cen in povečanju tržnih izgub.
In such situation market participants may take new short positions in order to profit from further price falls, which may in turn exacerbate the falls experienced in the past weeks.
V takih okoliščinah lahko udeleženci na trgu sklenejo nove kratke pozicije, da bi ustvarili dobiček iz nadaljnjega padca cen, kar lahko še poveča padce iz prejšnjih tednov.
Those price declines have left the vast majority if not all shares admitted to trading on a regulated market in a situation of uncertainty in which further price declines not triggered by additional fundamental information could have highly detrimental consequences.
Zaradi navedenega padca cen je velika večina ali celo vse delnice, ki so bile uvrščene v trgovanje na reguliranem trgu, v položaju negotovosti, v katerem bi lahko nadaljnji padci cen, ki niso posledica dodatnih temeljnih informacij, imeli izredno negativne posledice.
In addition, ESMA considers that the significant falls in value and extreme volatility particularly since 9 March 2020 can cause a lack of trust in the functioning of the financial system by market participants and the public at large.
Poleg tega organ ESMA meni, da lahko znaten padec vrednosti in izredna nestanovitnost, zlasti od 9. marca 2020 naprej, zmanjša zaupanje udeležencev na trgu in javnosti na splošno v delovanje finančnega sistema.
Since ESMA's measure concerns the reporting obligations of market participants with respect to all shares admitted to trading on regulated markets, it will ensure a unique reporting threshold for all national competent authorities, ensuring a level-playing field among market participants from in- and outside of the Union in respect of trading of shares admitted to trading on a regulated market.
Ker se ukrep organa ESMA nanaša na obveznost poročanja udeležencev na trgu glede vseh delnic, ki so uvrščene v trgovanje na reguliranih trgih, se s tem zagotovi edinstven prag za poročanje vsem pristojnim nacionalnim organom, s čimer se zagotovijo enaki pogoji med udeleženci na trgu znotraj in zunaj Unije v zvezi s trgovanjem z delnicami, ki so uvrščene v trgovanje na reguliranih trgih.
As described above, trading in shares since 20 February 2020 and particularly since 9 March 2020 was characterised by substantial selling pressure and unusual volatility leading to significant downward spirals affecting issuers from all types of sectors.
Kot je opisano zgoraj, sta bila za trgovanje z delnicami po 20. februarju 2020 in zlasti po 9. marcu 2020 značilna znaten pritisk na prodajo in nenavadna nestanovitnost, kar je povzročilo resen padec vrednosti, ki je prizadel izdajatelje iz vseh sektorjev.
ESMA's measure to temporarily lower the reporting thresholds of net short positions to national competent authorities addresses this threat posed to the stability of parts or ultimately the whole of the Union financial system.
Ukrep organa ESMA o začasnem znižanju pragov za poročanje o neto kratkih pozicijah pristojnim nacionalnim organom obravnava to grožnjo stabilnosti delov ali celotnega finančnega sistema Unije.
In particular, given the horizontal impact of the current emergency situation that affects a broad set of shares across the Union, the fall in share prices may be due to additional selling pressure resulting from short selling activity and increased net short positions that, being below the current thresholds for notification to the national comptent authorities, are therefore undetected.
Glede na horizontalni učinek sedanjih izrednih razmer, ki vplivajo na širok nabor delnic v vsej Uniji, je padec cen delnic lahko zlasti posledica dodatnega pritiska na prodajo zaradi prodaje na kratko in povečanih neto kratkih pozicij, ki ne bi presegle trenutnega praga za priglasitev pristojnim nacionalnim organom in zato ne bi bile zaznane.
At the time of adoption of this Decision, no competent authorities have adopted measures to increase their visibility of the evolution of net short positions activity through the establishment of lower reporting thresholds.
V času sprejetja tega sklepa noben pristojni organ ni sprejel ukrepov za izboljšanje svojega pregleda nad prodajami na kratko z uveljavitvijo nižjih pragov za poročanje.
Having regard to Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps (2) , and in particular Article 28 thereof,
ob upoštevanju Uredbe (EU) št. 236/2012 Evropskega parlamenta in Sveta z dne 14. marca 2012 o prodaji na kratko in določenih vidikih poslov kreditnih zamenjav (2) in zlasti člena 28 Uredbe,
The market integrity, orderly functioning and financial stability concerns described in this Decision have led some national competent authorities to consult on or take national actions aimed at restricting the short selling of shares.
Na podlagi pomislekov glede integritete trgov, pravilnega delovanja trgov in finančne stabilnosti, opisanih v tem sklepu, so se nekateri pristojni nacionalni organi posvetovali ali sprejeli ukrepe za omejitev prodaje delnic na kratko.