natgillin/translations-raw huggingface dataset:
On the other hand, as regards investor protection, and in particular the provision of investors with information or the seeking of information from investors, the retail or professional nature of the client or potential client concerned should be taken into account.
Po drugi strani, kar zadeva varstvo vlagateljev, zlasti pa zagotavljanje informacij vlagateljem ali pridobivanje informacij od vlagateljev, bi bilo treba upoštevati naravo zadevne stranke ali potencialne stranke, in sicer, ali je majhni vlagatelj ali poklicna stranka.
The form of a Directive is necessary in order to enable the implementing provisions to be adjusted to the specificities of the particular market and legal system in each Member State.
Oblika direktive je potrebna, da se omogoči prilagoditev izvedbenih določb posebnostim določenega trga in pravnega sistema v vsaki državi članici.
In order to ensure the uniform application of the various provisions of Directive 2004/39/EC, it is necessary to establish a harmonised set of organisational requirements and operating conditions for investment firms.
Za zagotovitev enotne uporabe različnih določb Direktive 2004/39/ES je treba določiti usklajen sklop organizacijskih zahtev in pogojev poslovanja za investicijske družbe.
Consequently, Member States and competent authorities should not add supplementary binding rules when transposing and applying the rules specified in this Directive, save where this Directive makes express provision to this effect.
Zato države članice in pristojni organi pri prenosu in uporabi pravil iz te direktive ne bi smeli dodajati dodatnih zavezujočih pravil, razen če to izrecno določa ta direktiva.
However, in exceptional circumstances, it should be possible for Member States to impose requirements on investment firms additional to those laid down in the implementing rules.
V izjemnih okoliščinah pa bi morale imeti države članice možnost, da določijo še dodatne zahteve za investicijske družbe, poleg tistih, ki so določene v pravilih za izvajanje.
However, such intervention should be restricted to those cases where specific risks to investor protection or to market integrity including those related to the stability of the financial system have not been adequately addressed by the Community legislation, and it should be strictly proportionate.
Tak poseg pa bi moral biti omejen na primere, ko posebna tveganja za varstvo vlagateljev ali celovitost trga, vključno s tistimi, ki so povezana s stabilnostjo finančnega sistema, niso bila ustrezno obravnavana v zakonodaji Skupnosti, hkrati pa bi moral biti strogo sorazmeren.
Any additional requirements retained or imposed by Member States in conformity with this Directive must not restrict or otherwise affect the rights of investment firms under Articles 31 and 32 of Directive 2004/39/EC.
Morebitne dodatne zahteve, ki jih države članice zadržijo ali določijo v skladu s to direktivo, ne smejo omejevati ali drugače vplivati na pravice investicijskih družb na podlagi členov 31 in 32 Direktive 2004/39/ES.
The specific risks addressed by any additional requirements retained by Member States at the date of application of this Directive should be of particular importance to the market structure of the State in question, including the behaviour of firms and consumers in that market.
Posebna tveganja, ki jih obravnavajo morebitne dodatne zahteve, ki jih obdržijo države članice na datum začetka uporabe te direktive, bi morala biti posebej pomembna za strukturo trga zadevne države, vključno z obnašanjem družb in potrošnikov na navedenem trgu.
The assessment of those specific risks should be made in the context of the regulatory regime put in place by Directive 2004/39/EC and its detailed implementing rules.
Ocena navedenih posebnih tveganj bi morala biti narejena v okviru zakonodajnega režima, ki ga vzpostavljajo Direktiva 2004/39/ES in njena natančna pravila za izvajanje.
Any decision to retain additional requirements should be made with proper regard to the objectives of that Directive to remove barriers to the cross-border provision of investment service by harmonising the initial authorisation and operating requirements for investment firms.
Kakršna koli odločitev, da se ohranijo dodatne zahteve, naj se opravi s primernim upoštevanjem ciljev navedene direktive odstraniti ovire za čezmejno opravljanje investicijskih storitev z uskladitvijo zahtev za prvotno dovoljenje in poslovanje investicijskih družb.
Investment firms vary widely in their size, their structure and the nature of their business.
Investicijske družbe se med sabo precej razlikujejo po velikosti, strukturi in naravi poslovanja.
A regulatory regime should be adapted to that diversity while imposing certain fundamental regulatory requirements which are appropriate for all firms.
Regulativna ureditev bi morala biti prilagojena tej raznovrstnosti, hkrati pa bi morala določati nekatere temeljne regulativne zahteve, ki so primerne za vse družbe.
Regulated entities should comply with their high level obligations and design and adopt measures that are best suited to their particular nature and circumstances.
Regulirani subjekti bi morali izpolnjevati obveznosti in zasnovo na visoki ravni ter sprejeti ukrepe, ki so najbolj primerni za njihovo posebno naravo in okoliščine.
However, a regulatory regime which entails too much uncertainty for investment firms may reduce efficiency.
Vendar pa regulativna ureditev, ki za investicijske družbe predstavlja preveč negotovosti, lahko zmanjšuje učinkovitost.
Competent authorities are expected to issue interpretative guidance on provisions on this Directive, with a view in particular to clarifying the practical application of the requirements of this Directive to particular kinds of firms and circumstances.
Od pristojnih organov se pričakuje, da izdajo razlagalna navodila za določbe iz te direktive, zlasti z namenom pojasniti praktično uporabo zahtev iz te direktive za posebne vrste družb in okoliščin.
Non-binding guidance of this kind might, among other things, clarify how the provisions of this Directive and Directive 2004/39/EC apply in the light of market developments.
Nezavezujoča navodila te vrste bi med drugim lahko pojasnila, kako se določbe te direktive in Direktive 2004/39/ES uporabljajo glede na spremembe na trgu.
To ensure a uniform application of this Directive and Directive 2004/39/EC, the Commission may issue guidance by way of interpretative communications or other means.
Za zagotovitev enotne uporabe te direktive in Direktive 2004/39/ES lahko Komisija izda navodila s pomočjo razlagalnega sporočila ali na drugi način.
Furthermore, the Committee of European Securities Regulators may issue guidance in order to secure convergent application of this Directive and Directive 2004/39/EC by competent authorities.
Poleg tega lahko Odbor evropskih regulatorjev trgov vrednostnih papirjev izda navodila, da bi zavaroval usklajeno uporabo te direktive in Direktive 2004/39/ES med pristojnimi organi.
The organisational requirements established under Directive 2004/39/EC are without prejudice to systems established by national law for the registration of individuals working within investment firms.
Organizacijske zahteve iz Direktive 2004/39/ES ne posegajo v sisteme za registracijo posameznikov, ki sodelujejo z investicijskimi družbami, določene z nacionalno zakonodajo.
For the purposes of the provisions of this Directive requiring an investment firm to establish, implement and maintain an adequate risk management policy, the risks relating to the firm's activities, processes and systems should include the risks associated with the outsourcing of critical or important functions or of investment services or activities.
Za namene določb te direktive, ki zahtevajo, da investicijske družbe vzpostavijo, izvajajo in vzdržujejo primerno politiko upravljanja s tveganji, bi morala tveganja v zvezi z dejavnostmi družbe, procesi in sistemi vključevati tveganja, povezana z zunanjim izvajanjem kritičnih ali pomembnih funkcij ali investicijskih storitev ali dejavnosti.
Such risks should include those associated with the firm's relationship with the service provider, and the potential risks posed where the outsourced activities of multiple investment firms or other regulated entities are concentrated within a limited number of service providers.
Taka tveganja bi morala vključevati tveganja, povezana z razmerjem med družbo in ponudnikom storitev, ter potencialna tveganja, ki nastanejo, ko so dejavnosti, ki jih več investicijskih družb ali drugih reguliranih subjektov odda v zunanje izvajanje, dodeljene omejenemu številu izvajalcev.
The fact that risk management and compliance functions are performed by the same person does not necessarily jeopardise the independent functioning of each function.
Dejstvo, da funkcijo upravljanja s tveganjem in funkcijo spremljanja skladnosti opravlja ista oseba, ne ogroža nujno neodvisnega delovanja posamezne funkcije.
The conditions that persons involved in the compliance function should not also be involved in the performance of the functions that they monitor, and that the method of determining the remuneration of such persons should not be likely to compromise their objectivity, may not be proportionate in the case of small investment firms.
Pogoji, da osebe, ki se ukvarjajo s funkcijo skladnosti, ne bi smele opravljati tudi funkcij, ki jih nadzorujejo, in da metoda določanja nadomestila takih oseb ne bi smela ogroziti njihove objektivnosti, lahko niso sorazmerni v primeru majhnih investicijskih družb.
However, they would only be disproportionate for larger firms in exceptional circumstances.
Za večje družbe pa bi bili nesorazmerni samo v izjemnih okoliščinah.
A number of the provisions of Directive 2004/39/EC require investment firms to collect and maintain information relating to clients and services provided to clients.
Številne določbe Direktive 2004/39/ES zahtevajo, da investicijske družbe zbirajo in vzdržujejo informacije o strankah in storitvah za stranke.
Where those requirements involve the collection and processing of personal data, firms should ensure that they comply with national measures implementing Directive 95/46/EC of the European Parliament and of the Council of 24 October 1995 on the protection of individuals with regard to the processing of personal data and on the free movement of such data.
Če navedene zahteve vključujejo zbiranje in obdelavo osebnih podatkov, bi morale družbe zagotoviti skladnost z nacionalnimi ukrepi za izvajanje Direktive 95/46/ES Evropskega parlamenta in Sveta z dne 24. oktobra 1995 o varstvu posameznikov pri obdelavi osebnih podatkov in o prostem pretoku takih podatkov.
Where successive personal transactions are carried out on behalf of a person in accordance with prior instructions given by that person, the obligations under the provisions of this Directive relating to personal transactions should not apply separately to each such successive transaction if those instructions remain in force and unchanged.
Če se v imenu osebe opravijo zaporedne osebne transakcije v skladu s predhodnimi navodili, ki jih je dala navedena oseba, se obveznosti na podlagi določb te direktive v zvezi z osebnimi transakcijami ne bi smele uporabljati ločeno za vsako tako zaporedno transakcijo, če navedena navodila ostanejo veljavna in nespremenjena.
Similarly, those obligations should not apply to the termination or withdrawal of such instructions, provided that any financial instruments which had previously been acquired pursuant to the instructions are not disposed of at the same time as the instructions terminate or are withdrawn.
Podobno se navedene obveznosti ne bi smele uporabljati za prekinitev ali umik takih navodil, če kateri koli finančni instrument, ki je bil pred tem kupljen v skladu z navodili, ni prodan hkrati s prekinitvijo ali odpravo navodil.
However, those obligations should apply in relation to a personal transaction, or the commencement of successive personal transactions, carried out on behalf of the same person if those instructions are changed or if new instructions are issued.
Vendar pa bi se morale te obveznosti uporabljati za osebno transakcijo ali za začetek zaporednih osebnih transakcij, ki se izvedejo v imenu iste osebe, če se navedena navodila spremenijo ali če se izdajo nova navodila.
Competent authorities should not make the authorisation to provide investment services or activities subject to a general prohibition on the outsourcing of one or more critical or important functions or investment services or activities.
Pristojni organi ne bi smeli izdati dovoljenja za opravljanje investicijskih storitev ali dejavnosti na podlagi splošne prepovedi zunanjega izvajanja ene ali več kritičnih ali pomembnih funkcij ali investicijskih storitev ali dejavnosti.
Investment firms should be allowed to outsource such activities if the outsourcing arrangements established by the firm comply with certain conditions.
Investicijske družbe bi morale imeti dovoljenje za oddajanje takih dejavnosti v zunanje izvajanje, če ureditve za zunanje izvajanje, ki jih določi podjetje, izpolnjujejo nekatere pogoje.
For the purposes of the provisions of this Directive setting out conditions for outsourcing critical or important operational functions or investment services or activities, an outsourcing that would involve the delegation of functions to the extent that the firm becomes a letter box entity should be considered to undermine the conditions with which the investment firm must comply in order to be and remain authorised in accordance with Article 5 of Directive 2004/39/EC.
Za namen določb te direktive, ki določajo pogoje za zunanje izvajanje kritičnih ali pomembnih operativnih funkcij ali investicijskih storitev ali dejavnosti, bi se moralo šteti, da zunanje izvajanje, pri katerem bi se prenesle funkcije v tolikšni meri, da bi družba postala samo družba na papirju, škoduje pogojem, ki jih mora izpolnjevati investicijska družba, da pridobi in ohrani dovoljenje v skladu s členom 5 Direktive 2004/39/ES.
The outsourcing of investment services or activities or critical and important functions is capable of constituting a material change of the conditions for the authorisation of the investment firm, as referred to in Article 16(2) of Directive 2004/39/EC.
Zunanje izvajanje investicijskih storitev ali dejavnosti ali funkcij, ki so odločilnega pomena ali pomembne, lahko predstavlja bistveno spremembo pogojev za izdajo dovoljenja investicijski družbi, kakor je določeno v členu 16(2) Direktive 2004/39/ES.
If such outsourcing arrangements are to be put in place after the investment firm has obtained an authorisation according to the provisions included in Chapter I of Title II of Directive 2004/39/EC, those arrangements should be notified to the competent authority where required by Article 16(2) of Directive 2004/39/EC.
Če naj se taki dogovori o zunanjem izvajanju sklenejo potem, ko investicijska družba pridobi dovoljenje v skladu z določbami poglavja I naslova II Direktive 2004/39/ES, mora biti pristojni organ o navedenih dogovorih obveščen, če to zahteva člen 16(2) Direktive 2004/39/ES.
Investment firms are required by this Directive to give the responsible competent authority prior notification of any arrangement for the outsourcing of the management of retail client portfolios that it proposes to enter into with a service provider located in a third country, where certain specified conditions are not met.
Ta direktiva zahteva, da investicijske družbe predhodno obvestijo odgovorni pristojni organ o vseh dogovorih o zunanjem izvajanju za upravljanje s portfelji majhnih vlagateljev, ki jih želijo skleniti s ponudnikom storitev, ki se nahaja v tretji državi, kjer nekateri posebni pogoji niso izpolnjeni.
However, competent authorities are not expected to authorise or otherwise approve any such arrangement or its terms.
Vendar pa se ne pričakuje, da bodo pristojni organi izdali dovoljenje ali drugače odobrili tak dogovor ali njegove pogoje.
The purpose of the notification, rather, is to ensure that the competent authority has the opportunity to intervene in appropriate cases.
Namen obvestila je predvsem zagotoviti, da imajo pristojni organi v ustreznih primerih priložnost ukrepati.
It is the responsibility of the investment firm to negotiate the terms of any outsourcing arrangement, and to ensure that those terms are consistent with the obligations of the firm under this Directive and Directive 2004/39/EC, without the formal intervention of the competent authority.
Investicijska družba je pristojna za pogajanja glede pogojev dogovora o zunanjem izvajanju ter za zagotovitev skladnosti navedenih pogojev z obveznostmi družbe na podlagi te direktive in Direktive 2004/39/ES, brez formalnega poseganja pristojnega organa.
For the purposes of regulatory transparency, and in order to ensure an appropriate level of certainty for investment firms, this Directive requires each competent authority to publish a statement of its policy in relation to the outsourcing of retail portfolio management to service providers located in third countries.
Za namene regulativne preglednosti in za zagotavljanje primerne ravni gotovosti za investicijske družbe ta direktiva zahteva, da vsak pristojni organ objavi izjavo o svoji politiki v zvezi z oddajanjem storitev portfeljskega upravljanja za majhne vlagatelje v zunanje izvajanje izvajalcem, ki se nahajajo v tretjih državah.
That statement must set out examples of cases where the competent authority is unlikely to object to such outsourcing, and must include an explanation of why outsourcing in such cases is unlikely to impair the ability of the firm to comply with the general conditions for outsourcing under this Directive.
Navedena izjava mora vsebovati primere, v katerih pristojni organ najverjetneje ne bo nasprotoval takemu zunanjemu izvajanju, ter razlago, zakaj zunanje izvajanje v takih primerih ne bo škodovalo zmožnosti družbe, da izpolni splošne pogoje za zunanje izvajanje na podlagi te direktive.
In providing that explanation, a competent authority should always indicate the reasons why outsourcing in the cases in question would not impede the effectiveness of its access to all the information relating to the outsourced service that is necessary for the authority to carry out its regulatory functions in respect of the investment firm.
V navedeni razlagi naj pristojni organ vedno navede razloge, zakaj zunanje izvajanje v navedenih primerih ne bi preprečevalo učinkovitosti dostopa do vseh informacij v zvezi s storitvijo, oddano v zunanje izvajanje, ki jih organ potrebuje za opravljanje svojih zakonskih funkcij v zvezi z investicijsko družbo.
Where an investment firm deposits funds it holds on behalf of a client with a qualifying money market fund, the units in that money market fund should be held in accordance with the requirements for holding financial instruments belonging to clients.
Če investicijska družba pri kvalificiranem skladu denarnega trga deponira sredstva, ki jih vodi v imenu stranke, se enote v navedenem skladu denarnega trga vodijo v skladu z zahtevami za vodenje finančnih instrumentov, ki pripadajo strankam.
The circumstances which should be treated as giving rise to a conflict of interest should cover cases where there is a conflict between the interests of the firm or certain persons connected to the firm or the firm's group and the duty the firm owes to a client; or between the differing interests of two or more of its clients, to whom the firm owes in each case a duty.
Okoliščine, za katere se šteje, da bi lahko pripeljale do navzkrižja interesov, naj vključujejo primere, v katerih obstaja navzkrižje med interesi družbe ali nekaterih z družbo ali skupino družbe povezanih oseb in dolžnostjo družbe, ki jo ima do stranke; ali med različnimi interesi dveh ali več strank družbe, do katerih ima družba dolžnost.
It is not enough that the firm may gain a benefit if there is not also a possible disadvantage to a client, or that one client to whom the firm owes a duty may make a gain or avoid a loss without there being a concomitant possible loss to another such client.
Ni dovolj, da družba lahko pridobi ugodnost, če to ne predstavlja tudi morebitne škode za stranko, ali da ena stranka, do katere ima družba dolžnost, lahko pridobi ugodnost ali prepreči izgubo, ne da bi to povzročilo morebitno izgubo drugi taki stranki.
Conflicts of interest should be regulated only where an investment service or ancillary service is provided by an investment firm.
Navzkrižja interesov naj bi se urejala le, če investicijsko ali pomožno storitev opravlja investicijska družba.
The status of the client to whom the service is provided — as either retail, professional or eligible counterparty — is irrelevant for this purpose.
Status stranke, za katero se opravlja storitev, in sicer ali gre za majhnega vlagatelja, poklicno stranko ali primerno pogodbeno stranko, je za ta namen nepomemben.
In complying with its obligation to draw up a conflict of interest policy under Directive 2004/39/EC which identifies circumstances which constitute or may give rise to a conflict of interest, the investment firm should pay special attention to the activities of investment research and advice, proprietary trading, portfolio management and corporate finance business, including underwriting or selling in an offering of securities and advising on mergers and acquisitions.
Pri izpolnjevanju svoje obveznosti, da na podlagi Direktive 2004/39/ES vzpostavi politiko obvladovanja navzkrižja interesov, ki določa okoliščine, ki predstavljajo ali bi lahko povzročile navzkrižje interesov, investicijska družba nameni posebno pozornost dejavnostim investicijskih raziskav in svetovanja, lastniškega trgovanja, upravljanja portfelja in dejavnosti podjetniškega financiranja, vključno z izvedbo prodaje primarne izdaje finančnih instrumentov z obveznostjo odkupa ali prodaje v okviru ponudbe vrednostnih papirjev ter svetovanja na področju združitev in prevzemov.
In particular, such special attention is appropriate where the firm or a person directly or indirectly linked by control to the firm performs a combination of two or more of those activities.
Taka posebna pozornost je zlasti pomembna, če družba ali oseba, ki je z njo neposredno ali posredno povezana prek nadzora, hkrati opravlja dve ali več navedenih dejavnosti.
Investment firms should aim to identify and manage the conflicts of interest arising in relation to their various business lines and their group's activities under a comprehensive conflicts of interest policy.
Cilj investicijskih družb bi moral biti ugotavljanje in upravljanje navzkrižij interesov, ki nastanejo v zvezi z različnimi poslovnimi dejavnostmi in dejavnostmi skupine, na podlagi izčrpne politike obvladovanja navzkrižij interesov.
In particular, the disclosure of conflicts of interest by an investment firm should not exempt it from the obligation to maintain and operate the effective organisational and administrative arrangements required under Article 13(3) of Directive 2004/39/EC.
Zlasti če investicijska družba razkrije navzkrižje interesov, ne bi smela biti oproščena obveznosti ohranjati in upravljati učinkovite organizacijske in upravne ureditve, ki jih zahteva člen 13(3) Direktive 2004/39/ES.
While disclosure of specific conflicts of interest is required by Article 18(2) of Directive 2004/39/EC, an over-reliance on disclosure without adequate consideration as to how conflicts may appropriately be managed is not permitted.
Razkritje določenih navzkrižij interesov se zahteva v členu 18(2) Direktive 2004/39/ES, vendar pa prekomerno zanašanje na razkritje brez ustrezne obravnave, kako upravljati navzkrižja na najbolj primeren način, ni dovoljeno.