natgillin/translations-raw huggingface dataset:
if the recommendation in question were made by an investment firm to a client, it would not constitute the provision of investment advice for the purposes of Directive 2004/39/EC.
če bi investicijska družba zadevno poročilo dala stranki, to ne bi predstavljajo investicijskega svetovanja za namene Direktive 2004/39/ES.
A recommendation of the type covered by Article 1(3) of Directive 2003/125/EC but relating to financial instruments as defined in Directive 2004/39/EC that does not meet the conditions set out in paragraph 1 shall be treated as a marketing communication for the purposes of Directive 2004/39/EC and Member States shall require any investment firm that produces or disseminates the recommendation to ensure that it is clearly identified as such.
Priporočilo, kakršna obravnava člen 1(3) Direktive 2003/125/ES, ki se nanaša na finančne instrumente, opredeljene v Direktivi 2004/39/ES, in ne izpolnjuje pogojev iz odstavka 1, se obravnava kot tržna komunikacija za namene Direktive 2004/39/ES in države članice zahtevajo, da investicijska družba, ki pripravi ali objavi priporočilo, zagotovi, da je jasno navedeno kot tako.
Additionally, Member States shall require those firms to ensure that any such recommendation contains a clear and prominent statement that (or, in the case of an oral recommendation, to the effect that) it has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Poleg tega države članice zahtevajo, da navedene družbe zagotovijo, da vsako tako priporočilo vsebuje jasno in vidno navedbo, da (ali v primeru ustnega priporočila, v ta namen) ni bilo pripravljeno v skladu z zakonskimi zahtevami, katerih cilj je spodbujanje neodvisnosti investicijskih raziskav, in da ni predmet nobene prepovedi poslovanja pred objavo investicijske raziskave.
(Article 13(3) of Directive 2004/39/EC)
(Člen 13(3) Direktive 2004/39/ES)
Additional organisational requirements where a firm produces and disseminates investment research
Dodatne organizacijske zahteve, v skladu s katerimi družba pripravi in razširja investicijske raziskave
Member States shall require investment firms which produce, or arrange for the production of, investment research that is intended or likely to be subsequently disseminated to clients of the firm or to the public, under their own responsibility or that of a member of their group, to ensure the implementation of all the measures set out in Article 22(3) in relation to the financial analysts involved in the production of the investment research and other relevant persons whose responsibilities or business interests may conflict with the interests of the persons to whom the investment research is disseminated.
Države članice zahtevajo, da investicijske družbe, ki pripravljajo ali urejajo pripravo investicijskih raziskav, namenjenih poznejši objavi ali za katere je verjetno, da bodo pozneje poslane strankam družbe ali javnosti, na podlagi lastne odgovornosti ali na podlagi odgovornosti članice skupine zagotovijo izvajanje vseh ukrepov iz člena 22(3) v zvezi s finančnimi analitiki, ki sodelujejo pri pripravi investicijskih raziskav, in drugimi zadevnimi osebami, katerih odgovornosti ali poslovni interesi bi lahko bili v navzkrižju z interesi oseb, katerim se pošilja investicijska raziskava.
Member States shall require investment firms covered by paragraph 1 to have in place arrangements designed to ensure that the following conditions are satisfied:
Države članice zahtevajo, da imajo investicijske družbe iz odstavka 1 vzpostavljene ureditve, s katerimi zagotovijo izpolnjevanje naslednjih pogojev:
financial analysts and other relevant persons must not undertake personal transactions or trade, other than as market makers acting in good faith and in the ordinary course of market making or in the execution of an unsolicited client order, on behalf of any other person, including the investment firm, in financial instruments to which investment research relates, or in any related financial instruments, with knowledge of the likely timing or content of that investment research which is not publicly available or available to clients and cannot readily be inferred from information that is so available, until the recipients of the investment research have had a reasonable opportunity to act on it;
finančni analitiki in druge zadevne osebe ne smejo opravljati osebnih transakcij ali trgovanja, razen kot ustvarjalci trga, ki poslujejo v dobri veri in med običajnim potekom ustvarjanja trga ali pri izvajanju nezahtevanih naročil strank, v imenu katere koli druge osebe, vključno z investicijsko družbo, s finančnimi instrumenti, na katere se nanašajo investicijske raziskave, ali s katerimi koli povezanimi finančnimi instrumenti, če poznajo verjeten čas ali vsebino navedene investicijske raziskave, ki ni javno objavljena ali na voljo strankam in je ni mogoče takoj sklepati iz informacij, ki so tako na voljo, dokler prejemniki investicijske raziskave nimajo razumnih možnosti, da ukrepajo na podlagi nje;
in circumstances not covered by point (a), financial analysts and any other relevant persons involved in the production of investment research must not undertake personal transactions in financial instruments to which the investment research relates, or in any related financial instruments, contrary to current recommendations, except in exceptional circumstances and with the prior approval of a member of the firm's legal or compliance function;
v okoliščinah, ki niso zajete v točki (a), finančni analitiki in druge zadevne osebe, ki sodelujejo v pripravi investicijske raziskave, ne smejo opravljati osebnih transakcij s finančnimi instrumenti, na katere se nanaša investicijska raziskava, ali s katerimi koli drugimi sorodnimi finančnimi instrumenti, v nasprotju s tekočimi priporočili, razen v izjemnih okoliščinah in na podlagi predhodne odobritve člana pravne funkcije ali funkcije za spremljanje skladnosti v družbi;
the investment firms themselves, financial analysts, and other relevant persons involved in the production of the investment research must not accept inducements from those with a material interest in the subject-matter of the investment research;
same investicijske družbe, finančni analitiki in druge zadevne osebe, ki sodelujejo v pripravi investicijskih raziskav, ne smejo prejemati spodbud od oseb, ki imajo bistvene interese v zadevi, ki je predmet investicijske raziskave;
the investment firms themselves, financial analysts, and other relevant persons involved in the production of the investment research must not promise issuers favourable research coverage;
same investicijske družbe, finančni analitiki in druge zadevne osebe, ki sodelujejo v pripravi investicijskih raziskav, ne smejo obljubiti izdajateljem ugodnega obsega raziskave;
issuers, relevant persons other than financial analysts, and any other persons must not before the dissemination of investment research be permitted to review a draft of the investment research for the purpose of verifying the accuracy of factual statements made in that research, or for any other purpose other than verifiying compliance with the firm's legal obligations, if the draft includes a recommendation or a target price.
izdajatelji, zadevne osebe razen finančnih analitikov in druge osebe pred objavo investicijske raziskave ne smejo imeti dovoljenja za pregledovanje osnutka investicijske raziskave za namen preverjanja natančnosti dejanskih izjav, navedenih v raziskavi, ali za kateri koli drugi namen razen preverjanja skladnosti s pravnimi obveznostmi družbe, če osnutek vsebuje priporočilo ciljne cene.
For the purposes of this paragraph, ‘related financial instrument’ means a financial instrument the price of which is closely affected by price movements in another financial instrument which is the subject of investment research, and includes a derivative on that other financial instrument.
Za namene tega odstavka „sorodni finančni instrument“ pomeni finančni instrument, na katerega ceno zelo vplivajo gibanja cene drugega finančnega instrumenta, ki je predmet investicijske raziskave, in vključuje izpeljani finančni instrument navedenega drugega finančnega instrumenta.
Member States shall exempt investment firms which disseminate investment research produced by another person to the public or to clients from complying with paragraph 1 if the following criteria are met:
Države članice oprostijo investicijske družbe, ki razširjajo investicijske raziskave, ki jih pripravlja druga oseba za javnost ali za stranke, izpolnjevanja določb odstavka 1, če so izpolnjeni naslednji kriteriji:
the person that produces the investment research is not a member of the group to which the investment firm belongs;
oseba, ki pripravlja investicijsko raziskavo, ni član skupine, kateri pripada investicijska družba;
the investment firm does not substantially alter the recommendations within the investment research;
investicijska družba bistveno ne spremeni priporočil v okviru investicijske raziskave;
the investment firm does not present the investment research as having been produced by it;
investicijska družba ne predstavi investicijske raziskave kot raziskave, ki jo je pripravila sama;
the investment firm verifies that the producer of the research is subject to requirements equivalent to the requirements under this Directive in relation to the production of that research, or has established a policy setting such requirements.
investicijska družba preveri, ali se za osebo, ki je pripravila raziskavo, uporabljajo zahteve, enakovredne zahtevam iz te direktive v zvezi s pripravo navedene raziskave, ali pa je vzpostavljena politika, ki določa take zahteve.
OPERATING CONDITIONS FOR INVESTMENT FIRMS
POGOJI POSLOVANJA INVESTICIJSKIH DRUŽB
Inducements
Spodbude
(Article 19(1) of Directive 2004/39/EC)
(Člen 19(1) Direktive 2004/39/ES)
Member States shall ensure that investment firms are not regarded as acting honestly, fairly and professionally in accordance with the best interests of a client if, in relation to the provision of an investment or ancillary service to the client, they pay or are paid any fee or commission, or provide or are provided with any non-monetary benefit, other than the following:
Države članice zagotovijo, da se ne šteje, da investicijske družbe ravnajo pošteno, pravično in strokovno v skladu z najboljšimi interesi stranke, če v zvezi z opravljanjem investicijskih ali pomožnih storitev za stranko plačajo ali prejmejo v plačilo kakršno koli pristojbino ali provizijo, ali dajejo ali prejmejo nedenarne koristi poleg naslednjih:
a fee, commission or non-monetary benefit paid or provided to or by the client or a person on behalf of the client;
pristojbine, provizije ali nedenarne koristi, ki jih plača ali zagotovi stranka ali oseba, ki ukrepa v imenu stranke, ali pa se plačajo ali zagotovijo stranki ali osebi v imenu stranke;
a fee, commission or non-monetary benefit paid or provided to or by a third party or a person acting on behalf of a third party, where the following conditions are satisfied:
pristojbine, provizije ali nedenarne koristi, ki jih plača ali zagotovi tretja oseba ali oseba, ki ukrepa v imenu tretje osebe, ali pa se plačajo ali zagotovijo tretji osebi ali osebi, ki ukrepa v imenu tretje osebe, če so izpolnjeni naslednji pogoji:
the existence, nature and amount of the fee, commission or benefit, or, where the amount cannot be ascertained, the method of calculating that amount, must be clearly disclosed to the client, in a manner that is comprehensive, accurate and understandable, prior to the provision of the relevant investment or ancillary service;
so obstoj, narava in znesek pristojbine, provizije ali koristi ali, če zneska ni mogoče določiti, način izračuna tega zneska jasno razkriti stranki, na način, ki je izčrpen, natančen in razumljiv, pred začetkom opravljanja zadevne investicijske ali pomožne storitve;
the payment of the fee or commission, or the provision of the non-monetary benefit must be designed to enhance the quality of the relevant service to the client and not impair compliance with the firm's duty to act in the best interests of the client;
plačilo pristojbine ali provizije ali zagotovitev nedenarne koristi mora biti oblikovano tako, da izboljša kakovost zadevne storitve, ki jo opravlja za stranko, in ne ovira izpolnjevanja dolžnosti družbe, da ravna v najboljšem interesu stranke;
proper fees which enable or are necessary for the provision of investment services, such as custody costs, settlement and exchange fees, regulatory levies or legal fees, and which, by their nature, cannot give rise to conflicts with the firm's duties to act honestly, fairly and professionally in accordance with the best interests of its clients.
potrebne pristojbine, ki omogočajo ali so potrebne za opravljanje investicijskih storitev, kakršne so stroški hrambe, poravnave ali menjave, zakonske dajatve ali pravni stroški, in ki po svoji naravi ne morejo povzročiti navzkrižij z obveznostmi družbe, da posluje pošteno, pravično in strokovno v skladu z najboljšimi interesi strank.
Member States shall permit an investment firm, for the purposes of point (b)(i), to disclose the essential terms of the arrangements relating to the fee, commission or non-monetary benefit in summary form, provided that it undertakes to disclose further details at the request of the client and provided that it honours that undertaking.
Države članice za namene točke (b)(i) dovolijo, da investicijska družba v obliki povzetka razkrije bistvene pogoje dogovorov o provizijah, pristojbinah in nedenarnih ugodnostih, pod pogojem, da se zaveže, da bo na zahtevo stranke razkrila nadaljnje podrobnosti, in pod pogojem, da spoštuje navedeno zavezo.
Information to clients and potential clients
Informacije za stranke in potencialne stranke
Conditions with which information must comply in order to be fair, clear and not misleading
Pogoji, ki jih morajo informacije izpolnjevati, da bi bile poštene, jasne in nezavajajoče
Member States shall require investment firms to ensure that all information they address to, or disseminate in such a way that it is likely to be received by, retail clients or potential retail clients, including marketing communications, satisfies the conditions laid down in paragraphs 2 to 8.
Države članice zahtevajo, da investicijske družbe zagotovijo, da vse informacije, ki jih naslovijo na majhne vlagatelje ali potencialne majhne vlagatelje, ali jih objavijo na takšen način, da jih bodo zelo verjetno prejeli majhni vlagatelji ali potencialni majhni vlagatelji, vključno s tržnimi komunikacijami, izpolnjujejo pogoje iz odstavkov 2 do 8.
The information referred to in paragraph 1 shall include the name of the investment firm.
Informacije iz odstavka 1 vključujejo naziv investicijske družbe.
It shall be accurate and in particular shall not emphasise any potential benefits of an investment service or financial instrument without also giving a fair and prominent indication of any relevant risks.
Informacije so točne, zlasti pa ne poudarjajo morebitnih koristi investicijske storitve ali finančnega instrumenta brez poštene in vidne navedbe vseh morebitnih tveganj.
It shall be sufficient for, and presented in a way that is likely to be understood by, the average member of the group to whom it is directed, or by whom it is likely to be received.
Informacije zadostujejo in so predstavljene tako, da jih bo verjetno razumel povprečen pripadnik skupine, v katero so usmerjene ali za katero je verjetno, da jih bo prejela.
It shall not disguise, diminish or obscure important items, statements or warnings.
Informacije ne prikrivajo, slabijo ali zamegljujejo pomembnih dejstev, izjav ali opozoril.
Where the information compares investment or ancillary services, financial instruments, or persons providing investment or ancillary services, the following conditions shall be satisfied:
Če informacije primerjajo investicijske ali pomožne storitve, finančne instrumente ali osebe, ki opravljajo investicijske ali pomožne storitve, morajo biti izpolnjeni naslednji pogoji:
the comparison must be meaningful and presented in a fair and balanced way;
primerjava mora biti smiselna in predstavljena na pošten in uravnotežen način;
the sources of the information used for the comparison must be specified;
navedeni morajo biti viri informacij, ki so bili uporabljeni za primerjavo;
the key facts and assumptions used to make the comparison must be included.
vključena morajo biti ključna dejstva in predpostavke, uporabljene za primerjavo.
Where the information contains an indication of past performance of a financial instrument, a financial index or an investment service, the following conditions shall be satisfied:
Če informacija vsebuje navedbo pretekle uspešnosti finančnega instrumenta, finančnega indeksa ali investicijske storitve, morajo biti izpolnjeni naslednji pogoji:
that indication must not be the most prominent feature of the communication;
ta navedba ne sme biti najbolj vidna lastnost sporočila;
the information must include appropriate performance information which covers the immediately preceding 5 years, or the whole period for which the financial instrument has been offered, the financial index has been established, or the investment service has been provided if less than five years, or such longer period as the firm may decide, and in every case that performance information must be based on complete 12-month periods;
informacija mora vsebovati ustrezne informacije o uspešnosti, ki se nanašajo na predhodnih pet let, ali na celotno obdobje, za katero je bil finančni indeks ponujen, vzpostavljen ali se je investicijska storitev opravljala, če je to obdobje krajše od petih let, ali na tako daljše obdobje, kakor sklene družba, v vsakem primeru pa morajo navedene informacije o uspešnosti zajemati zaključena 12-mesečna obdobja;
the reference period and the source of information must be clearly stated;
referenčno obdobje in vir informacij morata biti jasno navedena;
the information must contain a prominent warning that the figures refer to the past and that past performance is not a reliable indicator of future results;
informacija mora vsebovati vidno opozorilo, da se podatki nanašajo na preteklost in da pretekla uspešnost ni zanesljiv kazalec rezultatov v prihodnosti;
where the indication relies on figures denominated in a currency other than that of the Member State in which the retail client or potential retail client is resident, the currency must be clearly stated, together with a warning that the return may increase or decrease as a result of currency fluctuations;
kadar se navedba opira na podatke, izražene v valuti, ki ni valuta države članice, v kateri prebiva majhni vlagatelj ali potencialni majhni vlagatelj, jasno navede to valuto in tudi opozorilo, da se lahko dobički povečajo ali zmanjšajo zaradi valutnih nihanj;
where the indication is based on gross performance, the effect of commissions, fees or other charges must be disclosed.
kadar navedba temelji na bruto uspešnosti, je treba razkriti učinke provizij, opravnin in drugih stroškov.
Where the information includes or refers to simulated past performance, it must relate to a financial instrument or a financial index, and the following conditions shall be satisfied:
Če informacija vsebuje ali se nanaša na navidezno preteklo uspešnost, se mora nanašati na finančni instrument ali finančni indeks, izpolnjeni pa morajo biti tudi naslednji pogoji:
the simulated past performance must be based on the actual past performance of one or more financial instruments or financial indices which are the same as, or underlie, the financial instrument concerned;
navidezna pretekla uspešnost mora temeljiti na dejanski pretekli uspešnosti enega ali več finančnih instrumentov ali finančnih indeksov, ki so enaki kakor zadevni finančni instrument ali so podlaga zanje;
in respect of the actual past performance referred to in point (a), the conditions set out in points (a) to (c), (e) and (f) of paragraph 4 must be complied with;
za dejansko preteklo uspešnost iz točke (a) morajo biti izpolnjeni pogoji iz točk (a) do (c), (e) in (f) odstavka 4;
the information must contain a prominent warning that the figures refer to simulated past performance and that past performance is not a reliable indicator of future performance.
informacija mora vsebovati vidno opozorilo, da se podatki nanašajo na navidezno preteklo uspešnost in da pretekla uspešnost ni zanesljiv kazalec prihodnje uspešnosti.
Where the information contains information on future performance, the following conditions shall be satisfied:
Če informacije vsebujejo podatke o prihodnji uspešnosti, morajo biti izpolnjeni naslednji pogoji:
the information must not be based on or refer to simulated past performance;
informacije ne smejo temeljiti na navideznih preteklih donosih ali se sklicevati nanje;
it must be based on reasonable assumptions supported by objective data;
temeljiti morajo na razumnih predpostavkah, ki jih podpirajo objektivni podatki;
where the information is based on gross performance, the effect of commissions, fees or other charges must be disclosed;
kadar informacije temeljijo na bruto uspešnosti, je treba razkriti učinke provizij, opravnin in drugih stroškov;
it must contain a prominent warning that such forecasts are not a reliable indicator of future performance.
vsebovati morajo vidno opozorilo, da taka predvidevanja niso zanesljiv kazalec donosov v prihodnosti.
Where the information refers to a particular tax treatment, it shall prominently state that the tax treatment depends on the individual circumstances of each client and may be subject to change in the future.
Če se informacije nanašajo na določeno davčno obravnavo, je v njih vidno navedeno, da je ta davčna obravnava odvisna od posameznih okoliščin vsake stranke in se lahko v prihodnje spreminja.
The information shall not use the name of any competent authority in such a way that would indicate or suggest endorsement or approval by that authority of the products or services of the investment firm.
Informacije ne uporabljajo imena nobenega pristojnega organa na način, ki bi namigoval ali nakazoval, da ta organ podpira ali odobrava produkte ali storitve investicijske družbe.
(Article 19(3) of Directive 2004/39/EC)
(Člen 19(3) Direktive 2004/39/ES)
Information concerning client categorisation
Informacije v zvezi z razvrstitvijo strank po kategorijah
Member States shall ensure that investment firms notify new clients, and existing clients that the investment firm has newly categorised as required by Directive 2004/39/EC, of their categorisation as a retail client, a professional client or an eligible counterparty in accordance with that Directive.
Države članice zagotovijo, da investicijske družbe obvestijo nove stranke in obstoječe stranke, da je investicijska družba v skladu z Direktivo 2004/39/ES na novo razvrstila kategorije majhnih vlagateljev, poklicnih strank ali primernih pogodbenih strank, kakor zahteva navedena direktiva.
Member States shall ensure that investment firms inform clients in a durable medium about any right that client has to request a different categorisation and about any limitations to the level of client protection that it would entail.
Države članice zagotovijo, da investicijske družbe obvestijo stranke na trajnem nosilcu podatkov o pravicah, ki jih imajo stranke, da lahko zahtevajo drugačno razvrstitev v kategorije, in o morebitnih omejitvah glede obsega varstva stranke, ki bi s tem nastale.
Member States shall permit investment firms, either on their own initiative or at the request of the client concerned:
Države članice na lastno pobudo ali na zahtevo zadevne stranke dovolijo investicijskim družbam:
to treat as a professional or retail client a client that might otherwise be classified as an eligible counterparty pursuant to Article 24(2) of Directive 2004/39/EC;
da stranke, ki bi se sicer lahko uvrščale med primerne pogodbene stranke na podlagi člena 24(2) Direktive 2004/39/ES, obravnavajo kot poklicne stranke ali majhne vlagatelje;