natgillin/translations-raw huggingface dataset:
On the other hand, that Directive recognises that there may be circumstances where exemptions from pre-trade transparency obligations, or deferral of post-trade transparency obligations, may be necessary.
Po drugi strani Direktiva priznava možnost obstoja okoliščin, v katerih bi bilo morda treba dopustiti izvzetja iz obveznosti zagotavljanja preglednosti pred trgovanjem ali odlog obveznosti zagotavljanja preglednosti po trgovanju.
This Regulation sets out details of those circumstances, bearing in mind the need both to ensure a high level of transparency, and to ensure that liquidity on trading venues and elsewhere is not impaired as an unintended consequence of obligations to disclose transactions and thereby to make public risk positions.
Ta uredba podrobno določa take okoliščine, upoštevajoč potrebo tako po zagotavljanju visoke stopnje preglednosti kakor tudi po preprečevanju negativnega vpliva na likvidnost na mestih trgovanja in drugod kot nenamerne posledice obveznosti razkrivanja transakcij, ki lahko privedejo do ustvarjanja javnih pozicij tveganja.
For the purposes of the provisions on record-keeping, a reference to the type of the order should be understood as referring to its status as a limit order, market order, or other specific type of order.
Za namen določb o vodenju evidence se sklic na vrsto naročila razume kot sklic na njegov status kot omejenega naročila, tržnega naročila ali druge posebne vrste naročila.
For the purposes of the provisions on record-keeping, a reference to the nature of the order or transaction should be understood as referring to orders to subscribe for securities or the subscription of securities, or to exercise an option or the exercise of an option, or similar client orders or transactions.
Za namen določb o vodenju evidence je treba sklic na vrsto naročila ali transakcije razumeti kot sklic na naročila za vpis vrednostnih papirjev oziroma na vpis vrednostnih papirjev, sklic na uveljavljanje opcije oziroma na uveljavitev opcije ali podobna naročila ali transakcije strank.
It is not necessary at this stage to specify or prescribe in detail the type, nature and sophistication of the arrangements for the exchange of information between competent authorities.
V tej fazi ni potrebno podrobno opredeljevanje ali predpisovanje vrste, narave in strukture sistema za izmenjavo informacij med pristojnimi organi.
Where a notification made by a competent authority relating to the alternative determination of the most relevant market in terms of liquidity is not acted upon within a reasonable time, or where a competent authority does not agree with the calculation made by the other authority, the competent authorities concerned should seek to find a solution.
Če uradno obvestilo pristojnega organa v zvezi z alternativno določitvijo najpomembnejšega trga glede likvidnosti ni upoštevano v razumnem času, ali če se pristojni organ ne strinja z izračunom, ki ga je opravil drugi pristojni organ, si morajo zadevni pristojni organi prizadevati za ustrezno rešitev.
It is open to the competent authorities, where appropriate, to discuss the matter in the Committee of European Securities Regulators.
Pristojni organi imajo po potrebi na voljo možnost, da zadevo obravnavajo v okviru Odbora evropskih regulatorjev trgov vrednostnih papirjev.
The competent authorities should coordinate the design and establishment of arrangements for the exchange of transaction information between themselves.
Pristojni organi naj med seboj uskladijo pripravo in vzpostavljanje sistema za izmenjavo informacij o transakcijah.
Again it is open to the competent authorities to discuss those matters in the Committee of European Securities Regulators.
Pristojni organi imajo tudi v tem primeru na voljo možnost, da tovrstne zadeve obravnavajo v okviru Odbora evropskih regulatorjev trgov vrednostnih papirjev.
Competent authorities should report to the Commission which should inform the European Securities Committee of those arrangements.
Pristojni organi poročajo Komisiji, ki o sistemu obvešča Evropski odbor za vrednostne papirje.
In carrying out the coordination, competent authorities should consider the need to monitor the activities of investment firms effectively, so as to ensure that they act honestly, fairly and professionally and in a manner which promotes the integrity of the market in the Community, the need for decisions to be based on a thorough cost-benefit analysis, the need to ensure that transaction information is used only for the proper discharge of the functions of competent authorities and finally the need to have effective and accountable governance arrangements for any common system that might be considered necessary.
Pri usklajevanju bi morali pristojni organi upoštevati potrebo po učinkovitem spremljanju dejavnosti investicijskih družb, da zagotovijo, da delujejo pošteno, pravično in strokovno ter na način, ki spodbuja združevanje trga v Skupnosti, sprejemanje odločitev na podlagi temeljite analize stroškov in koristi, zagotavljanje, da se informacije o transakcijah uporabljajo samo za ustrezno izvajanje funkcij pristojnih organov, in navsezadnje učinkovito in odgovorno upravljavsko ureditev za vse morebitne skupne sisteme, za katere bi ocenili, da so potrebni.
It is appropriate to set the criteria for determining when the operations of a regulated market are of substantial importance in a host Member State and the consequences of that status in such a way as to avoid creating an obligation on a regulated market to deal with or be made subject to more than one competent authority where otherwise there would be no such obligation.
Primerno je vzpostaviti merila za določanje, kdaj je poslovanje reguliranega trga v državi članici gostiteljici znatnega pomena, in posledice tega statusa tako, da bi se izognili vzpostavljanju obveznosti na reguliranem trgu, ki obravnava ali se nanaša na več kot en pristojni organ, če drugače take obveznosti sploh ne bi bilo.
ISO 10962 (Classification of financial instruments code) is an example of a uniform internationally accepted standard for financial instrument classification.
ISO 10962 (Razvrstitev oznak finančnih instrumentov) je primer enotnega mednarodno sprejetega standarda za razvrščanje finančnih instrumentov.
If granting waivers in relation to pre-trade transparency requirements, or authorising the deferral of post-trade transparency obligations, competent authorities should treat all regulated markets and MTFs equally and in a non-discriminatory manner, so that a waiver or deferral is granted either to all regulated markets and MTFs that they authorise under Directive 2004/39/EC, or to none.
Če pristojni organi odobrijo opustitve v zvezi z zahtevami po preglednosti pred trgovanjem ali dovolijo odlog izpolnjevanja obveznosti v zvezi s preglednostjo po trgovanju, morajo vse regulirane trge in MTF obravnavati enako in na nediskriminatoren način, tako da se opustitev ali odlog odobri ali vsem reguliranim trgom in MTF, ki jih pooblastijo v skladu z Direktivo 2004/39/ES, ali nobenemu.
Competent authorities which grant the waivers or deferrals should not impose additional requirements.
Pristojni organi, ki odobrijo opustitve ali odloge, ne bi smeli nalagati dodatnih zahtev.
It is appropriate to consider that a trading algorithm operated by a regulated market or MTF usually should seek to maximise the volume traded, but other trading algorithms should be possible.
Primerno je upoštevati, da je cilj algoritma trgovanja, ki ga upravlja regulirani trg ali MTF, običajno čimbolj povečati obseg trgovanja, pri čemer bi morali biti možni tudi drugi algoritmi trgovanja.
A waiver from pre-trade transparency obligations arising under Articles 29 or 44 of Directive 2004/39/EC conferred by a competent authority should not enable investment firms to avoid such obligations in respect of those transactions in liquid shares which they conclude on a bilateral basis under the rules of a regulated market or an MTF where, if carried out outside the rules of the regulated market or MTF, those transactions would be subject to the requirements to publish quotes set out in Article 27 of that Directive.
Opustitev zahtev po preglednosti pred trgovanjem iz členov 29 ali 44 Direktive 2004/39/ES, ki jo dodeli pristojni organ, ne bi smela investicijskim družbam omogočiti, da se izogibajo tem obveznostim v zvezi s transakcijami likvidnih delnic, ki jih sklepajo dvostransko v skladu s pravili reguliranega trga ali MTF, pri čemer bi morale te transakcije, če bi bile izvedene mimo pravil reguliranega trga ali MTF, izpolnjevati zahteve po objavi ponudbe, določene v členu 27 navedene direktive.
An activity should be considered as having a material commercial role for an investment firm if the activity is a significant source of revenue, or a significant source of cost.
Dejavnost bi se morala šteti kot dejavnost z bistveno komercialno vlogo za investicijsko družbo, če je ta dejavnost pomemben vir prihodkov ali pomemben vir stroškov.
An assessment of significance for these purposes should, in every case, take into account the extent to which the activity is conducted or organised separately, the monetary value of the activity, and its comparative significance by reference both to the overall business of the firm and to its overall activity in the market for the share concerned in which the firm operates.
Ocena pomembnosti za ta namen bi morala v vsakem primeru upoštevati obseg ločenega izvajanja ali organiziranja te dejavnosti, denarno vrednost dejavnosti in njeno primerjalno pomembnost s sklicem tako na skupno poslovanje družbe kakor tudi na splošno dejavnost na trgu za zadevno delnico, na katerem družba posluje.
It should be possible to consider an activity to be a significant source of revenue for a firm even if only one or two of the factors mentioned is relevant in a particular case.
Obstajati bi morala možnost, da se dejavnost šteje kot pomemben vir prihodkov za družbo, tudi če je za določen primer primeren eden ali dva dejavnika.
Shares not traded daily should not be considered as having a liquid market for the purposes of Directive 2004/39/EC.
Za potrebe Direktive 2004/39/ES se za delnice, s katerimi se ne trguje dnevno, ne bi smelo šteti, da imajo likvidni trg.
However, if, for exceptional reasons, trading in a share is suspended for reasons related to the preservation of an orderly market or force majeure and therefore a share is not traded during some trading days, this should not mean that the share cannot be considered to have a liquid market.
Če pa se izjemoma, in sicer iz razlogov, povezanih z vzdrževanjem urejenega trga, ali zaradi višje sile, z delnico ne trguje na nekaterih trgovalnih dnevih, to ne bi smelo pomeniti, da se za to delnico ne more šteti, da ima likviden trg.
The requirement to make certain quotes, orders or transactions public pursuant to Articles 27, 28, 29, 30, 44 and 45 of Directive 2004/39/EC and this Regulation should not prevent regulated markets and MTFs from requiring their members or participants to make public other such information.
Zahteva po javnosti nekaterih ponudb, naročil ali transakcij v skladu s členi 27, 28, 29, 30, 44 in 45 Direktive 2004/39/ES in to uredbo ne bi smela reguliranim trgom in MFT preprečiti, da od svojih članov ali udeležencev zahtevajo, da tovrstne informacije javno razkrijejo.
Information which is required to be made available as close to real time as possible should be made available as close to instantaneously as technically possible, assuming a reasonable level of efficiency and of expenditure on systems on the part of the person concerned.
Informacije, ki morajo biti dane na voljo v čim bolj realnem času, naj bodo dane na voljo takoj, ko je to tehnično mogoče, ob upoštevanju razumne mere učinkovitosti in izdatkov za sisteme s strani zadevne osebe.
The information should only be published close to the three minute maximum limit in exceptional cases where the systems available do not allow for a publication in a shorter period of time.
Informacije naj bodo objavljene čim bližje roku največ treh minut v izjemnih primerih, kjer sistemi, ki so na voljo, ne omogočajo objave v krajšem roku.
For the purposes of the provisions of this Regulation as to the admission to trading on a regulated market of a transferable security as defined in Article 4(1)(18)(c) of Directive 2004/39/EC, in the case of a security within the meaning of Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC, there should be considered to be sufficient information publicly available of a kind needed to value that financial instrument.
Za namen določb te uredbe v zvezi s sprejemom v trgovanje na reguliranem trgu prenosljivega vrednostnega papirja, kakor je opredeljen v členu 4(1)(18)(c) Direktive 2004/39/ES, v primeru vrednostnega papirja v smislu Direktive 2003/71/ES Evropskega parlamenta in Sveta z dne 4. novembra 2003 o prospektu, ki se objavi ob javni ponudbi ali sprejemu vrednostnih papirjev v trgovanje in o spremembi Direktive 2001/34/ES, se naj šteje, da je dovolj javno razpoložljivih informacij, potrebnih za vrednotenje tovrstnega finančnega instrumenta.
The admission to trading on a regulated market of units issued by undertakings for collective investment in transferable securities should not allow the avoidance of the relevant provisions of Council Directive 85/611/EEC of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), and in particular Articles 44 to 48 of that Directive.
Sprejemanje enot, ki jih izdajo kolektivni naložbeni podjemi za vlaganja v prenosljive vrednostne papirje, v trgovanje na reguliranem trgu naj ne omogoča izogibanja zadevnim določbam Direktive Sveta 85/611/EGS z dne 20. decembra 1985 o usklajevanju zakonov in drugih predpisov o kolektivnih naložbenih podjemih za vlaganja v prenosljive vrednostne papirje (KNPVP), in zlasti členom 44 do 48 navedene direktive.
A derivative contract should only be considered to be a financial instrument under Section C(7) of Annex I to Directive 2004/39/EC if it relates to a commodity and meets the criteria in this Regulation for determining whether a contract should be considered as having the characteristics of other derivative financial instruments and as not being for commercial purposes.
Pogodba na izvedeni finančni instrument bi se morala šteti kot finančni instrument v skladu z oddelkom C(7) Priloge I k Direktivi 2004/39/ES samo, če se nanaša na blago in izpolnjuje kriterije iz te uredbe za ugotavljanje, ali se lahko šteje, da ima pogodba značilnosti drugih izvedenih finančnih instrumentov in da ni za komercialne namene.
A derivative contract should only be considered to be a financial instrument under Section C(10) of that Annex if it relates to an underlying specified in Section C(10) or in this Regulation and meets the criteria in this Regulation for determining whether it should be considered as having the characteristics of other derivative financial instruments.
Pogodba na izvedeni finančni instrument bi se morala šteti kot finančni instrument v skladu z oddelkom C(10) navedene priloge samo, če se nanaša na osnovni instrument iz oddelka C(10) in te uredbe ter izpolnjuje kriterije te uredbe za ugotavljanje, ali se lahko šteje, da ima pogodba značilnosti drugih izvedenih finančnih instrumentov.
The exemptions in Directive 2004/39/EC that relate to dealing on own account or to dealing or providing other investment services in relation to commodity derivatives covered by Sections C(5), C(6) and C(7) of Annex I to that Directive or derivatives covered by Section C(10) of that Annex I could be expected to exclude significant numbers of commercial producers and consumers of energy and other commodities, including energy suppliers, commodity merchants and their subsidiaries from the scope of that Directive, and therefore such participants will not be required to apply the tests in this Regulation to determine if the contracts they deal in are financial instruments.
Pričakovati je, da bodo izvzetja iz Direktive 2004/39/ES, ki se nanašajo na poslovanje za lasten račun ali opravljanje drugih investicijskih storitev v zvezi z blagovnimi izvedenimi finančnimi instrumenti, zajetimi v oddelkih C(5), C(6) in C(7) Priloge I k navedeni direktivi, ali izvedenimi finančnimi instrumenti, zajetimi v oddelku C(10) navedene Priloge I, izključila znatno število komercialnih proizvajalcev in porabnikov energije in drugega blaga, vključno z dobavitelji energije, trgovci z blagom in njihovimi podružnicami iz področja uporabe navedene direktive, zaradi česar od takih udeležencev ne bo zahtevano, da uporabijo testiranja iz te uredbe, da ugotovijo, ali so pogodbe, s katerimi trgujejo, finančni instrumenti.
In accordance with Section B(7) of Annex I to Directive 2004/39/EC, investment firms may exercise the freedom to provide ancillary services in a Member State other than their home Member State, by performing investment services and activities and ancillary services of the type included under Section A or B of that Annex related to the underlying of the derivatives included under Sections C(5), (6), (7) and (10) of that Annex, where these are connected to the provision of investment or ancillary services.
V skladu z oddelkom B(7) Priloge I k Direktivi 2004/39/ES lahko investicijske družbe uveljavljajo svobodo opravljanja pomožne storitve v državi članici, ki ni njihova matična država članica, z opravljanjem investicijskih storitev in dejavnosti ter pomožnih storitev vrste, opisane v oddelku A ali oddelku B navedene priloge, v zvezi z osnovnim sredstvom izvedenih finančnih instrumentov, zajetih v oddelkih C(5), (6), (7) in (10), pri čemer so ti povezani z opravljanjem investicijskih ali pomožnih storitev.
On this basis, a firm performing investment services or activities, and connected trading in spot contracts, should be capable to take advantage of the freedom to provide ancillary services in respect of that connected trading.
Na podlagi tega bi morala biti družba, ki opravlja investicijske storitve ali dejavnosti in povezano trgovanje s promptnimi pogodbami, sposobna izkoristiti svobodo opravljanja pomožnih storitev v zvezi s povezanim trgovanjem.
The definition of a commodity should not affect any other definition of that term in national legislation and other community legislation.
Opredelitev blaga naj ne vpliva na druge opredelitve tega pojma v nacionalni zakonodaji in drugi zakonodaji Skupnosti.
The tests for determining whether a contract should be considered as having the characteristics of other derivative financial instruments and not being for commercial purposes are only intended to be used for the purposes of determining whether contracts fall within Section C(7) or C(10) of Annex I to Directive 2004/39/EC.
Preskusi za ugotavljanje, ali se za pogodbo šteje, da ima značilnosti drugih izvedenih finančnih instrumentov in da njen namen ni komercialen, so namenjeni zgolj ugotavljanju, ali pogodbe sodijo v področje uporabe oddelka C(7) ali C(10) Priloge I k Direktivi 2004/39/ES.
A derivative contract should be understood as relating to a commodity or to another factor where there is a direct link between that contract and the relevant underlying commodity or factor.
Pogodba na izvedene finančne instrumente se nanaša na blago ali na drugi dejavnik, kadar obstaja neposredna povezava med navedeno pogodbo in zadevnim osnovnim blagom ali dejavnikom.
A derivative contract on the price of a commodity should therefore be regarded as a derivative contract relating to the commodity, while a derivative contract on the transportation costs for the commodity should not be regarded as a derivative contract relating to the commodity.
Zato bi se morala pogodba na izvedeni finančni instrument na ceno blaga šteti kot pogodba na izvedeni finančni instrument, ki se nanaša na blago, medtem ko se pogodba na izvedeni finančni instrument na prevozne stroške za blago ne bi smela šteti kot pogodba na izvedeni finančni instrument, ki se nanaša na blago.
A derivative that relates to a commodity derivative, such as an option on a commodity future (a derivative relating to a derivative) would constitute an indirect investment in commodities and should therefore still be regarded as a commodity derivative for the purposes of Directive 2004/39/EC.
Izvedeni finančni instrument, ki se nanaša na blagovni izvedeni finančni instrument, kot je opcija na blagovni terminski posel (izvedeni finančni instrument, povezan z izvedenim finančnim instrumentom), je posredna naložba v blago in bi ga zato morali šteti za blagovni izvedeni finančni instrument za namene Direktive 2004/39/ES.
The concept of commodity should not include services or other items that are not goods, such as currencies or rights in real estate, or that are entirely intangible.
Pojem blaga ne vključuje storitev in drugih predmetov, ki niso blago, kot so valute ali nepremičninske pravice, ali ki so v celoti neopredmeteni.
The measures provided for in this Regulation are in accordance with the opinion of the European Securities Committee,
Ukrepi, predvideni s to direktivo, so skladni z mnenjem Evropskega odbora za vrednostne papirje –
This Regulation lays down the detailed rules for the implementation of Articles 4(1)(2), 4(1)(7), 13(6), 25, 27, 28, 29, 30, 40, 44, 45, 56 and 58 of Directive 2004/39/EC.
Ta uredba določa podrobna pravila za izvajanje členov 4(1)(2), 4(1)(7), 13(6), 25, 27, 28, 29, 30, 40, 44, 45, 56 in 58 Direktive 2004/39/ES.
Articles 7 and 8 shall apply to management companies in accordance with Article 5(4) of Directive 85/611/EEC.
Člena 7 in 8 se uporabljata za družbe za upravljanje v skladu s členom 5(4) Direktive 85/611/EGS.
For the purposes of this Regulation, the following definitions shall apply:
V tej direktivi se uporabljajo naslednje opredelitve pojmov:
‘commodity’ means any goods of a fungible nature that are capable of being delivered, including metals and their ores and alloys, agricultural products, and energy such as electricity;
„blago“ pomeni kakršno koli blago zamenljivega značaja, ki ga je možno izročiti, vključno s kovinami ter njihovimi rudami in zlitinami, kmetijskimi proizvodi in viri energije, kot je električna energija;
‘issuer’ means an entity which issues transferable securities and, where appropriate, other financial instruments;
„izdajatelj“ pomeni subjekt, ki izda prenosljive vrednostne papirje in po potrebi druge finančne instrumente;
‘Community issuer’ means an issuer which has its registered office in the Community;
„izdajatelj Skupnosti“ pomeni izdajatelja, ki ima registriran sedež v državi članici;
‘third country issuer’ means an issuer which is not a Community issuer;
„izdajatelj tretje države“ pomeni izdajatelja, ki ni izdajatelj Skupnosti;
‘normal trading hours’ for a trading venue or an investment firm means those hours which the trading venue or investment firm establishes in advance and makes public as its trading hours;
„običajni čas trgovanja“ za mesto trgovanja ali investicijsko družbo pomeni čas, ki ga mesto trgovanja določi vnaprej in javno objavi kot svoj čas trgovanja;
‘portfolio trade’ means a transaction in more than one security where those securities are grouped and traded as a single lot against a specific reference price;
„portfeljsko trgovanje“ pomeni transakcijo več kot enega vrednostnega papirja, pri čemer so ti vrednostni papirji uvrščeni v skupino in se z njimi trguje kot z eno samo enoto za določeno referenčno ceno;
‘relevant competent authority’ for a financial instrument means the competent authority of the most relevant market in terms of liquidity for that financial instrument;
„ustrezni pristojni organ“ za finančni instrument pomeni pristojni organ najpomembnejšega trga finančnih instrumentov, kar zadeva likvidnost;
‘trading venue’ means a regulated market, MTF or systematic internaliser acting in its capacity as such, and, where appropriate, a system outside the Community with similar functions to a regulated market or MTF;
„mesto trgovanja“ pomeni regulirani trg, MTF ali sistematičnega internalizerja, ki kot tak deluje v njegovem imenu, in po potrebi sistem izven Skupnosti s podobnimi funkcijami kot regulirani trg ali MTF;