natgillin/translations-raw huggingface dataset:
dealing on own account with another member or participant who acts for the account of a client;
poslujejo za lastni račun z drugim članom ali udeležencem, ki posluje za račun stranke;
dealing with another member or participant, where both are executing orders on own account;
poslujejo z drugim članom ali udeležencem, pri čemer oba izvršujeta naročila za lasten račun;
acting for the account of both the buyer and seller;
poslujejo tako za račun kupca kot za račun prodajalca;
acting for the account of the buyer, where another member or participant acts for the account of the seller;
poslujejo za račun kupca, drugi član ali udeleženec pa posluje za račun prodajalca;
trading for own account against a client order.
trgujejo za lasten račun na podlagi naročila stranke.
(Articles 29(2) and 44(2), and fifth subparagraph of Article 27(1) of Directive 2004/39/EC)
(Člena 29(2) in 44(2) ter peti pododstavek člena 27(1) Direktive 2004/39/ES)
Waivers in relation to transactions which are large in scale
Opustitve v zvezi s transakcijami velikega obsega
An order shall be considered to be large in scale compared with normal market size if it is equal to or larger than the minimum size of order specified in Table 2 in Annex II.
Šteje se, da je naročilo velikega obsega v primerjavi z normalno tržno velikostjo, če je enako ali večje kot najmanjši obseg naročila, ki je določen v tabeli 2 Priloge II.
For the purposes of determining whether an order is large in scale compared to normal market size, all shares admitted to trading on a regulated market shall be classified in accordance with their average daily turnover, which shall be calculated in accordance with the procedure set out in Article 33.
Za namen določanja, ali je naročilo velikega obsega v primerjavi z normalno tržno velikostjo, so vse delnice, sprejete v trgovanje na reguliranem trgu, razvrščene glede na njihov povprečni dnevni promet, ki se izračuna v skladu s postopkom, določenim v členu 33.
Pre-trade transparency for systematic internalisers
Preglednost pred trgovanjem za sistematične internalizerje
(Article 4(1)(7) of Directive 2004/39/EC)
(Člen 4(1)(7) Direktive 2004/39/ES)
Criteria for determining whether an investment firm is a systematic internaliser
Kriteriji za določanje, ali je investicijska družba sistematični internalizer
Where an investment firm deals on own account by executing client orders outside a regulated market or an MTF, it shall be treated as a systematic internaliser if it meets the following criteria indicating that it performs that activity on an organised, frequent and systematic basis:
Če investicijska družba posluje za svoj račun tako, da izvaja naročila strank zunaj reguliranega trga ali MTF, se šteje kot sistematični internalizer, če izpolnjuje naslednje kriterije, ki kažejo, da to dejavnost izvaja organizirano, pogosto in sistematično:
the activity has a material commercial role for the firm, and is carried on in accordance with non-discretionary rules and procedures;
dejavnost ima bistveno komercialno vlogo v družbi in se opravlja v skladu s pravili in postopki, ki niso diskrecijski;
the activity is carried on by personnel, or by means of an automated technical system, assigned to that purpose, irrespective of whether those personnel or that system are used exclusively for that purpose;
dejavnost izvaja osebje ali avtomatizirani tehnični sistem, dodeljen za ta namen, ne glede na to, ali se to osebje ali sistem uporablja za ta namen izključno ali ne;
the activity is available to clients on a regular or continuous basis.
dejavnost je redno in neprekinjeno na razpolago strankam.
An investment firm shall cease to be a systematic internaliser in one or more shares if it ceases to carry on the activity specified in paragraph 1 in respect of those shares, provided that it has announced in advance that it intends to cease that activity using the same publication channels for that announcement as it uses to publish its quotes or, where that is not possible, using a channel which is equally accessible to its clients and other market participants.
Investicijska družba preneha biti sistematični internalizer ene ali več delnic, če preneha opravljati dejavnost, navedeno v odstavku 1, v zvezi z navedenimi delnicami, pod pogojem da je vnaprej objavila, da namerava prenehati z navedeno dejavnostjo, in pri tem uporabila iste javne poti za to objavo, kot jih uporablja za objavo svojih kotacij, ali kjer to ni mogoče, uporabila pot, ki je enako dostopna njenim strankam in drugim udeležencem trga.
The activity of dealing on own account by executing client orders shall not be treated as performed on an organised, frequent and systematic basis where the following conditions apply:
Šteje se, da se dejavnost poslovanja za lasten račun z izvrševanjem naročil strank ne izvaja organizirano, pogosto in sistematično, če veljajo naslednji pogoji:
the activity is performed on an ad hoc and irregular bilateral basis with wholesale counterparties as part of business relationships which are themselves characterised by dealings above standard market size;
dejavnost se izvaja priložnostno in neredno s pogodbenimi strankami, ki so trgovci na debelo, in so del poslovnih odnosov, za katere so značilni posli nad standardnim tržnim obsegom;
the transactions are carried out outside the systems habitually used by the firm concerned for any business that it carries out in the capacity of a systematic internaliser.
transakcije se izvajajo zunaj sistemov, ki jih družba redno uporablja za posle, ki jih izvaja v funkciji sistematičnega internalizerja.
Each competent authority shall ensure the maintenance and publication of a list of all systematic internalisers, in respect of shares admitted to trading on a regulated market, which it has authorised as investment firms.
Vsak pristojni organ zagotovi vzdrževanje in objavo seznama vseh sistematičnih internalizerjev v zvezi z delnicami, sprejetimi v trgovanje na reguliranem trgu, ki jih je pooblastil kot investicijske družbe.
It shall ensure that the list is current by reviewing it at least annually.
Zagotovi, da je seznam posodobljen z najmanj enim pregledom seznama na leto.
The list shall be made available to the Committee of European Securities Regulators.
Seznam bo dan na voljo Odboru evropskih regulatorjev trgov vrednostnih papirjev.
It shall be considered as published when it is published by the Committee of European Securities Regulators in accordance with Article 34(5).
Šteje se, da je seznam objavljen, ko ga objavi Odbor evropskih regulatorjev trgov vrednostnih papirjev v skladu s členom 34(5).
(Article 27 of Directive 2004/39/EC)
(Člen 27 Direktive 2004/39/ES)
Determination of liquid shares
Določanje likvidnih delnic
A share admitted to trading on a regulated market shall be considered to have a liquid market if the share is traded daily, with a free float not less than EUR 500 million, and one of the following conditions is satisfied:
Šteje se, da delnica, sprejeta v trgovanje na reguliranem trgu, ima likvidni trg, če se z delnicami trguje dnevno in je prosti obtok katerih koli delnic enak ali višji kot 500 milijonov EUR, hkrati pa je izpolnjen eden od naslednjih pogojev:
the average daily number of transactions in the share is not less than 500;
povprečno dnevno število transakcij z delnico je enako ali višje od 500;
the average daily turnover for the share is not less than EUR 2 million.
povprečni dnevni promet ni manjši od 2 milijona EUR.
However, a Member State may, in respect of shares for which it is the most relevant market, specify by notice that both of those conditions are to apply.
Vendar pa država članica lahko v zvezi z delnicami, za katere je najpomembnejši trg, določi z obvestilom, da veljata oba pogoja.
That notice shall be made public.
To obvestilo se javno objavi.
A Member State may specify the minimum number of liquid shares for that Member State.
Država članica lahko določi najmanjše število likvidnih delnic za navedeno državo članico.
The minimum number shall be no greater than five.
Najmanjše število ni večje od 5.
The specification shall be made public.
Tako določeno število se javno objavi.
Where, pursuant to paragraph 1, a Member State would be the most relevant market for fewer liquid shares than the minimum number specified in accordance with paragraph 2, the competent authority for that Member State may designate one or more additional liquid shares, provided that the total number of shares which are considered in consequence to be liquid shares for which that Member State is the most relevant market does not exceed the minimum number specified by that Member State.
Če bi bila država članica v skladu z odstavkom 1 najpomembnejši trg za manj likvidnih delnic, kot je najmanjše število, določeno v skladu z odstavkom 2, lahko pristojni organ za navedeno državo članico določi eno ali več dodatnih likvidnih delnic, pod pogojem da skupno število delnic, za katere se posledično šteje, da so likvidne delnice, za katere je navedena država članica najpomembnejši trg, ne presega najmanjšega števila, ki ga določi navedena država članica.
The competent authority shall designate the additional liquid shares successively in decreasing order of average daily turnover from among the shares for which it is the relevant competent authority that are admitted to trading on a regulated market and are traded daily.
Pristojni organ določi dodatne likvidne delnice v zaporednem padajočem vrstnem redu povprečnega dnevnega prometa iz delnic, za katere je zadevni pristojni organ, ki so sprejete v trgovanje na reguliranem trgu in s katerimi se trguje dnevno.
For the purposes of the first subparagraph of paragraph 1, the calculation of the free float of a share shall exclude holdings exceeding 5 % of the total voting rights of the issuer, unless such a holding is held by a collective investment undertaking or a pension fund.
Za namene prvega pododstavka odstavka 1, izračun prostega obtoka delnice izključuje kapitalske deleže, ki presegajo 5 % skupnih glasovalnih pravic izdajatelja, razen če ima tak kapitalski delež kolektivni naložbeni podjem ali pokojninski sklad.
Voting rights shall be calculated on the basis of all the shares to which voting rights are attached, even if the exercise of such a right is suspended.
Glasovalne pravice se izračunajo na podlagi vseh delnic, iz katerih izhajajo glasovalne pravice, tudi če je uveljavljanje take pravice zadržano.
A share shall not be considered to have a liquid market for the purposes of Article 27 of Directive 2004/39/EC until six weeks after its first admission to trading on a regulated market, if the estimate of the total market capitalisation for that share at the start of the first day's trading after that admission, provided in accordance with Article 33(3), is less than EUR 500 million.
Šteje se, da delnica nima likvidnega trga za namene člena 27 Direktive 2004/39/ES do šest tednov po tem, ko je bila najprej sprejeta v trgovanje na katerem koli reguliranem trgu, če je skupna tržna kapitalizacija na začetku trgovanja prvega dne po sprejetju, določenega v skladu s členom 33(3), ocenjena na manj kot 500 milijonov EUR.
Each competent authority shall ensure the maintenance and publication of a list of all liquid shares for which it is the relevant competent authority.
Vsak pristojni organ zagotovi vzdrževanje in objavo seznama vseh likvidnih delnic, za katere je zadevni pristojni organ.
(Fourth subparagraph of Article 27(1) of Directive 2004/39/EC)
(Četrti pododstavek člena 27(1) Direktive 2004/39/ES)
Standard market size
Standardna tržna velikost
In order to determine the standard market size for liquid shares, those shares shall be grouped into classes in terms of the average value of orders executed in accordance with Table 3 in Annex II.
Zaradi določitve standardne tržne velikosti za likvidne delnice se te delnice razvrstijo po razredih glede na povprečno vrednost naročil, izvedenih v skladu s tabelo 3 v Prilogi II.
(Article 27(1) of Directive 2004/39/EC)
(Člen 27(1) Direktive 2004/39/ES)
Quotes reflecting prevailing market conditions
Kotacije, ki odražajo prevladujoče tržne pogoje
A systematic internaliser shall, for each liquid share for which it is a systematic internaliser, maintain the following:
Sistematični internalizer za vsako likvidno delnico, za katero je sistematični internalizer, vzdržuje naslednje:
a quote or quotes which are close in price to comparable quotes for the same share in other trading venues;
kotacijo ali kotacije, ki so po ceni blizu primerljivim kotacijam za isto delnico na drugih mestih trgovanja;
a record of its quoted prices, which it shall retain for a period of 12 months or such longer period as it considers appropriate.
evidenco njenih ponujenih cen, ki jo hrani 12 mesecev ali po svoji presoji dlje.
The obligation laid down in point (b) is without prejudice to the obligation of the investment firm under Article 25(2) of Directive 2004/39/EC to keep at the disposal of the competent authority for at least five years the relevant data relating to all transactions it has carried out.
Obveznost, določena v točki (b), ne posega v obveznost investicijske družbe, da v skladu s členom 25(2) Direktive 2004/39/ES vsaj pet let hrani na razpolago pristojnim organom ustrezne podatke, povezane z vsemi transakcijami, ki jih je izvršila.
(Fifth subparagraph of Article 27(3) and Article 27(6) of Directive 2004/39/EC)
(Peti pododstavek člena 27(3) in člen 27(6) Direktive 2004/39/ES)
Execution of orders by systematic internalisers
Izvajanje naročil s strani sistematičnih internalizerjev
For the purposes of the fifth subparagraph of Article 27(3) of Directive 2004/39/EC, execution in several securities shall be regarded as part of one transaction if that one transaction is a portfolio trade that involves 10 or more securities.
Za namene petega pododstavka člena 27(3) Direktive 2004/39/ES, se šteje, da je izvedba za več vrednostnih papirjev del ene transakcije, če je ta transakcija portfeljsko trgovanje, ki zajema 10 ali več vrednostnih papirjev.
For the same purposes, an order subject to conditions other than the current market price means any order which is neither an order for the execution of a transaction in shares at the prevailing market price, nor a limit order.
Za enake namene naročilo, za katero veljajo drugačni pogoji kot trenutna tržna cena, pomeni vsako naročilo, ki ni naročilo za izvajanje transakcije z delnicami po prevladujoči tržni ceni, ali naročilo z omejitvijo.
For the purposes of Article 27(6) of Directive 2004/39/EC, the number or volume of orders shall be regarded as considerably exceeding the norm if a systematic internaliser cannot execute those orders without exposing itself to undue risk.
Za namene člena 27(6) Direktive se šteje, da število ali obseg naročil znatno preseže normo, če sistematični internalizer ne more izvesti navedenih naročil, ne da bi se izpostavljal neprimernim tveganjem.
In order to identify the number and volume of orders that it can execute without exposing itself to undue risk, a systematic internaliser shall maintain and implement as part of its risk management policy under Article 7 of Commission Directive 2006/73/EC a non-discriminatory policy which takes into account the volume of the transactions, the capital that the firm has available to cover the risk for that type of trade, and the prevailing conditions in the market in which the firm is operating.
Zaradi določitve števila in obsega naročil, ki jih lahko izvede, ne da bi se izpostavljal neprimernim tveganjem, sistematični internalizer ohranja in izvaja kot del svoje politike za upravljanje s tveganji iz člena 7 Direktive Komisije 2006/73/ES nediskriminatorno politiko, ki upošteva obseg transakcij, kapital, ki ga ima družba na razpolago za kritje tveganja za to vrsto trgovanja, in prevladujoče pogoje na trgu, na katerem družba posluje.
Where, in accordance with Article 27(6) of Directive 2004/39/EC, an investment firm limits the number or volume of orders it undertakes to execute, it shall set out in writing, and make available to clients and potential clients, the arrangements designed to ensure that such a limitation does not result in the discriminatory treatment of clients.
Če v skladu s členom 27(6) Direktive 2004/39/ES investicijska družba omeji število ali obseg naročil, ki jih izvršuje, pisno določi ter strankam in potencialnim strankam da na razpolago ureditev, katere namen je zagotoviti, da taka omejitev ne privede do diskriminatorne obravnave strank.
(Fourth subparagraph Article 27(3) of Directive 2004/39/EC)
(Četrti pododstavek člena 27(3) Direktive 2004/39/ES)
Retail size
Obseg, s katerim posluje majhen vlagatelj
For the purposes of the fourth subparagraph of Article 27(3) of Directive 2004/39/EC, an order shall be regarded as being of a size bigger than the size customarily undertaken by a retail investor if it exceeds EUR 7500.
Za namene četrtega pododstavka člena 27(3) Direktive, je naročilo večje od obsega, s katerim običajno posluje majhen vlagatelj, če preseže 7500 EUR.
Post-trade transparency for regulated markets, MTFs and investment firms
Preglednost po trgovanju za regulirane trge, MTF in investicijske družbe
(Articles 28, 30 and 45 of Directive 2004/39/EC)
(Členi 28, 30 in 45 Direktive 2004/39/ES)
Post-trade transparency obligation
Obveznost preglednosti po trgovanju
Investment firms, regulated markets, and investment firms and market operators operating an MTF shall, with regard to transactions in respect of shares admitted to trading on regulated markets concluded by them or, in the case of regulated markets or MTFs, within their systems, make public the following details:
Investicijske družbe, regulirani trgi ter investicijske družbe in upravljavci trga, ki upravljajo MTF, objavijo naslednje podrobnosti v zvezi s transakcijami za delnice, ki so sprejete v trgovanje na reguliranih trgih, ki so jih sklenili sami ali, v primeru reguliranih trgov ali MTF, v okviru svojih sistemov:
the details specified in points 2, 3, 6, 16, 17, 18, and 21 of Table 1 in Annex I;
podatke, določene v točkah 2, 3, 6, 16, 17, 18 in 21 tabele 1 v Prilogi I;
an indication that the exchange of shares is determined by factors other than the current market valuation of the share, where applicable;
če je ustrezno, navedbo, da izmenjavo delnic določajo drugačni dejavniki, kot je tekoče tržno vrednotenje delnice;
an indication that the trade was a negotiated trade, where applicable;
če je primerno, navedbo, da je bilo trgovanje dogovorjeno trgovanje;
any amendments to previously disclosed information, where applicable.
kjer je ustrezno, vse spremembe prej razkritih informacij.
Those details shall be made public either by reference to each transaction or in a form aggregating the volume and price of all transactions in the same share taking place at the same price at the same time.
Te informacije se objavijo bodisi s sklicem na vsako transakcijo ali v obliki seštevanja obsega in cene vseh transakcij z isto delnico, ki se izvršijo po isti ceni in ob istem času.
By way of exception, a systematic internaliser shall be entitled to use the acronym ‘SI’ instead of the venue identification referred to in paragraph 1(a) in respect of a transaction in a share that is executed in its capacity as a systematic internaliser in respect of that share.
Izjemoma ima sistematični internalizer pravico, da uporabi kratico „SI“ namesto identifikacije izvedbenega mesta iz odstavka 1(a) v zvezi s transakcijo z delnico, ki se izvrši v njegovi funkciji sistematičnega internalizerja v zvezi s to delnico.
The systematic internaliser may exercise that right only as long as it makes available to the public aggregate quarterly data as to the transactions executed in its capacity as a systematic internaliser in respect of that share relating to the most recent calendar quarter, or part of a calendar quarter, during which the firm acted as a systematic internaliser in respect of that share.
Sistematični internalizer lahko uveljavlja to pravico samo, če javno objavi združene četrtletne podatke o transakcijah, ki jih je izvršil v svoji funkciji sistematičnega internalizerja v zvezi s to delnico v zvezi z zadnjim koledarskim četrtletjem ali delom koledarskega četrtletja, v katerem je družba delovala kot sistematični internalizer v zvezi z navedeno delnico.
That data shall be made available no later than one month after the end of each calendar quarter.
Ti podatki se dajo na razpolago najpozneje en mesec po koncu vsakega koledarskega četrtletja.
It may also exercise that right during the period between the date specified in Article 41(2), or the date on which the firm commences to be a systematic internaliser in relation to a share, whichever is the later, and the date that aggregate quarterly data in relation to a share is first due to be published.
To pravico lahko uveljavlja tudi v obdobju med datumom, določenim v členu 41(2), ali datumom, na katerega družba začne delovati kot sistematični internalizer v zvezi z navedeno delnico, kateri koli je poznejši, in datumom, na katerega je predvidena prva objava združenih četrtletnih podatkov v zvezi z delnico.
The aggregated quarterly data referred to in the second subparagraph of paragraph 2 shall contain the following information for the share in respect of each trading day of the calendar quarter concerned:
Združeni četrtletni podatki iz drugega pododstavka odstavka 2 vsebujejo naslednje informacije o delnici za vsak trgovalni dan v zadevnem koledarskem četrtletnem obdobju:
the highest price;
najvišjo ceno;
the lowest price;
najnižjo ceno;
the average price;
povprečno ceno;
the total number of shares traded;
skupno število delnic, s katerimi se trguje;
the total number of transactions;
skupno število transakcij;
such other information as the systematic internaliser decides to make available.
druge take informacije, za katere sistematični internalizer odloči, da jih bo dal na razpolago.
Where the transaction is executed outside the rules of a regulated market or an MTF, one of the following investment firms shall, by agreement between the parties, arrange to make the information public:
Če je transakcija izvedena izven pravil reguliranega trga ali MTF, za objavo informacij poskrbi ena od naslednjih investicijskih družb na podlagi dogovora med strankama:
the investment firm that sells the share concerned;
investicijska družba, ki proda zadevno delnico;
the investment firm that acts on behalf of or arranges the transaction for the seller;
investicijska družba, ki deluje v imenu prodajalca ali uredi transakcijo za prodajalca;
the investment firm that acts on behalf of or arranges the transaction for the buyer;
investicijska družba, ki deluje v imenu kupca ali uredi transakcijo za kupca;
the investment firm that buys the share concerned.
investicijska družba, ki kupi zadevno delnico.
In the absence of such an agreement, the information shall be made public by the investment firm determined by proceeding sequentially from point (a) to point (d) until the first point that applies to the case in question.
V odsotnosti takega dogovora informacije javno objavi investicijska družba, ki se določi tako, da se druga za drugo pregledajo točka (a) do točke (d), do prve točke, ki se nanaša na zadevni primer.
The parties shall take all reasonable steps to ensure that the transaction is made public as a single transaction.
Stranki sprejmeta vse razumne ukrepe, da zagotovita, da se transakcija objavi kot ena sama transakcija.
For those purposes two matching trades entered at the same time and price with a single party interposed shall be considered to be a single transaction.
Za ta namen se dva izravnana posla, evidentirana ob istem času in po isti ceni pri eni sami stranki, štejeta kot ena sama transakcija.
Deferred publication of large transactions
Odložena objava velikih transakcij
The deferred publication of information in respect of transactions may be authorised, for a period no longer than the period specified in Table 4 in Annex II for the class of share and transaction concerned, provided that the following criteria are satisfied:
Odložena objava informacij o transakcijah se lahko odobri za obdobje, ki ni daljše od obdobja, določenega v tabeli 4 v Prilogi II za zadevni razred delnice in transakcije, če so izpolnjeni naslednji kriteriji: