natgillin/translations-raw huggingface dataset:
Member States shall ensure that investment firms do not deposit financial instruments held on behalf of clients with a third party in a third country that does not regulate the holding and safekeeping of financial instruments for the account of another person unless one of the following conditions is met:
Države članice zagotovijo, da investicijske družbe ne deponirajo finančnih instrumentov, vodenih v imenu strank, pri tretji osebi v tretji državi, ki ne ureja vodenja in varovanja finančnih instrumentov za račun druge osebe, razen če so izpolnjeni naslednji pogoji:
the nature of the financial instruments or of the investment services connected with those instruments requires them to be deposited with a third party in that third country;
narava finančnih instrumentov ali investicijskih storitev, povezanih z navedenimi instrumenti, zahteva, da so deponirani pri tretji osebi v navedeni tretji državi;
where the financial instruments are held on behalf of a professional client, that client requests the firm in writing to deposit them with a third party in that third country.
če se finančni instrumenti vodijo v imenu poklicne stranke, navedena stranka pisno zahteva od družbe, da jih deponira pri tretji osebi v navedeni tretji državi.
(Article 13(8) of Directive 2004/39/EC)
(Člen 13(8) Direktive 2004/39/ES)
Depositing client funds
Deponiranje sredstev strank
Member States shall require investment firms, on receiving any client funds, promptly to place those funds into one or more accounts opened with any of the following:
Država članica zahteva, da investicijske družbe takoj, ko prejmejo sredstva strank, navedena sredstva položijo na enega ali več računov, odprtih pri enem od naslednjih:
a central bank;
centralni banki;
a credit institution authorised in accordance with Directive 2000/12/EC;
kreditni instituciji s pridobljenim dovoljenjem v skladu z Direktivo 2000/12/ES;
a bank authorised in a third country;
banki s pridobljenim dovoljenjem v tretji državi;
a qualifying money market fund.
kvalificiranem skladu denarnega trga.
The first subparagraph shall not apply to a credit institution authorised under Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast) 0 in relation to deposits within the meaning of that Directive held by that institution.
Prvi pododstavek ne velja za kreditno institucijo z dovoljenjem, pridobljenim v skladu z Direktivo 2006/48/ES Evropskega parlamenta in Sveta z dne 14. junija 2006 o začetku opravljanja in opravljanju dejavnosti kreditnih institucij (preoblikovana), v zvezi z depoziti v smislu navedene direktive, ki jih vodi institucija.
For the purposes of point (d) of paragraph 1, and of Article 16(1)(e), a ‘qualifying money market fund’ means a collective investment undertaking authorised under Directive 85/611/EEC, or which is subject to supervision and, if applicable, authorised by an authority under the national law of a Member State, and which satisfies the following conditions:
Za namene točke (d) odstavka 1 in člena 16(1)(e) „kvalificirani sklad denarnega trga“ pomeni kolektivni naložbeni podjem z dovoljenjem na podlagi Direktive 85/611/EGS, ali ki je predmet nadzora in, če je primerno, ima dovoljenje organa na podlagi nacionalne zakonodaje države članice, ter izpolnjuje naslednje pogoje:
its primary investment objective must be to maintain the net asset value of the undertaking either constant at par (net of earnings), or at the value of the investors’ initial capital plus earnings;
njegov glavni investicijski cilj mora biti ohranjati nominalno neto vrednost sredstva podjetja (neto zaslužka), ali vrednost začetnega kapitala vlagatelja plus zaslužek;
it must, with a view to achieving that primary investment objective, invest exclusively in high quality money market instruments with a maturity or residual maturity of no more than 397 days, or regular yield adjustments consistent with such a maturity, and with a weighted average maturity of 60 days.
z namenom, da doseže navedeni primarni investicijski cilj, mora vlagati izključno v instrumente denarnega trga visoke kakovosti, z zapadlostjo ali preostalo zapadlostjo največ 397 dni, ali z rednim prilagajanjem donosa, skladnim s tako zapadlostjo, ter s povprečno tehtano zapadlostjo 60 dni.
It may also achieve this objective by investing on an ancillary basis in deposits with credit institutions;
Ta cilj lahko doseže tudi s pomožnim vlaganjem v depozite pri kreditnih institucijah;
it must provide liquidity through same day or next day settlement.
zagotoviti mora likvidnost s poravnavo istega ali naslednjega dne.
For the purposes of point (b), a money market instrument shall be considered to be of high quality if it has been awarded the highest available credit rating by each competent rating agency which has rated that instrument.
Za namene točke (b) se šteje, da je instrument denarnega trga visoke kakovosti, če mu pristojna bonitetna agencija, ki ocenjuje navedeni instrument, dodeli najboljšo bonitetno oceno.
An instrument that is not rated by any competent rating agency shall not be considered to be of high quality.
Instrument, ki nima bonitetne ocene pristojne bonitetne agencije, se ne obravnava kot instrument visoke kakovosti.
For the purposes of the second subparagraph, a rating agency shall be considered to be competent if it issues credit ratings in respect of money market funds regularly and on a professional basis and is an eligible ECAI within the meaning of Article 81(1) of Directive 2006/48/EC.
Za namene drugega pododstavka se šteje, da je bonitetna agencija pristojna, če izdaja bonitetne ocene za sredstva denarnega trga redno in poklicno ter je primerna ECAI v smislu člena 81(1) Direktive 2006/48/ES.
Member States shall require that, where investment firms do not deposit client funds with a central bank, they exercise all due skill, care and diligence in the selection, appointment and periodic review of the credit institution, bank or money market fund where the funds are placed and the arrangements for the holding of those funds.
Države članice zahtevajo, da v primeru, če investicijska družba ne deponira sredstev stranke pri centralni banki, izkaže ustrezno sposobnost, skrbnost in gospodarnost pri izbiri, imenovanju in rednemu pregledovanju kreditne institucije, banke ali sklada denarnega trga, pri katerih so sredstva položena, ter pri ureditvi vodenja navedenih sredstev.
Member States shall ensure, in particular, that investment firms take into account the expertise and market reputation of such institutions or money market funds with a view to ensuring the protection of clients’ rights, as well as any legal or regulatory requirements or market practices related to the holding of client funds that could adversely affect clients’ rights.
Države članice zagotovijo, da investicijske družbe zlasti upoštevajo strokovnost in tržni ugled takih institucij ali skladov denarnega trga z namenom, da zagotovijo varstvo pravic strank, kakor tudi kakršne koli pravne ali zakonske zahteve ali tržna ravnanja, povezane z vodenjem sredstev strank, ki bi lahko imeli negativne učinke na pravice strank.
Member States shall ensure that clients have the right to oppose the placement of their funds in a qualifying money market fund.
Države članice zagotovijo, da imajo stranke pravico, da nasprotujejo dajanju svojih sredstev v kvalificirani sklad denarnega trga.
Use of client financial instruments
Uporaba finančnih instrumentov strank
Member States shall not allow investment firms to enter into arrangements for securities financing transactions in respect of financial instruments held by them on behalf of a client, or otherwise use such financial instruments for their own account or the account of another client of the firm, unless the following conditions are met:
Države članice ne dovolijo investicijskim družbam, da sklepajo dogovore o transakcijah financiranja vrednostnih papirjev za finančne instrumente, ki jih vodijo v imenu stranke, ali drugače uporabijo take finančne instrumente za lasten račun ali za račun druge stranke družbe, razen če so izpolnjeni naslednji pogoji:
the client must have given his prior express consent to the use of the instruments on specified terms, as evidenced, in the case of a retail client, by his signature or equivalent alternative mechanism;
stranka mora dati izrecno predhodno soglasje k uporabi instrumentov pod določenimi pogoji, kar se v primeru majhnega vlagatelja izkazuje z njegovim podpisom ali na drug enakovreden način;
the use of that client's financial instruments must be restricted to the specified terms to which the client consents.
uporaba finančnih instrumentov stranke mora biti omejena na opredeljene pogoje, h katerim je stranka dala svoje soglasje.
Member States may not allow investment firms to enter into arrangements for securities financing transactions in respect of financial instruments which are held on behalf of a client in an omnibus account maintained by a third party, or otherwise use financial instruments held in such an account for their own account or for the account of another client unless, in addition to the conditions set out in paragraph 1, at least one of the following conditions is met:
Države članice ne smejo dovoliti investicijskim družbam, da sklepajo dogovore o transakcijah financiranja vrednostnih papirjev za finančne instrumente, ki jih vodijo v imenu stranke na računu tipa „omnibus“, ki ga vodi tretja oseba, ali drugače uporabijo finančne instrumente na takem računu za lasten račun ali za račun druge stranke družbe, razen če je poleg pogojev iz odstavka 1 izpolnjen vsaj eden od naslednjih pogojev:
each client whose financial instruments are held together in an omnibus account must have given prior express consent in accordance with point (a) of paragraph 1;
vsaka stranka, katere finančni instrumenti se vodijo skupaj na računu tipa „omnibus“, mora najprej dati svoje izrecno soglasje v skladu s točko (a) odstavka 1;
the investment firm must have in place systems and controls which ensure that only financial instruments belonging to clients who have given prior express consent in accordance with point (a) of paragraph 1 are so used.
investicijska družba mora imeti vzpostavljene sisteme in kontrole, ki zagotavljajo, da se uporabljajo samo finančni instrumenti, ki pripadajo strankam, ki so dale svoje predhodno izrecno soglasje v skladu s točko (a) odstavka 1.
The records of the investment firm shall include details of the client on whose instructions the use of the financial instruments has been effected, as well as the number of financial instruments used belonging to each client who has given his consent, so as to enable the correct allocation of any loss.
Investicijske družbe v evidencah navajajo podrobnosti o stranki, ki je naročila uporabo finančnih instrumentov, in o številu uporabljenih finančnih instrumentov, ki pripadajo vsaki stranki, ki je dala svoje soglasje, da se omogoči pravilna porazdelitev morebitne izgube.
Reports by external auditors
Poročila zunanjih revizorjev
Member States shall require investment firms to ensure that their external auditors report at least annually to the competent authority of the home Member State of the firm on the adequacy of the firm's arrangements under Articles 13(7) and (8) of Directive 2004/39/EC and this Section.
Države članice zahtevajo, da investicijske družbe zagotovijo, da njihovi zunanji revizorji vsaj enkrat na leto poročajo pristojnemu organu matične države članice družbe o primernosti ureditev družbe na podlagi člena 13(7) in (8) Direktive 2004/39/ES in tega oddelka.
Conflicts of interest
Navzkrižja interesov
(Articles 13(3) and 18 of Directive 2004/39/EC)
(Člen 13(3) in (18) Direktive 2004/39/ES)
Conflicts of interest potentially detrimental to a client
Navzkrižja interesov, ki lahko povzročijo škodo stranki
Member States shall ensure that, for the purposes of identifying the types of conflict of interest that arise in the course of providing investment and ancillary services or a combination thereof and whose existence may damage the interests of a client, investment firms take into account, by way of minimum criteria, the question of whether the investment firm or a relevant person, or a person directly or indirectly linked by control to the firm, is in any of the following situations, whether as a result of providing investment or ancillary services or investment activities or otherwise:
Države članice zagotovijo, da za namene ugotavljanja vrst navzkrižij interesov, ki nastajajo med opravljanjem investicijskih in pomožnih storitev ali kombinacije le-teh in katerih obstoj lahko škoduje interesom stranke, investicijske družbe s pomočjo minimalnih kriterijev upoštevajo, ali se investicijska družba ali zadevna oseba, ali oseba, ki je z družbo neposredno ali posredno povezana preko nadzora, zaradi opravljanja investicijskih ali pomožnih storitev ali investicijskih dejavnosti ali drugače nahaja v katerih koli izmed naslednjih okoliščin:
the firm or that person is likely to make a financial gain, or avoid a financial loss, at the expense of the client;
družba ali navedena oseba bo verjetno ustvarila finančni dobiček, ali se izognila finančni izgubi na račun stranke;
the firm or that person has an interest in the outcome of a service provided to the client or of a transaction carried out on behalf of the client, which is distinct from the client's interest in that outcome;
družba ali navedena oseba ima interes v rezultatih storitve, ki se opravlja za stranko, ali v transakciji, ki se opravi v imenu stranke, ki je drugačen od interesa stranke v teh rezultatih;
the firm or that person has a financial or other incentive to favour the interest of another client or group of clients over the interests of the client;
družba ali navedena oseba ima finančno ali drugo spodbudo, da interes druge stranke ali skupine strank postavi pred interes stranke;
the firm or that person carries on the same business as the client;
družba ali navedena oseba opravlja isto dejavnost kakor stranka;
the firm or that person receives or will receive from a person other than the client an inducement in relation to a service provided to the client, in the form of monies, goods or services, other than the standard commission or fee for that service.
družba ali navedena oseba prejme ali bo prejela od osebe, ki ni stranka, spodbudo v zvezi s storitvijo, ki se opravlja za stranko, v obliki denarnih sredstev, blaga ali storitev, ki niso standardna provizija ali opravnina za navedeno storitev.
(Articles 13(3) and 18(1) of Directive 2004/39/EC)
(Člena 13(3) in 18(1) Direktive 2004/39/ES)
Conflicts of interest policy
Politika obvladovanja navzkrižij interesov
Member States shall require investment firms to establish, implement and maintain an effective conflicts of interest policy set out in writing and appropriate to the size and organisation of the firm and the nature, scale and complexity of its business.
Države članice zahtevajo, da investicijske družbe vzpostavijo, izvajajo in vzdržujejo učinkovito politiko obvladovanja navzkrižij interesov, navedeno v pisni obliki in ustrezno velikosti in organizaciji družbe ter naravi, obsegu in kompleksnosti poslovanja.
Where the firm is a member of a group, the policy must also take into account any circumstances, of which the firm is or should be aware, which may give rise to a conflict of interest arising as a result of the structure and business activities of other members of the group.
Če je družba članica skupine, mora politika upoštevati tudi okoliščine, s katerimi je družba seznanjena ali bi morala biti seznanjena, ki lahko pripeljejo do navzkrižja interesov zaradi strukture in poslovnih dejavnosti drugih članic skupine.
The conflicts of interest policy established in accordance with paragraph 1 shall include the following content:
Politika obvladovanja navzkrižja interesov, vzpostavljena v skladu z odstavkom 1, obsega vsaj naslednje vsebine:
it must identify, with reference to the specific investment services and activities and ancillary services carried out by or on behalf of the investment firm, the circumstances which constitute or may give rise to a conflict of interest entailing a material risk of damage to the interests of one or more clients;
mora določiti, glede na posebne investicijske storitve in dejavnosti ter pomožne storitve, ki jih opravlja investicijska družba ali nekdo v njenem imenu, okoliščine, ki predstavljajo ali zaradi katerih lahko nastane navzkrižje interesov z bistvenim tveganjem povzročitve škode interesom ene stranke ali več strank;
it must specify procedures to be followed and measures to be adopted in order to manage such conflicts.
navajati mora postopke, katerim je treba slediti, in ukrepe, ki jih je treba sprejeti za obvladovanje takih navzkrižij.
Member States shall ensure that the procedures and measures provided for in paragraph 2(b) are designed to ensure that relevant persons engaged in different business activities involving a conflict of interest of the kind specified in paragraph 2(a) carry on those activities at a level of independence appropriate to the size and activities of the investment firm and of the group to which it belongs, and to the materiality of the risk of damage to the interests of clients.
Države članice zagotovijo, da so postopki in ukrepi iz odstavka 2(b) pripravljeni tako, da zagotovijo, da ustrezne osebe, ki opravljajo različne poslovne dejavnosti, pri katerih obstaja možnost navzkrižja interesov, kakršno je navedeno v odstavku 2(a), opravljajo navedene dejavnosti s stopnjo neodvisnosti, ki ustreza obsegu in dejavnostim investicijske družbe in skupine, kateri pripada, ter pomembnosti tveganja nastanka škode za interese strank.
For the purposes of paragraph 2(b), the procedures to be followed and measures to be adopted shall include such of the following as are necessary and appropriate for the firm to ensure the requisite degree of independence:
Za namene odstavka 2(b) postopki, ki jih je treba uporabljati, in ukrepi, ki jih je treba sprejeti, vključujejo spodaj navedeno, v kolikor je potrebno in primerno, da družbi zagotovi zahtevano raven neodvisnosti:
effective procedures to prevent or control the exchange of information between relevant persons engaged in activities involving a risk of a conflict of interest where the exchange of that information may harm the interests of one or more clients;
učinkovite postopke za preprečevanje ali nadziranje izmenjave informacij med zadevnimi osebami, ki opravljajo dejavnosti s tveganjem nastanka navzkrižja interesov, če bi lahko izmenjava takih informacij škodovala interesom ene stranke ali več strank;
the separate supervision of relevant persons whose principal functions involve carrying out activities on behalf of, or providing services to, clients whose interests may conflict, or who otherwise represent different interests that may conflict, including those of the firm;
ločeni nadzor zadevnih oseb, katerih glavne funkcije so povezane z izvajanjem dejavnosti v imenu strank ali opravljanjem storitev za stranke, katerih interesi bi lahko bili v navzkrižju ali ki kako drugače predstavljajo različne interese, ki bi lahko bili v navzkrižju, vključno z interesi družbe;
the removal of any direct link between the remuneration of relevant persons principally engaged in one activity and the remuneration of, or revenues generated by, different relevant persons principally engaged in another activity, where a conflict of interest may arise in relation to those activities;
odstranitev kakršne koli neposredne povezave med plačilom zadevnih oseb, ki se ukvarjajo v glavnem z eno dejavnostjo, in plačilom ali ustvarjenimi prihodki različnih zadevnih oseb, ki se ukvarjajo v glavnem z drugo dejavnostjo, če bi lahko v zvezi s temi dejavnostmi nastalo navzkrižje interesov;
measures to prevent or limit any person from exercising inappropriate influence over the way in which a relevant person carries out investment or ancillary services or activities;
ukrepi za preprečevanje ali omejevanje tveganja, da katera koli oseba uveljavlja neustrezen vpliv na način, na katerega zadevna oseba opravlja investicijske ali pomožne storitve ali dejavnosti;
measures to prevent or control the simultaneous or sequential involvement of a relevant person in separate investment or ancillary services or activities where such involvement may impair the proper management of conflicts of interest.
ukrepi za preprečevanje ali nadziranje hkratnega ali naknadnega ukvarjanja zadevne osebe z ločenimi investicijskimi ali pomožnimi storitvami ali dejavnostmi, če lahko tako ukvarjanje škoduje ustreznemu obvladovanju navzkrižij interesov.
If the adoption or the practice of one or more of those measures and procedures does not ensure the requisite degree of independence, Member States shall require investment firms to adopt such alternative or additional measures and procedures as are necessary and appropriate for those purposes.
Če sprejem ali izvajanje enega ali več izmed navedenih ukrepov in postopkov ne zagotavlja zahtevane stopnje neodvisnosti, države članice zahtevajo, da investicijske družbe sprejmejo alternativne ali dodatne ukrepe in postopke, ki so potrebni in primerni za navedene namene.
Member States shall ensure that disclosure to clients, pursuant to Article 18(2) of Directive 2004/39/EC, is made in a durable medium and includes sufficient detail, taking into account the nature of the client, to enable that client to take an informed decision with respect to the investment or ancillary service in the context of which the conflict of interest arises.
Države članice zagotovijo, da se razkritje strankam, v skladu s členom 18(2) Direktive 2004/39/ES, izvede na trajnem nosilcu podatkov in je ob upoštevanju narave stranke dovolj podrobno, da stranki omogoči informirano odločitev v zvezi z investicijsko ali pomožno storitvijo, v okviru katere nastane navzkrižje interesov.
(Article 13(6) of Directive 2004/39/EC)
(Člen 13(6) Direktive 2004/39/ES)
Record of services or activities giving rise to detrimental conflict of interest
Evidenca storitev ali dejavnosti, ki povzročajo škodljiva navzkrižja interesov
Member States shall require investment firms to keep and regularly to update a record of the kinds of investment or ancillary service or investment activity carried out by or on behalf of the firm in which a conflict of interest entailing a material risk of damage to the interests of one or more clients has arisen or, in the case of an ongoing service or activity, may arise.
Države članice zahtevajo, da investicijske družbe vodijo in redno posodabljajo evidenco vseh investicijskih ali pomožnih storitev ali investicijskih dejavnosti, ki jih izvaja družba ali nekdo v njenem imenu, pri katerih je nastalo ali, v primeru tekoče storitve ali dejavnosti, bi lahko nastalo navzkrižje interesov z bistvenim tveganjem povzročitve škode interesom ene stranke ali več strank.
(Article 19(2) of Directive 2004/39/EC)
(Člen 19(2) Direktive 2004/39/ES)
Investment research
Investicijske raziskave
For the purposes of Article 25, ‘investment research’ means research or other information recommending or suggesting an investment strategy, explicitly or implicitly, concerning one or several financial instruments or the issuers of financial instruments, including any opinion as to the present or future value or price of such instruments, intended for distribution channels or for the public, and in relation to which the following conditions are met:
Za namene člena 25 „investicijske raziskave“ pomeni raziskave ali druge informacije, na podlagi katerih se izrecno ali implicitno priporoča ali predlaga investicijska strategija v zvezi z enim finančnim instrumentom ali več ali izdajalci finančnih instrumentov, vključno z mnenjem glede sedanje ali prihodnje vrednosti ali cene takih instrumentov, namenjenih za distribucijske poti ali za javnosti, ter v zvezi s tem, kateri od naslednjih pogojev so izpolnjeni:
it is labelled or described as investment research or in similar terms, or is otherwise presented as an objective or independent explanation of the matters contained in the recommendation;
je označena ali opisana kot investicijska raziskava ali podobno, ali je drugače predstavljena kot cilj ali neodvisna obrazložitev zadev, vsebovanih v priporočilu;