natgillin/translations-raw huggingface dataset:
The best execution obligation under Directive 2004/39/EC requires investment firms to take all reasonable steps to obtain the best possible result for their clients.
Obveznost najboljše izvedbe iz Direktive 2004/39/ES zahteva, da investicijske družbe sprejmejo vse razumne ukrepe, da dosežejo najboljše možne rezultate za svoje stranke.
The quality of execution, which includes aspects such as the speed and likelihood of execution (fill rate) and the availability and incidence of price improvement, is an important factor in the delivery of best execution.
Kakovost izvedbe, ki vključuje vidike, kakor so hitrost in verjetnost izvedbe (stopnja izpolnitve) ter razpoložljivost in pogostost izboljšanja cen, je pomemben dejavnik pri doseganju najboljše izvedbe.
Availability, comparability and consolidation of data related to execution quality provided by the various execution venues is crucial in enabling investment firms and investors to identify those execution venues that deliver the highest quality of execution for their clients.
Razpoložljivost, primerljivost in konsolidacija podatkov o kakovosti izvedbe, ki jo zagotavljajo različna mesta izvedbe, so ključne pri omogočanju investicijskim družbam in vlagateljem, da odkrijejo tista izvedbena mesta, ki dajejo najboljšo kakovost izvedbe za svoje stranke.
This Directive does not mandate the publication by execution venues of their execution quality data, as execution venues and data providers should be permitted to develop solutions concerning the provision of execution quality data.
Ta direktiva ne določa, da morajo izvedbena mesta objaviti svoje podatke o kakovosti izvedbe, saj morajo imeti izvedbena mesta in ponudniki podatkov dovoljenje, da razvijajo rešitve v zvezi z zagotavljanjem podatkov o kakovosti izvedbe.
The Commission should submit a report by 1 November 2008 on the market-led developments in this area with a view to assessing availability, comparability and consolidation at a European level of information concerning execution quality.
Komisija bi morala do 1. novembra 2008 predložiti poročilo o tržno usmerjenih spremembah na tem področju, da bi ocenila razpoložljivost, primerljivost in konsolidacijo informacij v zvezi s kakovostjo izvedbe na evropski ravni.
For the purposes of the provisions of this Directive concerning client order handling, the reallocation of transactions should be considered as detrimental to a client if, as an effect of that reallocation, unfair precedence is given to the investment firm or to any particular client.
Za namene določb te direktive v zvezi z obravnavanjem naročil strank, bi se lahko ponovna razdelitev transakcij obravnavala kot škodljiva za stranko, če bi zaradi navedene ponovne razdelitve investicijska družba ali katera koli stranka dobila nepošteno prednost.
Without prejudice to Directive 2003/6/EC, for the purposes of the provisions of this Directive concerning client order handling, client orders should not be treated as otherwise comparable if they are received by different media and it would not be practicable for them to be treated sequentially.
Brez poseganja v Direktivo 2003/6/ES, se za namene določb te direktive v zvezi z obravnavanjem naročil strank naročila strank ne bi smela obravnavati kot drugače primerljiva, če so prejeta preko različnih medijev in obravnava v zaporednem vrstnem redu ne bi bila izvedljiva.
For the further purposes of those provisions, any use by an investment firm of information relating to a pending client order in order to deal on own account in the financial instruments to which the client order relates, or in related financial instruments, should be considered a misuse of that information.
Za nadaljnje namene navedenih določb, če investicijska družba kakor koli uporabi informacije v zvezi s tekočim naročilom stranke za poslovanje za lasten račun s finančnimi instrumenti, na katere se nanaša naročilo stranke, ali s sorodnimi finančnimi instrumenti, se šteje, da so informacije zlorabljene.
However, the mere fact that market makers or bodies authorised to act as counterparties confine themselves to pursuing their legitimate business of buying and selling financial instruments, or that persons authorised to execute orders on behalf of third parties confine themselves to carrying out an order dutifully, should not in itself be deemed to constitute a misuse of information.
Samo dejstvo, da se ustvarjalci trga ali organi, pooblaščeni, da nastopajo kot pogodbene stranke, omejijo na opravljanje svojih zakonitih dejavnosti kupovanja in prodaje finančnih instrumentov, ali da se osebe, pooblaščene za izvajanje naročil v imenu tretjih oseb, omejijo na vestno izvajanje naročil, se samo po sebi ne bi smelo šteti kot zloraba informacij.
Advice about financial instruments given in a newspaper, journal, magazine or any other publication addressed to the general public (including by means of the internet), or in any television or radio broadcast, should not be considered as a personal recommendation for the purposes of the definition of ‘investment advice’ in Directive 2004/39/EC.
Svetovanje na področju finančnih instrumentov, objavljeno v časopisu, dnevniku, reviji ali drugi publikaciji, namenjeni široki javnosti, (tudi na internetu) ali v televizijski ali radijski oddaji, se ne bi smelo šteti kot osebno priporočilo za namen opredelitve „investicijskega svetovanja“ v Direktivi 2004/39/ES.
This Directive respects the fundamental rights and observes the principles recognised in particular by the Charter of Fundamental Rights of the European Union and in particular by Article 11 thereof and Article 10 of the European Convention on Human Rights.
Ta direktiva spoštuje temeljne pravice in upošteva načela, priznana zlasti v Listini Evropske unije o temeljnih pravicah ter zlasti v členu 11 Listine in v členu 10 Evropske konvencije o človekovih pravicah.
In this regard, this Directive does not in any way prevent Member States from applying their constitutional rules relating to freedom of the press and freedom of expression in the media.
V tej zvezi ta direktiva na noben način ne preprečuje državam članicam, da bi uporabile svoja ustavna pravila v zvezi s svobodo tiska in svobodo izražanja v medijih.
Generic advice about a type of financial instrument is not investment advice for the purposes of Directive 2004/39/EC, because this Directive specifies that, for the purposes of Directive 2004/39/EC, investment advice is restricted to advice on particular financial instruments.
Splošno svetovanje o vrstah finančnih instrumentov ni investicijsko svetovanje za namene Direktive 2004/39/ES, ker ta direktiva določa, da je za namene Direktive 2004/39/ES investicijsko svetovanje omejeno na svetovanje o posebnih finančnih instrumentih.
However, if an investment firm provides generic advice to a client about a type of financial instrument which it presents as suitable for, or based on a consideration of the circumstances of, that client, and that advice is not in fact suitable for the client, or is not based on a consideration of his circumstances, depending on the circumstances of the particular case, the firm is likely to be acting in contravention of Article 19(1) or (2) of Directive 2004/39/EC.
Če pa investicijska družba zagotovi splošno svetovanje stranki o vrsti finančnega instrumenta, ki ga predstavi tako, kot da je primerno za upoštevanje okoliščin zadevne stranke ali na podlagi takih okoliščin, vendar pa navedeno svetovanje dejansko ni primerno za upoštevanje okoliščin zadevne stranke ali na podlagi takih okoliščin, je glede na okoliščine posameznega primera verjetno, da družba krši člen 19(1) ali (2) Direktive 2004/39/ES.
In particular, a firm which gives a client such advice would be likely to contravene the requirement of Article 19(1) to act honestly, fairly and professionally in accordance with the best interests of its clients.
Zlasti je verjetno, da bi družba, ki zagotavlja stranki tako svetovanje, lahko kršila zahtevo iz člena 19(1), da mora ravnati pošteno, pravično in profesionalno v skladu z najboljšimi interesi stranke.
Similarly or alternatively, such advice would be likely to contravene the requirement of Article 19(2) that information addressed by a firm to a client should be fair, clear and not misleading.
Podobno ali drugače bi lahko tako svetovanje kršilo zahtevo iz člena 19(2), da morajo biti informacije, ki jih družba naslovi na stranko, poštene, jasne in ne zavajajoče.
Acts carried out by an investment firm that are preparatory to the provision of an investment service or carrying out an investment activity should be considered as an integral part of that service or activity.
Posli, ki jih opravi investicijska družba kot pripravo za opravljanje investicijske storitve ali med opravljanjem investicijske storitve, se štejejo kot sestavni del navedene storitve ali dejavnosti.
This would include, for example, the provision of generic advice by an investment firm to clients or potential clients prior to or in the course of the provision of investment advice or any other investment service or activity.
To na primer obsega zagotavljanje splošnih nasvetov investicijskih družb strankam ali potencialnim strankam pred ali med investicijskim svetovanjem ali katero koli drugo investicijsko storitev ali dejavnost.
The provision of a general recommendation (that is, one which is intended for distribution channels or the public) about a transaction in a financial instrument or a type of financial instrument constitutes the provision of an ancillary service within Section B(5) of Annex I of Directive 2004/39/EC, and consequently Directive 2004/39/EC and its protections apply to the provision of that recommendation.
Zagotavljanje splošnega priporočila (torej priporočila, ki je namenjeno za distribucijske poti ali za javnost) o transakciji s finančnim instrumentom ali vrsto finančnega instrumenta predstavlja opravljanje pomožne storitve v okviru oddelka B(5) Priloge I k Direktivi 2004/39/ES, zaradi tega se Direktiva 2004/39/ES in njene zaščite uporabljajo za zagotavljanje navedenega priporočila.
The Committee of European Securities Regulators, established by Commission Decision 2001/527/EC has been consulted for technical advice.
Tehnično svetovanje je na zahtevo prispeval Odbor evropskih regulatorjev trgov vrednostnih papirjev, ustanovljen s Sklepom Komisije 2001/527/ES.
The measures provided for in this Directive 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 Directive lays down the detailed rules for the implementation of Article 4(1)(4) and 4(2), Article 13(2) to (8), Article 18, Article 19(1) to (6), Article 19(8), and Articles 21, 22 and 24 of Directive 2004/39/EC.
Ta direktiva določa natančna pravila za izvajanje člena 4(1)(4) in 4(2), člena 13(2) do (8), člena 18, člena 19(1) do (6), člena 19(8) in členov 21, 22 in 24 Direktive 2004/39/ES.
Chapter II and Sections 1 to 4, Article 45 and Sections 6 and 8 of Chapter III and, to the extent they relate to those provisions, Chapter I and Section 9 of Chapter III and Chapter IV of this Directive shall apply to management companies in accordance with Article 5(4) of Directive 85/611/EEC.
Poglavje II in oddelki 1 do 4, člen 45 in oddelka 6 in 8 poglavja III ter, v kolikor zadevajo navedene določbe, poglavje I in oddelek 9 poglavja III ter poglavje IV te direktive se uporabljajo za družbe za upravljanje v skladu s členom 5(4) Direktive 85/611/EGS.
‘distribution channels’ means distribution channels within the meaning of Article 1(7) of Commission Directive 2003/125/EC;
„distribucijske poti“ pomeni distribucijske poti v smislu člena 1(7) Direktive Komisije 2003/125/ES;
‘durable medium’ means any instrument which enables a client to store information addressed personally to that client in a way accessible for future reference for a period of time adequate for the purposes of the information and which allows the unchanged reproduction of the information stored;
„trajni nosilec podatkov“ je vsak nosilec podatkov, ki stranki omogoča shranjevanje osebno nanj naslovljenih podatkov tako, da so mu dostopni za poznejšo uporabo za obdobje, skladno z nameni teh podatkov, in da mu omogoča nespremenjeno ponovno predvajanje shranjenih podatkov;
‘relevant person’ in relation to an investment firm, means any of the following:
„zadevna oseba“ v zvezi z investicijsko družbo pomeni:
a director, partner or equivalent, manager or tied agent of the firm;
direktor, partner ali enakovredna oseba, poslovodja ali vezani zastopnik podjetja;
a director, partner or equivalent, or manager of any tied agent of the firm;
direktor, partner ali enakovredna oseba ali poslovodja vezanega zastopnika podjetja;
an employee of the firm or of a tied agent of the firm, as well as any other natural person whose services are placed at the disposal and under the control of the firm or a tied agent of the firm and who is involved in the provision by the firm of investment services and activities;
zaposleni družbe ali njegovega vezanega zastopnika ter vsaka druga fizična oseba, katere storitve so na voljo družbi ali so pod nadzorom družbe ali njenega vezanega zastopnika, ki se ukvarja z opravljanjem investicijskih storitev in dejavnosti družbe;
a natural person who is directly involved in the provision of services to the investment firm or to its tied agent under an outsourcing arrangement for the purpose of the provision by the firm of investment services and activities;
fizična oseba, ki se neposredno ukvarja z izvajanjem storitev za investicijsko družbo ali za njene vezane zastopnike na podlagi dogovora o zunanjem izvajanju investicijskih storitev in dejavnosti družbe;
‘financial analyst’ means a relevant person who produces the substance of investment research;
„finančni analitik“ pomeni zadevno osebo, ki pripravlja vsebino investicijske raziskave;
‘group’, in relation to an investment firm, means the group of which that firm forms a part, consisting of a parent undertaking, its subsidiaries and the entities in which the parent undertaking or its subsidiaries hold a participation, as well as undertakings linked to each other by a relationship within the meaning of Article 12(1) of Council Directive 83/349/EEC on consolidated accounts;
„skupina“ v zvezi z investicijsko družbo pomeni skupino, katere del je navedena družba, sestavljena pa je iz matičnega podjetja, hčerinskih podjetij in subjektov, v katerih imajo delež matično podjetje ali njegova hčerinska podjetja, ter podjetij, ki so povezana v smislu člena 12(1) Direktive Sveta 83/349/EGS z dne 13. junija 1983 o konsolidiranih računovodskih izkazih, ki temelji na členu 54(3)(g) Pogodbe;
‘outsourcing’ means an arrangement of any form between an investment firm and a service provider by which that service provider performs a process, a service or an activity which would otherwise be undertaken by the investment firm itself;
„zunanje izvajanje“ pomeni dogovor v kakršni koli obliki med investicijsko družbo in ponudnikom storitev, v skladu s katerim ponudnik storitev v imenu investicijske družbe opravlja proces, storitev ali dejavnost, ki bi jo sicer opravljala investicijska družba sama;
‘person with whom a relevant person has a family relationship’ means any of the following:
„oseba, s katero je zadevna oseba v sorodstvenem razmerju“ pomeni:
the spouse of the relevant person or any partner of that person considered by national law as equivalent to a spouse;
zakonec zadevne osebe ali partner navedene osebe, ki se po nacionalni zakonodaji šteje kot enakovreden zakoncu;
a dependent child or stepchild of the relevant person;
vzdrževan otrok ali pastorek zadevne osebe;
any other relative of the relevant person who has shared the same household as that person for at least one year on the date of the personal transaction concerned;
kateri koli drugi sorodnik zadevne osebe, ki je na datum zadevne osebne transakcije vsaj eno leto živel v istem gospodinjstvu z zadevno osebo;
‘securities financing transaction’ has the meaning given in Commission Regulation (EC) No 1287/2006;
„transakcija financiranja vrednostnih papirjev“ ima pomen, določen v Uredbi Komisije (ES) št. 1287/2006;
‘senior management’ means the person or persons who effectively direct the business of the investment firm as referred to in Article 9(1) of Directive 2004/39/EC.
„višje vodstvo“ pomeni osebo ali osebe, ki dejansko vodijo posle investicijske družbe, kakor je navedeno v členu 9(1) Direktive 2004/39/ES.
Conditions applying to the provision of information
Pogoji, ki se uporabljajo za zagotavljanje informacij
Where, for the purposes of this Directive, information is required to be provided in a durable medium, Member States shall permit investment firms to provide that information in a durable medium other than on paper only if:
Če se za namene te direktive zahteva zagotovitev informacij na trajnem nosilcu, države članice dovolijo, da investicijske družbe navedene informacije zagotovijo na trajnem nosilcu, ki ni papir, le če:
the provision of that information in that medium is appropriate to the context in which the business between the firm and the client is, or is to be, carried on; and
zagotavljanje informacij na navedenem nosilcu je primerno za okoliščine, v katerih poteka ali bo potekalo poslovanje med podjetjem in stranko; in
the person to whom the information is to be provided, when offered the choice between information on paper or in that other durable medium, specifically chooses the provision of the information in that other medium.
če ima oseba, kateri se morajo zagotoviti informacije, možnost izbire med informacijami na papirju ali na navedenem drugem trajnem nosilcu ter izrecno izbere informacije na navedenem drugem nosilcu.
Where, pursuant to Article 29, 30, 31, 32, 33 or 46(2) of this Directive, an investment firm provides information to a client by means of a website and that information is not addressed personally to the client, Member States shall ensure that the following conditions are satisfied:
Če na podlagi členov 29, 30, 31, 32, 33 ali člena 46(2) te direktive investicijska družba stranki zagotovi informacije na spletni strani, in če navedene informacije niso naslovljene osebno na stranko, države članice zagotovijo izpolnjevanje naslednjih pogojev:
the provision of that information in that medium is appropriate to the context in which the business between the firm and the client is, or is to be, carried on;
zagotavljanje informacij na navedenem nosilcu je primerno za okoliščine, v katerih poteka ali bo potekalo poslovanje med podjetjem in stranko;
the client must specifically consent to the provision of that information in that form;
stranka se mora izrecno strinjati z zagotavljanjem informacij v navedeni obliki;
the client must be notified electronically of the address of the website, and the place on the website where the information may be accessed;
stranka mora biti elektronsko obveščena o naslovu spletne strani ter mestu na spletni strani, kjer lahko dostopa do informacij;
the information must be up to date;
informacije morajo biti stalno posodobljene;
the information must be accessible continuously by means of that website for such period of time as the client may reasonably need to inspect it.
informacije morajo biti neprekinjeno dostopne preko navedene spletne strani toliko časa, kot se razumno pričakuje, da jih bo stranka potrebovala.
For the purposes of this Article, the provision of information by means of electronic communications shall be treated as appropriate to the context in which the business between the firm and the client is, or is to be, carried on if there is evidence that the client has regular access to the internet.
Za namene tega člena se zagotavljanje informacij z elektronskimi komunikacijami šteje kot primerno za okoliščine, v katerih poteka ali bo potekalo poslovanje med družbo in stranko, če je mogoče dokazati, da ima stranka reden dostop do interneta.
The provision by the client of an e-mail address for the purposes of the carrying on of that business shall be treated as such evidence.
Kot dokaz za to se šteje, da stranka zagotovi e-poštni naslov za namene navedenega poslovanja.
Additional requirements on investment firms in certain cases
Dodatne zahteve za investicijske družbe v nekaterih primerih
Member States may retain or impose requirements additional to those in this Directive only in those exceptional cases where such requirements are objectively justified and proportionate so as to address specific risks to investor protection or to market integrity that are not adequately addressed by this Directive, and provided that one of the following conditions is met:
Države članice zadržijo ali določijo dodatne zahteve, poleg tistih v tej direktivi, samo v tistih izjemnih primerih, kjer so take zahteve objektivno utemeljene in sorazmerne, tako da naslavljajo specifična tveganja za varstvo vlagateljev ali celovitost trga, ki jih ta direktiva ne naslavlja primerno, in če je izpolnjen eden od naslednjih pogojev:
the specific risks addressed by the requirements are of particular importance in the circumstances of the market structure of that Member State;
specifična tveganja, ki jih naslavljajo zahteve, so posebej pomembna glede na strukturo trga navedene države članice;
the requirement addresses risks or issues that emerge or become evident after the date of application of this Directive and that are not otherwise regulated by or under Community measures.
zahteva naslavlja tveganja ali zadeve, ki nastanejo ali postanejo očitne po začetku uporabe te direktive, in niso drugače urejene z ukrepi Skupnosti ali na podlagi ukrepov Skupnosti.
Any requirements imposed under paragraph 1 shall not restrict or otherwise affect the rights of investment firms under Articles 31 and 32 of Directive 2004/39/EC.
Morebitne zahteve, določene na podlagi odstavka 1, ne omejujejo ali drugače vplivajo na pravice investicijskih družb na podlagi členov 31 in 32 Direktive 2004/39/ES.
Member States shall notify to the Commission:
Države članice uradno sporočijo Komisiji:
any requirement which it intends to retain in accordance with paragraph 1 before the date of transposition of this Directive; and
vse zahteve, ki jih nameravajo obdržati v skladu z odstavkom 1 pred datumom prenosa te direktive; in
any requirement which it intends to impose in accordance with paragraph 1 at least one month before the date appointed for that requirement to come into force.
vse zahteve, ki jih nameravajo določiti v skladu z odstavkom 1 vsaj en mesec pred datumom, določenim za začetek veljavnosti navedene zahteve.
In each case, the notification shall include a justification for that requirement.
V vsakem primeru mora sporočilo vsebovati utemeljitev navedene zahteve.
The Commission shall communicate to Member States and make public on its website the notifications it receives in accordance with this paragraph.
Komisija državam članicam sporoči in na svoji spletni strani javno objavi sporočila, ki jih prejme v skladu s tem odstavkom.
By 31 December 2009 the Commission shall report to the European Parliament and the Council on the application of this Article.
Komisija do 31. decembra 2009 poroča Evropskemu parlamentu in Svetu o uporabi tega člena.
ORGANISATIONAL REQUIREMENTS
ORGANIZACIJSKE ZAHTEVE
(Article 13(2) to (8) of Directive 2004/39/EC)
(Člen 13(2) do (8) Direktive 2004/39/ES)
General organisational requirements
Splošne organizacijske zahteve
Member States shall require investment firms to comply with the following requirements:
Države članice zahtevajo, da investicijske družbe izpolnjujejo naslednje zahteve:
to establish, implement and maintain decision-making procedures and an organisational structure which clearly and in documented manner specifies reporting lines and allocates functions and responsibilities;
da pripravijo, izvajajo in vzdržujejo postopke odločanja ter organizacijsko strukturo, ki jasno in na dokumentiran način določa, kaj mora biti navedeno v poročilu, ter razporeja funkcije in odgovornosti;
to ensure that their relevant persons are aware of the procedures which must be followed for the proper discharge of their responsibilities;
da zagotovijo, da se njihove ustrezne osebe zavedajo, katere postopke morajo upoštevati za pravilno opravljanje svojih dolžnosti;