natgillin/translations-raw huggingface dataset:
For the purposes of private placements of securities, investment firms and credit institutions should be entitled to treat as qualified investors those persons or entities that are described in points (1) to (4) of Section I of Annex II to Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments [5] and other persons or entities that are treated as professional clients, åor that are recognised eligible counterparties in accordance with Directive 2004/39/EC.
Investicijske družbe in kreditne institucije morajo biti za namene zasebnih prodaj vrednostnih papirjev upravičene do tega, da kot dobro poučene vlagatelje obravnavajo tiste osebe ali subjekte, navedene v točkah 1 do 4 oddelka I Priloge II Direktive 2004/39/ES Evropskega parlamenta in Sveta z dne 21. aprila 2004 o trgih finančnih instrumentov [5] ter druge osebe ali subjekte, ki se obravnavajo kot poklicne stranke, ali tiste, ki so priznane kot primerne pogodbene stranke v skladu z Direktivo 2004/39/ES.
Investment firms authorised to continue considering existing professional clients as such in accordance with Article 71(6) of Directive 2004/39/EC should be authorised to treat those clients as qualified investors under this Directive.
Investicijske družbe, pooblaščene za obravnavanje obstoječih poklicnih strank kot takšnih v skladu s členom 71(6) Direktive 2004/39/ES, bi se morale pooblastiti za obravnavanje teh strank kot dobro poučenih vlagateljev v skladu s to direktivo.
Such an alignment of the relevant provisions of Directives 2003/71/EC and 2004/39/EC is likely to reduce complexity and costs for investment firms in the event of private placements because the firms would be able to define the persons or entities to whom the placement is to be addressed relying on their own list of professional clients and eligible counterparties.
S tako uskladitvijo ustreznih določb direktiv 2003/71/ES in 2004/39/ES bi verjetno lahko zmanjšali zapletenost in znižali stroške investicijskih družb v primeru zasebnih prodaj, saj bi družbe lahko opredelile osebe ali subjekte, na katere je prodaja naslovljena, na podlagi svojega seznama poklicnih strank in primernih pogodbenih strank.
The issuer should be able to rely on the list of professional clients and eligible counterparties that has been drawn up in accordance with Annex II to Directive 2004/39/EC.
Izdajatelju je treba omogočiti, da se zanese na seznam poklicnih strank in primernih pogodbenih strank, ki je bil pripravljen v skladu s Prilogo II Direktive 2004/39/ES.
The definition of qualified investors in Directive 2003/71/EC should therefore be widened to include those persons or entities and no separate regime for registers should be maintained.
Opredelitev dobro poučenih vlagateljev iz Direktive 2003/71/ES je zato treba razširiti tako, da bo vključevala navedene osebe ali subjekte, ločenega režima za registre pa ne bo treba vzdrževati.
Ensuring the correct and full application of Union law is a core prerequisite for the integrity, efficiency and orderly functioning of financial markets.
Zagotavljanje pravilne in celovite uporabe prava Unije je osnovni pogoj za celovitost, učinkovitost in pravilno delovanje finančnih trgov.
It is expected that the establishment of the European Supervisory Authority (European Securities and Markets Authority) will contribute to that goal by issuing a single rulebook and by fostering a more convergent approach regarding the scrutiny and approval of prospectuses.
Pričakuje se, da bo ustanovitev Evropskega nadzornega organa (Evropski organ za vrednostne papirje in trge) prispevala k temu cilju z izdajo enotnih pravil in s spodbujanjem k bolj konvergentnemu pristopu v zvezi s pregledom in odobritvijo prospektov.
The Commission should undertake a review of Article 2(1)(m)(ii) of Directive 2003/71/EC in relation to the limitation on the determination of the home Member State for issues of non-equity securities with a denomination below EUR 1000. Following that review, it should consider whether the provision should be maintained or revoked.
Komisija bi morala opraviti pregled člena 2(1)(m)(ii) Direktive 2003/71/ES v zvezi z omejitvijo o določitvi matične države članice za izdajo nelastniških vrednostnih papirjev z nominalno vrednostjo manj kot 1000 EUR. Po tem pregledu bi morala preučiti, ali bi bilo treba to določbo ohraniti ali razveljaviti.
Corresponding adjustments should be made in Directive 2004/109/EC of the European Parliament and of the Council [6].
Ustrezno bi bilo treba prilagoditi Direktivo 2004/109/ES Evropskega parlamenta in Sveta [6].
Following those adjustments and taking into consideration the outstanding period of debt securities, there should be a grandfathering provision in relation to Article 8(1)(b), Article 18(3) and Article 20(6) of Directive 2004/109/EC in respect of debt securities with a denomination per unit of at least EUR 50000, which have already been admitted to trading on a regulated market in the Union prior to the entry into force of this Directive.
Po teh prilagoditvah in ob upoštevanju obdobja veljavnosti dolžniških vrednostnih papirjev bi bilo treba uvesti določbo o prehodnem obdobju v zvezi s členi 8(1)(b), 18(3) in 20(6) Direktive 2004/109/ES za dolžniške vrednostne papirje z nominalno vrednostjo na enoto vsaj 50000 EUR, ki so že bili sprejeti v trgovanje na organiziranem trgu v Uniji pred začetkom veljavnosti te direktive.
A valid prospectus, drawn up by the issuer or the person responsible for drawing up the prospectus and available to the public at the time of the final placement of securities through financial intermediaries or in any subsequent resale of securities, provides sufficient information for investors to make informed investment decisions.
V veljavnem prospektu, ki ga pripravi izdajatelj ali oseba, odgovorna za pripravo prospekta in je dostopen javnosti v času končne prodaje vrednostnih papirjev preko finančnih posrednikov ali pri kateri koli kasnejši nadaljnji prodaji vrednostnih papirjev, je vlagateljem zagotovljenih dovolj informacij za sprejetje informiranih naložbenih odločitev.
Therefore, financial intermediaries placing or subsequently reselling the securities should be entitled to rely upon the initial prospectus published by the issuer or the person responsible for drawing up the prospectus as long as this is valid and duly supplemented in accordance with Articles 9 and 16 of Directive 2003/71/EC and the issuer or the person responsible for drawing up the prospectus consents to its use.
Finančni posredniki, ki prodajajo ali kasneje nadalje prodajajo vrednostne papirje, bi morali biti zato upravičeni do tega, da se zanašajo na prvotni prospekt, ki ga izda izdajatelj ali oseba, odgovorna za pripravo prospekta, dokler je ta prospekt veljaven in ustrezno dopolnjen v skladu s členoma 9 in 16 Direktive 2003/71/ES ter se izdajatelj ali oseba, odgovorna za pripravo takšnega prospekta, strinja z njegovo uporabo.
The issuer or the person responsible for drawing up the prospectus should be able to attach conditions to his or her consent.
Izdajatelju ali osebi, odgovorni za pripravo prospekta, bi bilo treba omogočiti, da lahko postavi pogoje za svoje soglasje.
The consent, including any conditions attached thereto, should be given in a written agreement between the parties involved enabling assessment by relevant parties of whether the resale or final placement of securities complies with the agreement.
Soglasje, vključno z vsemi priloženimi pogoji, bi moralo biti dano v obliki pisnega dogovora med vključenimi stranmi in jim omogoča, da ocenijo ali je nadaljnja prodaja ali končna prodaja vrednostnih papirjev v skladu z dogovorom.
In the event that consent to use the prospectus has been given, the issuer or person responsible for drawing up the initial prospectus should be liable for the information stated therein and in case of a base prospectus, for providing and filing final terms and no other prospectus should be required.
Če je bilo dano soglasje za uporabo prospekta, bi moral biti izdajatelj ali oseba, odgovorna za pripravo prvotnega prospekta, odgovoren tudi za v njem navedene informacije in v primeru osnovnega prospekta za zagotavljanje in vložitev končnih pogojev in ne bi se smel zahtevati nobenega drugega prospekta.
However, in case the issuer or the person responsible for drawing up such initial prospectus does not consent to its use, the financial intermediary should be required to publish a new prospectus.
Če se izdajatelj ali oseba, odgovorna za pripravo takšnega prvotnega prospekta, ne strinja z njegovo uporabo, je treba od finančnega posrednika zahtevati objavo novega prospekta.
In that case, the financial intermediary should be liable for the information in the prospectus, including all information incorporated by reference and, in case of a base prospectus, final terms.
V tem primeru bi moral biti finančni posrednik odgovoren za informacije, navedene v prospektu, kakor tudi za vse informacije, vključene s sklicevanjem in v primeru osnovnega prospekta za končne pogoje.
In order to allow for the efficient application of Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse) [7], Directive 2003/71/EC and Directive 2004/109/EC and to clarify underlying problems of differentiation and overlaps, the Commission should put forward a definition for each of the terms ‘primary market’, ‘secondary market’ and ‘public offer’.
Da se omogoči učinkovita uporaba Direktive 2003/6/ES Evropskega parlamenta in Sveta z dne 28. januarja 2003 o trgovanju z notranjimi informacijami in tržni manipulaciji (zloraba trga) [7], Direktive 2003/71/ES in Direktive 2004/109/ES ter razjasnijo temeljne težave v zvezi z razlikovanjem in prekrivanji, bi morala Komisija predložiti opredelitve za vsakega od pojmov „primarni trg“, „sekundarni trg“ in „javna ponudba“.
Liability regimes in the Member States are significantly different due to national competence in civil law.
Režimi odgovornosti v državah članicah se med seboj pomembno razlikujejo zaradi nacionalnih pristojnosti v okviru civilnega prava.
In order to identify and monitor the arrangements in the Member States, the Commission should establish a comparative table of Member States’ regimes.
Za opredelitev in spremljanje ureditev v državah članicah bi morala Komisija pripraviti primerjalno tabelo režimov v državah članicah.
Article 4(1)(d) of Directive 2003/71/EC provides that the obligation to publish a prospectus does not apply to shares offered, allotted or to be allotted free of charge to existing shareholders.
Člen 4(1)(d) Direktive 2003/71/ES določa, da obveznost objave prospekta ne velja za delnice, ponujene, dodeljene ali ki bodo dodeljene brezplačno obstoječim delničarjem.
Under Article 3(2)(e) of that Directive an offer with a total consideration of less than EUR 100000 is entirely exempt from the requirement to publish a prospectus.
V skladu s členom 3(2)(e) navedene direktive je ponudba s celotno vrednostjo, manjšo od 100000 EUR, v celoti izvzeta iz zahteve po objavi prospekta.
The exemption in Article 4(1)(d) is therefore redundant, since an offer that is free of charge falls within the scope of Article 3(2)(e).
Izjema v členu 4(1)(d) je tako odveč, saj brezplačna ponudba sodi v člen 3(2)(e).
The current exemptions for securities offered, allotted or to be allotted to existing or former employees or directors are too restrictive to be useful to a significant number of employers operating share schemes for employees in the Union.
Trenutne izjeme za delnice, ki se ponudijo, dodelijo ali bodo dodeljene obstoječim ali nekdanjim zaposlenim ali direktorjem, so preveč omejene, da bi bile koristne za pomembno število delodajalcev, ki upravljajo delniške sheme za zaposlene v Uniji.
Participation of employees in the Union is particularly important for small and medium-sized enterprises (SMEs), in which individual employees are likely to have a significant role in the success of the company.
Udeležba zaposlenih v Uniji je posebej pomembna za mala in srednja podjetja (MSP), kjer bi posamezni zaposleni lahko imeli pomembno vlogo pri uspehu družbe.
Therefore, there should be no requirement to produce a prospectus for offers made in the context of an employee-share scheme by any Union company.
Zato ne bi smela obstajati zahteva za pripravo prospekta za ponudbe, dane na podlagi delniških shem za zaposlene katerega koli podjetja v Uniji.
Where the securities are not admitted to trading, the issuer is not subject to appropriate ongoing disclosure requirements and rules on market abuse.
Kadar vrednostni papirji niso sprejeti v trgovanje, izdajatelju ni treba upoštevati ustreznih veljavnih zahtev po razkritju in pravil o zlorabi trga.
Therefore, employers or their affiliated undertakings should update the document referred to in Article 4(1)(e) of Directive 2003/71/EC where necessary for an adequate assessment of the securities.
Zato bi morali delodajalci ali njihova odvisna podjetja posodobiti dokument iz člena 4(1)(e) Direktive 2003/71/ES, kadar je to potrebno za ustrezno oceno vrednostnih papirjev.
The exemption should be extended also to public offers and admissions to trading of companies registered outside the Union whose securities are admitted to trading either on a regulated market or on a third-country market.
Izjemo bi bilo treba razširiti tudi na javne ponudbe in sprejetja v trgovanje podjetij s sedežem zunaj Unije, katerih vrednosti papirji so sprejeti v trgovanje na organiziranem trgu ali na trgu tretje države.
In the latter case, the Commission must have taken a positive decision on the equivalence of the legal and supervisory framework of the corresponding regulation of markets in the third country in order for the exemption to apply.
V slednjem primeru je najbrž morala Komisija sprejeti pozitivno odločitev o enakovrednosti pravnega in nadzornega okvira ustrezne ureditve trgov v tretji državi, da bi se lahko uporabila izjema.
That should enable Union employees to have access to ongoing information about the company.
To bi moralo omogočiti zaposlenim v Uniji dostop do tekočih informacij o podjetju.
The summary of the prospectus should be a key source of information for retail investors.
Povzetek prospekta bi moral biti ključni vir informacij za male vlagatelje.
It should be a self-contained part of the prospectus and should be short, simple, clear and easy for targeted investors to understand.
Moral bi biti samostojni del prospekta, kratek, jasen, preprost in lahko razumljiv ciljnim vlagateljem.
It should focus on key information that investors need in order to be able to decide which offers and admissions of securities to consider further.
Osredotočiti bi se moral na ključne informacije, ki jih vlagatelji potrebujejo, da bi se lahko odločili, katere ponudbe in sprejetja vrednostnih papirjev bodo nadalje obravnavali.
Such key information should convey the essential characteristics of, and risks associated with, the issuer, any guarantor, and the securities offered or admitted to trading on a regulated market.
Te ključne informacije bi morale vsebovati bistvene lastnosti in tveganja, povezana z izdajateljem, katerimi koli garanti in vrednostnimi papirji, ponujenimi ali sprejetimi v trgovanje na organiziranem trgu.
It should also provide the general terms of the offer, including estimated expenses charged to the investor by the issuer or the offeror, and indicate the total estimated expenses, since these could be substantial.
Vključevati bi morale tudi splošne pogoje ponudbe, vključno z ocenjenimi stroški, ki jih izdajatelj ali ponudnik zaračuna vlagatelju, ter skupni znesek ocenjenih stroškov, ki pa so lahko znatni.
It should also inform the investor of any rights attaching to the securities and of the risks associated with an investment in the relevant security.
Vlagatelj bi moral biti tudi obveščen o vseh pravicah, ki izhajajo iz vrednostnih papirjev, ter tveganjih, povezanih z naložbo v ustrezni vrednostni papir.
The format of the summary should be determined in a way that allows comparison of the summaries of similar products by ensuring that equivalent information always appears in the same position in the summary.
Oblika povzetka bi morala biti določena tako, da omogoča primerljivost povzetkov podobnih produktov, pri tem pa se zagotovi, da so enakovredne informacije v vseh povzetkih na istem mestu.
Member States should ensure that no civil liability attaches to any person solely on the basis of the summary, including any translation thereof, unless it is misleading, inaccurate or inconsistent with the relevant parts of the prospectus.
Države članice bi morale zagotoviti, da ni civilnopravne odgovornosti oseb zgolj na podlagi povzetka ali njegovega prevoda, razen če je zavajajoč, netočen ali neskladen z ustreznimi deli prospekta.
The summary should contain a clear warning to this effect.
Povzetek bi v zvezi s tem moral vsebovati jasno opozorilo.
It is appropriate to clarify that final terms to a base prospectus should contain only information relating to the securities note which is specific to the issue and which can be determined only at the time of the individual issue.
Primerno je pojasniti, da bi moral končni del osnovnega prospekta vsebovati le informativno pojasnilo o vrednostnih papirjih, specifično za izdajo in ki se lahko določi le v času posamezne izdaje.
Such information might, for example, include the international securities identification number, the issue price, the date of maturity, any coupon, the exercise date, the exercise price, the redemption price and other terms not known at the time of drawing up the prospectus.
Ta informacija lahko na primer vključuje mednarodno identifikacijsko številko vrednostnega papirja, ceno ob izdaji, datum dospelosti, kakršen koli kupon, datum izvršitve, izvršilno ceno, odkupno ceno in druge pogoje, ki niso bili znani v času priprave prospekta.
Other new information which is capable of affecting the assessment of the issuer and the securities should, in general, be included in a supplement to the prospectus.
Ostale nove informacije, ki bi lahko vplivale na oceno izdajatelja in vrednostnih papirjev, je treba na splošno vključiti v dodatek k prospektu.
Furthermore, in order to fulfil the obligation to provide key information also under a base prospectus, issuers should combine the summary with relevant parts of final terms in a way that is easily accessible to investors.
Poleg tega, da bi izpolnili obveznost zagotavljanja ključnih informacij tudi v osnovnem prospektu, bi morali izdajatelji povezati povzetek z ustreznimi deli končnih pogojev na način, ki je lažje dostopen vlagateljem.
No separate approval should be required in those cases.
V teh primerih se ne sme zahtevati nobena posebna odobritev.
In order to improve the efficiency of pre-emptive issues of equity securities and adequately to take account of the size of issuers, without prejudice to investor protection, a proportionate disclosure regime should be introduced for offers of shares to existing shareholders who can either subscribe those shares or sell the right to subscribe for the shares, for offers by SMEs and issuers with reduced market capitalisation (namely small companies whose shares are admitted to trading on a regulated market), and for offers of non-equity securities referred to in Article 1(2)(j) of Directive 2003/71/EC issued by credit institutions.
Da bi izboljšali učinkovitost prednostnih izdaj lastniških vrednostnih papirjev in ustrezno upoštevali velikost izdajateljev, brez poseganja v zaščito vlagateljev, je treba uvesti sorazmerne obveznosti razkritja za ponudbe delnic obstoječim delničarjem, ki lahko vpišejo te delnice ali prodajo pravico do vpisa delnic, za ponudbe MSP in za izdajatelje z zmanjšano tržno kapitalizacijo (torej male družbe, katerih delnice so sprejete v trgovanje na organiziranem trgu) ter za ponudbe nelastniških vrednostnih papirjev iz člena 1(2)(j) Direktive 2003/71/ES, ki so jih izdale kreditne institucije.
Where such credit institutions issue securities below the limit laid down in that Article, but choose to opt into the regime of this Directive and, consequently, draw up a prospectus, they should be entitled to benefit from the relevant proportionate disclosure regime.
Kadar takšne kreditne institucije izdajo vrednostne papirje pod omejitvijo, določeno v navedenem členu, vendar se odločijo za ureditev iz te direktive in zato pripravijo prospekt, bi morale biti upravičene do ugodnosti, ki izhajajo iz ustreznih sorazmernih obveznosti razkritja.
The proportionate disclosure regime for pre-emptive issues should apply where the shares offered are of the same class as the shares of the issuer admitted to trading either on a regulated market or on a multilateral trading facility as defined in Article 4(1)(15) of Directive 2004/39/EC as long as the facility is subject to appropriate ongoing disclosure requirements and rules on market abuse.
Sorazmerne obveznosti razkritja za prednostne izdaje bi se morale uporabljati, kadar so ponujene delnice istega razreda kot delnice izdajatelja, sprejete v trgovanje na organiziranem trgu ali v večstranski sistem trgovanja, kakor je opredeljen v točki 15 člena 4(1) Direktive 2004/39/ES, če za ta sistem veljajo ustrezne tekoče zahteve po razkritju in pravila o zlorabi trga.
The European Supervisory Authority (European Securities and Markets Authority) should issue guidelines regarding these conditions in order to ensure a consistent approach by the competent authorities.
Evropski nadzorni organ (Evropski organ za vrednostne papirje in trge) bi moral izdati smernice v zvezi s temi pogoji, da se zagotovi skladen pristop pristojnih organov.
Member States publish abundant information on their financial situation which is in general available in the public domain.
Države članice objavijo veliko informacij o svojem finančnem stanju, ki so na splošno na voljo javnosti.
Where a Member State guarantees an offer of securities, the issuer should not be obliged to provide in the prospectus information about that Member State acting as guarantor.
Kadar država članica jamči za ponudbo vrednostnih papirjev, izdajatelj ne bi smel biti obvezan, da v prospektu zagotovi informacije o tej državi članici, ki deluje kot garant.
In order to improve legal certainty, the validity of a prospectus should commence at its approval, a point in time which is easily verified by the competent authority.
Za izboljšanje pravne varnosti bi se morala veljavnost prospekta začeti z njegovo odobritvijo, na datum, ki ga lahko pristojni organ zlahka preveri.
Furthermore, in order to enhance flexibility, issuers should also be able to update the registration document in accordance with the procedure for supplementing prospectuses.
Poleg tega bi za povečanje prožnosti izdajatelji morali imeti možnost posodobiti registracijski dokument v skladu s postopkom za dopolnjevanje prospektov.
As a consequence of the entry into force of Directive 2004/109/EC, the obligation in Directive 2003/71/EC for the issuer to provide annually a document containing or referring to all information published in the 12 months preceding the issuance of the prospectus has become a dual obligation and should therefore be abolished.
Zaradi začetka veljavnosti Direktive 2004/109/ES je obveznost iz Direktive 2003/71/ES za izdajatelja, da vsako leto zagotovi dokument, ki vsebuje ali se nanaša na vse informacije, objavljene v 12 mesecih pred objavo prospekta, postala podvojena obveznost in bi jo bilo zato treba opustiti.
As a consequence, a registration document, instead of being updated in accordance with Article 10 of Directive 2003/71/EC, should be updated by means of a supplement or securities note.
Namesto da se registracijski dokument posodobi v skladu s členom 10 Direktive 2003/71/ES, ga je treba posodobiti z dopolnitvijo ali pojasnilom o vrednostnih papirjih.
Internet ensures easy access to information.
Internet zagotavlja lahek dostop do informacij.
In order to ensure better accessibility for investors, the prospectus should always be published in an electronic form on the relevant website.
Prospekt bi moral biti vedno objavljen v elektronski obliki na ustrezni spletni strani, da bi zagotovili boljšo dostopnost za vlagatelje.