natgillin/translations-raw huggingface dataset:
The Commission shall adopt delegated acts in accordance with Article 42 specifying the parameters and methods for calculating the threshold of liquidity referred to in paragraph 3 of this Article in relation to issued sovereign debt.
Komisija sprejme delegirane akte v skladu s členom 42, v katerih opredeli parametre in metode za izračun praga likvidnosti iz odstavka 3 tega člena v zvezi z izdanim državnim vrednostnim papirjem.
The parameters and methods for Member States to calculate the threshold shall be set in such a way that where it is reached, it represents a significant decline relative to the average level of liquidity for the sovereign debt concerned.
Parametri in metode, s katerimi države članice izračunajo prag, se določijo tako, da doseženi prag pomeni znaten padec glede na povprečno stopnjo likvidnosti za zadevni državni vrednostni papir.
The threshold shall be defined based on objective criteria specific to the relevant sovereign debt market, including the total amount of outstanding issued sovereign debt for each sovereign issuer.
Ta prag se opredeli na podlagi objektivih meril, specifičnih za zadevni trg državnih vrednostnih papirjev, vključno s celotno vrednostjo neporavnanega izdanega državnega vrednostnega papirja za vsakega izdajatelja.
In order to ensure uniform conditions of application of paragraph 1, ESMA may develop draft implementing technical standards to determine the types of agreements or arrangements that adequately ensure that the sovereign debt will be available for settlement.
Da se zagotovijo enaki pogoji uporabe odstavka 1, lahko ESMA pripravi osnutek izvedbenih tehničnih standardov, v katerih določi vrste dogovorov ali potrditev, ki ustrezno zagotavljajo, da bo državni vrednostni papir na voljo za poravnavo.
ESMA shall, in particular, take into account the need to preserve liquidity of markets, especially sovereign bond and sovereign bond repurchase markets.
ESMA zlasti upošteva potrebo po ohranitvi likvidnosti trgov, zlasti trgov državnih obveznic in začasnih prodaj državnih obveznic
Restrictions on uncovered sovereign credit default swaps
Omejitve nekritih poslov kreditnih zamenjav državnih vrednostnih papirjev
A natural or legal person may enter into sovereign credit default swap transactions only where that transaction does not lead to an uncovered position in a sovereign credit default swap as referred to in Article 4.
Fizična ali pravna oseba lahko sklepa posle kreditnih zamenjav državnih vrednostnih papirjev samo, če ta posel ne povzroči nekrite pozicije v poslu kreditne zamenjave državnih vrednostnih papirjev, kakor je navedeno v členu 4.
A competent authority may temporarily suspend restrictions referred to in paragraph 1, where it has objective grounds for believing that its sovereign debt market is not functioning properly and that such restrictions might have a negative impact on the sovereign credit default swap market, especially by increasing the cost of borrowing for sovereign issuers or affecting the sovereign issuers’ ability to issue new debt.
Pristojni organ lahko odloži omejitve iz odstavka 1, če ima utemeljene razloge, da njegov trg državnih vrednostnih papirjev ne deluje pravilno in da bi lahko takšne omejitve negativno vplivale na trg s posli kreditnih zamenjav državnih vrednostnih papirjev, zlasti s povečanjem stroškov izposoje za izdajatelje državnih vrednostnih papirjev ali z vplivanjem na njihovo zmožnost, da izdajo nove vrednostne papirje.
Those grounds shall be based on the following indicators:
Ti razlogi temeljijo na naslednjih kazalnikih:
a high or rising interest rate on the sovereign debt;
visoka ali rastoča obrestna mera državnega vrednostnega papirja;
a widening of interest rate spreads on the sovereign debt compared to the sovereign debt of other sovereign issuers;
povečanje razponov obrestnih mer državnega vrednostnega papirja glede na državni vrednostni papir drugih izdajateljev;
a widening of the sovereign credit default swap spreads compared to the own curve and compared to other sovereign issuers;
povečanje razponov poslov kreditnih zamenjav državnih vrednostnih papirjev glede na lastno krivuljo in glede na druge izdajatelje državnih vrednostnih papirjev;
the timeliness of the return of the price of the sovereign debt to its original equilibrium after a large trade;
pravočasna vrnitev cene državnega vrednostnega papirja na njegovo prvotno uravnoteženo vrednost po obsežnem trgovanju;
the amounts of sovereign debt that can be traded.
zneski državnega vrednostnega papirja, s katerimi se lahko trguje.
The competent authority may also use indicators other than those set out in points (a) to (e) of the first subparagraph.
Pristojni organ lahko poleg kazalnikov iz točk od (a) do (e) iz prvega pododstavka uporablja tudi druge kazalnike.
Before suspending restrictions under this Article, the relevant competent authority shall notify ESMA and the other competent authorities of the proposed suspension and the grounds on which it is based.
Ustrezni pristojni organ pred odložitvijo omejitev iz tega člena ESMA in drugim pristojnim organom priglasi predlagano odložitev in razloge, na katerih temelji.
A suspension shall be valid for an initial period not exceeding 12 months from the date of its publication on the website of the relevant competent authority.
Odložitev velja najprej največ dvanajst mesecev od datuma objave na spletnem mestu ustreznega pristojnega organa.
If the suspension is not renewed by the end of the initial period or of any subsequent renewal period, it shall automatically expire.
Če se odložitev po začetnem obdobju ali obnovitvenem obdobju ne podaljša, samodejno preneha veljati.
ESMA shall, within 24 hours of the notification by the relevant competent authority, issue an opinion on the intended suspension or on the renewal of that suspension, irrespective of whether the competent authority has based the suspension on the indicators set out in points (a) to (e) of the first subparagraph or on other indicators.
ESMA v roku 24 ur po priglasitvi ustreznega pristojnega organa izda mnenje o nameravani odložitvi ali njenem podaljšanju ne glede na to, ali je pristojni organ odložitev utemeljil na podlagi kazalnikov iz točk od (a) do (e) prvega pododstavka ali drugih kazalnikov.
Where the intended suspension or renewal of a suspension is based on the second subparagraph, that opinion shall also include an assessment of the indicators used by the competent authority.
Če nameravana odložitev ali njeno podaljšanje temelji na drugem pododstavku, v to mnenje vključi tudi oceno kazalnikov, ki jih je uporabil pristojni organ.
Buy-in procedures
Postopki kritnega nakupa
A central counterparty in a Member State that provides clearing services for shares shall ensure that procedures are in place which comply with all of the following requirements:
Centralna nasprotna stranka v državi članici, ki zagotavlja storitve kliringa za delnice, zagotovi, da so vzpostavljeni postopki, ki izpolnjujejo vse naslednje zahteve:
where a natural or legal person who sells shares is not able to deliver the shares for settlement within four business days after the day on which settlement is due, procedures are automatically triggered for the buy-in of the shares to ensure delivery for settlement;
kadar fizična ali pravna oseba, ki proda delnice, ne more izročiti delnic za poravnavo v štirih delovnih dneh od dneva, ko se zahteva poravnava, se samodejno sprožijo postopki za kritni nakup delnic in tako zagotovi izročitev za poravnavo;
where the buy-in of the shares for delivery is not possible, an amount is paid to the buyer based on the value of the shares to be delivered at the delivery date plus an amount for losses incurred by the buyer as a result of the settlement failure; and
kadar kritni nakup delnic za izročitev ni mogoč, se kupcu plača znesek, katerega višina se izračuna na podlagi vrednosti delnic, ki naj bi se izročile, na datum izročitve, povečano za znesek izgube kupca, nastale zaradi nezmožnosti poravnave; in
the natural or legal person who fails to settle reimburses all amounts paid pursuant to points (a) and (b).
kadar fizična ali pravna oseba ne izvede poravnave, povrne vse zneske, plačane v skladu s točkama (a) in (b).
A central counterparty in a Member State that provides clearing services for shares shall ensure that procedures are in place, which ensure that where a natural or legal person who sells shares fails to deliver the shares for settlement by the date on which settlement is due, such person must make daily payments for each day that the failure continues.
Centralna nasprotna stranka v državi članici, ki zagotavlja storitve kliringa za delnice, zagotovi, da so vzpostavljeni postopki, ki zagotavljajo, da mora fizična ali pravna oseba, ki proda delnice in ni zmožna izročiti delnic za poravnavo do datuma, ko se zahteva poravnava, dnevno plačati za vsak dan, ko ne more izvesti poravnave.
The daily payments shall be sufficiently high to act as a deterrent to natural or legal persons failing to settle.
Dnevna plačila morajo biti dovolj visoka, da imajo odvračilen učinek na fizične ali pravne osebe, ki ne izvedejo poravnave.
Exemption where the principal trading venue is in a third country
Izjema, kadar je glavno mesto trgovanja v tretji državi
Articles 5, 6, 12 and 15 shall not apply to shares of a company admitted to trading on a trading venue in the Union where the principal venue for the trading of the shares is located in a third country.
Členi 5, 6, 12 in 15 se ne uporabljajo za delnice družbe, ki so uvrščene v trgovanje na mestu trgovanja v Uniji, če je njihovo glavno mesto trgovanja v tretji državi.
The relevant competent authority for shares of a company that are traded on a trading venue in the Union and a venue located in a third country shall determine, at least every 2 years, whether the principal venue for the trading of those shares is located in a third country.
Ustrezni pristojni organ za delnice družbe, s katerimi se trguje na mestu trgovanja v Uniji in na mestu trgovanja v tretji državi, vsaj vsaki dve leti določi, ali je glavno mesto trgovanja zadevnih delnice v tretji državi.
The relevant competent authority shall notify ESMA of any such shares identified as having their principal trading venue located in a third country.
Zadevni pristojni organ priglasi ESMA vse delnice, za katere je bilo ugotovljeno, da je njihovo glavno mesto trgovanja v tretji državi.
Every 2 years ESMA shall publish the list of shares for which the principal trading venue is located in a third country.
ESMA vsaki dve leti objavi seznam delnic, katerih glavno mesto trgovanja je v tretji državi.
The list shall be effective for a 2-year period.
Seznam velja dve leti.
In order to ensure consistent application of this Article, ESMA shall develop draft regulatory technical standards specifying the method for calculation of the turnover to determine the principal venue for the trading of a share.
Da se zagotovi dosledna uporaba tega člena, ESMA pripravi osnutek regulativnih tehničnih standardov, v katerih opredeli metodo za izračun prometa, na podlagi katerega se določi glavno mesto trgovanja delnice.
In order to ensure uniform conditions of application of paragraphs 1 and 2 ESMA shall develop draft implementing technical standards to determine:
Da se zagotovijo enaki pogoji uporabe odstavkov 1 in 2, ESMA pripravi osnutek izvedbenih tehničnih standardov, v katerih določi:
the date on which and period in respect of which any calculation determining the principal trading venue for a share is to be made;
datum, na katerega se izvede izračun za določitev glavnega mesta trgovanja z delnico, in obdobje, zajeto v izračunu;
the date by which the relevant competent authority shall notify ESMA of those shares for which the principal trading venue is in a third country;
datum, do katerega zadevni pristojni organ organu ESMA priglasi delnice, katerih glavno mesto trgovanja je v tretji državi;
the date from which the list is to be effective following publication by ESMA.
datum začetka veljavnosti seznama po tem, ko ga ESMA objavi.
Exemption for market making activities and primary market operations
Izjema za dejavnosti vzdrževanja trga in za dejavnosti na primarnem trgu
Articles 5, 6, 7, 12, 13 and 14 shall not apply to transactions performed due to market making activities.
Členi 5, 6, 7, 12, 13 in 14 se ne uporabljajo za transakcije, izvedene zaradi dejavnosti vzdrževanja trga.
The Commission may, in accordance with the procedure referred to in Article 44(2), adopt decisions determining that the legal and supervisory framework of a third country ensures that a market authorised in that third country complies with legally binding requirements which are, for the purpose of the application of the exemption set out in paragraph 1, equivalent to the requirements under Title III of Directive 2004/39/EC, under Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse) [13] and under Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market [14], and which are subject to effective supervision and enforcement in that third country.The legal and supervisory framework of a third country may be considered equivalent where that third country’s:
Komisija lahko v skladu s postopkom iz člena 44(2) sprejme sklepe, ki določajo, da pravni in nadzorni okvir tretje države zagotavlja, da trg z dovoljenjem v tej tretji državi izpolnjuje pravno zavezujoče zahteve, ki so za namen uporabe izjeme iz odstavka 1 enakovredne zahtevam iz naslova III Direktive 2004/39/ES, Direktive 2003/6/ES Evropskega parlamenta in Sveta z dne 28. januarja 2003 o trgovanju z notranjimi informacijami in tržni manipulaciji (zloraba trga) [13] in Direktive 2004/109/ES Evropskega parlamenta in Sveta z dne 15. decembra 2004 o uskladitvi zahtev v zvezi s preglednostjo informacij o izdajateljih, katerih vrednostni papirji so sprejeti v trgovanje na reguliranem trgu [14], ter se v tej tretji državi učinkovito nadzorujejo in izvršujejo.Pravni in nadzorni okvir tretje države lahko velja za enakovrednega, kadar so v tej tretji državi:
markets are subject to authorisation and to effective supervision and enforcement on an ongoing basis;
trgi pridobili dovoljenje ter se zanje stalno izvaja učinkovit postopek nadzora in izvrševanja;
markets have clear and transparent rules regarding admission of securities to trading so that such securities are capable of being traded in a fair, orderly and efficient manner, and are freely negotiable;
imajo trgi jasna in pregledna pravila za sprejem vrednostnih papirjev v trgovanje, tako da je z njimi mogoče trgovati na pošten, pravilen in učinkovit način ter so prosto prenosljivi;
security issuers are subject to periodic and ongoing information requirements ensuring a high level of investor protection; and
se od izdajateljev vrednostnih papirjev redno in stalno zahtevajo informacije, s čimer se zagotavlja visoka raven varstva vlagateljev; in
market transparency and integrity are ensured by preventing market abuse in the form of insider dealing and market manipulation.
sta preglednost in integriteta trga zagotovljena s preprečevanjem tržnih zlorab v obliki trgovanja z notranjimi informacijami in tržne manipulacije.
Articles 7, 13 and 14 shall not apply to the activities of a natural or legal person where, acting as an authorised primary dealer pursuant to an agreement with a sovereign issuer, it is dealing as principal in a financial instrument in relation to primary or secondary market operations relating to the sovereign debt.
Členi 7, 13 in 14 se ne uporabljajo za dejavnosti fizične ali pravne osebe, ki kot pooblaščeni primarni trgovec na podlagi dogovora z izdajateljem državnega vrednostnega papirja v zvezi s finančnim instrumentom, s katerim se trguje na primarnem ali sekundarnem trgu za državne vrednostne papirje, deluje v lastnem imenu.
Articles 5, 6, 12, 13 and 14 of this Regulation shall not apply to a natural or legal person where it enters into a short sale of a security or has a net short position in relation to the carrying out of a stabilisation under Chapter III of Commission Regulation (EC) No 2273/2003 of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards exemptions for buy-back programmes and stabilisation of financial instruments [15].
Členi 5, 6, 12, 13 in 14 te uredbe se ne uporabljajo za fizično ali pravno osebo, ki izvede prodajo na kratko vrednostnega papirja ali ima neto kratko pozicijo v zvezi z izvajanjem stabilizacije v skladu s poglavjem III Uredbe Komisije (ES) št. 2273/2003 z dne 22. decembra 2003 o izvajanju Direktive 2003/6/ES Evropskega parlamenta in Sveta o izjemah za programe odkupa in stabilizacijo finančnih instrumentov [15].
The exemption referred to in paragraph 1 shall apply only where the natural or legal person concerned has notified the competent authority of its home Member State in writing that it intends to make use of the exemption.
Izjema iz odstavka 1 se uporablja samo, kadar zadevna fizična ali pravna oseba pred tem pisno priglasi ustreznemu pristojnemu organu svoje matične države članice, da namerava uporabiti izjemo.
The notification shall be made not less than 30 calendar days before the natural or legal person first intends to use the exemption.
Priglasitev se izvede najmanj 30 koledarskih dni pred tem, ko namerava fizična ali pravna oseba prvič uporabiti izjemo.
The exemption referred to in paragraph 3 shall apply only where the authorised primary dealer has notified the relevant competent authority in relation to the sovereign debt concerned in writing that it intends to make use of the exemption.
Izjema iz odstavka 3 se uporablja samo, kadar pooblaščeni primarni trgovec pisno priglasi ustreznemu pristojnemu organu, da namerava v zvezi z zadevnim državnim vrednostnim papirjem uporabiti izjemo.
The notification shall be made not less than 30 calendar days before the natural or legal person acting as authorised primary dealer first intends to use the exemption.
Priglasitev se izvede najmanj 30 koledarskih dni pred tem, ko namerava fizična ali pravna oseba, ki deluje kot pooblaščeni primarni trgovec, prvič uporabiti izjemo.
The competent authority referred to in paragraphs 5 and 6 may prohibit the use of the exemption if it considers that the natural or legal person does not satisfy the conditions of the exemption.
Pristojni organ iz odstavkov 5 in 6 lahko prepove uporabo izjeme, če meni, da fizična ali pravna oseba ne izpolnjuje pogojev za izjemo.
Any prohibition shall be imposed within the 30 calendar day period referred to in paragraph 5 or 6 or subsequently if the competent authority becomes aware that there have been changes in the circumstances of the natural or legal person so that it no longer satisfies the conditions of the exemption.
Vsaka prepoved se določi v roku 30 koledarskih dni iz odstavka 5 ali 6 ali po tem, če pristojni organ ugotovi, da so se razmere fizične ali pravne osebe spremenile in zato pogoji za izjemo niso več izpolnjeni.
A third-country entity that is not authorised in the Union shall send the notification referred to in paragraphs 5 and 6 to the competent authority of the main trading venue in the Union in which it trades.
Subjekt iz tretje države, ki nima dovoljenja v Uniji, pošlje priglasitev iz odstavkov 5 in 6 pristojnemu organu glavnega mesta trgovanja v Uniji, na katerem trguje.
A natural or legal person who has given a notification under paragraph 5 shall as soon as possible notify in writing the competent authority of its home Member State where there are any changes affecting that person’s eligibility to use the exemption, or if it no longer wishes to use the exemption.
Fizična ali pravna oseba, ki izvede priglasitev v skladu z odstavkom 5, pristojnemu organu svoje matične države članice čim prej pisno priglasi spremembe, ki vplivajo na njeno upravičenost, da uporablja izjemo, ali sporoči, da je ne želi več uporabljati.
A natural or legal person who has given a notification under paragraph 6 shall as soon as possible notify in writing the relevant competent authority in relation to sovereign debt concerned where there are any changes affecting that person’s eligibility to use the exemption, or if it no longer wishes to use the exemption.
Fizična ali pravna oseba, ki izvede priglasitev v skladu z odstavkom 6, ustreznemu pristojnemu organu v zvezi z državnim vrednostnim papirjem čim prej pisno priglasi spremembe, ki vplivajo na njeno upravičenost, da uporablja izjemo, ali sporoči, da je ne želi več uporabljati.
The competent authority of the home Member State may request information, in writing, from a natural or legal person operating under the exemptions set out in paragraph 1, 3 or 4 about short positions held or activities conducted under the exemption.
Pristojni organ matične države članice lahko od fizične ali pravne osebe, ki uporablja izjeme iz odstavka 1, 3 ali 4, pisno zahteva informacije o njenih kratkih pozicijah ali dejavnostih, ki se izvajajo v okviru izjeme.
The natural or legal person shall provide the information not later than 4 calendar days after the request is made.
Fizična ali pravna oseba predloži informacije najpozneje štiri koledarske dni po tem, ko je bila podana zahteva.
A competent authority shall notify ESMA within 2 weeks of notification in accordance with paragraph 5 or 9 of any market makers and in accordance with paragraph 6 or 10 of any authorised primary dealers who are making use of the exemption and of any market makers and authorised primary dealers who are no longer making use of the exemption.
Pristojni organ v dveh tednih od priglasitve v skladu z odstavkom 5 ali 9 ESMA priglasi vzdrževalce trga, v skladu z odstavkom 6 ali 10 pa pooblaščene primarne trgovce, ki uporabljajo izjemo, ter vzdrževalce trga in pooblaščene primarne trgovce, ki izjeme ne uporabljajo več.
ESMA shall publish and keep up to date on its website a list of market makers and authorised primary dealers who are using the exemption.
ESMA na svoji spletni strani objavi in redno posodablja seznam vzdrževalcev trga in pooblaščenih primarnih trgovcev, ki uporabljajo izjemo.
A notification under this Article may be made by a person to a competent authority and by a competent authority to ESMA at any time within 60 calendar days before 1 November 2012.
Oseba lahko izvede priglasitev na podlagi tega člena pristojnemu organu ali pristojni organ to stori pri ESMA kadar koli v 60 koledarskih dneh pred 1. novembrom 2012.
POWERS OF INTERVENTION OF COMPETENT AUTHORITIES AND OF ESMA
POOBLASTILA PRISTOJNIH ORGANOV IN ESMA ZA POSREDOVANJE
Notification and disclosure in exceptional circumstances
Priglasitev in razkritje v izjemnih razmerah
Subject to Article 22, a competent authority may require natural or legal persons who have net short positions in relation to a specific financial instrument or class of financial instruments to notify it or to disclose to the public details of the position where the position reaches or falls below a notification threshold fixed by the competent authority and where:
Pristojni organ lahko skladno s členom 22 od fizičnih ali pravnih oseb, ki imajo neto kratke pozicije v določenem finančnem instrumentu ali kategoriji finančnih instrumentov, zahteva, da priglasijo ali javnosti razkrijejo podrobnosti o poziciji vsakič, ko doseže ali pade pod zadevni prag za priglasitev, ki ga je določil pristojni organ in kadar:
there are adverse events or developments which constitute a serious threat to financial stability or to market confidence in the Member State concerned or in one or more other Member States; and
obstajajo neugodni dogodki ali neugoden razvoj, ki resno ogrožajo finančno stabilnost ali tržno zaupanje v zadevni državi članici ali v eni ali več drugih državah članicah; in
the measure is necessary to address the threat and will not have a detrimental effect on the efficiency of financial markets which is disproportionate to its benefits.
je ukrep nujen za obravnavanje grožnje in ne bo imel negativnih učinkov na učinkovitost finančnih trgov, ki bi bili nesorazmerni z njegovimi koristmi.