natgillin/translations-raw huggingface dataset:
the handling of access requests in Articles 49, 52 and 53 to identify the reasons for rejection of access requests by CSDs, CCPs and trading venues any trends in such rejections and ways in which the risks identified could be mitigated in future so as to allow for access to be granted, and any other substantive barriers to competition in post-trade financial services;
uporaba pravil iz člena 38 o zaščiti vrednostnih papirjev udeležencev in njihovih strank, zlasti pravil iz člena 38(5);
the handling of applications submitted in accordance with the procedures referred to in Article 23(3) to (7) and Article 25(4) to (10);
uporaba kazni, zlasti potreba po dodatni harmonizaciji upravnih kazni, določenih za kršitev zahtev iz te uredbe.
where applicable, the findings of the peer review process for cross-border supervision in Article 24(6) and whether the frequency of such reviews could be reduced in the future, including an indication of whether such findings indicate the need for more formal colleges of supervisors;
Poročila iz odstavka 1, ki pokrivajo koledarsko leto, se Komisiji pošljejo do 30. aprila naslednjega koledarskega leta.
the application of civil liability rules of Member States relating to the losses attributable to CSDs;
Člen 75
the procedures and conditions under which CSDs have been authorised to designate credit institutions or themselves to provide banking-type ancillary services in accordance with Articles 54 and 55, including an assessment of the effects that such provision may have on financial stability and competition for settlement and banking-types ancillary services in the Union;
Pregled
the application of the rules referred to in Article 38 on protection of securities of participants and those of their clients, in particular those in Article 38(5);
Komisija do 18. septembra 2019 pregleda to uredbo in pripravi splošno poročilo o njej.
the application of the sanctions and in particular the need to further harmonise the administrative sanctions for the infringement of the requirements laid down in this Regulation.
V tem poročilu se zlasti ocenijo zadeve iz točk (a) do (k) člena 74(1), to, ali obstajajo druge konkretne ovire za konkurenco na področju storitev, zajetih v tej uredbi, ki niso zadostno obravnavane, ter ali so morebiti potrebni dodatni ukrepi, s katerimi bi omejili učinek, ki ga utegne imeti propad CDD na davkoplačevalce.
The reports referred to in paragraph 1 covering a calendar year shall be communicated to the Commission by 30 April of the following calendar year.
Komisija poročilo predloži Evropskemu parlamentu in Svetu, skupaj z morebitnimi ustreznimi predlogi.
Article 75
Člen 76
Review
Začetek veljavnosti in uporaba
By 18 September 2019, the Commission shall review and prepare a general report on this Regulation.
Ta uredba začne veljati dvajseti dan po objavi v Uradnem listu Evropske unije.
That report shall, in particular, assess the matters referred to in points (a) to (k) of Article 74(1), whether there are other substantive barriers to competition in relation to the services subject to this Regulation which are insufficiently addressed and the potential need for further measures to limit the impact on taxpayers of the failure of CSDs.
Člen 3(1) se uporablja od 1. januarja 2023 za prenosljive vrednostne papirje, izdane po tem datumu, od 1. januarja 2025 pa za vse prenosljive vrednostne papirje.
The Commission shall submit the report to the European Parliament and to the Council, together with any appropriate proposals.
Člen 5(2) se uporablja od 1. januarja 2015.
Article 76
Z odstopanjem od prvega pododstavka tega odstavka se za trgovalno mesto, ki ima dostop do CDD iz člena 30(5), člen 5(2) uporablja vsaj šest mesecev, preden takšna CDD odda svoje dejavnosti v zunanje izvajanje zadevni osebi javnega prava, in v vsakem primeru od 1. januarja 2016.
Entry into force and application
Ukrepi discipline pri poravnavi iz člena 6(1) do (4) se uporabljajo od datuma začetka veljavnosti delegiranega akta, ki ga sprejme Komisija na podlagi člena 6(5).
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
Ukrepi discipline pri poravnavi iz člena 7(1) do (13) ter sprememba iz člena 72 se uporabljajo od datuma začetka veljavnosti delegiranega akta, ki ga sprejme Komisija na podlagi člena 7(15).
Article 3(1) shall apply from 1 January 2023 to transferable securities issued after that date and from 1 January 2025 to all transferable securities.
Za MTF, ki je skladen z merili iz člena 33(3) Direktive 2014/65/EU, se uporablja drugi pododstavek člena 7(3) te uredbe:
Article 5(2) shall apply from 1 January 2015.
do končne določitve njegove uporabe za registracijo v skladu s členom 33 Direktive 2014/65/EU ali
By way of derogation from the first subparagraph of this paragraph, in the case of a trading venue that has access to a CSD referred to in Article 30(5), Article 5(2) shall apply at least six months before such a CSD outsources its activities to the relevant public entity, and in any event from 1 January 2016.
do 13. junija 2017, kadar MTF ni vložil vloge za registracijo v skladu s členom 33 Direktive 2014/65/EU.
The settlement discipline measures referred to in Article 6(1) to (4) shall apply from the date of entry into force of the delegated act adopted by the Commission pursuant to Article 6(5).
Ukrepi poročanja iz člena 9(1) se uporabljajo od datuma začetka veljavnosti izvedbenega akta, ki ga sprejme Komisija na podlagi člena 9(3).
The settlement discipline measures referred to in Article 7(1) to (13) and the amendment laid down in Article 72 shall apply from the date of entry into force of the delegated act adopted by the Commission pursuant to Article 7(15).
V tej uredbi se sklicevanja na Direktivo 2014/65/EU in Uredbo (EU) št. 600/2014 pred 3. januarjem 2017 berejo kot sklicevanja na Direktivo 2004/39/ES, v skladu s korelacijsko tabelo iz Priloge IV k Direktivi 2014/65/EU, v kolikor ta korelacijska tabela vsebuje določbe, ki se sklicujejo na Direktivo 2004/39/ES.
An MTF that complies with the criteria laid down in Article 33(3) of Directive 2014/65/EU shall be subject to the second subparagraph of Article 7(3) of this Regulation:
Ta uredba je v celoti zavezujoča in se neposredno uporablja v vseh državah članicah.
until the final determination of its application for registration under Article 33 of Directive 2014/65/EU; or
V Bruslju, 23. julija 2014
where an MTF has not applied for registration under Article 33 of Directive 2014/65/EU, until 13 June 2017.
Za Evropski parlament
The reporting measures referred to in Article 9(1) shall apply from the date of entry into force of the implementing act adopted by the Commission pursuant to Article 9(3).
Predsednik
References in this Regulation to Directive 2014/65/EU and Regulation (EU) No 600/2014 shall, before 3 January 2017, be read as references to Directive 2004/39/EC in accordance with the correlation table set out in Annex IV to Directive 2014/65/EU in so far as that correlation table contains provisions referring to Directive 2004/39/EC.
Za Svet
This Regulation shall be binding in its entirety and directly applicable in all Member States.
UL C 310, 13.10.2012, str.
Done at Brussels, 23 July 2014.
12.
For the European Parliament
UL C 299, 4.10.2012, str.
The President
76.
For the Council
Stališče Evropskega parlamenta z dne 15. aprila 2014 (še ni objavljeno v Uradnem listu) in odločitev Sveta z dne 23. julija 2014.
OJ C 310, 13.10.2012, p.
Direktiva 98/26/ES Evropskega parlamenta in Sveta z dne 19. maja 1998 o dokončnosti poravnave pri plačilih in sistemih poravnave vrednostnih papirjev (UL L 166, 11.6.1998, str.
12.
45).
OJ C 299, 4.10.2012, p.
Uredba (EU) št. 1095/2010 Evropskega parlamenta in Sveta z dne 24. novembra 2010 o ustanovitvi Evropskega nadzornega organa (Evropski organ za vrednostne papirje in trge) in o spremembi Sklepa št. 716/2009/ES ter razveljavitvi Sklepa Komisije 2009/77/ES (UL L 331, 15.12.2010, str.
Position of the European Parliament of 15 April 2014 (not yet published in the Official Journal) and decision of the Council of 23 July 2014.
Direktiva 2003/87/ES Evropskega parlamenta in Sveta z dne 13. oktobra 2003 o vzpostavitvi sistema za trgovanje s pravicami do emisije toplogrednih plinov v Skupnosti in o spremembi Direktive Sveta 96/61/ES (UL L 275, 25.10.2003, str.
Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p.
32).
45).
Direktiva 2014/65/EU Evropskega parlamenta in Sveta z dne 15. maja 2014 o trgih finančnih instrumentov ter spremembi Direktive 2002/92/ES in Direktive 2011/61/EU (UL L 173, 12.6.2014, str.
Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p.
349).
84).
Uredba (EU) št. 600/2014 Evropskega parlamenta in Sveta z dne 15. maja 2014 o trgih finančnih instrumentov in spremembi Uredbe (EU) št. 648/2012 (UL L 173, 12.6.2014, str.
Directive 2003/87/EC of the European Parliament and of the Council of 13 October 2003 establishing a scheme for greenhouse gas emission allowance trading within the Community and amending Council Directive 96/61/EC (OJ L 275, 25.10.2003, p.
84).
32).
Direktiva 2002/47/ES Evropskega parlamenta in Sveta z dne 6. junija 2002 o dogovorih o finančnem zavarovanju (UL L 168, 27.6.2002, str.
349).
Uredba (EU) št. 648/2012 Evropskega parlamenta in Sveta z dne 4. julija 2012 o izvedenih finančnih instrumentih OTC, centralnih nasprotnih strankah in repozitorijih sklenjenih poslov (UL L 201, 27.7.2012, str.
Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (OJ L 173, 12.6.2014, p.
1).
84).
Direktiva 2014/59/EU Evropskega parlamenta in Sveta z dne 15. maja 2014 o vzpostavitvi okvira za sanacijo ter reševanje kreditnih institucij in investicijskih podjetij ter o spremembi Direktive Sveta 82/891/EGS ter direktiv 2001/24/ES, 2002/47/ES, 2004/25/ES, 2005/56/ES, 2007/36/ES, 2011/35/EU, 2012/30/EU in 2013/36/EU in uredb (EU) št. 1093/2010 ter (EU) št. 648/2012 Evropskega parlamenta in Sveta (UL L 173, 12.6.2014, str.
Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements (OJ L 168, 27.6.2002, p.
190).
43).
Direktiva 2013/34/EU Evropskega parlamenta in Sveta z dne 26. junija 2013 o letnih računovodskih izkazih, konsolidiranih računovodskih izkazih in povezanih poročilih nekaterih vrst podjetij, spremembi Direktive 2006/43/ES Evropskega parlamenta in Sveta ter razveljavitvi direktiv Sveta 78/660/EGS in 83/349/EGS (UL L 182, 29.6.2013, str.
Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (OJ L 201, 27.7.2012, p.
19).
1).
ZOdl.
Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p.
2004, str.
190).
I-4829.
Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p.
Direktiva 2013/36/EU Evropskega parlamenta in Sveta z dne 26. junija 2013 o dostopu do dejavnosti kreditnih institucij in bonitetnem nadzoru kreditnih institucij in investicijskih podjetij, spremembi Direktive 2002/87/ES in razveljavitvi direktiv 2006/48/ES in 2006/49/ES (UL L 176, 27.6.2013, str.
ECR I-4829.
Uredba (EU) št. 575/2013 Evropskega parlamenta in Sveta z dne 26. junija 2013 o bonitetnih zahtevah za kreditne institucije in investicijska podjetja ter o spremembi Uredbe (EU) št. 648/2012 (UL L 176, 27.6.2013, str.
Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p.
1).
338).
Uredba (EU) št. 1093/2010 Evropskega parlamenta in Sveta z dne 24. novembra 2010 o ustanovitvi Evropskega nadzornega organa (Evropski bančni organ) in o spremembi Sklepa št. 716/2009/ES ter razveljavitvi Sklepa Komisije 2009/78/ES (UL L 331, 15.12.2010, str.
Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p.
12).
1).
Uredba Sveta (EU) št. 1024/2013 z dne 15. oktobra 2013 o prenosu posebnih nalog, ki se nanašajo na politike bonitetnega nadzora kreditnih institucij, na Evropsko centralno banko (UL L 287, 29.10.2013, str.
Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331, 15.12.2010, p.
63).
12).
Direktiva 95/46/ES Evropskega parlamenta in Sveta z dne 24. oktobra 1995 o varstvu posameznikov pri obdelavi osebnih podatkov in o prostem pretoku takih podatkov (UL L 281, 23.11.1995, str.
Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p.
31).
63).
Uredba (ES) št. 45/2001 Evropskega parlamenta in Sveta z dne 18. decembra 2000 o varstvu posameznikov pri obdelavi osebnih podatkov v institucijah in organih Skupnosti in o prostem pretoku takih podatkov (UL L 8, 12.1.2001, str.
31).
Uredba (EU) št. 182/2011 Evropskega parlamenta in Sveta z dne 16. februarja 2011 o določitvi splošnih pravil in načel, na podlagi katerih države članice nadzirajo izvajanje izvedbenih pooblastil Komisije (UL L 55, 28.2.2011, str.
Regulation (EC) No 45/2001 of the European Parliament and of the Council of 18 December 2000 on the protection of individuals with regard to the processing of personal data by the Community institutions and bodies and on the free movement of such data (OJ L 8, 12.1.2001, p.
13).
1).
Direktiva 2010/78/EU Evropskega parlamenta in Sveta z dne 24. novembra 2010 o spremembi direktiv 98/26/ES, 2002/87/ES, 2003/6/ES, 2003/41/ES, 2003/71/ES, 2004/39/ES, 2004/109/ES, 2005/60/ES, 2006/48/ES, 2006/49/ES in 2009/65/ES glede pristojnosti Evropskega nadzornega organa (Evropski bančni organ), Evropskega nadzornega organa (Evropski organ za zavarovanja in poklicne pokojnine) ter Evropskega nadzornega organa (Evropski organ za vrednostne papirje in trge) (UL L 331, 15.12.2010, str.
Regulation (EU) No 182/2011 of the European Parliament and of the Council of 16 February 2011 laying down the rules and general principles concerning mechanisms for control by the Member States of the Commission’s exercise of implementing powers (OJ L 55, 28.2.2011, p.
120).
13).
Uredba (EU) št. 236/2012 Evropskega parlamenta in Sveta z dne 14. marca 2012 o prodaji na kratko in določenih vidikih poslov kreditnih zamenjav (UL L 86, 24.3.2012, str.
Directive 2010/78/EU of the European Parliament and of the Council of 24 November 2010 amending Directives 98/26/EC, 2002/87/EC, 2003/6/EC, 2003/41/EC, 2003/71/EC, 2004/39/EC, 2004/109/EC, 2005/60/EC, 2006/48/EC, 2006/49/EC and 2009/65/EC in respect of the powers of the European Supervisory Authority (European Banking Authority), the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority) (OJ L 331, 15.12.2010, p.
1).
120).
Direktiva 2003/71/ES Evropskega parlamenta in Sveta z dne 4. novembra 2003 o prospektu, ki se objavi ob javni ponudbi ali sprejemu vrednostnih papirjev v trgovanje in o spremembi Direktive 2001/34/ES (UL L 345, 31.12.2003, str.
Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps (OJ L 86, 24.3.2012, p.
64).
1).
Uredba (EU) št. 1092/2010 Evropskega parlamenta in Sveta z dne 24. novembra 2010 o makrobonitetnem nadzoru nad finančnim sistemom Evropske unije in ustanovitvi Evropskega odbora za sistemska tveganja (UL L 331, 15.12.2010, str.
Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC (OJ L 345, 31.12.2003, p.
1).
64).
Direktiva 2005/60/ES Evropskega parlamenta in Sveta z dne 26. oktobra 2005 o preprečevanju uporabe finančnega sistema za pranje denarja in financiranje terorizma (UL L 309, 25.11.2005, str.
Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board (OJ L 331, 15.12.2010, p.
15).
1).
Direktiva Komisije 2006/70/ES z dne 1. avgusta 2006 o določitvi izvedbenih ukrepov za Direktivo 2005/60/ES Evropskega parlamenta in Sveta glede opredelitve „politično izpostavljene osebe“ in tehničnih meril za postopke poenostavljene dolžnosti skrbnosti pri ugotavljanju identitete stranke ter izjeme na podlagi finančne dejavnosti, ki poteka zgolj občasno ali v omejenem obsegu ( UL L 214, 4.8.2006, str.
Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (OJ L 309, 25.11.2005, p.
29).
15).
Sklep Komisije 2001/528/ES z dne 6. junija 2001 o ustanovitvi Evropskega odbora za vrednostne papirje (UL L 191, 13.7.2001, str.
Commission Directive 2006/70/EC of 1 August 2006 laying down implementing measures for Directive 2005/60/EC of the European Parliament and of the Council as regards the definition of politically exposed person and the technical criteria for simplified customer due diligence procedures and for exemption on grounds of a financial activity conducted on an occasional or very limited basis (OJ L 214, 4.8.2006, p.
45).
29).
Uredba (EU) št. 909/2014 Evropskega parlamenta in Sveta z dne 23. julija 2014 o izboljšanju ureditve poravnav vrednostnih papirjev v Evropski uniji in o centralnih depotnih družbah ter o spremembi direktiv 98/26/ES in 2014/65/EU in Uredbe (EU) št. 236/2012 (UL L 257, 28.8.2014, str.
Commission Decision 2001/528/EC of 6 June 2001 establishing the European Securities Committee (OJ L 191, 13.7.2001, p.
1).“;
45).
PRILOGA
Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p.
SEZNAM STORITEV
1).’;
ODDELEK A
ANNEX
Osnovne storitve centralnih depotnih družb
LIST OF SERVICES
Začetno evidentiranje vrednostnih papirjev v sistemu v nematerializirani obliki („notarska storitev“);
SECTION A
zagotavljanje in vodenje računov vrednostnih papirjev na najvišji stopnji („storitev centralnega vodenja računov“);
Core services of central securities depositories
vodenje sistema poravnave vrednostnih papirjev („storitev poravnave“).
Initial recording of securities in a book-entry system (‘notary service’);
ODDELEK B
Providing and maintaining securities accounts at the top tier level (‘central maintenance service’);
Pomožne nebančne storitve CDD, ki ne pomenijo kreditnega ali likvidnostnega tveganja
Operating a securities settlement system (‘settlement service’).
Storitve, ki jih opravljajo CDD in ki prispevajo h krepitvi varnosti, učinkovitosti in preglednosti trgov vrednostnih papirjev; te storitve lahko vključujejo, vendar niso omejene na:
SECTION B
storitve v zvezi s storitvijo poravnave, kot so:
The receiving party shall deny access only where such access would affect the smooth and orderly functioning of the financial markets or cause systemic risk.
tveganji, ki jih morajo upoštevati CDD, ko izvajajo celovito oceno tveganja, in pristojnimi organi, ki ocenjujejo razloge za zavrnitev zahtev za dostop;
It shall not deny a request on the grounds of loss of market share.
zmanjševanjem operativnih in naložbenih tveganj ter tveganj, ki izhajajo iz povezav med CDD;
The definitions used in this Regulation are intended to embrace all existing structures without advocating any particular structure.
podrobnostmi o kapitalskih zahtevah za CDD;
They are purely functional for the purpose of setting out rules aiming to achieve a particular outcome irrespective of the national company law applicable to an institution in each Member State.
podrobnostmi o vlogi za dovoljenje za opravljanje pomožnih bančnih storitev;
‘indirect link’ means an arrangement between a CSD and a third party other than a CSD, that is a participant in the securities settlement system of another CSD.
presežkom kapitala in bonitetnimi zahtevami za kreditna in likvidnostna tveganja za CDD in imenovane kreditne institucije, ki imajo dovoljenje za opravljanje pomožnih bančnih storitev.
Such link is set up by a CSD in order to facilitate the transfer of securities to its participants from the participants of another CSD;
Na Komisijo bi bilo treba prenesti tudi pooblastilo za sprejemanje izvedbenih tehničnih standardov z izvedbenimi akti na podlagi člena 291 PDEU in v skladu s členom 15 Uredbe (EU) št. 1095/2010 v zvezi s standardnimi obrazci in predlogami za poročanje o internalizirani poravnavi;
Those reports shall be made public by CSDs in an aggregated and anonymised form on an annual basis.
za izmenjavo informacij med različnimi pristojnimi organi za namene nadzora CDD;
the service provider cooperates with the competent authority and the relevant authorities in connection with the outsourced activities; (i) the CSD ensures that the service provider meets the standards set down by the relevant data protection law which would apply if the service providers were established in the Union.
za ustrezne dogovore o sodelovanju med organi matične države članice in države članice gostiteljice;
it shall provide credit only to participants that have cash accounts with it; (i) it shall provide for effective reimbursement procedures of intra-day credit and discourage overnight credit through the application of sanctioning rates which act as an effective deterrent.
za postopke v primerih, kadar je udeležencu ali izdajatelju zavrnjen dostop do CDD in ko je CDD zavrnjen medsebojni dostop ali dostop med CDD in drugimi tržnimi infrastrukturami;
it shall have prearranged and highly reliable arrangements to ensure that it can liquidate in a timely fashion the collateral provided to it by a defaulting client; (j) it shall report regularly to the authorities referred to in Article 60(1), and disclose to the public, as to how it measures, monitors and manages its liquidity risks, including intra-day liquidity risks.
in za posvetovanja različnih organov pred izdajo dovoljenja posredniku za poravnavo.