natgillin/translations-raw huggingface dataset:
In order to ensure the safety of settlement, any participant in a securities settlement system buying or selling certain financial instruments, namely transferable securities, money-market instruments, units in collective investment undertakings and emission allowances, should settle its obligation on the intended settlement date.
Da se zagotovi varnost poravnave, bi moral vsak udeleženec v sistemu poravnave vrednostnih papirjev, ki kupuje ali prodaja določene finančne instrumente, in sicer prenosljive vrednostne papirje, instrumente denarnega trga, enote v kolektivnih naložbenih podjemih in pravice do emisije, svojo obveznost poravnati na načrtovani datum poravnave.
Longer settlement periods for transactions in transferable securities cause uncertainty and increased risk for securities settlement systems participants.
Daljša obdobja poravnave poslov s prenosljivimi vrednostnimi papirji povzročajo negotovost in povečano tveganje za udeležence v sistemih poravnave vrednostnih papirjev.
Different durations of settlement periods across Member States hamper reconciliation and are sources of errors for issuers, investors and intermediaries.
Različno dolga obdobja poravnave v posameznih državah članicah ovirajo uskladitev stanj ter so viri napak za izdajatelje, vlagatelje in posrednike.
It is therefore necessary to provide a common settlement period which would facilitate the identification of the intended settlement date and facilitate the implementation of settlement discipline measures.
Zato je treba predpisati skupno obdobje poravnave, ki bo olajšalo določitev načrtovanega datuma poravnave in izvajanje ukrepov za disciplino pri poravnavi.
The intended settlement date of transactions in transferable securities which are executed on trading venues regulated by Directive 2014/65/EU and Regulation (EU) No 600/2014 should be no later than on the second business day after the trading takes place.
Načrtovani datum poravnav poslov s prenosljivimi vrednostnimi papirji, ki so izvedene na mestih trgovanja, ki jih urejata Direktiva 2014/65/EU in Uredba (EU) št. 600/2014, bi moral biti najpozneje drugi delovni dan po izvedenem poslu.
For complex operations composed of several transactions such as securities repurchase or lending agreements, that requirement should apply to the first transaction involving a transfer of securities.
Pri zapletenih poslih, sestavljenih iz več poslov, kot je začasna prodaja vrednostnih papirjev ali posojilne pogodbe bi se ta zahteva morala uporabljati za prvi posel, ki zajema prenos vrednostnih papirjev.
Given their non-standardised character, that requirement should not apply to transactions that are negotiated privately by the relevant parties, but executed on the trading venues regulated by Directive 2014/65/EU and Regulation (EU) No 600/2014 or to transactions that are executed bilaterally, but reported to a trading venue regulated by Directive 2014/65/EU and Regulation (EU) No 600/2014.
Ta zahteva se ne bi smela uporabljati za posle nestandardiziranega značaja, o katerih se sicer zasebno izpogajajo zadevne strani, a se izvedejo na mestih trgovanja, ki jih urejata Direktiva 2014/65/EU in Uredba EU št. 600/2014, ali za posle, ki so sicer izvedeni dvostransko, a se o njih poroča na mestu trgovanja, ki ga urejata Direktiva 2014/65/EU in Uredba EU št. 600/2014.
Moreover, that requirement should not apply to the first transaction where the transferable securities concerned are subject to initial recording in book-entry form.
Poleg tega se ta zahteva ne bi smela uporabljati za prvi posel, pri katerem so zadevni prenosljivi vrednostni papirji predmet začetnega evidentiranja v nematerializirani obliki.
CSDs and other market infrastructures should take measures to prevent and address settlement fails.
CDD in druge tržne infrastrukture bi morale sprejeti ukrepe za preprečevanje in obravnavanje neuspešnih poravnav.
It is essential that such rules be uniformly and directly applied in the Union.
Zelo je pomembno, da se takšna pravila enotno in neposredno uporabljajo v Uniji.
In particular, CSDs and other market infrastructures should be required to put in place procedures enabling them to take appropriate measures to suspend any participant that systematically causes settlement fails and to disclose its identity to the public, provided that that participant has the opportunity to submit observations before such a decision is taken.
Zlasti bi morale CDD in druge tržne infrastrukture vzpostaviti postopke, ki bi jim omogočali sprejetje ustreznih ukrepov za začasno izključitev katerega koli udeleženca, ki sistematično povzroča neuspešne poravnave, in za razkritje njegove identitete javnosti, pod pogojem, da je imel ta udeleženec pred sprejetjem takšne odločitve možnost predložiti pripombe.
One of the most efficient ways to address settlement fails is to require failing participants to be subject to a compulsory enforcement of the original agreement.
Eden od najučinkovitejših načinov za obravnavanje neuspešnih poravnav je, da se od udeležencev, ki ne izpolnjujejo obveznosti, zahteva, da so predmet prisilne izvršitve prvotne pogodbe.
This Regulation should provide for uniform rules concerning penalties and certain aspects of the buy-in transaction for all transferable securities, money-market instruments, units in collective investment undertakings and emission allowances, such as timing and pricing.
Ta uredba bi morala zagotoviti enotna pravila v zvezi s kaznimi in nekaterimi vidiki poslov kritnega nakupa za vse prenosljive vrednostne papirje, instrumente denarnega trga, enote v kolektivnih naložbenih podjemih in pravice do emisije, kot sta časovna razporeditev in določanje cen.
Those rules should be adapted to the specificities of different securities markets, certain trading venues such as SME growth markets as defined in Directive 2014/65/EU and certain complex operations such as very short-term securities repurchase or lending agreements, in order to avoid adversely impacting on the liquidity and efficiency of securities markets.
Ta pravila bi morali prilagoditi posebnostim različnih trgov vrednostnih papirjev, nekaterih mest trgovanja, npr. zagonskih trgov MSP, kot so opredeljeni v Direktivi 2014/65/EU, in nekaterih zapletenih poslov, kot so zelo kratkoročni posli začasne prodaje vrednostnih papirjev ali posojilne pogodbe, da bi preprečili škodljiv vpliv na likvidnost in učinkovitost trgov z vrednostnimi papirji.
The rules on settlement discipline should be applied in a manner that provides an incentive for the settlement of transactions in all relevant financial instruments by their intended settlement date.
Pravila o disciplini pri poravnavi bi morali uporabljati tako, da bi spodbujali poravnavo poslov z vsemi zadevnimi finančnimi instrumenti do načrtovanega datuma poravnave.
The procedures and penalties relating to settlement fails should be commensurate with the scale and seriousness of such fails whilst being scaled in such a way that maintains and protects the liquidity of the relevant financial instruments.
Postopki in kazni, povezani z neuspešnimi poravnavami, bi morali biti sorazmerni z obsegom in resnostjo teh neuspešnih poravnav, razvrščeni pa tako, da bi ohranili in zaščitili likvidnost zadevnih finančnih instrumentov.
In particular, market-making activities play a crucial role in providing liquidity to markets within the Union, particularly to less liquid securities.
Zlasti dejavnosti vzdrževanja trga imajo ključno vlogo pri zagotavljanju likvidnosti trgom v Uniji, predvsem za manj likvidne vrednostne papirje.
Measures to prevent and address settlement fails should be balanced against the need to maintain and protect liquidity in those securities.
Ukrepe za preprečevanje in obravnavanje neuspešnih poravnav bi bilo treba uravnotežiti s potrebo po ohranjanju in zaščiti likvidnosti teh vrednostnih papirjev.
Cash penalties imposed on failing participants should, where possible, be credited to the non-failing clients as compensation and should not, in any event, become a source of revenue for the CSD concerned.
Denarne kazni, naložene udeležencem, ki ne izpolnjujejo obveznosti, bi po možnosti morali knjižiti v dobro strankam, ki obveznosti izpolnjujejo, kot odškodnino, nikakor pa ne bi smele postati vir dohodka za CDD.
CSDs should consult the market infrastructures in respect of which they provide CSD services on the implementation of settlement discipline measures laid down in this Regulation.
CDD bi se morale posvetovati s tržnimi infrastrukturami, za katere zagotavljajo storitve CDD, glede izvajanja ukrepov za doseganje discipline pri poravnavi iz te uredbe.
In most cases a buy-in process should be initiated where the financial instruments are not delivered within four business days of the intended settlement date.
V večini primerov bi bilo treba začeti postopek kritnega nakupa, kadar se finančni instrumenti ne dostavijo v štirih delovnih dneh po načrtovanem datumu poravnave.
However, for illiquid financial instruments it is appropriate that the period before initiating the buy-in process should be increased to a maximum of seven business days.
Vendar pa je za nelikvidne finančne instrumente ustrezno, da se obdobje pred začetkom postopka kritnega nakupa podaljša na največ sedem delovnih dni.
The basis for determining when financial instruments are deemed to be illiquid should be established through regulatory technical standards, taking account of the assessments already made in Regulation (EU) No 600/2014.
Podlaga za določitev, kdaj se finančni instrumenti štejejo za nelikvidne, bi morala izhajati iz regulativnih tehničnih standardov ob upoštevanju ocen, že izvedenih v Uredbi (EU) št. 600/2014.
Where such a determination is made the extension of the deadline for initiating the buy-in process should be up to seven business days.
Pri takšni določitvi bi se moral rok za začetek postopka kritnega nakupa podaljšati na največ sedem delovnih dni.
It is appropriate to allow SME growth markets the flexibility not to apply the buy-in process until up to 15 days after the trade has taken place so as to take into account the liquidity of such markets and to allow, in particular, for activity by market-makers in those less liquid markets.
Ustrezno je, da se zagonskim trgom MSP omogoči prilagodljivost, da lahko postopek kritnega nakupa začnejo tudi šele 15 dni po izvedenem poslu, da se upošteva likvidnost teh trgov in da se zlasti omogoči dejavnost vzdrževalcev trga na teh manj likvidnih trgih.
The settlement discipline measures specific to SME growth markets should apply only to transactions executed on such markets.
Ukrepi za doseganje discipline pri poravnavi, specifični za zagonske trge MSP, bi se morali uporabljati le za posle, izvedene na teh trgih.
As identified in the Commission Staff Working Paper of 7 December 2011 accompanying the Commission communication entitled, ‘An action plan to improve access to finance for SMEs’, access to capital markets should be developed as an alternative to bank lending to SMEs and it is therefore appropriate to tailor the rules to better serve the needs of those SME growth markets.
Kot je bilo ugotovljeno v delovnem dokumentu služb Komisije z dne 7. decembra 2011, ki je priložen sporočilu Komisije z naslovom „Akcijski načrt za boljši dostop do finančnih sredstev za MSP“, bi bilo treba dostop do kapitalskih trgov razviti kot alternativo bančnim posojilom za MSP, zato je primerno prilagoditi pravila, da bi bolj ustrezala potrebam zagonskih trgov MSP.
CSDs should be allowed to monitor the execution of a buy-in with respect to multiple settlement instructions on the same financial instruments and with the same date of expiry of the extension period with the aim of minimising the number of buy-ins to the extent compatible with the requirements of this Regulation.
CDD bi bilo treba omogočiti, da v zvezi z navodili za več poravnav spremljajo izvedbo kritnega nakupa, in sicer če gre za enake finančne instrumente in enak datum poteka podaljšanega obdobja, pri čemer je namen, da bi bilo število kritnih nakupov čim manjše v skladu z zahtevami te uredbe.
As the main purpose of this Regulation is to introduce a number of legal obligations imposed directly on market operators consisting, inter alia, of the recording in book-entry form in CSDs of all transferable securities once such securities are traded on trading venues regulated by Directive 2014/65/EU and Regulation (EU) No 600/2014 or provided as collateral under the conditions of Directive 2002/47/EC and in the settling of their obligations no later than on the second business day after trading takes place and as CSDs are responsible for the operation of securities settlement systems and the application of measures to provide timely settlement in the Union, it is essential to ensure that all CSDs are safe and sound and comply at all times with stringent organisational, conduct of business and prudential requirements laid down in this Regulation, including by taking all reasonable steps to mitigate fraud and negligence.
Ker je glavni namen te uredbe uvedba več pravnih obveznosti, ki se neposredno naložijo upravljavcem trga, med drugim obveznosti evidentiranja v nematerializirani obliki pri CDD za vse prenosljive vrednostne papirje, potem ko se s temi vrednostnimi papirji trguje na mestih trgovanja, ki jih ureja Direktiva 2014/65/EU in Uredba (EU) št. 600/2014, ali ko so zagotovljeni kot zavarovanja pod pogoji iz Direktive 2002/47/ES, in obveznosti, da upravljavci trga svoje obveznosti poravnajo najpozneje drugi delovni dan po izvedenem poslu, ter ker so CDD odgovorne za delovanje sistemov poravnave vrednostnih papirjev in uporabo ukrepov za zagotavljanje pravočasne poravnave v Uniji, je treba zagotoviti, da so vse CDD varne in zanesljive ter da vedno izpolnjujejo stroge organizacijske in bonitetne zahteve ter zahteve glede vodenja poslov iz te uredbe, vključno s sprejetjem vseh razumnih ukrepov za ublažitev posledic goljufij in malomarnosti.
Uniform and directly applicable rules regarding the authorisation and ongoing supervision of CSDs are therefore an essential corollary of and are interrelated with the legal obligations imposed on market participants by this Regulation.
Enotna in neposredno uporabljiva pravila v zvezi z dovoljenji za CDD in tekočim nadzorom teh družb so zato nujna posledica pravnih obveznosti, ki jih udeležencem na trgu nalaga ta uredba, in so z njimi tudi povezana.
It is, therefore, necessary to include rules regarding the authorisation and supervision of CSDs in the same act as the legal obligations imposed on market participants.
Zato je nujno, da se pravila v zvezi z dovoljenji za CDD in nadzorom teh družb vključijo v isti akt kot pravne obveznosti za udeležence na trgu.
Taking into account that CSDs should be subject to common requirements and in order to dismantle the existing barriers to cross-border settlement, any authorised CSDs should enjoy the freedom to provide services within the territory of the Union, including through setting up a branch.
Ob upoštevanju, da bi morale CDD izpolnjevati skupne zahteve, in zaradi odprave obstoječih ovir za čezmejne poravnave bi morala za vsako CDD, ki ima dovoljenje, veljati svoboda opravljanja storitev na ozemlju Unije, tudi prek ustanovitve podružnice.
In order to ensure an appropriate level of safety in the provision of services by CSDs in another Member State, such CSDs should be subject to a specific procedure laid down in this Regulation where they intend to provide certain core services as provided for in this Regulation or set up a branch in a host Member State.
Da bi bila raven varnosti pri zagotavljanju storitev s strani CDD v drugi državi članici ustrezna, bi moral za te CDD – kadar nameravajo opravljati določene osnovne storitve iz te uredbe ali ustanoviti podružnico v državi članici gostiteljici – veljati poseben, s to uredbo določen postopek.
Within a borderless Union settlement market, it is necessary to establish the competences of the different authorities involved in the application of this Regulation.
Na brezmejnem trgu poravnav v Uniji je treba opredeliti pristojnosti različnih organov, ki uporabljajo to uredbo.
Member States should specifically designate the competent authorities responsible for the application of this Regulation, which should be afforded the supervisory and investigatory powers necessary for the exercise of their functions.
Države članice bi morale izrecno imenovati pristojne organe, odgovorne za uporabo te uredbe, ki bi jim bilo treba dodeliti nadzorna in preiskovalna pooblastila, potrebna za izvajanje njihovih funkcij.
A CSD should be subject to authorisation and supervision by the competent authority of its home Member State, which is well placed and should be empowered to examine how CSDs operate on a daily basis, to carry out regular reviews and to take appropriate action when necessary.
CDD bi morala biti predmet izdaje dovoljenj in nadzora pristojnega organa njegove matične države članice, ki je primeren ter mora imeti pooblastila za preučevanje vsakodnevnega delovanja CDD, izvajanje rednih pregledov in po potrebi sprejemanje ustreznih ukrepov.
The competent authority concerned should however consult at the earliest stage and cooperate with other relevant authorities, which include the authorities responsible for the oversight of each securities settlement system operated by the CSD, the central banks that issue the most relevant settlement currencies, where applicable, the relevant central banks that act as settlement agent for each securities settlement system, and, also, where applicable, the competent authorities of other group entities.
Vendar bi se moral zadevni pristojni organ čim prej posvetovati z drugimi zadevnimi organi, med drugim organi, odgovornimi za nadzor vsakega sistema poravnave vrednostnih papirjev, ki ga upravlja CDD, centralnimi bankami, ki izdajajo najpomembnejše valute za poravnavo, po potrebi ustreznimi centralnimi bankami, ki delujejo kot posredniki za poravnavo za vsak sistem poravnave vrednostnih papirjev, in po potrebi pristojnimi organi drugih subjektov v skupini;
Such cooperation also implies exchanges of information between the authorities concerned and the immediate notification of those authorities in the case of an emergency situation affecting the liquidity and stability of the financial system in any of the Member States where the CSD or any of its participants is established.
ta organ bi moral z njimi tudi sodelovati.
Where a CSD provides its services in another Member State, the competent authority of the host Member State should be able to request from the competent authority of the home Member State all information concerning the activities of the CSD that is of relevance to the requesting authority.
Tako sodelovanje vključuje tudi izmenjavo informacij med zadevnimi organi in takojšnje obveščanje teh organov v primeru izrednih razmer, ki vplivajo na likvidnost in stabilnost finančnega sistema v kateri koli državi članici, v kateri imajo CDD ali kateri koli njeni udeleženci sedež.
In order to enable effective coordination of supervision, that information could concern in particular the services provided to CSD users established in the host Member State or the instruments or currencies processed and may include information on adverse developments, results of risk assessments and remedial measures.
Kadar CDD opravlja storitve v drugi državi članici, bi moral pristojni organ države članice gostiteljice imeti možnost, da pristojni organ matične države članice zaprosi za vse informacije v zvezi z dejavnostmi CDD, ki so pomembne za organ, ki je zaprosil za informacije.
The competent authority of the home Member State should also have access to any information periodically reported by the CSD to the competent authority of the host Member State.
Da se omogoči učinkovito usklajevanje nadzora, se lahko te informacije nanašajo zlasti na storitve, ki se opravljajo za uporabnike CDD s sedežem v matični državi članici, instrumente ali valute, s katerimi se posluje, ter lahko vključujejo informacije o neugodnih razmerah, rezultate ocen tveganja in popravne ukrepe.
Where a CSD provides its services in a Member State other than the Member State where it is established, including through setting up a branch, the competent authority of its home Member State is mainly responsible for the supervision of that CSD.
Pristojni organ matične države članice bi moral prav tako imeti dostop do vseh informacij, ki jih CDD redno sporoča pristojnemu organu države članice gostiteljice.
When the activities of a CSD in a host Member State have become of substantial importance for the functioning of the securities markets and the protection of the investors in that host Member State, the competent authorities and relevant authorities of the home Member State and of the host Member State should establish cooperation arrangements for the supervision of the activities of that CSD in the host Member State.
Kadar CDD opravlja storitve v državi članici, ki ni država članica, v kateri ima sedež, tudi prek ustanovitve podružnice, je za njen nadzor odgovoren predvsem pristojni organ v njeni matični državi članici.
The competent authority of the home Member State should also be able to decide that those cooperation arrangements envisage multilateral cooperation, including cooperation of a collegial nature, between the competent authority of the home Member State and the competent authorities and relevant authorities of the host Member States concerned.
Kadar postanejo dejavnosti CDD v državi članici gostiteljici zelo pomembne za delovanje trgov vrednostnih papirjev in zaščito vlagateljev v navedeni državi članici gostiteljici, bi morali pristojni organi in zadevni organi matične države članice in države članice gostiteljice skleniti dogovore o sodelovanju za nadzor dejavnosti te CDD v državi članici gostiteljici.
Such cooperation arrangements, however, should not be considered to be colleges of supervisors as referred to in Regulation (EU) No 1095/2010.
Pristojni organ matične države članice bi se lahko prav tako odločil, da ti dogovori o sodelovanju predvidevajo večstransko sodelovanje, vključno s sodelovanjem kolegialne narave, med pristojnim organom matične države članice ter pristojnimi organi in zadevnimi organi države članice gostiteljice.
No Member State or group of Member States should be discriminated against directly or indirectly, as a location for CSD and settlement services.
Vendar se takšni dogovori o sodelovanju ne bi smeli šteti za kolegije nadzornikov iz Uredbe (EU) št. 1095/2010.
While performing its duties under this Regulation no authority should directly or indirectly discriminate against any undertaking from another Member State.
Nobena država članica ali skupina držav članic ne bi smela biti niti neposredno niti posredno diskriminirana kot kraj opravljanja storitev CDD in storitev poravnave.
Subject to this Regulation, a CSD from one Member State should not be restricted in or prevented from settling financial instruments in the currency of another Member State or in the currency of a third country.
Noben organ pri opravljanju dolžnosti iz te uredbe ne bi smel niti neposredno niti posredno diskriminirati podjetij iz druge države članice.
This Regulation should not prevent Member States from requiring in their national law a specific legal framework for day-to-day cooperation at national level between the competent authority of the CSD and relevant authorities.
Ob upoštevanju te uredbe CDD iz ene države članice ne bi smeli omejevati pri poravnavi finančnih instrumentov v valuti druge države članice ali v valuti tretje države niti ji tega ne bi smeli preprečevati.
Such a national legal framework should be consistent with the guidelines concerning supervisory practices and cooperation between authorities that ESMA may issue under this Regulation.
Ta uredba državam članicam ne bi smela preprečiti, da bi v nacionalnih zakonih zahtevale poseben pravni okvir za vsakodnevno sodelovanje na nacionalni ravni med organom, pristojnim za CDD, in zadevnimi organi.
Any legal person falling within the scope of the definition of a CSD needs to be authorised by the competent national authorities before starting its activities.
Tak nacionalni pravni okvir bi moral upoštevati smernice o nadzornih praksah in sodelovanju med organi, ki jih ESMA utegne izdati v okviru te uredbe.