natgillin/translations-raw huggingface dataset:
At the same time, the exemptions for monetary, exchange-rate or public debt management policy should not extend to cases where those bodies engage in transactions, orders or behaviour other than in pursuit of those policies or where persons working for those bodies engage in transactions, orders or behaviour on their own account.
Hkrati se izvzetje za monetarno politiko, politiko deviznega tečaja ali politiko upravljanja javnega dolga ne bi smelo razširiti na primere, ko so ti organi udeleženi v poslih, naročilih ali ravnanjih, s katerimi se te politike ne uresničujejo, ali kadar so osebe, ki delajo za te organe, udeležene v poslih, naročilih ali ravnanju za svoj račun.
Reasonable investors base their investment decisions on information already available to them, that is to say, on ex ante available information.
Razumni vlagatelji oblikujejo svoje naložbene odločitve na podlagi informacij, ki so jim že na voljo, to pomeni na podlagi predhodno razpoložljivih informacij.
Therefore, the question whether, in making an investment decision, a reasonable investor would be likely to take into account a particular piece of information should be appraised on the basis of the ex ante available information.
Vprašanje, ali bi razumni vlagatelj pri sprejemanju naložbene odločitve upošteval določeno informacijo, bi bilo treba zato ocenjevati na podlagi predhodno razpoložljivih informacij.
Such an assessment has to take into consideration the anticipated impact of the information in light of the totality of the related issuer’s activity, the reliability of the source of information and any other market variables likely to affect the financial instruments, the related spot commodity contracts, or the auctioned products based on the emission allowances in the given circumstances.
Pri takšni oceni je treba upoštevati pričakovan vpliv informac ije z vidika celote dejavnosti zadevnega izdajatelja, zanesljivosti vira informacije in drugih tržnih spremenljivk, ki bi lahko v določenih okoliščinah vplivale na finančne instrumente, povezane blagovne promptne pogodbe ali finančne produkte na dražbi na podlagi pravic do emisije.
Ex post information can be used to check the presumption that the ex ante information was price sensitive, but should not be used to take action against persons who drew reasonable conclusions from ex ante information available to them.
Naknadne informacije se lahko uporabijo za preverjanje domneve, da je bila predhodna informacija cenovno občutljiva, ne bi pa se smele uporabiti za ukrepanje proti osebi, ki je oblikovala razumne zaključke na podlagi predhodnih informacij, ki so ji bile na razpolago.
Where inside information concerns a process which occurs in stages, each stage of the process as well as the overall process could constitute inside information.
Kadar notranja informacija zadeva postopek, ki poteka v več fazah, je mogoče vsako od faz – tako kot celotni postopek – opredeliti kot notranjo informacijo.
An intermediate step in a protracted process may in itself constitute a set of circumstances or an event which exists or where there is a realistic prospect that they will come into existence or occur, on the basis of an overall assessment of the factors existing at the relevant time.
Vmesna faza pri podaljšanem postopku lahko zajema niz okoliščin ali dogodek, ki obstaja ali za katerega obstaja dejanska možnost, da bo nastal, upoštevajoč celovito oceno vseh dejavnikov, ki so že na voljo.
However, that notion should not be interpreted as meaning that the magnitude of the effect of that set of circumstances or that event on the prices of the financial instruments concerned must be taken into consideration.
Vendar se tega pojma ne bi smelo razlagati, kot da je treba upoštevati, v kolikšnem obsegu ta niz okoliščin ali ta dogodek vpliva na cene zadevnih finančnih instrumentov.
An intermediate step should be deemed to be inside information if it, by itself, meets the criteria laid down in this Regulation for inside information.
Za vmesno fazo bi bilo treba šteti, da je notranja informacija, če sama po sebi izpolnjuje merila za notranjo informacijo, določena v tej uredbi.
Information which relates to an event or set of circumstances which is an intermediate step in a protracted process may relate, for example, to the state of contract negotiations, terms provisionally agreed in contract negotiations, the possibility of the placement of financial instruments, conditions under which financial instruments will be marketed, provisional terms for the placement of financial instruments, or the consideration of the inclusion of a financial instrument in a major index or the deletion of a financial instrument from such an index.
Informacije, ki se nanašajo na dogodek ali niz okoliščin, ki je vmesni korak pri podaljšanem postopku, se lahko nanašajo, na primer, na stanje pogajanj o pogodbi, pogoje, začasno dogovorjene v okviru pogajanj o pogodbi, možnost plasiranja finančnih instrumentov, pogoje, pod katerimi se bodo finančni instrumenti tržili, začasne pogoje za plasiranje finančnih instrumentov ali odločitve o vključitvi finančnega instrumenta v glavni indeks ali črtanju iz njega.
Legal certainty for market participants should be enhanced through a closer definition of two of the elements essential to the definition of inside information, namely the precise nature of that information and the significance of its potential effect on the prices of the financial instruments, the related spot commodity contracts, or the auctioned products based on the emission allowances.
Pravno varnost za udeležence na trgu bi bilo treba povečati z natančnejšo opredelitvijo dveh elementov, ki sta bistvena za opredelitev notranjih informacij, in sicer natančne narave takšnih informacij in pomembnosti njihovega možnega učinka na cene finančnih instrumentov, povezanih blagovnih promptnih pogodb ali finančnih produktov na dražbi na podlagi pravic do emisije.
For derivatives which are wholesale energy products, information required to be disclosed in accordance with Regulation (EU) No 1227/2011 of the European Parliament and of the Council [5] should, in particular, be considered as inside information.
Za izvedene finančne instrumente, ki so energetski proizvodi na debelo, bi bilo treba zlasti informacije, ki jih je treba razkriti v skladu z Uredbo (EU) št. 1227/2011 Evropskega parlamenta in Sveta [5], šteti za notranje informacije.
This Regulation is not intended to prohibit discussions of a general nature regarding the business and market developments between shareholders and management concerning an issuer.
Namen te uredbe ni prepovedati splošne razprave med delničarji in vodstvom o poslovnem in tržnem razvoju, ki zadeva izdajatelja.
Such relationships are essential for the efficient functioning of markets and should not be prohibited by this Regulation.
Takšni odnosi so bistveni za učinkovito delovanje trgov in s to uredbo ne bi smeli biti prepovedani.
Spot markets and related derivative markets are highly interconnected and global, and market abuse may take place across markets as well as across borders which can lead to significant systemic risks.
Promptni trgi in z njimi povezani trgi izvedenih finančnih instrumentov so medsebojno tesno povezani in globalni, pri čemer lahko zloraba trga zajema več trgov in več držav, kar lahko povzroči precejšnja sistemska tveganja.
This is true for both insider dealing and market manipulation.
To velja za trgovanje z notranjimi informacijami in tržno manipulacijo.
In particular, inside information from a spot market can benefit a person trading on a financial market.
Zlasti lahko notranje informacije s promptnega trga koristijo osebi, ki trguje na finančnem trgu.
Inside information in relation to a derivative of a commodity should be defined as information which both meets the general definition of inside information in relation to financial markets and which is required to be made public in accordance with legal or regulatory provisions at the Union or national level, market rules, contracts or customs on the relevant commodity derivative or spot market.
Notranje informacije v zvezi z izvedenimi finančni instrumenti na blago bi morale biti opredeljene kot informacije, ki ustrezajo splošni opredelitvi notranjih informacij v zvezi s finančnimi trgi in morajo biti objavljene v skladu s pravnimi ali regulativnimi določbami na ravni Unije ali nacionalni ravni, pravili trga in pogodbami ali običaji na ustreznih trgih izvedenih finančnih instrumentov na blago ali promptnih trgih.
Notable examples of such rules include Regulation (EU) No 1227/2011 for the energy market and the Joint Organisations Database Initiative (JODI) database for oil.
Vidnejši primeri teh pravil vključujejo Uredbo (EU) št. 1227/2011 za energetski trg in podatkovno zbirko skupnih organizacij (JODI) za nafto.
Such information may serve as the basis of market participants’ decisions to enter into commodity derivatives or the related spot commodity contracts and should therefore constitute inside information required to be made public, where it is likely to have a significant effect on the prices of such derivatives or related spot commodity contracts.
Take informacije lahko služijo kot podlaga za odločanje udeležencev na trgu za sklenitev pogodbe o izvedenih finančnih instrumentih na blago ali povezane blagovne promptne pogodbe, in bi zato morale šteti za notranje informacije, ki jih je treba objaviti, kadar je verjetno, da bodo znatno vplivale na cene takih pogodb.
Moreover, manipulative strategies can also extend across spot and derivatives markets.
Poleg tega se lahko strategije manipulacije razširijo tudi na promptne trge in trge izvedenih finančnih instrumentov.
Trading in financial instruments, including commodity derivatives, can be used to manipulate related spot commodity contracts and spot commodity contracts can be used to manipulate related financial instruments.
Trgovanje s finančnimi instrumenti, vključno z izvedenimi finančnimi instrumenti na blago, se lahko uporabi za manipulacijo povezanih blagovnih promptnih pogodb, blagovne promptne pogodbe pa se lahko uporabijo za manipulacijo povezanih finančnih instrumentov.
The prohibition of market manipulation should capture these inter-linkages.
Prepoved tržne manipulacije mora zajemati te medsebojne povezave.
However, it is not appropriate or practicable to extend the scope of this Regulation to behaviour that does not involve financial instruments, for example, to trading in spot commodity contracts that only affects the spot market.
Vendar ni niti primerno niti izvedljivo, da se področje uporabe te uredbe razširi na ravnanja, ki ne vključujejo finančnih instrumentov, na primer na trgovanje z blagovnimi promptnimi pogodbami, ki vpliva samo na promptni trg.
In the specific case of wholesale energy products, the competent authorities should take into account the specific characteristics of the definitions of Regulation (EU) No 1227/2011 when they apply the definitions of inside information, insider dealing and market manipulation under this Regulation to financial instruments related to wholesale energy products.
V primeru energetskih proizvodov na debelo morajo pristojni organi upoštevati posebne značilnosti opredelitev pojmov iz Uredbe (EU) št. 1227/2011, ko uporabljajo opredelitve pojmov notranjih informacij, trgovanja z notranjimi informacijami in tržne manipulacije iz te uredbe za finančne instrumente, povezane z energetskimi proizvodi na debelo.
In the exercise of those duties, those public bodies can, inter alia, have access to price-sensitive, non-public information and, pursuant to Directive 2003/87/EC, may need to perform certain market operations in relation to emission allowances.
Zaradi obravnavanja pravic do emisije kot finančnih instrumentov v okviru pregleda Direktive 2004/39/ES Evropskega parlamenta in Sveta [7], bodo ti instrumenti prav tako vključeni v področje uporabe te uredbe.
As a consequence of the classification of emission allowances as financial instruments as part of the review of Directive 2004/39/EC of the European Parliament and of the Council [7], those instruments will also fall within the scope of this Regulation.
Da bi Komisija, države članice in drugi uradno imenovani organi ohranili zmožnost razvijati in izvajati podnebno politiko Unije, bi morale biti dejavnosti teh uradnih organov, v kolikor se izvajajo v javnem interesu in izrecno v okviru te politike ter v zvezi s pravicami do emisije, izvzete iz uporabe te uredbe.
In order to preserve the ability of the Commission, Member States and other officially designated bodies to develop and implement the Union’s climate policy, the activities of those public bodies, insofar as they are undertaken in the public interest and explicitly in pursuit of that policy and concerning emission allowances, should be exempt from the application of this Regulation.
Tako izvzetje ne bi smelo negativno vplivati na skupno tržno preglednost, saj imajo ti javni organi z zakonom določene obveznosti, da delujejo tako, da se zagotavlja pravilno, pošteno in nediskriminatorno razkritje in dostop do vseh novih odločitev, razvoja in podatkov, ki so cenovno občutljivi.
Such exemption should not have a negative impact on overall market transparency, as those public bodies have statutory obligations to operate in a way that ensures orderly, fair and non-discriminatory disclosure of, and access to, any new decisions, developments and data that have a price-sensitive nature.
Poleg tega obstajajo v Direktivi 2003/87/ES in izvedbenih ukrepih, sprejetih na njeni podlagi, zaščitni ukrepi za pošteno in nediskriminatorno razkritje nekaterih cenovno občutljivih podatkov, s katerimi razpolagajo javni organi.
Furthermore, safeguards of fair and non-discriminatory disclosure of specific price-sensitive information held by public authorities exist under Directive 2003/87/EC and the implementing measures adopted pursuant thereto.
Hkrati se izvzetje za javne organe, ki ravnajo v okviru podnebne politike Unije, ne bi smelo razširiti na primere, v katerih so ti javni organi udeleženi v ravnanju ali poslih, s katerimi se uresničuje podnebna politika Unije, ali kadar so osebe, ki delajo zanje, udeležene pri ravnanju ali v poslih za svoj račun.
At the same time, the exemption for public bodies acting in pursuit of the Union’s climate policy should not extend to cases in which those public bodies engage in conduct or in transactions which are not in the pursuit of the Union’s climate policy or when persons working for those bodies engage in conduct or in transactions on their own account.
Komisija, države članice in drugi uradno imenovani organi so v skladu s členom 43 PDEU in za izvajanje mednarodnih sporazumov, sklenjenih v skladu s PDEU, med drugim pristojni za uresničevanje skupne kmetijske in skupne ribiške politike.
Pursuant to Article 43 TFEU and to the implementation of international agreements concluded under the TFEU, the Commission, Member States and other officially designated bodies are, inter alia, responsible for pursuing the Common Agricultural Policy (CAP) and the Common Fisheries Policy (CFP).
Ti javni organi pri izvajanju teh nalog opravljajo dejavnosti in sprejemajo ukrepe na področju upravljanja kmetijskih trgov in ribištva, med katerimi so tudi javno posredovanje in uvedba ali opustitev uvoznih dajatev.
In the exercise of those duties, those public bodies undertake activities and take measures aiming to manage the agricultural markets and fisheries, including those of public intervention, imposing additional, or suspending, import duties.
Hkrati se izvzetje za javne organe, ki ravnajo v okviru skupne kmetijske in skupne ribiške politike, ne bi smelo razširiti na primere, ko so ti javni organi udeleženi v ravnanju ali poslih, s katerimi se ne uresničuje skupne kmetijske in skupne ribiške politike, ali če so osebe, ki delajo zanje, udeležene pri ravnanju ali v poslih za svoj račun.
In order to preserve the ability of the Commission, Member States and other officially designated bodies to develop and pursue the CAP and the CFP, their activities, insofar as they are undertaken in the public interest and solely in pursuance of those policies, should be exempted from the application of this Regulation.
Zato bi morala prepoved trgovanja z notranjimi informacijami veljati v primerih, ko oseba, ki ima dostop do notranjih informacij, nepošteno izkoristi z njimi pridobljeno prednost tako, da v skladu z njimi sklepa posle na trgu, in sicer tako, da neposredno ali posredno, za svoj račun ali za račun tretje osebe pridobi ali odtuji ali poskuša pridobiti ali odtujiti finančne instrumente, na katere se te informacije nanašajo, ali prekliče ali spremeni ali poskuša preklicati ali spremeniti naročilo za njihovo pridobitev ali odtujitev.
At the same time, the exemption for public bodies acting in pursuance of the CAP and the CFP should not extend to cases where those public bodies engage in conduct or in transactions which are not in pursuance of the CAP and the CFP or where persons working for those bodies engage in conduct or in transactions on their own account.
Uporaba notranjih informacij je lahko tudi trgovanje s pravicami do emisije in s tem povezanimi izvedenimi finančnimi instrumenti in licitiranje pravic do emisije ali drugih finančnih produktov na dražbi na podlagi teh pravic v skladu z Uredbo Komisije (EU) št. 1031/2010 [8].
The essential characteristic of insider dealing consists in an unfair advantage being obtained from inside information to the detriment of third parties who are unaware of such information and, consequently, the undermining of the integrity of financial markets and investor confidence.
Kadar pravna ali fizična oseba, ki ima notranje informacije, neposredno ali posredno, za svoj račun ali za račun tretje osebe pridobi ali odtuji ali poskuša pridobiti ali odtujiti finančne instrumente, na katere se te informacije nanašajo, bi bilo treba šteti, da je ta oseba te informacije uporabila.
Consequently, the prohibition against insider dealing should apply where a person who is in possession of inside information takes unfair advantage of the benefit gained from that information by entering into market transactions in accordance with that information by acquiring or disposing of, by attempting to acquire or dispose of, by cancelling or amending, or by attempting to cancel or amend, an order to acquire or dispose of, for his own account or for the account of a third party, directly or indirectly, financial instruments to which that information relates.
Ta domneva ne posega v pravico do obrambe.
Use of inside information can also consist of trading in emission allowances and derivatives thereof and of bidding in the auctions of emission allowances or other auctioned products based thereon that are held pursuant to Commission Regulation (EU) No 1031/2010 [8].
Vprašanje, ali je oseba kršila prepoved trgovanja z notranjimi informacijami ali je skušala trgovati z notranjimi informacijami, bi bilo treba preučiti z vidika namena te uredbe, ki je ščititi integriteto finančnega trga in povečati zaupanje vlagateljev, ki temelji na zagotavljanju enakopravne obravnave vlagateljev in njihove zaščite pred zlorabo notranjih informacij.
Where a legal or natural person in possession of inside information acquires or disposes of, or attempts to acquire or dispose of, for his own account or for the account of a third party, directly or indirectly, financial instruments to which that information relates, it should be implied that that person has used that information.
Za naročila, oddana preden je oseba imela notranje informacije, se ne šteje, da gre za trgovanje z notranjimi informacijami.
That presumption is without prejudice to the rights of the defence.
Vendar pa, kadar ima oseba notranjo informacijo, bi bilo treba domnevati, da se vsaka naknadna sprememba, ki to informacijo povezuje z naročili, oddanimi pred tem, ko ima tako informacijo, vključno s preklicem ali spremembo naročila ali poskusom preklica ali spremembe naročila, pomeni ravnanje z notranjimi informacijami.
The question whether a person has infringed the prohibition on insider dealing or has attempted to commit insider dealing should be analysed in the light of the purpose of this Regulation, which is to protect the integrity of the financial market and to enhance investor confidence, which is based, in turn, on the assurance that investors will be placed on an equal footing and protected from the misuse of inside information.
To domnevo se lahko ovrže, če oseba dokaže, da pri izvedbi posla ni uporabila notranjih informacij.
Orders placed before a person possesses inside information should not be deemed to be insider dealing.
Uporaba notranjih informacij je lahko pridobitev ali odtujitev finančnega instrumenta ali finančnega produkta na dražbi na podlagi pravic do emisije ali preklic ali sprememba naročila ali poskus pridobitve ali odtujitve finančnega instrumenta ali preklica ali spremembe naročila s strani osebe, ki ve ali bi morala vedeti, da so informacije notranje informacije.
However, where a person comes into possession of inside information, there should be a presumption that any subsequent change relating that information to orders placed before possession of such information, including the cancellation or amendment of an order, or an attempt to cancel or amend an order, constitutes insider dealing.
V zvezi s tem bi morali pristojni organi upoštevati, kaj običajna in razumna oseba ve ali kaj bi morala vedeti v okoliščinah.
That presumption could, however, be rebutted if the person establishes that he or she did not use the inside information when carrying out the transaction.
Zlasti bi morali to uredbo tolmačiti na način, skladen z zakoni in drugimi predpisi, sprejetimi v zvezi s ponudbami za prevzem, združitvami in drugimi posli, ki vplivajo na lastništvo ali nadzor nad družbami in ki jih urejajo nadzorni organi, imenovani s strani držav članic v skladu s členom 4 Direktive 2004/25/ES Evropskega parlamenta in Sveta [9].
Use of inside information can consist of the acquisition or disposal of a financial instrument, or an auctioned product based on emission allowances, of the cancellation or amendment of an order, or the attempt to acquire or dispose of a financial instrument or to cancel or amend an order, by a person who knows, or ought to have known, that the information constitutes inside information.
Raziskav in ocen na podlagi javno dostopnih podatkov samih po sebi ne bi smeli šteti kot notranje informacije in samo dejstvo, da se posel izvrši na podlagi raziskav ali ocen, zato ne bi smeli šteti kot uporabo notranjih informacij.
This Regulation should be interpreted in a manner consistent with the measures adopted by the Member States to protect the interests of holders of transferable securities carrying voting rights in a company (or which may carry such rights as a consequence of the exercise of rights or conversion) where the company is subject to a public take-over bid or any other proposed change of control.
Tržni akterji morajo zato upoštevati, v kolikšni meri informacije niso javne in možni učinek na finančne instrumente, prodane pred njihovo objavo ali širjenjem, da bi ugotovili, ali bi to pomenilo trgovanje na podlagi notranjih informacij.
In particular this Regulation should be interpreted in a manner consistent with the laws, regulations and administrative provisions adopted in relation to takeover bids, merger transactions and other transactions affecting ownership or control of companies regulated by the supervisory authorities appointed by Member States pursuant to Article 4 of Directive 2004/25/EC of the European Parliament and of the Council [9].
Da bi se izognili nenamernemu prepovedovanju zakonitih oblik finančnih dejavnosti, pri katerih ne pride do zlorabe trga, je treba priznati določena zakonita ravnanja.
Research and estimates based on publicly available data, should not per se be regarded as inside information and the mere fact that a transaction is carried out on the basis of research or estimates should not therefore be deemed to constitute use of inside information.
To lahko vključuje na primer priznavanje vloge vzdrževalcev trga, ko opravljajo svojo zakonito vlogo zagotavljanja tržne likvidnosti.