natgillin/translations-raw huggingface dataset:
According to Article 33(1) of the FMIO, a stock exchange shall guarantee that all securities admitted to trading and all listed securities can be traded in a fair, efficient and orderly manner.
V pravilih glede kotiranja na borzi so v zvezi z lastniškimi vrednostnimi papirji navedene zahteve glede prosto razpoložljivih delnic, da se zagotovi učinkovito trgovanje s takimi vrednostnimi papirji.
With regard to equity securities, the Listing Rules provide for free float requirements to ensure that such securities can be traded efficiently.
Neodvisni organi borze lahko začasno ustavijo trgovanje z vrednostnimi papirji, če je taka začasna ustavitev priporočljiva zaradi neobičajnih okoliščin in zlasti če izdajatelj krši pomembne obveznosti glede razkritja.
The independent bodies of the stock exchange may temporarily suspend the trading of securities if unusual circumstances, and specifically the breach of important disclosure obligations by the issuer, indicate that such a suspension is advisable.
Če je plačilna sposobnost izdajatelja zelo vprašljiva ali so se že začeli postopki v primeru insolventnosti ali likvidacijski postopki, lahko ti organi prekličejo kotiranje vrednostnih papirjev na borzi.
They may cancel the listing of securities, if the solvency of the issuer is in serious doubt, or insolvency or liquidation proceedings have already commenced.
Organ FINMA lahko s pooblastili po členu 31 zakona o nadzoru finančnih trgov borzo prisili k začasni ustavitvi trgovanja z določenim vrednostnim papirjem, da bi se ponovno vzpostavila skladnost z določbami ZIFT ali odzvalo na druge nepravilnosti.
FINMA may also compel a stock exchange to suspend trading in a given security by using its powers under Article 31 of the FINMASA with a view to restoring compliance with the provisions of the FMIA or responding to other irregularities.
V švicarski regulativni okvir so vključene zahteve, v skladu s katerimi je treba udeležencem na trgu zagotoviti informacije pred trgovanjem.
The Swiss regulatory framework includes requirements for providing pre-trade information to market participants.
Pravna podlaga za preglednost pred trgovanjem je člen 29(1) ZIFT, ki določa, da borza v realnem času objavi pet najboljših nakupnih in prodajnih cen za vsako posamezno delnico in drug vrednostni papir ter obsege trgovalnih pozicij pri teh cenah.
Pre-trade transparency has its legal basis in Article 29(1) of the FMIA which stipulates that the stock exchange shall publish the five best bid and offer prices for each share and other security in real time, as well as the sizes of the trading positions at these prices.
Isto velja tudi za navedbe interesov, na podlagi katerih je mogoče ukrepati (člen 27(3) OIFT).
The same also applies for actionable indications of interest (Article 27(3) of the FMIO).
Za referenčne sisteme cen, sisteme, ki obstajajo le zaradi formaliziranja poslov, že dogovorjenih v pogajanjih, naročila, ki so v sistemu za upravljanje naročil borze do njihovega razkritja, in naročila, ki so v primerjavi z običajnim tržnim obsegom velika, so na voljo izjeme.
Waivers are available for reference price systems, systems that exist only to formalise transactions already negotiated, orders held in an order management facility of the stock exchange pending disclosure and orders that are large in scale compared with normal market size.
V švicarski regulativni okvir so vključene tudi zahteve po zagotavljanju informacij po trgovanju.
The Swiss regulatory framework also includes requirements for providing post-trade information.
Podlaga za preglednost po trgovanju je člen 29(2) ZIFT, ki določa, da borza takoj objavi informacije o opravljenih borznih in izvenborznih poslih za vse vrednostne papirje, sprejete v trgovanje.
Post-trade transparency has its basis in Article 29(2) of the FMIA that stipulates that the stock exchange shall immediately publish information on the transactions carried out on- and off-exchange for all securities admitted to trading.
Objaviti je treba zlasti ceno, obseg in čas poslov.
In particular, the price, volume and time of the transactions must be published.
Izjeme pri preglednosti po trgovanju so enake kot pri preglednosti pred trgovanjem.
The exemptions from post-trade transparency are the same as for pre-trade transparency.
Z zamudo se bodo objavile tudi informacije o določenih netipičnih poslih.
Information on certain atypical transactions will also be published with delay.
Storitve borze, povezane z zagotavljanjem podatkov pred trgovanjem in po njem, so v celoti pregledne ter so na nediskriminatorni podlagi na voljo vsem udeležencem borze.
The stock exchange pre- and post-trade data services are fully transparent and offered to all exchange participants on a non-discriminatory basis.
Zapozneli podatki so vsem uporabnikom na voljo brezplačno.
Delayed data is available to all users free of charge.
Zato je mogoče sklepati, da imajo švicarske borze jasna in pregledna pravila glede sprejema vrednostnih papirjev v trgovanje, tako da se lahko s temi vrednostnimi papirji trguje na pošten, pravilen in učinkovit način in so prosto prenosljivi.
It can therefore be concluded that Swiss stock exchanges have clear and transparent rules regarding the 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.
V skladu s tretjim pogojem je treba od izdajateljev vrednostnih papirjev redno in nenehno zahtevati informacije, s čimer se zagotavlja visoka raven varstva vlagateljev.
According to the third condition, security issuers must be subject to periodic and ongoing information requirements ensuring a high level of investor protection.
V predpisih borze o sprejemu v trgovanje je treba določiti, katere informacije se objavijo, da lahko vlagatelji ocenijo značilnosti vrednostnih papirjev in kakovost izdajatelja, da bi se tako zagotovila visoka raven varstva vlagateljev.
The stock exchange's regulations on the admission to trading must set out the information to be published to allow investors to assess the characteristics of the securities and the quality of the issuer to ensure a high level of investor protection.
Izdajatelji, katerih vrednostni papirji so sprejeti v trgovanje na švicarski borzi, morajo objavljati letna in vmesna računovodska poročila.
Issuers whose securities are admitted to trading on a Swiss stock exchange are required to publish annual and interim financial reports.
Letni računovodski izkazi izdajatelja morajo biti dostopni na njegovem spletišču.
The issuer must make its annual financial statements available on its website.
Z vrednostnimi papirji, sprejetimi v trgovanje na švicarski borzi, se lahko trguje tudi na drugem mestu.
Securities admitted to trading on a Swiss stock exchange may also be traded on another venue.
Obveznost poročanja, ki velja za izdajatelje, velja ne glede na mesto, na katerem poteka trgovanje.
The reporting obligation applicable to issuers applies regardless of the venue on which trading takes place.
Če se informacije o izdajateljih vrednostnih papirjev celovito in pravočasno razkrivajo, lahko vlagatelji ocenijo učinkovitost poslovanja izdajateljev ter se jim z rednim dotokom informacij zagotavlja ustrezna preglednost.
The disclosure of comprehensive and timely information about security issuers allows investors to assess the business performance of issuers and ensures appropriate transparency for investors through a regular flow of information.
Zato je mogoče sklepati, da se od izdajateljev, katerih vrednostni papirji so sprejeti v trgovanje na švicarskih borzah, redno in nenehno zahtevajo informacije, s čimer se zagotavlja visoka raven varstva vlagateljev.
It can therefore be concluded that issuers whose securities are admitted on Swiss stock exchanges are subject to periodic and ongoing information requirements ensuring a high level of investor protection.
V skladu s četrtim pogojem mora pravni in nadzorni okvir tretje države zagotavljati preglednost in celovitost trga s preprečevanjem zlorabe trga v obliki trgovanja z notranjimi informacijami in tržne manipulacije.
According to the fourth condition, the third-country legal and supervisory framework must ensure market transparency and integrity by preventing market abuse in the form of insider dealing and market manipulation.
Člena 142 in 143 ZIFT vsem osebam prepovedujeta trgovanje z notranjimi informacijami in tržno manipulacijo.
Articles 142 and 143 of the FMIA prohibit insider trading and market manipulation by any person.
Poleg tega sta izkoriščanje ali poskus izkoriščanja notranjih informacij in manipulacija cen v skladu s pogoji členov 154 in 155 ZIFT kaznivi dejanji.
In addition, under the conditions of Articles 154 and 155 of the FMIA, the exploitation or the attempted exploitation of insider information and price manipulation constitute criminal offences.
Borza mora izdajati predpise glede razkritja notranjih informacij s strani izdajateljev.
The stock exchange must issue regulations regarding the disclosure of inside information by issuers.
Izdajatelj mora v skladu s pravili borze glede kotiranja na borzi trg obvestiti o vseh cenovno občutljivih dejstvih, ki so ali bodo nastala na njegovem področju poslovanja, takoj ko take informacije izve.
Under the Listing Rules of a stock exchange, the issuer must inform the market of any price-sensitive facts which have arisen, or are about to arise, in its sphere of activity, as soon as it becomes aware of such information.
Cenovno občutljiva dejstva so dejstva, ki lahko povzročijo precejšnjo spremembo tržnih cen.
Price-sensitive facts are facts which are capable of triggering a significant change in market prices.
Razkritje je treba izvesti tako, da se zagotovi enako obravnavanje vseh udeležencev na trgu.
Disclosure must be made so as to ensure the equal treatment of all market participants.
Švicarske borze morajo v skladu s členom 31(1) ZIFT spremljati oblikovanje cen in posle, izvršene na borzi, da bi se odkrili trgovanje z notranjimi informacijami, manipulacija cen in tržna manipulacija ter druge kršitve zakonskih in regulativnih določb.
Further, under Article 31(1) of the FMIA, Swiss stock exchanges are required to monitor price formation and the transactions executed on the stock exchange with a view to detecting insider trading, price and market manipulation and other breaches of statutory and regulatory provisions.
Zato mora borza pregledovati tudi posle, opravljene zunaj mesta trgovanja, o katerih ji poročajo ali na katere je kako drugače opozorjena (člen 31(1) ZIFT).
To this end, a stock exchange must also review transactions which are conducted outside of the trading venue and which are reported to it or brought to its attention in some other way (Article 31(1) of the FMIA).
To nadzorno nalogo mora opravljati neodvisni organ borze.
A stock exchange must notify FINMA of any suspected breaches of the law or other irregularities.
Organ FINMA opravlja preiskave na podlagi informacij o kršitvah zakonov, ki jih prejme od borz, ter na podlagi lastnega spremljanja trga, da zagotovi izvrševanje določb predpisov na področju nadzora, ki prepovedujejo zlorabo trga.
If the breaches in question involve criminal offences, it must also inform the competent prosecuting authority without delay (Article 31(2) of the FMIA).
Zato je mogoče sklepati, da pravni in nadzorni okvir Švice zagotavlja preglednost in celovitost trga s preprečevanjem zlorabe trga v obliki trgovanja z notranjimi informacijami in tržne manipulacije.
FINMA investigates on information about violations of the law received from stock exchanges, as well as based on its own market monitoring with the aim of enforcing the provisions of supervisory law that prohibit market abuse.
Nadalje je zato mogoče sklepati, da je pravni in nadzorni okvir, ki ureja borze, ki so navedene v Prilogi k temu sklepu in se pod nadzorom organa FINMA upravljajo v Švici, skladen s štirimi pogoji za pravne in nadzorne ureditve ter ga je treba torej obravnavati tako, kot da zagotavlja sistem, enakovreden zahtevam za mesta trgovanja iz Direktive 2014/65/EU, Uredbe (EU) št. 600/2014, Uredbe (EU) št. 596/2014 in Direktive 2004/109/ES.
It can therefore be concluded that the Swiss legal and supervisory framework ensures market transparency and integrity by preventing market abuse in the form of insider dealing and market manipulation.
Ker se s številnimi delnicami, izdanimi in uvrščenimi v trgovanje v Švici, trguje tudi na mestih trgovanja v EU, je primerno zagotoviti, da vsa investicijska podjetja, za katere velja obveznost trgovanja iz člena 23(1) Uredbe (EU) št. 600/2014, ohranijo zmožnost opravljanja trgovanja z delnicami, uvrščenimi v trgovanje na švicarskih borzah, kjer je njihova primarna likvidnost.
It can therefore further be concluded that the legal and supervisory framework governing stock exchanges as set out in the Annex to this Decision and operated in Switzerland under the supervision of FINMA complies with the four conditions for legal and supervisory arrangements and hence should be considered to provide for an equivalent system to the requirements for trading venues laid down in Directive 2014/65/EU, Regulation (EU) No 600/2014, Regulation (EU) No 596/2014 and Directive 2004/109/EC.
Ker je primarna likvidnost delnic, uvrščenih v trgovanje na švicarskih borzah, na teh borzah, bi priznanje pravnega in nadzornega okvira Švice investicijskim podjetjem omogočilo, da z delnicami, ki so bile sprejete v trgovanje v Švici, trgujejo na švicarskih borzah in izpolnijo obveznost najboljšega izvrševanja naročil, ki jo imajo do svojih strank.
Given that a significant number of shares that are issued and admitted to trading in Switzerland are also traded on trading venues in the EU, it is appropriate to ensure that all investment firms subject to the trading obligation as set out in Article 23(1) of Regulation (EU) No 600/2014 preserve the ability to undertake trades in shares admitted to trading on the Swiss exchanges where their primary liquidity resides.
Sklep temelji na podatkih, iz katerih je razvidno, da je celotno trgovanje v EU z različnimi delnicami, ki so sprejete v trgovanje na švicarskih borzah, tako pogosto, da podjetja, za katere se uporablja direktiva o trgu finančnih instrumentov, ne bi mogla uporabljati izjeme iz člena 23(1)(a) Uredbe (EU) št. 600/2014.
As the primary liquidity of shares admitted to trading on the Swiss exchanges resides in these exchanges, the recognition of the legal and supervisory framework of Switzerland would allow investment firms to trade shares admitted to trading in Switzerland on Swiss exchanges and to fulfil their best execution obligation towards their clients.
To pomeni, da bi obveznost trgovanja iz člena 23(1) Uredbe (EU) št. 600/2014 veljala za številne delnice, uvrščene v trgovanje v Švici.
The decision is based on data that demonstrates that overall EU trading in a multitude of shares admitted on the Swiss exchanges is of such frequency that MiFID firms could not avail themselves of the exception set out in Article 23(1) (a) of Regulation (EU) No 600/2014.
Sklep bo dopolnjen tudi z dogovori o sodelovanju, da se zagotovita učinkovita izmenjava informacij in usklajevanje nadzornih dejavnosti med pristojnimi nacionalnimi organi in organom FINMA.
This implies that the trading obligation set out in Article 23(1) of Regulation (EU) No 600/2014 would apply to a significant number of shares admitted to trading in Switzerland.
Ta sklep temelji na pravno zavezujočih zahtevah, ki veljajo za švicarske borze ob sprejetju tega sklepa.
The decision will also be complemented by cooperation arrangements to ensure the effective exchange of information and coordination of supervisory activities between the national competent authorities and FINMA.
Komisija bi morala še naprej redno spremljati razvoj pravnih in nadzornih ureditev za švicarske borze ter izpolnjevanje pogojev, na podlagi katerih je bil ta sklep sprejet.
This Decision is based on the legally binding requirements applicable to Swiss stock exchanges at the time of the adoption of this Decision.
Ta sklep upošteva tudi sklepe Sveta z dne 28. februarja 2017, v skladu s katerimi je predpogoj za nadaljnji razvoj sektorskega pristopa s Švico vzpostavitev skupnega institucionalnega okvira za obstoječe in prihodnje sporazume, na podlagi katerih Švica sodeluje na enotnem trgu Unije.
The Commission should continue monitoring on a regular basis the evolution of the legal and supervisory arrangements for Swiss stock exchanges and the fulfilment of the conditions on the basis of which this Decision has been taken.
Da bi se zagotovila celovitost finančnih trgov v Uniji, bi moral ta sklep prenehati veljati 31. decembra 2018, razen če Komisija pred tem datumom podaljša njegovo veljavnost.
This Decision also takes into account the Council conclusions of 28 February 2017 in accordance with which a precondition for further developing the sectoral approach with Switzerland is the establishment of a common institutional framework for existing and future agreements through which Switzerland participates in the Single Market of the Union.
Pri odločanju o podaljšanju veljavnosti tega sklepa bi morala Komisija upoštevati zlasti napredek, dosežen v zvezi s podpisom sporazuma o vzpostavitvi navedenega skupnega institucionalnega okvira.
To ensure the integrity of financial markets in the Union, this Decision should expire on 31 December 2018, unless extended by the Commission before that date.
Komisija bi morala izvajati redne preglede pravnih in nadzornih ureditev, ki se uporabljajo za borze v Švici.
When deciding on whether to extend the applicability of this decision, the Commission should in particular consider progress made towards the signature of an Agreement establishing that common institutional framework.
Ti pregledi ne posegajo v možnost Komisije, da že kadar koli prej izvede poseben pregled, če mora zaradi razvoja dogodkov ponovno oceniti, ali še obstaja enakovrednost, določena s tem sklepom, in zlasti napredek v zvezi z vzpostavitvijo skupnega institucionalnega okvira za obstoječe in prihodnje sporazume, na podlagi katerih Švica sodeluje na enotnem trgu Unije.
The Commission should conduct regular reviews of the legal and supervisory arrangements applicable to stock exchanges in Switzerland.
Morebitna ponovna ocena bi lahko privedla do razveljavitve tega sklepa.
Those reviews are without prejudice to the possibility of the Commission to undertake a specific review at any earlier time, where relevant developments make it necessary for the Commission to re-assess the equivalence granted by this Decision and, in particular, the progress made towards the establishment of a common institutional framework for existing and future agreements through which Switzerland participates in the Single Market of the Union.
Ukrepi iz tega sklepa so v skladu z mnenjem Evropskega odbora za vrednostne papirje.
Any re-assessment could lead to the repeal of this Decision.
Ta sklep mora začeti veljati dan po objavi v Uradnem listu Evropske unije, saj se Uredba (EU) št. 600/2014 in Direktiva 2014/65/EU uporabljata od 3. januarja 2018 –
The measures provided for in this Decision are in accordance with the opinion of the European Securities Committee,
SPREJELA NASLEDNJI SKLEP:
Considering that Regulation (EU) No 600/2014 and Directive 2014/65/EU apply from 3 January 2018, it is necessary that this decision enters into force on the day following the day of publication in the Official Journal of the European Union,
Člen 1
HAS ADOPTED THIS DECISION:
Za namene člena 23(1) Uredbe (EU) št. 600/2014 se šteje, da je pravni in nadzorni okvir, ki se uporablja za borze v Švici, navedene v Prilogi k temu sklepu, enakovreden zahtevam iz Direktive 2014/65/EU, Uredbe (EU) št. 600/2014, Uredbe (EU) št. 596/2014 in Direktive 2004/109/ES ter podvržen učinkovitemu nadzoru in ukrepanju.
For the purposes of Article 23(1) of Regulation (EU) No 600/2014 the legal and supervisory framework applicable to stock exchanges in Switzerland set out in the Annex to this Decision shall be considered to be equivalent to the requirements resulting from Directive 2014/65/EU, Regulation (EU) No 600/2014, Regulation (EU) No 596/2014 and Directive 2004/109/EC and to be subject to effective supervision and enforcement.
Ta sklep začne veljati dan po objavi v Uradnem listu Evropske unije.
Article 2
Veljati preneha 31. decembra 2018.
This Decision shall enter into force on the day following that of its publication in the Official Journal of the European Union.
V Bruslju, 21. decembra 2017
It shall expire on 31 December 2018.
Za Komisijo
Done at Brussels, 21 December 2017.
Predsednik
For the Commission
UL L 173, 12.6.2014, str. 349.
The President
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. 84).
OJ L 173, 12.6.2014, p.
Uredba (EU) št. 596/2014 Evropskega parlamenta in Sveta z dne 16. aprila 2014 o zlorabi trga (uredba o zlorabi trga) ter razveljavitvi Direktive 2003/6/ES Evropskega parlamenta in Sveta ter direktiv Komisije 2003/124/ES, 2003/125/ES in 2004/72/ES (UL L 173, 12.6.2014, str. 1).
349.
Direktiva 2004/109/ES Evropskega parlamenta in Sveta z dne 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, in o spremembah Direktive 2001/34/ES (UL L 390, 31.12.2004, str. 38).
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.
PRILOGA
84).
Borze v Švici, ki se štejejo za enakovredne reguliranim trgom v skladu z Direktivo 2014/65/EU:
Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (OJ L 173, 12.6.2014, p.
SIX Swiss Exchange AG;
1).
BX Swiss AG.
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 and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p.
Ko se vrednostni papir uvrsti v kotacijo na borzi, mora izdajatelj za ohranjanje te kotacije izpolnjevati določene obveznosti, in sicer obveznosti glede periodičnega poročanja, na primer v zvezi z računovodskim poročanjem in obveznostmi korporativnega upravljanja, pa tudi obveznosti poročanja na podlagi dogodkov, kot so redne obveznosti poročanja, razkrivanje poslov članov poslovodstva in ad hoc obveščanje javnosti.
38).
Izdajatelji morajo biti v skladu s svojo dolžnostjo zagotavljanja informacij zmožni organu FINMA na zahtevo zagotoviti seznam oseb z dostopom do notranjih informacij, vključno z vsemi dodatnimi informacijami in dokumenti, ki jih ta organ potrebuje za opravljanje svojih nalog (člen 29(1) zakona o nadzoru finančnih trgov v povezavi s členom 145 ZIFT).
Commission Implementing Decision (EU) 2017/2448
Izvedbeni sklep Komisije (EU) 2017/2448
authorising the placing on the market of products containing, consisting of, or produced from genetically modified soybean 305423 × 40-3-2 (DP-3Ø5423-1 × MON-Ø4Ø32-6) pursuant to Regulation (EC) No 1829/2003 of the European Parliament and of the Council on genetically modified food and feed
o odobritvi dajanja na trg proizvodov, ki vsebujejo gensko spremenjeno sojo 305423 × 40-3-2 (DP-3Ø5423-1 × MON-Ø4Ø32-6), so iz nje sestavljeni ali proizvedeni, v skladu z Uredbo (ES) št. 1829/2003 Evropskega parlamenta in Sveta o gensko spremenjenih živilih in krmi
(notified under document C(2017) 9040)
(notificirano pod dokumentarno številko C(2017) 9040)