natgillin/translations-raw huggingface dataset:
The provisions in this Regulation are closely linked since they deal with the transparency requirements applicable to trading venues and investment firms in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments.
Določbe v tej uredbi so tesno povezane, saj obravnavajo zahteve po preglednosti, ki veljajo za mesta trgovanja in investicijska podjetja, v zvezi z delnicami, potrdili o lastništvu, investicijskimi skladi, s katerimi se trguje na borzi, certifikati in drugimi podobnimi finančnimi instrumenti.
To ensure coherence between those provisions, which should enter into force at the same time, and to facilitate a comprehensive view and efficient access for stakeholders, in particular those subject to the obligations, it is appropriate to include them in a single Regulation.
Za zagotovitev skladnosti navedenih določb, ki bi morale začeti veljati hkrati, in da se deležnikom, zlasti tistim, za katere veljajo obveznosti, omogoči celovit pregled nad določbami ter učinkovit dostop do njih, je ustrezno, da se vključijo v eno uredbo.
Where competent authorities grant waivers in relation to pre-trade transparency requirements or authorise the deferral of post-trade transparency obligations, they should treat all regulated markets, multilateral trading facilities and investment firms trading outside of trading venues equally and in a non-discriminatory manner.
Če pristojni organi odobrijo opustitve zahtev po preglednosti pred trgovanjem ali odlog obveznosti glede preglednosti po trgovanju, bi morali vse regulirane trge, večstranske sisteme trgovanja in investicijska podjetja, ki trgujejo zunaj mest trgovanja, obravnavati enako in nediskriminatorno.
It is appropriate to provide for clarification of a limited number of technical terms.
Ustrezno je, da se pojasnijo nekateri tehnični pojmi.
Those technical definitions are necessary to ensure the uniform application in the Union of the provisions contained in this Regulation and, hence, contribute to the establishment of a single rulebook for financial markets in the Union.
Navedene opredelitve tehničnih pojmov so potrebne za zagotovitev enotne uporabe določb iz te uredbe v Uniji in posledično za zagotovitev prispevka k vzpostavitvi enotnega pravilnika za finančne trge v Uniji.
Those definitions are purely functional for the purpose of setting out the transparency obligations for equity and equity-like financial instruments and should be strictly limited to understanding this Regulation.
Navedene opredelitve pojmov so v celoti namenjene določitvi obveznosti glede preglednosti za lastniške instrumente in instrumente, podobne lastniškim, ter bi morale biti strogo omejene na razumevanje te uredbe.
Regulation (EU) No 600/2014 brings within the scope of the transparency regime equity-like instruments such as depositary receipts, ETFs and certificates, as well as shares and other equity-like instruments only traded on an MTF.
Uredba (EU) št. 600/2014 v področje uporabe sistema preglednosti vključuje instrumente, podobne lastniškim, kot so potrdila o lastništvu, investicijski skladi, s katerimi se trguje na borzi, in certifikati, ter delnice in druge instrumente, podobne lastniškim, s katerimi se trguje le v večstranskem sistemu trgovanja.
It is necessary, in order to establish a comprehensive and uniform transparency regime, to calibrate the content of the pre-trade information to be made public by trading venues.
Da bi se vzpostavil obsežen in enoten sistem preglednosti, je treba prilagoditi vsebino informacij pred trgovanjem, ki jih objavijo mesta trgovanja.
A trading venue operating a request for quote (RFQ) system should at least make public the firm bids and offer prices or actionable indications of interest and the depth attached to those prices no later than at the time when the requester is able to execute a transaction under the system's rules.
Mesto trgovanja, ki upravlja sistem zahtevkov za ponudbe, bi moralo objaviti vsaj zavezujoče ponujene nakupne in prodajne cene ali navedbe interesov, na podlagi katerih je mogoče ukrepati, ter globino pri teh cenah najpozneje takrat, ko vložnik zahteve lahko izvrši posel v skladu s pravili sistema.
This is to ensure that members or participants who are providing their quotes to the requester first are not put at a disadvantage.
S tem se zagotovi, da člani ali udeleženci, ki vložniku zahteve prvi predložijo ponudbe, niso v slabšem položaju.
The specific methodology and data necessary to perform calculations for the purpose of specifying the transparency regime applicable to equity and equity-like financial instruments should be applied in conjunction with the common elements with regard to the content and frequency of data requests to be addressed to trading venues, approved publication arrangements (APAs) and consolidated tape providers (CTPs) for the purposes of transparency and other calculations laid down in Commission Delegated Regulation (EU) 2017/577 [2].
Posebno metodologijo in podatke, potrebne za izračune za namen opredelitve sistema preglednosti, ki se uporablja za lastniške instrumente in instrumente, podobne lastniškim, bi bilo treba uporabljati skupaj s skupnimi elementi v zvezi z vsebino in pogostostjo zahtevkov za podatke, ki se naslovijo na mesta trgovanja, sisteme odobrenih objav (APA) in ponudnike stalnih informacij (CTP) za namene preglednosti in druge izračune iz Delegirane uredbe Komisije (EU) 2017/577 [2].
The pre-trade and post-trade transparency regime established by Regulation (EU) No 600/2014 should be appropriately calibrated to the market and applied in a uniform manner throughout the Union.
Sistem preglednosti pred trgovanjem in po njem, vzpostavljen z Uredbo (EU) št. 600/2014, bi bilo treba ustrezno prilagoditi trgu in enotno uporabljati po Uniji.
In particular, a static determination of the most relevant markets in terms of liquidity, the sizes of orders that are large in scale and standard market sizes would not adequately capture regular modifications of trading patterns affecting equity and equity-like instruments.
Zlasti statično določanje najpomembnejših trgov, kar zadeva likvidnost, velikosti velikih naročil in standardnih tržnih obsegov ne bi ustrezno zajemalo rednih sprememb vzorcev trgovanja, ki vplivajo na lastniške instrumente in instrumente, podobne lastniškim.
Therefore, it is essential to lay down the necessary calculations to be performed, including the periods of time to be taken into account when making calculations and the periods of time during which the results of these calculations are applicable, methods of calculation as well as the identification of the competent authority responsible for performing the calculations in accordance with the determination of the relevant competent authority for the purpose of Article 26 of Regulation (EU) No 600/2014 as specified in Commission Delegated Regulation (EU) 2017/571 [3].
Zato je treba določiti potrebne izračune, vključno z obdobji, ki jih je treba upoštevati pri izračunih, in obdobji, v katerih veljajo rezultati navedenih izračunov, metode izračuna in pristojni organ, ki je odgovoren za izračune, v skladu z imenovanjem ustreznega pristojnega organa za namen člena 26 Uredbe (EU) št. 600/2014, kot je določeno v Delegirani uredbi Komisije (EU) 2017/571 [3].
In this respect, to avoid market distortion effects, the calculation periods should ensure that the relevant thresholds of the regime are updated at appropriate intervals to reflect market conditions.
Da se v zvezi s tem preprečijo učinki izkrivljanja trga, bi morala obdobja izračuna zagotavljati posodabljanje ustreznih pragov sistema v ustreznih intervalih, da se upoštevajo tržni pogoji.
It is also appropriate to provide for the centralised publication of the results of the calculations so that they are made available to all financial market participants and competent authorities in the Union in a single place and in a user-friendly manner.
Prav tako je treba zagotoviti centralizirano objavo rezultatov izračunov, da bodo na enem mestu in na uporabniku prijazen način na voljo vsem udeležencem na finančnem trgu in pristojnim organom v Uniji.
To that end, competent authorities should notify ESMA of the results of their calculations and ESMA should publish those calculations on its website.
Zato bi morali pristojni organi obvestiti ESMA o rezultatih svojih izračunov, ESMA pa bi morala navedene izračune objaviti na svojem spletnem mestu.
In order to carry out the calculations for determining the requirements for the pre-trade and post-trade transparency in accordance with Article 22(1) of Regulation (EU) No 600/2014, the content, frequency of data requests and the formats and timeframe in which trading venues, APAs and CTPs must respond to such requests in accordance with Article 22(4) of Regulation (EU) No 600/2014 should be developed.
Za izvajanje izračunov za določanje zahtev po preglednosti pred trgovanjem in po njem v skladu s členom 22(1) Uredbe (EU) št. 600/2014 bi bilo treba določiti vsebino in pogostost zahtevkov za podatke ter format in rok, v katerem se morajo mesta trgovanja, APA in CTP odzvati na te zahtevke v skladu s členom 22(4) Uredbe (EU) št. 600/2014.
The results of the calculations made on the basis of the data collected according to Article 22(1) of Regulation (EU) No 600/2014 need to be published in order to inform market participants of those results and achieve pre- and post-trade transparency in practice.
Rezultate izračunov na podlagi podatkov, zbranih v skladu s členom 22(1) Uredbe (EU) št. 600/2014, je treba objaviti, da se udeleženci na trgu obvestijo o navedenih rezultatih ter da se v praksi doseže preglednost pred trgovanjem in po njem.
To that end, competent authorities should notify European Securities and Markets Authority (ESMA) of the results of their calculations and then ESMA should publish those calculations on its website.
Zato bi morali pristojni organi obvestiti Evropski organ za vrednostne papirje in trge (ESMA) o rezultatih svojih izračunov, ESMA pa bi morala navedene izračune nato objaviti na svojem spletnem mestu.
For ETFs, and contrary to shares, depositary receipts, certificates and other similar financial instruments, the average daily turnover does not appear as an appropriate proxy for the calibration of the large-in-scale thresholds.
Za investicijske sklade, s katerimi se trguje na borzi, je v nasprotju z delnicami, potrdili o lastništvu, certifikati in drugimi podobnimi finančnimi instrumenti videti, da povprečni dnevni promet ni ustrezen približek za umerjanje pragov velikega tržnega obsega.
For these instruments, the measure of actual liquidity is not adequately captured by the average daily turnover since the creation and redemption mechanisms inherent to ETFs allow to access additional and non-displayed liquidity.
Pri teh instrumentih povprečni dnevni promet ne odraža ustrezno mere dejanske likvidnosti, saj mehanizma izdaje in odkupa, povezana z investicijskimi skladi, s katerimi se trguje na borzi, omogočata dostop do dodatne in skrite likvidnosti (non-displayed liquidity).
In order to reduce the risk of circumvention, it is also important that two ETFs on the same underlying have the same large-in-scale thresholds regardless of whether they have similar average daily turnover or not.
Za zmanjšanje tveganja izogibanja je pomembno, da imata dva investicijska sklada, s katerima se trguje na borzi, za isto sredstvo, ki predstavlja osnovo, enake prage velikega tržnega obsega ne glede na to, ali je njun povprečni dnevni promet podoben ali ne.
Therefore, a single large-in-scale threshold for all ETFs should be established which should apply regardless of their underlying or of their liquidity.
Zato bi bilo treba vzpostaviti enoten prag velikega tržnega obsega za vse investicijske sklade, s katerimi se trguje na borzi, ki bi se uporabljal ne glede na njihovo sredstvo, ki se uporablja kot osnova, ali likvidnost.
Information which is required to be made available as close to real time as possible should be made available as instantaneously as technically possible, assuming a reasonable level of efficiency and of expenditure on systems on the part of the person concerned.
Informacije, ki se morajo dati na razpolago čim bolj sprotno, bi bilo treba dati na voljo takoj, ko je to tehnično izvedljivo, ob upoštevanju razumne ravni učinkovitosti in odhodkov za sisteme zadevne osebe.
The information should only be published close to the prescribed maximum time limit in exceptional cases where the systems available do not allow for publication in a shorter period of time.
Informacije bi se morale čim bližje določenemu roku objaviti le v izjemnih primerih, ko razpoložljivi sistemi ne omogočajo objave v krajšem času.
Investment firms should make public the details of transactions executed outside a trading venue through an APA.
Investicijska podjetja bi morala prek APA objaviti podrobnosti o poslih, izvršenih zunaj mesta trgovanja.
Therefore, the way investment firms report the details of the transactions to APAs should be laid down and those provisions should apply in conjunction with the requirements applicable to APAs specified in Delegated Regulation (EU) 2017/571.
Zato bi bilo treba opredeliti način, kako investicijska podjetja sporočajo podrobnosti poslov APA, navedene določbe pa bi se morale uporabljati skupaj z zahtevami, ki veljajo za APA, določenimi v Delegirani uredbi Komisije (EU) 2017/571.
Investors need to have reliable and timely information about the level of trading interest in financial instruments.
Vlagatelji potrebujejo zanesljive in pravočasne informacije o ravni trgovskega interesa za finančne instrumente.
Information on certain types of transactions such as the transfer of financial instruments as collateral would not provide meaningful information to investors in respect of the level of genuine trading interest in a financial instrument.
Informacije o nekaterih vrstah poslov, kot so prenos finančnih instrumentov za namene zavarovanja, ne bi bile koristne za vlagatelje v zvezi z določanjem ravni resničnega trgovskega interesa za finančni instrument.
Requiring investment firms to make public those transactions would cause significant operational challenges and costs without improving the price formation process.
Če bi se od investicijskih podjetij zahtevalo, da objavijo take posle, bi to povzročilo velike operativne izzive in stroške ter ne bi izboljšalo postopka oblikovanja cen.
Therefore, post-trade transparency obligations in respect of transactions executed outside a trading venue should only apply in the case of a purchase or sale of a share, depositary receipt, ETF, certificate or other similar financial instrument.
Zato bi se morale obveznosti glede preglednosti po trgovanju v zvezi s posli, izvršenimi zunaj mesta trgovanja, uporabljati le v primeru nakupa ali prodaje delnice, potrdila o lastništvu, investicijskega sklada, s katerim se trguje na borzi, certifikata ali drugega podobnega finančnega instrumenta.
It is essential that certain transactions such as those involving the use of any such instruments for collateral lending or other purposes where the exchange is determined by factors other than the current market valuation should not be published as they do not contribute to the price discovery process and would risk leading to investor confusion and hinder best execution.
Bistveno je, da se določeni posli, kot so na primer posli, ki vključujejo uporabo katerega koli takega instrumenta za zavarovano posojanje ali druge namene, pri katerih izmenjavo finančnih instrumentov določajo dejavniki, ki niso trenutno tržno vrednotenje, ne bi smeli objaviti, saj ne prispevajo k postopku oblikovanja cen ter bi lahko zmedli vlagatelje in onemogočili najboljšo izvršitev.
In respect of transactions executed outside the rules of a trading venue, it is essential to clarify which investment firm is to make public a transaction in cases where both parties to the transaction are investment firms established in the Union in order to ensure the publication of transactions without duplication.
V zvezi s posli, izvršenimi izven okvira pravil mesta trgovanja, je treba pojasniti, katero investicijsko podjetje objavi posel, če sta obe stranki v poslu investicijski podjetji s sedežem v Uniji, da se prepreči podvajanje objave poslov.
Therefore, the responsibility to make a transaction public should always fall on the selling investment firm unless only one of the counterparties is a systematic internaliser and it is the buying firm.
Zato bi moralo biti za objavo posla vedno odgovorno investicijsko podjetje, ki prodaja, razen če je le ena od nasprotnih strank sistematični internalizator in je podjetje, ki kupuje.
Where only one of the counterparties is a systematic internaliser in a given financial instrument and it is also the buying firm for that instrument, it should be responsible for making the transaction public as its clients would expect it to do so and it is better placed to fill in the reporting field mentioning its status of systematic internaliser.
Če je le ena od nasprotnih strank sistematični internalizator pri zadevnem finančnem instrumentu in je tudi podjetje, ki kupuje navedeni instrument, bi morala biti odgovorna za objavo posla, saj to od nje pričakujejo stranke, poleg tega pa lažje izpolni poročevalno polje, v katerem je omenjen njen status sistematičnega internalizatorja.
To ensure that a transaction is only published once, the systematic internaliser should inform the other party that it is making the transaction public.
Za zagotovitev, da se posel objavi le enkrat, bi moral sistematični internalizator drugo stranko obvestiti, da bo objavil posel.
It is important to maintain current standards for the publication of transactions carried out as back-to-back trades to avoid the publication of a single transaction as multiple trades and to provide legal certainty on which investment firm is responsible for publishing a transaction.
Pomembno je, da se ohranijo trenutni standardi za objavo poslov, ki se izvedejo kot vzajemni posli, da se prepreči objava enega posla kot več poslov ter da se zagotovi pravna varnost glede tega, katero investicijsko podjetje je odgovorno za objavo posla.
Therefore, two matching trades entered at the same time and for the same price with a single party interposed should be published as a single transaction.
Zato bi se morala ujemajoča se posla, evidentirana ob istem času in po isti ceni, ki vključujeta eno stranko, objaviti kot en posel.
To ensure that the new transparency regulatory regime can operate effectively, it is appropriate to provide for the collection of certain data and for an early publication of the most relevant markets in terms of liquidity, the sizes of orders that are large in scale, the deferred publication thresholds and standard market sizes.
Za zagotavljanje učinkovitega delovanja novega regulativnega sistema preglednosti je treba zagotoviti zbiranje določenih podatkov in zgodnjo objavo najpomembnejših trgov, kar zadeva likvidnost, velikosti naročil, ki so velikega tržnega obsega, pragov za odlog objave in standardnih tržnih obsegov.
For reasons of consistency and in order to ensure the smooth functioning of the financial markets, it is necessary that the provisions of this Regulation and the provisions laid down in Regulation (EU) No 600/2014 apply from the same date.
Zaradi doslednosti in za zagotavljanje nemotenega delovanja finančnih trgov je nujno, da se določbe iz te uredbe in določbe iz Uredbe (EU) št. 600/2014 uporabljajo od istega datuma.
However, to ensure that the new transparency regulatory regime can operate effectively, certain provisions of this Regulation should apply from the date of its entry into force.
Vendar bi se morale za zagotovitev učinkovitega delovanja novega regulativnega sistema preglednosti nekatere določbe iz te uredbe uporabljati od datuma začetka veljavnosti te uredbe.
ESMA has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the opinion of the Securities and Markets Stakeholder Group established by Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council [4],
ESMA je o osnutkih regulativnih tehničnih standardov, na katerih temelji ta uredba, opravila javna posvetovanja, analizirala morebitne z njimi povezane stroške in koristi ter zaprosila za mnenje interesno skupino za vrednostne papirje in trge, ustanovljeno v skladu s členom 37 Uredbe (EU) št. 1095/2010 Evropskega parlamenta in Sveta [4] –
‘portfolio trade’ means transactions in five or more different financial instruments where those transactions are traded at the same time by the same client and as a single lot against a specific reference price;
„trgovanje s portfeljem“ (portfolio trade) pomeni posle s petimi ali več različnimi finančnimi instrumenti, pri čemer z navedenimi posli hkrati trguje ista stranka, z njimi pa se trguje kot z eno enoto za določeno referenčno ceno;
‘give-up transaction’ or ‘give-in transaction’ means a transaction where an investment firm passes a client trade to, or receives a client trade from, another investment firm for the purpose of post-trade processing;
„preneseni posel“ (give-up transaction) ali „posredovani posel“ (give-in transaction) pomeni posel, pri katerem investicijsko podjetje posreduje posel stranke drugemu investicijskemu podjetju ali ga od njega prejme za namene obdelave po trgovanju;
‘securities financing transaction’ means a securities financing transaction as defined in Article 3(6) of Delegated Regulation (EU) 2017/577;
„posel financiranja z vrednostnimi papirji“ pomeni posel financiranja z vrednostnimi papirji, kot je opredeljen v členu 3(6) Delegirane uredbe (EU) 2017/577;
‘systematic internaliser’ means an investment firm as defined in Article 4(1)(20) of Directive 2014/65/EU of the European Parliament and of the Council [5].
„sistematični internalizator“ pomeni investicijsko podjetje, kot je opredeljeno v členu 4(1)(20) Direktive 2014/65/EU Evropskega parlamenta in Sveta [5].
Transactions not contributing to the price discovery process
Posli, ki ne prispevajo k postopku oblikovanja cen
(Article 23(1) of Regulation (EU) No 600/2014)
(člen 23(1) Uredbe (EU) št. 600/2014)
A transaction in shares does not contribute to the price discovery process where any of the following circumstances apply:
Posel z delnicami ne prispeva k postopku oblikovanja cen, če je izpolnjen kateri koli od naslednjih pogojev:
the transaction is executed by reference to a price that is calculated over multiple time instances according to a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price;
posel je izvršen na podlagi cene, ki se izračuna v več časovnih točkah glede na ustrezno referenčno merilo, vključno s posli, izvršenimi na podlagi povprečne cene posla, tehtane glede na obseg posla, ali povprečne časovno tehtane cene posla;
the transaction is part of a portfolio trade;
posel je del trgovanja s portfeljem;
the transaction is contingent on the purchase, sale, creation or redemption of a derivative contract or other financial instrument where all the components of the trade are to be executed only as a single lot;
posel je pogojen z nakupom, prodajo, izdajo ali odkupom pogodbe o izvedenih finančnih instrumentih ali drugega finančnega instrumenta, pri čemer se vsi elementi posla izvršijo kot ena enota;
the transaction is executed by a management company as defined in Article 2(1)(b) of Directive 2009/65/EC of the European Parliament and of the Council [6], or an alternative investment fund manager as defined in Article 4(1)(b) of Directive 2011/61/EU of the European Parliament and of the Council [7], which transfers the beneficial ownership of shares from one collective investment undertaking to another and where no investment firm is a party to the transaction;
posel izvrši družba za upravljanje, kot je opredeljena v členu 2(1)(b) Direktive 2009/65/ES Evropskega parlamenta in Sveta [6], ali upravitelj alternativnih investicijskih skladov, kot je opredeljen v členu 4(1)(b) Direktive 2011/61/EU Evropskega parlamenta in Sveta [7], ki prenese dejansko lastništvo delnic z enega kolektivnega naložbenega podjema na drugega, nobeno investicijsko podjetje pa ni stranka v poslu;