natgillin/translations-raw huggingface dataset:
Therefore, this Regulation should also take into account derivatives traded on regulated markets in relation to transactions that are deemed to be objectively measurable as reducing risks directly related to commercial or treasury financing activity.
Zato bi ta uredba morala v zvezi s posli, ki objektivno merljivo zmanjšujejo tveganja, neposredno povezana s poslovno dejavnostjo ali dejavnostjo financiranja zakladnice, upoštevati tudi izvedene finančne instrumente, s katerimi se trguje na reguliranih trgih.
In some circumstances, it may not be possible to hedge a commercial risk by using a directly related commodity derivative contract: a contract with exactly the same underlying and settlement date as the risk being covered.
V nekaterih okoliščinah poslovnega tveganja morda ni mogoče zavarovati z neposredno povezano pogodbo o izvedenih finančnih instrumentih na blago: pogodbo z isto osnovo in datumom poravnave, kot veljata za krito tveganje.
In such case, the person may use proxy hedging through a closely correlated instrument to cover its exposure such as an instrument with a different but very close underlying in terms of economic behaviour.
V takem primeru lahko oseba za kritje izpostavljenosti uporabi nadomestno zavarovanje pred tveganjem, in sicer prek tesno povezanega instrumenta, na primer instrumenta z drugačnim, vendar v smislu ekonomskega vedenja zelo podobnim osnovnim sredstvom.
Additionally, macro or portfolio hedging may be used by persons, which enter into commodity derivative contracts to hedge a risk in relation to their overall risks or the overall risks of the group.
Poleg tega lahko osebe, ki sklenejo pogodbe o izvedenih finančnih instrumentih na blago, uporabijo makro zavarovanje ali zavarovanje portfeljev za zavarovanje tveganja v zvezi z njihovimi splošnimi tveganji ali splošnimi tveganji skupine.
Those macro, portfolio or proxy hedging commodity derivative contracts may constitute hedging for the purpose of this Regulation.
Te pogodbe o izvedenih finančnih instrumentih na blago z makro zavarovanjem, zavarovanjem portfeljev ali nadomestnim zavarovanjem lahko pomenijo zavarovanje za namene te uredbe.
When a person applying the ancillary activity test uses portfolio or macro hedging, it may not be able to establish a one-to-one link between a specific transaction in a commodity derivative and a specific risk directly related to the commercial and treasury financing activities entered into to hedge it.
Kadar oseba, ki opravlja test pomožne dejavnosti, uporablja zavarovanje portfelja ali makro zavarovanje, morda ne bo mogla vzpostaviti neposredne povezave med specifičnim poslom z izvedenim finančnim instrumentom na blago in specifičnim tveganjem, neposredno povezanim s poslovnimi dejavnostmi in dejavnostmi financiranja zakladnice, sklenjenim zaradi zavarovanja posla.
The risks directly related to the commercial and treasury financing activities may be of a complex nature e.g. several geographic markets, several products, time horizons or entities.
Tveganja, ki so neposredno povezana s poslovnimi dejavnostmi in dejavnostmi financiranja zakladnice, so lahko kompleksne narave, npr. več geografskih trgov, več produktov, obdobij ali subjektov.
The portfolio of commodity derivative contracts entered into to mitigate those risks may derive from complex risk management systems.
Portfelj pogodb o izvedenih finančnih instrumentih, sklenjenih za blaženje teh tveganj, lahko izhaja iz kompleksnih sistemov obvladovanja tveganja.
In such cases the risk management systems should prevent non-hedging transactions from being categorised as hedging and provide for a sufficiently disaggregate view of the hedging portfolio so that speculative components are identified and counted towards the thresholds.
V takšnih primerih bi morali sistemi obvladovanja tveganja preprečiti, da bi se posli, ki niso namenjeni zavarovanju, razvrstili med posle, ki so namenjeni zavarovanju, ter zagotoviti dovolj razčlenjen vpogled v portfelj za zavarovanje, da se prepoznajo špekulativne komponente in se upoštevajo pri pragovih.
Positions should not qualify as reducing risks related to commercial activity solely on the grounds that they form part of a risk-reducing portfolio on an overall basis.
Za pozicije se ne bi smelo šteti, da zmanjšujejo tveganja, povezana s poslovno dejavnostjo, zgolj zato, ker so na splošno del portfelja za zmanjševanje tveganj.
A risk may evolve over time and, in order to adapt to the evolution of the risk, commodity or emission allowance derivatives initially executed for reducing risk related to commercial activity, may have to be offset through the use of additional commodity or emission allowance derivative contracts.
Tveganje se lahko sčasoma spremeni, zato bo morda treba za prilagoditev spremembam tveganja izvedene finančne instrumente na blago ali na pravice do emisij, ki so bili prvotno izvršeni za zmanjšanje tveganja, povezanega s poslovno dejavnostjo, pobotati z uporabo dodatnih pogodb o izvedenih finančnih instrumentih na blago ali na pravice do emisij.
As a result, hedging of a risk may be achieved by a combination of commodity or emission allowance derivative contracts including offsetting commodity derivative contracts that close out those commodity derivative contracts that have become unrelated to the commercial risk.
Posledično se lahko zavarovanje pred tveganjem doseže s kombinacijo pogodb o izvedenih finančnih instrumentih na blago ali na pravice do emisij, vključno s pobotom pogodb o izvedenih finančnih instrumentih na blago, ki poravnajo tiste pogodbe o izvedenih finančnih instrumentih na blago, ki niso več povezane s poslovnim tveganjem.
Additionally the evolution of a risk that has been addressed by the entering into of a position in a commodity or emission allowance derivative for the purpose of reducing that risk should not subsequently give rise to the re-evaluation of that position as being not a privileged transaction ab initio.
Poleg tega razvoj tveganja, ki je bilo obravnavano z vključitvijo pozicije v izvedeni finančni instrument na blago ali na pravice do emisij za zmanjšanje zadevnega tveganja, pozneje ne bi smel privesti do tega, da bi bila zadevna pozicija ocenjena kot posel, ki prvotno ni bil prednosten.
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 [5].
ESMA je o osnutkih regulativnih tehničnih standardov, na katerem temelji ta uredba, opravila javna posvetovanja, analizirala morebitne z njim 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 [5].
For reasons of consistency and in order to ensure the smooth functioning of the financial markets, it is necessary that the provisions laid down in this Regulation and the related national provisions transposing Directive 2014/65/EU apply from the same date,
Zaradi doslednosti in za zagotavljanje nemotenega delovanja finančnih trgov je nujno, da določbe iz te uredbe in povezane nacionalne določbe, s katerimi se Direktiva 2014/65/EU prenaša v nacionalno zakonodajo, veljajo od istega datuma –
Application of thresholds
Uporaba pragov
The activities of persons referred to in points (i) and (ii) of Article 2(1)(j) of Directive 2014/65/EU shall be considered to be ancillary to the main business of the group if those activities meet the conditions set out in Article 2 and constitute a minority of activities at group level in accordance with Article 3.
Dejavnosti oseb iz točk (i) in (ii) člena 2(1)(j) Direktive 2014/65/EU se štejejo za pomožne h glavni dejavnosti skupine, če te dejavnosti izpolnjujejo pogoje iz člena 2 in predstavljajo manjšino dejavnosti na ravni skupine v skladu s členom 3.
Overall market threshold
Prag splošnega trga
The size of the activities referred to in Article 1 calculated in accordance with paragraph 2 divided by the overall market trading activity calculated in accordance with paragraph 3 shall, in each of the following asset classes, account for less than the following values:
Obseg dejavnosti iz člena 1, izračunanih v skladu s odstavkom 2, deljen s splošno trgovalno dejavnostjo trga, izračunano v skladu z odstavkom 3, v vsakem od spodaj navedenih razredov sredstev znaša manj od naslednjih vrednosti:
4 % in relation to derivatives on metals;
4 % v zvezi z izvedenimi finančnimi instrumenti na kovine;
3 % in relation to derivatives on oil and oil products;
3 % v zvezi z izvedenimi finančnimi instrumenti na nafto in naftne proizvode;
10 % in relation to derivatives on coal;
10 % v zvezi z izvedenimi finančnimi instrumenti na premog;
3 % in relation to derivatives on gas;
3 % v zvezi z izvedenimi finančnimi instrumenti na plin;
6 % in relation to derivatives on power;
6 % v zvezi z izvedenimi finančnimi instrumenti na elektriko;
4 % in relation to derivatives on agricultural products;
4 % v zvezi z izvedenimi finančnimi instrumenti na kmetijske proizvode;
15 % in relation to derivatives on other commodities, including freight and commodities referred to in Section C 10 of Annex I to Directive 2014/65/EU;
15 % v zvezi z izvedenimi finančnimi instrumenti na drugo blago, vključno s tovorom in blagom iz Oddelka C 10 Priloge I k Direktivi 2014/65/EU;
20 % in relation to emission allowances or derivatives thereof.
20 % v zvezi s pravicami do emisij in njihovimi izvedenimi finančnimi instrumenti.
The size of the activities referred to in Article 1 undertaken in the Union by a person within a group in each of the asset classes referred to in paragraph 1 shall be calculated by aggregating the gross notional value of all contracts within the relevant asset class to which that person is a party.
Obseg dejavnosti iz člena 1, ki jih v Uniji opravlja oseba znotraj skupine z vsakim razredom sredstev iz odstavka 1, se izračuna z združevanjem bruto nominalne vrednosti vseh pogodb znotraj zadevnega razreda sredstev, v katerih je ta oseba stranka.
The aggregation referred to in the first subparagraph shall not include contracts resulting from transactions referred to in points (a), (b) and (c) of the fifth subparagraph of Article 2(4) of Directive 2014/65/EU or contracts where the person within the group that is a party to any of them is authorised in accordance with Directive 2014/65/EU or Directive 2013/36/EU of the European Parliament and of the Council [6].
Združevanje iz prvega pododstavka ne vključuje pogodb, ki izhajajo iz poslov iz točk (a), (b) in (c) petega pododstavka člena 2(4) Direktive 2014/65/EU, ali pogodb, pri katerih ima oseba v skupni, ki je stranka v pogodbi, dovoljenje v skladu z Direktivo 2014/65/EU ali Direktivo 2013/36/EU [6].
The overall market trading activity in each of the asset classes referred to in paragraph 1 shall be calculated by aggregating the gross notional value of all contracts that are not traded on a trading venue within the relevant asset class to which any person located in the Union is a party and of any other contract within that asset class that is traded on a trading venue located in the Union during the relevant annual accounting period referred to in Article 4(2).
Splošna trgovalna dejavnost trga za vsak razred sredstev iz odstavka 1 se izračuna z združevanjem bruto nominalne vrednosti vseh pogodb, s katerimi se ne trguje na mestu trgovanja znotraj zadevnega razreda sredstev ter v katerih je oseba s sedežem v Uniji stranka, ter katere koli druge pogodbe znotraj zadevnega razreda sredstev, s katero se trguje na mestu trgovanja znotraj Unije v zadevnem letnem obračunskem obdobju iz člena 4(2).
The aggregate values referred to in paragraphs 2 and 3 shall be denominated in EUR.
Združene vrednosti iz odstavkov 2 in 3 se izrazijo v eurih.
Main business threshold
Prag za določitev glavne dejavnosti
The activities referred to in Article 1 shall be considered to constitute a minority of activities at group level where they comply with any of the following conditions:
Za dejavnosti iz člena 1 se šteje, da predstavljajo manjšino dejavnosti na ravni skupine, kadar izpolnjujejo katerega koli izmed naslednjih pogojev:
the size of those activities calculated in accordance with the first subparagraph of paragraph 3 does not account for more than 10 % of the total size of the trading activity of the group calculated in accordance with the second subparagraph of paragraph 3;
obseg teh dejavnosti, izračunan v skladu s prvim pododstavkom odstavka 3, ne predstavlja več kot 10 % skupnega obsega trgovalne dejavnosti skupine, izračunanega v skladu z drugim pododstavkom odstavka 3;
the estimated capital employed for carrying out those activities calculated in accordance with paragraphs 5 to 7 does not account for more than 10 % of the capital employed at group level for carrying out the main business calculated in accordance with paragraph 9.
ocenjen uporabljen kapital za opravljanje teh dejavnosti, izračunan v skladu z odstavki 5 do 7, ne predstavlja več kot 10 % kapitala, uporabljenega na ravni skupine za opravljanje glavne dejavnosti, izračunanega v skladu z odstavkom 9.
The following derogations from paragraph 1(a) shall apply:
Dovoljena so naslednja odstopanja od odstavka 1(a):
where the size of the activities referred to in Article 1 calculated in accordance with the first subparagraph of paragraph 3 accounts for more than 10 % but less than 50 % of the total size of the trading activity of the group calculated in accordance with the second subparagraph of paragraph 3, ancillary activities shall be considered to constitute a minority of activities at group level only where the size of the trading activity for each of the asset classes referred to in Article 2(1) accounts for less than 50 % of the threshold established by Article 2(1) for each relevant asset class;
kadar obseg dejavnosti iz člena 1, izračunan v skladu s prvim pododstavkom odstavka 3, znaša več kot 10 %, vendar manj kot 50 % celotnega obsega trgovalne dejavnosti skupine, izračunanega v skladu z drugim pododstavkom odstavka 3, se za pomožne dejavnosti šteje, da predstavljajo manjšino dejavnosti na ravni skupine samo, kadar velikost trgovalne dejavnosti za vsak razred sredstev iz člena 2(1) znaša manj kot 50 % praga, določenega v členu 2(1) za vsak zadevni razred sredstev;
where the size of the trading activities calculated in accordance with the first subparagraph of paragraph 3 accounts for equal to or more than 50 % of the total size of the trading activity of the group calculated in accordance with the second subparagraph of paragraph 3, ancillary activities shall be considered to constitute a minority of activities at group level only where the size of the trading activity for each of the asset classes referred to in Article 2(1) accounts for less than 20 % of the threshold established by Article 2(1) for each relevant asset class.
kadar je obseg trgovalnih dejavnosti, izračunan v skladu s prvim pododstavkom odstavka 3, enak ali več kot 50 % celotnega obsega trgovalne dejavnosti skupine, izračunanega v skladu z drugim pododstavkom odstavka 3, se za pomožne dejavnosti šteje, da predstavljajo manjšino dejavnosti na ravni skupine samo, kadar velikost trgovalne dejavnosti za vsak razred sredstev iz člena 2(1) znaša manj kot 20 % praga, določenega v členu 2(1) za vsak zadevni razred sredstev.
The size of the activities referred to in Article 1 undertaken by a person within a group shall be calculated by aggregating the size of the activities undertaken by that person with respect to all of the asset classes referred to in Article 2(1) in accordance with the same calculation criteria as that referred to in Article 2(2).
Obseg dejavnosti iz člena 1, ki jih opravlja oseba v skupini, se izračuna z združevanjem obsegov dejavnosti, ki jih opravlja ta oseba v zvezi z vsemi razredi sredstev iz člena 2(1), v skladu z istim merilom za izračun, kot je navedeno v členu 2(2).
The total size of the trading activity of the group shall be calculated by aggregating the gross notional value of all contracts in commodity derivatives, emission allowances and derivatives thereof to which persons within that group are a party to.
Skupni obseg trgovalne dejavnosti skupine se izračuna z združevanjem bruto nominalne vrednosti vseh pogodb o izvedenih finančnih instrumentih na blago, pravicah do emisij in njihovih izvedenih finančnih instrumentih, v katerih je oseba v zadevni skupini stranka.
The aggregation referred to in the first subparagraph of paragraph 3 shall not include contracts where the person within the group that is a party to any of those contracts is authorised in accordance with Directive 2014/65/EU or Directive 2013/36/EU.
Združevanje iz prvega pododstavka odstavka 3 ne vključuje pogodb, pri katerih ima oseba v skupni, ki je stranka v kateri koli izmed teh pogodb, dovoljenje v skladu z Direktivo 2014/65/EU ali Direktivo 2013/36/EU Evropskega parlamenta in Sveta.
The estimated capital employed for carrying out the activities referred to in Article 1 shall be the sum of the following:
Ocenjeni uporabljeni kapital za opravljanje dejavnosti iz člena 1 je vsota naslednjega:
15 % of each net position, long or short, multiplied by the price for the commodity derivative, emission allowance or derivatives thereof;
15 % vsake neto pozicije, kratke ali dolge, pomnožene s ceno za izvedeni finančni instrument na blago, pravice do emisij ali njihov izvedeni finančni instrument;
3 % of the gross position, long plus short, multiplied by the price for the commodity derivative, emission allowance or derivatives thereof.
3 % bruto pozicije, dolge plus kratke, pomnožene s ceno za izvedeni finančni instrument na blago, pravico do emisij ali njene izvedene finančne instrumente.
For the purposes of paragraph 5, point (a), the net position in a commodity derivative, an emission allowance or derivative thereof shall be determined by netting long and short positions:
Za namene odstavka 5(a) se neto pozicija v izvedenem finančnem instrumentu na blago, pravici do emisije ali njenem izvedenem finančnem instrumentu določi s pobotom dolgih in kratkih pozicij:
in each type of commodity derivative contract with a particular commodity as underlying in order to calculate the net position per type of contract with that commodity as underlying;
v vsaki vrsti pogodbe o izvedenem finančnem instrumentu na blago z določenim blagom kot osnovo za izračun neto pozicije na vrsto pogodbe s tem blagom kot osnovo;
in an emission allowance contract in order to calculate the net position in that emission allowances contract; or
v pogodbi o pravici do emisij za izračun neto pozicije v tej pogodbi o pravici do emisij ali
in each type of emission allowance derivative contract in order to calculate the net position per type of emission allowance derivative contract.
v vsaki vrsti pogodbe o izvedenem finančnem instrumentu na pravico do emisij za izračun neto pozicije za vrsto pogodbe o izvedenem finančnem instrumentu na pravico do emisij.
For the purposes of paragraph 5, point (a), net positions in different types of contracts with the same commodity as underlying or different types of derivative contracts with the same emission allowance as underlying can be netted against each other.
Za namene odstavka 5(a) je mogoče neto pozicije v različnih vrstah pogodb z istim blagom kot osnovo ali v različnih vrstah pogodb o izvedenih finančnih instrumentih z isto pravico do emisije kot osnovo pobotati med seboj.
For the purposes of paragraph 5, point (b), the gross position in a commodity derivative, an emission allowance or a derivative contract thereof, shall be determined by computing the sum of the absolute values of the net positions per type of contract with a particular commodity as the underlying, per emission allowance contract or per type of contract with a particular emission allowance as the underlying.
Za namene odstavka 5(b) se bruto pozicija v izvedenem finančnem instrumentu na blago, pravici do emisije ali pogodbi o njenem izvedenem finančnem instrumentu določi s seštevanjem vsote absolutnih vrednosti neto pozicij za vrsto pogodbe z določenim blagom kot osnovo, za pogodbo o pravici do emisij ali za vrsto pogodbe z določeno pravico do emisij kot osnovo.
For the purposes of paragraph 5, point (b), net positions in different types of derivative contracts with the same commodity as underlying or different types of derivative contracts with the same emission allowance as underlying cannot be netted against each other.
Za namene odstavka 5(b) neto pozicij v različnih vrstah pogodb o izvedenih finančnih instrumentih z istim blagom kot osnovo ali različnih vrstah pogodb o izvedenih finančnih instrumentih z isto pravico do emisije kot osnovo ni mogoče pobotati med seboj.
The calculation of the estimated capital shall not include positions resulting from transactions referred to in points (a), (b) and (c) of subparagraph 5 of Article 2(4) of Directive 2014/65/EU.
Izračun ocenjenega kapitala ne vključuje pozicij, ki izhajajo iz poslov iz točk (a), (b) in (c) pododstavka 5 člena 2(4) Direktive 2014/65/EU.
The capital employed for carrying out the main business of a group shall be the sum of the total assets of the group minus its short-term debt as recorded in its consolidated financial statements of the group at the end of the relevant annual calculation period.
Kapital, uporabljen za opravljanje glavne dejavnosti skupine, je vsota skupnih sredstev skupine minus njen kratkoročni dolg, kot je evidentiran v konsolidiranih računovodskih izkazih skupine ob koncu zadevnega letnega obdobja izračuna.
For the purposes of the first sentence, short-term debt means debt with a maturity of less than 12 months.
Za namene prvega stavka kratkoročni dolg pomeni dolg z zapadlostjo manj kot 12 mesecev.
The values resulting from the calculations referred to in this Article shall be denominated in EUR.
Vrednosti, dobljene pri izračunih iz tega člena, se izrazijo v eurih.
Procedure for calculation
Postopek izračuna
The calculation of the size of the trading activities and capital referred to in Articles 2 and 3 shall be based on a simple average of the daily trading activities or estimated capital allocated to such trading activities, during three annual calculation periods that precede the date of calculation.
Izračun obsega trgovalnih dejavnosti in kapitala iz členov 2 in 3 temelji na preprostem povprečju dnevnih trgovalnih dejavnosti ali ocenjenega kapitala, dodeljenega tem trgovalnim dejavnostim, v treh letnih obdobjih izračuna pred datumom izračuna.
The calculations shall be carried out annually in the first quarter of the calendar year that follows an annual calculation period.
Izračuni se opravljajo letno v prvi četrtini koledarskega leta, ki sledi letnemu obdobju izračuna.
For the purpose of paragraph 1, an annual calculation period means a period which starts on 1 January of a given year and ends on 31 December of that year.
Za namene odstavka 1 letno obdobje izračuna pomeni obdobje, ki se začne 1. januarja danega leta in konča 31. decembra istega leta.
For the purpose of paragraph 1, the calculation of the size of trading activities or estimated capital allocated to trading activities taking place in 2018 shall take into account the three preceding annual calculation periods, starting on 1 January 2015, 1 January 2016 and 1 January 2017, and the calculation taking place in 2019 shall take into account the three preceding annual calculation periods, starting on 1 January 2016, 1 January 2017 and 1 January 2018.
Za namene odstavka 1 se pri izračunu obsega trgovalnih dejavnosti ali ocenjenega kapitala, dodeljenega trgovalnim dejavnostim, ki se opravijo v letu 2018, upoštevajo tri predhodna letna obdobja izračuna z začetkom 1. januarja 2015, 1. januarja 2016 in 1. januarja 2017, pri izračunu, ki bo opravljen v letu 2019, pa se upoštevajo tri predhodna letna obdobja izračuna z začetkom 1. januarja 2016, 1. januarja 2017 in 1. januarja 2018.