natgillin/translations-raw huggingface dataset:
the investment firms themselves, financial analysts, and other relevant persons involved in the production of the investment research do not promise issuers favourable research coverage;
finančni analitik, ki sodeluje pri pripravi investicijske raziskave, in druge zadevne osebe, katerih odgovornosti ali poslovni interesi bi lahko bili v nasprotju z interesi oseb, ki se jim predloži investicijska raziskava, so fizično ločeni ali pa, če se to ne šteje za primerno glede na velikost in organiziranost podjetja ter naravo, obseg in kompleksnost njegovega poslovanja, so vzpostavljene in se izvajajo druge ustrezne informacijske prepreke;
before the dissemination of investment research issuers, relevant persons other than financial analysts, and any other persons are not permitted to review a draft of the investment research for the purpose of verifying the accuracy of factual statements made in that research, or for any purpose other than verifying compliance with the firm's legal obligations, where the draft includes a recommendation or a target price.
investicijska podjetja sama, finančni analitiki in druge zadevne osebe, ki sodelujejo pri pripravi investicijskih raziskav, ne sprejemajo spodbud od oseb, ki imajo pomembne interese v zadevi, ki je predmet investicijske raziskave;
For the purposes of this paragraph, ‘related financial instrument’ shall be any financial instrument the price of which is closely affected by price movements in another financial instrument which is the subject of investment research, and includes a derivative on that other financial instrument.
investicijska podjetja sama, finančni analitiki in druge zadevne osebe, ki sodelujejo pri pripravi investicijskih raziskav, izdajateljem ne obljubljajo ugodne obravnave v raziskavi;
Investment firms which disseminate investment research produced by another person to the public or to clients shall be exempt from complying with paragraph 1 if the following criteria are met:
pred objavo oz. predložitvijo investicijske raziskave izdajatelji, zadevne osebe, ki niso finančni analitiki, in vse druge osebe ne smejo pregledati osnutka investicijske raziskave za namene preverjanja točnosti dejstev, navedenih v raziskavi, ali za kateri koli drugi namen razen preverjanja skladnosti s pravnimi obveznostmi podjetja, če osnutek vsebuje priporočilo ali ciljno ceno.
the person that produces the investment research is not a member of the group to which the investment firm belongs;
Za namene tega odstavka „povezani finančni instrument“ pomeni finančni instrument, katerega cena je močno odvisna od gibanja cene drugega finančnega instrumenta, ki je obravnavan v investicijski raziskavi, in ki vključuje izvedeni finančni instrument na ta drugi finančni instrument.
the investment firm does not substantially alter the recommendations within the investment research;
Investicijskim podjetjem, ki javnosti ali strankam razširjajo investicijske raziskave, ki jih pripravlja druga oseba, ni treba izpolnjevati določb iz odstavka 1, če so izpolnjena naslednja merila:
the investment firm does not present the investment research as having been produced by it;
oseba, ki pripravlja investicijsko raziskavo, ni član skupine, ki ji pripada investicijsko podjetje;
the investment firm verifies that the producer of the research is subject to requirements equivalent to the requirements under this Regulation in relation to the production of that research, or has established a policy setting such requirements.
investicijsko podjetje bistveno ne spremeni priporočil v okviru investicijske raziskave;
Article 38
investicijsko podjetje ne predstavi investicijske raziskave kot raziskave, ki jo je pripravilo samo;
Additional general requirements in relation to underwriting or placing
investicijsko podjetje preveri, ali se za osebo, ki je pripravila raziskavo, uporabljajo zahteve, enakovredne zahtevam iz te uredbe, v zvezi s pripravo navedene raziskave, ali pa ima ta vzpostavljeno politiko, ki določa take zahteve.
(Articles 16(3), 23 and 24 of Directive 2014/65/EU)
Člen 38
Investment firms which provide advice on corporate finance strategy, as set out in Section B(3) of Annex I, and provide the service of underwriting or placing of financial instruments, shall, before accepting a mandate to manage the offering, have arrangements in place to inform the issuer client of the following:
Dodatne splošne zahteve v zvezi z izvedbo prve prodaje ali plasiranjem
the various financing alternatives available with the firm, and an indication of the amount of transaction fees associated with each alternative;
(člen 16(3) ter člena 23 in 24 Direktive 2014/65/EU)
the timing and the process with regard to the corporate finance advice on pricing of the offer;
Investicijska podjetja, ki zagotavljajo svetovanje glede strategije podjetniškega financiranja, kot je določeno v oddelku B(3) Priloge I, in izvajajo storitev prve prodaje ali plasiranja finančnih instrumentov, pred sprejetjem naloge upravljanja ponudbe vzpostavijo ureditve, s katerimi stranko, ki je izdajatelj, obvestijo o naslednjem:
the timing and the process with regard to the corporate finance advice on placing of the offering;
različnih oblikah financiranja, ki so na voljo pri podjetju, ter o znesku nadomestil za izvedbo posla, plačljivih v zvezi z vsako alternativo;
details of the targeted investors, to whom the firm intends to offer the financial instruments;
časovnem okviru in postopku v zvezi s podjetniškim finančnim svetovanjem glede cenovnega elementa ponudbe;
the job titles and departments of the relevant individuals involved in the provision of corporate finance advice on the price and allotment of financial instruments; and
časovnem okviru in postopku v zvezi s podjetniškim finančnim svetovanjem glede plasiranja ponudbe;
firm's arrangements to prevent or manage conflicts of interest that may arise where the firm places the relevant financial instruments with its investment clients or with its own proprietary book.
podrobnostih o ciljnih vlagateljih, katerim namerava podjetje ponuditi finančne instrumente;
Investment firms shall have in place a centralised process to identify all underwriting and placing operations of the firm and record such information, including the date on which the firm was informed of potential underwriting and placing operations.
nazivih delovnih mest in oddelkov, v katerih so zaposleni zadevni posamezniki, vključeni v podjetniško finančno svetovanje glede cene in alokacije finančnih instrumentov vlagateljem; in
Firms shall identify all potential conflicts of interest arising from other activities of the investment firm, or group, and implement appropriate management procedures.
ureditvah podjetja za preprečevanje ali obvladovanje nasprotij interesov, do katerih lahko pride, če podjetje plasira zadevne finančne instrumente svojim strankam, ki so vlagatelji, ali v portfelj finančnih instrumentov, s katerimi trguje za svoj račun.
In cases where an investment firm cannot manage a conflict of interest by way of implementing appropriate procedures, the investment firm shall not engage in the operation.
Investicijska podjetja imajo vzpostavljen centraliziran postopek za identifikacijo vseh poslov izvedbe prve prodaje in plasiranja finančnih instrumentov, ki jih izvede podjetje, in evidentiranje takih informacij, vključno z datumom, na katerega je bilo podjetje obveščeno o morebitnih poslih izvedbe prve prodaje in plasiranja finančnih instrumentov.
Investment firms providing execution and research services as well as carrying out underwriting and placing activities shall ensure adequate controls are in place to manage any potential conflicts of interest between these activities and between their different clients receiving those services.
Podjetja opredelijo vsa potencialna nasprotja interesov, ki izhajajo iz drugih dejavnosti investicijskega podjetja ali skupine ter izvajajo ustrezne postopke za njihovo obvladovanje.
Article 39
V primerih, v katerih investicijsko podjetje z izvajanjem ustreznih postopkov ne more obvladovati nasprotij interesov, podjetje zadevnih poslov ne izvaja.
Additional requirements in relation to pricing of offerings in relation to issuance of financial instruments
Investicijska podjetja, ki izvajajo storitve izvrševanja in raziskav, kot tudi dejavnosti prve prodaje in plasiranja finančnih instrumentov, zagotovijo, da so vzpostavljene ustrezne kontrole za obvladovanje vseh potencialnih nasprotij interesov med temi dejavnostmi in med njihovimi različnimi strankami, ki prejemajo navedene storitve.
Investment firms shall have in place systems, controls and procedures to identify and prevent or manage conflicts of interest that arise in relation to possible under-pricing or over-pricing of an issue or involvement of relevant parties in the process.
Člen 39
In particular, investment firms shall as a minimum requirement establish, implement and maintain internal arrangements to ensure both of the following:
Dodatne zahteve v zvezi z določanjem cen ponudb pri izdaji finančnih instrumentov
that the pricing of the offer does not promote the interests of other clients or firm's own interests, in a way that may conflict with the issuer client's interests; and
Investicijska podjetja imajo vzpostavljene sisteme, kontrole in postopke za opredelitev in obvladovanje nasprotij interesov, ki nastanejo v zvezi z možno določitvijo prenizkih ali previsokih cen za izdajo ali vključenostjo zadevnih strank v postopek.
the prevention or management of a situation where persons responsible for providing services to the firm's investment clients are directly involved in decisions about corporate finance advice on pricing to the issuer client.
Investicijska podjetja zlasti vzpostavijo, izvajajo in vzdržujejo vsaj notranje ureditve za izpolnitev obeh naslednjih pogojev:
Investment firms shall provide clients with information about how the recommendation as to the price of the offering and the timings involved is determined.
cena ponudbe ne podpira interesov drugih strank ali samega podjetja na način, ki je v nasprotju z interesi stranke, ki je izdajatelj, in
In particular, the firm shall inform and engage with the issuer client about any hedging or stabilisation strategies it intends to undertake with respect to the offering, including how these strategies may impact the issuer clients' interests.
zagotovljeno je preprečevanje in obvladovanje primerov, v katerih osebe, odgovorne za izvajanje storitev za stranke podjetja, ki so vlagatelji, neposredno sodelujejo pri odločitvah v zvezi s podjetniškim finančnim svetovanjem glede cen stranki, ki je izdajatelj.
During the offering process, firms shall also take all reasonable steps to keep the issuer client informed about developments with respect to the pricing of the issue.
Investicijska podjetja strankam zagotovijo informacije o tem, kako se določi priporočilo glede cene ponudbe in zadevnih časovnih okvirov.
Article 40
Podjetje zlasti obvesti stranko, ki je izdajatelj, in z njo sodeluje v zvezi s kakršno koli strategijo varovanja pred tveganji ali stabilizacije, ki jo namerava izvajati v zvezi s ponudbo, vključno s tem, kako lahko te strategije vplivajo na interese stranke, ki je izdajatelj.
Additional requirements in relation to placing
Podjetja med postopkom ponudbe sprejmejo tudi vse razumne ukrepe za obveščanje stranke, ki je izdajatelj, o vseh dogajanjih v zvezi z določitvijo cene izdaje.
Investment firms placing financial instruments shall establish, implement and maintain effective arrangements to prevent recommendations on placing from being inappropriately influenced by any existing or future relationships.
Člen 40
Investment firms shall establish, implement and maintain effective internal arrangements to prevent or manage conflicts of interests that arise where persons responsible for providing services to the firm's investment clients are directly involved in decisions about recommendations to the issuer client on allocation.
Dodatne zahteve v zvezi s plasiranjem
Investment firms shall not accept any third-party payments or benefits unless such payments or benefits comply with the inducements requirements laid down in Article 24 of Directive 2014/65/EU.
Investicijska podjetja, ki izvajajo plasiranje finančnih instrumentov, vzpostavijo, izvajajo in vzdržujejo učinkovite ureditve za preprečevanje, da bi na priporočila glede plasiranja neprimerno vplivala kakršna koli obstoječa in prihodnja razmerja.
In particular, the following practices shall be considered not compliant with those requirements and shall therefore be considered not acceptable:
Investicijska podjetja vzpostavijo, izvajajo in vzdržujejo učinkovite notranje ureditve za preprečevanje ali obvladovanje nasprotij interesov, ki nastanejo, kadar osebe, ki so odgovorne za izvajanje storitev za stranke podjetja, ki so vlagatelji, neposredno sodelujejo pri odločitvah v zvezi s priporočili stranki, ki je izdajatelj, glede alokacije izdaje finančnih instrumentov vlagateljem.
an allocation made to incentivise the payment of disproportionately high fees for unrelated services provided by the investment firm (‘laddering’), such as disproportionately high fees or commissions paid by an investment client, or disproportionately high volumes of business at normal levels of commission provided by the investment client as a compensation for receiving an allocation of the issue;
Investicijska podjetja ne sprejemajo plačil ali koristi od tretjih oseb, razen če taka plačila ali koristi izpolnjujejo zahteve glede spodbud iz člena 24 Direktive 2014/65/EU.
an allocation made to a senior executive or a corporate officer of an existing or potential issuer client, in consideration for the future or past award of corporate finance business (‘spinning’);
Zlasti za naslednje prakse velja, da ne izpolnjujejo navedenih zahtev in se zato ne štejejo za sprejemljive:
an allocation that is expressly or implicitly conditional on the receipt of future orders or the purchase of any other service from the investment firm by an investment client, or any entity of which the investor is a corporate officer.
alokacija finančnih instrumentov med kupce, namenjena spodbujanju k plačilu nesorazmerno visokih nadomestil za nepovezane storitve, ki jih zagotovi investicijsko podjetje (t.i. „laddering“), kot so nesorazmerno visoke opravnine in provizije, ki jih plača stranka, ki je vlagatelj, ali nesorazmerno velik obseg poslov po normalnih provizijah, ki ga zagotovi vlagatelj kot nadomestilo za alokacijo dela izdaje;
Investment firms shall establish, implement and maintain an allocation policy that sets out the process for developing allocation recommendations.
alokacija finančnih instrumentov višjemu izvršnemu ali vodstvenemu delavcu obstoječe ali potencialne stranke, ki je izdajatelj, kot nadomestilo za prihodnjo ali preteklo dodelitev poslov podjetniškega financiranja (t.i. „spinning“);
The allocation policy shall be provided to the issuer client before agreeing to undertake any placing services.
alokacija finančnih instrumentov, ki je izrecno ali implicitno pogojena s prejemom prihodnjih naročil ali nakupom katere koli druge storitve od investicijskega podjetja s strani stranke, ki je vlagatelj, ali subjekta, v katerem je vlagatelj vodstveni delavec.
The policy shall set out relevant information that is available at that stage, about the proposed allocation methodology for the issue.
Investicijska podjetja vzpostavijo, izvajajo in vzdržujejo politiko alokacije izdaj finančnih instrumentov, ki določa postopek za pripravo priporočil glede alokacije izdaj.
Investment firms shall involve the issuer client in discussions about the placing process in order for the firm to be able to understand and take into account the client's interests and objectives.
Politika alokacije se posreduje stranki, ki je izdajatelj, preden pride do dogovora o izvajanju storitev plasiranja.
The investment firm shall obtain the issuer client's agreement to its proposed allocation per type of client for the transaction in accordance with the allocation policy.
Politika določa relevantne informacije, ki so na voljo v tej fazi, o predlagani metodologiji alokacije izdaje.
Article 41
Investicijska podjetja stranko, ki je izdajatelj, vključijo v razpravo o postopku plasiranja, tako da lahko podjetje razume in upošteva strankine interese in cilje.
Additional requirements in relation to advice, distribution and self-placement
Investicijsko podjetje pridobi soglasje stranke, ki je izdajatelj, o predlagani alokaciji po vrstah strank za posel v skladu s politiko alokacije.
Investment firms shall have in place systems, controls and procedures to identify and manage the conflicts of interest that arise when providing investment service to an investment client to participate in a new issue, where the investment firm receives commissions, fees or any monetary or non-monetary benefits in relation to arranging the issuance.
Člen 41
Any commissions, fees or monetary or non-monetary benefits shall comply with the requirements in Article 24(7), 24(8) and 24(9) of Directive 2014/65/EU and be documented in the investment firm's conflicts of interest policies and reflected in the firm's inducements arrangements.
Dodatne zahteve v zvezi s svetovanjem, distribucijo in samoplasiranjem
Investment firms engaging in the placement of financial instruments issued by themselves or by entities within the same group, to their own clients, including their existing depositor clients in the case of credit institutions, or investment funds managed by entities of their group, shall establish, implement and maintain clear and effective arrangements for the identification, prevention or management of the potential conflicts of interest that arise in relation to this type of activity.
Investicijska podjetja imajo vzpostavljene sisteme, kontrole in postopke za opredelitev in obvladovanje nasprotij interesov, do katerih pride pri zagotavljanju investicijske storitve stranki, ki je vlagatelj, za sodelovanje pri novi izdaji, pri kateri investicijsko podjetje prejme provizije, opravnine ali druge denarne in nedenarne koristi v zvezi z urejanjem izdaje.
Such arrangements shall include consideration of refraining from engaging in the activity, where conflicts of interest cannot be appropriately managed so as to prevent any adverse effects on clients.
Vse provizije, opravnine ali druge denarne in nedenarne koristi izpolnjujejo zahteve iz člena 24(7), 24(8) in 24(9) Direktive 2014/65/EU in so dokumentirane v politikah podjetja glede nasprotij interesov ter upoštevane v ureditvah podjetja glede spodbud.
When disclosure of conflicts of interest is required, investment firms shall comply with the requirements in Article 34(4), including an explanation of the nature and source of the conflicts of interest inherent to this type of activity, providing details about the specific risks related to such practices in order to enable clients to make an informed investment decision.
Investicijska podjetja, ki se ukvarjajo s plasiranjem finančnih instrumentov, ki jih izdajo sama ali jih izdajo subjekti v njihovi skupini, lastnim strankam, vključno z obstoječimi imetniki vlog, če gre za kreditne institucije, ali investicijskimi skladi, ki jih upravljajo subjekti v njihovi skupini, vzpostavijo, izvajajo in vzdržujejo jasne in učinkovite ureditve za opredelitev, preprečevanje ali obvladovanje potencialnih nasprotij interesov, do katerih pride v povezavi s to vrsto dejavnosti.
Investment firms which offer financial instruments issued that are by themselves or other group entities to their clients and that are included in the calculation of prudential requirements specified in Regulation (EU) No 575/2013 of the European Parliament and of the Council [22], Directive 2013/36/EU of the European Parliament and of the Council [23] or Directive 2014/59/EU of the European Parliament and of the Council [24], shall provide those clients with additional information explaining the differences between the financial instrument and bank deposits in terms of yield, risk, liquidity and any protection provided in accordance with Directive 2014/49/EU of the European Parliament and of the Council [25].
Take ureditve vključujejo obravnavo smiselnosti (ne)izvajanja dejavnosti, če se nasprotja interesov ne morejo ustrezno obvladovati, da se preprečijo vsi negativni učinki na stranke.
Article 42
Kadar se zahteva razkritje nasprotij interesov, investicijska podjetja izpolnjujejo zahteve iz člena 34(4), vključno z obrazložitvijo narave in virov nasprotij interesov, ki jih vključuje ta vrsta dejavnosti, pri čemer navedejo podrobnosti o specifičnih tveganjih, povezanih s takimi praksami, da lahko strankam omogočijo sprejetje informirane naložbene odločitve.
Additional requirements in relation to lending or provision of credit in the context of underwriting or placement
Investicijska podjetja, ki ponujajo finančne instrumente, ki jih izdajo sama ali jih izdajo drugi subjekti v njihovi skupini, svojim strankam in ki so vključeni v izračun bonitetnih zahtev iz Uredbe (EU) št. 575/2013 Evropskega parlamenta in Sveta [22], Direktive 2013/36/EU Evropskega parlamenta in Sveta [23] ali Direktive 2014/59/EU Evropskega parlamenta in Sveta [24], tem strankam zagotovijo dodatne informacije, v katerih so razložene razlike med finančnimi instrumenti in bančnimi vlogami v smislu donosa, tveganja, likvidnosti in morebitnega zavarovanja v skladu z Direktivo 2014/49/EU Evropskega parlamenta in Sveta [25].
Where any previous lending or credit to the issuer client by an investment firm, or an entity within the same group, may be repaid with the proceeds of an issue, the investment firm shall have arrangements in place to identify and prevent or manage any conflicts of interest that may arise as a result.
Člen 42
Where the arrangements taken to manage conflicts of interest prove insufficient to ensure that the risk of damage to the issuer client would be prevented, investment firms shall disclose to the issuer client the specific conflicts of interest that have arisen in relation to their, or group entities', activities in a capacity of credit provider, and their activities related to the securities offering.
Dodatne zahteve v zvezi s posojanjem ali dajanjem kreditov v okviru izvedbe prve prodaje ali plasiranja
Investment firms' conflict of interest policy shall require the sharing of information about the issuer's financial situation with group entities acting as credit providers, provided this would not breach information barriers set up by the firm to protect the interests of a client.
Kadar se morebitna prejšnja posojila ali krediti investicijskega podjetja ali subjekta v njegovi skupini, dani stranki, ki je izdajatelj, lahko odplačajo s prihodki od izdaje, ima investicijsko podjetje vzpostavljene ureditve za identifikacijo in preprečevanje ali obvladovanje nasprotij interesov, ki lahko nastanejo kot posledica.
Article 43
Če se ureditve za obvladovanje nasprotij interesov izkažejo za nezadostne za zagotavljanje, da se prepreči tveganje oškodovanja stranke, ki je izdajatelj, investicijska podjetja taki stranki razkrijejo konkretna nasprotja interesov, do katerih je prišlo v povezavi z njihovimi dejavnostmi ali dejavnostmi subjektov iz njihove skupine pri dajanju kreditov ter njihovimi dejavnostmi v zvezi s ponudbo vrednostnih papirjev.
Record keeping in relation to underwriting or placing
Politika investicijskega podjetja glede nasprotij interesov zahteva deljenje informacij o finančnem položaju izdajatelja s subjekti iz skupine, ki delujejo kot dajalci kreditov, če to ne krši informacijskih preprek, ki jih je podjetje vzpostavilo za zaščito interesov stranke.
Investment firms shall keep records of the content and timing of instructions received from clients.
Člen 43
A record of the allocation decisions taken for each operation shall be kept to provide for a complete audit trail between the movements registered in clients' accounts and the instructions received by the investment firm.
Vodenje evidenc v zvezi z izvedbo prve prodaje ali plasiranjem
In particular, the final allocation made to each investment client shall be clearly justified and recorded.
Investicijska podjetja vodijo evidence o vsebini in času navodil, prejetih od strank.