natgillin/translations-raw huggingface dataset:
This Regulation should set out the way investment firms report their transactions to APAs and should apply in conjunction with Commission Delegated Regulation (EU) 2017/571 [2].
Ta uredba bi morala določiti način, na katerega investicijska podjetja svoje posle poročajo APA in bi se morala uporabljati skupaj z Delegirano uredbo Komisije (EU) 2017/571 [2].
The possibility to specify the application of the obligation of post-trade disclosure of transactions executed between two investment firms, including systematic internalisers, in bonds, structured finance products, emission allowances and derivatives which are determined by factors other than the current market valuation, such as the transfer of financial instruments as collateral, is set out in Regulation (EU) No 600/2014.
Možnost določitve uporabe obveznosti o razkritju po trgovanju za posle, ki se izvršijo med dvema investicijskima podjetjema, vključno s sistematičnimi internalizatorji, z obveznicami, strukturiranimi finančnimi produkti, pravicami do emisije in izvedenimi finančnimi instrumenti, ki jih določajo drugačni dejavniki kot trenutno tržno vrednotenje, na primer prenos finančnega instrumenta kot zavarovanja, je določena v Uredbi (EU) št. 600/2014.
Such transactions do not contribute to the price discovery process or risk blurring the picture for investors or hinder best execution and therefore this Regulation specifies the transactions determined by factors other than the current market valuation which should not be made public.
Takšni posli ne prispevajo k postopku oblikovanja cen ali tveganju manj jasne slike za vlagatelje oziroma ne preprečujejo najboljše izvršitve, zato ta uredba določa posle, ki jih določajo drugačni dejavniki kot trenutno tržno vrednotenje, ki se ne bi smeli objaviti.
Investment firms often conduct, on own account or on behalf of clients, transactions in derivatives and other financial instruments or assets that are composed by a number of interlinked, contingent trades.
Investicijska podjetja za svoj račun ali za račun strank pogosto opravljajo posle z izvedenimi finančnimi instrumenti in drugimi finančnimi instrumenti ali sredstvi, ki jih sestavlja več povezanih poslov, ki so medsebojno odvisni.
Such package transactions enable investment firms and their clients to better manage their risks with the price of each component of the package transaction reflecting the overall risk profile of the package rather than the prevailing market price of each component.
Takšni paketni posli investicijskim podjetjem in njihovim strankam omogočajo boljše obvladovanje tveganj, saj cena vsakega elementa paketnega posla odraža skupni profil tveganja paketa, ne pa prevladujoče tržne cene posameznih elementov.
Package transactions can take various forms, such as exchange for physicals, trading strategies executed on trading venues or bespoke package transactions and it is important to take those specificities into account when calibrating the applicable transparency regime.
Paketni posli so lahko različnih oblik, npr. zamenjava za fizična sredstva, trgovalne strategije, izvršene na mestih trgovanja, ali posebej prilagojeni paketni posli, in pomembno je, da se te posebnosti upoštevajo pri prilagajanju veljavnega sistema preglednosti.
It is therefore appropriate to specify for the purpose of this Regulation the conditions for applying deferrals from post-trade transparency to package transactions.
Zato je za namene te uredbe ustrezno določiti pogoje za uporabo odloga pri preglednosti po trgovanju za paketne posle.
Such arrangements should not be available for transactions which hedge financial instruments conducted in the normal course of the business.
Takšne ureditve ne bi smele biti na voljo za posle, izvedene v okviru običajnega poslovanja, ki varujejo finančne instrumente pred tveganji.
Exchange for physicals are an integral part of financial markets, allowing market participants to organise and execute exchange-traded derivatives transactions which are linked directly to a transaction in the underlying physical market.
Zamenjave za fizična sredstva so sestavni del finančnih trgov in udeležencem na trgu omogočajo, da organizirajo in izvršijo posle z izvedenimi finančnimi instrumenti, s katerimi se trguje na borzi, ki so neposredno povezani s poslom na trgu fizičnega sredstva, ki predstavlja osnovo.
They are widely used and they involve a multitude of actors, such as farmers, producers, manufacturers and processors of commodities.
Se pogosto uporabljajo in vključujejo veliko akterjev, kot so kmetje, pridelovalci, proizvajalci in obdelovalci blaga.
Typically an exchange for physical transaction will take place when a seller of a physical asset seeks to close out his corresponding hedging position in a derivative contract with the buyer of the physical asset, when the latter happens to also hold a corresponding hedge in the same derivative contract.
Do posla zamenjave za fizična sredstva običajno pride, kadar želi prodajalec fizičnega sredstva zapreti svojo ustrezno pozicijo varovanja pred tveganjem v pogodbi na izvedene finančne instrumente s kupcem fizičnega sredstva, pri čemer tudi kupec poseduje ustrezno varovanje pred tveganjem v isti pogodbi na izvedene finančne instrumente.
They therefore facilitate the efficient closing out of hedging positions which are not necessary anymore.
Ti posli tako olajšajo učinkovito poravnavo pozicij varovanja pred tveganjem, ki niso več potrebne.
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, ki se izvršijo zunaj pravil mesta trgovanja, je bistveno pojasniti, katero investicijsko podjetje mora javno objaviti posel v primerih, ko sta obe stranki v poslu investicijski podjetji s sedežem v Uniji, da se zagotovi objava poslov brez podvajanja.
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 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.
Kadar je le ena od nasprotnih strank sistematični internalizator v danem finančnem instrumentu in je tudi podjetje, ki kupuje ta instrument, bi morala ta biti odgovorna za objavo posla, saj bi to od nje pričakovale njene stranke in je primernejša stranka za izpolnjevanje polja v poročilu z navedbo svojega statusa 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 zagotavljanje, da se posel objavi samo enkrat, bi moral sistematični internalizator drugo stranko obvestiti, da bo javno 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, izvedenih v obliki trgovanja pred poravnavo, da se prepreči objava posamičnih poslov kot več poslov in da se zagotovi pravna varnost v zvezi s tem, 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 ujemajoče se posla, evidentirana ob istem času in po isti ceni, ki vključujeta eno stranko, objaviti kot en sam posel.
Regulation (EU) No 600/2014 allows competent authorities to require the publication of supplementary details when publishing information benefitting from a deferral, or to allow deferrals for an extended time period.
Uredba (EU) št. 600/2014 pristojnim organom omogoča, da zahtevajo objavo dodatnih podatkov pri objavi informacij, za katere velja odlog, ali da dovolijo odlog za podaljšano obdobje.
In order to contribute to the uniform application of these provisions across the Union, it is necessary to frame the conditions and criteria under which supplementary deferrals may be allowed by competent authorities.
Da bi prispevali k enotni uporabi teh določb po Uniji, je nujno določiti pogoje in merila, pod katerimi lahko pristojni organi dovolijo dodatne odloge.
Trading in many non-equity financial instruments, and in particular derivatives, is episodic, variable and subject to regular modifications of trading patterns.
Trgovanje s številnimi nelastniškimi finančnimi instrumenti, zlasti z izvedenimi finančnimi instrumenti, je občasno, spremenljivo in podvrženo spremembam v vzorcih trgovanja.
Static determinations of financial instruments which do not have a liquid market and static determinations of the various thresholds for the purpose of calibrating pre-trade and post-trade transparency obligations without providing for the possibility to adapt the liquidity status and the thresholds in light of changes in trading patterns would therefore not be suitable.
Statična določitev finančnih instrumentov, za katere likviden trg ne obstaja, in statična določitev različnih pragov za prilagoditev obveznosti glede preglednosti pred trgovanjem in po njem, ki ne omogoča prilagajanja statusa likvidnosti in pragov spremembam vzorcev trgovanja, zato ne bi bili smiselni.
It is therefore appropriate to set out the methodology and parameters which are necessary to perform the liquidity assessment and the calculation of the thresholds for the application of pre-trade transparency waivers and deferral of post-trade transparency on a periodic basis.
Zato je primerno določiti metodologijo in parametre, ki so potrebni za izvedbo ocene likvidnosti in izračun pragov za uporabo opustitev pri preglednosti pred trgovanjem in odlogov pri preglednosti po trgovanju v rednih intervalih.
In order to ensure consistent application of the waivers to pre-trade transparency and the post-trade deferrals, it is necessary to create uniform rules regarding the content and frequency of data competent authorities may request from trading venues, APAs and consolidated tape providers (CTPs) for transparency purposes.
Da bi zagotovili dosledno uporabo opustitev pri preglednosti pred trgovanjem in odlogov pri preglednosti po trgovanju, je treba oblikovati enotna pravila glede vsebine in pogostosti podatkov, ki jih pristojni organi lahko zahtevajo od mest trgovanja, APA in ponudnikov stalnih informacij (CTP) za namene preglednosti.
It is also necessary to specify the methodology for calculating the respective thresholds and to create uniform rules with regard to publishing the information across the Union.
Prav tako je treba določiti metodologijo za izračun posameznih pragov in oblikovati enotna pravila v zvezi z objavo informacij po Uniji.
Rules on the specific methodology and data necessary to perform calculations for the purpose of specifying the transparency regime applicable to non-equity financial instruments should be applied in conjunction with Commission Delegated Regulation (EU) 2017/577 [3] which sets out the common elements with regard to the content and frequency of data requests to be addressed to trading venues, APAs and CTPs for the purposes of transparency and other calculations in more general terms.
Pravila o specifični metodologiji in podatkih, potrebnih za izračune za namene določitve sistema preglednosti, ki se uporablja za nelastniške finančne instrumente, bi bilo treba uporabljati skupaj z Delegirano uredbo Komisije (EU) 2017/577 [3], ki bolj splošno določa skupne elemente v zvezi z vsebino in pogostostjo zahtevkov za podatke, naslovljenih na mesta trgovanja, sisteme odobrenih objav in ponudnike stalnih informacij, za izračune za preglednost in druge namene.
For bonds other than ETCs and ETNs, transactions below EUR 100000 should be excluded from the calculations of pre-trade and post-trade transparency thresholds, as those are considered to be of a retail size.
Za obveznice, ki niso ETC in ETN, bi se morali posli pod 100000 EUR izključiti iz izračunov pragov za preglednost pred trgovanjem in po njem, saj se zanje šteje, da gre za obseg, v katerem poslujejo neprofesionalni vlagatelji.
Those retail-sized transactions should in all cases benefit from the new transparency regime and any threshold giving rise to a waiver or deferral from transparency should be set above that level.
Za navedene posle majhnega obsega bi vedno moral veljati novi sistem preglednosti in vsak prag, ki privede do opustitve ali odloga pri preglednosti, bi moral biti postavljen nad to ravnjo.
The purpose of the exemption from transparency obligations set out in Regulation (EU) No 600/2014 is to ensure that the effectiveness of operations conducted by the Eurosystem in the performance of primary tasks as set out in the Statute of the European System of Central Banks and of the European Central Bank annexed to the Treaty on the European Union (‘the Statute’), and under equivalent national provisions for members of the European System of Central Banks (ESCB) in Member States whose currency is not the euro, which relies on timely and confidential transactions, is not compromised by the disclosure of information on such transactions.
Namen izvzetja iz obveznosti glede preglednosti iz Uredbe (EU) št. 600/2014 je zagotoviti, da učinkovitosti operacij, ki jih Eurosistem izvaja v okviru temeljnih nalog, določenih v Statutu Evropskega sistema centralnih bank in Evropske centralne banke, ki je priložen Pogodbi o Evropski Uniji (v nadaljnjem besedilu: statut), in v skladu z enakovrednimi nacionalnimi določbami za članice Evropskega sistema centralnih bank (ESCB) v državah članicah, katerih valuta ni euro, ki temelji na pravočasnih in zaupnih poslih, ne ogroža razkrivanje informacij o takšnih poslih.
It is crucial for central banks to be able to control whether, when and how information about their actions is disclosed so as to maximise the intended impact and limit any unintended impact on the market.
Za centralne banke je ključno, da lahko nadzirajo, ali, kdaj in kako se razkrijejo informacije o njihovih ukrepih, da lahko zagotovijo čim večje načrtovane učinke in omejijo morebitne nenačrtovane učinke na trg.
Therefore, legal certainty should be provided for the members of the ESCB and their respective counterparties as to the scope of the exemption from transparency requirements.
Zato bi se morala za članice ESCB in njihove zadevne nasprotne stranke zagotoviti pravna varnost glede obsega izvzetja iz zahtev glede preglednosti.
One of the primary ESCB responsibilities under the Treaty and the Statute and under equivalent national provisions for members of the ESCB in Member States whose currency is not the euro, is the performance of foreign exchange policy, which entails holding and managing foreign reserves to ensure that, whenever necessary, there is a sufficient amount of liquid resources available for its foreign exchange policy operations.
Ena od glavnih odgovornosti ESCB v skladu s Pogodbo in statutom ter enakovrednimi nacionalnimi določbami za članice ESCB v državah članicah, katerih valuta ni euro, je izvajanje politike deviznih poslov, ki vključuje hranjenje in upravljanje deviznih rezerv za zagotavljanje, da so, kadar je to potrebno, na voljo zadostni likvidni viri za izvajanje njegovih operacij politike deviznih poslov.
The application of transparency requirements to foreign reserve management operations may result in unintended signals to the market, which could interfere with the foreign exchange policy of the Eurosystem and of members of the ESCB in Member States whose currency is not the euro.
Uporaba zahtev glede preglednosti pri upravljanju deviznih rezerv lahko ima za posledico nenačrtovane signale trgu, ki bi lahko negativno vplivali na politiko deviznih poslov Eurosistema in članic ESCB v državah članicah, katerih valuta ni euro.
Similar considerations may also apply to foreign reserve management operations in the performance of monetary and financial stability policy on a case-by-case basis.
Podobni pomisleki lahko veljajo tudi za operacije upravljanja deviznih rezerv v okviru izvajanja monetarne politike in politike finančne stabilnosti v posameznih primerih.
The exemption from transparency obligations for transactions where the counterparty is a member of the ESCB should not apply in respect of transactions entered into by any member of the ESCB in performance of their investment operations.
Izvzetje iz obveznosti glede preglednosti za posle, pri katerih je nasprotna stranka članica ESCB, ne bi smelo veljati za posle, ki jih članice ESCB sklenejo v okviru izvajanja svojih investicijskih dejavnosti.
This should include operations conducted for administrative purposes or for the staff of the member of the ESCB, including transactions conducted in the capacity as an administrator of a pension scheme in accordance with Article 24 of the Statute.
To bi moralo vključevati dejavnosti, opravljene za upravne namene ali za zaposlene v članici ESCB, vključno s posli, opravljenimi v njihovi vlogi upravljavca pokojninskega sistema, v skladu s členom 24 statuta.
The temporary suspension of transparency obligations should only be imposed in exceptional situations which represent a significant decline in liquidity across a class of financial instruments based on objective and measurable factors.
Začasna opustitev obveznosti glede preglednosti bi se lahko uvedla samo v izjemnih razmerah, ki pomenijo bistveno zmanjšanje likvidnosti v razredu finančnih instrumentov na podlagi objektivnih in merljivih dejavnikov.
It is necessary to differentiate between classes initially determined as having or not having a liquid market as a further significant decline in relative terms in a class already determined as illiquid is likely to occur more easily.
Treba je razlikovati med razredi, za katere je bilo na začetku določeno, da imajo likviden trg ali da ga nimajo, saj lahko v razredu, ki je že določen kot nelikviden, prej pride do nadaljnjega bistvenega zmanjšanja v relativnem smislu.
Therefore, a suspension of transparency requirements in instruments determined as not having a liquid market should be imposed only if a decline by a higher relative threshold has occurred.
Zato bi bilo treba začasno opustitev zahtev glede preglednosti pri instrumentih, za katere se določi, da nimajo likvidnega trga, uvesti samo, če je prišlo do zmanjšanja za višji relativni prag.
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 glede na trg in enotno uporabljati po vsej Uniji.
It is therefore essential to lay down the necessary calculations to be performed, including the periods and methods of calculation.
Zato je nujno določiti potrebne izračune, ki jih je treba opraviti, vključno z obdobji in metodami izračuna.
In this respect, to avoid market distorting effects, the calculation periods specified in this Regulation should ensure that the relevant thresholds of the regime are updated at appropriate intervals to reflect market conditions.
Da bi preprečili učinke izkrivljanja trga, bi morala obdobja izračunov iz te uredbe zagotavljati, da se zadevni pragovi sistema posodabljajo v ustreznih intervalih, da odražajo tržne razmere.
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.
Primerno je tudi zagotoviti centralizirano objavo rezultatov izračunov, tako da so na voljo vsem udeležencem na finančnem trgu in pristojnim organom v Uniji na enem mestu in na uporabnikom prijazen način.
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 ESMA obvestiti o rezultatih svojih izračunov, ESMA pa bi te izračune morala objaviti na svojem spletnem mestu.
In order to ensure a smooth implementation of the new transparency requirements, it is appropriate to phase-in the transparency provisions.
Da bi zagotovili nemoteno izvajanje novih zahtev glede preglednosti, je primerno, da se določbe o preglednosti uvedejo postopno.
The liquidity threshold 'average daily number of trades' used for the determination of bonds for which there is a liquid market should be adapted in a gradual manner.
Prag likvidnosti „povprečno dnevno število poslov“, ki se uporabi za določitev obveznic, za katere obstaja likviden trg, bi bilo treba postopno prilagoditi.
By 30 July of the year following the date of application of Regulation (EU) No 600/2014, ESMA should, on an annual basis, submit to the Commission an assessment of the liquidity threshold determining the pre-trade transparency obligations pursuant to Articles 8 and 9 of Regulation (EU) No 600/2014, and, where appropriate, submit a revised regulatory technical standard in order to adapt the liquidity threshold.
ESMA bi morala do 30. julija v letu po začetku uporabe Uredbe (EU) št. 600/2014 enkrat na leto Komisiji predložiti oceno praga likvidnosti, na podlagi katerega se določijo obveznosti glede preglednosti pred trgovanjem v skladu s členoma 8 in 9 Uredbe (EU) št. 600/2014, ter po potrebi predložiti revidiran regulativni tehnični standard za sprejetje praga likvidnosti.
Likewise, the trade percentiles used to determine the size specific to the instrument which allow for the pre-trade transparency obligations for non-equity instruments to be waived, should be gradually adapted.
Podobno bi bilo treba postopno prilagajati percentile poslov, uporabljene za določitev obsega, značilnega za finančni instrument, ki omogoča opustitev obveznosti glede preglednosti pred trgovanjem za nelastniške instrumente.
For this purpose, ESMA should, on an annual basis, submit to the Commission an assessment of the waiver thresholds and, where appropriate, submit a revised regulatory standard to adapt the waiver thresholds applicable to non-equity instruments.
ESMA bi zato morala enkrat na leto Komisiji predložiti oceno pragov za opustitev in po potrebi predložiti revidiran regulativni standard za prilagoditev pragov za opustitev za nelastniške instrumente.
For the purpose of the transparency calculations, reference data is necessary to determine the sub-asset class to which each financial instrument belongs.
Za izračune za preglednost so potrebni referenčni podatki za določitev podrazreda sredstev, v katerega spada vsak finančni inštrument.
Therefore, it is necessary to require trading venues to provide additional reference data to that required by Commission Delegated Regulation (EU) 2017/585 [4].
Zato je treba od mest trgovanja zahtevati, da poleg podatkov, ki se zahtevajo z Delegirano uredbo Komisije (EU) 2017/585 [4], zagotovijo dodatne referenčne podatke.
In the determination of financial instruments not having a liquid market in relation to foreign exchange derivatives, a qualitative assessment was required due to the lack of data necessary for a comprehensive quantitative analysis of the entire market.
Pri določitvi finančnih instrumentov, ki nimajo likvidnega trga, v zvezi z valutnimi izvedenimi finančnimi instrumenti, je bila potrebna kvalitativna ocena zaradi pomanjkanja podatkov, potrebnih za celovito kvantitativno analizo celotnega trga.