natgillin/translations-raw huggingface dataset:
Divergent approaches would result in fragmentation of the internal market since issuers, offerors and persons asking for admission to trading on a regulated market would be subject to different rules in different Member States and prospectuses approved in one Member State could be prevented from being used in other Member States.
Različni pristopi bi privedli do razdrobljenosti notranjega trga, saj bi za izdajatelje, ponudnike in osebe, ki prosijo za uvrstitev v trgovanje na reguliranem trgu, v različnih državah članicah veljala različna pravila, prospektov, potrjenih v eni državi članici, pa morda ne bi bilo mogoče uporabljati v drugih državah članicah.
In the absence of a harmonised framework to ensure uniformity of disclosure and the functioning of the passport in the Union it is therefore likely that differences in Member States’ laws would create obstacles to the smooth functioning of the internal market for securities.
Brez harmoniziranega okvira, ki bi zagotavljal, da bi bilo razkritje enotno in bi v Uniji delovalo dovoljenje za čezmejno opravljanje storitev, bi razlike v zakonodajah držav članic verjetno ovirale nemoteno delovanje notranjega trga vrednostnih papirjev.
Therefore, to ensure the proper functioning of the internal market and improve the conditions of its functioning, in particular with regard to capital markets, and to guarantee a high level of consumer and investor protection, it is appropriate to lay down a regulatory framework for prospectuses at Union level.
Zato je za zagotovitev pravilnega delovanja notranjega trga in izboljšanje pogojev njegovega delovanja, zlasti kar zadeva kapitalske trge, ter zagotovitev visoke ravni varstva potrošnikov in vlagateljev primerno določiti regulativni okvir za prospekte na ravni Unije.
It is appropriate and necessary for the rules on disclosure when securities are offered to the public or admitted to trading on a regulated market to take the legislative form of a regulation in order to ensure that provisions directly imposing obligations on persons involved in offers of securities to the public and in admissions of securities to trading on a regulated market are applied in a uniform manner throughout the Union.
Primerno in potrebno je, da imajo pravila o razkritju pri ponudbi vrednostnih papirjev javnosti ali njihovi uvrstitvi v trgovanje na reguliranem trgu zakonodajno obliko uredbe, s čimer se zagotovi, da se bodo določbe, ki neposredno nalagajo obveznosti osebam, vključenim v ponudbo vrednostnih papirjev javnosti in njihovo uvrstitev v trgovanje na reguliranem trgu, enotno uporabljale po vsej Uniji.
Since a legal framework for the provisions on prospectuses necessarily involves measures specifying precise requirements for all different aspects inherent to prospectuses, even small divergences on the approach taken regarding one of those aspects could result in significant impediments to cross-border offers of securities, to multiple listings on regulated markets and to Union consumer protection rules.
Ker pravni okvir za določbe o prospektih nujno vključuje ukrepe, ki podrobno opredeljujejo zahteve za vse različne vidike prospekta, lahko že majhna razhajanja v izbranem pristopu v zvezi z enim od teh vidikov povzročijo znatne ovire za čezmejne ponudbe vrednostnih papirjev, večkratne kotacije na reguliranih trgih in pravila Unije o varstvu potrošnikov.
Therefore, the use of a regulation, which is directly applicable without requiring national law, should reduce the possibility of divergent measures being taken at national level, and should ensure a consistent approach, greater legal certainty and prevent such significant impediments.
Zato bi se z uporabo uredbe, ki se uporablja neposredno brez potrebe po nacionalnem pravu, omejila možnost, da bi bili na nacionalni ravni sprejeti različni ukrepi, zagotovila enoten pristop in večja pravno varnost ter preprečile take znatne ovire.
The use of a regulation will also strengthen confidence in the transparency of markets across the Union, and reduce regulatory complexity as well as search and compliance costs for companies.
Uporaba uredbe bo tudi okrepila zaupanje v preglednost trgov v Uniji ter zmanjšala regulativno zapletenost, pa tudi stroške iskanja in zagotavljanja skladnosti za podjetja.
The assessment of Directive 2010/73/EU of the European Parliament and of the Council has revealed that certain changes introduced by that Directive have not met their original objectives and that further amendments to the prospectus regime in the Union are necessary to simplify and improve its application, increase its efficiency and enhance the international competitiveness of the Union, thereby contributing to the reduction of administrative burdens.
Ocena Direktive 2010/73/EU Evropskega parlamenta in Sveta je pokazala, da nekatere spremembe, uvedene z navedeno direktivo, niso dosegle svojih prvotnih ciljev in da so potrebne nadaljnje spremembe ureditve prospekta v Uniji, da se poenostavi in izboljša njena uporaba, poveča njena učinkovitost ter okrepi mednarodna konkurenčnost Unije, kar bi prispevalo k zmanjšanju upravnih bremen.
The aim of this Regulation is to ensure investor protection and market efficiency, while enhancing the internal market for capital.
Cilj te uredbe je zagotoviti zaščito vlagateljev in učinkovitost trga, hkrati pa okrepiti notranji trg kapitala.
The provision of information which, according to the nature of the issuer and of the securities, is necessary to enable investors to make an informed investment decision ensures, together with rules on the conduct of business, the protection of investors.
Poleg pravil vodenja poslov je za zaščito vlagateljev pomembna tudi zagotovitev informacij, ki so glede na naravo izdajatelja in vrednostnih papirjev potrebne, da se vlagateljem omogoči sprejetje premišljene odločitve o naložbi.
Moreover, such information provides an effective means of increasing confidence in securities and thus of contributing to the proper functioning and development of securities markets.
Poleg tega so take informacije učinkovito sredstvo za povečanje zaupanja v vrednostne papirje, s čimer prispevajo k pravilnemu delovanju in razvoju trgov vrednostnih papirjev.
The appropriate way to make that information available is to publish a prospectus.
Ustrezen način zagotavljanja teh informacij je objava prospekta.
The disclosure requirements of this Regulation do not prevent a Member State or a competent authority or an exchange, through its rulebook, from imposing other particular requirements in the context of the admission to trading of securities on a regulated market, notably regarding corporate governance.
Zahteve po razkritju iz te uredbe ne preprečujejo, da država članica, pristojni organ ali borza – na podlagi njenih pravil – uvede druge posebne zahteve v zvezi z uvrstitvijo vrednostnih papirjev v trgovanje na reguliranem trgu, predvsem glede upravljanja podjetij.
Such requirements should not directly or indirectly restrict the drawing up, the content and the dissemination of a prospectus approved by a competent authority.
Take zahteve ne bi smele neposredno ali posredno omejevati priprave, vsebine in razširjanja prospekta, ki ga potrdi pristojni organ.
Non-equity securities issued by a Member State or by one of a Member State’s regional or local authorities, by public international bodies of which one or more Member States are members, by the European Central Bank or by the central banks of the Member States should not be covered by this Regulation and thus should remain unaffected by this Regulation.
Nelastniški vrednostni papirji, ki jih izda država članica ali eden od njenih organov regionalnih ali lokalnih oblasti, javne mednarodne organizacije, v katere je včlanjena ena ali več držav članic, ali pa Evropska centralna banka ali centralne banke držav članic, ne bi smeli biti zajeti v tej uredbi, ki zato ne bi smela vplivati nanje.
The obligation to publish a prospectus should apply to both equity and non-equity securities offered to the public or admitted to trading on regulated markets in order to ensure investor protection.
Zaradi zagotovitve zaščite vlagateljev bi morala obveznost objave prospekta veljati za ponudbo tako lastniških kot nelastniških vrednostnih papirjev javnosti oziroma njihovo uvrstitev v trgovanje na reguliranih trgih.
Some of the securities covered by this Regulation entitle the holder to acquire transferable securities or to receive a cash amount through a cash settlement determined by reference to other instruments, notably transferable securities, currencies, interest rates or yields, commodities or other indices or measures.
Nekateri vrednostni papirji, zajeti v tej uredbi, dajejo imetniku pravico do nakupa prenosljivih vrednostnih papirjev ali prejemanja denarnih sredstev z gotovinsko poravnavo, ki se določi glede na druge instrumente, predvsem prenosljive vrednostne papirje, valute, obrestne mere ali donose, blago ali druge indekse ali merila.
This Regulation covers in particular warrants, covered warrants, certificates, depositary receipts and convertible notes, such as securities convertible at the option of the investor.
Ta uredba zajema zlasti nakupne bone, kritne nakupne bone, certifikate, potrdila o deponiranju in konvertibilne menice, kot so vrednostni papirji, ki se lahko pretvorijo na zahtevo vlagatelja.
To ensure the approval and passporting of the prospectus as well as the supervision of compliance with this Regulation, a competent authority needs to be identified for each prospectus.
Da se zagotovijo potrditev prospekta in pridobitev dovoljenja za čezmejno opravljanje storitev ter nadzor skladnosti s to uredbo, je treba za vsak prospekt določiti pristojni organ.
Thus, this Regulation should clearly determine the home Member State best placed to approve the prospectus.
Zato bi morali s to uredbo jasno določiti, katera matična država članica je najprimernejša za potrditev prospekta.
For offers of securities to the public with a total consideration in the Union of less than EUR 1000000, the cost of producing a prospectus in accordance with this Regulation is likely to be disproportionate to the envisaged proceeds of the offer.
Za ponudbe vrednostnih papirjev javnosti v skupni vrednosti v Uniji manj kot 1000000 EUR je verjetno, da je strošek priprave prospekta v skladu s to uredbo nesorazmeren s predvidenimi prihodki od ponudbe.
It is therefore appropriate that the obligation to draw up a prospectus under this Regulation should not apply to offers of such small scale.
Zato obveznost priprave prospekta iz te uredbe ne bi smela veljati za ponudbe tako majhne vrednosti.
Member States should not extend the obligation to draw up a prospectus in accordance with this Regulation to offers of securities to the public with a total consideration below that threshold.
Države članice obveznosti priprave prospekta v skladu s to uredbo ne bi smele razširiti na ponudbe vrednostnih papirjev javnosti v skupni vrednosti pod tem pragom.
However, Member States should be able to require other disclosure requirements at national level to the extent that such requirements do not constitute a disproportionate or unnecessary burden in relation to such offers of securities.
Vendar pa bi morale imeti države članice možnost, da na nacionalni ravni uvedejo druge zahteve po razkritju, pri čemer takšne zahteve ne smejo nesorazmerno ali nepotrebno bremeniti takšnih ponudb vrednostnih papirjev.
Furthermore, in view of the varying sizes of financial markets across the Union, it is appropriate to give Member States the option of exempting offers of securities to the public not exceeding EUR 8000000 from the obligation to publish a prospectus as provided for in this Regulation.
Poleg tega je glede na različne velikosti finančnih trgov v Uniji primerno dati državam članicam možnost, da ponudbe vrednostnih papirjev javnosti, ki ne presegajo 8000000 EUR, izvzamejo iz obveznosti objave prospekta, kot je določena v tej uredbi.
In particular, Member States should be free to set out in their national law a threshold between EUR 1000000 and EUR 8000000, expressed as the total consideration of the offer in the Union over a period of 12 months, below which the exemption should apply taking into account the level of domestic investor protection they deem to be appropriate.
Državam članicam bi bilo treba zlasti omogočiti, da v nacionalnem pravu same določijo prag med 1000000 EUR in 8000000 EUR za skupno vrednost ponudbe v Uniji v obdobju 12 mesecev, pod katerim bi moralo veljati to izvzetje, pri čemer upoštevajo raven domače zaščite vlagateljev, ki je po njihovem mnenju ustrezna.
However, such exempted offers of securities to the public should not benefit from the passporting regime under this Regulation.
Vendar za tako izvzete ponudbe vrednostnih papirjev javnosti ne bi smela veljati ureditev dovoljenja za čezmejno opravljanje storitev na podlagi te uredbe.
Below that threshold, Member States should be able to require other disclosure requirements at national level to the extent that such requirements do not constitute a disproportionate or unnecessary burden in relation to such exempted offers of securities.
Pod tem pragom bi morale imeti države članice možnost, da na nacionalni ravni uvedejo druge zahteve po razkritju, vendar takšne zahteve ne smejo nesorazmerno ali nepotrebno bremeniti tako izvzetih ponudb vrednostnih papirjev.
Nothing in this Regulation should prevent those Member States from introducing rules at national level which allow the operators of multilateral trading facilities (MTFs) to determine the content of the admission document which an issuer is required to produce upon initial admission to trading of its securities or the modalities of its review.
Ta uredba ne bi smela tem državam članicam z ničimer preprečevati, da uvedejo pravila na nacionalni ravni, s katerimi bi upravljavcem večstranskih sistemov trgovanja (MTF) omogočile določitev vsebine dokumenta o uvrstitvi, ki ga mora pripraviti izdajatelj ob prvi uvrstitvi svojih vrednostnih papirjev v trgovanje, ali načinov pregleda te vsebine.
The mere admission of securities to trading on a MTF or the publication of bid and offer prices is not to be regarded in itself as an offer of securities to the public and is therefore not subject to the obligation to draw up a prospectus under this Regulation.
Uvrstitev vrednostnih papirjev v trgovanje v večstranskem sistemu trgovanja ali objava nakupnih in prodajnih cen sama po sebi ne bi smela šteti za ponudbo vrednostnih papirjev javnosti in zato zanju ne velja obveznost priprave prospekta v skladu s to uredbo.
A prospectus should only be required where those situations are accompanied by a communication constituting an ‘offer of securities to the public’ as defined in this Regulation.
Prospekt bi se moral zahtevati le, kadar takšne primere spremlja sporočilo, ki šteje za „ponudbo vrednostnih papirjev javnosti“, kot je opredeljena v tej uredbi.
Where an offer of securities is addressed exclusively to a restricted circle of investors who are not qualified investors, drawing up a prospectus represents a disproportionate burden in view of the small number of persons targeted by the offer, thus no prospectus should be required.
Kadar je ponudba vrednostnih papirjev namenjena samo omejenemu krogu vlagateljev, ki niso dobro poučeni vlagatelji, priprava prospekta predstavlja nesorazmerno breme glede na majhno število oseb, ki jih ponudba zadeva, zato prospekta ne bi smeli zahtevati.
That would apply for example in the case of an offer addressed to a limited number of relatives or personal acquaintances of the managers of a company.
To bi moralo veljati na primer za ponudbo, namenjeno omejenemu številu sorodnikov ali osebnih znancev poslovodstva podjetja.
This Regulation should be interpreted in a manner consistent with Directive 2004/25/EC of the European Parliament and of the Council, where applicable, in the context of takeover bids, merger transactions and other transactions affecting the ownership or control of companies.
To uredbo bi se moralo razlagati na način, skladen z Direktivo 2004/25/ES Evropskega parlamenta in Sveta, kadar je to primerno, v okviru ponudb za prevzem, združitev in drugih poslov, ki vplivajo na lastništvo družb ali nadzor nad njimi.
Incentivising directors and employees to hold securities of their own company can have a positive impact on companies’ governance and help create long-term value by fostering employees’ dedication and sense of ownership, aligning the respective interests of shareholders and employees, and providing the latter with investment opportunities.
Spodbujanje direktorjev in zaposlenih k temu, da imajo v lasti vrednostne papirje podjetja, v katerem so zaposleni, lahko pozitivno vpliva na upravljanje podjetij in prispeva k ustvarjanju dolgoročne vrednosti, saj spodbuja predanost zaposlenih in občutek lastništva, usklajuje interese delničarjev in zaposlenih ter slednjim omogoča priložnosti za naložbe.
Participation of employees in the ownership of their company is particularly important for small and medium-sized enterprises (SMEs), in which individual employees are likely to play a significant role in the success of the company.
Udeležba zaposlenih v lastništvu njihovega podjetja je zlasti pomembna za mala in srednja podjetja (MSP), v katerih imajo lahko posamezni zaposleni pomembno vlogo pri uspehu podjetja.
Therefore, there should be no obligation to publish a prospectus for offers made in the context of an employee-share scheme within the Union, provided a document is made available containing information on the number and nature of the securities and the reasons for and details of the offer or allotment, to safeguard investor protection.
Zato ne bi smelo biti nobene obveznosti objave prospekta za ponudbe v okviru delniških shem za zaposlene znotraj Unije, če se da na voljo dokument z informacijami o številu in naravi vrednostnih papirjev ter o razlogih za ponudbo ali dodelitev in podrobnostih ponudbe ali dodelitve, da se zagotovi zaščita vlagateljev.
To ensure equal access to employee-share schemes for all directors and employees, independently of whether their employer is established in or outside the Union, no equivalence decision of third country markets should be required any longer, as long as such information document is made available.
Kolikor je tak dokument z informacijami na voljo, za zagotovitev enakega dostopa do delniških shem za zaposlene vsem direktorjem in zaposlenim ne glede na to, ali ima njihov delodajalec sedež v Uniji ali zunaj nje, ne bi več smeli zahtevati odločitve o enakovrednosti trgov tretjih držav.
Thus, all participants in employee-share schemes will benefit from equal treatment and information.
Tako bodo vsi udeleženci v delniških shemah za zaposlene obravnavani enako in bodo prejeli enake informacije.
Dilutive issuances of shares or securities giving access to shares often indicate transactions with a significant impact on the issuer’s capital structure, prospects and financial situation, for which the information contained in a prospectus is needed.
Popravljene izdaje delnic ali vrednostnih papirjev, ki omogočajo dostop do delnic, velikokrat nakazujejo posle, ki znatno vplivajo na strukturo kapitala izdajatelja, njegove obete in finančni položaj, zaradi česar so potrebne informacije, kakršne vsebuje prospekt.
In contrast, where an issuer has shares already admitted to trading on a regulated market, a prospectus should not be required for any subsequent admission of the shares of the same class on the same regulated market, including where such shares result from the conversion or exchange of other securities or from the exercise of the rights conferred by other securities, provided that the newly admitted shares represent a limited proportion in relation to shares of the same class already admitted to the same regulated market, unless such admission is combined with an offer of securities to the public falling within the scope of this Regulation.
Nasprotno pa v primeru, da so delnice izdajatelja že uvrščene v trgovanje na reguliranem trgu, prospekta ne bi smeli zahtevati za nobeno naknadno uvrstitev delnic istega razreda na isti regulirani trg, tudi kadar so take delnice posledica pretvorbe ali zamenjave drugih vrednostnih papirjev ali uveljavljanja pravic, ki izhajajo iz drugih vrednostnih papirjev, pod pogojem, da na novo uvrščene delnice predstavljajo majhen delež v primerjavi z delnicami istega razreda, ki so že bile uvrščene na isti reguliran trg, razen če je taka uvrstitev kombinirana s ponudbo vrednostnih papirjev javnosti, ki spada v področje uporabe te uredbe.
The same principle should apply more generally to securities fungible with securities already admitted to trading on a regulated market.
Enako načelo bi bilo treba uporabljati bolj na splošno za vrednostne papirje, zamenljive z vrednostnimi papirji, ki so že bili uvrščeni v trgovanje na reguliranem trgu.
This Regulation is without prejudice to the laws, regulations and administrative provisions adopted pursuant to Directive 2014/59/EU of the European Parliament and of the Council in relation to the resolution of credit institutions, in particular Articles 53(2), 59(2) and 63(1) and (2) thereof, in cases where there is no obligation to publish a prospectus.
Ta uredba ne posega v zakone in druge predpise, sprejete v skladu z Direktivo 2014/59/EU Evropskega parlamenta in Sveta v zvezi z reševanjem kreditnih institucij, zlasti členi 53(2), 59(2) ter 63(1) in (2) navedene direktive, kadar ni nobene obveznosti objave prospekta.
Exemptions from the obligation to publish a prospectus under this Regulation should be able to be combined for an offer of securities to the public and/or an admission to trading on a regulated market, where the conditions for those exemptions are fulfilled at the same time.
Izvzetja iz obveznosti objave prospekta v skladu s to uredbo bi moralo biti mogoče kombinirati, kadar so za ponudbo vrednostnih papirjev javnosti in/ali uvrstitev v trgovanje na reguliranem trgu istočasno izpolnjeni pogoji za ta izvzetja.
For example, where an offer is addressed simultaneously to qualified investors, to non-qualified investors that commit to invest at least EUR 100000 each, to the employees of the issuer and, in addition, to a limited number of non-qualified investors not exceeding the number set out in this Regulation, that offer should be exempt from the obligation to publish a prospectus.
Kadar je na primer ponudba naslovljena hkrati na dobro poučene vlagatelje, nepoučene vlagatelje, od katerih je vsak odločen vložiti vsaj 100000 EUR, zaposlene izdajatelja in poleg tega na omejeno število nepoučenih vlagateljev, ki ne presega števila, določenega v tej uredbi, bi morala biti ta ponudba izvzeta iz obveznosti objave prospekta.
In order to ensure the proper functioning of the wholesale market for non-equity securities and increase market liquidity, it is important to set out a distinct alleviated treatment for non-equity securities admitted to trading on a regulated market and designed for qualified investors.
Zaradi zagotavljanja pravilnega delovanja veleprodajnega trga nelastniških vrednostnih papirjev in večje likvidnosti trga je pomembno določiti posebno poenostavljeno obravnavo nelastniških vrednostnih papirjev, ki so uvrščeni v trgovanje na reguliranem trgu in namenjeni dobro poučenim vlagateljem.
Such alleviated treatment should comprise minimum information requirements that are less onerous than those applying to non-equity securities offered to retail investors, no requirement to include a summary in the prospectus, and more flexible language requirements.
Takšna poenostavljena obravnava bi morala zajemati zahteve o najmanjšem obsegu informacij, ki so manj stroge od tistih, ki se uporabljajo za nelastniške vrednostne papirje, ponujene malim vlagateljem, in ne bi smela vključevati nobene zahteve, da je treba v prospekt vključiti povzetek, morala pa bi imeti tudi bolj fleksibilne zahteve glede jezika.