natgillin/translations-raw huggingface dataset:
In order to provide legal certainty and enable clients to better understand the nature of the services provided, investment firms that provide investment or ancillary services to clients should enter into a written basic agreement with the client, setting out the essential rights and obligations of the firm and the client.
Pri upravljanju portfelja je posel lahko neprimeren tudi, če bi zaradi njega postal neprimeren portfelj.
This Regulation should not require competent authorities to approve the content of the basic agreement between an investment firm and its clients.
Priporočilo ali zahtevek ali nasvet, ki ga upravitelj portfelja da stranki, naj ta podeli ali spremeni pooblastilo upravitelja portfelja, v katerem so določene omejitve glede uporabe lastne presoje upravitelja portfelja, bi se moralo šteti kot priporočilo v smislu člena 25(2) Direktive 2014/65/EU.
Nor should it prevent them from doing so, insofar as any such approval is based only on the firm's compliance with its obligations under Directive 2014/65/EU to act honestly, fairly and professionally in accordance with the best interests of its clients, and to establish a record that sets out the rights and obligations of investment firms and their clients, and the other terms on which firms will provide services to their clients.
Da se zagotovi pravna varnost in strankam omogoči boljše razumevanje narave opravljenih storitev, bi morala investicijska podjetja, ki opravljajo investicijske ali pomožne storitve strankam, s stranko podpisati osnovni pisni sporazum, v katerem so določene osnovne pravice in obveznosti podjetja in stranke.
The records an investment firm is required to keep should be adapted to the type of business and the range of investment services and activities performed, provided that the record-keeping obligations set out in Directive 2014/65/EU, Regulation (EU) No 600/2014 of the European Parliament and of the Council [11], Regulation (EU) No 596/2014, Directive 2014/57/EU of the European Parliament and of the Council [12] and this Regulation are fulfilled and that competent authorities are able to fulfil their supervisory tasks and perform enforcement actions in view of ensuring both investor protection and market integrity.
Ta uredba ne bi smela zahtevati, da pristojni organi odobrijo vsebino osnovnega sporazuma med investicijskim podjetjem in njegovimi strankami.
In light of the importance of reports and periodic communications for all clients, and the extension of Article 25(6) of Directive 2014/65/EU to the relationship to eligible counterparties, the reporting requirements set in this Regulation should apply to all categories of clients.
Hkrati pa jim tega tudi ne preprečuje, če je za vsako tako odobritev dovolj, da podjetje izpolnjuje obveznosti iz Direktive 2014/65/EU glede poštenega, pravičnega in strokovnega poslovanja v skladu z najboljšimi interesi strank, ter da pripravi dokument, v katerem so navedene pravice in obveznosti investicijskih podjetij in njihovih strank ter drugi pogoji, po katerih bodo podjetja opravljala storitve za stranke.
Taking into account the nature of the interactions with eligible counterparties, investment firms should be allowed to enter into agreements determining the specific content and timing of reporting different from the ones applicable for retail and professional clients.
Evidence, ki jih mora hraniti investicijsko podjetje, bi morale biti prilagojene vrsti poslovanja in razponu opravljenih investicijskih storitev in dejavnosti, če so izpolnjene obveznosti vodenja evidenc iz Direktive 2014/65/EU, Uredbe (EU) št. 600/2014 Evropskega parlamenta in Sveta [11], Uredbe (EU) št. 596/2014, Direktive 2014/57/EU Evropskega parlamenta in Sveta [12] ter te uredbe ter so pristojni organi zmožni izpolnjevati svoje nadzorne naloge in izvajati izvršilne ukrepe, da bi zagotovili tako zaščito vlagateljev kot celovitost trga.
In cases where an investment firm providing portfolio management services is required to provide clients or potential clients with information on the types of financial instruments that may be included in the client portfolio and the types of transactions that may be carried out in such instruments, such information should state separately whether the investment firm will be mandated to invest in financial instruments not admitted to trading on a regulated market, in derivatives, or in illiquid or highly volatile instruments; or to undertake short sales, purchases with borrowed funds, securities financing transactions, or any transactions involving margin payments, deposit of collateral or foreign exchange risk.
Glede na pomen poročil in rednih sporočil vsem strankam in razširitev člena 25(6) Direktive 2014/65/EU na odnos s primernimi nasprotnimi strankami bi zahteve glede poročanja iz te uredbe morale veljati za vse kategorije strank.
Clients should be informed of the performance of their portfolio and depreciations of their initial investments.
Ob upoštevanju narave stikov s primernimi nasprotnimi strankami bi moralo biti investicijskim podjetjem dovoljeno, da sklepajo sporazume, ki določajo vsebino in časovni razpored poročanja, ki se razlikujeta od tistih, ki veljajo za neprofesionalne in profesionalne stranke.
In the case of portfolio management, this trigger should be set at the depreciation of 10 %, and thereafter at multiples of 10 %, of the overall value of the overall portfolio and should not apply to individual holdings.
V primerih, ko se od investicijskega podjetja, ki opravlja storitve upravljanja portfelja, zahteva, da strankam ali potencialnim strankam zagotovi informacije o vrstah finančnih instrumentov, ki se lahko vključijo v portfelj stranke, in o vrstah poslov, ki se lahko opravljajo s takimi instrumenti, mora biti v teh informacijah ločeno navedeno, ali bo investicijsko podjetje pooblaščeno za vlaganje v finančne instrumente, ki niso uvrščeni v trgovanje na reguliranem trgu, izvedene finančne instrumente ali v nelikvidne ali zelo nestanovitne instrumente; ali za izvajanje kratkih prodaj, nakupov z izposojenimi sredstvi, poslov financiranja z vrednostnimi papirji ali katerih koli drugih poslov, ki vključujejo dodatna plačila, deponiranje zavarovanja s premoženjem ali valutno tveganje.
For the purposes of the reporting obligations in respect of portfolio management, a contingent liability transaction should involve any actual or potential liability for the client that exceeds the cost of acquiring the instrument.
Stranke bi morale biti obveščene o uspešnosti njihovega portfelja in zmanjšanju vrednosti njihovih začetnih naložb.
For the purposes of the provisions on reporting to clients, a reference to the type of the order should be understood as referring to its status as a limit order, market order, or other specific type of order.
Pri upravljanju portfelja bi moral biti ta sprožilec določen pri 10-odstotnem zmanjšanju vrednosti in pozneje pri večkratnikih 10 % skupne vrednosti celotnega portfelja ter ne bi smel veljati za posamezne deleže.
For the purposes of the provisions on reporting to clients, a reference to the nature of the order should be understood as referring to orders to subscribe for securities, or to exercise an option, or similar client order.
Za namene obveznosti poročanja v zvezi z upravljanjem portfelja bi moral posel s pogojnimi obveznostmi zajemati vsakršno dejansko ali potencialno obveznost za stranko, ki presega stroške nakupa instrumenta.
When establishing its execution policy in accordance with Article 27(4) of Directive 2014/65/EU, an investment firm should determine the relative importance of the factors mentioned in Article 27(1) of that Directive, or at least establish the process by which it determines the relative importance of these factors, so that it can deliver the best possible result to its clients.
Za namene določb o poročanju strankam se sklic na vrsto naročila razume kot sklic na njegov status kot naročilo z omejitvijo, tržno naročilo ali druga posebna vrsta naročila.
In order to give effect to that policy, an investment firm should select the execution venues that enable it to obtain on a consistent basis the best possible result for the execution of client orders.
Za namene določb o poročanju strankam se sklic na vrsto naročila razume kot sklic na naročila za vpis vrednostnih papirjev ali za uveljavljanje pravic iz opcije ali podobno naročilo stranke.
In order to comply with the legal obligation of best execution, investment firms, when applying the criteria for best execution for professional clients, will typically not use the same execution venues for securities financing transactions (SFTs) and other transactions.
Pri določanju politike izvrševanja naročil v skladu s členom 27(4) Direktive 2014/65/EU bi investicijsko podjetje moralo določiti relativen pomen dejavnikov iz člena 27(1) navedene direktive ali vsaj vzpostaviti postopek, po katerem določa relativen pomen teh dejavnikov, tako da lahko svojim strankam zagotovi najboljše možne rezultate.
This is because the SFTs are used as a source of funding subject to a commitment that the borrower will return equivalent securities on a future date and the terms of SFTs are typically defined bilaterally between the counterparties ahead of the execution.
Za uresničitev navedene politike bi investicijsko podjetje moralo izbrati mesta izvrševanja, ki mu omogočajo trdno podlago za doseganje najboljšega možnega rezultata pri izvrševanju naročil strank.
Therefore, the choice of execution venues for SFTs is more limited than in the case of other transactions, given that it depends on the particular terms defined in advance between the counterparties and on whether there is a specific demand on those execution venues for the financial instruments involved.
Za izpolnitev pravne obveznosti najboljše izvršitve investicijska podjetja pri uporabi meril za najboljšo izvršitev za profesionalne stranke za posle financiranja z vrednostnimi papirji navadno ne bodo uporabila istega mesta izvrševanja kot za druge posle.
As a result, the order execution policy established by investment firms should take into account the particular characteristics of SFTs and it should list separately execution venues used for SFTs.
To pa zato, ker se posli financiranja z vrednostnimi papirji uporabljajo kot vir financiranja, za katerega velja obveznost, da bo posojilojemalec na določen datum v prihodnosti vrnil vrednostne papirje enake vrednosti, poleg tega pogoje poslov financiranja z vrednostnimi papirji navadno dvostransko določita nasprotni stranki pred izvršitvijo.
An investment firm should apply its execution policy to each client order that it executes with a view to obtaining the best possible result for the client in accordance with that policy.
Zato je izbira mest izvrševanja za posle financiranja z vrednostnimi papirji bolj omejena kot za druge posle, saj je odvisna od posebnih pogojev, ki jih vnaprej določita nasprotni stranki, ter od tega, ali na teh mestih izvrševanja obstaja specifično povpraševanje po zadevnih finančnih instrumentih.
In order to ensure that investment firms who transmit or place clients' orders with other entities for execution act in the best interest of their clients in accordance with Article 24(1) of Directive 2014/65/EU and with Article 24(4) of Directive 2014/65/EU to provide appropriate information to clients on the firm and its services, investment firms should provide clients with appropriate information on the top five entities for each class of financial instruments to which they transmit or place clients' orders and provide clients with information on the execution quality, in accordance with Article 27(6) of Directive 2014/65/EU and respective implementing measures.
Posledično bi bilo treba pri politiki izvrševanja naročil, ki jo vzpostavijo investicijska podjetja, upoštevati zlasti značilnosti poslov financiranja z vrednostnimi papirji, poleg tega bi bilo treba ločeno navesti mesta izvrševanja, ki se uporabljajo za posle financiranja z vrednostnimi papirji.
Investment firms transmitting or placing orders with other entities for execution may select a single entity for execution only where they are able to show that this allows them to obtain the best possible result for their clients on a consistent basis and where they can reasonably expect that the selected entity will enable them to obtain results for clients that are at least as good as the results that they reasonably could expect from using alternative entities for execution.
Investicijsko podjetje bi moralo uporabljati politiko izvrševanja naročil za vsako naročilo stranke, ki ga izvede, da bi doseglo najboljše možne rezultate za stranko v skladu z navedeno politiko.
This reasonable expectation should be supported by relevant data published in accordance with Article 27 of Directive 2014/65/EU or by internal analysis conducted by these investment firms.
Za zagotovitev, da investicijska podjetja, ki posredujejo ali oddajajo naročila strank v izvršitev drugim subjektom, delujejo v najboljšem interesu svojih strank v skladu s členom 24(1) Direktive 2014/65/EU in členom 24(4) Direktive 2014/65/EU, v skladu s katerim morajo strankam zagotoviti ustrezne informacije o podjetju in njegovih storitvah, bi morala investicijska podjetja strankam zagotoviti ustrezne informacije o najboljših petih subjektih za vsak razred finančnih instrumentov, za katerega posredujejo ali oddajajo naročilo stranke, ter informacije o kakovosti izvrševanja v skladu s členom 27(6) Direktive 2014/65/EU in ustreznimi izvedbenimi ukrepi.
For the purposes of ensuring that an investment firm obtains the best possible result for the client when executing a retail client order in the absence of specific client instructions, the firm should take into consideration all factors that will allow it to deliver the best possible result in terms of the total consideration, representing the price of the financial instrument and the costs related to execution.
Investicijska podjetja, ki naročila posredujejo ali oddajajo v izvršitev drugim subjektom, lahko izberejo zgolj en subjekt za izvrševanje samo, če lahko dokažejo, da jim to omogoča stalno zagotavljanje najboljšega možnega rezultata za njihove stranke, in če lahko utemeljeno pričakujejo, da jim bo izbrani subjekt omogočil rezultate za stranke, ki so vsaj enako dobri kot rezultati, ki bi jih lahko utemeljeno pričakovali pri uporabi drugih subjektov za izvrševanje.
Speed, likelihood of execution and settlement, the size and nature of the order, market impact and any other implicit transaction costs may be given precedence over the immediate price and cost consideration only insofar as they are instrumental in delivering the best possible result in terms of the total consideration to the retail client.
Ta razumna pričakovanja bi morala biti podprta z ustreznimi podatki, objavljenimi v skladu s členom 27 Direktive 2014/65/EU, ali notranjimi analizami, ki jih opravijo ta investicijska podjetja.
When an investment firm executes an order following specific instructions from the client, it should be treated as having satisfied its best execution obligations only in respect of the part or aspect of the order to which the client instructions relate.
Za zagotovitev, da investicijsko podjetje pri izvrševanju naročila neprofesionalne stranke brez posebnih navodil stranke doseže za stranko najboljši možni rezultat, bi moralo podjetje upoštevati tudi vse dejavnike, ki mu bodo omogočali doseči najboljši možni rezultat glede na skupno nadomestilo, ki je sestavljeno iz cene finančnega instrumenta in stroškov, povezanih z izvršitvijo.
The fact that the client has given specific instructions which cover one part or aspect of the order should not be treated as releasing the investment firm from its best execution obligations in respect of any other parts or aspects of the client order that are not covered by such instructions.
Hitrost, verjetnost izvršitve in poravnave, velikost in narava naročila, učinek trga in vsi drugi implicitni stroški posla imajo lahko prednost pred neposredno ceno in stroški samo, če so nujni za doseganje najboljšega možnega rezultata za neprofesionalno stranko z vidika upoštevanja vseh dejavnikov.
An investment firm should not induce a client to instruct it to execute an order in a particular way, by expressly indicating or implicitly suggesting the content of the instruction to the client, when the firm ought reasonably to know that an instruction to that effect is likely to prevent it from obtaining the best possible result for that client.
Če investicijsko podjetje izvrši naročilo po specifičnih navodilih stranke, bi se moralo šteti, da je izpolnilo svoje obveznosti najboljše izvršitve samo za tisti del ali vidik naročila, na katerega se nanašajo navodila stranke.
However, this should not prevent a firm inviting a client to choose between two or more specified trading venues, provided that those venues are consistent with the execution policy of the firm.
Če je stranka dala specifična navodila, ki zajemajo samo en del ali vidik naročila, se ne bi smelo šteti, da je investicijsko podjetje zaradi tega oproščeno obveznosti najboljše izvršitve za kateri koli drugi del ali vidik naročila stranke, ki ni zajet v taka navodila.
Dealing on own account with clients by an investment firm should be considered as the execution of client orders, and therefore subject to the requirements under Directive 2014/65/EU and this Regulation and, in particular, those obligations in relation to best execution.
Investicijsko podjetje stranke ne bi smelo pripraviti do tega, da mu da navodilo, naj izvrši naročilo na določen način, s tem da stranki izrecno navede ali implicitno predlaga vsebino navodila, kadar bi se moralo to podjetje utemeljeno zavedati, da mu tako navodilo verjetno ne bo omogočilo doseči najboljših možnih rezultatov za navedeno stranko.
However, if an investment firm provides a quote to a client and that quote would meet the investment firm's obligations under Article 27(1) of Directive 2014/65/EU if the firm executed that quote at the time the quote was provided, then the firm should meet those same obligations if it executes its quote after the client accepts it, provided that, taking into account the changing market conditions and the time elapsed between the offer and acceptance of the quote, the quote is not manifestly out of date.
Vendar pa to podjetju ne bi smelo preprečiti, da stranko pozove, naj izbere med dvema ali več navedenimi mesti trgovanja, če so navedena mesta skladna s politiko podjetja za izvrševanje naročil.
The obligation to deliver the best possible result when executing client orders applies in relation to all types of financial instruments.
Poslovanje investicijskega podjetja s strankami za svoj račun bi se moralo šteti kot izvrševanje naročil strank, zato zanj veljajo zahteve iz Direktive 2014/65/EU in te uredbe, zlasti pa obveznosti v zvezi z najboljšo izvršitvijo.
However, given the differences in market structures or the structure of financial instruments, it may be difficult to identify and apply a uniform standard of and procedure for best execution that would be valid and effective for all classes of instrument.
Če pa investicijsko podjetje stranki zagotovi ponudbo in navedena ponudba izpolnjuje obveznosti investicijskega podjetja iz člena 27(1) Direktive 2014/65/EU ter če podjetje ponudbo izvrši takrat, ko je ta predložena, potem bi moralo podjetje izpolnjevati te iste obveznosti, če svojo ponudbo izvrši potem, ko jo stranka sprejme, pod pogojem, da ob upoštevanju spremenljivih pogojev na trgu in časa, ki je potekel od predložitve ponudbe do sprejetja ponudbe, ponudba ni očitno zastarela.
Best execution obligations should therefore be applied in a manner that takes into account the different circumstances associated with the execution of orders related to particular types of financial instruments.
Obveznost doseganja najboljših možnih rezultatov pri izvrševanju naročil strank velja za vse vrste finančnih instrumentov.
For example, transactions involving a customised OTC financial instrument that involve a unique contractual relationship tailored to the circumstances of the client and the investment firm may not be comparable for best execution purposes with transactions involving shares traded on centralised execution venues.
Glede na razlike v strukturah trga ali strukturi finančnih instrumentov je morda težko določiti in uporabljati enoten standard in postopek za najboljšo izvršitev, ki bi bil veljaven in učinkovit za vse razrede instrumentov.
As best execution obligations apply to all financial instruments, irrespective of whether they are traded on trading venues or OTC, investment firms should gather relevant market data in order to check whether the OTC price offered for a client is fair and delivers on best execution obligation.
Obveznosti najboljše izvršitve bi torej morale veljati na način, ki upošteva različne okoliščine, povezane z izvrševanjem naročil za posebne vrste finančnih instrumentov.
The provisions of this Regulation as to execution policy should be without prejudice to the general obligation of an investment firm under Article 27(7) of Directive 2014/65/EU to monitor the effectiveness of its order execution arrangements and policy and assess the venues in its execution policy on a regular basis.
Na primer, posli v zvezi s po meri prilagojenimi finančnimi instrumenti OTC, ki se opravljajo na podlagi enkratnega pogodbenega razmerja, prilagojenega okoliščinam stranke in investicijskega podjetja, z vidika najboljše izvršitve morda niso primerljivi s posli, povezanimi z delnicami, s katerimi se trguje na centraliziranih mestih izvrševanja.
This Regulation should not require a duplication of effort as to best execution between an investment firm which provides the service of reception and transmission of order or portfolio management and any investment firm to which that investment firm transmits its orders for execution.
[Ker velja obveznost najboljše izvršitve za vse finančne instrumente ne glede na to, ali se z njimi trguje na mestih trgovanja ali na prostem trgu (OTC), bi morala investicijska podjetja zbrati ustrezne podatke o trgu, da bi preverila, ali je stranki ponujena cena na prostem trgu poštena in izpolnjuje obveznost najboljše izvršitve.
The best execution obligation under Directive 2014/65/EU requires investment firms to take all sufficient steps to obtain the best possible result for their clients.
Določbe te uredbe v zvezi s politiko izvrševanja naročil ne posegajo v splošno obveznost investicijskega podjetja iz člena 27(7) Direktive 2014/65/EU, ki določa, da mora podjetje spremljati učinkovitost svoje ureditve izvrševanja naročil in politike izvrševanja naročil ter redno ocenjevati mesta izvrševanja iz politike izvrševanja naročil.
The quality of execution, which includes aspects such as the speed and likelihood of execution such as fill rate) and the availability and incidence of price improvement, is an important factor in the delivery of best execution.
Ta uredba ne bi smela zahtevati podvajanja prizadevanj za najboljšo izvršitev med investicijskim podjetjem, ki opravlja storitev sprejemanja in posredovanja naročila ali upravljanja portfelja, in katerim koli investicijskim podjetjem, kateremu navedeno investicijsko podjetje posreduje svoja naročila za izvršitev.
Availability, comparability and consolidation of data related to execution quality provided by the various execution venues is crucial in enabling investment firms and investors to identify those execution venues that deliver the highest quality of execution for their clients.
Obveznost najboljše izvršitve iz Direktive 2014/65/EU zahteva, da investicijska podjetja sprejmejo vse zadostne ukrepe, da dosežejo najboljši možni rezultat za svoje stranke.
In order to obtain best execution result for a client, investment firms should compare and analyse relevant data including that made public in accordance with Article 27(3) of Directive 2014/65/EU and respective implementing measures.
Kakovost izvršitve, ki vključuje vidike, kot sta hitrost in verjetnost izvršitve (kot je stopnja izpolnitve) ter razpoložljivost in pogostost izboljšanja cen, je pomemben dejavnik pri doseganju najboljše izvršitve.