natgillin/translations-raw huggingface dataset:
reference to the maximum amounts of cash and of the number of financial instruments allocated to the performance of the AMP, if applicable.
sklic na najvišje zneske denarnih sredstev in število finančnih instrumentov, namenjenih izvajanju STP, kjer je ustrezno;
once the market practice is performed as an AMP:
ko se tržna praksa izvaja kot STP:
on a periodic basis, details of the trading activity relating to the performance of the AMP such as the number of transactions executed, volume traded, average size of the transactions and average spreads quoted, prices of executed transactions;
podrobnosti, sporočene v rednih presledkih, o trgovanju v zvezi z izvajanjem STP, kot so število izvedenih poslov, obseg trgovanja, povprečna velikost poslov in navedeni povprečni razmiki, cene izvedenih poslov;
any changes to previously disclosed information on the AMP, including changes relating to available resources in terms of cash and financial instruments, changes to the identity of persons performing the AMP, and any change in the allocation of cash or financial instruments in the accounts of the beneficiary and the persons performing the AMP.
vse spremembe prej razkritih informacij o STP, vključno s spremembami, ki se nanašajo na razpoložljive vire v obliki denarnih sredstev in finančnih instrumentov, spremembe identitete oseb, ki izvajajo STP, in vsaka sprememba v razporeditvi denarnih sredstev ali finančnih instrumentov v računih upravičenca in oseb, ki izvajajo STP;
when the market practice ceases to be performed as an AMP on the initiative of the person who has been performing it, of the beneficiary or of both:
ko se tržna praksa preneha izvajati kot STP na pobudo osebe, ki jo je izvajala, upravičenca ali obeh:
the fact that the performance of the AMP has ceased;
dejstvo, da se je izvajanje STP prenehalo;
a description of how the AMP has been performed;
opis, kako se je STP izvajala;
the reasons or causes for ceasing the performance of the AMP.
razloge ali vzroke za prenehanje izvajanja STP.
For the purposes of point (b)(i), where multiple transactions in a single trading session are performed, daily aggregated figures may be acceptable in relation to the appropriate categories of information.
Ko je znotraj posameznega trgovalnega dne izvedenih več poslov, so lahko za namene točke (b)(i) sprejemljivi skupni dnevni podatki v zvezi z ustreznimi kategorijami informacij.
In determining whether a market practice can be established as an AMP and whether it fulfils the criterion set out in point (a) of Article 13(2) of Regulation (EU) No 596/2014, competent authorities shall examine whether the market practice ensures that the following information will be disclosed to them:
Pri ugotavljanju, ali se tržna praksa lahko odobri kot STP in ali izpolnjuje merilo iz točke (a) člena 13(2) Uredbe (EU) št. 596/2014, pristojni organi preverijo, ali tržna praksa zagotavlja, da se jim razkrijejo naslednje informacije:
before a market practice is performed as an AMP, the arrangements or contracts between the identified beneficiaries and the persons who will perform the market practice once established as an AMP where such arrangements or contracts are needed for its performance;
preden se tržna praksa izvaja kot STP, ureditve ali pogodbe med opredeljenimi upravičenci in osebami, ki bodo izvajale tržno prakso, ko bo odobrena kot STP, če so takšne ureditve ali pogodbe potrebne za njeno izvajanje;
once the market practice is performed as an AMP, periodic report to the competent authority providing details about the transactions executed and about the operations of any arrangement or contract between the beneficiary and the persons performing the AMP.
ko se tržna praksa izvaja kot STP, redno poročilo pristojnemu organu, v katerem so navedene podrobnosti o izvedenih poslih in o dejavnostih v zvezi z vsakim sporazumom ali pogodbo med upravičenci in osebami, ki izvajajo STP.
Safeguards of the operations of the market forces and interplay of the forces of supply and demand
Zaščita delovanja tržnih sil ter medsebojni vpliv ponudbe in povpraševanja
In determining whether a market practice proposed to be established as an AMP complies with the criterion set out in point (b) of Article 13(2) of Regulation (EU) No 596/2014, competent authorities shall consider whether the market practice limits the opportunities for other market participants to respond to transactions.
Pri ugotavljanju, ali tržna praksa, ki je predlagana za odobritev kot STP, izpolnjuje merilo iz točke (b) člena 13(2) Uredbe (EU) št. 596/2014, pristojni organi preučijo, ali tržna praksa omejuje priložnosti drugih udeležencev na trgu, da se odzovejo na posle.
Competent authorities shall also consider at a minimum the following criteria relating to the types of persons who will perform the market practice once established as an AMP:
Pristojni organi preučijo vsaj naslednja merila v zvezi z vrsto oseb, ki bodo izvajale tržno prakso, ko bo odobrena kot STP:
whether they are supervised persons;
ali so nadzorovane osebe;
whether they are members of a trading venue where the AMP will be performed;
ali so člani mesta trgovanja, kjer se bo izvajala STP;
whether they maintain records of orders and transactions relating to the market practice performed in a way that allows it to be easily distinguished from other trading activities, including through the maintenance of separate accounts for the performance of the AMP, in particular to demonstrate that orders introduced are entered separately and individually without aggregating orders from several clients;
ali hranijo evidence naročil in poslov v zvezi s tržno prakso, ki se izvaja tako, da se zlahka razlikuje od drugih trgovalnih dejavnosti, vključno z vzdrževanjem ločenih računov za izvajanje STP, da se zlasti dokaže, da so uvedena naročila vnesena ločeno in posamično brez združevanja naročil več strank;
whether they have put in place specific internal procedures allowing:
ali so vzpostavile posebne notranje postopke, ki omogočajo:
immediate identification of the activities relating to the market practice;
takojšnjo identifikacijo dejavnosti, povezanih s tržno prakso;
ready availability of the relevant orders and transaction records to the competent authority upon request;
razpoložljivost zadevnih evidenc naročil in poslov pristojnemu organu na njegovo zahtevo;
whether they possess the compliance and audit resources necessary to be able to monitor and ensure compliance at all times with the conditions set for the AMP;
ali imajo sredstva, potrebna za skladnost in revizijo, da bi lahko spremljale in zagotavljale stalno skladnost s pogoji, določenimi za STP;
whether they keep the records mentioned in point (c) for a period of at least five years.
ali hranijo evidence iz točke (c) za obdobje najmanj petih let.
Competent authorities shall consider the extent to which the market practice establishes an ex ante list of trading conditions for its performance as an AMP, including limits with regard to prices and volumes and limits on positions.
Pristojni organi preučijo obseg, v katerem tržna praksa uvaja predhodni seznam pogojev trgovanja za izvajanje kot STP, vključno z omejitvami glede cen in obsega ter omejitvami pozicij.
Competent authorities shall assess the extent to which the market practice and the arrangement or contract for its performance:
Pristojni organi ocenijo, v kolikšni meri tržna praksa in ureditev ali pogodba za svoje izvajanje:
enables the person performing the AMP to act independently from the beneficiary without being subject to instructions, information or influence from the beneficiary as regards the manner in which trading is to be conducted;
omogoča osebi, ki izvaja STP, da deluje neodvisno od upravičenca, ne da bi morala upoštevati navodila, informacije ali vpliv upravičenca, kar zadeva način, na katerega je treba izvesti trgovanje;
allows for the avoidance of conflicts of interest between the beneficiary and the clients of the person performing the AMP.
omogoča izogibanje navzkrižju interesov med upravičencem in strankami osebe, ki izvaja STP.
Impact on market liquidity and efficiency
Vpliv na likvidnost in učinkovitost trga
In determining whether a market practice proposed to be established as an AMP complies with the criterion set out in point (c) of Article 13(2) of Regulation (EU) No 596/2014, competent authorities shall assess the impact the market practice has on at least the following elements:
Pri ugotavljanju, ali tržna praksa, ki je predlagana za odobritev kot STP, izpolnjuje merilo iz točke (c) člena 13(2) Uredbe (EU) št. 596/2014, pristojni organi ocenijo vpliv, ki ga ima tržna praksa vsaj na naslednje elemente:
volume traded;
obseg trgovanja;
number of orders in the order book (order depth);
število naročil v knjigi naročil (globina naročil);
speed of execution of the transactions;
hitrost izvedbe poslov;
volume weighted average price of a single session, daily closing price;
povprečno ceno, tehtano glede na obseg, posameznega trgovalnega dne, dnevno zaključno ceno;
bid/offer spread, price fluctuation and volatility;
razpon med nakupno in prodajno ceno, cenovno nihanje in nestanovitnost;
regularity of quotations or transactions.
pravilnost ponudb ali poslov.
Impact on the proper functioning of the market
Vpliv na pravilno delovanje trga
In determining whether a market practice proposed to be established as an AMP complies with the criterion set out in point (d) of Article 13(2) of Regulation (EU) No 596/2014, competent authorities shall consider the following elements:
Pri ugotavljanju, ali tržna praksa, ki je predlagana za odobritev kot STP, izpolnjuje merilo iz točke (d) člena 13(2) Uredbe (EU) št. 596/2014, pristojni organi upoštevajo naslednje elemente:
the possibility that the market practice could affect price formation processes in a trading venue;
možnost, da bi lahko tržna praksa vplivala na procese oblikovanja cen na mestu trgovanja;
the extent to which the market practice could facilitate the evaluation of prices and orders entered into the order book and whether the transactions to be carried out or orders to be introduced for its performance as an AMP do not contravene the trading rules of the corresponding trading venue;
v kolikšni meri bi tržna praksa lahko olajšala ocenjevanje cen in naročil, vnesenih v knjigo naročil, ter ali posli, ki se izvedejo, ali naročila, ki se uvedejo, zaradi izvajanja kot STP ne kršijo pravil trgovanja ustreznega mesta trgovanja;
the modalities by which the information referred to in Article 3 is disclosed to the public including where it is disclosed on the website of the relevant trading platform and, when appropriate, where it is simultaneously released on the websites of the beneficiaries;
načine, na katere se javnosti razkrijejo informacije iz člena 3, tudi če se razkrijejo na spletnem mestu zadevne platforme za trgovanje in, kjer je ustrezno, kadar se istočasno objavijo na spletnih straneh upravičencev;
the extent to which the market practice establishes an ex ante list of situations or conditions when its performance as an AMP is temporarily suspended or restricted, inter alia, particular trading periods or phases such as auction phases, takeovers, initial public offerings, capital increases, secondary offerings.
v kolikšni meri tržna praksa uvaja predhodni seznam primerov ali pogojev, če je njeno izvajanje kot STP začasno ukinjeno ali omejeno, med drugim zlasti obdobja trgovanja ali faze, kot so faze dražbe, prevzemi, prve javne ponudbe, dokapitalizacije, sekundarne ponudbe.
For the purposes of point (b) of the first subparagraph, a market practice where transactions and orders are monitored in real time by the market operator or the investment firm or market operators operating a MTF or an OTF shall also be taken into consideration.
Za namene točke (b) prvega pododstavka se upošteva tudi tržna praksa, pri kateri posle in naročila v realnem času spremlja upravljavec trga ali investicijsko podjetje ali upravljavec trga, ki upravlja MTF ali OTF.
Competent authorities shall assess the extent to which a market practice enables:
Pristojni organi ocenijo, v kolikšni meri tržna praksa omogoča:
orders related to its performance to be submitted and executed during opening or closing auction phases of a trading session;
naročila, povezana z njeno izvedbo, ki jih je treba oddati ali izvršiti med začetno ali zaključno fazo dražbe znotraj posameznega trgovalnega dne;
orders or transactions related to its performance to be introduced or carried out during periods when stabilisations and buy-back operations are conducted.
naročila ali posle, povezane z njeno izvedbo, ki jih je treba uvesti ali izvesti v obdobjih, ko potekajo posli stabilizacije in ponovnega odkupa.
Risks for the integrity of related markets
Tveganja za integriteto povezanih trgov
In determining whether a market practice proposed to be established as an AMP complies with the criterion set out in point (e) of Article 13(2) of Regulation (EU) No 596/2014, competent authorities shall consider:
Pri ugotavljanju, ali tržna praksa, ki je predlagana za odobritev kot STP, izpolnjuje merilo iz točke (e) člena 13(2) Uredbe (EU) št. 596/2014, pristojni organi upoštevajo:
whether the transactions related to the performance of the market practice once established as an AMP will be reported to competent authorities on a regular basis;
ali se bodo posli v zvezi z izvedbo tržne prakse, ki bo odobrena kot STP, redno poročali pristojnim organom;
whether the resources (cash or financial instruments) to be allocated to the performance of the AMP are proportionate and commensurate with the objectives of the AMP itself;
ali so sredstva (denarna sredstva ali finančni instrumenti), ki se dodelijo za izvajanje STP, sorazmerna in skladna s cilji same STP;
the nature and level of the compensation for services provided within the performance of an AMP and whether that compensation is established as a fixed amount; where variable compensation is proposed, it shall not lead to behaviour which may be prejudicial to market integrity or to the orderly functioning of the market and shall be available to the competent authority for assessment;
naravo in raven nadomestila za storitve, opravljene v okviru izvajanja STP, in ali je navedeno nadomestilo določeno kot fiksni znesek; kadar je predlagano variabilno nadomestilo, ne sme povzročiti ravnanja, ki bi lahko škodilo integriteti trga ali njegovemu pravilnemu delovanju, in je na voljo pristojnemu organu za ocenjevanje;
whether the type of persons who will perform the AMP ensure, where appropriate to the market under consideration, an adequate separation of the assets dedicated to the performance of the AMP from the assets of its clients, if any, or its own assets;
ali vrste oseb, ki bodo izvajale STP, kjer je ustrezno, na trgu, ki se preučuje, zagotavljajo ustrezno ločevanje sredstev, namenjenih za izvajanje STP, od sredstev svojih strank, če jih imajo, ali lastnih sredstev;
whether the respective duties of the beneficiaries and of the persons performing the AMP or, where appropriate, the duties shared by them are clearly defined;
ali so zadevne obveznosti upravičencev in oseb, ki izvajajo STP, ali, kjer je ustrezno, skupne obveznosti obojih jasno opredeljene;
whether the type of persons who will perform the AMP have in place an organisational structure and adequate internal arrangements to ensure that the trading decisions relating to the AMP remain confidential from other units within that person and independent from orders to trade received from clients, portfolio management or orders placed on its own account;
ali imajo vrste oseb, ki bodo izvajale STP, vzpostavljeno organizacijsko strukturo in ustrezne notranje dogovore za zagotovitev, da odločitve o trgovanju v zvezi z STP ostanejo tajne za druge enote znotraj te osebe in neodvisne od naročil za trgovanje, prejetih od strank, upravljanja s portfeljem ali naročil za lasten račun;
whether an adequate reporting process between the beneficiary and the person who will perform the AMP is in place to allow the exchange of the necessary information to fulfil their respective legal or contractual obligations, if applicable.
ali obstaja ustrezen postopek poročanja med upravičencem in osebo, ki bo izvajala STP, ki bi omogočil izmenjavo informacij, potrebnih za izpolnitev njunih pravnih ali pogodbenih obveznosti, kjer je to ustrezno.
Investigation of the market practice
Preiskava tržne prakse
In determining whether a market practice proposed to be established as an AMP complies with the criterion set out in point (f) of Article 13(2) of Regulation (EU) No 596/2014, competent authorities shall in particular take into account the outcome of any investigation in the markets they monitor that might question the AMP to be established.
Pri ugotavljanju, ali tržna praksa, ki je predlagana za odobritev kot STP, izpolnjuje merilo iz točke (f) člena 13(2) Uredbe (EU) št. 596/2014, pristojni organi zlasti upoštevajo izid katere koli preiskave na trgih, ki jih spremljajo, ki bi lahko postavila pod vprašaj odobritev STP.
Structural characteristics of the market
Strukturne značilnosti trga
In taking into account, in accordance with point (g) of Article 13(2) of Regulation (EU) No 596/2014, the participation of retail-investors in the relevant market, competent authorities shall assess at a minimum:
Ob upoštevanju udeležbe malih vlagateljev na zadevnem trgu v skladu s točko (g) člena 13(2) Uredbe (EU) št. 596/2014 pristojni organi ocenijo vsaj:
the impact the market practice might have on retail investors' interests where the market practice concerns financial instruments traded on markets in which retail investors participate;
vpliv, ki bi ga tržna praksa lahko imela na interese malih vlagateljev, kadar se tržna praksa nanaša na finančne instrumente, s katerimi se trguje na trgih, na katerih sodelujejo mali vlagatelji;
whether the market practice increases the probability of retail investors to find counterparties in low-liquidity financial instruments, without increasing the risks borne by them.
ali tržna praksa povečuje možnost malih vlagateljev, da najdejo nasprotne stranke pri finančnih instrumentih z nizko likvidnostjo, ne da bi se povečala tveganja, ki jih prevzemajo.
Notification when intending to establish an accepted market practice
Obvestilo o nameravani odobritvi sprejete tržne prakse
Competent authorities shall notify, in accordance with Article 13(3) of Regulation (EU) No 596/2014, their intention to establish an AMP by post or e-mail to ESMA and to the other competent authorities simultaneously, using a pre-identified list of contact points to be set-up and regularly maintained by competent authorities and ESMA.
Pristojni organi po pošti ali elektronski pošti hkrati uradno obvestijo ESMA in druge pristojne organe v skladu s členom 13(3) Uredbe (EU) št. 596/2014, da nameravajo odobriti STP, in sicer tako da uporabijo predhodno opredeljen seznam kontaktnih točk, ki ga pripravijo in redno vzdržujejo pristojni organi in ESMA.
a statement of the intention to establish an AMP, including the expected date of establishment;
izjavo o nameravani odobritvi STP, vključno s predvidenim datumom odobritve;
the identification of the notifying competent authority and the contact details of the contact person(s) within that competent authority (name, professional telephone number and e-mail address, title);
identifikacijo pristojnega organa, ki je poslal uradno obvestilo, in kontaktne podatke kontaktnih oseb znotraj navedenega pristojnega organa (ime, službena telefonska številka in elektronski naslov, funkcija);
a detailed description of the market practice including:
podroben opis tržne prakse, ki vključuje:
the identification of the types of financial instrument and trading venues on which the AMP will be performed;
identifikacijo vrst finančnega instrumenta in mest trgovanja, na katerih se bo izvajala STP;
the types of persons who can perform the AMP;
vrste oseb, ki lahko izvajajo STP;
the type of beneficiaries;
vrsto upravičencev;
the indication of whether the market practice can be performed for a determined period of time and of any situations or conditions leading to a temporary interruption, suspension or termination of the practice;
navedbo, ali je tržno prakso mogoče izvajati določeno časovno obdobje, in opis primerov ali pogojev, ki privedejo do začasne prekinitve, začasne ustavitve ali prenehanja prakse;
the reason for which the practice could constitute market manipulation under Article 12 of Regulation (EU) No 596/2014;
razlog, zaradi katerega bi lahko praksa pomenila tržno manipulacijo v skladu s členom 12 Uredbe (EU) št. 596/2014;
the details of the assessment made according to Article 13(2) of Regulation (EU) No 596/2014.
podrobnosti ocene v skladu s členom 13(2) Uredbe (EU) št. 596/2014.
The notification referred to in paragraph 1 shall include the table for assessing a proposed market practice using the template in the Annex.
Uradno obvestilo iz odstavka 1 vključuje tabelo za ocenjevanje predlagane tržne prakse z uporabo predloge iz Priloge.
ESMA opinion
Mnenje ESMA
Following receipt of the notification referred to Article 13(4) of Regulation (EU) No 596/2014 and before issuing the opinion required under that paragraph, ESMA shall initiate, on its own initiative or upon request of any competent authority, a process to provide the notifying competent authority with preliminary comments, concerns, disagreement or request for clarifications, if any, concerning the notified market practice.
ESMA po prejemu obvestila iz člena 13(4) Uredbe (EU) št. 596/2014 in pred izdajo mnenja, zahtevanega v navedenem odstavku, na lastno pobudo ali na pobudo katerega koli pristojnega organa, začne postopek, da se pristojnemu organu, ki je poslal uradno obvestilo, zagotovijo morebitne predhodne pripombe, pomisleki, nesoglasja ali zahteva po pojasnilih v zvezi s priglašeno tržno prakso.
The notifying competent authority may provide further clarification concerning the notified market practice to ESMA.
Pristojni organ, ki je poslal uradno obvestilo, lahko ESMA zagotovi dodatno pojasnilo v zvezi s priglašeno tržno prakso.
Where in the course of the process referred to in paragraph 1, any fundamental or significant change is introduced that affects the basis or substance of the notified market practice or the assessment carried out by the notifying competent authority, the process of issuing the ESMA opinion on the notified practice shall cease.
Kadar v okviru postopka iz odstavka 1 pride do kakršne koli bistvene ali pomembne spremembe, ki vpliva na osnovo ali vsebino priglašene tržne prakse ali na oceno, ki jo izvede pristojni organ, ki je poslal uradno obvestilo, postopek izdaje mnenja ESMA o priglašeni praksi preneha.
If appropriate, the competent authority shall initiate a new process for establishing the modified practice as an AMP in accordance with Article 13(3) of Regulation (EU) No 596/2014.
Če je primerno, pristojni organ začne nov postopek za odobritev spremenjene prakse kot STP v skladu s členom 13(3) Uredbe (EU) št. 596/2014.
Maintenance, modification and termination of accepted market practices
Ohranitev, sprememba in prenehanje sprejetih tržnih praks
Review of an established AMP
Pregled odobrene STP
Competent authorities that have established AMPs shall assess regularly, and at a minimum every two years, whether the conditions for establishing the AMP set out in Article 13(2) of Regulation (EU) No 596/2014 and in Section 2 of this Chapter continue to be met.
Pristojni organi, ki so odobrili STP, redno in vsaj vsaki dve leti ocenijo, ali so pogoji za odobritev STP iz člena 13(2) Uredbe (EU) št. 596/2014 in oddelka 2 tega poglavja še vedno izpolnjeni.
Notwithstanding the regular review in accordance with Article 13(8) of Regulation (EU) No 596/2014, the assessment process referred to in paragraph 1 shall also be triggered:
Ne glede na reden pregled v skladu s členom 13(8) Uredbe (EU) št. 596/2014 se sproži tudi ocenjevalni postopek iz odstavka 1:
when any sanction involving an established AMP has been imposed;
če je bila naložena kazen, povezana z odobreno STP;