natgillin/translations-raw huggingface dataset:
The definition of direct electronic access should not encompass any other activity beyond the provision of direct market access and sponsored access.
Opredelitev neposrednega elektronskega dostopa bi bilo treba podrobneje določiti.
Therefore, arrangements where client orders are intermediated through electronic means by members or participants of a trading venue such as online brokerage and arrangements where clients have direct electronic access to a trading venue should be distinguished.
Opredelitev neposrednega elektronskega dostopa ne bi smela zajemati nobene druge dejavnosti razen zagotavljanja neposrednega dostopa do trga in sponzoriranega dostopa.
In case of order intermediation, submitters of orders do not have sufficient control over the parameters of the arrangement for market access and should therefore not fall within scope of direct electronic access.
Zato bi bilo treba razlikovati med ureditvami, pri katerih člani ali udeleženci mesta trgovanja naročil strank ne posredujejo prek elektronskih sredstev, kot so spletno posredništvo, in ureditvami, pri katerih imajo stranke neposreden elektronski dostop do mesta trgovanja.
Therefore, arrangements that allow clients to transmit orders to an investment firm in an electronic format, such as online brokerage, should be not be considered direct electronic access provided that clients do not have the ability to determine the fraction of a second of order entry and the life time of orders within that time frame.
V primeru posredovanja naročila vlagatelji naročil nimajo zadostnega nadzora nad parametri ureditve za dostop do trga in se zato ne bi smeli uvrščati na področje uporabe neposrednega elektronskega dostopa.
Arrangements where the client of a member or participant of a trading venue, including the client of a direct clients of organised trading facilities (OTFs), submit their orders through arrangements for optimisation of order execution processes that determine parameters of the order other than the venue or venues where the order should be submitted through SORs embedded into the provider's infrastructure and not on the client's infrastructure should be excluded from the scope of direct electronic access since the client of the provider does not have control over the time of submission of the order and its lifetime.
Zato se ureditve, ki strankam dopuščajo, da naročila investicijskemu podjetju posredujejo v elektronski obliki, kot je spletno posredništvo, ne bi smele obravnavati kot neposredni elektronski dostop, če te stranke ne morejo določiti točnega delčka sekunde vnosa naročila ter obdobja veljavnosti naročila znotraj tega časovnega okvira.
The characterisation of direct electronic access when deploying smart order routers should therefore be dependent on whether the smart order router is embedded in the clients' systems and not in that of the provider.
Ureditve, pri katerih stranka člana ali udeleženca mesta trgovanja, vključno s stranko neposrednih strank organiziranih sistemov trgovanja, odda svoja naročila prek ureditev za optimizacijo postopkov izvršitve naročila, ki določajo druge parametre naročila, kot je mesto ali mesta, na katera bi bilo treba oddati naročilo prek pametnih usmerjevalnikov naročil, vgrajenih v infrastrukturo izvajalca naročil in ne v infrastrukturo stranke, bi bilo treba izključiti iz pojma neposrednega elektronskega dostopa, ker stranka izvajalca storitev nima nadzora nad časom predložitve naročila in njegovim trajanjem.
The rules for the implementation of the regime governing organisational requirements for investment firms performing investment services and, where appropriate, ancillary services and investment activities on a professional basis, for regulated markets, and data reporting services providers should be consistent with the aim of Directive 2014/65/EU.
Opredelitev neposrednega elektronskega dostopa pri uporabi pametnih usmerjevalnikov naročil bi zato morala biti odvisna od tega, ali je pametni usmerjevalnik naročil vgrajen v sisteme strank in ne v sistem izvajalca storitev.
They should be designed to ensure a high level of integrity, competence and soundness among investment firms and entities that operate regulated markets, MTFs or OTFs, and to be applied in a uniform manner.
Pravila za izvajanje ureditve, ki ureja organizacijske zahteve za investicijska podjetja, ki profesionalno opravljajo investicijske storitve ter, kjer je primerno, pomožne storitve in investicijske dejavnosti na reguliranih trgih, ter za izvajalce storitev sporočanja podatkov, morajo biti skladna s ciljem Direktive 2014/65/EU.
It is necessary to specify concrete organisational requirements and procedures for investment firms performing such services or activities.
Oblikovana bi morala biti tako, da zagotovijo visoko stopnjo integritete, kompetentnosti in stabilnosti med investicijskimi podjetji ter subjekti, ki upravljajo regulirane trge, MTF ali OTF, ter bi se morala izvajati na enoten način.
In particular, rigorous procedures should be provided for with regard to matters such as compliance, risk management, complaints handling, personal transactions, outsourcing and the identification, management and disclosure of conflicts of interest.
Treba je določiti jasne organizacijske zahteve in postopke za investicijska podjetja, ki opravljajo take storitve ali dejavnosti.
The organisational requirements and conditions for authorisation for investment firms should be set out in the form of a set of rules that ensures the uniform application of the relevant provisions of Directive 2014/65/EU.
Zlasti je treba uvesti stroge postopke za zadeve, kot so skladnost, obvladovanje tveganj, reševanje pritožb, osebni posli, zunanje izvajanje ter ugotavljanje, obvladovanje in razkrivanje nasprotij interesov.
This is necessary in order to ensure that investment firms have equal access on equivalent terms to all markets in the Union and to eliminate obstacles, linked to authorisation procedures, to cross-border activities in the field of investment services.
Organizacijske zahteve in pogoji za izdajo dovoljenja investicijskim podjetjem bi morali biti določeni v obliki sklopa pravil, ki zagotavljajo enotno uporabo ustreznih določb Direktive 2014/65/EU.
The rules for the implementation of the regime governing operating conditions for the performance of investment and ancillary services and investment activities should reflect the aim underlying that regime.
To je potrebno, da se investicijskim podjetjem zagotovijo enake možnosti za enak dostop na vse trge v Uniji in odstranijo ovire, povezane s postopki izdaje dovoljenj, za čezmejne dejavnosti na področju investicijskih storitev.
They should be designed to ensure a high level of investor protection to be applied in a uniform manner through the introduction of clear standards and requirements governing the relationship between an investment firm and its client.
Pravila za izvajanje ureditve, ki določa pogoje poslovanja za opravljanje investicijskih in pomožnih storitev ter investicijskih dejavnosti, bi morala odražati cilj, ki je podlaga za tako ureditev.
On the other hand, as regards investor protection, and in particular the provision of investors with information or the seeking of information from investors, the retail or professional nature of the client or potential client concerned should be taken into account.
Oblikovana bi morala biti tako, da bi zagotovila visoko stopnjo zaščite vlagateljev, ki bi se uporabljala na enoten način z uvedbo jasnih standardov in zahtev, ki urejajo odnos med investicijskim podjetjem in njegovo stranko.
In order to ensure the uniform application of the various relevant provisions of Directive 2014/65/EU, it is necessary to establish a harmonised set of organisational requirements and operating conditions for investment firms.
Po drugi strani, kar zadeva zaščito vlagateljev, zlasti pa zagotavljanje informacij vlagateljem ali pridobivanje informacij od vlagateljev, bi bilo treba upoštevati naravo zadevne stranke ali potencialne stranke, in sicer, ali je neprofesionalna ali profesionalna stranka.
Investment firms vary widely in their size, their structure and the nature of their business.
Za zagotovitev enotne uporabe različnih zadevnih določb Direktive 2014/65/EU je treba določiti usklajen sklop organizacijskih zahtev in pogojev poslovanja za investicijska podjetja.
A regulatory regime should be adapted to that diversity while imposing certain fundamental regulatory requirements which are appropriate for all firms.
Investicijska podjetja se med sabo precej razlikujejo po velikosti, strukturi in naravi poslovanja.
Regulated entities should comply with their high level obligations and design and adopt measures that are best suited to their particular nature and circumstances.
Regulativna ureditev bi morala biti prilagojena tej raznolikosti, hkrati pa bi morala določati nekatere temeljne regulativne zahteve, ki so primerne za vsa podjetja.
It is appropriate to set out common criteria for assessing whether an investment service is provided by a person in an incidental manner in the course of a professional activity, in order to ensure a harmonised and strict implementation of the exemption granted by Directive 2014/65/EU.
Regulirani subjekti bi morali izpolnjevati obveznosti na visoki ravni in zasnovati ter sprejeti ukrepe, ki so najbolj primerni za njihovo posebno naravo in okoliščine.
The exemption should only apply if the investment service has an intrinsic connection to the main area of the professional activity and is subordinated thereto.
Primerno je določiti skupna merila za oceno, ali oseba izvaja naložbeno storitev priložnostno med opravljanjem poklicne dejavnosti, da bi se zagotovilo usklajeno in dosledno izvajanje izvzetja, ki ga omogoča Direktiva 2014/65/EU.
The organisational requirements established under Directive 2014/65/EU should be without prejudice to systems established by national law for the registration or monitoring by competent authorities or firms of individuals working within investment firms.
Izvzetje bi se moralo uporabljati samo, če je naložbena storitev neločljivo povezana z glavno poklicno dejavnostjo in je tej podrejena.
For the purposes of requiring an investment firm to establish, implement and maintain an adequate risk management policy, the risks relating to the firm's activities, processes and systems should include the risks associated with the outsourcing of critical or important functions.
Organizacijske zahteve iz Direktive 2014/65/EU ne bi smele posegati v sisteme, določene z nacionalno zakonodajo, ki jih pristojni organi ali podjetja uporabljajo za registracijo ali nadzor posameznikov, ki delajo v investicijskih podjetjih.
Those risks should include those associated with the firm's relationship with the service provider, and the potential risks posed where the outsourced functions of multiple investment firms or other regulated entities are concentrated within a limited number of service providers.
Zaradi zahteve, da investicijska podjetja vzpostavijo, izvajajo in vzdržujejo primerno politiko obvladovanja tveganj, bi morala tveganja v zvezi z dejavnostmi podjetja, procesi in sistemi vključevati tveganja, povezana z zunanjim izvajanjem kritičnih ali pomembnih funkcij.
The fact that risk management and compliance functions are performed by the same person does not necessarily jeopardise the independent functioning of each function.
Taka tveganja bi morala vključevati tveganja, povezana z razmerjem med podjetjem in ponudnikom storitev, ter potencialna tveganja, ki nastanejo, ko so funkcije, ki jih več investicijskih podjetij ali drugih reguliranih subjektov odda v zunanje izvajanje, koncentrirane pri omejenem številu izvajalcev.
The conditions that persons involved in the compliance function should not also be involved in the performance of the functions that they monitor, and that the method of determining the remuneration of such persons should not be likely to compromise their objectivity, may not be proportionate in the case of small investment firms.
Dejstvo, da funkcijo obvladovanja tveganj in funkcijo za zagotavljanje skladnosti s predpisi opravlja ista oseba, ne ogroža nujno neodvisnega delovanja posamezne funkcije.
However, they would only be disproportionate for larger firms in exceptional circumstances.
Pri malih investicijskih podjetjih ni potrebno, da so pogoji, da osebe, ki se ukvarjajo s funkcijo za zagotavljanje skladnosti s predpisi, ne bi smele opravljati tudi funkcij, ki jih nadzorujejo, in da metoda določanja prejemkov takih oseb ne bi smela ogroziti njihove objektivnosti, sorazmerni.
Clients or potential clients should be enabled to express their dissatisfaction with investment services provided by investment firms in the interests of investor protection as well as strengthening investment firms' compliance with their obligations.
Za večja podjetja pa bi bili nesorazmerni samo v izjemnih okoliščinah.
Clients' or potential clients' complaints should be handled effectively and in an independent manner by a complaints management function.
Strankam ali potencialnim strankam bi bilo treba omogočiti, da v interesu zaščite vlagateljev in za izboljšanje izpolnjevanja obveznosti s strani investicijskih podjetij izrazijo svoje nezadovoljstvo z investicijskimi storitvami, ki jih zagotavljajo investicijska podjetja.
In line with the principle of proportionality, that function could be carried out by the compliance function.
V okviru funkcije za upravljanje pritožb bi bilo treba pritožbe strank ali potencialnih strank obravnavati učinkovito in neodvisno.
Investment firms are required to collect and maintain information relating to clients and services provided to clients.
V skladu z načelom sorazmernosti bi to funkcijo lahko opravljala funkcija za zagotavljanje skladnosti s predpisi.
Where those requirements involve the collection and processing of personal data, the respect of the right to the protection of personal data in accordance with Directive 95/46/EC of the European Parliament and of the Council [3] and Directive 2002/58/EC of the European Parliament and of the Council [4] which govern the processing of personal data carried out in application of this Directive should be ensured.
Investicijska podjetja morajo zbirati in hraniti informacije v zvezi s strankami in storitvami, ki se izvajajo za stranke.
Processing of personal data by the European Securities and Markets Authority (ESMA) in the application of this Regulation is subject to Regulation (EC) No 45/2001 of the European Parliament and of the Council [5].
Kadar te zahteve vključujejo zbiranje in obdelavo osebnih podatkov, bi bilo treba zagotoviti spoštovanje pravice do varstva osebnih podatkov v skladu z Direktivo 95/46/ES Evropskega parlamenta in Sveta [3] ter Direktivo 2002/58/ES Evropskega parlamenta in Sveta [4], ki urejata obdelavo osebnih podatkov, ki se izvaja pri uporabi te direktive.
A definition of remuneration should be introduced in order to ensure the efficient and consistent application of the conflicts of interest and conduct of business requirements in the area of remuneration and should include all forms of financial or non-financial benefits or payments provided directly or indirectly by firms to relevant persons in the provision of investment or ancillary services to clients, such as cash, shares, options, cancellations of loans to relevant persons at dismissal, pension contributions, remuneration by third parties for instance through carried interest models, wage increases or promotions, health insurance, discounts or special allowances, generous expense accounts or seminars in exotic destinations.
Obdelovanje osebnih podatkov, ki ga opravlja Evropski organ za vrednostne papirje in trge (ESMA) v okviru izvajanja te uredbe, ureja Uredba (ES) št. 45/2001 Evropskega parlamenta in Sveta [5].
In order to ensure that clients' interests are not impaired, investment firms should design and implement remuneration policies to all persons who could have an impact on the service provided or corporate behaviour of the firm, including persons who are front-office staff, sales force staff or other staff indirectly involved in the provision of investment or ancillary services.
Uvesti bi bilo treba opredelitev prejemkov za zagotovitev učinkovitega in doslednega izvajanja zahtev v zvezi z nasprotji interesov in poslovanjem na področju prejemkov, ta pa bi morala vključevati vse oblike finančnih ali nefinančnih koristi ali plačil, ki jih podjetja posredno ali neposredno zagotovijo zadevnim osebam za opravljanje naložbenih ali pomožnih storitev strankam, kot so denarna sredstva, delnice, opcije, preklic posojil zadevnim osebam ob odpustu, pokojninski prispevki, prejemki od tretjih oseb, na primer prek spodbujevalnih provizij, povišanja plač ali napredovanja, zdravstveno zavarovanje, popusti ali posebni dodatki, radodarno povračilo poslovnih stroškov ali seminarji v eksotičnih krajih.
Persons overseeing the sales forces, such as line managers, who may be incentivised to pressure sales staff, or financial analysts whose literature may be used by sales staff to entice clients to make investment decisions or persons involved in complaints-handling or in product design and development should also be included in the scope of relevant persons concerned by remuneration rules.
Za zagotovitev, da interesi strank niso ogroženi, bi morala investicijska podjetja oblikovati in izvajati politike prejemkov za vse osebe, ki bi lahko vplivale na opravljeno storitev ali ravnanje podjetja, vključno z osebjem, ki dela s strankami, prodajno ali drugo osebje, ki posredno sodeluje pri izvajanju investicijskih ali pomožnih storitev.
Relevant persons should also include tied agents.
Osebe, ki nadzorujejo prodajno osebje, kot so njihovi neposredno nadrejeni, ki imajo morda razlog, da pritiskajo na prodajno osebje, ali finančni analitiki, katerih dokumente prodajno osebje morda uporablja za spodbujanje strank k sprejemanju naložbenih odločitev, ali osebe, ki sodelujejo pri reševanju pritožb ali pri oblikovanju in razvoju produkta, bi morale biti prav tako vključene med zadevne osebe, za katere veljajo pravila o prejemkih.
When determining the remuneration for tied agents, firms should take the tied agents' special status and the respective national specificities into consideration.
Zadevne osebe bi morale vključevati tudi vezane zastopnike.
However, in such cases, firms' remuneration policies and practices should still define appropriate criteria to be used to assess the performance of relevant persons, including qualitative criteria encouraging the relevant persons to act in the best interests of the client.
Pri določanju prejemkov za vezane zastopnike, bi morala podjetja upoštevati poseben status vezanih zastopnikov in ustrezne nacionalne posebnosti.
Where successive personal transactions are carried out on behalf of a person in accordance with prior instructions given by that person, obligations relating to personal transactions should not apply separately to each such successive transaction if those instructions remain in force and unchanged.
Vendar bi v takšnih primerih morala podjetja v svojih politikah in praksah glede prejemkov še vedno opredeliti ustrezna merila, ki jih je treba uporabljati za ocenjevanje dela zadevnih oseb, vključno s kvalitativnimi merili, ki zadevne osebe spodbujajo, da delajo v najboljšem interesu stranke.
Similarly, those obligations should not apply to the termination or withdrawal of such instructions, provided that any financial instruments which had previously been acquired pursuant to the instructions are not disposed of at the same time as the instructions terminate or are withdrawn.
Če se zaporedni osebni posli opravijo v imenu osebe po njenih predhodnih navodilih, obveznosti v zvezi z osebnimi posli ne bi smele veljati ločeno za vsak tak zaporedni posel, če navedena navodila ostanejo veljavna in nespremenjena.
However, those obligations should apply in relation to a personal transaction, or the commencement of successive personal transactions, carried out on behalf of the same person if those instructions are changed or if new instructions are issued.
Podobno navedene obveznosti ne bi smele veljati za prenehanje veljavnosti ali umik takih navodil, če kateri koli finančni instrument, ki je bil pred tem kupljen v skladu z navodili, ni prodan hkrati s prenehanjem veljavnosti ali umikom navodil.
Competent authorities should not make the authorisation to provide investment services or activities subject to a general prohibition on the outsourcing of one or more critical or important functions.
Vendar pa bi morale te obveznosti veljati za osebni posel ali za začetek zaporednih osebnih poslov, ki se izvedejo v imenu iste osebe, če se navedena navodila spremenijo ali če se izdajo nova navodila.
Investment firms should be allowed to outsource such functions if the outsourcing arrangements established by the firm comply with certain conditions.
Pristojni organi ne bi smeli izdati dovoljenja za zagotavljanje investicijskih storitev ali dejavnosti, za katere velja splošna prepoved zunanjega izvajanja ene ali več kritičnih ali pomembnih funkcij.
The outsourcing of investment services or activities or critical and important functions is capable of constituting a material change of the conditions for the authorisation of the investment firm, as referred to in Article 21(2) of Directive 2014/65/EU.
Investicijska podjetja bi morala imeti dovoljenje za oddajo tovrstnih funkcij v zunanje izvajanje, če ureditve za zunanje izvajanje, ki jih vzpostavi podjetje, izpolnjujejo nekatere pogoje.
If such outsourcing arrangements are to be put in place after the investment firm has obtained an authorisation according to Chapter I of Title II of Directive 2014/65/EU, those arrangements should be notified to the competent authority where required by Article 21(2) of that Directive.
Zunanje izvajanje investicijskih storitev ali dejavnosti ali kritičnih in pomembnih funkcij lahko predstavlja bistveno spremembo pogojev za izdajo dovoljenja investicijskemu podjetju, kakor je določeno v členu 21(2) Direktive 2014/65/EU.
The circumstances which should be treated as giving rise to a conflict of interest should cover cases where there is a conflict between the interests of the firm or certain persons connected to the firm or the firm's group and the duty the firm owes to a client; or between the differing interests of two or more of its clients, to each of whom the firm owes a duty.
Če naj bi se taki dogovori o zunanjem izvajanju sklenili potem, ko investicijsko podjetje pridobi dovoljenje v skladu s poglavjem I naslova II Direktive 2014/65/EU, mora biti pristojni organ o navedenih dogovorih obveščen, če to zahteva člen 21(2) navedene direktive.
It is not enough that the firm may gain a benefit if there is not also a possible disadvantage to a client, or that one client to whom the firm owes a duty may make a gain or avoid a loss without there being a concomitant possible loss to another such client.
Okoliščine, za katere se šteje, da bi lahko pripeljale do nasprotja interesov, bi morale vključevati primere, v katerih obstaja nasprotje med interesi podjetja ali nekaterih s podjetjem ali skupino podjetij povezanih oseb in dolžnostjo, ki jo ima podjetje do stranke; ali med različnimi interesi dveh ali več strank, do katerih ima podjetje dolžnost.
Conflicts of interest should be regulated only where an investment service or ancillary service is provided by an investment firm.
Zgolj to, da lahko podjetje pridobi korist, ni dovolj, če to ne predstavlja tudi morebitne škode za stranko, kot tudi ne, da ena lahko stranka, do katere ima podjetje dolžnost, pridobi korist ali prepreči izgubo, ne da bi to povzročilo morebitno izgubo drugi taki stranki.
The status of the client to whom the service is provided — as either retail, professional or eligible counterparty — should be irrelevant for that purpose.
Nasprotja interesov bi se morala urejati samo, če investicijsko ali pomožno storitev opravlja investicijsko podjetje.