natgillin/translations-raw huggingface dataset:
In addition, the CEA andCFTC regulations subject DCMs to organisational requirements with regards to corporate governance, conflicts of interest policy, risk management, fair and orderly trading, trading system resilience, clearing and settlement arrangements, admission to trading and compliance monitoring, all of which must be complied with on an ongoing basis.
Poleg tega za določene pogodbene trge v skladu s CEA in predpisi CFTC veljajo organizacijske zahteve v zvezi s korporativnim upravljanjem, politiko obvladovanja nasprotij interesov, obvladovanjem tveganja, poštenim in urejenim trgovanjem, odpornostjo sistema trgovanja, ureditvami kliringa in poravnav, sprejemom v trgovanje in spremljanjem skladnosti, ki jih je treba vseskozi izpolnjevati.
SEFs are swap trading platforms which operate on a multilateral basis.
Sistemi trgovanja z zamenjavami so platforme za trgovanje z zamenjavami, ki delujejo na večstranski podlagi.
SEFs must provide eligible contract participants with impartial access to their markets and services and are required to have access criteria that are impartial, transparent and applied in a fair and non-discriminatory manner.
Upravičenim pogodbenim partnerjem morajo zagotavljati nepristranski dostop do svojih trgov in storitev, njihova merila za dostop pa morajo biti nepristranska in pregledna ter se morajo uporabljati pravično in nediskriminatorno.
SEFs are also subject to organisational requirements with regards to corporate governance, conflicts of interest policy, risk management, fair and orderly trading, trading system resilience, clearing and settlement arrangements, admission to trading and compliance monitoring, all of which must be complied with on an ongoing basis.
Poleg tega za sisteme trgovanja z zamenjavami veljajo organizacijske zahteve v zvezi s korporativnim upravljanjem, politiko obvladovanja nasprotij interesov, obvladovanjem tveganja, poštenim in pravilnim trgovanjem, odpornostjo sistema trgovanja, ureditvami kliringa in poravnav, sprejemom v trgovanje in spremljanjem skladnosti, ki jih je treba vseskozi izpolnjevati.
DCMs and SEFs must establish rules governing their operations, including rules prohibiting abusive trade practices and enforce compliance with these rules.
Določeni pogodbeni trgi in sistemi trgovanja z zamenjavami morajo določiti pravila, ki urejajo njihovo delovanje, vključno s pravili, ki prepovedujejo nepoštene trgovinske prakse, in zagotavljati skladnost s temi pravili.
These rules and any amendments thereto are assessed by the CFTC to ensure consistency with the CEA and CFTC regulations.
CFTC ta pravila in njihove morebitne spremembe oceni, da zagotovi skladnost s CEA in svojimi predpisi.
DCMs and SEFs must have the capacity to detect, investigate and apply appropriate sanctions to any person that violates any DCM or SEF rule.
Določeni pogodbeni trgi in sistemi trgovanja z zamenjavami morajo imeti zmogljivosti za odkrivanje, preiskovanje in naložitev ustreznih sankcij vsem, ki kršijo katero od njihovih pravil.
DCMs and SEFs are permitted to use regulatory services of a third party for assistance in complying with applicable requirements under the CEA and CFTC regulations.
Določeni pogodbeni trgi in sistemi trgovanja z zamenjavami lahko za pomoč pri izpolnjevanju veljavnih zahtev v skladu s CEA in predpisi CFTC uporabljajo regulativne storitve tretje osebe.
DCMs and SEFs remain responsible for compliance with their statutory and regulatory obligations, even when using such a third party to provide regulatory services.
Prav tako so še naprej odgovorni za izpolnjevanje svojih zakonskih in regulativnih obveznosti, tudi če za zagotavljanje regulativnih storitev uporabljajo tako tretjo osebo.
The CFTC also has ongoing oversight and enforcement responsibilities with respect to DCMs and SEFs.
Obveznosti stalnega nadzora in izvrševanja v zvezi z določenimi pogodbenimi trgi in sistemi trgovanja z zamenjavami ima tudi CFTC.
Regular Rule Enforcement Reviews (RERs) are performed, which are designed to evaluate a DCM's compliance with statutory and regulatory requirements relating to trade practice surveillance, market surveillance, audit trail and DCM disciplinary programs.
Izvajajo se redni pregledi izvrševanja pravil, s katerimi se oceni izpolnjevanje zakonskih in regulativnih zahtev določenih pogodbenih trgov v zvezi z nadzorom trgovinske prakse, nadzorom trga, revizijsko sledjo in disciplinskimi programi določenih pogodbenih trgov.
A similar program is being developed for SEFs.
Podoben program se razvija za sisteme trgovanja z zamenjavami.
Section 8(a)(1) of the CEA gives the CFTC broad power to conduct investigations to ensure compliance with the CEA and the CFTC regulations.
Oddelek 8(a)(1) CEA daje CFTC široka pooblastila za izvajanje preiskav, da se zagotovi upoštevanje CEA in predpisov CFTC.
Pursuant to CEA Sections 5e, 6(b), 6b and 6c(a) the CFTC may also bring civil enforcement actions to enjoin violations of the CEA or CFTC regulations and obtain other equitable relief and monetary sanctions: bring administrative enforcement proceedings, suspend or revoke the designation of a DCM or the registration of a SEF, and make and enter against a DCM or SEF a cease and desist order from violating the CEA or CFTC regulations.
V skladu z oddelki 5e, 6(b), 6b in 6c(a) CEA lahko CFTC uvede tudi civilne postopke izvršbe za prepoved kršitve CEA ali predpisov CFTC ter pridobi drugo pravično nadomestilo in denarne kazni: uvede upravne izvršne postopke, začasno odloži ali prekliče določitev določenega pogodbenega trga ali registracijo sistema trgovanja z zamenjavami in jima izda odredbo o prepovedi kršitve CEA ali predpisov CFTC.
Section 6(c) of the CEA gives the CFTC power to administer oaths and affirmations, subpoena witnesses, compel their attendance, take evidence and require the production of books, correspondence, memoranda and other records, for the purposes of enforcing the CEA or for purposes of any investigation or proceeding.
Oddelek 6(c) CEA daje CFTC pooblastilo za upravljanje zapriseg in izjav, sodno pozivanje prič in zahtevanje njihove udeležbe, pridobivanje dokazov ter zahtevanje predložitve računovodskih knjig, korespondence in zapiskov ter drugih evidenc za namene izvrševanja CEA ali za namene kakršne koli preiskave ali postopka.
It can therefore be concluded that DCMs and SEFs are subject to authorisation and to effective supervision and enforcement on an ongoing basis.
Zato je mogoče sklepati, da morajo določeni pogodbeni trgi in sistemi trgovanja z zamenjavami pridobiti dovoljenje ter vseskozi biti predmet učinkovitega nadzora in izvrševanja.
According to the second condition set out in Article 28(4)(b) of Regulation (EU) No 600/2014, third-country trading venues must have clear and transparent rules regarding admission of financial instruments to trading so that such financial instruments are capable of being traded in a fair, orderly and efficient manner and are freely negotiable.
V skladu z drugim pogojem iz člena 28(4)(b) Uredbe (EU) št. 600/2014 morajo imeti mesta trgovanja v tretjih državah jasna in pregledna pravila glede sprejema finančnih instrumentov v trgovanje, da se lahko s temi finančnimi instrumenti trguje pošteno, urejeno in učinkovito ter da so prosto prenosljivi.
Neither a DCM nor a SEF may list a new derivative contract unless that contract complies with the CEA and CFTC regulations, which ensure fair, orderly and efficient trading.
Niti določeni pogodbeni trg niti sistem trgovanja z zamenjavami ne smeta v trgovanje uvrstiti novih pogodb za izvedene finančne instrumente, razen če je taka pogodba skladna s CEA in predpisi CFTC, ki zagotavljajo pošteno, urejeno in učinkovito trgovanje.
This is enforced by requiring all DCMs and SEFs to file new contracts with the CFTC prior to listing, either for CFTC approval or with a certification by the DCM or SEF that the contract complies with the CEA and CFTC regulations.
Tako se zahteva, da morajo vsi določeni pogodbeni trgi in sistemi trgovanja z zamenjavami pred uvrstitvijo novih pogodb v trgovanje take pogodbe predložiti CFTC v odobritev ali priložiti potrdilo, da je pogodba skladna s CEA in predpisi CFTC.
The filing must contain an explanation and analysis of the derivative contract, and its compliance with any applicable requirements, including the CEA requirement that a DCM or SEF only list contracts that are not readily susceptible to manipulation.
Predložitev mora vsebovati pojasnilo in analizo pogodbe za izvedene finančne instrumente ter njene skladnosti z vsemi veljavnimi zahtevami, vključno z zahtevo iz CEA, da lahko določeni pogodbeni trg ali sistem trgovanja z zamenjavami v trgovanje uvrsti samo pogodbe, s katerimi ni mogoče zlahka manipulirati.
The CFTC guidance for complying with this statutory requirement states that in the case of cash-settled swap contracts, the DCM or the SEF should consider, inter alia, the reliability of the cash settlement price as an indicator of cash market values, as well as the commercial acceptability, public availability, and timeliness of the price series that is used to calculate the cash settlement price.
V smernicah CFTC za izpolnjevanje te zakonske zahteve je navedeno, da bi moral določeni pogodbeni trg ali sistem trgovanja z zamenjavami v primeru pogodb o zamenjavi s poravnavo v gotovini med drugim upoštevati zanesljivost cene poravnave v gotovini kot kazalnika vrednosti na denarnem trgu, pa tudi tržno sprejemljivost, javno dostopnost in pravočasnost časovne vrste cen, ki se uporablja za izračun cene poravnave v gotovini.
Such guidance also outlines what the CFTC considers to be an acceptable specification of contract terms and conditions.
V smernicah je tudi opisano, kakšne so po mnenju CFTC sprejemljive specifikacije pogodbenih pogojev.
The DCM and the SEF must make the terms and conditions of a derivative contract filed with the CFTC publicly available, at the time of such filing.
Določeni pogodbeni trg in sistem trgovanja z zamenjavami morata pogoje pogodbe za izvedene finančne instrumente, predložene CFTC, javno objaviti ob taki predložitvi.
This pre-listing filing requirement and the CFTC requirements with respect to contract characteristics, help to ensure that derivative contracts are capable of being traded in a fair, orderly and efficient manner.
Zahteva po predložitvi pogodbe pred njeno uvrstitvijo v trgovanje in zahteve CFTC v zvezi z značilnostmi pogodbe pomagajo zagotavljati, da se s pogodbami o izvedenih finančnih instrumentih lahko trguje pošteno, urejeno in učinkovito.
The CFTC guidance assists the CFTC in its consideration of whether a DCM or SEF is in compliance with the requirements of Core Principles.
Smernice CFTC temu pomagajo pri presoji, ali določeni pogodbeni trg ali sistem trgovanja z zamenjavami izpolnjuje zahteve temeljnih načel.
DCMs are required to provide a competitive, open, and efficient market and a mechanism for executing transactions that protects the price discovery process of trading in the centralized market of the DCM.
Določeni pogodbeni trgi morajo zagotoviti konkurenčen, odprt in učinkovit trg ter mehanizem za izvajanje poslov, ki ščiti postopek oblikovanja cen pri trgovanju na centraliziranem trgu določenega pogodbenega trga.
Consistent with this requirement, all DCMs utilize central limit order books in which bids and offers are shown.
V skladu s to zahtevo vsi določeni pogodbeni trgi uporabljajo osrednjo podatkovno bazo limitiranih naročil, v kateri so prikazane nakupne in prodajne ponudbe.
Additionally, DCMs post price quote information on their public websites.
Poleg tega določeni pogodbeni trgi objavijo informacije o ponujeni ceni na javnih spletiščih.
SEF transactions involving swaps that are subject to the CFTC's trade execution requirement, which are not block trades, must be executed either in accordance with an Order Book, as defined in the CFTC regulations, or in accordance with a Request-for-Quote System that operates in conjunction with an Order Book.
Posle v okviru sistema trgovanja z zamenjavami, ki vključujejo zamenjave, za katere velja zahteva CFTC glede trgovanja, in ki niso posli s svežnji, je treba izvajati bodisi v skladu s knjigo naročil, kot je opredeljena v predpisih CFTC, bodisi v skladu s sistemom zahtevkov za ponudbe, ki deluje v povezavi s knjigo naročil.
A ‘Request-for-Quote System’ is defined in the CFTC regulations as a trading system or platform in which a market participant transmits a request for a quote to buy or sell a specific instrument to no less than three market participants in the trading system or platform, to which all such market participants may respond.
„Sistem zahtevkov za ponudbe“ je v predpisih CFTC opredeljen kot sistem trgovanja ali platforma, s katere udeleženec na trgu najmanj trem udeležencem na trgu, vključenim v sistem trgovanja ali platformo, pošlje zahtevek za ponudbo za nakup ali prodajo določenega instrumenta, na katerega lahko odgovorijo vsi taki udeleženci na trgu.
Furthermore, Part 43 of the CFTC's regulations requires a publicly reportable swap transaction to be reported to a CFTC-registered swap data repository (SDR) as soon as technologically practicable after the transaction is executed.
Poleg tega del 43 predpisov CFTC vsebuje zahtevo, da se o poslih zamenjave, o katerih se lahko poroča javnosti, repozitoriju podatkov o zamenjavah, registriranem pri CFTC, poroča takoj, ko je to po izvedbi posla tehnično izvedljivo.
For a publicly reportable swap transaction that is executed on or pursuant to the rules of a DCM or SEF, the SDR must ensure that swap transaction and pricing data is publicly disseminated as soon as technologically practicable after such data is received from the DCM or SEF, unless the swap is subject to a time delay.
Za posel zamenjave, o katerem se lahko poroča javnosti in ki je izveden na podlagi pravil določenega pogodbenega trga ali sistema trgovanja z zamenjavami ali v skladu z njimi, mora repozitorij podatkov o zamenjavah zagotoviti, da se podatki o poslu zamenjave in cenah takoj, ko je to tehnično izvedljivo, posredujejo javnosti, potem ko se taki podatki prejmejo od določenega pogodbenega trga ali sistema trgovanja z zamenjavami, razen če je zamenjava odložena.
An SDR is required to delay public dissemination of swap transaction and pricing data for publicly reportable swap transactions that exceed certain sizes.
Repozitorij podatkov o zamenjavah mora odložiti posredovanje podatkov o poslu zamenjave in cenah javnosti, če posli zamenjave, o katerih se lahko poroča javnosti, presegajo določeno velikost.
It can therefore be concluded that DCMs and SEFs have clear and transparent rules regarding admission of financial instruments to trading so that such financial instruments are capable of being traded in a fair, orderly and efficient manner and are freely negotiable.
Zato je mogoče sklepati, da imajo določeni pogodbeni trgi in sistemi trgovanja z zamenjavami jasna in pregledna pravila glede sprejema finančnih instrumentov v trgovanje, tako da se lahko s temi finančnimi instrumenti trguje na pošten, pravilen in učinkovit način ter so prosto prenosljivi.
According to the third condition set out in Article 28(4)(c) of Regulation (EU) No 600/2014, issuers of financial instruments must be subject to periodic and ongoing information requirements ensuring a high level of investor protection.
V skladu s tretjim pogojem iz člena 28(4)(c) Uredbe (EU) št. 600/2014 morajo za izdajatelje finančnih instrumentov veljati zahteve glede rednega in stalnega obveščanja, ki zagotavljajo visoko stopnjo zaščite vlagateljev.
Given the nature and characteristics of the derivative contracts listed on DCMs and SEFs, and in particular the fact that their underlying assets are primarily commodities, interest rates or currencies, the third condition cannot be applied to most of the options and swaps transacted on DCMs and SEFs.
Glede na naravo in značilnosti pogodb o izvedenih finančnih instrumentih, ki so uvrščene v trgovanje na določenih pogodbenih trgih in v sistemih trgovanja z zamenjavami, in zlasti ob upoštevanju dejstva, da so njihovi osnovni instrumenti predvsem blago, obrestne mere ali valute, tretjega pogoja ni mogoče uporabiti za večino opcij in zamenjav, s katerimi se posluje v okviru določenih pogodbenih trgov in sistemov trgovanja z zamenjavami.
This requirement cannot apply to derivative contracts which do not reference equities as an underlying.
Te zahteve ni mogoče uporabljati za pogodbe o izvedenih finančnih instrumentih, ki se ne sklicujejo na lastniške kapitalske instrumente kot temeljno sredstvo.
For the derivatives subject to the trading obligation, such as swaps, with interest rates as an underlying, there is no company that could issue relevant financial reports.
Za izvedene finančne instrumente, za katere velja obveznost trgovanja, kot so zamenjave, z obrestnimi merami kot temeljnim sredstvom, nobeno podjetje ne more izdati ustreznih finančnih poročil.
Disclosure obligations are however incumbent on issuers of derivative contracts where an underlying asset is a security.
Zahteve po razkritju pa veljajo za izdajatelje pogodb o izvedenih finančnih instrumentih, pri katerih je temeljno sredstvo vrednostni papir.
In the USA, this would only concern options on securities or security-based swaps.
V ZDA se to nanaša le na opcije na vrednostne papirje ali zamenjave, ki temeljijo na vrednostnih papirjih.
Options on securities can only be traded on a securities exchange under the jurisdiction of the Securities and Exchange Commission (SEC), therefore not on either DCMs or SEFs.
Z opcijami na vrednostne papirje se lahko trguje le na borzi vrednostnih papirjev, ki je v pristojnosti Komisije za vrednostne papirje, zato z njimi ni mogoče trgovati na določenih pogodbenih trgih ali v sistemih trgovanja z zamenjavami.
Security-based swaps may be transacted on a security-based swap execution facility, but they are regulated by the SEC.
Z zamenjavami, ki temeljijo na vrednostnih papirjih, se lahko posluje v sistemu za zamenjave, ki temeljijo na vrednostnih papirjih, vendar jih ureja Komisija za vrednostne papirje.
Where the underlying security of a security-based swap is admitted to trading on a US national securities exchange, its issuer is subject to the reporting requirements under Section 13(a) of the Exchange Act and must publish annual and interim financial reports, for which the US regulatory framework has clear, comprehensive and specific disclosure requirements, and the free public access of which is ensured by the EDGAR system provided by the SEC's website.
Če je temeljno sredstvo zamenjave, ki temelji na vrednostnih papirjih, sprejeto v trgovanje na ameriški nacionalni borzi vrednostnih papirjev, za njegovega izdajatelja veljajo zahteve glede poročanja iz oddelka 13(a) zakona o blagovni borzi, tako da mora objavljati letna in vmesna finančna poročila, za katera ima regulativni okvir ZDA jasne, obsežne in konkretne zahteve po razkritju ter do katerih je s sistemom EDGAR, ki je na voljo na spletišču Komisije za vrednostne papirje, zagotovljen brezplačen javni dostop.
Thus, as a result, a high level of investor protection is still ensured.
Tako je še vedno zagotovljena visoka stopnja zaščite vlagateljev.
According to the fourth condition set out in Article 28(4)(d) of Regulation (EU) No 600/2014, the third-country framework must ensure market transparency and integrity via rules addressing market abuse in the form of insider dealing and market manipulation.
V skladu s četrtim pogojem iz člena 28(4)(d) Uredbe (EU) št. 600/2014 mora okvir tretje države zagotavljati preglednost in celovitost trga s pravili za preprečevanje tržnih zlorab v obliki trgovanja z notranjimi informacijami in tržne manipulacije.
The CEA and CFTC regulations establish a comprehensive regulatory framework to ensure market integrity and prevent insider dealing and market manipulation.
S CEA in predpisi CFTC je vzpostavljen celovit regulativni okvir za zagotavljanje celovitosti trga, poleg tega pa preprečujejo trgovanje z notranjimi informacijami in tržno manipulacijo.
This framework prohibits, and authorises the CFTC to take enforcement action against conduct which could result in distorting the functioning of the markets such as price manipulations and communication of false or misleading information (CEA §§ 6(c) and 9(a)(2), §§ 180.1 and 180.2 of the Commission's regulations), trade practice violations (CEA §§ 4c(a)(1)-(2)), certain disruptive practices that could impair the orderly execution of transactions (CEA § 4c(a)(5)) and the use, or attempted use, of a manipulative device, scheme or artifice to defraud (CEA § 6(c)(1), 17 CFR § 180.1 of the Commission's regulations) Trading on the basis of unlawfully obtained inside information or in breach of a pre-existing duty to disclose material non-public information may also be a violation of the CEA.
Ta okvir prepoveduje ravnanje – pri čemer pooblašča CFTC, da v primeru takega ravnanja ustrezno ukrepa –, ki bi lahko ogrožalo pravilno delovanje trga, kot so manipulacije s cenami in sporočanje napačnih ali zavajajočih informacij (oddelka 6(c) in 9(a)(2) CEA, oddelka 180.1 in 180.2 predpisov CFTC), kršitve trgovinske prakse (oddelka 4c(a)(1) in (2) CEA), nekatere moteče prakse, ki bi lahko ovirale pravilno izvedbo poslov (oddelek 4c(a)(5) CEA) in uporaba ali poskus uporabe manipulativnih naprav, sistemov ali trikov za namene goljufije (oddelek 6(c)(1) CEA, oddelek 180.1 naslova 17 predpisov CFTC).
DCMs and SEFs have the responsibility to monitor their markets to help ensure that trading activities are subject to ongoing and effective surveillance and in order to detect and prevent manipulative activity that could result in price distortion or market manipulation.
Trgovanje, ki temelji na nezakonito pridobljenih notranjih informacijah ali pomeni kršitev predhodno obstoječe obveznosti razkritja bistvenih informacij, ki niso javne, lahko prav tako pomeni kršitev CEA.
The CFTC's RER program evaluates a DCM's surveillance and disciplinary programs.A similar program is being developed for SEFs.
Določeni pogodbeni trgi in sistemi trgovanja z zamenjavami so odgovorni za spremljanje svojih trgov, s čimer pomagajo zagotavljati, da se nad trgovanjem vseskozi izvaja učinkovit nadzor ter da se odkriva in preprečuje manipulativna dejavnost, ki bi lahko povzročila izkrivljanje cen ali tržno manipulacijo.
Furthermore, the CFTC can, at any time and on its own initiative, request a DCM or a SEF to demonstrate that it is in compliance with obligations of the DCM or SEF under the CEA or the CFTC regulations.
V okviru programa RER CFTC seocenjujejo nadzorni in disciplinski programi določenih pogodbenih trgov.
It can therefore be concluded that the framework applicable to DCMs and SEFs in the US ensures market transparency and integrity via rules addressing market abuse in the form of insider dealing and market manipulation.
Podoben program se razvija za sisteme trgovanja z zamenjavami.
It can therefore be concluded that DCMs and SEFs comply with legally binding requirements which are equivalent to the requirements for the trading venues resulting from Directive 2014/65/EU, Regulation (EU) No 596/2014 and Regulation (EU) No 600/2014 and are subject to effective supervision and enforcement in that third country.
Poleg tega lahko CFTC kadar koli na lastno pobudo zahteva, naj določeni pogodbeni trg ali sistem trgovanja z zamenjavami dokaže, da izpolnjuje obveznosti v skladu s CEA ali predpisi CFTC.
In accordance with Article 28(1)(d) of Regulation (EU) No 600/2014 third-country trading venues can be recognised as equivalent provided that the third country provides for an effective equivalent system for the recognition of trading venues authorised under Directive 2014/65/EU to admit to trading or trade derivatives declared subject to the trading obligation in that third country on a non-exclusive basis.
Zato je mogoče sklepati, da okvir, ki se v ZDA uporablja za določene pogodbene trge ali sisteme trgovanja z zamenjavami, zagotavlja preglednost in celovitost trga s pravili za preprečevanje tržnih zlorab v obliki trgovanja z notranjimi informacijami in tržne manipulacije.