natgillin/translations-raw huggingface dataset:
Investment firms' duty to monitor collateral should apply where they are party to an SFT agreement, including when acting as an agent for the conclusion of a SFT or in cases of tripartite agreement between the external borrower, the client and the investment firm.
Dolžnost investicijskih podjetij, da spremljajo zavarovanje s premoženjem, bi se morala uporabljati vedno, kadar so pogodbena stranka dogovora o poslu financiranja z vrednostnimi papirji, vključno s primeri, ko delujejo kot posrednik pri sklenitvi posla financiranja z vrednostnimi papirji, ali primeri tristranskih sporazumov med zunanjim posojilojemalcem, stranko in investicijskim podjetjem.
Prior express consent by clients should be given and recorded by investment firms in order to allow the investment firm to demonstrate clearly what the client agreed to and to help clarify the status of client assets.
Investicijska podjetja bi morala pridobiti in evidentirati izrecno predhodno privolitev strank, da bi lahko jasno dokazala, v kaj je stranka privolila, in pomagala pojasniti status sredstev stranke.
However, no legal requirement should be set out in respect of the form in which consent may be given, and a record should be understood as any evidence permissible under national law.
Vendar ne bi smela biti določena nobena pravna zahteva glede oblike, v kateri se lahko poda privolitev, kot evidenca pa bi se moral upoštevati vsak dokaz, ki je dopusten v skladu z nacionalno zakonodajo.
Client's consent may be given once at the start of the commercial relationship, as long as it is sufficiently clear that the client has consented to use of their securities.
Privolitev stranke se lahko poda enkrat na začetku poslovnega odnosa, če je dovolj jasno, da je stranka privolila v uporabo svojih vrednostnih papirjev.
Where an investment firm is acting on a client instruction to lend financial instruments and where this constitutes consent to entering into the transaction, the investment firms should hold evidence to demonstrate this.
Če investicijsko podjetje po navodilu stranke posoja finančne instrumente in če to pomeni privolitev v sklenitev posla, bi morala investicijska podjetja hraniti dokaze o tem.
To maintain a high standard of investor protection, investment firms depositing financial instruments held on behalf of their clients into an account or accounts opened with a third party should exercise all due skill, care and diligence in the selection, appointment and periodic review of the third party and of the arrangements for the holding and safekeeping of those financial instruments.
Za ohranitev visokih standardov zaščite vlagateljev bi morala investicijska podjetja, ki deponirajo finančne instrumente, katerih imetniki so v imenu strank, na račun ali račune, odprte pri tretji osebi, izkazovati ustrezno sposobnost, skrbnost in gospodarnost pri izbiri, imenovanju in rednem pregledovanju tretje osebe ter pri ureditvah glede imetništva in hrambe navedenih finančnih instrumentov.
To ensure that financial instruments are subject to due care and protection at all times, investment firms should, as part of their due diligence, also take into account the expertise and market reputation of the other third parties to which the initial third-party, with whom they might deposit financial instruments, may have delegated functions concerning the holding and safekeeping of financial instruments.
Za zagotovitev, da so finančni instrumenti vedno predmet skrbnega in varnega ravnanja, bi morala investicijska podjetja kot del svoje potrebne skrbnosti upoštevati tudi strokovnost in tržni ugled drugih tretjih oseb, ki jim je prvotna tretja oseba, pri kateri bi morda deponirali finančne instrumente, morda delegirala naloge glede imetništva in hrambe finančnih instrumentov.
Where investment firms place client funds with a third party, the investment firm should exercise all due skill, care and diligence in the selection, appointment and periodic review of the third party and of the arrangements for holding and safekeeping client funds, and should consider the need for diversification and mitigation of risks, where appropriate, by placing client funds with more than one third party in order to safeguard clients' rights and minimise the risk of loss and misuse.
Če investicijska podjetja naložijo sredstva stranke pri tretji osebi, bi morala izkazovati ustrezno sposobnost, skrbnost in gospodarnost pri izbiri, imenovanju in rednem pregledovanju tretje osebe ter ureditev imetništva in hrambe sredstev stranke, upoštevati pa bi morala tudi potrebo po razpršitvi in zmanjšanju tveganj, kjer je to primerno, z nalaganjem sredstev strank pri več kot eni tretji osebi, da se zaščitijo pravice strank in zmanjšata tveganji izgube in zlorabe.
Investment firms should not circumvent their duty to consider diversification by requiring clients to waive protection.
Investicijska podjetja ne bi smela zaobiti dolžnosti upoštevanja razpršitve tako, da od strank zahtevajo, da se odpovejo zaščiti.
Diversification requirement should apply to client funds deposited in accordance with Article 4 of this Directive.
Zahteva po razpršitvi bi se morala uporabljati za sredstva stranke, deponirana v skladu s členom 4 te direktive.
Diversification requirements should not apply to client funds placed with the third party merely for the purpose of executing a transaction for the client.
Zahteve po razpršitvi se ne bi smele uporabljati za sredstva stranke, položena pri tretji osebi samo za namene izvršitve posla za stranko.
Therefore where an investment firm has transferred client funds to a transaction account in order to make a specific transaction for the client, such funds should not be subject to a requirement to diversify, for example where a firm has transferred funds to a central counterparty (CCP) or exchange in order to pay a margin call.
Če je investicijsko podjetje preneslo sredstva stranke na transakcijski račun, da bi izvedlo specifičen posel za stranko, se zato za ta sredstva ne bi smela uporabljati zahteva po razpršitvi, kot v primeru, ko je podjetje preneslo sredstva centralni nasprotni stranki ali na borzo, da plača poziv h kritju.
In order to ensure that client funds are adequately protected, as required by Article 16(9) of Directive 2014/65/EU, it is necessary to set a specific limit on the percentage of client funds that can be deposited at an intra-group credit institution.
Za zagotovitev, da so sredstva strank ustrezno zaščitena, kot je določeno v členu 16(9) Direktive 2014/65/EU, je treba določiti posebno omejitev odstotka sredstev strank, ki se lahko deponirajo pri kreditni instituciji znotraj skupine.
This should significantly reduce any potential conflicts with due diligence requirements and address the contagion risk inherent in depositing all client funds with a credit institution in the same group as the investment firm.
To bi moralo znatno zmanjšati morebitna navzkrižja z zahtevami glede potrebne skrbnosti in obravnavati tveganje širjenja negativnih učinkov, povezanega z deponiranjem vseh sredstev stranke pri kreditni instituciji, ki je v isti skupini kot investicijsko podjetje.
While in certain circumstances it may be proportionate and appropriate for investment firms to deposit, after proper consideration, client funds with entities within their own group, national authorities should closely monitor the reasons for not diversifying client funds outside of the investment firm's group in order to avoid creating loopholes where the general intragroup limit is applied.
Čeprav je lahko v določenih okoliščinah sorazmerno in ustrezno, da investicijska podjetja po ustreznem razmisleku deponirajo sredstva strank pri subjektih v svoji skupini, bi morali nacionalni organi pozorno spremljati razloge za nerazpršitev sredstev strank zunaj skupine, v kateri je investicijsko podjetje, da se prepreči ustvarjanje vrzeli, kjer velja splošna omejitev znotraj skupine.
In order to protect client financial instruments or funds from appropriation by third parties seeking to recover debts or charges which are not client's debts or charges, investment firms should be able to agree to security interests, liens or rights of set-off over client assets only where this is required by the applicable law in a third country.
Za zaščito finančnih instrumentov ali sredstev strank pred prisvojitvijo s strani tretjih oseb, ki si prizadevajo izterjati dolgove ali dajatve, ki niso dolgovi ali dajatve stranke, bi moralo biti investicijskim podjetjem omogočeno, da se strinjajo s pravico unovčitve finančnega premoženja ali zastavno pravico ali pravico izravnave v zvezi s sredstvi strank le, če tako zahteva veljavna zakonodaja v tretji državi.
Sufficiently tailored risk disclosures should be made to clients in order to alert them to the specific risks they face in such cases.
Strankam bi morala biti tveganja razkrita na dovolj prilagojen način, da se jih opozori na specifična tveganja, s katerimi se soočajo v takih primerih.
In order to avoid and reduce from an early stage potential risks of failure to comply with investor protection rules, investment firms manufacturing and distributing financial instruments should comply with product governance requirements.
Za zgodnjo preprečitev in zmanjšanje morebitnih tveganj neizpolnjevanja pravil v zvezi z zaščito vlagateljev bi morala investicijska podjetja, ki pripravljajo in distribuirajo finančne instrumente, izpolnjevati zahteve glede upravljanja produktov.
For the purpose of product governance requirements, investment firms that create, develop, issue and/or design financial instruments, including when advising corporate issuers on the launch of new financial instruments, should be considered as manufacturers while investment firms that offer or sell financial instrument and services to clients should be considered distributors.
Za namen zahtev glede upravljanja produktov bi bilo treba investicijska podjetja, ki ustvarjajo, razvijajo, izdajajo in/ali oblikujejo finančne instrumente, vključno s svetovanjem podjetniškim izdajateljem pri izdajanju novih finančnih instrumentov, obravnavati kot pripravljavce produktov, investicijska podjetja, ki ponujajo ali prodajo finančne instrumente in storitve strankam pa kot distributerje.
Entities which are not subject to the requirements of Directive 2014/65/EU but which may be authorised to perform investment services under that Directive, should also comply, as regards such services, with the product governance requirements set out under Directive 2014/65/EU.
Tudi subjekti, za katere ne veljajo zahteve Direktive 2014/65/EU, vendar lahko imajo dovoljenje za opravljanje investicijskih storitev v skladu z navedeno direktivo, bi morali izpolnjevati zahteve glede upravljanja produktov iz Direktive 2014/65/EU v zvezi s tovrstnimi storitvami.
Where an investment firm that creates, develops, issues or designs financial instruments is also involved in the distribution of those products, both the product governance rules for manufacturers and distributors should apply.
Če investicijsko podjetje, ki ustvarja, razvija, izdaja ali oblikuje finančne instrumente, sodeluje tudi pri distribuciji teh produktov, bi se morala zanj uporabljati tako pravila za upravljanje produktov, ki veljajo za pripravljavce produktov, kot pravila, ki veljajo za distributerje.
While there is no need to duplicate the target market assessment and distribution strategy exercise, firms should ensure the single target market assessment and distribution strategy exercise is sufficiently detailed to meet the relevant manufacturer and distributor obligations in this area.
Čeprav ni potrebe po podvajanju ocene ciljnega trga in distribucijske strategije, bi morala podjetja zagotoviti, da sta enotna ocena ciljnega trga in distribucijska strategija dovolj podrobni, da izpolnjujeta ustrezne obveznosti za pripravljavce produktov in distributerje na tem področju.
In light of the requirements set out in Directive 2014/65/EU and in the interest of investor protection, product governance rules should apply to all products sold on primary and secondary markets, irrespective of the type of product or service provided and of the requirements applicable at point of sale.
Glede na zahteve iz Direktive 2014/65/EU in v interesu zaščite vlagateljev bi se morala pravila upravljanja produktov uporabljati za vse produkte, ki se prodajajo na primarnih in sekundarnih trgih, ne glede na vrsto zagotovljenega produkta ali storitve in zahteve, ki veljajo na prodajnem mestu.
However, those rules may be applied in a proportionate manner, depending on the complexity of the product and the degree to which publicly available information can be obtained, taking into account the nature of the instrument, the investment service and the target market.
Vendar pa se ta pravila lahko uporabljajo sorazmerno, odvisno od zapletenosti produkta in stopnje, do katere je mogoče pridobiti javno dostopne informacije, ob upoštevanju narave instrumenta, investicijske storitve in ciljnega trga.
Proportionality means that these rules could be relatively simple for certain simple, products distributed on an execution-only basis where such products would be compatible with the needs and characteristics of the mass retail market.
Sorazmernost pomeni, da bi bila lahko ta pravila razmeroma preprosta za nekatere enostavne produkte, ki se distribuirajo samo za izvršitev, če bi bili taki produkti združljivi s potrebami in značilnostmi množičnega maloprodajnega trga.
The level of granularity of the target market and the criteria used to define the target market and determine the appropriate distribution strategy should be relevant for the product and should make it possible to assess which clients fall within the target market, for example to assist the ongoing reviews after the financial instrument is launched.
Raven razdrobljenosti ciljnega trga in merila, ki se uporabljajo za opredelitev ciljnega trga in določitev ustrezne distribucijske strategije, bi morali biti ustrezni za produkt in omogočati oceno tega, katere stranke spadajo na ciljni trg, na primer za pomoč pri tekočih pregledih po izdaji finančnega instrumenta.
For simpler, more common products, the target market could be identified with less detail while for more complicated products such as bail-inable instruments or less common products, the target market should be identified with more detail.
Za enostavnejše, običajnejše produkte bi bil lahko ciljni trg opredeljen manj podrobno, za kompleksnejše, kot so instrumenti z možnostjo reševanja z zasebnimi sredstvi ali manj običajni produkti, pa bi moral biti ciljni trg opredeljen natančneje.
For the efficient functioning of product governance obligations, distributors should periodically inform the manufacturers about their experience with the products.
Za učinkovito delovanje obveznosti glede upravljanja produktov bi morali distributerji redno obveščati pripravljavce produktov o svojih izkušnjah s produkti.
While distributors should not be required to report every sale to manufacturers, they should provide the data that is necessary for the manufacturer to review the product and check that it remains consistent with the needs, characteristics and objectives of the target market defined by the manufacturer.
Čeprav se od distributerjev ne bi smelo zahtevati, da pripravljavcem produktov poročajo o vsaki prodaji, pa bi morali zagotoviti podatke, ki jih pripravljavec potrebuje, da pregleda produkt in preveri, ali je še skladen s potrebami, značilnostmi in cilji ciljnega trga, ki ga je opredelil pripravljavec produkta.
Relevant information could include data about the amount of sales outside the manufacturer's target market, summary information of the types of clients, a summary of complaints received or by posing questions suggested by the manufacturer to a sample of clients for feedback.
Ustrezne informacije bi lahko vključevale podatke o obsegu prodaje zunaj ciljnega trga pripravljavca produktov, povzetek informacij o vrstah strank, povzetek prejetih pritožb ali zastavljanje vprašanj, ki jih predlaga pripravljavec produktov, vzorcu strank za pridobitev povratnih informacij.
In order to strengthen the protection of investors and increase clarity to clients as to the quality of services they receive, Directive 2014/65/EU further restricted the possibility for firms to receive or pay inducements.
Za okrepitev zaščite vlagateljev in večje jasnosti za stranke glede kakovosti storitev, ki jih prejmejo, je Direktiva 2014/65/EU podjetjem še bolj omejila možnost prejemanja ali plačevanja spodbud.
For those purposes, detailed conditions for the reception or payment of inducements should be laid down.
Zato bi bilo treba določiti podrobne pogoje za sprejemanje ali plačevanje spodbud.
In particular, the condition that inducements should enhance the quality of the service to the client should be further specified and framed.
Zlasti bi bilo treba podrobneje določiti in zamejiti pogoj, da bi morale spodbude izboljšati kakovost storitev za stranke.
For that purpose, and subject to certain other conditions, a non-exhaustive list of situations deemed relevant for the condition that inducements enhance the quality of the service to the relevant client should be provided for.
V ta namen in ob upoštevanju določenih drugih pogojev bi bilo treba zagotoviti neizčrpen seznam situacij, ki se zdijo relevantne za pogoj, da bi morale spodbude izboljšati kakovost storitve za zadevno stranko.
A fee, commission or non-monetary benefit should only be paid or received where justified by the provision of an additional or higher level service to the relevant client.
Pristojbine, provizije ali nedenarne koristi bi se plačale ali prejele samo, če to utemeljuje zagotovitev dodatne ali višje ravni storitev zadevni stranki.
That may include the provision of investment advice on and access to a wide range of suitable financial instruments including an appropriate number of instruments from third party product providers, or the provision of non-independent advice combined with either an offer to the client, at least on an annual basis, to assess the continuing suitability of the financial instruments in which the client has invested or with another ongoing service that is likely to be of value to the client.
To lahko vključuje zagotavljanje investicijskega svetovanja glede širokega nabora primernih finančnih instrumentov, vključno z ustreznim številom instrumentov ponudnikov produktov tretjih oseb, in dostopa do njih ali zagotavljanje svetovanja, ki ni samostojno, skupaj s ponudbo za stranko, vsaj na letni osnovi, da se oceni kontinuirana ustreznost finančnih instrumentov, v katere je stranka investirala, ali drugo redno storitvijo, ki bo verjetno dragocena za stranko.
This could also be the case, in the area of non-advisory services, where investment firms provide access, at a competitive price, to a wide range of financial instruments that are likely to meet the needs of the client, including an appropriate number of instruments from third party product providers having no close links with the investment firm, together with, for instance, the provision of added-value tools, such as objective information tools, helping the relevant client to take investment decisions or enabling the relevant client to monitor, model and adjust the range of financial instruments in which they have invested.
To bi lahko bil tudi primer na področju nesvetovalnih storitev, ko investicijska podjetja nudijo dostop po konkurenčnih cenah do širokega nabora finančnih instrumentov, ki bodo verjetno zadovoljili potrebe stranke, vključno z ustreznim številom instrumentov ponudnikov produktov tretjih oseb, ki niso tesno povezani z investicijskim podjetjem, skupaj z, na primer, zagotavljanjem orodij z dodano vrednostjo, kot so orodja za objektivne informacije, ki zadevni stranki pomagajo pri sprejemanju investicijskih odločitev ali ji omogočajo spremljanje, modeliranje in prilagajanje nabora finančnih instrumentov, v katere vlaga.
The value of the above-mentioned quality enhancements that the investment firm provides to the clients receiving the relevant service has to be proportional to the inducements received by the investment firm.
Vrednost navedenega povečanja kakovosti, ki ga investicijsko podjetje zagotovi strankam, ki prejmejo zadevno storitev, mora biti sorazmerna s spodbudami, ki jih prejme investicijsko podjetje.
While investment firms should, once they have fulfilled the quality enhancement criterion, maintain the enhanced level of quality, this should not imply that they are required to provide for a continuously increasing quality of services over time.
Čeprav bi morala investicijska podjetja, potem ko so izpolnila merila za povečanje kakovosti, ohranjati to višjo raven kakovosti, to ne bi smelo pomeniti, da morajo zagotavljati čedalje kakovostnejše storitve v daljšem časovnem obdobju.
Investment firms' obligations to pass on to clients all fees, commissions or monetary benefits received from third-parties in relation to investment advice on an independent basis or portfolio management services should also be further specified.
Podrobneje bi bilo treba določiti tudi obveznosti investicijskih podjetij, da strankam prenesejo vse pristojbine, provizije ali denarne koristi, prejete od tretjih oseb v zvezi samostojnim investicijskim svetovanjem ali storitvami upravljanja portfeljev.
While firms should pass on inducements as soon as possible, a specific timeframe should not be imposed since third party payments may be received by the investment firm at various points in time and for several clients at once.
Čeprav bi morala podjetja spodbude prenesti v najkrajšem možnem času, pa ne bi smeli določiti specifičnega časovnega roka, saj lahko investicijska podjetja prejmejo plačila tretjih oseb v različnih obdobjih in za več strank hkrati.
In order to ensure clients receive a comprehensive overview of the relevant information in respect of the services provided, investment firms should inform clients about the fees, commissions or any monetary benefits transferred to them.
Da se strankam zagotovi izčrpen pregled nad ustreznimi informacijami v zvezi z zagotovljenimi storitvami, bi morala investicijska podjetja stranke obvestiti o pristojbinah, provizijah ali kakršnih koli denarnih koristih, ki jim bile prenesene.
Investment firms providing both execution and research services should price and supply them separately in order to enable investment firms established in the Union to comply with the requirement to not accept and retain fees, commissions or any monetary or non-monetary benefits paid or provided by any third party or a person acting on behalf of a third party in relation to the provision of the service to clients set out in Article 24(7) and (8) of Directive 2014/65/EU.
Investicijska podjetja, ki zagotavljajo storitve izvrševanja in raziskovanja bi morale te storitve zagotavljati in zaračunavati ločeno, da lahko investicijska podjetja s sedežem v Uniji izpolnjujejo zahtevo, da ne sprejemajo in obdržijo pristojbin, provizij ali kakršnih koli denarnih ali nedenarnih koristi, ki jih plača ali zagotovi tretja oseba ali oseba, ki deluje v imenu tretje osebe, v zvezi z zagotavljanjem storitve strankam iz člena 24(7) in (8) Direktive 2014/65/EU.
In order to provide legal certainty concerning the application of new rules for the reception or payment of inducements, in particular with respect to investment firms providing investment advice on an independent basis or portfolio management services, further clarifications in relation to the payment or reception of research should be provided.
Za zagotovitev pravne varnosti v zvezi z uporabo novih pravil za sprejemanje ali plačevanje spodbud, zlasti za investicijska podjetja, ki zagotavljajo storitve samostojnega investicijskega svetovanja ali upravljanja portfeljev, bi bilo treba zagotoviti dodatna pojasnila v zvezi s plačevanjem ali prejemanjem raziskav.
In particular, where research is not paid directly by the investment firm out of its own resources but in return for payments from a separate research payment account certain essential conditions should be ensured.
Zlasti bi bilo treba zagotoviti določene bistvene pogoje, če raziskav ne plača investicijsko podjetje neposredno iz lastnih sredstev, ampak v zameno za plačila z ločenega plačilnega računa za raziskave.