natgillin/translations-raw huggingface dataset:
The recognition of the legal and supervisory framework of Hong Kong would preserve the ability of EU investment firms to continue trading in EU issued shares outside business hours of EU trading venues
Ta sklep temelji na podatkih, iz katerih je razvidno, da je celotno trgovanje v EU z več delnicami, uvrščenimi na borze v Hongkongu, tako pogosto, da podjetja, za katere se uporablja direktiva o trgu finančnih instrumentov, ne bi mogla uporabljati izjeme iz člena 23(1)(a) Uredbe (EU) št. 600/2014.
This decision is based on data that demonstrates that overall EU trading in a number of shares admitted on exchanges in Hong Kong is of such frequency that MiFID firms could not avail themselves of the exception set out in Article 23(1)(a) of Regulation (EU) No 600/2014.
To pomeni, da bi obveznost trgovanja iz člena 23(1) Uredbe (EU) št. 600/2014 veljala za številne delnice, uvrščene v trgovanje v Hongkongu.
This implies that the trading obligation set out in Article 23(1) of Regulation (EU) No 600/2014 would apply to a significant number of shares admitted to trading in Hong Kong.
Sklep bo dopolnjen z dogovori o sodelovanju, da se zagotovita učinkovita izmenjava informacij in usklajevanje nadzornih dejavnosti med pristojnimi nacionalnimi organi in komisijo SFC.
The decision will be complemented by cooperation arrangements to ensure the effective exchange of information and coordination of supervisory activities between the national competent authorities and the SFC.
Ta sklep temelji na pravno zavezujočih zahtevah, ki se v zvezi s priznanimi borzami uporabljajo v Hongkongu ob sprejetju tega sklepa.
This Decision is based on the legally binding requirements relating to recognised exchange companies applicable in Hong Kong at the time of the adoption of this Decision.
Komisija bi morala še naprej redno spremljati razvoj pravnih in nadzornih ureditev za ta mesta trgovanja, razvoj trga, učinkovitost nadzornega sodelovanja v zvezi s spremljanjem in izvrševanjem ter izpolnjevanje pogojev, na podlagi katerih je bil ta sklep sprejet.
The Commission should continue monitoring on a regular basis the evolution of the legal and supervisory arrangements for these trading venues, market developments, the effectiveness of supervisory cooperation in relation to monitoring and enforcement and the fulfilment of the conditions on the basis of which this Decision has been taken.
Komisija bi morala izvajati redne preglede pravnih in nadzornih ureditev, ki se uporabljajo za priznane borze v Hongkongu.
The Commission should conduct the regular review of the legal and supervisory arrangements applicable to recognised exchange companies in Hong Kong.
To ne posega v njeno možnost, da kadar koli izvede poseben pregled, če mora zaradi razvoja dogodkov ponovno oceniti, ali še obstaja enakovrednost, ugotovljena s tem sklepom.
This is without prejudice to the possibility of the Commission to undertake a specific review at any time, where relevant developments make it necessary for the Commission to reassess the equivalence granted by this Decision.
Morebitna ponovna ocena bi lahko privedla do razveljavitve tega sklepa.
Any reassessment could lead to the repeal of this Decision.
Ta sklep mora začeti veljati dan po objavi v Uradnem listu Evropske unije, saj se Uredba (EU) št. 600/2014 in Direktiva 2014/65/EU uporabljata od 3. januarja 2018.
Considering that Regulation (EU) No 600/2014 and Directive 2014/65/EU apply from 3 January 2018, it is necessary that this decision enters into force on the day following the day of publication in the Official Journal of the European Union.
Ukrepi iz tega sklepa so v skladu z mnenjem Evropskega odbora za vrednostne papirje –
The measures provided for in this Decision are in accordance with the opinion of the European Securities Committee,
SPREJELA NASLEDNJI SKLEP:
Article 1
Za namene člena 23(1) Uredbe (EU) št. 600/2014 se šteje, da je pravni in nadzorni okvir v Posebnem upravnem območju Hongkong, ki se uporablja za priznane borze, ki so tam pridobile dovoljenje in so navedene v Prilogi k temu sklepu, enakovreden zahtevam iz Direktive 2014/65/EU, Uredbe (EU) št. 600/2014, Uredbe (EU) št. 596/2014 in Direktive 2004/109/ES ter podvržen učinkovitemu nadzoru in izvrševanju.
For the purposes of Article 23(1) of Regulation (EU) No 600/2014 the legal and supervisory framework in Hong Kong Special Administrative Region applicable to recognised exchange companies authorised therein and as set out in the Annex to this Decision shall be considered to be equivalent to the requirements resulting from Directive 2014/65/EU, Regulations (EU) No 600/2014 and (EU) No 596/2014 and Directive 2004/109/EC and to be subject to effective supervision and enforcement.
Člen 2
Done at Brussels, 13 December 2017.
Za Komisijo
The President
UL L 173, 12.6.2014, str. 349.
OJ L 173, 12.6.2014, p. 349.
Uredba (EU) št. 600/2014 Evropskega parlamenta in Sveta z dne 15. maja 2014 o trgih finančnih instrumentov in spremembi Uredbe (EU) št. 648/2012 (UL L 173, 12.6.2014, str. 84).
Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (OJ L 173, 12.6.2014, p. 84).
Uredba (EU) št. 596/2014 Evropskega parlamenta in Sveta z dne 16. aprila 2014 o zlorabi trga (uredba o zlorabi trga) ter razveljavitvi Direktive 2003/6/ES Evropskega parlamenta in Sveta ter direktiv Komisije 2003/124/ES, 2003/125/ES in 2004/72/ES (UL L 173, 12.6.2014, str. 1).
Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (OJ L 173, 12.6.2014, p. 1).
Direktiva 2004/109/ES Evropskega parlamenta in Sveta z dne 15. decembra 2004 o uskladitvi zahtev v zvezi s preglednostjo informacij o izdajateljih, katerih vrednostni papirji so sprejeti v trgovanje na reguliranem trgu, in o spremembah Direktive 2001/34/ES (UL L 390, 31.12.2004, str.
38).
PRILOGA
ANNEX
Priznane borze:
Recognised exchange companies:
Borzni udeleženci morajo izpolnjevati določena merila.
Among other things, they must be a company incorporated in HK, licensed under Section 116(1) of the SFO and hold a valid business registration certificate under the Business Registration Ordinance.
The Stock Exchange of Hong Kong Limited (SEHK).
Commission Implementing Decision (EU) 2017/2320
Izvedbeni sklep Komisije (EU) 2017/2320
on the equivalence of the legal and supervisory framework of the United States of America for national securities exchanges and alternative trading systems in accordance with Directive 2014/65/EU of the European Parliament and of the Council
o enakovrednosti pravnega in nadzornega okvira Združenih držav Amerike za nacionalne borze vrednostnih papirjev in alternativne sisteme trgovanja v skladu z Direktivo 2014/65/EU Evropskega parlamenta in Sveta
Having regard to Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU [1], and in particular Article 25(4)(a) thereof,
ob upoštevanju Direktive 2014/65/EU Evropskega parlamenta in Sveta z dne 15. maja 2014 o trgih finančnih instrumentov ter spremembi Direktive 2002/92/ES in Direktive 2011/61/EU [1] ter zlasti člena 25(4)(a) navedene direktive,
The equivalence procedure for trading venues established in third countries set out in Article 25(4)(a) of Directive 2014/65/EU aims to allow investment firms to undertake trades in shares that are subject to the trading obligation in the Union, on third-country trading venues recognised as equivalent.
Namen postopka priznavanja enakovrednosti mest trgovanja, ki imajo sedež v tretjih državah, iz člena 25(4)(a) Direktive 2014/65/EU je investicijskim podjetjem omogočiti, da lahko z delnicami, za katere velja obveznost trgovanja v Uniji, trgujejo na mestih trgovanja v tretjih državah, ki so priznana kot enakovredna.
This should be read in the light of the objectives pursued by these acts, in particular their contribution to the establishment and functioning of the internal market, market integrity, investor protection and ultimately, but no less importantly, financial stability.
To bi bilo treba razlagati ob upoštevanju ciljev navedenih aktov, zlasti njihovega prispevka k vzpostavitvi in delovanju notranjega trga, celovitosti trga, zaščiti vlagateljev in nazadnje, vendar nič manj pomembno, k finančni stabilnosti.
In accordance with the forth subparagraph Article 25(4)(a) of Directive 2014/65/EU, a third-country legal and supervisory framework may be considered equivalent where that framework fulfils at least the conditions that (a) the markets are subject to authorisation and to effective supervision and enforcement on an ongoing basis (b) the markets have clear and transparent rules regarding the admission of securities to trading so that such securities are capable of being traded in a fair, orderly and efficient manner, and are freely negotiable (c) security issuers should be subject to periodic and ongoing information requirements ensuring a high level of investor protection, and (d) market transparency and integrity are ensured by the prevention of market abuse in the form of insider dealing and market manipulation.
V skladu s četrtim pododstavkom člena 25(4)(a) Direktive 2014/65/EU se lahko pravni in nadzorni okvir tretje države obravnava kot enakovreden, kadar izpolnjuje vsaj pogoje, v skladu s katerimi (a) morajo imeti trgi dovoljenje in so podvrženi učinkovitemu in stalnemu nadzoru ter ukrepanju, (b) imajo trgi jasna in pregledna pravila glede sprejema vrednostnih papirjev v trgovanje, tako da se lahko s temi vrednostnimi papirji trguje na pošten, pravilen in učinkovit način in so prosto prenosljivi, (c) se od izdajateljev vrednostnih papirjev redno in nenehno zahtevajo informacije, s čimer se zagotavlja visoka raven varstva vlagateljev, ter (d) se preglednost in poštenost trga zagotavljata s preprečevanjem zlorabe trga v obliki trgovanja z notranjimi informacijami in tržne manipulacije.
The purpose of this equivalence assessment is to assess, inter alia, whether the legally binding requirements which are applicable in United States of America (the ‘USA’ or the ‘U.S.’) to national securities exchanges (‘NSE’)and alternative trading systems (‘ATS’) established therein and registered with and under the supervision of the U.S. Securities and Exchange Commission (‘SEC’) are equivalent to the requirements resulting from Regulation (EU) No 596/2014, from Title III of Directive 2014/65/EU, from Title II of Regulation (EU) No 600/2014 and from Directive 2004/109/EC, which are subject to effective supervision and enforcement in that third country.
Namen tega ocenjevanja enakovrednosti je, da se med drugim presodi, ali so pravno zavezujoče zahteve, ki se v Združenih državah Amerike (v nadaljnjem besedilu: ZDA) uporabljajo za nacionalne borze vrednostnih papirjev(v nadaljnjem besedilu: NBVP) in alternativne sisteme trgovanja (v nadaljnjem besedilu: AST), ki so tam vzpostavljeni ter registrirani pri komisiji ZDA za trg vrednostnih papirje (Securities and Exchange Commission, v nadaljnjem besedilu: komisija SEC) in pod njenim nadzorom, enakovredne zahtevam iz Uredbe (EU) št. 596/2014, naslova III Direktive 2014/65/EU, naslova II Uredbe (EU) št. 600/2014 in Direktive 2004/109/ES ter ali so v tej tretji državi podvržene učinkovitemu nadzoru in izvrševanju.
As regards the conditions that the markets are subject to authorisation and to effective supervision and enforcement on an ongoing basis; Section 3(a)(1) of the Securities Exchange Act of 1934 (‘the Exchange Act’) defines an exchange as any organization, association, or group of persons which constitutes, maintains, or provides a market place or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange.
Kar zadeva pogoje, da morajo imeti trgi v tretjih državah dovoljenje ter biti podvrženi učinkovitemu in stalnemu nadzoru ter izvrševanju, je v oddelku 3(a)(1) zakona o borzi vrednostnih papirjev iz leta 1934 (v nadaljnjem besedilu: zakon o borzi) borza opredeljena kot vsaka organizacija, združenje ali skupina oseb, ki je, vzdržuje ali zagotavlja trg ali sisteme, na katerih se združujejo kupci in prodajalci vrednostnih papirjev ali se kako drugače izvajajo naloge, povezane z vrednostnimi papirji, ki jih po navadi izvaja borza vrednostnih papirjev.
The term exchange is further defined under SEC Rule 3b-16 as an organization, association or group of persons that (1) brings together the orders for securities of multiple buyers and sellers and (2) uses established, non-discretionary methods (whether by providing a trading facility or by setting rules) under which such orders shall interact with each other and the buyers and sellers entering such orders agree to the terms of the trade.
V pravilu 3b-16 komisije SEC je pojem borza nadalje opredeljen kot „organizacija, združenje ali skupina oseb, ki (1) združuje naročila za vrednostne papirje več kupcev in prodajalcev ter (2) uporablja vzpostavljene metode, ki niso diskrecijske (bodisi z zagotavljanjem sistema trgovanja ali določitvijo pravil), v skladu s katerimi se taka naročila medsebojno prepletajo, kupci in prodajalci, ki jih sklepajo, pa se dogovorijo o pogojih trgovanja“.
Accordingly, an exchange must operate a multilateral system in accordance with non-discretionary rules.
Borza mora torej večstranski sistem upravljati v skladu z nediskrecijskimi pravili.
An exchange must either register with the SEC as a NSE or register with the SEC as a broker-dealer and comply with Regulation ATS.
Pri komisiji SEC mora biti registrirana kot NBVP ali kot borzni posrednik in biti skladna s predpisom o AST.
Furthermore, a NSE must provide members with impartial access to their markets and services.
NBVP mora članom zagotavljati nepristranski dostop do svojih trgov in storitev.
The access criteria must further be transparent, and must not be applied in an unfairly discriminatory manner.
Merila za dostop morajo biti pregledna ter se ne smejo uporabljati nepošteno in diskriminatorno.
To this effect, a NSE is required to have rules in place that prescribe the means by which any registered broker-dealer may apply to become a member.
Zato mora imeti NBVP vzpostavljena pravila, ki določajo načine, na podlagi katerih lahko vsak registrirani borzni posrednik vloži zahtevek za članstvo.
The SEC, pursuant to Section 19(b) of the Exchange Act, reviews rules for admission to a NSE.
Komisija SEC v skladu z oddelkom 19(b) zakona o borzi pregleduje pravila za sprejem na NBVP.
While NSE must have reasonable standards for access, such standards should act to prohibit unreasonably discriminatory denials of access.
Čeprav mora imeti NBVP razumne standarde za dostop, morajo ti delovati tako, da prepovejo nerazumno diskriminatorne zavrnitve dostopa.
A NSE must deny membership to any non-registered broker-dealer and may deny membership to any broker-dealer that is subject to a statutory disqualification.
NBVP mora zavrniti članstvo vsakemu neregistriranemu borznemu posredniku in lahko zavrne članstvo vsakemu borznemu posredniku, za katerega velja zakonska prepoved.
Section 242.300 of Title 17 of the Code of Federal Regulations Part 242 (‘Regulation ATS’) defines an ATS as any organization, association, person, group of persons, or system that provides a market place for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange within the meaning of Exchange Act Rule 3b-16.
V oddelku 242.300 naslova 17 dela 242 zveznega zakonika Združenih držav Amerike (v nadaljnjem besedilu: predpis o AST) je določeno, da je AST vsaka organizacija, združenje, oseba, skupina oseb ali sistem, ki zagotavlja trg, na katerem se združujejo kupci in prodajalci vrednostnih papirjev ali se kako drugače izvajajo naloge v zvezi z vrednostnimi papirji, ki jih navadno izvaja borza vrednostnih papirjev v smislu pravila 3b-16 zakona o borzi.
Under Regulation ATS, an entity that falls within the definition of an exchange must register either as a NSE or as a broker-dealer and comply with Regulation ATS.
Subjekt, zajet v opredelitev borze, se mora v skladu s predpisom o AST registrirati bodisi kot NBVP ali borzni posrednik in upoštevati predpis o AST.
An ATS must operate a multilateral system where participants execute transactions in accordance with non-discretionary rules.
AST mora upravljati večstranski sistem, na katerem udeleženci izvršujejo posle v skladu s pravili, ki niso diskrecijska.
ATSs that account for 5 % or more of the average daily trading volume within a certain time period in any equity security must comply with the fair access requirements of Section 242.301(b)(5)(ii) of the Regulation ATS.
AST, ki v določenem časovnem obdobju pomenijo 5 % ali več povprečnega dnevnega obsega trgovanja s katerim koli lastniškim vrednostnim papirjem, morajo biti skladni z zahtevami o poštenem dostopu iz oddelka 242.301(b)(5)(ii) predpisa o AST.
Specifically, they must establish written standards for granting access to trading in the relevant security on their systems and maintain these standards in their records.
Natančneje, določiti morajo pisne standarde za omogočanje dostopa do trgovanja z zadevnim vrednostnim papirjem v njihovih sistemih in te standarde imeti navedene v svojih evidencah.
An ATS is prohibited from unreasonably restricting or limiting any persons with respect to access to its services for those equity securities for which the ATS accounts for 5 % or more of the average daily trading volume in the applicable time period, and must not apply these standards in an unfair or discriminatory manner.
Prepovedano je, da bi AST kateri koli osebi nerazumno omejeval ali omejil dostop do svojih storitev za tiste lastniške vrednostne papirje, pri katerih AST v določenem časovnem obdobju pomeni 5 % ali več povprečnega dnevnega obsega trgovanja, ter teh standardov ne sme uporabljati nepošteno ali diskriminatorno.
The access standards are provided to the SEC upon request.
Standardi za dostop se komisiji SEC zagotovijo na zahtevo.
The four conditions set out in Article 25(4)(a) subparagraph 4 of Directive 2014/65/EU must be fulfilled in order to determine that the legal and supervisory arrangements of a third country regarding the NSEs and ATSs authorised therein are equivalent to those laid down in Directive 2014/65/EU.
Da bi se določilo, da so pravne in nadzorne ureditve tretje države glede NBVP in AST, ki so v njej pridobili dovoljenje, enakovredne tistim iz Direktive 2014/65/EU, morajo biti izpolnjeni štirje pogoji iz četrtega pododstavka člena 25(4)(a) Direktive 2014/65/EU.
According to the first condition, third-country trading venues must be subject to authorisation and to effective supervision and enforcement on an ongoing basis.
V skladu s prvim pogojem morajo imeti mesta trgovanja v tretjih državah dovoljenje ter biti podvržena učinkovitemu in stalnemu nadzoru ter izvrševanju.
A NSE must be registered by the SEC before it may begin operations.
Preden lahko NBVP začne poslovati, mora biti registrirana pri komisiji SEC.
The SEC grants registration if it finds that the applicable requirements with respect to the applicant are satisfied.
Če komisija SEC ugotovi, da so zahteve, ki veljajo za prosilca, izpolnjene, odobri registracijo.
The SEC must deny a registration if it does not make this finding (Section 19(a)(1) of the Securities Exchange Act).
Če komisija SEC tega ne ugotovi, mora registracijo zavrniti (oddelek 19(a)(1) zakona o borzi vrednostnih papirjev).
The Exchange Act requires that an exchange has in place arrangements to address all of the types of conduct and activity that an applicant wishedto engage in.
Zakon o borzi vsebuje zahtevo, da mora imeti borza vzpostavljene ureditve za obravnavanje vseh vrst ravnanja in dejavnosti, ki jih želi izvajati prosilec.
Once registered, NSEs are required to maintain rules, policies, and procedures consistent with their statutory obligations, and to have the capacity to carry out their obligations.
Ko soNBVP registrirane, morajo vzdrževati pravila, politike in postopke, skladne z njihovimi zakonskimi obveznostmi, ter biti zmožne izvajati svoje obveznosti.
Upon registration, a NSE becomes a Self-Regulatory Organisation (‘SRO’).
NBVP ob registraciji postane samoregulativna organizacija (v nadaljnjem besedilu: SRO).
In this capacity, NSEs monitor and enforce compliance by their members and persons associated with their members with the provisions of the Exchange Act, the rules and regulations thereunder and with their own rules.
V tej vlogi NBVP spremljajo in zagotavljajo skladnost svojih članov in oseb, povezanih z njimi, z določbami iz zakona o borzi, s pravili in predpisi po tem zakonu ter z lastnimi pravili.
In the case of non-compliance of members with NSEs rules, NSEs in their capacity as SROs are required to address any potential violations of the market's rules or the federal securities laws by its members.
Če člani ne ravnajo skladno s pravili NBVP, mora NBVP kot SRO obravnavati vsako morebitno kršitev pravil trga ali zveznih zakonov o vrednostnih papirjih, ki jo storijo njeni člani.
They are also required to inform the SEC of significant infringements.
Prav tako mora o pomembnih kršitvah poročati komisiji SEC.
An ATS must comply with Regulation ATS, which requires, among other things, that the ATS register with the SEC as a broker-dealer under Section 15 of the Securities Exchange Act.
AST mora upoštevati predpis o AST, ki med drugim vsebuje zahtevo, da se AST pri komisiji SEC registrira kot borzni posrednik v skladu z oddelkom 15 zakona o borzi vrednostnih papirjev.
ATSs, as broker-dealers, must become a member of at least one SRO, such as the Financial Industry Regulatory Authority (‘FINRA’).
AST kot borzni posrednik mora postati član vsaj enega SRO, kot je regulativni organ za finančno industrijo (v nadaljnjem besedilu: organ FINRA).
The broker-dealer applicant must submit information about its background, including the type of business in which it proposes to engage, the identity of the applicant's direct and indirect owners, and other control persons, including executive officers and whether the applicant or any of its control affiliates has been subject to criminal prosecutions, regulatory actions or civil actions in connection with any investment-related activity.
Borzni posrednik prosilec mora predložiti informacije o svojih izkušnjah, vključno z vrsto dejavnosti, s katerimi se namerava ukvarjati, identiteto neposrednih in posrednih lastnikov prosilca in drugih nadzornih oseb, vključno z izvršnimi direktorji, ter o tem, ali je prosilec ali kateri koli od njegovih povezanih nadzornikov v kazenskem pregonu, ali so bili zoper njega sprejeti ukrepi s strani regulatorja ali vložene civilne tožbe v zvezi s katero koli dejavnostjo, povezano z naložbami.
The SEC must deny a registration if it does not make this finding (S. 15 of the Securities Exchange Act).
Če komisija SEC tega ne ugotovi, mora registracijo zavrniti (oddelek 15 zakona o borzi vrednostnih papirjev).
Under the U.S. framework, continued compliance with the initial registration requirements is a condition for continued registration for NSEs and ATSs.
V skladu z okvirom ZDA je pogoj za stalno registracijo NBVP in AST stalna skladnost z zahtevami iz prvotne registracije.
Registered NSEs and ATSs are both required to maintain rules, policies, and procedures consistent with their obligations under the federal securities laws and rules, and to have the capacity to carry out their obligations.
Registrirani NBVP in AST morajo imeti pravila, politike in postopke, skladne z njihovimi obveznostmi po zveznih zakonih in pravilih o vrednostnih papirjih, ter biti zmožni izvajati svoje obveznosti.