natgillin/translations-raw huggingface dataset:
The factors and criteria to be assessed by competent authorities to determine whether there is a significant investor protection concern or a threat to the orderly functioning and integrity of financial markets or commodity markets or to the stability of the whole or part of the financial system within at least one Member State shall include the following:
stopnje preglednosti stroškov in dajatev, povezanih s finančnim instrumentom, strukturirano vlogo, finančno dejavnostjo ali finančno prakso, in zlasti pomanjkanja preglednosti, ki izhaja iz več ravni stroškov in dajatev,
the degree of complexity of the financial instrument or type of financial activity or practice in relation to the type of clients, as assessed in accordance with point (c), involved in the financial activity or financial practice, or to whom the financial instrument or structured deposit is marketed or sold, taking into account, in particular:
kompleksnosti izračuna uspešnosti, pri čemer se zlasti upošteva, ali je donosnost odvisna od uspešnosti enega ali več osnovnih ali referenčnih sredstev, na katere vplivajo drugi dejavniki, oziroma ali je odvisna ne le od vrednosti osnovnih ali referenčnih sredstev na začetni datum in datum zapadlosti v plačilo, temveč tudi od vrednosti med življenjsko dobo produkta,
the degree of transparency of costs and charges associated with the financial instrument, structured deposit, financial activity or financial practice, and, in particular, the lack of transparency resulting from multiple layers of costs and charges;
ali sta produkt ali storitev povezana z drugimi produkti ali storitvami,
the complexity of the performance calculation, taking into account whether the return is dependent on the performance of one or more underlying or reference assets which are in turn affected by other factors or whether the return depends not only on the values of the underlying or reference assets at the initial and maturity dates, but also on the values during the lifetime of the product;
nominalne vrednosti finančnega instrumenta ali izdaje strukturiranih vlog,
whether the product or service is bundled with other products or services;
povprečnega zneska, ki so ga v finančni instrument ali strukturirano vlogo vložile posamezne stranke, ali
the notional value of the financial instrument or of an issuance of structured deposits;
ravni kritja, opredeljene v Direktivi 2014/49/EU, v primeru strukturiranih vlog;
the average amount invested by each client in the financial instrument or structured deposit; or
vrsta strank, ki so vključene v finančno dejavnost ali finančno prakso ali ki se jim finančni instrument ali strukturirana vloga trži ali prodaja, zlasti ob upoštevanju:
the coverage level defined in Directive 2014/49/EU, in the case of structured deposits;
znanj in spretnosti ter sposobnosti strank, vključno s stopnjo izobrazbe, izkušnjami s podobnimi finančnimi instrumenti ali strukturiranimi vlogami ali prodajnimi praksami,
the type of clients involved in a financial activity or financial practice or to whom a financial instrument or structured deposit is marketed or sold, taking into account, in particular:
gospodarskega položaja strank, vključno z njihovimi prihodki in premoženjem,
clients' skills and abilities, including the level of education, experience with similar financial instruments or structured deposits or selling practices;
temeljnih finančnih ciljev strank, vključno s pokojninskim varčevanjem in financiranjem lastništva doma,
clients' economic situation, including their income, and wealth;
upravičenosti do kritja v okviru sistema zajamčenih vlog v primeru strukturiranih vlog;
clients' core financial objectives, including pension saving and home ownership financing;
stopnja preglednosti finančnega instrumenta, strukturirane vloge ali vrste finančnega posla ali prakse, zlasti ob upoštevanju:
the eligibility for coverage by a deposit guarantee scheme, in the case of structured deposits;
uporabe tehnik, ki pritegnejo pozornost strank, vendar ne izražajo nujno primernosti ali splošne kakovosti produkta, finančne dejavnosti ali finančne prakse,
the degree of transparency of the financial instrument, structured deposit or type of financial activity or practice, taking into account, in particular:
narave in preglednosti tveganj ali
the use of techniques drawing clients' attention but not necessarily reflecting the suitability or overall quality of the product, the financial activity or the financial practice;
uporabe imen produktov ali terminologije ali drugih informacij, ki so zavajajoče, ker kažejo na višjo raven varnosti ali donosnosti, kot so dejansko možne ali verjetne, ali ki kažejo na značilnosti produktov, ki ne obstajajo, ali
the nature of risks and transparency of risks;
v primeru strukturiranih vlog, ali je razkrita identiteta institucij, ki sprejemajo vloge, ki so lahko odgovorne za vlogo stranke;
the use of product names or terminology or other information that is misleading by implying a greater level of security or return than those which are actually possible or likely, or which imply product features that do not exist; or
posebne značilnosti ali sestavni deli strukturirane vloge, finančnega instrumenta, finančne dejavnosti ali finančne prakse, vključno z morebitnim vgrajenim vzvodom, zlasti ob upoštevanju:
in case of structured deposits, whether the identity of deposit takers which might be responsible for the client's deposit, is disclosed;
obstoj in stopnja neskladnosti med pričakovano donosnostjo ali dobičkom za vlagatelje in tveganjem izgube v zvezi s finančnim instrumentom, strukturirano vlogo, finančno dejavnostjo ali finančno prakso, zlasti ob upoštevanju:
the particular features or components of the structured deposit, financial instrument, financial activity or financial practice, including any embedded leverage, taking into account, in particular:
strukturnih stroškov takega finančnega instrumenta, strukturirane vloge, finančne dejavnosti ali finančne prakse in drugih stroškov,
the existence and degree of disparity between the expected return or profit for investors and the risk of loss in relation to the financial instrument, structured deposit, financial activity or financial practice, taking into account, in particular:
stroški in vloženi trud vlagateljev, da lahko prodajo ustrezni finančni instrument ali preidejo na drug finančni instrument ali izstopijo iz strukturirane vloge, zlasti ob upoštevanju, kjer je primerno, glede na to, ali je produkt finančni instrument ali strukturirana vloga:
the structuring costs of such financial instrument, structured deposit, financial activity or financial practice and other costs;
cenovnega razpona med ponudbo in povpraševanjem,
the costs and ease with which investors are able to sell the relevant financial instrument or switch to another financial instrument, or exit a structured deposit, taking into account, in particular, where applicable depending on whether the product is a financial instrument or structured deposit:
kakršnih koli drugih ovir za izstop ali dejstva, da predčasno izplačilo ni dovoljeno;
the bid-ask spread;
oblikovanje cen in povezani stroški strukturirane vloge, finančnega instrumenta, finančne dejavnosti ali finančne prakse, zlasti ob upoštevanju:
any other barriers to exit or the fact that early withdrawal is not allowed;
stopnja inovativnosti finančnega instrumenta ali strukturirane vloge, finančne dejavnosti ali finančne prakse, zlasti ob upoštevanju:
the pricing and associated costs of the structured deposit, financial instrument, financial activity or financial practice, taking into account, in particular:
stopnje inovativnosti, povezane s strukturo finančnega instrumenta, strukturirane vloge, finančne dejavnosti ali finančne prakse, vključno z vgraditvijo in sprožitvijo,
the degree of innovation of a financial instrument or structured deposit, a financial activity or financial practice, taking into account, in particular:
obsega širjenja inovativnosti, vključno s tem, ali so finančni instrument, strukturirana vloga, finančna dejavnost ali finančna praksa inovativni za določene kategorije strank,
the degree of innovation related to the structure of the financial instrument, structured deposit, financial activity or financial practice, including embedding and triggering;
preteklih izkušenj na trgu s podobnimi finančnimi instrumenti, strukturiranimi vlogami ali prodajnimi praksami;
the extent of innovation diffusion, including whether the financial instrument, structured deposit, financial activity or financial practice is innovative for particular categories of clients;
prodajne prakse, povezane s finančnim instrumentom ali strukturirano vlogo, zlasti ob upoštevanju:
the past experience of the market with similar financial instruments, structured deposits or selling practices;
tega, ali je odločitev za nakup sekundarna ali terciarna po predhodnem nakupu;
the selling practices associated with the financial instrument or structured deposit, taking into account, in particular:
finančni in poslovni položaj izdajatelja finančnega instrumenta ali strukturirane vloge, zlasti ob upoštevanju:
whether the decision to buy is secondary or tertiary decision following an earlier purchase;
ali so informacije o finančnem instrumentu ali strukturirani vlogi, ki so jih zagotovili proizvajalec ali distributerji, nezadostne ali nezanesljive, da bi tržnim udeležencem, ki so jim bile namenjene, omogočile sprejeti informirano odločitev, pri čemer se upoštevata narava in vrsta finančnega instrumenta ali strukturirane vloge;
the financial and business situation of the issuer of a financial instrument or structured deposit, taking into account, in particular:
ali finančni instrument, strukturirana vloga, finančna dejavnost ali finančna praksa pomeni veliko tveganje za uspešnost poslov, ki so jih sklenili udeleženci ali vlagatelji na upoštevnem trgu;
whether there is insufficient, or unreliable, information about a financial instrument or structured deposit, provided either by the manufacturer or the distributors, to enable market participants at whom it is targeted to make an informed decision, taking into account the nature and type of the financial instrument or the structured deposit;
ali bi finančna dejavnost ali finančna praksa znatno ogrozila celovitost postopka oblikovanja cen na zadevnem trgu, tako da se cena ali vrednost zadevnega finančnega instrumenta ali strukturirane vloge ne bi več določala v skladu z zakonitimi tržnimi silami ponudbe in povpraševanja ali tako, da se tržni udeleženci pri sprejemanju naložbene odločitve ne bi več mogli zanašati na cene, oblikovane na zadevnem trgu, ali obseg trgovanja;
whether the financial instrument, structured deposit, financial activity or financial practice poses a high risk to the performance of transactions entered into by participants or investors in the relevant market;
ali bi bilo nacionalno gospodarstvo zaradi finančnega instrumenta, strukturirane vloge, finančnega posla ali prakse izpostavljeno tveganjem;
whether the financial activity or financial practice would significantly compromise the integrity of the price formation process in the market concerned such that the price or value of the financial instrument or structured deposit in question is no longer determined according to legitimate market forces of supply and demand, or such that market participants are no longer able to rely on the prices formed in that market or in the volumes of trading as a basis for their investment decisions;
ali sta finančni instrument ali strukturirana vloga zaradi svojih značilnosti posebej dovzetna za uporabo za namene finančnega kriminala, in zlasti, ali bi lahko zadevne značilnosti spodbudile uporabo finančnega instrumenta ali strukturirane vloge za:
whether a financial instrument, structured deposit, financial activity or practice would leave the national economy vulnerable to risks;
ali finančna dejavnost ali finančna praksa pomeni posebej veliko tveganje za odpornost ali nemoteno delovanje trgov in njihove infrastrukture;
whether the characteristics of a financial instrument or structured deposit make it particularly susceptible to being used for the purposes of financial crime and, in particular whether the characteristics could potentially encourage the use of the financial instrument or structured deposit for:
ali lahko finančni instrument, strukturirana vloga, finančna dejavnost ali finančna praksa povzročijo znatno in umetno razliko med ceno izvedenega finančnega instrumenta in ceno na osnovnem trgu;
whether a financial activity or a financial practice poses a particularly high risk to the resilience or smooth operation of markets and their infrastructure;
ali finančni instrument, strukturirana vloga, finančna dejavnost ali finančna praksa pomeni veliko tveganje motenj za finančne institucije, ki veljajo za pomembne za finančni sistem države članice ustreznega pristojnega organa, zlasti ob upoštevanju strategije o varovanju pred tveganjem, za katero si prizadevajo finančne institucije v zvezi z izdajo strukturirane vloge, vključno z napačnim vrednotenjem kapitalskega jamstva ob zapadlosti ali tveganji izgube dobrega imena, ki jih za finančne institucije predstavlja strukturirana vloga ali praksa ali dejavnost;
whether a financial instrument, structured deposit, financial activity or financial practice could lead to a significant and artificial disparity between prices of a derivative and those in the underlying market;
pomembnost razširjanja finančnega instrumenta ali strukturirane vloge kot vira financiranja za izdajatelja ali finančne institucije;
whether the financial instrument, structured deposit, financial activity or financial practice poses a high risk of disruption to financial institutions deemed to be important to the financial system of the Member State of the relevant competent authority, in particular considering the hedging strategy pursued by financial institutions in relation to the issuance of the structured deposit, including the mispricing of the capital guarantee at maturity or the reputational risks posed by the structured deposit or practice or activity to the financial institutions;
ali finančni instrument, strukturirana vloga, finančna dejavnost ali finančna praksa pomeni velika tveganja za infrastrukturo trga ali plačilnih sistemov, vključno s sistemi trgovanja, kliringa in poravnave, oziroma
the relevance of the distribution of the financial instrument or structured deposit as a funding source for the issuer or financial institutions;
ali bi finančni instrument, strukturirana vloga, finančna dejavnost ali finančna praksa ogrozili zaupanje vlagateljev v finančni sistem.
whether a financial instrument, structured deposit, financial activity or financial practice poses particular risks to the market or payment systems infrastructure, including trading, clearing and settlement systems; or
ODDELEK 2
whether a financial instrument, structured deposit, financial activity or financial practice would threaten investors' confidence in the financial system.
Pooblastila na področju upravljanja pozicij
SECTION 2
Člen 22
Position management powers
Pooblastila ESMA na področju upravljanja pozicij
Article 22
(člen 45 Uredbe (EU) št. 600/2014)
Position management powers of ESMA
Za namene člena 45(2)(a) Uredbe (EU) št. 600/2014 so merila in dejavniki, ki določajo obstoj nevarnosti za pravilno delovanje in celovitost finančnih trgov, vključno s trgi primarnih proizvodov, v skladu s cilji, navedenimi v členu 57(1) Direktive 2014/65/EU, in v zvezi z ureditvijo dobave fizičnega blaga, oziroma nevarnosti za stabilnost celotnega finančnega sistema v Uniji ali njegovega dela:
(Article 45 of Regulation (EU) No 600/2014)
obstoj resnih finančnih, monetarnih ali proračunskih težav, ki bi lahko povzročile finančno nestabilnost v državi članici ali finančni instituciji, ki velja za pomembno za svetovni finančni sistem, vključno s kreditnimi institucijami, zavarovalnicami, ponudniki tržne infrastrukture in družbami za upravljanje premoženja, ki delujejo v Uniji, če bi lahko te težave ogrozile pravilno delovanje in celovitost finančnih trgov ali stabilnost finančnega sistema v Uniji;
For the purposes of Article 45(2)(a) of Regulation (EU) No 600/2014, the criteria and factors determining the existence of a threat to the orderly functioning and integrity of financial markets, including commodity derivative markets in accordance with the objectives listed in Article 57(1) of Directive 2014/65/EU and in relation to delivery arrangements for physical commodities, or to the stability of the whole or part of the financial system in the Union shall be the following:
bonitetno ocenjevanje ali možnost neizpolnitve obveznosti s strani države članice, kreditne ali druge finančne institucije, ki veljajo za pomembne za svetovni finančni sistem, kot so zavarovalnice, ponudniki tržne infrastrukture in družbe za upravljanje premoženja, ki delujejo v Uniji, pri čemer to povzroči ali se upravičeno pričakuje, da bo povzročilo veliko negotovost v zvezi z njihovo solventnostjo;
the existence of serious financial, monetary or budgetary problems which could lead to the financial instability of a Member State or a financial institution deemed important to the global financial system, including credit institutions, insurance companies, market infrastructure providers and asset management companies operating within the Union, provided that these problems could threaten the orderly functioning and integrity of financial markets or the stability of the financial system within the Union;
bistveni pritiski na prodajo ali neobičajna nestanovitnost, ki povzroča znatno poslabšanje položaja vseh finančnih instrumentov, povezanih s katero koli kreditno ali finančno institucijo, ki velja za pomembno za svetovni finančni sistem, kot so zavarovalnice, ponudniki tržne infrastrukture in družbe za upravljanje premoženja, ki delujejo v Uniji, ter tudi izdajatelji državnih vrednostnih papirjev;
a rating action or a default by a Member State or a credit institution or other financial institution deemed important to the global financial system, such as insurance companies, market infrastructure providers and asset management companies operating within the Union, that causes or may reasonably be expected to cause severe uncertainty about their solvency;
vsaka škoda, povzročena fizičnim strukturam pomembnih finančnih izdajateljev, tržnih infrastruktur, sistemov kliringov in poravnave ali pristojnih organov, ki lahko negativno in znatno vplivajo na trge, zlasti kadar taka škoda nastane zaradi naravne nesreče ali terorističnega napada;
substantial selling pressures or unusual volatility causing significant downward spirals in any financial instrument related to any credit institution or other financial institutions deemed important to the global financial system, such as insurance companies, market infrastructure providers and asset management companies operating within the Union and sovereign issuers;
motnja plačilnega sistema ali postopka poravnave, zlasti v zvezi z medbančnim poslovanjem, ki povzroča ali bi lahko povzročila znatne izpade ali zamude pri plačilih ali poravnavah v plačilnih sistemih Unije, zlasti kadar lahko povzroči širjenje finančnega ali gospodarskega stresa v kreditnih ali drugih finančnih institucijah, ki veljajo za pomembne za svetovni finančni sistem, kot so zavarovalnice, ponudniki tržne infrastrukture in družbe za upravljanje premoženja“ ali v državi članici;
any damage to the physical structures of important financial issuers, market infrastructures, clearing and settlement systems or competent authorities which may adversely and significantly affect markets in particular where such damage results from a natural disaster or a terrorist attack;
znatno in nenadno zmanjšanje ponudbe blaga ali povečanje povpraševanja po blagu, ki ruši ravnovesje med ponudbo in povpraševanjem;
a disruption in any payment system or settlement process, in particular where it is related to interbank operations, which causes or may cause significant payments or settlement failures or delays within the Union payment systems, especially when these may lead to the propagation of financial or economic stress in a credit institution or other financial institutions deemed important to the global financial system, such as insurance companies, market infrastructure providers and asset management companies or in a Member State;
pomemben položaj na trgu določenega blaga, ki ga imajo ena ali več oseb, ki delujejo usklajeno, na enem ali več mestih trgovanja, prek enega ali več članov trga;
a significant and abrupt decrease in the supply of a commodity or an increase in the demand of a commodity, which disrupts the supply and demand balance;
nezmožnost mesta trgovanja, da uveljavi svoja pooblastila na področju upravljanja pozicij, zaradi dogodka neprekinjenega poslovanja.
a significant position in a certain commodity held by one person, or by several persons acting in concert, in one or several trading venues, through one or several market members;
Za namene člena 45(1)(b) Uredbe (EU) št. 600/2014 so merila in dejavniki, ki določajo ustrezno zmanjšanje pozicije ali izpostavljenosti:
an inability of a trading venue to exercise its own position management powers due to a business continuity event.
narava imetnika pozicije, vključno s proizvajalci, potrošniki ali finančno institucijo;
For the purposes of Article 45(1)(b) of Regulation (EU) No 600/2014 the criteria and factors determining the appropriate reduction of a position or exposure shall be the following:
zapadlost finančnega instrumenta;
the nature of the holder of the position, including producers, consumers or financial institution;
velikost pozicije glede na velikost ustreznega trga izvedenih finančnih instrumentov na blago;
the maturity of the financial instrument;
velikost pozicije glede na velikost trga za osnovno blago;
the size of the position relative to the size of the relevant commodity derivative market;
smer pozicije (kratka ali dolga) in delta ali razponi delte;
the size of the position relative to the size of the market for the underlying commodity;
namen pozicije, zlasti ali se pozicija uporablja za zavarovanje pred tveganji ali za finančno izpostavljenost;
the direction of the position (short or long) and delta or ranges of delta;
izkušnje imetnika pozicije s posedovanjem pozicij določene velikosti ali zagotavljanem ali prevzemanjem dobave danega blaga;
the purpose of the position, in particular whether the position serves hedging purposes or whether it is held for financial exposure;
druge pozicije osebe na osnovnem trgu ali z drugačno zapadlostjo istega izvedenega finančnega instrumenta;
the experience of a position holder in holding positions of a given size, or in making or taking delivery of a given commodity;
likvidnost trga in vpliv ukrepa na druge tržne udeležence;
the other positions held by the person in the underlying market or in different maturities of the same derivative;
način dobave.
the liquidity of the market and the impact of the measure on other market participants;
Za namene člena 45(3)(b) Uredbe (EU) št. 600/2014 so merila za opredelitev primerov, v katerih se lahko pojavi tveganje regulativne arbitraže:
the method of delivery.
ali se z isto pogodbo trguje na drugem mestu trgovanja ali prostem trgu;
For the purposes of Article 45(3)(b) of Regulation (EU) No 600/2014, the criteria specifying the situations where a risk of regulatory arbitrage may arise shall be the following:
ali se z bolj ali manj enakovredno pogodbo trguje na drugem mestu trgovanja ali prostem trgu (ki je podoben in medsebojno povezan, vendar se ne šteje za del istih zamenljivih odprtih pozicij);
whether the same contract is traded in a different trading venue or OTC;
učinki odločitve na trg za osnovno blago;
whether a substantially equivalent contract is traded on a different venue or OTC (similar and interrelated, but not considered part of the same fungible open interest);
učinki odločitve na trge in udeležence, za katere ne veljajo pooblastila ESMA na področju upravljanja pozicij, in
the effects of the decision on the market of the underlying commodity;
verjetni učinek pravilnega delovanja in celovitosti trgov brez ukrepov ESMA.