natgillin/translations-raw huggingface dataset:
The research payment account should only be funded by a specific research charge to the client which should only be based on a research budget set by the investment firm and not linked to the volume and/or value of transactions executed on behalf of clients.
Plačilni račun za raziskave bi se moral financirati samo s posebno dajatvijo za raziskave, zaračunano stranki, ki bi morala temeljiti samo na proračunu za raziskave, ki ga določi investicijsko podjetje, in ne bi smela biti povezana z obsegom in/ali vrednostjo poslov, izvedenih v imenu strank.
Any operational arrangements for the collection of the client's research charge should fully comply with those conditions.
Vse operativne ureditve za zbiranje dajatev strank za raziskave bi morale biti v celoti skladne z navedenimi pogoji.
When using such arrangements, an investment firm should ensure that the cost of research funded by client charges is not linked to the volume or value of other services or benefits or used to cover any other purposes, such as charges for execution.
Investicijsko podjetje bi moralo pri uporabi takih ureditev zagotoviti, da stroški raziskav, ki se financirajo z dajatvami strank, niso vezani na obseg ali vrednost drugih storitev ali koristi ali uporabljeni za kakršno koli drugo kritje, kot so stroški izvršitve.
In order to ensure that portfolio managers and independent investment advisers properly monitor the amounts paid for research and to ensure that research costs are incurred in the best interests of the client, it is appropriate to specify detailed governance requirements on research spending.
Da bi se zagotovilo, da upravljavci portfeljev in neodvisni naložbeni svetovalci ustrezno spremljajo zneske, potrošene za raziskave, ter da bi se zagotovilo, da so izdatki za raziskave potrošeni v najboljšem interesu stranke, je primerno določiti podrobne zahteve glede upravljanja pri porabi sredstev za raziskave.
Investment firms should retain sufficient control over the overall spending for research, the collection of client research charges and the determination of payments.
Investicijska podjetja bi morala tudi ohraniti zadosten nadzor nad celotno porabo sredstev za raziskave, zbiranjem dajatev strank za raziskave in določanjem plačil.
Research in this context should be understood as covering research material or services concerning one or several financial instruments or other assets, or the issuers or potential issuers of financial instruments, or be closely related to a specific industry or market such that it informs views on financial instruments, assets or issuers within that sector.
Raziskave je v tem kontekstu treba razumeti tako, da zajemajo raziskovalno gradivo ali storitve v zvezi z enim ali več finančnimi instrumenti ali drugimi sredstvi ali izdajatelji ali potencialnimi izdajatelji finančnih instrumentov ali da so tesno povezane s posameznim industrijskim sektorjem ali trgom, tako da pojasnjujejo stališča o finančnih instrumentih, sredstvih ali izdajateljih v tem sektorju.
That type of material or services explicitly or implicitly recommends or suggests an investment strategy and provides a substantiated opinion as to the present or future value or price of such instruments or assets, or otherwise contains analysis and original insights and reach conclusions based on new or existing information that could be used to inform an investment strategy and be relevant and capable of adding value to the investment firm's decisions on behalf of clients being charged for that research.
Tovrstno gradivo ali storitve izrecno ali implicitno priporočajo ali predlagajo investicijsko strategijo ter zagotavljajo utemeljeno mnenje o sedanji ali prihodnji vrednosti ali ceni takšnih instrumentov ali sredstev ali na drug način vsebujejo analize in izvirne ugotovitve ter zaključke, sprejete na podlagi novih ali obstoječih informacij, ki bi se lahko uporabili pri oblikovanju investicijske strategije in zaradi svoje pomembnosti ustvarili dodano vrednost pri odločitvah investicijskega podjetja v imenu njegovih strank, ki jim zaračuna te raziskave.
For further clarity concerning the restriction on the receipt of inducements by investment firms in relation to independent investment advice or portfolio management and the application of research rules, it is also appropriate to indicate how the minor non-monetary benefit exemption may be applied in relation to certain other types of information or material received from third parties.
Zaradi večje jasnosti v zvezi z omejitvijo prejemanja spodbud za investicijska podjetja v zvezi s samostojnim investicijskim svetovanjem ali upravljanjem portfeljev in uporabo pravil glede raziskav je tudi primerno navesti, kako se lahko v zvezi z določenimi drugimi vrstami informacij ali gradiva, prejetih od tretjih strani, uporabi izvzetje v zvezi z manjšimi nedenarnimi koristmi.
In particular, written material from a third party that is commissioned and paid for by a corporate issuer or potential issuer to promote a new issuance by that company, or where the third party is contractually engaged and paid by the issuer to produce such material on an ongoing basis, should be deemed acceptable as a minor non-monetary benefit subject to disclosure and the open availability of that material.
Zlasti bi se moralo pisno gradivo od tretje osebe, ki ga je naročil in plačal podjetniški izdajatelj ali potencialni izdajatelj za spodbujanje nove izdaje s strani tega podjetja, ali če izdajatelj pogodbeno najame in plača tretjo osebo za redno pripravljanje takšnega gradiva, šteti za sprejemljivo kot manjša nedenarna korist, pod pogojem, da je razkrito in javno dostopno.
In addition, non-substantive material or services consisting of short term market commentary on the latest economic statistics or company results for example or information on upcoming releases or events, which is provided by a third party and contains only a brief summary of its own opinion on such information that is not substantiated nor includes any substantive analysis such as where they simply reiterate a view based on an existing recommendation or substantive research material or services, can be deemed to be information relating to a financial instrument or investment service of a scale and nature such so that it constitutes an acceptable minor non-monetary benefit.
Poleg tega se lahko nevsebinsko gradivo ali storitve, ki na primer vključujejo kratkoročne tržne komentarje o najnovejših ekonomskih statističnih podatkih ali rezultatih podjetja, ali informacije o prihodnjih izdajah ali dogodkih, ki jih zagotovijo tretje osebe in vsebujejo le kratek povzetek lastnega mnenja o takšnih informacijah, ki ni utemeljeno niti ne vključuje nobene vsebinske analize, ampak na primer zgolj ponovi stališče, ki temelji na obstoječem priporočilu ali vsebinskem raziskovalnem gradivu ali storitvah, štejejo kot informacije v zvezi s finančnim instrumentom ali investicijska storitev takšnega obsega in narave, da predstavljajo sprejemljivo manjšo nedenarno korist.
In particular, any non-monetary benefit that involves a third party allocating valuable resources to the investment firm shall not be considered as minor and shall be judged to impair compliance with the investment firm's duty to act in their client's best interest.
Zlasti se nobena nedenarna korist, ki vključuje tretjo osebo, ki investicijskemu podjetju dodeli dragocene vire, ne šteje za manjšo in se šteje kot ovira pri izpolnjevanju dolžnosti investicijskega podjetja, da deluje v najboljšem interesu svojih strank.
This Directive respects the fundamental rights and observes the principles recognised in the Charter of Fundamental Rights of the European Union and in particular the right to the protection of personal data, the freedom to conduct a business, the right to consumer protection, the right to an effective remedy and to a fair trial and has to be applied in accordance with those rights and principles.
Ta direktiva spoštuje temeljne pravice in upošteva načela, priznana v Listini Evropske unije o temeljnih pravicah, zlasti pravico do varstva osebnih podatkov, svobodo gospodarske pobude, pravico do varstva potrošnikov ter pravico do učinkovitega pravnega sredstva in nepristranskega sodišča, ter jo je treba uporabljati v skladu s temi pravicami in načeli.
The European Securities and Markets Authority, established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council [3], has been consulted for technical advice on the rules laid down in this Directive.
Strokovno mnenje o pravilih, določenih v tej direktivi, je na zahtevo prispeval Evropski organ za vrednostne papirje in trge, ustanovljen z Uredbo (EU) št. 1095/2010 Evropskega parlamenta in Sveta [3].
In order to allow competent authorities and investment firms to adapt to the new requirements contained in this Directive so that they can be applied in an efficient and effective manner, the date of transposition as well as date of application of this Directive should be aligned respectively with the transposition and entry into application dates of Directive 2014/65/EU,
Da bi se pristojni organi in investicijska podjetja lahko prilagodili novim zahtevam iz te direktive, da jih bodo lahko učinkovito in uspešno uporabljali, bi bilo treba datum prenosa in datum začetka uporabe te direktive uskladiti z datumoma prenosa oziroma začetka uporabe Direktive 2014/65/EU.
In accordance with the Joint Political Declaration of Member States and the Commission of 28 September 2011 on explanatory documents, Member States have undertaken to accompany, in justified cases, the notification of their transposition measures with one or more documents explaining the relationship between the components of a directive and the corresponding parts of national transposition instruments,
Države članice so se v skladu s skupno politično izjavo držav članic in Komisije z dne 28. septembra 2011 o obrazložitvenih dokumentih zavezale, da bodo v upravičenih primerih svojemu obvestilu o ukrepih za prenos priložile enega ali več obrazložitvenih dokumentov, v katerih bo pojasnjeno razmerje med sestavnimi deli direktive in ustreznimi deli nacionalnih instrumentov za prenos –
This Directive shall apply to investment firms, to management companies in accordance with Article 6(4) of Directive 2009/65/EC of the European Parliament and of the Council [4] and to alternative investment fund managers in accordance with Article 6(6) of Directive 2011/61/EU of the European Parliament and of the Council [5].
Ta direktiva se uporablja za investicijska podjetja, za družbe za upravljanje v skladu s členom 6(4) Direktive 2009/65/ES Evropskega parlamenta in Sveta [4] in za upravitelje alternativnih investicijskih skladov v skladu s členom 6(6) Direktive 2011/61/EU Evropskega parlamenta in Sveta [5].
For the purposes of Chapters II, III and IV of this Directive, references to investment firms and financial instruments shall include credit institutions and structured deposits in relation to all the requirements referred to in Article 1(3) and (4) of Directive 2014/65/EU.
Za namene poglavij II, III in IV te direktive sklicevanja na investicijska podjetja in finančne instrumente vključujejo kreditne institucije in strukturirane vloge v zvezi z vsemi zahtevami iz člena 1(3) in (4) Direktive 2014/65/EU.
‘securities financing transaction’ means transactions as defined in Article 3 point (11) of Regulation (EU) 2015/2365 of the European Parliament and of the Council [6] on transparency of securities financing transactions and of reuse.
„Posel financiranja z vrednostnimi papirji“ pomeni posle, kot so opredeljeni v členu 3(11) Uredbe (EU) 2015/2365 Evropskega parlamenta in Sveta [6] o preglednosti poslov financiranja z vrednostnimi papirji in ponovne uporabe.
‘qualifying money market fund’ means a collective investment undertaking authorised under Directive 2009/65/EC, or which is subject to supervision and, if applicable, authorised by an authority under the national law of the authorising Member State, and which satisfies all of the following conditions:
„Kvalificirani sklad denarnega trga“ pomeni kolektivni naložbeni podjem z dovoljenjem na podlagi Direktive 2009/65/ES, ali ki je predmet nadzora in, če je primerno, ima dovoljenje organa na podlagi nacionalne zakonodaje države članice, ki izda dovoljenje ter izpolnjuje naslednje pogoje:
its primary investment objective must be to maintain the net asset value of the undertaking either constant at par (net of earnings), or at the value of the investors' initial capital plus earnings;
njegov glavni investicijski cilj mora biti ohranjati nominalno neto vrednost sredstev podjetja (neto zaslužka) ali vrednost začetnega kapitala vlagatelja plus zaslužek;
it must, with a view to achieving that primary investment objective, invest exclusively in high quality money market instruments with a maturity or residual maturity of no more than 397 days, or regular yield adjustments consistent with such a maturity, and with a weighted average maturity of 60 days.
z namenom, da doseže navedeni primarni investicijski cilj, mora vlagati izključno v instrumente denarnega trga visoke kakovosti, z zapadlostjo ali preostalo zapadlostjo največ 397 dni, ali z rednim prilagajanjem donosa, skladnim s tako zapadlostjo, ter s povprečno tehtano zapadlostjo 60 dni.
It may also achieve this objective by investing on an ancillary basis in deposits with credit institutions;
Ta cilj lahko doseže tudi s pomožnim vlaganjem v depozite pri kreditnih institucijah;
it must provide liquidity through same day or next day settlement.
zagotoviti mora likvidnost s poravnavo istega ali naslednjega dne.
For the purposes of point (b), a money market instrument shall be considered to be of high quality if the management/investment company performs its own documented assessment of the credit quality of money market instruments that allows it to consider a money market instrument as high quality.
Za namene točke (b) se za instrument denarnega trga šteje, da je visoke kakovosti, če družba za upravljanje/investicijsko podjetje izvaja lastno dokumentirano ocenjevanje kreditne kakovosti instrumentov denarnega trga, ki omogoča ugotovitev, da je instrument denarnega trga visoke kakovosti.
Where one or more credit rating agencies registered and supervised by ESMA have provided a rating of the instrument, the management/investment company's internal assessment should have regard to, inter alia, those credit ratings.
Če je ena ali več bonitetnih agencij, ki so registrirane in nadzorovane s strani ESMA, zagotovila bonitetno oceno instrumenta, je treba pri notranjem ocenjevanju, ki ga izvede družba za upravljanje/investicijsko podjetje, med drugim upoštevati tudi te bonitetne ocene.
SAFEGUARDING OF CLIENT FINANCIAL INSTRUMENTS AND FUNDS
ZAŠČITA FINANČNIH INSTRUMENTOV IN SREDSTEV STRANK
Safeguarding of client financial instruments and funds
Zaščita finančnih instrumentov in sredstev strank
Member States shall require that investment firms comply with the following requirements:
Države članice zahtevajo, da investicijska podjetja izpolnjujejo naslednje zahteve:
they must keep records and accounts enabling them at any time and without delay to distinguish assets held for one client from assets held for any other client and from their own assets;
voditi morajo evidence in račune, ki jim omogočajo, da lahko kadar koli in takoj ločijo med sredstvi, katerih imetniki so za eno stranko, in sredstvi, katerih imetniki so za druge stranke, ter lastnimi sredstvi;
they must maintain their records and accounts in a way that ensures their accuracy, and in particular their correspondence to the financial instruments and funds held for clients and that they may be used as an audit trail;
svoje evidence in račune morajo vzdrževati na način, ki zagotavlja njihovo točnost, zlasti pa ustreznost finančnim instrumentom in sredstvom, katerih imetniki so za stranke, ter da se lahko uporabijo kot revizijska sled;
they must conduct, on a regular basis, reconciliations between their internal accounts and records and those of any third parties by whom those assets are held;
redno morajo izvajati usklajevanje med svojimi notranjimi računi in evidencami ter notranjimi računi in evidencami kakršnih koli tretjih oseb, ki so imetniki teh sredstev;
they must take the necessary steps to ensure that any client financial instruments deposited with a third party, in accordance with Article 3, are identifiable separately from the financial instruments belonging to the investment firm and from financial instruments belonging to that third party, by means of differently titled accounts on the books of the third party or other equivalent measures that achieve the same level of protection;
sprejeti morajo potrebne ukrepe, da zagotovijo, da je finančne instrumente strank, ki so v skladu s členom 3 deponirani pri tretji osebi, možno identificirati ločeno od finančnih instrumentov, ki pripadajo investicijskemu podjetju, in od finančnih instrumentov, ki pripadajo navedeni tretji osebi, na podlagi različno naslovljenih računov v knjigah tretje osebe ali drugih enakovrednih ukrepov, s katerimi se doseže enaka stopnja zaščite;
they must take the necessary steps to ensure that client funds deposited, in accordance with Article 4, in a central bank, a credit institution or a bank authorised in a third country or a qualifying money market fund are held in an account or accounts identified separately from any accounts used to hold funds belonging to the investment firm;
sprejeti morajo potrebne ukrepe, da zagotovijo, da se sredstva strank, ki so v skladu s členom 4 deponirana v centralni banki, kreditni instituciji ali banki z dovoljenjem v tretji državi ali kvalificiranem skladu denarnega trga, nahajajo na računu ali računih, identificiranih ločeno od kakršnih koli drugih računov, ki se uporabljajo za imetništvo sredstev, ki pripadajo investicijskemu podjetju;
they must introduce adequate organisational arrangements to minimise the risk of the loss or diminution of client assets, or of rights in connection with those assets, as a result of misuse of the assets, fraud, poor administration, inadequate record-keeping or negligence.
uvesti morajo ustrezno organizacijsko ureditev, da v čim večji meri zmanjšajo tveganje izgube ali zmanjšanja sredstev strank ali pravic v zvezi z navedenimi sredstvi, ki bi lahko bilo posledica zlorabe sredstev, goljufije, slabega upravljanja, neustreznega vodenja evidenc ali malomarnosti.
If, for reasons of the applicable law, including in particular the law relating to property or insolvency, investment firms cannot comply with paragraph 1 of this Article to safeguard clients' rights to satisfy the requirements of Article 16(8) and (9) of Directive 2014/65/EU, Member States shall require that investment firms put in place arrangements to ensure that clients' assets are safeguarded to meet the objectives of paragraph 1 of this Article.
Če zaradi veljavnih zakonov, vključno zlasti z zakoni, ki urejajo lastnino ali insolventnost, investicijska podjetja ne morejo izpolnjevati zahtev iz odstavka 1 tega člena za zaščito pravic strank, da se izpolnijo zahteve iz člena 16(8) in (9) Direktive 2014/65/EU, države članice zahtevajo, da investicijska podjetja vzpostavijo ureditve za zagotovitev varovanja sredstev strank, da se dosežejo cilji iz odstavka 1 tega člena.
If the applicable law of the jurisdiction in which the client funds or financial instruments are held prevents investment firms from complying with points (d) or (e) of paragraph 1, Member States shall prescribe requirements which have an equivalent effect in terms of safeguarding clients' rights.
Če veljavni zakoni jurisdikcije, v kateri je imetnik sredstev ali finančnih instrumentov strank, investicijskemu podjetju preprečujejo, da izpolni obveznosti iz točk (d) ali (e) odstavka 1, države članice predpišejo zahteve, ki imajo enakovreden učinek z vidika zaščite pravic strank.
When relying on such equivalent requirements under Article 2(1)(d) or (e), Member States shall ensure that investment firms inform clients that in such instances they do not benefit from the provisions envisaged under Directive 2014/65/EU and this Directive.
Če se države članice opirajo na take enakovredne zahteve iz člena 2(1)(d) ali (e), zagotovijo, da investicijska podjetja stranke obvestijo, da v takih primerih zanje ne veljajo določbe iz Direktive 2014/65/EU in te direktive.
Member States shall ensure that security interests, liens or rights of set-off over client financial instruments or funds enabling a third party to dispose of client's financial instruments or funds in order to recover debts that do not relate to the client or provision of services to the client are not permitted except where this is required by applicable law in a third country jurisdiction in which the client funds or financial instruments are held
Države članice zagotovijo, da pravica unovčitve finančnega premoženja ali zastavna pravica ali pravica izravnave v zvezi s finančnimi instrumenti ali sredstvi strank, ki tretji osebi omogoča prodajo finančnih instrumentov ali sredstev stranke zaradi izterjave dolgov, ki niso povezani s stranko ali zagotavljanjem storitev stranki, niso dovoljene, razen če tako zahteva veljavna zakonodaja v jurisdikciji tretje države, v kateri se izvaja imetništvo sredstev ali finančnih instrumentov strank.
Member States shall require investment firms, where the firm is obliged to enter into agreements that create such security interests, liens or rights of set-off, to disclose that information to clients indicating to them the risks associated with those arrangements.
Države članice zahtevajo, da investicijska podjetja, ki morajo skleniti dogovore, ki ustvarijo tako pravico unovčitve finančnega premoženja ali zastavno pravico ali pravico izravnave, te informacije razkrijejo strankam ter jim pri tem navedejo tveganja, povezana s temi dogovori.
Where security interests, liens or rights of set-off are granted by the firm over client financial instruments or funds, or where the firm has been informed that they are granted, they shall be recorded in client contracts and the firm's own accounts to make the ownership status of client assets clear, such as in the event of an insolvency.
Če podjetje odobri pravico unovčitve finančnega premoženja ali zastavno pravico ali pravico izravnave v zvezi s finančnimi instrumenti ali sredstvi strank ali če je bilo podjetje obveščeno, da so odobrene, se to navede v pogodbah s strankami in računih podjetja, da je lastniški status sredstev strank jasen, na primer v primeru insolventnosti.
Member States shall require that investment firms make information pertaining to clients' financial instruments and funds readily available to the following entities: competent authorities, appointed insolvency practitioners and those responsible for the resolution of failed institutions.
Države članice od investicijskih podjetij zahtevajo, da zagotovijo informacije o finančnih instrumentih in sredstvih strank na voljo naslednjim subjektom: pristojnim organom, imenovanim stečajnim upraviteljem in pristojnim za reševanje propadlih institucij.
The information to be made available shall include the following:
Informacije, ki se dajo na voljo, vsebujejo:
related internal accounts and records that readily identify the balances of funds and financial instruments held for each client;
povezane notranje račune in evidence, iz katerih je jasno razvidno stanje sredstev in finančnih instrumentov, za katere je podjetje imetnik, za vsako stranko;
where client funds are held by investment firms in accordance with Article 4, details on the accounts in which client funds are held and on the relevant agreements with those firms;
če so investicijska podjetja imetniki sredstev strank v skladu s členom 4, podrobnosti o računih, na katerih se nahajajo sredstva strank, in o ustreznih dogovorih z navedenimi podjetji;