natgillin/translations-raw huggingface dataset:
an exposure opposite to the one previously held by the firm itself; or
nasprotno izpostavljenost, kot jo je prej imelo samo podjetje, ali
an exposure opposite to the one that the firm wants to hold after the sale of the product.
nasprotno izpostavljenost, kot jo želi podjetje imeti po prodaji produkta.
Member States shall ensure that investment firms consider whether the financial instrument may represent a threat to the orderly functioning or to the stability of financial markets before deciding to proceed with the launch of the product.
Države članice zagotovijo, da investicijska podjetja razmislijo, ali bi finančni instrument lahko pomenil grožnjo za pravilno delovanje ali stabilnost finančnih trgov, preden se odločijo, da lansirajo produkt.
Member States shall require investment firms to ensure that relevant staff involved in the manufacturing of financial instruments possess the necessary expertise to understand the characteristics and risks of the financial instruments they intend to manufacture.
Države članice zahtevajo, da investicijska podjetja zagotovijo, da ima zadevno osebje, ki sodeluje pri pripravi finančnih instrumentov, potrebno strokovno znanje za razumevanje značilnosti finančnih instrumentov, ki jih nameravajo pripraviti, in njihovih tveganj.
Member States shall require investment firms to ensure that the management body has effective control over the firm's product governance process.
Države članice zahtevajo, da investicijska podjetja zagotovijo, da ima upravljalni organ učinkovit nadzor nad procesom upravljanja produktov v podjetju.
Investment firms shall ensure that the compliance reports to the management body systematically include information about the financial instruments manufactured by the firm, including information on the distribution strategy.
Investicijska podjetja zagotovijo, da poročila o skladnosti, namenjena upravljalnemu organu, sistematično vključujejo informacije o finančnih instrumentih, ki jih je pripravilo podjetje, vključno z informacijami o distribucijski strategiji.
Investment firms shall make the reports available to their competent authority on request.
Investicijska podjetja dajo na zahtevo poročila na voljo pristojnemu organu.
Member States shall require investment firms to ensure that the compliance function monitors the development and periodic review of product governance arrangements in order to detect any risk of failure by the firm to comply with the obligations set out in this Article.
Države članice zahtevajo, da investicijska podjetja zagotovijo, da služba za zagotavljanje skladnosti spremlja razvoj in redno pregleduje ureditve upravljanja produktov, da se odkrije vsako tveganje, da podjetje ne bo izpolnjevalo obveznosti, določenih v tem členu.
Member States shall require investment firms, where they collaborate, including with entities which are not authorised and supervised in accordance with Directive 2014/65/EU or third-country firms, to create, develop, issue and/or design a product, to outline their mutual responsibilities in a written agreement.
Države članice zahtevajo, da investicijska podjetja, če pri ustvarjanju, razvijanju, izdaji in/ali oblikovanju produkta sodelujejo, tudi s subjekti, ki nimajo dovoljenja in niso nadzorovani v skladu z Direktivo 2014/65/EU, ali podjetji iz tretjih držav, navedejo svoje vzajemne odgovornosti v pisnem dogovoru.
Member States shall require investment firms to identify at a sufficiently granular level the potential target market for each financial instrument and specify the type(s) of client for whose needs, characteristics and objectives the financial instrument is compatible.
Države članice zahtevajo, da investicijska podjetja dovolj razčlenjeno določijo potencialni ciljni trg za vsak finančni instrument in navedejo vrsto(-e) strank, s katere potrebami, značilnostmi in cilji je finančni instrument združljiv.
As part of this process, the firm shall identify any group(s) of clients for whose needs, characteristics and objectives the financial instrument is not compatible.
Podjetje v okviru tega procesa opredeli skupino(-e) strank, s katere potrebami, značilnostmi in cilji finančni instrument ni združljiv.
Where investment firms collaborate to manufacture a financial instrument, only one target market needs to be identified.
Če investicijska podjetja sodelujejo pri pripravi finančnega instrumenta, je treba opredeliti samo en ciljni trg.
Investment firms manufacturing financial instruments that are distributed through other investment firms shall determine the needs and characteristics of clients for whom the product is compatible based on their theoretical knowledge of and past experience with the financial instrument or similar financial instruments, the financial markets and the needs, characteristics and objectives of potential end clients.
Investicijska podjetja, ki pripravljajo finančne instrumente, ki se distribuirajo prek drugih investicijskih podjetij, določijo potrebe in značilnosti strank, s katerimi je produkt združljiv, na podlagi svojega teoretičnega znanja in preteklih izkušenj s finančnim instrumentom ali podobnimi finančnimi instrumenti, finančnimi trgi in potrebami, značilnostmi in cilji potencialnih končnih strank.
Member States shall require investment firms to undertake a scenario analysis of their financial instruments which shall assess the risks of poor outcomes for end clients posed by the product and in which circumstances these outcomes may occur.
Države članice zahtevajo, da investicijska podjetja naredijo analizo scenarijev za svoje finančne instrumente, v kateri ocenijo tveganja slabih rezultatov za stranke, ki jih predstavlja produkt, in okoliščine, v katerih lahko pride do teh rezultatov.
Investment firms shall assess the financial instrument under negative conditions covering what would happen if, for example:
Investicijska podjetja ocenijo finančni instrument v okviru negativnih pogojev, ki zajemajo, kaj bi se zgodilo, če na primer:
the market environment deteriorated;
pride do poslabšanja tržnega okolja;
the manufacturer or a third party involved in manufacturing and or functioning of the financial instrument experiences financial difficulties or other counterparty risk materialises;
pripravljavec produktov ali tretja oseba, ki sodeluje pri pripravi in/ali delovanju finančnega instrumenta, izkusi finančne težave ali se materializira drugo tveganje nasprotne stranke;
the financial instrument fails to become commercially viable; or
finančni instrument ne postane tržno donosen ali
demand for the financial instrument is much higher than anticipated, putting a strain on the firm's resources and/or on the market of the underlying instrument.
je povpraševanje po finančnem instrumentu veliko večje od pričakovanega, kar obremenjuje vire podjetja in/ali trg osnovnega instrumenta.
Member States shall require investment firms to determine whether a financial instrument meets the identified needs, characteristics and objectives of the target market, including by examining the following elements:
Države članice zahtevajo, da investicijska podjetja ugotovijo, ali finančni instrument ustreza opredeljenim potrebam, značilnostim in ciljem ciljnega trga, vključno s preučitvijo naslednjih elementov:
the financial instrument's risk/reward profile is consistent with the target market; and
profil tveganja/donosa finančnega instrumenta je skladen s ciljnim trgom in
financial instrument design is driven by features that benefit the client and not by a business model that relies on poor client outcomes to be profitable.
oblikovanje finančnega instrumenta temelji na značilnostih, ki koristijo stranki in ne na poslovnem modelu, ki se zanaša na slabe rezultate za stranko, da bi bil dobičkonosen.
Member States shall ensure that investment firms consider the charging structure proposed for the financial instrument, including by examining the following:
Države članice zagotovijo, da investicijska podjetja upoštevajo strukturo stroškov, predlagano za finančni instrument, vključno s preučitvijo naslednjih elementov:
financial instrument's costs and charges are compatible with the needs, objectives and characteristics of the target market;
stroški in dajatve finančnega instrumenta so združljivi s potrebami, cilji in značilnostmi ciljnega trga;
charges do not undermine the financial instrument's return expectations, such as where the costs or charges equal, exceed or remove almost all the expected tax advantages linked to a financial instrument; and
dajatve ne ogrožajo pričakovanj glede donosa finančnega instrumenta, kot na primer, kjer so stroški ali dajatve enaki ali višji kot vse davčne ugodnosti, povezane s finančnim instrumentom, ali pa te ugodnosti skoraj izničijo; in
the charging structure of the financial instrument is appropriately transparent for the target market, such as that it does not disguise charges or is too complex to understand.
struktura stroškov finančnega instrumenta je ustrezno pregledna za ciljni trg, na primer, tako da ne prikriva dajatev ali da ni preveč zapletena, da bi bila razumljiva.
Member States shall require investment firms to ensure that the provision of information about a financial instrument to distributors includes information about the appropriate channels for distribution of the financial instrument, the product approval process and the target market assessment and is of an adequate standard to enable distributors to understand and recommend or sell the financial instrument properly.
Države članice zahtevajo, da investicijska podjetja zagotovijo, da informacije o finančnem instrumentu, zagotovljene distributerjem, vključujejo informacije o ustreznih kanalih za distribucijo finančnega instrumenta, postopku za odobritev produkta in oceno ciljnega trga ter da so primerne kakovosti, da lahko distributerji pravilno razumejo in priporočajo ali prodajajo finančni instrument.
Member States shall require investment firms to review the financial instruments they manufacture on a regular basis, taking into account any event that could materially affect the potential risk to the identified target market.
Države članice zahtevajo, da investicijska podjetja redno pregledujejo finančne instrumente, ki jih pripravljajo, pri tem pa upoštevajo vsak dogodek, ki bi lahko bistveno vplival na potencialno tveganje za opredeljen ciljni trg.
Investment firms shall consider if the financial instrument remains consistent with the needs, characteristics and objectives of the target market and if it is being distributed to the target market, or is reaching clients for whose needs, characteristics and objectives the financial instrument is not compatible.
Investicijska podjetja preučijo, ali je finančni instrument še skladen s potrebami, značilnostmi in cilji ciljnega trga in, če se distribuira na ciljnem trgu, ali dosega stranke, s katerih potrebami, značilnostmi in cilji finančni instrument ni združljiv.
Member States shall require investment firms to review financial instruments prior to any further issue or re-launch, if they are aware of any event that could materially affect the potential risk to investors and at regular intervals to assess whether the financial instruments function as intended.
Države članice zahtevajo, da investicijska podjetja pred kakršno koli nadaljnjo izdajo ali ponovnim lansiranjem pregledajo finančni instrument, če so seznanjene s kakršnim koli dogodkom, ki bi lahko bistveno vplival na potencialno tveganje za vlagatelje, in v rednih časovnih presledkih ocenjujejo, ali finančni instrumenti delujejo, kot je bilo predvideno.
Investment firms shall determine how regularly to review their financial instruments based on relevant factors, including factors linked to the complexity or the innovative nature of the investment strategies pursued.
Investicijska podjetja določijo pogostost rednih pregledov svojih finančnih instrumentov na podlagi relevantnih dejavnikov, vključno z dejavniki, povezanimi s kompleksnostjo ali inovativno naravo uporabljenih investicijskih strategij.
Firms shall also identify crucial events that would affect the potential risk or return expectations of the financial instrument, such as:
Podjetja tudi opredelijo ključne dogodke, ki bi lahko vplivali na potencialno tveganje ali pričakovane donose finančnega instrumenta, kot sta:
the crossing of a threshold that will affect the return profile of the financial instrument; or
prekoračitev praga, ki bo vplivala na profil donosa finančnega instrumenta, ali
the solvency of certain issuers whose securities or guarantees may impact the performance of the financial instrument.
kapitalska ustreznost nekaterih izdajateljev, katerih vrednostni papirji ali jamstva lahko vplivajo na uspešnost finančnega instrumenta.
Member States shall ensure that, when such events occur, investment firms take appropriate action which may consist of:
Države članice zagotovijo, da investicijska podjetja v primeru takega dogodka ustrezno ukrepajo, kar lahko zajema:
the provision of any relevant information on the event and its consequences on the financial instrument to the clients or the distributors of the financial instrument if the investment firm does not offer or sell the financial instrument directly to the clients;
zagotavljanje ustreznih informacij o dogodku in njegovih posledicah za finančni instrument strankam ali distributerjem finančnega instrumenta, če investicijsko podjetje ne ponuja ali prodaja finančnega instrumenta neposredno strankam;
changing the product approval process;
spremembe postopka za odobritev produkta;
stopping further issuance of the financial instrument;
ustavitev nadaljnje izdaje finančnega instrumenta;
changing the financial instrument to avoid unfair contract terms;
spremembo finančnega instrumenta, da se preprečijo nepošteni pogodbeni pogoji;
considering whether the sales channels through which the financial instruments are sold are appropriate where firms become aware that the financial instrument is not being sold as envisaged;
preučitev, ali so prodajni kanali, po katerih se prodajajo finančni instrumenti, primerni, če podjetja ugotovijo, da se finančni instrument ne prodaja, kot je bilo predvideno;
contacting the distributor to discuss a modification of the distribution process;
stik z distributerjem, da bi razpravljali o spremembi distribucijskega procesa;
terminating the relationship with the distributor; or
prenehanje razmerja z distributerjem ali
informing the relevant competent authority.
obveščanje ustreznega pristojnega organa.
Product governance obligations for distributors
Obveznosti glede upravljanja produktov za distributerje
Member States shall require investment firms, when deciding the range of financial instruments issued by themselves or other firms and services they intend to offer or recommend to clients, to comply, in a way that is appropriate and proportionate, with the relevant requirements laid down in paragraphs 2 to 10, taking into account the nature of the financial instrument, the investment service and the target market for the product.
Države članice zahtevajo, da investicijska podjetja pri odločanju o razponu finančnih instrumentov, ki jih izdajajo sama ali druga podjetja, in storitev, ki jih nameravajo ponuditi ali priporočiti strankam, primerno in sorazmerno izpolnjujejo ustrezne zahteve iz odstavkov 2 do 10, pri čemer upoštevajo naravo finančnega instrumenta, investicijsko storitev in ciljni trg za produkt.
Member States shall ensure that investment firms also comply with the requirements of Directive 2014/65/EU when offering or recommending financial instruments manufactured by entities that are not subject to Directive 2014/65/EU.
Države članice zagotovijo, da investicijska podjetja izpolnjujejo tudi zahteve iz Direktive 2014/65/EU, kadar ponujajo ali priporočajo finančne instrumente, ki jih pripravijo podjetja, za katera ne velja Direktiva 2014/65/EU.
As part of this process, such investment firms shall have in place effective arrangements to ensure that they obtain sufficient information about these financial instruments from these manufacturers.
Kot del tega postopka imajo taka investicijska podjetja vzpostavljene učinkovite ureditve za zagotovitev, da od teh pripravljavcev produktov dobijo dovolj informacij o teh finančnih instrumentih.
Investment firms shall determine the target market for the respective financial instrument, even if the target market was not defined by the manufacturer.
Investicijska podjetja določijo ciljni trg za zadevni finančni instrument, tudi če ga pripravljavec produktov ni določil.
Member States shall require investment firms to have in place adequate product governance arrangements to ensure that products and services they intend to offer or recommend are compatible with the needs, characteristics, and objectives of an identified target market and that the intended distribution strategy is consistent with the identified target market.
Države članice zahtevajo, da imajo investicijska podjetja vzpostavljene ustrezne ureditve upravljanja produktov za zagotovitev, da so produkti in storitve, ki jih nameravajo ponujati ali priporočati, združljivi s potrebami, značilnostmi in cilji opredeljenega ciljnega trga ter da je načrtovana distribucijska strategija skladna z opredeljenim ciljnim trgom.
Investment firms shall appropriately identify and assess the circumstances and needs of the clients they intend to focus on, so as to ensure that clients' interests are not compromised as a result of commercial or funding pressures.
Investicijska podjetja ustrezno opredelijo in ocenijo okoliščine in potrebe strank, na katere se nameravajo osredotočiti, da zagotovijo, da interesi strank niso ogroženi zaradi komercialnih ali finančnih pritiskov.
As part of this process, firms shall identify any groups of clients for whose needs, characteristics and objectives the product or service is not compatible.
Podjetja v okviru tega procesa opredelijo skupine strank, s katerih potrebami, značilnostmi in cilji produkt ali storitev nista združljiva.
Member States shall ensure that investment firms obtain from manufactures that are subject to Directive 2014/65/EU information to gain the necessary understanding and knowledge of the products they intend to recommend or sell in order to ensure that these products will be distributed in accordance with the needs, characteristics and objectives of the identified target market,
Države članice zagotovijo, da investicijska podjetja od pripravljavcev produktov, za katere velja Direktiva 2014/65/EU, pridobijo informacije, ki jim omogočajo potrebno razumevanje in poznavanje produktov, ki jih nameravajo priporočati ali prodajati, da se zagotovi, da bodo ti produkti distribuirani v skladu s potrebami, značilnostmi in cilji opredeljenega ciljnega trga.
Member States shall require investment firms to take all reasonable steps to ensure they also obtain adequate and reliable information from manufacturers not subject to Directive 2014/65/EU to ensure that products will be distributed in accordance with the characteristics, objectives and needs of the target market.
Države članice zahtevajo, da investicijska podjetja sprejmejo vse razumne ukrepe za zagotovitev, da tudi od pripravljavcev produktov, za katere ne velja Direktiva 2014/65/EU, pridobijo ustrezne in zanesljive informacije za zagotovitev, da bodo produkti distribuirani v skladu z značilnostmi, cilji in potrebami ciljnega trga.
Where relevant information is not publicly available, the distributor shall take all reasonable steps to obtain such relevant information from the manufacturer or its agent.
Če relevantne informacije niso javno dostopne, distributer sprejme vse razumne ukrepe, da jih pridobi od pripravljavca produktov ali njegovega zastopnika.
Acceptable publicly available information is information which is clear, reliable and produced to meet regulatory requirements, such as disclosure requirements under Directive 2003/71/EC [8] or 2004/109/EC [9] of the European Parliament and of the Council.
Sprejemljive javno dostopne informacije so informacije, ki so jasne, zanesljive in pripravljene za namene izpolnjevanja regulativnih zahtev, kot so zahteve glede razkritja v skladu z Direktivo 2003/71/ES [8] ali 2004/109/ES [9] Evropskega parlamenta in Sveta.
This obligation is relevant for products sold on primary and secondary markets and shall apply in a proportionate manner, depending on the degree to which publicly available information is obtainable and the complexity of the product.Investment firms shall use the information obtained from manufacturers and information on their own clients to identify the target market and distribution strategy.
Ta obveznost velja za produkte, ki se prodajajo na primarnih in sekundarnih trgih, ter se uporablja sorazmerno glede na obseg, v katerem je mogoče pridobiti javno dostopne informacije, in kompleksnost produkta.Investicijska podjetja opredelijo ciljni trg in distribucijsko strategijo na podlagi informacij, pridobljenih od pripravljavcev produktov, in informacij o svojih strankah.
When an investment firm acts both as a manufacturer and a distributor, only one target market assessment shall be required.
Če investicijsko podjetje deluje kot pripravljavec produktov in distributer, se zahteva samo ena ocena ciljnega trga.
Member States shall require investment firms, when deciding the range of financial instrument and services that they offer or recommend and the respective target markets, to maintain procedures and measures to ensure compliance with all applicable requirements under Directive 2014/65/EU including those relating to disclosure, assessment of suitability or appropriateness, inducements and proper management of conflicts of interest.
Države članice zahtevajo, da investicijska podjetja pri odločanju o razponu finančnih instrumentov in storitev, ki jih ponujajo ali priporočajo, in zadevnih ciljnih trgih, vzdržujejo postopke in ukrepe za zagotovitev skladnosti z vsemi veljavnimi zahtevami iz Direktive 2014/65/EU, tudi z zahtevami v zvezi z razkritjem, oceno primernosti ali ustreznosti, spodbudami in ustreznim obvladovanjem nasprotij interesov.
In this context, particular care shall be taken when distributors intend to offer or recommend new products or there are variations to the services they provide.
V zvezi s tem se posebna pozornost nameni primerom, ko nameravajo distributerji ponuditi ali priporočiti nove produkte ali kadar obstajajo razlike pri storitvah, ki jih zagotavljajo.
Member States shall require investment firms to periodically review and update their product governance arrangements in order to ensure that they remain robust and fit for their purpose, and take appropriate actions where necessary.
Države članice zahtevajo, da investicijska podjetja redno pregledujejo in posodabljajo svoje ureditve upravljanja produktov za zagotovitev, da so še naprej trdne in primerne za svoj namen, in po potrebi ustrezno ukrepajo.
Member States shall require investment firms to review the investment products they offer or recommend and the services they provide on a regular basis, taking into account any event that could materially affect the potential risk to the identified target market.
Države članice zahtevajo, da investicijska podjetja redno pregledujejo investicijske produkte, ki jih ponujajo ali priporočajo, ter storitve, ki jih zagotavljajo, pri tem pa upoštevajo vsak dogodek, ki bi lahko bistveno vplival na potencialno tveganje za opredeljen ciljni trg.
Firms shall assess at least whether the product or service remains consistent with the needs, characteristics and objectives of the identified target market and whether the intended distribution strategy remains appropriate.
Podjetja ocenijo vsaj, ali je produkt ali storitev še skladna s potrebami, značilnosti in cilji opredeljenega ciljnega trga in ali je načrtovana distribucijska strategija še ustrezna.