natgillin/translations-raw huggingface dataset:
transactions executed in index-related products, baskets and derivatives, insofar as required by Article 19 of Regulation (EU) No 596/2014;
posle, ki jih izvede upravitelj AIS, v katerega je vložila oseba, ki opravlja poslovodne naloge, ali oseba, ki je z njo tesno povezana, kolikor se to zahteva s členom 19 Uredbe (EU) št. 596/2014;
transactions executed in shares or units of investment funds, including alternative investment funds (AIFs) referred to in Article 1 of Directive 2011/61/EU of the European Parliament and of the Council [4], insofar as required by Article 19 of Regulation (EU) No 596/2014;
posle, ki jih tretja oseba izvede na podlagi pooblastila za upravljanje posameznega portfelja ali premoženja v imenu ali v korist osebe, ki opravlja poslovodne naloge, ali osebe, ki je z njo tesno povezana;
transactions executed by manager of an AIF in which the person discharging managerial responsibilities or a person closely associated with such a person has invested, insofar as required by Article 19 of Regulation (EU) No 596/2014;
izposojanje in posojanje delnic ali dolžniških instrumentov izdajatelja ali izvedenih finančnih instrumentov ali drugih finančnih instrumentov, ki so z njimi povezani.
transactions executed by a third party under an individual portfolio or asset management mandate on behalf or for the benefit of a person discharging managerial responsibilities or a person closely associated with such a person;
Člen 11
borrowing or lending of shares or debt instruments of the issuer or derivatives or other financial instruments linked thereto.
Začetek veljavnosti in uporaba
Article 11
Ta uredba začne veljati dvajseti dan po objavi v Uradnem listu Evropske unije.
Entry into force and application
Uporablja se od 3. julija 2016.
It shall apply from 3 July 2016.
V Bruslju, 17. decembra 2015
For the Commission
UL L 173, 12.6.2014, str. 1.
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 (OJ L 173, 12.6.2014, p.
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.
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.
Direktiva 2011/61/EU Evropskega parlamenta in Sveta z dne 8. junija 2011 o upraviteljih alternativnih investicijskih skladov in spremembah direktiv 2003/41/ES in 2009/65/ES ter uredb (ES) št. 1060/2009 in (EU) št. 1095/2010 (UL L 174, 1.7.2011, str.
Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p.
PRILOGA I
1).
Javni organi in centralne banke tretjih držav
ANNEX I
Avstralija:
Public bodies and central banks of third countries
Centralna banka Avstralije,
Australia:
avstralski urad za finančno upravljanje;
Reserve Bank of Australia;
Brazilija:
Australian Office of Financial Management;
Brazilska centralna banka,
Brazil:
brazilsko ministrstvo za finance;
National Treasury of Brazil;
Banka Kanade,
Canada:
kanadsko finančno ministrstvo;
Bank of Canada;
Kitajska:
Department of Finance Canada;
Kitajska ljudska banka;
China:
Posebno upravno območje Hongkong:
People's Bank of China;
Monetarni organ Hongkonga,
Hong Kong SAR:
Urad za finančne storitve in državno blagajno Hongkonga;
Hong Kong Monetary Authority;
Indija:
Financial Services and the Treasury Bureau of Hong Kong;
Centralna banka Indije;
India:
Japonska:
Reserve Bank of India;
Banka Japonske,
Japan:
japonsko ministrstvo za finance;
Bank of Japan;
Mehika:
Ministry of Finance of Japan;
Banka Mehike,
Mexico:
mehiško ministrstvo za finance in posojila iz državnih sredstev;
Bank of Mexico;
Singapur:
Ministry of Finance and Public Credit of Mexico;
Monetarni organ Singapurja;
Singapore:
Južna Koreja:
Monetary Authority of Singapore;
Banka Koreje,
South Korea:
ministrstvo za strategijo in finance Koreje;
Bank of Korea;
Švica:
Ministry of Strategy and Finance of Korea;
Švicarska narodna banka,
Switzerland:
švicarska zvezna finančna uprava;
Swiss National Bank;
Turčija:
Federal Finance Administration of Switzerland;
Centralna banka Republike Turčije,
Undersecretariat of Treasury of the Republic of Turkey;
PRILOGA II
The United States:
ODDELEK 1
Federal Reserve System; U.S.
KAZALNIKI MANIPULATIVNEGA RAVNANJA, POVEZANEGA Z NAPAČNIMI ALI ZAVAJAJOČIMI ZNAKI IN ZAGOTAVLJANJEM CENE (ODDELEK A PRILOGE I K UREDBI (EU) št. 596/2014)
Department of the Treasury
Prakse, s katerimi se opredeljuje kazalnik A(a) iz Priloge I k Uredbi (EU) št. 596/2014:
ANNEX II
kupovanje pozicij – tudi s strani strank tajnega dogovarjanja – v finančnem instrumentu, povezani blagovni promptni pogodbi ali produktu na dražbi na podlagi pravic do emisije na sekundarnem trgu po dodelitvi na primarnem trgu, da se objavi cena na umetni ravni in vzbudi zanimanje drugih vlagateljev – na primer v okviru trgovanja z lastniškimi instrumenti tako imenovano tajno dogovarjanje pri zunajborznih poslih prve javne ponudbe, pri katerem sodelujejo stranke tajnega dogovarjanja.
SECTION 1
Na to prakso lahko kažejo tudi naslednji dodatni kazalniki tržne manipulacije:
INDICATORS OF MANIPULATIVE BEHAVIOUR RELATING TO FALSE OR MISLEADING SIGNALS AND TO PRICE SECURING (SECTION A OF ANNEX I TO REGULATION (EU) No 596/2014)
neobičajna koncentracija poslov in/ali naročil za trgovanje na splošno, s strani ene same osebe, ki uporablja enega ali več računov, ali omejenega števila oseb;
Practices specifying Indicator A(a) of Annex I to Regulation (EU) No 596/2014:
posli ali naročila za trgovanje, ki nimajo drugega očitnega razloga razen zvišanja cene ali povečanja obsega trgovanja, zlasti blizu referenčne točke v trgovalnem dnevu, na primer ob začetku ali blizu zaključka;
Buying of positions, also by colluding parties, of a financial instrument, a related spot commodity contract, or an auctioned product based on emission allowances, on the secondary market, after the allocation in the primary market in order to post the price to an artificial level and generate interest from other investors — usually known, for example in the equity context, as colluding in the after-market of an Initial Public Offer (IPO) where colluding parties are involved.
posli ali naročila za trgovanje se izvajajo tako, da ustvarjajo ovire za to, da bi cene finančnega instrumenta, povezane blagovne promptne pogodbe ali produkta na dražbi na podlagi pravic do emisije padle pod določeno raven ali jo presegle, večinoma zaradi izogibanja negativnim posledicam spreminjanja cene finančnega instrumenta, povezane blagovne promptne pogodbe ali produkta na dražbi na podlagi pravic do emisije – tako imenovana „vzpostavitev najnižje ali najvišje mejne vrednosti v cenovnem vzorcu“.
This practice may also be illustrated by the following additional indicators of market manipulation:
posli ali naročila za trgovanje, ki vplivajo ali bi lahko vplivali na zvišanje, znižanje ali ohranjanje cene v dneh pred izdajo, opcijskim odkupom ali dospelostjo povezanega izvedenega ali zamenljivega finančnega instrumenta;
unusual concentration of transactions and/or orders to trade, whether generally, or by only one person using one or different accounts, or by a limited number of persons;
posli ali naročila za trgovanje, ki vplivajo ali bi lahko vplivali na zvišanje ali znižanje tehtane povprečne cene trgovalnega dneva ali obdobja trgovalnega dneva;
transactions or orders to trade with no other apparent justification than to increase the price of or to increase the volume of trading, namely near to a reference point during the trading day, for instance at the opening or near the close;
posli ali naročila za trgovanje, ki vplivajo ali bi lahko vplivali na ohranjanje cene osnovnega finančnega instrumenta, povezane blagovne promptne pogodbe ali produkta na dražbi na podlagi pravic do emisije pod ali nad izvršilno ceno ali drugim elementom, s katerim se določi izplačilo (npr. meja) povezanega izvedenega finančnega instrumenta, na datum dospelosti;
Transactions or orders to trade carried out in such a way that obstacles are created to the financial instrument, a related spot commodity contract, or an auctioned product based on emission allowances, with prices falling below, or rising above a certain level, mainly in order to avoid negative consequences deriving from changes in the price of the financial instrument, a related spot commodity contract, or an auctioned product based on emission allowances — usually known as ‘creation of a floor, or a ceiling in the price pattern’.
posli na katerem koli mestu trgovanja, ki vplivajo ali bi lahko vplivali na spremembo cene osnovnega finančnega instrumenta, povezane blagovne promptne pogodbe ali produkta na dražbi na podlagi pravic do emisije, tako da ta na datum dospelosti presega ali ne dosega izvršilne cene ali drugega elementa, s katerim se določi izplačilo (npr. meja) povezanega izvedenega finančnega instrumenta;
transactions or orders to trade which have the effect, or are likely to have the effect, of increasing or decreasing or maintaining the price during the days preceding the issue, optional redemption or expiry of a related derivative or convertible;
posli, ki vplivajo ali bi lahko vplivali na spremembo poravnalne cene finančnega instrumenta, povezane blagovne promptne pogodbe ali produkta na dražbi na podlagi pravic do emisije, če se ta cena uporablja kot referenca ali determinanta, zlasti pri izračunu zahtev po kritju;
transactions or orders to trade which have the effect of, or are likely to have the effect of increasing or decreasing the weighted average price of the day or of a period during the trading session;
vnos majhnih naročil za trgovanje, da se ugotovi raven skritih naročil in zlasti oceni, kaj se skriva v prikritem delu platforme – tako imenovana „naročila s časovnim zamikom“ (ping orders);
transactions or orders to trade which have the effect of, or are likely to have the effect of, maintaining the price of an underlying financial instrument, related spot commodity contract, or an auctioned product based on emission allowances, below or above a strike price or other element used to determine the pay-out (e.g. barrier) of a related derivative at expiration date;
izvedba naročil za trgovanje ali niza naročil za trgovanje, da se odkrijejo naročila drugih udeležencev, nato vnos naročila za trgovanje, da se izkoristijo pridobljene informacije – tako imenovano „ribarjenje“ (phishing).
transactions on any trading venue which have the effect of, or are likely to have the effect of, modifying the price of the underlying financial instrument, related spot commodity contract, or an auctioned product based on emission allowances, so that it surpasses or does not reach the strike price or other element used to determine the pay-out (e.g. barrier) of a related derivative at expiration date;
Prakse, s katerimi se opredeljuje kazalnik A(b) iz Priloge I k Uredbi (EU) št. 596/2014:
transactions which have the effect of, or are likely to have the effect of, modifying the settlement price of a financial instrument, related spot commodity contract, or an auctioned product based on emission allowances, when this price is used as a reference or determinant namely in the calculation of margin requirements.
praksa iz točke 1(a) tega oddelka, na primer v okviru trgovanja z lastniškimi instrumenti tako imenovano tajno dogovarjanje pri zunajborznih poslih prve javne ponudbe, pri katerem sodelujejo stranke tajnega dogovarjanja;
Entering small orders to trade in order to ascertain the level of hidden orders and particularly to assess what is resting on a dark platform — usually known as ‘ping orders’;
izkoriščanje pomembnega vpliva prevladujočega položaja nad ponudbo mehanizmov izvajanja ali povpraševanjem po teh mehanizmih za finančni instrument, povezano blagovno promptno pogodbo ali produkt na dražbi na podlagi pravic do emisije, da se bistveno izkrivijo ali bi se lahko izkrivile cene, po katerih morajo druge stranke izvesti, prevzeti ali odložiti dobavo, da izpolnijo svoje obveznosti – tako imenovana „zloraba prevladujočega položaja“ (abusive squeeze);
Executing orders to trade, or a series of orders to trade, in order to uncover orders of other participants, and then entering an order to trade to take advantage of the information obtained — usually known as ‘phishing’.
podjetje, ki trguje ali vnaša naročila za trgovanje na enem mestu trgovanja ali zunaj njega (vključno z vnašanjem navedb interesa), da bi neprimerno vplivalo na ceno istega finančnega instrumenta na drugem mestu trgovanja ali zunaj njega, povezane blagovne promptne pogodbe ali produkta na dražbi na podlagi pravic do emisije – tako imenovana „manipulacija med mesti trgovanja“ (trgovanje na enem mestu trgovanja ali zunaj njega z namenom izkrivljanja cene finančnega instrumenta na drugem mestu trgovanja ali zunaj njega).
Practices specifying Indicator A(b) of Annex I of Regulation (EU) No 596/2014:
izvedba posla, spreminjanje nakupnih in prodajnih cen, kadar je razpon med nakupno in prodajno ceno dejavnik pri določanju cene drugega posla na istem ali drugem mestu trgovanja;
The practice set out in Point 1(a) of this Section, usually known, for example in the equity context, as colluding in the after-market of an Initial Public Offer where colluding parties are involved;
kazalniki iz točke 1(b)(i), (iii), (iv) in (v) tega oddelka;
Taking advantage of the significant influence of a dominant position over the supply of, or demand for, or delivery mechanisms for a financial instrument, a related spot commodity contract, or an auctioned product based on emission allowances, in order to materially distort, or likely to distort, the prices at which other parties have to deliver, take delivery or defer delivery in order to satisfy their obligations — usually known as ‘abusive squeeze’;
podjetje, ki trguje ali vnaša naročila za trgovanje na enem mestu trgovanja ali zunaj njega (vključno z vnašanjem navedb interesa), da bi neprimerno vplivalo na ceno povezanega finančnega instrumenta na drugem ali istem mestu trgovanja ali zunaj njega, povezane blagovne promptne pogodbe ali povezanega produkta na dražbi na podlagi pravic do emisije – tako imenovana „manipulacija med produkti“ (trgovanje s finančnim instrumentom z namenom izkrivljanja cene povezanega finančnega instrumenta na drugem ali istem mestu trgovanja ali zunaj njega).
Undertaking trading or entering orders to trade in one trading venue or outside a trading venue (including entering indications of interest) with a view to improperly influencing the price of the same financial instrument in another trading venue or outside a trading venue, related spot commodity contract, or an auctioned product based on emission allowances — usually known as ‘inter-trading venues manipulation’ (trading on one trading venue or outside a trading venue to improperly position the price of a financial instrument in another trading venue or outside a trading venue).
Na to prakso lahko kažejo tudi dodatni kazalniki tržne manipulacije iz točke 1(b)(i), (iii), (iv) in (v) ter točke 2(c)(i) tega oddelka.
execution of a transaction, changing the bid-offer prices, when the spread between the bid and offer prices is a factor in the determination of the price of any other transaction whether or not on the same trading venue;
Prakse, s katerimi se opredeljuje kazalnik A(c) iz Priloge I k Uredbi (EU) št. 596/2014:
Undertaking trading or entering orders to trade in one trading venue or outside a trading venue (including entering indications of interest) with a view to improperly influencing the price of a related financial instrument in another or in the same trading venue or outside a trading venue, related spot commodity contract, or a related auctioned product based on emission allowances — usually known as ‘cross-product manipulation’ (trading on a financial instrument to improperly position the price of a related financial instrument in another or in the same trading venue or outside a trading venue).
posli ali naročila za trgovanje, s katerimi se spreminja ali bi se lahko spremenilo vrednotenje pozicije, ne da bi se zmanjšala/povečala njena velikost;
This practice may also be illustrated by the additional indicators of market manipulation referred to in Point 1(b)(i), (b)(iii), (b)(iv) and (b)(v), and Point 2(c)(i) of this Section.
kazalnik iz točke 1(a)(i) tega oddelka;
Practices specifying Indicator A(c) of Annex I of Regulation (EU) No 596/2014:
vnos naročil za trgovanje ali sklepanje posla ali niza poslov, ki se javno objavijo, da se ustvari vtis povečanega obsega trgovanja ali gibanja cene finančnega instrumenta, povezane blagovne promptne pogodbe ali produkta na dražbi na podlagi pravic do emisije – tako imenovano vzbujanje lažnega vtisa o obsegu trgovanja oz. „barvanje traku“ (painting the tape).
Entering into arrangements for the sale or purchase of a financial instrument, a related spot commodity contract, or an auctioned product based on emission allowances, where there is no change in beneficial interests or market risk or where beneficial interest or market risk is transferred between parties who are acting in concert or collusion — usually known as ‘wash trades’.
Na to prakso lahko kažeta tudi kazalnika iz točk 1(a)(i) in 3(a)(i) tega oddelka;
This practice may also be illustrated by the following additional indicators of market manipulation:
posli, ki se izvedejo na podlagi naročil za nakup in prodajo, ki jih skoraj sočasno ali sočasno za zelo podobno količino in podobno ceno vnese ista stranka ali jih vnesejo različne stranke tajnega dogovarjanja – tako imenovano „neprimerno (sumljivo) ujemanje naročil“ (improper matched orders).
unusual repetition of a transaction among a small number of parties over a certain period of time;
posli ali naročila za trgovanje, ki vplivajo ali bi lahko vplivali na določitev tržne cene, kadar likvidnost ali obseg knjige naročil ne zadošča za določitev cene znotraj trgovalnega dne;
transactions or orders to trade which modify, or are likely to modify, the valuation of a position while not decreasing/increasing the size of the position;
kazalniki iz točk 1(a)(i) ter 3(a)(i) in (ii) tega oddelka;
the indicator set out in Point 1(a)(i) of this Section.
posli ali niz poslov, namenjeni prikrivanju lastništva finančnega instrumenta, povezane blagovne promptne pogodbe ali produkta na dražbi na podlagi pravic do emisije s kršitvijo zahtev po razkritju z imetništvom finančnega instrumenta, povezane blagovne promptne pogodbe ali produkta na dražbi na podlagi pravic do emisije v imenu stranke ali strank tajnega dogovarjanja.
Entering into orders to trade or engaging in a transaction or series of transactions which are shown on a public display facility to give the impression of activity or price movement in a financial instrument, a related spot commodity contract, or an auctioned product based on emission allowances — usually known as ‘painting the tape’.
Razkritja zavajajo glede dejanskega osnovnega imetništva finančnega instrumenta, povezane blagovne promptne pogodbe ali produkta na dražbi na podlagi pravic do emisije – tako imenovano „prikrivanje lastništva“.
This practice may also be illustrated by the indicators set out in Point 1(a)(i) and Point 3(a)(i) of this Section.
Na to prakso lahko kaže tudi kazalnik, opisan v točki 3(a)(i) tega oddelka.
Transactions carried out as a result of the entering of buy and sell orders to trade at or nearly at the same time, with very similar quantity and similar price, by the same party or different but colluding parties — usually known as ‘improper matched orders’.
Prakse, s katerimi se opredeljuje kazalnik A(d) iz Priloge I k Uredbi (EU) št. 596/2014:
transactions or orders to trade which have the effect of, or are likely to have the effect of setting a market price when the liquidity or the depth of the order book is not sufficient to fix a price within the session;
praksa iz točke 3(b) tega oddelka, tako imenovano „vzbujanje lažnega vtisa o obsegu trgovanja“;
the indicators set out in Points 1(a)(i), 3(a)(i) and 3(a)(ii) of this Section.
praksa iz točke 3(c) tega oddelka, tako imenovano „neprimerno (sumljivo) ujemanje naročil“;
Transaction or series of transactions designed to conceal the ownership of a financial instrument, related spot commodity contract, or an auctioned product based on emission allowances via the breach of disclosure requirements through the holding of the financial instrument, related spot commodity contract, or an auctioned product based on emission allowances in the name of a colluding party or parties.
zavzemanje dolge pozicije v finančnem instrumentu, povezani blagovni promptni pogodbi ali produktu na dražbi na podlagi pravic do emisije, ki mu sledi nadaljnje kupovanje in/ali razširjanje zavajajočih pozitivnih informacij o finančnem instrumentu, povezani blagovni promptni pogodbi ali produktu na dražbi na podlagi pravic do emisije, da bi se s pritegnitvijo drugih kupcev zvišala cena finančnega instrumenta, povezane blagovne promptne pogodbe ali produkta na dražbi na podlagi pravic do emisije.
The disclosures are misleading in respect of the true underlying holding of the financial instrument, related spot commodity contract, or an auctioned product based on emission allowances — usually known as ‘concealing ownership’.
Ko je cena na umetno visoki ravni, se dolga pozicija odproda – tako imenovana praksa „dvigni in prodaj“ (pump and dump);
This practice may also be illustrated by the indicator described in Point 3(a)(i) of this Section.
zavzemanje kratke pozicije v finančnem instrumentu, povezani blagovni promptni pogodbi ali produktu na dražbi na podlagi pravic do emisije, ki mu sledi nadaljnja odprodaja in/ali razširjanje zavajajočih negativnih informacij o finančnem instrumentu, povezani blagovni promptni pogodbi ali produktu na dražbi na podlagi pravic do emisije, da bi se s pritegnitvijo drugih prodajalcev znižala cena finančnega instrumenta, povezane blagovne promptne pogodbe ali produkta na dražbi na podlagi pravic do emisije.
Practices specifying Indicator A(d) of Annex I of Regulation (EU) No 596/2014:
Ko cena pade, se zadevna pozicija zapre – tako imenovana praksa „znižaj in unovči“ (trash and cash);
The practice set out in Point 3(b) of this Section, usually known as ‘painting the tape’;
vnos velikega števila naročil za trgovanje in/ali preklicev in/ali sprememb naročil za trgovanje, da se pri drugih udeležencih ustvari negotovost, zaradi česar se upočasni njihova obdelava in/ali prikrije lastna strategija – tako imenovano „kopičenje kvot“ (quote stuffing);
The practice set out in Point 3(c) of this Section, usually known as ‘improper matched orders’;
vnos naročil za trgovanje ali niza naročil za trgovanje oziroma izvajanje poslov ali niza poslov, s katerimi bi se verjetno začel ali stopnjeval trend in drugi udeleženci spodbudili k njegovi pospešitvi ali razširitvi, da bi se ustvarila priložnost za zaprtje ali odprtje pozicije po ugodni ceni – tako imenovan „zagon trenda“ (momentum ignition).
Taking of a long position in a financial instrument, related spot commodity contract, or an auctioned product based on emission allowances and then undertaking further buying activity and/or disseminating misleading positive information about the financial instrument, related spot commodity contract, or an auctioned product based on emission allowances with a view to increasing the price of the financial instrument, related spot commodity contract, or an auctioned product based on emission allowances, by the attraction of other buyers.
Na to prakso lahko kaže tudi velik delež preklicanih naročil (npr. razmerje med naročili za trgovanje in sklenjenimi posli), ki se lahko poveže s količinskim razmerjem (npr. število finančnih instrumentov na naročilo).
When the price is at an artificial high level, the long position held is sold out — usually known as ‘pump and dump’;
Prakse, s katerimi se opredeljuje kazalnik A(e) iz Priloge I k Uredbi (EU) št. 596/2014: