natgillin/translations-raw huggingface dataset:
Having regard to Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments [1], and in particular Article 2(4) thereof,
Ob upoštevanju Direktive 2014/65/EU Evropskega parlamenta in Sveta z dne 15. maja 2014 o trgih finančnih instrumentov [1] in zlasti člena 2(4) Uredbe,
The assessment whether persons are dealing on own account or are providing investment services in commodity derivatives, emission allowances and derivatives thereof in the Union as an activity ancillary to their main business should be performed at a group level.
Oceno, ali osebe poslujejo za svoj račun ali opravljajo investicijske storitve z izvedenimi finančnimi instrumenti na blago, pravicami do emisije ali njihovimi izvedenimi finančnimi instrumenti v Uniji kot pomožno dejavnost k svoji glavni dejavnosti, bi bilo treba opraviti na ravni skupine.
In line with Article 2(11) of Directive 2013/34/EU of the European Parliament and of the Council [2], a group is considered to comprise the parent undertaking and all its subsidiary undertakings and includes entities domiciled in the Union and in third countries regardless of whether the group is headquartered inside or outside the Union.
V skladu s členom 2(11) Direktive 2013/34/EU Evropskega parlamenta in Sveta [2] skupina zajema obvladujoče podjetje in vsa njegova odvisna podjetja ter vključuje subjekte, ki imajo sedež v Uniji in v tretjih državah ne glede na to, ali ima skupina sedež v Uniji ali zunaj nje.
The assessment should be performed in the form of two tests, which are both based on the trading activity of the persons within the group and should be calculated on a per-asset-class basis.
Oceno bi bilo treba opraviti z dvema testoma, ki temeljita na trgovalni dejavnosti oseb znotraj skupine in bi morala biti izračunana za posamezen razred sredstev.
The first test should determine whether the persons within the group are large participants relative to the size of the financial market in that asset class and as a consequence should be required to obtain authorisation as an investment firm.
Prvi test bi moral določiti, ali so osebe znotraj skupine veliki udeleženci glede na velikost finančnega trga za dani razred sredstev in bi posledično morale pridobiti dovoljenje za investicijsko podjetje.
The second test should determine whether the persons within the group trade on own account or provide investment services in commodity derivatives, emission allowances or derivatives thereof to such a large extent relative to the main business of the group that those activities cannot be considered to be ancillary at group level and that therefore the persons should be required to obtain authorisation as an investment firm.
Z drugim testom bi morali določiti, ali osebe znotraj skupine poslujejo za svoj račun ali opravljajo investicijske storitve z izvedenimi finančnimi instrumenti na blago, pravicami do emisij ali njihovimi izvedenimi finančnimi instrumenti v tako velikem obsegu glede na glavno dejavnost skupine, da teh dejavnosti ni mogoče šteti za pomožne dejavnosti na ravni skupine in bi zato osebe morale pridobiti dovoljenje za investicijsko podjetje.
The first test compares the size of a person's trading activity against the overall trading activity in the Union on an asset class basis to determine that person's market share.
Pri prvem testu se primerja obseg trgovalne dejavnosti osebe glede na splošno trgovalno dejavnost v Uniji za posamezen razred sredstev, da se določi tržni delež te osebe.
The size of the trading activity should be determined by deducting the sum of the volume of the transactions for the purposes of intra-group liquidity or risk management purposes, objectively measurable reduction of risks directly relating to commercial or treasury financing activity or fulfilling obligations to provide liquidity on a trading venue (‘privileged transactions’) from the volume of the overall trading activity undertaken by the person.
Obseg trgovalne dejavnosti bi bilo treba določiti z odbitkom vsote obsega poslov za namene likvidnosti znotraj skupine ali obvladovanja tveganja, objektivno merljivega zmanjšanja tveganj, neposredno povezanih s poslovno dejavnostjo ali dejavnostjo financiranja zakladnice, ali izpolnjevanja obveznosti za zagotavljanje likvidnosti na mestu trgovanja (prednostni posli) od obsega skupne trgovalne dejavnosti, ki jo opravlja oseba.
The volume of the trading activity should be determined by the gross notional value of contracts in commodity derivatives, emission allowances and derivatives thereof on the basis of a rolling average of the preceding three annual periods.
Obseg trgovalne dejavnosti bi bilo treba določiti glede na bruto nominalno vrednost pogodb o izvedenih finančnih instrumentih na blago, pravicah do emisij in njihovih izvedenih finančnih instrumentih na podlagi drsečega povprečja iz predhodnih treh letnih obdobij.
The overall market size should be determined on the basis of trading activity undertaken in the Union in relation to each asset class for which the exemption is sought, including contracts which are traded on and outside trading venues in the Union.
Velikost celotnega trga bi bilo treba določiti na podlagi trgovalne dejavnosti, ki se opravlja v Uniji v zvezi z vsakim razredom sredstev, za katerega se zahteva izvzetje, vključno s pogodbami, s katerimi se trguje na trgovalnih mestih v Uniji ali zunaj njih.
As commodity markets differ significantly in terms of size, number of market participants, level of liquidity and other characteristics, different thresholds shall apply for different asset classes in relation to the test on the size of the trading activity.
Ker se trgi z blagom precej razlikujejo glede velikosti, števila udeležencev trga, ravni likvidnosti in drugih značilnosti, se pri testu obsega trgovalne dejavnosti uporabijo različni pragovi za različne razrede sredstev.
The second test provides two methods for determining the size of the trading activity in order to compare it to the size of the main activity undertaken by the group.
Drugi test zagotavlja dve metodi za določitev obsega trgovalne dejavnosti za njeno primerjavo z obsegom glavne dejavnosti, ki jo izvaja skupina.
That test takes two forms in order to better reflect the underlying activities of the persons intending to use the exemption whilst minimising the regulatory burden and complexity of implementing the test.
Ta test se izvede v dveh oblikah, da se bolje odražajo osnovne dejavnosti oseb, ki nameravajo uporabiti izvzetje, pri čemer se kar najbolj zmanjšata regulativna obremenitev in kompleksnost izvedbe testa.
The capital test is provided as an alternative to the trading test in order to take into account of the economic reality of the very heterogeneous groups that need to undertake the assessment whether their trading is ancillary to their main business activities, including groups that undertake significant capital investments, relative to their size, in the creation of infrastructure transportation and production facilities, as well as investments which cannot be easily hedged in financial markets.
Test kapitala je na voljo kot alternativa testu trgovanja, da se upošteva ekonomska realnost zelo heterogenih skupin, ki morajo oceniti, ali je njihovo trgovanje pomožno k njihovim glavnim dejavnostim, vključno s skupinami, ki izvajajo precejšnje naložbe v kapital, sorazmerne z njihovo velikostjo, za izgradnjo infrastrukturnih objektov ter transportnih in proizvodnih zmogljivosti kot tudi naložbe, ki jih ni mogoče enostavno zavarovati na finančnih trgih.
As both forms of the second test cater for the different underlying economic realities of various groups both tests constitute equally suitable methods to determine whether the trading activity is ancillary to the main business of a particular group.
Ker obe obliki drugega testa obravnavata različne osnovne ekonomske realnosti različnih skupin, sta oba testa enako primerni metodi za določitev, ali je trgovalna dejavnost pomožna h glavni dejavnosti za določeno skupino.
The size of the trading activity as used under the first method of the second test is taken as a proxy for the commercial activity that the person or group engages in as its main business.
Obseg trgovalne dejavnosti, kot se uporablja pri prvi metodi drugega testa, se uporablja kot nadomestek za poslovno dejavnost, ki jo oseba ali skupina opravlja kot svojo glavno dejavnost.
This proxy should be easy and cost efficient for persons to apply as it builds on data already required to be collected for the first test while at the same time establishing a meaningful test.
Uporaba tega nadomestka bi morala biti za osebe enostavna in stroškovno učinkovita, saj temelji na podatkih, ki jih je treba zbirati že za prvi test, pri čemer se hkrati vzpostavi smiseln test.
This proxy is appropriate because a rational risk-averse entity, such as a producer, processor or consumer of commodities or emission allowances, is deemed to hedge the volume of the commercial activity of its main business with an equivalent volume of commodity derivatives, emission allowances or derivatives thereof.
Ta nadomestek je primeren, ker bo razumen, tveganju nenaklonjen subjekt, kot je proizvajalec, predelovalec ali potrošnik blaga ali uporabnik pravic do emisij, zavaroval obseg poslovne dejavnosti svoje glavne dejavnosti z enakovrednim obsegom izvedenih finančnih instrumentov na blago, pravic do emisij ali njihovih izvedenih finančnih instrumentov.
Therefore the volume of all its trading activity in commodity derivatives, emission allowances or derivatives thereof measured in the gross notional value of the underlying is an appropriate proxy for the size of the main business of the group.
Zato je obseg vseh njegovih trgovalnih dejavnosti z izvedenimi finančnimi instrumenti na blago, pravicami do emisij ali njihovimi izvedenimi finančnimi instrumenti, merjen v bruto nominalni vrednosti osnove, ustrezen nadomestek za obseg glavne dejavnosti skupine.
As groups whose main business activities are not related to commodities or emission allowances would not use commodity or emission allowances derivatives as a risk-reducing tool, their trading in commodity derivatives, emission allowances or derivatives thereof would not qualify as hedging.
Ker skupine, katerih glavne dejavnosti niso povezane z blagom ali pravicami do emisij, izvedenih finančnih instrumentov na blago ali pravice do emisij ne bi uporabljale kot orodja za zmanjševanje tveganja, se njihovo trgovanje z izvedenimi finančnimi instrumenti na blago, pravicami do emisij ali njihovimi izvedenimi finančnimi instrumenti ne bi štelo za zavarovanje.
The use of commodity derivatives as a risk-reducing tool however cannot be considered a perfect proxy for all the commercial activity that the person or group conducts as its main business since it may not take into account other investments in fixed assets unrelated to derivative markets.
Vendar uporabe izvedenih finančnih instrumentov na blago kot orodja za zmanjševanje tveganja ni mogoče šteti za popoln nadomestek za vse poslovne dejavnosti, ki jih oseba ali skupina opravlja kot svojo glavno dejavnost, saj morda ne upošteva drugih naložb v fiksna sredstva, ki niso povezane s trgi izvedenih finančnih instrumentov.
In order to correct the potential mismatch between a group's trading in commodity derivatives and the actual size of its main business with regard, in particular, to small groups the first method of the second test should contain a backstop which recognises that the trading activity undertaken by the persons within the group should also not exceed a certain percentage of any of the thresholds set under the first test for each relevant asset class to be deemed ancillary.
Za odpravo morebitnih neujemanj med trgovanjem skupine z izvedenimi finančnimi instrumenti na blago in dejanskim obsegom njene glavne dejavnosti, kar velja predvsem za majhne skupine, bi morala prva metoda drugega testa vsebovati varovalni mehanizem, ki priznava, da trgovalna dejavnost, ki jo opravljajo osebe znotraj skupine, zato da bi se štela za pomožno, ne bi smela preseči določenega odstotka katerega koli praga, določenega v okviru prvega testa za vsak relevanten razred sredstev.
The higher the percentage of speculative activity within all trading activity of a group, the lower the threshold set under the first test.
Višji kot je odstotek špekulativne dejavnosti znotraj trgovalne dejavnosti skupine, nižji je prag, določen v okviru prvega testa.
The backstop based on a group not exceeding a certain percentage of any of the thresholds set under the first test for each relevant asset class is particularly relevant for very small groups with negligible overall footprint in the relevant commodity derivative trading.
Varovalni mehanizem, ki temelji na tem, da skupina ne preseže določenega odstotka katerega koli praga, določenega v okviru prvega testa za vsak zadevni razred sredstev, je zlasti pomemben za zelo majhne skupine z zanemarljivim skupnim učinkom na zadevno trgovanje z izvedenimi finančnimi instrumenti na blago.
On the one hand, those groups may be required to undertake a costly analysis of their trading activities to determine whether that trading reduces risk or not without the result being conclusive on the ancillary nature of the trading activity.
Na eni strani bi te skupine morda morale opraviti drago analizo svojih trgovalnih dejavnosti, da bi ugotovile, ali tovrstno trgovanje zmanjšuje tveganje ali ne, pri čemer rezultat ne da dokončnega odgovora, ali je trgovalna dejavnost pomožna ali ne.
On the other hand, those groups are usually not equipped to engage in the capital test as an alternative to the test based on trading.
Po drugi strani pa te skupine navadno niso opremljene za izvedbo testa kapitala kot alternative testu, ki temelji na trgovanju.
In order to avoid disproportionate burdens on those groups, it is appropriate that groups whose trading activity for each relevant asset class accounts for less than one-fifth of the threshold set under the first test be considered as carrying out that trading as an ancillary activity to their main business.
Za izognitev nesorazmerni obremenitvi teh skupin je primerno, da se za skupine, katerih trgovalne dejavnosti v zvezi z vsakim zadevnim razredom sredstev predstavljajo manj kot eno petino praga, določenega v okviru prvega testa, šteje, da zadevno trgovanje opravljajo kot pomožno dejavnost k svoji glavni dejavnosti.
The first method under the second test, however, may not adequately measure the main activity of persons who have significant capital investments, relative to their size, in the creation of infrastructure, transportation and production facilities.
Vendar pa prva metoda v okviru drugega testa morda ne meri ustrezno glavne dejavnosti oseb, ki imajo precejšne naložbe v kapital, sorazmerne z njihovo velikostjo, za izgradnjo infrastrukturnih objektov ter transportnih in proizvodnih zmogljivosti.
Neither does it recognise investments which cannot be hedged in financial markets.
Prav tako ne pripoznava naložb, ki jih ni mogoče zavarovati na finančnih trgih.
Therefore it is necessary for the second test to contain a second method that uses a capital based metric to measure that that trading activity is ancillary to the main business of the group.
Zato mora drugi test vsebovati še eno metodo, ki uporablja kapital na podlagi metrike, za merjenje, ali je ta trgovalna dejavnost pomožna h glavni dejavnosti skupine.
The second method under the second test uses the estimated capital that a non-financial group would be required to hold against the market risk inherent in its positions arising from trading in commodity derivatives, emission allowances and derivatives thereof, other than those from privileged transactions, as a proxy for the amount of ancillary activities undertaken by the persons in a group.
Pri drugi metodi v okviru drugega testa se kot nadomestek za obseg pomožnih dejavnosti, ki jih opravljajo osebe v skupini, uporablja ocenjeni kapital, ki bi ga morala imeti nefinančna skupina glede na tržno tveganje, inherentno v njenih pozicijah, ki izhaja iz trgovanja z izvedenimi finančnimi instrumenti na blago, pravicami do emisij in njihovimi izvedenimi finančnimi instrumenti, razen tveganja iz prednostnih poslov.
The framework developed under the auspices of the Basel Committee and implemented in the Union through the Capital Requirements Directive is used to apply a proportionate notional capital weighting to positions.
Okvir, razvit pod okriljem Baselskega odbora in uveden v Uniji z direktivo o kapitalskih zahtevah, se uporablja za sorazmerno tehtanje nominalnega kapitala, ko se razporeja po pozicijah.
Within this framework, the net position in a commodity derivative, emission allowance or derivative thereof shall be determined by netting long and short positions in a particular type of commodity derivative contract, emission allowance or derivative contract thereof, such as a future, option, forward or warrants.
Znotraj tega okvira se neto pozicije v izvedenem finančnem instrumentu na blago, pravici do emisije ali njenem izvedenem finančnem instrumentu določijo s pobotom dolgih in kratkih pozicij v določeni vrsti pogodbe o izvedenem finančnem instrumentu, pogodbi o pravicah do emisij ali pogodbi o njihovih izvedenih finančnih instrumentih, kot so standardizirane terminske pogodbe, opcije, nestandardizirane terminske pogodbe ali nakupni boni.
In determining the net position, netting should take place irrespective of where the contract is traded, the contract's counterparty or its maturity.
Pri določanju neto pozicij bi bilo treba pobot opraviti ne glede mesto trgovanja s pogodbo, nasprotno stranko v pogodbi ali njeno dospelost.
The gross position in a relevant commodity derivative, emission allowance contract or a derivative contract thereof should, on the other hand, be calculated by adding the net positions of types of contracts that relate to a particular commodity or, emission allowance or derivative thereof.
Bruto pozicija v zadevni pogodbi o izvedenem finančnem instrumentu na blago, pogodbi o pravici do emisije ali pogodbi o njenem izvedenem finančnem instrumentu bi se nasprotno morala izračunati z dodajanjem neto pozicij vrst pogodb, ki se nanašajo na določeno blago ali pravico do emisije ali njihov izvedeni finančni instrument.
In this context, net positons in a particular type of commodity derivative contract, emission allowance contract or derivative contract thereof should not be netted against each other.
V tem kontekstu neto pozicij v določeni vrsti pogodbe o izvedenem finančnem instrumentu na blago, pogodbi o pravici do emisije ali pogodbi o njenem izvedenem finančnem instrumentu ne bi smeli pobotati med seboj.
Under the second method of the second test, the amount of the estimated capital of a group is then compared to the actual amount of capital employed of that group that should reflect the size of its main activity.
Pri drugi metodi drugega testa se znesek ocenjenega kapitala skupine nato primerja z dejanskim zneskom uporabljenega kapitala te skupine, ki bi moral odražati obseg njene glavne dejavnosti.
The capital employed is calculated on the basis of the total assets of the group minus its current debt.
Uporabljen kapital se izračuna na podlagi vseh sredstev skupine, od katerih se odšteje njen trenutni dolg.
Current debt should comprise debt that is due to be settled within 12 months.
Trenutni dolg bi moral zajemati dolg, ki zapade v plačilo v dvanajstih mesecih.
The rationale of the ancillary activity tests is to check whether persons within a group that are not authorised in accordance with Directive 2014/65/EU should apply for an authorisation due to the relative or absolute size of their activity in commodity derivatives, emission allowances and derivatives thereof.
Testi pomožne dejavnosti so utemeljeni s tem, da se tako preveri, ali bi morale osebe znotraj skupine, ki nimajo dovoljenja v skladu z Direktivo 2014/65/EU, zaprositi za dovoljenje zaradi sorazmernega ali absolutnega obsega svoje dejavnosti z izvedenimi finančnimi instrumenti na blago, pravicami do emisij ali njihovimi izvedenimi finančnimi instrumenti.
The ancillary activity tests thus determine the size of activities in commodity derivatives, emission allowances and derivatives thereof which persons within a group may carry out without authorisation under Directive 2014/65/EU due to those activities being ancillary to the group's main business.
Testi pomožne dejavnosti tako določijo obseg dejavnosti z izvedenimi finančnimi instrumenti na blago, pravicami do emisij in njihovimi izvedenimi finančnimi instrumenti, ki jih osebe znotraj skupine lahko opravljajo brez dovoljenja iz Direktive 2014/65/EU, ker so te dejavnosti pomožne h glavni dejavnosti skupine.
It is therefore appropriate to calculate the size of the ancillary activity of the group by using criteria which exclude the activity carried out by group members which are authorised in accordance with that Directive in order to assess the size of genuine ancillary activity carried out by unauthorised group members.
Zato je obseg pomožne dejavnosti skupine primerno izračunati z uporabo meril, ki izključujejo dejavnost, ki jo opravljajo člani skupine, ki imajo dovoljenje v skladu z navedeno direktivo, da se oceni velikost resnične pomožne dejavnosti, ki jo opravljajo člani skupine brez dovoljenja.
In order to allow for market participants to plan and operate their business in a reasonable way and to take into account seasonal patterns of activity, the calculation of the tests determining when an activity is considered to be ancillary to the main business should be based on a period of three years.
Da se udeležencem na trgu omogoči, da načrtujejo in opravljajo svoje posle na razumen način ter upoštevajo sezonske vzorce dejavnosti, bi moral izračun v okviru testov za določitev, kdaj se dejavnost šteje za pomožno h glavni dejavnosti, temeljiti na obdobju treh let.
Therefore, entities should perform the assessment whether they breach one of the two thresholds on an annual basis by calculating a simple average of three years on a rolling basis in order to be able to submit their annual notification to the competent authority.
Zato bi subjekti morali vsako leto oceniti, ali kršijo enega od obeh pragov, tako, da izračunajo enostavno povprečje za tri leta na drseči podlagi, da lahko svoja letna obvestila predložijo pristojnemu organu.
This obligation should be without prejudice to the right of the competent authority to request at any time a report from a person about the basis on which that person considers its activity under points (i) and (ii) of Article 2(1)(j) of Directive 2014/65/EU to be ancillary to its main business.
Ta obveznost ne bi smela posegati v pravico pristojnega organa, da v katerem koli trenutku zahteva poročilo osebe o podlagi, na osnovi katere oseba meni, da je njena dejavnost iz točk (i) in (ii) člena 2(1)(j) Direktive 2014/65/EU pomožna dejavnost k njeni glavni dejavnosti.
Transactions objectively measurable as reducing risks directly relating to commercial activity or treasury financing activity and intra-group transactions should be considered in a way consistent with Regulation (EU) No 648/2012 of the European Parliament and of the Council [3].
Posle, ki objektivno merljivo zmanjšujejo tveganja, neposredno povezana s poslovno dejavnostjo ali dejavnostjo financiranja zakladnice, in posle znotraj skupine bi bilo treba obravnavati na način, ki je skladen z Uredbo (EU) št. 648/2012 Evropskega parlamenta in Sveta [3].
However, in relation to transactions in derivatives which are objectively measurable as reducing risks directly relating to the commercial activity or treasury financing activity Commission Delegated Regulation (EU) No 149/2013 [4] only refers to derivatives not traded on regulated markets while Article 2(4) of Directive 2014/65/EU covers derivatives traded on trading venues.
Vendar se Delegirana uredba komisije (EU) št. 149/2013 [4] v zvezi s posli z izvedenimi finančnimi instrumenti, ki objektivno merljivo zmanjšujejo tveganja, neposredno povezana s poslovno dejavnostjo ali dejavnostjo financiranja zakladnice, sklicuje le na izvedene finančne instrumente, s katerimi se ne trguje na reguliranih trgih, medtem ko člen 2(4) Direktive 2014/65/EU zajema izvedene finančne instrumente, s katerimi se trguje na mestih trgovanja.