natgillin/translations-raw huggingface dataset:
In accordance with the fourth subparagraph Article 25(4)(a) of Directive 2014/65/EU, a third-country legal and supervisory framework may be considered equivalent where that framework fulfils at least the conditions that (a) the markets are subject to authorisation and to effective supervision and enforcement on an ongoing basis, (b) have clear and transparent rules regarding the admission of securities to trading so that such securities are capable of being traded in a fair, orderly and efficient manner, and are freely negotiable, (c) security issuers should be subject to periodic and ongoing information requirements ensuring a high level of investor protection, and (d) market transparency and integrity should be ensured by the prevention of market abuse in the form of insider dealing and market manipulation.
V skladu s četrtim pododstavkom člena 25(4)(a) Direktive 2014/65/EU se lahko pravni in nadzorni okvir tretje države obravnava kot enakovreden, kadar izpolnjuje vsaj pogoje, v skladu s katerimi (a) morajo imeti trgi dovoljenje in so podvrženi učinkovitemu in stalnemu nadzoru ter ukrepanju, (b) imajo trgi jasna in pregledna pravila glede sprejema vrednostnih papirjev v trgovanje, tako da se lahko s temi vrednostnimi papirji trguje na pošten, pravilen in učinkovit način in so prosto prenosljivi, (c) se od izdajateljev vrednostnih papirjev redno in nenehno zahtevajo informacije, s čimer se zagotavlja visoka raven varstva vlagateljev, ter (d) se preglednost in poštenost trga zagotavljata s preprečevanjem zlorabe trga v obliki trgovanja z notranjimi informacijami in tržne manipulacije.
The purpose of this equivalence assessment is to assess inter alia whether the legally binding requirements which are applicable in Switzerland to stock exchanges established and authorised therein under the supervision of the Swiss Financial Market Supervisory Authority (‘FINMA’) are equivalent to the requirements resulting from Regulation (EU) No 596/2014, from Title III of Directive 2014/65/EU, from Title II of Regulation (EU) No 600/2014 and from Directive 2004/109/EC, which are subject to effective supervision and enforcement in that third country.
Namen tega ocenjevanja enakovrednosti je, da se med drugim presodi, ali so pravno zavezujoče zahteve, ki se v Švici uporabljajo za borze, ki imajo sedež v Švici in so tam pridobile dovoljenje ter so pod nadzorom švicarskega organa za nadzor finančnih trgov (v nadaljnjem besedilu: organ FINMA), enakovredne zahtevam iz Uredbe (EU) št. 596/2014, naslova III Direktive 2014/65/EU, naslova II Uredbe (EU) št. 600/2014 in Direktive 2004/109/ES ter ali so v tej tretji državi podvržene učinkovitemu nadzoru in izvrševanju.
As regards the conditions that the stock exchanges are subject to authorisation and to effective supervision and enforcement on an ongoing basis, Article 26(b) of the Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (‘Financial Market Infrastructure Act’, ‘FMIA’) defines a stock exchange as an institution for multilateral securities trading where securities are listed, whose purpose is the simultaneous exchange of bids between multiple participants and the conclusion of contracts based on non-discretionary rules.
Kar zadeva pogoje, da imajo borze dovoljenje ter so podvržene učinkovitemu in stalnemu nadzoru ter izvrševanju, je v členu 26(b) zveznega zakona o infrastrukturi finančnega trga in poslovanju na trgih pri trgovanju z vrednostnimi papirji in izvedenimi finančnimi instrumenti (v nadaljnjem besedilu: zakon o infrastrukturi finančnega trga ali ZIFT) določeno, da je borza institucija za večstransko trgovanje z vrednostnimi papirji, na kateri kotirajo vrednostni papirji, njen namen pa je sočasna izmenjava ponudb med več udeleženci in sklepanje pogodb na podlagi nediskrecijskih pravil.
A stock exchange does not enjoy discretion over how it executes trades and is not allowed to trade on its own account or engage in matched principal trading.
Borza nima diskrecijske pravice v zvezi s tem, kako izvršuje posle, ter ne sme poslovati za svoj račun ali poslovati s hkratnim nakupom in prodajo.
Furthermore, a stock exchange must provide participants with impartial and non-discriminatory access to its markets and services.
Udeležencem mora nadalje zagotoviti nepristranski in nediskriminatoren dostop do svojih trgov in storitev.
To this effect, a stock exchange is required to have rules in place that prescribe the means by which a securities dealer or other parties supervised by FINMA as well as foreign participants authorised by FINMA may apply to become a participant.
Zato mora imeti vzpostavljena pravila, ki določajo načine, na podlagi katerih lahko za udeležbo zaprosijo trgovec z vrednostnimi papirji ali druge stranke, ki so pod nadzorom organa FINMA, in tuji udeleženci, ki so pridobili dovoljenje organa FINMA.
Pursuant to Article 27(4) FMIA in conjunction with Article 25(1) of the Ordinance on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (‘Financial Market Infrastructure Ordinance’, ‘FMIO’), FINMA reviews and approves regulations and their amendments on the admission, duties and exclusion of participants to a stock exchange.
Organ FINMA v skladu s členom 27(4) ZIFT v povezavi s členom 25(1) odloka o infrastrukturi finančnega trga in poslovanju na trgih pri trgovanju z vrednostnimi papirji in izvedenimi finančnimi instrumenti (v nadaljnjem besedilu: odlok o infrastrukturi finančnega trga ali OIFT) pregleduje ter odobri predpise in njihove spremembe o sprejemu udeležencev na borzo, njihovih nalogah na njej in njihovi izključitvi z nje.
A stock exchange must deny membership to a participant that is not authorised by FINMA and may deny membership to any participant that is subject to a statutory disqualification.
Borza mora zavrniti članstvo udeležencu, ki mu organ FINMA ne izda dovoljenja, in lahko zavrne članstvo udeležencu, za katerega velja zakonska prepoved.
The four conditions set out in the fourth subparagraph of Article 25(4)(a) of Directive 2014/65/EU must be fulfilled in order to determine that the legal and supervisory arrangements of a third country regarding the trading venues authorised therein are equivalent to those laid down in Directive 2014/65/EU.
Da bi se določilo, da so pravne in nadzorne ureditve tretje države glede mest trgovanja, ki so v njih pridobili dovoljenje, enakovredne tistim iz Direktive 2014/65/EU, morajo biti izpolnjeni štirje pogoji iz četrtega pododstavka člena 25(4)(a) Direktive 2014/65/EU.
A stock exchange must be authorised by FINMA before it may begin operations.
Preden lahko začne borza poslovati, mora pridobiti dovoljenje organa FINMA.
Pursuant to Articles 4 and 5 of the FMIA, FINMA grants authorisation if it finds that the applicable conditions and requirements with respect to the applicant are satisfied.
Ta organ v skladu s členoma 4 in 5 ZIFT izda dovoljenje, če ugotovi, da so pogoji, ki se uporabljajo, in zahteve, ki veljajo za prosilca, izpolnjeni.
The authorisation requirements are set out in the FMIA and the associated ordinances, which have force of law.
Zahteve za pridobitev dovoljenja so določene v ZIFT in povezanih odlokih, ki imajo zakonsko moč.
The FMIA requires that a stock exchange has in place arrangements to address all of the types of conduct and activity that an applicant wishes to engage in.
ZIFT vsebuje zahtevo, da mora imeti borza vzpostavljene ureditve za obravnavanje vseh vrst ravnanja in dejavnosti, ki jih želi izvajati prosilec.
According to Article 27(1) of the FMIA, a stock exchange shall establish under FINMA's supervision its own regulatory and supervisory organisation which is appropriate for its activity.
Borza v skladu s členom 27(1) ZIFT pod nadzorom organa FINMA vzpostavi lastno regulativno in nadzorno organizacijo, primerno za njeno dejavnost.
With FINMA's approval, the stock exchange's self-regulation becomes binding and enforceable regulation.
Samourejanje borze postane z odobritvijo organa FINMA zavezujoč in izvršljiv predpis.
According to Article 27 of the FMIA in conjunction with Article 24(1) of the FMIO an appropriate regulatory and supervisory organisation requires the establishment of a body that fulfils regulatory tasks, a trading supervisory body, a body responsible for the admission of securities to trading and an appeal body.
Za ustrezno regulativno in nadzorno organizacijo je treba v skladu s členom 27 ZIFT v povezavi s členom 24(1) OIFT vzpostaviti organ, ki izpolnjuje regulativne naloge, organ za nadzor poslovanja, organ, pristojen za sprejem vrednostnih papirjev v trgovanje, in pritožbeni organ.
These bodies must be independent of the stock exchange's business management, both organisationally and with respect to personnel.
Ti organi morajo biti organizacijsko in glede osebja neodvisni od poslovnega upravljanja borze.
As part of the self-regulatory and supervisory organisation the respectively responsible body monitors and enforces compliance of the stock exchange's rules and regulations by the stock exchange's participants.
Zadevni pristojni organ kot del samoregulativne in nadzorne organizacije spremlja in zagotavlja skladnost udeležencev borze z njenimi pravili in predpisi.
Furthermore, Article 18 of the FMIA requires stock exchanges to grant participants and market makers non-discriminatory and open access.
Poleg tega člen 18 ZIFT zahteva, da borze udeležencem in vzdrževalcem trga zagotavljajo nediskriminatoren in odprt dostop.
FINMA ensures both during the authorisation process and on an ongoing basis that exchange rules comply with this requirement (see sections 3 to 5 of the SSX Rule Book in conjunction with the SSX Directive 1 and sections 3-5 of the BX Swiss Rule Book).
Organ FINMA med postopkom za izdajo dovoljenj in redno zagotavlja, da so pravila borze skladna s to zahtevo (glej oddelke 3 do 5 pravil švicarske borze SIX Swiss Exchange (SSX) v povezavi z direktivo 1 borze SSX in oddelke 3 do 5 pravil borze BX Swiss).
Denial of access is only permissible on safety and efficiency grounds and subject to a stringent proportionality test (Art. 18 of the FMIA, 17 of the FMIO).
Zavrnitev dostopa je dovoljena le iz varnostnih razlogov ali razlogov učinkovitosti in ob upoštevanju strogega preskusa sorazmernosti (člen 18 ZIFT in člen 17 OIFT).
Applicants who have been denied access may lodge an appeal with an independent appeal board (section 8 of the SSX Rule Book and section 15 of the BX Swiss Rule Book).
Prosilci, ki jim je bil zavrnjen dostop, lahko vložijo pritožbo pri neodvisnem pritožbenem organu (oddelek 8 pravil borze SSX in oddelek 15 pravil borze BX Swiss).
Compliance of exchanges with Article 18 of the FMIA and Article 17 of the FMIO is subject to FINMA's supervision.
Organ FINMA nadzoruje skladnost borz s členom 18 ZIFT in členom 17 OIFT.
The adoption of rules and amendments thereto require FINMA's ex ante approval, their implementation may be scrutinised by FINMA staff, audits, requests for information, or remedial action pursuant to Articles 24 ff. of the Federal Act on the Swiss Financial Market Supervisory Authority (‘Financial Market Supervision Act’, ‘FINMASA’).
Za sprejemanje pravil in sprememb teh pravil je potrebna predhodna odobritev organa FINMA, pri čemer lahko njihovo izvajanje skrbno pregleda osebje organa FINMA, pregledati pa ga je mogoče tudi z revizijami, zahtevami po podatkih ali popravnimi ukrepi v skladu s členom 24 in naslednjimi zveznega zakona o švicarskem organu za nadzor finančnih trgov (v nadaljnjem besedilu: zakon o nadzoru finančnih trgov).
As regards effective supervision, the FINMASA, the Federal Act on Stock Exchanges and Securities Trading (‘Stock Exchange Act’, ‘SESTA’) and the FMIA constitute the main pieces of the primary legislation which establishes a legally enforceable regime for the trading of securities in Switzerland.
Kar zadeva učinkovit nadzor, so glavni deli primarne zakonodaje, s katero se vzpostavlja pravno izvršljiva ureditev za trgovanje z vrednostnimi papirji v Švici, zakon o nadzoru finančnih trgov, zvezni zakon o borzah in trgovanju z vrednostnimi papirji (v nadaljnjem besedilu: zakon o borzah) ter ZIFT.
The FINMASA, the SESTA and the FMIA empower FINMA with broad authority over all aspects of the securities industry, including the power to authorise and supervise securities dealers, central counterparties, central securities depositories, trade repositories and payment systems.
Navedeni zakoni dajejo organu FINMA široko pristojnost v zvezi z vsemi vidiki sektorja vrednostnih papirjev, vključno s pooblastilom za izdajanje dovoljenj in nadziranje trgovcev z vrednostnimi papirji, centralnih nasprotnih strank, centralnih depotnih družb, repozitorijev sklenjenih poslov in plačilnih sistemov.
The FMIA and the FMIO also identify and prohibit certain types of conduct in the markets and provide FINMA with disciplinary powers over regulated entities and persons associated with them.
Z ZIFT in OIFT se tudi opredeljujejo in prepovedujejo določene vrste ravnanj na trgih ter odboru FINMA zagotavljajo disciplinska pooblastila nad reguliranimi subjekti in osebami, povezanimi z njimi.
Article 29 of the FINMASA grants FINMA comprehensive access to all relevant information of any supervised person and entity, their audit firms and auditors.
Člen 29 zakona o nadzoru finančnih trgov podeljuje organu FINMA celovit dostop do vseh zadevnih informacij o nadzorovani osebi ali subjektu, njihovih revizijskih podjetjih in revizorjih.
Under the Swiss framework, stock exchanges are primarily responsible for establishing the rules under which their participants conduct business and for monitoring the ways their participants conduct business.
Borze so po švicarski ureditvi predvsem odgovorne za določitev pravil, na podlagi katerih njihovi udeleženci poslujejo, in spremljanje načinov, na katere poslujejo.
FINMA directly monitors stock exchange regulations to ensure they are in line with the legal framework.
Organ FINMA neposredno nadzoruje predpise borze, da zagotovi njihovo skladnost s pravnim okvirom.
All regulations and any changes to them must be submitted to FINMA for approval (Article 27(4) of the FMIA).
Vse predpise in njihove spremembe je treba predložiti organu FINMA v odobritev (člen 27(4) ZIFT).
Investigations by FINMA are triggered either by reports of potential breaches of the law reported by stock exchanges to FINMA or on the basis of its own suspicion.
Preiskave, ki jih izvede organ FINMA, se začnejo na podlagi poročil o morebitnih kršitvah zakona, o katerih mu poročajo borze, ali na podlagi njegovih lastnih sumov.
Once a stock exchange has been authorised, FINMA monitors on an ongoing basis whether it continues to comply with the conditions and duties associated with the authorisation (Article 83 of the FMIA).
Ko borza dobi dovoljenje, organ FINMA redno spremlja, ali še naprej upošteva pogoje in naloge, povezane z izdajo dovoljenja (člen 83 ZIFT).
A stock exchange is legally required to notify FINMA of any changes to the circumstances on which its authorisation or approval was originally based.
V skladu z zakonskim predpisom mora borza organ FINMA uradno obvestiti o vseh spremembah okoliščin, na katerih je dovoljenje ali odobritev prvotno temeljilo.
If the changes are material, the financial market infrastructure must obtain prior authorisation or approval from FINMA to pursue its activities (Article 7 of the FMIA).
Če so spremembe bistvene, mora infrastruktura finančnega trga pred nadaljevanjem svojih dejavnosti pridobiti predhodno dovoljenje ali odobritev organa FINMA (člen 7 ZIFT).
Key requirements are the compliance with organisational requirements; the existence and effectiveness of the internal control system; the appropriateness of IT systems; and proper business conduct.
Bistvene zahteve so skladnost z organizacijskimi zahtevami, obstoj in učinkovitost notranjega nadzornega sistema, ustreznost sistemov IT ter primerno poslovanje.
FINMA's supervision extends to all bodies of the stock exchange including its trading surveillance and sanctioning functions.
Nadzor organa FINMA obsega vse organe borze, vključno s funkcijami nadzora trgovanja in sprejemanja sankcij.
Pursuant to Article 24, 24a of the FINMASA, FINMA may carry out audits directly, or indirectly through licensed audit companies, both on-site and off-site.
Organ FINMA lahko v skladu s členom 24 in členom 24a zakona o nadzoru finančnih trgov izvede revizije neposredno ali posredno prek revizijskih družb z izdanim dovoljenjem, in sicer na kraju samem ali zunaj njega.
Articles 27, 30 and 34 of the FMIA also require all authorised stock exchanges to be able to enforce compliance by their issuers, participants and persons associated with their participants with the provisions of the FMIA and FMIO, associated acts and regulations, and their own rules and regulations.
Členi 27, 30 in 34 ZIFT vsebujejo tudi zahtevo, da morajo biti vse borze, ki so pridobile dovoljenje, zmožne zagotavljati skladnost svojih izdajateljev, udeležencev in oseb, povezanih z njihovimi udeleženci, z določbami iz ZIFT in OIFT, s povezanimi zakoni in predpisi ter z njihovimi lastnimi pravili in predpisi.
As part of its duty to enforce compliance by their members, the stock exchange is responsible for investigating and disciplining any breaches of the applicable laws and rules.
Borza je v okviru svoje naloge, da zagotavlja skladnost svojih članov, odgovorna za preiskovanje morebitnih kršitev zakonov in pravil, ki se uporabljajo, ter sprejetje ustreznih disciplinskih ukrepov.
As regards the effective enforcement, FINMA has a range of administrative mechanisms for enforcing its powers and authority.
Kar zadeva učinkovito izvrševanje, ima organ FINMA na voljo sklop upravnih mehanizmov za izvrševanje svojih pooblastil in pristojnosti.
Where breaches of the law or irregularities are identified, FINMA takes the necessary corrective measures, which may involve administrative enforcement proceedings.
Če ugotovi kršitve zakona ali obstoj nepravilnosti, sprejme potrebne popravne ukrepe, ki lahko vključujejo upravne izvršne postopke.
With due regard to the principle of proportionality, FINMA imposes the measures it deems most appropriate to ensure compliance with the law.
Organ FINMA uvede ukrepe, s katerimi se po njegovem mnenju najustrezneje zagotavlja skladnost z zakonodajo, in pri tem ustrezno upošteva načelo sorazmernosti.
The measures available include reprimands, specific instructions to restore compliance with the law, prohibitions on individuals practising their profession, prohibitions on dealers conducting business, and the revocation of licenses.
Ukrepi, ki jih ima na voljo, vključujejo graje, posebna navodila za ponovno vzpostavitev skladnosti z zakonodajo, prepovedi opravljanja poklica posameznikom, prepovedi poslovanja borznim trgovcem in odvzem dovoljenj.
FINMA may also confiscate illegally generated profits or illegally avoided losses and may order publication of a final and binding ruling.
Poleg tega lahko organ FINMA zaseže nezakonito pridobljen dobiček ali izgube, ki so se jim nezakonito izognili, ter odredi objavo končne in zavezujoče sodne odločbe.
To restore compliance of a stock exchange with applicable provisions, FINMA may use its administrative powers also for the removal of board members or staff whose irreproachable business conduct is in doubt.
Da bi se ponovno vzpostavila skladnost borze z veljavnimi določbami, lahko organ FINMA svoja upravna pooblastila uporabi tudi za odstranitev članov upravnih odborov ali osebja, katerih brezhibno poslovno ravnanje je vprašljivo.
FINMA's own administrative mechanisms are backed up by provisions for criminal sanctions in relation to the offences described in Chapter 4 of FINMASA.
Njegove lastne upravne mehanizme podpirajo določbe za kazenske sankcije v zvezi s kaznivimi dejanji, opisanimi v poglavju 4 zakona o nadzoru finančnih trgov.
Provisions for criminal sanctions are also included in Articles 147 ff. of the FMIA and Articles 42a and 43 of the SESTA.
Določbe o kazenskih sankcijah so vključene tudi v člen 147 in naslednje ZIFT ter člen 42a in člen 43 zakona o borzah.
FINMA hands these cases on to the competent prosecution authorities.
Organ FINMA te zadeve predloži pristojnim organom pregona.
FINMA and the competent prosecuting authority coordinate their investigations, as far as this is practicable and necessary.
Skupaj s temi organi usklajuje preiskave, če je to izvedljivo in potrebno.
In general, the Federal Department of Finance Legal Services both prosecutes and judges violations of the criminal provisions of FINMASA and of the financial markets acts.
Zvezno ministrstvo za finančne pravne storitve na splošno kazensko preganja kršitve kazenskih določb zakona o nadzoru finančnih trgov in zakonov o finančnih trgih ter izdaja odločbe v zvezi z njimi.
However, the Federal Attorney General's Office is competent for the prosecution of insider trading and price manipulation offences under FMIA.
Za kazenski pregon kaznivih dejanj trgovanja z notranjimi informacijami in tržne manipulacije v skladu z ZIFT je pristojen urad zveznega generalnega tožilca.
It can therefore be concluded that Swiss stock exchanges are subject to authorisation and to effective supervision and enforcement on an ongoing basis.
Zato je mogoče sklepati, da morajo švicarske borze pridobiti dovoljenje ter so podvržene učinkovitemu in stalnemu nadzoru in izvrševanju.
Swiss law requires that stock exchanges issue regulations on the admission of securities to trading (Articles 35 and 36 of the FMIA).
Švicarski zakon vsebuje zahtevo, da borze izdajo predpise glede sprejema vrednostnih papirjev v trgovanje (člena 35 in 36 ZIFT).
These regulations have to be approved by FINMA.
Te predpise mora odobriti organ FINMA.
The regulations shall take account of recognised international standards and in particular shall contain provisions on the tradability of securities; the publication of information on which investors rely for assessing the characteristics of securities and the quality of the issuer; the duties of the issuer, its representatives and third parties for the entire duration of the listing or admission of securities to trading; the obligation, regarding the admission of equity securities, to comply with Articles 7 and 81 of the Federal Act of 16 December 2005 on the Licensing and Oversight of Auditors.
V predpisih se upoštevajo priznani mednarodni standardi, vsebujejo pa zlasti določbe o tržnosti vrednostnih papirjev, objavi informacij, na katere se pri ocenjevanju značilnosti vrednostnih papirjev in kakovosti izdajatelja zanašajo vlagatelji, nalogah izdajatelja, njegovih predstavnikov in tretjih strani med celotnim trajanjem kotiranja vrednostnih papirjev na borzi ali njihovega sprejema v trgovanje in obveznosti, glede sprejema lastniških vrednostih papirjev, spoštovanja členov 7 in 81 zveznega zakona z dne 16. decembra 2005 o izdaji dovoljenj revizorjem in nadzoru nad njimi.
The admission to trading of securities and the listing, a qualified form of an admission to trading, of securities on stock exchanges are governed primarily by Listing Rules and Additional Rules for Listing and Admission to Trading.
Sprejem vrednostnih papirjev v trgovanje in njihovo kotiranje, tj. kvalificirano obliko sprejema v trgovanje, na borzah urejajo predvsem pravila glede kotiranja na borzi ter dodatna pravila glede kotiranja na borzi in sprejema v trgovanje.
The stock exchange reviews the application filed by the issuer for each security and verifies that all pertinent requirements are fulfilled.
Borza pregleda zahtevek, ki ga za vsak vrednostni papir vloži izdajatelj, in preveri, ali so izpolnjene vse bistvene zahteve.
For each application, the stock exchange releases a written decision.
Za vsak zahtevek izda pisno odločitev.
According to Article 35(3) of the FMIA, the stock exchange monitors the issuer's compliance with these rules and imposes the sanctions provided for contractually in the event of violations.
V skladu členom 33(1) OIFT mora zagotavljati, da se lahko z vsemi vrednostnimi papirji, sprejetimi v trgovanje, ter vsemi tistimi, ki kotirajo na borzi, trguje pošteno, učinkovito in pravilno.