natgillin/translations-raw huggingface dataset:
Given the impact of the activity of those branches on the Union market, OTC derivative contracts concluded between those Union branches should be considered to have a direct, substantial and foreseeable effect within the Union.
Glede na vpliv dejavnosti teh podružnic na trg Unije bi se morale pogodbe o izvedenih finančnih instrumentih OTC, sklenjene med navedenimi podružnicami v Uniji, šteti kot pogodbe, ki imajo neposreden, znaten in predvidljiv učinek v Uniji.
OTC derivative contracts that are entered into by specific counterparties with the primary purpose of avoiding the application of the trading obligation applicable to entities that would have been the natural counterparties to the contract, should be considered as evading the rules and obligations laid down in Regulation (EU) No 600/2014 as they hinder the achievement of one of the purposes of that Regulation.
Pogodbe o izvedenih finančnih instrumentih OTC, ki jih sklenejo določene nasprotne stranke z glavnim namenom izogibanja uporabi obveznosti trgovanja, ki se uporabljajo za subjekte, ki bi bili običajno nasprotne stranke pogodbe, bi se morale šteti kot izogibanje predpisom in obveznostim, določenim v Uredbi (EU) št. 600/2014, saj ovirajo doseganje cilja te uredbe.
OTC derivative contracts that are part of an arrangement whose characteristics are not supported by a business rationale or commercial substance and have as their primary purpose the circumvention of the application of Regulation (EU) No 600/2014, including rules relating to the conditions of an exemption, should be considered as evading the rules and obligations laid down in that Regulation.
Pogodbe o izvedenih finančnih instrumentih OTC, ki so del ureditve, ki ne temelji na poslovni logiki ali komercialni vsebini, njihov glavni namen pa je izogibanje uporabi Uredbe (EU) št. 600/2014, vključno s predpisi v zvezi s pogoji za izvzetje, bi se morale šteti kot izogibanje predpisom in obveznostim, določenim v navedeni uredbi.
Situations where the individual components of the arrangement are inconsistent with the legal substance of the arrangement as a whole, where the arrangement is carried out in a manner which would not ordinarily be used in what is expected to be reasonable business conduct, where the arrangement or series of arrangements includes elements that have the effect of offsetting or nullifying their reciprocal economic substance, where transactions are circular in nature, should be considered as indicators of an artificial arrangement or an artificial series of arrangements.
Razmere, ko posamezni sestavni deli ureditve niso skladni s pravno vsebino ureditve kot celote, ko se ureditev izvaja na način, ki se v primeru razumnega poslovanja običajno ne bi uporabljal, ko ureditev ali niz ureditev vključuje elemente, ki imajo učinek izravnavanja ali izničevanja njihove vzajemne gospodarske vsebine, in ko so transakcije krožne narave, bi bilo treba šteti kot pokazatelje umetne ureditve ali umetnega niza ureditev.
Given that third country entities affected by these regulatory technical standards require time in order to arrange for compliance with the requirements of Regulation (EU) No 600/2014 when their OTC derivative contracts fulfil the conditions set out in these regulatory technical standards for being considered to have a direct, substantial and foreseeable effect within the Union, it is appropriate to delay the application of the provision containing those conditions by six months.
Ker subjekti iz tretjih držav, na katere vplivajo ti regulativni tehnični standardi, potrebujejo čas, da zagotovijo skladnost z zahtevami iz Uredbe (EU) št. 600/2014, če njihove pogodbe o izvedenih finančnih instrumentih OTC izpolnjujejo pogoje, določene v teh regulativnih tehničnih standardih, saj se za njih šteje, da imajo neposreden, znaten in predvidljiv učinek znotraj Unije, je primerno preložiti uporabo določbe, ki vsebuje te pogoje, za šest mesecev.
For reasons of consistency and in order to ensure the smooth functioning of the financial markets, it is necessary that the provisions laid down in this Regulation and the provisions laid down in Regulation (EU) No 600/2014 apply from the same date.
Zaradi doslednosti in za zagotavljanje nemotenega delovanja finančnih trgov je potrebno, da se določbe iz te uredbe in določbe iz Uredbe (EU) št. 600/2014 uporabljajo od istega datuma.
ESMA has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the opinion of the Securities and Markets Stakeholder Group established by Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council [4],
ESMA je o osnutku regulativnih tehničnih standardov, na katerem temelji ta uredba, opravila javna posvetovanja, analizirala morebitne povezane stroške in koristi ter zaprosila za mnenje interesno skupino za vrednostne papirje in trge, ustanovljeno v skladu s členom 37 Uredbe (EU) št. 1095/2010 Evropskega parlamenta in Sveta [4] –
For the purposes of this Regulation the following definition shall apply:
V tej uredbi se uporabljajo naslednje opredelitve pojmov:
‘guarantee’ means an explicitly documented legal obligation by a guarantor to cover payments of the amounts due or that may become due pursuant to the OTC derivative contracts covered by that guarantee and entered into by the guaranteed entity in favour of the beneficiary where there is a default as defined in the guarantee or where no payment has been effected by the guaranteed entity.
„jamstvo“ pomeni izrecno dokumentirano pravno obveznost garanta, da krije plačila zneskov, ki zapadejo ali bi lahko zapadli v skladu s pogodbami o izvedenih finančnih instrumentih OTC, ki jih navedeno jamstvo krije in jih je sklenil zajamčeni subjekt, upravičencu v primeru neplačila, kakor je opredeljeno v jamstvu, ali ko zajamčeni subjekt ni izvedel plačila.
An OTC derivative contract shall be considered as having a direct, substantial and foreseeable effect within the Union when at least one third country entity benefits from a guarantee provided by a financial counterparty established in the Union which covers all or part of its liability resulting from that OTC derivative contract, to the extent that the guarantee meets both following conditions:
Za pogodbe o izvedenih finančnih instrumentih OTC se šteje, da imajo neposreden, znaten in predvidljiv učinek v Uniji, kadar vsaj en subjekt iz tretje države koristi jamstvo, ki ga zagotovi finančna nasprotna stranka s sedežem v Uniji, ki krije vse ali del njegovih obveznosti iz pogodbe o izvedenih finančnih instrumentih OTC, če jamstvo izpolnjuje oba naslednja pogoja:
it is at least equal to 5 per cent of the sum of current exposures, as defined in Article 272(17) of Regulation (EU) No 575/2013 of the European Parliament and of the Council [5], in OTC derivative contracts of the financial counterparty established in the Union issuing the guarantee.
znaša vsaj 5 % vsote tekočih izpostavljenosti, kakor so opredeljene v členu 272(17) Uredbe (EU) št. 575/2013 Evropskega parlamenta in Sveta [5], v pogodbah o izvedenih finančnih instrumentih OTC finančne nasprotne stranke s sedežem v Uniji, ki izdaja jamstvo.
When the guarantee is issued for a maximum amount which is below the threshold set out in paragraph 1(a), the contracts covered by that guarantee shall not be considered to have a direct, substantial and foreseeable effect within the Union unless the amount of the guarantee is increased, in which case the direct, substantial and foreseeable effect of the contracts within the Union shall be re-assessed by the guarantor against the conditions set out in points (a) and (b) of paragraph 1 on the day of the increase.
Ko se izda jamstvo za najvišji znesek, ki je pod pragom, določenim v odstavku 1(a), se šteje, da pogodbe, ki jih krije to jamstvo, nimajo neposrednega, znatnega in predvidljivega učinka v Uniji, razen če se znesek jamstva poveča; v tem primeru na dan povečanja garant ponovno oceni neposreden, znaten in predvidljiv učinek pogodb v Uniji na podlagi pogojev, določenih v točkah (a) in (b) odstavka 1.
Where the liability resulting from one or more OTC derivative contracts is below the threshold set out in paragraph 1(a), such contracts shall not be considered to have a direct, substantial and foreseeable effect within the Union even where the maximum amount of the guarantee covering such liability is equal to or above the threshold set out in paragraph 1(a) and even where the condition set out in paragraph 1(b) has been met.
Če je obveznost, ki izhaja iz ene ali več pogodb o izvedenih finančnih instrumentih OTC, pod pragom, določenim v odstavku 1(a), se šteje, da takšne pogodbe nimajo neposrednega, znatnega in predvidljivega učinka v Uniji, tudi če je najvišji znesek jamstva, ki krije takšno obveznost, enak ali višji od praga, določenega v odstavku 1(a), in tudi če je izpolnjen pogoj iz odstavka 1(b).
In the event of an increase in the liability resulting from the OTC derivative contracts or of a decrease of the current exposure, the guarantor shall re-assess whether the conditions set out in paragraph 1 are met.
Če se poveča obveznost, ki izhaja iz pogodb o izvedenih finančnih instrumentih OTC, ali zmanjša trenutna izpostavljenost, garant ponovno oceni, ali so izpolnjeni pogoji iz odstavka 1.
Such assessment shall be done respectively on the day of the increase of liability for the condition set out in paragraph 1(a), and on a monthly basis for the condition set out in paragraph 1(b).
Takšna ocena se izvede na dan povečanja obveznosti za pogoj iz odstavka 1(a) in vsak mesec za pogoj iz odstavka 1(b).
OTC derivative contracts for an aggregate notional amount of at least EUR 8 billion or the equivalent amount in the relevant foreign currency concluded before a guarantee is issued or increased, and subsequently covered by a guarantee that meets the conditions set out in paragraph 1, shall be considered as having a direct, substantial and foreseeable effect within the Union.
Za pogodbe o izvedenih finančnih instrumentih OTC v skupni nominalni vrednosti vsaj 8 milijard EUR ali enakovrednem znesku v zadevni tuji valuti, sklenjene, preden se je jamstvo izdalo ali povečalo, in pozneje krite z jamstvom, ki izpolnjuje pogoje, določene v odstavku 1, se šteje, da imajo neposreden, znaten in predvidljiv učinek v Uniji.
An OTC derivative contract shall be considered as having a direct, substantial and foreseeable effect within the Union where the two entities established in a third country enter into the OTC derivative contract through their branches in the Union and would qualify as financial counterparties if they were established in the Union.
Za pogodbe o izvedenih finančnih instrumentih OTC se šteje, da imajo neposreden, znaten in predvidljiv učinek v Uniji, če dva subjekta s sedežem v tretji državi skleneta pogodbo o izvedenem finančnem instrumentu OTC prek svojih podružnic v Uniji in bi veljala za finančni nasprotni stranki, če bi imela sedež v Uniji.
Cases where it is necessary or appropriate to prevent the evasion of rules or obligations provided for in Regulation (EU) No 600/2014
Primeri, kjer je nujno ali primerno preprečiti izogibanje predpisom ali obveznostim iz Uredbe (EU) št. 600/2014
An OTC derivative contract shall be deemed to have been designed to circumvent the application of any provision of Regulation (EU) No 600/2014 if the way in which that contract has been concluded is considered, when viewed as a whole and having regard to all the circumstances, to have as its primary purpose the avoidance of the application of any provision of that Regulation.
Za pogodbo o izvedenih finančnih instrumentih OTC se šteje, da je bila zasnovana za izogibanje uporabi katere koli določbe iz Uredbe (EU) št. 600/2014, če je glavni namen načina, kako je bila navedena pogodba sklenjena, gledano v celoti in ob upoštevanju vseh okoliščin, izogibanje uporabi katere koli določbe navedene uredbe.
For the purposes of paragraph 1, a contract shall be considered as having for primary purpose the avoidance of the application of any provision of Regulation (EU) No 600/2014 if the primary purpose of an arrangement or series of arrangements related to the OTC derivative contract is to defeat the object, spirit and purpose of any provision of Regulation (EU) No 600/2014 that would otherwise apply including when it is part of an artificial arrangement or artificial series of arrangements.
Za namene odstavka 1 se kot glavni namen pogodbe šteje izogibanje uporabi katere koli določbe Uredbe (EU) št. 600/2014, če je glavni namen ureditve ali niza ureditev, ki se nanašajo na pogodbo o izvedenih finančnih instrumentih OTC, ovirati cilj, smisel in namen kakršne koli določbe Uredbe (EU) št. 600/2014, ki bi se sicer uporabljala, tudi če je del umetne ureditve ali umetnega niza ureditev.
An arrangement that intrinsically lacks business rationale, commercial substance or relevant economic justification and consists of any contract, transaction, scheme, action, operation, agreement, grant, understanding, promise, undertaking or event shall be considered an artificial arrangement.
Ureditev, ki sama po sebi nima poslovne logike, komercialne vsebine ali zadevne gospodarske utemeljitve in je sestavljena iz pogodbe, transakcije, sheme, ukrepanja, delovanja, sporazuma, odobritve, dogovora, obljube, zaveze ali dogodka, se šteje kot umetna ureditev.
Commission Delegated Regulation (EU) No 285/2014 of 13 February 2014 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on direct, substantial and foreseeable effect of contracts within the Union and to prevent the evasion of rules and obligations (OJ L 85, 21.3.2014, p. 1).
Delegirana uredba Komisije (EU) št. 285/2014 z dne 13. februarja 2014 o dopolnitvi Uredbe (EU) št. 648/2012 Evropskega parlamenta in Sveta glede regulativnih tehničnih standardov v zvezi z neposrednim, znatnim in predvidljivim učinkom pogodb v Uniji ter preprečitvijo izogibanja predpisom in obveznostim (UL L 85, 21.3.2014, str. 1).
supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the maintenance of relevant data relating to orders in financial instruments
o dopolnitvi Uredbe (EU) št. 600/2014 Evropskega parlamenta in Sveta v zvezi z regulativnimi tehničnimi standardi glede hranjenja pomembnih podatkov o naročilih za finančne instrumente
Having regard to Regulation (EU) No 600/2014 of the European Parliament and the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 [1], and in particular the fourth subparagraph of Article 25(3) thereof,
ob upoštevanju Uredbe (EU) št. 600/2014 Evropskega parlamenta in Sveta z dne 15. maja 2014 o trgih finančnih instrumentov in spremembi Uredbe (EU) št. 648/2012 [1], in zlasti četrtega pododstavka člena 25(3) Uredbe,
Operators of trading venues should be free to determine the manner in which they keep records of relevant data relating to all orders in financial instruments.
Upravljavcem mest trgovanja bi moralo biti dovoljeno, da sami določijo način, na katerega vodijo evidence relevantnih podatkov v zvezi z vsemi naročili za finančne instrumente.
However, in order to enable effective and efficient collation, comparison and analysis of the relevant order data for market monitoring purposes, such information should be made available to the competent authorities using uniform standards and formats where a competent authority requests such information pursuant to Article 25(2) of Regulation (EU) No 600/2014.
Vendar, da bi se omogočili učinkovito zbiranje, primerjava in analiza relevantnih podatkov o naročilih za namene spremljanja trgov, bi bilo treba take informacije pristojnim organom zagotoviti z uporabo enotnih standardov in oblike, kadar pristojni organ take informacije zahteva v skladu s členom 25(2) Uredbe (EU) št. 600/2014.
In order to ensure clarity, legal certainty and avoid double storage of the same information this Regulation should cover all data elements relating to orders, including details that are to be reported in accordance with Article 26(1) and (3).
Da bi se zagotovila jasnost in pravna varnost ter preprečilo dvojno shranjevanje istih informacij, bi morala ta uredba zajemati vse podatkovne elemente v zvezi z naročili, vključno s podrobnostmi, ki jih je treba sporočiti v skladu s členom 26(1) in (3).
In order to detect and investigate potential or attempted market abuse effectively, competent authorities need to promptly identify persons and entities who may be significantly involved in the order process, including members or participants of trading venues, entities responsible for investment and execution decisions, non-executing brokers and clients on whose behalf orders are initiated.
Da bi učinkovito odkrivali in raziskovali potencialne tržne zlorabe ali poskuse zlorab, morajo pristojni organi hitro identificirati osebe in subjekte, ki so lahko pomembno vključeni v proces naročil, kar vključuje člane ali udeležence na mestih trgovanja, subjekte, odgovorne za odločitve v zvezi z naložbami in izvrševanjem naročil, borzne posrednike, ki niso vključeni v izvrševanje, in stranke, v imenu katerih se izvršijo naročila.
Accordingly operators of trading venues should maintain designations for such parties.
Zato bi morali upravljavci mest trgovanja uporabljati oznake za take osebe.
In order to allow competent authorities to more efficiently identify suspicious patterns of potentially abusive behaviour originating from one client, including where the client is operating through a number of investment firms, the operators of trading venues should record the identity of clients on whose behalf their members or participants submitted the order.
Da bi se pristojnim organom omogočilo, da učinkoviteje identificirajo sumljive vzorce potencialno nezakonitega obnašanja pri eni od strank, vključno s primeri, ko stranka posluje prek številnih investicijskih podjetij, bi morali upravljavci mest trgovanja evidentirati identiteto strank, v imenu katerih so njihovi člani ali udeleženci oddali naročilo.
Operators should identify those clients by unique identifiers in order to facilitate certain and efficient identification of such persons and thereby facilitate more effective analysis of potential market abuse in which clients may be involved.
Upravljavci bi morali te stranke identificirati z edinstvenimi identifikatorji, da bi se olajšala zanesljiva in učinkovita identifikacija takih oseb ter s tem omogočila učinkovitejša analiza potencialnih zlorab trga, v katere bi lahko bila vpletena stranka.
Operators of trading venues should not be required to record client identifiers for all clients in the trading chain but only for the client on whose behalf the member or participant submitted the order.
Od upravljavcev mest trgovanja se ne bi smelo zahtevati, da evidentirajo identifikatorje za vse stranke v verigi trgovanja, temveč samo za stranko, v imenu katere je član ali udeleženec oddal naročilo.
The identification of market-making strategies or similar activities is important in order to enable efficient detection of market manipulation.
Opredelitev strategij za vzdrževanje trga ali podobnih dejavnosti je pomembna, da se zagotovi učinkovito odkrivanje tržnih manipulacij.
This allows the competent authorities to distinguish the order flow coming from an investment firm acting on the basis of terms pre-determined by the issuer of the instrument which is the subject of the order or by the trading venue to which the order is submitted from the order flow coming from an investment firm acting at its own or at its client's discretion.
To pristojnim organom omogoča, da razlikujejo med tokom naročil, ki prihajajo od investicijskega podjetja, ki deluje na podlagi vnaprej določenih pogojev izdajatelja instrumenta, na katerega se nanaša naročilo, ali pogojev mesta trgovanja, na katerega je bilo oddano naročilo, in med tokom naročil, ki prihajajo od investicijskega podjetja, ki deluje po lastni presoji ali presoji njegove stranke.
The record of the precise date and time and of the details of any order placement, modification, cancellation, rejection and execution should be maintained.
Treba bi bilo hraniti evidence glede točnega datuma in časa ter podrobnosti o morebitnem plasiranju, spremembi, preklicu, zavrnitvi in izvršitvi.
This allows monitoring the changes to the order throughout its lifetime, which can be significant in detecting and assessing potential market manipulation and front running behaviours.
To omogoča spremljanje sprememb naročila v celotnem obdobju njegovega trajanja, kar je lahko pomembno pri odkrivanju in ocenjevanju potencialnih zlorab trga ter tako imenovane prakse „front running“.
To ensure an accurate and complete picture of the order book of a trading venue, competent authorities require information on trading sessions in which financial instruments are traded.
Da bi se zagotovila točna in popolna slika knjige naročil mesta trgovanja, pristojni organi potrebujejo informacije o trgovalnih sejah, med katerimi se trguje s finančnimi instrumenti.
This information can notably be used to determine when auction periods or continuous trading start and finish and whether orders cause unscheduled circuit breakers.
Te informacije se lahko uporabijo zlasti pri določanju, kdaj se začnejo in končajo obdobja avkcij ali neprekinjeno trgovanje ter ali naročila povzročajo nenačrtovane prekinitve trgovanja.
This information is also required to identify how orders will interact, particularly when sessions end at random periods such as auctions.
Te informacije so potrebne tudi za ugotavljanje, kako bodo naročila vplivala druga na drugo, zlasti kadar se trgovalne seje zaključijo v naključnih obdobjih, kot pri avkcijah.
Information on indicative uncrossing prices and volumes would also assist in analysing possible auction manipulation.
Informacije o okvirnih cenah, doseženih pri neizvršenih naročilih (uncrossing price), in obsegu neizvršenih naročil (uncrossing volume) bi prav tako prispevale k analizi morebitne manipulacije avkcij.
Given that a single order can impact either the auction uncrossing price, auction uncrossing volume or both, competent authorities need to see the impact of each order on these values.
Glede na to, da lahko eno samo naročilo vpliva na doseženo ceno pri neizvršenih naročilih na avkciji, obseg neizvršenih naročil na avkciji ali na oboje, morajo pristojni organi videti učinek vsakega naročila na ti vrednosti.
Without this information it would be difficult to identify which order has had the impact on those values.
Brez teh informacij bi bilo težko opredeliti, katero naročilo je vplivalo na ti vrednosti.
Additionally, a sequence number should be assigned to each relevant event in order to determine the sequence of events when two or more events take place at the same time.
Poleg tega bi bilo treba vsakemu relevantnemu dogodku pripisati zaporedno številko, da se bo lahko določilo zaporedje dogodkov, kadar bo hkrati prišlo do dveh ali več dogodkov.
Specification of the position of the orders in an order book allows for the reconstruction of the order book and for analysis of the sequence of execution of orders which is an important element of market abuse surveillance.
Določitev vrstnega reda naročil v knjigi naročil omogoča rekonstrukcijo knjige naročil in analizo zaporedja izvršenih naročil, kar je pomemben element pri nadzoru zlorab trga.
The position assigned to an order depends on how priority is determined by the trading system.
Vrstni red, ki se pripiše naročilu, je odvisen od tega, kako sistem trgovanja določa prednostni vrstni red.
Therefore, operators of trading venues should assign and maintain details of the priority of orders according to the price visibility-time priority or the size-time priority method.
Zato bi morali upravljavci mest trgovanja določiti in shraniti podrobnosti o prednostnem vrstnem redu naročil po metodi prednosti glede na ceno, vidljivost in čas (price-visibility-time priority method) ali glede na obseg in čas (size-time priority method).