natgillin/translations-raw huggingface dataset:
In complying with its obligation to draw up a conflict of interest policy under Directive 2014/65/EU which identifies circumstances which constitute or may give rise to a conflict of interest, the investment firm should pay special attention to the activities of investment research and advice, proprietary trading, portfolio management and corporate finance business, including underwriting or selling in an offering of securities and advising on mergers and acquisitions.
Status stranke, za katero se opravlja storitev, in sicer ali gre za neprofesionalno stranko, profesionalno stranko ali primerno nasprotno stranko, za ta namen ne bi smel biti pomemben.
In particular, such special attention is appropriate where the firm or a person directly or indirectly linked by control to the firm performs a combination of two or more of those activities.
Pri izpolnjevanju svoje obveznosti, da na podlagi Direktive 2014/65/EU vzpostavi politiko obvladovanja nasprotij interesov, v kateri opredeli okoliščine, ki predstavljajo ali bi lahko povzročile nasprotje interesov, investicijsko podjetje nameni posebno pozornost dejavnostim investicijskih raziskav in svetovanja, trgovanja za svoj račun, upravljanja portfeljev in dejavnosti podjetniškega financiranja, vključno z izvedbo prve prodaje finančnih instrumentov ali prodajo v okviru ponudbe vrednostnih papirjev ter svetovanja na področju združitev in prevzemov.
Investment firms should aim to identify and prevent or manage the conflicts of interest arising in relation to their various business lines and their group's activities under a comprehensive conflicts of interest policy.
Taka posebna pozornost je zlasti primerna, če podjetje ali oseba, ki je z njim neposredno ali posredno povezana prek nadzora, hkrati opravlja dve ali več navedenih dejavnosti.
While disclosure of specific conflicts of interest is required by Article 23(2) of Directive 2014/65/EU, it should be a measure of last resort to be used only where the organisational and administrative arrangements established by the investment firm to prevent or manage its conflicts of interest in accordance with Article 23(1) of Directive 2014/65/EU are not sufficient to ensure, with reasonable confidence, that the risks of damage to the interests of the client are prevented.
Cilj investicijskih podjetij bi moral biti ugotavljanje in preprečevanje ali upravljanje nasprotij interesov, ki nastanejo v zvezi z različnimi poslovnimi dejavnostmi in dejavnostmi skupine, na podlagi izčrpne politike obvladovanja nasprotij interesov.
Over-reliance on disclosure without adequate consideration as to how conflicts may appropriately be prevented or managed should not be permitted.
Kadar člen 23(2) Direktive 2014/65/EU zahteva razkritje specifičnih nasprotij interesov, bi to moralo biti skrajno sredstvo, ki se uporabi samo, kadar organizacijske in administrativne ureditve, ki jih je investicijsko podjetje vzpostavilo za preprečevanje ali obvladovanje nasprotij interesov v skladu s členom 23(1) Direktive 2014/65/EU, ne zadoščajo za zagotavljanje s primerno stopnjo verjetnosti, da je nevarnost škodovanja interesom strank preprečena.
The disclosure of conflicts of interest by an investment firm should not exempt it from the obligation to maintain and operate the effective organisational and administrative arrangements required under Article 16(3) of Directive 2014/65/EU.
Prekomerno zanašanje na razkritje brez ustreznega upoštevanja, kako je nasprotja mogoče ustrezno preprečiti ali obvladovati, ne bi smelo biti dovoljeno.
Firms should always comply with the inducements rules under Article 24 of Directive 2014/65/EU, including when providing placing services.
Investicijsko podjetje, ki razkrije nasprotja interesov, ne bi smelo biti izvzeto iz obveznosti ohranjanja in upravljanja učinkovitih organizacijskih in administrativnih ureditev, ki jih zahteva člen 16(3) Direktive 2014/65/EU.
In particular, fees received by investment firms placing the financial instruments issued to its investment clients should comply with these provisions and laddering and spinning should be considered as abusive practices.
Podjetja bi vedno morala upoštevati pravila glede spodbud iz člena 24 Direktive 2014/65/EU, vključno pri storitvah plasiranja.
Investment research should be a sub-category of the type of information defined as a recommendation in Regulation (EU) No 596/2014 of the European Parliament and of the Council [6] (market abuse).
Zlasti bi morala biti nadomestila, ki jih prejmejo investicijska podjetja, ki plasirajo finančne instrumente, izdane za njihove investicijske stranke, v skladu s temi določbami, praksi plačevanja nesorazmerno visokih nadomestil za nepovezane storitve, ki jih zagotovi investicijsko podjetje (t.i. „laddering“), ter dodeljevanja dela izdaje finančnih instrumentov višjemu izvršnemu ali vodstvenemu delavcu obstoječe ali potencialne stranke, ki je izdajatelj, kot nadomestilo za prihodnjo ali preteklo dodelitev poslov podjetniškega financiranja (t.i. „spinning“), pa bi se morali šteti za zlorabo.
The measures and arrangements adopted by an investment firm to manage the conflicts of interests that might arise from the production and dissemination of material that is presented as investment research should be appropriate to protect the objectivity and independence of financial analysts and of the investment research they produce.
Investicijske raziskave bi morale biti podkategorija tiste vrste informacij, ki so v Uredbi (EU) št. 596/2014 Evropskega parlamenta in Sveta [6] (uredba o zlorabi trga) opredeljene kot priporočilo.
Those measures and arrangements should ensure that financial analysts enjoy an adequate degree of independence from the interests of persons whose responsibilities or business interests may reasonably be considered to conflict with the interests of the persons to whom the investment research is disseminated.
Ukrepi in ureditve, ki jih sprejme investicijsko podjetje za obvladovanje nasprotij interesov, ki bi lahko nastala pri pripravi in razširjanju gradiva, predstavljenega kot investicijska raziskava, morajo biti ustrezni za varstvo objektivnosti in neodvisnosti finančnih analitikov in investicijskih raziskav, ki jih pripravijo.
Persons whose responsibilities or business interests may reasonably be considered to conflict with the interests of the persons to whom investment research is disseminated should include corporate finance personnel and persons involved in sales and trading on behalf of clients or the firm.
Navedeni ukrepi in ureditve bi morali finančnim analitikom zagotoviti ustrezno stopnjo neodvisnosti od interesov oseb, katerih odgovornosti ali poslovni interesi bi se lahko utemeljeno obravnavali, kot da prihajajo v nasprotje z interesi oseb, ki prejemajo investicijske raziskave.
Exceptional circumstances in which financial analysts and other persons connected with the investment firm who are involved in the production of investment research may, with prior written approval, undertake personal transactions in instruments to which the research relates should include those circumstances where, for personal reasons relating to financial hardship, the financial analyst or other person is required to liquidate a position.
Osebe, za katere se lahko utemeljeno šteje, da bi lahko njihove odgovornosti ali poslovni interesi prišli v navzkrižje z interesi oseb, ki prejmejo investicijsko raziskavo, bi morale vključevati zaposlene, ki se ukvarjajo s podjetniškim financiranjem, in osebe, ki se v imenu strank ali podjetja ukvarjajo s prodajo in trgovanjem.
Fees, commissions, monetary or non-monetary benefits received by the firm providing investment research from any third party should only be acceptable when they are provided in accordance with requirements specified in Article 24(9) of Directive 2014/65/EU and Article 13 of Commission Delegated Directive (EU) 2017/593 [7].
Izjemne okoliščine, v katerih lahko finančni analitiki in druge osebe, povezane z investicijskim podjetjem, ki se ukvarjajo z izdelavo investicijskih raziskav, s predhodnim dovoljenjem opravljajo osebne posle z instrumenti, na katere se nanaša raziskava, bi morale vključevati tiste okoliščine, v katerih mora finančni analitik ali druga oseba likvidirati pozicijo iz osebnih razlogov, ki izhajajo iz finančnih težav.
The concept of dissemination of investment research to clients or the public should not include dissemination exclusively to persons within the group of the investment firm.
Nadomestila, provizije, denarne in nedenarne koristi, ki jih prejme podjetje, ki zagotavlja investicijske raziskave, od katere koli tretje osebe, so sprejemljive samo, kadar se zagotovijo v skladu s členom 24(9) Direktive 2014/65/EU in členom 13 Delegirane direktive Komisije (EU) 2017/593 [7].
Current recommendations should be considered to be those recommendations contained in investment research which have not been withdrawn and which have not lapsed.
Pojem razširjanja investicijskih raziskav strankam ali javnosti ne bi smel vključevati razširjanja izključno osebam znotraj skupine investicijskega podjetja.
The substantial alteration of investment research produced by a third party should be governed by the same requirements as the production of research.
Za tekoča priporočila bi se morala šteta tista priporočila, ki so vsebovana v investicijskih raziskavah, ki niso bila umaknjene in niso prenehale veljati.
Financial analysts should not engage in activities other than the preparation of investment research where engaging in such activities are inconsistent with the maintenance of that person's objectivity.
Za večjo spremembo investicijske raziskave, ki jo pripravi tretja oseba, bi morale veljati enake zahteve kot za pripravo raziskave.
These include participating in investment banking activities such as corporate finance business and underwriting, participating in ‘pitches’ for new business or ‘road shows’ for new issues of financial instruments; or being otherwise involved in the preparation of issuer marketing.
Finančni analitiki ne bi smeli sodelovati v drugih dejavnostih kot je priprava investicijskih raziskav, če tako sodelovanje v dejavnostih ni skladno z ohranjanjem objektivnosti navedene osebe.
Given the specificities of underwriting and placing services and the potential for conflicts of interest to arise in relation to such services, more detailed and tailored requirements should be specified in this Regulation.
To vključuje sodelovanje v dejavnostih investicijskega bančništva, kot so dejavnosti podjetniškega financiranja in izvedba prve prodaje finančnih instrumentov, sodelovanje pri oglaševanju novih poslov ali predstavitvah novih izdaj finančnih instrumentov; ali drugo sodelovanje pri pripravi trženja izdajatelja.
In particular, such requirements should ensure that the underwriting and placing process is managed in a way which respects the interests of different actors.
Zaradi posebnosti storitev izvedbe prve prodaje in plasiranja finančnih instrumentov ter morebitnih nasprotij interesov, ki nastanejo v zvezi s takimi storitvami, bi bilo treba v tej uredbi opredeliti podrobnejše in prilagojene zahteve.
Investment firms should ensure that their own interests or interests of their other clients do not improperly influence the quality of services provided to the issuer client.
Zlasti bi morale takšne zahteve zagotoviti, da se postopek izvedbe prve prodaje finančnih instrumentov in plasiranja upravlja na način, ki spoštuje interese različnih udeležencev.
Such arrangements should be explained to that client, along with other relevant information about the offering process, before the firm accepts to undertake the offering.
Investicijska podjetja bi morala zagotoviti, da njihovi interesi ali interesi drugih strank ne vplivajo neprimerno na kakovost storitev, ki se zagotavljajo stranki, ki je izdajatelj.
Investment firms engaged in underwriting or placing activities should have appropriate arrangements in place to ensure that the pricing process, including book-building, is not detrimental to the issuer's interests.
Takšne ureditve bi bilo treba pojasniti stranki, skupaj z drugimi relevantnimi informacijami o postopku ponudbe, preden podjetje sprejme izvedbo ponudbe.
The placing process involves the exercise of judgement by an investment firm as to the allocation of an issue, and is based on the particular facts and circumstances of the arrangements, which raises conflicts of interest concerns.
Investicijska podjetja, ki opravljajo dejavnosti izvedbe prve prodaje finančnih instrumentov ali plasiranja, bi morala imeti ustrezne ureditve za zagotovitev, da postopek oblikovanja cen, vključno z zbiranjem naročil, ne škoduje interesom izdajatelja.
The firm should have in place effective organisational requirements to ensure that allocations made as part of the placing process do not result in the firm's interest being placed ahead of the interests of the issuer client, or the interests of one investment client over those of another investment client.
Postopek plasiranja vključuje presojo, ki jo opravi investicijsko podjetje, glede alokacije izdaje, in temelji na specifičnih dejstvih in okoliščinah ureditev, ki vodijo do pomislekov glede nasprotij interesov.
In particular, firms should clearly set out the process for developing allocation recommendations in an allocation policy.
Podjetje bi moralo imeti vzpostavljene učinkovite organizacijske zahteve za zagotovitev, da razdelitve v okviru postopka plasiranja ne povzročijo, da bi imel interes podjetja prednost pred interesi stranke, ki je izdajatelj, ali interesi ene od investicijskih strank pred interesi druge investicijske stranke.
Requirements imposed by this Regulation, including those relating to personal transactions, to dealing with knowledge of investment research and to the production or dissemination of investment research, should apply without prejudice to requirements of Directive 2014/65/EU and Regulation (EU) No 596/2014 and their respective implementing measures.
Zlasti bi morala podjetja v politiki razdelitve izdaj jasno opredeliti postopek za pripravo priporočil za razdelitev.
This Regulation sets out requirements regarding information addressed to clients or potential clients, including marketing communications, in order to ensure that such information be fair, clear and not misleading in accordance with Article 24(3) of Directive 2014/65/EU.
Zahteve, ki jih določa ta uredba, vključno s tistimi, ki se nanašajo na osebne posle, ravnanje na podlagi investicijske raziskave ter pripravo in razširjanje investicijskih raziskav, bi se morale uporabljati brez poseganja v zahteve Direktive 2014/65/EU in Uredbe (EU) št. 596/2014 ter njihove ukrepe za izvajanje.
Nothing in this Regulation requires competent authorities to approve the content and form of marketing communications.
Ta uredba določa zahteve glede informacij, naslovljenih na stranke ali potencialne stranke, vključno s tržnimi komunikacijami, za zagotovitev, da so take informacije v skladu s členom 24(3) Direktive 2014/65/EU poštene, jasne in nezavajajoče.
However, neither does it prevent them from doing so, insofar as any such pre-approval is based only on compliance with the obligation in Directive 2014/65/EU that information to clients or potential clients, including marketing communications, should be fair, clear and not misleading.
Nobena določba v tej uredbi ne zahteva, da pristojni organi odobrijo vsebino in obliko tržnih sporočil.
Information requirements should be established which take account of the status of a client as either retail, professional or eligible counterparty.
Vendar jim tega tudi ne preprečuje, če vsaka taka predhodna odobritev temelji samo na izpolnjevanju obveznosti iz Direktive 2014/65/EU, da morajo biti informacije za stranke ali potencialne stranke, vključno s tržnimi komunikacijami, poštene, jasne in nezavajajoče.
An objective of Directive 2014/65/EU is to ensure a proportionate balance between investor protection and the disclosure obligations which apply to investment firms.
Določiti je treba zahteve po informacijah, ki bodo upoštevale status stranke kot neprofesionalne stranke, profesionalne stranke ali primerne nasprotne stranke.
To this end, it is appropriate to establish less stringent specific information requirements with respect to professional clients than to retail clients.
Eden od ciljev Direktive 2014/65/EU je zagotoviti sorazmerno ravnovesje med zaščito vlagateljev in obveznostmi razkritja, ki veljajo za investicijska podjetja.
Investment firms should provide clients or potential clients with the necessary information on the nature of financial instruments and the risks associated with investing in them so that their clients are properly informed The level of detail of the information to be provided may vary according to whether the client is a retail client or a professional client and the nature and risk profile of the financial instruments that are being offered, but should always include any essential elements.
V ta namen je ustrezno določiti manj stroge zahteve po določenih informacijah v zvezi s profesionalnimi strankami, kot veljajo za neprofesionalne stranke.
Member States may specify the precise terms, or the contents, of the description of risks required under this Regulation, taking into account the information requirements set out in Regulation (EU) No 1286/2014 of the European Parliament and of the Council [8].
Investicijska podjetja bi morala strankam ali potencialnim strankam zagotoviti potrebne informacije o naravi finančnih instrumentov in tveganjih povezanih z vlaganjem v te instrumente, tako da so njihove stranke ustrezno obveščene.
The conditions with which information addressed by investment firms to clients and potential clients must comply in order to be fair, clear and not misleading should apply to communications intended for retail or professional clients in a way that is appropriate and proportionate, taking into account, for example, the means of communication, and the information that the communication is intended to convey to the clients or potential clients.
Informacije, ki jih je treba predložiti, so lahko različno natančne glede na to, ali je stranka neprofesionalna ali profesionalna stranka ter naravo in profil tveganja finančnih instrumentov, ki se ponujajo, vedno pa bi morale vključevati vse bistvene elemente.
In particular, it would not be appropriate to apply such conditions to marketing communications which consist only of one or more of the following: the name of the firm, a logo or other image associated with the firm, a contact point, a reference to the types of investment services provided by the firm.
Države članice lahko določijo natančne pogoje ali vsebino opisa tveganj, kot zahteva ta uredba, pri čemer upoštevajo zahteve po informacijah, določene v Uredbi (EU) št. 1286/2014 Evropskega parlamenta in Sveta [8].
In order to improve the consistency of information received by investors, investment firms should ensure that the information provided to each client is consistently presented in the same language throughout all forms of information and marketing material provided to that client.
Pogoji, ki jih morajo izpolnjevati informacije, ki jih investicijska podjetja naslovijo na stranke in potencialne stranke, in sicer da so poštene, jasne in nezavajajoče, bi morali veljati za sporočila, namenjena neprofesionalnim ali profesionalnim strankam na način, ki je primeren in sorazmeren, na primer ob upoštevanju komunikacijskih sredstev in informacij, ki naj bi jih sporočilo posredovalo strankam ali potencialnim strankam.
However, this should not imply a requirement for firms to translate prospectuses, prepared in accordance with Directive 2003/71/EC of the European Parliament and of the Council [9] or Directive 2009/65/EC of the European Parliament and of the Council [10], provided to clients.
Zlasti ne bi bilo primerno uporabljati takih pogojev za tržna sporočila, ki vsebujejo samo eno ali več izmed naslednjega: naziv družbe, logotip ali drugo podobo, povezano s podjetjem, kontaktno osebo, vrste investicijskih storitev, ki jih opravlja družba.
In order to provide a fair and balanced presentation of benefits and risks, investment firms should always give a clear and prominent indication of any relevant risks, including drawbacks and weaknesses, when referencing any potential benefits of a service or financial instrument.
Da bi izboljšali doslednost informacij, ki jih prejmejo vlagatelji, bi morala investicijska podjetja zagotoviti, da so informacije, ki se predložijo vsaki stranki, dosledno podane v istem jeziku za vse oblike informacij in tržnega gradiva, zagotovljenega za navedeno stranko.
Information should be considered to be misleading if it has a tendency to mislead the person or persons to whom it is addressed or by whom it is likely to be received, regardless of whether the person who provides the information considers or intends it to be misleading.
Vendar pa to ne bi smelo pomeniti zahteve za podjetja, da prevedejo prospekte, pripravljene v skladu z Direktivo 2003/71/ES Evropskega parlamenta in Sveta [9] ali Direktivo 2009/65/ES Evropskega parlamenta in Sveta [10], ki se predložijo strankam.
In cases where an investment firm is required to provide information to a client before the provision of a service, each transaction in respect of the same type of financial instrument should not be considered as the provision of a new or different service.
Da bi zagotovili pošteno in uravnoteženo predstavitev koristi in tveganj, bi investicijska podjetja vedno morala jasno in poudarjeno navesti vsa relevantna tveganja, vključno s slabostmi in pomanjkljivostmi, kadar navajajo potencialne koristi storitve ali finančnega instrumenta.
Detailed information on whether investment advice is provided on an independent basis, on the broad or restricted analysis of different types of instruments and on the selection process used should help clients assess the scope of the advice provided.
Informacije bi bilo treba šteti za zavajajoče, če bi lahko zavajale osebo ali osebe, na katere so naslovljene ali ki jih bodo verjetno prejele, ne glede na to, ali oseba, ki pošilja informacije, meni, da so zavajajoče, ali jih pripravi z namenom zavajanja.
Sufficient details on the number of financial instruments analysed by the firms should be provided to clients.
V primerih, ko se od investicijskega podjetja zahteva, da vlagatelju zagotovi informacije pred opravljanjem storitve, se vsak posel za isto vrsto finančnega instrumenta ne bi smel šteti kot opravljanje nove ali drugačne storitve.
The number and variety of financial instruments to be considered, other than the ones provided by the investment firm or entities close to the firm, should be proportionate to the scope of the advice to be given, client preferences and needs.
Podrobne informacije o tem, ali se investicijsko svetovanje zagotavlja neodvisno, o obsežni ali omejeni analizi različnih vrst instrumentov in o uporabljenem izbirnem postopku bi morale strankam pomagati, da ocenijo področje uporabe prejetega nasveta.
However, irrespective of the scope of services offered, all assessments should be based on an adequate number of financial instruments available on the market to allow an appropriate consideration of what the market offers as alternatives.
Strankam bi bilo treba zagotoviti dovolj podrobnosti o več finančnih instrumentih, ki so jih analizirala podjetja.
The scope of the advice given by investment firms on an independent basis could range from broad and general to specialist and specific.
Število in raznolikost finančnih instrumentov, ki jih je treba upoštevati, razen tistih, ki jih zagotovijo investicijsko podjetje ali subjekti, ki so blizu podjetju, bi morala biti sorazmerna s področjem uporabe danega nasveta ter željami in potrebami stranke.