natgillin/translations-raw huggingface dataset:
The information shall be consistent with the information published in accordance with the technical standards developed under Article 27(10)(b) of Directive 2014/65/EU.
Investicijska podjetja strankam zagotovijo ustrezne informacije o podjetju in njegovih storitvah ter o subjektih, izbranih za izvrševanje naročil.
Upon reasonable request from a client, investment firms shall provide its clients or potential clients with information about entities where the orders are transmitted or placed for execution.
Zlasti kadar izbere druga podjetja za izvajanje storitev izvrševanja naročil, investicijsko podjetje enkrat letno za vsak razred finančnih instrumentov pripravi povzetek in objavi pet najpomembnejših investicijskih podjetij po obsegu trgovanja, katerim je v predhodnem letu posredovalo ali oddalo v izvršitev naročila strank, ter podatke o kakovosti izvrševanja.
Investment firms shall monitor on a regular basis the effectiveness of the policy established in accordance with paragraph 5 and, in particular, shall monitor the execution quality of the entities identified in that policy and, where appropriate, correct any deficiencies.
Informacije so skladne z informacijami, objavljenimi v skladu s tehničnimi standardi, pripravljenimi na podlagi člena 27(10)(b) Direktive 2014/65/EU.
Investment firms shall review the policy and arrangements at least annually.
Na razumno zahtevo stranke investicijska podjetja svojim strankam ali potencialnim strankam zagotovijo informacije o subjektih, katerim se naročila posredujejo ali oddajo v izvršitev.
Such a review shall also be carried out whenever a material change occurs that affects the firm's ability to continue to obtain the best possible result for their clients.
Investicijska podjetja redno spremljajo učinkovitost politike, vzpostavljene v skladu z odstavkom 5, zlasti pa kakovost izvrševanja pri subjektih, navedenih v politiki, in po potrebi odpravijo morebitne pomanjkljivosti.
Investment firms shall assess whether a material change has occurred and shall consider making changes to the execution venues or entities on which they place significant reliance in meeting the overarching best execution requirement.
Investicijska podjetja vsaj enkrat letno pregledajo politiko in ureditve.
A material change shall be a significant event that could impact parameters of best execution such as cost, price, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of the order.
Tak pregled se opravi tudi, kadar koli nastopijo pomembne spremembe, ki vplivajo na zmožnost podjetja, da še naprej dosega najboljši možen rezultat za svoje stranke.
This Article shall not apply where the investment firm that provides the service of portfolio management or reception and transmission of orders also executes the orders received or the decisions to deal on behalf of its client's portfolio.
Investicijska podjetja presodijo, ali je prišlo do pomembne spremembe, in razmislijo o spremembah v zvezi z mesti izvrševanja ali subjekti za izvrševanje, na katere se v znatni meri zanašajo pri izpolnjevanju ključne zahteve glede najboljše izvršitve.
In those cases Article 27 of Directive 2014/65/EU shall apply.
Pomembna sprememba je bistven dogodek, ki bi lahko vplival na parametre najboljše izvršitve, kot so stroški, cena, hitrost, verjetnost izvršitve in poravnave, velikost, narava ali kakršen koli drug vidik, ki je relevanten za izvršitev naročila.
Article 66
Ta člen se ne uporablja, če investicijsko podjetje, ki izvaja storitve upravljanja portfeljev ali sprejemanja in posredovanja naročil, tudi izvršuje prejeta naročila ali odločitve, da bo trgovalo v imenu strankinega portfelja.
Execution policy
V navedenih primerih se uporablja člen 27 Direktive 2014/65/EU.
(Article 27(5) and (7) of Directive 2014/65/EU)
Člen 66
Investment firms shall review, at least on an annual basis execution policy established pursuant to Article 27(4) of Directive 2014/65/EU, as well as their order execution arrangements.
Politika izvrševanja
Such a review shall also be carried out whenever a material change as defined in Article 65(7) occurs that affects the firm's ability to continue to obtain the best possible result for the execution of its client orders on a consistent basis using the venues included in its execution policy.
(člen 27(5) in (7) Direktive 2014/65/EU)
An investment firm shall assess whether a material change has occurred and shall consider making changes to the relative importance of the best execution factors in meeting the overarching best execution requirement.
Investicijska podjetja vsaj letno pregledajo politiko izvrševanja naročil, vzpostavljeno v skladu s členom 27(4) Direktive 2014/65/EU, ter ureditve za izvrševanje naročil.
The information on the execution policy shall be customised depending on the class of financial instrument and type of the service provided and shall include information set out in paragraphs 3 to 9.
Takšen pregled se opravi tudi, kadar koli pride do pomembnih sprememb, kot so opredeljene v členu 65(7), ki vplivajo na zmožnost podjetja, da še naprej dosledno dosega najboljši možen rezultat pri izvrševanju naročil stranke, pri čemer uporablja mesta izvrševanja, določena v njegovi politiki izvrševanja naročil.
Investment firms shall provide clients with the following details on their execution policy in good time prior to the provision of the service:
Investicijsko podjetje presodi, ali je prišlo do pomembne spremembe, in razmisli o spremembah glede relativnega pomena dejavnikov najboljše izvršitve pri izpolnjevanju ključne zahteve po najboljši izvršitvi.
an account of the relative importance the investment firm assigns, in accordance with the criteria specified in Article 59(1), to the factors referred to in Article 27(1) of Directive 2014/65/EU, or the process by which the firm determines the relative importance of those factors.
Informacije o politiki izvrševanja naročil se prilagodijo glede na razred finančnega instrumenta in vrsto storitve ter vključujejo informacije iz odstavkov 3 do 9.
a list of the execution venues on which the firm places significant reliance in meeting its obligation to take all reasonable steps to obtain on a consistent basis the best possible result for the execution of client orders and specifying which execution venues are used for each class of financial instruments, for retail client orders, professional client orders and SFTs;
Investicijska podjetja pravočasno pred začetkom opravljanja storitve strankam zagotovijo naslednje podatke o svoji politiki izvrševanja naročil:
a list of factors used to select an execution venue, including qualitative factors such as clearing schemes, circuit breakers, scheduled actions, or any other relevant consideration, and the relative importance of each factor; The information about the factors used to select an execution venue for execution shall be consistent with the controls used by the firm to demonstrate to clients that best execution has been achieved in a consistent basis when reviewing the adequacy of its policy and arrangements;
razlago relativnega pomena, ki ga investicijsko podjetje v skladu z merili iz člena 59(1) pripisuje dejavnikom iz člena 27(1) Direktive 2014/65/EU, ali procesa, na podlagi katerega podjetje določi relativni pomen navedenih dejavnikov;
how the execution factors of price costs, speed, likelihood of execution and any other relevant factors are considered as part of all sufficient steps to obtain the best possible result for the client;
seznam mest izvrševanja, ki so za podjetje zelo pomembna pri izpolnjevanju njegove obveznosti sprejetja vseh razumnih ukrepov, da bi dosledno dosegalo najboljše možne rezultate pri izvrševanju naročil strank, in navedba, katera mesta izvrševanja se uporabljajo za vsak razred finančnih instrumentov, za naročila neprofesionalnih strank, za naročila profesionalnih strank in za posle financiranja z vrednostnimi papirji;
where applicable, information that the firm executes orders outside a trading venue, the consequences, for example counterparty risk arising from execution outside a trading venue, and upon client request, additional information about the consequences of this means of execution;
seznam dejavnikov, ki se uporabljajo za izbiro mesta izvrševanja, kar vključuje kvalitativne dejavnike, kot so klirinški sistemi, sistemi prekinitve trgovanja, načrtovani ukrepi, oziroma vse druge relevantne vidike, kot tudi relativni pomen vsakega dejavnika.
a clear and prominent warning that any specific instructions from a client may prevent the firm from taking the steps that it has designed and implemented in its execution policy to obtain the best possible result for the execution of those orders in respect of the elements covered by those instructions;
Informacije o dejavnikih, ki se uporabljajo za izbiro mesta izvrševanja, so skladne s kontrolami, ki jih podjetje uporablja za dokazovanje strankam, da je bila dosledno dosežena najboljša izvršitev, ko pregleduje ustreznost svojih politik in ureditev;
a summary of the selection process for execution venues, execution strategies employed, the procedures and process used to analyse the quality of execution obtained and how the firms monitor and verify that the best possible results were obtained for clients.
kako se dejavniki izvršitve, kot so cena, stroški, hitrost, verjetnost izvršitve in vsi drugi relevantni dejavniki, obravnavajo kot del vseh zadostnih ukrepov za doseganje najboljšega možnega rezultata za stranko;
That information shall be provided in a durable medium, or by means of a website (where that does not constitute a durable medium) provided that the conditions specified in Article 3(2) are satisfied.
kjer je relevantno, informacija, da podjetje izvršuje naročila zunaj mesta trgovanja, posledice tega, kot je na primer tveganje nasprotne stranke, ki izhaja iz izvrševanja naročil zunaj mesta trgovanja, in, na zahtevo stranke, dodatne informacije o posledicah tega načina izvršitve naročil;
Where investment firms apply different fees depending on the execution venue, the firm shall explain these differences in sufficient detail in order to allow the client to understand the advantages and the disadvantages of the choice of a single execution venue.
jasno in vidno opozorilo, da lahko katera koli specifična navodila stranke podjetju preprečijo sprejetje ukrepov, ki jih je pripravilo in vključilo v svojo politiko izvrševanja naročil za doseganje najboljšega možnega rezultata pri izvrševanju teh naročil za elemente, zajete v navedenih navodilih;
Where investment firms invite clients to choose an execution venue, fair, clear and not misleading information shall be provided to prevent the client from choosing one execution venue rather than another on the sole basis of the price policy applied by the firm.
povzetek postopka izbire za mesta izvrševanja, uporabljene strategije izvrševanja, postopke in procese, uporabljene za analizo dosežene kakovosti izvrševanja naročil in kako podjetja spremljajo in preverjajo, ali so bili za stranko doseženi najboljši možni rezultati.
Investment firms shall only receive third-party payments that comply with Article 24(9) of Directive 2014/65/EU and shall inform clients about the inducements that the firm may receive from the execution venues.
Navedene informacije se zagotovijo na trajnem nosilcu podatkov ali na spletni strani (če ta ni trajen nosilec podatkov), če so izpolnjeni pogoji iz člena 3(2).
The information shall specify the fees charged by the investment firm to all counterparties involved in the transaction, and where the fees vary depending on the client, the information shall indicate the maximum fees or range of the fees that may be payable.
Če investicijska podjetja uporabljajo različna nadomestila glede na mesto izvrševanja, podjetje dovolj podrobno pojasni te razlike, da lahko stranka razume prednosti in slabosti izbire enega samega mesta izvrševanja
Where an investment firm charges more than one participant in a transaction, in compliance with Article 24(9) of Directive 2014/65/EU and its implementing measures, the firm shall inform its clients of the value of any monetary or non-monetary benefits received by the firm.
Če investicijska podjetja pozovejo stranko, da izbere mesto izvrševanja, se stranki predložijo poštene, jasne in nezavajajoče informacije, da ta ne bi izbrala enega mesta izvrševanja namesto drugega samo zaradi cenovne politike, ki jo uporablja podjetje.
Where a client makes reasonable and proportionate requests for information about its policies or arrangements and how they are reviewed to an investment firm, that investment firm shall answer clearly and within a reasonable time.
Investicijska podjetja prejemajo samo tista plačila tretjih strank, ki izpolnjujejo zahteve iz člena 24(9) Direktive 2014/65/EU, in stranke obvestijo o spodbudah, ki jih lahko podjetje prejme od mest izvrševanja.
Where an investment firm executes orders for retail clients, it shall provide those clients with a summary of the relevant policy, focused on the total costs they incur.
V informacijah so navedena nadomestila, ki jih investicijsko podjetje zaračuna vsem nasprotnim strankam, vpletenim v posel, in, kadar se nadomestila razlikujejo glede na stranko, najvišji znesek ali razpon nadomestil, ki jih bo morda potrebno plačati.
The summary shall also provide a link to the most recent execution quality data published in accordance with Article 27(3) of Directive 2014/65/EU for each execution venue listed by the investment firm in its execution policy.
Če investicijsko podjetje zaračuna nadomestilo več kot enemu udeležencu v poslu v skladu s členom 24(9) Direktive 2014/65/EU in njenimi izvedbenimi ukrepi, podjetje obvesti svoje stranke o vrednosti vseh denarnih in nedenarnih koristi, ki jih prejme.
SECTION 6
Če stranka na razumni in sorazmerni podlagi od investicijskega podjetja zahteva informacije o njegovih politikah ali ureditvah in o tem, kako se pregledujejo, to na zahtevo odgovori jasno in v razumnem roku.
Client order handling
Če investicijsko podjetje izvršuje naročila za neprofesionalne stranke, tem strankam zagotovi povzetek relevantne politike, pri čemer se osredotoči na skupne stroške za stranko.
Article 67
V povzetku je navedena tudi povezava do najnovejših podatkov o kakovosti izvrševanja naročil, objavljenih v skladu s členom 27(3) Direktive 2014/65/EU, za vsako mesto izvrševanja, ki ga je investicijsko podjetje navedlo v svoji politiki izvrševanja naročil.
General principles
ODDELEK 6
(Articles 28(1) and 24(1) of Directive 2014/65/EU)
Obdelava naročil strank
Investment firms shall satisfy the following conditions when carrying out client orders:
Člen 67
ensure that orders executed on behalf of clients are promptly and accurately recorded and allocated;
Splošna načela
carry out otherwise comparable client orders sequentially and promptly unless the characteristics of the order or prevailing market conditions make this impracticable, or the interests of the client require otherwise;
(člena 28(1) in 24(1) Direktive 2014/65/EU)
inform a retail client about any material difficulty relevant to the proper carrying out of orders promptly upon becoming aware of the difficulty.
Investicijska podjetja pri izvrševanju naročil strank izpolnjujejo naslednje pogoje:
Where an investment firm is responsible for overseeing or arranging the settlement of an executed order, it shall take all reasonable steps to ensure that any client financial instruments or client funds received in settlement of that executed order are promptly and correctly delivered to the account of the appropriate client.
zagotavljajo, da se naročila, ki se izvršijo v imenu strank, takoj in pravilno evidentirajo in alocirajo;
An investment firm shall not misuse information relating to pending client orders, and shall take all reasonable steps to prevent the misuse of such information by any of its relevant persons.
sicer primerljiva naročila stranke izvršijo v zaporednem vrstnem redu in takoj, razen če je to zaradi narave naročila ali prevladujočih tržnih pogojev praktično neizvedljivo ali če interesi stranke zahtevajo drugače;
Article 68
neprofesionalno stranko obvestijo o morebitnih pomembnih težavah, ki zadevajo ustrezno izvršitev naročil, takoj ko jih zaznajo.
Aggregation and allocation of orders
Če je investicijsko podjetje odgovorno za nadzor ali urejanje poravnave izvršenega naročila, sprejme vse ustrezne ukrepe za zagotovitev, da so vsi finančni instrumenti ali sredstva stranke, prejeti v okviru poravnave tega izvršenega naročila, takoj in pravilno dostavljeni na račun ustrezne stranke.
Investment firms shall not carry out a client order or a transaction for own account in aggregation with another client order unless the following conditions are met:
Investicijsko podjetje ne zlorabi informacij v zvezi z odprtimi naročili stranke in sprejme vse razumne ukrepe, da prepreči zlorabo takih informacij pri kateri koli od njenih relevantnih oseb.
it is unlikely that the aggregation of orders and transactions will work overall to the disadvantage of any client whose order is to be aggregated;
Člen 68
it is disclosed to each client whose order is to be aggregated that the effect of aggregation may work to its disadvantage in relation to a particular order;
Združevanje in alokacija naročil
an order allocation policy is established and effectively implemented, providing for the fair allocation of aggregated orders and transactions, including how the volume and price of orders determines allocations and the treatment of partial executions.
Investicijska podjetja izvrševanja naročila stranke ali posla za svoj račun ne združujejo z izvrševanjem naročila druge stranke, razen če so izpolnjeni naslednji pogoji:
Where an investment firm aggregates an order with one or more other client orders and the aggregated order is partially executed, it shall allocate the related trades in accordance with its order allocation policy.
ni verjetno, da bo imela združitev naročil in poslov v splošnem negativne posledice za stranko, katere naročilo se bo združevalo;
Article 69
vsaki stranki, katere naročilo se bo združevalo, se razkrijejo negativne posledice, ki bi jih lahko imelo združevanje v zvezi z določenim naročilom;
Aggregation and allocation of transactions for own account
politika alokacije naročil, ki določa pravično alokacijo združenih naročil in poslov, je vzpostavljena in se učinkovito izvaja, vključno s tem, kako na alokacijo in obravnavo delnih izvršitev vplivata obseg in cena naročil.
Investment firms which have aggregated transactions for own account with one or more client orders shall not allocate the related trades in a way that is detrimental to a client.
Kadar investicijsko podjetje združi naročilo z enim ali več naročili drugih strank in je združeno naročilo delno izvršeno, razporedi s tem povezana trgovanja v skladu s svojo politiko alokacije naročil.
Where an investment firm aggregates a client order with a transaction for own account and the aggregated order is partially executed, it shall allocate the related trades to the client in priority to the firm.
Člen 69
Where an investment firm is able to demonstrate on reasonable grounds that without the combination it would not have been able to carry out the order on such advantageous terms, or at all, it may allocate the transaction for own account proportionally, in accordance with its order allocation policy referred to in Article 68(1)(c).
Združevanje in alokacija poslov za svoj račun
As part of the order allocation policy referred to in Article 68(1)(c), investment firms shall put in place procedures designed to prevent the reallocation, in a way that is detrimental to the client, of transactions for own account which are executed in combination with client orders.
Investicijska podjetja, ki posle za svoj račun združujejo z enim ali več naročili strank, ne razporedijo s tem povezanih trgovanj na način, ki bi škodoval stranki.
Article 70
Če investicijsko podjetje združi naročilo stranke s poslom za svoj račun in je združeno naročilo delno izvršeno, razporedi s tem povezana trgovanja tako, da ima stranka prednost pred podjetjem.
Prompt fair and expeditious execution of client orders and publication of unexecuted client limit orders for shares traded on a trading venue
Če lahko investicijsko podjetje utemeljeno dokaže, da brez združevanja ne bi moglo izvršiti naročila po tako ugodnih pogojih ali pa ga sploh ne bi moglo izvršiti, lahko razporedi posel za svoj račun sorazmerno v skladu s svojo politiko alokacije naročil iz člena 68(1)(c).
(Article 28 of Directive 2014/65/EU)
Investicijska podjetja kot del politike alokacije naročil iz člena 68(1)(c) vzpostavijo postopke za preprečevanje ponovne alokacije poslov za svoj račun, ki se izvedejo v kombinaciji z naročili stranke, na način, ki škoduje stranki.
A client limit order in respect of shares admitted to trading on a regulated market or traded on a trading venue which have not been immediately executed under prevailing market conditions as referred to in Article 28(2) of Directive 2014/65/EU shall be considered available to the public when the investment firm has submitted the order for execution to a regulated market or a MTF or the order has been published by a data reporting services provider located in one Member State and can be easily executed as soon as market conditions allow.
Člen 70
Regulated markets and MTFs shall be prioritised according to the firm's execution policy to ensure execution as soon as market conditions allow.
Takojšnje, pošteno in hitro izvrševanje naročil strank ter objava neizvršenih naročil z omejitvijo v zvezi z delnicami, s katerimi se trguje na mestu trgovanja
SECTION 7
(člen 28 Direktive 2014/65/EU)
Eligible counterparties
Za naročilo z omejitvijo v zvezi z delnicami, ki so uvrščene v trgovanje na reguliranem trgu ali s katerimi se trguje na mestu trgovanja, ki ni bilo izvršeno takoj pod prevladujočimi tržnimi pogoji, kot je navedeno v členu 28(2) Direktive 2014/65/EU, se šteje, da je na voljo javnosti, ko je investicijsko podjetje oddalo naročilo za izvršitev na reguliranem trgu ali MTF ali je naročilo objavil izvajalec storitev sporočanja podatkov, ki se nahaja v eni od držav članic, pri čemer se lahko naročilo brez težav izvrši takoj, ko tržni pogoji to omogočajo.
Article 71
Regulirani trgi in MTF se prednostno razporedijo glede na politiko izvrševanja podjetja, da se zagotovi izvršitev takoj, ko tržni pogoji to omogočajo.
(Article 30 of Directive 2014/65/EU)
ODDELEK 7
In addition to the categories which are explicitly set out in Article 30(2) of Directive 2014/65/EU, Member States may recognise as eligible counterparty, in accordance with Article 30(3) of that Directive, an undertaking falling within a category of clients who are to be considered professional clients in accordance with paragraphs 1, 2 and 3 of Section I of Annex II to that Directive.
Primerne nasprotne stranke
Where, pursuant to the second subparagraph of Article 30(2) of Directive 2014/65/EU, an eligible counterparty requests treatment as a client whose business with an investment firm is subject to Articles 24, 25, 27 and 28 of that Directive, the request should be made in writing, and shall indicate whether the treatment as retail client or professional client refers to one or more investment services or transactions, or one or more types of transaction or product.
Člen 71
Where an eligible counterparty requests treatment as a client whose business with an investment firm is subject to Articles 24, 25, 27 and 28 of Directive 2014/65/EU, but does not expressly request treatment as a retail client, the firm shall treat that eligible counterparty as a professional client.
(člen 30 Direktive 2014/65/EU)