natgillin/translations-raw huggingface dataset:
This should include contracts which are standardised and traded on venues, or contracts equivalent thereof where all the terms of such contracts are equivalent to contracts traded on venues.
To bi moralo vključevati pogodbe, ki so standardizirane in se z njimi trguje na mestih trgovanja, ali tem ustrezne pogodbe, kadar so vsi pogoji iz teh pogodb enaki pogojem pogodb, s katerimi se trguje na mestih trgovanja.
In this case, terms of these contracts should also be understood to include provisions such as quality of the commodity or place of delivery.
V tem primeru bi bilo treba pogoje teh pogodb obravnavati, kot da vključujejo določbe, kot so določbe glede kakovosti blaga ali mesta dobave.
In order to provide clarity on the definitions of contracts relating to underlying variables set out in Section C(10) of Directive 2014/65/EU, criteria should be provided relating to their terms and underlying variables in those contracts.
Za razjasnitev opredelitev pogodb v zvezi z osnovnimi spremenljivkami, določenimi v oddelku C(10) Direktive 2014/65/EU, bi bilo treba zagotoviti merila v zvezi z njihovimi pogoji in osnovnimi spremenljivkami v teh pogodbah.
The inclusion of actuarial statistics in the list of underlyings should not be understood as extending the scope of those contracts to insurance and reinsurance.
Vključitve aktuarske statistike na seznam osnov se ne bi smelo razumeti kot razširitve področja uporabe teh pogodb na zavarovanje in pozavarovanje.
Directive 2014/65/EU establishes the general framework for a regulatory regime for financial markets in the Union, setting out in Section C of Annex I the list of financial instruments covered.
Direktiva 2014/65/EU določa splošen okvir za regulativno ureditev za finančne trge v Uniji ter v oddelku C Priloge I navaja seznam zajetih finančnih instrumentov.
Section C(4) of Annex I to Directive 2014/65/EU includes financial instruments relating to a currency which are therefore under the scope of this Directive.
Oddelek C(4) Priloge I k Direktivi 2014/65/EU vključuje finančne instrumente v zvezi z valuto, ki zato spadajo v področje uporabe te direktive.
In order to ensure the uniform application of Directive 2014/65/EU, it is necessary to clarify the definitions laid down in Section C(4) of Annex I to Directive 2014/65/EU for other derivative contracts relating to currencies and to clarify that spot contracts relating to currencies are not other derivative instruments for the purposes of Section C(4) of Annex I to Directive 2014/65/EU.
Za zagotovitev enotne uporabe Direktive 2014/65/EU je treba pojasniti opredelitve iz oddelka C(4) Priloge I k Direktivi 2014/65/EU za druge pogodbe o izvedenih finančnih instrumentih, ki se nanašajo na valute, ter pojasniti, da promptne pogodbe v zvezi z valutami niso drugi izvedeni finančni instrumenti za namene oddelka C(4) Priloge I k Direktivi 2014/65/EU.
The settlement period for a spot contract is generally accepted in most main currencies as taking place within 2 days or less, but where this is not market practice it is necessary to make provision to allow settlement to take place in accordance with normal market practice.
Za večino glavnih valut sta za promptne pogodbe dva dneva ali manj sprejemljivo obdobje za poravnavo, vendar je treba v primerih, ko to ni tržna praksa, sprejeti določbo, ki dopušča poravnavo v skladu z običajno tržno prakso.
In such cases, physical settlement does not require the use of paper money and can include electronic settlement.
V takih primerih fizična poravnava ne zahteva uporabe papirnatega denarja in lahko vključuje elektronsko poravnavo.
Foreign exchange contracts may also be used for the purpose of effecting payment and those contracts should not be considered financial instruments provided they are not traded on a trading venue.
Za izvedbo plačila se lahko uporabljajo tudi pogodbe na tujo valuto, vendar teh pogodb ne bi smeli šteti za finančne instrumente, če se z njimi ne trguje na mestu trgovanja.
Therefore it is appropriate to consider as spot contracts those foreign exchange contracts that are used to effect payment for financial instruments where the settlement period for those contracts is more than 2 trading days and less than 5 trading days.
Zato je kot promptne pogodbe primerno obravnavati tiste pogodbe na tujo valuto, ki se uporabljajo za izvedbo plačila za finančne instrumente, kadar je obdobje poravnave za te pogodbe več kot dva in manj kot pet trgovalnih dni.
It is also appropriate to consider as means of payments those foreign exchange contracts that are entered into for the purpose of achieving certainty about the level of payments for goods, services and real investment.
Prav tako je kot plačilno sredstvo mogoče obravnavati tiste pogodbe na tujo valuto, ki se sklenejo zaradi zagotavljanja gotovosti glede ravni plačil za blago, storitve in realne naložbe.
This will result in excluding from the definition of financial instruments foreign exchange contracts entered into by non-financial firms receiving payments in foreign currency for exports of identifiable goods and services and non-financial firms making payments in foreign currency to import specific goods and services.
Posledično se bodo iz opredelitve finančnih instrumentov izključile pogodbe na tujo valuto, ki jih sklenejo nefinančna podjetja, ki za izvoz opredeljivega blaga in storitev sprejemajo plačila v tuji valuti, ter nefinančna podjetja, ki za uvoz specifičnega blaga in storitev plačujejo v tuji valuti.
Payment netting is essential to the effective and efficient operation of currency settlement systems and therefore the classification of a foreign currency contract as a spot transaction should not require that each foreign currency spot contract is settled independently.
Pobot plačil je bistven za uspešno in učinkovito delovanje sistemov valutne poravnave in zato razvrstitev pogodbe, izražene v tuji valuti, med promptne posle ne bi smela zahtevati, da se vsaka promptna pogodba, izražena v tuji valuti, poravna neodvisno.
Non deliverable forwards are contracts for the difference between an exchange rate agreed before and the actual spot rate at maturity and therefore should not be considered to be spot contracts, regardless of their settlement period.
Nestandardizirane terminske pogodbe brez dejanske poravnave („non-deliverable forwards“) so pogodbe za razliko med predhodno dogovorjenim menjalnim tečajem in dejanskim promptnim tečajem ob zapadlosti in se zato ne bi smele šteti kot promptne pogodbe, ne glede na njihovo obdobje poravnave.
A contract for the exchange of one currency against another currency should be understood as relating to a direct and unconditional exchange of those currencies.
Pogodbe za menjavo ene valute za drugo se ne bi smelo obravnavati kot pogodbe v zvezi z neposredno in brezpogojno menjavo teh valut.
In the case of a contract with multiple exchanges, each exchange should be considered separately.
V primeru pogodbe z več menjavami, bi bilo treba vsako menjavo obravnavati ločeno.
However an option or a swap on a currency should not be considered a contract for the sale or exchange of a currency and therefore could not constitute either a spot contract or means of payment regardless of the duration of the swap or option and regardless of whether it is traded on a trading venue or not.
Vendar opcije na valuto ali valutne zamenjave ne bi smeli obravnavati kot pogodbe za prodajo ali menjavo valute in zato ne bi smela predstavljati promptne pogodbe ali načina plačila ne glede na trajanje zamenjave ali opcije in ne glede na to, ali se z njo trguje na trgovalnem mestu ali ne.
Advice about financial instruments addressed to the general public should not be considered as a personal recommendation for the purposes of the definition of ‘investment advice’ in Directive 2014/65/EU.
Svetovanje o finančnih instrumentih, naslovljenega na splošno javnost, se ne bi smelo obravnavati kot osebno priporočilo za namene opredelitve investicijskega svetovanja v Direktivi 2014/65/EU.
In view of the growing number of intermediaries providing personal recommendations through the use of distribution channels, it should be clarified that a recommendation issued, even exclusively, through distribution channels, such as internet, could qualify as a personal recommendation.
Glede na vse večje število posrednikov, ki ponujajo osebna priporočila prek distribucijskih kanalov, bi bilo treba razjasniti, da se priporočilo, podano, tudi ekskluzivno, prek distribucijskih kanalov, kot je internet, lahko šteje za osebno priporočilo.
Therefore, situations in which, for instance, email correspondence is used to provide personal recommendations to a specific person, rather than to address information to the public in general, may amount to investment advice.
Zato lahko okoliščine, v katerih se uporablja, na primer, elektronska korespondenca za zagotavljanje osebnih priporočil določeni osebi, namesto da bi se informacije naslovile na javnost na splošno, predstavljajo investicijsko svetovanje.
Generic advice about a type of financial instrument is not considered investment advice for the purposes of Directive 2014/65/EU.
Splošno svetovanje o vrsti finančnega instrumenta se ne šteje za investicijsko svetovanje za namene Direktive 2014/65/EU.
However, if an investment firm provides generic advice to a client about a type of financial instrument which it presents as suitable for, or based on a consideration of the circumstances of, that client, and that advice is not in fact suitable for the client, or is not based on a consideration of his circumstances, the firm is likely to be acting in contravention of Article 24(1) or (3) of Directive 2014/65/EU In particular, a firm which gives a client such advice would be likely to contravene the requirement of Article 24(1) to act honestly, fairly and professionally in accordance with the best interests of its clients.
Če investicijsko podjetje stranki nudi splošno svetovanje o vrsti finančnega instrumenta, za katero meni, da je primerno za to stranko oziroma temelji na upoštevanju okoliščin zadevne stranke, vendar pa to svetovanje dejansko ni primerno za stranko ali ne temelji na upoštevanju njenih okoliščin, je verjetno, da podjetje deluje v nasprotju s členom 24(1) ali (3) Direktive 2014/65/EU.
Similarly or alternatively, such advice would be likely to contravene the requirement of Article 24(3) that information addressed by a firm to a client should be fair, clear and not misleading.
Zlasti je verjetno, da bi podjetje, ki stranki nudi tako svetovanje, lahko kršilo zahtevo iz člena 24(1), da mora ravnati pošteno, pravično in profesionalno v skladu z najboljšimi interesi stranke.
Acts carried out by an investment firm that are preparatory to the provision of an investment service or carrying out an investment activity should be considered as an integral part of that service or activity.
Podobno ali drugače bi lahko tako svetovanje kršilo zahtevo iz člena 24(3), da morajo biti informacije, ki jih podjetje naslovi na stranko, poštene, jasne in ne zavajajoče.
This would include, for example, the provision of generic advice by an investment firm to clients or potential clients prior to or in the course of the provision of investment advice or any other investment service or activity.
Dejanja, ki jih opravi investicijsko podjetje kot pripravo na zagotavljanje investicijske storitve ali opravljanje investicijske dejavnosti, bi se morala šteti za sestavni del navedene storitve ali dejavnosti.
The provision of a general recommendation about a transaction in a financial instrument or a type of financial instrument constitutes the provision of an ancillary service within Section B(5) of Annex I to Directive 2014/65/EU, and consequently Directive 2014/65/EU and its protections apply to the provision of that recommendation.
To na primer obsega zagotavljanje splošnih nasvetov investicijskih podjetij strankam ali potencialnim strankam pred ali med investicijskim svetovanjem ali katero koli drugo investicijsko storitvijo ali dejavnostjo.
In order to ensure the objective and effective application of the definition of systematic internalisers in the Union in accordance with Article 4(1)(20) of Directive 2014/65/EU, further specifications should be provided on the applicable pre-set limits for the purposes of what constitutes frequent systematic and substantial over the counter (OTC) trading.
Zagotavljanje splošnega priporočila o poslu s finančnim instrumentom ali vrsto finančnega instrumenta predstavlja opravljanje pomožne storitve iz oddelka B(5) Priloge I k Direktivi 2014/65/EU, zaradi tega se za zagotavljanje navedenega priporočila uporabljajo Direktiva 2014/65/EU in njene zaščite.
Pre-set limits should be set at an appropriate level to ensure that OTC trading of such a size that it had a material effect on price formation is within scope while at the same time excluding OTC trading of such a small size that it would be disproportionate to require the obligation to comply with the requirements applicable to systematic internalisers.
Za zagotovitev objektivne in učinkovite uporabe opredelitve sistematičnih internalizatorjev v Uniji v skladu s členom 4(1)(20) Direktive 2014/65/EU bi bilo treba zagotoviti dodatne podrobnosti o vnaprej določenih omejitvah, ki se uporabljajo pri določanju, kaj predstavlja pogosto sistematično in obsežno trgovanje izven organiziranega trga (OTC).
Pursuant to Directive 2014/65/EU, a systematic internaliser should not be allowed to bring together third party buying and selling interests in functionally the same way as a trading venue.
Vnaprej določene omejitve bi morale biti določene na ustrezni ravni, da se zagotovi, da zajemajo trgovanje OTC v obsegu, ki ima pomemben vpliv na oblikovanje cen, ter hkrati izključujejo trgovanje OTC v tako majhnem obsegu, da bi bilo nesorazmerno zahtevati izpolnjevanje zahtev, ki veljajo za sistematične internalizatorje.
A systematic internaliser should not consist of an internal matching system which executes client orders on a multilateral basis, an activity which requires authorisation as a multilateral trading facility (MTF).
V skladu z Direktivo 2014/65/EU sistematičnemu internalizatorju ne bi smelo biti dovoljeno, da združuje nakupne in prodajne interese tretjih oseb na funkcionalno enak način kot mesto trgovanja.
An internal matching system in this context is a system for matching client orders which results in the investment firm undertaking matched principal transactions on a regular and not occasional basis.
Sistematični internalizator ne bi smel vsebovati notranjega sistema za povezovanje naročil za nakup z naročili za prodajo (matching), ki izvršuje naročila strank na večstranski osnovi, kar je dejavnost, ki zahteva dovoljenje za večstranski sistem trgovanja.
For reasons of clarity and legal certainty and to ensure a uniform application, it is appropriate to provide supplementary provisions in relation to the definitions in relation to algorithmic trading, high frequency algorithmic trading techniques and direct electronic access.
Notranji sistem za povezovanje naročil za nakup z naročili za prodajo v tem kontekstu je sistem povezovanja naročil strank, katerega rezultat je, da investicijsko podjetje opravlja trgovanje s hkratnim nakupom in prodajo za svoj račun redno in ne občasno.
In automated trading, various technical arrangements are deployed.
Zaradi jasnosti in pravne varnosti ter za zagotovitev enotne uporabe je primerno zagotoviti dodatne določbe v zvezi z opredelitvami algoritemskega trgovanja, tehnik visokofrekvenčnega algoritemskega trgovanja in neposrednega elektronskega dostopa.
It is essential to clarify how those arrangements are to be categorised in relation to the definitions of algorithmic trading and direct electronic access.
Pri avtomatiziranem trgovanju se uporabljajo različne tehnične rešitve.
The trading processes based on direct electronic access are not mutually exclusive to those involving algorithmic trading or its sub-segment high frequency algorithmic trading technique.
Bistveno je pojasniti, kako je mogoče te rešitve kategorizirati v povezavi z opredelitvami algoritemskega trgovanja in neposrednega elektronskega dostopa.
The trading of a person having direct electronic access may therefore also fall under the algorithmic trading including the high frequency algorithmic trading technique definition.
Postopki trgovanja, ki temeljijo na neposrednem elektronskem dostopu se ne izključujejo medsebojno s tistimi, ki vključujejo algoritemsko trgovanje ali njegov podsegment, tehniko visokofrekvenčnega algoritemskega trgovanja.
Algorithmic trading in accordance with Article 4(1)(39) of Directive 2014/65/EU should include arrangements where the system makes decisions, other than only determining the trading venue or venues on which the order should be submitted, at any stage of the trading processes including at the stage of initiating, generating, routing or executing orders.
Trgovanje osebe, ki ima neposredni elektronski dostop, se lahko torej uvršča med algoritemsko trgovanje, vključno z opredelitvijo tehnike visokofrekvenčnega algoritemskega trgovanja.
Therefore, it should be clarified that algorithmic trading, which encompasses trading with no or limited human intervention, should refer not only to the automatic generation of orders but also to the optimisation of order-execution processes by automated means.
Algoritemsko trgovanje v skladu s členom 4(1)(39) Direktive 2014/65/EU bi moralo vključevati ureditve, pri katerih sistem sprejema odločitve, ki niso zgolj določitev mesta trgovanja ali mesta, na katerem je treba oddati naročilo, v kateri koli fazi postopkov trgovanja, tudi v fazi sprožanja, ustvarjanja, preusmerjanja in izvrševanja naročil.
Algorithmic trading should encompass smart order routers (SORs) where such devices use algorithms for optimisation of order execution processes that determine parameters of the order other than the venue or venues where the order should be submitted.
Zato bi bilo treba pojasniti, da se algoritemsko trgovanje, ki vključuje trgovanje brez človeškega posredovanja ali z omejenim človeškim posredovanjem, ne bi smelo nanašati samo na samodejno ustvarjanje naročil, ampak tudi na optimizacijo postopkov izvrševanja naročil z avtomatskimi sredstvi.
Algorithmic trading should not encompass automated order routers (AOR) where, although using algorithms, such devices only determine the trading venue or venues where the order should be submitted without changing any other parameter of the order.
Algoritemsko trgovanje bi moralo vključevati pametne usmerjevalnike naročil, kadar takšne naprave uporabljajo algoritme za optimizacijo postopkov izvršitve naročila, ki določajo druge parametre naročila, kot so mesto ali mesta trgovanja, na katerih bi moralo biti naročilo oddano.
High frequency algorithmic trading technique in accordance with Article 4(1)(40) of Directive 2014/65/EU, which is a subset of algorithmic trading, should be further specified through the establishment of criteria to define high message intraday rates which constitutes orders quotes or modifications or cancellations thereof.
Algoritemsko trgovanje ne bi smelo zajemati samodejnih usmerjevalnikov naročil, kadar takšne naprave kljub uporabi algoritmov, določajo le mesto ali mesta trgovanja, na katerih bi moralo biti naročilo oddano, brez spremembe katerega koli drugega parametra naročila.
Using absolute quantitative thresholds on the basis of messaging rates provides legal certainty by allowing firms and competent authorities to assess the individual trading activity of firms.
Tehniko visokofrekvenčnega algoritemskega trgovanja v skladu s členom 4(1)(40) Direktive 2014/65/EU, ki je podskupina algoritemskega trgovanja, bi bilo treba nadalje opredeliti z določitvijo meril za opredelitev visokega števila dnevnih sporočil, ki predstavljajo naročila ali ponudbe ali njihove spremembe ali preklice.
The level and scope of these thresholds should be sufficiently broad to cover trading which constitute high frequency trading technique, including those in relation to single instruments and multiple instruments.
Uporaba absolutnih kvantitativnih pragov na podlagi števila sporočil zagotavlja pravno varnost, s tem ko podjetjem in pristojnim organom omogoča, da ocenjujejo posamezno trgovalno dejavnost podjetij.
Since the use of high frequency algorithmic trading technique is predominantly common in liquid instruments, only instruments for which there is a liquid market should be included in the calculation of high intraday message rate.
Raven in področje uporabe teh pragov bi morala biti dovolj široka, da zajemata trgovanje, ki predstavlja tehniko visokofrekvenčnega trgovanja, vključno s tistimi, ki se nanašajo na posamezne instrumente in več instrumentov skupaj.
Also, given that high frequency algorithmic trading technique is a subset of algorithmic trading, messages introduced for the purpose of trading that fulfil the criteria in Article 17(4) of Directive 2014/65/EU should be included in the calculation of intraday message rates.
Ker se tehnika visokofrekvenčnega algoritemskega trgovanja večinoma uporablja za likvidne instrumente, bi bilo treba v izračun visokega števila dnevnih sporočil vključiti zgolj instrumente, za katere obstaja likviden trg.
In order not to capture trading activity other than high frequency algorithmic trading techniques, having regard to the characteristics of such trading as set out in recital 61 of Directive 2014/65/EU, in particular that such trading is typically done by traders using their own capital to implement more traditional trading strategies such as market making or arbitrage through the use of sophisticated technology, only messages introduced for the purposes of dealing on own account, and not those introduced for the purposes of receiving and transmitting orders or executing orders of behalf of clients, should be included in the calculation of high intraday message rates.
Glede na to, da je tehnika visokofrekvenčnega algoritemskega trgovanja podvrsta algoritemskega trgovanja, se v izračun števila dnevnih sporočil vključijo sporočila za namene trgovanja, ki izpolnjujejo merila iz člena 17(4) Direktive 2014/65/EU.
However, messages introduced through other techniques than those relying on trading on own account should be included in the calculation of high intraday message rate where, viewed as a whole and taking into account all circumstances, the execution of the technique is structured in such a way as to avoid the execution taking place on own account, such as through the transmission of orders between entities within the same group.
Da ne bi zajeli drugih trgovalnih dejavnosti, razen tehnik visokofrekvenčnega algoritemskega trgovanja, ob upoštevanju značilnosti tovrstnega trgovanja, kot so opisane v uvodni izjavi 61 Direktive 2014/65/EU, zlasti, da borzni trgovci pri tovrstnem trgovanju navadno uporabljajo lasten kapital, da bi z uporabo sofisticirane tehnologije izvajali bolj tradicionalne strategije trgovanja, kot je vzdrževanje trga ali arbitraža, bi bilo treba v izračun visokega števila dnevnih sporočil vključiti zgolj sporočila za namene trgovanja za svoj račun in ne sporočil za prejemanje in posredovanje naročil v imenu strank.
In order to take into account, when determining what constitutes high message intra-day rates, the identity of the client ultimately behind the activity, messages which were originated by clients of DEA providers should be excluded from the calculation of high intraday message rate in relation to such providers.
Vendar bi bilo treba v izračun visokega števila dnevnih sporočil vključiti sporočila, posredovana prek drugih tehnik, kot so tiste, ki se zanašajo na trgovanje za svoj račun, kadar je gledano v celoti in ob upoštevanju vseh okoliščin izvršitev tehnike strukturirana na tak način, da se prepreči izvršitev za svoj račun, kot na primer s prenosom naročil med subjekti znotraj iste skupine.
The definition of direct electronic access should be further specified.
Da bi pri določanju tega, kaj predstavlja visoko število dnevnih sporočil, upoštevali identiteto stranke, ki je v ozadju dejavnosti, bi morala biti sporočila, ki jih ustvarijo stranke ponudnikov neposrednega elektronskega dostopa, izključena iz izračuna visokega števila dnevnih sporočil v povezavi s takšnimi ponudniki.