natgillin/translations-raw huggingface dataset:
In order to ensure that customers have access to systematic internalisers quotes in a non-discriminatory way but at the same time ensuring a proper risk management which takes into account the nature, scale and complexity of the activities of individual firms, it is necessary to specify that the number or volume of orders from the same client should be regarded as considerably exceeding the norm where a systematic internaliser cannot execute those orders without exposing itself to undue risk, something which should be defined in advance as a part of the firm's risk management policy and be based on objective factors and be stated in writing and made available to customers or potential customers.
Zato bi moral biti obseg, ki je značilen za instrument, za namene člena 18(6) Uredbe (EU) št. 600/2014 obseg, značilen za instrument, ki je določen v skladu s členom 9(5)(d) Uredbe (EU) št. 600/2014, in kot je nadalje določeno v regulativnih tehničnih standardih, v skladu s to določbo.
Since liquidity providers and systematic internalisers both trade on own account and incur comparable levels of risks, it is appropriate to determine the size specific to the instrument in a uniform way for these categories.
Za določitev elementov stiskanja portfelja za njegovo razmejitev od storitev trgovanja in klirinških storitev je treba določiti postopek, s katerim izvedeni finančni instrumenti v celoti ali delno prenehajo in se nadomestijo z novim izvedenim finančnim instrumentom, zlasti faze postopka, vsebino dogovora in pravno dokumentacijo, ki podpira stiskanje portfelja.
Therefore, the size specific to the instrument for the purposes of Article 18(6) of Regulation (EU) No 600/2014 should be the size specific to the instrument determined in accordance with Article 9(5)(d) of Regulation (EU) No 600/2014 and as further specified in regulatory technical standards in accordance with this provision.
Za zagotovitev, da je dosežena ustrezna preglednost stiskanja portfelja, ki ga opravljajo nasprotne stranke, je treba določiti informacije, ki bi jih bilo treba objaviti.
In order to specify the elements of portfolio compression, so as to delineate it from trading and clearing services, it is necessary to identify the process whereby derivatives are wholly or partially terminated and replaced by a new derivative, in particular the steps of the process, the content of the agreement and the legal documentation supporting the portfolio compression.
Treba je določiti nekatere vidike pooblastil za poseganje ustreznih pristojnih organov ter izjemoma ESMA, ki je bil ustanovljen in izvaja svoja pooblastila v skladu z Uredbo (EU) št. 1095/2010 Evropskega parlamenta in Sveta [2], ter Evropskega bančnega organa (EBA), ki je bil ustanovljen in izvaja svoja pooblastila v skladu z Uredbo (EU) št. 1093/2010 Evropskega parlamenta in Sveta [3], v zvezi z resnejšim zadržkom glede zaščite vlagateljev ali nevarnostjo za pravilno delovanje in celovitost finančnih trgov ali trgov primarnih proizvodov oziroma za stabilnost celotnega finančnega sistema ali njegovega dela v najmanj eni državi članici oziroma Uniji.
To ensure that suitable transparency of portfolio compression performed by counterparties is achieved, it is necessary to specify the information which should be made public.
Obstoj „nevarnosti“, ki je eden od osnovnih pogojev za poseganje z vidika pravilnega delovanja in celovitosti finančnih trgov ali trgov primarnih proizvodov oziroma stabilnosti finančnega sistema, bi zahteval obstoj večjega zadržka od „resnejšega zadržka“, ki je osnovni pogoj za poseganje za zaščito vlagateljev.
It is necessary to specify certain aspects of the intervention powers of both the relevant competent authorities and, in exceptional cases, ESMA established and exercising its powers in accordance with Regulation (EU) No 1095/2010 of the European Parliament and of the Council [2] and the European Banking Authority (EBA) established and exercising its powers in accordance with Regulation (EU) No 1093/2010 of the European Parliament and of the Council [3] as regards significant investor protection concern or threat to the orderly functioning and integrity of financial markets or commodity markets or to the stability of the whole or part of the financial system of at least one Member State or respectively of the Union.
Pripraviti bi bilo treba seznam meril in dejavnikov, ki jih morajo pristojni organi, ESMA in EBA upoštevati pri določanju, kdaj obstaja tak zadržek ali nevarnost, da se zagotovi skladen pristop in hkrati omogoči ustrezno ukrepanje v primeru nepredvidenih neugodnih dogodkov ali neugodnega razvoja.
The existence of a ‘threat’, one of the prerequisites of the intervention in the perspective of the orderly functioning and integrity of financial or commodity markets or stability of the financial system, would require the existence of a greater concern than a ‘significant concern’, which is the prerequisite of the intervention for investor protection.
Vendar potreba po oceni vseh meril in dejavnikov, ki bi bili lahko prisotni v določenem dejanskem stanju, pristojnim organom, ESMA in EBA ne bi smela preprečevati uporabe pooblastila za začasno poseganje, če je vzrok za tak zadržek ali nevarnost samo en dejavnik ali merilo.
A list of criteria and factors to be taken into account by competent authorities, ESMA and EBA in determining when there is such a concern or threat should be established to ensure a consistent approach while permitting appropriate action to be taken where unforeseen adverse events or developments occur.
Treba je določiti okoliščine, v katerih lahko ESMA uporabi svoja pooblastila na področju upravljanja pozicij v skladu z Uredbo (EU) št. 600/2014, da se zagotovi skladen pristop in hkrati omogoči ustrezno ukrepanje v primeru nepredvidenih neugodnih dogodkov ali neugodnega razvoja.
The need to assess all criteria and factors that could be present in a specific factual situation should not prevent however the temporary intervention power from being used by competent authorities, ESMA and EBA where only one of the factors or criteria leads to such a concern or threat.
Zaradi usklajenosti in za zagotovitev nemotenega delovanja finančnih trgov se morajo določbe te uredbe in določbe Uredbe (EU) št. 600/2014 uporabljati od istega dne.
It is necessary to specify the circumstances under which ESMA can use its position management powers in accordance with Regulation (EU) No 600/2014 in order to ensure a consistent approach while permitting appropriate action to be taken where unforeseen adverse events or developments occur.
Vendar bi se morale za zagotovitev učinkovitega delovanja nove regulativne ureditve preglednosti nekatere določbe te uredbe uporabljati od datuma začetka njene veljavnosti –
For reasons of consistency and in order to ensure the smooth functioning of the financial markets, it is necessary that the provisions of this Regulation and the provisions laid down in Regulation (EU) No 600/2014 apply from the same date.
SPREJELA NASLEDNJO UREDBO:
However, to ensure that the new transparency regulatory regime can operate effectively, certain provisions of this Regulation should apply from the date of its entry into force,
POGLAVJE I
HAS ADOPTED THIS REGULATION:
DOLOČITEV LIKVIDNIH TRGOV ZA LASTNIŠKE INSTRUMENTE
DETERMINING LIQUID MARKETS FOR EQUITY INSTRUMENTS
Določitev likvidnih trgov za delnice
Article 1
(člen 2(1)(17)(b) Uredbe (EU) št. 600/2014)
Determining liquid markets for shares
Za namene člena 2(1)(17)(b) Uredbe (EU) št. 600/2014 se za delnico, s katero se trguje vsakodnevno, šteje, da ima likvidni trg, če so izpolnjeni vsi naslednji pogoji:
(Article 2(1)(17)(b) of Regulation (EU) No 600/2014)
prosti obtok delnice znaša:
For the purposes of Article 2(1)(17)(b) of Regulation (EU) No 600/2014, a share that is traded daily shall be considered to have a liquid market where all of the following conditions are satisfied:
najmanj 100 milijonov EUR za delnice, ki so uvrščene v trgovanje na reguliranem trgu;
the free float of the share is:
najmanj 200 milijonov EUR za delnice, s katerimi se trguje samo v MTF;
not less than EUR 100 million for shares admitted to trading on a regulated market;
povprečno dnevno število poslov z delnico znaša najmanj 250;
not less than EUR 200 million for shares that are only traded on MTFs;
povprečni dnevni promet z delnico znaša najmanj 1 milijon EUR.
the average daily number of transactions in the share is not less than 250;
Za namene odstavka 1(a) se prosti obtok delnice izračuna tako, da se število delnic v obtoku pomnoži s ceno na delnico, pri čemer so izključeni posamezni deleži, ki presegajo 5 % skupnih glasovalnih pravic izdajatelja, razen če take deleže posedujejo kolektivni naložbeni podjemi ali pokojninski skladi.
the average daily turnover for the share is not less than EUR 1 million.
Glasovalne pravice se izračunajo glede na skupno število delnic z glasovalno pravico, ne glede na to, ali je uveljavljanje take pravice zadržano.
For the purposes of paragraph 1(a), the free float of a share shall be calculated by multiplying the number of outstanding shares by the price per share, excluding individual holdings in that share that exceed 5 % of the total voting rights of the issuer, unless those holdings are held by a collective investment undertaking or a pension fund.
Kadar ni na voljo dejanskih informacij v skladu z odstavkom 2, se za namene odstavka 1(a)(ii) prosti obtok delnice, s katero se trguje samo v MTF, izračuna tako, da se število delnic v obtoku pomnoži s ceno na delnico.
Voting rights shall be calculated by reference to the total number of shares to which voting rights are attached, regardless of whether the exercise of the voting right is suspended.
Za namene odstavka 1(c) se dnevni promet z delnico izračuna z združitvijo rezultatov zmnožka števila delnic, izmenjanih med kupcem in prodajalcem, ter cene na delnico za vsak posel, izveden v trgovalnem dnevu.
For the purposes of paragraph 1(a)(ii), where no actual information is available in accordance with paragraph 2, the free float of a share that is only traded on MTFs shall be calculated by multiplying the number of outstanding shares by the price per share.
V šesttedenskem obdobju, ki se začne na prvi trgovalni dan po prvi uvrstitvi delnice v trgovanje na reguliranem trgu ali v MTF, se za zadevno delnico šteje, da ima likvidni trg za namene člena 2(1)(17)(b) Uredbe (EU) št. 600/2014, če je znesek, dobljen z zmnožkom števila delnic v obtoku in cene delnice na začetku prvega trgovalnega dne, ocenjen na najmanj 200 milijonov EUR in če so glede na ocenjene podatke za zadevno obdobje izpolnjeni pogoji iz odstavka 1(b) in (c).
For the purposes of paragraph 1(c), the daily turnover of a share shall be calculated by aggregating the results of multiplying, for each transaction executed during a trading day, the number of shares exchanged between the buyer and the seller by the price per share.
Če se za manj kot pet delnic, s katerimi se trguje na mestih trgovanja države članice in ki so prvič uvrščene v trgovanje v zadevni državi članici, šteje, da imajo likvidni trg v skladu z odstavkom 1, lahko pristojni organ zadevne države članice eno ali več delnic, ki so bile prvič uvrščene v trgovanje na zadevnih mestih trgovanja določi kot delnice, za katere se šteje, da imajo likvidni trg, če je delnic, ki so bile prvič uvrščene v trgovanje v zadevni državi članici in za katere se šteje, da imajo likvidni trg, skupno največ pet.
During the six-week period commencing on the first trading day following the first admission of a share to trading on a regulated market or an MTF, that share shall be considered to have a liquid market for the purposes of Article 2(1)(17)(b) of Regulation (EU) No 600/2014 where the sum obtained by multiplying the number of outstanding shares by the price at which the share stands at the start of the first trading day is estimated to be not less than EUR 200 million, and, where, according to estimated data for that period, the conditions set out in paragraph 1(b) and (c) are fulfilled.
Člen 2
Where fewer than five shares traded on the trading venues of a Member State and first admitted to trading in that Member State are considered to have a liquid market in accordance with paragraph 1, the competent authority of that Member State may designate one or more share first admitted to trading on those trading venues as share considered to have a liquid market, provided that the total number of shares first admitted to trading in that Member State and considered to have a liquid market does not exceed five.
Določitev likvidnih trgov za potrdila o lastništvu
Article 2
Za namene člena 2(1)(17)(b) Uredbe (EU) št. 600/2014 se za potrdilo o lastništvu, s katerim se trguje vsakodnevno, šteje, da ima likvidni trg, če so izpolnjeni vsi naslednji pogoji:
Determining liquid markets for depositary receipts
prosti obtok znaša najmanj 100 milijonov EUR;
For the purposes of Article 2(1)(17)(b) of Regulation (EU) No 600/2014, a depositary receipt that is traded daily shall be considered to have a liquid market where all of the following conditions are satisfied:
povprečno dnevno število poslov s potrdilom o lastništvu znaša najmanj 250;
the free float is not less than EUR 100 million;
povprečni dnevni promet s potrdilom o lastništvu znaša najmanj 1 milijon EUR.
the average daily number of transactions in the depositary receipt is not less than 250;
Za namene odstavka 1(a) se prosti obtok potrdila o lastništvu izračuna tako, da se število enot potrdila o lastništvu v obtoku pomnoži s ceno na enoto.
the average daily turnover for the depositary receipt is not less than EUR 1 million.
Za namene odstavka 1(c) se dnevni promet s potrdilom o lastništvu izračuna z združitvijo rezultatov zmnožka števila enot potrdila o lastništvu, izmenjanih med kupcem in prodajalcem, ter cene na enoto za vsak posel, izveden v trgovalnem dnevu.
For the purposes of paragraph 1(a), the free float of a depositary receipt shall be calculated by multiplying the number of outstanding units of the depositary receipt by the price per unit.
V šesttedenskem obdobju, ki se začne na prvi trgovalni dan po prvi uvrstitvi potrdila o lastništvu v trgovanje na mestu trgovanja, se za zadevno potrdilo o lastništvu šteje, da ima likvidni trg za namene člena 2(1)(17)(b) Uredbe (EU) št. 600/2014, če je ocenjeni prosti obtok na začetku prvega trgovalnega dne najmanj 100 milijonov EUR ter če so glede na ocenjene podatke za zadevno obdobje izpolnjeni pogoji iz odstavka 1(b) in (c).
For the purposes of paragraph 1(c), the daily turnover of a depositary receipt shall be calculated by aggregating the results of multiplying, for each transaction executed during a trading day, the number of units of the depositary receipt exchanged between the buyer and the seller by the price per unit.
Če se za manj kot pet potrdil o lastništvu, s katerimi se trguje na mestih trgovanja države članice in ki so v njej prvič uvrščeni v trgovanje, šteje, da imajo likvidni trg v skladu z odstavkom 1, lahko pristojni organ zadevne države članice eno ali več potrdil o lastništvu, ki so bila prvič uvrščena v trgovanje na zadevnih mestih trgovanja, določi kot potrdila o lastništvu, za katera se šteje, da imajo likvidni trg, če je potrdil o lastništvu, ki so bila prvič uvrščena v trgovanje v zadevni državi članici in za katera se šteje, da imajo likvidni trg, skupno največ pet.
For the six-week period commencing on the first day of trading following the first admission of a depositary receipt to trading on a trading venue, that depositary receipt shall be considered to have a liquid market for the purposes of Article 2(1)(17)(b) of Regulation (EU) No 600/2014 where the estimated free float at the start of the first day of trading stands at not less than EUR 100 million and, where, according to estimated data for that period, the conditions set out in paragraph 1(b) and (c) are fulfilled.
Člen 3
Where fewer than five depositary receipts traded on the trading venues of a Member State and first admitted to trading in that Member State are considered to have a liquid market in accordance with paragraph 1, the competent authority of that Member State may designate one or more depositary receipt first admitted to trading on those trading venues as depositary receipt considered to have a liquid market, provided that the total number of depositary receipts first admitted to trading in that Member State and considered to have a liquid market does not exceed five.
Določitev likvidnih trgov za kotirajoče investicijske sklade
Article 3
Za namene člena 2(1)(17)(b) Uredbe (EU) št. 600/2014 se za kotirajoči investicijski sklad, šteje, da ima likvidni trg, če so izpolnjeni vsi naslednji pogoji:
Determining liquid markets for exchange traded funds
prosti obtok znaša najmanj 100 enot;
For the purposes of Article 2(1)(17)(b) of Regulation (EU) No 600/2014, an exchange traded fund that is traded daily shall be considered to have a liquid market where all of the following conditions are satisfied:
povprečno dnevno število poslov s kotirajočim investicijskim skladom znaša najmanj 10;
the free float is not less than 100 units;
povprečni dnevni promet s kotirajočim investicijskim skladom znaša najmanj 500000 EUR.
the average daily number of transactions in the exchange traded fund is not less than 10;
Za namene odstavka 1(a) je prosti obtok kotirajočega investicijskega sklada število enot, izdanih za trgovanje.
the average daily turnover for the exchange traded fund is not less than EUR 500000.
Za namene odstavka 1(c) se dnevni promet s kotirajočim investicijskim skladom izračuna z združitvijo rezultatov zmnožka števila enot kotirajočega investicijskega sklada, izmenjanih med kupcem in prodajalcem, ter cene na enoto za vsak posel, izveden v trgovalnem dnevu.
For the purposes of paragraph 1(a), the free float of an exchange traded fund shall be the number of units issued for trading.
V šesttedenskem obdobju, ki se začne na prvi trgovalni dan po prvi uvrstitvi kotirajočega investicijskega sklada v trgovanje na mestu trgovanja, se za zadevni kotirajoči investicijski sklad šteje, da ima likvidni trg za namene člena 2(1)(17)(b) Uredbe (EU) št. 600/2014, če je ocenjeni prosti obtok na začetku prvega trgovalnega dne najmanj 100 enot ter če so glede na ocenjene podatke za zadevno obdobje izpolnjeni pogoji iz odstavka 1(b) in (c).
For the purposes of paragraph 1(c), the daily turnover for the exchange traded fund shall be calculated by aggregating the results of multiplying, for each transaction executed during a trading day, the number of units of the exchange traded fund exchanged between the buyer and the seller by the price per unit.
Če se za manj kot pet kotirajočih investicijskih skladov, s katerimi se trguje na mestih trgovanja države članice in ki so v njej prvič uvrščeni v trgovanje, šteje, da imajo likvidni trg v skladu z odstavkom 1, lahko pristojni organ zadevne države članice enega ali več kotirajočih investicijskih skladov, ki so bili prvič uvrščeni v trgovanje na zadevnih mestih trgovanja, določi kot kotirajoče investicijske sklade, za katere se šteje, da imajo likvidni trg, če je kotirajočih investicijskih skladov, ki so bili prvič uvrščeni v trgovanje v zadevni državi članici in za katere se šteje, da imajo likvidni trg, skupno največ pet.
During the six-week period commencing on the first trading day following the first admission of an exchange traded fund to trading on a trading venue, that exchange traded fund shall be considered to have a liquid market for the purposes of Article 2(1)(17)(b) of Regulation (EU) No 600/2014 where the estimated free float at the start of the first trading day stands at not less than 100 units and, where, according to estimated data for that period, the conditions set out in paragraph 1(b) and (c) are fulfilled.
Člen 4
Where fewer than five exchange traded funds traded on the trading venues of a Member State and first admitted to trading in that Member State are considered to have a liquid market in accordance with paragraph 1, the competent authority of that Member State may designate one or more exchange traded fund first admitted to trading on those trading venues as exchange traded fund considered to have a liquid market, provided that the total number of exchange traded funds first admitted to trading in that Member State and considered to have a liquid market does not exceed five.
Določitev likvidnih trgov za certifikate
Article 4
Za namene člena 2(1)(17)(b) Uredbe (EU) št. 600/2014 se za certifikat, s katerim se trguje vsakodnevno, šteje, da ima likvidni trg, če so izpolnjeni vsi naslednji pogoji:
Determining liquid markets for certificates
prosti obtok znaša najmanj 1 milijonov EUR;
For the purposes of Article 2(1)(17)(b) of Regulation (EU) No 600/2014, a certificate that is traded daily shall be considered to have a liquid market where all of the following conditions are satisfied:
povprečno dnevno število poslov s certifikatom znaša najmanj 20;
the free float is not less than EUR 1 million;
povprečni dnevni promet s certifikati znaša najmanj 500000 EUR.
the average daily number of transactions in the certificate is not less than 20;
Za namene odstavka 1(a) je prosti obtok certifikata obseg izdaje ne glede na število izdanih enot.
the average daily turnover for the certificate is not less than EUR 500000.
Za namene odstavka 1(c) se dnevni promet s certifikatom izračuna z združitvijo rezultatov zmnožka števila enot certifikata, izmenjanih med kupcem in prodajalcem, ter cene na enoto za vsak posel, izveden v trgovalnem dnevu.
For the purposes of paragraph 1(a), the free float of a certificate shall be the issuance size irrespective of the number of units issued.
V šesttedenskem obdobju, ki se začne na prvi trgovalni dan po prvi uvrstitvi certifikata v trgovanje na mestu trgovanja, se za zadevni certifikat šteje, da ima likvidni trg za namene člena 2(1)(17)(b) Uredbe (EU) št. 600/2014, če je predvideni prosti obtok na začetku prvega trgovalnega dne najmanj 1 milijon EUR ter če so glede na ocenjene podatke za zadevno obdobje izpolnjeni pogoji iz odstavka 1(b) in (c).
For the purposes of paragraph 1(c), the daily turnover for the certificate shall be calculated by aggregating the results of multiplying, for each transaction executed during a trading day, the number of units of the certificate exchanged between the buyer and the seller by the price per unit.
Če se za manj kot pet certifikatov, s katerimi se trguje na mestih trgovanja države članice in ki so v njej prvič uvrščeni v trgovanje, šteje, da imajo likvidni trg v skladu z odstavkom 1, lahko pristojni organ zadevne države članice enega ali več certifikatov, ki so bili prvič uvrščeni v trgovanje na zadevnih mestih trgovanja, določi kot certifikate, za katere se šteje, da imajo likvidni trg, če je certifikatov, ki so bili prvič uvrščeni v trgovanje v zadevni državi članici in za katere se šteje, da imajo likvidni trg, skupno največ pet.
During the six-week period commencing on the first trading day following the first admission of a certificate to trading on a trading venue, that certificate shall be considered to have a liquid market for the purposes of Article 2(1)(17)(b) of Regulation (EU) No 600/2014 where the estimated free float at the start of the first trading day stands at not less than EUR 1 million, and, where, according to estimated data for that period, the conditions set out in paragraph 1(b) and (c) are fulfilled.
Člen 5
Where fewer than five certificates traded on the trading venues of a Member State and first admitted to trading in that Member State are considered to have a liquid market in accordance with paragraph 1, the competent authority of that Member State may designate one or more certificate first admitted to trading on those trading venues as certificate considered to have a liquid market, provided that the total number of certificates first admitted to trading in that Member State and considered to have a liquid market does not exceed five.
Ocena likvidnosti lastniških instrumentov s strani pristojnih organov