natgillin/translations-raw huggingface dataset:
ESMA has conducted open public consultations on the draft regulatory technical standards on which this regulation is based, analysed the potential related costs and benefits and requested the opinion of the Securities and Markets Stakeholder Group established by Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council [3],
ESMA je o osnutku regulativnih tehničnih standardov, na katerem temelji ta uredba, opravila javna posvetovanja, analizirala morebitne povezane stroške in koristi ter zaprosila za mnenje interesno skupino za vrednostne papirje in trge, ustanovljeno v skladu s členom 37 Uredbe (EU) št. 1095/2010 Evropskega parlamenta in Sveta [3] –
For the purposes of this Regulation, the most relevant market in terms of liquidity for a share or a depositary receipt shall be considered to be the most relevant market in terms of liquidity as referred to in Article 4(1)(a) of Regulation (EU) No 600/2014 and specified in Article 4 of Commission Delegated Regulation (EU) 2017/587 [4].Article 2
Za namene te uredbe se kot najpomembnejši trg, kar zadeva likvidnost, za delnico ali potrdilo o lastništvu šteje najpomembnejši trg, kar zadeva likvidnost, iz člena 4(1)(a) Uredbe (EU) št. 600/2014 in pojasnjen v členu 4 Delegirane uredbe Komisije (EU) 2017/587 [4].Člen 2
Tick size for shares, depositary receipts and exchange-traded funds
Korak kotacije za delnice, potrdila o lastništvu in investicijske sklade, s katerimi se trguje na borzi
(Article 49(1) and (2) of Directive 2014/65/EU)
(člen 49(1) in (2) Direktive 2014/65/EU)
Trading venues shall apply to orders in shares or depositary receipts a tick size which is equal to or greater than the one corresponding to:
Mesta trgovanja za naročila v zvezi z delnicami ali potrdili o lastništvu uporabijo korak kotacije, ki je enak ali večji kot korak, ki ustreza:
the liquidity band in the table in the Annex corresponding to average daily number of transactions in the most relevant market in terms of liquidity for that instrument; and
obsegu likvidnosti iz preglednice v Prilogi, ki ustreza obsegu povprečnega dnevnega števila poslov na najpomembnejšem trgu, kar zahteva likvidnost, za navedeni instrument; in
the price range in that liquidity band corresponding to the price of the order.
razponu cen v navedenem obsegu likvidnosti, ki ustrezajo ceni naročila.
By way of derogation from paragraph 1(a), where the most relevant market in terms of liquidity for a share or depositary receipt operates only a trading system that matches orders on the basis of a periodic auction and a trading algorithm operated without human intervention, trading venues shall apply the liquidity band corresponding to the lowest average daily number of transactions in the table in the Annex.
Z odstopanjem od odstavka 1(a), kadar najpomembnejši trg, kar zahteva likvidnost, za delnico ali potrdilo o lastništvu, upravlja samo sistem trgovanja, ki združuje naročila na podlagi rednih dražb, ali algoritem trgovanja, ki deluje brez človeškega posredovanja, mesta trgovanja uporabijo obseg likvidnosti, ki ustreza najnižjemu povprečnemu dnevnemu številu poslov iz preglednice v Prilogi.
Trading venues shall apply to orders in exchange-traded funds a tick size which is equal to or greater than the one corresponding to:
Mesta trgovanja za naročila v zvezi z investicijskimi skladi, s katerimi se trguje na borzi, uporabijo korak kotacije, ki je enak ali večji kot korak, ki ustreza:
the liquidity band in the table in the Annex corresponding to the highest average daily number of transactions; and
obsegu likvidnosti iz preglednice v Prilogi, ki ustreza najvišjemu povprečnemu dnevnemu številu poslov; in
The requirements set out in paragraph 3 shall only apply to exchange-traded funds the underlying financial instruments of which are solely equities subject to the tick size regime under paragraph 1 or a basket of such equities.
Zahteve iz odstavka 3 se uporabljajo samo za investicijske sklade, s katerimi se trguje na borzi, pri katerih so osnovni finančni instrumenti samo lastniški vrednostni papirji, za katere se uporablja režim za korak kotacije iz odstavka 1, ali košarica takšnih lastniških vrednostnih papirjev.
Average daily number of transactions for shares and depositary receipts
Povprečno dnevno število poslov z delnicami in potrdili o lastništvu
By 1 March of the year following the date of application of Regulation (EU) No 600/2014 and by 1 March of each year thereafter, the competent authority for a specific share or depositary receipt shall, when determining the most relevant market in terms of liquidity for that share or depositary receipt calculate the average daily number of transactions for that financial instrument in that market and ensure the publication of that information.
Pristojni organi do 1. marca v letu po začetku uporabe Uredbe (EU) št. 600/2014 in do 1. marca vsa leta po tem za določeno delnico ali potrdilo o lastništvu pri določanju najpomembnejšega trga, kar zadeva likvidnost, za to delnico ali potrdilo o lastništvu izračunajo povprečno dnevno število poslov za navedeni finančni instrument na navedenem trgu in zagotovijo objavo te informacije.
The competent authority referred to in subparagraph 1shall be the competent authority of the most relevant market in terms of liquidity as specified in Article 16 of Commission Delegated Regulation (EU) 2017/590 [5].
Pristojni organ iz pododstavka 1 je pristojni organ najpomembnejšega trga, kar zadeva likvidnost, kot je določeno v členu 16 Delegirane uredbe Komisije (EU) 2017/590 [5].
The calculation referred to in paragraph 1 shall have the following characteristics:
Izračun iz odstavka 1 ima naslednje značilnosti:
it shall include, for each trading venue, transactions executed under the rules of that trading venue, excluding reference price and negotiated transactions flagged as set out in Table 4 of Annex I to Delegated Regulation (EU) 2017/587 and transactions executed on the basis of at least one order that has benefitted from a large in scale waiver and where the transaction size is above the applicable large-in-scale threshold as determined in accordance with Article 7 of Delegated Regulation (EU) 2017/587;
za vsako mesto trgovanja vključuje posle, izvršene v skladu s pravili tega mesta trgovanja, brez referenčne cene in označenih dogovorjenih poslov, kot je določeno v preglednici 4 Priloge I k Delegirani uredbi (EU) 2017/587, in posle, izvršene na podlagi vsaj enega naročila, pri katerem je bila uporabljena opustitev za velik tržni obseg in pri katerem je velikost posla nad veljavnim pragom za velik tržni obseg, kot je določen v skladu s členom 7 Delegirane uredbe Komisije (EU) 2017/587.
it shall cover either the preceding calendar year or, where applicable, the period of the preceding calendar year during which the financial instrument was admitted to trading or has been traded on a trading venue and was not suspended from trading.
zajema prejšnje koledarsko leto ali, kadar je ustrezno, obdobje preteklega koledarskega leta, v katerem je bil finančni instrument uvrščen v trgovanje ali se je z njim trgovalo na mestu trgovanja in trgovanje z njim ni bilo začasno ustavljeno.
Paragraphs 1 and 2 shall not apply to shares and depositary receipts which were first admitted to trading or were first traded on a trading venue four weeks or less before the end of the preceding calendar year.
Odstavka 1 in 2 se ne uporabljata za delnice in potrdila o lastništvu, ki so bila prvič uvrščena v trgovanje na mestu trgovanja ali s katerimi se je na mestu trgovanja prvič trgovalo štiri tedne ali manj pred koncem preteklega koledarskega leta.
Trading venues shall apply the tick sizes of the liquidity band corresponding to the average daily number of transactions as published in accordance with paragraph 1 from 1 April following that publication.
Mesta trgovanja uporabijo korake kotacije obsega likvidnosti, ki ustrezajo povprečnemu dnevnemu številu poslov, objavljenih v skladu z odstavkom 1 po 1. aprilu po navedeni objavi.
Before the first admission to trading or before the first day of trading of a share or depositary receipt, the competent authority of the trading venue where that financial instrument is to be first admitted to trading or is to be first traded shall estimate the average daily number of transactions for that trading venue, taking into account the previous trading history of that financial instrument, where applicable, as well as the previous trading history of financial instruments that are considered to have similar characteristics, and publish that estimation.
Pred prvo uvrstitvijo v trgovanje ali pred prvim dnevom trgovanja z delnico ali potrdilom o lastništvu pristojni organ mesta trgovanja, kjer bo navedeni finančni instrument prvič uvrščen v trgovanje ali kjer se bo z njim prvič trgovalo, oceni povprečno dnevno število poslov za to mesto trgovanja, pri čemer upošteva pretekle podatke o trgovanju z navedenim finančnim instrumentom, kjer je ustrezno, in pretekle podatke o trgovanju s finančnimi instrumenti, za katere se šteje, da imajo podobne značilnosti, ter objavi to oceno.
The tick sizes of the liquidity band corresponding to that published estimate average daily number of transactions shall apply from the publication of that estimate until the publication of the average daily number of transactions for that instrument in accordance with paragraph 6.
Koraki kotacije za obseg likvidnosti, ki ustrezajo tej objavljeni oceni povprečnega dnevnega števila poslov, se uporabljajo od objave ocene do objave povprečnega dnevnega števila poslov za navedeni finančni instrument v skladu z odstavkom 6.
No later than six weeks after the first day of trading of the share or depositary receipt, the competent authority of the trading venue where the financial instrument was first admitted to trading or was first traded on a trading venue shall calculate and ensure the publication of the average daily number of transactions in that financial instrument for that trading venue, using the data relating to the first four weeks of trading of that financial instrument.
Najpozneje šest tednov po prvem dnevu trgovanja z delnico ali potrdilom o lastništvu pristojni organ mesta trgovanja, kjer je bil finančni instrument prvič uvrščen v trgovanje ali kjer se je z njim prvič trgovalo, izračuna povprečno dnevno število poslov s tem finančnim instrumentom na navedenem mestu trgovanja in ga objavi, pri čemer uporabi podatke, povezane s prvimi štirimi tedni trgovanja z navedenim finančnim instrumentom.
The tick sizes of the liquidity band corresponding to that published average daily number of transactions shall apply from the publication until a new average daily number of transactions for that instrument has been calculated and published in accordance with the procedure set out in paragraphs 1 to 4.
Koraki kotacije za obseg likvidnosti, ki ustrezajo tej objavljeni oceni povprečnega dnevnega števila poslov, se uporabljajo od objave do izračuna in objave novega povprečnega dnevnega števila poslov s tem finančnim instrumentom v skladu s postopkom, določenim v odstavkih 1 do 4.
For the purposes of this Article, the average daily number of transactions for a financial instrument shall be calculated by dividing, for the relevant time period and the relevant trading venue, the total number of transactions in that financial instrument by the number of trading days.
Za namene tega člena se povprečno dnevno število poslov za finančni instrument izračuna tako, da se skupno število poslov s tem finančnim instrumentom za ustrezno obdobje in ustrezno mesto trgovanja deli s številom trgovalnih dni.
Corporate actions
Korporacijska dejanja
Where a competent authority considers that a corporate action may modify the average daily number of transactions of a particular financial instrument thereby causing this financial instrument to fall within a different liquidity band, the competent authority shall determine and ensure publication of a new applicable liquidity band for that financial instrument treating it as if it were first admitted to trading or first traded on a trading venue and apply the procedure set out in Article 3(5) and (6).
Kadar pristojni organ meni, da lahko korporacijsko dejanje spremeni povprečno dnevno število poslov z določenim finančnim instrumentom in tako povzroči, da ta finančni instrument pade v drug obseg likvidnosti, pristojni organ določi nov veljavni obseg likvidnosti za ta finančni instrument in zagotovi njegovo objavo, pri čemer ga obravnava, kot da je prvič uvrščen v trgovanje ali da se z njim prvič trguje na mestu trgovanja, in uporabi postopek iz člena 3(5) in (6).
The competent authority of the trading venue where a share or depositary receipt was first admitted to trading or has been traded for the first time before the date of application of Regulation (EU) No 600/2014, shall collect the necessary data and calculate and ensure the publication of the average daily number of transactions for that financial instrument and for that trading venue within the following time limits:
Pristojni organ mesta trgovanja, na katerem je bila delnica ali potrdilo o deponiranju prvič uvrščeno v trgovanje ali s katerim se je prvič trgovalo pred datumom uporabe Uredbe (EU) št. 600/2014, zbere potrebne podatke in izračuna povprečno dnevno število poslov za navedeni finančni instrument in za mesto trgovanja ter zagotovi njegovo objavo, in sicer v naslednjih rokih:
no later than 4 weeks prior to the date of application of Regulation (EU) No 600/2014 where the date on which shares or depositary receipts are traded for the first time on a trading venue within the Union is a date not less than 10 weeks prior to the date of application of Regulation (EU) No 600/2014;
najpozneje štiri tedne pred datumom začetka uporabe Uredbe (EU) št. 600/2014, če datum, na katerega se z delnicami ali potrdili o lastništvu prvič trguje na mestu trgovanja v Uniji, ni manj kot deset tednov pred datumom začetka uporabe Uredbe (EU) št. 600/2014;
no later than the date of application of Regulation (EU) No 600/2014 where the date on which financial instruments are traded for the first time on a trading venue within the Union is a date falling within the period commencing 10 weeks prior to the date of application of Regulation (EU) No 600/2014 and ending on the day preceding the date of application of Regulation (EU) No 600/2014.
najpozneje na datum začetka uporabe Uredbe (EU) št. 600/2014, če je datum, na katerega se z finančnimi instrumenti prvič trguje na mestu trgovanja v Uniji, datum v obdobju, ki se začne deset tednov pred datumom začetka uporabe Uredbe (EU) št. 600/2014 in konča na dan pred datumom začetka uporabe Uredbe (EU) št. 600/2014.
The calculations referred to in paragraph 1(a) shall be carried out as follows:
Izračuni iz odstavka 1(a) se opravijo na naslednji način:
where the date on which shares or depositary receipts are traded for the first time on a trading venue within the Union is a date not less than 16 weeks prior to the date of application of Regulation (EU) No 600/2014, the calculation shall be based on data available for a 40-week reference period commencing 52 weeks prior to the date of application of Regulation (EU) No 600/2014;
če je datum, na katerega se z delnicami ali potrdili o lastništvu prvič trguje na mestu trgovanja v Uniji, najmanj 16 tednov pred datumom začetka uporabe Uredbe (EU) št. 600/2014, izračun temelji na podatkih, ki so na voljo za 40-tedensko referenčno obdobje, ki se začne 52 tednov pred datumom začetka uporabe Uredbe (EU) št. 600/2014;
where the date on which shares or depositary receipts are traded for the first time on a trading venue within the Union is a date within the period commencing 16 weeks prior to the date of application of Regulation (EU) No 600/2014 and ending 10 weeks prior to the date of application of Regulation (EU) No 600/2014, the calculation shall be based on data available for the first 4-week trading period of the financial instrument;
če je datum, na katerega se z delnicami ali potrdili o lastništvu prvič trguje na mestu trgovanja v Uniji, v obdobju, ki se začne 16 tednov pred datumom začetka uporabe Uredbe (EU) št. 600/2014 in konča deset tednov pred datumom začetka uporabe Uredbe (EU) št. 600/2014, izračun temelji na podatkih, ki so na voljo za prvo štiritedensko obdobje trgovanja s finančnim instrumentom;
where the date on which shares or depositary receipts are traded for the first time on a trading venue within the Union is a date falling within the period commencing 10 weeks prior to the date of application of Regulation (EU) No 600/2014 and ending on the day preceding the date of application of Regulation (EU) No 600/2014, the calculation shall be based on the trading history of the share or depositary receipt or other financial instruments considered to have similar characteristics to those shares or depositary receipts.
če je datum, na katerega se z delnicami ali potrdili o lastništvu prvič trguje na mestu trgovanja v Uniji, v obdobju, ki se začne deset tednov pred datumom začetka uporabe Uredbe (EU) št. 600/2014 in konča na dan pred datumom začetka uporabe Uredbe (EU) št. 600/2014, izračun temelji na zgodovini trgovanja z delnico ali potrdilom o lastništvu ali drugimi finančnimi instrumenti, za katere se šteje, da imajo podobne značilnosti kot zadevne delnice ali potrdila o lastništvu.
The tick sizes of the liquidity band corresponding to the published average daily number of transactions referred to in paragraph 1 shall be applied until 1 April of the year following the date of application of Regulation (EU) No 600/2014.
Koraki kotacije za obseg likvidnosti, ki se ujemajo z objavljenim povprečnim dnevnim številom poslov iz odstavka 1, se uporabljajo do 1. aprila leta po datumu začetka uporabe Uredbe (EU) št. 600/2014.
Where a competent authority identifies a risk for the orderly functioning of the markets due to such tick sizes, it shall determine and publish an updated average daily number of transactions for the relevant financial instruments to address that risk.
Mesta trgovanja takoj uporabijo obseg likvidnosti, ki ustreza posodobljenemu povprečnemu dnevnemu številu poslov.
It shall do so on the basis of longer and more comprehensive trading history data of those instruments.
To velja do 1. aprila leta po datumu začetka uporabe Uredbe (EU) št. 600/2014 ali do naslednje objave pristojnega organa v skladu s tem odstavku.
Trading venues shall immediately apply the liquidity band corresponding to that updated average daily number of transactions.
Člen 6
They shall do so until 1 April of the year following the date of application of Regulation (EU) No 600/2014 or until any further publication by the competent authority in accordance with this paragraph.
Začetek veljavnosti in uporaba
Entry into force and application
Uporablja se od 3. januarja 2018.
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
Člen 5 pa se uporablja od dneva začetka veljavnosti te uredbe.
It shall apply from 3 January 2018.
Ta uredba je v celoti zavezujoča in se neposredno uporablja v vseh državah članicah.
However, Article 5 shall apply from the date of entry into force of this Regulation.
V Bruslju, 14. julija 2016
For the Commission
UL L 173, 12.6.2014, str.
The President
349.
OJ L 173, 12.6.2014, p. 349.
Uredba (EU) št. 600/2014 Evropskega parlamenta in Sveta z dne 15. maja 2014 o trgih finančnih instrumentov in spremembi Uredbe (EU) št. 648/2012 (UL L 173, 12.6.2014, str. 84).
Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (OJ L 173, 12.6.2014, p. 84).
Uredba (EU) št. 1095/2010 Evropskega parlamenta in Sveta z dne 24. novembra 2010 o ustanovitvi Evropskega nadzornega organa (Evropski organ za vrednostne papirje in trge) in o spremembi Sklepa št. 716/2009/ES ter razveljavitvi Sklepa Komisije 2009/77/ES (UL L 331, 15.12.2010, str. 84).
Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84).
Delegirana uredba Komisije (EU) 2017/587 z dne 14. julija 2016 o dopolnitvi Uredbe (EU) št. 600/2014 Evropskega parlamenta in Sveta o trgih finančnih instrumentov v zvezi z regulativnimi tehničnimi standardi o zahtevah po preglednosti za mesta trgovanja in investicijska podjetja v zvezi z delnicami, potrdili o lastništvu, investicijskimi skladi, s katerimi se trguje na borzi, certifikati in drugimi podobnimi instrumenti ter o obveznostih glede izvrševanja poslov z določenimi delnicami na mestu trgovanja ali s strani sistematičnega internalizatorja (glej stran 387 tega Uradbnega lista).
Commission Delegated Regulation (EU) 2017/587 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on transparency requirements for trading venues and investment firms in respect of shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments and on transaction execution obligations in respect of certain shares on a trading venue or by a systematic internaliser (see page 387 of this Official Journal).
Delegirana uredba Komisije (EU) 2017/590 z dne 28. julija 2016 o dopolnitvi Uredbe (EU) št. 600/2014 Evropskega parlamenta in Sveta v zvezi z regulativnimi tehničnimi standardi za poročanje o poslih pristojnim organom (glej stran 449 tega Uradnega lista).
Commission Delegated Regulation (EU) 2017/590 of 28 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the reporting of transactions to competent authorities (see page 449 of this Official Journal).
PRILOGA
ANNEX
Preglednica korakov kotacije
Tick size table
Obsegi likvidnosti
Liquidity bands
Razponi cen
Price ranges
0 ≤ povprečno dnevno število poslov < 10
0 ≤ Average daily number of transactions < 10
10 ≤ povprečno dnevno število poslov < 80
10 ≤ Average daily number of transactions < 80
80 ≤ povprečno dnevno število poslov < 600
80 ≤ Average daily number of transactions < 600
600 ≤ povprečno dnevno število poslov < 2000
600 ≤ Average daily number of transactions < 2000
2000 ≤ povprečno dnevno število poslov < 9000
2000 ≤ Average daily number of transactions < 9000
9000 ≤ povprečno dnevno število poslov
9000 ≤ Average daily number of transactions
0 ≤ cena < 0.1
0 ≤ price < 0,1
0,1 ≤ cena < 0.2
0,1 ≤ price < 0,2
0,2 ≤ cena < 0.5
0,2 ≤ price < 0,5
0,5 ≤ cena < 1
0,5 ≤ price < 1
1 ≤ cena < 2
1 ≤ price < 2
2 ≤ cena < 5
2 ≤ price < 5
5 ≤ cena < 10
5 ≤ price < 10
10 ≤ cena < 20
10 ≤ price < 20
20 ≤ cena < 50
20 ≤ price < 50
50 ≤ cena < 100
50 ≤ price < 100
100 ≤ cena < 200
100 ≤ price < 200
200 ≤ cena < 500
200 ≤ price < 500
500 ≤ cena < 1000
500 ≤ price < 1000
1000 ≤ cena < 2000
1000 ≤ price < 2000
2000 ≤ cena < 5000
2000 ≤ price < 5000
5000 ≤ cena < 10000
5000 ≤ price < 10000
10000 ≤ cena < 20000
10000 ≤ price < 20000
20000 ≤ cena < 50000
20000 ≤ price < 50000
50000 ≤ cena
50000 ≤ price
V tem obdobju pristojni organi zagotovijo, da so koraki kotacije za finančne instrumente iz točk (b) in (c) odstavka 2 in za katere so pristojni organ, ne prispevajo k neurejenim pogojem trgovanja.
During that period, competent authorities shall ensure that the tick sizes for financial instruments referred to under points (b) and (c) of paragraph 2 and for which they are the competent authority, do not contribute to disorderly trading conditions.
Kadar pristojni organ ugotovi tveganje za pravilno delovanje trgov zaradi takšnih korakov kotacije, določi posodobljeno povprečno število poslov za zadevni finančni instrument in ga objavi, da bi odpravil to tveganje.