natgillin/translations-raw huggingface dataset:
For the purposes of Article 15(1) of Regulation (EU) No 600/2014, a systematic internaliser may update its quotes at any time, provided at all times that the updated quotes are the consequence of, and consistent with, genuine intentions of the systematic internaliser to trade with its clients in a non-discriminatory manner.
cena je v okviru nakupne in prodajne ponudbe sistematičnega internalizatorja;
For the purposes of Article 15(2) of Regulation (EU) No 600/2014, a price falls within a public range close to market conditions where the following conditions are fulfilled:
ponudbe iz točke (a) izražajo prevladujoče tržne pogoje za ustrezni finančni instrument v skladu s členom 14(7) Uredbe (EU) št. 600/2014.
the price is within the bid and offer quotes of the systematic internaliser;
Za namene člena 15(3) Uredbe (EU) št. 600/2014 se izvršitev za več vrednostnih papirjev šteje za del enega posla, če so izpolnjena merila, določena v Delegirani uredbi (EU) 2017/587.
the quotes referred to in point (a) reflect prevailing market conditions for the relevant financial instrument in accordance with Article 14(7) of Regulation (EU) No 600/2014.
Za namene člena 15(3) Uredbe (EU) št. 600/2014 se za naročilo šteje, da zanj veljajo drugi pogoji kot trenutna tržna cena, če so izpolnjena merila, določena v Delegirani uredbi (EU) 2017/587.
For the purposes of Article 15(3) of Regulation (EU) No 600/2014, execution in several securities shall be considered part of one transaction where the criteria laid down in Delegated Regulation (EU) 2017/587 are fulfilled.
Člen 15
For the purposes of Article 15(3) of Regulation (EU) No 600/2014, an order shall be considered subject to conditions other than the current market price where the criteria laid down in Delegated Regulation (EU) 2017/587 are fulfilled.
Naročila, ki znatno presegajo normo
Article 15
(člen 17(2) Uredbe (EU) št. 600/2014)
Orders considerably exceeding the norm
Za namene člena 17(2) Uredbe (EU) št. 600/2014 se šteje, da število ali velikost naročil znatno presega normo, če sistematični internalizator števila ali obsega navedenih naročil ne more izvršiti, ne da bi se izpostavil nepotrebnemu tveganju.
(Article 17(2) of Regulation (EU) No 600/2014)
Investicijska podjetja, ki delujejo kot sistematični internalizatorji, objektivno in skladno s svojo politiko in postopki upravljanja tveganj iz člena 23 Delegirane uredbe Komisije (EU) 2017/565 [9] vnaprej določijo, kdaj se šteje, da so zaradi števila ali obsega naročil strank izpostavljena nepotrebnemu tveganju.
For the purposes of Article 17(2) of Regulation (EU) No 600/2014, the number or volume of orders shall be considered to considerably exceed the norm where a systematic internaliser cannot execute the number or volume of those orders without exposing itself to undue risk.
Za namene odstavka 2 sistematični internalizator v okviru svoje politike in postopkov upravljanja tveganj oblikuje, vzdržuje in izvaja politiko za opredelitev števila ali obsega naročil, ki jih lahko izvrši, ne da bi se izpostavil nepotrebnemu tveganju, pri čemer se upoštevajo kapital, ki ga ima podjetje na razpolago za kritje tveganja za zadevno vrsto trgovanja, in prevladujoči pogoji na trgu.
Investment firms acting as systematic internalisers shall determine in advance and in a manner that is objective and consistent with their risk management policy and procedures referred to in Article 23 of Commission Delegated Regulation (EU) 2017/565 [9], when the number or volume of orders sought by clients is considered to expose the firm to undue risk.
V skladu s členom 17(2) Uredbe (EU) št. 600/2014 je politika iz odstavka 3 nediskriminatorna do strank.
For the purposes of paragraph 2, a systematic internaliser shall establish, maintain and implement as part of its risk management policy and procedures, a policy for identifying the number or volume of orders that it can execute without being exposed to undue risk, taking into account both the capital that the firm has available to cover the risk for that type of trade and the prevailing conditions in the market.
Člen 16
In accordance with Article 17(2) of Regulation (EU) No 600/2014, the policy referred to in paragraph 3 shall be non-discriminatory to clients.
Obseg, ki je značilen za instrument
Article 16
(člen 18(6) Uredbe (EU) št. 600/2014)
Size specific to the instrument
Za namene člena 18(6) Uredbe (EU) št. 600/2014 je obseg, ki je značilen za instrument, v zvezi z instrumenti, s katerimi se trguje na podlagi zahteve za ponudbo, glasovnimi, hibridnimi ali drugimi oblikami trgovanja, enak obsegu, določenem v Prilogi III k Delegirani uredbi Komisije (EU) 2017/583 [10].POGLAVJE IV
(Article 18(6) of Regulation (EU) No 600/2014)
IZVEDENI FINANČNI INSTRUMENTI
For the purposes of Article 18(6) of Regulation (EU) No 600/2014, the size specific to the instrument in respect of instruments traded on request for quote, voice, hybrid or other trading forms shall be as set out in Annex III to Commission Delegated Regulation (EU) 2017/583 [10].CHAPTER IV
Člen 17
DERIVATIVES
Elementi stiskanja portfelja
Article 17
(člen 31(4) Uredbe (EU) št. 600/2014)
Elements of Portfolio compression
Za namene člena 31(1) Uredbe (EU) št. 600/2014 investicijska podjetja in upravljavci trga, ki zagotavljajo stiskanje portfelja, izpolnjujejo pogoje iz odstavkov od 2 do 6.
(Article 31(4) of Regulation (EU) No 600/2014)
Investicijska podjetja in upravljavci trga sklenejo dogovor z udeleženci v stiskanju portfelja, v katerem določijo postopek stiskanja in njegove pravne učinke, vključno z določitvijo trenutka, ko vsako stiskanje portfelja postane pravno zavezujoče.
For the purposes of Article 31(1) of Regulation (EU) No 600/2014, investment firms and market operators providing portfolio compression shall fulfil the conditions in paragraphs 2 to 6.
Dogovor iz odstavka 2 vključuje vso ustrezno pravno dokumentacijo, v kateri je opisano, kako izvedeni finančni instrumenti, predloženi za vključitev v stiskanje portfelja, prenehajo in kako se nadomestijo z drugimi izvedenimi finančnimi instrumenti.
Investment firms and market operators shall conclude an agreement with the participants to the portfolio compression providing for the compression process and its legal effects, including identifying the point in time at which each portfolio compression becomes legally binding.
Pred začetkom vsakega stiskanja portfelja investicijska podjetja in upravljavci trga, ki zagotavljajo stiskanje portfelja:
The agreement referred to in paragraph 2 shall include all relevant legal documentation describing how derivatives submitted for inclusion in the portfolio compression are terminated and how they are replaced by other derivatives.
od vseh udeležencev v stiskanju portfelja zahtevajo, naj določijo dovoljeno tveganje udeleženca, vključno z določitvijo omejitve tveganja nasprotne stranke, omejitvijo tržnega tveganja in dovoljenim odstopanjem pri gotovinskih plačilih.
Before each compression process is initiated, investment firms and market operators providing portfolio compression shall:
Investicijska podjetja in upravljavci trga upoštevajo dovoljena tveganja v stiskanju portfelja, ki jih določijo udeleženci;
require each participant to the portfolio compression to specify the participant's risk tolerance including specifying a limit for counterparty risk, a limit for market risk and a cash payment tolerance.
vzpostavijo povezavo med izvedenimi finančnimi instrumenti, predloženimi za stiskanje portfelja, in vsakemu udeležencu predložijo predlog za stiskanje portfelja, ki vključuje naslednje informacije:
Investment firms and market operators shall respect the risk tolerance specified by the participants in the portfolio compression;
opredelitev nasprotnih strank, na katere vpliva stiskanje;
link the derivatives submitted for portfolio compression and submit to each participant a portfolio compression proposal that includes the following information:
s tem povezano spremembo skupne nominalne vrednosti izvedenih finančnih instrumentov;
the identification of the counterparties affected by the compression,
spremembo skupnega nominalnega zneska v primerjavi z določenim dovoljenim tveganjem.
the related change to the combined notional value of the derivatives,
Za prilagoditev stiskanja dovoljenemu tveganju, ki ga določijo udeleženci v stiskanju portfelja, in za povečanje učinkovitosti stiskanja portfelja lahko investicijska podjetja in upravljavci trga udeležencem odobrijo dodaten čas za dodajanje izvedenih finančnih instrumentov, upravičenih do prenehanja ali zmanjšanja.
the variation of the combined notional amount compared to the risk tolerance specified.
Investicijska podjetja in upravljavci trga izvedejo stiskanje portfelja šele, ko se vsi udeleženci v stiskanju portfelja strinjajo s predlogom za stiskanje.
In order to adjust the compression to the risk tolerance set by the participants to the portfolio compression and in order to maximise the efficiency of the portfolio compression, investment firms and market operators may grant participants additional time to add derivatives eligible for termination or reduction.
Člen 18
Investment firms and market operators shall only perform the portfolio compression once all participants to the portfolio compression have agreed to the portfolio compression proposal.
Zahteve glede objavljanja za stiskanje portfelja
Article 18
Za namene člena 31(2) Uredbe (EU) št. 600/2014 investicijska podjetja in upravljavci trga prek APA za vsak cikel stiskanje portfelja objavijo naslednje informacije:
Publication requirements for Portfolio compression
seznam izvedenih finančnih instrumentov, predloženih za vključitev v stiskanje portfelja;
For the purposes of Article 31(2) of Regulation (EU) No 600/2014 investment firms and market operators shall make the following information public through an APA for each portfolio compression cycle:
seznam izvedenih finančnih instrumentov, ki nadomeščajo izvedene finančne instrumente, ki so prenehali;
a list of derivatives submitted for inclusion in the portfolio compression,
seznam izvedenih finančnih instrumentov, ki so bili zaradi stiskanja portfelja spremenjeni ali so prenehali;
a list of derivatives replacing the terminated derivatives,
število izvedenih finančnih instrumentov in njihovo vrednost, izražene v nominalnem znesku.
a list of derivatives changed or terminated as a result of the portfolio compression,
Informacije iz prvega pododstavka se razčlenijo po vrstah izvedenih finančnih instrumentov in valutah.
the number of derivatives and their value expressed in terms of notional amount.
Investicijska podjetja in upravljavci trga objavijo informacije iz odstavka 1 tako blizu realnemu času, kot je to tehnično mogoče, in najpozneje ob koncu naslednjega delovnega dne po tem, ko predlog za stiskanje postane pravno zavezujoč v skladu z dogovorom iz člena 17(2).
The information referred to in the first subparagraph shall be disaggregated per type of derivative and per currency.
POGLAVJE V
Investment firms and market operators shall make public the information referred to in paragraph 1 as close to real-time as is technically possible and no later than the close of the following business day after a compression proposal becomes legally binding in accordance with the agreement referred to in Article 17(2).
NADZORNI UKREPI NA PODROČJU POSEGANJA V ZVEZI S PRODUKTI IN UPRAVLJANJA POZICIJ
SUPERVISORY MEASURES ON PRODUCT INTERVENTION AND POSITION MANAGEMENT
Poseganje v zvezi s produkti
SECTION 1
Člen 19
Product intervention
Merila in dejavniki za namene pooblastil ESMA za začasno poseganje v zvezi s produkti
Article 19
(člen 40(2) Uredbe (EU) št. 600/2014)
Criteria and factors for the purposes of ESMA temporary product intervention powers
Za namene člena 40(2)(a) Uredbe (EU) št. 600/2014 ESMA oceni pomembnost vseh dejavnikov in meril, navedenih v odstavku 2, ter upošteva vse ustrezne dejavnike in merila pri določanju, kdaj trženje, razširjanje ali prodaja nekaterih finančnih instrumentov ali finančnih instrumentov z nekaterimi določenimi značilnostmi ali vrsta finančne dejavnosti ali prakse ustvarja resnejši zadržek glede zaščite vlagateljev ali nevarnost za pravilno delovanje in celovitost finančnih trgov ali trgov primarnih proizvodov oziroma za stabilnost celotnega finančnega sistema Unije ali njegovega dela.
(Article 40(2) of Regulation (EU) No 600/2014)
Za namene prvega pododstavka lahko ESMA določi obstoj resnejšega zadržka glede zaščite vlagateljev ali nevarnosti za pravilno delovanje in celovitost finančnih trgov ali trgov primarnih proizvodov oziroma za stabilnost celotnega finančnega sistema Unije ali njegovega dela na podlagi enega ali več navedenih dejavnikov in meril.
For the purposes of Article 40(2)(a) of Regulation (EU) No 600/2014, ESMA shall assess the relevance of all factors and criteria listed in paragraph 2, and take into consideration all relevant factors and criteria in determining when the marketing, distribution or sale of certain financial instruments or financial instruments with certain specified features or a type of financial activity or practice creates a significant investor protection concern or a 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 the Union.
Dejavniki in merila, ki jih mora ESMA oceniti za ugotovitev, ali obstaja resnejši zadržek glede zaščite vlagateljev ali nevarnost za pravilno delovanje in celovitost finančnih trgov ali trgov primarnih proizvodov oziroma za stabilnost celotnega finančnega sistema Unije ali njegovega dela, so:
For the purposes of the first subparagraph, ESMA may determine the existence of a significant investor protection concern or a 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 the Union based on one or more of those factors and criteria.
stopnja kompleksnosti finančnega instrumenta ali vrsta finančne dejavnosti ali prakse v zvezi z vrsto strank, kot je ocenjena v skladu s točko (c) in vključena v finančno dejavnost ali finančno prakso ali ki se ji finančni instrument trži ali prodaja, zlasti ob upoštevanju:
The factors and criteria to be assessed by ESMA to determine whether there is a significant investor protection concern or a 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 the Union shall be the following:
vrste osnovnih ali referenčnih sredstev in stopnje preglednosti v zvezi z osnovnimi ali referenčnimi sredstvi,
the degree of complexity of the financial instrument or type of financial activity or practice in relation to the type of clients, as assessed in accordance with point (c), involved in the financial activity or financial practice, or to whom the financial instrument is marketed or sold, taking into account, in particular:
stopnje preglednosti stroškov in dajatev, povezanih s finančnim instrumentom, finančno dejavnostjo ali finančno prakso, in zlasti pomanjkanja preglednosti, ki izhaja iz več ravni stroškov in dajatev,
the type of the underlying or reference assets and the degree of transparency of the underlying or reference assets;
kompleksnosti izračuna uspešnosti, pri čemer se zlasti upošteva, ali je donosnost odvisna od uspešnosti enega ali več osnovnih ali referenčnih sredstev, na katera vplivajo drugi dejavniki, oziroma ali je odvisna ne le od vrednosti osnovnih ali referenčnih sredstev na začetni datum in datum zapadlosti v plačilo, temveč tudi od vrednosti med življenjsko dobo produkta,
the degree of transparency of costs and charges associated with the financial instrument, financial activity or financial practice and, in particular, the lack of transparency resulting from multiple layers of costs and charges;
narave in obsega morebitnih tveganj,
the complexity of the performance calculation, taking into account in particular whether the return is dependent on the performance of one or more underlying or reference assets which are in turn affected by other factors or whether the return depends not only on the values of the underlying or reference assets at the initial and maturity dates, but also on the values during the lifetime of the product;
ali sta instrument ali storitev povezana z drugimi produkti ali storitvami ali
the nature and scale of any risks;
kompleksnosti morebitnih pogojev;
whether the instrument or service is bundled with other products or services; or
obseg morebitnih škodljivih posledic, zlasti ob upoštevanju:
the complexity of any terms and conditions;
nominalne vrednosti finančnega instrumenta,
the size of potential detrimental consequences, considering in particular:
števila vključenih strank, vlagateljev ali tržnih udeležencev,
the notional value of the financial instrument;
relativnega deleža produkta v portfeljih vlagateljev,
the number of clients, investors or market participants involved;
verjetnosti, obsega in narave morebitne škode, vključno z zneskom morebitne izgube,
the relative share of the product in investors' portfolios;
predvidenega trajanja škodljivih posledic,
the probability, scale and nature of any detriment, including the amount of loss potentially suffered;
obsega izdaje,
the anticipated duration of the detrimental consequences;
števila vključenih posrednikov,
the volume of the issuance;
rasti trga ali prodaje ali
the number of intermediaries involved;
povprečnega zneska, ki so ga v finančni instrument vložile posamezne stranke;
the growth of the market or sales; or
vrsta strank, ki so vključene v finančno dejavnost ali finančno prakso ali ki se jim finančni instrument trži ali prodaja, zlasti ob upoštevanju:
the average amount invested by each client in the financial instrument;
ali je stranka neprofesionalna stranka, profesionalna stranka ali primerna nasprotna stranka,
the type of clients involved in a financial activity or financial practice or to whom a financial instrument is marketed or sold, taking into account, in particular:
znanj in spretnosti ter sposobnosti strank, vključno s stopnjo izobrazbe, izkušnjami s podobnimi finančnimi instrumenti ali prodajnimi praksami,
whether the client is a retail client, a professional client or an eligible counterparty;
ekonomskega položaja strank, vključno z njihovimi prihodki in premoženjem,
clients' skills and abilities, including the level of education, experience with similar financial instruments or selling practices;
temeljnih finančnih ciljev strank, vključno s pokojninskim varčevanjem in financiranjem lastništva doma, in
clients' economic situation, including their income and wealth;
ali se instrument ali storitev prodaja strankam zunaj namembnega ciljnega trga oziroma ali ciljni trg ni bil ustrezno opredeljen;
clients' core financial objectives, including pension saving and home ownership financing; or
stopnja preglednosti finančnega instrumenta ali vrste finančnega posla ali prakse, zlasti ob upoštevanju:
whether the instrument or service is being sold to clients outside the intended target market or whether the target market has not been adequately identified;
vrste in preglednosti osnovnega instrumenta,
the degree of transparency of the financial instrument or type of financial activity or practice, taking into account, in particular:
morebitnih skritih stroškov in dajatev,
the type and transparency of the underlying;
uporabe tehnik, ki pritegnejo pozornost strank, vendar ne izražajo nujno primernosti ali splošne kakovosti finančnega instrumenta, finančne dejavnosti ali finančne prakse,
any hidden costs and charges;
narave in preglednosti tveganj ali
the use of techniques drawing clients' attention but not necessarily reflecting the suitability or overall quality of the financial instrument, financial activity or financial practice;
uporabe imen produktov ali terminologije ali drugih informacij, ki kažejo na višjo raven varnosti ali donosnosti, kot so dejansko možne ali verjetne, ali ki kažejo na značilnosti produktov, ki ne obstajajo;
the nature of risks and transparency of risks; or
posebne značilnosti ali sestavni deli finančnega instrumenta, finančne dejavnosti ali finančne prakse, vključno z morebitnim vgrajenim vzvodom, zlasti ob upoštevanju:
the use of product names or terminology or other information that imply a greater level of security or return than those which are actually possible or likely, or which imply product features that do not exist;
vzvoda, povezanega s produktom,
the particular features or components of the financial instrument, financial activity or financial practice, including any embedded leverage, taking into account, in particular:
vzvoda zaradi financiranja,
the leverage inherent in the product;
značilnosti poslov financiranja z vrednostnimi papirji ali
the leverage due to financing;
dejstva, da vrednost morebitnega osnovnega instrumenta ni več na voljo ali zanesljiva;
the features of securities financing transactions; or
obstoj in stopnja neskladnosti med pričakovano donosnostjo ali dobičkom za vlagatelje in tveganjem izgube v zvezi s finančnim instrumentom, finančno dejavnostjo ali finančno prakso, zlasti ob upoštevanju:
the fact that the value of any underlying is no longer available or reliable;
strukturnih stroškov takega finančnega instrumenta, dejavnosti ali prakse in drugih stroškov,
the existence and degree of disparity between the expected return or profit for investors and the risk of loss in relation to the financial instrument, financial activity or financial practice, taking into account, in particular:
neskladnosti v zvezi s tveganjem izdajatelja, ki ga zadrži izdajatelj, ali
the structuring costs of such financial instrument, activity or practice and other costs;
profila tveganja/donosnosti;
the disparity in relation to the issuer's risk retained by the issuer; or
vloženi trud in stroški, pri katerih lahko vlagatelji prodajajo zadevni finančni instrument ali preidejo na drug finančni instrument, zlasti ob upoštevanju:
the risk/return profile;
cenovnega razpona med ponudbo in povpraševanjem,
the ease and cost with which investors are able to sell the relevant financial instrument or switch to another financial instrument, taking into account, in particular:
pogostosti razpoložljivosti trgovanja,
the bid/ask spread;
obsega izdaje in velikosti sekundarnega trga,
the frequency of trading availability;
prisotnosti ali odsotnosti ponudnikov likvidnosti ali vzdrževalcev sekundarnega trga,
the issuance size and size of the secondary market;
značilnosti sistema trgovanja ali
the presence or absence of liquidity providers or secondary market makers;
morebitnih drugih ovir za izstop;
the features of the trading system; or
oblikovanje cen in povezani stroški finančnega instrumenta, finančne dejavnosti ali finančne prakse, zlasti ob upoštevanju:
any other barriers to exit;
uporabe skritih ali sekundarnih dajatev ali
the pricing and associated costs of the financial instrument, financial activity or financial practice, taking into account, in particular:
dajatev, ki ne izražajo ravni zagotovljene storitve;
the use of hidden or secondary charges; or
stopnja inovativnosti finančnega instrumenta, finančne dejavnosti ali finančne prakse, zlasti ob upoštevanju:
charges that do not reflect the level of service provided;
stopnje inovativnosti, povezane s strukturo finančnega instrumenta, finančne dejavnosti ali finančne prakse, vključno z vključitvijo in sprožitvijo,
the degree of innovation of a financial instrument, a financial activity or a financial practice, taking into account, in particular:
stopnje inovativnosti, povezane z modelom distribucije ali dolžino posredniške verige,
the degree of innovation related to the structure of the financial instrument, financial activity or financial practice, including embedding and triggering;
obsega širjenja inovativnosti, vključno s tem, ali so finančni instrument, finančna dejavnost ali finančna praksa inovativni za določene kategorije strank,
the degree of innovation relating to the distribution model or length of the intermediation chain;
inovativnosti, ki vključuje vzvod,
the extent of innovation diffusion, including whether the financial instrument, financial activity or financial practice is innovative for particular categories of clients;
pomanjkljive preglednosti osnovnega instrumenta ali