natgillin/translations-raw huggingface dataset:
Where shares have a liquid market and could therefore be bought easily, settlement fails should be subject to the highest penalty rate in order to provide incentives to failing participants to settle failed transactions in a timely manner.
Kadar imajo delnice likviden trg in jih je zato enostavno kupiti, bi bilo treba za neuspešne poravnave uporabiti najvišjo stopnjo kazni, da se udeležence, ki ne izpolnjujejo obveznosti, spodbudi, da pravočasno poravnajo neuspešne posle.
Shares that do not have a liquid market should be subject to a lower penalty rate given that a lower penalty rate should still have a deterrent effect without affecting the smooth and orderly functioning of the markets concerned.
Za delnice, ki nimajo likvidnega trga, bi bilo treba uporabljati nižjo stopnjo kazni, saj bi nižja stopnja kazni še vedno morala imeti odvračilen učinek, ne da bi to vplivalo na nemoteno in pravilno delovanje zadevnih finančnih trgov.
The level of cash penalties for settlement fails of transactions in debt instruments issued by sovereign issuers should take into account the typically large size of these transactions and their importance for the smooth and orderly functioning of the financial markets.
Pri ravni denarnih kazni za neuspešne poravnave poslov z dolžniškimi instrumenti, ki jih izdajo izdajatelji državnih vrednostnih papirjev, bi bilo treba upoštevati značilno velik obseg teh poslov in njihov pomen za nemoteno ter pravilno delovanje finančnih trgov.
Settlement fails should therefore be subject to the lowest penalty rate.
Zato bi bilo treba za neuspešne poravnave uporabiti najnižje stopnje kazni.
Such a penalty rate should nevertheless have a deterrent effect and provide an incentive for timely settlement.
Takšna stopnja kazni bi vseeno morala imeti odvračilen učinek in spodbujati pravočasno poravnavo.
Debt instruments that are not issued by sovereign issuers have less liquid markets and the size of transactions in such instruments is smaller.
Dolžniški instrumenti, ki jih ne izdajo izdajatelji državnih vrednostnih papirjev, imajo manj likvidne trge, prav tako je obseg poslov s takšnimi instrumenti manjši.
Such debt instruments also affect the smooth and orderly functioning of the financial markets less than debt instruments issued by sovereign issuers.
Takšni dolžniški instrumenti tudi manj vplivajo na nemoteno in pravilno delovanje finančnih trgov kot dolžniški instrumenti, ki jih izdajo izdajatelji državnih vrednostnih papirjev.
The penalty rate for settlement fails should therefore be higher than for debt instruments issued by sovereign issuers.
Stopnja kazni za neuspešne poravnave bi zato morala biti višja kot za dolžniške instrumente, ki jih izdajo izdajatelji državnih vrednostnih papirjev.
Settlement fails of transactions in debt instruments should be subject to lower penalty rates than settlement fails of transactions in other financial instruments in view of their overall larger size, non-standardised settlement, greater cross-border dimension and importance for the smooth and orderly functioning of the financial markets.
Za neuspešne poravnave poslov z dolžniškimi instrumenti bi morale veljati nižje stopnje kazni kot za neuspešne poravnave poslov z drugimi finančnimi instrumenti zaradi njihove velikosti, nestandardizirane poravnave, večje čezmejne razsežnosti in pomena za nemoteno in pravilno delovanje finančnih trgov.
Such lower penalty rate should nevertheless have a deterrent effect and provide an incentive for timely settlement.
Takšna nižja stopnja kazni bi vseeno morala imeti odvračilen učinek in spodbujati pravočasno poravnavo.
Financial instruments other than shares and debt instruments that fall within the scope of Regulation (EU) No 909/2014, such as depository receipts, emission allowances and exchange-traded funds, do not usually have a highly standardised settlement and liquid markets.
Finančni instrumenti, ki niso delnice in dolžniški instrumenti, ki spadajo v področje uporabe Uredbe (EU) št. 909/2014, kot so potrdila o lastništvu, pravice do emisij in investicijski skladi, ki kotirajo na borzi, navadno nimajo visoko standardizirane poravnave in likvidnih trgov.
They are also often traded over-the-counter (OTC).
Z njimi se pogosto trguje tudi izven organiziranega trga vrednostnih papirjev (OTC).
In view of the limited volume and size of transactions and in order to reflect their non-standardised trading and settlement, settlement fails should be subject to a similar penalty rate to the one for shares that do not have a liquid market.
Zaradi omejenega obsega in manjše velikosti poslov ter da bi se odražala njihova nestandardizirano trgovanje in poravnava, bi bilo treba za neuspešne poravnave uporabljati podobno stopnjo kazni, kot se uporablja za delnice, ki nimajo likvidnega trga.
The parameters for calculating cash penalties should be adapted to the specificities of certain trading venues, such as SME growth markets as defined in Directive 2014/65/EU of the European Parliament and of the Council [2].
Parametre za izračun denarnih kazni bi bilo treba prilagoditi posebnostim nekaterih mest trgovanja, kot so zagonski trgi MSP, kot so opredeljeni v Direktivi 2014/65/EU Evropskega parlamenta in Sveta [2].
Cash penalties for settlement fails should not hinder access by small and medium enterprises (SMEs) to capital markets as an alternative to bank lending.
Denarne kazni za neuspešne poravnave ne bi smele ovirati dostopa malih in srednjih podjetij (MSP) do kapitalskih trgov kot alternative bančnim posojilom.
In addition, Regulation (EU) No 909/2014 allows SME growth markets the flexibility not to apply the buy-in process to settlement fails until up to 15 days after the intended settlement date.
Poleg tega Uredba (EU) št. 909/2014 zagonskim trgom MSP dopušča prilagodljivost, da ne uporabijo postopka kritnega nakupa za neuspešne poravnave do 15 dni po načrtovanem datumu poravnave.
Consequently, cash penalties for settlement fails in financial instruments traded on SME growth markets may apply during a longer period of time than for other financial instruments.
Posledično se lahko denarne kazni za neuspešne poravnave poslov s finančnimi instrumenti, s katerimi se trguje na zagonskih trgih MSP, uporabljajo daljše obdobje kot za druge finančne instrumente.
Given the length of application of cash penalties, lower liquidity and specificities of SME growth markets, the penalty rate for settlement fails of transactions in financial instruments traded on such trading venues should be set at a specific rate that should provide incentives for timely settlement but should not affect their smooth and orderly functioning.
Glede na dolžino trajanja uporabe denarnih kazni, nižjo likvidnost in posebnosti zagonskih trgov MSP bi bilo treba stopnjo kazni za neuspešne poravnave poslov s finančnimi instrumenti, s katerimi se trguje na tovrstnih mestih trgovanja, določiti na specifični stopnji, ki spodbuja pravočasno poravnavo, vendar ne vpliva na nemoteno in pravilno delovanje teh trgov.
It is also appropriate to ensure that settlement fails of transactions in certain financial instruments, such as debt instruments traded on such venues, are subject to a lower penalty rate than similar debt instruments traded on other markets.
Primerno je zagotoviti, da se za neuspešne poravnave poslov z nekaterimi finančnimi instrumenti, kot so dolžniški instrumenti, s katerimi se trguje na tovrstnih mestih, uporabljajo nižje stopnje kazni kot za podobne dolžniške instrumente, s katerimi se trguje na drugih trgih.
Settlement fails due to a lack of cash should be subject to a single penalty rate for all transactions given that such a situation is independent from the asset type and liquidity of the financial instrument concerned or the type of transaction.
Za neuspešne poravnave zaradi pomanjkanja denarnih sredstev bi bilo treba uporabljati enotno stopnjo kazni za vse posle, saj je takšen položaj neodvisen od vrste sredstva in likvidnosti zadevnega finančnega instrumenta ali vrste posla.
In order to ensure a deterrent effect and incentivise timely settlement by failing participants through cash borrowing, it is appropriate to use the costs of borrowing cash as a basis for the penalty rate.
Da se zagotovi odvračilni učinek in udeležence, ki ne izpolnjujejo obveznosti, spodbudi, da pravočasno poravnajo svoje obveznosti tako, da si denarna sredstva izposodijo, je primerno kot osnovo za stopnjo kazni uporabiti stroške izposoje denarnih sredstev.
The most appropriate penalty rate should be the official interest rate of the central bank issuing the settlement currency that should evidence the borrowing costs for that currency.
Najprimernejša stopnja kazni bi morala biti uradna obrestna mera centralne banke, ki izdaja valuto poravnave, ki bi morala odražati stroške izposoje za to valuto.
Regulation (EU) No 909/2014 allows CSDs to provide their services in the Union under the supervision of competent authorities of their home Member States.
Uredba (EU) št. 909/2014 dopušča CDD, da opravljajo storitve v Uniji pod nadzorom pristojnih organov njihovih matičnih držav članic.
To ensure an appropriate level of safety in the provision of services by CSDs in host Member States, Regulation (EU) No 909/2014 requires the competent and relevant authorities of home Member States and host Member States to establish cooperation arrangements for the supervision of the activities of CSDs in the host Member State when their operations become of a substantial importance for the functioning of the securities markets and the protection of investors in the host Member States concerned.
Za zagotovitev ustrezne ravni varnosti pri opravljanju storitev CDD v državah članicah gostiteljicah Uredba (EU) št. 909/2014 zahteva, da pristojni in ustrezni organi matične države članice in držav članic gostiteljic sklenejo dogovore o sodelovanju za nadzor dejavnosti CDD v državi članici gostiteljici, kadar postanejo dejavnosti CDD zelo pomembne za delovanje trgov vrednostnih papirjev in zaščito vlagateljev v zadevni državi članici gostiteljici.
To comprehensively establish whether the operations of CSDs have become of substantial importance for the functioning of the securities markets and the protection of investors in host Member States, it is appropriate to ensure that assessment criteria consider the core services provided by CSDs in host Member States as specified in Section A of the Annex to Regulation (EU) No 909/2014 given that such core services are provided by CSDs in their capacity as financial market infrastructures.
Da se lahko zanesljivo ugotovi, ali so postale dejavnosti CDD zelo pomembne za delovanje trgov vrednostnih papirjev in zaščito vlagateljev v državah članicah gostiteljicah, je primerno zagotoviti, da merila za ocenjevanje upoštevajo osnovne storitve, ki jih CDD opravljajo v državah članicah gostiteljicah, kot je določeno v Oddelku A Priloge k Uredbi (EU) št. 909/2014, glede na to da CDD takšne osnovne storitve opravljajo v svoji funkciji infrastruktur finančnega trga.
For the purposes of assessing the importance of the operations of CSDs in host Member States, the assessment criteria should consider the size of the core services provided by CSDs to users from host Member States, including to issuers, participants in securities settlement systems or other holders of securities accounts maintained by CSDs.
Za ocenjevanje pomembnosti dejavnosti CDD v državah članicah gostiteljicah bi morala merila za ocenjevanje upoštevati obseg osnovnih storitev, ki jih CDD zagotavljajo uporabnikom iz držav članic gostiteljic, vključno z izdajatelji, udeleženci v sistemih poravnave vrednostnih papirjev ali drugimi imetniki računov vrednostnih papirjev, ki jih vodijo CDD.
Where the size of core services provided by CSDs to users from host Member States is sufficiently large, the operations of CSDs in such host Member States should be deemed to be of substantial importance for the functioning of the securities markets and the protection of investors given that any failures or deficiencies in the operations of such CSDs may affect the smooth functioning of securities markets and the protection of investors in the host Member States concerned.
Kadar so osnovne storitve, ki jih CDD zagotavljajo uporabnikom iz držav članic gostiteljic dovolj obsežne, bi se morale dejavnosti CDD v tej državi članici gostiteljici šteti za zelo pomembne za delovanje trgov vrednostnih papirjev in zaščito vlagateljev zaradi dejstva, da bi kakršna koli nepravilnost ali pomanjkljivost pri delovanju teh CDD lahko vplivala na nemoteno delovanje trgov vrednostnih papirjev in zaščito vlagateljev v zadevni državi članici gostiteljici.
In order to ensure a comprehensive assessment, it is appropriate to apply assessment criteria which consider independently the size of each core service provided by CSDs to users from host Member States.
Za zagotovitev celovite ocene je primerno uporabiti merila za ocenjevanje, pri katerih se neodvisno upošteva obseg vsake osnovne storitve, ki jo CDD zagotavljajo uporabnikom iz držav članic gostiteljic.
Where CSDs issue or centrally maintain large parts of securities for issuers established in host Member States or where they centrally maintain large parts of securities accounts for participants of their securities settlement systems or other account holders established in host Member States, their operations should be deemed to be of substantial importance for the functioning of the securities markets and the protection of investors in the host Member States concerned.
Kadar CDD izdajo ali centralno vodijo veliko število vrednostnih papirjev za izdajatelje s sedežem v državah članicah gostiteljicah ali kadar centralno vodijo veliko računov vrednostnih papirjev za udeležence v svojih sistemih poravnave vrednostnih papirjev ali za druge imetnike računov s sedežem v državah članicah gostiteljicah, bi se morale njihove dejavnosti šteti za zelo pomembne za delovanje trgov vrednostnih papirjev in zaščito vlagateljev v zadevnih državah članicah gostiteljicah.
Where CSDs settle large values of transactions in securities issued by issuers established in host Member States or where they settle large values of settlement instructions from participants and other holders of securities accounts established in host Member States, their operations should be deemed to be of substantial importance for the functioning of the securities markets and the protection of investors in the host Member States concerned.
Kadar CDD poravnavajo visoke vrednosti poslov z vrednostnimi papirji, ki jih izdajo izdajatelji s sedežem v državah članicah gostiteljicah, ali kadar poravnajo visoke vrednosti navodil za poravnavo, ki jih prejmejo od udeležencev ali drugih imetnikov računov vrednostnih papirjev s sedežem v državah članicah gostiteljicah, bi se morale njihove dejavnosti šteti za zelo pomembne za delovanje trgov vrednostnih papirjev in zaščito vlagateljev v zadevnih državah članicah gostiteljicah.
Directive 98/26/EC of the European Parliament and of the Council [3] allows Member States to designate securities settlement systems governed by their laws for the purposes of application of that Directive when Member States consider that such designation is warranted on grounds of systemic risk.
Direktiva 98/26/ES Evropskega parlamenta in Sveta [3] omogoča državam članicam, da za namene izvajanja navedene direktive določijo sisteme poravnave vrednostnih papirjev, ki jih urejajo njihovi zakoni, če države članice menijo, da sistemsko tveganje upravičuje takšno določitev.
When CSDs operate securities settlement systems designated by host Member States in accordance with Directive 98/26/EC, their operations should therefore be deemed to be of substantial importance for the functioning of the securities markets and the protection of investors in those host Member States.
Kadar CDD upravljajo sisteme poravnave vrednostnih papirjev, ki jih določijo države članice gostiteljice v skladu z Direktivo 98/26/ES, bi se njihove dejavnosti torej morale šteti za zelo pomembne za delovanje trgov vrednostnih papirjev in zaščito vlagateljev v zadevnih državah članicah gostiteljicah.
Assessments of operations of CSDs should be conducted with sufficient frequency in order to allow the authorities concerned to establish without undue delay cooperation arrangements from the moment when the operations of relevant CSDs become of substantial importance for the functioning of the securities markets and the protection of investors in host Member States.
Dejavnosti CDD bi bilo treba ocenjevati dovolj pogosto, da se zadevnim organom omogoči, da brez nepotrebnih zamud sklenejo dogovore o sodelovanju od trenutka, ko postanejo dejavnosti zadevne CDD zelo pomembne za delovanje trgov vrednostnih papirjev in zaščito vlagateljev v državah članicah gostiteljicah.
When the operations of CSDs become of substantial importance for the functioning of the securities markets and the protection of investors in a host Member State, they should be deemed to be of substantial importance for a sufficiently long period of time to allow the authorities concerned to establish effective and efficient cooperation arrangements in accordance with Regulation (EU) No 909/2014.
Ko postanejo dejavnosti CDD zelo pomembne za delovanje trgov vrednostnih papirjev in zaščito vlagateljev v državi članici gostiteljici, bi se moralo šteti, da so zelo pomembne dovolj dolgo, da se zadevnim organom dovoli, da sklenejo učinkovite dogovore o sodelovanju v skladu z Uredbo (EU) št. 909/2014.
Calculations related to assessments under this Regulation should be based on objective and reliable data and methodologies.
Izračuni v zvezi z ocenami iz te uredbe bi morali temeljiti na objektivnih in zanesljivih podatkih in metodologijah.
Given that certain calculations required under this Regulation are based on the rules laid down in Regulation (EU) No 600/2014 of the European Parliament and of the Council [4], such calculations should only be undertaken when Regulation (EU) No 600/2014 is applicable.
Glede na to, da nekateri izračuni, ki se zahtevajo v skladu s to uredbo, temeljijo na pravilih iz Uredbe (EU) št. 600/2014 Evropskega parlamenta in Sveta [4], bi bilo treba takšne izračune izvesti samo, kadar se uporablja Uredba (EU) št. 600/2014.
Given that the measures to address settlement fails related to the calculation of cash penalties and certain measures for the establishing of substantial importance may require significant information technology system changes, market testing and adjustments to legal arrangements between the parties concerned, including CSDs and other market participants, sufficient time should be allowed for the application of the relevant measures to ensure that the CSDs and other parties concerned meet the necessary requirements,
Ker lahko ukrepi za obravnavo neuspešnih poravnav, povezani z izračunom denarnih kazni, ter nekateri ukrepi za določitev pomembnosti zahtevajo precejšnje spremembe informacijskih sistemov, testiranje trga in prilagoditve pravnih dogovorov med zadevnimi stranmi, vključno s CDD in drugimi tržnimi udeleženci, bi moralo biti na voljo dovolj časa za izvedbo zadevnih ukrepov za zagotovitev, da CDD in druge zadevne strani izpolnijo potrebne zahteve –
For the purposes of this Regulation, ‘settlement instruction’ means a transfer order as defined in Article 2(i) of Directive 98/26/EC.
Za namene te uredbe „navodilo za poravnavo“ pomeni prenosni nalog, kakor je opredeljen v členu 2(i) Direktive 98/26/ES.
Calculation of cash penalties
Izračun denarnih kazni
The level of cash penalties referred to in the third subparagraph of Article 7(2) of Regulation (EU) No 909/2014 for settlement fails of transactions in a given financial instrument shall be calculated by applying the relevant penalty rate set out in the Annex to this Regulation to the reference price of the transaction determined in accordance with Article 3 of this Regulation.
Stopnja denarnih kazni iz tretjega pododstavka člena 7(2) Uredbe (EU) št. 909/2014 za neuspešne poravnave poslov z danim finančnim instrumentom se izračuna z uporabo ustrezne stopnje kazni, določene v Prilogi k tej uredbi, ki se obračuna na referenčno ceno posla, določeno v skladu s členom 3 te uredbe.
Reference price of the transaction
Referenčna cena posla
The reference price referred to in Article 2 shall be equal to the aggregated market value of the financial instruments determined in accordance with Article 7 for each business day that the transaction fails to be settled.
Referenčna cena iz člena 2 je enaka skupni tržni vrednosti finančnih instrumentov, določeni v skladu s členom 7, za vsak delovni dan, ko je poravnava posla neuspešna.
The reference price referred to in paragraph 1 shall be used to calculate the level of cash penalties for all settlement fails, irrespective of whether the settlement fail is due to a lack of securities or cash.
Referenčna cena iz odstavka 1 se uporabi za izračun ravni denarnih kazni za vse neuspešne poravnave ne glede na to, ali je neuspešna poravnava posledica pomanjkanja vrednostnih papirjev ali denarnih sredstev.
Criteria for establishing the substantial importance of a CSD
Merila za določitev pomembnosti CDD
The operations of a CSD in a host Member State shall be considered to be of substantial importance for the functioning of the securities markets and the protection of investors in the host Member State where at least one of the criteria specified in Articles 5 and 6 is fulfilled.
Poslovanje CDD v državi članici gostiteljici se šteje za zelo pomembno za delovanje trgov vrednostnih papirjev in zaščito vlagateljev v državi članici gostiteljici, kadar je izpolnjeno vsaj eno merilo iz členov 5 in 6.
Criteria for establishing the substantial importance of notary and central maintenance services
Merila za določitev pomembnosti notarskih storitev in storitev centralnega vodenja
The provision of notary and central maintenance services, as referred to in points 1 and 2 of Section A of the Annex to Regulation (EU) No 909/2014, by a CSD in a host Member State shall be considered to be of substantial importance for the functioning of the securities markets and the protection of investors in that host Member State where any of the following criteria is fulfilled:
Notarske storitve in storitve centralnega vodenja, kot so določene v točkah 1 in 2 Oddelka A Priloge k Uredbi (EU) št. 909/2014, ki jih opravlja CDD v državi članici gostiteljici, se štejejo za zelo pomembne za delovanje trgov vrednostnih papirjev in zaščito vlagateljev v tej državi članici gostiteljici, kadar je izpolnjeno katero koli od naslednjih meril:
the aggregated market value of financial instruments issued by issuers from the host Member State that are initially recorded or centrally maintained in securities accounts by the CSD represents at least 15 % of the total value of financial instruments issued by all issuers from the host Member State that are initially recorded or centrally maintained in securities accounts by all CSDs established in the Union;
skupna tržna vrednost finančnih instrumentov, ki jih izdajo izdajatelji iz države članice gostiteljice, ki jih CDD prvič evidentira ali jih centralno vodi na računih vrednostnih papirjev, predstavlja najmanj 15 % skupne vrednosti finančnih instrumentov, ki jih izdajo vsi izdajatelji iz države članice gostiteljice, ki jih vse CDD s sedežem v Uniji prvič evidentirajo ali jih centralno vodijo na računih vrednostnih papirjev;
the aggregated market value of financial instruments centrally maintained in securities accounts by the CSD for participants and other holders of securities accounts from the host Member State represents at least 15 % of the total value of financial instruments centrally maintained in securities accounts by all CSDs established in the Union for all participants and other holders of securities accounts from the host Member State.
skupna tržna vrednost finančnih instrumentov, ki jih CDD centralno vodi na računih vrednostnih papirjev za udeležence in druge imetnike računov vrednostnih papirjev iz države članice gostiteljice, predstavlja vsaj 15 % skupne vrednosti finančnih instrumentov, ki jih centralno vodijo na računih vrednostnih papirjev vse CDD s sedežem v Uniji za vse udeležence in druge imetnike računov vrednostnih papirjev iz države članice gostiteljice.