natgillin/translations-raw huggingface dataset:
In order to ensure that the scope of the advice allows for a fair and appropriate comparison between different financial instruments, investment advisers specialising in certain categories of financial instruments and focusing on criteria that are not based on the technical structure of the instrument per se, such as ‘green’ or ‘ethical’ investments, should comply with certain conditions if they present themselves as independent advisers.
Vendar bi morale, ne glede na razpon ponujenih storitev, vse ocene temeljiti na ustreznem številu finančnih instrumentov, ki so na voljo na trgu, da bi se lahko ustrezno upoštevalo, kaj je na voljo na trgu kot alternativa.
Enabling the same adviser to provide both independent and non-independent advice could create confusion for the client.
Razpon nasveta, ki ga podajo investicijska podjetja na neodvisni osnovi, lahko sega od širokega in splošnega do strokovnega in specifičnega.
In order to ensure clients' understanding of the nature and basis of investment advice provided, certain organisational requirements should also be established.
Za zagotovitev, da področje uporabe nasveta omogoča pošteno in primerno primerjavo med različnimi finančnimi instrumenti, bi morali investicijski svetovalci, ki se specializirajo za določene kategorije finančnih instrumentov in osredotočajo na merila, ki ne temeljijo na tehnični strukturi samega instrumenta, kot so zelene ali etične naložbe, izpolnjevati nekatere pogoje, če se predstavljajo kot neodvisni svetovalci.
The provision by an investment firm to a client of a copy of a prospectus that has been drawn up and published in accordance with Directive 2003/71/EC should not be treated as the provision by the firm of information to a client for the purposes of the operating conditions under Directive 2014/65/EU which relate to the quality and contents of such information, if the firm is not responsible under that Directive for the information given in the prospectus.
Če bi se istemu svetovalcu omogočilo, da zagotavlja tako neodvisno svetovanje kot svetovanje, ki ni neodvisno, bi to lahko stranko zmedlo.
Directive 2014/65/EU strengthens investment firms' obligations to disclose information on all costs and charges and extends these obligations to relationships with professional clients and eligible counterparties.
Za zagotovitev, da stranke razumejo naravo in podlago za investicijsko svetovanje, bi bilo treba določiti tudi nekatere organizacijske zahteve.
In order to ensure that all categories of clients benefit from such increased transparency on costs and charges, investment firms should be allowed, in certain situations, when providing investment services to professional clients or eligible counterparties, to agree with these clients to limit the detailed requirements set out in this Regulation.
Če investicijsko podjetje stranki zagotovi izvod prospekta, ki je bil sestavljen in objavljen v skladu z Direktivo 2003/71/ES, se to ne bi smelo šteti, kot da je podjetje stranki zagotovilo informacije za namene pogojev poslovanja v skladu z Direktivo 2014/65/EU, ki se nanašajo na kakovost in vsebino takih informacij, če podjetje na podlagi navedene direktive ni odgovorno za informacije, navedene v prospektu.
This however should never lead to disapplying the obligations imposed on investment firms pursuant to Article 24(4) of Directive 2014/65/EU.
Direktiva 2014/65/EU krepi obveznosti investicijskih podjetij, da razkrijejo informacije o vseh stroških in dajatvah, ter razširja te obveznosti na odnose s profesionalnimi strankami in primernimi nasprotnimi strankami.
In this respect, investment firms should inform professional clients about all costs and charges as set out in this Regulation, when the services of investment advice or portfolio management are provided or when, irrespective of the investment service provided, the financial instruments concerned embed a derivative.
Za zagotovitev, da imajo vse kategorije strank koristi od takšne povečane preglednosti stroškov in dajatev, bi moralo biti investicijskim podjetjem dovoljeno, da se v nekaterih okoliščinah pri opravljanju investicijskih storitev profesionalnim strankam ali primernim nasprotnim strankam s temi strankami dogovorijo o omejitvi natančnih zahtev, določenih v tej uredbi.
Investment firms should also inform eligible counterparties about all costs and charges as set out in this Regulation when, irrespective of the investment service provided, the financial instrument concerned embeds a derivative and intends to be distributed to their clients.
Vendar to ne bi smelo voditi v neizvajanje obveznosti, ki jih za investicijska podjetja določa člen 24(4) Direktive 2014/65/EU.
However, in other cases, when providing investment services to professional clients or eligible counterparties, investment firms may agree, for instance, at the request of the client concerned, not to provide the illustration showing the cumulative effect of costs on return or an indication of the currency involved and the applicable conversion rates and costs where any part of the total costs and charges is expressed in foreign currency.
V zvezi s tem bi investicijska podjetja morala obvestiti profesionalne stranke o vseh stroških in dajatvah, kot so določeni v tej uredbi, kadar se jim zagotavljajo storitve investicijskega svetovanja ali upravljanja portfelja ali kadar, ne glede na opravljeno investicijsko storitev, zadevni finančni instrumenti zajemajo izvedeni finančni instrument.
Taking into account the overarching obligation to act in accordance with the best interest of clients and the importance of informing clients, on an ex-ante basis, of all costs and charges to be incurred, the reference to financial instruments recommended or marketed should include in particular investment firms providing investment advice or portfolio management services, firms providing general recommendation concerning financial instruments or promoting certain financial instruments in the provision of investment and ancillary services to clients.
Investicijska podjetja bi morala prav tako obvestiti primerne nasprotne stranke o vseh stroških in dajatvah, kot so določeni v tej uredbi, kadar zadevni finančni instrument ne glede na opravljeno investicijsko storitev zajema izvedeni finančni instrument in je namenjen za razdelitev njihovim strankam.
This would for instance be the case for investment firms that have entered into distribution or placement agreements with a product manufacturer or issuer.
Vendar se lahko v drugih primerih pri opravljanju investicijskih storitev profesionalnim strankam ali primernim nasprotnim strankam investicijska podjetja na zahtevo zadevne stranke na primer dogovorijo, da ne bodo predložila prikaza kumulativnega učinka stroškov na donos ali navedbe zadevne valute in veljavnih menjalnih tečajev ter stroškov, kadar je kateri koli del skupnih stroškov in dajatev izražen v tuji valuti.
In accordance with the overarching obligation to act in accordance with the best interest of clients and taking into account the obligations resulting from specific Union legislation regulating certain financial instruments (in particular, units in collective investment undertakings and packaged retail and insurance-based investment products (PRIIPs) investment firms should disclose and aggregate all costs and charges, including the costs of the financial instrument, in all cases where investment firms are obliged to provide the client with information about the costs of a financial instrument in accordance with Union legislation.
Ob upoštevanju splošne obveznosti ravnanja v skladu z najboljšimi interesi strank in pomembnosti predhodnega obveščanja strank o vseh stroških in dajatvah bi morala biti v sklicu na finančne instrumente, ki se priporočajo ali tržijo, navedena zlasti investicijska podjetja, ki opravljajo storitve investicijskega svetovanja ali upravljanja portfelja, podjetja, ki zagotavljajo splošna priporočila o finančnih instrumentih ali pri opravljanju investicijskih in pomožnih storitev stranki promovirajo nekatere finančne instrumente.
Where investment firms have not marketed or recommended a financial instrument or are not required under Union law to provide clients with information about costs of a financial instrument, they may not be in the position to take into account all the costs associated with that financial instrument.
To bi na primer veljalo za investicijska podjetja, ki s proizvajalcem produkta ali njegovim izdajateljem sklenejo sporazume za distribucijo ali plasiranje.
Even in these residual instances, investment firms should inform clients, on an ex-ante basis, about all costs and charges associated to the investment service and the price of acquiring the relevant financial instrument.
V skladu s splošno obveznostjo, da ravnajo v skladu z najboljšimi interesi strank in ob upoštevanju obveznosti, ki izhajajo iz posebne zakonodaje Unije, ki ureja nekatere finančne instrumente (zlasti enote v kolektivnih naložbenih podjemih ter paketne naložbene produkte za male vlagatelje in zavarovalne naložbene produkte (PRIIP)), bi morala investicijska podjetja razkriti in združiti vse stroške in dajatve, vključno s stroški finančnega instrumenta, v vseh primerih, v katerih so obvezana, da stranki zagotovijo informacije o stroških finančnega instrumenta v skladu z zakonodajo Unije.
Furthermore, investment firms should comply with any other obligations to provide appropriate information about the risks of the relevant financial instrument in accordance with Article 24(4)(b) of Directive 2014/65/EU or to provide clients, on an ex-post basis, with adequate reports on the services provided in accordance with Article 25(6) of Directive 2014/65/EU, including cost elements.
Če investicijska podjetja ne tržijo ali priporočijo finančnega instrumenta ali jim v skladu z zakonodajo Unije strankam ni treba zagotoviti informacij o stroških finančnega instrumenta, morda niso v položaju, da bi lahko upoštevala vse stroške, povezane s tem finančnim instrumentom.
In order to ensure clients' awareness of all costs and charges to be incurred as well as evaluation of such information and comparison with different financial instruments and investment services, investment firms should provide clients with clear and comprehensible information on all costs and charges in good time before the provision of services.
Tudi v teh preostalih primerih bi morala investicijska podjetja predhodno obvestiti stranke o stroških in dajatvah, povezanih z investicijsko storitvijo, in ceni pridobitve zadevnega finančnega instrumenta.
Ex-ante information about the costs related to the financial instrument or ancillary service can be provided based on an assumed investment amount.
[Poleg tega bi investicijska podjetja morala izpolnjevati vse druge obveznosti glede zagotavljanja ustreznih informacij o tveganjih zadevnega finančnega instrumenta v skladu s členom 24(4)(b) Direktive 2014/65/EU ali glede naknadne predložitve strankam ustreznih poročil o storitvah, opravljenih v skladu s členom 25(6) Direktive 2014/65/EU, vključno s stroškovnimi elementi.
However, the costs and charges disclosed should represent the costs the client would actually incur based on that assumed investment amount.
Da bi zagotovili, da so stranke seznanjene s stroški in dajatvami, ki bodo nastali, kot tudi, da se takšne informacije ocenijo in primerjajo z različnimi finančnimi instrumenti in/ali investicijskimi storitvami, bi morala investicijska podjetja strankam pravočasno pred opravljanjem storitve zagotoviti jasne in razumljive informacije o vseh stroških in dajatvah.
For example, if an investment firm offers a range of ongoing services with different charges associated with each service, the firm should disclose the costs associated with the service the client subscribed to.
Predhodne informacije o stroških, povezanih s finančnim instrumentom ali pomožno storitvijo, je mogoče zagotoviti na podlagi predvidenega zneska naložbe.
For ex-post disclosures, information related to costs and charges should reflect the client's actual investment amount at the time the disclosure is produced.
Vendar bi morali razkriti stroški in dajatve predstavljati stroške, ki bi jih stranka dejansko imela na podlagi predvidenega zneska naložbe.
In order to ensure investors receive information about all costs and charges pursuant to Article 24(4) of Directive 2014/65/EU, the underlying market risk should be understood as relating only to movements in the value of capital invested caused directly by movements in the value of underlying assets.
Na primer, če investicijsko podjetje ponuja vrsto tekočih storitev z različnimi dajatvami, povezanimi s posamezno storitvijo, bi moralo razkriti stroške, povezane s storitvijo, ki jo je stranka naročila.
Transactions costs and ongoing charges on financial instruments should therefore also be included in the required aggregation of costs and charges and should be estimated using reasonable assumptions, accompanied by an explanation that such estimations are based on assumptions and may deviate from costs and charges that will actually be incurred.
Za naknadna razkritja bi morale informacije v zvezi s stroški in dajatvami odražati dejanski znesek naložbe v času, ko se razkritje pripravi.
Following the same objective of full disclosure, practices where there is ‘netting’ of costs should not be excluded from the obligation to provide information on costs and charges.
Za zagotovitev, da vlagatelji prejmejo informacije o vseh stroških in dajatvah v skladu s členom 24(4) Direktive 2014/65/EU, bi bilo treba osnovno tržno tveganje razumeti, kot da se nanaša samo na gibanja v vrednosti vloženega kapitala, ki jih povzročijo neposredno gibanja v vrednosti sredstev, ki predstavljajo osnovo.
The costs and charges disclosure is underpinned by the principle that every difference between the price of a position for the firm and the respective price for the client should be disclosed, including mark-ups and mark-downs.
Stroški poslov in tekoče dajatve v zvezi s finančnimi instrumenti bi zato prav tako morali biti vključeni v zahtevano združitev stroškov in dajatev ter bi morali biti ocenjeni na podlagi razumnih predpostavk, čemur se priloži razlaga, da takšne ocene temeljijo na predpostavkah in lahko odstopajo od stroškov in dajatev, ki bodo dejansko nastali.
While investment firms should aggregate all costs and charges in accordance with Article 24(4) of Directive 2014/65/EU and provide clients with the overall costs expressed both as a monetary amount and as a percentage, investment firms should, in addition, be allowed to provide clients or prospective clients with separate figures comprising aggregated initial costs and charges, aggregated on-going costs and charges and aggregated exit costs.
Za dosego istega cilja, torej polnega razkritja, praks, pri katerih pride do pobota stroškov, ne bi smeli izključiti iz obveznosti zagotavljanja informacij o stroških in dajatvah.
Investment firms distributing financial instruments, in relation to which information on costs and charges is insufficient, should additionally inform their clients about those costs as well as all the other costs and associated charges relating to the provision of investment services in relation to those financial instruments in order to safeguard clients' rights to full disclosure of costs and charges.
Razkritje stroškov in dajatev podpira načelo, da je treba razkriti vsako razliko med ceno pozicije za podjetje in ustrezno ceno za stranko, vključno s pribitki in odbitki.
This would be the case for investment firms distributing units in collective investment undertakings for which transaction costs have not been provided by for example units in UCITS management company.
Medtem ko bi morala investicijska podjetja združiti vse stroške in dajatve v skladu s členom 24(4) Direktive 2014/65/EU in strankam zagotoviti skupne stroške, izražene kot denarni znesek in kot odstotek, bi investicijskim podjetjem moralo biti poleg tega tudi dovoljeno, da strankam ali potencialnim strankam zagotovijo ločene podatke, ki zajemajo združene začetne stroške in dajatve, tekoče stroške in dajatve ter združene izstopne stroške.
In such cases, the investment firms should liaise with UCITS management companies to obtain the relevant information.
Investicijska podjetja, ki razdeljujejo finančne instrumente, v zavezi s katerimi ni na voljo dovolj informacij o stroških in dajatvah, bi morala dodatno obvestiti svoje stranke o teh stroških ter o vseh drugih stroških in povezanih dajatvah v zvezi z opravljanjem investicijskih storitev v povezavi s temi finančnimi instrumenti, da se zaščitijo pravice strank do polnega razkritja stroškov in dajatev.
In order to improve transparency for clients on the associated costs of their investments and the performance of their investments against the relevant costs and charges over time, periodic ex-post disclosure should also be provided where the investment firms have or have had an ongoing relationship with the client during the year.
To bi na primer veljajo za investicijska podjetja, ki distribuirajo enote v kolektivnih naložbenih podjemih, za katere na primer oddelki v podjetjih za upravljanje KNPVP niso predložili stroškov poslovanja.
Ex-post disclosure on all the relevant costs and charges should be provided on a personalised basis.
V takih primerih bi morala investicijska podjetja za pridobitev ustreznih informacij stopiti v stik s podjetji za upravljanje KNPVP.
The ex-post periodic disclosure may be made by building on existing reporting obligations, such as obligations for firms providing execution of orders other than portfolio management, portfolio management or holding client financial instruments or funds.
Da bi se za stranke sčasoma izboljšala preglednost nad povezanimi stroški njihovih naložb in donosnostjo njihovih naložb glede na povezane stroške in dajatve, bi bilo prav tako treba zagotoviti redna naknadna razkritja, kadar investicijska podjetja imajo ali so imela med letom tekoče razmerje s stranko.
The information which an investment firm is required to give to clients concerning costs and associated charges includes information about the arrangements for payment or performance of the agreement for the provision of investment services and any other agreement relating to a financial instrument that is being offered.
Naknadno razkritje vseh ustreznih stroškov in dajatev bi moralo biti prilagojeno posameznemu primeru.
For this purpose, arrangements for payment will generally be relevant where a financial instrument contract is terminated by cash settlement.
Naknadna redna razkritja se lahko opravijo na podlagi obstoječih obveznosti poročanja, kot so obveznosti za podjetja, ki zagotavljajo izvršitev naročil, ki niso upravljanje portfelja, upravljanje portfelja ali imetništvo finančnih instrumentov ali sredstev stranke.
Arrangements for performance will generally be relevant where, upon termination, a financial instrument requires the delivery of shares, bonds, a warrant, bullion or another instrument or commodity.
Informacije, ki jih mora dati investicijsko podjetje strankam v zvezi s stroški in povezanimi dajatvami, vključujejo informacije o ureditvah za plačilo ali za izvajanje sporazuma za opravljanje investicijskih storitev ali katerega koli drugega sporazuma v zvezi s finančnim instrumentom, ki se ponuja.
It is necessary to introduce different requirements for the application of the suitability assessment set out in Article 25(2) of Directive 2014/65/EU and the appropriateness assessment set out in Article 25(3) of that Directive.
Za ta namen bo ureditev za plačilo ponavadi pomembna takrat, ko se pogodba o finančnem instrumentu zaključi z denarno poravnavo.
These tests are different in scope with regards to the investment services to which they relate, and have different functions and characteristics.
Ureditev za izvajanje je ponavadi pomembna, če ob zaključku finančni instrument zahteva izročitev delnic, obveznic, nakupnega bona, plemenite kovine ali drugega instrumenta ali blaga.
Investment firms should include in the suitability report and draw clients' attention to information on whether the recommended services or instruments are likely to require the retail client to seek a periodic review of their arrangements.
Določiti je treba različne zahteve za izvedbo presoje primernosti iz člena 25(2) Direktive 2014/65/EU in presoje ustreznosti iz člena 25(3) navedene direktive.
This includes situations where a client is likely to need to seek advice to bring a portfolio of investments back in line with the original recommended allocation where there is a probability that the portfolio could deviate from the target asset allocation.
Ti preskusi imajo različno področje uporabe, kar zadeva investicijske storitve, na katere se nanašajo, ter različne funkcije in značilnosti.
In order to take market developments into account and ensure the same level of investor protection, it should be clarified that investment firms should remain responsible for undertaking suitability assessments where investment advice or portfolio management services are provided in whole or in part through an automated or semi-automated system.
Investicijska podjetja bi morala v poročilo o primernosti vključiti in stranke opozoriti na informacije o tem, ali je verjetno, da bodo priporočene storitve ali instrumenti od neprofesionalne stranke zahtevali, da zaprosi za redni pregled njihovih ureditev.
In accordance with the suitability assessment requirement under Article 25(2) of Directive 2014/65/EU, it should also be clarified that investment firms should undertake a suitability assessment not only in relation to recommendations to buy a financial instrument are made but for all decisions whether to trade including whether or not to buy, hold or sell an investment.
To vključuje situacije, ko bo stranka verjetno želela nasvet za uskladitev portfelja naložb s prvotno priporočeno porazdelitvijo, kadar obstaja verjetnost, da bi portfelj lahko odstopal od ciljne porazdelitve sredstev.
For the purposes of Article 25(2) of Directive 2014/65/EU, a transaction may be unsuitable for the client or potential client due to the risks of the associated financial instruments, the type of transaction, the characteristics of the order or the frequency of the trading.
Da bi se upošteval razvoj trga in zagotovila ista raven zaščite vlagateljev, bi bilo treba razjasniti, da bi investicijska podjetja morala ostati odgovorna za izvedbo presoj primernosti, kadar se storitve investicijskega svetovanja ali upravljanja portfelja v celoti ali delno opravljajo prek avtomatiziranega ali polavtomatiziranega sistema.
A series of transactions, each of which are suitable when viewed in isolation may be unsuitable if the recommendation or the decisions to trade are made with a frequency that is not in the best interests of the client.
V skladu z zahtevo po presoji primernosti iz člena 25(2) Direktive 2014/65/EU, bi bilo treba pojasniti, da bi investicijska podjetja morala opraviti presojo primernosti ne le v povezavi s priporočili za nakup finančnega instrumenta, ampak za vse odločitve glede trgovanja, vključno glede nakupa, zadržanja ali prodaje naložbe.
In the case of portfolio management, a transaction might also be unsuitable if it would result in an unsuitable portfolio.
Za namene člena 25(2) Direktive 2014/65/EU je posel lahko neprimeren za stranko ali potencialno stranko zaradi tveganj povezanih finančnih instrumentov, vrste posla, značilnosti naročila ali pogostosti trgovanja.
A recommendation or request made, or advice given, by a portfolio manager to a client to the effect that the client should give or alter a mandate to the portfolio manager that defines the limits of the portfolio manager's discretion should be considered a recommendation as referred to in of Article 25(2) of Directive 2014/65/EU.
Številni posli so lahko primerni, kadar se obravnavajo posamezno, medtem ko postanejo neprimerni, če se priporočila ali odločitve za trgovanje sprejemajo tako pogosto, da to ni v najboljšem interesu stranke.