natgillin/translations-raw huggingface dataset:
Transferable securities which fulfil the requirements for admission to an official list in accordance with Directive 2001/34/EC of the European Parliament and of the Council [3] should be considered freely negotiable and capable of being traded in a fair, orderly and efficient manner.
Šteti bi se moralo, da se s prenosljivimi vrednostnimi papirji, ki izpolnjujejo pogoje za sprejem v uradno kotacijo v skladu z Direktivo 2001/34/ES Evropskega parlamenta in Sveta [3], lahko prosto trguje in da je z njimi mogoče trgovati na pošten, pravilen in učinkovit način.
The admission to trading on a regulated market of units issued by undertakings for collective investment in transferable securities or alternative investment funds should not allow the avoidance of the relevant provisions of Directive 2009/65/EC of the European Parliament and of the Council [4] or of Directive 2011/61/EU of the European Parliament and of the Council [5].
Sprejem enot, ki jih izdajo kolektivni naložbeni podjemi za vlaganja v prenosljive vrednostne papirje ali alternativni investicijski skladi, v trgovanje na reguliranem trgu ne bi smel omogočati izogibanja zadevnim določbam Direktive 2009/65/ES Evropskega parlamenta in Sveta [4] ali Direktive 2011/61/EU Evropskega parlamenta in Sveta [5].
Therefore, it is necessary for an operator of a regulated market to verify that the units it admits to trading stem from a collective investment scheme that complies with the relevant sectoral legislation.
Zato je nujno, da upravljavec reguliranega trga preveri, da enote, ki jih sprejme v trgovanje, izvirajo iz kolektivnega naložbenega podjema, ki spoštuje ustrezno sektorsko zakonodajo.
In the case of exchange-traded funds, it is necessary for the operator of a regulated market to ensure that adequate redemption arrangements for investors are in place at all times.
V primeru kotirajočih investicijskih skladov morajo upravljavci reguliranega trga zagotoviti, da so vlagateljem vedno na voljo ustrezni odkupni dogovori.
The admission to trading on a regulated market of derivative instruments referred to in points 4 to 10 of Section C of Annex I to Directive 2014/65/EU should take into account whether there is sufficient information available for the valuation of the derivative as well as the underlying, and in the case of physically settled contracts, the existence of appropriate settlement and delivery procedures.
Sprejem izvedenih finančnih instrumentov iz točk 4 do 10 oddelka C Priloge I k Direktivi 2014/65/EU v trgovanje na reguliranem trgu bi moral upoštevati, ali je na voljo dovolj informacij za vrednotenje izvedenega finančnega instrumenta in osnovnega finančnega instrumenta, v primeru fizično poravnanih pogodb pa, ali obstajajo ustrezni postopki za poravnavo in izročitev.
Directive 2003/87/EC of the European Parliament and of the Council [6] imposes certain conditions for emission allowances in order to ensure that they are freely negotiable and traded in a fair, orderly and efficient manner.
Direktiva 2003/87/ES Evropskega parlamenta in Sveta [6] določa nekatere pogoje za emisijske kupone za zagotavljanje, da se z njimi prosto trguje in da se z njimi trguje na pošten, urejen in učinkovit način.
Any emission allowance within the meaning of point 11 of Section C of Annex I to Directive 2014/65/EU recognised for compliance with the requirements of Directive 2003/87/EC should therefore be eligible for admission to trading on a regulated market and no further requirements should be imposed in this Regulation
Vsak emisijski kupon v smislu točke 11 oddelka C Priloge I k Direktivi 2014/65/EU, za katerega je ugotovljeno, da je skladen z zahtevami Direktive 2003/87/ES, bi moral zato biti upravičen do sprejema v trgovanje na reguliranem trgu in v tej uredbi ne bi smele biti določene dodatne zahteve.
Arrangements by regulated markets in relation to verifying the compliance of issuers with obligations under Union law and in relation to facilitating access to information which has been made public under Union law should cover the obligations laid down in Regulation (EU) No 596/2014 of the European Parliament and of the Council [7], Directive 2003/71/EC and Directive 2004/109/EC of the European Parliament and of the Council [8] as those legislative acts contain the core and most important obligations for issuers after the initial admission to trading on a regulated market.
Ureditve, ki jih regulirani trgi vzpostavijo v zvezi s preverjanjem, ali izdajatelji izpolnjujejo obveznosti po pravu Unije, in v zvezi z olajševanjem dostopa do informacij, ki so javno objavljene po pravu Unije, bi morale zajemati obveznosti iz Uredbe (EU) št. 596/2014 Evropskega parlamenta in Sveta [7], Direktive 2003/71/ES in Direktive 2004/109/ES Evropskega parlamenta in Sveta [8], saj navedeni zakonodajni akti vsebujejo temeljne in najpomembnejše obveznosti za izdajatelje po prvem sprejemu v trgovanje na reguliranem trgu.
Regulated markets should establish procedures for verifying the compliance of issuers of transferable securities with obligations under Union law which should be accessible for issuers and the public.
Regulirani trgi bi morali vzpostaviti postopke za preverjanje, ali izdajatelji prenosljivih vrednostnih papirjev izpolnjujejo obveznosti po pravu Unije, ti postopki pa bi morali biti dostopni izdajateljem in javnosti.
The policy should ensure that compliance checks are efficient and issuers should be made aware of their obligations by the regulated market.
Politika bi morala zagotoviti, da so preverjanja skladnosti učinkovita, izdajatelje pa bi regulirani trg moral seznaniti z njihovimi obveznostmi.
Regulated markets should facilitate access to information published under the conditions established by Union law available to members and participants via arrangements that provide for easy, fair and non-discriminatory access for all members and participants.
Regulirani trgi bi morali olajšati dostop do informacij, objavljenih pod pogoji, določenimi v pravu Unije, ki so na voljo članom in udeležencem, in sicer prek ureditev, ki zagotavljajo enostaven, pošten in nediskriminatoren dostop vsem članom in udeležencem.
The relevant Union law for these purposes includes Directive 2003/71/EC, Directive 2004/109/EC, Regulation (EU) No 596/2014 as well as Regulation (EU) No 600/2014 of the European Parliament and of the Council [9].
Ustrezna zakonodaja za te namene vključuje Direktivo 2003/71/ES, Direktivo 2004/109/ES, Uredbo (EU) št. 596/2014 in Uredbo (EU) št. 600/2014 Evropskega parlamenta in Sveta [9].
The access arrangements should ensure that members and participants have access on equal terms to the relevant information that may have an influence on the valuation of a financial instrument.
Ureditve dostopa bi morale zagotavljati, da imajo člani in udeleženci enake pogoje dostopa do relevantnih informacij, ki lahko vplivajo na vrednotenje finančnega instrumenta.
For reasons of consistency and in order to ensure the smooth functioning of the financial markets, it is necessary that the provisions laid down in this Regulation and the related national provisions transposing Directive 2014/65/EU apply from the same date.
Zaradi doslednosti in za zagotavljanje nemotenega delovanja finančnih trgov, je nujno, da določbe iz te uredbe in povezane nacionalne določbe, ki prenašajo Direktivo 2014/65/EU v nacionalno zakonodajo, veljajo od istega dneva.
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 [10],
ESMA je o osnutkih regulativnih tehničnih standardov, na katerih temelji ta uredba, opravila javna posvetovanja, analizirala morebitne z njimi 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 [10] –
Transferable securities — freely negotiable
Prenosljivi vrednostni papirji – prosto trgovanje
Transferable securities shall be considered freely negotiable if they can be traded between the parties to a transaction, and subsequently transferred without restriction and if all securities within the same class as the security in question are fungible.
Šteje se, da se s prenosljivimi vrednostnimi papirji lahko prosto trguje, če lahko stranki v poslu z njimi trgujeta, nato pa jih preneseta brez omejitev in so lahko vsi vrednostni papirji v istem razredu, saj so zadevni vrednostni papirji zamenljivi.
Transferable securities which are subject to a restriction on transfer shall not be considered as freely negotiable in accordance with paragraph 1 unless that restriction is not likely to disturb the market.
Šteje se, da s prenosljivimi vrednostnimi papirji, za katere velja omejitev pri prenosu, ni mogoče prosto trgovati v skladu z odstavkom 1, razen če ni verjetno, da bi ta omejitev povzročila motnje na trgu.
Transferable securities that are not fully paid may be considered as freely negotiable if arrangements have been made to ensure that the negotiability of such securities is not restricted and that adequate information concerning the fact that the securities are not fully paid, and the implications of that fact for shareholders, is publicly available.
Lahko se šteje, da se s prenosljivimi vrednostnimi papirji, ki niso v celoti plačani, prosto trguje, če je bil dosežen dogovor za zagotovitev, da prenosljivost takih vrednostnih papirjev ni omejena in je javno dostopnih dovolj informacij o dejstvu, da vrednostni papirji niso v celoti plačani, in o posledicah tega dejstva za delničarje.
Transferable securities — fair, orderly and efficient trading
Prenosljivi vrednostni papirji – pošteno, pravilno in učinkovito trgovanje
When assessing whether a transferable security is capable of being traded in a fair, orderly and efficient manner, a regulated market shall take into account the information required to be prepared under Directive 2003/71/EC or information that is otherwise publicly available such as:
Pri ocenjevanju, ali je s prenosljivim vrednostnim papirjem mogoče trgovati na pošten, pravilen in učinkovit način, regulirani trg upošteva informacije, ki jih je treba pripraviti v skladu z Direktivo 2003/71/ES, ali informacije, ki so drugače javno dostopne, kot so:
historical financial information;
pretekle finančne informacije;
information about the issuer;
informacije o izdajatelju;
information providing a business overview.
informacije o pregledu poslovanja.
In addition to paragraph 1, when assessing whether a share is capable of being traded in a fair, orderly and efficient manner a regulated market shall take into account the distribution of those shares to the public.
Poleg odstavka 1 mora regulirani trg pri ocenjevanju, ali je s prenosljivim vrednostnim papirjem mogoče trgovati na pošten, pravilen in učinkovit način, upoštevati tudi porazdelitev navedenih delnic javnosti.
When assessing whether a transferable security referred to in point (c) of Article 4(1)(44) of Directive 2014/65/EU is capable of being traded in a fair, orderly and efficient manner, the regulated market shall take into account, depending on the nature of the security being admitted, whether the following criteria are satisfied:
Pri ocenjevanju, ali je s prenosljivim vrednostnim papirjem iz točke (c) člena 4(1)(44) Direktive 2014/65/EU mogoče trgovati na pošten, pravilen in učinkovit način, regulirani trg glede na naravo vrednostnega papirja, ki se sprejema v trgovanje, upošteva, ali so izpolnjena naslednja merila:
the terms of the security are clear and unambiguous and allow for a correlation between the price of the security and the price or other value measure of the underlying;
pogoji vrednostnega papirja so jasni in nedvoumni ter omogočajo povezavo med ceno vrednostnega papirja in ceno ali drugačnim merilom vrednosti osnove;
the price or other value measure of the underlying is reliable and publicly available;
cena ali drugačno merilo vrednosti osnove sta zanesljiva in javno dostopna;
there is sufficient information publicly available of a kind needed to value the security;
na voljo je dovolj javno dostopnih informacij, ki so potrebne za vrednotenje vrednostnega papirja;
the arrangements for determining the settlement price of the security ensure that this price properly reflects the price or other value measures of the underlying;
ureditev za določanje poravnalne cene vrednostnega papirja zagotavlja, da ta cena pravilno odraža ceno ali drugo merilo vrednosti osnove;
where the settlement of the security requires or provides for the possibility of the delivery of an underlying security or asset rather than cash settlement, there are adequate settlement and delivery procedures for that underlying as well as adequate arrangements to obtain relevant information about it.
če poravnava vrednostnega papirja zahteva ali predvideva možnost izročitve osnovnega vrednostnega papirja ali sredstva namesto gotovinske poravnave, obstajajo primerni postopki poravnave in izročitve za to osnovo, kakor tudi primerna ureditev za pridobitev ustreznih informacij o njej.
Transferable securities — official listing
Prenosljivi vrednostni papirji – uradna kotacija
A transferable security that is officially listed in accordance with Directive 2001/34/EC, and the listing of which is not suspended, shall be deemed to be freely negotiable and capable of being traded in a fair, orderly and efficient manner.
Šteje se, da se s prenosljivim vrednostnim papirjem, ki uradno kotira v skladu z Direktivo 2001/34/ES in katerega kotacija ni umaknjena, prosto trguje in da je z njim mogoče trgovati na pošten, pravilen in učinkovit način.
Units and shares in collective investment undertakings
Enote in deleži v kolektivnih naložbenih podjemih
A regulated market shall, when admitting units or shares of a collective investment undertaking to trading, ensure that those units or shares are permitted to be marketed in the Member State of the regulated market.
Regulirani trg pri sprejemu enot ali deležev v kolektivnih naložbenih podjemih v trgovanje zagotovi, da imajo te enote ali deleži dovoljenje za trgovanje v državi članici reguliranega trga.
When assessing whether units or shares in an open-ended collective investment undertaking are capable of being traded in a fair, orderly and efficient manner, a regulated market shall take into account the following:
Pri ocenjevanju, ali je z enotami ali deleži v kolektivnem naložbenem podjemu odprtega tipa mogoče trgovati na pošten, pravilen in učinkovit način, regulirani trg upošteva naslednje:
the distribution of those units or shares to the public;
porazdelitev navedenih enot ali deležev javnosti;
whether there are appropriate market-making arrangements, or whether the management company of the scheme provides appropriate alternative arrangements for investors to redeem the units or shares;
ali obstaja ustrezna ureditev za vzdrževanje trga ali če družba za upravljanje sheme zagotavlja primerno alternativno ureditev, da vlagatelji odkupijo enote ali deleže;
in the case of exchange-traded funds, whether in addition to market making arrangements appropriate alternative arrangements for investors to redeem units or shares are provided, at least in cases where the value of the units or shares significantly varies from the net asset value;
v primeru investicijskih skladov, ki kotirajo na borzi: ali poleg ustreznih ureditev za vzdrževanje trga obstajajo primerne alternativne ureditve, da vlagatelji odkupijo enote ali deleže, vsaj v primerih, kadar se vrednost enot ali deležev bistveno razlikuje od neto vrednosti sredstva;
whether the value of the units or shares is made sufficiently transparent to investors by means of the periodic publication of the net asset value.
ali je vrednost enot ali deležev vlagateljem prikazana dovolj pregledno, in sicer z rednim objavljanjem neto vrednosti sredstev.
When assessing whether units or shares in a closed-end collective investment undertaking are capable of being traded in a fair, orderly and efficient manner, a regulated market shall take into account the following:
Pri ocenjevanju, ali je z enotami ali deleži v kolektivnem naložbenem podjemu zaprtega tipa mogoče trgovati na pošten, pravilen in učinkovit način, regulirani trg upošteva naslednje:
whether the value of the units or shares is made sufficiently transparent to investors, either by publication of information on the fund's investment strategy or by the periodic publication of the net asset value.
ali je vrednost enot ali deležev vlagateljem prikazana dovolj pregledno, in sicer z objavo informacij o naložbeni strategiji sklada ali z rednim objavljanjem neto vrednosti sredstev.
When assessing whether a financial instrument referred to in points 4 to 10 of Section C of Annex I to Directive 2014/65/EU are capable of being traded in a fair, orderly and efficient manner, a regulated market shall verify that the following conditions are satisfied:
Pri ocenjevanju, ali je s finančnim instrumentom iz točk 4 do 10 oddelka C Priloge I k Direktivi 2014/65/EU mogoče trgovati na pošten, pravilen in učinkovit način, regulirani trg preveri, ali so izpolnjeni naslednji pogoji:
the terms of the contract establishing the financial instrument are clear and unambiguous, and enable a correlation between the price of the financial instrument and the price or other value measure of the underlying;
pogoji v pogodbi, s katero je ustanovljen finančni instrument, so jasni in nedvoumni ter omogočajo povezavo med ceno finančnega instrumenta in ceno ali drugačnim merilom vrednosti osnove;
sufficient information of a kind needed to value the derivative is publicly available;
na voljo je dovolj javno dostopnih informacij, ki so potrebne za vrednotenje izvedenega finančnega instrumenta;
the arrangements for determining the settlement price of the contract is such that the price properly reflects the price or other value measures of the underlying;
ureditev za določanje poravnalne cene pogodbe zagotavlja, da ta cena pravilno odraža ceno ali drugo merilo vrednosti osnove;
where the settlement of the derivative requires or provides for the possibility of the delivery of an underlying security or asset rather than cash settlement, there are adequate arrangements to enable market participants to obtain relevant information about that underlying as well as adequate settlement and delivery procedures for the underlying.
če poravnava vrednostnega papirja zahteva ali predvideva možnost izročitve osnovnega vrednostnega papirja ali sredstva namesto gotovinske poravnave, obstajajo primerni postopki za pridobitev ustreznih informacij o tej osnovi in primerni postopki poravnave in izročitve zanjo.
Point (b) of paragraph 1 of this Article shall not apply to financial instruments referred to in points 5, 6, 7 and 10 of Section C of Annex I to Directive 2014/65/EU, where the following conditions are fulfilled:
Točka (b) odstavka 1 tega člena ne velja za finančne instrumente iz točk 5, 6, 7 in 10 oddelka C Priloge I k Direktivi 2014/65/EU, če so izpolnjeni naslednji pogoji:
the contract establishing that instrument is likely to provide a means of disclosing to the market, or enabling the market to assess, the price or other value measure of the underlying, where the price or value measure is not otherwise publicly available;
pogodba o ustanovitvi navedenega instrumenta bo verjetno zagotovila sredstva, da se trgu razkrijejo cena ali druga merila vrednosti osnove ali da se mu omogoči, da jih oceni, če ta cena ali merilo vrednosti sicer nista na voljo javnosti;
the regulated market ensures that appropriate supervisory arrangements are in place to monitor trading and settlement in such financial instruments;
regulirani trg zagotovi obstoj ustreznih nadzornih ureditev za spremljanje trgovanja in poravnave s takimi finančnimi instrumenti;
the regulated market ensures that settlement and delivery, whether physical delivery or by cash settlement, can be effected in accordance with the contract terms and conditions of those financial instruments.
regulirani trg zagotovi, da se poravnava in izročitev, bodisi fizična izročitev ali gotovinska poravnava, izvedeta v skladu s pogodbenimi pogoji navedenih finančnih instrumentov.
Emission allowances
Emisijski kuponi
Any emission allowance referred to in point 11 of Section C of Annex I to Directive 2014/65/EU recognised for compliance with the requirements of Directive 2003/87/EC, is eligible for admission to trading on a regulated market with no further requirements.
Vsak emisijski kupon iz točke 11 oddelka C Priloge I k Direktivi 2014/65/EU, za katerega je ugotovljeno, da je skladen z zahtevami Direktive 2003/87/ES, je brez dodatnih zahtev upravičen do sprejema v trgovanje na reguliranem trgu.
Verification of issuer obligations
Preverjanje obveznosti izdajatelja
Regulated markets shall adopt and publish on their website procedures for verifying compliance by an issuer of a transferable security with its obligations under Union law
Regulirani trgi sprejmejo in na svoji spletni strani objavijo postopke za preverjanje, ali izdajatelj prenosljivega vrednostnega papirja izpolnjuje svoje obveznosti po pravu Unije.
Regulated markets shall ensure that compliance with the obligations referred to in paragraph 1 is checked effectively in accordance with the nature of the obligation under review taking into account the supervisory tasks performed by relevant competent authorities.
Regulirani trgi zagotovijo, da se izpolnjevane obveznosti iz odstavka 1 učinkovito preverja v skladu z naravo preverjanih obveznosti, in sicer ob upoštevanju nadzornih nalog, ki jih opravljajo zadevni pristojni organi.
Regulated markets shall ensure that the procedures referred to in paragraph 1 describe:
Regulirani trgi zagotovijo, da postopki iz odstavka 1 opisujejo:
the processes the regulated markets employ to achieve the outcome specified in paragraph 1;
postopke, ki jih regulirani trgi uporabljajo za doseganje rezultata iz odstavka 1;
how an issuer may best demonstrate compliance with the obligations referred to in paragraph 1 to the regulated market.
kako lahko izdajatelj reguliranemu trgu najbolje dokaže izpolnjevanje svojih obveznosti iz odstavka 1.
Regulated markets shall ensure that an issuer is made aware of the obligations referred to in paragraph 1 upon admission to trading of that issuer's transferable security and at the issuer's request.
Regulirani trgi zagotovijo, da je izdajatelj seznanjen z obveznostmi iz odstavka 1 ob sprejetju izdajateljevega prenosljivega vrednostnega papirja v trgovanje in na njegovo zahtevo.
Facilitation of access to information
Olajševanje dostopa do informacij
Regulated markets shall have arrangements which are easily accessible, free of charge and published on their website to facilitate access of their members or participants to information which has been made public in accordance with Union law.
Regulirani trgi imajo vzpostavljene postopke, ki so preprosto dostopni, brezplačni in objavljeni na njihovem spletnem mestu, da bi svojim članom ali udeležencem olajšali dostop do informacij, objavljenih v skladu s pravom Unije.
Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC (OJ L 345, 31.12.2003, p. 64).
Direktiva 2003/71/ES Evropskega parlamenta in Sveta z dne 4. novembra 2003 o prospektu, ki se objavi ob javni ponudbi ali sprejemu vrednostnih papirjev v trgovanje in o spremembi Direktive 2001/34/ES (UL L 345, 31.12.2003, str. 64).
Directive 2001/34/EC of the European Parliament and of the Council of 28 May 2001 on the admission of securities to official stock exchange listing and on information to be published on those securities (OJ L 184, 6.7.2001, p. 1).
Direktiva 2001/34/ES Evropskega parlamenta in Sveta z dne 28. maja 2001 o sprejemu vrednostnih papirjev v uradno kotacijo na borzi in o informacijah, ki jih je treba objaviti v zvezi s temi vrednostnimi papirji (UL L 184, 6.7.2001, str. 1).