natgillin/translations-raw huggingface dataset:
ESMA is also aware that some third-country firms are actively approaching Union clients or that some CFD providers in the Union are marketing the possibility for retail clients to move their accounts to an intra-group third-country entity.
Od sprejetja navedenega sklepa se veljavne obstoječe regulativne zahteve v skladu s pravom Unije niso spremenile in še naprej ne obravnavajo nevarnosti, ki jo je ugotovil organ ESMA.
However, without authorisation or registration in the Union, third-country firms are only allowed to offer services to clients established or situated in the Union at the client's own exclusive initiative.
Poleg tega pristojni nacionalni organi niso sprejeli ukrepov, s katerimi bi odpravili nevarnost, ali pa sprejeti ukrepi ne zadostujejo za njeno odpravo.
Finally, ESMA is aware that firms are starting to provide other speculative investment products.
Od sprejetja sklepa namreč noben pristojni nacionalni organ ni sprejel svojega nacionalnega ukrepa za poseganje v zvezi s produkti v skladu s členom 42 Uredbe (EU) št. 600/2014.
ESMA will continue to monitor the offer of these other products to determine whether any other Union measures are appropriate.
Podaljšanje prepovedi, ki je določena v Sklepu (EU) 2018/796, nima negativnega učinka na učinkovitost finančnih trgov ali na vlagatelje, ki bi bil nesorazmeren glede na koristi ukrepa, in ne povzroča tveganja regulativne arbitraže iz istih razlogov, kot so navedeni v navedenem sklepu.
During the review period, ESMA did not obtain evidence contradicting its overall finding of a significant investor protection concern identified in Decision (EU) 2018/796.
Če se začasna prepoved ne podaljša, obstaja po mnenju organa ESMA velika verjetnost, da se bodo CFD-ji ponovno ponujali malim vlagateljem brez ustreznih zaščitnih ukrepov zanje ter da se bodo na trg vrnili isti ali podobni produkti, ki so povzročili škodo za potrošnike, ugotovljeno v Sklepu (EU) 2018/796.
ESMA has therefore concluded that the significant investor protection concern identified in Decision (EU) 2018/796 would persist if its decision to restrict the marketing, distribution or sale of CFDs to retail clients is not renewed.
Organ ESMA je ob upoštevanju teh razlogov ter skupaj z razlogi, izraženimi v Sklepu (EU) 2018/796, sklenil, da za nadaljnje tri mesece podaljša prepoved, dokler se ne odpravi resna skrb glede zaščite vlagateljev.
Since the adoption of that Decision, the applicable existing regulatory requirements under Union law have not changed and continue not to address the threat identified by ESMA.
Ob podaljšanju prepovedi je organ ESMA pozorno proučil vse ustrezne informacije, ki so se pojavile med pregledom.
Furthermore, NCAs have not taken action to address the threat or the actions taken do not adequately address the threat.
Tako je pridobil informacije, da se ponudniki CFD-jev pri uporabi skrajšanega opozorila o tveganju včasih srečujejo s tehničnimi težavami zaradi omejenega števila znakov, ki ga določajo drugi tržni ponudniki za komuniciranje, ki ne poteka na trajnem nosilcu podatkov ali spletni strani.
In particular, since the adoption of the Decision, no NCA has adopted its own national product intervention measure under Article 42 of Regulation (EU) No 600/2014.
Zato je treba skrajšana opozorila o tveganju z omejenim številom znakov vključiti v to podaljšanje prepovedi.
The renewal of the restriction set out in Decision (EU) 2018/796 does not have a detrimental effect on the efficiency of financial markets or on investors that is disproportionate to the benefits of the action and does not create a risk of regulatory arbitrage for the same reasons set out in that Decision.
Opozorila z omejenim številom znakov niso namenjena temu, da nadomestijo skrajšana opozorila o tveganju.
If the temporary restriction is not renewed, ESMA considers it is likely that CFDs will again be offered without adequate measures to sufficiently protect retail clients against the risks related to those products that gave rise to the consumer detriment identified in Decision (EU) 2018/796.
Novo opozorilo naju bi se sprožilo le, če tretja oseba, na katerega se ponudnik CFD-jev opira pri trženju produkta, omejuje število znakov na način, ki ni v skladu s številom znakov, predvidenih za opozorila o tveganju.
In view of these reasons, taken together with the reasons set out in Decision (EU) 2018/796, ESMA has decided to renew the restriction for a further three-month period to address the significant investor protection concern.
Opozorila z omejenim številom znakov malim vlagateljem sporočajo, kolikšen je odstotek računov s CFD-ji, ki izgubljajo denar.
In renewing the restriction, ESMA has carefully considered any new relevant information that has emerged during the review period.
Da pa bi v učinkovito opozorili male vlagatelje, da se morajo zavedati, ali si lahko privoščijo tveganje, da bi izgubili denar pri vlaganju v CFD-je, podaljšanje prepovedi vključuje zahtevo, da se vsakemu sporočilu z zmanjšanim številom znakov doda neposredna povezava na spletno stran ponudnika CFD-jev, na kateri bo razvidno opozorilo na trajnem nosilcu podatkov ali spletni strani.
In this respect, ESMA obtained information that, in certain cases, CFD providers experience technical difficulties in using the abbreviated risk warning due to the character limits imposed by third party marketing providers for communications other than through a durable medium or a webpage.
Ker so lahko predlagani ukrepi v omejenem obsegu povezani z izvedenimi finančnimi instrumenti na kmetijske proizvode, se je organ ESMA posvetoval z javnimi organi, pristojnimi za nadzor, upravljanje in regulacijo fizičnih kmetijskih trgov v Uredbi (ES) št. 1234/2007.
Therefore, a reduced character risk warning should be introduced in this renewal.
Noben organ ni izrazil zadržka glede predlaganega podaljšanja ukrepov.
The reduced character risk warning is not intended to replace the abbreviated risk warning.
Organ ESMA je pristojne nacionalne organe obvestil o predlaganem sklepu o podaljšanju –
The new warning is envisaged to be used only for cases where the third party relied on by a CFD provider to market the product imposes a character limit that is not compatible with the number of characters comprising the risk warnings.
JE SPREJEL NASLEDNJI SKLEP:
The reduced character risk warning provides retail clients with information on the percentage of CFD retail accounts losing money.
Člen 1
However, in order to fully draw clients' attention to whether they can afford the high risk of losing their money when investing in CFDs, this renewal requires that any communication containing the reduced character risk warning also includes a direct link to a webpage of the CFD provider where the warning required for durable media or webpages is shown.
Opredelitve
As the proposed measures may, to a limited extent, relate to agricultural commodities derivatives, ESMA has consulted the public bodies competent for the oversight, administration and regulation of physical agricultural markets under Council Regulation (EC) No 1234/2007.
V tej uredbi:
None of those bodies has raised any objections to the proposed renewal of the measures.
„pogodba na razliko“ ali „CFD“ pomeni izvedeni finančni instrument, ki ni opcija, standardizirana terminska pogodba, posel zamenjave in dogovor o terminski obrestni meri, katerega namen je, da se imetniku omogoči dolga ali kratka izpostavljenost nihanju cen, stopnji ali vrednosti osnovnega instrumenta, ne glede na to, ali se z njim trguje na mestu trgovanja, ki mora biti poravnan v gotovini ali se lahko poravna v gotovini po izbiri ene od pogodbenih strank (drugače kot zaradi neizpolnitve obveznosti ali drugega razloga za prenehanje);
ESMA has notified NCAs of the proposed renewal Decision,
„izključena nedenarna korist“ pomeni vsako nedenarno korist razen informacijskih in raziskovalnih orodij, če se ta nanašajo na CFD-je;
HAS ADOPTED THIS DECISION:
„začetno kritje“ pomeni plačilo za namene odprtja pozicije CFD-ja, brez provizij, nadomestil za izvedbo posla in vseh drugih povezanih stroškov;
Article 1
„zaščita začetnega kritja“ pomeni začetno kritje, določeno v Prilogi I;
Definitions
„zaščita z MCO“ pomeni zaprtje ene ali več strankinih odprtih pozicij CFD-jev pod pogoji, ki so najugodnejši za stranko v skladu s členoma 24 in 27 Direktive 2014/65/EU, ko se vsota sredstev na trgovalnem računu s CFD-ji in nerealiziranih neto dobičkov od vseh odprtih pozicij CFD-jev, povezanih s tem računom, zmanjša na manj kot polovico skupne zaščite začetnega kritja za vse navedene odprte CFD-je;
For the purposes of this Decision:
„zaščita pred negativnim stanjem“ pomeni omejitev skupne obveznosti malega vlagatelja za vse CFD-je, povezane s trgovalnim računom s CFD-ji pri ponudniku CFD-jev, na sredstva na tem trgovalnem računu s CFD-ji.
‘contract for differences’ or ‘CFD’ means a derivative other than an option, future, swap or forward rate agreement, the purpose of which is to give the holder a long or short exposure to fluctuations in the price, level or value of an underlying, irrespective of whether it is traded on a trading venue, and that must be settled in cash or may be settled in cash at the option of one of the parties other than by reason of default or other termination event;
Člen 2
‘excluded non-monetary benefit’ means any non-monetary benefit other than, insofar as they relate to CFDs, information and research tools;
Začasna omejitev za CFD-je v zvezi z malimi vlagatelji
‘initial margin’ means any payment for the purpose of entering into a CFD, excluding commission, transaction fees and any other related costs;
Trženje, razširjanje ali prodaja CFD-jev malim vlagateljem se omeji na okoliščine, v katerih so izpolnjeni naslednji pogoji:
‘initial margin protection’ means the initial margin determined by Annex I;
ponudnik CFD-jev od malega vlagatelja zahteva, da plača zaščito začetnega kritja;
‘margin close-out protection’ means the closure of one or more of a retail client's open CFDs on terms most favourable to the client in accordance with Articles 24 and 27 of Directive 2014/65/EU when the sum of funds in the CFD trading account and the unrealised net profits of all open CFDs connected to that account falls to less than half of the total initial margin protection for all those open CFDs;
ponudnik CFD-jev malemu vlagatelju zagotovi zaščito z MCO;
‘negative balance protection’ means the limit of a retail client's aggregate liability for all CFDs connected to a CFD trading account with a CFD provider to the funds in that CFD trading account.
ponudnik CFD-jev malemu vlagatelju zagotovi zaščito pred negativnim stanjem;
Article 2
ponudnik CFD-jev malemu vlagatelju neposredno ali posredno ne zagotovi plačila, denarne ali izključene nedenarne koristi v zvezi s trženjem, razširjanjem ali prodajo CFD-ja, razen realiziranega dobička od vsakega zagotovljenega CFD-ja, in
Temporary restriction on CFDs in respect of retail clients
ponudnik CFD-jev malemu vlagatelju neposredno ali posredno ne pošlje sporočila, povezanega s trženjem, razširjanjem ali prodajo CFD-ja ali objavlja takih informacij, dostopnih malemu vlagatelju, razen če vključi ustrezno opozorilo o tveganju iz Priloge II, ki izpolnjuje pogoje iz te priloge.
The marketing, distribution or sale to retail clients of CFDs is restricted to circumstances where at least all of the following conditions are met:
Člen 3
the CFD provider requires the retail client to pay the initial margin protection;
Prepoved dejanj, ki bi predstavljala izogibanje
the CFD provider provides the retail client with the margin close-out protection;
Prepovedano je zavestno in namerno sodelovati pri dejavnostih, katerih namen ali učinek je izogibanje zahtevam iz člena 2, vključno z delovanjem namesto ponudnika CFD-jev.
the CFD provider provides the retail client with the negative balance protection;
Člen 4
the CFD provider does not directly or indirectly provide the retail client with a payment, monetary or excluded non-monetary benefit in relation to the marketing, distribution or sale of a CFD, other than the realised profits on any CFD provided; and
Začetek veljavnosti in uporaba
the CFD provider does not send directly or indirectly a communication to or publish information accessible by a retail client relating to the marketing, distribution or sale of a CFD unless it includes the appropriate risk warning specified by and complying with the conditions in Annex II.
Ta sklep začne veljati dan po objavi v Uradnem listu Evropske unije.
Article 3
Ta sklep velja od 1. novembra 2018 za obdobje treh mesecev.
Prohibition of participating in circumvention activities
V Parizu, 23. oktobra 2018
It shall be prohibited to participate, knowingly and intentionally, in activities the object or effect of which is to circumvent the requirements in Article 2, including by acting as a substitute for the CFD provider.
Za odbor nadzornikov
Entry into force and application
UL L 331, 15.12.2010, str. 84.
This Decision enters into force on the day following that of its publication in the Official Journal of the European Union.
UL L 173, 12.6.2014, str. 84.
This Decision shall apply from 1 November 2018 for a period of 3 months.
UL L 87, 31.3.2017, str. 90.
Done at Paris, 23 October 2018.
Sklep Evropskega organa za vrednostne papirje in trge (EU) 2018/796 z dne 22. maja 2018 o začasni prepovedi trženja, razširjanja ali prodaje pogodb na razliko malim vlagateljem v Uniji v skladu s členom 40 Uredbe (EU) št. 600/2014 Evropskega parlamenta in Sveta (UL L 136, 1.6.2018, str. 50).
For the Board of Supervisors
V raziskavi je sodelovalo 23 pristojnih nacionalnih organov: Financial Services and Markets Authority (BE – FSMA), Czech National Bank (CZ – CNB), Finanstilsynet (DK-Finanstilsynet), Bundesanstalt für Finanzdienstleistungsaufsicht (DE – BaFin), Central Bank of Ireland (IE – CBI), Ελληνική Επιτροπή Κεφαλαιαγοράς (EL-HCMC), Comisión Nacional del Mercado de Valores (ES – CNMV), Autorité des Marchés Financiers (FR – AMF), Commissione Nazionale per le Società e la Borsa (IT – Consob), Cyprus Securities and Exchange Commission (CY-CySEC), Finanšu un kapitāla tirgus komisija (LV – FKTK), Commission de Surveillance du Secteur Financier (LU – CSSF), Magyar Nemzeti Bank (HU – MNB), Malta Financial Services Authority (MT – MFSA), Autoriteit Financiële Markten (NL-AFM), Financial Market Authority (AT – FMA), Komisja Nadzoru Finansowego (PL – KNF), Comissão do Mercado de Valores Mobiliários (PT – CMVM), Romanian Financial Supervisory Authority (RO – FSA), Agencija za trg vrednostnih papirjev (SI – ATVP), Finnish Financial Supervisory Authority (FI – FSA), Financial Conduct Authority (UK – FCA), Fjármálaeftirlitið (IS – FME).
The Chair
Sprememba cene bitcoina je na primer med 31. julijem 2017 do 31. avgustom 2017 znašala + 65,8 % v primerjavi z – 9,3 % v istem obdobju leta 2018 (na voljo na Condesk.com – https://www.coindesk.com/).
OJ L 331, 15.12.2010, p. 84.
K temu so prispevale tudi zahteve za prerazvrstitev malih vlagateljev v profesionalne vlagatelje ali prenos računov dejavnih malih vlagateljev k ponudnikom iz tretjih držav.
OJ L 173, 12.6.2014, p. 84.
Avgusta 2018 je veljala zaščita pred negativnim saldom.
OJ L 87, 31.3.2017, p. 90.
Razkorak na trgu pa lahko povzroči, da stranka obtiči na ceni, zaradi katere je lastniški kapital negativen, njen račun pa mora ponudnik ponovno vrniti na nično stanje, da bi lahko izpolnil zahteve za zaščito pred negativnim saldom.
European Securities and Markets Authority Decision (EU) 2018/796 of 22 May 2018 to temporarily restrict contracts for differences in the Union in accordance with Article 40 of Regulation (EU) No 600/2014 of the European Parliament and of the Council (OJ L 136, 1.6.2018, p. 50).
To se je zgodilo ponudnikom, ki so avgusta 2017 ponujali zaščito pred negativnim saldom.
23 NCAs have responded: Financial Services and Markets Authority (BE – FSMA), Czech National Bank (CZ – CNB), Finanstilsynet (DK-Finanstilsynet), Bundesanstalt für Finanzdienstleistungsaufsicht (DE – BaFin), Central Bank of Ireland (IE – CBI), Ελληνική Επιτροπή Κεφαλαιαγοράς (EL-HCMC), Comisión Nacional del Mercado de Valores (ES – CNMV), Autorité des Marchés Financiers (FR – AMF), Commissione Nazionale per le Società e la Borsa (IT – Consob), Cyprus Securities and Exchange Commission (CY-CySEC), Finanšu un kapitāla tirgus komisija (LV — FKTK), Commission de Surveillance du Secteur Financier (LU – CSSF), Magyar Nemzeti Bank (HU – MNB), Malta Financial Services Authority (MT – MFSA), Autoriteit Financiële Markten (NL-AFM), Financial Market Authority (AT – FMA), Komisja Nadzoru Finansowego (PL — KNF), Comissão do Mercado de Valores Mobiliários (PT – CMVM), Romanian Financial Supervisory Authority (RO – FSA), Agencija za trg vrednostnih papirjev (SI — ATVP), Finnish Financial Supervisory Authority (FI – FSA), Financial Conduct Authority (UK- FCA), Fjármálaeftirlitið (IS — FME).
Priloga II, Oddelek II Direktive 2014/65/EU Evropskega parlamenta in Sveta z dne 15. maja 2014 o trgih finančnih instrumentov ter spremembi Direktive 2002/92/ES in Direktive 2011/61/EU (UL L 173, 12.6.2014, str. 349).
For example, for Bitcoins the percentage change in price from 31 July 2017 to 31 August 2017 was + 65,8 % in comparison to – 9,3 % over the same period in 2018 (Available at Coindesk.com – https://www.coindesk.com/).
Glejte tudi Oddelek 11 vprašanj in odgovorov organa ESMA v zvezi z zaščito vlagateljev v skladu z direktivama MiFID II in MiFIR ter sorodne teme (ESMA35-43-349), v katerem je organ ESMA opredelil prakse, ki jih investicijska podjetja ne bi smela izvajati pri uporabi zakonodajnih zahtev glede razvrstitve malih vlagateljev kot profesionalnih vlagateljev na njihovo lastno pobudo.
Also due to the re-categorisation of retail clients as professional clients on request or active retail clients that may have moved their account to third country providers.
Oddelek 11 je bil posodobljen 25. maja 2018.
In August 2018, the negative balance protection was in force.
Pristojni nacionalni organ ene od držav EGP-Efta, NO-Finanstilsynet, je 4. junija 2018 sprejel nacionalne ukrepe za poseganje v zvezi s produkti, ki imajo iste pogoje in datume začetka uporabe kot ukrepi organa ESMA.
However, market gapping can lead to the client initially being closed out at a price that creates negative equity, with the account then re-credited back to zero equity by the provider to meet the new requirement of negative balance protection.
Uredba Sveta (ES) št. 1234/2007 z dne 22. oktobra 2007 o vzpostavitvi skupne ureditve kmetijskih trgov in o posebnih določbah za nekatere kmetijske proizvode (Uredba o enotni SUT) (UL L 299, 16.11.2007, str. 1).
This was also the case for those providers that offered negative balance protection in August 2017.
PRILOGA I
Annex II, Section II of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).
ODSTOTKI ZAČETNEGA KRITJA GLEDE NA VRSTO OSNOVNEGA INSTRUMENTA
See also Section 11 of ESMA's Questions and Answers on MiFID II and MiFIR investor protection and intermediaries topics (ESMA35-43-349), where ESMA has identified forms of practices that investment firms should not use when applying the legal requirements on the categorisation of clients as professionals on request.
3,33 % nominalne vrednosti CFD-ja, ko je valutni par osnovnega instrumenta sestavljen iz katerih koli dveh naslednjih valut: ameriški dolar, evro, japonski jen, britanski funt, kanadski dolar ali švicarski frank;
Section 11 was last updated on 25 May 2018.
5 % nominalne vrednosti CFD-ja, ko je indeks, valutni par ali blago osnovnega instrumenta:
On 4 June 2018, a competent authority of an EEA EFTA State, NO-Finanstilsynet, adopted national product intervention measures that have the same terms and dates of application of ESMA's measures.
kateri koli od naslednjih kapitalskih indeksov: Financial Times Stock Exchange 100 (FTSE 100), Cotation Assistée en Continu 40 (CAC 40), Deutsche Bourse AG German Stock Index 30 (DAX30), Dow Jones Industrial Average (DJIA), Standard & Poors 500 (S&P 500), NASDAQ Composite Index (NASDAQ), NASDAQ 100 Index (NASDAQ 100), Nikkei Index (Nikkei 225), Standard & Poors/Australian Securities Exchange 200 (ASX 200), EURO STOXX 50 Index (EURO STOXX 50);
Council Regulation (EC) No 1234/2007 of 22 October 2007 establishing a common organisation of agricultural markets and on specific provisions for certain agricultural products (Single CMO Regulation) (OJ L 299, 16.11.2007, p. 1).
valutni par sestavljen iz vsaj ene valute, ki ni navedena v točki (a), ali
ANNEX I
zlato;
INITIAL MARGIN PERCENTAGES BY TYPE OF UNDERLYING
10 % nominalne vrednosti CFD-jev, ko je osnovno blago ali kapitalski indeks blago ali kapitalski indeks, ki ni naveden v točki (b);
3,33 % of the notional value of the CFD when the underlying currency pair is composed of any two of the following currencies: US dollar, Euro, Japanese yen, Pound sterling, Canadian dollar or Swiss franc;
50 % nominalne vrednosti CFD-ja, ko je osnovni instrument kriptovaluta, ali
5 % of the notional value of the CFD when the underlying index, currency pair or commodity is:
20 % nominalne vrednosti CFD-ja, ko je osnovni instrument:
any of the following equity indices: Financial Times Stock Exchange 100 (FTSE 100); Cotation Assistée en Continu 40 (CAC 40); Deutsche Bourse AG German Stock Index 30 (DAX30); Dow Jones Industrial Average (DJIA); Standard & Poors 500 (S&P 500); NASDAQ Composite Index (NASDAQ), NASDAQ 100 Index (NASDAQ 100); Nikkei Index (Nikkei 225); Standard & Poors/Australian Securities Exchange 200 (ASX 200); EURO STOXX 50 Index (EURO STOXX 50);
delnica ali
a currency pair composed of at least one currency that is not listed in point (a) above; or
ni naveden v tej prilogi.
gold;
PRILOGA II
10 % of the notional value of the CFD when the underlying commodity or equity index is a commodity or any equity index other than those listed in point (b) above;
OPOZORILA O TVEGANJU
50 % of the notional value of the CFD when the underlying is a cryptocurrency; or
ODDELEK A
20 % of the notional value of the CFD when the underlying is:
Pogoji v zvezi z opozorilom o tveganju
a share; or
Opozorilo o tveganju ima obliko, ki zagotavlja njegovo vidnost, velikost pisave je vsaj enaka prevladujoči velikosti pisave, uporabljen jeziki pa je isti kot v sporočilu ali objavljenih informacijah.
not otherwise listed in this Annex.
Če so sporočilo ali objavljene informacije na trajnem nosilcu podatkov ali na spletni strani, mora biti opozorilo o tveganju v obliki, določeni v oddelku B.
ANNEX II
Če so sporočilo ali objavljene informacije na nosilcu podatkov, ki ni trajni nosilec podatkov ali spletna stran, mora biti opozorilo o tveganju v obliki, določeni v oddelku C.
RISK WARNINGS
Z odstopanjem od odstavkov 2 in 3, če število znakov v opozorilu o tveganju v obliki, predvideni v oddelku B ali C, presega dovoljeno število znakov po standardnih pogojih tretje osebe, ki opravlja trženje za ponudnika, se mora opozorilo objaviti v obliki, opredeljeni v oddelku D.
SECTION A
Če je oblika, uporabljena za opozorilo o tveganju, v skladu z opredelitvijo v oddelku D, sporočilo ali objavljena informacija vključuje tudi neposredno povezavo do spletne strani ponudnika CFD-jev, na kateri je objavljeno opozorilo o tveganju v obliki, določeni v oddelku B.
Risk warning conditions
Opozorilo o tveganju vključuje najnovejši odstotek izgube ponudnika na podlagi izračuna odstotka trgovalnih računov s CFD-ji, ki jih je ponudnik s CFD-ji, ki je izgubil denar, zagotovil malim vlagateljem.
The risk warning shall be in a layout ensuring its prominence, in a font size at least equal to the predominant font size and in the same language as that used in the communication or published information.
Izračun se izvede vsake tri mesece in zajema 12-mesečno obdobje pred datumom, na katerega se izvede (v nadaljnjem besedilu: 12-mesečno obdobje izračuna).
If the communication or published information is in a durable medium or a webpage, the risk warning shall be in the format specified in Section B.
Za namene izračuna se: