natgillin/translations-raw huggingface dataset:
However, after balancing them against the significant investor protection concern identified, which was further confirmed by the responses received from consumer representatives and individuals in support of the proposed measures and calling for more stringent measures, ESMA considers it necessary to impose a temporary restriction on the marketing, distribution or sale of CFDs to retail clients in accordance with Article 40 of Regulation (EU) No 600/2014.
Da bi se izognili dvomu, imajo izrazi, uporabljeni v tem sklepu, enak pomen kot v Direktivi 2014/65/EU Evropskega parlamenta in Sveta in Uredbi (EU) št. 600/2014, vključno z opredelitvijo izvedenih finančnih instrumentov.
A measure imposed under Article 40 of Regulation (EU) No 600/2014 must be reviewed at appropriate intervals and at least every 3 months.
Začasna omejitev, ki jo uvaja organ ESMA, izpolnjuje pogoje iz člena 40 Uredbe (EU) št. 600/2014 iz razlogov, obrazloženih v nadaljevanju.
In reviewing this measure, ESMA will tackle any evasive practices that may emerge.
OPIS MALOPRODAJNEGA TRGA CFD-JEV IN OBSTOJ RESNEGA ZADRŽKA GLEDE ZAŠČITE VLAGATELJEV (ČLEN 40(2)(a) UREDBE (EU) št. 600/2014)
If the measure is not renewed after 3 months, it will expire.
Ta sklep se nanaša na CFD-je, ki so pogodbe na izvedene finančne instrumente, poravnane v gotovini, njihov namen pa je imetniku omogočiti dolgo ali kratko izpostavljenost nihanju cen, stopnji ali vrednosti osnovnega instrumenta.
For the avoidance of doubt, terms used in this Decision have the same meaning as in Directive 2014/65/EU of the European Parliament and of the Council and Regulation (EU) No 600/2014, including the definition of derivatives.
Ti CFD-ji med drugim vključujejo produkte valutnega trgovanja forex in stave na razmik v prodajni in nakupni ceni finančnih instrumentov.
ESMA's temporary restriction fulfils the conditions set out in Article 40 of Regulation (EU) No 600/2014 for the reasons explained below.
Ta sklep se ne nanaša na opcije, standardizirane terminske pogodbe, posle zamenjave in dogovore o terminski obrestni meri.
DESCRIPTION OF THE CFD RETAIL MARKET AND THE EXISTENCE OF A SIGNIFICANT INVESTOR PROTECTION CONCERN (ARTICLE 40(2)(a) of REGULATION (EU) No 600/2014)
Nekateri sodelujoči, ki so se odzvali na poziv k predložitvi dokazov, so zaprosili za dodatno pojasnilo področja uporabe ukrepa.
This Decision relates to CFDs that are cash settled derivative contracts, the purpose of which is to give the holder an exposure, which can be long or short, to fluctuations in the price, level or value of an underlying.
Nekateri sodelujoči so menili, da so bili v opredelitvi CFD-jev, ki jo je organ ESMA podal v pozivu k predložitvi dokazov, s področja uporabe ukrepa izrecno izključeni listinjeni izvedeni finančni instrumenti, drugi pa so opozorili na podobnosti med CFD-ji in drugimi naložbenimi produkti ter zahtevali, da se zanje uporabijo enaki ukrepi.
These CFDs include, inter alia, rolling spot forex products and financial spread bets.
Organ ESMA potrjuje, da na področje uporabe tega sklepa spadajo le CFD-ji.
This Decision does not relate to options, futures, swaps, and forward-rate agreements.
Nakupni boni in turbo certifikati ne spadajo na področje uporabe.
Some respondents to the call for evidence asked for further clarification on the scope of the measure.
Priznava, da obstajajo podobnosti med CFD-ji ter nakupnimi boni in turbo certifikati, vendar se produkti v več pogledih tudi razlikujejo.
Some of the respondents suggested that ESMA's definition of CFDs in the call for evidence explicitly excluded securitised derivatives from the scope of the measure whereas others flagged the similarities between CFDs and other investment products and asked to apply the same measures.
Organ ESMA bo pozorno spremljal, ali se bodo podobne negativne posledice za male vlagatelje pojavile na vseevropski ravni in bo po potrebi ukrepal.
ESMA confirms that only CFDs are in scope of this Decision.
Listinjeni izvedeni finančni instrumenti, ki so CFD-ji, niso izrecno izključeni iz opredelitve CFD-jev.
Warrants and turbo certificates are not in scope.
Čeprav organ ESMA v tej fazi ni seznanjen z listinjenimi CFD-ji, sama vsebina vrednostnega papirja in tržnost na mestu trgovanja ne spremenita ključnih značilnosti CFD-ja.
ESMA acknowledges that there are similarities between CFDs and warrants and turbo certificates but the products also differ in various respects.
Če bi se taki produkti izdali, bi spadali na področje uporabe tega sklepa.
ESMA will closely monitor whether similar detrimental consequences for retail clients develop on a pan-European basis and will act as necessary.
CFD-ji, ki ponujajo izpostavljenost z vzvodom do sprememb cene, stopnje ali vrednosti razredov osnovnih instrumentov, kot špekulativni kratkoročni naložbeni produkt, ki se zagotavlja nišnim strankam, v nekaterih jurisdikcijah obstajajo že več let.
Securitised derivatives that are CFDs are not explicitly excluded from the definition of CFDs.
Vendar so v zadnjih letih številni pristojni nacionalni organi izrazili pomisleke zaradi vse večjega razširjanja CFD-jev na množični maloprodajni trg, čeprav so ti produkti kompleksni in niso primerni za veliko večino malih vlagateljev.
Although ESMA is not aware of securitised CFDs at this stage, the wrapper of a security and the tradability on a trading venue do not change the key characteristics of a CFD.
Organ ESMA je na podlagi informacij, ki so jih predložili številni pristojni nacionalni organi, ugotovil tudi zvišanje stopenj finančnega vzvoda, ki se pri takih produktih ponujajo malim vlagateljem, in ravni izgub strank, ki izhajajo iz vlaganj v te produkte.
In case such products were to be launched, these products would be in scope of this Decision.
Te pomisleke še povečujejo pogosto agresivni načini trženja in neprimerne prakse ponudnikov, ki tržijo, razširjajo ali prodajajo CFD-je, kot so ponujanje plačil, denarnih ali nedenarnih koristi ali neprimerna razkrivanja tveganj.
CFDs that offer leveraged exposure to price, level or value changes in underlying asset classes have existed as a speculative short-term investment product provided to a niche client base in some jurisdictions for several years.
Ti pomisleki so se uresničili v več jurisdikcijah, pri čemer je večina malih vlagateljev v navedenih jurisdikcijah običajno izgubila denar, kot so ugotovili številni pristojni nacionalni organi.
However, in recent years, a large number of NCAs have raised concerns about the widening distribution of CFDs to a mass retail market, despite these products being complex and inappropriate for the large majority of retail clients.
Da bi odpravili te pomisleke, so nekateri pristojni nacionalni organi na tem področju sprejeli ukrepe.
On the basis of information provided by a number of NCAs, ESMA has also observed an increase in the levels of leverage being offered in such products to retail clients and in the levels of client losses arising from investing in these products.
Vendar je ob upoštevanju, med drugim, čezmejne narave teh dejavnosti, začasna omejitev, ki jo uvede organ ESMA, najprimernejše in učinkovito orodje za odpravo resnih zadržkov glede zaščite vlagateljev in zagotovitev skupne minimalne ravni zaščite vlagateljev v vsej Uniji, v skladu s pogoji iz člena 40 Uredbe (EU) št. 600/2014.
These concerns are amplified by often aggressive marketing techniques and inappropriate practices from providers marketing, distributing or selling CFDs, such as the offering of payments, monetary or non-monetary benefits or through inappropriate disclosures of risks.
Pogoj iz člena 40(2)(a) Uredbe (EU) št. 600/2014 določa, da mora med drugim obstajati resen zadržek glede zaščite vlagateljev.
These concerns have materialised across several jurisdictions, with a majority of retail clients in those jurisdictions typically losing money as evidenced by a number of NCAs.
Pri ugotavljanju, ali obstaja resen zadržek glede zaščite vlagateljev, je organ ESMA ocenil pomen meril in dejavnikov iz člena 19(2) Delegirane uredbe (EU) 2017/567.
In an attempt to address these concerns, some NCAs took measures in this area.
Ko je organ ESMA preučil ustrezna merila in dejavnike, je ugotovil, da obstaja resen zadržek glede zaščite vlagateljev zaradi naslednjih razlogov.
However, in light inter alia of the cross-border nature of these activities, ESMA's temporary restriction is the most appropriate and efficient tool to address the significant investor protection concerns and to ensure a common minimum level of investor protection throughout the Union, in compliance with the conditions in Article 40 of Regulation (EU) No 600/2014.
Stopnja kompleksnosti in preglednosti CFD-jev
The condition referred to in Article 40(2)(a) of Regulation (EU) No 600/2014 is that there must exist inter alia a significant investor protection concern.
CFD-ji so kompleksni produkti, s katerimi se običajno ne trguje na mestu trgovanja.
In determining whether there exists a significant investor protection concern, ESMA has assessed the relevance of the criteria and factors listed in Article 19(2) of the Delegated Regulation (EU) 2017/567.
Oblikovanje cen, pogoji trgovanja in poravnava takih produktov niso standardizirani, kar zmanjša zmožnost malih vlagateljev, da razumejo pogoje produkta.
After taking the relevant criteria and factors into consideration, ESMA has concluded that there is a significant investor protection concern for the following reasons.
Poleg tega ponudniki CFD-jev od strank pogosto zahtevajo, naj priznajo, da se lahko referenčne cene, ki se uporabljajo za določitev vrednosti CFD-ja, razlikujejo od cene, ki je na voljo na zadevnem trgu, kjer se trguje z osnovnim instrumentom, zaradi česar mali vlagatelji težje preverijo in potrdijo točnost cen, prejetih od ponudnika.
The degree of complexity and transparency of CFDs
Stroški in dajatve, ki veljajo za trgovanje s CFD-ji, so kompleksni in za male vlagatelje niso dovolj pregledni.
CFDs are complex products, typically not traded on a trading venue.
Zlasti mali vlagatelji običajno težko razumejo in ocenijo pričakovano uspešnost CFD-ja tudi zaradi kompleksnosti, ki izvira iz vpliva nadomestil za izvedbo posla.
The pricing, trading terms, and settlement of such products is not standardised, impairing retail clients' ability to understand the terms of the product.
Nadomestila za izvedbo posla pri CFD-jih se običajno zaračunajo za celotno hipotetično vrednost posla in zato morajo vlagatelji sorazmerno z vloženimi sredstvi pri višjih finančnih vzvodih plačati višja nadomestila za izvedbo posla.
In addition, CFD providers often require clients to acknowledge that the reference prices used to determine the value of a CFD may differ from the price available in the respective market where the underlying is traded, making it difficult for retail clients to check and verify the accuracy of the prices received from the provider.
Nadomestila za izvedbo posla se običajno odštejejo od začetnega kritja, ki ga vplača stranka, visok finančni vzvod pa lahko privede do tega, da stranka v trenutku odpiranja pozicij CFD-ja ugotovi precejšnjo izgubo na svojem trgovalnem računu s CFD-ji zaradi visokih nadomestil za izvedbo posla.
The costs and charges applicable to trading in CFDs are complex and lack transparency for retail clients.
Ker nadomestila za izvedbo posla pri višjem finančnem vzvodu izničijo več začetnega kritja stranke, bodo morale stranke, da bi ustvarile dobiček, zaslužiti več pri trgovanju.
In particular, retail clients typically find it difficult to understand and assess the expected performance of a CFD, also taking into account the complexity arising from the impact of transaction fees on such performance.
S tem se zmanjšajo možnosti stranke, da po pokritju nadomestil za izvedbo posla ustvari dobiček, zaradi česar so stranke izpostavljene večjemu tveganju izgube.
Transaction fees in CFDs are normally applied to the full notional value of the trade and investors consequently incur higher transaction fees relative to their invested funds at higher levels of leverage.
Poleg nadomestil za izvedbo posla se lahko zaračunajo razmiki in vrsta drugih finančnih stroškov in dajatev.
Transaction fees are usually deducted from the initial margin deposited by a client and high leverage can lead to a situation where the client, at the moment of opening a CFD, observes a significant loss on their trading account, caused by the application of high transaction fees.
Te vključujejo provizije (splošno provizijo ali provizijo za vsak posel ali za odprtje in zaprtje računa s CFD-ji) in/ali stroške za vodenje računa.
Since transaction fees at higher leverage will erode more of the client's initial margin, clients will be required to earn more money from the trade itself to realise a profit.
Stroški financiranja se običajno zaračunajo za ohranjanje odprte pozicije CFD-ja, kot so dnevni stroški ali stroški financiranja čez noč, h katerim se lahko zaračunajo tudi pribitki.
This lowers the client's chances of realising a profit net of transaction fees, exposing clients to a greater risk of loss.
Zaradi števila in kompleksnosti različnih stroškov in dajatev ter njihovega vpliv na uspešnost trgovanja stranke je preglednost v zvezi s CFD-ji premajhna, da bi lahko mali vlagatelj sprejel odločitev o investiciji na podlagi ustrezne informiranosti.
In addition to transaction fees, spreads and various other financing costs and charges may be applied.
Druga kompleksnost izhaja iz uporabe stop naročil.
These include commissions (a general commission or a commission on each trade, or on opening and closing a CFD account) and/or account management fees.
Ta lastnost produkta lahko malim vlagateljem da napačen vtis, da stop naročilo zagotavlja izvršitev po ceni, ki so jo določili (raven stop izgube).
Financing charges are also usually applied to keep a CFD open, such as daily or overnight charges, to which a mark-up can also be added.
Vendar stop naročila ne zagotavljajo ravni zaščite, ampak sprožitev uporabe „tržnega naročila“, ko cena CFD-ja doseže ceno, ki jo je določila stranka.
The number and complexity of the various costs and charges and their impact on clients' trading performance contribute to the lack of sufficient transparency in relation to CFDs in order to enable a retail client to make an informed investment decision.
V skladu s tem se lahko cena, ki jo prejme stranka (izvršilna cena) razlikuje od cene, pri kateri je bila določena stop izguba.
Another complexity arises from the use of stop loss orders.
Stop izgube se ne uporabljajo le za CFD-je, vendar finančni vzvod poveča občutljivost kritja vlagatelja na cenovna gibanja osnovnega instrumenta, kar poveča tveganje nenadnih izgub in pomeni, da tradicionalne kontrole trgovanja, kot so stop izgube, ne zadoščajo za odpravo zadržka glede zaščite vlagateljev.
This product feature may give retail clients the misleading impression that a stop loss order guarantees execution at the price which they have set (the level of the stop loss).
Še ena ključna kompleksnost, povezana s CFD-ji, lahko izhaja iz ustreznega osnovnega trga.
However, stop loss orders do not guarantee a protection level but the triggering of a ‘market order’ when the CFD price reaches the price set by the client.
Pri trgovanju forex na primer stranke špekulirajo v eni valuti proti drugi.
Accordingly, the price received by the client (execution price) can be different from the price at which the stop loss was set.
Če nobena od teh valut ni valuta, v kateri je stranka odprla pozicijo CFD-ja, bo morebitni donos, ki ga prejme stranka, odvisen od ukrepov, ki jih stranka sprejme za presojo gibanj teh treh valut.
While stop losses are not unique to CFDs, leverage increases the sensitivity of an investor's margin to price movements of the underlying increasing the risk of risk of sudden losses and means that traditional trading controls such as stop-losses are insufficient to manage investor protection concern.
Iz tega je razvidno, da je za uspešno trgovanje z valutami, kljub njegovim kompleksnostim, potrebno zelo dobro poznavanje vseh vključenih valut.
Another key complexity associated with CFDs may arise from the relevant underlying market.
Mali vlagatelji običajno nimajo takega znanja.
For instance, with FX trading, clients speculate on one currency against another.
Pri CFD-jih s kriptovalutami kot osnovnim sredstvom se pojavljajo ločeni in resni pomisleki.
If neither of these currencies is the currency used by the client to open a CFD position, any return received by the client will be dependent on the measures taken by the client to assess the movement of these three currencies.
Kriptovalute so razmeroma nerazvit razred finančnih instrumentov, ki predstavljajo velika tveganja za vlagatelje.
This suggests that a high level of knowledge of all the currencies involved is required to successfully navigate the complexities of such currency trading.
Organ ESMA in drugi regulatorji so večkrat opozorili na tveganja, povezana z vlaganjem v kriptovalute.
Retail clients do not normally have such knowledge.
Pri CFD-jih na kriptovalute so še vedno prisotni številni od teh pomislekov.
CFDs with cryptocurrencies as an underlying raise separate and significant concerns.
Mali vlagatelji namreč običajno ne razumejo tveganj, prisotnih pri špekuliranju z zelo nestabilnim in razmeroma nerazvitim razredom finančnih instrumentov, ki se še poslabšajo pri trgovanju s kritjem, saj se morajo stranke odzvati v zelo kratkem času.
Cryptocurrencies are a relatively immature asset class that pose major risks for investors.
Zaradi specifičnih značilnosti kriptovalut, kot razreda finančnih instrumentov, se bodo ukrepi v tem sklepu pozorno spremljali in po potrebi pregledali.
ESMA and other regulators have repeatedly warned of the risks involved with investing in cryptocurrencies.
Visoka stopnja kompleksnosti, slaba preglednost, narava tveganj in vrsta osnovnega instrumenta potrjujejo, da v zvezi s temi CFD-ji obstaja resen zadržek glede zaščite vlagateljev.
For CFDs on cryptocurrencies many of these concerns remain present.
Posebne značilnosti ali komponente CFD-jev
This is because retail clients typically do not understand the risks involved when speculating on an extremely volatile and relatively immature asset class, which are exacerbated by trading on margin, as it requires clients to react in a very short time period.
Glavna značilnost CFD-jev je njihova zmožnost, da delujejo na finančni vzvod.
Due to the specific characteristics of cryptocurrencies as an asset class the measures in this Decision will be closely monitored and reviewed if deemed necessary.
Na splošno lahko finančni vzvod poveča morebitni dobiček za stranko, lahko pa tudi poveča morebitne izgube.
The high level of complexity, poor degree of transparency, nature of risks and type of underlying confirm that a significant investor protection concern exists in respect of these CFDs.
Pristojni nacionalni organi so ugotovili, da so stopnje finančnega vzvoda, ki se za CFD-je uporabljajo na ravni Unije, v razponu od 3: 1 do 500: 1.
The particular features or components of CFDs
Kar zadeva male vlagatelje, se lahko z uporabo finančnega vzvoda verjetnost večje izgube poveča precej bolj kot verjetnost večjega dobička iz razlogov, navedenih v nadaljevanju.
The main feature of CFDs is their ability to operate on leverage.
Finančni vzvod vpliva na uspešnost naložbe s povečanjem vpliva nadomestil za izvedbo posla, ki jih imajo mali vlagatelji.
In general, whilst leverage can increase the possible profit for clients, it can also increase the possible losses.
Drugo tveganje, ki je povezano s trgovanjem s produkti s finančnim vzvodom, je povezano z medsebojnim vplivom visokega finančnega vzvoda in prakse samodejnega zapiranja pozicij, ko vrednost kritja doseže določeno mejno vrednost (margin close-out, v nadaljnjem besedilu: MCO).
NCAs have noted that leverage levels applied to CFDs across the Union range from 3:1 to 500:1.
Ponudniki CFD-jev se v skladu z običajnimi pogodbenimi pogoji sami odločijo, da zaprejo strankin račun, ko neto lastniški kapital stranke doseže določen odstotni delež začetnega kritja, ki ga mora stranka plačati, da bi lahko odprla pozicije CFD-ja.
As far as retail clients are concerned, the application of leverage may increase the probability of a larger loss to a greater extent than the probability of a larger gain for the reasons set out below.
Medsebojni vpliv visokega finančnega vzvoda in samodejnega MCO je, da poveča verjetnost, da bo ponudnik CFD-jev v kratkem časovnem obdobju samodejno zaprl pozicijo stranke ali pa mora stranka vplačati dodatno kritje v upanju, da bo neuspešna pozicija postala uspešna.
Leverage affects an investment's performance by increasing the impact of transaction fees incurred by retail clients.
Visok finančni vzvod poveča verjetnost, da stranka nima dovolj kritja za podporo svojim odprtim pozicijam CFD-ja, saj je zaradi njega pozicija stranke občutljiva na majhna nihanja cene osnovnega instrumenta na škodo stranke.
Another risk related to trading in leveraged products is linked to the interaction of high leverage and the practice of automatic margin close-out.
Organ ESMA ugotavlja, da so ponudniki CFD-jev MCO v tržno prakso uvedli predvsem zato, da bi jim omogočilo lažje upravljanje izpostavljenosti strank in kreditnega tveganja ponudnika z zaprtjem pozicije stranke, preden stranka ne bi imela na voljo dovolj sredstev za kritje trenutne izpostavljenosti.
Under commonly applied contractual terms, CFD providers are granted the discretion to close-out a client's account once the client's net equity reaches a specified percentage of the initial margin that the client is required to pay in order to open a CFD position(s).
Samodejni MCO zagotavlja tudi stopnjo zaščite za stranke, čeprav ne odpravi tveganja, da stranka (zlasti pri visokem finančnem vzvodu) izgubi znesek, ki je enak ali višji od njenega začetnega kritja, ga pa zmanjša.
The interaction between high leverage and automatic margin close-out is that it increases the probability that a client's position will be closed automatically by the CFD provider in a short timeframe or a client has to post additional margin in the hope of turning around a losing position.
Nekateri pristojni nacionalni organi so organu ESMA poročali, da se stopnja, pri kateri se uporabi samodejni MCO, med ponudniki CFD-jev razlikuje.
High leverage increases the probability that the client has insufficient margin to support their open CFDs by making the client's position(s) sensitive to small fluctuations in the price of the underlying to the client's disadvantage.
Ponudniki CFD-jev s strankami, ki običajno trgujejo z naročili manjše vrednosti, in ki običajno delujejo kot neposredna nasprotna stranka poslov strank, so prej s pravilom MCO mejno vrednost kritja določili med 0 in 30 % zahtevanega začetnega kritja.
ESMA observes that in market practice margin close-out appears to have been introduced by CFD providers mainly to allow them to more easily manage client exposures and the provider's credit risk by closing out a client's position before the client had insufficient funds to cover their current exposure.
Ponudnik z zmanjšanjem sredstev stranke skoraj na ničlo stranko izpostavi povečanemu tveganju, da izgubi več denarja, kot ga je vložila.
Automatic margin close-out also provides a degree of protection for clients as it reduces, but does not eliminate, the risk that the client (particularly at high levels of leverage) loses all or more than their initial margin.
Nekateri pristojni nacionalni organi so ugotovili tudi, da je standardna tržna praksa uporaba MCO na ravni posameznega računa.
Some NCAs reported to ESMA that the level at which automatic margin close-out is applied is inconsistent across CFD providers.
To pomeni, da se uporabijo zahteve po minimalnem kritju na podlagi skupnega kritja, ki se zahteva za vse odprte pozicije stranke, povezane z računom s CFD-ji, tudi v različnih razredih sredstev.
CFD providers with clients who typically trade at lower value order sizes, and who typically act as direct counterparty to the clients' trades, have previously set the margin close-out rule between 0 and 30 % of initial margin required.
Tako se lahko z dobičkonosnimi pozicijami izravnajo pozicije na izgubi na računu stranke.