natgillin/translations-raw huggingface dataset:
This can occur where the client has provided no or insufficient information to the provider as to their knowledge and experience in the investment field relevant to the specific type of product as well as where the provider has concluded that the product is not appropriate for the client.
Autorité des Marchés Financiers (FR-AMF), pristojni nacionalni organ v Franciji, je poročal, da je v letu 2016 število novih oglasov (televizija, radio, internet) za špekulativno trženje (binarne opcije, CFD-ji, forex), predstavljalo 36 % vseh novih oglasov na finančnem področju in 45 % vseh novih oglasov za finančne instrumente;
This enables retail clients to access products, such as binary options, which, by their features, should not be distributed to them.
organ DE-BaFin je opozoril, da lahko investicijska podjetja s sedežem v drugi jurisdikciji v Evropski uniji kljub majhnosti hkrati uporabijo do 200 borznih posrednikov, in
Also in the light of ESMA's Questions and Answers (Q&As), NCAs have observed aggressive marketing practices as well as misleading marketing communications in this sector of the market.
nekateri pristojni nacionalni organi so opozorili, da se lahko distribucija binarnih opcij izvaja prek elektronskega igranja iger na srečo ali igralnih avtomatov.
They include, for example, the use of sponsorship arrangements or affiliations with major sports teams, which give the misleading impression that complex and speculative products such as binary options are suitable for the retail mass market by promoting general brand name awareness.
Omenjena dogajanja so še posebej zaskrbljujoča glede na povečano sodelovanje malih vlagateljev v tem sektorju trga.
Furthermore, some NCAs have highlighted not only the regular use of misleading marketing materials, but also the extensive and intensive nature of the marketing activities undertaken:
Pristojni nacionalni organi so tudi v zvezi s tem izrazili zaskrbljenost glede „zapletene“ narave poslovnih modelov.
the Autorité des Marchés Financiers (FR-AMF), the NCA in France, has reported that for 2016, the number of new advertisements (TV, radio, internet) for speculative trading (binary options, CFDs, forex) represented 36 % of all new advertisements in the financial domain, and 45 % of all new advertisements for financial instruments;
Ker je lahko povprečna življenjska doba računa stranke razmeroma kratka, lahko to povzroča pri ponudnikih pritiske zaradi ohranjanja stalnega pritoka novih strank in jih lahko prisili, da sprejmejo agresivne tržne in prodajne tehnike, ki niso v najboljšem interesu malih vlagateljev.
DE-BaFin has noted that investment firms based in another European Union jurisdiction, although small in size, may use up to 200 introducing brokers simultaneously; and
Splošna značilnost tržnih in prodajnih tehnik, ki jih uporablja industrija binarnih opcij, je ponudba za trgovanje (denarno in nedenarno) z ugodnostmi, kot so bonusi za privabljanje in spodbujanje malih vlagateljev, da investirajo v binarne opcije, ponujanje daril (na primer letovanja, avtomobili, elektronske naprave), učnimi programi za usvajanje znanja o trgovanju ali znižanje stroškov (na primer razlike v ceni ali pristojbin za transakcije).
some NCAs have noted that the distribution of binary options can occur through electronic gaming or slot machines.
Bonusi in druge ugodnosti, s katerimi se trguje, lahko delujejo tako, da odvračajo pozornost od visoko tvegane narave produkta.
These developments are of particular concern given the increase in retail clients participating in this sector of the market.
Običajno so namenjeni za privabljanje malih vlagateljev in spodbujanje trgovanja.
Also in this context, some NCAs have also raised concerns about the ‘churning’ nature of the business models.
Mali vlagatelji lahko te predstavitve upoštevajo kot glavno lastnost produkta, vse dokler niso več sposobni pravilno oceniti stopnje tveganja, povezanega s produktom.
Because the average life span of a client account can be relatively short, this can place a certain pressure on providers to maintain a steady stream of new clients, which could incentivise providers to adopt aggressive marketing and sales techniques that are not in the retail client's best interests.
Praksa v zvezi s sistemom bonusov temelji na spletni industriji stav.
A common feature of marketing and sales techniques adopted by the binary option industry is the offer of trading (monetary and non-monetary) benefits, such as bonuses to attract and encourage retail clients to invest in binary options, the offer of gifts (for example holidays, cars, electronic goods), trading tutorials or reduced costs (for example spread or fees).
Nekateri ponudniki, ki tržijo ustrezne produkte, ponujajo „bonuse za dobrodošlico“ (za vsak odprt račun) in bonuse na podlagi vloženih zneskov (bonusi na volumen), na primer kot dodaten znesek „virtualnega denarja“ pod določenimi pogoji.
Bonuses and other trading benefits can act as a distraction from the high-risk nature of the product.
Med izvajanjem nadzora je več pristojnih nacionalnih organov odkrilo, da so pogoji v promocijskih ponudbah pogosto zavajajoči in da mnogo strank poroča o težavah pri dvigovanju sredstev, ko poskušajo te bonuse uporabiti, ali pa se ne zavedajo, da je njihov dostop do ponujenih bonusov ali sredstev odvisen od določenega obsega trgovanja.
They are typically targeted to attract retail clients and incentivise trading.
Glede na značilnosti negativne pričakovane donosnosti, ki je povezana s trgovanjem z binarnimi opcijami, to pogosto pomeni, da stranke izgubljajo več denarja, ker trgujejo pogosteje, kot bi to počele, če ne bi prejele ponujenih bonusov.
Retail clients can consider these promotions as a central product feature to the point they may fail to properly assess the level of risks associated with the product.
Pri tem se upošteva zlasti:
The practice of bonus systems is inspired by the online betting industry.
organ FR-AMF je poudaril, da je ena od glavnih težav v zvezi z bonusi ta, da mora stranka običajno vložiti 20–30-krat večji znesek od bonusa, da pridobi pravico do dviga denarja;
Some providers marketing the relevant products offer ‘welcome bonuses’ (for any account opening) as well as bonuses based on the invested amounts (volume bonuses), for example, or as additional amounts of ‘virtual cash’ under certain conditions.
Financial Services and Markets Authority („BE-FSMA“), belgijski pristojni nacionalni organ, je opozoril, da je od vlagateljev prejel številne pritožbe, ker niso mogli dvigniti svojega denarja zaradi pogojev, ki veljajo za bonuse;
Supervisory work by several NCAs has discovered that the terms and conditions on promotional offers are often misleading and that many clients reported difficulties in withdrawing funds when trying to use such bonuses or are unaware that their access to the bonus offer or funds depends on a specified volume of trades.
organ PL-KNF je poročal, da ponudniki privabljajo nove stranke tako, da jim ponujajo darila, kot so tablični računalniki ali telefoni, in da ponudniki trdijo, da darila povečajo zmožnost strank, da stopijo v stik z investicijskim podjetjem, in
Given the feature of negative expected returns associated with trading in binary options, this often means that clients lose more money from trading more frequently than they otherwise would have without receiving a bonus offer.
organ DE-BaFin je poudaril, da do zdaj v večini primerov, ki se nanašajo na bonuse, le-te ponujajo ponudniki, ki delujejo čezmejno, da neizkušene male vlagatelje prepričajo v špekuliranje z določenimi produkti, ki jih morda ne razumejo v celoti.
In particular:
Poleg tega so pristojni nacionalni organi izrazili zaskrbljenost glede skladnosti ponudnikov binarnih opcij z njihovimi obveznostmi, da zagotovijo strankam poštene, jasne in nezavajajoče informacije ali da delujejo v najboljšem interesu strank.
FR-AMF has pointed out that one of the main issues about bonuses is that the client typically has to invest 20 or 30 times the amount of the bonus to have the right to withdraw the money;
spletna vsebina ali informacije, predložene v jeziku, ki ni nacionalni jezik v državi članici, kjer naj bi se storitve izvajale, ali predložene v uradnem jeziku, vendar temelječe na prevodih neustrezne kakovosti, tako da utegnejo ovirati razumevanje predloženih informacij, in
the Financial Services and Markets Authority (‘BE-FSMA’), the Belgian NCA, has noted that it has received many complaints from investors unable to recover their money due to the conditions applicable to bonuses;
predložitev informacij, ki poudarjajo morebitne koristi, povezane z vlaganjem v binarne opcije, brez poštene in vidne navedbe ustreznih tveganj, kar kaže, da so ti špekulativni produkti ustrezni ali primerni za vse vlagatelje ali da je njihovo vračilo enostavno.
DE-BaFin has stated that in the majority of cases involving bonuses observed so far, bonuses are offered by binary option providers acting on a cross-border basis to persuade inexperienced retail clients to speculate in the relevant products, which they may not fully understand.
Trgujte z binarnimi opcijami in si podvojite zaslužek“.
Furthermore, NCAs have voiced concerns about the compliance of providers of binary options with their obligations to give clients fair, clear and not misleading information or act in the best interests of clients.
Prakse trženja in distribucije, povezane z zgoraj opisanimi binarnimi opcijami, potrjujejo resen zadržek glede zaščite vlagateljev.
NCAs are also concerned about the quality of information provided to retail clients (for example on providers' websites) about how binary options work, and in particular information presented about the risks involved.
Stopnja, do katere utegne finančni instrument ogroziti zaupanje vlagateljev v finančni sistem
Some examples that are not compliant with the obligation for information to be fair, clear and not misleading and which use techniques drawing clients' attention but not necessarily reflecting the suitability or overall quality of the financial instrument or practice relate to:
Kombinacija stopnje kompleksnosti in pomanjkanje preglednosti binarnih opcij, negativni pričakovani donos produkta za vlagatelje, pomanjkanje razumnih ciljev za vlaganje; zavajajoča in agresivna narava številnih trženjskih in distribucijskih dejavnosti, navzkrižja interesov za ponudnike in velikost morebitnih škodljivih posledic – vse to prispeva k dejstvu, da mali vlagatelji izgubljajo zaupanje v finančni sistem.
website content or information presented in a language that is not a national language of the Member State where the services are to be provided, or presented in the official language but based on translations of insufficient quality, such that this is likely to hamper the comprehension of the information presented; and
Ob upoštevanju visoke verjetnosti, da stranke utrpijo izgube, kot je razvidno iz tega sklepa, lahko vlagatelji, ki niso imeli drugih izkušenj z vlaganjem v finančne instrumente in jih je pritegnilo agresivno trženje ponudnikov binarnih opcij, zaključijo, da so ti produkti tipični za vse finančne instrumente.
presenting information that emphasises the possible benefits associated with investing in binary options without also giving a fair and prominent indication of the relevant risks, suggesting that these speculative products are suitable or appropriate for all investors or that making a return is a simple task.
Ta zaskrbljenost je še večja, če upoštevamo veliko število malih vlagateljev ponudnikov binarnih opcij in število pritožb glede teh produktov.
For example: ‘Trading binary options is as easy as 1-2-3’; ‘Trading has never been so easy’, ‘Start your career as a trader right now’, ‘Gain up to 85 % return every 60 seconds’, ‘95 % return in a few minutes’, and ‘What can you do in 60 seconds?
VELJAVNE OBSTOJEČE REGULATIVNE ZAHTEVE V SKLADU S PRAVOM UNIJE NE UREJAJO UGOTOVLJENEGA RESNEGA ZADRŽKA GLEDE ZAŠČITE VLAGATELJEV (ČLEN 40(2)(b) UREDBE (EU) št. 600/2014)
Trade binary options and double your money’.
Kot določa člen 40(2)(b) Uredbe (EU) št. 600/2014, organ ESMA sprejme odločitev, ali v obstoječih regulativnih zahtevah v Uniji, ki veljajo za ustrezni finančni instrument ali posel, ta nevarnost ni obravnavana.
The marketing and distribution practices associated with binary options described above confirms the existence of a significant investor protection concern.
Veljavne obstoječe regulativne zahteve so določene v Direktivi 2014/65/EU, Uredbi (EU) št. 600/2014 in Uredbi (EU) št. 1286/2014 Evropskega parlamenta in Sveta.
The degree to which the financial instrument may threaten investors' confidence in the financial system
Vključujejo zlasti: (i) zahtevo za predložitev ustreznih informacij strankam v členu 24(3) in (4) Direktive 2014/65/EU; (ii) zahteve glede primernosti in ustreznosti v členu 25(2) in (3) Direktive 2014/65/EU; (iii) zahteve po najboljši izvršitvi v členu 27 Direktive 2014/65/EU; (iv) zahteve glede upravljanja produktov v členih 16(3) in 24(2) Direktive 2014/65/EU; in (v) zahteve glede razkritja v členih 5 do 14 Uredbe (EU) št. 1286/2014.
The combination of the degree of complexity and lack of transparency of binary options, the negative expected return of the product for investors, the lack of reasonable investment objectives; the misleading and aggressive nature of many marketing and distribution activities, conflicts of interest for providers as well as the size of potential detrimental consequences, all contribute to retail clients losing confidence in the financial system.
Nekateri ponudniki, borzni posredniki in trgovinske organizacije so v svojih odzivih na poziv k predložitvi dokazov izrecno navedli, da mora organ ESMA obravnavati učinke nove zakonodaje pred začetkom izvajanja intervencijskih ukrepov za produkte, predvsem učinke nedavne uvedbe direktive MiFID II (zlasti pravil glede upravljanja produktov) in PRIIP.
Given the high probability of clients suffering losses as evidenced in this Decision, investors who had no other experience of investing in financial instruments and had been attracted by the aggressive marketing conducted by binary option providers may conclude that these products are representative of all financial instruments.
Upoštevati je treba, da sta področje in vsebina več veljavnih regulativnih zahtev iz Direktive 2014/65/EU in Uredbe (EU) št. 600/2014 podobna kot v Direktivi 2004/39/ES.
This concern is even more significant considering the high number of retail clients of binary option providers and the number of complaints in respect of these products.
Medtem ko je bil namen sprejetja Direktive 2014/65/EU in Uredbe (EU) št. 600/2014 izboljšanje več pomembnih vidikov investicijskih storitev in poslov za izboljšanje zaščite vlagateljev (vključno s pooblastili za poseganje v zvezi s produkti), izboljšave številnih ustreznih določb ne obravnavajo določenih zadržkov iz tega sklepa.
APPLICABLE EXISTING REGULATORY REQUIREMENTS UNDER UNION LAW DO NOT ADDRESS THE SIGNIFICANT INVESTOR PROTECTION CONCERN IDENTIFIED (ARTICLE 40(2)(b) OF REGULATION (EU) No 600/2014)
Z vidika tveganj in škode za vlagatelje, ki ju obravnava ta sklep, je več določb zato ostalo pretežno nespremenjenih.
As required under Article 40(2)(b) of Regulation (EU) No 600/2014, ESMA has considered whether existing regulatory requirements in the Union that are applicable to the relevant financial instrument or activity do not address the threat.
Zahteve za predložitev ustreznih informacij strankam so bile podrobneje razložene v Direktivi 2014/65/EU s pomembnim izboljšanjem na področju razkritja stroškov in pristojbin, pri čemer morajo investicijska podjetja strankam predložiti zbirne informacije o vseh stroških in pristojbinah v zvezi z investicijskimi storitvami in finančnimi instrumenti.
The applicable existing regulatory requirements are set out in Directive 2014/65/EU, Regulation (EU) No 600/2014 and Regulation (EU) No 1286/2014 of the European Parliament and of the Council.
Vendar je jasno, da so zgolj pravila, ki temeljijo na razkritju – vključno z izboljšanimi informacijami o stroških – nezadostna, da bi obravnavala kompleksno tveganje, ki izvira iz trženja, distribucije ali prodaje binarnih opcij malim vlagateljem.
In particular, they include: (i) the requirement to provide appropriate information to clients in Article 24(3) and (4) of Directive 2014/65/EU; (ii) the suitability and appropriateness requirements in Article 25(2) and (3) of Directive 2014/65/EU; (iii) the best execution requirements in Article 27 of Directive 2014/65/EU; (iv) the product governance requirements in Articles 16(3) and 24(2) of Directive 2014/65/EU; and (v) the disclosure requirements in Articles 5 to 14 of Regulation (EU) No 1286/2014.
Zlasti člen 24(3) Direktive 2014/65/EU med drugim določa, da morajo investicijska podjetja zagotoviti, da so vse informacije, vključno s tržnimi sporočili, ki jih naslovijo na stranke ali potencialne stranke, poštene, jasne in niso zavajajoče.
Some providers, brokers and trade organisations explicitly mentioned in their responses to the call for evidence that ESMA needs to consider the effects of new legislation before applying any product intervention measures, notably the recent introduction of MiFID II (in particular, the product governance rules) and PRIIPs.
Člen 24(4) Direktive 2014/65/EU nadalje določa, da morajo investicijska podjetja strankam in potencialnim strankam pravočasno zagotoviti ustrezne informacije glede podjetja in njegovih storitev, finančnih instrumentov in predlaganih strategij, mest izvrševanja ter vseh stroškov in povezanih pristojbin, zlasti glede smernic in opozoril glede tveganj, povezanih z vlaganjem v te finančne instrumente, in ali je finančni instrument namenjen malim ali profesionalnim vlagateljem.
It should be noted that the scope and content of several applicable regulatory requirements under Directive 2014/65/EU and Regulation (EU) No 600/2014 are similar to those existing under Directive 2004/39/EC.
Na podlagi opisa zadržkov glede zaščite vlagateljev v zvezi z binarnimi opcijami (zlasti glede njihove kompleksnosti, tveganosti in pričakovanega negativnega donosa) je jasno, da takšne škode za vlagatelja ni mogoče v celoti in ustrezno nadzorovati zgolj z izvajanjem teh pravil.
While the adoption of Directive 2014/65/EU and Regulation (EU) No 600/2014 aimed to improve several notable aspects of investment services and activities to strengthen investor protection (including through product intervention powers), the improvements in a number of relevant provisions do not address the specific concerns described in this Decision.
Ta vrsta razkritja ne usmerja dovolj pozornosti stranke na konkretne posledice (negativni pričakovani donosi) vlaganja v te produkte in ne obravnava zadržkov, ki so del značilnosti produkta.
From the perspective of the risks and the investor detriment addressed in this Decision, several provisions have therefore remained substantially unchanged.
Organ ESMA upošteva tudi pomembnost pravil o razkritju iz Uredbe (EU) št. 1286/2014.
The requirements to provide appropriate information to clients have been further detailed in Directive 2014/65/EU, with a significant improvement in the area of the disclosure of costs and charges, with investment firms required to provide clients with aggregated information on all costs and charges in connection with the investment services and the financial instruments.
Uredba (EU) št. 1286/2014 določa enotna pravila o obliki in vsebini dokumenta s ključnimi informacijami, ki ga zagotovijo proizvajalci paketnih naložbenih produktov za male vlagatelje in zavarovalnih naložbenih produktov (PRIIP) malim vlagateljem, da bi jim pomagali razumeti in primerjati ključne dejavnike in tveganja PRIIP.
However, disclosure-based rules alone — including improved information on costs — are clearly insufficient to tackle the complex risk arising from the marketing, distribution or sale of binary option to retail clients.
Zlasti člen 5 Uredbe (EU) št. 1286/2014, kot ga nadalje izvaja Delegirana uredba Komisije (EU) 2017/653, določa med drugim metodologijo za predstavitev povzetka kazalnikov tveganja in spremnih razlag, vključno s tem, ali lahko mali vlagatelj izgubi ves vloženi kapital ali sprejme dodatne finančne zaveze.
In particular, Article 24(3) of Directive 2014/65/EU requires inter alia investment firms to ensure that all information, including marketing communications, addressed to clients or potential clients is fair, clear and not misleading.
Vendar tovrstno razkritje ne usmerja dovolj pozornosti malega vlagatelja na posledice vlaganja, zlasti v binarne opcije.
Article 24(4) of Directive 2014/65/EU further requires investment firms to give appropriate information in good time to clients and potential clients with regard to the firm and its services, the financial instruments and proposed strategies, execution venues and all costs and related charges, including notably guidance on and warnings of the risks associated with investing in those financial instruments and whether the financial instrument is intended for retail or professional clients.
Razmerje učinkovitosti na primer zadeva le posamezni produkt binarne opcije in stranki ne daje podatka o skupnem deležu računov malih vlagateljev, ki izgubijo denar.
Based on the description of investor protection concerns in relation to binary options (in particular their complexity, riskiness and expected negative return), it is clear that such investor detriment cannot be entirely and adequately controlled through the mere application of these rules.
Na splošno je regulativna rešitev, ki temelji na razkritju, neustrezna za te produkte, ki so sami po sebi neustrezni za male vlagatelje.
This type of disclosure does not sufficiently draw clients' attention to the concrete consequences (negative expected returns) of investing in these products and does not address concerns inherent to the product's features.
Zahteve glede ustreznosti so bile okrepljene tudi v Direktivi 2014/65/EU z zahtevo po zagotovitvi poročila o ustreznosti za stranko in podrobnejši opredelitvi ocene ustreznosti.
ESMA has also taken into consideration the relevance of the disclosure rules under Regulation (EU) No 1286/2014.
Zlasti člen 25(2) Direktive 2014/65/EU določa, da morajo ponudniki binarnih opcij pridobiti potrebne informacije v zvezi z znanjem ali izkušnjami stranke ali potencialne stranke na investicijskem področju, med drugim glede na specifično vrsto produkta, finančni položaj stranke ali potencialne stranke, vključno z njeno zmožnostjo kritja izgub, in njene investicijske cilje, vključno s stopnjo dovoljenega tveganja, da bi ponudnik binarnih opcij stranki ali potencialni stranki lahko priporočil finančne produkte, ki so primerni zanjo in v skladu z njenim dovoljenim tveganjem in zmožnostjo kritja izgub.
Regulation (EU) No 1286/2014 lays down uniform rules on the format and content of the key information document to be provided by manufacturers of packaged retail and insurance based investment products (‘PRIIPs’) to retail investors in order to help them understand and compare the key features and risks of a PRIIP.
Vendar zahteve glede ustreznosti veljajo samo za zagotavljanje investicijskega svetovanja in upravljanja portfelja, zato običajno niso ustrezne za trženje, distribucijo ali prodajo binarnih opcij, kar v glavnem poteka prek elektronskih platform brez zagotavljanja investicijskega svetovanja ali upravljanja portfelja.
In particular, Article 5 of Regulation (EU) No 1286/2014, as further implemented in the Commission Delegated Regulation (EU) 2017/653 sets out inter alia a methodology for the presentation of the summary risk indicator and accompanying explanations including whether the retail investor can lose all invested capital or incur additional financial commitments.
Poleg tega so cilji ocene ustreznosti (ob upoštevanju produktov glede na znanje in izkušnje, finančni položaj in investicijske cilje stranke) pretežno nespremenjeni v primerjavi z režimom iz Direktive 2004/39/ES in, kot je razvidno iz tega sklepa, niso zadostni, da bi se bilo mogoče izogniti ugotovljeni škodi za vlagatelja.