natgillin/translations-raw huggingface dataset:
Furthermore, since mid-March 2017 there is in place a bonus promotion prohibition;
Drugi pristojni nacionalni organi so male vlagatelje opozorili v zvezi s CFD-ji.
since December 2016, in France the legislation sets forth a ban on investment service providers' marketing communications to individuals regarding CFDs not limiting the client's loss per position;
Zlasti:
since July 2015, the PL-KNF requires CFD providers to have leverage limits for CFDs to retail clients not higher than 100:1.
organ FMA (AT) je decembra 2016 izdal opozorilo v zvezi s tveganji, povezanimi s CFD-ji, valutnim trgovanjem forex in binarnimi opcijami;
In July 2017, the Polish Ministry of Finance released a project of change in the Act on Trading in Financial Instruments in order to set maximum leverage of 25:1 across all asset classes and financial instruments traded by retail clients without CCP settlement.
organ CONSOB (IT) je februarja 2017 izdal posebno sporočilo, v katerem je italijanske male vlagatelje opozoril na tveganja, povezana s CFD-ji, in
Following its wide public consultation between July and November 2017, on 13 December 2017, the Polish Ministry of Finance announced an update to the project with a public consultation open from 13 to 22 December 2017.
organ FCA (UK) je novembra 2017 izdal obvestilo v zvezi s tveganji, povezanimi s CFD-ji na kriptovalute.
The new project will introduce two different maximum leverage limits: 100:1 for experienced retail clients (those who concluded at least 40 transactions in the 24 months prior to entering into a new transaction for which a leverage limit is being established) and 50:1 for inexperienced retail clients;
Poleg tega je norveški organ Finanstilsynet (NO) po inšpekcijskem pregledu na kraju samem preklical pooblastilo enega ponudnika CFD-jev.
since October 2017, the Malta Financial Services Authority (‘MT-MFSA’), the NCA in Malta, has in place an Online Forex Policy requiring providers of CFDs, rolling spot forex and other complex, speculative products to set the following leverage limits: 50:1 for retail clients and 100:1 for retail clients which elect to be treated as professional clients;
Kot je razvidno iz navedenega, so nekatere ukrepe za obravnavanje zadržka glede zaščite vlagateljev, ki izhaja iz trženja, razširjanja ali prodaje CFD-jev malim vlagateljem, sprejeli ali proučili pristojni nacionalni organi v 13 od 28 držav članic.
in May 2017, the Bundesanstalt für Finanzdienstleistungsaufsicht (‘DE-BaFin’), the German NCA, banned the marketing, distribution or sale of CFDs to retail clients that do not exclude additional payment obligations;
Ti ukrepi so zelo različni in med drugim vključujejo prepoved komercializacije CFD-jev malim vlagateljem, uvedbo nekaterih omejitev finančnega vzvoda, omejitve trženja in zahtevo po zagotavljanju zaščite pred negativnim stanjem.
in March 2017, the ES-CNMV requested entities which market to retail clients established in Spain, CFDs or forex products with leverage of over 10 times or binary options to expressly inform such clients that the ES-CNMV considers that, due to the complexity and the level of risk of these products, their acquisition is not suitable for retail clients.
Čeprav so imeli ti ukrepi omejene učinke, je zadržek glede zaščite vlagateljev še vedno prisoten.
These entities have also been requested to ensure that clients are informed of the cost they would have to assume if they decided to close their position upon purchasing such products and, in the case of CFDs and forex products, that they are warned that, due to leverage, the losses could be greater than the amount initially paid to purchase the relevant product.
V Franciji na primer, kjer je bil sprejet eden od najstrožjih ukrepov v Uniji, organ AMF (FR) potrjuje, da ima še vedno pomisleke v zvezi z značilnostmi teh produktov in nadaljnjega ponujanja teh produktov malim vlagateljem.
In addition, they must obtain from the client a handwritten or recorded verbal statement that allows them to prove that the client is aware that the product they are going to acquire is particularly complex and that the ES-CNMV considers that it is not suitable for a retail client.
Organ AMF (FR) je na primer leta 2017 zaznal zmanjšanje števila pritožb, vendar še vedno opaža veliko (33 %) pritožb v zvezi s temi izdelki, v primerjavi s skupnim številom pritožb, ki jih prejme v zvezi z drugimi naložbenimi produkti in storitvami.
Furthermore, the advertising material used by the entities subject to the ES-CNMV's action to promote these products must always contain a warning about the difficulty of understanding the products and the fact that the ES-CNMV considers that these products are not suitable for retail clients because of their complexity and the level of risk they carry.
Na Poljskem sprejetje ukrepov julija 2015 ni zadoščalo za odpravo zadržka glede zaščite vlagateljev.
The ES-CNMV also requested CY-CySEC and the UK-FCA to inform CFD providers of these requirements, encouraging providers that provide services in Spain to display the same warning;
Kot je bilo že navedeno, je študija, ki jo je organ KNF (PL) izvedel v prvem četrtletju leta 2018, pokazala, da je leta 2017 denar izgubilo 79,69 % strank in da se je povprečna izguba na stranko povečala.
on 6 March 2017, the IE-CBI issued a consultation paper which sought views on two main options: (i) the prohibition of the sale or distribution of CFDs to retail clients, or (ii) the implementation of enhanced investor protection measures, including a limitation on leverage and a requirement that retail clients cannot lose more than the amount they had deposited on a per-position basis;
Nasprotno je v Belgiji organ FSMA (BE) zadovoljen z rezultati svojega ukrepa, vendar je uvedel prepoved komercializacije CFD-jev malim vlagateljem, zato teh produktov v Belgiji malim vlagateljem ni več mogoče zakonito ponujati.
on 10 May 2017 the Ελληνική Επιτροπή Κεφαλαιαγοράς (‘EL-HCMC’),the Greek NCA, issued a circular on providing investment services in over-the-counter derivative financial instruments (including forex, CFDs and binary options) through electronic trading platforms; and
Organ ESMA nima dokazov, da je v tej fazi namesto omejitev trženja, razširjanja ali prodaje CFD-jev malim vlagateljem na ravni Unije potrebna prepoved.
in February 2018, the PT-CMVM issued a circular letter stating that investment firms shall refrain from providing trading services related to derivatives linked to cryptocurrencies if they are unable to ensure compliance with all the information obligations towards clients regarding the characteristics of the products.
Vendar bi bilo treba po mnenju organa ESMA glede na to, da so se posamezne omejitve, uporabljene v doslej sprejetih nacionalnih ukrepih, ki so vsebovali le nekatere elemente, vključene v ta ukrep (na primer določene omejitve finančnega vzvoda ali omejitve trženja), izkazale za nezadostne za odpravo opredeljenega zadržka glede zaščite vlagateljev, vsako od zahtev iz tega sklepa uvesti kot sveženj, da bi se dosegla minimalna raven zaščite malih vlagateljev po celotni Uniji.
In addition to this, the Finanstilsynet (‘NO-Finanstilsynet’), the Norwegian NCA, published on 26 February 2018 a consultation paper in which they propose inter alia similar measures in relation to CFDs as proposed by ESMA in the call for evidence.
Poleg tega se CFD-ji običajno tržijo, razširjajo ali prodajajo prek spletnih trgovalnih računov.
The consultation period is from 26 February 2018 until 26 March 2018.
Zato nacionalna prepoved ali omejitev ne zadošča za zaščito malih vlagateljev v državah članicah, ki niso država članica, v kateri se ukrep izvaja, kadar ponudniki CFD delujejo v drugih državah članicah.
Other NCAs have warned retail clients in relation to CFDs.
Kot je razvidno iz podatkov, ki sta jih zbrala organa FCA (UK) in CySEC (CY), lahko ponudniki CFD-jev z delovanjem na spletu preprosto in hitro dostopajo do novih strank po celotni Uniji.
In particular:
Kot dodatni primer, ki potrjuje trajno razsežnost EU poslovanja na tem področju, je organ CONSOB (IT) organu ESMA poročal, da so se vse pritožbe, ki jih je prejel glede CFD-jev in binarnih opcij v obdobju od septembra 2017 do februarja 2018, v celoti nanašale na ponudnike CFD-jev, ki v Italiji delujejo iz petih držav članic v skladu s svobodo opravljanja investicijskih storitev ali dejavnosti ali pravico do ustanavljanja podružnice v drugih državah članicah.
in December 2016, the AT-FMA issued a warning regarding the risks associated with CFDs, rolling spot forex and binary options;
Ob upoštevanju zgoraj navedenega je za zagotovitev učinkovitosti nacionalnih ukrepov za male vlagatelje v Uniji nujno, da pristojni nacionalni organi v vseh državah članicah v kratkem časovnem obdobju sprejmejo ukrepe, katerih namen je uvesti skupno minimalno stopnjo zaščite vlagateljev, ki je določena v tem sklepu.
in February 2017, IT-CONSOB issued a specific communication to warn Italian retail clients on the risks associated with CFDs; and
Ker se to ni zgodilo in ker je treba nujno obravnavati opredeljeni zadržek glede zaščite vlagateljev, organ ESMA meni, da mora uveljaviti začasno pooblastilo za poseganje v zvezi s produkti.
in November 2017, the UK-FCA issued a warning regarding the risks associated with CFDs on cryptocurrencies.
Zdajšnji razdrobljeni okvir malim vlagateljem ne zagotavlja zaščite ali pa zagotavlja drugačno stopnjo zaščite po Uniji pri vlaganju v enake kompleksne produkte, včasih od istih ponudnikov.
Furthermore, the NO- Finanstilsynet has revoked the authorisation of a CFD provider after an on-site inspection.
Nazadnje, resni zadržek glede zaščite vlagateljev se ne bi odpravila niti z uporabo nadzornih pooblastil pristojnih nacionalnih organov na podlagi člena 69 Direktive 2014/65/EU, na primer na podlagi odstavka (2)(f) (začasna prepoved poklicne dejavnosti) in (t) (prekinitev trženja ali prodaje zaradi pomanjkanja skladnosti z zahtevami glede postopka odobritve produktov).
As evidenced above, some actions to tackle investor protection concern arising from the marketing, distribution or sale of CFDs to retail clients have been taken or considered by NCAs in 13 out of 28 Member States.
Intervencijski ukrep za produkte velja za produkt ali posel, povezan s tem produktom, in zato velja za vsa investicijska podjetja, ki ponujajo ta produkt ali posel, ne zgolj za eno določeno neskladje v primeru posameznega investicijskega podjetja.
These measures vary significantly and include, inter alia, a ban on the commercialisation of CFDs to retail clients, the introduction of certain leverage limits, marketing restrictions and a requirement to ensure negative balance protection.
Ukrep poseganja je z obravnavanjem tveganj, ki izhajajo iz ponujanja CFD-jev malim vlagateljem, na ravni Unije, učinkovitejši kot ukrepi, ki jih pristojni nacionalni organi poskušajo sprejeti za vsako posamezno podjetje.
However, even though these measures have had some effects, the significant investor protection concern persist.
Kot je bilo ugotovljeno, dokazi kažejo, da je to vprašanje, prisotno na ravni celotnega trga, saj težava ni omejena na posebnosti določenih ponudnikov, in da so ključna tveganja sestavni del produkta in poslovnega modela ponudnikov.
For example, in France, where one of the strongest measures in the Union was adopted, the FR-AMF confirms that it still has concerns linked to the features of these products and to the continuing offer of these products to retail clients.
To pomeni, da različni posamični nadzorni ukrepi ne bi nemudoma omogočili, da se prepreči nadaljnja škoda malim vlagateljem, in ne bi zagotovili ustrezne alternativne rešitve uporabi intervencijskih pooblastil organa ESMA.
By way of example, while the FR-AMF has recorded a reduction in the number of complaints in 2017, it still observes a significant number (33 %) of complaints in relation to these products, compared to the overall number of complaints it receives in relation to other investment products and services.
Čezmejna narava razširjanja CFD-jev, dejstvo, da vplivajo na več držav članic, širjenje razširjanja CFD-jev v nove jurisdikcije in širjenje različnih nacionalnih ukrepov za odpravo podobnega zadržka glede zaščite vlagateljev (kar lahko nato prispeva k tveganju regulativne arbitraže) so privedli do sklepa, da so za zagotavljanje skupne ravni zaščite po celotni Uniji potrebni ukrepi na ravni Unije.
In Poland, the adoption of measures in July 2015 has not been sufficient to address investor protection concern.
UKREP ORGANA ESMA OBRAVNAVA UGOTOVLJENI RESEN ZADRŽEK GLEDE ZAŠČITE VLAGATELJEV IN NIMA ŠKODLJIVEGA UČINKA NA UČINKOVITOST FINANČNIH TRGOV ALI NA VLAGATELJE, KI BI BIL NESORAZMEREN GLEDE NA NJEGOVE KORISTI (ČLENA 40(2)(a) IN (3)(a) UREDBE (EU) št. 600/2014)
As previously mentioned, a study conducted by the PL-KNF in the first quarter of 2018 showed that 79,69 % of clients lost money in 2017 and the average loss per client increased.
Organ ESMA ob upoštevanju obsega in narave opredeljenega resnega zadržka glede zaščite vlagateljev meni, da je potrebno in sorazmerno začasno omejiti trženje, razširjanje ali prodajo CFD-jev malim vlagateljem na okoliščine, v katerih so izpolnjeni številni pogoji.
In contrast, in Belgium, the BE-FSMA is satisfied with the result of its action; however, BE-FSMA introduced a ban of the commercialisation of CFDs to retail clients and therefore these products cannot be legally offered to retail clients in Belgium anymore.
Omejitev, ki jo uvaja organ ESMA, opredeljeni resni zadržek glede zaščite vlagateljev odpravlja z zagotavljanjem ustrezne in enotne ravni minimalne zaščite malim vlagateljem, ki v Uniji trgujejo s CFD-ji.
ESMA does not have evidence that a prohibition of, as opposed to restrictions on, the marketing, distribution or sale of CFDs to retail clients at Union level is necessary at this stage.
Poleg tega nima negativnega učinka na učinkovitost finančnih trgov ali na vlagatelje, ki bi bil nesorazmeren glede na njene koristi.
However, given that the individual restrictions applied in the national measures taken so far which featured only some of the elements included in this measure (for example specific leverage limits or marketing restrictions) proved to be insufficient to solve the investor protection concern identified, ESMA considers it necessary to impose each of the requirements in this Decision as a package to achieve a minimum level of protection of retail clients across the Union.
Glavne koristi, povezane z začasnimi ukrepi organa ESMA za poseganje, so:
Furthermore, CFDs are commonly marketed, distributed or sold through online trading accounts.
zmanjšanje tveganj, povezanih z regulativno ali nadzorno arbitražo v različnih subjektih in jurisdikcijah;
Therefore, a national ban or restriction is inadequate to protect retail clients in Member States other than the the Member State in which the measure is taken when CFD providers operate in other Member States.
obnovitev zaupanja vlagateljev v finančne trga, vključno z zaupanjem v ponudnike, ki so dejavni v tem sektorju in imajo morda okrnjen ugled zaradi težav, ki so jih imeli vlagatelji.
As evidenced by data gathered by the UK-FCA and the CY-CySEC, CFD providers have been able to reach out to new clients across the Union easily and quickly by operating online.
Organ ESMA meni, da bodo morebitne finančne posledice in stroški, ki jih bodo imeli ponudniki pri izvajanju ukrepov za poseganje iz tega sklepa, verjetno tako enkratni kot trajni ter med drugim povezani z:
As a further example confirming the persisting EU dimension of business in this area, IT-CONSOB reported to ESMA that all complaints it received on CFDs and binary options in the time period from September 2017 to February 2018 entirely concerned CFD providers operating in Italy from five different Member States by virtue of the freedom to provide investment services or activities or the right to establish a branch in other Member States.
začetnimi in trajnimi stroški za informacijsko tehnologijo;
In the light of the above, for national measures to be effective for retail clients across the Union, it would be necessary for NCAs in all Member States to take action aimed at introducing the common minimum level of investor protection set out in this Decision within a short period of time.
posodobitvijo/pregledom veljavnih postopkovnih in organizacijskih ureditev;
Since this has not occurred and given the urgency to address the investor protection concern identified, ESMA finds it necessary to exercise its temporary product intervention powers.
ustreznimi stroški za človeške vire, povezanimi z izvajanjem ukrepa za poseganje, ki ga uvaja organ ESMA (vključno z osebjem za doseganje skladnosti in osebjem, ki zagotavlja ustrezne investicijske storitve ali informacije o produktih);
The current fragmented framework provides retail clients with no or a different level of protection across the Union when investing in the same complex products, sometimes from the same providers.
morebitnim pregledom in posodobitvijo veljavnih pogodb (dodatna birokracija), in
Lastly, the use of supervisory powers by NCAs under Article 69 of Directive 2014/65/EU, for example under paragraph (2)(f) (temporary prohibition of professional activity) and (t) (suspension of the marketing or sale for a lack of compliance with the product approval process requirements) would also not address the significant investor protection concern.
zmanjšanim obsegom prodaje produktov, na katere se nanašajo ukrepi za poseganje, ki jih uvaja organ ESMA.
By addressing on a Union basis the risks arising from the offer of CFDs to retail clients, the intervention measure is more effective than NCAs trying to take action against each firm individually.
Pričakovani učinek ukrepov posredovanja je dodatno obravnavan v nadaljevanju.
As noted above, evidence shows that this is a market wide issue as the problem is not limited to the specificities of particular providers and that the key risks are inherent to the product and to the providers' business model.
Zaščita začetnega kritja
As such, varied individual supervisory actions would not immediately ensure that further harm to retail clients is prevented and would not provide an adequate alternative to the use of ESMA's intervention powers.
Organ ESMA meni, da je treba omejiti trženje, razširjanje ali prodajo CFD-jev malim vlagateljem z uporabo nekaterih specifičnih omejitev finančnega vzvoda, ki so odvisne od narave osnovnega instrumenta.
The cross-border nature of the distribution of CFDs, the fact that they affect more than one Member State, the spread of the distribution of CFDs in new jurisdictions, and the proliferation of different national measures to address similar investor protection concern (which, in turn, may contribute to the risk of regulatory arbitrage) lead to the conclusion that Union-wide measures to ensure a common level of protection across the Union are considered necessary.
Uvedba teh omejitev finančnega vzvoda bo zaščitila stranke, saj bodo morale za odprtje pozicij CFD-jev plačati minimalno začetno kritje.
ESMA'S MEASURE ADDRESSES THE SIGNIFICANT INVESTOR PROTECTION CONCERN IDENTIFIED AND DOES NOT HAVE A DETRIMENTAL EFFECT ON THE EFFICIENCY OF FINANCIAL MARKETS OR ON INVESTORS THAT IS DISPROPORTIONATE TO ITS BENEFITS (ARTICLE 40(2)(a) AND (3)(a) OF REGULATION (EU) No 600/2014)
Ta zahteva je znana kot „zaščita začetnega kritja“.
Taking into account the size and nature of the significant investor protection concern identified, ESMA considers it necessary and proportionate to temporarily restrict the marketing, distribution or sale of CFDs to retail clients to circumstances where a number of conditions are met.
To bo omejilo hipotetično naložbeno izpostavljenost stranke v zvezi z vloženim zneskom denarja.
ESMA's restriction addresses the significant investor protection concern identified by affording an appropriate and uniform level of minimum protection to retail clients trading CFDs in the Union.
Ker se stroški, ki jih ima stranka, pri hipotetični naložbeni izpostavljenosti zvišajo, se bo z zaščito začetnega kritja zmanjšala verjetnost izgub za stranke v primerjavi s tistimi, ki bi se pričakovale, če bi stranka trgovala z višjim finančnim vzvodom.
Furthermore, it does not have a detrimental effect on the efficiency of financial markets or on investors that is disproportionate to its benefits.
Kot je dodatno pojasnjeno v nadaljevanju, je bila ta analiza potrjena z akademsko empirično raziskavo, v kateri je bilo ugotovljeno, da omejitve finančnega vzvoda izboljšajo povprečne rezultate za vlagatelje.
The main benefits linked to ESMA's temporary intervention measures are the following:
Organ ESMA je pri oblikovanju sklepov upošteval odgovore iz poziva k predložitvi dokazov.
reduction of the mis-selling risk of CFDs and its related financial consequences.
Odgovori ponudnikov, trgovinskih organizacij in drugih zainteresiranih subjektov na poziv k predložitvi dokazov so bili glede predlaganih omejitev finančnega vzvoda z nekaj izjemami na splošno negativni.
This is a major benefit for retail clients and for the financial markets as a whole;
Glavni vpliv na ponudnike za uvedbo omejitev finančnega vzvoda, kot so bile predlagane, je bilo pričakovano zmanjšanje dohodkov.
reduction of risks linked to regulatory or supervisory arbitrage across different entities and jurisdictions;
Vendar so številni navedli, da na splošno ne nasprotujejo omejitvam finančnega vzvoda kot ukrepu za poseganje, se pa ne strinjajo s posebnimi predlaganimi omejitvami.
restoring investors' confidence in financial markets including confidence in providers active in this sector which may have suffered from reputational damage arising from problems encountered by investors.
Predstavniki potrošnikov so na splošno pozitivno sprejeli predlagane ukrepe v zvezi s CFD-ji, vključno z omejitvami finančnega vzvoda, ki jih je predlagal organ ESMA.
ESMA believes that potential financial consequences and costs that providers will face when implementing the intervention measures in this Decision are likely to be of both a one-off and ongoing nature linked, inter alia, to:
Vendar je bilo v skoraj polovici odgovorov predstavnikov potrošnikov predlagano, da bi se ukrepi, ki jih je predlagal organ ESMA, presegli s sprejetjem strožjih ukrepov, kot so strožje omejitve finančnega vzvoda ali popolna prepoved trženja, razširjanja ali prodaje CFD-jev malim vlagateljem.
initial and ongoing IT costs;
Velika večina posameznikov je v svojih odgovorih pogosto zelo na kratko izrazila splošno strinjanje ali nestrinjanje s predlaganimi ukrepi, le redki pa so svoje pripombe bolj poglobljeno utemeljili.
the update/review of the existing procedural and organisational arrangements;
Velika večina teh posameznikov je negativno sprejela predlagane omejitve finančnega vzvoda.
relevant HR costs linked to the implementation of ESMA's intervention measures (including compliance function staff and staff providing relevant investment services or information about the products);
Med redkimi posamezniki, ki so podprli ukrepe v zvezi s CFD-ji, ki jih je predlagal organ ESMA, so nekateri navedli, da bi bilo po njihovem mnenju treba dodatno zaščititi male vlagatelje pri trgovanju s temi instrumenti.
the potential review and update of existing contracts (repapering); and
Nekateri so se sklicevali na znesek izgub, ki izhajajo iz trgovanja s CFD-ji, ali pa se pritožili glede agresivnega ravnanja nekaterih podjetij.
reduced sales volumes of products covered by ESMA's intervention measures.
V nekaterih primerih so vlagatelji trdili, da so bili žrtve goljufije.
It is possible that some of these costs will be passed on to investors.
Nekateri sodelujoči, ki so se odzvali na poziv k predložitvi dokazov, so izrazili željo, da bi se kategorije, uporabljene za zaščito začetnega kritja, dodatno izpopolnile.
Further reference to the expected impact of the intervention measures is set out below.
Eden je navedel več specifičnih osnovnih instrumentov za prerazporeditev zaradi njihove nestanovitnosti.
Initial margin protection
Organ ESMA je po dodatni kvantitativni analizi indeks EuroSTOXX50 prerazporedil v razred sredstev z glavnimi indeksi.