natgillin/translations-raw huggingface dataset:
However, this type of disclosure does not sufficiently draw retail clients' attention to the consequences of investing in binary options in particular.
Podobno je Direktiva 2014/65/EU okrepila zahteve glede ustreznosti, predvsem z zožitvijo seznama nekompleksnih produktov in posledično z omejitvijo obsega produktov za storitve, namenjene zgolj izvrševanju.
For example, the performance ratio only relates to the individual binary option product and does not provide the client with the overall percentage of retail client accounts that lose money.
Člen 25(3) Direktive 2014/65/EU od ponudnikov binarnih opcij zahteva, da prosijo stranke ali potencialne stranke, naj jim dajo informacije v zvezi s svojim znanjem in izkušnjami na investicijskem področju, med drugim glede specifičnih ponujenih ali zahtevanih produktov, da bi ponudnik lahko določil, ali je produkt ustrezen za stranko ali potencialno stranko.
More generally, a disclosure-based regulatory solution is inappropriate for these products, which are in themselves unsuitable for retail clients.
Če ponudnik meni, da produkt ni ustrezen za stranko ali potencialno stranko, jo mora opozoriti.
The requirements on suitability have also been strengthened in Directive 2014/65/EU by requiring the delivery of a suitability report to the client and refining the suitability assessment.
Binarne opcije se štejejo za kompleksne finančne produkte, zato je zanje treba izvesti preizkus ustreznosti v skladu s členom 25(3) Direktive 2014/65/EU.
In particular Article 25(2) of Directive 2014/65/EU requires binary option providers to obtain the necessary information regarding the client's or potential client's knowledge or experience in the investment field relevant inter alia to the specific type of product, the client's or potential client's financial situation including their ability to bear losses, and their investment objectives including their risk tolerance so as to enable the binary option provider to recommend the client or potential client financial products that are suitable for them and are in accordance with their risk tolerance and ability to bear losses.
Vendar pa je tako veljajo že v Direktivi 2004/39/ES, ki je predlagala skoraj enak preizkus ustreznosti kot Direktiva 2014/65/EU.
However, the suitability requirements are only applicable to the provision of investment advice and portfolio management and hence they are usually irrelevant in relation to the marketing, distribution or sale of binary options, which mostly occurs via electronic platforms, without the provision of investment advice or portfolio management.
Kot navaja ta sklep in so pokazale nadzorne izkušnje pristojnih nacionalnih organov, preizkus ustreznosti ni zadoščal za obravnavo zadržkov glede zaščite vlagateljev, kot jih opisuje ta sklep.
Furthermore, the objectives of the suitability assessment (considering products against clients' knowledge and experience, financial situation and investment objectives) are substantially unchanged compared to the regime in Directive 2004/39/EC and, as evidenced in this Decision, have not been sufficient to avoid the investor detriment identified.
Ni pričakovati, da bi preizkusi primernosti in ustreznosti v skladu z obstoječimi regulativnimi zahtevami malim vlagateljem preprečili trgovanje z binarnimi opcijami na način, ki zagotavlja upoštevanje resnega zadržka glede zaščite vlagateljev.
Similarly, the requirements on appropriateness have been strengthened under Directive 2014/65/EU, mainly by narrowing down the list of non-complex products and therefore restricting the scope of products for execution-only services.
Glede najboljšega izvrševanja je večina teh pravil že obstajala v Direktivi 2004/39/ES.
Article 25(3) of Directive 2014/65/EU requires binary option providers to ask their clients or potential clients to provide information regarding their knowledge and experience in the investment field relevant inter alia to the specific product offered or demanded so as to enable the provider to determine whether that product is appropriate for the client or potential client.
Vendar je ta pravila Direktiva 2014/65/EU še okrepila.
If the provider considers the product to be inappropriate for the client or potential client, the provider shall warn them.
Zlasti člen 27 Direktive 2014/65/EU določa, da investicijska podjetja ukrenejo „vse potrebno“ (in ne več „vse razumno“), da dosežejo najboljši možni rezultat za svoje stranke pri izvrševanju naročil.
Binary options qualify as complex financial products and therefore are subject to the appropriateness test pursuant to Article 25(3) of Directive 2014/65/EU.
Poleg tega morajo udeleženci na trgu objaviti dodatne informacije in zlasti investicijska podjetja morajo razkriti najboljših pet mest, kjer so izvrševala naročila strank, in dosežene rezultate pri izvrševanju teh naročil.
However, that was already the case under Directive 2004/39/EC, which provided for substantially the same appropriateness test as the one set out in Directive 2014/65/EU.
Organ ESMA je preučil, ali bi lahko revidirana pravila za najboljše izvrševanje obravnavala vsaj nekatere pomisleke glede trženja, distribucije ali prodaje binarnih opcij malim vlagateljem.
As evidenced in this Decision and as NCAs' supervisory experience has demonstrated, the appropriateness test has not been sufficient to address the investor protection concerns described in this Decision.
Povečana preglednost glede izvrševanja naročil pomaga strankam bolje razumeti in oceniti kakovost praks izvrševanja s strani podjetja in zato bolje oceniti kakovost celokupnih storitev, ki so jim zagotovljene.
Both the suitability and appropriateness tests under the existing regulatory requirements therefore are unlikely to prevent retail clients from trading binary options in a way that ensures that the significant investor protection concern is addressed.
Poleg tega izboljšane informacije o tem, kako podjetja izvršujejo naročila strank, pomagajo strankam pri spremljanju, da je podjetje izvedlo vse potrebno za zagotovitev najboljših možnih rezultatov za stranko.
With regard to best execution, most of the best execution rules by themselves already existed under Directive 2004/39/EC.
Zahteve glede najboljšega izvrševanja tudi krepijo standard najboljšega izvrševanja glede produktov OTC, tako da se od podjetij zahteva, naj preverijo poštenost cene, ki se predlaga stranki, pri izvrševanju naročil ali sprejemanju odločitev pri trgovanju s produkti OTC, vključno s prilagojenimi produkti.
However, these rules have been strengthened under Directive 2014/65/EU.
Zahteve iz Direktive 2014/65/EU veljajo za zbiranje tržnih podatkov, ki se uporabljajo pri oceni cene takšnih produktov in, kjer je mogoče, s primerjavo s podobnimi ali primerljivimi produkti.
In particular, Article 27 of Directive 2014/65/EU provides that investment firms must take ‘all sufficient steps’ (and no longer ‘all reasonable steps’) to obtain the best possible result for their clients when executing orders.
Vendar pravila najboljšega izvrševanja sama po sebi ne obravnavajo tveganj, povezanih z značilnostmi produkta, razen izvrševanja, ter s širšim trženjem, distribucijo ali prodajo teh produktov malim vlagateljem.
Furthermore, additional information has to be published by market participants and in particular investment firms are required to disclose the top five venues where they executed client orders and the outcomes achieved when executing those orders.
V zvezi s temi razmeroma podobnimi obstoječimi regulativnimi zahtevami je organ ESMA večkrat opozoril na zgoraj navedena tveganja v opozorilih vlagateljem, vprašanjih in odgovorih in v svojem mnenju o „praksah direktive MiFID za podjetja, ki prodajajo kompleksne produkte“.
ESMA has considered whether the revised best execution rules could address at least some of the concerns identified in relation to the marketing, distribution or sale of binary options to retail clients.
Organ ESMA je izvedel tudi konvergenco nadzora, med drugim prek združene skupine.
Increased transparency around order execution helps clients to better understand and to evaluate the quality of the firm's execution practices and thus to better assess the quality of the overall service provided to them.
Čeprav organ ESMA obširno uporablja svoje nezavezujoče instrumente za zagotovitev doslednega in učinkovitega izvajanja veljavnih obstoječih regulativnih zahtev, še vedno obstaja zadržek glede zaščite vlagateljev.
In addition, improved information on how firms execute clients' orders, assists clients when monitoring that the firm has taken all sufficient steps to achieve the best possible results for the client.
S tem se poudarja, da iz razlogov iz tega oddelka te zahteve ne obravnavajo opredeljenega zadržka.
The requirements in relation to best execution also strengthen the best execution standard in relation to OTC products by requiring firms to check the fairness of the price proposed to the client when executing orders or taking decisions to deal in OTC products, including bespoke products.
Organ ESMA je preučil morebitni vpliv pravil glede upravljanja produktov iz členov 16(3) in 24(2) Direktive 2014/65/EU.
The requirements in Directive 2014/65/EU imply gathering market data to use for the estimation of the price of such products and, where possible, by comparing with similar or comparable products.
Ta pravila določajo, da ponudniki, ki pripravljajo finančne instrumente (vključno z binarnimi opcijami) za prodajo strankam, zagotovijo, da so njihovi produkti oblikovani tako, da izpolnjujejo potrebe opredeljenega ciljnega trga končnih strank v zadevni kategoriji strank, da je strategija za distribucijo produktov skladna z opredeljenim ciljnim trgom in da sprejmejo razumne ukrepe, da bi se finančni instrument distribuiral na opredeljenem ciljnem trgu, ter redno preverjajo opredelitev ciljnega trga in učinkovitost produkta.
However, the best execution rules by themselves do not address the risks linked to the product's features, other than execution, and to the wide marketing, distribution or sale of these products to retail clients.
Ponudniki binarnih opcij razumejo finančne instrumente, ki jih ponujajo ali priporočajo, ocenjujejo skladnost instrumenta s potrebami stranke, kateri zagotavljajo investicijske storitve, ter upoštevajo opredeljeni ciljni trg končnih strank in zagotovijo, da se finančni instrumenti ponujajo ali priporočajo le takrat, ko je to v interesu stranke.
In respect of these substantially similar existing regulatory requirements, ESMA has repeatedly noted the risks described above in investor warnings, Questions and Answers (Q&As) and its opinion on ‘MiFID practices for firms selling complex products’.
Ponudniki binarnih opcij, ki bi distribuirali finančni instrument, ki ga ne pripravijo sami, poleg tega uredijo vse potrebno za pridobitev in razumevanje ustreznih informacij glede postopka odobritve produkta, vključno z opredeljenim ciljnim trgom in značilnostmi produkta.
ESMA has also carried out supervisory convergence work through, inter alia, the Joint Group.
Ponudniki binarnih opcij, ki distribuirajo finančne instrumente, ki jih pripravijo ponudniki, za katere ne veljajo zahteve glede upravljanja produktov iz Direktive 2014/65/EU, ali ponudniki iz tretjih držav, imajo prav tako ustrezno ureditev za pridobitev zadostnih informacij o finančnih instrumentih.
Despite ESMA's extensive use of its non-binding instruments to ensure a consistent and effective application of the applicable existing regulatory requirements, the investor protection concerns persists.
Organ ESMA opozarja, da so bile zahteve glede upravljanja produktov prvič uvedene v pravu Unije v Direktivi 2014/65/EU.
This highlights that, for the reasons set out in this section, these requirements do not address the concern identified.
Dne 2. junija 2017 je organ ESMA objavil „Smernice o zahtevah glede upravljanja produktov MiFID II“, v katerih so navodila za proizvajalce in razvijalce za oceno ciljnega trga.
ESMA has indeed considered the potential impact of the product governance rules set out in Articles 16(3) and 24(2) of Directive 2014/65/EU.
Namen zahtev glede upravljanja produktov je zožiti vrsto strank (tj. ciljni trg), za katere bi bili finančni instrumenti ustrezni in katerim bi se te finančne instrumente ponujalo.
These rules require providers manufacturing financial instruments (including therefore binary options) for sale to clients to ensure that the products are designed to meet the needs of an identified target market of end clients within the relevant category of clients; that the strategy for distribution of the products is compatible with the identified target market; and that the providers take reasonable steps to ensure that the financial instruments are distributed to the identified target market and periodically review the identification of the target market and the performance of the product.
Ob upoštevanju značilnosti binarnih opcij (visoka stopnja izgub, negativni pričakovani donos, kratkoročnost pogodb, kompleksnost struktur cen in splošno pomanjkanje razumnih investicijskih ciljev) pristojni nacionalni organi in organ ESMA menijo, da ni mogoče določiti pozitivnega ciljnega maloprodajnega trga.
Binary options providers shall understand the financial instruments they offer or recommend, assess the compatibility of the instrument with the needs of the client to whom it provides investment services, also taking into account the identified target market of end clients, and ensure that financial instruments are offered or recommended only when it is in the interest of the client.
Mnoga podjetja po uveljavitvi Direktive 2014/65/EU in zahtev glede upravljanja produktov še vedno tržijo binarne opcije na množičnem trgu.
Furthermore, binary options providers that would distribute a financial instrument not manufactured by them shall have appropriate arrangements in place to obtain and understand the relevant information concerning the product approval process, including the identified target market and the characteristics of the product.
Kljub obstoju teh regulativnih zahtev dokazi kažejo, da mali vlagatelji izgubljajo in bodo še naprej izgubljali denar z binarnimi opcijami.
Binary options providers distributing financial instruments manufactured by providers not subject to the product governance requirements in Directive 2014/65/EU or by third-country providers shall also have appropriate arrangements to obtain sufficient information about the financial instruments.
Zato je ta ukrep nujen za obravnavanje nevarnosti.
ESMA notes that the product governance requirements are introduced for the first time in Union law under Directive 2014/65/EU.
PRISTOJNI ORGANI NISO SPREJELI UKREPOV, S KATERIMI BI ODPRAVILI NEVARNOST, ALI PA SPREJETI UKREPI NE ZADOSTUJEJO ZA NJENO ODPRAVO (ČLEN 40(2)(c) UREDBE (EU) št. 600/2014)
On 2 June 2017 ESMA published the ‘Guidelines on MiFID II product governance requirements’ in which guidance is provided to manufacturers and developers for the assessment of the target market.
Eden od razlogov, da je organ ESMA sprejel omejitev v tem sklepu, je, da pristojni organ ali pristojni organi niso sprejeli ukrepov, s katerimi bi odpravili nevarnost, ali pa sprejeti ukrepi ne zadostujejo za njeno odpravo.
The purpose of the product governance requirements is to narrow down the type of clients (that is, the target market) for which financial instruments would be appropriate and to which they should therefore be distributed.
Zadržek glede zaščite vlagateljev, ki ga navaja ta sklep, je nekatere pristojne nacionalne organe privedel do tega, da so proučili ali sprejeli nacionalne ukrepe, katerih namen je omejiti trženje, distribucijo ali prodajo binarnih opcij malim vlagateljem:
Considering the features of binary options (high degree of losses, negative expected return, short term of contracts, complexity of pricing structures, and in general the lack of reasonable investment objectives), NCAs and ESMA are of the view that no positive retail target market could be determined.
od avgusta 2016 belgijski pristojni nacionalni organ za finančne storitve in trge (BE-FSMA) izvaja prepoved komercializacije nekaterih pogodb o izvedenih finančnih instrumentih OTC (vključno z binarnimi opcijami) malim vlagateljem.
Several firms, after implementation of Directive 2014/65/EU and the product governance requirements, still market binary options to the mass market.
Poleg tega je organ FSMA prepovedal številne agresivne ali neustrezne distribucijske tehnike, kot so nenapovedani klici iz zunanjih klicnih centrov, neustrezne oblike prejemkov in fiktivnih daril ali bonusov;
Despite the existence of these regulatory requirements, evidence shows that retail clients continue and will continue to lose money on binary options.
od decembra 2016 zakonodaja v Franciji ponudnikom investicijskih storitev določa prepoved tržnih sporočil posameznikom, med drugim glede binarnih pogodb;
Therefore, this measure is necessary to address the threat.
v Španiji od marca 2017 španski pristojni nacionalni organ Comisión Nacional del Mercado de Valores (ES-CNMV) od subjektov, ki med malimi vlagatelji v Španiji tržijo CFD-je ali produkte forex s finančnim vzvodom prek desetkrat ali binarne opcije, zahteva, da takšne stranke izrecno obvestijo o mnenju ES-CNMV, da nakup teh produktov zaradi njihove kompleksnosti in stopnje tveganja ni primeren za male vlagatelje.
COMPETENT AUTHORITIES HAVE NOT TAKEN ACTION TO ADDRESS THE THREAT OR THE ACTIONS TAKEN DO NOT ADEQUATELY ADDRESS THE THREAT (ARTICLE 40(2)(c) OF REGULATION (EU) No 600/2014)
Ti subjekti so bili pozvani tudi k zagotovitvi, da obveščajo stranke o stroških, ki bi nastali, če bi se odločile zapreti svojo pozicijo po nakupu takšnih produktov in, pri CFD-jih in produktih forex, da jih posvarijo, da utegnejo biti izgube glede na finančni vzvod večje od zneska, ki je bil v začetku vplačan za nakup zadevnega produkta.
One of the conditions for ESMA to adopt the restriction in this Decision is that a competent authority or competent authorities have not taken action to address the threat or the actions that have been taken do not adequately address the threat.
Poleg tega morajo od stranke prejeti pisno ali posneto ustno izjavo, ki jim služi kot dokaz, da se stranka zaveda, da je produkt, ki ga namerava pridobiti, izjemno kompleksen, in da po mnenju ES-CNMV ni primeren za malega vlagatelja.
The investor protection concerns described in this Decision have led some NCAs to consult on or take national actions aimed at restricting the marketing, distribution or sale of binary options to retail clients:
Dodatno mora oglaševalsko gradivo, ki ga subjekti pod okriljem CNMV uporabljajo pri oglaševanju teh produktov, vedno vsebovati opozorilo o težavnosti razumevanja produktov in dejstvu, da ti produkti po mnenju ES-CNMV zaradi svoje kompleksnosti in stopnje tveganja, ki jo predstavljajo, niso primerni za male vlagatelje.
since August 2016, the Financial Services and Markets Authority (‘BE-FSMA’), the Belgian NCA, has in place a ban on the commercialisation of certain OTC derivative contracts (including binary options) to retail clients.
Organ ES-CNMV je pozval tudi pristojna nacionalna organa CY-CySEC in UK-FCA, naj ponudnike binarnih opcij seznanita s temi zahtevami in ponudnike, ki ponujajo storitve v Španiji, spodbudita, da prikažejo enako opozorilo;
In addition, the FSMA has forbidden a number of aggressive or inappropriate distribution techniques such as cold calling via external call centres, inappropriate forms of remuneration and fictitious gifts or bonuses;
v Italiji je IT-CONSOB februarja 2017 izdal posebno sporočilo, v katerem je italijanske male vlagatelje opozoril na tveganja, povezana z binarnimi opcijami;
since December 2016, in France the legislation sets forth a ban on investment service providers' marketing communications to individuals regarding, inter alia, binary contracts;
februarja 2018 je portugalski pristojni nacionalni organ Comissão do Mercado de Valores Mobiliários („PT-CMVM“) izdal okrožnico, v kateri je navedel, da se morajo investicijska podjetja vzdržati zagotavljanja storitev trženja izvedenih finančnih instrumentov, povezanih s kriptovalutami, če ne morejo zagotoviti skladnosti z vsemi zahtevami po informiranju strank glede značilnosti produktov;
in Spain since March 2017, the Comisión Nacional del Mercado de Valores (ES-CNMV), the Spanish NCA, requested entities which market, among 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.
dne 10. maja 2017 je grški pristojni nacionalni organ Ελληνική Επιτροπή Κεφαλαιαγοράς („EL-HCMC“) izdal okrožnico o zagotavljanju investicijskih storitev v obliki izvedenih finančnih instrumentov OTC (vključno s produkti forex, CFD-ji in binarnimi opcijami) prek platform za elektronsko trgovanje;
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.
na Češkem je centralna nacionalna banka (CZ-CNB), ki je češki pristojni nacionalni organ, oktobra 2015 izdala izjavo, v kateri je male vlagatelje opozorila glede tveganj, povezanih z binarnimi opcijami;
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.
na Nizozemskem je februarja 2017 nizozemski pristojni nacionalni organ Autoriteit Financiele Markten (NL-AFM), izdal posvetovalni dokument, ki predlaga uvedbo prepovedi oglaševanja nekaterih produktov, vključno z binarnimi opcijami;
Furthermore, the advertising material used by the entities subject to the CNMV's action to promote these products must always contain a warning about the difficulty of understanding the products and the fact that ES-CNMV considers that these products are not suitable for retail clients because of their complexity and the level of risk they carry.
na Cipru je februarja 2017 CY-CySEC izdal posvetovalni dokument, ki predlaga prepoved distribucije in trgovanja z binarnimi opcijami v njihovi zdajšnji obliki in da mora končni produkt imeti značilnosti izvedenega produkta, s katerim se trguje na borzi;
The ES-CNMV also requested CY-CySEC and the UK-FCA to inform binary options providers of these requirements, encouraging providers which provide services in Spain to display the same warning;
decembra 2016 se je UK-FCA, ki je pričakoval, da bodo binarne opcije obravnavane v okviru nacionalne uredbe z dne 3. januarja 2018, posvetoval glede zgodnjih političnih preudarkov za morebitno okrepljeno izvajanje pravil poslovanja z binarnimi opcijami, vključno s potencialno uporabo pooblastil za poseganje v zvezi s produkti, za spreminjanje posameznih značilnosti produktov binarnih opcij ali za uvedbo omejitev glede prodaje in trženja teh produktov malim vlagateljem.
in Italy in February 2017, IT-CONSOB issued a specific communication to warn Italian retail clients on the risks associated with binary options;
UK-FCA je 14. novembra 2017 izdal tudi opozorilo potrošnikom glede tveganj vlaganja v binarne opcije, in
in February 2018, the Comissão do Mercado de Valores Mobiliários (‘PT-CMVM’) the Portuguese NCA, 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;
decembra 2016 je avstrijski pristojni nacionalni organ AT-FMA izdal opozorilo glede tveganj, povezanih s CFD-ji, „valutnim trgovanjem forex“ in binarnimi opcijami.