natgillin/translations-raw huggingface dataset:
Where such hedging activity relates to the provision of a binary option and is carried out by the provider or by another entity in the provider's group, and if no profit or loss is made on the binary option by any of the group entities other than previously disclosed commissions, transaction fees and related charges, the conflict of interest between the provider and client is significantly reduced.
Kadar se tovrstno varovanje nanaša na ponudbo binarne opcije in ga jamči ponudnik ali drug subjekt v ponudnikovi skupini ter če nobeden od subjektov skupine ne ustvari dobička ali izgube, razen predhodno razkritih provizij, pristojbin za transakcije ali drugih povezanih taks, je nasprotje interesov med ponudnikom in vlagateljem bistveno manjše.
In particular, the net profit derived from the binary option is not substantially determined by whether it pays out or not.
Na čisti dobiček, ki izhaja iz binarne opcije, namreč bistveno ne vpliva to, ali se izplača ali ne.
Hedged providers are not incentivised to misreport underlying prices or to speculate against the client.
Ponudniki varovanja ne prejmejo nobene spodbude, da napačno poročajo o osnovnih cenah ali špekulirajo na škodo vlagatelja.
Evidence received by ESMA suggests that hedged business models are consistent with binary options offerings with sufficiently long terms, in contrast to unhedged business models characterised by short term offerings.
Dokazi, ki jih je prejel organ ESMA, kažejo, da so zavarovani poslovni modeli skladni s ponudbami binarnih opcij z dovolj dolgo dospelostjo, za razliko od nezavarovanih poslovnih modelov, za katere so značilne kratkoročne ponudbe.
NCAs supervising markets in which long term securitised binary options are provided by hedged providers have confirmed that in respect of such products they have identified no reported cases of significant detriment to individual retail clients.
Pristojni nacionalni organi, ki nadzorujejo trge, na katerih dolgoročne varovane binarne opcije ponujajo ponudniki varovanja, so potrdili, da v zvezi s tovrstnimi produkti niso ugotovili nobenega prijavljenega primera bistvene škode za posamezne male vlagatelje.
Furthermore, BaFIN has not received any investor complaints in relation to inline warrants.
Poleg tega nemški nacionalni organ BaFIN ni prejel nobene pritožbe vlagateljev v zvezi z „inline“ nakupnimi boni.
Additionally, and in this context, the requirement that binary options made available to retail investors must be accompanied by a prospectus approved in accordance with Directive 2003/71/EC of the European Parliament and the Council is intended to ensure a minimum level of transparency around these longer-term products.
Poleg tega je namen zahteve, da mora binarne opcije, ki so na voljo malim vlagateljem, spremljati prospekt, ki je odobren v skladu z Direktivo 2003/71/ES Evropskega parlamenta in Sveta, zagotoviti vsaj minimalno stopnjo preglednosti teh dolgoročnih produktov.
It ensures that in relation to the marketing, distribution or sale of these products to retail clients, prescribed information on the provider, including its business model and financial statements, and the risks and characteristics of the product, is made available to investors.
Gre za zagotovilo, da so vlagateljem v zvezi s trženjem, razširjanjem ali prodajo teh produktov malim vlagateljem na voljo točno predpisane informacije o ponudniku, vključno z njegovim poslovnim modelom in računovodskimi izkazi, ter tveganjih in značilnostih produkta.
Furthermore, the prospectus is subject to the scrutiny of the relevant NCA.
Poleg tega prospekt skrbno pregleda ustrezni pristojni nacionalni organ.
There is also no product-specific evidence that the marketing and distribution activities in relation to sufficiently long-term binary options with a prospectus and fully hedged by the provider or another entity in the provider's group consist of aggressive marketing practices and misleading communications techniques.
Hkrati ne obstaja noben dokaz v zvezi s produkti, da bi dejavnosti trženja in razširjanja dovolj dolgoročnih binarnih opcij s prospektom, ki so pred tveganji v celoti zavarovane s strani ponudnika ali drugega subjekta v ponudnikovi skupini, vsebovale agresivne tržne prakse ali zavajajoče komunikacijske veščine.
While the existence of any one of the criteria alone would not be sufficient to tackle the risk of investor detriment, ESMA has received new evidence during the renewal period that a binary option that benefits from the cumulative effect of an approved prospectus, a sufficiently long term and full hedging by the provider or its group entity is unlikely to give rise to the significant investor protection concern identified in Decision (EU) 2018/795.
Medtem ko izpolnitev samo enega od meril ne bi zadostovala za odpravo tveganja za škodo za vlagatelje, je organ ESMA med obdobjem pregleda prejel nove dokaze, da binarna opcija, ki izkorišča kumulativni učinek odobrenega prospekta, dovolj dolge dospelosti in popolnega varovanja s strani ponudnika ali subjekta iz njegove skupine, najverjetneje ne bo povzročila resne zaskrbljenosti glede zaščite vlagateljev, ugotovljene v Sklepu (EU) 2018/795.
Accordingly, binary options that fulfill all these three criteria should be explicitly excluded from the scope of the renewal of ESMA's temporary product intervention measure.
Skladno s tem bi bilo treba binarne opcije, ki izpolnjujejo vsa ta tri merila, izrecno izvzeti iz obsega podaljšanja začasnega ukrepa organa ESMA za poseganje v zvezi s produkti.
ESMA will continue to keep these products under review and will act as necessary.
Organ ESMA bo te produkte še naprej pregledoval in po potrebi ustrezno ukrepal.
In particular, ESMA has considered the risk that the exclusion may be used by a binary option provider to offer products with comparable features to those that raise significant investor protection concerns, for example, by issuing products that incentivise short duration trading behavior by setting the barrier close to the underlying market price at issuance.
Zlasti je proučil tveganje, da bi lahko ponudnik binarnih opcij to izvzetje izkoristil tako, da bi ponudil produkte s primerljivimi značilnostmi, kot so tisti, ki vzbujajo resno zaskrbljenost glede zaščite vlagateljev, na primer z izdajo produktov, ki spodbujajo kratkotrajno tržno obnašanje, tako da določijo mejo, ki je blizu osnovni tržni ceni ob izdaji.
ESMA and NCAs will monitor whether any new distribution trends develop and will pay particular attention to products that, despite their long terms, are designed to incentivise such short duration trading behavior.
Organ ESMA in pristojni nacionalni organi bodo spremljali, ali se bodo pojavili kakršni koli novi trendi razširjanja, ter bodo zlasti pozorni na produkte, katerih namen je navkljub njihovi dolgoročnosti spodbujanje tovrstnega kratkotrajnega tržnega obnašanja.
During its review, ESMA also obtained information on existing products that at the end of the term have one of two predetermined pay-outs, neither of which is less than the initial investment.
Organ ESMA je med pregledom pridobil tudi informacije o obstoječih produktih, ki imajo ob njihovi dospelosti enega od dveh vnaprej določenih izplačil, od katerih nobeno ni nižje od začetne naložbe.
The pay-out for this type of binary option could be the higher or the lower one, but in both circumstances the investor would not lose money compared to its total investment in the product.
Izplačilo pri tej vrsti binarne opcije je lahko bodisi višje bodisi nižje, vendar vlagatelj v nobenem primeru ne bi izgubil denarja glede na njegovo skupno naložbo v produkt.
Decision (EU) 2018/795 targets products with the risk that investors face substantial losses in relation to their total investment in the product.
Sklep (EU) 2018/795 je osredotočen na produkte s tveganjem, da bodo vlagatelji utrpeli precejšnje izgube glede na njihovo skupno naložbo v produkt.
Therefore, for reasons of legal certainty, this renewal should explicitly exclude products whose payoff structure does not put the investor's capital at risk.
Zato je treba zaradi pravne varnosti pri tem podaljšanju izrecno izvzeti produkte, katerih struktura izplačil ne ogroža kapitala vlagatelja.
As the proposed measures may, to a limited extent, relate to agricultural commodities derivatives, ESMA has consulted the public bodies competent for the oversight, administration and regulation of physical agricultural markets under Council Regulation (EC) No 1234/2007.
Ker so lahko predlagani ukrepi v omejenem obsegu povezani z izvedenimi finančnimi instrumenti na kmetijske proizvode, se je organ ESMA posvetoval z javnimi organi, pristojnimi za nadzor, upravljanje in regulacijo fizičnih kmetijskih trgov v Uredbi Sveta (ES) št. 1234/2007.
None of those bodies has raised any objections to the proposed renewal of the measures.
Noben organ ni izrazil zadržka glede predlaganega podaljšanja ukrepov.
ESMA has notified NCAs of the proposed renewal Decision,
Organ ESMA je pristojne nacionalne organe obvestil o predlaganem sklepu o podaljšanju –
Temporary prohibition on binary options in respect of retail clients
Začasna prepoved binarnih opcij za male vlagatelje
The marketing, distribution or sale to retail clients of binary options is prohibited.
Trženje, razširjanje ali prodaja binarnih opcij malim vlagateljem je prepovedana.
For the purposes of paragraph 1, irrespective of whether it is traded on a trading venue, a binary option is a derivative that meets the following conditions:
Za namene odstavka 1 je binarna opcija, ne glede na to, ali se trguje na mestu trgovanja ali ne, izvedeni finančni instrument, ki izpolnjuje naslednja merila:
it must be settled in cash or may be settled in cash at the option of one of the parties other than by reason of default or other termination event;
mora biti poravnan z gotovino ali se lahko poravna v gotovini po izbiri ene od strank, razen v primeru neizpolnitve obveznosti ali drugega razloga za prenehanje;
it only provides for payment at its close-out or expiry;
predvideva plačilo le ob njegovem zaprtju ali poteku;
its payment is limited to:
njegovo plačilo je omejeno na:
a predetermined fixed amount or zero if the underlying of the derivative meets one or more predetermined conditions; and
predhodno določeni fiksni znesek ali nič, če osnovni instrument izvedenega finančnega instrumenta izpolnjuje enega ali več predhodno določenih pogojev, in
a predetermined fixed amount or zero if the underlying of the derivative does not meet one or more predetermined conditions.
predhodno določeni fiksni znesek ali nič, če osnovni instrument izvedenega finančnega instrumenta ne izpolnjuje enega ali več predhodno določenih pogojev.
The prohibition in paragraph 1 does not apply to:
Prepoved iz odstavka 1 ne velja za:
a binary option for which the lower of the two predetermined fixed amounts is at least equal to the total payment made by a retail client for the binary option, including any commission, transaction fees and other related costs;
binarno opcijo, pri kateri je nižji od dveh vnaprej določenih fiksnih zneskov najmanj enak skupnemu plačilu malega vlagatelja za binarno opcijo, vključno s provizijami, pristojbinami za transakcijo ali drugimi povezanimi stroški;
a binary option that meets the following conditions:
binarno opcijo, ki izpolnjuje naslednje pogoje:
the term from issuance to maturity is at least 90 calendar days;
rok od izdaje do dospelosti je najmanj 90 koledarskih dni;
a prospectus drawn up and approved in accordance with Directive 2003/71/EC is available to the public; and
javnosti je na voljo prospekt, ki je sestavljen in odobren v skladu z Direktivo 2003/71/ES, in
the binary option does not expose the provider to market risk throughout the term of the binary option and the provider or any of its group entities do not make a profit or loss from the binary option, other than previously disclosed commission, transaction fees or other related charges.
binarna opcija med njenim celotnim trajanjem ponudnika ne izpostavlja tržnemu tveganju, ponudnik ali kateri koli od subjektov v njegovi skupini pa ne ustvari dobička ali izgub iz binarne opcije, razen predhodno razkritih provizij, pristojbin za transakcije ali drugih povezanih taks.
Prohibition of participating in circumvention activities
Prepoved dejanj, ki bi predstavljala izogibanje
It shall be prohibited to participate, knowingly and intentionally, in activities the object or effect of which is to circumvent the requirements in Article 1, including by acting as a substitute for the binary option provider.
Prepovedano je sodelovati, zavestno in namerno, pri dejavnostih, katerih cilj ali učinek je izogibati se določbam člena 1, vključno z delovanjem kot nadomestek za ponudnika binarnih opcij.
This Decision enters into force on the day following that of its publication in the Official Journal of the European Union.
Ta sklep začne veljati dan po objavi v Uradnem listu Evropske unije.
This Decision shall apply from 2 October 2018 for a period of 3 months.
Ta sklep velja od 2. oktobra 2018 za obdobje treh mesecev.
Done at Paris, 21 September 2018.
V Parizu, 21. septembra 2018
For the Board of Supervisors
Za odbor nadzornikov
OJ L 331, 15.12.2010, p. 84.
UL L 331, 15.12.2010, str. 84.
OJ L 173, 12.6.2014, p. 84.
UL L 173, 12.6.2014, str. 84.
OJ L 87, 31.3.2017, p. 90.
UL L 87, 31.3.2017, str. 90.
European Securities and Markets Authority Decision (EU) 2018/795 of 22 May 2018 to temporarily prohibit the marketing, distribution or sale of binary options to retail clients in the Union in accordance with Article 40 of Regulation (EU) No 600/2014 of the European Parliament and of the Council (OJ L 136, 1.6.2018, p. 31).
Sklep Evropskega organa za vrednostne papirje in trge (EU) 2018/795 z dne 22. maja 2018 o začasni prepovedi trženja, razširjanja ali prodaje binarnih opcij malim vlagateljem v Uniji v skladu s členom 40 Uredbe (EU) št. 600/2014 Evropskega parlamenta in Sveta (UL L 136, 1.6.2018, str. 31).
20 NCAs have responded: Cyprus Securities and Exchange Commission (CY-CySEC), Comisión Nacional del Mercado de Valores (ES — CNMV), Autoriteit Financiele Markten (NL-AFM), Czech National Bank (CZ — CNB), Financial Market Authority (AT — FMA), Finnish Financial Supervisory Authority (FI — FSA), Comissão do Mercado de Valores Mobiliários (PT — CMVM), Malta Financial Services Authority (MT — MFSA), Financial Supervisory Authority (IS — FME), Financial Services and Markets Authority (BE — FSMA), Commissione Nazionale per le Società e la Borsa (IT — Consob), Financial Supervision Commission (BG — FSC), Bundesanstalt für Finanzdienstleistungsaufsicht (DE — BaFIN), Autorite des Marches Financiers (FR — AMF), Magyar Nemzeti Bank (HU — MNB), Financial Conduct Authority (UK- FCA), Commission de Surveillance du Secteur Financier (LU — CSSF), Romanian Financial Supervisory Authority (RO — FSA), Agencija za trg vrednostnih papirjev (SL — SMA), Central Bank of Ireland (IE — CBI).
V raziskavi je sodelovalo 20 pristojnih nacionalnih organov: Cyprus Securities and Exchange Commission (CY-CySEC), Comisión Nacional del Mercado de Valores (ES – CNMV), Autoriteit Financiele Markten (NL-AFM), Czech National Bank (CZ – CNB), Finanzmarktaufsicht (AT – FMA), Finnish Financial Supervisory Authority (FI – FSA), Comissão do Mercado de Valores Mobiliários (PT – CMVM), Malta Financial Services Authority (MT – MFSA), Financial Supervisory Authority (IS – FME), Financial Services and Markets Authority (BE – FSMA), Commissione Nazionale per le Società e la Borsa (IT – Consob), Financial Supervision Commission (BG – FSC), Bundesanstalt für Finanzdienstleistungsaufsicht (DE – BaFin), Autorité des Marchés Financiers (FR – AMF), Magyar Nemzeti Bank (HU – MNB), Financial Conduct Authority (UK- FCA), Commission de Surveillance du Secteur Financier (LU – CSSF), Romanian Financial Supervisory Authority (RO – FSA), Agencija za trg vrednostnih papirjev (SL – SMA), Central Bank of Ireland (IE – CBI).
On 4 June 2018, a competent authority of an EEA EFTA State, NO-Finanstilsynet, adopted national product intervention measures that have the same terms and dates of application of ESMA's measures.
Pristojni nacionalni organ ene od držav EGP-Efta, NO-Finanstilsynet, je 4. junija 2018 sprejel nacionalne ukrepe za poseganje v zvezi s produkti, ki imajo iste pogoje in datume začetka uporabe kot ukrepi organa ESMA.
Furthermore, on 5 July 2018, the Financial Supervisory Authority of Iceland published that it considers the marketing, distribution or sale of binary options to be contrary to proper and sound business procedures and practices in securities trading according to its national law (Article 5 of Act No 108/2007 on Securities Transactions).
Poleg tega je finančni nadzorni organ Islandije 5. julija 2018 objavil, da je po njegovem mnenju trženje, razširjanje ali prodaja binarnih opcij v skladu z njegovo nacionalno zakonodajo (člen 5 zakona št. 108/2007 o poslovanju z vrednostnimi papirji) v nasprotju s pravilnimi in dobrimi poslovnimi postopki in praksami pri trgovanju z vrednostnimi papirji.
Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC (OJ L 345, 31.12.2003, p. 64).
Direktiva 2003/71/ES Evropskega parlamenta in Sveta z dne 4. novembra 2003 o prospektu, ki se objavi ob javni ponudbi ali sprejemu vrednostnih papirjev v trgovanje in o spremembi Direktive 2001/34/ES (UL L 345, 31.12.2003, str. 64).
Council Regulation (EC) No 1234/2007 of 22 October 2007 establishing a common organisation of agricultural markets and on specific provisions for certain agricultural products (Single CMO Regulation) (OJ L 299, 16.11.2007, p. 1).
Uredba Sveta (ES) št. 1234/2007 z dne 22. oktobra 2007 o vzpostavitvi skupne ureditve kmetijskih trgov in o posebnih določbah za nekatere kmetijske proizvode („Uredba o enotni SUT“) ( UL L 299, 16.11.2007, str. 1).
NCAs reported a slight increase in the number of clients treated as professional clients on request over the month of July 2018 in comparison with July 2017.
Pristojni nacionalni organi so v mesecu juliju 2018 v primerjavi z julijem 2017 poročali o rahlem povečanju vlagateljev, ki so zaprosili, da bi bili razvrščeni kot profesionalni vlagatelji.
European Securities and Markets Authority Decision (EU) 2018/1636
Sklep Evropskega organa za vrednostne papirje in trge (EU) 2018/1636
renewing and amending the temporary restriction in Decision (EU) 2018/796 on the marketing, distribution or sale of contracts for differences to retail clients
o podaljšanju in spremembi Sklepa (EU) 2018/796 o začasni prepovedi trženja, razširjanja ali prodaje pogodb na razliko malim vlagateljem
Having regard to Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC, and in particular Articles 9(5), 43(2) and 44(1) thereof,
ob upoštevanju Uredbe (EU) št. 1095/2010 Evropskega parlamenta in Sveta z dne 24. novembra 2010 o ustanovitvi Evropskega nadzornega organa (Evropski organ za vrednostne papirje in trge) in o spremembi Sklepa št. 716/2009/ES ter razveljavitvi Sklepa Komisije 2009/77/ES, zlasti člena 9(5), člena 43(2) in člena 44(1) Uredbe,
Having regard to Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012, and in particular Article 40 thereof,
ob upoštevanju Uredbe (EU) št. 600/2014 Evropskega parlamenta in Sveta z dne 15. maja 2014 o trgih finančnih instrumentov in spremembi Uredbe (EU) št. 648/2012, zlasti člena 40 Uredbe,
Having regard to Commission Delegated Regulation (EU) 2017/567 of 18 May 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to definitions, transparency, portfolio compression and supervisory measures on product intervention and positions, and in particular Article 19 thereof,
ob upoštevanju Delegirane uredbe Komisije (EU) 2017/567 z dne 18. maja 2016 o dopolnitvi Uredbe (EU) št. 600/2014 Evropskega parlamenta in Sveta v zvezi z opredelitvijo pojmov, preglednostjo, stiskanjem portfelja ter nadzornimi ukrepi glede poseganja v zvezi s produkti in pozicij, zlasti člena 19 Uredbe,
By its Decision (EU) 2018/796, the European Securities and Markets Authority (ESMA) restricted the marketing, distribution or sale of contracts for differences (CFDs) to retail clients with effect from 1 August 2018 for a period of three months.
Evropski organ za vrednostne papirje in trge (ESMA) je s Sklepom (EU) 2018/796 prepovedal trženje, razširjanje ali prodajo pogodb na razliko (CFD-jev) malim vlagateljem.
In accordance with Article 40(6) of Regulation (EU) No 600/2014, ESMA must review a temporary product intervention measure at appropriate intervals and at least every three months.
Ukrep je začel veljati 1. avgusta 2018 za obdobje treh mesecev.
ESMA's review of the restriction on CFDs has been informed by, inter alia, a survey among national competent authorities (NCAs) on the practical application and impact of the product intervention measure as well as additional information provided by NCAs and stakeholders.
V skladu s členom 40(6) Uredbe (EU) št. 600/2014 mora organ ESMA začasne ukrepe prepovedi v zvezi s produkti pregledati v ustreznih časovnih presledkih in vsaj vsake tri mesece.
NCAs detected only limited examples of non-compliance with the ESMA product intervention measure, which mainly related to the risk warnings.
Organ ESMA se je v okviru svojega pregleda prepovedi CFD-jev med drugim opiral na raziskavo med pristojnimi nacionalnimi organi o praktični uporabi in učinku ukrepa za poseganje v zvezi s produkti ter na dodatne informacije, ki jih je dobil od teh organov in deležnikov.
Comparing client outcomes over time is not only impacted by the product intervention measures, but also for example by market conditions.
Mali vlagatelj pa lahko zaprosi, da je razvrščen kot profesionalni vlagatelj, zlasti ko vloži pisni zahtevek v skladu z vsemi zahtevami veljavne zakonodaje.
Furthermore, the population of retail clients changed.
Organ ESMA se tudi zaveda, da nekatera podjetja iz tretjih držav dejavno nagovarjajo vlagatelje iz Unije oziroma da nekateri ponudniki CFD-jev v Uniji tržijo možnost za male vlagatelje, da svoje račune prenesejo v skupine znotraj subjektov iz tretjih držav.
Finally, NCAs reported a decrease in the number of automatic close-outs and the occurrences that accounts went into negative equity.
Vendar lahko podjetja iz tretjih držav brez dovoljenja ali registracije v Uniji storitve opravljajo samo na lastno pobudo vlagateljev, ki imajo sedež ali se nahajajo v Uniji.
NCAs also reported an increase in the number of clients treated as professional clients on request over the month of August 2018 in comparison with August 2017.
Organ ESMA se prav tako zaveda, da so podjetja začela ponujati druge špekulativne investicijske produkte.
ESMA is aware that some CFD providers are advertising to retail clients the possibility of becoming professional clients on request.
Zato bo še naprej spremljal ponudbo teh drugih produktov, da bo ugotovil, ali bi bili ustrezni še kateri koli drugi ukrepi Unije.
However, a retail client may request to be treated as a professional client when, in particular, the client submits a request in writing in accordance with all the requirements set out in the applicable legislation.
Organ ESMA med obdobjem pregleda ni pridobil dokazov, ki bi nasprotovali njegovi splošni ugotovitvi o skrbi glede zaščite vlagateljev, ugotovljenem v Sklepu (EU) 2018/796.
Providers should ensure that they comply at all times with those requirements.
Zato je zaključil, da bi skrb glede zaščite vlagateljev, ugotovljena v Sklepu (EU) 2018/796, obstajala še naprej, če svojega sklepa o prepovedi trženja, razširjanja ali prodaje CFD-jev malim vlagateljem ne bi podaljšal.