natgillin/translations-raw huggingface dataset:
Furthermore, the warnings are expected to support retail clients in making an informed decision about whether they wish to proceed with a high risk product that is more likely to result in a loss than a gain.
Zato ta sklep v zvezi s komunikacijo prek nedoločljivega medija, kot so mobilne aplikacije ali objave v družbenih medijih, predpisuje skrajšano opozorilo o tveganju.
In order to warn investors of the risk of losses related to investing in CFDs, ESMA considers that each CFD provider should inform their clients of the percentage of its CFD trading accounts of retail clients that lost money over the last 12 month period.
Prepoved denarnih in nedenarnih koristi
To ensure the figure is kept up-to-date, this calculation should be updated on a quarterly basis.
Končni ukrep za odpravo tveganj v zvezi z razširjanjem CFD-jev malim vlagateljem je prepoved denarnih (na primer t. i. trgovalnih bonusov) in nekaterih vrst nedenarnih koristi.
The percentage shown should be presented in a simple and clear manner as part of a risk warning in every communication of the provider.
Finančne spodbude, ki ponujajo bonuse ali druge spodbude za trgovanje s CFD-ji, malim vlagateljem pogosto odvrnejo pozornost od visoko tvegane narave CFD-jev.
In order to determine whether an account lost money, both the realised and unrealised profits or losses have to be taken into account.
Privabijo male vlagatelje, ki se v nasprotnem primeru morda ne bi odločili za vlaganje v te produkte.
Realised profits and losses relate to the CFD positions that were closed during the calculation period.
Take koristi so pogosto pogojene s tem, da stranke položijo denar na račun ali izvedejo določen obseg poslov.
Unrealised profits and losses relate to the value of open positions at the end of the calculation period.
Vendar prepoved koristi, ki jo uvaja organ ESMA, ne vključuje informacijskih in raziskovalnih orodij, ki se zagotovijo malim vlagateljem, če se nanašajo na CFD-je (izključene nedenarne koristi), saj bi ta pomagala strankam pri odločanju.
In order to provide a complete picture of the percentage of accounts that resulted in a profit or loss all costs in relation to the trading of CFDs should be taken into account in the calculation.
V večini odgovorov so bili ponudniki, trgovinske organizacije in posredniki naklonjeni ukrepom v zvezi s spodbujanjem strank.
For newly established CFD providers and CFD providers that have not had any open CFD positions in the past 12 months, it is not possible to calculate such a percentage over the last 12 months.
Tudi predstavniki potrošnikov, ki so izrecno navedli te ukrepe, so jih pozitivno sprejeli.
This Decision prescribes for these firms a standardised risk warning in which reference is made to the percentages found by NCAs in their existing studies.
Glede na tveganja, ki jih te koristi predstavljajo za male vlagatelje, organ ESMA meni, da njihova omejitev potrebna in sorazmerna.
As mentioned above, almost all providers that responded to the call for evidence supported or were neutral towards a standardised risk warning.
Splošna sorazmernost
The respondents who were negative either questioned the effectiveness of a risk warning or disagreed with the percentages found by NCA studies.
Organ ESMA je dosegel mejo učinkovitosti svojih nezavezujočih orodij na tem področju.
A frequently made comment is that firms requested a more condensed version of the risk warning which could be used for digital marketing by the firms.
V tem okviru zlasti glede upravljanja produktov organ ESMA tudi priznava, da so načela upravljanja produktov že sestavni del kulture nadzora finančnih storitev v Uniji.
ESMA has considered the possibility of requiring a generic risk warning stating only the risk that retail clients may lose money rapidly due to the leverage of CFDs or a more specific risk warning based on average losses for retail clients based on the studies of NCAs.
Evropski nadzorni organi so novembra 2013 izdali dokument z naslovom Joint Position on Manufacturers' Product Oversight and Governance Processes, v katerem so določena vodilna načela, ki se uporabljajo za postopke nadzora in upravljanja finančnih instrumentov.
The former option has been discarded because it did not effectively draw retail clients' attention to the actual risk, specific to CFDs trading.
Organ ESMA je februarja 2014 izdal mnenje z naslovom MiFID practices for firms selling complex products , marca 2014 pa mnenje z naslovom Structured Retail Products – Good practices for product governance arrangements.
The latter option has been discarded because these studies do not reflect any specificities (for example a firm offering only certain types of CFDs).
Poleg tega v Združenem kraljestvu od marca 2007 veljajo smernice, ki določajo načela upravljanja produktov.
Although firm specific calculations may be more burdensome for providers than a generic risk warning, in line with feedback from the call for evidence, ESMA believes they are necessary to properly warn investors of the risk of losses.
Kljub tem nadzornim načelom in regulativnim zahtevam, opisanim v tem sklepu, se je škoda v zvezi s trženjem, razširjanjem ali prodajo malim vlagateljem v preteklih letih razvijala še naprej.
One risk ESMA and NCAs acknowledge of the firm-specific loss percentages is that these percentages will be used for marketing instead of the original purpose, being the risk warning.
Splošni ukrep organa ESMA je potreben in sorazmeren, da se odpravi opredeljeni zadržek v zvezi z zaščito vlagateljev.
For these reasons NCAs should monitor that investment firms will not use the firm-specific percentages in an inappropriate manner and will review the application of this measure.
Na splošno se pričakuje, da bo zmanjšal neobičajne in precejšnje izgube, ki jih utrpijo mali vlagatelji pri CFD-jih, ter povečal ozaveščenost malih vlagateljev o tveganjih, povezanih s temi produkti.
In line with feedback from the call for evidence, ESMA considers a more proportionate approach would also adapt the risk warning to the type of communication channels used.
Koristi, pridobljene z odpravo opredeljenega zadržka v zvezi z zaščito vlagateljev na predlagani način, odtehtajo morebitne posledice za ponudnike CFD-jev, vključno s stroški izvajanja, povezanimi z izpolnjevanjem teh zahtev in morebitnim zmanjšanjem prihodkov ponudnikov CFD-jev (zaradi manjšega obsega trgovanja, manjših nadomestil za izvedbo posla, ki jih plačajo stranke, in manjših izgub strank).
For this reason, an abbreviated risk warning for communications through a non-durable medium, such as mobile applications or social media posts, is prescribed in this Decision.
Poleg tega se bo ukrep organa ESMA začel uporabljati dva meseca po objavi tega sklepa v Uradnem listu Evropske unije.
The prohibition of monetary and non-monetary benefits
To pomeni dvomesečni odpovedni rok po uradni objavi, ki je namenjen uravnoteženju interesov malih vlagateljev za takojšnje zmanjšanje škode, ki izhaja iz sedanjega trgovanja s CFD-ji, in potrebe po zagotovitvi dovolj časa zadevnim udeležencem na trgu, da organizirajo in pravočasno spremenijo svoje poslovne modele.
A final measure to address risks relating to the distribution of CFDs to retail clients is a ban on monetary (for example so called ‘trading bonuses’) and certain types of non-monetary benefits.
Ta sklep določa skupne zahteve, katerih namen je zagotoviti potrebno minimalno raven zaščite malim vlagateljem po celotni Uniji, poleg veljavnih zahtev.
Financial promotions offering bonuses or other incentives to trade CFDs often distract retail clients from the high-risk nature of CFD products.
Njegov namen ni preprečiti pristojnim nacionalnim organom ali ponudnikom CFD-jev, da zagotovijo višjo raven zaščite vlagateljev, na primer z uporabo zahtev po višjem začetnem kritju.
They draw in retail clients who may not otherwise choose to invest in these products.
TI UKREPI NE POVZROČAJO TVEGANJA REGULATIVNE ARBITRAŽE (ČLEN 40(3)(b) UREDBE (EU) št. 600/2014)
Such benefits are often contingent on clients depositing money on the account or on executing a certain volume of trades.
Ob upoštevanju narave opredeljenih tveganj ter števila in vrste prizadetih vlagateljev in nacionalnih ukrepov, ki jih predlagajo številne države članice, bo ukrep organa ESMA zagotovil skupni minimalni pristop v Uniji.
ESMA's prohibition of benefits however does not capture information and research tools provided to retail clients insofar as they relate to CFDs (excluded non-monetary benefits), as these would help clients' decision-making.
Organ ESMA je upošteval tudi tveganje, da bi lahko ponudniki, ki trenutno ponujajo CFD-je, poskusili ponujati produkte s primerljivimi značilnostmi, kot so opcije, standardizirane terminske pogodbe, posli zamenjave in dogovori o terminski obrestni meri.
A majority of the responses from providers, trade organisations and brokers were in favour of the measures in relation to incentivisation of clients.
Sodelujoči, ki so se odzvali na poziv k predložitvi dokazov, so potrdili, da obstajajo podobnosti med CFD-ji in temi produkti.
Also the consumer representatives that explicitly referred to these measures were positive.
Dokazi organa ESMA so povezani zlasti s trgovanjem s CFD-ji, vendar bodo organ ESMA in pristojni nacionalni organi pozorno spremljali tudi, ali se bodo pojavili taki novi trendi razširjanja, ki bodo imeli podobne negativne posledice za male vlagatelje, ter ali si morda ponudniki CFD-jev prizadevajo, da bi se izognili tem ukrepom za poseganje, in po potrebi ukrepali.
Considering the risks posed to retail clients of these benefits, ESMA considers it is necessary and proportionate to restrict them.
Poleg tega se začasni ukrepi organa ESMA za poseganje uporabljajo za vse ponudnike CFD-jev in vse druge osebe, ki zavestno in namerno prispevajo h kršitvi ukrepov, ki spadajo na področje uporabe Uredbe (EU) št. 600/2014.
Overall proportionality
Medtem ko je treba obseg subjektov iz člena 40 te uredbe v zvezi z družbami za upravljanje skladov na koncu obravnavati na zakonodajni ravni, da se izboljša pravna varnost, je organ ESMA proučil področje uporabe za regulativno arbitražo.
ESMA has reached the limit of the effectiveness of its non-binding tools in this area.
Organ ESMA je ugotovil, da imajo predlagani ukrepi glede na škodo za vlagatelje, dokazano v tem dokumentu, dovolj veliko področje uporabe in zato lahko odpravijo resni zadržek glede zaščite vlagateljev, ki izhaja iz trženja, razširjanja ali prodaje CFD-jev.
In this context, specifically with regard to product governance, ESMA also acknowledges that product governance principles already form part of the financial services supervisory culture in the Union.
POSVETOVANJE IN OBVEŠČANJE (ČLEN 40(3)(c) IN (4) UREDBE (EU) št. 600/2014)
In November 2013, the European Supervisory Authorities (‘ESAs’) issued a Joint Position on ‘Manufacturers’ Product Oversight and Governance Processes' setting out high-level principles applicable to the oversight and governance processes of financial instruments.
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.
In February 2014, ESMA issued an opinion on ‘MiFID practices for firms selling complex products’ and, in March 2014, it issued an opinion on ‘Structured Retail Products — Good practices for product governance arrangements’.
Organ ESMA je prejel odgovore Zveznega ministrstva za prehrano in kmetijstvo (Nemčija), Ministrstva za kmetijstvo (Latvija) ter Ministrstva za kmetijstvo in gozdarstvo (Finska).
Furthermore, as of March 2007, guidance setting out product governance principles is in place in the UK .
Ti organi niso izrazili ugovorov na sprejetje predlaganih ukrepov.
Despite these supervisory principles and the regulatory requirements described in this Decision, the detriment in relation to the marketing, distribution or sale of CFDs to retail clients had continued to develop over the past years.
Organ ESMA je pristojne nacionalne organe obvestil o tem predlaganem sklepu –
ESMA's overall measure is necessary and proportionate to address the investor protection concern identified.
SPREJEL NASLEDNJI SKLEP:
In general, it is expected that it will reduce abnormal and significant losses experienced by retail clients on CFDs as well as enhance retail clients' awareness of the risks related to these products.
Člen 1
The benefits gained from addressing the investor protection concern identified in the way proposed outweigh the potential consequences for CFD providers, including through implementation costs associated with complying with these requirements and a potential reduction in CFD providers' revenues (through lower volumes of trading, lower total transaction fees paid by clients and lower client losses).
Opredelitve
Additionally, ESMA's measure will apply from 2 months after publication of this Decision in the Official Journal of the European Union (OJEU).
V tej uredbi:
This implies a notice period of 2 months after official publication which aims at balancing retail clients' interest to an immediate reduction of the detriment arising from the current trading of CFDs and the need to allow sufficient time to relevant market participants to organise and change their business models in an orderly manner.
„pogodba na razliko“ ali „CFD“ pomeni izvedeni finančni instrument, ki ni opcija, standardizirana terminska pogodba, posel zamenjave in dogovor o terminski obrestni meri, katerega namen je, da se imetniku omogoči dolga ali kratka izpostavljenost nihanju cen, stopnji ali vrednosti osnovnega instrumenta, ne glede na to, ali se z njim trguje na mestu trgovanja, ki mora biti poravnan v gotovini ali se lahko poravna v gotovini po izbiri ene od pogodbenih strank (drugače kot zaradi neizpolnitve obveznosti ali drugega razloga za prenehanje);
This Decision lays down common requirements which aim to provide a necessary minimum level of protection to retail clients across the Union, in addition to existing requirements.
„izključena nedenarna korist“ pomeni vsako nedenarno korist razen informacijskih in raziskovalnih orodij, če se ta nanašajo na CFD-je;
It is not intended to prevent NCAs or CFD providers from ensuring a greater level of investor protection, for example, by applying higher initial margins requirements.
„začetno kritje“ pomeni plačilo za namene odprtja pozicije CFD-ja, brez provizij, nadomestil za izvedbo posla in vseh drugih povezanih stroškov;
THE MEASURES DO NOT CREATE A RISK OF REGULATORY ARBITRAGE (ARTICLE 40(3)(b) OF REGULATION (EU) No 600/2014)
„zaščita začetnega kritja“ pomeni začetno kritje, določeno v Prilogi I;
In light of the nature of the risks identified and the number and type of investors affected and the national measures being proposed by a number of Member States, ESMA's measure will ensure a common minimum approach across the Union.
„zaščita z MCO“ pomeni zaprtje ene ali več strankinih odprtih pozicij CFD-jev pod pogoji, ki so najugodnejši za stranko v skladu s členoma 24 in 27 Direktive 2014/65/EU, ko se vsota sredstev na trgovalnem računu s CFD-ji in nerealiziranih neto dobičkov od vseh odprtih pozicij CFD-jev, povezanih s tem računom, zmanjša na manj kot polovico skupne zaščite začetnega kritja za vse navedene odprte CFD-je;
ESMA has also considered the risk that providers currently offering CFDs could try to offer products with comparable features such as options, futures, swaps and forward rate agreements.
„zaščita pred negativnim stanjem“ pomeni omejitev skupne obveznosti malega vlagatelja za vse CFD-je, povezane s trgovalnim računom s CFD-ji pri ponudniku CFD-jev, na sredstva na tem trgovalnem računu s CFD-ji.
Respondents to the call for evidence confirmed that there are similarities between CFDs and these products.
Člen 2
Therefore, while ESMA's evidence primarily relates to trading in CFDs, ESMA and NCAs will also closely monitor whether such new distribution trends develop raising similar detrimental consequences for retail clients and whether there are any such efforts by CFD providers to circumvent these intervention measures and will act as necessary.
Začasna omejitev za CFD-je v zvezi z malimi vlagatelji
In addition, ESMA's temporary intervention measures apply to all providers of CFDs and any other persons knowingly and intentionally contributing to a breach of the measures that fall under the scope of Regulation (EU) No 600/2014.
Trženje, razširjanje ali prodaja CFD-jev malim vlagateljem se omeji na okoliščine, v katerih so izpolnjeni naslednji pogoji:
While the scope of the entities falling under Article 40 of this Regulation in respect of fund management companies ultimately needs to be addressed at a legislative level to improve legal certainty, ESMA has considered the scope for regulatory arbitrage.
ponudnik CFD-jev od malega vlagatelja zahteva, da plača zaščito začetnega kritja;
ESMA has determined that, in light of the investor detriment evidenced above, the measures proposed have a sufficiently wide scope of application and are therefore able to address the significant investor protection concern arising from the marketing, distribution or sale of CFDs.
ponudnik CFD-jev malemu vlagatelju zagotovi zaščito z MCO;
CONSULTATION AND NOTICE (ARTICLE 40(3)(c) AND (4) OF REGULATION (EU) No 600/2014)
ponudnik CFD-jev malemu vlagatelju zagotovi zaščito pred negativnim stanjem;
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.
ponudnik CFD-jev malemu vlagatelju neposredno ali posredno ne zagotovi plačila, denarne ali izključene nedenarne koristi v zvezi s trženjem, razširjanjem ali prodajo CFD-ja, razen realiziranega dobička od vsakega zagotovljenega CFD-ja, in
ESMA received responses from the Bundesministerium für Ernährung und Landwirtschaft (Germany), the Ministry of Agriculture (Latvia) and the Ministry of Agriculture and Forestry (Finland).
ponudnik CFD-jev malemu vlagatelju neposredno ali posredno ne pošlje sporočila, povezanega s trženjem, razširjanjem ali prodajo CFD-ja ali objavlja takih informacij, dostopnih malemu vlagatelju, razen če vključi ustrezno opozorilo o tveganju iz Priloge II, ki izpolnjuje pogoje iz te priloge.
These respondents have not raised any objections to the adoption of the proposed measures.
Člen 3
ESMA has notified NCAs of this proposed Decision,
Prepoved dejanj, ki bi predstavljala izogibanje
HAS ADOPTED THIS DECISION:
Prepovedano je zavestno in namerno sodelovati pri dejavnostih, katerih namen ali učinek je izogibanje zahtevam iz člena 2, vključno z delovanjem namesto ponudnika CFD-jev.
Article 1
Člen 4
Definitions
Začetek veljavnosti in uporaba
For the purposes of this Decision:
Ta sklep začne veljati dan po objavi v Uradnem listu Evropske unije.
‘contract for differences’ or ‘CFD’ means a derivative other than an option, future, swap or forward rate agreement, the purpose of which is to give the holder a long or short exposure to fluctuations in the price, level or value of an underlying, irrespective of whether it is traded on a trading venue, and that 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;
Ta sklep se uporablja od 1. avgusta 2018 za obdobje treh mesecev.
‘excluded non-monetary benefit’ means any non-monetary benefit other than, insofar as they relate to CFDs, information and research tools;
V Parizu, 22. maja 2018
‘initial margin’ means any payment for the purpose of entering into a CFD, excluding commission, transaction fees and any other related costs;
Za odbor nadzornikov
‘initial margin protection’ means the initial margin determined by Annex I;
Predsednik
‘margin close-out protection’ means the closure of one or more of a retail client's open CFDs on terms most favourable to the client in accordance with Articles 24 and 27 of Directive 2014/65/EU when the sum of funds in the CFD trading account and the unrealised net profits of all open CFDs connected to that account falls to less than half of the total initial margin protection for all those open CFDs;
UL L 331, 15.12.2010, str. 84.
‘negative balance protection’ means the limit of a retail client's aggregate liability for all CFDs connected to a CFD trading account with a CFD provider to the funds in that CFD trading account.
UL L 173, 12.6.2014, str. 84.
Article 2
UL L 87, 31.3.2017, str. 90.
Temporary restriction on CFDs in respect of retail clients
Združeno skupino sestavljajo predstavnik ciprskega pristojnega nacionalnega organa, Cyprus Securities and Exchange Commission (CySEC (CY)), in predstavniki osmih pristojnih nacionalnih organov, na jurisdikcije katerih so vplivale storitve, ki so jih zagotavljali ponudniki s sedežem na Cipru.
The marketing, distribution or sale to retail clients of CFDs is restricted to circumstances where at least all of the following conditions are met:
Rezultat dela združene skupine je akcijski načrt, ki ga izvaja komisija CY-CySEC in ki med drugim zajema tudi razširjene preiskave ponudnikov CFD-jev ter tematski pregledi vzorcev podjetij, ki jih je pooblastila komisija CY-CySEC.
the CFD provider requires the retail client to pay the initial margin protection;
Opinion on MIFID practices for firms selling complex financial products (Mnenje o praksah MIFID za podjetja, ki prodajajo kompleksne finančne produkte, ESMA/2014/146).
the CFD provider provides the retail client with the margin close-out protection;
Questions and Answers (Q&As) relating to the provision of CFDs and other speculative products to retail clients under MiFID (Vprašanja in odgovori v zvezi s ponudbo CFD-jev in drugih špekulativnih produktov malim vlagateljem na podlagi MIFID, ESMA-35-36-794).
the CFD provider provides the retail client with the negative balance protection;
Vprašanja in odgovori so bili nazadnje posodobljeni 31. marca 2017.
the CFD provider does not directly or indirectly provide the retail client with a payment, monetary or excluded non-monetary benefit in relation to the marketing, distribution or sale of a CFD, other than the realised profits on any CFD provided; and
Opozorilo organa ESMA in Evropskega bančnega organa vlagateljem Finančne pogodbe na razliko (CFD) z dne 28. februarja 2013 (na voljo na povezavi: https://www.esma.europa.eu/sites/default/files/library/2015/11/investor_warning_-_cfds_-_esma_2013_00070000_sl_cor.pdf); opozorilo organa ESMA vlagateljem Tveganja, ki jih prinašajo naložbe v kompleksne produkte z dne 7. februarja 2014 (na voljo na povezavi: https://www.esma.europa.eu/sites/default/files/library/2015/11/investor_warning_-_complex_products_-_sl.pdf); opozorilo organa ESMA vlagateljem CFDs, binary options and other speculative products (CFD-ji, binarne opcije in drugi špekulativni produkti) z dne 25. julija 2016 (na voljo na povezavi: https://www.esma.europa.eu/sites/default/files/library/2016-1166_warning_on_cfds_binary_options_and_other_speculative_products_0.pdf).
the CFD provider does not send directly or indirectly a communication to or publish information accessible by a retail client relating to the marketing, distribution or sale of a CFD unless it includes the appropriate risk warning specified by and complying with the conditions in Annex II.
Na podlagi dela združene skupine je na primer organ CySEC (CY) sprejel številne izvršilne ukrepe, namenjene povečanju skladnosti investicijskih podjetij, ki nudijo špekulativne produkte, kot so CFD-ji.
Article 3
Call for evidence on potential product intervention measures on contracts for differences and binary options to retail clients (Poziv k predložitvi dokazov v zvezi z možnimi ukrepi za poseganje na trg produktov glede pogodb na razliko in binarnih opcij za male vlagatelje, ESMA35-43-904).
Prohibition of participating in circumvention activities
Število respondentov je manjše od te številke, saj je organ ESMA prejel tudi (i) več odgovorov istih respondentov (na primer odgovor na vsako od predlaganih omejitev za CFD-je v ločeni elektronski pošti) in (ii) podvojene odgovore istih respondentov.