natgillin/translations-raw huggingface dataset:
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,
In recent years, the European Securities and Markets Authority (ESMA) and several national competent authorities (NCAs) have observed a rapid increase in the marketing, distribution or sale of binary options to retail clients across the Union.
V zadnjih letih so Evropski organ za vrednostne papirje in trge (ESMA) ter več pristojnih nacionalnih organov opazili hiter razmah trženja, distribucije ali prodaje binarnih opcij malim vlagateljem po vsej Uniji.
Binary options are inherently risky and complex products and are often traded speculatively.
Binarne opcije so same po sebi tvegani in kompleksni produkti, njihova prodaja pa je pogosto špekulativna.
ESMA and NCAs have also observed that their offer to retail clients has been increasingly featured by aggressive marketing techniques as well as a lack of transparent information that do not allow retail clients to understand the risks underlying these products.
Organ ESMA in pristojni nacionalni organi so opazili, da je njihova ponudba malim vlagateljem vse bolj povezana z agresivnimi načini trženja in pomanjkanjem preglednih informacij, kar malim vlagateljem onemogoča, da bi razumeli tveganja, ki spremljajo te produkte.
ESMA and NCAs have expressed widespread concerns on the increasing number of retail clients trading in these products and losing their money.
Organ ESMA in pristojni nacionalni organi so izrazili splošno zaskrbljenost zaradi naraščanja števila malih vlagateljev, ki s temi produkti trgujejo in izgubljajo denar.
These concerns are also supported by the numerous complaints received from retail clients across the EU who have suffered significant detriment when trading binary options.
Te skrbi podpirajo tudi številne pritožbe malih vlagateljev iz vse EU, ki so pri trgovanju z binarnimi opcijami utrpeli veliko škodo.
These significant investor protection concerns have led ESMA to take a number of non-binding actions.
Zaradi tega resnega zadržka glede zaščite vlagateljev je organ ESMA uvedel številne nezavezujoče ukrepe.
As of June 2015, ESMA has been coordinating the work of a Joint Group established to tackle issues related to a number of Cyprus-based providers offering binary options, contracts for differences (CFDs) and other speculative products to retail clients on a cross-border basis across the Union.
Od junija 2015 organ ESMA usklajuje delo združene skupine, ki je bila oblikovana za razrešitev težav, povezanih s številnimi ponudniki s sedežem na Cipru, ki malim vlagateljem po vsej Uniji ponujajo binarne opcije, pogodbe na razliko (CFD) in druge špekulativne produkte.
Furthermore, since July 2015, ESMA has been coordinating a task force composed of ESMA and NCAs whose work aims at monitoring the offer of binary options and CFDs to the retail mass market as well as to foster uniform supervisory approaches in this area across the Union.
Poleg tega od julija 2015 organ ESMA usklajuje projektno skupino, ki jo sestavljajo organ ESMA in pristojni nacionalni organi.
ESMA has also promoted supervisory convergence in the Union in respect of the offer of binary options to retail clients through the issuance of an opinion as well as a number of Questions and Answers (Q&As) pursuant to Article 29 of Regulation (EU) No 1095/2010.
Cilj te skupine je spremljanje ponudbe binarnih opcij in CFD-jev na množičnem maloprodajnem trgu ter spodbujanje enotnih pristopov nadzora na tem področju po vsej Uniji.
Finally, ESMA has published warnings in which it highlighted its concerns in respect of the risks posed by the uncontrolled offer of inter alia binary options to retail clients.
Organ ESMA spodbuja tudi nadzorniško konvergenco v Uniji v zvezi s ponudbo binarnih opcij malim vlagateljem na podlagi izdaje mnenja ter številnih vprašanj in odgovorov v skladu s členom 29 Uredbe (EU) št. 1095/2010.
Although these actions had some positive effects, ESMA considers that the significant investor protection concerns persist.
Organ ESMA je nenazadnje objavil tudi opozorila, v katerih je izrazil zaskrbljenost glede tveganj, ki jih predstavlja nenadzorovana ponudba binarnih opcij malim vlagateljem.
On 18 January 2018, ESMA launched a call for evidence on its potential product intervention measures on the marketing, distribution or sale of binary options and CFDs to retail clients (the ‘call for evidence’).
Čeprav so imeli vsi navedeni ukrepi pozitiven učinek, organ ESMA meni, da še vedno obstajajo resni zadržki glede zaščite vlagateljev.
ESMA received almost 18500 responses.
82 odzivov so poslali ponudniki produktov, trgovinske organizacije, borze in borzni posredniki, ki so vpleteni v binarne opcije in/ali posle v zvezi s CFD-ji, 10 so jih poslali predstavniki potrošnikov, ostale odzive pa so poslali posamezniki.
Among those responses, 82 were from providers, trade organisations, stock exchanges and brokers involved in the binary options and/or CFD business, 10 were from consumer representatives and the remaining responses came from individuals.
Velika večina odzivov posameznikov je bila posredovana prek ponudnikov binarnih opcij in/ali CFD-jev.
A vast majority of the responses from individuals were facilitated and channelled via binary option and/or CFD providers.
Pri prvi kategoriji vprašanih in zlasti pri ponudnikih produktov je poziv k predložitvi dokazov razkril zaskrbljenost, da bodo predlagani ukrepi škodljivo vplivali na njihov posel.
The call for evidence disclosed a general concern from the first category of respondents and, in particular, product providers, that the proposed measure would adversely impact their business.
Številni posamezniki so se zaradi predlaganega ukrepa pritožili in izrazili pripravljenost, da še naprej trgujejo z binarnimi opcijami.
A number of individuals also complained about the proposed measure and expressed their willingness to continue trading in binary options.
Organ ESMA je takšne skrbi v celoti upošteval.
ESMA has duly considered such concerns.
Ko pa jih je primerjal z ugotovljenim resnim zadržkom glede zaščite vlagateljev, ki so ga dodatno potrdili odzivi skoraj vseh predstavnikov potrošnikov in številnih posameznikov, ki so izrazili močno podporo predlaganim ukrepom, je organ ESMA menil, da je treba začasno prepovedati trženje, distribucijo ali prodajo binarnih opcij malim vlagateljem v skladu s členom 40 Uredbe (EU) št. 600/2014.
However, after balancing them against the significant investor protection concern identified, which was further confirmed by the responses received from nearly all consumer representatives and a number of individuals in strong support of the proposed measures, ESMA considers it necessary to impose a temporary prohibition on the marketing, distribution or sale of BOs to retail clients in accordance with Article 40 of Regulation (EU) No 600/2014.
Ukrep, sprejet na podlagi člena 40 Uredbe (EU) št. 600/2014, je treba pregledati v ustreznih časovnih presledkih, najmanj pa vsake tri mesece.
A measure imposed under Article 40 of Regulation (EU) No 600/2014 must be reviewed at appropriate intervals and at least every 3 months.
Pri pregledovanju tega ukrepa bo organ ESMA rešil vse dvoumne prakse, do katerih bi lahko prišlo.
In reviewing this measure, ESMA will tackle any evasive practices that may emerge.
Če se ukrep po treh mesecih ne podaljša, preneha veljati.
If the measure is not renewed after 3 months, it will expire.
Da bi se izognili dvomu, imajo izrazi v tem sklepu enak pomen kot v Direktivi 2014/65/EU Evropskega parlamenta in Sveta in Uredbi (EU) št. 600/2014, vključno z opredelitvijo za izvedene finančne instrumente.
For the avoidance of doubt, terms used in this Decision have the same meaning as in Directive 2014/65/EU of the European Parliament and of the Council and Regulation (EU) No 600/2014, including the definition of derivatives.
Začasna prepoved organa ESMA izpolnjuje pogoje iz člena 40 Uredbe (EU) št. 600/2014 iz razlogov, obrazloženih v nadaljevanju.
ESMA's temporary prohibition fulfils the conditions set out in Article 40 of Regulation (EU) No 600/2014 for the reasons explained below.
OPIS MALOPRODAJNEGA TRGA Z BINARNIMI OPCIJAMI IN OBSTOJ RESNEGA ZADRŽKA GLEDE ZAŠČITE VLAGATELJEV (ČLEN 40(2)(a) UREDBE (EU) št. 600/2014)
DESCRIPTION OF THE BINARY OPTIONS RETAIL MARKET AND THE EXISTENCE OF A SIGNIFICANT INVESTOR PROTECTION CONCERN (ARTICLE 40(2)(a) OF REGULATION (EU) No 600/2014)
Binarna opcija je opredeljena kot kateri koli izvedeni finančni instrument, poravnan v gotovini, pri katerem je plačilo fiksnega denarnega zneska odvisno od tega, ali se eden ali več posebnih dogodkov v zvezi s ceno, stopnjo ali vrednostjo osnovnega instrumenta zgodi ob ali pred zapadlostjo izvedenega finančnega instrumenta (na primer, osnovni instrument je ob zapadlosti dosegel določeno ceno („izvršilna cena“)).
A binary option is defined as any cash settled derivative in which the payment of a fixed monetary amount depends on whether one or more specified events in relation to the price, level or value of the underlying occurs at, or prior to, the derivative's expiry (for example the underlying has reached a specified price (‘the strike price’) at expiry).
Binarne opcije vlagatelju omogočajo, da stavi na pojav določenega dogodka, povezanega s ceno, stopnjo ali vrednostjo enega ali več osnovnih instrumentov (na primer delnica, valuta, blago ali indeks).
Binary options give enable an investor to make a bet on the occurrence of a specified event in relation to the price, level or value of one or more underlying (for example a share, a currency, a commodity or an index).
Če do dogodka ne pride, vlagatelj izgubi denar (to pomeni, da se opcija konča „brez denarja“ („out-of-the-money“)).
If the event does not occur, the investor loses their money (that is the option finishes ‘out-of-the-money’).
Če se dogodek zgodi, se opcija izplača ali pa pogodba ostane odprta z možnostjo, da pride do izplačila, če se zgodi ločeni dogodek (opcija se konča „v denarju“ („in-the-money“)).
If the event occurs, the option pays out or the contract remains open with the opportunity to receive a pay out if a separate event occurs (the option finishes ‘in-the-money’).
V tem smislu se lahko binarne opcije obravnavajo kot „predlogi da/ne“.
Often, the ‘yes/no proposition’ is whether the price of the underlying at expiry of the binary option is above or below a given price (the so-called ‘strike price’).
Treba je razjasniti, da spadajo vse binarne opcije v obseg uporabe tega sklepa, čeprav se tržijo, distribuirajo ali prodajajo pod drugimi imeni.
In some cases, the ‘strike price’ corresponds to the market price of the underlying at the time of entering into the binary option or at a future specified time.
To se nanaša na primer na opcije vse-ali-nič, navzgor-ali-navzdol, trend opcije, digitalne opcije in dotične opcije („one-touch options“).
However, binary option providers offer a range of potential market outcomes for investors to bet on.
Primerno je tudi, da se zagotovi, da ta sklep zajema tudi binarne opcije, ki imajo več različnih vnaprej določenih pogojev, ki morajo biti (ali ne smejo biti) izpolnjeni, preden se plačilo izvrši.
It is appropriate to clarify that all binary options, although marketed, distributed or sold under other names, fall within the scope of application of this Decision.
Nekateri posamezniki, ki so se odzvali na poziv, so na primer navedli primer binarne opcije, ki zagotavlja plačilo: (i) vnaprej določenega zneska, če osnovno sredstvo izpolni vnaprej določeni pogoj (na primer, vrednost osnovnega sredstva na določeni dan naraste) in (ii) dodatnega vnaprej določenega zneska („bonus“), če osnovno sredstvo izpolni še dodaten vnaprej določen pogoj (na primer, vrednost osnovnega sredstva naraste nad določeni odstotek).
Reference is made, for example, to all-or-nothing options, up-or-down options, trend options, digital options and one-touch options.
V teh in podobnih primerih bi bilo izplačilo vsote obeh vnaprej določenih zneskov iz točk (i) in (ii) enako izplačilu vnaprej določenega fiksnega zneska za namene iz člena 1(2)(c) tega sklepa.
It is also appropriate to ensure that this Decision includes binary options that have several different predetermined conditions, which have to be met (or not met) before the payment is provided.
Več pristojnih nacionalnih organov je izrazilo zaskrbljenost zaradi binarnih opcij, ki ne izpolnjujejo nobene prave potrebe po vlaganju za male vlagatelje (za razliko od drugih vrst opcij, ki imajo lahko dragoceno vlogo pri varovanju pred izpostavljenostjo določenim sredstvom).
Some respondents to the call for evidence indicated, for example, the case of a binary option that provides payment of (i) a predetermined amount if the underlying meets a certain predetermined condition (for example the value of the underlying rises on a specific date), as well as (ii) an additional predetermined amount (a ‘bonus’) if the underlying meets another predetermined condition (for example the value of the underlying rises above a certain percentage).
Poleg tega je več pristojnih nacionalnih organov opozorilo na tveganja v zvezi z lastnostmi, ki so neločljivo povezane z binarnimi opcijami, ter na vgrajena in neobvladljiva nasprotja interesov v zvezi s ponudbo teh produktov malim vlagateljem.
In this and similar cases, the payment of the sum of the two predetermined amounts in points (i) and (ii) would amount to the payment of a predetermined fixed amount for the purposes of Article 1(2)(c) of this Decision.
Agresivni načini trženja, ki jih uporabljajo ponudniki binarnih opcij, ta tveganja pogosto še povečajo.
Several NCAs have raised concerns about binary options not meeting any genuine investment needs for retail clients (unlike other types of options, which can serve a valuable role in hedging exposure to certain assets).
Več pristojnih nacionalnih organov je tudi navedlo, da ti produkti privabljajo osebe, ki imajo težave s kompulzivnim igranjem na srečo.
Furthermore, several NCAs have voiced concerns about the risks related to the inherent features of binary options as well as the in-built and unmanageable conflicts of interest related to the offer of these products to retail clients.
Študija uprave za finančno poslovanje Združenega kraljestva (UK-FCA) je prikazala, da nekateri vlagatelji stavijo večkrat v roku nekaj dni ali tednov, čeprav na kumulativni podlagi izgubljajo denar.
These risks are often amplified by the aggressive marketing techniques used by binary option providers.
S študijo je bila ugotovljena tudi podobnost med binarnimi opcijami in igrami na srečo glede strukture izplačil in časovnega okvira.
Several NCAs have also indicated that these products attract compulsive gambling behaviour.
Te težave so se pokazale v različnih jurisdikcijah, pri čemer je velika večina malih vlagateljev v teh jurisdikcijah običajno izgubljala denar, kot je prikazano v tem sklepu.
A study from the UK-FCA demonstrated that some investors place many bets within the space of a few days or weeks, despite losing money on a cumulative basis.
Kot je bilo prikazano v poročilu IOSCO o raziskavi IOSCO o produktih s finančnim vzvodom za male vlagatelje, s katerimi se trguje zunaj organiziranega trga („poročilo IOSCO“), so bili v tem tržnem sektorju zaradi zapletene in tvegane narave binarnih opcij in pogoste čezmejne razsežnosti poslovanja ponudnikov produkta, ki delujejo največ prek interneta, opravljeni večji zakonodajni pregledi v številnih državah, ki niso pod jurisdikcijo EU.
The study also found a close similarity in payoff structure and time horizon between binary options and gambling products.
V skladu s poročilom IOSCO so „zadnja poročila o raziskavah na več nacionalnih trgih pokazala, da velika večina vlagateljev v [binarne opcije in druge špekulativne produkte] denar zelo pogosto izgubi“.
These concerns have materialised across several jurisdictions, with a vast majority of retail clients in those jurisdictions typically losing money as evidenced in this Decision.
Pogoj iz člena 40(2)(a) Uredbe (EU) št. 600/2014 določa, da mora med drugim obstajati resen zadržek glede zaščite vlagateljev.
As demonstrated in the IOSCO report on the IOSCO survey on retail OTC leveraged products (the ‘IOSCO report’), this market sector has also been subject to significant regulatory scrutiny in a number of other non-EU jurisdictions because of the complex and risky nature of inter alia binary options and the frequently cross-border dimension of product providers which operate predominantly through the Internet.
Pri ugotavljanju, ali obstaja resen zadržek glede zaščite vlagateljev, je organ ESMA ocenil pomen meril in dejavnikov iz člena 19(2) Delegirane uredbe Komisije (EU) 2017/567.
According to the IOSCO report, ‘recent research reports in several national markets have shown that a large majority of investors in [binary options and other speculative products] very often lose money’.
Ko je organ ESMA preučil ustrezna merila in dejavnike, je ugotovil, da obstaja resen zadržek glede zaščite vlagateljev zaradi naslednjih razlogov.
The condition referred to in Article 40(2)(a) of Regulation (EU) No 600/2014 is that there must exist inter alia a significant investor protection concern.
Stopnja kompleksnosti in preglednosti binarnih opcij
In determining whether there exists a significant investor protection concern, ESMA has assessed the relevance of the criteria and factors listed in Article 19(2) of the Delegated Regulation (EU) 2017/567.
Binarne opcije so kompleksni finančni instrumenti.
After taking the relevant criteria and factors into consideration, ESMA has concluded that there is a significant investor protection concern for the following reasons.
Kompleksnost strukture določanja cen predstavlja tveganje za večjo nesorazmernost v informiranosti ponudnikov in malih vlagateljev ter s tem sproža resen zadržek glede zaščite vlagateljev.
The degree of complexity and transparency of binary options
Poleg tega obstaja več lastnosti, ki so neločljivo povezane z binarnimi opcijami ter so vir njihove kompleksnosti in težav, ki jih imajo mali vlagatelji z njihovim razumevanjem.
Binary options are complex financial instruments.
Ponudniki binarnih opcij običajno določijo cene binarnih opcij na podlagi tržno določene ali drugače izračunane verjetnosti določenega dogodka, ki se zgodi pred uporabo razlik v cenah ali druge oblike pristojbin za transakcijo za vsako opcijo, kar pomeni za stranko negativno pričakovano donosnost.
The complexities of the pricing structure pose a risk of significant information asymmetries between providers and retail clients and hence raise significant investor protection concerns.
Binarne opcije najpogosteje ponujajo veliko donosnost za statistično manj verjeten dogodek in obratno.
Furthermore, there are a number of inherent features of binary options that make them complex and difficult for retail clients to understand.
Takšna struktura določanja vrednosti binarnih opcij predstavlja za male vlagatelje številne izzive.
Binary option providers typically price binary options based on the market-implied or otherwise modelled probability of a specified event occurring before applying a spread or other form of transaction fee to each option such that it yields a negative expected return for the client.
Struktura določanja cen od malih vlagateljev zlasti zahteva, da natančno ocenijo vrednost opcije glede na pričakovano verjetnost, da se bo določeni dogodek zgodil.
Most commonly binary options offer a comparatively large return for a statistically less likely event and vice-versa.
Čeprav lahko mali vlagatelji za določanje vrednosti binarnih opcij uporabljajo običajna orodja za raziskavo in določanje vrednosti, kot je formula Black-Scholes, vlada veliko nesorazmerje med informiranostjo malih vlagateljev in informiranostjo ponudnikov.
This pricing structure of binary options presents a number of challenges for retail clients.
Ponudniki binarnih opcij imajo bistveno večji dostop do informacij in sistemov ter lahko ustrezno ocenijo ceno in vrednost teh produktov.
In particular, the pricing structure requires retail clients to accurately assess the value of the option in relation to the expected probability of the reference event occurring.
Zlasti pa imajo dostop do preteklih podatkov o cenah – na primer do zbirk podatkov o preteklih cenah, ki jim jih dajo borze ali komercialni ponudniki podatkov v zvezi z zadevnim osnovnim instrumentom – ki pa niso splošno dostopni malim vlagateljem.
Although retail clients may use common research and pricing tools, such as the Black-Scholes formula, to price binary options, retail clients face significant information asymmetries compared to providers.
Ponudniki binarnih opcij imajo tudi bistveno več izkušenj z določanjem cen v pogodbah kot mali vlagatelji in so v ta namen verjetno razvili bolj prefinjene metode.
Providers have much greater access to information and systems to properly price and value these products.
Poleg tega mali vlagatelji morda ne bodo upoštevali, da pri trgovanju z zelo kratkim rokom ali v primeru, če se pozicija zapre zelo kratek čas pred iztekom, dejavniki, ki se uporabljajo za določanje vrednosti opcije, kot je zgodovinska cenovna nestanovitnost, nimajo veliko vpliva na vrednost opcije.
In particular, binary option providers have access to historical price data — for example, recorded price feeds from an exchange or commercial data provider in relation to a given underlying — which is not generally available to retail clients.
To omejuje male vlagatelje pri pravilnem določanju vrednosti opcije, tudi če uporabljajo razpoložljiva orodja za določanje vrednosti.
Binary option providers also have much more experience in pricing contracts than retail clients typically do and are more likely to have developed sophisticated pricing methodologies.
Zaradi uporabe razlik med cenami („spreads“) in drugih pristojbin za transakcijo bi morali mali vlagatelji, da bi imeli dobiček pri trgovanju, pogosto močno presegati pričakovano donosnost od naložb.
Furthermore, retail clients may not appreciate that if a trade has a very short term, or if a position is closed close to expiry, factors used to price options such as historic volatility have little impact on the option's value.
Zato po mnenju organa ESMA mali vlagatelji le težko ocenijo razmerje med tveganostjo in donosnostjo produkta na podlagi zadostne informiranosti.
This limits the ability of retail clients to properly value the option, even when using available pricing tools.
Skupni učinek strukture določanja cen in plačila pristojbin za transakcije pri vsakem poslu je ta, da velika večina malih vlagateljev izgublja denar (čeprav lahko ustvarjajo kratkoročne dobičke), ponudniki, ki so običajno neposredne nasprotne stranke v trgovanju, pa dolgoročno na račun strank ustvarjajo dobiček zaradi njihovih izgub pri trgovanju in zaračunavanja pristojbin za transakcije.
Moreover, due to the application of spreads and other transaction fees, retail clients would need to outperform expected returns on investment significantly (‘beat the odds’) on a regular basis to achieve profits from trading.
Nekateri ponudniki ponujajo stalno dvosmerno določanje cen in možnost, da stranke med trajanjem časa izteka binarne opcije vstopajo v trgovanje in izstopajo iz njega.
Therefore, in ESMA's view, it is difficult for retail clients to make an informed assessment of the risk-return profile of the product.
V tem primeru lahko stranka izstopi iz pozicije pred iztekom binarne opcije tako, da opcijo proda ponudniku nazaj ali kako drugače plača pogodbeno plačilo ob izteku.