natgillin/translations-raw huggingface dataset:
Furthermore, the summary risk indicator does not include direct information on the past performance of the product and this information may not be provided in the accompanying narrative explanations as some discretion is left to the PRIIPS manufacturer on the extent to which certain narratives should be included.
Zato tako za preizkus ustreznosti kot primernosti na podlagi veljavnih regulativnih zahtev ni verjetno, da bi malim vlagateljem preprečila trgovanje s CFD-ji na način, ki zagotavlja, da se odpravi resni zadržek glede zaščite vlagateljev.
ESMA has considered whether those requirements could address some or all of the concerns in relation to the marketing, distribution or sale of CFDs to retail clients or at least remove the need to introduce the risk warnings in this Decision.
Glede najboljšega izvrševanja je večina pravil za izvrševanje že obstajalo v Direktivi 2004/39/ES.
However, these requirements do not ensure that retail clients across the Union are provided with uniform and effective information on the risks related to trading in CFDs.
Vendar so bila ta pravila okrepljena z Direktivo 2014/65/EU.
In particular, the guidance and warnings referred to in Article 24(4) of Directive 2014/65/EU do not appear to address these concerns given the divergence in the information that may be provided to clients which may not sufficiently draw clients' attention to the concrete consequences arising from trading CFDs.
Zlasti člen 27 Direktive 2014/65/EU določa, da investicijska podjetja „storijo vse potrebno“ (in ne več „sprejmejo vse razumne ukrepe“), da bi pri izvrševanju naročil dosegla najboljše možne rezultate za stranke.
The risk warnings introduced in this Decision would provide retail clients with important information, namely the percentage of retail accounts losing money when trading CFDs with each particular firm.
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.
Furthermore, it would harmonise practices in the cross-border business, hence ensuring an equal level of information to investors across the Union.
Organ ESMA je proučil, ali bi lahko revidirana pravila o najboljšem izvrševanju odpravila vsaj nekaj zadržkov, opredeljenih v zvezi s trženjem, distribucijo ali prodajo CFD-jev malim vlagateljem.
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.
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.
In particular Article 25(2) of Directive 2014/65/EU requires CFD 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 CFD 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.
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.
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 CFD trading which mostly occurs via electronic platforms, without the provision of investment advice or portfolio management.
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.
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.
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.
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.
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.
Article 25(3) of Directive 2014/65/EU requires CFD 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.
Organ ESMA je v zvezi s temi bistveno podobnimi obstoječimi regulativnimi zahtevami večkrat opozoril na tveganja, opisana v opozorilih vlagateljem, dokumentu z vprašanji in odgovori in mnenju o praksah MIFID za podjetja, ki prodajajo kompleksne finančne produkte.
If the provider considers the product to be inappropriate for the client or potential client, the provider shall warn them.
Izvedel je tudi zbliževanje nadzorniških praks prek, med drugim, združene skupine in projektne skupine za CFD-je.
CFDs qualify as complex financial products and therefore are subject to the appropriateness test pursuant to Article 25(3) of Directive 2014/65/EU.
Čeprav organ ESMA obsežno uporablja svoje nezavezujoče instrumente, da bi zagotovil dosledno in učinkovito uporabo veljavnih regulativnih zahtev, ki se uporabljajo, je zadržek glede zaščite vlagateljev še vedno prisoten.
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.
Iz tega je razvidno, da zaradi razlogov iz tega oddelka te regulativne zahteve ne naslavljajo problematike opredeljenega zadržka.
As evidenced in this Decision and as NCAs' supervisory experience has demonstrated, the appropriateness test has not been sufficient to address the investor protection concern described in this Decision.
Organ ESMA je preučil morebitni vpliv pravil glede upravljanja produktov iz členov 16(3) in 24(2) Direktive 2014/65/EU.
Both the suitability and appropriateness tests under the existing regulatory requirements therefore are unlikely to prevent retail clients from trading CFDs in a way that ensures that the significant investor protection concern is addressed.
V skladu s temi pravili morajo ponudniki, ki pripravljajo finančne instrumente (torej tudi CFD-je) za prodajo strankam, zagotoviti, da so ti produkti oblikovani tako, da izpolnjujejo potrebe opredeljenega ciljnega trga končnih strank v zadevni kategoriji strank, in da je strategija za razširjanje produktov skladna z opredeljenim ciljnim trgom, sprejeti razumne ukrepe, da bi se finančni instrument razširjal na opredeljenem ciljnem trgu, ter redno pregledovati opredelitev ciljnega trga in uspešnost produkta.
With regard to best execution, most of the best execution rules by themselves already existed under Directive 2004/39/EC.
Ponudniki CFD-jev razumejo finančne instrumente, ki jih ponujajo ali priporočajo, ocenjujejo njihovo skladnost s potrebami strank, za katere opravljajo investicijske storitve, pri čemer upoštevajo opredeljeni ciljni trg končnih strank, in zagotovijo, da se finančni instrumenti ponujajo ali priporočajo le, kadar je to v interesu stranke.
However, these rules have been strengthened under Directive 2014/65/EU.
Poleg tega imajo ponudniki CFD-jev, ki bi razširjali finančne instrumente, ki jih niso sami pripravljali, vzpostavljene ustrezne ureditve za pridobivanje in razumevanje ustreznih informacij v zvezi s postopkom odobritve produktov, vključno z opredeljenim ciljnim trgom in značilnostmi produkta.
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.
Tudi ponudniki CFD-jev, ki razširjajo finančne instrumente, ki so jih pripravili ponudniki, za katere ne veljajo zahteve glede upravljanja produktov iz Direktive 2014/65/EU, ali ponudniki iz tretjih držav, morajo imeti vzpostavljene ustrezne ureditve za pridobivanje zadostnih informacij o finančnih instrumentih.
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.
Organ ESMA opozarja, da so bile zahteve glede upravljanja produktov prvič uvedene v pravu Unije v Direktivi 2014/65/EU.
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 CFDs to retail clients.
Organ ESMA je 2. junija 2017 objavil Smernice o zahtevah glede upravljanja produktov iz direktive MiFID II, namenjene proizvajalcem in pripravljavcem za oceno ciljnega trga.
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.
Te zahteve bi lahko zožile vrsto strank (ciljni trg), za katere bi bili CFD-ji primerni in katerim bi jih bilo zato treba prodajati, vendar ne obravnavajo ključnih tveganj, opisanih v tem sklepu, ki so povezani z značilnostmi produkta (na primer visokim finančnim vzvodom) ali povezanimi praksami (na primer omogočanjem dodatnih plačilnih obveznosti ali ponujanjem bonusov).
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.
Poleg tega ne omejujejo posebej razširjanja produktov z navedenimi značilnostmi na množični trg.
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.
Namesto tega je iz škode, povzročene strankam, razvidno, da trženje, razširjanje ali prodaja CFD-jev ni primerna za maloprodajni množični trg, razen skupaj z nekaterimi omejitvami, ki niso podrobneje opredeljene v zahtevah glede upravljanja produktov.
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.
Kadar so sodelujoči, ki so se odzvali na poziv k predložitvi dokazov, pošteno navedli, da so zahteve glede upravljanja produktov pomembni vidiki pri določanju ciljnega trga ter uskladitvi strategije razširjanja s tem ciljnim trgom, je iz poziva k predložitvi dokazov razvidno tudi, da so nekateri ponudniki v odgovoru navedli, da so po njihovem mnenju CFD-ji z visokimi omejitvami finančnega vzvoda (na primer 100: 1), tudi če veljajo zahteve glede upravljanja produktov, primeren produkt za male vlagatelje (sklepajo, da je ciljni trg za CFD-je s tem določenim finančnim vzvodom množični trg).
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.
Več podjetij po uveljavitvi Direktive 2014/65/EU in njenih zahtev glede upravljanja produktov še vedno trži CFD-je s tako visokimi finančnimi vzvodi na množičnem trgu (pri čemer ocenijo le ustreznost).
In respect of these substantially similar existing regulatory requirements, ESMA has repeatedly noted the risks described above in investor warnings, the Questions and Answers (Q&As) and the opinion on ‘MiFID practices for firms selling complex products’.
Organ ESMA in pristojni nacionalni organi se s takim pristopom ne strinjajo.
ESMA has also carried out supervisory convergence work through, inter alia, the Joint Group and the CFD task force.
To dokazuje, da se lahko posamezni ponudniki v skladu z zahtevami glede upravljanja produktov še vedno sami odločijo, kako bodo opredelili značilnosti produktov, ki jih nameravajo ponujati svojim strankam.
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 concern persists.
Zato bi bilo še vedno treba določiti minimalno raven zaščite vlagateljev na ravni Unije.
This highlights that, for the reasons set out in this section, these requirements do not address the concern identified.
Dokazi kažejo, da mali vlagatelji kljub veljavnosti teh regulativnih zahtev izgubljajo denar za CFD-je in ga bodo izgubljali še naprej.
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.
Zato je ta ukrep nujen za obravnavanje nevarnosti.
These rules require providers manufacturing financial instruments (including therefore CFDs) 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 takes reasonable steps to ensure that the financial instruments are distributed to the identified target market and periodically review the identification of the target market of and the performance of the product.
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)
CFD 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.
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.
Furthermore, CFD 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.
Nekateri pristojni nacionalni organi so se zaradi zadržka glede zaščite vlagateljev, opisanega v tem sklepu, posvetovali o nacionalnih ukrepih, namenjenih omejitvi trženja, razširjanja ali prodaje CFD-jev malim vlagateljem, ali pa so jih sprejeli:
CFD 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.
belgijski pristojni nacionalni organ, Financial Services and Markets Authority (FSMA (BE)), je od avgusta 2016 prepovedal komercializacijo pogodb o nekaterih izvedenih finančnih instrumentih na prostem trgu (tudi CFD-jih).
ESMA notes that the product governance requirements are introduced for the first time in Union law under Directive 2014/65/EU.
Poleg tega je prepovedal številne agresivne ali neprimerne načine razširjanja, kot so neželeno klicanje prek zunanjih klicnih centrov, neprimerne oblike plačil in fiktivna darila ali bonusi;
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.
organ CySEC (CY) od novembra 2016 od ponudnikov CFD-jev zahteva, naj vzpostavijo politiko finančnega vzvoda in uporabijo omejitve finančnega vzvoda, ki ne presega 50:1 za male vlagatelje, razen če stranka z ustreznim znanjem in izkušnjami zahteva višji finančni vzvod.
Whilst these requirements could narrow down the type of clients (the target market) for which CFDs would be appropriate and to which they should therefore be distributed, they do not address the key risks described in this Decision linked to the product's features (for example high leverage) or associated practices (for example, allowing additional payment obligations or the offer of bonuses).
Od ponudnikov zahteva tudi, da imajo zaščito pred negativnim stanjem na ravni posameznega računa s CFD-ji.
They also do not restrict specifically the distribution of products with the above features to the mass market.
Poleg tega je od sredine marca 2017 vzpostavljena prepoved promocij bonusov;
Instead, the detriment occurred to clients shows that the marketing, distribution or sale of CFDs is not appropriate for the retail mass market, unless accompanied by certain restrictions which the product governance requirements do not detail.
v Franciji zakonodaja od decembra 2016 določa prepoved tržnih sporočil ponudnikov investicijskih storitev posameznikom v zvezi s CFD-ji, ki ne omejujejo izgube stranke na pozicijo;
Where respondents to the call for evidence fairly state that the product governance requirements are important aspects in determining the target market and aligning the distribution strategy with this target market, it is also clear from the call for evidence that certain providers indicated in their response that they consider that CFDs with high leverage limits (for example, 100:1) are, even where the product governance requirements are applicable, an appropriate product for retail clients (they conclude that the target market for CFDs with this particular leverage is a mass market).
organ KNF (PL) od julija 2015 od ponudnikov CFD-jev zahteva, da njihove omejitve finančnega vzvoda za CFD-je za male vlagatelje ne presegajo 100: 1.
Several firms, after implementation of Directive 2014/65/EU and its product governance requirements, still market CFDs with such high leverages to the mass market (assessing only the appropriateness).
Poljsko ministrstvo za finance je julija 2017 začelo projekt spremembe zakona o trgovanju s finančnimi instrumenti, da bi določili največji finančni vzvod 25: 1 za vse razrede sredstev in finančne instrumente, s katerimi trgujejo mali vlagatelji brez poravnave centralno nasprotne stranke.
ESMA and the NCAs disagree with such an approach.
malteški pristojni nacionalni organ, Malta Financial Services Authority (MFSA (MT)), ima od oktobra 2017 vzpostavljeno politiko glede forexa na spletu, v skladu s katero morajo ponudniki CFD-jev, valutnega trgovanja forex in drugih kompleksnih, špekulativnih produktov določiti naslednje omejitve finančnega vzvoda: 50: 1 za male vlagatelje in 100: 1 za male vlagatelje, ki se odločijo, da jih je treba obravnavati kot profesionalne stranke;
This demonstrates that product governance requirements still give a certain margin of discretion to individual providers to identify the features of products they intend to offer to their clients.
nemški pristojni nacionalni organ BaFin (DE) je maja 2017 prepovedal trženje, razširjanje ali prodajo CFD-jev, ki ne izključujejo dodatnih plačilnih obveznosti, malim vlagateljem;
There is still, therefore, a lack of a common minimum level of investor protection across the Union.
organ CNMV (ES) je marca 2017 od subjektov s sedežem v Španiji, ki malim vlagateljem tržijo CFD-je ali produkte valutnega trgovanja forex z več kot desetkratnim finančnim vzvodom ali binarne opcije, zahteval, naj take stranke izrecno obvestijo, da po njegovem mnenju taki produkti zaradi njihove kompleksnosti in stopnje tveganja niso primerni za male vlagatelje.
Despite the existence of these regulatory requirements, evidence shows that retail clients continue and will continue to lose money on CFDs.
Od teh subjektov se je zahtevalo še, naj zagotovijo, da so stranke seznanjene s stroški, ki bi jih morale prevzeti, če bi se po nakupu takih produktov odločile za zaprtje svoje pozicije, in da se jih v primeru CFD-jev in produktov valutnega trgovanja forex opozarja, da bi lahko bile zaradi finančnega vzvoda njihove izgube večje od zneska, ki so ga prvotno plačale za nakup zadevnega produkta.
Therefore, this measure is necessary to address the threat.
Poleg tega morajo od stranke prejeti ročno napisano 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.
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)
Poleg tega mora oglaševalsko gradivo, ki ga subjekti, za katere velja ukrep organa CNMV (ES), uporabljajo za promocijo teh produktov, vedno vsebovati opozorilo, da je produkte težko razumeti, in dejstvo, da po mnenju organa CNMV (ES) ti produkti zaradi njihove kompleksnosti in stopnje tveganja, ki jo imajo, niso primerni za male vlagatelje.
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.
Organ CNMV (ES) je še zaprosil organa CySEC (CY) in FCA (UK), naj o teh zahtevah obvestita ponudnike CFD-jev in ponudnike, ki opravljajo storitve v Španiji, spodbudita k prikazovanju enakega opozorila;
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 CFDs) to retail clients.
Grški pristojni nacionalni organ, Ελληνική Επιτροπή Κεφαλαιαγοράς (HCMC (EL)), je 10. maja 2017 izdal okrožnico o zagotavljanju investicijskih storitev za izvedene finančne instrumente na prostem trgu (vključno z valutnim trgovanjem forex, CFD-ji in binarnimi opcijami) prek elektronskih platform za trgovanje; in
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;
organ CMVM (PT) je februarja 2018 izdal okrožnico, v kateri je navedel, da investicijska podjetja ne smejo zagotavljati storitev trgovanja v zvezi z izvedenimi finančnimi instrumenti, povezanimi s kriptovalutami, če ne morejo zagotoviti skladnosti z vsemi obveznostmi obveščanja strank o značilnostih produktov.
since November 2016, CY-CySEC requires CFD providers to establish a leverage policy and apply leverage limits not exceeding 50:1 for retail clients, unless a client, with the relevant knowledge and experience, requires a higher level of leverage.
Poleg tega je norveški pristojni nacionalni organ Finanstilsynet (NO) 26. februarja 2018 objavil posvetovalni dokument, v katerem med drugim predlaga podobne ukrepe v zvezi s CFD-ji, kot jih je organ ESMA predlagal v pozivu k predložitvi dokazov.
CY-CySEC also requires providers to have a negative balance protection per CFD account.
Posvetovanje je potekalo od 26. februarja do 26. marca 2018.