natgillin/translations-raw huggingface dataset:
In particular, the pricing structure of the product means that, on average, investors will experience negative expected returns without receiving any clear compensating benefits (for example the hedging function served by traditional options).
ohranjanje zaupanja malih vlagateljev v finančne trge.
ESMA has also considered the merits of stricter measures, notably the extension of the prohibition to the marketing, distribution or sale of binary options to non-retail clients as well.
Ukrep organa ESMA začne veljati en mesec po objavi tega sklepa v Uradnem listu Evropske unije (UL EU).
At this stage, there is no evidence that non-retail clients are targeted by investment firms dealing in these products.
To pomeni enomesečni odpovedni rok po uradni objavi, katerega namen je uravnotežiti interes malih vlagateljev za takojšnje zmanjšanje škode, ki izhaja iz trenutnega trgovanja z binarnimi opcijami, in potrebo po zagotovitvi dovolj časa, da ustrezni tržni udeleženci ustrezno organizirajo in spremenijo svoje poslovne modele.
Therefore, binary options will remain available to clients classified as professional clients and eligible counterparties who, in any case, are better able to assess the technical features of financial products.
TI UKREPI NE POVZROČAJO TVEGANJA REGULATIVNE ARBITRAŽE (ČLEN 40(3)(b) UREDBE (EU) št. 600/2014)
This group of clients also includes those retail clients which have sufficient knowledge and experience to request to be classified as professional clients on request.
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 is aware that providers will face potential financial consequences and costs arising from focusing their business and orienting their clients towards other financial instruments and products.
Organ ESMA je obravnaval tudi tveganje, da bi ponudniki, ki trenutno ponujajo binarne opcije, lahko poskusili ponujati produkte s primerljivimi značilnostmi.
ESMA considers however that the following benefits gained from addressing the investor protection concern identified outweigh the potential negative impact of the measures:
Organ ESMA in pristojni nacionalni organi bodo tudi podrobneje spremljali, ali iz takšnih novih trendov distribucije izhajajo podobne škodljive posledice za male vlagatelje in ali bi se ponudniki binarnih opcij trudili izogniti tem intervencijskim ukrepom, in bodo ravnali, kot je treba.
reduction of the mis-selling risk and its related financial consequences, which is a major benefit for retail clients and for the financial markets as whole;
Poleg tega začasni intervencijski ukrepi organa ESMA veljajo za vse ponudnike binarnih opcij in druge osebe, ki zavestno in namerno prispevajo h kršitvi ukrepov iz Uredbe (EU) št. 600/2014.
reduction of risks linked to regulatory or supervisory arbitrage across different entities and jurisdictions; and
Medtem ko je treba področje subjektov iz člena 40 te uredbe glede podjetij za upravljanje skladov končno obravnavati na zakonodajni ravni, da se izboljša pravna varnost, je organ ESMA upošteval, da bi bilo to področje namenjeno za regulativno arbitražo.
restoring retail clients' confidence in financial markets.
Organ ESMA je določil, da imajo ob upoštevanju škode za vlagatelje, kot je razvidno zgoraj, predlagani ukrepi dovolj široko področje uporabe in lahko zato obravnavajo resen zadržek glede zaščite vlagateljev, ki izhaja iz trženja, distribucije ali prodaje binarnih opcij.
ESMA's measure will apply from 1 month after publication of this Decision in the Official Journal of the European Union (OJEU).
POSVETOVANJE IN OBVEŠČANJE (ČLEN 40(3)(c) IN (4) UREDBE (EU) št. 600/2014)
This implies a notice period of 1 month after official publication which aims at balancing retail clients' interest to an immediate reduction of the detriment arising from the current trading of binary options and the need to allow sufficient time to relevant market participants to organise and change their business models in an orderly manner.
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.
THE MEASURES DO NOT CREATE A RISK OF REGULATORY ARBITRAGE (ARTICLE 40(3)(b) OF REGULATION (EU) No 600/2014)
Organ ESMA je prejel odgovore Zveznega ministrstva za prehrano in kmetijstvo (Nemčija), Ministrstva za kmetijstvo (Latvija) ter Ministrstva za kmetijstvo in gozdarstvo (Finska).
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.
Ti vključeni organi niso izrazili ugovorov na sprejetje predlaganih ukrepov.
ESMA has also considered the risk that providers currently offering binary options could try to offer products with comparable features.
Organ ESMA je pristojne nacionalne organe obvestil o tem predlaganem sklepu –
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 binary options providers to circumvent these intervention measures and will act as necessary.
SPREJEL NASLEDNJI SKLEP:
In addition, ESMA's temporary intervention measures apply to all providers of binary options 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.
Člen 1
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.
Začasna prepoved binarnih opcij za male vlagatelje
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 binary options.
Trženje, distribucija ali prodaja binarnih opcij malim vlagateljem je prepovedana.
CONSULTATION AND NOTICE (ARTICLE 40(3)(c) AND (4) OF REGULATION (EU) No 600/2014)
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:
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.
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;
ESMA received responses from the Bundesministerium für Ernährung und Landwirtschaft (Germany), the Ministry of Agriculture (Latvia) and the Ministry of Agriculture and Forestry (Finland).
predvideva plačilo le ob njegovem zaprtju ali poteku;
These respondents have not raised any objections to the adoption of the proposed measures.
njegovo plačilo je omejeno na:
ESMA has notified NCAs of this proposed Decision,
predhodno določeni fiksni znesek ali nič, če osnovni instrument izvedenega finančnega instrumenta izpolnjuje enega ali več predhodno določenih pogojev, in
HAS ADOPTED THIS DECISION:
predhodno določeni fiksni znesek ali nič, če osnovni instrument izvedenega finančnega instrumenta ne izpolnjuje enega ali več predhodno določenih pogojev.
Temporary prohibition on binary options in respect of retail clients
Prepoved dejanj, ki bi predstavljala izogibanje
The marketing, distribution or sale to retail clients of binary options is prohibited.
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.
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:
Člen 3
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;
Začetek veljavnosti in uporaba
it only provides for payment at its close-out or expiry;
Ta sklep začne veljati dan po objavi v Uradnem listu Evropske unije.
its payment is limited to:
Ta sklep velja od 2. julija 2018 za obdobje treh mesecev.
a predetermined fixed amount or zero if the underlying of the derivative meets one or more predetermined conditions; and
V Parizu, 22. maja 2018
a predetermined fixed amount or zero if the underlying of the derivative does not meet one or more predetermined conditions.
Za odbor nadzornikov
Prohibition of participating in circumvention activities
UL L 331, 15.12.2010, str. 84.
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.
UL L 173, 12.6.2014, str. 84.
Article 3
UL L 87, 31.3.2017, str. 90.
Entry into force and application
Združeno skupino sestavljajo predstavniki ciprskega pristojnega nacionalnega organa „ciprska komisija za vrednostne papirje in borzo (CY-CySEC)“ in predstavniki osmih pristojnih nacionalnih organov, katerih območja pristojnosti so bila prizadeta zaradi storitev, ki jih zagotavljajo ponudniki s sedežem na Cipru.
This Decision enters into force on the day following that of its publication in the Official Journal of the European Union.
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.
This Decision shall apply from 2 July 2018 for a period of 3 months.
Mnenje o praksah direktive MiFID za podjetja, ki prodajajo kompleksne finančne produkte, z dne 7. februarja 2014 (ESMA/2014/146)
Done at Paris, 22 May 2018.
Vprašanja in odgovori v zvezi s ponujanjem CFD-jev in drugih špekulativnih produktov malim vlagateljem v skladu z direktivo MiFID (ESMA35-36-794).
For the Board of Supervisors
Vprašanja in odgovori so bili nazadnje posodobljeni 31. marca 2017.
The Chair
Opozorilo vlagateljem, ki ga je pripravil organ ESMA, o „tveganjih pri vlaganju v kompleksne produkte“ z dne 7. februarja 2014 (https://www.esma.europa.eu/sites/default/files/library/2015/11/investor_warning_-_complex_products_20140207_-_en_0.pdf), in opozorilo vlagateljem, ki ga je pripravil organ ESMA, o „CFD-jih, binarnih opcijah in drugih špekulativnih produktih“ z dne 25. julija 2016 (Na voljo na: https://www.esma.europa.eu/sites/default/files/library/2016-1166_warning_on_cfds_binary_options_and_other_speculative_products_0.pdf).
OJ L 331, 15.12.2010, p. 84.
Na primer, na podlagi dela združene skupine je komisija CY-CySEC sprejela številne izvršilne ukrepe, s katerimi je želela doseči, da ponudniki, ki ponujajo špekulativne produkte, kot so binarne opcije, bolj upoštevajo predpise.
OJ L 173, 12.6.2014, p. 84.
Poziv k predložitvi dokazov v zvezi z možnimi ukrepi za poseganje na trg produktov glede finančnih pogodb na razliko in binarnih opcij za male vlagatelje z dne 18. januarja 2018 (ESMA35-43-904).
OJ L 87, 31.3.2017, p. 90.
Število posameznikov, ki so se odzvali na poziv, je nižje od navedene številke, ker je organ ESMA včasih prejel (i) več odgovorov od istih posameznikov (npr. odgovor na vsak posamezni predlagani ukrep v zvezi s CFD-ji v ločenih elektronskih sporočilih) in (ii) podvojene odgovore od istih posameznikov.
The Joint Group is composed of the representative of the Cypriot NCA ‘Cyprus Securities and Exchange Commission (CY-CySEC)’ as well as the representatives of eight NCAs whose jurisdictions have been affected by the services provided by the Cyprus-based providers.
Direktiva 2014/65/EU Evropskega parlamenta in Sveta z dne 15. maja 2014 o trgih finančnih instrumentov ter spremembi Direktive 2002/92/ES in Direktive 2011/61/EU (UL L 173, 12.6.2014, str. 349).
The work of the Joint Group resulted in an action plan to be implemented by CY-CySEC that included inter alia extended investigations into CFD providers as well as thematic reviews of a sample of CY-CySEC authorised firms.
Praviloma je nižji od obeh denarnih izplačil enak nič, vendar pa to ni nujno.
Opinion on MIFID practices for firms selling complex financial products of 7 February 2014 (ESMA/2014/146)
Binarne opcije se od drugih špekulativnih produktov, ki se prodajajo malim vlagateljem, kot so CFD-ji, ločijo po tem, da je znesek denarnega plačila vnaprej določen in ni neposredno povezan z višino cene, stopnjo ali vrednostjo osnovnega instrumenta.
Questions and Answers (Q&As) relating to the provision of CFDs and other speculative products to retail investors under MiFID (ESMA35-36-794).
Vlagatelji lahko na primer stavijo, da bo cena osnovnega sredstva znotraj določenega cenovnega razpona oziroma ali bo dosegla določeno višino v določenem trenutku med trajanjem binarne opcije.
The Q&As were last updated on 31 March 2017.
Na primer FR-AMF, BE-FSMA, UK-FCA, IT-CONSOB.
ESMA's investor warning on ‘risks in investing in complex products’ of 7 February 2014 (https://www.esma.europa.eu/sites/default/files/library/2015/11/investor_warning_-_complex_products_20140207_-_en_0.pdf), and ESMA's investor warning on ‘CFDs, binary options and other speculative products’ of 25 July 2016 (available at: https://www.esma.europa.eu/sites/default/files/library/2016-1166_warning_on_cfds_binary_options_and_other_speculative_products_0.pdf).
Na primer UK-FCA.
For example, the work of the Joint Group has resulted in CY-CySEC adopting a number of enforcement measures aimed at increasing compliance by providers offering speculative products like binary options.
Glej uvodno izjavo 35.
Call for evidence on potential product intervention measures on contracts for differences and binary options to retail clients of 18 January 2018 (ESMA35-43-904).
Poročilo IOSCO o raziskavi IOSCO o produktih z vzvodom za male vlagatelje, s katerimi se trguje zunaj organiziranega trga, december 2016 (na voljo na: https://www.iosco.org/library/pubdocs/pdf/IOSCOPD550.pdf).
The number of respondents is lower than this figure since ESMA also received (i) multiple responses from the same respondents (for example a response on each of the proposed measures for CFDs in a separate email), and (ii) duplicative responses from the same respondents.
Na primer, quebeški Autorité des Marchés Financiers in turški Capital Markets Board (CMB) (stran 2), japonski Financial Futures Association (stran 6), ameriški Commodity Futures Trading Commission (CFTC) in Commodity Futures Trading Commission (SEC) (stran 55 poročila IOSCO).
Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).
V Quebecu pristojni organ ni odobril prodaje binarnih opcij malim vlagateljem.
Typically, the lower of the two monetary payoffs is zero, but this need not be the case.
CMB se je odločil, da ne dovoli prodaje binarnih opcij malim vlagateljem.
Binary options are distinct from other speculative products sold to retail clients, such as CFDs, in that the payment is of a predetermined monetary amount not directly linked to the size of the change in the price, level or value of the underlying.
V Izraelu je bila odobrena prepoved prodaje binarnih opcij vlagateljem.
For example, investors can bet that the price of the underlying will be within a specified price range or whether the underlying will reach a specified price level at some point during the term of the binary option.
Na voljo na: http://www.isa.gov.il/sites/ISAEng/1489/1511/Pages/eitonot25102017_1.aspx.
For example, FR-AMF, BE-FSMA, UK-FCA, IT-CONSOB.
Ameriški urad za varstvo potrošnikov (Office of Consumer Outreach) komisije CFTC in urad za izobraževanje in zaščito vlagateljev (Office of Investor Education and Advocacy) komisije SEC sta izdala opozorilo, s katerim sta vlagatelje opozorila na sheme goljufij, ki vključujejo binarne opcije in njihove platforme za trgovanje.
For example, UK-FCA.
Na voljo na: http://www.cftc.gov/ConsumerProtection/FraudAwarenessPrevention/CFTCFraudAdvisories/fraudadv_binaryoptions.
See recital 35.
Poročilo IOSCO, stran iii.
IOSCO Report on the IOSCO Survey on Retail OTC Leveraged Products, December 2016 (available at: https://www.iosco.org/library/pubdocs/pdf/IOSCOPD550.pdf).
Binarne opcije na primer ne izpolnjujejo meril, da bi jih bilo mogoče ob hkratnem upoštevanju člena 25(4) Direktive 2014/65/EU in člena 57 Delegirane uredbe Komisije (EU) 2017/565 z dne 25. aprila 2016 o dopolnitvi Direktive 2014/65/EU Evropskega parlamenta in Sveta v zvezi z organizacijskimi zahtevami in pogoji poslovanja investicijskih podjetij ter opredeljenimi izrazi za namene navedene direktive, UL L 87, 31.3.2017, str. 1, šteti kot nekompleksne finančne instrumente.
For example, the Quebec Autorité des Marchés Financiers and the Turkish Capital Markets Board (CMB) (page 2), the Financial Futures Association of Japan (page 6), the US Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) (page 55 of the IOSCO report).
Ponudniki lahko poleg ocenjevanja verjetnosti dogodkov na podlagi določanja tržnih vrednosti ustreznih opcij uporabljajo tudi modele za določanje vrednosti opcij, kot so model Black-Scholes ali modeli, ki vključujejo vidike določanja vrednosti na podlagi modela Black-Scholes.
In Québec, binary options have not been authorised by the Québec competent authority to be sold to retail investors.
Pri modelu Black-Scholes so znane spremenljivke zapadlost, začetna cena osnovnega instrumenta in izvršilna cena.
The CMB has decided not to allow binary options to be sold to retail investors.
Razpršitev stohastičnega procesa, predvidenega v modelu, se običajno ocenjuje na podlagi netvegane obrestne mere in/ali preteklih rezultatov osnovnega instrumenta.
In Israel a ban on the sale of binary options to investors has been approved.
Na primer, za binarno opcijo, ki se ponuja ločeno od izvršilne cene, lahko ponudnik stranki ponudi pravico nakupa opcije po ceni 22 EUR z donosnostjo 100 EUR za dogodek, ki se bo verjetno zgodil v 20 % časa (kar je enako pošteni vrednosti 20 EUR).
Available at: http://www.isa.gov.il/sites/ISAEng/1489/1511/Pages/eitonot25102017_1.aspx.
Če ponudnik binarne opcije ponuja dvosmerno določanje cen, je mogoče opaziti razliko med ceno, po kateri lahko stranke od ponudnika kupijo binarno opcijo („nakupna cena“) in ceno, po kateri lahko stranke opcijo prodajo ( „prodajna cena“) ponudniku.
The US CFTC's Office of Consumer Outreach and the SEC's Office of Investor Education and Advocacy have issued an investor alert to warn about fraudulent schemes involving binary options and their trading platforms.
Ti dve ceni se na splošno razlikujeta od „ničelne pričakovane cene donosnosti“, to je cene, pri kateri bi kupec ob nakupu binarne opcije dosegel ničelno pričakovano donosnost, pri čemer bi bila prodajna cena običajno nižja, nakupna cena pa bi bila običajno višja od ničelne pričakovane cene donosnosti.
Available at: http://www.cftc.gov/ConsumerProtection/FraudAwarenessPrevention/CFTCFraudAdvisories/fraudadv_binaryoptions
Ta razlika v zvezi z ničelno pričakovano ceno donosnosti prikazuje, da bo imel mali vlagatelj v povprečju izgubo tako pri vstopu v binarno opcijo kot pri izstopu iz nje pred iztekom.
IOSCO report, page iii.
Oddelek 2 vprašanj in odgovorov organa ESMA v zvezi z zagotavljanjem CFD-jev in drugih špekulativnih produktov malim vlagateljem v skladu z direktivo MiFID (ESMA35-36-794), kakor je bila posodobljena dne 31. marca 2017, podrobneje obravnava nekaj teh nasprotij interesov.
For example, binary options do not meet the criteria to be regarded as non-complex financial instruments according to the combined reading of Article 25(4) of Directive 2014/65/EU and Article 57 of the Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive (OJ L 87, 31.3.2017, p. 1).
Na primer, za binarno opcijo s 50-odstotno verjetnostjo zmage in 80-odstotno donosnostjo od vloženega zneska, če je opcija ob izteku „v denarju“, je verjetnost vlagatelja, da po 20 trgovanjih utrpi skupno izgubo, okrog 75 %.
In addition to estimating event probabilities based on the market pricing of relevant options, providers may use pricing models such as the Black-Scholes model, or models that include aspects of Black-Scholes pricing.
Glejte publikacijo organa ESMA Analiza poseganja na trg produktov: ukrep v zvezi z binarnimi opcijami, 2018.
In the Black-Scholes model, time to maturity, initial price of the underlying, and strike price are known variables.
Podatke so leta 2015 posredovali: BG-FSC, CY-CySEC, CZ-CNB, FR-AMF, IE-CBI, IS-FME, LU-CSSF, MT-MFSA, NL-AFM, PT-CMVM, RO-ASF, UK-FCA; podatke so leta 2017 posredovali: CY-CySEC, CZ-CNB, ES-CNMV, FR-AMF, IE-CBI, LU-CSSF, NL-AFM, MT-MFSA, NO-Finanstilsynet, SK-NBS, UK-FCA.
The drift of the stochastic process posited in the model is commonly estimated by either or both of the risk-free interest rate and the historical performance of the underlying.
Glede na pogosto čezmejno razsežnost dejavnosti ponudnikov produktov lahko ta številka vključuje tudi stranke iz držav izven EGP.
For example, for a binary option offered at a distance from the strike price, the provider may offer the client the right to purchase the option at EUR 22 for a return of EUR 100 for an event that is likely to occur 20 % of the time (equating to a fair value of EUR 20).
Številke, ki jih je posredovala CY-CySEC, so bile zbrane na podlagi računov, odprtih pri ponudnikih teh produktov, ki jih je CY-CySEC pooblastila.
If a binary option provider offers continual two-way pricing, a spread can be seen between the price at which clients can buy the binary option from the provider (the ‘buy price’) and the price at which clients can sell the option to the provider (the ‘sell price’).
V Združenem kraljestvu ta številka ne vključuje strank, ki niso iz Združenega kraljestva in so stranke podjetij, ki so pooblaščena v Združenem kraljestvu, in je bila leta 2016 ocenjena na približno 400000.
These two prices in general differ from the ‘zero-expected return price’, namely the price at which purchasing the binary option would yield zero expected return for the purchaser, with the sell price typically lower and the buy price typically higher than the zero-expected return price.
Številka za druge države članice, ki so podatke posredovale organu ESMA, lahko vključuje stranke iz držav zunaj EGP.
Section 2 of ESMA's Questions and Answers (Q&As) relating to the provision of CFDs and other speculative products to retail investors under MiFID (ESMA35-36-794) as updated on 31 March 2017, discusses some of these conflicts of interest in more detail.
Na podlagi informacij, ki jih je DE-BaFin posredoval januarja 2017 in zajemajo podatke za leto 2016.
For instance, for a binary option with a 50 % win probability and a return of 80 % of the amount invested if at expiry the option is ‘in-the-money’, an investor faces around a 75 % probability of suffering a cumulative loss over 20 trades.
Glej poročilo IOSCO.
See ESMA's Product Intervention Analysis: Measure on Binary Options, 2018.
Čeprav skupni statistični podatki niso na voljo, pa so številni pristojni nacionalni organi organu ESMA poročali, da se je leta 2016 glede na število strank v njihovih jurisdikcijah trg povečal.