natgillin/translations-raw huggingface dataset:
on 10 May 2017 the Ελληνική Επιτροπή Κεφαλαιαγοράς (‘EL-HCMC’), the Greek NCA, issued a circular on providing investment services in over-the-counter derivative financial instruments (including forex, CFDs and binary options) through electronic trading platforms.
Poleg tega je norveški pristojni nacionalni organ Finanstilsynet („NO-Finanstilsynet“) dne 26. februarja 2018 izdal posvetovalni dokument, v katerem med drugim predlaga prepoved trženja, distribucije ali prodaje binarnih opcij malim vlagateljem, kot je predlagal organ ESMA v pozivu k predložitvi dokazov.
in the Czech Republic, the Central National Bank (CZ-CNB), the Czech NCA, issued a statement in October 2015 to warn retail investors about the risks associated with binary options;
Posvetovalno obdobje je potekalo od 26. februarja 2018 do 26. marca 2018.
in the Netherlands, in February 2017 the Autoriteit Financiele Markten (NL-AFM), the Dutch NCA, launched a consultation paper that proposes to make certain products, including binary options, subject to an advertising ban;
Ti nacionalni ukrepi lahko obravnavajo nekatere posamezne pomisleke, vendar niso zadostni, da bi obravnavali resen zadržek glede zaščite vlagateljev, ki je opisan v tem sklepu na čezmejni ravni.
in Cyprus, in February 2017 CY-CySEC issued a consultation paper proposing to ban the distribution and trading of binary options in their current form, so as for the final product to take on the characteristics of an on-exchange derivative product;
Kot navaja ta sklep, se binarne opcije najpogosteje tržijo, distribuirajo ali prodajajo prek spletnih računov za trgovanje in čezmejno.
in December 2016 the UK-FCA anticipating that binary options would be brought within the scope of their regulation from 3 January 2018, consulted on early policy considerations for potential enhanced conduct of business rules for binary options, including potential use of product intervention powers to modify the particular product features of binary options or to place restrictions on the sale and marketing of these products to retail investors.
Nacionalna prepoved bi bila zato neustrezna za zaščito malih vlagateljev v drugih državah članicah, razen države članice, v kateri je ukrep sprejet, če ponudniki binarnih opcij delujejo v teh drugih državah članicah, kot se pogosto dogaja.
The UK FCA also issued a consumer warning about the risks of investing in binary options on 14 November 2017; and
Ob upoštevanju zgoraj navedenega je za zagotovitev učinkovitosti nacionalnih ukrepov za male vlagatelje v Uniji nujno, da pristojni nacionalni organi v vseh državah članicah v kratkem časovnem obdobju sprejmejo ukrepe, katerih namen je uvesti skupno minimalno stopnjo zaščite vlagateljev, ki je določena v tem sklepu.
in December 2016, the AT-FMA, the Austrian NCA, has issued a warning regarding the risks associated with CFDs, rolling spot forex and binary options.
Ker se to ni zgodilo in zaradi nujnosti, da se obravnava ugotovljen resen zadržek glede zaščite vlagateljev, je po mnenju organa ESMA nujno, da izvršuje svoja začasna pooblastila za poseganje v zvezi s produkti.
In addition to this, the Finanstilsynet (‘NO-Finanstilsynet’), the Norwegian NCA, published on 26 February 2018 a consultation paper in which they propose, inter alia, a ban on the marketing distribution or sale of binary options to retail clients, as proposed by ESMA in the call for evidence.
Zdajšnji razdrobljeni okvir malim vlagateljem ne zagotavlja zaščite ali pa zagotavlja drugačno stopnjo zaščite po Uniji pri vlaganju v enake kompleksne produkte, včasih od istih ponudnikov.
The consultation period is from 26 February 2018 until 26 March 2018.
Ob upoštevanju resnosti in trajnosti zadržkov glede zaščite vlagateljev, čezmejne narave teh aktivnosti, dejstva, da zadevajo več kot eno državo, in dokazov širjenja distribucije binarnih opcij v novih jurisdikcijah, kar vodi do povečanega števila različnih nacionalnih ukrepov, ki obravnavajo podobne zadržke glede zaščite vlagateljev, so vseevropski ukrepi nujni za zagotovitev minimalne skupne ravni zaščite v EU.
These national measures may address certain concerns in isolation but are insufficient to address the significant investor protection concern described in this Decision on a cross-border level.
Nazadnje uporaba nadzornih pooblastil, ki jih izvajajo pristojni nacionalni organi v skladu s členom 69 Direktive 2014/65/EU na primer v skladu z odstavkom 2(f) (začasna prepoved poklicne dejavnosti) in (t) (prekinitev trženja ali prodaje zaradi neuporabe učinkovitega postopka odobritve produktov), tudi ne bi obravnavala resnih zadržkov glede zaščite vlagateljev.
As evidenced in this Decision, binary options are most commonly marketed, distributed or sold through online trading accounts and on a cross-border basis.
Intervencijski ukrep za produkte velja za produkt ali posel, povezan s tem produktom, in zato velja za vsa investicijska podjetja, ki ponujajo ta produkt ali posel, ne zgolj za eno določeno neskladje v primeru posameznega investicijskega podjetja.
A national ban would therefore be inadequate to protect retail clients in Member States other than the Member State in which the measure is taken when binary option providers operate in those other Member States as it often occurs.
Če se tveganja, ki izvirajo iz ponudbe binarnih opcij malim vlagateljem, obravnavajo na ravni Unije, je intervencijski ukrep učinkovitejši, kot če poskušajo pristojni nacionalni organi sprejemati ukrepe proti posameznemu podjetju individualno.
In the light of the above, for national measures to be effective for retail clients across the Union, it would be necessary for NCAs in all Member States to take action aimed at introducing the common minimum level of investor protection set out in this Decision within a short period of time.
Kot je navedeno zgoraj, dokazi kažejo, da je to težava na celotnem trgu, saj težava ni omejena na značilnosti določenih ponudnikov, in da so ključna tveganja značilna za produkt in poslovni model ponudnikov.
Since this has not occurred and given the urgency to address the investor protection concerns identified, ESMA finds it necessary to exercise its temporary product intervention powers.
Obstaja dejanska zaskrbljenost, da distribucija binarnih opcij malim vlagateljem ne omogoča, da bi ponudnik deloval v najboljšem interesu strank ali da bi omogočil zagotovitev informacij, ki so poštene, jasne in niso zavajajoče.
The current fragmented framework provides retail clients with no or a different level of protection across the Union when investing in the same complex products, sometimes from the same providers.
To pomeni, da različni posamični nadzorni ukrepi ne bi nemudoma omogočili, da se prepreči nadaljnja škoda malim vlagateljem, in ne bi zagotovili ustrezne alternativne rešitve uporabi intervencijskih pooblastil organa ESMA.
In light of the significance and persistence of investor protection concerns, the cross-border nature of these activities, the fact that they affect more than one country and of the evidence of the spread of the distribution of binary options in new jurisdictions leading to the increasing amount of various national measures to address similar investor protection concerns, EU-wide measures are necessary to ensure a minimum common level of protection across the EU.
Čezmejna narava distribucije binarnih opcij, dejstvo, da učinkujejo na več kot eno državo članico, širjenje distribucije binarnih opcij v novih jurisdikcijah in širjenje različnih nacionalnih ukrepov za obravnavanje podobnih zadržkov glede zaščite vlagateljev (ki pa lahko prispevajo k tveganju regulativne arbitraže) vodijo do zaključka, da se štejejo ukrepi v Uniji, s katerimi se zagotovi skupna raven zaščite po Uniji, za nujne.
Lastly, the use of supervisory powers by NCAs under Article 69 of Directive 2014/65/EU for example under paragraph (2)(f) (temporary prohibition of professional activity) and (t) (suspension of the marketing or sale for a lack of compliance with the product approval process requirements) would also not address the significant investor protection concerns.
UKREP ORGANA ESMA OBRAVNAVA UGOTOVLJENI RESEN ZADRŽEK GLEDE ZAŠČITE VLAGATELJEV IN NIMA ŠKODLJIVEGA UČINKA NA UČINKOVITOST FINANČNIH TRGOV ALI NA VLAGATELJE, KI BI BIL NESORAZMEREN GLEDE NA NJEGOVE KORISTI (ČLEN 40(2)(a) IN (3)(a) UREDBE (EU) št. 600/2014)
A product intervention measure applies to a product, or to an activity relating to that product, and therefore applies to all investment firms providing that product or activity, rather than one particular non-compliance by an individual investment firm.
Ob upoštevanju velikosti in narave ugotovljenega resnega zadržka glede zaščite vlagateljev organ ESMA meni, da je nujno in sorazmerno, da začasno prepove trženje, distribucijo ali prodajo binarnih opcij malim vlagateljem.
By addressing on a Union basis the risks arising from the offer of binary options to retail clients, the intervention measure is more effective than NCAs trying to take action against each firm individually.
Ta prepoved obravnava zadržek z zagotovitvijo ustrezne in enake ravni zaščite malim vlagateljem, ki tržijo binarne opcije v Uniji.
As noted above, evidence shows that this is a market wide issue as the problem is not limited to the specificities of particular providers and that the key risks are inherent to the product and providers' business model.
Nima škodljivega učinka na učinkovitost finančnih trgov ali na vlagatelje, ki bi bil nesorazmeren glede na njene koristi.
There are real concerns that the distribution of binary options to retail clients does not allow the provider to act in the best interests of clients or to allow the provision of information that is fair, clear and not misleading.
Prva pomembna značilnost je visoka raven tveganja pri binarnih opcijah: splošna značilnost binarnih opcij je, da vlagatelj izgubi celoten vložek.
As such, varied individual supervisory actions would not immediately ensure that further harm to retail clients is prevented and would not provide an adequate alternative to the use of ESMA's intervention powers.
Druga značilnost, tj. negativni pričakovani donos produkta, je pomemben izvor škode v tem okviru in velja za vse binarne opcije.
ESMA'S MEASURE ADDRESSES THE SIGNIFICANT INVESTOR PROTECTION CONCERN IDENTIFIED AND DOES NOT HAVE A DETRIMENTAL EFFECT ON THE EFFICIENCY OF FINANCIAL MARKETS OR ON INVESTORS THAT IS DISPROPORTIONATE TO ITS BENEFITS (ARTICLE 40(2)(a) AND (3)(a) OF REGULATION (EU) No 600/2014)
Za razliko od tradicionalnih opcij, ki se pogosto uporabljajo za varovanje pred tveganji, zagotavljajo binarne opcije fiksno izravnalno plačilo, če se zgodi določeni dogodek.
Taking into account the size and nature of the significant investor protection concern identified, ESMA considers it necessary and proportionate to temporarily prohibit the marketing, distribution or sale of binary options to retail clients.
V nasprotju s tem pa je izravnalno plačilo tipične opcije pogojeno s spremembo v ceni osnovnega instrumenta, ko ima opcija denarno vrednost (zato je izravnalno plačilo spremenljivo).
This prohibition addresses the concern by affording an appropriate and uniform level of protection to retail clients trading binary options in the Union.
Svojstvena značilnost produktov omejuje vrednost produkta kot orodja za varovanje pred tveganji, medtem ko se druge vrste opcij uporabljajo za izravnavo ali omejevanje cene sredstva, kateremu je podjetje ali vlagatelj neposredno izpostavljen.
It does not have a detrimental effect on the efficiency of financial markets or on investors that is disproportionate to its benefits.
Poleg tega običajno kratkoročna narava binarnih opcij vlagatelju omogoča, da zaporedno izvede številne trgovinske posle.
In order to assess how and the degree to which binary options pose a risk to investor protection, ESMA has analysed the distribution of investor returns.
To v povezavi z negativnim pričakovanim donosom vpliva na povečano verjetnost, da vlagatelj tem bolj kumulativno izgublja, kolikor več trgovinskih poslov izvede.
This analysis identified two important features.
To je statistična značilnost ponavljajočega se trgovanja z negativnim pričakovanim donosom.
The first important feature is the high level of risk involved in binary options: a general feature of binary options is that the investor stands to lose the entire amount invested.
Pomembno je, da je negativni pričakovani donos običajno sestavni del poslovnega modela ponudnika, saj je običajno vir njegovega pričakovanega dobička.
The second feature, the negative expected return of the product, is an important source of detriment in this context and applies to all binary options.
Binarna opcija zavezuje ponudnika binarnih opcij, da vlagatelju plača fiksni znesek, če se zgodi določeni dogodek, torej mora vlagatelj utrpeti pričakovano izgubo, da lahko ponudnik prejme pričakovani dobiček.
Unlike financial investments, the contracts are typically very short term and do not offer participation in the growth in value of the underlying.
Poleg tega je tudi mogoče, da bodo ponudniki naložili dodatne pristojbine.
Unlike traditional options, which are often used for hedging purposes, binary options provide a fixed payoff if a specified event occurs.
Zlasti pri binarnih opcijah, ki se ponujajo s stalnim dvosmernim določanjem cen, zagotovitev te cene ne more izboljšati pričakovanih donosov za vlagatelja glede na to, da bo ponudnik moral ponuditi ceno, ki mu bo omogočala pridobiti pričakovani dobiček.
In contrast, the payoff of a typical option is contingent on the change in the price of the underlying once the option is in the money (that is the payoff is variable).
Če vlagatelji opustijo pozicije pred njihovim potekom, je njihov pričakovani donos manjši, kot če zadržijo pozicijo do poteka.
This inherent feature of the products limits the value of the product as a hedging tool, whereas other kinds of option have been used to smooth out or limit the price of an asset that a firm or an investor has direct exposure to.
Razsežnost te postopne pričakovane izgube se razlikuje od ponudnika do ponudnika in od primera do primera, vendar mora biti pričakovana vrednost za vlagatelja ob upoštevanju dvosmernega določanja cen običajno negativna, tako kot začetna cena produkta pomeni negativni pričakovani donos za vlagatelja.
Furthermore, the typically short term of binary options enables an investor to place many trades sequentially.
Kombinirani učinek ponazarja bistveni element binarnih opcij zaradi njihovih negativnih pričakovanih donosov: če mali vlagatelj izvede veliko število naložb ali če veliko število vlagateljev izvede po eno naložbo, je verjetnost ustvarjanja dobička nasploh zelo majhna.
This combined with the negative expected return results in an increasing likelihood of an investor losing on a cumulative basis the more trades placed.
Analiza porazdelitve donosa binarnih opcij je v korelaciji s podatki pristojnih nacionalnih organov pri poudarjanju stopnje visokega tveganja za male vlagatelje, da bi izgubili znaten delež (pogosto vse) svojih naložb in imeli negativni pričakovani donos.
This is a statistical property of repeated negative expected return trading.
Te značilnosti so povezane tudi s splošno kompleksnostjo in pomanjkanjem preglednosti glede značilnosti produktov binarnih opcij, slabih praks trženja in distribucije ter inherentnih konfliktov interesov.
Importantly, the negative-expected return is generally integral to the business model of a provider, as it is generally the source of their expected profits.
Ni nadomestila z ustreznimi koristmi.
A binary option obliges the binary option provider to pay the investor a fixed amount if a specified event happens, so for the provider to make an expected profit, the investor must make an expected loss.
Te značilnosti skupaj predstavljajo glavni izvor škode za trenutne in potencialne male vlagatelje.
In addition, it is also possible that providers will impose additional charges.
Glavni razlog, zakaj je finančni sektor zelo reguliran, je, da služi pomembnim splošnim interesom in ciljem.
Specifically for binary options offered with continual two-way pricing, as the provider will need to offer pricing allowing them to make an expected profit, the provision of this pricing cannot improve expected returns for the investor.
Posebna pozornost v zvezi s tem je namenjena zaščiti malih vlagateljev.
Indeed, to the extent investors exit positions before expiry, their expected return is lower than if they hold the position to expiry.
Trženje, distribucija ali prodaja naložbenega produkta temelji na domnevi, da produkt lahko, vsaj potencialno, zadosti tem splošnim interesom in ciljem ter ne predstavlja nesorazmernega tveganja za potrebo, da se zagotovi minimalna raven zaščite vlagateljev.
The magnitude of this incremental expected loss will vary from provider to provider and case to case, but the expected value to an investor implied by the two-way pricing must typically be negative, just as a product's initial price will imply a negative expected return for the investor.
Organ ESMA je dosegel mejo učinkovitosti svojih nezavezujočih orodij na tem področju.
The combined effect illustrates an essential element of binary options due to their negative expected returns: if the retail client makes a very large number of investments, or if a very large number of investors each make a single investment, the probability of making a profit overall is very low.
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.
The analysis of the return distribution of binary options correlates with data from NCAs in highlighting the degree of high risks for retail clients to lose a substantial portion (often all) of their investment and the negative expected return.
Novembra 2013 so evropski nadzorni organi (ESA) izdali skupno mnenje o „Postopkih nadzora in upravljanja produktov proizvajalcev“, ki določa načela na visoki ravni, veljavne za postopke nadzora in upravljanja finančnih instrumentov.
These features are also combined with a general complexity and lack of transparency related to the product features of binary options, poor marketing and distribution practices and inherent conflicts of interest.
Februarja 2014 je organ ESMA izdal mnenje o „praksah direktive MiFID za podjetja, ki prodajajo kompleksne produkte“ in marca 2014 je izdal mnenje o „strukturiranih produktih za male vlagatelje – dobre prakse za ureditev upravljanja produktov“.
There is no compensation by any corresponding benefit.
Poleg tega se od marca 2007 v Združenem kraljestvu uporabljajo smernice, ki določajo načela upravljanja produktov.
Together these features constitute a major source of detriment to current and potential retail clients.
Kljub tem nadzornim načelom in regulativnim zahtevam, opisanih v tem sklepu, se je škoda glede trženja, distribucije ali prodaje binarnih opcij malim vlagateljev v zadnjih letih še povečevala.
A principal reason why the financial sector is highly regulated is that it serves important overarching interests and objectives.
Organ ESMA zato meni, da intervencijski ukrepi za preprečevanje trženja, distribucije ali prodaje vseh vrst binarnih opcij (ne glede na to, ali se trgujejo na mestu trgovanja ali ne) malim vlagateljem ustrezno obravnavajo tveganja za zaščito vlagateljev.
Special attention in this context is devoted to the protection of retail clients.
Omeniti je treba, da bodo mali vlagatelji lahko pridobili podobne produkte v svetu igralništva, kjer so ti produkti dovoljeni v skladu z veljavno ustrezno zakonodajo.
The marketing, distribution or sale of an investment product assumes that a product is able, at least potentially, to serve these overarching interests and objectives and does not put at risk in a disproportionate way the need to ensure a minimum level of investor protection.
Razmišljalo se je tudi o milejših ukrepih, kot je obveznost prodaje in distribucije teh produktov prek svetovalnih služb.
ESMA has reached the limit of the effectiveness of its non-binding tools in this area.
Vendar ti produkti zaradi svojih značilnosti niso primerni za male vlagatelje.
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.
Zato bi takšen ukrep pomenil oceno za vsak primer posebej, ki je težavna za ponudnike in pristojne nacionalne organe, rezultat tega pa zaradi značilnosti teh produktov ne bi bil bistveno drugačen od ukrepov, predlaganih v tem sklepu.
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.
Možen bi bil tudi ukrep, da se določi minimalno trajanje binarnih opcij.
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’.
Vendar se ključni pomisleki glede tega produkta s tem ukrepom ne bi spremenili.
Furthermore, as of March 2007, guidance setting out product governance principles is in place in the UK.
Zlasti struktura določanja cene produkta pomeni, da vlagatelji v povprečju utrpijo negativne pričakovane donose, ne da bi ob tem imeli kakršne koli koristi (na primer tradicionalne opcije imajo funkcijo varovanja pred tveganji).
Despite these supervisory principles and the regulatory requirements described in this Decision, the detriment in relation to the marketing, distribution or sale of binary options to retail clients had continued to develop over the past years.
Organ ESMA je tudi obravnaval dobre strani strožjih ukrepov, zlasti razširitev prepovedi trženja, distribucije ali prodaje binarnih opcij tudi velikim vlagateljem.
ESMA therefore considers that the intervention measures to prohibit the marketing, distribution or sale to retail clients of all types of binary options (whether traded on a trading venue or not) to be appropriate to address risks to investor protection.
Na tej stopnji ni dokazov, da so ciljna skupina investicijskih podjetij, ki tržijo te produkte, veliki vlagatelji.
It should be mentioned that retail clients will be able to acquire similar products in the gambling sphere, when these products are allowed in accordance with the applicable relevant legislation.
Zato bodo ostale binarne opcije na voljo strankam, ki so razvrščene kot profesionalni vlagatelji in primerne nasprotne stranke, ki zmorejo v vsakem primeru bolje oceniti tehnične značilnosti finančnih produktov.
Less restrictive measures have been considered, such as the obligation to sell and distribute these products through advisory services.
Ta skupina strank vključuje tudi tiste male vlagatelje, ki imajo dovolj znanja in izkušenj, da lahko zaprosijo za razvrstitev med profesionalne vlagatelje.
However, due to their features, these products are unsuitable for retail clients.
Organ ESMA se zaveda, da se bodo ponudniki soočili z morebitnimi finančnimi posledicami in stroški, ki nastanejo iz osredotočenja svojega posla in usmeritve svojih strank k drugim finančnim instrumentom in produktom.
Therefore, such a measure would impose a case-by-case assessment, burdensome for providers and NCAs, the result of which, due to the features of these products, should not actually be significantly different from the measures proposed in this Decision.
Vendar meni, da naslednje koristi, pridobljene iz obravnavanja ugotovljenega resnega zadržka glede zaščite vlagateljev, odtehtajo potencialen negativni vpliv ukrepov:
Another measure considered is to set a minimum term of the binary options.
zmanjšanje tveganja zavajajoče prodaje in povezanih finančnih posledic, kar je največja korist za male vlagatelje in finančne trge kot celoto;
However, the key concerns in relation to this product will not change due to such a measure.
zmanjšanje tveganja, povezanega z regulativno ali nadzorno arbitražo pri različnih subjektih in jurisdikcijah, in