natgillin/translations-raw huggingface dataset:
Such severe price falls undermine the price-formation mechanism, thereby threatening the integrity and orderly functioning of the markets. 
Takšni hudi padci cen spodkopavajo mehanizme določanja cen ter s tem ogrožajo integriteto in pravilno delovanje trgov.
ESMA'S MEASURE DOES NOT HAVE A DETRIMENTAL EFFECT ON THE EFFICIENCY OF FINANCIAL MARKETS, INCLUDING BY REDUCING LIQUIDITY IN THOSE MARKETS OR CREATING UNCERTAINTY FOR MARKET PARTICIPANTS, THAT IS DISPROPORTIONATE TO ITS BENEFITS (ARTICLE 28(3)(C) OF REGULATION (EU) NO 236/2012) 
UKREP ORGANA ESMA NIMA NEGATIVNEGA UČINKA NA UČINKOVITOST FINANČNIH TRGOV, SAJ NE ZMANJŠUJE LIKVIDNOSTI NAVEDENIH TRGOV ALI USTVARJA NEGOTOVOSTI ZA UDELEŽENCE NA TRGU, KI BI BILI NESORAZMERNI GLEDE NA KORISTI UKREPA (ČLEN 28(3)(C) UREDBE (EU) ŠT. 236/2012).
Although the enhanced reporting obligation laid down in this decision may add additional burden to reporting entities, it will not limit the capacity of market participants to enter into or increase their short positions in shares. 
Čeprav lahko okrepljena obveznost poročanja na podlagi tega sklepa povzroči dodatno breme subjektom, ki morajo poročati, pa udeležencev na trgu ne bo omejila pri sklepanju ali povečevanju svojih kratkih pozicij v delnicah.
ESMA considers it appropriate that national competent authorities closely monitor the evolution of the market and any evolution of net short positions before considering adopting any further measure. 
Organ ESMA meni, da je ustrezno, da pristojni nacionalni organi skrbno spremljajo dogajanje na trgu in spreminjanje neto kratkih pozicij, preden se sprejmejo kakršni koli nadaljnji ukrepi.
ESMA considers that despite the extraordinary losses that were incurred in the trading of shares on regulated markets since 20 February 2020 and particularly since 9 March 2020, markets have functioned orderly and that the integrity of markets has been largely preserved. 
Organ ESMA meni, da so trgi kljub izjemnim izgubam, ki so od 20. februarja 2020 nastale pri trgovanju z delnicami na reguliranih trgih, zlasti od 9. marca 2020, pravilno delovali in da se je integriteta trgov večinoma ohranila.
While short selling at other times may serve positive functions in terms of determining the correct valuation of issuers, in current market circumstances it poses an additional threat to the orderly functioning and integrity of markets. 
Čeprav ima lahko prodaja na kratko v drugačnih okoliščinah pozitivno funkcijo pri opredeljevanju prave vrednosti izdajateljev, pa v trenutnih razmerah dodatno ogroža pravilno delovanje in integriteto trgov.
ESMA also highlights that the measure is limited to the reporting of shares that are admitted to trading on a regulated market to capture those positions where additional reporting appears most relevant. 
Organ ESMA tudi poudarja, da je ukrep omejen na poročanje o delnicah, ki so uvrščene v trgovanje na reguliranih trgih, da se zajamejo tiste pozicije, pri katerih je dodatno poročanje najpomembnejše.
In this context, as further explained in Section 3 below, short sales can contribute to accelerate price volatility and to exacerbate market losses. 
V tem smislu, kot je nadalje pojasnjeno v oddelku 3 v nadaljevanju, lahko prodaja na kratko prispeva k povečanju nestanovitnosti cen in povečanju tržnih izgub.
In such situation market participants may take new short positions in order to profit from further price falls, which may in turn exacerbate the falls experienced in the past weeks. 
V takih okoliščinah lahko udeleženci na trgu sklenejo nove kratke pozicije, da bi ustvarili dobiček iz nadaljnjega padca cen, kar lahko še poveča padce iz prejšnjih tednov.
Those price declines have left the vast majority if not all shares admitted to trading on a regulated market in a situation of uncertainty in which further price declines not triggered by additional fundamental information could have highly detrimental consequences. 
Zaradi navedenega padca cen je velika večina ali celo vse delnice, ki so bile uvrščene v trgovanje na reguliranem trgu, v položaju negotovosti, v katerem bi lahko nadaljnji padci cen, ki niso posledica dodatnih temeljnih informacij, imeli izredno negativne posledice.
In addition, ESMA considers that the significant falls in value and extreme volatility particularly since 9 March 2020 can cause a lack of trust in the functioning of the financial system by market participants and the public at large. 
Poleg tega organ ESMA meni, da lahko znaten padec vrednosti in izredna nestanovitnost, zlasti od 9. marca 2020 naprej, zmanjša zaupanje udeležencev na trgu in javnosti na splošno v delovanje finančnega sistema.
Since ESMA's measure concerns the reporting obligations of market participants with respect to all shares admitted to trading on regulated markets, it will ensure a unique reporting threshold for all national competent authorities, ensuring a level-playing field among market participants from in- and outside of the Union in respect of trading of shares admitted to trading on a regulated market. 
Ker se ukrep organa ESMA nanaša na obveznost poročanja udeležencev na trgu glede vseh delnic, ki so uvrščene v trgovanje na reguliranih trgih, se s tem zagotovi edinstven prag za poročanje vsem pristojnim nacionalnim organom, s čimer se zagotovijo enaki pogoji med udeleženci na trgu znotraj in zunaj Unije v zvezi s trgovanjem z delnicami, ki so uvrščene v trgovanje na reguliranih trgih.
As described above, trading in shares since 20 February 2020 and particularly since 9 March 2020 was characterised by substantial selling pressure and unusual volatility leading to significant downward spirals affecting issuers from all types of sectors. 
Kot je opisano zgoraj, sta bila za trgovanje z delnicami po 20. februarju 2020 in zlasti po 9. marcu 2020 značilna znaten pritisk na prodajo in nenavadna nestanovitnost, kar je povzročilo resen padec vrednosti, ki je prizadel izdajatelje iz vseh sektorjev.
ESMA's measure to temporarily lower the reporting thresholds of net short positions to national competent authorities addresses this threat posed to the stability of parts or ultimately the whole of the Union financial system. 
Ukrep organa ESMA o začasnem znižanju pragov za poročanje o neto kratkih pozicijah pristojnim nacionalnim organom obravnava to grožnjo stabilnosti delov ali celotnega finančnega sistema Unije.
In particular, given the horizontal impact of the current emergency situation that affects a broad set of shares across the Union, the fall in share prices may be due to additional selling pressure resulting from short selling activity and increased net short positions that, being below the current thresholds for notification to the national comptent authorities, are therefore undetected. 
Glede na horizontalni učinek sedanjih izrednih razmer, ki vplivajo na širok nabor delnic v vsej Uniji, je padec cen delnic lahko zlasti posledica dodatnega pritiska na prodajo zaradi prodaje na kratko in povečanih neto kratkih pozicij, ki ne bi presegle trenutnega praga za priglasitev pristojnim nacionalnim organom in zato ne bi bile zaznane.
At the time of adoption of this Decision, no competent authorities have adopted measures to increase their visibility of the evolution of net short positions activity through the establishment of lower reporting thresholds. 
V času sprejetja tega sklepa noben pristojni organ ni sprejel ukrepov za izboljšanje svojega pregleda nad prodajami na kratko z uveljavitvijo nižjih pragov za poročanje.
Having regard to Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps (2) , and in particular Article 28 thereof, 
ob upoštevanju Uredbe (EU) št. 236/2012 Evropskega parlamenta in Sveta z dne 14. marca 2012 o prodaji na kratko in določenih vidikih poslov kreditnih zamenjav (2) in zlasti člena 28 Uredbe,
The market integrity, orderly functioning and financial stability concerns described in this Decision have led some national competent authorities to consult on or take national actions aimed at restricting the short selling of shares. 
Na podlagi pomislekov glede integritete trgov, pravilnega delovanja trgov in finančne stabilnosti, opisanih v tem sklepu, so se nekateri pristojni nacionalni organi posvetovali ali sprejeli ukrepe za omejitev prodaje delnic na kratko.
Therefore, ESMA's measure improves the ability of national competent authorities to deal with the threats identified and to overall monitor and manage threats to the orderly functioning of markets and to financial stability at times of market stress. 
Ukrep organa ESMA torej krepi zmožnost pristojnih nacionalnih organov, da se spopadajo z ugotovljenimi grožnjami in v celoti spremljajo ter upravljajo z grožnje k pravilnemu delovanju trgov in finančni stabilnosti ob stresnih razmerah na trgu.
The threats to market integrity, orderly functioning and financial stability described above have a pan-EU character. 
Zgoraj opisane grožnje integriteti trga, pravilnemu delovanju trga in finančni stabilnosti se nanašajo na celotno EU.
Having regard to Commission Delegated Regulation (EU) No 918/2012 of 5 July 2012 supplementing Regulation (EU) No 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps with regards to definitions, the calculation of net short positions, covered sovereign credit default swaps, notification thresholds, liquidity thresholds for suspending restrictions, significant falls in the value of financial instruments and adverse events (3) , and in particular Article 24 thereof, 
ob upoštevanju Delegirane uredbe Komisije (EU) št. 918/2012 z dne 5. julija 2012 o dopolnitvi Uredbe (EU) št. 236/2012 Evropskega parlamenta in Sveta o prodaji na kratko in določenih vidikih poslov kreditnih zamenjav v zvezi z opredelitvami pojmov, izračunom neto kratkih pozicij, kritimi posli kreditnih zamenjav državnih vrednostnih papirjev, pragovi za priglasitev, pragovi likvidnosti za odložitev omejitev, znatnimi padci vrednosti finančnih instrumentov in neugodnimi dogodki (3) , zlasti člena 24 Delegirane uredbe,
In ordinary market conditions national competent authorities monitor any threat that may derive from short selling and the building up of net short positions with supervisory tools established in Union legislation, in particular the reporting obligations concerning net short positions established in Regulation (EU) No 236/2012 (9) . 
V običajnih razmerah na trgu pristojni nacionalni organi spremljajo vsako ogroženost zaradi prodaje na kratko in naraščanja neto kratkih pozicij z nadzornimi orodji na podlagi zakonodaje Unije, zlasti z obveznostjo poročanja glede neto kratkih pozicij iz Uredbe (EU) št. 236/2012 (9) .
As evidenced above, engaging in short selling and building up significant net short positions can amplify selling pressure and downward trends which at the present time poses a threat which can have highly detrimental effects on the financial stability of financial institutions and companies from other sectors. 
Kot izhaja iz zgoraj navedenega, prodaja na kratko in naraščanje pomembnih neto kratkih pozicij lahko okrepi pritisk na prodajo in trend zmanjševanja, ki trenutno ogroža trge, to pa ima lahko izredno negativne učinke na finančno stabilnost finančnih institucij in družb iz drugih sektorjev.
(a) Threat to the orderly functioning and integrity of the financial markets 
(a) Ogroženost pravilnega delovanja in integritete finančnih trgov
ESMA considers that lowering the reporting thresholds should ensure that all national competent authorities across the EU and ESMA have the best possible data set available to monitor the market trends and enable themselves and ESMA to take, if necessary, further measures. 
Organ ESMA meni, da bi z znižanjem praga za poročanje vsem pristojnim nacionalnim organom v EU in organu ESMA zagotovili dostop do najustreznejšega možnega nabora podatkov, da lahko spremljajo tržna gibanja ter da lahko po potrebi sprejmejo nadaljnje ukrepe.
Therefore, national competent authorities and ESMA need to be aware as soon as possible of market participants engaging in short sales and building up significant net short positions to prevent, if necessary, that those positions become signals leading to a cascade of selling orders causing a further significant fall in value. 
Zato morajo biti pristojni nacionalni organi in organ ESMA takoj, ko je to mogoče, obveščeni, da udeleženci na trgu sklepajo prodaje na kratko in da naraščajo neto kratke pozicije, da se po potrebi prepreči, da bi navedene pozicije sprožile kaskado naročil za prodajo, s čimer bi se vrednost nadalje znatno zmanjšala.
A decrease of the latter threatens the orderly functioning and integrity of the markets, as it may result in further volatility and downward price spirals. 
Zaradi manjšega zaupanja sta ogrožena pravilno delovanje in integriteta trgov, saj lahko pride do nadaljnje nestanovitnosti in strmega padca cen.
This should improve the capacity of national competent authorities and ESMA to assess the situation adequately and react if the integrity, orderly functioning and stability of the markets require more stringent actions. 
Tako bodo lahko pristojni nacionalni organi in organ ESMA lažje ustrezno ocenili okoliščine in se odzvali, če bi bilo zaradi integritete, pravilnega delovanja in stabilnosti trgov potrebno strožje ukrepanje.
NO COMPETENT AUTHORITY HAS TAKEN MEASURES TO ADDRESS THE THREAT OR ONE OR MORE OF THE COMPETENT AUTHORITIES HAVE TAKEN MEASURES THAT DO NOT ADEQUATELY ADDRESS THE THREAT (ARTICLE 28(2)(B) OF REGULATION (EU) NO 236/2012) 
NOBEN PRISTOJNI ORGAN NI SPREJEL UKREPOV ZA OBVLADOVANJE OGROŽENOSTI ALI PA JE EDEN ALI VEČ PRISTOJNIH ORGANOV SPREJELO UKREPE, KI NE OBVLADUJEJO OGROŽENOSTI V ZADOSTNI MERI (ČLEN 28(2)(B) UREDBE (EU) ŠT. 236/2012).
Substantial selling pressure and unusual volatility in the price of shares is already ongoing and could continue to occur. 
Precejšen pritisk na prodajo in nenavadna nestanovitnost cen delnic sta že dve dejstvi, ki si ju lahko nadejamo tudi v prihodnje.
ESMA considers that, without such a measure being taken at this point in time, national competent authorities and ESMA would not have the capacity to monitor adequately the market in the current market environment, where the substantial selling pressure and unusual volatility [Figure 1] in the price of Union shares admitted to trading on a regulated market could further be amplified by the taking of short positions. 
Organ ESMA meni, da pristojni nacionalni organi in organ ESMA brez takega ukrepa trenutno ne bi mogli ustrezno spremljati trga v sedanjem tržnem okolju, v katerem bi lahko sklepanje kratkih pozicij še okrepilo znaten pritisk na prodajo in neobičajno nestanovitnost (slika 1) cen delnic Unije, ki so bile uvrščene v trgovanje na reguliranih trgih.
This ESMA Decision requires natural or legal persons who have net short positions in relation to a share admitted to trading on a regulated market to notify to a competent authority details of any such position if the position reaches or exceeds 0,1 % of the issued share capital. 
Na podlagi tega sklepa organ ESMA od fizičnih in pravnih oseb, ki imajo neto kratke pozicije v zvezi z delnicami, ki so bile uvrščene v trgovanje na reguliranem trgu, zahteva, da pristojnim organom priglasijo podrobnosti o vseh takih pozicijah, če pozicija doseže ali preseže 0,1 % izdanega kapitala.
to require natural or legal persons who have net short positions to temporarily lower the notification thresholds of net short positions in relation to the issued shares capital of companies whose shares are admitted to trading on a regulated market above a certain threshold to notify the competent authorties in accordance with point (a) of Article 28(1) of Regulation (EU) No 236/2012 of the European Parliament and of the Council 
da morajo fizične ali pravne osebe, ki imajo neto kratke pozicije, začasno znižati pragove za priglasitev neto kratkih pozicij v zvezi z izdanim kapitalom družb, katerih delnice so bile uvrščene v trgovanje na reguliranem trgu, in če presegajo določen prag, obvestiti pristojne organe v skladu s točko (a) člena 28(1) Uredbe (EU) št. 236/2012 Evropskega parlamenta in Sveta
ESMA considers that this adverse situation constitutes a serious threat to the orderly functioning and integrity of the financial markets. 
Organ ESMA meni, da te škodljive okoliščine resno ogrožajo pravilno delovanje in integriteto finančnih trgov.
The prohibition was adopted pursuant to Article 23 of Regulation (EU) n. 236/2012, considering the price drop, higher than 10 %, recorded by the shares on 12 March 2020. 
Prepoved je bila sprejeta na podlagi člena 23 Uredbe (EU) št. 236/2012 in se nanaša na padec cen, ki presega 10 %, kot so jih zadevne delnice dosegle 12. marca 2020.
At times of extreme selling pressure and market volatility engaging in short selling and the building up of short positions can amplify downward trends already present in financial markets. 
V okoliščinah hudih pritiskov na prodajo in nestanovitnosti trgov lahko prodaja na kratko in naraščanje kratkih pozicij okrepi gibanje zniževanja, ki so že prisotni na finančnih trgih.
(b) Threat to the stability of the whole or part of the financial system in the Union 
(b) Grožnja stabilnosti celotnega finančnega sistema Unije ali njegovega dela
Within the limit of ESMA's mandate, the proposed measure obliges natural or legal persons who have a net short position in shares admitted to trading on a regulated market to report to national competent authorities at a lower thresholds than the one established in Article 5 of Regulation (EU) No 236/2012. 
V okviru pristojnosti organa ESMA se s predlaganim ukrepom od fizičnih ali pravnih oseb, ki imajo neto kratke pozicije v delnicah, ki so bile uvrščene v trgovanje na reguliranem trgu, zahteva, da pristojnim nacionalnim organom poročajo ob nižjem pragu, kot je bil določen s členom 5 Uredbe (EU) št. 236/2012.
(a) The measure significantly addresses the threat to the orderly functioning and integrity of financial markets 
(a) Ukrep pomembno obvladuje grožnjo pravilnemu delovanju in integriteti finančnih trgov
(b) The measure significantly addresses the threat to the stability of the whole or part of the financial system in the Union 
(b) Ukrep znatno obvladuje grožnjo stabilnosti celotnega finančnega sistema Unije ali njegovega dela
CONSULTATION AND NOTICE (ARTICLE 28(4) AND (5) OF REGULATION (EU) NO 236/2012) 
POSVETOVANJE IN PRIGLASITEV (ČLEN 28(4) IN (5) UREDBE (EU) ŠT. 236/2012)
THE MEASURES DO NOT CREATE A RISK OF REGULATORY ARBITRAGE (ARTICLE 28(3)(B) OF REGULATION (EU) NO 236/2012) 
TI UKREPI NE POVZROČAJO TVEGANJA REGULATORNE ARBITRAŽE (ČLEN 28(3)(B) UREDBE (EU) ŠT. 236/2012)
The prohibition was adopted pursuant to Article 23 of Regulation (EU) No 236/2012, considering the price drop, higher than 10 % and, for illiquid shares, higher than 20 %, recorded by the relevant shares on 12 March 2020. 
Omejitev je bila uvedena na podlagi člena 23 Uredbe (EU) št. 236/2012 in se nanaša na padec cen, ki presega 10 %, za nelikvidne delnice pa, ki presega 20 %, kot so jih te delnice dosegle 12. marca 2020.
The measure imposed by the ESMA Decision addresses the necessity for national competent authorities and ESMA to be aware of the net short positions that market participants have entered into in relation to shares admitted to trading on a regulated market, given the recent exceptional developments in financial markets. 
Ukrep, ki izhaja iz sklepa organa ESMA, se nanaša na to, da morajo pristojni nacionalni organi in organ ESMA zaradi nedavnih izjemnih dogodkov na finančnih trgih poznati neto kratke pozicije, ki so jih sklenili udeleženci na trgu v zvezi z delnicami, ki so bile uvrščene v trgovanje na reguliranem trgu.
ABILITY OF THE MEASURE TO ADDRESS RELEVANT THREATS AND CROSS-BORDER IMPLICATIONS (ARTICLE 28(2)(A) OF REGULATION (EU) NO 236/2012) 
ZMOŽNOST UKREPA OBVLADATI ZADEVNE GROŽNJE IN ČEZMEJNI UČINKI (ČLEN 28(2)(A) UREDBE (EU) ŠT. 236/2012)
However, the existing market conditions render it necessary to intensify the monitoring activity of national competent authorities and ESMA of the aggregated net short positions in shares admitted to trading on regulated markets. 
Vendar pa morajo pristojni nacionalni organi in organ ESMA zaradi trenutnih razmer na trgu okrepiti dejavnosti spremljanja skupnih neto kratkih pozicij delnic, ki so uvrščene v trgovanje na reguliranih trgih.
EFFICIENCY OF THE MEASURE (ARTICLE 28(3)(A) OF REGULATION (EU) NO 236/2012) 
UČINKOVITOST UKREPA (ČLEN 28(3)(A) UREDBA (EU) ŠT. 236/2012)
of 6 May 2020 
z dne 6. maja 2020
on liquidity risks in investment funds 
o likvidnostnem tveganju v investicijskih skladih
The ESRB recognises that the investment funds sector in the Union is large and diverse. 
ESRB priznava, da je sektor investicijskih skladov v Uniji velik in raznolik.
RECOMMENDATION OF THE EUROPEAN SYSTEMIC RISK BOARD 
PRIPOROČILO EVROPSKEGA ODBORA ZA SISTEMSKA TVEGANJA
Recommendations of the ESRB are published after the addressees have been informed, and after the General Board has informed the Council of the European Union of its intention to do so and provided the Council with an opportunity to react, 
Priporočila ESRB se objavijo potem, ko so o njih obveščeni naslovniki ter je splošni odbor obvestil Svet Evropske unije o nameri, da jih objavi, in mu dal možnost, da se odzove -
One of the five priority areas relates to financial market liquidity and implications for asset managers and insurers. 
Eno od petih prednostnih področij se nanaša na likvidnost na finančnem trgu ter posledice za upravitelje premoženja in zavarovalnice.
While market conditions have subsequently stabilised, largely due to decisive actions taken by central banks, supervisory authorities and governments in the Union and globally, significant uncertainty remains concerning the macrofinancial outlook. 
Čeprav so se razmere na trgu pozneje stabilizirale, predvsem zaradi odločnih ukrepov, ki so jih sprejele centralne banke, nadzorni organi in vlade v Uniji in po vsem svetu, ostaja precejšnja negotovost glede makrofinančnih obetov.
This is particularly the case for capital markets activities, including those carried out by investment funds, where cross-border flows are large and the smooth functioning of such activities relies on a number of actors across the financial system. 
To velja zlasti za dejavnosti na kapitalskih trgih, vključno s tistimi, ki jih izvajajo investicijski skladi, kjer so čezmejni tokovi veliki, nemoteno delovanje teh dejavnosti pa je odvisno od številnih akterjev v finančnem sistemu.
The first of these segments is investment funds with significant exposures to corporate debt. 
Prvi od teh segmentov so investicijski skladi z znatnimi izpostavljenostmi do podjetniškega dolga.
Against this backdrop, at its meeting on 2 April 2020 the General Board of the European Systemic Risk Board (ESRB) announced that it would focus its attention on five priority areas where coordination between authorities in the Union was likely to be particularly important to safeguard financial stability in the Union (3) . 
Glede na to je splošni odbor Evropskega odbora za sistemska tveganja (ESRB) na seji 2. aprila 2020 napovedal, da bo svojo pozornost usmeril na pet prednostnih področij, na katerih je usklajevanje med organi v Uniji verjetno posebej pomembno za zaščito finančne stabilnosti v Uniji (3) .
This Recommendation is without prejudice to the monetary policy mandates of the central banks in the Union. 
To priporočilo ne posega v pooblastila centralnih bank v Uniji v zvezi z denarno politiko.
Real estate investment funds are estimated to hold approximately one-third of the Union's commercial real estate market. 
Ocenjuje se, da imajo nepremičninski investicijski skladi približno tretjinski delež na trgu poslovnih nepremičnin v Uniji.
In addition, investment funds hold a significant proportion of the stock of non-financial corporate bonds outstanding in the Union. 
Poleg tega imajo investicijski skladi znaten delež stanja obveznic nefinančnih družb v Uniji.