natgillin/translations-raw huggingface dataset:
(32) Države članice bi morale na podlagi smernic , ki jih sprejme organ ESMA, in upoštevaje sporočilo Komisije o okrepitvi sistemov sankcij v sektorju finančnih storitev določiti pravila o kaznih za kršitve določb te uredbe in zagotoviti, da se tudi izvajajo.
(32) Based on guidelines adopted by ESMA and taking into consideration the Commission's Communication on reinforcing sanctioning regimes in the financial services sector, Member States should lay down rules on penalties applicable to infringements of the provisions of this Regulation and ensure that they are implemented.
Kazni bi morale biti učinkovite, sorazmerne in odvračalne.
The penalties should be effective, proportionate and dissuasive.
Navsezadnje bi bilo treba v Uniji vzpostaviti usklajen sistem kazni.
Ultimately, a harmonised penalties regime should be established in the Union .
(34) Da bi lahko [...], bi morala biti Komisija v skladu s členom 290 PDEU pooblaščena za sprejemanje delegiranih aktov v zvezi s podrobnostmi izračuna kratkih pozicij, kadar ima fizična ali pravna oseba nekrito pozicijo v zamenjavi kreditnega tveganja, s pragi za priglasitev ali razkritje ter z dodatnimi opredelitvami meril in dejavnikov za določanje, kdaj neugoden dogodek ali razvoj resno ogroža finančno stabilnost ali tržno zaupanje v državi članici ali Uniji.
(34) In order to [...], power to adopt acts in accordance with Article 290 TFEU should be delegated to the Commission in respect of details concerning calculating short positions, when a natural or legal person has an uncovered position in a credit default swap, notification or disclosure thresholds and further specification of criteria and factors for determining when an adverse event or development creates a serious threat to financial stability or to market confidence in a Member State or the Union.
Zlasti pomembno je, da Komisija med svojim pripravljalnim delom izvede ustrezna posvetovanja, tudi na strokovni ravni.
It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level.
Organ ESMA bi moral imeti s svojim svetovanjem Komisiji osrednjo vlogo pri zasnovi delegiranih aktov.
ESMA should play a central role in the drafting of delegated acts by delivering advice to the Commission.
(35) Komisija mora Evropskemu parlamentu in Svetu predložiti poročilo o primernosti poročanja in predvidenih pragov za javno razkritje, izvajanja omejitev in zahtev v zvezi s preglednostjo neto kratkih pozicij ter vseh drugih omejitev ali pogojev v zvezi s prodajo na kratko in zamenjavami kreditnega tveganja.
(35) The Commission should submit a report to the European Parliament and the Council assessing the appropriateness of the reporting and public disclosure thresholds provided for, the operation of the restrictions and requirements related to the transparency of net short positions and whether any other restrictions or conditions on short selling or credit default swaps are appropriate.
(36) Čeprav so nacionalni pristojni organi primernejši za spremljanje razvoja na trgu in ga bolje poznajo, se lahko skupni učinek težav, povezanih s prodajo na kratko in zamenjavami kreditnega tveganja, v celoti zajame samo na ravni Unije.
(36) Though national competent authorities are better placed to monitor and have better knowledge of market developments, the overall impact of the problems related to short selling and credit default swaps can only be fully perceived in a Union context.
Zato je mogoče cilje te uredbe v skladu z načelom subsidiarnosti iz člena 5 Pogodbe o Evropski uniji bolje doseči na ravni Unije, ki lahko sprejme ustrezne ukrepe.
For this reason, the objectives of this Regulation can be better achieved at the Union level; the Union may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union.
V skladu z načelom sorazmernosti iz navedenega člena ta uredba ne presega tistega, kar je potrebno za doseganje teh ciljev.
In accordance with the principle of proportionality, as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve those objectives.
(37) Ker so nekatere države članice že uvedle omejitve prodaje na kratko in ker je treba, preden se bo začel okvir, ki bo uveden, smiselno uporabljati, sprejeti delegirane akte in zavezujoče tehnične standarde, je treba predvideti dovolj dolgo obdobje pred začetkom veljavnosti Uredbe –
(37) Since some Member States have already put in place restrictions on short selling and since delegated acts and binding technical standards are provided for which should be adopted before the framework to be introduced can be usefully applied, it is necessary to provide for a sufficient period of time,
Ta uredba se uporablja za naslednje finančne instrumente:
This Regulation shall apply to the following financial instruments:
(1) finančne instrumente, ki so uvrščeni v trgovanje na mestu trgovanja v Uniji, vključno z instrumenti, s katerimi se trguje zunaj mesta trgovanja;
(1) financial instruments that are admitted to trading on a trading venue in the Union, including such instruments when traded outside a trading venue;
(2) izvedene finančne instrumente, opredeljene v točkah (4) do (10) oddelka C Priloge I k Direktivi 2004/39/ES Evropskega parlamenta in Sveta z dne 21. aprila 2004 o trgih finančnih instrumentov
(2) derivatives set out in Annex I Section C points (4) to (10) of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments
1. , ki so povezani s finančnim instrumentom iz odstavka (1) ali z izdajateljem finančnega instrumenta iz odstavka (1), vključno z izvedenimi finančnimi instrumenti, s katerimi se trguje zunaj mesta trgovanja;
1. that relate to a financial instrument referred to in paragraph (1) or an issuer of a financial instrument referred to in paragraph (1), including such derivatives when traded outside a trading venue;
(3) dolžniške instrumente, ki jih izda država članica ali Unija, in izvedene finančne instrumente, opredeljene v točkah (4) do (10) oddelka C Priloge I k Direktivi 2004/39/ES Evropskega parlamenta in Sveta, ki so povezani z dolžniškimi instrumenti, ki jih izda država članica ali Unija, ali s finančno obveznostjo države članice ali Unije.
(3) debt instruments issued by a Member State or the Union and derivatives set out in Annex I Section C points (4) to (10) of Directive 2004/39/EC that relate to such debt instruments issued by a Member State or the Union or to an obligation of a Member State or the Union.
V tej uredbi se uporabljajo naslednje opredelitve:
For the purpose of this Regulation, the following definitions shall apply:
(a) „pooblaščeni primarni trgovec“ pomeni fizično ali pravno osebo, ki z izdajateljem državnega dolžniškega instrumenta podpiše dogovor, s katerim se fizična ali pravna oseba obveže, da bo pri dejavnostih na primarnem in sekundarnem trgu v zvezi z dolžniškimi instrumenti, ki jih izda ta izdajatelj, delovala v lastnem imenu;
(a) "authorised primary dealer" means a natural or legal person who has signed an agreement with an issuer of sovereign debt under which that natural or legal person undertakes to deal as principal in connection with primary and secondary market operations relating to debt issued by that issuer;
(b) „centralna nasprotna stranka“ pomeni subjekt, ki pravno posreduje med nasprotnimi strankami pogodb, s katerimi se trguje na enem ali več finančnih trgih, ter postane kupec za vsakega prodajalca in prodajalec za vsakega kupca ter je odgovoren za delovanje sistema kliringa;
(b) "central counterparty" means an entity that legally interposes itself between the counterparties to the contracts traded within one or more financial markets, becoming the buyer to every seller and the seller to every buyer and which is responsible for the operation of a clearing system;
(c) „zamenjava kreditnega tveganja“ pomeni pogodbo o izvedenem finančnem instrumentu, pri kateri ena stranka drugi stranki plača pristojbino v zameno za nadomestilo ali plačilo v primeru plačilne nesposobnosti referenčnega subjekta ali v primeru kreditnega dogodka v zvezi s tem referenčnim subjektom ali katero koli drugo pogodbo o izvedenem finančnem instrumentu s podobnim ekonomskim učinkom;
(c) "credit default swap" means a derivative contract in which one party pays a fee to another party in return for compensation or a payment in the event of a default by a reference entity, or a credit event relating to that reference entity and any other derivative contract that has a similar economic effect ;
(d) „finančni instrument“ je ▌instrument iz oddelka C Priloge I k Direktivi 2004/39/ES;
(d) "financial instrument" means an instrument listed in Annex I, Section C of Directive 2004/39/EC;
(e) „matična država članica“ reguliranega trga, investicijskega podjetja, ki upravlja večstranski sistem trgovanja, ali drugega investicijskega podjetja pomeni matično državo članico tega reguliranega trga ali investicijskega podjetja v smislu člena 4(1)(20) Direktive 2004/39/ES;
(e) "home Member State" in relation to a regulated market, an investment firm operating a multilateral trading facility, or any other investment firm, means the home Member State for that regulated market or investment firm within the meaning of Article 4(1)(20) of Directive 2004/39/EC;
(f) „investicijsko podjetje“ pomeni investicijsko podjetje v smislu člena 4(1)(1) Direktive 2004/39/ES;
(f) "investment firm" means an investment firm within the meaning of Article 4(1)(1) of Directive 2004/39/EC;
(g) „državni dolžniški instrument“ pomeni dolžniški instrument, ki ga izda Unija ali država članica, vključno s katerim koli ministrstvom, resorjem, centralno banko, agencijo ali drugim subjektom države članice;
(g) "sovereign debt" means a debt instrument issued by the Union, or a Member State including any ministry, department, central bank, agency or instrumentality of the Member State;
(h) „izdani delniški kapital“ v zvezi z družbo pomeni celoto navadnih in prednostnih delnic, ki jih izda družba, ne vključuje pa zamenljivih dolžniških vrednostnih papirjev;
(h) "issued share capital" in relation to a company, means the total of ordinary and any preference shares issued by the company but does not include convertible debt securities;
(i) „izdani državni dolžniški instrument“ pomeni:
(i) "issued sovereign debt" means:
(i) v zvezi z državo članico skupno vrednost državnih dolžniških instrumentov, ki jih izda država članica ali njeno ministrstvo, resor, centralna banka, agencija ali drugi subjekt in niso odplačani;
(i) in relation to a Member State, the total value of sovereign debt issued by the Member State or any ministry, department, central bank, agency or instrumentality of the Member State that has not been redeemed;
(ii) v zvezi z Unijo skupno vrednost državnih dolžniških instrumentov, ki jih izda Unija in niso odplačani;
(ii) in relation to the Union, the total value of sovereign debt issued by the Union that has not been redeemed;
(j) „lokalna družba“ pomeni podjetje iz člena 2(1)(l) Direktive 2004/39/ES, ki posluje za račun drugih članov trga ali zanje določa cene;
(j) "local firm" means a firm referred to in Article 2(1)(l) of Directive 2004/39/EC which deals for the account of other members of a market or makes prices for them;
(k) „ dejavnosti vzdrževanja trga“ pomeni dejavnosti investicijskih podjetij, subjektov iz tretjih držav ali lokalnih družb, ki so člani mesta trgovanja ali trga v tretji državi, katere pravni in nadzorni okvir je bil v skladu s členom 15(2) razglašen za enakovrednega, kadar v zvezi s finančnim instrumentom, ne glede na to, ali se z njim trguje na mestu trgovanja ali zunaj njega, delujejo v lastnem imenu in opravljajo eno od naslednjih nalog:
(k) "market making activities " means the activities of an investment firm or a third - country entity or a local firm that is a member of a trading venue or of a market in a third country, whose legal and supervisory framework has been declared equivalent pursuant to Article 15 ( 2 ) , when it deals as principal in a financial instrument, whether traded on or outside a trading venue, in either or both of the following capacities:
(i) objavljajo jasne, istočasne dvosmerne kotacije podobne velikosti ob konkurenčnih cenah, tako da je trgu redno in stalno zagotovljena likvidnost;
( i ) by posting firm, simultaneous two - way quotes of comparable size and at competitive prices, with the result of providing liquidity on a regular and ongoing basis to the market;
(ii) kot del svojega rednega poslovanja izpolnjujejo naročila strank ali naročila, ki izhajajo iz zahtev strank za trgovanje, ali varujejo pozicije, ki nastanejo s temi posli;
( ii ) as part of its usual business, by fulfilling orders initiated by a client or in response to a client ' s request to trade, and by hedging positions arising out of those dealings ;
(l) „večstranski sistem trgovanja“ pomeni večstranski sistem v smislu člena 4(1)(15) Direktive 2004/39/ES;
(l) "multilateral trading facility" means a multilateral system within the meaning of Article 4(1)(15) of Directive 2004/39/EC;
(m) „glavno mesto trgovanja“ v zvezi z delnico pomeni mesto trgovanja, na katerem je promet s to delnico največji;
(m) "principal venue" in relation to a share means the venue for the trading of that share with the highest turnover;
(n) „regulirani trg“ pomeni večstranski sistem v smislu člena 4(1)(14) Direktive 2004/39/ES;
(n) "regulated market" means a multilateral system within the meaning of Article 4(1)(14) of Directive 2004/39/EC;
(o) „zadevni pristojni organ“:
(o) "relevant competent authority" means:
(i) v zvezi z državnim dolžniškim instrumentom države članice ali zamenjavo kreditnega tveganja v povezavi s finančno obveznostjo države članice pomeni pristojni organ te države članice;
(i) in relation to sovereign debt of a Member State or a credit default swap relating to an obligation of a Member State, the competent authority of that Member State;
(ii) v zvezi z državnim dolžniškim instrumentom Unije ali zamenjavo kreditnega tveganja v povezavi s finančno obveznostjo Unije pomeni pristojni organ jurisdikcije, pod katero je ustanovljen evropski instrument za finančno stabilnost;
(ii) in relation to sovereign debt of the Union or a credit default swap relating to an obligation of the Union, the competent authority of the jurisdiction in which the European Financial Stability Facility is established;
(iii) v zvezi s finančnimi instrumenti, ki niso instrumenti iz točke (i) ali (ii), pomeni pristojni organ za ta finančni instrument, kakor je opredeljen v členu 2(7) Uredbe Komisije (ES) št. 1287/2006
(iii) in relation to a financial instrument other than an instrument referred to in point (i) or (ii), the competent authority for that financial instrument as defined in Article 2(7) of Commission Regulation (EC) No 1287/2006
(iv) v zvezi s finančnim instrumentom, ki ni zajet v točki (i), (ii) ali (iii), pomeni pristojni organ države članice, v kateri je bil instrument prvič uvrščen v trgovanje na mestu trgovanja;
(iv) in relation to a financial instrument that is not covered under point (i), (ii) or (iii), the competent authority of the Member State in which the financial instrument was first admitted to trading on a trading venue;
(p) „prodaja na kratko“ v zvezi z delnico ali dolžniškim instrumentom pomeni prodajo delnice ali dolžniškega instrumenta, ki ga prodajalec v času sklenitve dogovora o prodaji ne poseduje, vključno s prodajo, pri kateri si je prodajalec v času sklenitve dogovora o prodaji delnico ali dolžniški instrument izposodil ali se dogovoril o izposoji za izročitev ob poravnavi;
(p) "short sale" in relation to a share or debt means any sale of the share or debt which the seller does not own at the time of entering into the agreement to sell including such a sale where at the time of entering into the agreement to sell the seller has borrowed or agreed to borrow the share or debt for delivery at settlement;
(q) „trgovalni dan“ pomeni trgovalni dan v smislu člena 4 Uredbe (ES) št. 1287/2006;
(q) "trading day" means a trading day within the meaning of Article 4 of Regulation (EC) No 1287/2006;
(r) „mesto trgovanja“ pomeni regulirani trg ali večstranski sistem trgovanja v Uniji;
(r) "trading venue" means a regulated market or a multilateral trading facility in the Union;
(s) „promet“ delnice pomeni promet, kakor je opredeljen v členu 2(9) Uredbe Komisije (ES) št. 1287/2006;
(s) "turnover" of a share, means turnover as defined in Article 2(9) of Regulation (EC) No 1287/2006;
(sa) „nekrita prodaja na kratko“ v zvezi z delnico ali dolžniškim instrumentom pomeni prodajo delnice ali dolžniškega instrumenta, ki ne izpolnjuje pogojev iz člena 12(1).
(sa) "uncovered short sale" in relation to a share or debt means a sale of the share or debt which does not fulfil the conditions of Article 12(1).
Komisija na podlagi delegiranih aktov v skladu s členom 36 sprejme ukrepe za podrobnejšo opredelitev pojmov iz odstavka 1, zlasti natančno opredelitev, kdaj se šteje, da fizična ali pravna oseba poseduje finančni instrument za namene opredelitve prodaje na kratko iz člena 1(p).
The Commission shall be empowered to adopt delegated acts in accordance with Article 36 specifying the definitions laid down in paragraph 1, in particular specifying when a natural or legal person is considered to own a financial instrument for the purposes of the definition of short sale in paragraph 1(p).
Člen 3Kratke in dolge pozicije
Article 3Short and long positions
Za namene te uredbe se za kratko pozicijo v izdanem delniškem kapitalu družbe ali izdanih državnih dolžniških instrumentih države članice ali Unije šteje pozicija, ki je posledica enega od naslednjega:
For the purposes of this Regulation, a position resulting from either of the following shall be considered a short position relating to the issued share capital of a company or issued sovereign debt of a Member State or the Union:
(a) kratke prodaje delnice, ki jo je izdala družba, ali dolžniškega instrumenta, ki ga je izdala država članica ali Unija;
(a) a short sale of a share issued by the company or a debt instrument issued by the Member State or the Union;
(b) dejstva, da je fizična ali pravna oseba sklenila transakcijo, ki ustvari finančni instrument ali je povezana s finančnim instrumentom, ki ni finančni instrument iz točke (a), pri čemer je učinek ali eden od učinkov transakcije ta, da finančna ali pravna oseba v primeru padca cene ali vrednosti delnice ali dolžniškega instrumenta doseže finančno korist.
(b) a natural or legal person entering into transaction which creates or relates to a financial instrument other than an instrument referred to in point (a) and the effect or one of the effects of the transaction is to confer a financial advantage on the natural or legal person in the event of a decrease in the price or value of the share or debt instrument.
Za namene te uredbe se za dolgo pozicijo v izdanem delniškem kapitalu družbe ali izdanih državnih dolžniških instrumentih države članice ali Unije šteje pozicija, ki je rezultat enega od naslednjega:
For the purposes of this Regulation, a position resulting from either of the following shall be considered a long position relating to the issued share capital of a company or issued sovereign debt of a Member State or the Union:
(a) posedovanja delnice, ki jo je izdala družba, ali dolžniškega instrumenta, ki ga je izdala država članica ali Unija;
(a) holding a share issued by the company or a debt instrument issued by the Member State or the Union;
(b) dejstva, da je fizična ali pravna oseba sklenila transakcijo, ki ustvari finančni instrument ali je povezana s finančnim instrumentom, ki ni finančni instrument iz točke (a), pri čemer je učinek ali eden od učinkov transakcije ta, da finančna ali pravna oseba v primeru povečanja cene ali vrednosti delnice ali dolžniškega instrumenta doseže finančno korist.
(b) a natural or legal person entering into a transaction which creates or relates to a financial instrument other than an instrument referred to in point (a) and the effect or one of the effects of the transaction is to confer a financial advantage on the natural or legal person in the event of an increase in the price or value of the share or debt instrument.
Za namene odstavka 1 izračun kratke pozicije, ob upoštevanju katere koli kratke pozicije, ki je v posredni lasti ustrezne osebe (vključno z indeksom, košarico vrednostnih papirjev ali deležem v indeksnih investicijskih skladih ali podobnih entitetah), opravi zadevna fizična ali pravna oseba, pri čemer smiselno upošteva javno dostopne informacije o sestavi ustreznega indeksa ali košarice vrednostnih papirjev ter deležu, ki ga ima zadevni indeksni investicijski sklad ali podobna entiteta.
For the purposes of paragraph 1 , the calculation of a short position shall, in respect of any short position held by the relevant person indirectly , including through or by way of any index, basket of securities or any interest in any exchange traded fund or similar entity, be determined by the natural or legal person in question acting reasonably having regard to publicly available information as to the composition of the relevant index or basket of securities, or of the interests held by the relevant exchange traded fund or similar entity .
Da ne bi prišlo do dvoma, se pri izračunu kratke pozicije ne sme od nikogar zahtevati, da bi moral pri komer koli pridobiti informacije glede sestave v realnem času.
F or the avoidance of doubt, in calculating such short position, no person shall be required to obtain any real-time information as to such composition from any person.
Za namene odstavka 2 izračun dolge pozicije za vse namene vključuje delež zadevne osebe v obvezniškem ali dolžniškem vrednostnem papirju, ki ga je mogoče pretvoriti v delnice, ki jih izda zadevno podjetje.
For the purposes of paragraph 2, the calculation of a long position shall, for all purposes, include , as long positions , any interests held by the relevant person in any bond or debt security convertible into a share issued by the relevant company.
Za namene odstavkov 1 in 2 se pri izračunu kratke in dolge pozicije v državnih dolžniških instrumentih upoštevajo zamenjave kreditnega tveganja, povezane s finančno obveznostjo ali kreditnim dogodkom v zvezi z državo članico ali Unijo.
For the purposes of paragraphs 1 and 2 the calculation of a short position and a long position relating to sovereign debt shall include any credit default swap that relates to an obligation or a credit event relating to a Member State or the Union.
Za namene te uredbe se pozicija, ki ostane po odbitku dolge pozicije fizične ali pravne osebe v izdanem delniškem kapitalu družbe od kratke pozicije fizične ali pravne osebe v tem kapitalu, šteje za neto kratko pozicijo v izdanem delniškem kapitalu te družbe.
For the purposes of this Regulation, the position remaining after deducting any long position that a natural or legal person holds in relation to the issued share capital of a company from any short position that that natural or legal person holds in relation to that capital shall be considered a net short position in relation to the issued share capital of that company.
Za namene te uredbe se pozicija, ki ostane po odbitku dolge pozicije fizične ali pravne osebe v izdanih državnih dolžniških instrumentih države članice ali Unije od kratke pozicije fizične ali pravne osebe v teh dolžniških instrumentih, šteje za neto kratko pozicijo v izdanih državnih dolžniških instrumentih države članice ali Unije.
For the purposes of this Regulation, the position remaining after deducting any long position that a natural or legal person holds in relation to the issued sovereign debt of a Member State or the Union from any short position that that natural or legal person holds in relation to the same debt shall be considered a net short position in relation to the issued sovereign debt of a Member State or the Union.