natgillin/translations-raw huggingface dataset:
ali druge pozicije v sredstvih ali portfelju sredstev, katere vrednost bi ob zmanjšanju kreditne sposobnosti zadevne države najverjetneje padla,
or another position in assets or portfolio of assets whose value is likely to be negatively impacted by a decline in the creditworthiness of the relevant sovereign
je lahko z ekonomskega vidika enak sprejetju kratke pozicije v osnovnem dolžniškem instrumentu.
can be, economically speaking, equivalent to taking a short position on the underlying debt instrument.
Pozicijo v zamenjavi kreditnega tveganja je treba upoštevati za namene določanja, ali ima fizična ali pravna oseba znatno neto kratko pozicijo v državnih dolžniških instrumentih, ki jo je treba priglasiti pristojnemu organu█.
The credit default swap position should be taken into account both for the purposes of determining whether a natural or legal person has a significant net short position relating to sovereign debt that needs to be notified to a competent authority █.
Za zagotovitev stalnega spremljanja pozicij morajo obveznosti glede preglednosti vključevati tudi priglasitev ali razkritje, kadar sprememba v neto kratko poziciji povzroči prekoračitev nekaterih pragov ali padec podnje.
To enable the ongoing monitoring of positions the transparency obligations should also include notification or disclosure where a change in a net short position results in an increase or decrease above or below certain thresholds.
Za učinkovitost zahtev glede preglednosti je pomembno, da veljajo ne glede na to, kje ima fizična ali pravna oseba, ki ima znatno neto kratko pozicijo v družbi, katere delnice so uvrščene v trgovanje na mestu trgovanja v Uniji, ali v državnih dolžniških instrumentih države članice ali Unije, prebivališče ali sedež, tudi če je to zunaj Unije.
In order to be effective, it is important that the transparency obligations apply regardless of where the natural or legal person is located, including where the natural or legal person is located outside the Union, but has a significant net short position in a company that has shares admitted to trading on a trading venue in the Union or a net short position in sovereign debt issued by a Member State or the Union.
Nekrita kratka prodaja delnic in državnih dolžniških instrumentov
Uncovered short selling of shares and sovereign debt
lahko poveča
may increase
in zlorabo trga
and market abuse
Primerno je, da se ta tveganja omejijo s sorazmernimi omejitvami nekrite prodaje na kratko
To reduce such risks it is appropriate to place proportionate restrictions on uncovered short selling,
je treba upoštevati
into account
, da ni sistemskega tveganja, če konec trgovalnega dne pride do dogovora o izposoji
that no systemic risk is created if the borrowing arrangement is made by the end of the trading day.
Čeprav je disciplina pri poravnavi pomembna sestavina dobro delujočih finančnih trgov, tehnične podrobnosti sistemov za tovrstno disciplino ne bi smele biti zajete v področju uporabe te uredbe in bi jih bilo treba opredeliti v ustreznem zakonodajnem predlogu Komisije o storitvah po trgovanju, pri čemer je treba upoštevati dosedanje delo Komisije in delovne skupine za uskladitev ciklov poravnave na tem področju.
Although settlement discipline is an important component of well-functioning financial markets, the technical details of the settlement discipline regimes should not be included in the scope of this Regulation and should be defined in the appropriate post-trading legislative proposal of the Commission taking into account the work done by the Commission and the working group on harmonisation of settlement cycles on this matter.
Komisija mora torej do konca leta 2011 oblikovati konkretne predloge, vzporedno s tem pa tudi predlog za oblikovanje usklajenega pravnega okvira za centralne registre vrednostnih papirjev.
The Commission should therefore make concrete proposals by the end of 2011, in parallel with a proposal to create a harmonised legal framework for central securities depositories.
Zamenjave državnega kreditnega tveganja bi morale temeljiti na načelu interesa, ki ga je mogoče zavarovati, obenem pa bi bilo treba priznati, da lahko poleg lastništva obveznic obstajajo še drugi interesi v zvezi z državo.
Sovereign credit default swaps should be based on the insurable interest principle whilst recognising that there can be interests in a sovereign state other than bond ownership.
Ukrepi v zvezi z državnimi dolžniškimi instrumenti in zamenjavami državnega kreditnega tveganja, vključno z ukrepi za večjo preglednost in omejitev nekrite prodaje na kratko, morajo določati zahteve, ki bodo sorazmerne ter s katerimi se bo hkrati preprečil negativni učinek na likvidnost trgov državnih obveznic in trgov začasnih prodaj državnih obveznic (trg repo).
Measures relating to sovereign debt and sovereign credit default swaps including increased transparency and restrictions on uncovered short selling should impose requirements which are proportionate and at the same time avoid an adverse impact on the liquidity of sovereign bond markets and sovereign bond repurchase (repo) markets.
Delnice se vse bolj uvrščajo v trgovanje na različnih mestih trgovanja znotraj in zunaj Unije.
Shares are increasingly admitted to trading on different trading venues both within the Union and outside the Union.
Dejavnosti vzdrževanja trga imajo ključno vlogo pri zagotavljanju likvidnosti na trgih v Uniji, vzdrževalci trga pa morajo za opravljanje te naloge sprejemati kratke pozicije.
Market making activities play a crucial role in providing liquidity to markets within the Union and market makers need to take short positions to perform that role.
V primeru neugodnega razvoja dogodkov, ki bi resno ogrozil finančno stabilnost ali tržno zaupanje v državi članici ali Uniji, morajo biti pristojnim organom na voljo pooblastila za posredovanje, na podlagi katerih lahko zahtevajo dodatno preglednost ali začasno omejijo prodajo na kratko, zamenjave kreditnega tveganja ali druge transakcije, da se prepreči nenadzorovan padec cene finančnega instrumenta.
In the case of adverse developments which constitute a serious threat to financial stability or to market confidence in a Member State or the Union, competent authorities should have powers of intervention to require further transparency or to impose temporary restrictions on short selling, credit default swap transactions or other transactions to prevent a disorderly decline in the price of a financial instrument.
Čeprav bodo pristojni organi navadno najprimernejši za spremljanje razmer na trgu in da se prvi odzovejo na neugoden dogodek ali razvoj z odločitvijo, ali je finančna stabilnost ali tržno zaupanje resno ogroženo ter ali je treba sprejeti ukrepe za rešitev razmer, morajo biti pooblastila ter pogoji in postopki za njihovo uporabo čim bolj usklajeni.
While competent authorities will usually be best placed to monitor market conditions and to initially react to an adverse event or development by deciding if a serious threat to financial stability or to market confidence has arisen and whether it is necessary to take measures to address this situation, the powers and the conditions and procedures for their use should be harmonised as far as possible.
V primeru znatnega padca cene finančnega instrumenta na mestu trgovanja mora biti pristojni organ tudi pooblaščen, da po potrebi hitro posreduje in začasno omeji kratko prodajo zadevnega finančnega instrumenta
In the case of a significant fall in the price of a financial instrument on a trading venue a competent authority should also have the ability to temporarily restrict short selling of the financial instrument on that venue
, ki sodi v njegovo jurisdikcijo, v drugih jurisdikcijah pa za omejitev zaprosi organ ESMA
within its own jurisdiction or request to ESMA such restriction in other jurisdictions
ter tako█ prepreči nenadzorovan padec cene zadevnega instrumenta.
in order to be able to intervene rapidly where appropriate █ to prevent a disorderly price fall of the instrument concerned.
Če neugoden dogodek ali razvoj zajema več kot eno državo članico ali ima druge čezmejne učinke, je bistvenega pomena tesno posvetovanje in sodelovanje med pristojnimi organi.
Where an adverse event or development extends beyond one Member State or has other cross border implications, close consultation and co-operation between competent authorities is essential.
Organ ESMA mora imeti v takih razmerah osrednjo usklajevalno vlogo in zagotavljati usklajeno delovanje pristojnih organov.
ESMA should perform a key co-ordination role in such a situation and █ ensure consistency between competent authorities.
Poleg usklajevanja ukrepov pristojnih organov mora organ ESMA zagotoviti, da pristojni organi sprejmejo ukrepe samo, če je to nujno in sorazmerno.
In addition to co-ordinating measures by competent authorities, ESMA should ensure that measures are only taken by competent authorities where it is necessary and proportionate to do so.
Čeprav bodo pristojni organi navadno najprimernejši za spremljanje razmer na trgu in hiter odziv na neugoden dogodek ali razvoj, mora biti tudi organ ESMA pooblaščen, da tudi sam sprejme ukrepe, ko prodaja na kratko in druge povezane dejavnosti v ogrožajo pravilno delovanje in integriteto finančnih trgov ali stabilnost celotnega finančnega sistema v Uniji ali njegovega dela, če prihaja do čezmejnih učinkov in če pristojni organi ne sprejmejo zadostnih ukrepov za odpravo te nevarnosti.
While competent authorities will often be best placed to monitor and to react quickly to an adverse event or development, ESMA should also have the power to itself take measures where short selling and other related activities threaten the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Union, there are cross border implications and sufficient measures have not been taken by competent authorities to address the threat.
Kadar lahko učinki ukrepa presežejo finančne trge, kot se lahko na primer zgodi pri izvedenih finančnih instrumentih na blago, ki se uporabljajo za varovanje fizičnih pozicij, se mora organ ESMA, če je le mogoče, posvetovati z Evropskim odborom za sistemska tveganja
ESMA should consult the European Systemic Risk Board
, ustanovljenim z Uredbo (EU) št. 1092/2010 Evropskega parlamenta in Sveta z dne 24. novembra 2010
established by Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010
UL L 331, 15.12.2010, str.
OJ 331, 15.12.2010, p.
in drugimi zadevnimi organi.
whenever possible, and other relevant authorities when the measure could have effects beyond the financial markets, as could be the case for commodity derivatives which are used to hedge physical positions.
Pooblastila organa ESMA v skladu s to uredbo, da v izjemnih razmerah omeji prodajo na kratko in druge povezane dejavnosti, so oblikovana v skladu s pooblastili iz člena 9(5) Uredbe (EU) št. 1095/2010.
The powers of ESMA under this Regulation in exceptional situations to restrict short selling and other related activities are conceived in accordance with the powers contained in Article 9(5) of Regulation (EU) No 1095/2010.
Pooblastila pristojnih organov in organa ESMA za posredovanje, tj. da lahko omejijo prodaje na kratko, zamenjave kreditnega tveganja in druge transakcije, morajo biti začasna ter se lahko izvajajo samo v obdobju in obsegu, ki sta potrebna za reševanje posamezne grožnje.
Powers of intervention of competent authorities and ESMA to restrict short selling, credit default swaps and other transactions should only be temporary in nature and should only be exercised for such a period and to the extent necessary to deal with the specific threat.
Zaradi posebnih tveganj, do katerih lahko pride pri zamenjavah kreditnega tveganja, morajo pristojni organi skrbno spremljati te transakcije.
Because of the specific risks which can arise from the use of credit default swaps, such transactions require close monitoring by competent authorities.
Organ ESMA mora imeti splošno pooblastilo, da izvede preiskavo v zvezi z vprašanjem ali prakso, povezano s prodajo na kratko ali uporabo instrumentov zamenjave kreditnega tveganja, da presodi, ali utegne to vprašanje ali praksa ogroziti finančno stabilnost ali tržno zaupanje.
ESMA should be given a general power to conduct an inquiry into an issue or practice relating to short selling or the use of credit default swaps to assess whether that issue or practice poses any potential threat to financial stability or to market confidence.
Če organ ESMA izvede tako preiskavo, mora objaviti poročilo z ugotovitvami
ESMA should publish a report setting out its findings when it conducts such an inquiry
, in če meni, da bi bilo treba sprejeti ukrep na ravni Unije, je njegova odločitev za pristojne organe zavezujoča
and, if it considers that a measure should be introduced at Union level, its decision should be binding on competent authorities
Ker lahko nekateri ukrepi veljajo za fizične ali pravne osebe in dejavnosti zunaj Unije, je v nekaterih primerih potrebno sodelovanje med pristojnimi organi in organi v tretjih državah.
As some measures may apply to natural or legal persons and actions outside the Union, it is necessary in certain situations that competent authorities and authorities in third countries cooperate.
Ta uredba spoštuje temeljne pravice in upošteva načela, ki jih priznavata zlasti Pogodba o delovanju Evropske unije
This Regulation respects the fundamental rights and observes the principles recognized in particular in the Treaty on the Functioning of the European Union
in Listina Evropske unije o temeljnih pravicah
and in the Charter of Fundamental Rights of the European Union
, zlasti pravico do varstva osebnih podatkov, priznano v členu 16
, notably the right to the protection of personal data recognized in Article 16
in členu 8 Listine.
and in Article 8 of the Charter.
Preglednost v zvezi z znatnimi neto kratkimi pozicijami, vključno z javnim razkritjem ob
In particular, transparency regarding significant net short positions, including public disclosure
preseganju določene mejne vrednosti
above a certain threshold
, kot je predvideno v tej uredbi, je potrebna zlasti zaradi stabilnosti finančnih trgov in varstva vlagateljev.
where provided for under this Regulation, is necessary for reasons of financial market stability and investor protection.
Vsaka izmenjava ali prenos informacij med pristojnimi organi mora biti v skladu s pravili o prenosu osebnih podatkov iz Direktive 95/46/ES Evropskega parlamenta in Sveta z dne 24. oktobra 1995 o varstvu posameznikov pri obdelavi osebnih podatkov in o prostem pretoku takih podatkov UL L 281, 23.11.1995, str.
Any exchange or transmission of information by competent authorities should be in accordance with the rules on the transfer of personal data as laid down in Directive 95/46/EC of the European Parliament and of the Council of 24 October 1995 on the protection of individuals with regard to the processing of personal data and on the free movement of such data OJ L 281, 23.11.1995, p.
Vsaka izmenjava ali prenos informacij s strani organa ESMA mora biti v skladu s pravili o prenosu osebnih podatkov iz Uredbe (ES) št. 45/2001 Evropskega parlamenta in Sveta z dne 18. decembra 2000 o varstvu posameznikov pri obdelavi osebnih podatkov v institucijah in organih
Any exchange or transmission of information by ESMA should be in accordance with the rules on the transfer of personal data as laid down in Regulation (EC) No 45/2001 of the European Parliament and of the Council of 18 December 2000 on the protection of individuals with regard to the processing of personal data by the
in o prostem pretoku takih podatkov UL L 8, 12.1.2001, str.
institutions and bodies and on the free movement of such data OJ L 8, 12.1.2001, p.
, ki se morajo v celoti uporabljati za obdelavo osebnih podatkov za namene te uredbe.
, which should be fully applicable to the processing of personal data for the purposes of this Regulation.
določiti pravila o
Member States should lay down rules on
za kršitve določb te uredbe in zagotoviti, da se tudi izvajajo.
applicable to infringements of the provisions of this Regulation and ensure that they are implemented.
Navsezadnje bi bilo treba v Uniji vzpostaviti usklajen sistem kazni.
Ultimately, a harmonised penalties regime should be established in the Union
Da bi lahko [...], bi morala biti Komisija v skladu s členom 290
In order to [...], power to adopt acts in accordance with Article 290
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.
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.
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.
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.
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.
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.
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 –
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,
Poglavje I
CHAPTER I
finančne instrumente, ki so uvrščeni v trgovanje na mestu trgovanja v Uniji, vključno z instrumenti, s katerimi se trguje zunaj mesta trgovanja;
financial instruments that are admitted to trading on a trading venue in the Union, including such instruments when traded outside a trading venue;
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 UL L 145, 30.4.2004, str.
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 OJ L 145, 30.4.2004, p.
, 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;
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;
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.
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.
„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;
‘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;
„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;
‘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;
„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;
‘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;
„finančni instrument“ je ▌instrument iz oddelka C Priloge I k Direktivi 2004/39/ES;
‘financial instrument’ means an instrument listed in Annex I, Section C of Directive 2004/39/EC;
„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;
‘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;
„investicijsko podjetje“ pomeni investicijsko podjetje v smislu člena 4(1)(1) Direktive 2004/39/ES;
‘investment firm’ means an investment firm within the meaning of Article 4(1)(1) of Directive 2004/39/EC;
„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;
‘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;
„izdani delniški kapital“ v zvezi z družbo pomeni celoto navadnih in prednostnih delnic, ki jih izda družba, ne vključuje pa zamenljivih dolžniških vrednostnih papirjev;
‘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;