Disse regler skal have til formål at sikre en høj grad af investorbeskyttelse ogfremme markedets effektive og ordnede funktion.
The objective of these rules will be to ensure a high level of investor protection andto promote the efficient and orderly functioning of the market.En effektiv clearing ogafvikling af værdipapirtransaktioner har stor betydning for værdipapirmarkedets ordnede funktion, pengepolitikkens effektivitet og stabiliteten af det finansielle system som helhed.
The efficient clearing andsettlement of securities transactions is crucial to the orderly functioning of securities markets, the smooth conduct of monetary policy operations and the stability of the financial system as a whole.Ifølge forslaget skal markedsoperatøren tillige tildele det regulerede marked tilstrækkelig kapital til at sikre markedets gnidningsløse og ordnede funktion.
The proposal also requires that the market operator allocates sufficient capital to the Regulated Market to ensure its smooth and orderly functioning.Dette bør derfor komme til udtryk i direktivforslagets ordlyd ved, at ikke kun forsigtighedsmæssige krav, menogså krav om tilsyn, tages med, eftersom finansmarkedernes gnidningsløse og ordnede funktion også kan sikres ved andre reguleringsmæssige forholdsregler, som måtte være på plads i medlemsstaterne.
Therefore, this should be reflected in the wording of the proposed directive by including not only prudential measures, but also oversight,since the smooth and orderly functioning of the financial markets can also be ensured by other regulatory measures which might be in place in Member States.ECB forstår, at udtrykket» forsigtighedsmæssige krav« ikke refererer til systemudbyderens interne risiko- og kontrolforholdsregler, mentil forholdsregler gennemført af offentlige myndigheder med ansvar for finansmarkedernes ordnede funktion.
The ECB understands that the term« prudential measures» does not refer to the system provider 's internal risk and control measures, butto measures implemented by public authorities entrusted with the orderly functioning of the financial markets.I tråd med den foregåendekommentar bør det bemærkes, at kompetencen til at sikre finansmarkedernes gnidningsløse og ordnede funktion ligger hos andre myndigheder end markedsmyndighederne, såsom myndigheder med specifik kompetence inden for clearing og/ eller afvikling af værdipapirtransaktioner( på regulerede markeder), i henhold til den enkelte medlemsstats lovgivning.
In line with the preceding comment,it should be noted that competence for ensuring a smooth and orderly functioning of financial markets might reside with authorities other than the market authorities, such as authorities specifically competent for the clearing and/ or settlement of( regulated market) securities transactions, according to the regulation of each Member State.Det er nødvendigt at anerkende, at der er opstået en ny generation af organiserede handelssystemer ved siden af de regulerede markeder, som bør underlægges forpligtelser, som kan medvirke til at opretholde de finansielle markeders effektive og ordnede funktion.
It is necessary to recognise the emergence of a new generation of organised trading systems alongside regulated markets which should be subjected to obligations designed to preserve the efficient and orderly functioning of financial markets.Medlemsstaterne kræver, at markedsoperatøren på tidspunktet for meddelelsen af tilladelsen ogderefter råder over tilstrækkelige finansielle ressourcer til at lette det regulerede markeds ordnede funktion under hensyntagen til arten og omfanget af de transaktioner, der gennemføres på det regulerede marked, og til arten og omfanget af de risici, det regulerede marked er udsat for.
Member States shall require that the market operator possess,at the time of authorisation and on an ongoing basis, sufficient financial resources to facilitate the orderly functioning of the regulated market, having regard to the nature and extent of the transactions concluded on the regulated market and the range and degree of the risks to which the regulated market is exposed.Den kompetente myndighed for et reguleret marked må ikke modsætte sig anvendelse afen central modpart eller clearinginstitution i en anden medlemsstat, medmindre det kan godtgøres, at dette er nødvendigt for at sikre det regulerede markeds ordnede funktion.
The competent authority of a regulated market may not oppose the use of central counterparty orclearing houses in another Member State except where this is demonstrably necessary in order to maintain the orderly functioning of that regulated market.Træffer ⌫ den kompetente myndighed i værtslandet træffer, efter at have underrettet den kompetente myndighed i hjemlandet herom,alle nødvendige foranstaltninger for at beskytte investorerne og markedernes ordnede funktion, hvilket indebærer, at det pågældende regulerede marked eller MHF kan forhindres i at give fjernmedlemmer eller deltagere, der er etableret i værtslandet, adgang til deres ordninger.
The competent authority of the host Member State shall,⌫(a) after informing the competent authority of the home Member State,the competent authority of the host Member State shall take all the appropriate measures needed in order to protect investors and the proper functioning of the markets, which shall include the possibility of preventing that regulated market or the MTF from making their arrangements available to remote members or participants established in the host Member State.Der bør stilles krav om, at investeringsselskaber, som ønsker at deltage direkte i et partnerlands afviklingssystemer, skal opfylde de relevante driftsmæssige ogkommercielle krav til medlemskab og overholde tilsynsbestemmelserne for at opretholde de finansielle markeders gnidningsløse og ordnede funktion.
Investment firms which wish to participate directly in partner country settlement systems should have to comply with the relevant operational andcommercial requirements for membership and the prudential measures to uphold the smooth and orderly functioning of the financial markets.(FR) Den Europæiske Værdipapir- og Markedstilsynsmyndighed(ESMA), som blev oprettet den 1. januar 2011 ved Europa-Parlamentets og Rådets forordning af 24. november 2010, har til formål at bidrage til opretholdelsen af EU's finansielle systems stabilitet ved at sikre de finansielle markeders integritet, gennemsigtighed,effektivitet og ordnede funktion samt ved at styrke beskyttelsen af investorerne.
The European Securities and Markets Authority(ESMA), established on 1 January 2011 by the 24 November 2010 regulation of the European Parliament and of the Council, is designed to help maintain the stability of the financial system of the European Union by safeguarding the integrity, transparency,efficiency and orderly functioning of financial markets, and by strengthening investor protection.Træffer den kompetente myndighed i værtslandet ⌫ a den kompetente myndighed i værtslandet træffer, efter at have underrettet den kompetente myndighed i hjemlandet herom,alle nødvendige foranstaltninger for at beskytte investorerne og markedernes ordnede funktion.
Competent authority of the host Member State shall,⌫(a) after informing the competent authority of the home Member State, the competent authority of the host Member State shall take all theappropriate measures needed in order to protect investors and the proper functioning of the markets.Og 4 og 10 henviser betydelige negative konsekvenser for det finansielle system eller trusler mod den finansielle stabilitet til en situation, hvor det finansielle system aktuelt eller potentielt er udsat for en forstyrrelse,der kan give anledning til finansiel uro, som risikerer at bringe det indre markeds eller økonomiens eller det finansielle systems ordnede funktion, effektivitet og integritet i fare i en eller flere medlemsstater.
And 10, significant adverse consequences for the financial system or threat to financial stability refers to a situation where the financial system is actually orpotentially exposed to a disruption that may give rise to financial distress liable to jeopardise the orderly functioning, efficiency and integrity of the internal market or the economy or the financial system of one or more Member States.Disse medlemsstater stiller krav om suspension af handelen med det pågældende finansielle instrument eller fjernelse af dette fra handelen på de regulerede markeder og MHF'er, der opererer under deres myndighed, medmindre det forhold, at et sådant skridt vil kunne være til betydelig skade for investorinteresser eller markedets ordnede funktion.
Except where it could cause significant damage to the investors' interests or the orderly functioning of the market the competent authorities of the other Member States shall demand the suspension or removal of that financial instrument from trading on the regulated markets and MTFs that operate under their authority.ECB deler Kommissionens opfattelse af, at investeringsselskaber, som ønsker at deltage direkte i partnerlandets afviklingssystemer, bør opfylde de relevante drifts- og forretningsmæssige betingelser for medlemskab samtde forsigtighedsmæssige krav med henblik på at opretholde finansmarkedernes gnidningsløse og ordnede funktion, som anført i betragtning 35.
The ECB shares the Commission 's view that investment firms which wish to participate directly in partner country settlement systems should have to comply with the relevant operational andcommercial requirements for membership and prudential measures to uphold the smooth and orderly functioning of financial markets, as stated in Recital 35.Medlemsstaterne foreskriver, at den kompetente myndighed kan inddrage en tilladelse, der er givet til et reguleret marked, såfremt manglende overholdelse af bestemmelserne i dette afsnit har ført til eller kan føre til påviselig og væsentlig forstyrrelse af den sunde ogforsigtige forvaltning af det regulerede marked eller af de finansielle markeders gnidningsløse og ordnede funktion.
Member States shall provide that the competent authority may withdraw the authorisation granted to a regulated market where failure to comply with the provisions of this Title has resulted or may result in demonstrable and significant prejudice to the sound andprudent operation of the regulated market or the smooth and orderly functioning of financial markets.Dette vil begrænse muligheden for retstvister og retlig usikkerhed, der kunne få meget alvorlige følger for det retlige mål for de handler, der gennemføres på markedet-- indførelse af krav til markedsoperatøren( artikel 34): I artikel 34 bestemmes det, at ledelsen skal være egnet og hæderlig og råde over tilstrækkelig kapital til at sikre det finansielle markeds ordnede funktion.
This will prevent scope for jurisdictional conflict or legal uncertainty which could have deeply damaging consequences for the legal finality of business done on the market;-- introduce requirements relating to the operator of the market( article 34): This provision requires the management personnel to be fit and proper, and to be endowed with financial resources needed to ensure the orderly functioning of the financial market.Uden at dette berører den kompetente myndigheds ret til i henhold til artikel 46, stk. 1, litra j og k, at kræve suspension af handelen med et instrument eller fjernelse af dette instrument fra handelen, kan det regulerede marked gøre dette i forbindelse med instrumenter, der ikke længere opfylder markedets regler, medmindre der er sandsynlighed for, atet sådant skridt vil vise sig at være til skade for investorinteresser eller markedets ordnede funktion.
Without prejudice to the right of the competent authority under Article 46( 1)( j) and( k) to demand suspension or removal of an instrument from trading, the regulated market may suspend or remove from trading a financial instrument which no longer complies with its rules unless such astep would be likely to prove detrimental to investors» interests or the orderly functioning of the market.
Resultater: 19,
Tid: 0.0272
Alvorlige trusler mod de finansielle markeders ordnede funktion og integritet eller stabiliteten i det finansielle system i Unionen kræver hurtige og harmoniserede foranstaltninger på EU-plan.
This implies an orderly functioning of the Legislature, implementing long delayed judicial reforms and an executive which feels empowered to take bonafide decisions.
Instead, the rule of law and the orderly functioning of government should continue as the Constitution demands.
Mexico will keep raising these concerns to the United States, to adequately manage the situation while guaranteeing the orderly functioning of our border.
I really don't buy the argument that the government needs to step in to preserve the orderly functioning of the markets.
Similarly, the coherent functioning of the brain plays an important role in more orderly functioning of mind and body.
Some legal amendments were made during this period to ensure peace and orderly functioning of the county.
The water-soluble vitamin is needed daily to facilitate the orderly functioning of the brain.
Habitual or frequent tardiness is distressing to a child and disrupts the orderly functioning of the class.
Every aspect of life is designed to maximize harmony and the orderly functioning of the community.
The EBA’s explicit role is to “safeguard […] the orderly functioning of the banking sector”.