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Commission Regulation (EC) No 2273/2003
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Uredba Komisije (ES) št. 2273/2003
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of 22 December 2003
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z dne 22. decembra 2003
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implementing Directive 2003/6/EC of the European Parliament and of the Council as regards exemptions for buy-back programmes and stabilisation of financial instruments
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o izvajanju Direktive 2003/6/ES Evropskega parlamenta in Sveta o izjemah za programe odkupa in stabilizacijo finančnih instrumentov
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(Text with EEA relevance)
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(Besedilo velja za EGP)
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KOMISIJA EVROPSKIH SKUPNOSTI JE –
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THE COMMISSION OF THE EUROPEAN COMMUNITIES,
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ob upoštevanju Pogodbe o ustanovitvi Evropske skupnosti,
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Having regard to the Treaty establishing the European Community,
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ob upoštevanju Direktive 2003/6/ES Evropskega parlamenta in Sveta z dne 28. januarja 2003 o trgovanju z notranjimi informacijami in tržni manipulaciji (zloraba trga) [1] in zlasti člena 8 Direktive,
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Having regard to Directive 2003/6/EC of the European Parliament and the Council of 28 January 2003 on insider dealing and market manipulation (market abuse)(1), and in particular Article 8 thereof,
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po posvetovanju z Odborom evropskih regulativnih organov s področja vrednostnih papirjev (CESR) [2] glede strokovnih nasvetov,
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After consulting the Committee of European Securities Regulators (CESR)(2) for technical advice,
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ob upoštevanju naslednjega:
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Whereas:
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(1) Člen 8 Direktive 2003/6/ES določa, da v tej direktivi določene prepovedi ne veljajo za trgovanje z lastnimi delnicami v okviru programov "odkupa" ali za stabilizacijo nekega finančnega instrumenta, pod pogojem, da tako trgovanje poteka v skladu z izvedbenimi ukrepi, sprejetimi v ta namen.
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(1) Article 8 of Directive 2003/6/EC provides that the prohibitions provided therein shall not apply to trading in own shares in "buy back" programmes or to the stabilisation of a financial instrument, provided such trading is carried out in accordance with implementing measures adopted to that effect.
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(2) Za dejavnosti trgovanja z lastnimi delnicami v programih "odkupa" in za stabilizacijo finančnega instrumenta, ki ne bi sodile med izjeme od prepovedi iz Direktive 2003/6/ES, kot je opredeljeno v členu 8 Direktive, naj ne bi veljalo, da same po sebi predstavljajo zlorabo trga.
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(2) Activities of trading in own shares in "buy-back" programmes and of stabilisation of a financial instrument which would not benefit from the exemption of the prohibitions of Directive 2003/6/EC as provided for by Article 8 thereof, should not in themselves be deemed to constitute market abuse.
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(3) Po drugi strani pa izjeme, ki jih določa ta uredba, zajemajo le dejanja, ki so neposredno povezana z namenom dejavnosti odkupa in stabilizacije. Ravnanja, ki niso neposredno povezana z namenom dejavnosti odkupa in stabilizacije, se zato upoštevajo kot katera koli druga ravnanja, ki jih zajema Direktiva 2003/6/ES in so lahko predmet upravnih ukrepov ali sankcij, če pristojni organ ugotovi, da zadevno ravnanje predstavlja zlorabo trga.
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(3) On the other hand, the exemptions created by this Regulation only cover behaviour directly related to the purpose of the buy-back and stabilisation activities. Behaviour which is not directly related to the purpose of the buy-back and stabilisation activities shall therefore be considered as any other action covered by Directive 2003/6/EC and may be the object of administrative measures or sanctions, if the competent authority establishes that the action in question constitutes market abuse.
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(4) V zvezi s trgovanjem z lastnimi delnicami v programih "odkupa" pravila, določena v tej uredbi, ne vplivajo na uporabo Direktive Sveta 77/91/EGS o uskladitvi zaščitnih ukrepov za varovanje interesov družbenikov in tretjih oseb, ki jih države članice zahtevajo od gospodarskih družb v skladu z drugim odstavkom člena 58 Pogodbe glede ustanavljanja delniških družb ter ohranjanja in spreminjanja njihovega kapitala, zato da se oblikujejo zaščitni ukrepi z enakim učinkom v vsej Skupnosti [3].
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(4) As regards trading in own shares in "buy-back" programmes, the rules provided for by this Regulation are without prejudice to the application of Council Directive 77/91/EEC on coordination of safeguards which, for the protection of the interests of members and others, are required by Member States of companies within the meaning of the second paragraph of Article 58 of the Treaty, in respect of the formation of public limited liability companies and the maintenance and alteration of their capital, with a view to making such safeguards equivalent(3).
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(5) Dovoljene dejavnosti "odkupa" z namenom uvrstitve med izjeme od prepovedi, določenih v Direktivi 2003/6/ES, vključujejo izdajatelje, ki potrebujejo možnost, da zmanjšajo svoj kapital, da bi izpolnili obveznosti, ki izhajajo iz dolžniških finančnih instrumentov, zamenljivih za lastniške instrumente, in da bi izpolnili obveznosti, ki izhajajo iz razdelitve delnic zaposlenim.
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(5) Allowable "buy back" activities in order to benefit from the exemption of the prohibitions of Directive 2003/6/EC include issuers needing the possibility to reduce their capital, to meet obligations arising from debt financial instruments exchangeable into equity instruments, and to meet obligations arising from allocations of shares to employees.
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(6) Preglednost je predpogoj za preprečevanje zlorab trga. V ta namen lahko države članice uradno določijo mehanizme za javno razkritje tistih informacij, ki jih je po tej uredbi treba javno razkriti.
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(6) Transparency is a prerequisite for prevention of market abuse. To this end Member States may officially appoint mechanisms to be used for public disclosure of information required to be publicly disclosed under this Regulation.
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(7) Izdajatelji, ki so sprejeli programe "odkupa", o tem obvestijo pristojni organ in, kadar se to zahteva, tudi javnost.
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(7) Issuers having adopted "buy-back" programmes shall inform their competent authority and, wherever required, the public.
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(8) Trgovanje z lastnimi delnicami v programih "odkupa" se lahko izvaja z izvedenimi finančnimi instrumenti.
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(8) Trading in own shares in "buy-back" programmes may be carried out through derivative financial instruments.
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(9) Da bi preprečili zlorabe trga, se dnevni obseg trgovanja z lastnimi delnicami v programih "odkupa" omeji. Vendar pa je potrebna določena prožnost, da bi se lahko odzivali na dane tržne pogoje, kot je na primer nizka raven poslov.
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(9) In order to prevent market abuse, the daily volume of trading in own shares in "buy-back" programmes shall be limited. However, some flexibility is necessary in order to respond to given market conditions such as a low level of transactions.
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(10) Posebno pozornost je treba posvetiti prodaji lastnih delnic v času veljavnosti programa "odkupa", morebitnemu obstoju "zaprtih obdobij", ko je poslovanje pri izdajateljih prepovedano, in dejstvu, da ima izdajatelj lahko zakonite razloge za odlašanje z javnim razkritjem notranjih informacij.
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(10) Particular attention has to be paid to the selling of own shares during the life of a "buy-back" programme, to the possible existence of closed periods within issuers during which transactions are prohibited and to the fact that an issuer may have legitimate reasons to delay public disclosure of inside information.
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(11) Stabilizacijski posli učinkujejo pretežno kot zagotavljanje podpore za ceno določene ponudbe zadevnih vrednostnih papirjev v omejenem časovnem obdobju, če pride do pritiska na njihovo prodajo, in tako omilijo pritisk, ki ga ustvarjajo kratkoročni vlagatelji, ter obdržijo urejen trg zadevnih vrednostnih papirjev. To je v interesu tistih vlagateljev, ki so vpisali ali kupili te zadevne vrednostne papirje v okoliščinah večje distribucije vrednostnih papirjev, ter v interesu izdajateljev. Na ta način lahko stabilizacija prispeva k večjemu zaupanju vlagateljev in izdajateljev v finančne trge.
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(11) Stabilisation transactions mainly have the effect of providing support for the price of an offering of relevant securities during a limited time period if they come under selling pressure, thus alleviating sales pressure generated by short term investors and maintaining an orderly market in the relevant securities. This is in the interest of those investors having subscribed or purchased those relevant securities in the context of a significant distribution, and of issuers. In this way, stabilisation can contribute to greater confidence of investors and issuers in the financial markets.
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(12) Stabilizacijsko dejavnost je mogoče izvajati na organiziranem trgu ali zunaj njega in jo je mogoče izvajati z uporabo drugih finančnih instrumentov in ne tistih, ki so ali bodo sprejeti na organiziranih trgih, kar lahko vpliva na ceno instrumenta, ki je ali bo sprejet za trgovanje na organiziranem trgu.
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(12) Stabilisation activity may be carried out either on or off a regulated market and may be carried out by use of financial instruments other than those admitted or to be admitted to the regulated market which may influence the price of the instrument admitted or to be admitted to trading on a regulated market.
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(13) Zadevni vrednostni papirji vključujejo finančne instrumente, ki po začetnem obdobju postanejo zamenljivi, ker so v bistvu isti, čeprav imajo različne izhodiščne pravice do plačila dividend ali obresti.
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(13) Relevant securities shall include financial instruments that become fungible after an initial period because they are substantially the same, although they have different initial dividend or interest payment rights.
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(14) V zvezi s stabilizacijo posli s svežnji ne veljajo za večjo distribucijo zadevnih vrednostnih papirjev, ker so to strogo zasebni posli.
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(14) In relation to stabilisation, block trades shall not be considered as a significant distribution of relevant securities as they are strictly private transactions.
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(15) V primerih, ko v okviru prve javne prodaje države članice dovolijo trgovanje pred začetkom uradnega trgovanja na organiziranem trgu, to dovoljenje zajema posle, sklenjene pred izdajo ("when issued trading").
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(15) When Member States permit, in the context of an initial public offer, trading prior to the beginning of the official trading on a regulated market, the permission covers "when issued trading".
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(16) Za celovitost trga je potrebno, da izdajatelji ali subjekti, ki izvajajo stabilizacijo, pa če delujejo v imenu teh izdajateljev ali ne, primerno javno razkrijejo stabilizacijsko dejavnost. Metode, uporabljene za primerno javno razkritje teh informacij, bi morale biti učinkovite in lahko upoštevajo tržne prakse, sprejete s strani pristojnih organov.
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(16) Market integrity requires the adequate public disclosure of stabilisation activity by issuers or by entities undertaking stabilisation, acting or not on behalf of these issuers. Methods used for adequate public disclosure of such information should be efficient and can take into account market practices accepted by competent authorities.
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(17) Med vsemi investicijskimi podjetji in kreditnimi institucijami, ki izvajajo stabilizacijo, bi moralo potekati ustrezno usklajevanje. Med stabilizacijo eno od investicijskih podjetij ali kreditnih institucij deluje kot osrednje mesto za poizvedbe za potrebe kakšnih koli regulativnih intervencij pristojnega organa v vsaki od držav članic, ki jih to zadeva.
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(17) There should be adequate coordination in place between all investment firms and credit institutions undertaking stabilisation. During stabilisation, one investment firm or credit institution shall act as a central point of inquiry for any regulatory intervention by the competent authority in each Member State concerned.
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(18) Da bi se izognili zmedi med udeleženci na trgu, je treba izvajati stabilizacijsko dejavnost ob upoštevanju tržnih pogojev in ponudbene cene zadevnega vrednostnega papirja ter se lotiti poslov za likvidacijo postavk, ki so posledica stabilizacijske dejavnosti, da bi kar najbolj zmanjšali vpliv na trg ob upoštevanju prevladujočih tržnih pogojev.
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(18) In order to avoid confusion of market participants, stabilisation activity should be carried out by taking into account the market conditions and the offering price of the relevant security and transactions to liquidate positions established as a result of stabilisation activity should be undertaken to minimise market impact having due regard to prevailing market conditions.
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(19) Možnosti dodelitve dodatnih vrednostnih papirjev in opcije "greenshoe" so z zagotavljanjem virov in zavarovanjem stabilizacijske dejavnosti tesno povezane s stabilizacijo.
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(19) Overallotment facilities and "greenshoe options" are closely related to stabilisation, by providing resources and hedging for stabilisation activity.
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(20) Posebno pozornost je treba posvetiti uresničevanju možnosti dodelitve dodatnih vrednostnih papirjev s strani investicijskega podjetja ali kreditne institucije s ciljem stabilizacije, kadar ima za posledico položaj brez opcije "greenshoe".
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(20) Particular attention should be paid to the exercise of an overallotment facility by an investment firm or a credit institution for the purpose of stabilisation when it results in a position uncovered by the "greenshoe option".
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(21) Ukrepi, predvideni s to uredbo, so v skladu z mnenjem Evropskega odbora za vrednostne papirje –
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(21) The measures provided for in this Regulation are in accordance with the opinion of the European Securities Committee,
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SPREJELA NASLEDNJO UREDBO:
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HAS ADOPTED THIS REGULATION:
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POGLAVJE I
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OPREDELITVE
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CHAPTER I
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Člen 1
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DEFINITIONS
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Vsebina
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Article 1
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Ta uredba določa pogoje, ki jih morajo izpolnjevati programi odkupa in stabilizacije finančnih instrumentov, da se lahko uvrstijo med izjeme, določene v členu 8 Direktive 2003/6/ES.
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Subject matter
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Člen 2
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This Regulation lays down the conditions to be met by buy-back programmes and the stabilisation of financial instruments in order to benefit from the exemption provided for in Article 8 of Directive 2003/6/EC.
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Opredelitve pojmov
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V tej uredbi imajo poleg izrazov, določenih v Direktivi 2003/6/ES, izrazi naslednji pomen:
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Article 2
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1. "investicijsko podjetje" pomeni katero koli pravno osebo, kakor je opredeljena v točki (2) člena 1 Direktive Sveta 93/22/EGS [4];
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Definitions
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2. "kreditna institucija" pomeni pravno osebo, kakor je opredeljena v členu 1(1) Direktive 2000/12/ES Evropskega parlamenta in Sveta [5];
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For the purposes of this Regulation, the following definitions shall apply in addition to those laid down in Directive 2003/6/EC:
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3. "programi odkupa" pomenijo trgovanje z lastnimi delnicami v skladu s členi 19 do 24 Direktive Sveta 77/91/EGS;
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1. "investment firm" means any legal person as defined in point (2) of Article 1 of Council Directive 93/22/EEC(4);
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4. "terminsko načrtovan program "odkupa"" pomeni program "odkupa", pri katerem so datumi in količine vrednostnih papirjev, s katerimi bodo trgovali v času veljavnosti tega programa, ob javnem razkritju programa "odkupa" že določeni;
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2. "credit institution" means a legal person as defined in Article 1(1) of Directive 2000/12/EC of the European Parliament and the Council(5);
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5. "primerno javno razkritje" pomeni razkritje v skladu s postopkom, določenim v členu 102(1) in 103 Direktive 2001/34/ES Evropskega parlamenta in Sveta [6];
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3. "buy-back programmes" means trading in own shares in accordance with Articles 19 to 24 of Council Directive 77/91/EEC;
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6. "zadevni vrednostni papirji" pomenijo prenosljive vrednostne papirje, kot je opredeljeno v Direktivi 93/22/EGS, ki so sprejeti v trgovanje na organiziranem trgu ali za katere je bila dana zahteva za sprejem v trgovanje na takem trgu, in so predmet večje distribucije;
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4. "time-scheduled 'buy-back' programme" means a "buy-back" programme where the dates and quantities of securities to be traded during the time period of the programme are set out at the time of the public disclosure of the "buy-back" programme;
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7. "stabilizacija" pomeni vsak nakup ali ponudbo za nakup zadevnih vrednostnih papirjev ali vsako poslovanje s povezanimi instrumenti, ki so jim enakovredni, s strani investicijskih podjetij ali kreditnih institucij, ki se izvaja v okviru večje distribucije takih zadevnih vrednostnih papirjev izključno z namenom podpreti tržno ceno teh zadevnih vrednostnih papirjev v vnaprej določenem obdobju zaradi pritiska na prodajo teh vrednostnih papirjev;
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5. "adequate public disclosure" means disclosure made in accordance with the procedure laid down in Articles 102(1) and 103 of Directive 2001/34/EC of the European Parliament and of the Council(6);
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8. "povezani instrumenti" pomenijo naslednje finančne instrumente (vključno s tistimi, ki niso sprejeti v trgovanje na organiziranih trgih, ali za katere ni bila dana zahteva za sprejem v trgovanje na takem trgu, pod pogojem, da pristojni organi soglašajo s standardi za preglednost poslovanja s takimi finančnimi instrumenti):
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6. "relevant securities" means transferable securities as defined in Directive 93/22/EEC, which are admitted to trading on a regulated market or for which a request for admission to trading on such a market has been made, and which are the subject of a significant distribution;
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(a) pogodbe ali pravice do vpisa, pridobitve ali odtujitve ustreznih vrednostnih papirjev;
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7. "stabilisation" means any purchase or offer to purchase relevant securities, or any transaction in associated instruments equivalent thereto, by investment firms or credit institutions, which is undertaken in the context of a significant distribution of such relevant securities exclusively for supporting the market price of these relevant securities for a predetermined period of time, due to a selling pressure in such securities;
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(b) izvedeni finančni instrumenti za zadevne vrednostne papirje;
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8. "associated instruments" means the following financial instruments (including those which are not admitted to trading on a regulated market, or for which a request for admission to trading on such a market has not been made, provided that the relevant competent authorities have agreed to standards of transparency for transactions in such financial instruments):
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(c) kadar so zadevni vrednostni papirji spremenljivi in zamenljivi dolžniški instrumenti, vrednostni papirji, v katere je mogoče te spremenljive in zamenljive dolžniške instrumente spremeniti ali za katere jih je mogoče zamenjati;
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(a) contracts or rights to subscribe for, acquire or dispose of relevant securities;
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(d) instrumenti, ki jih izda ali zanje jamči izdajatelj ali porok zadevnih vrednostnih papirjev in katerih tržna cena bo verjetno bistveno vplivala na ceno zadevnih vrednostnih papirjev ali obratno;
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(b) financial derivatives on relevant securities;
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(e) kadar so zadevni vrednostni papirji vrednostni papirji, ki so enakovredni delnicam, delnice, ki jih predstavljajo ti vrednostni papirji (in kateri koli drugi vrednostni papirji, enakovredni tem delnicam);
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(c) where the relevant securities are convertible or exchangeable debt instruments, the securities into which such convertible or exchangeable debt instruments may be converted or exchanged;
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9. "večja distribucija" pomeni prvo ali nadaljnjo prodajo zadevnih vrednostnih papirjev, ki je javno objavljena in ločena od običajnega trgovanja tako glede zneska vrednosti ponujenih vrednostni papirjev kot glede uporabljenih načinov prodaje;
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(d) instruments which are issued or guaranteed by the issuer or guarantor of the relevant securities and whose market price is likely to materially influence the price of the relevant securities, or vice versa;
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10. "ponudnik" pomeni predhodne imetnike zadevnih vrednostnih papirjev ali subjekt, ki jih je izdal;
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(e) where the relevant securities are securities equivalent to shares, the shares represented by those securities (and any other securities equivalent to those shares).
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11. "dodelitev" pomeni postopek ali postopke, s katerimi se določi število zadevnih vrednostnih papirjev, ki jih prejmejo vlagatelji, ki so jih predhodno vpisali ali zanje zaprosili;
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9. "significant distribution" means an initial or secondary offer of relevant securities, publicly announced and distinct from ordinary trading both in terms of the amount in value of the securities offered and the selling methods employed;
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12. "pomožna stabilizacija" pomeni uporabo možnosti dodelitve dodatnih vrednostnih papirjev ali opcije "greenshoe" s strani investicijskih podjetij ali kreditnih institucij v okviru večje distribucije zadevnih vrednostnih papirjev izključno za pospeševanje stabilizacijske dejavnosti;
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10. "offeror" means the prior holders of, or the entity issuing, the relevant securities;
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13. "možnost dodelitve dodatnih vrednostnih papirjev" pomeni določbo v pogodbi o izdaji vrednostnih papirjev z obveznostjo odkupa ali v pogodbi o vodenju upravljanja, ki dovoljuje vpisovanje ali sprejem ponudb za nakup večjega števila zadevnih vrednostnih papirjev, kot je bilo prvotno ponujeno;
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11. "allotment" means the process or processes by which the number of relevant securities to be received by investors who have previously subscribed or applied for them is determined;
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14. "opcija greenshoe" pomeni možnost, ki jo daje ponudnik investicijskemu podjetju (podjetjem) ali kreditni instituciji (institucijam), ki so vključene v ponudbo, z namenom pokriti dodatne dodelitve vrednostnih papirjev, v okviru katere lahko to podjetje (ta podjetja) ali institucija (institucije) kupijo zadevne vrednostne papirje do določenega zneska po ponudbeni ceni do določenega roka po ponudbi zadevnih vrednostnih papirjev.
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12. "ancillary stabilisation" means the exercise of an overallotment facility or of a greenshoe option by investment firms or credit institutions, in the context of a significant distribution of relevant securities, exclusively for facilitating stabilisation activity;
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POGLAVJE II
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13. "overallotment facility" means a clause in the underwriting agreement or lead management agreement which permits acceptance of subscriptions or offers to purchase a greater number of relevant securities than originally offered;
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PROGRAMI "ODKUPA"
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14. "greenshoe option" means an option granted by the offeror in favour of the investment firm(s) or credit institution(s) involved in the offer for the purpose of covering overallotments, under the terms of which such firm(s) or institution(s) may purchase up to a certain amount of relevant securities at the offer price for a certain period of time after the offer of the relevant securities.
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Člen 3
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Cilji programov odkupa
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CHAPTER II
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Da bi se lahko uvrstil med izjeme, določene v členu 8 Direktive 2003/6/ES, mora biti program odkupa skladen s členi 4, 5 in 6 te uredbe, edini namen tega programa odkupa pa mora biti zmanjšanje kapitala izdajatelja (po vrednosti ali po številu delnic) ali izpolnitev obveznosti, ki izhajajo bodisi iz:
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"BUY-BACK" PROGRAMMES
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(a) dolžniških finančnih instrumentov, ki so zamenljivi za lastniške instrumente;
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Article 3
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(b) programov možnosti ugodnega nakupa delnic za zaposlene ali drugih dodelitev delnic zaposlenim izdajatelja ali povezane družbe.
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Objectives of buy-back programmes
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Člen 4
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In order to benefit from the exemption provided for in Article 8 of Directive 2003/6/EC, a buy-back programme must comply with Articles 4, 5 and 6 of this Regulation and the sole purpose of that buy-back programme must be to reduce the capital of an issuer (in value or in number of shares) or to meet obligations arising from any of the following:
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Pogoji za programe "odkupa" in razkritje
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(a) debt financial instruments exchangeable into equity instruments;
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1. Program "odkupa" mora ustrezati pogojem, določenim v členu 19(1) Direktive 77/91/EGS.
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(b) employee share option programmes or other allocations of shares to employees of the issuer or of an associate company.
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2. Pred začetkom trgovanja je treba vse podrobnosti programa, odobrenega v skladu s členom 19(1) Direktive 77/91/EGS, primerno razkriti javnosti v državah članicah, kjer je izdajatelj zaprosil za sprejem svojih delnic v trgovanje na organiziranem trgu.
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Te podrobnosti morajo vključevati cilje programa, kot je omenjeno v členu 3, najvišje plačilo, največje število delnic, ki bodo pridobljene, ter dolžino obdobja, za katero je bila dana odobritev za program.
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Article 4
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Naknadne spremembe programa je treba primerno razkriti javnosti v državah članicah.
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Conditions for "buy-back" programmes and disclosure
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3. Izdajatelj mora imeti na voljo vzpostavljene mehanizme, ki zagotavljajo, da izpolnjuje obveznosti poročanja o trgovanju pristojnemu organu organiziranega trga, na katerem so bile delnice sprejete v trgovanje. Ti mehanizmi morajo zabeležiti vsak posel, ki se nanaša na programe "odkupa", vključno z informacijami, opredeljenimi v členu 20(1) Direktive 93/22/EGS.
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1. The "buy-back" programme must comply with the conditions laid down by Article 19(1) of Directive 77/91/EEC.
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4. Izdajatelj mora javno razkriti podrobnosti o vseh poslih, kot je navedeno v odstavku 3, najkasneje do konca sedmega trgovalnega dne po datumu izvršitve teh poslov.
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2. Prior to the start of trading, full details of the programme approved in accordance with Article 19(1) of Directive 77/91/EEC must be adequately disclosed to the public in Member States in which an issuer has requested admission of its shares to trading on a regulated market.
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Člen 5
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Those details must include the objective of the programme as referred to in Article 3, the maximum consideration, the maximum number of shares to be acquired and the duration of the period for which authorisation for the programme has been given.
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Pogoji trgovanja
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Subsequent changes to the programme must be subject to adequate public disclosure in Member States.
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1. Kar zadeva cene, izdajatelj pri trgovanju v okviru programa "odkupa" ne sme kupovati delnic po višji ceni od cene zadnjega samostojnega posla in najvišje tekoče samostojne ponudbe v sistemu trgovanja, kjer se opravlja nakup.
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3. The issuer must have in place the mechanisms ensuring that it fulfils trade reporting obligations to the competent authority of the regulated market on which the shares have been admitted to trading. These mechanisms must record each transaction related to "buy-back" programmes, including the information specified in Article 20(1) of Directive 93/22/EEC.
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Če sistem trgovanja ni organizirani trg, je cena zadnjega samostojnega posla ali najvišje tekoče samostojne ponudbe, ki je vzeta kot referenca, cena na organiziranem trgu države članice, v kateri poteka nakup.
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4. The issuer must publicly disclose details of all transactions as referred to in paragraph 3 no later than the end of the seventh daily market session following the date of execution of such transactions.
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Kadar izdajatelj kupuje lastne delnice z izvedenimi finančnimi instrumenti, izvršilna cena teh izvedenih finančnih instrumentov ne presega višje cene zadnjega samostojnega posla in najvišje tekoče samostojne ponudbe.
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2. Kar zadeva količino, izdajatelj ne sme kupiti več kot 25 % povprečne dnevne količine delnic na posamezen dan na organiziranem trgu, na katerem poteka nakup.
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Article 5
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Povprečna dnevna količina mora temeljiti na povprečnem dnevnem obsegu trgovanja v mesecu pred mesecem javnega razkritja tega programa in ga je treba določiti na tej podlagi za odobreni čas trajanja programa.
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Conditions for trading
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Kadar se program ne sklicuje na ta obseg, mora povprečna dnevna količina temeljiti na povprečnem dnevnem obsegu trgovanja v zadnjih 20 trgovalnih dneh pred datumom nakupa.
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1. In so far as prices are concerned, the issuer must not, when executing trades under a "buy-back" programme, purchase shares at a price higher than the higher of the price of the last independent trade and the highest current independent bid on the trading venues where the purchase is carried out.
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3. Za namene odstavka 2 v primerih izredno nizke likvidnosti na ustreznem trgu lahko izdajatelj prekorači 25-odstotno mejo pod pogojem, da so izpolnjeni naslednji pogoji:
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If the trading venue is not a regulated market, the price of the last independent trade or the highest current independent bid taken in reference shall be the one of the regulated market of the Member State in which the purchase is carried out.
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(a) izdajatelj vnaprej obvesti pristojni organ na ustreznem trgu o svoji nameri, da bo odstopal od 25-odstotne meje;
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Where the issuer carries out the purchase of own shares through derivative financial instruments, the exercise price of those derivative financial instruments shall not be above the higher of the price of the last independent trade and the highest current independent bid.
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(b) izdajatelj primerno razkrije javnosti dejstvo, da bo morda odstopal od 25-odstotne meje;
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2. In so far as volume is concerned, the issuer must not purchase more than 25 % of the average daily volume of the shares in any one day on the regulated market on which the purchase is carried out.
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(c) izdajatelj ne prekorači 50-odstotnega povprečne dnevne količine.
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The average daily volume figure must be based on the average daily volume traded in the month preceding the month of public disclosure of that programme and fixed on that basis for the authorised period of the programme.
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Člen 6
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Where the programme makes no reference to that volume, the average daily volume figure must be based on the average daily volume traded in the 20 trading days preceding the date of purchase.
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Omejitve
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3. For the purposes of paragraph 2, in cases of extreme low liquidity on the relevant market, the issuer may exceed the 25 % limit, provided that the following conditions are met:
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1. Da bi se lahko uvrstil med izjeme, določene v členu 8 Direktive 2003/6/ES, izdajatelj v času udeležbe v programu odkupa ne sme sodelovati pri naslednjih vrstah trgovanja:
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(a) the issuer informs the competent authority of the relevant market, in advance, of its intention to deviate from the 25 % limit;
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(a) prodaja lastnih delnic v času veljavnosti programa;
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(b) the issuer discloses adequately to the public the fact that it may deviate from the 25 % limit;
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(b) trgovanje v času, ko po pravu države članice, kjer trgovanje poteka, poslovanje ni dovoljeno;
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(c) the issuer does not exceed 50 % of the average daily volume.
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(c) trgovanje, ko se je izdajatelj odločil odlašati z javnim razkritjem notranjih informacij v skladu s členom 6(2) Direktive 2003/6/ES.
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2. Odstavek 1(a) se ne uporablja, če je izdajatelj investicijsko podjetje ali kreditna institucija in je vzpostavil učinkovite informacijske pregrade (Kitajski zid), ki jih nadzoruje pristojni organ, med tistimi, ki so odgovorni za obravnavanje notranjih informacij, ki se posredno ali neposredno nanašajo na izdajatelja, in tistimi, ki so odgovorni za vse odločitve v zvezi s trgovanjem z lastnimi delnicami (vključno s trgovanjem z lastnimi delnicami v imenu strank), kadar trguje z lastnimi delnicami na podlagi kakršne koli take odločitve.
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Article 6
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Odstavka 1(b) in (c) se ne uporabljata, če je izdajatelj investicijsko podjetje ali kreditna institucija in je vzpostavil učinkovite informacijske pregrade (Kitajski zid), ki jih nadzoruje pristojni organ, med tistimi, ki so odgovorni za obravnavanje notranjih informacij, ki se posredno ali neposredno nanašajo na izdajatelja (vključno z odločitvami o trgovanju v okviru programov "odkupa"), in tistimi, ki so odgovorni za trgovanje z lastnimi delnicami v imenu strank, kadar trgujejo z lastnimi delnicami v imenu teh strank.
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Restrictions
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3. Odstavek 1 se ne uporablja, če:
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1. In order to benefit from the exemption provided by Article 8 of Directive 2003/6/EC, the issuer shall not, during its participation in a buy-back programme, engage in the following trading:
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(a) ima izdajatelj vzpostavljen terminsko načrtovan program "odkupa"; ali
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(a) selling of own shares during the life of the programme;
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(b) je vodilni upravljavec programa "odkupa" investicijsko podjetje ali kreditna institucija, ki sprejema svoje odločitve o trgovanju v zvezi z izdajateljevimi delnicami neodvisno od izdajatelja in brez njegovega vpliva glede časa nakupov.
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(b) trading during a period which, under the law of the Member State in which trading takes place, is a closed period;
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POGLAVJE III
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(c) trading where the issuer has decided to delay the public disclosure of inside information in accordance with Article 6(2) of Directive 2003/6/EC.
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STABILIZACIJA FINANČNEGA INSTRUMENTA
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2. Paragraph 1(a) shall not apply if the issuer is an investment firm or credit institution and has established effective information barriers (Chinese Walls) subject to supervision by the competent authority, between those responsible for the handling of inside information related directly or indirectly to the issuer and those responsible for any decision relating to the trading of own shares (including the trading of own shares on behalf of clients), when trading in own shares on the basis of such any decision.
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Člen 7
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Paragraphs 1(b) and (c) shall not apply if the issuer is an investment firm or credit institution and has established effective information barriers (Chinese Walls) subject to supervision by the competent authority, between those responsible for the handling of inside information related directly or indirectly to the issuer (including trading decisions under the "buy-back" programme) and those responsible for the trading of own shares on behalf of clients, when trading in own shares on behalf of those clients.
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Pogoji stabilizacije
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3. Paragraph 1 shall not apply if:
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Da bi se bilo mogoče uvrstiti med izjeme, določene v členu 8 Direktive 2003/6/ES, je treba stabilizacijo finančnega instrumenta izvajati v skladu s členom 8, 9 in 10 te uredbe.
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(a) the issuer has in place a time-scheduled "buy-back" programme; or
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Člen 8
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(b) the "buy-back" programme is lead-managed by an investment firm or a credit institution which makes its trading decisions in relation to the issuer's shares independently of, and without influence by, the issuer with regard to the timing of the purchases.
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Časovni pogoji stabilizacije
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1. Stabilizacija se izvaja samo v omejenem časovnem obdobju.
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CHAPTER III
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2. Za delnice in druge vrednostne papirje, enakovredne delnicam, se v primeru javno objavljene primarne ponudbe obdobje, omenjeno v prvem odstavku, začne na datum začetka trgovanja z zadevnimi vrednostnimi papirji na organiziranem trgu in konča najkasneje 30 koledarskih dni kasneje.
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STABILISATION OF A FINANCIAL INSTRUMENT
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Kadar je prva prodaja javno objavljena v državi članici, ki dovoljuje trgovanje pred začetkom trgovanja na organiziranem trgu, se obdobje, omenjeno v prvem odstavku, začne na datum primernega javnega razkritja končne cene zadevnih vrednostnih papirjev in konča najkasneje 30 koledarskih dni kasneje pod pogojem, da vsako tako trgovanje poteka v skladu z morebitnimi pravili organiziranega trga, na katerem bodo zadevni vrednostni papirji sprejeti v trgovanje, vključno z vsemi pravili glede javnega razkritja in poročanja o trgovanju.
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Article 7
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3. Za delnice in druge vrednostne papirje, enakovredne delnicam, se v primeru sekundarne ponudbe obdobje, omenjeno v prvem odstavku, začne na datum primernega javnega razkritja končne cene zadevnih vrednostnih papirjev in konča najkasneje 30 koledarskih dni po datumu dodelitve.
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Conditions for stabilisation
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4. Za obveznice in druge oblike olistinjenega dolga (ki niso spremenljivi v ali zamenljivi za delnice ali druge vrednostne papirje, enakovredne delnicam), se obdobje, omenjeno v odstavku 1, začne na datum primernega javnega razkritja pogojev ponudbe zadevnih vrednostnih papirjev (t.j. vključno z razširitvijo do morebitne končne meje, ko se ta določi) in konča najkasneje 30 koledarskih dni po datumu, ko je izdajatelj instrumentov prejel iztržek od izdaje, ali pa 60 koledarskih dni po datumu dodelitve zadevnih vrednostnih papirjev, kar nastopi prej.
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In order to benefit from the exemption provided for in Article 8 of Directive 2003/6/EC, stabilisation of a financial instrument must be carried out in accordance with Articles 8, 9 and 10 of this Regulation.
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5. Za olistinjen dolg, ki je spremenljiv v ali zamenljiv za delnice ali druge delnicam enakovredne vrednostne papirje, se obdobje, omenjeno v prvem odstavku, začne na datum primernega javnega razkritja končnih pogojev ponudbe zadevnih vrednostnih papirjev in konča najkasneje 30 koledarskih dni po datumu, ko je izdajatelj instrumentov prejel iztržek od izdaje, ali pa 60 koledarskih dni po datumu dodelitve zadevnih vrednostnih papirjev, kar nastopi prej.
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Člen 9
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Article 8
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Pogoji razkritja in poročanja pri stabilizaciji
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Time-related conditions for stabilisation
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1. Izdajatelji, ponudniki ali subjekti, ki uvedejo stabilizacijo in delujejo v imenu teh oseb ali ne, pred začetkom ponudbene dobe za zadevne vrednostne papirje primerno razkrijejo javnosti naslednje informacije:
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1. Stabilisation shall be carried out only for a limited time period.
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(a) dejstvo, da se lahko uvede stabilizacija, da ni nobenega zagotovila, da bo uvedena in da jo je mogoče kadar koli ustaviti;
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2. In respect of shares and other securities equivalent to shares, the time period referred to in paragraph 1 shall, in the case of an initial offer publicly announced, start on the date of commencement of trading of the relevant securities on the regulated market and end no later than 30 calendar days thereafter.
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(b) dejstvo, da je namen stabilizacijskih poslov podpreti tržno ceno zadevnih vrednostnih papirjev;
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Where the initial offer publicly announced takes place in a Member State that permits trading prior to the commencement of trading on a regulated market, the time period referred to in paragraph 1 shall start on the date of adequate public disclosure of the final price of the relevant securities and end no later than 30 calendar days thereafter, provided that any such trading is carried out in compliance with the rules, if any, of the regulated market on which the relevant securities are to be admitted to trading, including any rules concerning public disclosure and trade reporting.
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(c) začetek in konec obdobja, v katerem lahko pride do stabilizacije;
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3. In respect of shares and other securities equivalent to shares, the time period referred to in paragraph 1 shall, in the case of a secondary offer, start on the date of adequate public disclosure of the final price of the relevant securities and end no later than 30 calendar days after the date of allotment.
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(d) istovetnost upravljavca stabilizacije, razen če v času objave še ni znana; v tem primeru jo je treba razkriti javnosti še pred začetkom stabilizacijskih dejavnosti;
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4. In respect of bonds and other forms of securitised debt (which are not convertible or exchangeable into shares or into other securities equivalent to shares), the time period referred to in paragraph 1 shall start on the date of adequate public disclosure of the terms of the offer of the relevant securities (i.e. including the spread to the benchmark, if any, once it has been fixed) and end, whatever is earlier, either no later than 30 calendar days after the date on which the issuer of the instruments received the proceeds of the issue, or no later than 60 calendar days after the date of allotment of the relevant securities.
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(e) obstoj in največji obseg katere koli možnosti dodelitve dodatnih vrednostnih papirjev ali opcije "greenshoe", dobo uresničevanja opcije "greenshoe" in vse pogoje za uporabo možnosti dodelitve dodatnih vrednostnih papirjev ali uporabo opcije "greenshoe".
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5. In respect of securitised debt convertible or exchangeable into shares or into other securities equivalent to shares, the time period referred to in paragraph 1 shall start on the date of adequate public disclosure of the final terms of the offer of the relevant securities and end, whatever is earlier, either no later than 30 calendar days after the date on which the issuer of the instruments received the proceeds of the issue, or no later than 60 calendar days after the date of allotment of the relevant securities.
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Uporaba določb tega odstavka se začasno opusti pri ponudbah v okviru uporabe ukrepov za izvajanje Direktive 2004/…/ES (Direktive o prospektu) od datuma uporabe teh ukrepov.
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2. Brez vpliva na člen 12(1)(c) Direktive 2003/6/ES morajo izdajatelji, ponudniki ali subjekti, ki uvajajo stabilizacijo in delujejo v imenu teh oseb ali pa ne, obvestiti pristojni organ zadevnega trga o podrobnostih vseh stabilizacijskih poslov najkasneje do konca sedmega trgovalnega dne po datumu izvedbe teh poslov.
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Article 9
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3. V enem tednu po koncu stabilizacijskega obdobja morajo izdajatelji, ponudniki ali subjekti, ki so uvedli stabilizacijo in pri tem nastopali v imenu teh oseb ali pa ne, primerno razkriti javnosti naslednje informacije:
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Disclosure and reporting conditions for stabilisation
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(a) ali je bila stabilizacija izvedena ali ne;
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1. The following information shall be adequately publicly disclosed by issuers, offerors, or entities undertaking the stabilisation acting, or not, on behalf of such persons, before the opening of the offer period of the relevant securities:
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(b) datum, na katerega se je stabilizacija začela;
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(a) the fact that stabilisation may be undertaken, that there is no assurance that it will be undertaken and that it may be stopped at any time;
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(c) datum, na katerega je nazadnje prišlo do stabilizacije;
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(b) the fact that stabilisation transactions are aimed to support the market price of the relevant securities;
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(d) razpon cen, v katerem je bila izvedena stabilizacija, za vsak datum, ko so se izvajali transakcijski posli.
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(c) the beginning and end of the period during which stabilisation may occur;
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4. Izdajatelji, ponudniki ali subjekti, ki izvajajo stabilizacijo in pri tem delujejo v imenu teh oseb ali ne, morajo zabeležiti vsak stabilizacijski nalog ali posel in navesti vsaj informacije, opredeljene v členu 20(1) Direktive 93/22/EGS, razširjene na tiste finančne instrumente, ki niso in ne bodo sprejeti na organiziran trg.
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(d) the identity of the stabilisation manager, unless this is not known at the time of publication in which case it must be publicly disclosed before any stabilisation activity begins;
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5. Kadar več investicijskih podjetij ali kreditnih institucij izvede stabilizacijo in pri tem deluje v imenu izdajatelja ali ponudnika ali pa ne, ena od teh oseb deluje kot osrednja točka za poizvedbe za potrebe kakršnih koli zahtev pristojnega organa za organizirani trg, na katerem so sprejeli zadevne vrednostne papirje v trgovanje.
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(e) the existence and maximum size of any overallotment facility or greenshoe option, the exercise period of the greenshoe option and any conditions for the use of the overallotment facility or exercise of the greenshoe option.
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Člen 10
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The application of the provisions of this paragraph shall be suspended for offers under the scope of application of the measures implementing Directive 2004/.../EC (prospectus Directive), from the date of application of these measures.
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Posebni cenovni pogoji
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2. Without prejudice to Article 12(1)(c) of Directive 2003/6/EC, the details of all stabilisation transactions must be notified by issuers, offerors, or entities undertaking the stabilisation acting, or not, on behalf of such persons, to the competent authority of the relevant market no later than the end of the seventh daily market session following the date of execution of such transactions.
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1. V primeru ponudbe delnic ali drugih vrednostnih papirjev, enakovrednih delnicam, se stabilizacija zadevnih vrednostnih papirjev v nobenem primeru ne izvede nad ponudbeno ceno.
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3. Within one week of the end of the stabilisation period, the following information must be adequately disclosed to the public by issuers, offerors, or entities undertaking the stabilisation acting, or not, on behalf of such persons:
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2. V primeru ponudbe olistinjenega dolga, ki je spremenljiv v ali zamenljiv za instrumente, kot je navedeno v prvem odstavku, se stabilizacija v nobenem primeru ne izvede nad tržno ceno teh instrumentov v času javnega razkritja končnih pogojev nove ponudbe.
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(a) whether or not stabilisation was undertaken;
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Člen 11
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(b) the date at which stabilisation started;
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Pogoji pomožne stabilizacije
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(c) the date at which stabilisation last occurred;
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Da bi se bilo mogoče uvrstiti med izjeme, določene v členu 8 Direktive 2003/6/ES, je treba pomožno stabilizacijo uvesti v skladu s členom 9 te uredbe in z naslednjim:
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(d) the price range within which stabilisation was carried out, for each of the dates during which stabilisation transactions were carried out.
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(a) zadevne vrednostne papirje je mogoče dodatno dodeliti samo v času vpisovanja vrednostnih papirjev in po ponudbeni ceni;
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4. Issuers, offerors, or entities undertaking the stabilisation, acting or not, on behalf of such persons, must record each stabilisation order or transaction with, as a minimum, the information specified in Article 20(1) of Directive 93/22/EEC extended to financial instruments other than those admitted or going to be admitted to the regulated market.
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(b) položaj, ki je posledica izvedbe možnosti dodatne dodelitve vrednostnih papirjev s strani investicijskega podjetja ali kreditne institucije, vendar brez opcije "greenshoe", ne sme presegati 5 % prvotne ponudbe;
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5. Where several investment firms or credit institutions undertake the stabilisation acting, or not, on behalf of the issuer or offeror, one of those persons shall act as central point of inquiry for any request from the competent authority of the regulated market on which the relevant securities have been admitted to trading.
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(c) opcijo "greenshoe" smejo uporabiti njeni upravičenci le takrat, ko so bili zadevni vrednostni papirji dodatno dodeljeni;
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(d) opcija "greenshoe" ne sme znašati več kot 15 % prvotne ponudbe;
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Article 10
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(e) izvršilno obdobje opcije "greenshoe" mora biti enako obdobju stabilizacije, zahtevani v členu 8;
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Specific price conditions
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(f) izvršitev opcije "greenshoe" je treba nemudoma razkriti javnosti skupaj z vsemi ustreznimi podrobnostmi, ki vključujejo zlasti datum izvedbe ter število in naravo vključenih zadevnih vrednostnih papirjev.
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1. In the case of an offer of shares or other securities equivalent to shares, stabilisation of the relevant securities shall not in any circumstances be executed above the offering price.
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POGLAVJE IV
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2. In the case of an offer of securitised debt convertible or exchangeable into instruments as referred to in paragraph 1, stabilisation of those instruments shall not in any circumstances be executed above the market price of those instruments at the time of the public disclosure of the final terms of the new offer.
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KONČNA DOLOČBA
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Člen 12
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Article 11
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Začetek veljavnosti
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Conditions for ancillary stabilisation
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Ta uredba začne veljati v državah članicah na dan objave v Uradnem listu Evropske unije.
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In order to benefit from the exemption provided for in Article 8 of Directive 2003/6/EC, ancillary stabilisation must be undertaken in accordance with Article 9 of this Regulation and with the following:
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Ta uredba je v celoti zavezujoča in se neposredno uporablja v vseh državah članicah.
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(a) relevant securities may be overallotted only during the subscription period and at the offer price;
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(b) a position resulting from the exercise of an overallotment facility by an investment firm or credit institution which is not covered by the greenshoe option may not exceed 5 % of the original offer;
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V Bruslju, 22. decembra 2003
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(c) the greenshoe option may be exercised by the beneficiaries of such an option only where relevant securities have been overallotted;
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Za Komisijo
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(d) the greenshoe option may not amount to more than 15 % of the original offer;
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Frederik Bolkestein
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(e) the exercise period of the greenshoe option must be the same as the stabilisation period required under Article 8;
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Član Komisije
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(f) the exercise of the greenshoe option must be disclosed to the public promptly, together with all appropriate details, including in particular the date of exercise and the number and nature of relevant securities involved.
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[1] UL L 96, 12.4.2003, str. 16.
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[2] Odbor evropskih regulativnih organov s področja vrednostnih papirjev (CESR) je bil ustanovljen s Sklepom Komisije 2001/527/ES (UL L 191, 13.7.2001, str. 43).
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CHAPTER IV
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[3] UL L 26, 31.1.1977, str. 1.
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FINAL PROVISION
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[4] UL L 141, 11.6.1993, str. 27.
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Article 12
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[5] UL L 126, 26.5.2000, str. 1.
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Entry into force
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[6] UL L 184, 6.7.2001, str. 1.
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This Regulation shall enter into force in Member States on the day of its publication in the Official Journal of the European Union.
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This Regulation shall be binding in its entirety and directly applicable in all Member States.
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Done at Brussels, 22 December 2003.
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For the Commission
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Frederik Bolkestein
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Member of the Commission
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(1) OJ L 96, 12.4.2003, p. 16.
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(2) CESR was established by Commission Decision 2001/527/EC (OJ L 191,13.7.2001, p. 43).
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(3) OJ L 26, 31.1.1977, p. 1.
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(4) OJ L 141, 11.6.1993, p. 27.
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(5) OJ L 126, 26.5.2000, p. 1.
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(6) OJ L 184, 6.7.2001, p. 1.
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