Traduction de «Groupe de travail des instruments négociables » (Français → Anglais) :

Persons who deal on own account, including market makers, in commodity derivatives, emission allowances or derivatives thereof, excluding persons who deal on own account when executing client orders, or who provide investment services in commodity derivatives or emission allowances or derivatives thereof to the customers or suppliers of their main business should not be covered by the scope of this Directive, provided that that activity is an ancillary activity to their main business on a group ...[+++] basis, and that main business is neither the provision of investment services within the meaning of this Directive nor of banking activities within the meaning of Directive 2013/36/EU of the European Parliament and of the Council (13), nor market making in commodity derivatives, and those persons do not apply a high-frequency algorithmic trading technique.

Agrees that careful preparation is needed to ensure that such a negotiation for a comprehensive bilateral trade and investment agreement, if undertaken, would deliver concrete results and would be concluded in a timely manner; looks forward to the final report (including a recommendation on a decision as to the negotiations) of the HLWG; asks the Commission and the US Administration to present the final result of HLWG’s work at the 73rd meeting of the TLD by the end of 2012;

(14)(8) Persons administering their own assets and undertakings, who do not provide investment services and/or perform investment activities other than dealing on own account ð should not be covered by the scope of this Directive ï unless they are market makers ð , members or participants of a regulated market or MTF or they execute orders from clients by dealing ï or they deal on own account outside a regulated market or an MTF on an organised, frequent and systematic basis, by providing a system accessible to third parties in order to engage in dealings with them should not be covered by the scope of this Directive. ð By way of excepti ...[+++]on, persons who deal on own account in financial instruments as members or participants of a regulated market or MTF, including as market makers in relation to commodity derivatives, emission allowances, or derivatives thereof, as an ancillary activity to their main business, which on a group basis is neither the provision of investment services within the meaning of this Directive nor of banking services within the meaning of Directive 2006/48/EC, should not be covered by the scope of this Directive.

Consequently, the Commission has negotiated this Agreement on the basis of the combined negotiating directives adopted by the Council, and in consultation with the ACP Working Party and the Africa Working Group, appointed by the Council according to their respective responsibilities, as the special committees to assist in this task.

Consequently, the Commission has negotiated this Agreement on the basis of the combined negotiating directives adopted by the Council, and in consultation with the ACP Working Party and the Africa Working Group, appointed by the Council according to their respective responsibilities, as the special committees to assist in this task.

(25) Since the scope of prudential regulation should be limited to those entities which, by virtue of running a trading book on a professional basis, represent a source of counterparty risk to other market participants, entities which deal on own account in financial instruments, including those commodity derivatives covered by this Directive, as well as those that provide investment services in commodity derivatives to the clients of their main business on an ancillary basis to their main business when considered on a ...[+++]group basis, provided that this main business is not the provision of investment services within the meaning of this Directive, should be excluded from the scope of this Directive.