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"soggetti rilevanti", heh heh heh...

English translation: Relevant persons

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Italian term or phrase:Soggetti rilevanti (internal dealing)
English translation:Relevant persons
Entered by: Katherine Zei
Options:
- Contribute to this entry
- Include in personal glossary

16:35 Sep 19, 2007
Italian to English translations [PRO]
Bus/Financial - Law (general) / Internal Dealing
Italian term or phrase: "soggetti rilevanti", heh heh heh...
This is kind of like opening up a can of worms. I've seen so many different translations of this term it's not even funny anymore. Therefore I'd like to start a "discussion" as a Kudoz and hopefully this will result in some kind of uniformity occuring in the future.

"Il Codice ha per oggetto la disciplina dell’informazione obbligatoria sulle operazioni di acquisto, vendita, sottoscrizione o scambio di azioni emesse da XXX S.p.A. o di Strumenti Finanziari Collegati ad Azioni, effettuate da ***Soggetti Rilevanti*** o da Persone Strettamente Legate ad essi."

Generali Ass. translates this as "Internal Dealers", but this seems to mean something else in English.

Enel translates it as "important persons".

Snam Rete Gas has "Significant Parties".

RAS has "relevant individuals", Tiscali and Unicredit have "relevant persons", etc. etc.

This is a phrase that I've seen translated in a myriad of ways. I would like to know what other people think. Please go ahead and debate any of the above suggestions and feel free to make others, as long as you can support your argument. Please don't support your argument merely by citing someone or by supplying a URL.

Thanks in advance for your opinions.
KZ
Katherine Zei
Canada
Local time: 08:09
Relevant persons
Explanation:
This is the definition I found in the Financial Services Authority (UK) handbook:
http://fsahandbook.info/FSA/html/handbook/Glossary
relevant person:
32(1) (in COMP) a person for claims against whom the compensation scheme provides cover, as defined in COMP 6.2.1 R.
(2) any of the following:
(a) a director, partner or equivalent, manager or appointed representative (or where applicable, tied agent) of the firm;
(b) a director, partner or equivalent, or manager of any appointed representative (or where applicable, tied agent) of the firm;
(c) an employee of the firm or of an appointed representative (or where applicable, tied agent) of the firm; as well as any other natural person whose services are placed at the disposal and under the control of the firm or 17a tied agent of the firm and who is involved in the provision by the firm of regulated activities;
(d) a natural person who is 17involved in the provision of services to the firm or its appointed representative (or where applicable, tied agent) under an outsourcing arrangement for the purpose of the provision by the firm of regulated activities.
[Note: article 2(3) of the MiFID implementing Directive
Selected response from:

Silvestro De Falco
Local time: 15:09
Grading comment
Thx Silvestro, I guess this _is_ the best term after all. I still don't like it, but tough tooties for me!
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +1opinionClaire Titchmarsh
5 -1Relevant persons
Silvestro De Falco
3interested parties or whatever you're having yourself
Patricia Crotty


Discussion entries: 2





  

Answers


2 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
opinion


Explanation:
under the Market Abuse Directive they are called "insiders" by the EU, or "persons having access to inside information" or "persons having access to privileged information". This last option is a bit unwieldy but I think it gives a clearer idea than "significant persons" which as Ivana says is rather bereft of meaning.

http://www.fsa.gov.uk/Pages/About/What/International/EU/fsap...

--------------------------------------------------
Note added at 2 hrs (2007-09-19 19:29:13 GMT)
--------------------------------------------------

just for the record "relevant persons" is totally meaningless: rilevante does not mean relevant.

--------------------------------------------------
Note added at 15 hrs (2007-09-20 07:43:38 GMT)
--------------------------------------------------

From Eng. translation of issuers' regulations on Consob website:

Article 115-bis
Lists of persons having access to inside information

1. Listed issuers and persons in a control relationship with them and persons acting on their behalf or for their account shall draw up, and keep regularly updated, a list of the persons who, in the exercise of their employment, profession or duties, have access to information referred to in Article 114(1). Consob shall establish the procedures for drawing up, keeping and updating such lists. 266



Claire Titchmarsh
Local time: 15:09
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 372

Peer comments on this answer (and responses from the answerer)
agree  kmaciel: Especially with regard to "insiders" see first column of annexes 1 & 2 (templates) to Commission Implementing Regulation (EU) 2016/314: http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:320...
3287 days
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23 hrs   confidence: Answerer confidence 5/5 peer agreement (net): -1
\"soggetti rilevanti\", heh heh heh...
Relevant persons


Explanation:
This is the definition I found in the Financial Services Authority (UK) handbook:
http://fsahandbook.info/FSA/html/handbook/Glossary
relevant person:
32(1) (in COMP) a person for claims against whom the compensation scheme provides cover, as defined in COMP 6.2.1 R.
(2) any of the following:
(a) a director, partner or equivalent, manager or appointed representative (or where applicable, tied agent) of the firm;
(b) a director, partner or equivalent, or manager of any appointed representative (or where applicable, tied agent) of the firm;
(c) an employee of the firm or of an appointed representative (or where applicable, tied agent) of the firm; as well as any other natural person whose services are placed at the disposal and under the control of the firm or 17a tied agent of the firm and who is involved in the provision by the firm of regulated activities;
(d) a natural person who is 17involved in the provision of services to the firm or its appointed representative (or where applicable, tied agent) under an outsourcing arrangement for the purpose of the provision by the firm of regulated activities.
[Note: article 2(3) of the MiFID implementing Directive

Silvestro De Falco
Local time: 15:09
Works in field
Native speaker of: Native in EnglishEnglish, Native in ItalianItalian
PRO pts in category: 8
Grading comment
Thx Silvestro, I guess this _is_ the best term after all. I still don't like it, but tough tooties for me!
Notes to answerer
Asker: Ciao Silvestro, and thx for looking that up in the glossary! I never thought I would have found "relevant persons" there! Buon lavoro, Kz


Peer comments on this answer (and responses from the answerer)
disagree  kmaciel: The cited source refers SPECIFICALLY AND SOLELY to the Financial Services Compensation Scheme - nothing to do with MAD-MAR compliance. The proper term with reference to inside information is "insider". See annexes 1 & 2 to Implementing Reg. (EU) 2016/347
3286 days
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3 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
interested parties or whatever you're having yourself


Explanation:
Hi Katherine

I think the point is that there IS no standard translation! The paragraph you cite (and the directive cited by Claire) are parts of laws that go on to define "soggetti rilevanti". In these cases they are defined as directors and managers working in the company etc. which of course could be translated as 'insiders' or 'internal dealers' ect., but only in these cases.

So what I'm trying to say is that "soggetti rilevanti" is a kind of catch-all phrase (which I loosely think of as 'interested party') that can be defined or understood to refer to any set of people such as 'stakeholders' if they have an interest in something, or 'reference entities' in the case of public contracts etc.

Basically it depends on the context.



--------------------------------------------------
Note added at 1 day21 hrs (2007-09-21 14:27:32 GMT)
--------------------------------------------------

Hi Katherine
In this context I'd use one of Claire's suggestions, 'insiders' 'persons with access to inside information' or 'persons having access to privileged information' because I don't see a problem with changing the translation to fit the text (instead of a generic catch-all word).

My answer was intended as a general comment on your query rather than a specific one.

Patricia Crotty
Local time: 15:09
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 318
Notes to answerer
Asker: Exactly. So, according to the context that I included in the example, what would you say? Thx by the way!

Asker: Great, thx again!


Peer comments on this answer (and responses from the answerer)
agree  Peter Cox
5 hrs

disagree  kmaciel: This term is very clearly translated here: http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:320... (see templates in the annexes).
3287 days
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