natgillin/translations-raw huggingface dataset:
55. призовава комисиите от нива 2 и 3 да задържат свободата на действие и прилагането на по-високи стандарти на национално ниво („gold-plating“) в съответствие с основното законодателство на ниво 1, но същевременно да вземат предвид националните особености и по-конкретно структурните елементи на отделните пазари; предполага, в контекста на работата на МГН, че едно преразглеждане на ползата от това комисиите от ниво 3 също да функционират все повече на принципа на вземане на решения с някаква форма на квалифицирано мнозинство, когато все още се налага определение на техните принципи; предлага на комисиите от ниво 3 да бъде предоставен от Европейския парламент и Съвета годишен мандат за изготвяне на конкретни планове за сътрудничество и прилагане на съгласуваните мерки, евентуално с използване на бюджетни средства на ЕС; препоръчва съответните правомощия и мандати на комисиите от ниво 2 и 3 по „Lamfalussy” да се определят по-прецизно, за да отразяват необходимостта от напредък към по-силно сближаване на практиките им, да им се позволи в рамките на правомощията си да вземат обвързващи за техните членове решения, а също така при процеса на консултации с промишлеността да се получават повече данни от малки и средни предприятия и инвеститори;
55. c alls on the Level 2 and Level 3 committees to contain national discretion and gold-plating in line with the basic Level 1 legislation, but take into account national peculiarities and in particular the structural features of individual markets; suggests in the context of the work of the IIMG, a review of whether it may be helpful if Level 3 committees could operate increasingly on the basis of decision-making by some form of qualified majority voting where its principles still have to be defined; suggests that Level 3 committees be given an annual mandate by Parliament and the Council to come up with concrete plans for cooperation and implementation of agreed measures, possibly drawing on EU budgetary resources; recommends that Lamfalussy Level-2 and Level-3 committees' respective powers and mandates be defined more precisely in order to reflect the need to progress towards a greater convergence of their practices and to let them take, within the remit of their activities, binding decisions vis à vis their members, and that the consultation process with industry gets more input form small and medium-sized enterprises and investors;
56. подчертава важността на интегрираната европейска система от национални и секторни надзорници, работещи при взаимно сътрудничество, която може да осигури ефективен надзор както над големите финансови играчи, така и над местните дружества, дълбоко свързани с националните традиции; подчертава, че всички надзорници трябва да отчетат съответно тези традиции чрез начина, по който извършват своя надзор над дейността на място; приветства засиленото сътрудничество на комисиите от ниво 3, CEBS, CESR и CEIOPS и факта, че те вече публикуват съвместни годишни работни програми;
56. u nderlines the importance of an integrated European system of cooperating national and sectoral supervisors, capable of securing the efficient supervision of both big financial players and local entities rooted in national traditions; emphasises that all supervisors must take due account of those traditions in the way they execute their conduct of business supervision on-the-spot; welcomes the increasing cooperation of the Level-3 committees CEBS, CESR and CEIOPS and the fact that they now publish joint annual working programmes;
57. отбелязва, че за ефективно наблюдение на системните и благоразумни рискове на върховите играчи на пазара, настоящата система за взаимодействие може да се нуждае от подсилване въз основа на системата за сътрудничество, която е налице между надзорниците, и насърчава засилване на координирането, особено по отношение на надзора на благоразумния риск над субекти, попадащи под смесена юрисдикция или в смесени отрасли и финансови конгломерати; насърчава споразуменията и кодексите за поведение между държавите-членки и централните банки относно финансовата подкрепа на тази система за пруденциален надзор, по отношение на задълженията за гаранции и кредитор от последна инстанция, когато са замесени няколко или повече държави-членки; отбелязва, че за да се прецени дали сегашната система осигурява истински контрол на системните и благоразумни рискове на главните пазарни субекти, е необходимо да се даде време на сравнително новите мерки за ниво 2 и ниво 3 да се утвърдят;
57. n otes that for effective oversight of the systemic and prudential risks of the top market players, the present system of cooperation may need to be strengthened on the basis of the system of cooperation that exists among supervisors, and encourages greater coordination in particular with respect to prudential risk supervision of multi-jurisdictional and cross-sectoral entities and financial conglomerates; encourages agreements and codes of conduct between Member States and central banks on the financial backing of this system of prudential supervision, with respect to bail-out and lender-of-last-resort obligations where several Member States and more supervisors are involved; notes that, to judge whether the present system provides for a real oversight of the systemic and prudential risks of the top players in the market, it is necessary to give the relatively new Level 2 and Level 3 arrangements time to bed down;
61. счита, че би било желателно ролите на Съвета, Комисията и комисиите от ниво 3 да се разпределят по-прецизно; счита също така, че за осъществяването на строг надзор (особено когато съществува явна връзка с въпроси от областта на конкуренцията) е необходимо високо ниво на независимост и безпристрастие, които не могат да се съчетаят добре с подчертано политически профил; изтъква, че държавите-членки следва да бъдат насърчени към сближаване на правомощията на националните надзорници, особено що се отнася до санкциите; счита, че по-голяма степен на сближаване между надзорниците следва да облекчи дейността на компаниите, които са понастоящем обект на повече от един регулатор; подчертава, че най-голямото предизвикателство пред практическото сътрудничество е в комисиите от ниво 3; за тази цел предлага създаване на програми за обучение за надзорници на финансови пазари и приканва Комисията да обмисли до каква степен е възможно определянето на валидни за целия ЕС стандарти за обучение на национални надзорници за опазване и насърчаване на единна европейска надзорна култура;
61. c onsiders that a more precise allocation of roles is desirable between the Council, the Commission, and the Level 3 committees; considers also that for strong supervision (particularly where there is a clear link to competition issues) a high level of independence and neutrality is required, which cannot be well combined with an overly political profile; emphasises that Member States should be encouraged to converge the powers of national supervisors, especially where penalties are concerned; considers that greater convergence among supervisors should facilitate the business of companies now subject to more than one regulator; highlights that the biggest challenge in terms of practical cooperation reside in the Level 3 committees; suggests the creation of training programmes for financial market supervisors to this effect and calls on the Commission to consider to what extent EU-wide standards could be laid down for the training of national supervisors in keeping with, and to promote, a common European supervision culture;
62. приветства решението на Съвета по икономически и финансови въпроси да създаде подгрупа към Комитета по финансови услуги по дългосрочните въпроси от сферата на надзора, която трябва да докладва през октомври 2007 година; очаква тази група да направи справедлива оценка на настоящата ситуация; заедно с окончателния доклад на МГН, който също се очаква през есента на 2007 г., доклада на Европейския парламент и очаквания последващ доклад на Европейската комисия, това може да създаде благоприятни условия за оценка на оставащите предизвикателства пред интегрирането и ефективността на финансовото регулиране и надзорната архитектура и да осигури ангажимент за евентуални препоръки за по-нататъшни мерки;
62. w elcomes the decision of the Economic and Financial Affairs Council to set up an Financial Services Committee subgroup on long-term supervisory issues, which is due to report in October 2007; expects that group to give a fair assessment of the present situation; together with the final report of the Inter-institutional Monitoring Group (IIMG) that is also expected in autumn 2007, the report of the European Parliament and the expected follow-up report of the European Commission this may create momentum for an assessment of the remaining challenges to the integration and effectiveness of the financial regulation and supervision architecture, and provide commitment for possible recommendations for further steps;
64. приканва МГН да изгради широка перспектива за предизвикателствата и възможностите пред европейската система за надзор и да допринася за по-далновиден дебат в окончателните си заключения;
64. i nvites the IIMG to take a broad perspective on the challenges and opportunities facing the European system of supervision and to contribute to a further forward-looking debate in its final conclusions;
Световно въздействие
Global impact
65. вярва , че от страна на Европейския съюз един по-силен противовес на доминиращото положение на САЩ би могъл да укрепи влиянието на Европейския съюз и държавите-членки в световен план, що се отнася до влиянието на Комисията за ценни книжа и борси на САЩ; изразява увереност, че трябва да се изясни моделът на финансиране и рамката за отчетност на саморегулиращите се органи като Съвета по международните счетоводни стандарти; надява се, че ще бъде възможно МВФ да бъде възстановен като действителен глобален паричен орган и действащо лице при предотвратяването на кризи, гарантирането на финансова стабилност и възстановяването на глобални дисбаланси;
65. b elieves that a greater counterbalance by the European Union to US leadership could reinforce the influence of the European Union and Member States globally as regards the authority of the US Securities and Exchange Commission; is convinced that the funding model and accountability framework of self-regulatory bodies such as the International Accounting Standards Board, should be clarified; hopes that it will also be possible to bring the International Monetary Fund back on track as a real global monetary authority and actor to prevent crises, guarantee financial stability, and restore global imbalances;
Международната организация на комисиите по ценни книжа и компетентните органи на пазари, където такива фондове са обичайно явление, и като част от диалога между ЕС и САЩ; изразява подкрепа за инициативата на германското председателство на Съвета за Трансатлантическо икономическо партньорство, която цели засилване на трансатлантическата регулаторна координация и избягване на ненужно припокриване и дори евентуална непоследователност, в правилата, приложими за играчите на финансовия пазар;
Believes that the transatlantic partnership should be developed and strengthened by enhancing regulatory coordination; highlights the importance of the implementation of Basel II by the US authorities as well as mutual recognition of EU and US accounting standards and calls for more democratically controlled cooperation between the European Union and the United States in monitoring the sector-specific work of regulators of alternative investment vehicles such as hedge funds, including with the International Organization of Securities Ccommissions and the competent authorities in markets where such funds are common and as part of the EU-US dialogue; supports the German Council Presidency’s Transatlantic Economic Partnership initiative, which is aimed at fostering transatlantic regulatory coordination and averting needless overlapping, and possibly even inconsistencies, in the rules applying to financial market players;
68. посочва водещата роля на Европейския съюз в настоящата работа по рамката Solvency II и очаква тази роля да окаже влияние върху световната регулаторна архитектура и дейностите по установяване на стандарти на Международната асоциация на надзорниците в застраховането;
68. p oints to the leading role of the European Union in the current work on the Solvency II framework and expects that role to influence the global regulatory architecture and the standard-setting activities of the International Association of Insurance Supervisors;
The Financial Services Action Plan has contributed to delivering an integrated and well functioning European capital market that is taking the lead in the world not least because of the quality and solidity of its regulations.
The Financial Services Action Plan has contributed to delivering an integrated and well functioning European capital market that is taking the lead in the world not least because of the quality and solidity of its regulations.
The question is now: who is profiting from this success?
The question is now: who is profiting from this success?
Are end users profiting to the same extent as the large multinational players that strengthened their international position in a consolidation that led to pretty dominant positions in the top of the financial markets?
Are end users profiting to the same extent as the large multinational players that strengthened their international position in a consolidation that led to pretty dominant positions in the top of the financial markets?
Consolidation at the top of the market is strong, with 30 - 40 major cross border financial players and a high concentration in several member states.
Consolidation at the top of the market is strong, with 30 - 40 major cross border financial players and a high concentration in several member states.
Merger and acquisition activity have been high and national markets in new member states are dominated by foreign players.
Merger and acquisition activity have been high and national markets in new member states are dominated by foreign players.
The borders between the sectors are becoming increasingly blurred, with the aid of directives such as MIFID, which has led to initiatives such as project Turquoise in the area of alternative trading platforms, and the CRD and Solvency 2 which offer the possibility of convergence of banking and insurance activity through advanced risk management systems.
The borders between the sectors are becoming increasingly blurred, with the aid of directives such as MIFID, which has led to initiatives such as project Turquoise in the area of alternative trading platforms, and the CRD and Solvency 2 which offer the possibility of convergence of banking and insurance activity through advanced risk management systems.
The high level of consolidation may lead to issues of competition law and market failure.
The high level of consolidation may lead to issues of competition law and market failure.
Can a big listed company (listed on one of the bigger stock exchanges fully involved in such a consolidation process) survive without a rating of one or more of the 3 major rating agencies, without the services of top investment banks accompanying a major acquisition or merger, or without one of the 4 big audit firms for their financial statements?
Can a big listed company (listed on one of the bigger stock exchanges fully involved in such a consolidation process) survive without a rating of one or more of the 3 major rating agencies, without the services of top investment banks accompanying a major acquisition or merger, or without one of the 4 big audit firms for their financial statements?
What happens behind and between the Chinese walls of the City of London and other financial centres?
What happens behind and between the Chinese walls of the City of London and other financial centres?
Is there sufficient competition at the top end of the market?
Is there sufficient competition at the top end of the market?
That is a first question raised in this report, leading up to suggestions for more in depth economic impact studies and DG Competition sector inquiries, where possible in cooperation with authorities in the US and elsewhere in the world.
That is a first question raised in this report, leading up to suggestions for more in depth economic impact studies and DG Competition sector inquiries, where possible in cooperation with authorities in the US and elsewhere in the world.
Another important topical phenomenon is the rapid rise of the alternative investment business, often based in exotic places outside the EU.
Another important topical phenomenon is the rapid rise of the alternative investment business, often based in exotic places outside the EU.
Do private equity firms and hedge funds bring the real economy the desired investments in innovation, in sustainable growth, in a higher quality of jobs and social cohesion?
Do private equity firms and hedge funds bring the real economy the desired investments in innovation, in sustainable growth, in a higher quality of jobs and social cohesion?
Or have they brought a much higher leverage on companies’ debt burdens, degrading of their bonds’ status, and higher complexity and interdependency of risks involved in complex financial products like credit risk derivatives?
Or have they brought a much higher leverage on companies’ debt burdens, degrading of their bonds’ status, and higher complexity and interdependency of risks involved in complex financial products like credit risk derivatives?
Are hedging techniques that diminish the risks for individual investors, also able to spread and diminish risks at the macro level or do they only lead to herd behaviour?
Are hedging techniques that diminish the risks for individual investors, also able to spread and diminish risks at the macro level or do they only lead to herd behaviour?
Commissioner McCreevy so far seems only to promote these alternative investors as providers of liquidity and as activist shareholders.
Commissioner McCreevy so far seems only to promote these alternative investors as providers of liquidity and as activist shareholders.
His main concern is to take away barriers for private placement and he resists any discussion about further regulation.
His main concern is to take away barriers for private placement and he resists any discussion about further regulation.
Prudential supervisors, Central Banks and the ECB, like their counterparts in the USA are becoming more aware of the financial stability and systemic risks involved.
Prudential supervisors, Central Banks and the ECB, like their counterparts in the USA are becoming more aware of the financial stability and systemic risks involved.
Some inquiries have started on market manipulation and insider dealing.
Some inquiries have started on market manipulation and insider dealing.
The increasing leverage and debt ratios imposed on companies, the growing risks for underwriting banks, and the increasingly complex architecture of financial techniques meant to diversify and spread risks (such as credit risk derivatives) have led to warnings and investigations.
The increasing leverage and debt ratios imposed on companies, the growing risks for underwriting banks, and the increasingly complex architecture of financial techniques meant to diversify and spread risks (such as credit risk derivatives) have led to warnings and investigations.
The obverse of greater diversification and liquidity is a greater interdependency between investments and risks, which in case of a major default might lead to unforeseen domino effects in the whole global financial market.
The obverse of greater diversification and liquidity is a greater interdependency between investments and risks, which in case of a major default might lead to unforeseen domino effects in the whole global financial market.
Besides individual screening and monitoring of the regulated parts of the system, and better registering and monitoring of the unregulated parts, an overall macro-prudential assessment of systemic and operational risks is what is needed in cooperation between all supervisors and political actors.
Besides individual screening and monitoring of the regulated parts of the system, and better registering and monitoring of the unregulated parts, an overall macro-prudential assessment of systemic and operational risks is what is needed in cooperation between all supervisors and political actors.
A third theme of the report is the much lower degree of integration in the retail financial markets.
A third theme of the report is the much lower degree of integration in the retail financial markets.
The answer to the persistent prevalence of traditional domestic structures of retail financing is not simply to open up the national markets by forcing acceptance of foreign products and sales methods on the basis of supervisory and consumer protection regimes of their country of origin.
The answer to the persistent prevalence of traditional domestic structures of retail financing is not simply to open up the national markets by forcing acceptance of foreign products and sales methods on the basis of supervisory and consumer protection regimes of their country of origin.
Traditions of consumer protection and conduct of business supervision are firmly rooted in the context of the different legal and social-economic systems and should not be simply overhauled into a one-size-fits-all harmonisation.
Traditions of consumer protection and conduct of business supervision are firmly rooted in the context of the different legal and social-economic systems and should not be simply overhauled into a one-size-fits-all harmonisation.
Focus here should be more on the concrete cross border demands of mobile users than on ambitions to promote cross border shopping amongst domestic users to create more competition and more choice.
Focus here should be more on the concrete cross border demands of mobile users than on ambitions to promote cross border shopping amongst domestic users to create more competition and more choice.
The rapporteur rather likes to see financial industry developing pilots for pan-European financial products, such as pensions, mortgages or specific insurance products.
The rapporteur rather likes to see financial industry developing pilots for pan-European financial products, such as pensions, mortgages or specific insurance products.
An appropriate framework of supervision, contractual law and consumer protection should be developed for these products to be portable across borders within the EU, mutually recognised by all involved regulators.
An appropriate framework of supervision, contractual law and consumer protection should be developed for these products to be portable across borders within the EU, mutually recognised by all involved regulators.
The demand for micro credit from self employed and previously informal sector individuals that endeavour to start their own business is only recently acknowledged and reluctantly met by traditional credit providers.
The demand for micro credit from self employed and previously informal sector individuals that endeavour to start their own business is only recently acknowledged and reluctantly met by traditional credit providers.
Your rapporteur suggests that, based on best practices in terms of legal and regulatory environment in and outside Europe, the Commission should present an action plan for micro financing.
Your rapporteur suggests that, based on best practices in terms of legal and regulatory environment in and outside Europe, the Commission should present an action plan for micro financing.
In this chapter also the sustainable financing of further demographic imbalances via funded pension systems is mentioned.
In this chapter also the sustainable financing of further demographic imbalances via funded pension systems is mentioned.
Besides first pillar pay-as-you-go income provision for pensioners, second pillar occupational pensions have a role to play.
Besides first pillar pay-as-you-go income provision for pensioners, second pillar occupational pensions have a role to play.
The big challenge is to make them accessible not just for the happy few.
The big challenge is to make them accessible not just for the happy few.