natgillin/translations-raw huggingface dataset:
We should also bear in mind that inappropriate legislation could lead to disruption of highly efficient and low cost markets such as those for domestic transactions in securities and for cross border settlement of Eurobond transactions.
We should also bear in mind that inappropriate legislation could lead to disruption of highly efficient and low cost markets such as those for domestic transactions in securities and for cross border settlement of Eurobond transactions.
The Giovaninni reports show that the primary cost drivers are not anti-competitive practices or lack of competition.
The Giovaninni reports show that the primary cost drivers are not anti-competitive practices or lack of competition.
Most of the barriers have little relevance to competition.
Most of the barriers have little relevance to competition.
However, even if the Commission puts too much emphasis on competition in its communication on clearing and settlement, active use of competition policy by the Commission in prevention of anti-competitive behaviour and in ensuring market access is welcomed.
However, even if the Commission puts too much emphasis on competition in its communication on clearing and settlement, active use of competition policy by the Commission in prevention of anti-competitive behaviour and in ensuring market access is welcomed.
Although there are competition issues relevant to clearing and settlement, these may best be dealt with by other than legislative means.
Although there are competition issues relevant to clearing and settlement, these may best be dealt with by other than legislative means.
For example, maintaining fair and non-discriminatory access to clearing and settlement systems is very important in promoting competition in EU financial markets.
For example, maintaining fair and non-discriminatory access to clearing and settlement systems is very important in promoting competition in EU financial markets.
It is not possible for exchanges to compete effectively with one another unless they can get fair access to clearing and settlement services (including netting).
It is not possible for exchanges to compete effectively with one another unless they can get fair access to clearing and settlement services (including netting).
However, extensive access rights are already granted by ISD2/MIFID.
However, extensive access rights are already granted by ISD2/MIFID.
What we need is effective implementation and enforcement of existing laws, not a new directive.
What we need is effective implementation and enforcement of existing laws, not a new directive.
Clearly, certain firms have a large share of the market for clearing and settlement.
Clearly, certain firms have a large share of the market for clearing and settlement.
This concentration is not, in itself, anti-competitive.
This concentration is not, in itself, anti-competitive.
On the contrary, customers of clearing and settlement services have been actively calling for consolidation, viewing economies of scale as the best way to bring down costs.
On the contrary, customers of clearing and settlement services have been actively calling for consolidation, viewing economies of scale as the best way to bring down costs.
To guard against anti-competitive practices in a concentrated market, it is important to ensure that providers of clearing and settlement services have transparent pricing structures, that there is zero or minimal cross subsidy between services, that users pay only for the services they consume and that they have a clear and free choice about where they buy banking services relating to their transaction.
To guard against anti-competitive practices in a concentrated market, it is important to ensure that providers of clearing and settlement services have transparent pricing structures, that there is zero or minimal cross subsidy between services, that users pay only for the services they consume and that they have a clear and free choice about where they buy banking services relating to their transaction.
These important goals are best achieved by a combination of market pressure and general competition law.
These important goals are best achieved by a combination of market pressure and general competition law.
Committee members should recall that the users of clearing and settlement systems are large and expert firms who negotiate firmly to defend their interests, thereby helping to guard against anti-competitive practices.
Committee members should recall that the users of clearing and settlement systems are large and expert firms who negotiate firmly to defend their interests, thereby helping to guard against anti-competitive practices.
An example of competition working well occurred last May when LSE sought to compete with Euronext in listing Dutch stocks.
An example of competition working well occurred last May when LSE sought to compete with Euronext in listing Dutch stocks.
LSE successfully negotiated access to clearing systems of the Netherlands market, even though Euronext are significant shareholder in the company that runs them (LCH Clearnet).
LSE successfully negotiated access to clearing systems of the Netherlands market, even though Euronext are significant shareholder in the company that runs them (LCH Clearnet).
In addition, the Commission has sweeping powers under general competition law to intervene to stop and prevent anti-competitive practices, powers it has already used with significant impact.
In addition, the Commission has sweeping powers under general competition law to intervene to stop and prevent anti-competitive practices, powers it has already used with significant impact.
The best way to police competition in clearing and settlement is by a pro-active and vigorous use of general competition law powers.
The best way to police competition in clearing and settlement is by a pro-active and vigorous use of general competition law powers.
The case for new "ex-ante" competition measures has not been made out.
The case for new "ex-ante" competition measures has not been made out.
The Commission’s ideas regarding special governance requirements and mandatory unbundling for providers of clearing and settlement services are not proportionate to any problem identified in the market.
The Commission’s ideas regarding special governance requirements and mandatory unbundling for providers of clearing and settlement services are not proportionate to any problem identified in the market.
They could be highly intrusive and disruptive for both providers and users of clearing and settlement services.
They could be highly intrusive and disruptive for both providers and users of clearing and settlement services.
Competing Views
Competing Views
Particular controversy has centred on the provision of banking services by CSDs.
Particular controversy has centred on the provision of banking services by CSDs.
Some local custodians feel that they are facing unfair competition for banking services from CSDs/ICSDs.
Some local custodians feel that they are facing unfair competition for banking services from CSDs/ICSDs.
Hence the calls for a separation of banking services from clearing and settlement services and the debate between Euroclear and BNP Paribas.
Hence the calls for a separation of banking services from clearing and settlement services and the debate between Euroclear and BNP Paribas.
However, there is nothing inherently anti-competitive in allowing CSDs/ICSDs to provide banking services.
However, there is nothing inherently anti-competitive in allowing CSDs/ICSDs to provide banking services.
A problem only arises if a CSD abuses its strong position in clearing and settlement to try to foreclose competition in the adjacent market for banking services.
A problem only arises if a CSD abuses its strong position in clearing and settlement to try to foreclose competition in the adjacent market for banking services.
For example, it would not be acceptable for a CSD to require customers to have their cash accounts with the CSD where this could restrict participants from obtaining credit from other suppliers.
For example, it would not be acceptable for a CSD to require customers to have their cash accounts with the CSD where this could restrict participants from obtaining credit from other suppliers.
Market pressure is successfully preventing any such abusive practice, reinforced, no doubt, by the power of competition authorities to intervene if any were to emerge.
Market pressure is successfully preventing any such abusive practice, reinforced, no doubt, by the power of competition authorities to intervene if any were to emerge.
No convincing case has been made for ex ante measures to split banking and clearing and settlement functions.
No convincing case has been made for ex ante measures to split banking and clearing and settlement functions.
Equally controversial is the extent to which local custodians compete with CSDs/ICSDs.
Equally controversial is the extent to which local custodians compete with CSDs/ICSDs.
It is clear that a significant proportion of trades never reach the books of any CSD/ICSD.
It is clear that a significant proportion of trades never reach the books of any CSD/ICSD.
A number of the larger local custodians internalise transactions.
A number of the larger local custodians internalise transactions.
Effectively, they are able to transfer securities between 2 customers on their own books without having to use a CSD/ICSD.
Effectively, they are able to transfer securities between 2 customers on their own books without having to use a CSD/ICSD.
Local custodians and CSD/ICSDs therefore provide services which compete with one another, albeit that their respective services are not perfect substitutes because holding a security at a local custodian may confer different legal rights to holding a security at its central register.
Local custodians and CSD/ICSDs therefore provide services which compete with one another, albeit that their respective services are not perfect substitutes because holding a security at a local custodian may confer different legal rights to holding a security at its central register.
The extent of the difference is dependent on national laws which vary between Member States.
The extent of the difference is dependent on national laws which vary between Member States.
It has been argued that this overlap in functions means that local custodians should be regulated in the same way as CSDs/ICSDs.
It has been argued that this overlap in functions means that local custodians should be regulated in the same way as CSDs/ICSDs.
This argument is rejected in the draft report because adopting a risk based functional approach to regulation means that different firms may undertake the same activities but be subject to different levels of regulation because the risks for their undertakings are different.
This argument is rejected in the draft report because adopting a risk based functional approach to regulation means that different firms may undertake the same activities but be subject to different levels of regulation because the risks for their undertakings are different.
This may occur, for example, because there are different ways of delivering the same service, or because the firms face different degrees of competition or pose different degrees of systemic risk.
This may occur, for example, because there are different ways of delivering the same service, or because the firms face different degrees of competition or pose different degrees of systemic risk.
Whether the activities of the firm can readily be substituted by others in the market is also an important factor.
Whether the activities of the firm can readily be substituted by others in the market is also an important factor.
Elements on both sides of this debate could well be accused of attempting to shackle their competitors' activity by the imposition of inappropriate regulatory requirements.
Elements on both sides of this debate could well be accused of attempting to shackle their competitors' activity by the imposition of inappropriate regulatory requirements.
Central Bank Money
Central Bank Money
Central bank money is a useful means of mitigating risk in clearing and settlement systems, particularly in relation to intraday exposures.
Central bank money is a useful means of mitigating risk in clearing and settlement systems, particularly in relation to intraday exposures.
It should be recognised, however, that central bank money is just one of a number of methods that can be used to control risk.
It should be recognised, however, that central bank money is just one of a number of methods that can be used to control risk.
It would be desirable to extend access to central bank money.
It would be desirable to extend access to central bank money.
The Target 2 project should improve access to central bank money but is taking longer to complete than had been anticipated.
The Target 2 project should improve access to central bank money but is taking longer to complete than had been anticipated.
It is important that the ESCB speed up work on delivering Target 2.
It is important that the ESCB speed up work on delivering Target 2.
They should ensure that Target 2:
They should ensure that Target 2:
· allows “virtual account liquidity pooling” so that users are able to make payments from an account at one central bank, using liquidity raised at another
· allows “virtual account liquidity pooling” so that users are able to make payments from an account at one central bank, using liquidity raised at another
· is open 24 hours a day.
· is open 24 hours a day.
which will significantly increase the efficiency of cross border clearing and settlement.
which will significantly increase the efficiency of cross border clearing and settlement.
Zúčtování a vypořádaní v Evropské unii
Clearing and settlement in the European Union
Willem Schuth, István Szent-Iványi
Willem Schuth, István Szent-Iványi
k návrhu nařízení Evropského parlamentu a Rady o přístupu k vnější pomoci Společenství
on the proposal for a regulation of the European Parliament and of the Council on the access to Community External Assistance
PE 355.569v04-00
PE 355.569v04-00
VYSVĚTLUJÍCÍ PROHLÁŠENÍ..............................................................................................16
Explanatory statement ..............................................................................................16
STANOVISKO VÝBORU PRO ZAHRANIČNÍ VĚCI...........................................................19
OPINION of the Committee on Foreign Affairs .................................................19
– s ohledem na návrh Komise Evropskému parlamentu a Radě ( KOM(2004)0313 )
– having regard to the Commission proposal to the European Parliament and the Council ( COM(2004)0313 )
– s ohledem na zprávu Výboru pro rozvoj a na stanovisko Výboru pro zahraniční věci ( A6-0182/2005 ),
– having regard to the report of the Committee on Development and the opinion of the Committee on Foreign Affairs ( A6‑0182/2005 ),
(1) Obvyklá praxe vázání pomoci, která přímo či nepřímo podmiňuje poskytnutí pomoci jejím využitím na nákup zboží a služeb v zemi poskytovatele pomoci, snižuje účinnost pomoci a není v souladu s politikou podpory rozvoje chudých zemí.
(1) The practice of tying the granting of aid, directly or indirectly, to the purchase of goods and services procured by means of that aid in the donor country reduces its effectiveness and is not coherent with a pro-poor development policy.
Zrušení podmínek při poskytování pomoci není cílem samo o sobě, ale mělo by sloužit jako nástroj ke stimulaci dalších prvků v boji s chudobou, jakými jsou vlastnictví, regionální integrace a budování kapacit.
The untying of aid is not an aim in itself, but should be used as a tool to cross-fertilise other elements in the fight against poverty such as ownership, regional integration and capacity building.
Zrušení podmínek při poskytování pomoci není cílem samo o sobě, ale mělo by sloužit jako nástroj ke stimulaci dalších prvků v boji s chudobou, jakými jsou vlastnictví, regionální integrace a budování kapacit , se zaměřením na posilování místních a regionálních dodavatelů zboží a služeb v rozvojových zemích .
The untying of aid is not an aim in itself, but should be used as a tool to cross-fertilise other elements in the fight against poverty such as ownership, regional integration and capacity building , with a focus on empowering local and regional suppliers of goods and services in developing countries .
Je nezbytné, aby byl nástroj uvolněné pomoci využit k posilování dodavatelů zboží a služeb v zemích, které jsou příjemci pomoci Společenství.
It is essential that the instrument of untied aid is used to empower the suppliers of goods and services in countries that are recipients of Community aid.
(6) Usnesení Evropského parlamentu o uvolnění podmínek při poskytování pomoci
(6) On 4 September 2003, a Resolution from the European Parliament on the untying of aid
Podpořilo postupy obsažené ve výše uvedeném sdělení a souhlasilo s navrhovanými možnostmi.
It supported the modalities detailed in the afore-mentioned Communication and agreed to the options proposed.
Zdůraznilo potřebu dalšího jednání pro výraznější omezení podmíněnosti pomoci na základě doplňkových studií a řádně doložených návrhů.
It highlighted the need for further debate towards more untying on the base of complementary studies and documented proposals.
(6) Usnesení Evropského parlamentu o uvolnění podmínek při poskytování pomoci 1 ze dne 4. září 2003 konstatovalo nutnost dalšího omezování podmíněnosti pomoci Společenství.
(6) On 4 September 2003, a Resolution from the European Parliament on the untying of aid 1 noted the need to further untie Community aid.
Zdůraznilo potřebu dalšího jednání pro výraznější omezení podmíněnosti pomoci na základě doplňkových studií a řádně doložených návrhů a výslovně vyzvalo k „jasnému upřednostňování místní a regionální spolupráce při preferenci – v sestupném pořadí – dodavatelů ze země, která je příjemcem pomoci, ze sousedních rozvojových zemí a z ostatních rozvojových zemí“, aby se posílilo úsilí zemí příjemců o zlepšení jejich vlastní produkce na národní, regionální, místní a rodinné úrovni, jakož i opatření ke zlepšení dostupnosti a přístupnosti potravin a základních služeb pro veřejnost v souladu s místními zvyklostmi a systémy výroby a obchodu.
It highlighted the need for further debate towards more untying on the base of complementary studies and documented proposals, and called explicitly for " a clear preference for local and regional cooperation, prioritising - in ranking order - suppliers from the recipient country, neighbouring developing countries and other developing countries", in order to strengthen the efforts of the beneficiary countries to improve their own production at national, regional, local and family level, as well as actions aiming at improving the availability and accessibility to the public of foodstuffs and basic services, consistent with local habits and production and trading systems.
(7) Pro stanovení přístupu k zahraniční pomoci Společenství je nutné se zaměřit na některé prvky.
(7) Several elements need to be addressed in order to define the access to Community External Assistance.
Pravidla způsobilosti v článku 3 vymezila přístup pro osoby.
The rules of eligibility defined the access of persons in Article 3.
Pravidla původu v článku 4 stanovila přístup pro dodávky a materiály zakoupené způsobilou osobou.
The rules of origin defined the access of supplies and materials purchased by eligible person in Article 4.
Přístup specifické kategorie osob pod podmínkou reciprocity je stanoven v článku 3 .
The access of a specific category of persons is allowed in Article 3 under the condition of reciprocity .
Definice a způsoby provádění reciprocity jsou obsaženy v článku 5.
The definition and modalities of implementation of reciprocity are contained in Article 5.
Odchylky a jejich provádění jsou stanoveny v článku 6.
Derogations and their implementation are defined in Article 6.
Zvláštní ustanovení o operacích financovaných mezinárodní organizací, regionální organizací nebo spolufinancovaných se třetí zemí jsou vymezena v článku 7.
Specific provisions concerning the operations financed through an international organisation, a regional organisation, or co-financed with a third country, are defined in Article 7.
Zvláštní ustanovení pro účely humanitární pomoci jsou vymezena v článku 8.
Specific provisions for the purposes of humanitarian aid are defined in Article 8.
Pravidla původu v článku 4 stanovila přístup pro dodávky a materiály zakoupené a odborníky najaté způsobilými osobami.
The rules of origin defined the access of supplies and materials purchased and experts engaged by eligible persons in Article 4.
8a) Při zadávání zakázek v rámci některého nástroje Společenství bude brán zvláštní zřetel na dodržování mezinárodně dohodnutých základních pracovních norem Mezinárodní organizace práce (MOP), např. úmluv o svobodě sdružování a kolektivním vyjednávání, o odstranění nucené a povinné práce, o odstranění diskriminace v zaměstnání a povolání a o zákazu dětské práce.
(8a) When awarding tenders under a Community instrument, special consideration will be given to respect for internationally agreed core labour standards of the International Labour Organization (ILO), e.g. the conventions on freedom of association and collective bargaining, elimination of forced and compulsory labour, elimination of discrimination with respect to employment and occupation, and abolition of child labour.
Bod odůvodnění 8b (nový)
Recital 8b (new)
8b) Při zadávání zakázek v rámci některého nástroje Společenství bude brán zvláštní zřetel na dodržování těchto mezinárodně dohodnutých úmluv na ochranu životního prostředí: Úmluva o biologické rozmanitosti z roku 1992, Cartagenský protokol o biologické bezpečnosti z roku 2000 a Kjótský protokol k Rámcové úmluvě OSN o změnách klimatu z roku 1997.
(8b) When awarding tenders under a Community instrument, special consideration will be given to respect for the following internationally agreed environmental conventions: the Convention on Biological Diversity of 1992, the Cartegena Protocol on Biosafety of 2000 and the Kyoto Protocol to the United Nations Framework Convention on Climate Change of 1997.
Účast v řízení pro zadávání zakázek nebo grantů financovaných podle některého nástroje Společenství s tematickým rámcem působnosti, jak je stanoveno v příloze I části A, je přístupná všem právnickým osobám, které jsou státními příslušníky rozvojové země, jak je stanoveno v seznamu Výboru pro rozvojovou pomoc Organizace pro hospodářskou spolupráci a rozvoj (OECD/DAC) obsaženém v příloze II, a kromě toho právnickým osobám již oprávněným na základě příslušného nástroje.
(2) Participation in the award of procurement or grant contracts financed under a Community instrument with thematic scope, as defined in Annex I Part A, shall be open to all legal persons who are nationals of a developing country, as defined by the Development Assistance Committee of the Organisation for Economic Co-operation and Development (OECD/DAC) list contained in Annex II, in addition to those legal persons already eligible by virtue of the respective instrument.
Účast v řízení pro zadávání zakázek nebo grantů financovaných podle některého nástroje Společenství s geografickým rámcem působnosti, jak je stanoveno v příloze I části B, je přístupná všem právnickým osobám, které jsou státními příslušníky rozvojové země, jak je stanoveno v seznamu OECD/DAC obsaženém v příloze II, a které jsou výslovně uvedené jako oprávněné, jakož i právnickým osobám již uvedeným jako oprávněné na základě příslušného nástroje.
(3) Participation in the award of procurement or grant contracts financed under a Community instrument with geographical scope, as defined in Annex I Part B, shall be open to all legal persons who are nationals of a developing country as defined by the OECD/DAC list , contained in Annex II, and which are expressly mentioned as eligible, as well as to those already mentioned as eligible by the respective instrument.
Tito odborníci mohou být jakékoliv státní příslušnosti .
Those experts can be of any nationality .
Tato otázka je nyní upravena ustanovením článku 3a.
Issue now regulated under new Article 3a.