natgillin/translations-raw huggingface dataset:
For anerkendte enheder i kollektive investeringsforetagender er volatilitetsjusteringen det vægtede gennemsnit af de volatilitetsjusteringer, der under hensyntagen til likvidationsperioden for transaktionen i henhold til punkt 37 ville være gældende for de aktiver, fonden har investeret i. Hvis de aktiver, fonden har investeret i, ikke er kreditinstituttet bekendt, er volatilitetsjusteringen den højeste volatilitetsjustering, der ville være gældende for ethvert aktiv, som fonden har ret til at investere i.
For eligible units in collective investment undertakings the volatility adjustment is the weighted average volatility adjustments that would apply, having regard to the liquidation period of the transaction as specified in point 37, to the assets in which the fund has invested. If the assets in which the fund has invested are not known to the credit institution, the volatility adjustment is the highest volatility adjustment that would apply to any of the assets in which the fund has the right to invest.
»FIRST-TO-DEFAULT«-KREDITDERIVATER
In the case where a credit institution calculating risk‐weighted exposure amounts under Articles 78 to 83 has more than one form of credit risk mitigation covering a single exposure (e.g. a credit institution has both collateral and a guarantee partially covering an exposure), the credit institution shall be required to subdivide the exposure into parts covered by each type of credit risk mitigation tool (e.g. a part covered by collateral and a portion covered by guarantee) and the risk‐weighted exposure amount for each portion must be calculated separately in accordance with the provisions of Articles 78 to 83 and this Annex. 2. When credit protection provided by a single protection provider has differing maturities, a similar approach to that described in point 1 shall be applied. PART 6 Basket CRM techniques
Når et kreditinstitut opnår kreditrisikoafdækning for en række engagementer på de vilkår, at den første misligholdelse blandt engagementerne udløser forfald, og at denne kreditbegivenhed medfører kontraktens ophør, kan kreditinstituttet ændre beregningen af størrelsen af de risikovægtede engagementer og eventuelt det forventede tab på engagementet, som ved manglende kreditrisikoafdækning ville medføre det laveste risikovægtede engagement i henhold til enten artikel 78-83 eller artikel 84-89 i overensstemmelse med dette bilag, men kun hvis engagementets værdi er mindre end eller lig med værdien af kreditrisikoafdækningen.
FIRST-TO-DEFAULT CREDIT DERIVATIVES 1. Where a credit institution obtains credit protection for a number of exposures under terms that the first default among the exposures shall trigger payment and that this credit event shall terminate the contract, the credit institution may modify the calculation of the risk‐weighted exposure amount and, as relevant, the expected loss amount of the exposure which would, in the absence of the credit protection, produce the lowest risk‐weighted exposure amount under Articles 78 to 83 or Articles 84 to 89 as appropriate in accordance with this Annex, but only if the exposure value is less than or equal to the value of the credit protection.
Det engagementsleverende kreditinstitut ved en traditionel securitisation kan udelukke securitiserede engagementer fra beregningen af størrelsen af de risikovægtede engagementer og størrelsen af de forventede tab, hvis en betydelig kreditrisiko vedrørende de securitiserede engagementer er blevet overført til tredjemand, og overførslen opfylder følgende betingelser:a) dokumentationen vedrørende securitisationen afspejler transaktionens økonomiske substans
MINIMUM REQUIREMENTS FOR RECOGNITION OF SIGNIFICANT CREDIT RISK TRANSFER IN A TRADITIONAL SECURITISATION 1. The originator credit institution of a traditional securitisation may exclude securitised exposures from the calculation of risk‐weighted exposure amounts and expected loss amounts if significant credit risk associated with the securitised exposures has been transferred to third parties and the transfer complies with the following conditions:(a) The securitisation documentation reflects the economic substance of the transaction;
Hvis den anvendes til beregning af størrelsen af risikovægtede engagementer i henhold til del 4, skal en kreditvurdering foretaget af et anerkendt ECAI opfylde følgende betingelser:a) der må ikke være forskel mellem de typer af betalinger, der afspejles i kreditvurderingen, og de typer af betalinger, som kreditinstituttet er berettiget til i henhold til den kontrakt, der ligger til grund for den pågældende securitisationsposition, og
REQUIREMENTS TO BE MET BY THE CREDIT ASSESSMENTS OF ECAIS 1. To be used for the purposes of calculating risk‐weighted exposure amounts under Part 4, a credit assessment of an eligible ECAI shall comply with the following conditions.(a) There shall be no mismatch between the types of payments reflected in the credit assessment and the types of payment to which the credit institution is entitled under the contract giving rise to the securitisation position in question; and
I forbindelse med artikel 96 skal størrelsen af risikovægtede engagementer i en securitisationsposition beregnes ved at anvende den relevante risikovægtning som angivet i denne del på engagementets værdi inden for positionen.
CALCULATION OF RISK-WEIGHTED EXPOSURE AMOUNTS 1. For the purposes of Article 96, the risk-weighted exposure amount of a securitisation position shall be calculated by applying to the exposure value of the position the relevant risk weight as set out in this Part.
12,5 x (S[L+T]
12,5 × SL+T
I henhold til basisindikatormetoden svarer kapitalkravet for operationelle risici til 15 % af den relevante indikator, som defineres i punkt 2-9.
CAPITAL REQUIREMENT 1. Under the Basic Indicator Approach, the capital requirement for operational risk is equal to 15 % of the relevant indicator defined in points 2 to 9.
Det kan være nødvendigt at regulere disse elementer for at afspejle forbeholdene i punkt 7 og 8.Tabel 1
Based on the accounting categories for the profit and loss account of credit institutions under Article 27 of Directive 86/635/EEC, the relevant indicator shall be expressed as the sum of the elements listed in Table 1. Each element shall be included in the sum with its positive or negative sign.
Indtægter af kapitalandele og andre værdipapirer med fast/variabelt afkast
2 Interest payable and similar charges 3 Income from shares and other variable/fixed-yield securities
Det skal identificere sin eksponering for operationelle risici og registrere relevante oplysninger vedrørende operationelle risici, herunder oplysninger om betydelige tab. Dette system skal regelmæssigt revideres af en uafhængig instans.
They shall identify their exposures to operational risk and track relevant operational risk data, including material loss data. This system shall be subject to regular independent review.
Kreditinstituttets målesystem vedrørende operationelle risici skal benytte relevante eksterne data, navnlig når der foreligger en begrundet formodning om, at kreditinstituttet er eksponeret for sjældne, men dog potentielt alvorlige tab. Et kreditinstitut skal have en systematisk procedure til identificering af situationer, hvor der skal anvendes eksterne data, og til at afgøre, hvilke metoder der skal anvendes til at indsætte oplysningerne i målesystemet.
The credit institution's operational risk measurement system shall use relevant external data, especially when there is reason to believe that the credit institution is exposed to infrequent, yet potentially severe, losses. A credit institution must have a systematic process for determining the situations for which external data must be used and the methodologies used to incorporate the data in its measurement system.
for kreditinstitutter, der beregner størrelsen af de risikovægtede engagementer i henhold til artikel 84-89, 8 % af størrelsen af de risikovægtede engagementer for hver af de engagementsklasser, der angives i artikel 86.
for credit institutions calculating risk‐weighted exposure amounts in accordance with Articles 84 to 89, 8 per cent of the risk‐weighted exposure amounts for each of the exposure classes specified in Article 86. For the retail exposure class, this requirement applies to each of the categories of exposures to which the different correlations in Annex VII, Part 1, points 10 to 13 correspond.
det samlede beløb for ikke-afhændede eller erhvervede securitisationspositioner, opdelt i et meningsfyldt antal risikovægtningsgrupper; positioner, der har fået tildelt en risikovægt på 1250 %, eller som er fratrukket, skal angives særskilt
the aggregate amount of securitisation positions retained or purchased, broken down into a meaningful number of risk weight bands. Positions that have been risk weighted at 1250 % or deducted shall be disclosed separately;
Artikel 4
Article 4 Article 7 Article 8 Article 8 Article 9 Article 9(1) Article 5(1) and 1(11) Article 9(2) Article 5(2) Article 10
Bilag I, punkt 1-14, med undtagelse af sidste afsnit
Annex I, points 1 to 14, excluding the final paragraph Annex I Annex I, final paragraph
Europa-Parlamentets og Rådets direktiv 2006/49/EF
Directive 2006/49/EC of the European Parliament and of the Council
om kravene til investeringsselskabers og kreditinstitutters kapitalgrundlag (omarbejdning)
on the capital adequacy of investment firms and credit institutions (recast)
under henvisning til udtalelse fra Den Europæiske Centralbank,
Having regard to the Opinion of the European Central Bank,
Rådets direktiv 93/6/EØF af 15. marts 1993 om kravene til investeringsselskabers og kreditinstitutters kapitalgrundlag er flere gange blevet ændret væsentligt.
Council Directive 93/6/EEC of 15 March 1993 on the capital adequacy of investment firms and credit institutions has been significantly amended on several occasions.
Et af formålene med Europa-Parlamentets og Rådets direktiv 2004/39/EF af 21. april 2004 om markeder for finansielle instrumenter er at give investeringsselskaber, der er godkendt af de kompetente myndigheder i deres hjemland og underlagt samme myndigheders tilsyn, mulighed for frit at oprette filialer og udføre tjenesteydelser i andre medlemsstater.
One of the objectives of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments is to allow investment firms authorised by the competent authorities of their home Member State and supervised by the same authorities to establish branches and provide services freely in other Member States.
I Kommissionens meddelelse af 11. maj 1999 om »Etablering af en ramme for de finansielle markeder: en handlingsplan« nævnes en række mål, der skal nås for at fuldføre det indre marked for finansielle tjenesteydelser.
The Commission Communication of 11 May 1999 entitled ‘Implementing the framework for financial markets: Action Plan’ listed a number of goals that need to be achieved in order to complete the internal market in financial services.
Da investeringsselskaber i forhold til deres handelsbeholdningsaktiviteter løber samme risiko som kreditinstitutter, er det hensigtsmæssigt også at lade de relevante bestemmelser i Europa-Parlamentets og Rådets direktiv 2006/48/EF af14. juni 2006 om adgang til at optage og udøve virksomhed som kreditinstitut gælde for investeringsselskaber.
Since investment firms face in respect of their trading book business the same risks as credit institutions, it is appropriate for the pertinent provisions of Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions to apply equally to investment firms.
Investeringsselskabers eller kreditinstitutters egenkapital (begge i det følgende benævnt »institutter«) kan bruges til at dække tab, som ikke opvejes af et tilstrækkeligt overskud, for at sikre institutternes overlevelse og beskytte investorerne.
The own funds of investment firms or credit institutions (hereinafter referred to collectively as ‘institutions’) can serve to absorb losses which are not matched by a sufficient volume of profits, to ensure the continuity of institutions and to protect investors.
Af de i betragtning 12 anførte grunde er det derfor hensigtsmæssigt at lade definitionen af egenkapital i direktiv 2006/48/EF danne grundlag og indføre supplerende særregler, der tager højde for de forskellige aspekter af kapitalkrav i forhold til markedsrisiko.
For the purposes of recital (12), it is appropriate for the definition of own funds as laid down in Directive 2006/48/EC to serve as a basis, and to provide for supplementary specific rules which take into account the different scope of market risk related capital requirements.
Det er nødvendigt at indføre begrebet »handelsbeholdning«, der omfatter positioner i værdipapirer og andre finansielle instrumenter, der besiddes i handelsmæssigt øjemed, og som først og fremmest er underlagt markedsrisici, samt engagementer knyttet til visse finansielle tjenester, der ydes kunderne.
It is necessary to provide for the concept of a ‘trading book’ comprising positions in securities and other financial instruments which are held for trading purposes and which are subject mainly to market risks and exposures relating to certain financial services provided to customers.
For at lette den administrative byrde for institutter med en begrænset handelsbeholdning, i såvel absolutte som i relative tal, bør sådanne institutter have mulighed for at anvende direktiv 2006/48/EF i stedet for de krav, der er fastsat i bilag I og II til nærværende direktiv.
With a view to reducing the administrative burden for institutions with negligible trading-book business in both absolute and relative terms, such institutions should be able to apply Directive 2006/48/EC, rather than the requirements laid down in Annexes I and II to this Directive.
Da direktiv 2006/48/EF ikke fastlægger fælles regler for overvågning og kontrol af store engagementer i forbindelse med aktiviteter, der hovedsagelig er underlagt markedsrisici, er det derfor hensigtsmæssigt at indføre sådanne regler.
Since Directive 2006/48/EC does not establish common rules for the monitoring and control of large exposures in activities which are principally subject to market risks, it is therefore appropriate to provide for such rules.
Direktiv 2006/48/EF fastslår princippet om konsolidering.
Directive 2006/48/EC states the principle of consolidation.
Det fastlægger ikke fælles regler for konsolidering af finansieringsinstitutter, hvis aktiviteter hovedsagelig er underlagt markedsrisici.
It does not establish common rules for the consolidation of financial institutions which are involved in activities principally subject to market risks.
Direktiv 2006/48/EF finder ikke anvendelse på koncerner, der omfatter et eller flere investeringsselskaber, men ingen kreditinstitutter.
Directive 2006/48/EC does not apply to groups which include one or more investment firms but no credit institutions.
I sin beslutning af 5. februar 2002 om gennemførelse af lovgivningen i forbindelse med finansielle tjenester anmodede Europa-Parlamentet om, at Parlamentet og Rådet på lige fod bør kunne overvåge Kommissionens måde at udøve sine gennemførelsesbeføjelser på for at afspejle Parlamentets lovgivningsbeføjelser i henhold til traktatens artikel 251.
In its Resolution of 5 February 2002 on the implementation of financial services legislation, the Parliament requested that the Parliament and the Council should have an equal role in supervising the way in which the Commission exercises its executive role in order to reflect the legislative powers of Parliament under Article 251 of the Treaty.
Indhold, anvendelsesområde og definitioner
Subject matter, scope and definitions
Med forbehold af artikel 18, 20, 22-32, 34 og 39 i dette direktiv finder artikel 68-73 i direktiv 2006/48/EF tilsvarende anvendelse på investeringsselskaber.
Subject to Articles 18, 20, 22 to 32, 34 and 39 of this Directive, Articles 68 to 73 of Directive 2006/48/EC shall apply mutatis mutandis to investment firms.
Når artikel 70-72 i direktiv 2006/48/EF anvendes på investeringsselskaber, skal enhver henvisning til et moderkreditinstitut i en medlemsstat betragtes som henvisning til et moderinvesteringsselskab i en medlemsstat, og enhver henvisning til et moderkreditinstitut i EU skal betragtes som henvisning til et moderinvesteringsselskab i EU.
In applying Articles 70 to 72 of Directive 2006/48/EC to investment firms, every reference to a parent credit institution in a Member State shall be construed as a reference to a parent investment firm in a Member State and every reference to an EU parent credit institution shall be construed as a reference to an EU parent investment firm.
Hvis et kreditinstitut har et moderinvesteringsselskab i en medlemsstat som moderselskab, er det kun dette moderinvesteringsselskab, der er underlagt konsoliderede krav i overensstemmelse med artikel 71-73 i direktiv 2006/48/EF
Where a credit institution has as a parent undertaking a parent investment firm in a Member State, only that parent investment firm shall be subject to requirements on a consolidated basis in accordance with Articles 71 to 73 of Directive 2006/48/EC.
Hvis et investeringsselskab har et moderkreditinstitut i en medlemsstat som moderselskab, er det kun dette moderkreditinstitut, der er underlagt konsoliderede krav i overensstemmelse med artikel 71-73 i direktiv 2006/48/EF
Where an investment firm has as a parent undertaking a parent credit institution in a Member State, only that parent credit institution shall be subject to requirements on a consolidated basis in accordance with Articles 71 to 73 of Directive 2006/48/EC.
Omfatter en koncern, som omhandlet i stk. 1, ikke noget kreditinstitut, anvendes direktiv 2006/48/EF således:
When a group covered by paragraph 1 does not include a credit institution, Directive 2006/48/EC shall apply, subject to the following:
i artikel 125 og artikel 140, stk. 2, i direktiv 2006/48/EF gælder alle henvisninger til andre artikler i direktiv 2006/48/EF som henvisninger til direktiv 2004/39/EF
in Articles 125 and 140(2) of Directive 2006/48/EC, each reference to other articles of that Directive shall be construed as a reference to Directive 2004/39/EC;
for så vidt angår artikel 39, stk. 3, i direktiv 2006/48/EF gælder henvisningerne til Det Europæiske Bankudvalg som henvisninger til Rådet og Kommissionen, og
for the purposes of Article 39(3) of Directive 2006/48/EC, references to the European Banking Committee shall be construed as references to the Council and the Commission; and
som en fravigelse fra artikel 140, stk. 1, i direktiv 2006/48/EF, hvis en koncern ikke omfatter et kreditinstitut, affattes første punktum i denne artikel, således: »Hvis et investeringsselskab, et finansielt holdingselskab eller et blandet holdingselskab kontrollerer et eller flere datterselskaber, som er forsikringsselskaber, skal de kompetente myndigheder og de myndigheder, der fører offentligt tilsyn med forsikringsselskaber, arbejde snævert sammen«.
by way of derogation from Article 140(1) of Directive 2006/48/EC, where a group does not include a credit institution, the first sentence of that Article shall be replaced by the following: ‘Where an investment firm, a financial holding company or a mixed-activity holding company controls one or more subsidiaries which are insurance companies, the competent authorities and the authorities entrusted with the public task of supervising insurance undertakings shall cooperate closely’.
»kreditinstitut«: kreditinstitutter, som defineret i artikel 4, stk. 1, i direktiv 2006/48/EF
‘credit institutions’ means credit institutions as defined in Article 4(1) of Directive 2006/48/EC;
»investeringsselskab«: institutter, som defineret i artikel 4, stk. 1, nr. 1), i direktiv 2004/39/EF, som er underlagt kravene i nævnte direktiv, bortset fra:
‘investment firms’ means institutions as defined in Article 4(1)(1) of Directive 2004/39/EC, which are subject to the requirements imposed by that Directive, excluding:
»institut«: kreditinstitutter og investeringsselskaber
‘institutions’ means credit institutions and investment firms;
»anerkendt investeringsselskab fra et tredjeland«: selskaber, der opfylder følgende betingelser:
‘recognised third-country investment firms’ means firms meeting the following conditions:
»finansielt instrument«: enhver kontrakt, der giver anledning til et finansielt aktiv hos den ene part og en finansiel forpligtelse eller et egenkapitalinstrument hos den anden part
‘financial instruments’ means any contract that gives rise to both a financial asset of one party and a financial liability or equity instrument of another party;
»moderinvesteringsselskab i en medlemsstat«: et investeringsselskab, der som datterselskab har et institut eller et finansieringsinstitut, eller som har en kapitalinteresse i en eller begge enheder, og som ikke selv er datterselskab af et andet institut, der er meddelt tilladelse i samme medlemsstat, eller af et finansielt holdingselskab i samme medlemsstat
‘parent investment firm in a Member State’ means an investment firm which has an institution or financial institution as a subsidiary or which holds a participation in one or both such entities, and which is not itself a subsidiary of another institution authorised in the same Member State or of a financial holding company set up in the same Member State;
»moderinvesteringsselskab i EU«: et investeringsselskab i en medlemsstat, som ikke er datterselskab af et andet institut, der er meddelt tilladelse i en medlemsstat, eller af et finansielt holdingselskab etableret i en medlemsstat
‘EU parent investment firm’ means a parent investment firm in a Member State which is not a subsidiary of another institution authorised in any Member State or of a financial holding company set up in any Member State;
»afledte instrumenter, der handles »over-the-counter« (OTC-derivater)«: poster, der er opført på listen i bilag IV til direktiv 2006/48/EF, bortset fra poster, der er tillagt en engagementsværdi på nul ifølge del 2, punkt 6, i samme direktivs bilag III
‘over-the-counter (OTC) derivative instruments’ means the items falling within the list in Annex IV to Directive 2006/48/EC other than those items to which an exposure value of zero is attributed under point 6 of Part 2 of Annex III to that Directive;
»reguleret marked«: et marked, som defineret i artikel 4, stk. 1, nr. 14, i direktiv 2004/39/EF
‘regulated market’ means a market as defined in Article 4(1)(14) of Directive 2004/39/EC;
»konvertibelt værdipapir«: et værdipapir, som efter ihændehaverens valg kan ombyttes til et andet værdipapir
‘convertible’ means a security which, at the option of the holder, may be exchanged for another security;
»warrant«: et værdipapir, som giver ihændehaveren ret til at købe et underliggende aktiv til en fastsat kurs i warrantens løbetid eller ved dens udløb, og som kan afvikles ved levering af den underliggende værdi selv eller ved kontant afregning
‘warrant’ means a security which gives the holder the right to purchase an underlying asset at a stipulated price until or at the expiry date of the warrant and which may be settled by the delivery of the underlying itself or by cash settlement;
»lagerfinansiering«: positioner, hvor et fysisk lager er solgt på termin, og hvor kapitalomkostningerne er låst fast indtil terminsdagen
‘stock financing’ means positions where physical stock has been sold forward and the cost of funding has been locked in until the date of the forward sale;