natgillin/translations-raw huggingface dataset:
Ved Europa-Parlamentets og Rådets direktiv 98/26/EF [4] indførtes regler, som både over for indenlandske og udenlandske deltagere i betalings- og værdipapirafviklingssystemer sikrer, at overførselsordrer og netting af fordringer og forpligtelser, der følger af sådanne ordrer, er endelige, og at sikkerhedsstillelse er eksigibel.
Directive 98/26/EC of the European Parliament and of the Council [4] established a regime under which the finality of transfer orders and netting, as well as the enforceability of collateral security, are ensured in respect of both domestic and foreign participants in the payment and securities settlement systems.
I Kommissionens evalueringsrapport af 7. april 2006 om direktiv 98/26/EF om endelig afregning konkluderedes det, at direktiv 98/26/EF generelt fungerer godt.
The Evaluation Report from the Commission of 7 April 2006 on the Settlement Finality Directive 98/26/EC concluded that Directive 98/26/EC is functioning well in general.
Rapporten påpegede, at der inden for betalings- og værdipapirafviklingssystemer kan være væsentlige ændringer på vej, og at der er et vist behov for at præcisere og forenkle direktiv 98/26/EF.
The report highlighted that some important changes may be underway in the area of payment and securities settlement systems and also concluded that there is some need to clarify and simplify Directive 98/26/EC.
Den vigtigste ændring er imidlertid det stigende omfang af forbindelser mellem systemerne, som på det tidspunkt, da direktiv 98/26/EF blev udarbejdet, næsten udelukkende opererede på et nationalt og uafhængigt grundlag.
The main change, however, is the increasing number of linkages between systems, which, at the time when Directive 98/26/EC was drafted, used to operate almost exclusively on a national and independent basis.
Denne ændring er et af resultaterne af Europa-Parlamentets og Rådets direktiv 2004/39/EF af 21. april 2004 om markeder for finansielle instrumenter [5] og den europæiske adfærdskodeks for clearing og afvikling.
This change is one of the results of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments [5], and the European Code of conduct for clearing and settlement.
For at følge op på denne udvikling bør begrebet interoperabelt system og systemoperatørernes ansvar præciseres.
In order to adapt to those developments, the concept of an interoperable system and the responsibility of system operators should be clarified.
Ved Europa-Parlamentets og Rådets direktiv 2002/47/EF [6] indførtes et sæt ensartede fællesskabsregler for grænseoverskridende anvendelse af finansiel sikkerhed, og dermed ophævedes de fleste formelle krav, der traditionelt er forbundet med aftaler om sikkerhedsstillelse.
Directive 2002/47/EC of the European Parliament and of the Council [6] created a uniform Community legal framework for the cross-border use of financial collateral and thus abolished most of the formal requirements traditionally imposed on collateral arrangements.
I Kommissionens evalueringsrapport af 20. december 2006 om direktivet om aftaler om finansiel sikkerhedsstillelse (2002/47/EF) behandledes dette emne, og der blev givet udtryk for samme opfattelse som Den Europæiske Centralbank.
The Commission Evaluation Report of 20 December 2006 on the Financial Collateral Arrangements Directive (2002/47/EC) addressed this issue and subscribed to the opinion of the European Central Bank.
Anvendelsen af gældsfordringer vil øge omfanget af instrumenter til sikkerhedsstillelse.
The use of credit claims will increase the pool of available collateral.
Desuden vil yderligere harmonisering på området for betalings- og værdipapirafviklingssystemer yderligere bidrage til at skabe ensartede betingelser for kreditinstitutter i alle medlemsstater.
Moreover, further harmonisation in the area of payment and securities settlement systems would further contribute to a level playing field among credit institutions in all Member States.
Hvis det kan gøres lettere at anvende gældsfordringer som sikkerhed, vil det også være en fordel for forbrugere og debitorer, da anvendelsen af gældsfordringer som sikkerhed i sidste instans kan føre til en mere intens konkurrence og bedre lånemuligheder.
If the use of credit claims as collateral were to be facilitated further, consumers and debtors would also benefit as the use of credit claims as collateral could ultimately lead to more intense competition and better availability of credit.
For at lette anvendelsen af gældsfordringer er det vigtigt at afskaffe eller forbyde administrative regler som anmeldelses- og registreringskrav, som ville gøre det praktisk umuligt at overdrage gældsfordringer.
In order to facilitate the use of credit claims, it is important to abolish or prohibit any administrative rules, such as notification and registration obligations, that would make the assignments of credit claims impracticable.
Tilsvarende bør debitorer for ikke at bringe sikkerhedshaverne i en vanskelig situation have mulighed for gyldigt at give afkald på deres modregningsret over for kreditorerne.
Similarly, in order not to compromise the position of collateral takers, debtors should be able validly to waive their set-off rights vis-à-vis creditors.
Med samme begrundelse bør debitoren have mulighed for at give afkald på sine rettigheder i henhold til bankhemmelighedsreglerne, idet det ellers kan være vanskeligt for sikkerhedshaveren at få tilstrækkelige oplysninger til at foretage en rimelig vurdering af værdien af de underliggende gældsfordringer.
The same rationale should also apply to the need to introduce the possibility for the debtor to waive bank secrecy rules, because otherwise the collateral taker may have insufficient information with which properly to assess the value of the underlying credit claims.
Disse bestemmelser bør ikke berøre Europa-Parlamentets og Rådets direktiv 2008/48/EF af 23. april 2008 om forbrugerkreditaftaler [7].
Those provisions should be without prejudice to Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers [7].
Medlemsstaterne har ikke benyttet sig af muligheden i artikel 4, stk. 3, i direktiv 2002/47/EF for ikke at anerkende tilegnelse for sikkerhedshaver.
Member States have made no use of the possibility under Article 4(3) of Directive 2002/47/EC to opt out of the right of appropriation of the collateral taker.
Bestemmelsen bør derfor udgå.
That provision should therefore be deleted.
Direktiv 98/26/EF og 2002/47/EF bør derfor ændres i overensstemmelse hermed.
Directives 98/26/EC and 2002/47/EC should therefore be amended accordingly.
I overensstemmelse med punkt 34 i den interinstitutionelle aftale om bedre lovgivning [8] tilskyndes medlemsstaterne til, både i egen og Fællesskabets interesse, at udarbejde og offentliggøre deres egne oversigter, der så vidt muligt viser overensstemmelsen mellem dette direktiv og gennemførelsesforanstaltningerne —
In accordance with point 34 of the Interinstitutional agreement on better law-making [8], Member States are encouraged to draw up, for themselves and in the interest of the Community, their own tables illustrating, as far as possible, the correlation between this Directive and the transposition measures, and to make them public,
Ændringer af direktiv 98/26/EF
Amendments to Directive 98/26/EC
I direktiv 98/26/EF foretages følgende ændringer:
Directive 98/26/EC is hereby amended as follows:
Betragtning 8 udgår.
Recital 8 shall be deleted.
Følgende betragtning indsættes:
The following recital shall be inserted:
Nationale kompetente myndigheder eller tilsynsmyndigheder bør sikre, at operatørerne af de systemer, der opretter de interoperable systemer, så vidt muligt er nået til enighed om fælles regler om tidspunktet for overførselsordrers indgang i de interoperable systemer.
Whereas national competent authorities or supervisors should ensure that the operators of the systems establishing the interoperable systems have agreed to the extent possible on common rules on the moment of entry into the interoperable systems.
Nationale kompetente myndigheder eller tilsynsmyndigheder bør sikre, at reglerne om tidspunktet for overførselsordrers indgang i et interoperabelt system, er samordnet i det omfang, det er muligt og nødvendigt, således at der ikke opstår retsusikkerhed i tilfælde af et deltagende systems misligholdelse.«.
National competent authorities or supervisors should ensure that the rules on the moment of entry into an interoperable system are coordinated insofar as possible and necessary in order to avoid legal uncertainty in the event of default of a participating system.’.
Er der tale om interoperable systemer, kan manglende samordning af, hvilke regler der er gældende om tidspunktet for overførselsordrers indgang og uigenkaldelighed, udsætte deltagerne i et system eller endog systemoperatøren som sådan for afsmittende virkninger af en misligholdelse i et andet system.
Whereas in the case of interoperable systems, a lack of coordination as to which rules apply on the moment of entry and irrevocability may expose participants in one system, or even the system operator itself, to the spill-over effects of a default in another system.
For at begrænse den systembetingede risiko er det ønskeligt at fastsætte, at systemoperatører af interoperable systemer samordner reglerne om tidspunktet for overførselsordrers indgang og uigenkaldelighed i deres systemer.«.
In order to limit systemic risk, it is desirable to provide that system operators of interoperable systems coordinate the rules on the moment of entry and irrevocability in the systems they operate.’.
i litra a) ændres ordet »ecu« til »euro«
in point (a), the word ‘ecu’ shall be replaced by the word ‘euro’;
litra c), andet led, affattes således:
in point (c), the second indent shall be replaced by the following:
transaktioner foretaget af medlemsstaternes centralbanker eller Den Europæiske Centralbank i deres egenskab af centralbank.«.
operations of the central banks of the Member States or the European Central Bank in the context of their function as central banks.’.
litra a) ændres således:
point (a) shall be amended as follows:
første led affattes således:
the first indent shall be replaced by the following:
mellem tre eller flere deltagere, ikke indbefattet dette systems systemoperatør, et eventuelt afregningsfirma, en eventuel central medkontrahent, et eventuelt clearinginstitut eller en eventuel indirekte deltager, med fælles regler og standardiserede ordninger for clearing, gennem en central medkontrahent eller ikke, eller udførelse af overførselsordrer mellem deltagerne«
between three or more participants, excluding the system operator of that system, a possible settlement agent, a possible central counterparty, a possible clearing house or a possible indirect participant, with common rules and standardised arrangements for the clearing, whether or not through a central counterparty, or execution of transfer orders between the participants,’;
følgende afsnit tilføjes:
the following subparagraph is added:
»Et arrangement, der aftales mellem interoperable systemer, udgør ikke et system.«
‘An arrangement entered into between interoperable systems shall not constitute a system.’;
litra b), første og andet led, affattes således:
in point (b), the first and second indents are replaced by the following:
et kreditinstitut som defineret i artikel 4, nr. 1, i Europa-Parlamentets og Rådets direktiv 2006/48/EF af 14. juni 2006 om adgang til at optage og udøve virksomhed som kreditinstitut (omarbejdning), herunder de institutter, der er opført på listen i artikel 2 i nævnte direktiv
a credit institution as defined in Article 4(1) 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 (recast) including the institutions listed in Article 2 of that Directive,
et investeringsselskab som defineret i artikel 4, stk. 1, nr. 1), i Europa-Parlamentets og Rådets direktiv 2004/39/EF af 21. april 2004 om markeder for finansielle instrumenter, bortset fra de institutter, der er opført på listen i artikel 2, stk. 1, i nævnte direktiv,
an investment firm as defined in Article 4(1)(1) of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, excluding the institutions set out in Article 2(1) thereof,
i litra f) foretages følgende ændringer:
point (f) shall be amended as follows:
»deltager«: et institut, en central medkontrahent, et afregningsfirma et clearinginstitut eller en systemoperatør«
“participant” shall mean an institution, a central counterparty, a settlement agent, a clearing house or a system operator.’;
tredje afsnit affattes således:
the third subparagraph shall be replaced by the following:
»En medlemsstat kan beslutte, at en indirekte deltager ved anvendelsen af dette direktiv kan betragtes som deltager, hvis den systembetingede risiko berettiger dertil.
‘A Member State may decide that, for the purposes of this Directive, an indirect participant may be considered a participant if that is justified on the grounds of systemic risk.
Betragtes en indirekte deltager som deltager på grund af den systembetingede risiko, begrænser det ikke ansvaret for den deltager, gennem hvilken den indirekte deltager sender overførselsordrer gennem systemet«
Where an indirect participant is considered to be a participant on grounds of systemic risk, this does not limit the responsibility of the participant through which the indirect participant passes transfer orders to the system.’;
»indirekte deltager«: et institut, en central medkontrahent, et afregningsfirma, et clearinginstitut eller en systemoperatør, som har indgået en aftale med en deltager i et system, der udfører overførselsordrer, hvorved den indirekte deltager bliver i stand til at sende overførselsordrer gennem systemet, forudsat at den indirekte deltager er kendt af systemoperatøren.«
“indirect participant” shall mean an institution, a central counterparty, a settlement agent, a clearing house or a system operator with a contractual relationship with a participant in a system executing transfer orders which enables the indirect participant to pass transfer orders through the system, provided that the indirect participant is known to the system operator.’;
litra h) affattes således:
point (h) shall be replaced by the following:
»værdipapirer«: alle de instrumenter, der er nævnt i afsnit C i bilag I til direktiv 2004/39/EF«
“securities” shall mean all instruments referred to in section C of Annex I to Directive 2004/39/EC;’;
litra i), første led, affattes således:
in point (i), the first indent shall be replaced by the following:
en instruks fra en deltager om at stille et pengebeløb til rådighed for en modtager ved en postering på et kreditinstituts, en centralbanks, en central medkontrahents eller et afregningsfirmas konto, eller en instruks, som indebærer overtagelse eller indfrielse af en betalingsforpligtelse som defineret i systemets regler, eller«
any instruction by a participant to place at the disposal of a recipient an amount of money by means of a book entry on the accounts of a credit institution, a central bank, a central counterparty or a settlement agent, or any instruction which results in the assumption or discharge of a payment obligation as defined by the rules of the system, or’;
»afregningskonto«: en konto i en centralbank, hos et afregningsfirma eller hos en central medkontrahent, der anvendes til anbringelse af midler eller værdipapirer samt til afregning af transaktioner mellem deltagerne i et system«
“settlement account” shall mean an account at a central bank, a settlement agent or a central counterparty used to hold funds or securities and to settle transactions between participants in a system;’;
litra m) affattes således:
point (m) shall be replaced by the following:
»sikkerhed«: alle realiserbare aktiver, herunder uden begrænsninger finansiel sikkerhed, jf. artikel 1, stk. 4, litra a), i Europa-Parlamentets og Rådets direktiv 2002/47/EF af 6. juni 2002 om aftaler om finansiel sikkerhedsstillelse, der som pant (herunder penge som pant) eller som led i en genkøbsaftale eller lignende aftale eller på anden måde stilles som sikkerhed for rettigheder og forpligtelser, der kan opstå i forbindelse med et system, eller som stilles som sikkerhed for medlemsstaternes centralbanker eller Den Europæiske Centralbank
“collateral security” shall mean all realisable assets, including, without limitations, financial collateral referred to in Article 1(4)(a) of Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements, provided under a pledge (including money provided under a pledge), a repurchase or similar agreement, or otherwise, for the purpose of securing rights and obligations potentially arising in connection with a system, or provided to central banks of the Member States or to the European Central Bank;
»forretningsdag«: både dag- og natafvikling omfattende alle hændelser, der forekommer i løbet af et systems forretningsmæssige cyklus
“business day” shall cover both day and night-time settlements and shall encompass all events happening during the business cycle of a system;
»interoperable systemer«: to eller flere systemer, hvis systemoperatører har indgået en indbyrdes aftale, der omfatter udførelse af overførselsordrer på tværs af systemerne
“interoperable systems” shall mean two or more systems whose system operators have entered into an arrangement with one another that involves cross-system execution of transfer orders;
»systemoperatør«: den enhed eller de enheder, som har det retlige ansvar for driften af et system.
“system operator” shall mean the entity or entities legally responsible for the operation of a system.
En systemoperatør kan også handle som afregningsfirma, central medkontrahent eller clearinginstitut.«.
A system operator may also act as a settlement agent, central counterparty or clearing house.’.
Overførselsordrer og netting har retsvirkning og er bindende for tredjeparter, selv i tilfælde af insolvensbehandling mod en deltager, såfremt overførselsordrerne var indgået i systemet inden tidspunktet for insolvensbehandlingens indledning, jf. artikel 6, stk. 1.
Transfer orders and netting shall be legally enforceable and binding on third parties even in the event of insolvency proceedings against a participant, provided that transfer orders were entered into the system before the moment of opening of such insolvency proceedings as defined in Article 6(1).
Dette gælder selv i tilfælde af insolvensbehandling mod en deltager (i det pågældende system eller i et interoperabelt system) eller mod systemoperatøren af et interoperabelt system, der ikke er deltager.
This shall apply even in the event of insolvency proceedings against a participant (in the system concerned or in an interoperable system) or against the system operator of an interoperable system which is not a participant.
Indgår overførselsordrer i et system efter tidspunktet for indledningen af insolvensbehandlingen og udføres på den forretningsdag, som defineret i systemets regler, hvor denne behandling indledes, kan de kun gøres retligt gældende over for og er kun retligt bindende for tredjeparter, hvis systemoperatøren kan bevise, at denne på det tidspunkt, hvor sådanne overførselsordrer blev uigenkaldelige, hverken var vidende om eller burde have været vidende om indledningen af insolvensbehandlingen.«
Where transfer orders are entered into a system after the moment of opening of insolvency proceedings and are carried out within the business day, as defined by the rules of the system, during which the opening of such proceedings occur, they shall be legally enforceable and binding on third parties only if the system operator can prove that, at the time that such transfer orders become irrevocable, it was neither aware, nor should have been aware, of the opening of such proceedings.’;
Er der tale om interoperable systemer, fastsætter hvert system selv i sine regler tidspunktet for overførselsordrers indgang i systemet, på en sådan måde at det så vidt muligt sikres, at alle de pågældende interoperable systemers regler samordnes i så henseende.
In the case of interoperable systems, each system determines in its own rules the moment of entry into its system, in such a way as to ensure, to the extent possible, that the rules of all interoperable systems concerned are coordinated in this regard.
Medmindre det er udtrykkeligt fastsat i alle de pågældende interoperable systemers regler, berøres et systems regler om tidspunktet for en overførselsordres indgang ikke af reglerne i andre systemer, hvormed det er interoperabelt.«.
Unless expressly provided for by the rules of all the systems that are party to the interoperable systems, one system's rules on the moment of entry shall not be affected by any rules of the other systems with which it is interoperable.’.
Medlemsstaterne kan fastsætte, at indledning af insolvensbehandling mod en deltager eller en systemoperatør af et interoperabelt system ikke må være til hinder for, at midler eller værdipapirer, der er disponible på den pågældende deltagers afregningskonto, anvendes til at indfri deltagerens forpligtelser inden for systemet eller inden for et interoperabelt system på forretningsdagen for insolvensbehandlingens indledning.
Member States may provide that the opening of insolvency proceedings against a participant or a system operator of an interoperable system shall not prevent funds or securities available on the settlement account of that participant from being used to fulfil that participant4s obligations in the system or in an interoperable system on the business day of the opening of the insolvency proceedings.
Medlemsstaterne kan endvidere fastsætte, at en kreditfacilitet, der er bevilget en sådan deltager i forbindelse med deltagelse i systemet, anvendes til at indfri vedkommendes forpligtelser inden for systemet eller inden for et interoperabelt system mod fyldestgørelse i en disponibel, reel sikkerhed.«.
Member States may also provide that such a participant’s credit facility connected to the system be used against available, existing collateral security to fulfil that participant’s obligations in the system or in an interoperable system.’.
»Er der tale om interoperable systemer, fastsætter hvert system i sine regler tidspunktet for overførselsordrers uigenkaldelighed på en sådan måde at det så vidt muligt sikres, at alle de pågældende interoperable systemers regler samordnes i så henseende.
‘In the case of interoperable systems, each system determines in its own rules the moment of irrevocability, in such a way as to ensure, to the extent possible, that the rules of all interoperable systems concerned are coordinated in this regard.
Medmindre det er udtrykkeligt fastsat i alle de pågældende interoperable systemers regler, berøres et systems regler om tidspunktet for en overførselsordres uigenkaldelighed ikke af reglerne i andre systemer, hvormed det er interoperabelt.«.
Unless expressly provided for by the rules of all the systems that are party to the interoperable systems, one system's rules on the moment of irrevocability shall not be affected by any rules of the other systems with which it is interoperable.’.
Insolvensbehandling har ikke tilbagevirkende kraft for de rettigheder og forpligtelser for en deltager, der følger af eller har forbindelse med den pågældendes deltagelse i et system inden tidspunktet for en sådan behandlings indledning, jf. artikel 6, stk. 1.
Insolvency proceedings shall not have retroactive effects on the rights and obligations of a participant arising from, or in connection with, its participation in a system before the moment of opening of such proceedings as defined in Article 6(1).
Dette gælder bl.a. for så vidt angår rettigheder og forpligtelser for en deltager i et interoperabelt system eller for en systemoperatør af et interoperabelt system, der ikke er deltager.«.
This shall apply, inter alia, as regards the rights and obligations of a participant in an interoperable system, or of a system operator of an interoperable system which is not a participant.’.