natgillin/translations-raw huggingface dataset:
I forbindelse med de datoer, hvor clearingforpligtelsen får virkning, herunder en eventuel indfasning, skal ESMA's offentlige register indeholde oplysninger om:
In relation to the dates from which the clearing obligation takes effect, including any phased-in implementation, the ESMA public register shall include:
de kategorier af modparter, som hver indfasningsperiode finder anvendelse på
the identification of the categories of counterparties to which each phase-in period applies;
andre vilkår, der kræves i henhold til de reguleringsmæssige tekniske standarder, der er vedtaget i henhold til artikel 5, stk. 2, i forordning (EU) nr. 648/2012, for at indfasningsperioden finder anvendelse.
any other condition required pursuant to the regulatory technical standards adopted under Article 5(2) of Regulation (EU) No 648/2012, in order for the phase-in period to apply.
ESMA's offentlige register skal indeholde henvisninger til de reguleringsmæssige tekniske standarder, der er vedtaget i overensstemmelse med artikel 5, stk. 2, i forordning (EU) nr. 648/2012, og i henhold til hvilke clearingforpligtelsen er blevet indført.
The ESMA public register shall include the reference of the regulatory technical standards adopted under Article 5(2) of Regulation (EU) No 648/2012, according to which each clearing obligation was established.
I forbindelse med den CCP, som den kompetente myndighed har givet underretning om til ESMA, skal det offentlige register som minimum indeholde oplysninger om:
In relation to the CCP that has been notified to ESMA by the competent authority, the ESMA public register shall include at least:
CCP'ens identitet
the identification of the CCP;
aktivklassen for de OTC-derivataftaler, der gives underretning om
the asset class of OTC derivative contracts that are notified;
typen af OTC-derivataftaler
the type of OTC derivative contracts;
underretningsdatoen
the date of the notification;
den underrettende kompetente myndigheds identitet.
the identification of the notifying competent authority.
FRAGMENTERING AF LIKVIDITETEN
LIQUIDITY FRAGMENTATION
(Artikel 8, stk. 5, i forordning (EU) nr. 648/2012)
(Article 8(5) of Regulation (EU) No 648/2012)
Præcisering af begrebet fragmentering af likviditeten
Specification of the notion of liquidity fragmentation
Fragmentering af likviditeten anses for at finde sted, hvis deltagerne i en handelsplads ikke er i stand til at indgå en transaktion med en eller flere deltagere i den pågældende handelsplads, fordi der ikke er clearingordninger, som alle deltagere har adgang til.
Liquidity fragmentation shall be deemed to occur when the participants in a trading venue are unable to conclude a transaction with one or more other participants in that venue because of the absence of clearing arrangements to which all participants have access.
En CCP's adgang til en handelsplads, som allerede betjenes af en anden CCP, anses ikke for at indebære likviditetsfragmentering inden for handelspladsen, hvis alle deltagerne i handelspladsen, uden at der er behov for at pålægge clearingmedlemmerne af den allerede betjenende CCP et krav om at blive medlemmer af den anmodende CCP, kan cleare, direkte eller indirekte, gennem:
Access by a CCP to a trading venue which is already served by another CCP shall not be deemed to give rise to liquidity fragmentation within the trading venue if, without the need to impose a requirement on clearing members of the incumbent CCP to become clearing members of the requesting CCP, all participants to the trading venue can clear, directly or indirectly, through one of the following:
enten mindst én fælles CCP
at least one CCP in common;
eller clearingordninger etableret af CCP'erne.
clearing arrangements established by the CCPs.
Ordningerne til opfyldelse af de i stk. 2, litra a) eller b), nævnte betingelser skal etableres, før den anmodende CCP påbegynder levering af clearingtjenesteydelser til den relevante handelsplads.
The arrangements for the fulfilment of the conditions under point (a) or (b) of paragraph 2 shall be established before the requesting CCP starts providing clearing services to the relevant trading venue.
Adgang til en fælles CCP som omhandlet i stk. 2, litra a), kan etableres gennem to eller flere clearingmedlemmer eller to eller flere kunder eller gennem indirekte clearingordninger.
Access to a common CCP as referred to in point (a) of paragraph 2 may be established through two or more clearing members, or two or more clients or through indirect clearing arrangements.
Clearingordninger som omhandlet i stk. 2, litra b), kan omfatte ordninger vedrørende overførsel af transaktioner, der gennemføres af sådanne markedsdeltagere, til clearingmedlemmer af andre CCP'er.
Clearing arrangements referred to in point (b) of paragraph 2 may foresee the transfer of transactions executed by such market participants to clearing members of other CCPs.
Selv om en CCP's adgang til en handelsplads ikke bør kræve interoperabilitet, kan en interoperabilitetsordning, der er indgået af de relevante CCP'er og godkendt af de relevante kompetente myndigheder, anvendes til at opfylde kravet om adgang til fælles clearingordninger.
Although access by a CCP to a trading venue should not require interoperability, an interoperability arrangement which has been agreed by the relevant CCPs and approved by the relevant competent authorities may be used to fulfil the requirement for access to common clearing arrangements.
IKKE-FINANSIELLE MODPARTER
NON-FINANCIAL COUNTERPARTIES
(Artikel 10, stk. 4, litra a), i forordning (EU) nr. 648/2012)
(Article 10(4)(a) of Regulation (EU) No 648/2012)
Kriterier til bestemmelse af, hvilke OTC-derivataftaler der objektivt reducerer risici
Criteria for establishing which OTC derivative contracts are objectively reducing risks
En OTC-derivataftale skal objektivt kunne måles til at reducere risici direkte tilknyttet den ikke-finansielle modparts eller den pågældende koncerns forretningsmæssige aktiviteter eller likviditetsfinansiering, hvis den i sig selv eller i kombination med andre derivataftaler og direkte eller gennem nært forbundne instrumenter opfylder et af følgende kriterier:
An OTC derivative contract shall be objectively measurable as reducing risks directly relating to the commercial activity or treasury financing activity of the non-financial counterparty or of that group, when, by itself or in combination with other derivative contracts, directly or through closely correlated instruments, it meets one of the following criteria:
den dækker risici, der skyldes den potentielle ændring i værdien af aktiver, tjenester, input, produkter, råvarer eller forpligtelser, som den ikke-finansielle modpart eller dennes koncern ejer, fremstiller, producerer, behandler, yder, indkøber, markedsfører, lejer, sælger eller påtager sig eller med rimelighed forventer at eje, fremstille, producere, behandle, yde, indkøbe, markedsføre, leje, sælge eller påtage sig som led i det normale forretningsforløb
it covers the risks arising from the potential change in the value of assets, services, inputs, products, commodities or liabilities that the non-financial counterparty or its group owns, produces, manufactures, processes, provides, purchases, merchandises, leases, sells or incurs or reasonably anticipates owning, producing, manufacturing, processing, providing, purchasing, merchandising, leasing, selling or incurring in the normal course of its business;
den dækker risici i forbindelse med den potentielle direkte virkning af udsving i rentesatser, inflationsrater, valutakurser eller kreditrisiko på værdien af de i litra a) omhandlede aktiver, tjenester, input, produkter, råvarer eller forpligtelser
it covers the risks arising from the potential indirect impact on the value of assets, services, inputs, products, commodities or liabilities referred to in point (a), resulting from fluctuation of interest rates, inflation rates, foreign exchange rates or credit risk;
den udgør en risikoafdækningsaftale i henhold til International Financial Reporting Standards (IFRS), der er vedtaget i medfør af artikel 3 i Europa-Parlamentets og Rådets forordning (EF) nr. 1606/2002 [7].
it qualifies as a hedging contract pursuant to International Financial Reporting Standards (IFRS) adopted in accordance with Article 3 of Regulation (EC) No 1606/2002 of the European Parliament and of the Council [7].
(Artikel 10, stk. 4, litra b), i forordning (EU) nr. 648/2012)
(Article 10(4)(b) of Regulation (EU) No 648/2012)
Clearinggrænseværdier
Clearing thresholds
Tærsklerne for clearinggrænseværdierne med henblik på clearingforpligtelsen er:
The clearing thresholds values for the purpose of the clearing obligation shall be:
1 mia. EUR i notionel bruttoværdi for OTC-kreditderivataftaler
EUR 1 billion in gross notional value for OTC credit derivative contracts;
1 mia. EUR i notionel bruttoværdi for OTC-aktiederivataftaler
EUR 1 billion in gross notional value for OTC equity derivative contracts;
3 mia. EUR i notionel bruttoværdi for OTC-rentederivataftaler
EUR 3 billion in gross notional value for OTC interest rate derivative contracts;
3 mia. EUR i notionel bruttoværdi for OTC-valutaderivataftaler
EUR 3 billion in gross notional value for OTC foreign exchange derivative contracts;
3 mia. EUR i notionel bruttoværdi for OTC-råvarederivataftaler og andre OTC-derivataftaler, der ikke falder ind under litra a)-d).
EUR 3 billion in gross notional value for OTC commodity derivative contracts and other OTC derivative contracts not provided for under points (a) to (d).
RISIKOREDUKTIONSTEKNIKKER FOR OTC-DERIVATAFTALER, DER IKKE CLEARES GENNEM EN CCP
RISK-MITIGATION TECHNIQUES FOR OTC DERIVATIVE CONTRACTS NOT CLEARED BY A CCP
(Artikel 11, stk. 14, litra a), i forordning (EU) nr. 648/2012)
(Article 11(14)(a) of Regulation (EU) No 648/2012)
Rettidig bekræftelse
Timely confirmation
OTC-derivataftaler, der indgås mellem finansielle modparter eller ikke-finansielle modparter som omhandlet i artikel 10 i forordning (EU) nr. 648/2012, og som ikke cleares af en CCP, skal, om muligt ad elektronisk vej, bekræftes hurtigst muligt og senest:
An OTC derivative contract concluded between financial counterparties or non-financial counterparties referred to in Article 10 of Regulation (EU) No 648/2012 and which is not cleared by a CCP shall be confirmed, where available via electronic means, as soon as possible and at the latest:
for credit default swaps og renteswaps, der indgås senest den 28. februar 2014: inden slutningen af den anden bankdag efter datoen for gennemførelsen af OTC-derivataftalen
for credit default swaps and interest rate swaps that are concluded up to and including 28 February 2014, by the end of the second business day following the date of execution of the OTC derivative contract;
for credit default swaps og renteswaps, der indgås efter den 28. februar 2014: inden slutningen af bankdagen efter datoen for gennemførelsen af OTC-derivataftalen
for credit default swaps and interest rate swaps that are concluded after 28 February 2014, by the end of the business day following the date of execution of the OTC derivative contract;
for aktieswaps, valutaswaps, råvareswaps og alle andre derivater, der ikke er omfattet af litra a), og som indgås senest den 31. august 2013: inden slutningen af den tredje bankdag efter datoen for gennemførelsen af derivataftalen
for equity swaps, foreign exchange swaps, commodity swaps and all other derivatives not provided for in point (a) that are concluded up to and including 31 August 2013, by the end of the third business day following the date of execution of the derivative contract;
for aktieswaps, valutaswaps, råvareswaps og alle andre derivater, der ikke er omfattet af litra a), og som indgås efter den 31. august 2013 og senest den 31. august 2014: inden slutningen af den anden bankdag efter datoen for gennemførelsen af derivataftalen
for equity swaps, foreign exchange swaps, commodity swaps and all other derivatives not provided for in point (a) that are concluded after 31 August 2013 up to and including 31 August 2014, by the end of the second business day following the date of execution of the derivative contract;
for aktieswaps, valutaswaps, råvareswaps og alle andre derivater, der ikke er omfattet af litra a), og som indgås efter den 31. august 2014: inden slutningen af bankdagen efter datoen for gennemførelsen af derivataftalen.
for equity swaps, foreign exchange swaps, commodity swaps and all other derivatives not provided for in point (a) that are concluded after 31 August 2014, by the end of the business day following the date of execution of the derivative contract.
OTC-derivataftaler, der indgås med en ikke-finansiel modpart, som omhandlet i artikel 10 i forordning (EU) nr. 648/2012, skal, om muligt ad elektronisk vej, bekræftes hurtigst muligt og senest:
An OTC derivative contract concluded with a non-financial counterparty not referred to in Article 10 of Regulation (EU) No 648/2012, shall be confirmed as soon as possible, where available via electronic means, and at the latest:
for credit default swaps og renteswaps, der indgås senest den 31. august 2013: inden slutningen af den femte bankdag efter datoen for gennemførelsen af OTC-derivataftalen
for credit default swaps and interest rate swaps that are concluded up to and including 31 August 2013, by the end of the fifth business day following the date of execution of the OTC derivative contract;
for credit default swaps og renteswaps, der indgås efter den 31. august 2013 og senest den 31. august 2014: inden slutningen af den tredje bankdag efter datoen for gennemførelsen af OTC-derivataftalen
for credit default swaps and interest rate swaps that are concluded after 31 August 2013 up to and including 31 August 2014, by the end of the third business day following the date of execution of the OTC derivative contract;
for credit default swaps og renteswaps, der indgås efter den 31. august 2014: inden slutningen af den anden bankdag efter datoen for gennemførelsen af OTC-derivataftalen
for credit default swaps and interest rate swaps that are concluded after 31 August 2014, by the end of the second business day following the date of execution of the OTC derivative contract;
for aktieswaps, valutaswaps, råvareswaps og alle andre derivater, der ikke er omfattet af litra a), og som indgås senest den 31. august 2013: inden slutningen af den syvende bankdag efter datoen for gennemførelsen af derivataftalen
for equity swaps, foreign exchange swaps, commodity swaps and all other derivatives not provided for in point (a) that are concluded up to and including 31 August 2013, by the end of the seventh business day following the date of execution of the derivative contract;
for aktieswaps, valutaswaps, råvareswaps og alle andre derivater, der ikke er omfattet af litra a), og som indgås efter den 31. august 2013 og senest den 31. august 2014: inden slutningen af den fjerde bankdag efter datoen for gennemførelsen af derivataftalen
for equity swaps, foreign exchange swaps, commodity swaps and all other derivatives not provided for in point (a) that are concluded after 31 August 2013 up to and including 31 August 2014, by the end of the fourth business day following the date of execution of the derivative contract;
for aktieswaps, valutaswaps, råvareswaps og alle andre derivater, der ikke er omfattet af litra a), og som indgås efter den 31. august 2014: inden slutningen af den anden bankdag efter datoen for gennemførelsen af derivataftalen.
for equity swaps, foreign exchange swaps, commodity swaps and all other derivatives not provided for in point (a) that are concluded after 31 August 2014, by the end of the second business day following the date of execution.
Hvis en transaktion som omhandlet i stk. 1 eller 2 indgås efter kl. 16.00 lokal tid eller med en modpart, der befinder sig i en anden tidszone, der ikke giver mulighed for bekræftelse inden den fastsatte frist, skal bekræftelsen ske så hurtigt som muligt og senest en bankdag efter den i stk. 1 eller 2 fastsatte frist, alt efter det enkelte tilfælde.
Where a transaction referred to in paragraph 1 or 2 is concluded after 16.00 local time, or with a counterparty located in a different time zone which does not allow confirmation by the set deadline, the confirmation shall take place as soon as possible and, at the latest, one business day following the deadline set in paragraph 1 or 2 as relevant.
Finansielle modparter skal råde over den nødvendige procedure til på månedlig basis til den kompetente myndighed, der er udpeget i henhold til artikel 48 i Europa-Parlamentets og Rådets direktiv 2004/39/EF [8], at indberette antallet af ubekræftede OTC-derivattransaktioner som omhandlet i stk. 1 og 2, der har været udestående i over fem bankdage.
Financial counterparties shall have the necessary procedure to report on a monthly basis to the competent authority designated in accordance with Article 48 of Directive 2004/39/EC of the European Parliament and of the Council [8] the number of unconfirmed OTC derivative transactions referred to in paragraphs 1 and 2 that have been outstanding for more than five business days.
Porteføljeafstemning
Portfolio reconciliation
Finansielle og ikke-finansielle modparter i en OTC-derivataftale skal med hver af deres modparter skriftligt eller ad hermed ligestillet elektronisk vej indgå aftale om ordningerne vedrørende porteføljeafstemning.
Financial and non-financial counterparties to an OTC derivative contract shall agree in writing or other equivalent electronic means with each of their counterparties on the arrangements under which portfolios shall be reconciled.
En sådan aftale skal indgås, før OTC-derivataftalen indgås.
Such agreement shall be reached before entering into the OTC derivative contract.
Porteføljeafstemning foretages af modparterne i OTC-derivataftalerne indbyrdes eller af en kvalificeret tredjepart, der har fået bemyndigelse hertil af en modpart.
Portfolio reconciliation shall be performed by the counterparties to the OTC derivative contracts with each other or by a qualified third party duly mandated to this effect by a counterparty.
Porteføljeafstemningen skal omfatte de væsentlige handelsvilkår, der kendetegner hver enkelt OTC-derivataftale, og skal omfatte mindst værdiansættelsen af hver aftale i henhold til artikel 11, stk. 2, i forordning (EU) nr. 648/2012.
The portfolio reconciliation shall cover key trade terms that identify each particular OTC derivative contract and shall include at least the valuation attributed to each contract in accordance with Article 11(2) of Regulation (EU) No 648/2012.
For tidligt at identificere eventuelle uoverensstemmelser vedrørende et væsentligt vilkår i OTC-derivataftalen, herunder dens værdiansættelse, skal der foretages porteføljeafstemning:
In order to identify at an early stage any discrepancy in a material term of the OTC derivative contract, including its valuation, the portfolio reconciliation shall be performed:
for finansielle modparter eller ikke-finansielle modparter, jf. artikel 10 i forordning (EU) nr. 648/2012:
for a financial counterparty or a non-financial counterparty referred to in Article 10 of Regulation (EU) No 648/2012:
hver bankdag, hvis der udestår 500 OTC-derivataftaler eller derover mellem modparterne
each business day when the counterparties have 500 or more OTC derivative contracts outstanding with each other;
en gang om ugen hvis der udestår mellem 51 og 499 OTC-derivataftaler mellem modparterne på et hvilket som helst tidspunkt i ugens løb
once per week when the counterparties have between 51 and 499 OTC derivative contracts outstanding with each other at any time during the week;
en gang i kvartalet, hvis der udestår 50 OTC-derivataftaler eller derunder mellem modparterne på et hvilket som helst tidspunkt i kvartalets løb.
once per quarter when the counterparties have 50 or less OTC derivative contracts outstanding with each other at any time during the quarter;
for ikke-finansielle modparter, der ikke er omhandlet i artikel 10 i forordning (EU) nr. 648/2012:
for a non-financial counterparty not referred to in Article 10 of Regulation (EU) No 648/2012:
en gang i kvartalet, hvis der udestår over 100 OTC-derivataftaler mellem modparterne på et hvilket som helst tidspunkt i kvartalets løb
once per quarter when the counterparties have more than 100 OTC derivative contracts outstanding with each other at any time during the quarter;
en gang om året, hvis der udestår 100 OTC-derivataftaler eller derunder mellem modparterne.
once per year when the counterparties have 100 or less OTC derivative contracts outstanding with each other.
Porteføljekomprimering
Portfolio compression
Finansielle modparter og ikke-finansielle modparter, som med en modpart har 500 udestående OTC-derivataftaler eller derover, som ikke er clearet centralt, skal have procedurer til regelmæssigt og mindst to gange om året at analysere muligheden for at foretage en porteføljekomprimering for at reducere deres modpartskreditrisiko og til at foretage en sådan porteføljekomprimering.
Financial counterparties and non-financial counterparties with 500 or more OTC derivative contracts outstanding with a counterparty which are not centrally cleared shall have in place procedures to regularly, and at least twice a year, analyse the possibility to conduct a portfolio compression exercise in order to reduce their counterparty credit risk and engage in such a portfolio compression exercise.
Finansielle modparter og ikke-finansielle modparter skal sikre, at de over for den relevante kompetente myndighed kan fremsætte en rimelig og gyldig forklaring på, at de har konkluderet, at det ikke er hensigtsmæssigt med en porteføljekomprimering.
Financial counterparties and non-financial counterparties shall ensure that they are able to provide a reasonable and valid explanation to the relevant competent authority for concluding that a portfolio compression exercise is not appropriate.
Når finansielle modparter og ikke-finansielle modparter indgår OTC-derivataftaler med hinanden, skal de have opnået enighed om detaljerede procedurer og processer vedrørende:
When concluding OTC derivative contracts with each other, financial counterparties and non-financial counterparties shall have agreed detailed procedures and processes in relation to:
identificering, registrering og overvågning af tvister i relation til anerkendelse eller værdiansættelse af aftalen og til udveksling af sikkerhedsstillelse mellem modparterne.
the identification, recording, and monitoring of disputes relating to the recognition or valuation of the contract and to the exchange of collateral between counterparties.
Disse procedurer skal som minimum registrere, hvor længe tvisten har været udestående, modparten og det beløb, som tvisten vedrører
Those procedures shall at least record the length of time for which the dispute remains outstanding, the counterparty and the amount which is disputed;
bilæggelse af tvister inden for en rimelig tidsfrist med en særlig procedure for tvister, der ikke er løst inden for fem bankdage.
the resolution of disputes in a timely manner with a specific process for those disputes that are not resolved within five business days.
Finansielle modparter skal til den kompetente myndighed, der er udpeget i henhold til artikel 48 i direktiv 2004/39/EF, indberette alle tvister mellem modparter i forbindelse med en OTC-derivataftale, dens værdiansættelse eller udvekslingen af sikkerhedsstillelse til et beløb, respektive en værdi, af over 15 mio. EUR, der har været udestående i mindst 15 bankdage.
Financial counterparties shall report to the competent authority designated in accordance with Article 48 of Directive 2004/39/EC any disputes between counterparties relating to an OTC derivative contract, its valuation or the exchange of collateral for an amount or a value higher than EUR 15 million and outstanding for at least 15 business days.
(Artikel 11, stk. 14, litra b), i forordning (EU) nr. 648/2012)
(Article 11(14)(b) of Regulation (EU) No 648/2012)
Markedsvilkår, der forhindrer anvendelse af marking-to-market-princippet
Market conditions that prevent marking-to-market