natgillin/translations-raw huggingface dataset:
EU-lovgivningen kræver desuden anvendelse af en af de tre foranstaltninger mod procyklikalitet for at sikre, at initialmarginerne ikke bliver for lave i stabile økonomiske tider og ikke stiger drastisk i perioder med stress, hvorimod de primære regler ikke indeholder sådanne specifikke krav.
This difference between net and gross margin collection results in equivalent outcomes with respect to the amount of margin that DCOs hold with respect to the positions of clients, which compensates for the difference in the liquidation period.
Sådanne foranstaltninger sikrer imidlertid stabile og forsigtige marginer.
Therefore the primary rules on margin requirements can be considered equivalent to Union law in so far as they relate to the positions of clients of clearing members.
Kommissionen bemærker, at særlige karakteristika med hensyn til en række noterede landbrugsderivataftaler, der handles på regulerede markeder i USA og cleares af DCO'er, vedrører markeder, der hovedsageligt anvendes af indenlandske ikke-finansielle modparter i USA, som forvalter deres kommercielle risici gennem disse aftaler, og som i ringe grad er systemisk afhængige af resten af det finansielle system.
Further, Union law requires the application of one of three anti-procyclicality measures to ensure that initial margins do not fall too low in stable economic times and do not increase precipitously in times of stress, whereas the primary rules contain no such specific requirement.
Risikoen forbundet med clearing af disse aftaler er ubetydelig for så vidt angår clearingmedlemmer og handelspladser, der er etableret i Unionen.
In doing so, such measures deliver stable and conservative margins.
Ligeledes overvåger ESMA i overensstemmelse med artikel 25, stk. 5, i forordning (EU) nr. 648/2012, at den ækvivalente ordning som defineret i denne afgørelse, herunder de heri indeholdte betingelser, fortsat overholdes, og kan trække anerkendelsen tilbage, hvis dette ikke er tilfældet.
Those requirements are: (1) for non-OTC derivative contracts executed on regulated markets, a liquidation period of two days with respect to the initial margin applied to clearing members' proprietary positions; (2) for all derivative contracts, measures to limit procyclicality which deliver stable and conservative margins, and are equivalent to at least one of the options as laid down in Title IV of Regulation (EU) No 648/2012; and (3) a sufficient pre-funded available financial resources enabling the DCO to withstand the default of at least the two clearing members to which it has the largest exposures under extreme but plausible market conditions taking account of additional risks to which those DCOs are exposed arising from the simultaneous failure of entities in the group of defaulting clearing members.
ESMA vil navnlig kontrollere, at CCP'en anvender en likvidationsperiode på to dage for clearingmedlemmers egne positioner i ikke-OTC-derivataftaler, og at CCP'en anvender foranstaltninger med det formål at begrænse procyklikalitet, som med hensyn til at frembringe marginer, der er stabile og forsigtige, er ækvivalente med en hvilken som helst af de tre foranstaltninger fastsat i forordning (EU) nr. 648/2012, og at CCP'en opretholder tilstrækkelige præfinansierede tilgængelige finansielle ressourcer, som sætter den i stand til mindst at modstå misligholdelse hos de to clearingmedlemmer, over for hvilke CCP'en under ekstreme, men plausible markedsvilkår har de største eksponeringer, under hensyntagen til de yderligere risici, som disse CCP'er udsættes for som følge af samtidig misligholdelse hos flere enheder i de misligholdende clearingmedlemmers koncern.
The Commission notes that specific features concerning certain listed agricultural derivative contracts executed on regulated markets in the USA and cleared by DCOs relate to markets that largely serve domestic non-financial counterparties in the USA who manage their commercial risks through those contracts and who have a low degree of systemic interconnectedness with the rest of the financial system.
I henhold til den anden betingelse i artikel 25, stk. 6, i forordning (EU) nr. 648/2012 skal de retlige og tilsynsmæssige rammer for CCP'er, der er etableret i USA, yderligere sikre, at CCP'er til enhver tid er underlagt effektivt tilsyn og håndhævelse i den pågældende jurisdiktion.
The risk arising from clearing those contracts is negligible with respect to clearing members and trading venues established in the Union.
CFTC foretager løbende overvågning af DCO'ernes overholdelse af risikostyringskravene gennem procedurer for overvågning og risikobaserede undersøgelser, herunder test af tilsynskrav.
As a result, the assessment of equivalence is not substantially affected by the regulatory features applicable to those agricultural derivative contracts.
CFTC gennemfører undersøgelser ved hjælp af undersøgelsesteam.
It should therefore be concluded that the legal and supervisory arrangements of the CFTC comprising the primary rules and the internal rules and procedures of SIDCOs and the opt-in DCOs which meet the standards set out in this Decision with respect to risk management should be considered legally binding requirements which are equivalent to the requirements laid down in Title IV of Regulation (EU) No 648/2012.
Når undersøgelsen er afsluttet, udarbejder CFTC en rapport, der opsummerer resultaterne af undersøgelsen, herunder eventuelle problemstillinger.
Only SIDCOs and opt-in DCOs complying with those legally binding requirements (i.e. the primary rules as complemented by the internal rules and procedures approved by the CFTC and meeting the standards set out in this act) may be eligible for recognition by ESMA, which should verify, in accordance with Article 25(2)(b) of Regulation (EU) No 648/2012, that those standards are part of the internal rules and procedures of any CCP subject to that regime and applying for recognition in the Union.
I rapporten skitseres eventuelle konstaterede mangler, og forskellige foranstaltninger står til CFTC's rådighed med henblik på at sikre, at DCO'erne håndterer eventuelle identificerede problemer hensigtsmæssigt, bl.a. ved at pålægge straffe og suspendere eller tilbagekalde tilladelsen, såfremt manglerne ikke afhjælpes.
Likewise ESMA monitors in accordance with Article 25(5) of Regulation (EU) No 648/2012 that the equivalent regime as defined in this Decision, including the conditions contained herein, continues to be met and may withdraw the recognition where this is not the case.
Denne rapport, eller oplysninger indeholdt i rapporten, samt foranstaltninger, der vedtages på grundlag heraf, kan udveksles med reguleringsmyndigheder i tredjelande som led i samarbejdsaftaler.
In particular, ESMA will check that the CCP applies a two-day liquidation period with respect to clearing members' proprietary positions in non-OTC derivative contracts and that the CCP applies measures designed to limit procyclicality that are equivalent in delivering stable and conservative margins to any of the three measures set out under Regulation (EU) No 648/2012, and that the CCP maintains sufficient pre-funded available financial resources enabling it to withstand the default of at least the two clearing members to which it has the largest exposures under extreme but plausible market conditions taking account of additional risks to which those CCPs are exposed arising from the simultaneous failure of entities in the group of the defaulting clearing members.
Det bør derfor konkluderes, at de retlige og tilsynsmæssige rammer for DCO'er til enhver tid sikrer effektivt tilsyn og effektiv håndhævelse.
According to the second condition under Article 25(6) of Regulation (EU) No 648/2012, the legal and supervisory arrangements in respect of CCPs established in the USA must further provide for effective supervision and enforcement of CCPs in that jurisdiction on an ongoing basis.
I henhold til den tredje betingelse i artikel 25, stk. 6, i forordning (EU) nr. 648/2012 skal de retlige og tilsynsmæssige rammer i USA indeholde et effektivt ækvivalent system for anerkendelse af CCP'er, der har tilladelse i henhold til det retlige system i tredjelande (»CCP'er i tredjelande«).
The CFTC conducts ongoing monitoring of DCOs' compliance with risk management requirements through surveillance and risk-based examination procedures including the testing of prudential requirements.
CCP'er i tredjelande kan anmode CFTC om tilladelse til at drive virksomhed som DCO.
The CFTC conducts examinations with examination teams.
Sådanne bestemmelser giver en CCP i et tredjeland, der har status som DCO, mulighed for at opfylde CFTC's krav ved at overholde de tilsvarende krav i sin egen (tredjelands-) jurisdiktion.
Upon completion of the examination, the CFTC drafts a report summarising the results of the examination, including any issues of concern.
For at opnå anerkendelse er det desuden nødvendigt, at der indgås et aftalememorandum mellem CFTC og den kompetente tilsynsmyndighed i det tredjeland, som den ansøgende CCP hører under.
The report outlines any deficiencies perceived, and various measures are available to the CFTC to ensure that DCOs appropriately address any identified issues, including by imposing penalties and suspension or revocation of the authorisation where the deficiencies are not addressed.
CFTC's retlige og tilsynsmæssige rammer bør derfor anses for at tilvejebringe et effektivt ækvivalent system for anerkendelse af CCP'er i tredjelande.
This report, or information contained in the report, as well as any measure adopted therefrom may be shared with third country regulators under cooperation arrangements.
Denne afgørelse er baseret på de retligt bindende krav for SIDCO'er og frivilligt bundne DCO'er, som er gældende i USA på tidspunktet for vedtagelsen af denne afgørelse.
It should therefore be concluded that the legal and supervisory arrangements in respect of DCOs provide for effective supervision and enforcement on an ongoing basis.
Kommissionen bør i samarbejde med ESMA fortsat løbende overvåge udviklingen i de retlige og tilsynsmæssige rammer for SIDCO'er og frivilligt bundne DCO'er og kontrollere, at de betingelser, som danner grundlag for denne afgørelse, er opfyldt.
According to the third condition under Article 25(6) of Regulation (EU) No 648/2012, the legal and supervisory arrangements of the USA must include an effective equivalent system for the recognition of CCPs authorised under third country legal regimes (‘third country CCPs’).
En sådan revurdering kan medføre ophævelse af denne afgørelse.
Pursuant to its statutory authority under 7 U.S.C. § 2(i), the CFTC may provide for substituted compliance in respect of third country CCPs to the extent that it has determined comparability between its requirements for DCOs and the requirements of the third country's regulatory regime.
Foranstaltningerne i denne afgørelse er i overensstemmelse med udtalelse fra Det Europæiske Værdipapirudvalg —
Where substituted compliance is provided, a third country CCP authorised as a DCO may meet the CFTC's requirements by complying with the comparable requirements in its own (third country) jurisdiction.
VEDTAGET DENNE AFGØRELSE:
The conclusion of a memorandum of understanding between the CFTC and the competent third-country supervisory authority of the applicant CCP is also required for recognition to be granted.
Artikel 1
It should therefore be concluded that the legal and supervisory arrangements of the CFTC provide for an effective equivalent system for the recognition of third country CCPs.
Med henblik på artikel 25, stk. 6, i forordning (EU) nr. 648/2012 betragtes de retlige og tilsynsmæssige rammer i Amerikas Forenede Stater (USA) for derivatclearingcentraler bestående af afsnit 5b i Commodity Exchange Act og del 39, underafsnit A, B og C, i CFTC's regulativer, med undtagelse af regulativ 39.35 og 39.39, som ækvivalente med kravene i afsnit IV i forordning (EU) nr. 648/2012, når de interne regler og procedurer for derivatclearingcentraler, der er blevet udpeget af myndighederne i USA som systemisk vigtige (»systemisk vigtige derivatclearingcentraler«), og for derivatclearingcentraler, der har valgt at være omfattet af bestemmelserne i del 39, underafsnit C, i CFTC's regulativer og er meddelt tilladelse og underlagt tilsyn af CFTC (»frivilligt bundne derivatclearingcentraler«), indeholder de elementer, der er omhandlet i stk. 2 og 3.
This Decision is based on the legally binding requirements relating to SIDCOs and opt-in DCOs applicable in the USA at the time of the adoption of this Decision.
De særlige bestemmelser, der er fastsat i de interne regler og procedurer vedrørende systemisk vigtige derivatclearingcentraler og frivilligt bundne derivatclearingcentraler, som nævnt i stk. 1, skal for så vidt angår princippet i CFTC's regulativ 39.13 omfatte specifikke risikostyringsforanstaltninger til sikring af, at initialmarginer beregnes og opkræves på grundlag af følgende parametre:
The Commission, in cooperation with ESMA, should continue monitoring on a regular basis the evolution of the legal and supervisory arrangements for SIDCOs and opt-in DCOs and the fulfilment of the conditions on the basis of which this Decision has been taken.
I forbindelse med clearingmedlemmers egne positioner i derivataftaler, der handles på regulerede markeder eller udpegede kontraktmarkeder i henhold til afsnit 5 i Commodity Exchange Act (CEA), 7 U.S.C 7, beregnes en likvidationsperiode på to dage på nettobasis.
The regular review of the legal and supervisory arrangements applicable to SIDCOs and opt-in DCOs in the USA is without prejudice to the possibility of the Commission to undertake a specific review at any time, where relevant developments and, in particular, the verifications undertaken by ESMA or the information available to it as a result of the supervisory cooperation with CFTC in accordance with the procedures and mechanisms referred to Article 25(7) of Regulation (EU) No 648/2012, make it necessary for the Commission to re-assess the equivalence granted by this Decision.
I forbindelse med alle derivataftaler skal tiltag, der har til formål at begrænse procyklikalitet, svare til mindst en af følgende foranstaltninger:
Such re-assessment could lead to the repeal of this Decision.
foranstaltninger vedrørende anvendelse af en marginbuffer på mindst 25 % af de beregnede marginer, som den centrale modpart kan lade blive midlertidigt opbrugt i perioder, hvor de beregnede marginkrav stiger betydeligt
The measures provided for in this Decision are in accordance with the opinion of the European Securities Committee,
foranstaltninger vedrørende tildeling af mindst 25 % vægt til stressede observationer i lookback-perioden
HAS ADOPTED THIS DECISION:
foranstaltninger til sikring af, at marginkravene ikke er lavere end dem, der ville blive beregnet under anvendelse af en volatilitet skønnet over en tiårig historisk lookback-periode.
Article 1
De særlige bestemmelser, der er fastsat i de interne regler og procedurer for systemisk vigtige derivatclearingcentraler og frivilligt bundne derivatclearingcentraler, som nævnt i stk. 1, skal med hensyn til princippet i CFTC's regulativ 39.11 og 39.33 omfatte specifikke foranstaltninger for så vidt angår finansielle ressourcer til sikring af, at den pågældende systemisk vigtige derivatclearingcentral eller den frivilligt bundne derivatclearingcentral opretholder tilstrækkelige præfinansierede tilgængelige finansielle ressourcer, som sætter denne derivatclearingcentral i stand til mindst at modstå misligholdelse hos de to clearingmedlemmer, over for hvilke den under ekstreme, men plausible markedsvilkår har de største eksponeringer, under hensyntagen til de yderligere risici, som denne derivatclearingcentral udsættes for som følge af samtidig misligholdelse hos flere enheder i de misligholdende clearingmedlemmers koncern.
For the purposes of Article 25(6) of Regulation (EU) No 648/2012, the legal and supervisory arrangements of the United States of America (USA) for derivatives clearing organisations consisting of Section 5b of the Commodity Exchange Act and Subparts A, B and C of Part 39 of the CFTC Regulations, with the exception of Regulation 39.35 and 39.39, shall be considered equivalent to the requirements of Title IV of Regulation (EU) No 648/2012 where the internal rules and procedures of derivatives clearing organisations which have been designated, by the authorities of the USA, as systemically important (‘systemically important derivatives clearing organisations’), and of derivatives clearing organisations which have opted to become subject to the rules contained in section Subpart C of Part 39 of the CFTC Regulations and are authorised and supervised by the CFTC (‘opt-in derivatives clearing organisations’), contain the elements referred to in paragraph 2 and 3.
Artikel 2
The specific rules contained in the internal rules and procedures of systemically important derivatives clearing organisations and opt-in derivatives clearing organisations referred to in paragraph 1 shall, with respect to the principle set out in CFTC Regulation 39.13, include specific risk management measures ensuring that initial margins are calculated and collected on the basis of the following parameters:
Derivataftaler som omhandlet i artikel 1, stk. 2, omfatter ikke derivataftaler vedrørende landbrugsråvarer, der opfylder samtlige følgende betingelser:
in the case of clearing members' proprietary positions in derivative contracts executed on regulated markets or designated contract markets pursuant to Section 5 of the Commodity Exchange Act (CEA), 7 USC 7, a liquidation period of two days calculated on a net basis;
De er baseret på et underliggende landbrugsprodukt med reference til kvaliteter, priser, vægt, mål eller konverteringsfaktorer for landbrugsråvarer og -produkter, som offentliggøres af USA's landbrugsministerium og handles på et af USA udpeget aftalemarked i henhold til afsnit 5 i Commodity Exchange Act (CEA), 7 U.S.C 7, eller er baseret på et underliggende landbrugsprodukt af sukker, sojaolie, sojamel, kakao, kaffe eller tømmer og handles på et af USA udpeget aftalemarked i henhold til afsnit 5 i Commodity Exchange Act (CEA), 7 U.S.C 7.
in the case of all derivative contracts, measures designed to limit procyclicality equivalent to at least one of the following:
De er baseret på et underliggende landbrugsprodukt, der udgør grundlaget for en derivataftale vedrørende landbrugsråvarer, som tilbydes til clearing gennem en derivatclearingcentral etableret i USA.
measures applying a margin buffer at least equal to 25 % of the calculated margins which the central counterparty allows to be temporarily exhausted in periods where calculated margin requirements are rising significantly;
Hvis der i aftalerne angives et eller flere produktionssteder for det underliggende landbrugsprodukt, ligger ingen af disse produktionssteder inden for Unionen.
measures assigning at least 25 % weight to stressed observations in the look-back period;
De opfylder en af de følgende betingelser:
measures ensuring that margin requirements are not lower than those that would be calculated using volatility estimated over a 10 year historical look-back period.
De afvikles fysisk, og medmindre de er baseret på et underliggende landbrugsprodukt af kaffe, ligger alle leveringssteder uden for Unionen.
The specific rules contained in the internal rules and procedures of systemically important derivatives clearing organisations and opt-in derivatives clearing organisations referred to in paragraph 1 shall, with respect to the principle set out in CFTC Regulations 39.11 and 39.33, include specific measures in respect of financial resources ensuring that the systemically important derivatives clearing organisation or the opt-in derivatives clearing organisation maintains sufficient pre-funded available financial resources enabling that derivatives clearing organisation to withstand the default of at least the two clearing members to which it has the largest exposures under extreme but plausible market conditions taking account of additional risks to that derivatives clearing organisation arising from the simultaneous failure of entities in the group of defaulting clearing members.
De afvikles kontant, og medmindre de er baseret på et underliggende landbrugsprodukt af kaffe eller sukker, baseres afviklingsbeløbet ikke på priserne for et underliggende landbrugsprodukt, hvor mindst et af leveringsstederne ligger inden for Unionen.
Article 2
Betingelsen i første afsnit, litra b), anses ikke for at være opfyldt for en given derivataftale vedrørende landbrugsråvarer, hvis størsteparten af sådanne aftaler, der cleares af derivatclearingcentraler etableret i USA, cleares for modparter etableret i Unionen, og disse aftaler også tilbydes til clearing gennem en central modpart, som har tilladelse i Unionen.
Derivative contracts referred to in paragraph 2 of Article 1 shall not include agricultural commodity derivative contracts which fulfil all of the following conditions:
Artikel 1, stk. 3, finder ikke anvendelse på systemisk vigtige derivatclearingcentraler eller frivilligt bundne derivatclearingcentraler, som udelukkende foretager clearing af de derivataftaler, der er omhandlet i nærværende artikels stk. 1.
they are based on an underlying agricultural product referencing grades, prices, weights, measures or conversion factors for agricultural commodities and their products as published by the United States Department Of Agriculture and traded on a US-designated contract market pursuant to Section 5 of the Commodity Exchange Act (CEA), 7 USC 7, or are based on an underlying agricultural product of sugar, soybean oil, soybean meal, cocoa, coffee, or lumber and traded on a US-designated contract market pursuant to Section 5 of the Commodity Exchange Act (CEA), 7 USC 7;
Artikel 3
they are based on an underlying agricultural product that forms the basis of an agricultural commodity derivative contract offered for clearing by a derivatives clearing organization established in the USA;
Denne afgørelse træder i kraft på tyvendedagen efter offentliggørelsen i Den Europæiske Unions Tidende.
where they specify one or more places of production of the underlying agricultural product, none of those places of production is inside the Union;
Udfærdiget i Bruxelles, den 15. marts 2016.
they meet any of the following conditions:
På Kommissionens vegne
they are physically settled and, except where they are based on an underlying agricultural product of coffee, all the places of delivery are outside the Union;
Jean-Claude Juncker
they are cash settled and, except where they are based on an underlying agricultural product of coffee or sugar, the settlement amount is not based on prices for an underlying agricultural product for which at least one of the places of delivery is inside the Union.
EUT L 201 af 27.7.2012, s. 1.
The condition laid down in point (b) of the first subparagraph shall be deemed not to be fulfilled for a given agricultural commodity derivative contract where the majority of such contracts cleared by the derivatives clearing organization established in the USA are cleared for counterparties established in the Union and those contracts are also offered for clearing by a central counterparty authorised in the Union.
De retlige og tilsynsmæssige rammer, der gælder i USA for DCO'er, bør derfor betragtes som ækvivalente, forudsat at de i henhold til de interne regler og procedurer for DCO'er, der har status som SIDCO'er, og frivilligt bundne DCO'er sikrer, at DCO'erne overholder følgende krav.
Article 1(3) shall not apply to systemically important derivatives clearing organisations or opt-in derivatives clearing organisations which only clear the derivative contracts referred to in paragraph 1 of this Article.