natgillin/translations-raw huggingface dataset:
Artikel 11, stk. 1, 2 og 3, i forordning (EU) nr. 648/2012, som specificeret i de tekniske standarder, der er vedtaget i henhold til artikel 11, stk. 14, litra a) og b), og artikel 11, stk. 15, i nævnte forordning, fastlægger Unionens retlige krav vedrørende rettidig bekræftelse, porteføljekomprimering og -afstemning, der gælder for OTC-derivataftaler, der ikke cleares af en CCP, værdiansættelse og tvistbilæggelsesforpligtelser, der finder anvendelse på disse aftaler (»operationelle risikobegrænsende teknikker«), samt forpligtelserne vedrørende udveksling af sikkerhedsstillelse (»marginer«) mellem modparter.
Amongst those solutions, the Commission is empowered to adopt decisions declaring that the legal, supervisory and enforcement arrangements of a third country are equivalent to the requirements laid down in Articles 4, 9, 10 and 11 of Regulation (EU) No 648/2012 so that counterparties entering into a transaction within the scope of that Regulation, where at least one of the counterparties is established in that third country, are deemed to have fulfilled those requirements by complying with the requirements set out in that third country's legal regime.
For at et tredjelands retlige system kan betragtes som ækvivalent med Unionens retlige system, for så vidt angår operationelle risikobegrænsende teknikker og marginkrav, skal det materielle resultat af de gældende retlige, tilsynsmæssige og håndhævelsesmæssige rammer være ækvivalente med Unionens krav med hensyn til de reguleringsmæssige mål, de realiserer.
That declaration of equivalence allows avoiding the application of duplicative or conflicting rules and therefore contributes to the achievement of the overarching aim of Regulation (EU) No 648/2012 to reduce systemic risk and increase the transparency of derivatives markets by ensuring an internationally consistent application of the principles agreed with the Union's international partners and laid down in that Regulation.
Formålet med denne ækvivalensvurdering er derfor at kontrollere, om de retlige, tilsynsmæssige og håndhævelsesmæssige rammer i Amerikas Forenede Stater (USA) sikrer, at OTC-derivataftaler, der ikke er clearet af en CCP og er indgået af mindst en modpart, der er etableret i nævnte tredjeland, ikke udsætter de finansielle markeder i Unionen for et højere risikoniveau, end disse markeder kunne blive udsat for gennem denne type derivataftaler, der er indgået af modparter, der er etableret i Unionen, og følgelig ikke udgør en uacceptabelt stor systemisk risiko i Unionen.
Paragraphs 1, 2 and 3 of Article 11 of Regulation (EU) No 648/2012, as specified by the technical standards adopted pursuant to Article 11(14)(a) and (b) and Article 11(15) of that Regulation, establish the Union's legal requirements concerning the timely confirmation, portfolio compression and reconciliation applicable to OTC derivative contracts not cleared by a CCP, the valuation and dispute resolution obligations applicable to those contracts (‘operational risk mitigation techniques’) as well as the obligations on the exchange of collateral (‘margins’) between counterparties.
Den 1. september 2013 modtog Kommissionen teknisk rådgivning fra Den Europæiske Værdipapir- og Markedstilsynsmyndighed (ESMA) om de retlige, tilsynsmæssige og håndhævelsesmæssige rammer i USA [2], bl.a. for de operationelle risikobegrænsende teknikker for OTC-derivataftaler, der ikke cleares af en CCP.
In order for a third country legal regime to be considered equivalent to the legal regime of the Union in respect of operational risk mitigation techniques and margins requirements, the substantive outcome of the applicable legal, supervisory and enforcement arrangements should be equivalent to Union requirements in respect of the regulatory objectives they achieve.
ESMA har som led i sin tekniske rådgivning konstateret, at de retligt bindende krav vedrørende rettidig bekræftelse, porteføljeafstemning og porteføljekomprimering i USA var ækvivalente med de retligt bindende krav, der gælder i henhold til forordning (EU) nr. 648/2012.
The purpose of this equivalence assessment is therefore to verify that the legal, supervisory and enforcement arrangements of the United States of America (USA) ensure that OTC derivative contracts not cleared by a CCP and entered into by at least one counterparty established in that third country do not expose financial markets in the Union to a higher level of risk than those markets could be exposed to by that type of derivative contracts entered into by counterparties established in the Union and, consequently, do not pose unacceptable levels of systemic risk in the Union.
ESMA fandt imidlertid, at på tidspunktet for dens vurdering var USA's ordning for tvistbilæggelse ikke ækvivalent med ordningen i artikel 11, stk. 1, i forordning (EU) nr. 648/2012.
On 1 September 2013, the Commission received the technical advice of the European Markets Supervisory Authority (ESMA) on the legal, supervisory and enforcement arrangements in the USA [2] regarding, among others, the operational risk mitigation techniques applicable to OTC derivative contracts not cleared by a CCP.
ESMA bemærkede også, at ækvivalensen mellem ordningerne for bilaterale marginer ikke kunne vurderes på daværende tidspunkt, da de tekniske standarder, som præciserer reglerne for bilaterale marginer i Unionen endnu ikke var blevet udviklet.
In its technical advice, ESMA found that the legally binding requirements on timely confirmation, portfolio reconciliation and portfolio compression in the USA were equivalent to the legally binding requirements applicable under Regulation (EU) No 648/2012.
De retlige, tilsynsmæssige og håndhævelsesmæssige rammer, der gælder i USA for OTC-derivatkontrakter, er fastsat i afsnit VII i Dodd Frank Wall Street Reform and Consumer Protection-loven (»Dodd-Frank-loven«), og de særlige gennemførelsesregler, som den amerikanske råvarefutures-kommission, Commodity Futures Trading Commission (»CFTC«) har vedtaget.
ESMA considered that at the moment of its assessment, however, the USA regime for dispute resolution was not equivalent with that of Article 11(1) of Regulation (EU) No 648/2012.
Med Dodd-Frank-loven, der trådte i kraft i juli 2010, blev der oprettet en ny lovgivningsmæssig ramme for visse OTC-derivater defineret som swaps i paragraf 1a(47) i Commodity Exchange Act (»CEA«), der tager sigte på at reducere systemiske risici, øge gennemsigtigheden og fremme markedets integritet i det finansielle system.
ESMA also observed that the equivalence between regimes for bilateral margins could not be assessed at the time, as the technical standards specifying the rules on bilateral margins in the Union had not yet been developed.
Denne afgørelse bør derfor omfatte de retlige, tilsynsmæssige og håndhævelsesmæssige rammer for rettidig bekræftelse, porteføljekomprimering og -afstemning, værdiansættelse og tvistbilæggelsesforpligtelser samt marginkravene for swap dealere og større swap-deltagere etableret i USA, der er godkendt og underlagt tilsyn i henhold til CFTC's regulativer.
The legal, supervisory and enforcement arrangements applicable in the USA for OTC derivative contracts are laid down in title VII of the Dodd Frank Wall Street Reform and Consumer Protection Act (‘Dodd-Frank Act’) and in the specific implementing rules adopted by the Commodity Futures Trading Commission (‘CFTC Regulations’).
Denne afgørelse bør dog ikke omfatte USA's retlige, tilsynsmæssige og håndhævelsesmæssige rammer, der gælder for personer, som er registreret hos Securities and Exchange Commission som sikkerhedsbaserede swap-dealere eller større swap-deltagere i henhold til Securities Exchange Act af 1934 (15 U.S.C. 78a et seq.).
The Dodd-Frank Act, which entered into force in July 2010, established a new regulatory framework for certain OTC derivatives defined as swaps in section 1a(47) of the Commodity Exchange Act (‘CEA’), aiming at reducing systemic risk, increasing transparency and promoting market integrity within the financial system.
CFTC's regulativer om operationelle risikoreduktionsteknikker for OTC-derivataftaler, der ikke cleares af en CCP, indeholder forpligtelser, der svarer til dem, der er fastsat i artikel 11, stk. 1 og 2, i forordning (EU) nr. 648/2012.
The CFTC has jurisdiction over swaps and most of the operative provisions of title VII of the Dodd-Frank Act became applicable in 2011.
Navnlig afdeling 23, underafdeling I, i CFTC's regulativer indeholder specifikke, detaljerede krav vedrørende rettidig bekræftelse, porteføljekomprimering og -afstemning, transaktionsværdiansættelse og tvistbilæggelse, der finder anvendelse på OTC-derivataftaler, der ikke cleares af en CCP.
The operational risk mitigation techniques for OTC derivative contracts not cleared by a CCP, as added in a new section 4s(i) to the CEA by section 731 of the Dodd-Frank Act, apply to swap dealers and major swap participants, as defined in the CEA.
Med hensyn til alle følgende aspekter er kravene i CFTC's regulativer ækvivalente med de relevante krav i forordning (EU) nr. 648/2012: i) hyppigheden og tærsklerne for porteføljeafstemning stemmer overens ii) fristerne for rettidig bekræftelse stemmer overens iii) kravene til porteføljekomprimeringen indeholder bestemmelser om at »efterkomme eller redegøre« iv) der findes krav om en daglig værdiansættelse af ikke-clearede transaktioner.
This Decision should therefore cover the legal, supervisory and enforcement arrangements regarding timely confirmation, portfolio compression and reconciliation, valuation and dispute resolution obligations, as well as margin requirements applicable to swap dealers and major swap participants established in the USA that are authorised and supervised in accordance with the CFTC Regulations.
Under hensyntagen til de begrænsede virkninger som følge af forskellen i anvendelsesområdet for kravene til aftaler om, hvordan tvister afgøres, bør disse krav også anses for at være ækvivalente med kravene i forordning (EU) nr. 648/2012 om tvistbilæggelse.
This Decision should however not cover USA legal, supervisory and enforcement arrangements applicable to persons that are registered with the Securities and Exchange Commission as a security-based swap dealer or a major security-based swap participant pursuant to the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.).
I forbindelse med swaps, som er under CFTC's jurisdiktion, som defineret i paragraf 1a(47) i CEA, bør CFTC's retlige, tilsynsmæssige og håndhævelsesmæssige rammer, der gælder for swap-dealere og større swap-deltagere, på grundlag af ovenstående anses for at være ækvivalente med kravene i forordning (EU) nr. 648/2012, hvad angår rettidig bekræftelse, porteføljekomprimering og -afstemning, værdiansættelse og tvistbilæggelsesforpligtelser, der gælder for OTC-derivataftaler, der ikke cleares af en CCP, jf. artikel 11, stk. 1 og 2, i nævnte forordning.
CFTC Regulations on operational risk mitigation techniques for OTC derivative contracts not cleared by a CCP contain similar obligations to those provided for in paragraphs 1 and 2 of Article 11 of Regulation (EU) No 648/2012.
For så vidt angår marginerne for OTC-derivatkontrakter, der ikke cleares af en CCP, består CFTC's retligt bindende krav af marginkravene til swaps, der ikke er clearet, for swap-dealere og større swap-deltagere (Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants) offentliggjort i januar 2016 (»reglen om den endelige margin«) og marginkravene til swaps, der ikke er clearet, for swap-dealere og større swap-deltagere — grænseoverskridende anvendelse af marginkravene (Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants — Cross Border Application of the Margin Requirements) (»reglen om grænseoverskridende margin«) offentliggjort i august 2016.
In particular, Subpart I of Part 23 of the CFTC Regulations contains specific detailed requirements regarding timely confirmation, portfolio compression, portfolio reconciliation, transaction valuation and dispute resolution applicable to OTC derivative contracts not cleared by a CCP.
Mens CFTC's regulativer om operationelle risikoreduktionsteknikker for OTC-derivataftaler, der ikke cleares af en CCP, finder anvendelse på alle swap-dealere og større swap-deltagere, finder CFTC's regulativer om marginer for sådanne OTC-derivataftaler kun anvendelse på swap-dealere og større swap-deltagere, der ikke er underlagt en tilsynsmyndigheds kontrol.
In all following respects, the requirements set out in the CFTC Regulations are equivalent to the relevant requirements of Regulation (EU) No 648/2012: (i) the frequency and thresholds for portfolio reconciliation match; (ii) the deadlines for timely confirmation match; (iii) requirements for portfolio compression on a ‘comply or explain’ basis; (iv) requirements for daily valuation of non-cleared transactions.
CFTC's regulativer, der gælder for OTC-derivataftaler, der ikke cleares af en CCP, kræver kun udveksling af initialmargin med en »omfattet modpart« som defineret i paragraf 23.151 i CFTC's regulativer.
Taking into account the limited impact due to the difference in scope of the requirements for agreements on how disputes are resolved, those requirements should also be considered equivalent to the requirements of Regulation (EU) No 648/2012 on dispute resolution.
En omfattet modpart er en finansiel modpart, som er en finansiel slutbruger med en væsentlig swaps-eksponering eller en swap-enhed, der indgår en swap med en omfattet swap-enhed.
On the basis of the above, in relation to swaps that are under the jurisdiction of the CFTC, as defined in section 1a(47) of the CEA, the CFTC's legal, supervisory and enforcement arrangements applicable to swap dealers and major swap participants should be considered as equivalent to the requirements set out in Regulation (EU) No 648/2012 in respect of the timely confirmation, portfolio compression and reconciliation, valuation and dispute resolution obligations applicable to OTC derivative contracts not cleared by a CCP, as laid down in Article 11(1) and Article 11(2) of that Regulation.
I henhold til paragraf 23.150 i CFTC's regulativer er den væsentlige swaps- eksponering en gennemsnitlig daglig notionel værdi af ikke-clearede OTC-derivater, som overstiger 8 mia. USD, mens den tilsvarende tærskel, der er fastsat i artikel 28 Kommissionens delegerede forordning (EU) 2016/2251 [3] er på 8 mia. EUR.
Concerning the margins for OTC derivative contracts not cleared by a CCP, the legally binding requirements of the CFTC consist of the Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants published in January 2016 (‘final margin rule’) and the Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants — Cross Border Application of the Margin Requirements (‘cross-border margin rule’) published in August 2016.
I Unionen har kravet om udveksling af variationsmargin ikke en væsentlighedstærskel og gælder for alle modparter, der er omfattet af artikel 11, stk. 3, i forordning (EU) nr. 648/2012.
While the CFTC Regulations on operational risk mitigation techniques for OTC derivative contracts not cleared by a CCP apply to all swap dealers and major swap participants, the CFTC Regulations on margins for those OTC derivative contracts only apply to swap dealers and major swap participants that are not subject to a prudential regulator.
Kravene i reglen om den endelige margin gælder for swaps, der omfatter næsten alle aftaler defineret som OTC-derivater i forordning (EU) nr. 648/2012 med undtagelse af valutaterminsforretninger og valutaswaps, for hvilke reglen om den endelige margin ikke fastsætter krav.
A covered counterparty is a counterparty that is a financial end user with material swaps exposure or a swap entity that enters into a swap with a covered swap entity.
CFTC's regulativer fastsætter desuden ikke nogen specifik behandling af strukturerede produkter, herunder dækkede obligationer og securitiseringer.
According to section 23.150 of the CFTC Regulations, the material swaps exposure is an average daily notional value of non-cleared OTC derivatives that exceeds USD 8 billion (8000 million), whereas the analogous threshold set out in Article 28 of Commission Delegated Regulation (EU) 2016/2251 [3] is EUR 8 billion (8000 million).
I Unionen er valutaswaps og valutaterminsforretninger undtaget fra initialmarginkravene, og derivater, der er knyttet til dækkede obligationer med henblik på afdækning, kan også fritages fra initialmarginkravene.
In the Union, the requirement to exchange variation margin does not have a materiality threshold, and applies to all counterparties subject to Article 11(3) of Regulation (EU) No 648/2012.
Denne afgørelse bør derfor kun finde anvendelse på OTC-derivater, der er omfattet af marginer i henhold til både EU-retten og CFTC's regulativer.
The CFTC Regulations for combined minimum transfer amount of initial and variation margin in the final margin rule is USD 500000, whereas the related requirement set out in Article 25 of Delegated Regulation (EU) 2016/2251 is EUR 500000.
Kravene i CFTC's regulativer vedrørende beregning af initialmargin er ækvivalente med de krav, der er fastsat i forordning (EU) nr. 648/2012.
Taking into account the limited impact due to the difference in currencies, these amounts should be considered equivalent.
I lighed med bilag IV til delegeret forordning (EU) 2016/2251 tillader CFTC's regulativer anvendelse af en standardiseret model.
The requirements of the final margin rule apply to swaps, which encompass almost all contracts defined as OTC derivatives in Regulation (EU) No 648/2012 with the exception of foreign exchange forwards and foreign exchange swaps, for which the final margin rule sets no requirements.
Alternativt kan interne modeller eller tredjeparters modeller anvendes til denne beregning, hvis disse modeller indeholder visse specifikke parametre, herunder mindste konfidensintervaller og marginrisikoperioder samt visse historiske data, herunder stressperioder.
In addition, CFTC Regulations do not contain any specific treatment for structured products including covered bonds and securitisations.
Disse modeller skal godkendes af CFTC eller en registreret sammenslutning for futurekontrakter.
In the Union, foreign exchange swaps and foreign exchange forwards are exempted from the initial margins requirements, and derivatives associated with covered bonds for hedging purposes may also be exempted from initial margin requirements.
Kravene i CFTC's regulativer om gyldig sikkerhedsstillelse og om, hvordan sikkerheden skal besiddes og holdes adskilt, er ækvivalente med dem, der er fastsat i artikel 4 i delegeret forordning (EU) 2016/2251.
This Decision should therefore only apply to OTC derivatives that are subject to margins under both the Union law and the CFTC Regulations.
CFTC's regulativer indeholder en ækvivalent liste over gyldig sikkerhedsstillelse, og i betragtningerne til reglen om den endelige margin hedder det, at swap-dealere og større swap-deltagere, der ikke er underlagt en tilsynsmyndigheds kontrol, bør tage hensyn til sikkerhedsstillelsens koncentration.
The requirements in the CFTC Regulations for the calculation of initial margin are equivalent to the requirements set out in Regulation (EU) No 648/2012.
CFTC's krav om marginer for OTC-derivataftaler, der ikke cleares af en CCP, bør derfor anses for at være ækvivalente med dem, der er fastsat i artikel 11, stk. 3, i forordning (EU) nr. 648/2012.
Like Annex IV to Delegated Regulation (EU) 2016/2251, the CFTC Regulations allow the use of a standardised model.
For så vidt angår et ækvivalent niveau for beskyttelse af tavshedspligt i USA, er oplysninger, der opbevares af CFTC og andre føderale myndigheder, underlagt loven om privatlivets fred (Privacy Act) og loven om informationsfrihed (Freedom of Information Act (FOIA)).
Alternatively, internal or third party models may be used for that calculation where those models contain certain specific parameters, including minimum confidence intervals and margin periods of risk, and certain historical data, including stressed periods.
I henhold til FOIA skal der i mange tilfælde træffes foranstaltninger af en enkeltperson eller en organisation for at sikre fortrolig behandling af de indsendte oplysninger.
Those models must be approved by the CFTC or a registered futures association.
Derfor giver Privacy Act og FOIA garantier for tavshedspligt, herunder for beskyttelse af forretningshemmeligheder, som myndigheder deler med tredjeparter, som er ækvivalente med dem, der er fastsat i afsnit VIII i forordning (EU) nr. 648/2012.
The requirements in the CFTC Regulations on eligible collateral and on how that collateral is held and segregated are equivalent to those set out in Article 4 of Delegated Regulation (EU) 2016/2251.
USA's krav bør anses for at give et niveau for beskyttelse af tavshedspligt, som er ækvivalent med det, der sikres i forordning (EU) nr. 648/2012.
The CFTC Regulations contain an equivalent list of eligible collateral, and the preamble to the final margin rule states that swap dealers and major swap participants that are not subject to a prudential regulator should take collateral concentration into account.
Med hensyn til et effektivt tilsyn med og håndhævelse af den retlige ordning i USA har CFTC sluttelig brede undersøgelses- og overvågningsbeføjelser til at vurdere overholdelsen af de regler om rettidig bekræftelse, porteføljekomprimering og -afstemning, værdiansættelse og tvistbilæggelsesforpligtelser, der gælder for OTC-derivataftaler, der ikke cleares af en CCP.
The CFTC requirements on margins for OTC derivative contracts not cleared by a CCP should therefore be considered equivalent to those provided for under Article 11(3) of Regulation (EU) No 648/2012.
CFTC kan træffe en lang række tilsynsmæssige foranstaltninger for at sætte en stopper for overtrædelse af gældende regler.
With regard to the equivalent level of protection of professional secrecy, in the USA, information held by the CFTC, as well as other federal regulators, is subject to the Privacy Act and the Freedom of Information Act (FOIA).
Desuden omfatter USA's retlige rammer bestemmelser om civilretlige sanktioner, herunder midlertidige eller permanente forbud eller påbud og bøder samt strafferetlige sanktioner for overtrædelser af de gældende regler.
Under the FOIA, in many cases, steps must be taken by an individual or an organization to secure confidential treatment of submitted information.
Disse foranstaltninger bør derfor anses for at sikre en effektiv anvendelse af de relevante retlige, tilsynsmæssige og håndhævelsesmæssige rammer i henhold til Dodd-Frank-loven, CEA og CFTC's regulativer på en retfærdig og ikkeforvridende måde, således at de sikrer effektiv overvågning og håndhævelse.
Therefore, the Privacy Act and the FOIA provide guarantees of professional secrecy, including the protection of business secrets shared by the authorities with third parties, equivalent to those set out in Title VIII of Regulation (EU) No 648/2012.
Kommissionen bør i samarbejde med ESMA fortsat løbende overvåge udviklingen og den effektive gennemførelse af de retlige, tilsynsmæssige og håndhævelsesmæssige rammer i USA for OTC-derivataftaler med hensyn til rettidig bekræftelse, porteføljekomprimering og -afstemning, værdiansættelse, afstemning, tvistbilæggelse og marginkrav for OTC-derivataftaler, der ikke cleares af en CCP, på grundlag af hvilke denne afgørelse er truffet.
The USA requirements should be considered to provide an equivalent level of protection of professional secrecy as guaranteed in Regulation (EU) No 648/2012.
Dette bør ikke berøre Kommissionens mulighed for at foretage en særlig gennemgang på et hvilket som helst tidspunkt, hvis relevant udvikling nødvendiggør, at Kommissionen revurderer denne afgørelse om ækvivalens.
Finally, with regard to the effective supervision and enforcement of the legal arrangements in the USA, the CFTC has broad investigative and surveillance powers to assess compliance with the timely confirmation, portfolio compression and reconciliation, valuation and dispute resolution obligations applicable to OTC derivative contracts not cleared by a CCP.