natgillin/translations-raw huggingface dataset:
De aktiver, der er omhandlet i artikel 15, stk. 6, i forordning (EU) 2017/1131, skal være underlagt et haircut, som svarer til de volatilitetsjusteringer, der er anført i tabel 1 og 2 i artikel 224, stk. 1, i forordning (EU) nr. 575/2013 for en given restløbetid, for så vidt angår en 5-dages likvidationsperiode og den højeste vurdering med hensyn til kreditkvalitetstrin.
The assets referred to in Article 15(6) of Regulation (EU) 2017/1131 shall be subject to a haircut, that is equal to the volatility adjustment figures referred to in tables 1 and 2 of Article 224(1) of Regulation (EU) No 575/2013 for a given residual maturity, in respect of a 5-day liquidation period and the highest assessment in terms of credit quality step.
Om nødvendigt anvender forvaltere af pengemarkedsforeninger et yderligere haircut ud over det, der er omhandlet i stk. 2.
Where necessary, managers of MMFs shall apply an additional haircut to the one referred to in paragraph 2.
Til vurdering af, om det er nødvendigt med et sådant yderligere haircut, tager de hensyn til alle følgende faktorer:
To assess whether such an additional haircut is necessary, they shall take into account all of the following factors:
kreditkvalitetsvurderingen af modparten i den omvendte genkøbsaftale
the credit quality assessment of the counterparty to the reverse repurchase agreement;
marginrisikoperiode som defineret i artikel 272, nr. 9), i forordning (EU) nr. 575/2013
the margin period of risk, as defined in Article 272(9) of Regulation (EU) No 575/2013;
kreditkvalitetsvurderingen af emittenten eller af de aktiver, der anvendes som sikkerhedsstillelse
the credit quality assessment of the issuer or of the asset that is used as collateral;
restløbetiden for de aktiver, der anvendes som sikkerhedsstillelse
the remaining maturity of the assets used as collateral;
prisvolatiliteten for de aktiver, der anvendes som sikkerhedsstillelse.
the volatility of the price of the assets used as collateral.
Med henblik på stk. 3 indfører forvaltere af pengemarkedsforeninger en klar haircutpolitik, der er tilpasset hvert aktiv, jf. artikel 15, stk. 6, i forordning (EU) 2017/1131, der er modtaget som sikkerhedsstillelse.
For the purpose of paragraph 3, managers of MMFs shall put in place a clear haircut policy adapted to each asset, referred to in Article 15(6) of Regulation (EU) 2017/1131, received as collateral.
Denne politik skal dokumenteres og kunne underbygge enhver beslutning om at anvende et specifikt haircut på værdien af et aktiv.
That policy shall be documented and shall substantiate each decision to apply a specific haircut to the value of an asset.
Forvaltere af pengemarkedsforeninger revurderer jævnligt de haircuts, der er omhandlet i stk. 2, under hensyntagen til ændringer i restløbetiden for de aktiver, der anvendes som sikkerhedsstillelse.
Managers of MMFs shall regularly revise the haircut referred to in paragraph 2, taking into account changes in the residual maturity of the assets used as collateral.
De revurderer desuden det yderligere haircut, der er omhandlet i stk. 3, hvis de i nævnte stykke omhandlede faktorer ændrer sig.
They shall also revise the additional haircut referred to in paragraph 3, whenever the factors referred to in that paragraph change.
Stk. 1-5 finder ikke anvendelse, hvis modparten i den omvendte genkøbsaftale, er en af følgende:
Paragraphs 1 to 5 shall not apply if the counterparty to the reverse repurchase agreement is any of the following:
et kreditinstitut under tilsyn i henhold til Europa-Parlamentets og Rådets direktiv 2013/36/EU eller et kreditinstitut, der er meddelt tilladelse i et tredjeland, forudsat at tilsyns- og reguleringskravene svarer til dem, der anvendes i Unionen
a credit institution supervised under Directive 2013/36/EU of the European Parliament and of the Council, or a credit institution authorised in a third country, provided that the prudential supervisory and regulatory requirements are equivalent to those applied in the Union;
et investeringsselskab under tilsyn i henhold til Europa-Parlamentets og Rådets direktiv 2014/65/EU eller et investeringsselskab i et tredjeland, forudsat at tilsyns- og reguleringskravene svarer til dem, der anvendes i Unionen
an investment firm supervised under Directive 2014/65/EU of the European Parliament and of the Council, or a third country investment firm, provided that the prudential supervisory and regulatory requirements are equivalent to those applied in the Union;
et forsikringsselskab under tilsyn i henhold til Europa-Parlamentets og Rådets direktiv 2009/138/EF eller et forsikringsselskab i et tredjeland, forudsat at tilsyns- og reguleringskravene svarer til dem, der anvendes i Unionen
an insurance undertaking supervised under Directive 2009/138/EC of the European Parliament and of the Council, or a third country insurance undertaking, provided that the prudential supervisory and regulatory requirements are equivalent to those applied in the Union;
en central modpart, der er meddelt tilladelse i henhold til Europa-Parlamentets og Rådets forordning (EU) nr. 648/2012
a central counterparty authorised under Regulation (EU) No 648/2012 of the European Parliament and of the Council;
en national centralbank
a national central bank;
en centralbank i et tredjeland, forudsat at de tilsyns- og reguleringskrav, der anvendes i det pågældende land, er blevet anerkendt som svarende til dem, der anvendes i Unionen, i overensstemmelse med artikel 114, stk. 7, i forordning (EU) nr. 575/2013.
a third country central bank, provided that the prudential supervisory and regulatory requirements applied in that country have been recognised as equivalent to those applied in the Union in accordance with Article 114(7) of Regulation (EU) No 575/2013.
KRITERIER FOR KREDITKVALITETSVURDERING
CREDIT QUALITY ASSESSMENT CRITERIA
(artikel 22 i forordning (EU) 2017/1131)
(Article 22 of Regulation (EU) 2017/1131)
Kriterier for validering af de interne kreditkvalitetsvurderingsmetoder, jf. artikel 19, stk. 3, i forordning (EU) 2017/1131
Criteria for validating the internal credit quality assessment methodologies referred to in Article 19(3) of Regulation (EU) 2017/1131
Forvaltere af pengemarkedsforeninger validerer de kreditkvalitetsvurderingsmetoder, der er omhandlet i artikel 19, stk. 3, i forordning (EU) 2017/1131, hvis de opfylder alle følgende kriterier:
Managers of MMFs shall validate the credit quality assessment methodologies referred to in Article 19(3) of Regulation (EU) 2017/1131 provided they fulfil all of the following criteria:
De interne kreditkvalitetsvurderingsmetoder anvendes på en systematisk måde i forbindelse med forskellige udstedere og instrumenter.
the internal credit quality assessment methodologies are applied in a systematic way with respect to different issuers and instruments;
De interne kreditkvalitetsvurderingsmetoder støttes af et tilstrækkeligt antal relevante kvalitative og kvantitative kriterier.
the internal credit quality assessment methodologies are supported by a sufficient number of relevant qualitative and quantitative criteria;
De interne kreditkvalitetsvurderingsmetoders kvalitative og kvantitative input er pålidelige, idet der anvendes passende datastikprøvestørrelser.
the internal credit quality assessment methodologies' qualitative and quantitative inputs are reliable, using data samples of an appropriate size;
Tidligere interne kreditkvalitetsvurderinger, der er udarbejdet ved hjælp af interne kreditkvalitetsvurderingsmetoder, er blevet behørigt gennemgået af forvalterne af pengemarkedsforeningerne for at afgøre, om kreditkvalitetsvurderingsmetoderne er en egnet indikator for kreditkvalitet.
past internal credit quality assessments produced using the internal credit quality assessment methodologies have been properly reviewed by the managers of the MMFs in question to determine whether the credit quality assessment methodologies are a suitable indicator of credit quality;
De interne kreditkvalitetsvurderingsmetoder indeholder kontroller og processer vedrørende deres udvikling og dertil knyttede godkendelser, der giver mulighed for passende efterprøvelse.
the internal credit quality assessment methodologies contain controls and processes for their development and related approvals that allow for suitable challenge;
De interne kreditkvalitetsvurderingsmetoder tager højde for alle faktorer, der af forvaltere af pengemarkedsforeninger anses for at være relevante ved vurderingen af en emittents eller et instruments kreditkvalitet.
the internal credit quality assessment methodologies incorporate factors that managers of MMFs deem relevant to determine the credit quality of an issuer or an instrument;
De interne kreditkvalitetsvurderingsmetoder anvender systematisk vigtige udgangshypoteser og understøttende kriterier vedrørende kreditkvalitet ved udarbejdelsen af alle kreditkvalitetsvurderinger, medmindre der er en objektiv grund til at afvige fra dette krav.
the internal credit quality assessment methodologies systematically apply key credit quality assumptions and supporting criteria to produce all credit quality assessments, unless there is an objective reason for diverging from this requirement;
De interne kreditkvalitetsvurderingsmetoder indeholder procedurer til sikring af, at de kriterier, der er omhandlet i litra b), c) og g), og som støtter de relevante faktorer i de interne kreditkvalitetsvurderingsmetoder, er af pålidelig kvalitet og relevante for den emittent eller det instrument, der vurderes.
the internal credit quality assessment methodologies contain procedures to ensure that the criteria referred to in points (b), (c) and (g) supporting the relevant factors in the internal credit quality assessment methodologies are of a reliable quality and relevant to the issuer or instrument being assessed.
Som led i processen med validering af de interne kreditkvalitetsvurderingsmetoder vurderer forvaltere af pengemarkedsforeninger metodernes følsomhed over for ændringer i de underliggende udgangshypoteser og kriterier vedrørende kreditkvalitet.
As part of the validation process of the internal credit quality assessment methodologies, managers of MMFs shall assess the sensitivity of the methodologies to changes in any of their underlying credit quality assumptions and criteria.
Forvaltere af pengemarkedsforeninger indfører procedurer, der sikrer, at eventuelle uregelmæssigheder eller mangler, der findes ved den backtestning, der er omhandlet i artikel 19, stk. 3, i forordning (EU) 2017/1131, identificeres og behandles korrekt.
Managers of MMFs shall have processes in place to ensure that any anomalies or deficiencies highlighted by the back testing referred to in Article 19(3) of Regulation (EU) 2017/1131 are identified and appropriately addressed.
De interne kreditkvalitetsvurderingsmetoder, der er omhandlet i artikel 19, stk. 3, i forordning (EU) 2017/1131, skal:
The internal credit quality assessment methodologies referred to in Article 19(3) of Regulation (EU) 2017/1131 shall:
fortsat anvendes, medmindre der er objektive grunde til at konkludere, at de interne kreditkvalitetsvurderingsmetoder skal ændres eller bringes til ophør
continue to be used, unless there are objective reasons to conclude that the internal credit quality assessment methodologies have to be changed or to be discontinued;
give mulighed for straks at tage højde for resultater af igangværende overvågning eller kontrol, særlig hvis ændringer i strukturelle makroøkonomiske forhold eller finansmarkedsforhold potentielt ville have indflydelse på kreditvurderinger udarbejdet ved hjælp af disse kreditkvalitetsvurderingsmetoder
be capable of promptly incorporating any finding from ongoing monitoring or a review, in particular where changes in structural macroeconomic or financial market conditions would potentially affect a credit assessment produced using those internal credit quality assessment methodologies;
gøre det muligt at sammenligne tidligere interne kreditkvalitetsvurderinger.
make it possible to compare past internal credit quality assessments.
Den interne kreditvurderingsmetode, der er omhandlet i artikel 19, stk. 3, i forordning (EU) 2017/1131, skal omgående forbedres, hvis enhver gennemgang, herunder validering, viser, at den ikke er hensigtsmæssigt med hensyn til at sikre systematisk kreditkvalitetsvurdering.
The internal credit quality assessment methodology referred to in Article 19(3) of Regulation (EU) 2017/1131 shall be promptly improved if any review, including validation, shows that it is not appropriate to ensure systematic credit quality assessment.
Den interne kreditkvalitetsvurderingsprocedure skal på forhånd angive de situationer, hvor den interne kreditkvalitetsvurdering anses for at være positiv.
The internal credit quality assessment procedure shall specify in advance the situations where the internal credit quality assessment is deemed to be favourable.
Kriterier for kvantificering af kreditrisiko og den relative risiko for misligholdelse fra emittentens eller instrumentets side, jf. artikel 20, stk. 2, litra a), i forordning (EU) 2017/1131
Criteria for quantifying credit risk, and the relative risk of default of the issuer and of the instrument, as referred to in Article 20(2)(a) of Regulation (EU) 2017/1131
Kriterierne for kvantificering af en emittents kreditrisiko og den relative risiko for misligholdelse fra emittentens eller instrumentet side, jf. artikel 20, stk. 2, litra a), i forordning (EU) 2017/1131, er følgende:
The criteria for quantifying the credit risk of an issuer, and the relative risk of default of an issuer and of the instrument, referred to in Article 20(2)(a) of Regulation (EU) 2017/1131, shall be the following:
oplysninger om prisfastsættelse af obligationer, herunder kreditspænd og prisfastsættelsen af sammenlignelige fastforrentede værdipapirer og relaterede værdipapirer
bond pricing information, including credit spreads and the pricing of comparable fixed income instruments and related securities;
prisfastsættelse af pengemarkedsinstrumenter vedrørende emittenten, instrumentet eller industrisektoren
pricing of money market instruments relating to the issuer, the instrument or the industry sector;
oplysninger om prisfastsættelse af credit default swap, herunder credit default swap spreads for sammenlignelige instrumenter
credit default-swap pricing information, including credit default-swap spreads for comparable instruments;
misligholdelsesstatistikker vedrørende emittenten, instrumentet eller industrisektoren
default statistics relating to the issuer, the instrument or the industry sector;
finansielle indeks vedrørende emittentens eller instrumentets geografiske placering, industrisektor eller aktivklasse
financial indices relating to the geographic location, the industry sector or the asset class of the issuer or instrument;
finansielle oplysninger vedrørende emittenten, herunder rentabilitetsgrad, rentedækningsgrad, gearingsparametre og prisfastsættelsen af nye emissioner, herunder eksistensen af flere efterstillede værdipapirer.
financial information relating to the issuer, including profitability ratios, interest coverage ratio, leverage metrics and the pricing of new issues, including the existence of more junior securities.
Om nødvendigt og relevant skal forvaltere af pengemarkedsforeninger anvende yderligere kriterier ud over dem, der er omhandlet i stk. 1.
Where necessary and relevant, managers of MMFs shall apply additional criteria to the ones referred to in paragraph 1.
Kriterier for fastsættelse af kvalitative indikatorer om emittenten af instrumentet, jf. artikel 20, stk. 2, litra b), i forordning (EU) 2017/1131
Criteria for establishing qualitative indicators in relation to the issuer of the instrument, referred to in Article 20(2)(b) of Regulation (EU) 2017/1131
Kriterierne for fastsættelse af kvalitative indikatorer om emittenten af instrumentet, jf. artikel 20, stk. 2, litra b), i forordning (EU) 2017/1131, er følgende:
The criteria for establishing qualitative indicators in relation to the issuer of the instrument, referred to in Article 20(2)(b) of Regulation (EU) 2017/1131, shall be the following:
en analyse af underliggende aktiver, der for så vidt angår eksponering for securitisering skal omfatte emittentens kreditrisiko og kreditrisikoen ved de underliggende aktiver
an analysis of any underlying assets, which for exposure to securitisation shall include the credit risk of the issuer and the credit risk of the underlying assets;
en analyse af strukturelle aspekter af relevante instrumenter udstedt af en emittent, der for så vidt angår strukturerede finansielle instrumenter skal omfatte en analyse af den iboende operative risiko og modpartsrisikoen i det strukturerede finansielle instrument
an analysis of any structural aspects of the relevant instruments issued by an issuer, which for structured finance instruments shall include an analysis of the inherent operational and counterparty risk of the structured finance instrument;
en analyse af det eller de relevante markeder, herunder volumen og likviditet på disse markeder
an analysis of the relevant market(s), including the degree of volume and liquidity of those markets;
en landeanalyse, herunder omfanget af eksplicitte forpligtelser og eventualforpligtelser og størrelsen af valutareserver i forhold til valutaforpligtelser
a sovereign analysis, including the extent of explicit and contingent liabilities and the size of foreign exchange reserves compared to foreign exchange liabilities;
en analyse af governancerisiko vedrørende emittenten, herunder svig, bøder for udvist adfærd, retstvister, finansielle tilpasninger, ekstraordinære poster, udskiftning i ledelsen, låntagerkoncentration og revisionskvalitet
an analysis of governance risk relating to the issuer, including frauds, conduct fines, litigation, financial restatements, exceptional items, management turnover, borrower concentration and audit quality;
værdipapirrelateret undersøgelse af udstederen eller markedssektoren
securities-related research on the issuer or market sector;
hvis det er relevant, en analyse af de kreditvurderinger eller den vurderingsforventning, som er tildelt emittenten af et instrument af et kreditvurderingsbureau, der er registreret hos ESMA og udvalgt af forvalteren af en pengemarkedsforening og egnet til pengemarkedsforeningens specifikke investeringsportefølje.
where relevant, an analysis of the credit ratings or rating outlook given to the issuer of an instrument by a credit rating agency registered with the ESMA and selected by the manager of an MMF if suited to the specific investment portfolio of the MMF.
Kriteriet for fastsættelse af kvalitative kreditrisikoindikatorer i forbindelse med emittenten af instrumentet, jf. artikel 20, stk. 2, litra b), i forordning (EU) 2017/1131
Criteria for establishing qualitative credit risk indicators in realtion to the issuer of the instrument, as referred to in Article 20(2)(b) of Regulation (EU) 2017/1131
Så vidt det er muligt, skal forvaltere af pengemarkedsforeninger vurdere følgende kvalitative kreditrisikokriterier for en emittent af et instrument:
Insofar as is possible, managers of MMFs shall assess the following qualitative credit risk criteria for an issuer of an instrument:
emittentens eller, hvor det er relevant, garantistillerens finansielle situation
the financial situation of the issuer, or, where applicable, of the guarantor;
emittentens eller, hvor det er relevant, garantistillerens likviditetskilder
the sources of liquidity of the issuer, or, where applicable, of the guarantor;
emittentens muligheder for at reagere på fremtidige hændelser, der berører hele markedet, eller som er specifikke for emittenten, herunder evnen til at tilbagebetale gæld i en yderst ugunstig situation
the ability of the issuer to react to future market-wide or issuer-specific events, including the ability to repay debt in a highly adverse situation;
styrken af emittentens branche inden for økonomien i forhold til de økonomiske tendenser og emittentens konkurrencesituation i dens branche.
the strength of the issuer's industry within the economy relative to economic trends and the issuer's competitive positon in its industry.
Tilsidesættelser
Overrides
Forvaltere af pengemarkedsforeninger kan kun tilsidesætte resultatet af en intern kreditkvalitetsvurderingsmetode under ekstraordinære omstændigheder, bl.a. under pressede markedsforhold, og hvis der er en objektiv begrundelse herfor.
Managers of MMFs may override the output of an internal credit quality assessment methodology only in exceptional circumstances, including stressed market conditions, and where there is an objective reason for doing so.
Forvaltere af pengemarkedsforeninger, som tilsidesætter resultatet af en intern kreditkvalitetsvurderingsmetode, skal dokumentere denne beslutning.
Managers of MMFs which override the output of an internal credit quality assessment methodology shall document that decision.
Som en del af den dokumentation, der er omhandlet i stk. 1, skal forvaltere af pengemarkedsforeninger klart angive, hvilken person der er ansvarlig for beslutningen, samt den objektive begrundelse for at træffe denne beslutning.
As part of the documenting process referred to in paragraph 1, managers of MMFs shall specify the person who is responsible for the decision as well as the objective reason for taking that decision.
Væsentlig ændring, jf. artikel 19, stk. 4, litra d), i forordning (EU) 2017/1131
Material change as referred to in Article 19(4)(d) of Regulation (EU) 2017/1131
Der sker en væsentlig ændring som omhandlet i artikel 19, stk. 4, litra d), i forordning (EU) 2017/1131, når:
There will be a material change as referred to in Article 19(4)(d) of Regulation (EU) 2017/1131 whenever:
der sker en væsentlig ændring med hensyn til et af følgende forhold:
there is a material change with respect to any of the following:
misligholdelsesstatistikker vedrørende emittenten eller instrumentet
default statistics relating to the issuer or instrument;
finansielle indeks vedrørende emittentens eller instrumentets geografiske placering, industrisektor eller aktivklasse
financial indices relating to the geographic location, industry sector or asset class of the issuer or instrument;
analyse af de underliggende aktiver, især for strukturerede instrumenter
analysis of underlying assets, in particular for structured instruments;
analyse af det eller de relevante markeder, herunder deres volumen og likviditet
analysis of the relevant market(s), including their volume and liquidity;
analyse af de strukturelle aspekter af de relevante instrumenter
analysis of the structural aspects of the relevant instruments;
værdipapirrelateret undersøgelse
securities-related research;
emittentens finansielle situation
financial situation of the issuer;
emittentens likviditetskilder
sources of liquidity of the issuer;
emittentens muligheder for at reagere på fremtidige hændelser, der berører hele markedet, eller som er specifikke for emittenten, herunder evnen til at tilbagebetale gæld i en yderst ugunstig situation
ability of the issuer to react to future market-wide or issuer-specific events, including the ability to repay debt in a highly adverse situation;
styrken af emittentens industri inden for økonomien i forhold til de økonomiske tendenser og emittentens konkurrencesituation i dens industri
strength of the issuer's industry within the economy relative to economic trends and the issuer's competitive positon in its industry;
analyse af kreditvurderingerne eller vurderingsforventningen, som er tildelt emittenten eller instrumentet af et eller flere kreditvurderingsbureauer, der er udvalgt af forvalteren af pengemarkedsforeningen som egnet til pengemarkedsforeningens specifikke investeringsportefølje
analysis of the credit ratings or rating outlook given to the issuer or instrument by a credit rating agency or agencies selected by the manager of the MMF as being suited to the specific investment portfolio of the MMF.