natgillin/translations-raw huggingface dataset:
According to the second condition under Article 25(6) of Regulation (EU) No 648/2012, the legal and supervisory arrangements of Singapore in respect of CCPs authorised therein must provide for effective supervision and enforcement of those CCPs on an ongoing basis.
U skladu s drugim uvjetom u članku 25. stavku 6. Uredbe (EU) br. 648/2012 pravni i nadzorni sustavi Singapura u odnosu na CCP-ove koji ondje imaju odobrenje moraju omogućiti učinkovit nadzor nad tim CCP-ovima i izvršenje na kontinuiranoj osnovi.
MAS can issue directions, whether of a general or specific nature, for ensuring the safe and efficient operation of ACHs and, in particular, for ensuring compliance with obligations or requirements under the SFA or with the requirements prescribed by MAS which have to be incorporated in the ACHs' internal rules and procedures.
MAS može izdavati opće ili posebne naputke kojima osigurava to da ACH-ovi posluju sigurno i učinkovito, a osobito to da se poštuju obveze i zahtjevi u okviru SFA-a odnosno zahtjevi koje je propisao MAS i koji se moraju ugraditi u unutarnja pravila i postupke ACH-ova.
The SFA provides for penalties where the ACH concerned does not comply with the directions issued by MAS.
SFA-om su propisane kazne ako predmetni ACH ne poštuje naputke MAS-a.
Regarding enforcement of ACHs' internal rules and procedures, MAS may apply to the High Court to issue an order requesting an ACH to comply with, observe, enforce or give effect to its internal rules and procedures.
U vezi s izvršenjem unutarnjih pravila i postupaka ACH-ova MAS se može obratiti Visokom sudu, koji može izdati nalog ACH-u kojim mu nalaže da se njegova unutarnja pravila i postupci moraju poštovati, slijediti, izvršavati ili biti na snazi.
Finally, MAS may revoke the authorisation of ACHs in case of non-compliance with the requirements it prescribes, any condition or restriction imposed on authorisation, any direction issued by MAS under the SFA or any provision of the SFA, among others.
MAS može opozvati odobrenje ACH-a u slučaju nepoštovanja propisanih zahtjeva, uvedenih uvjeta ili ograničenja povezanih s odobrenjem, naputaka koje je MAS izdao na temelju SFA-a ili bilo koje druge odredbe SFA-a i slično.
In addition, ACHs are required under the SFA Regulations to submit to MAS an annual report on how they have discharged their responsibilities under the SFA during the financial year.
Osim toga od ACH-ova se na temelju Pravila o SFA-u zahtijeva da dostavljaju MAS-u godišnje izvješće o tome kako su tijekom financijske godine ispunjivali svoje obveze.
They also have to submit to MAS the auditors' long form report of the ACH, which has to include the findings and recommendations of the auditors, if any, on the internal controls of the ACH and on any non-compliance of the ACH with any provision of the SFA and any direction issued by MAS under the SFA.
MAS-u moraju dostaviti i opširno revizorsko izvješće ACH-a koje, prema potrebi, mora sadržavati nalaze i preporuke revizora povezane s unutarnjim kontrolama ACH-a te o eventualnom nepoštovanju odredaba SFA-a od strane ACH-a, kao i sve naputke koje je MAS eventualno izdao na temelju SFA-a.
The Commission therefore concludes that the legal and supervisory arrangements of Singapore in respect of CCPs authorised therein provide for effective supervision and enforcement on an ongoing basis.
Komisija stoga zaključuje da se pravnim i nadzornim sustavima Singapura u pogledu CCP-ova koji ondje imaju odobrenje osiguravaju djelotvoran nadzor i izvršenje na kontinuiranoj osnovi.
According to the third condition under Article 25(6) of Regulation (EU) No 648/2012, the legal and supervisory arrangements of Singapore must include an effective equivalent system for the recognition of CCPs authorised under third country legal regimes (‘third country CCPs’).
U skladu s trećim uvjetom iz članka 25. stavka 6. Uredbe (EU) br. 648/2012 pravni i nadzorni sustavi Singapura moraju uključivati učinkovit istovrijedan sustav za priznavanje CCP-ova koji imaju odobrenje u skladu s pravnim sustavima trećih zemalja („CCP-ovi trećih zemalja”).
Third country CCPs may apply for a RCH authorisation enabling them to provide the same services in Singapore as those they are authorised to provide in the third country.
CCP-ovi trećih zemalja mogu podnijeti zahtjev za odobrenje kao RCH, koje će im omogućiti da u Singapuru pružaju iste one usluge za koje imaju odobrenje u trećoj zemlji.
Before granting a RCH authorisation, MAS assesses whether the regulatory regime of the third country in which the CCP is authorised is comparable to the legal and supervisory arrangements applied to CCPs established in Singapore, including whether the PFMIs are applied.
Prije nego što dodijeli odobrenje za RCH, MAS ocjenjuje je li regulatorni sustav treće zemlje u kojoj CCP ima odobrenje usporediv s pravnim i nadzornim sustavima koji se primjenjuju na CCP-ove s poslovnim nastanom u Singapuru, među ostalim i to primjenjuju li se načela za infrastrukture financijskih tržišta.
The establishment of cooperation arrangements between MAS and the relevant foreign supervisory authority is also required to grant an RCH authorisation.
Za dodjelu odobrenja za RCH potrebno je uspostaviti mehanizme suradnje između MAS-a i nadležnog stranog nadzornog tijela.
While noting that the structure of the recognition procedure of the legal regime of Singapore applicable to third country CCPs differs from the procedure laid down in Regulation (EU) No 648/2012, it should nonetheless be considered as providing for an effective equivalent system for the recognition of third country CCPs.
Iako je postupak priznavanja koji se u pravnom sustavu Singapura primjenjuje na CCP-ove trećih zemalja drukčije strukturiran nego postupak utvrđen Uredbom (EU) br. 648/2012, treba ipak smatrati da se njime osigurava učinkovit istovrijedan sustav za priznavanje CCP-ova trećih zemalja.
The conditions laid down in Article 25(6) of Regulation (EU) No 648/2012 can therefore be considered to be met by the legal and supervisory arrangements of Singapore regarding ACHs and those legal and supervisory arrangements should be considered to be equivalent to the requirements laid down in Regulation (EU) No 648/2012.
Stoga se može smatrati da pravni i nadzorni sustavi Singapura u pogledu ACH-ova ispunjuju uvjete iz članka 25. stavka 6. Uredbe (EU) br. 648/2012 te da bi se ti pravni i nadzorni sustavi trebali smatrati istovrijednima zahtjevima iz Uredbe (EU) br. 648/2012.
The Commission, informed by ESMA, should continue monitoring the evolution of the Singapore legal and supervisory framework for CCPs and the fulfilment of the conditions on the basis of which this decision has been taken.
Potrebno je da Komisija, koju obavješćuje ESMA, nastavi pratiti razvoj pravnog i nadzornog okvira Singapura u pogledu CCP-ova te ispunjivanje uvjeta na temelju kojih je donesena ova odluka.
For the purposes of Article 25 of Regulation (EU) No 648/2012, the legal and supervisory arrangements of Singapore consisting of Chapter 289 of the Securities and Futures Act and the Securities and Futures (Clearing Facilities) Regulations 2013 as complemented by the ‘Monograph on Supervision of Financial Market Infrastructures’ and applicable to Approved Clearing Houses (‘ACHs’) authorised therein shall be considered to be equivalent to the requirements laid down in Regulation (EU) No 648/2012.
Za potrebe članka 25. Uredbe (EU) br. 648/2012 pravni i nadzorni sustavi Singapura, koji se sastoje od poglavlja 289. Zakona o vrijednosnim papirima i budućnosnicama (Securities and Futures Act) i Pravila o vrijednosnim papirima i budućnosnicama (instrumenti poravnanja) od 2013. (Securities and Futures (Clearing Facilities) Regulations 2013) kako su upotpunjena „Monografijom o nadzoru infrastruktura financijskih tržišta” („Monograph on Supervision of Financial Market Infrastructures”) te se primjenjuju na ovlaštene klirinške kuće (Approved Clearing House, ACH) koje ondje imaju odobrenje, smatraju se istovrijednima zahtjevima utvrđenima Uredbom (EU) br. 648/2012.
As of 1 September 2014 the Committee on Payment and Settlement Systems has changed its name to Committee on Payment and Market Infrastructures (‘CPMI’).
Od 1. rujna 2014.
In January 2013, MAS also issued the Monograph on Supervision of Financial Market Infrastructures (‘the Monograph’) which sets out standards applicable to CCPs in implementation of the Principles for Financial Market Infrastructures (PFMIs) issued by the Committee on Payment and Settlement Systems [2] ( ‘CPSS’) and the International Organization of Securities Commissions (‘IOSCO’) in April 2012.
U siječnju 2013. MAS je izdao i Monografiju o nadzoru infrastruktura financijskih tržišta („Monografija”) u kojoj su utvrđeni standardi koji se primjenjuju na CCP-ove pri primjeni načela za infrastrukture financijskih tržišta (Principles for Financial Market Infrastructures, PFMI), koja su Odbor za platni sustav i sustav namire [2] (Committee on Payment and Settlement Systems, CPSS) i Međunarodna organizacija nadzornih tijela za vrijednosne papire (International Organization of Securities Commissions, IOSCO) objavili u travnju 2012.
In particular, the Monograph explains how MAS expects ACHs to comply with their obligations under the SFA, and it is taken into account by MAS in assessing compliance with the SFA obligations by ACHs.
U Monografiji se posebno objašnjava kako MAS očekuje od ACH-ova da poštuju svoje obveze u okviru SFA-a, a MAS je uzima u obzir pri ocjenjivanju toga poštuju li ACH-ovi obveze u okviru SFA-a.
on the equivalence of the regulatory framework of Hong Kong for central counterparties to the requirements of Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories
o istovrijednosti regulatornog okvira Hong Konga za središnje druge ugovorne strane u odnosu na zahtjeve Uredbe (EU) br. 648/2012 Europskog parlamenta i Vijeća o OTC izvedenicama, središnjoj drugoj ugovornoj strani i trgovinskom repozitoriju
Having regard to Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories [1] and in particular Article 25(6) thereof,
uzimajući u obzir Uredbu (EU) br. 648/2012 Europskog parlamenta i Vijeća od 4. srpnja 2012. o OTC izvedenicama, središnjoj drugoj ugovornoj strani i trgovinskom repozitoriju [1], a posebno članak 25. stavak 6.,
The purpose of this equivalence assessment is therefore to verify that the legal and supervisory arrangements of Hong Kong ensure that CCPs established and authorised therein do not expose clearing members and trading venues established in the Union to a higher level of risk than the latter could be exposed to by CCPs authorised in the Union and, consequently, do not pose unacceptable levels of systemic risk in the Union.
Stoga je svrha procjene istovrijednosti provjeriti osiguravaju li pravni i nadzorni sustavi Hong Konga to da CCP-ovi koji ondje imaju poslovni nastan i odobrenje ne izlažu članove sustava poravnanja s poslovnim nastanom u Uniji i mjesta trgovanja s poslovnim nastanom u Uniji višoj razini rizika nego što bi ih izložili CCP-ovi koji imaju odobrenje u Uniji te stoga ne čine razinu sistemskog rizika u Uniji neprihvatljivom.
On 1 September 2013, the Commission received the technical advice of the European Securities and Markets Authority (‘ESMA’) on the legal and supervisory arrangements applicable to CCPs authorised in Hong Kong.
Dana 1. rujna 2013. Komisija je zaprimila stručni savjet Europskog nadzornog tijela za vrijednosne papire i tržišta kapitala („ESMA”) u vezi s pravnim i nadzornim sustavima koji se u Hong Kongu primjenjuju na CCP-ove koji ondje imaju odobrenje.
The technical advice identified a number of differences between the legally binding requirements applicable, at a jurisdictional level, to CCPs in Hong Kong and the legally binding requirements applicable to CCPs under Regulation (EU) No 648/2012.
Stručnim su savjetom utvrđene mnoge razlike između pravno obvezujućih zahtjeva koji se primjenjuju u okviru nadležnosti Hong Konga i pravno obvezujućih zahtjeva koji se na CCP-ove primjenjuju na temelju Uredbe (EU) br. 648/2012.
This Decision is not only based, however, on a comparative analysis of the legally binding requirements applicable to CCPs in Hong Kong, but also on an assessment of the outcome of those requirements, and their adequacy to mitigate the risks that clearing members and trading venues established in the Union may be exposed to in a manner considered equivalent to the outcome of the requirements laid down in Regulation (EU) No 648/2012.
Ova se Odluka međutim ne temelji samo na komparativnoj analizi pravno obvezujućih zahtjeva koji se na CCP-ove primjenjuju u Hong Kongu, nego i na ocjeni ishoda tih zahtjeva te njihovoj adekvatnosti da ublaže rizike za članove sustava poravnanja i mjesta trgovanja s poslovnim nastanom u Uniji kojima oni mogu biti izloženi, i to na način koji se smatra istovrijednim ishodu zahtjeva utvrđenih Uredbom (EU) br. 648/2012.
The legally binding requirements of Hong Kong for CCPs authorised therein consist of the Clearing and Settlement Systems Ordinance (‘CSSO’) and the Securities and Futures Ordinance (‘SFO’).
Pravno obvezujući zahtjevi Hong Konga u odnosu na CCP-ove koji ondje imaju odobrenje sastoje se od Pravilnika o sustavima poravnanja i namire (Clearing and Settlement Systems Ordinance, CSSO) i Pravilnika o vrijednosnim papirima i budućnosnicama (Securities and Futures Ordinance, SFO).
Entities authorised under the CSSO are regulated by the Hong Kong Monetary Authority (‘HKMA’) and entities authorised under the SFO are regulated by the Hong Kong Securities and Futures Commission (‘SFC’).
Subjekte koji imaju odobrenje na temelju CSSO-a regulira Monetarno tijelo Hong Konga (Hong Kong Monetary Authority, HKMA), a subjekte koji imaju odobrenje na temelju SFO-a regulira Komisija Hong Konga za vrijednosne papire i budućnosnice (Hong Kong Securities and Futures Commission, SFC).
CCPs in Hong Kong have been authorised under the SFO only.
CCP-ovi u Hong Kongu dobivaju odobrenje samo na temelju SFO-a.
This Decision should be therefore limited to the regime set out under the SFO.
Stoga ovu Odluku treba ograničiti samo na sustav utvrđen u okviru SFO-a.
Under Part III of the SFO, the SFC has the power to authorise CCP as a Recognised Clearing House (‘RCH’).
SFC ima, na temelju dijela III. SFO-a, ovlast odobriti CCP kao priznatu klirinšku kuću (Recognised Clearing House, RCH).
When considering the authorisation of a CCP as an RCH, the SFC must take the ‘interest of the investing public’ and the ‘proper regulation of markets’ into account.
Kad razmatra to da određeni CCP odobri kao RHC, SFC mora u obzir uzimati „interes ulagateljske javnosti” i „pravilnu regulaciju tržišta”.
The SFC may also specify ‘such conditions as it considers appropriate’ before authorising a specific CCP as an RCH and may change those conditions by notice if ‘satisfied that it is appropriate’.
Prije nego što određeni CCP odobri kao RCH, SFC može odrediti „uvjete koje smatra primjerenima”, ali ih može i promijeniti „ako to smatra primjerenim”.
In determining what is appropriate, the SFC is required to refer to its statutory mandates of maintaining financial stability and reducing systemic risk.
Pri utvrđivanju primjerenosti SFC je dužan uzimati u obzir svoj zakonski mandat za održavanje financijske stabilnosti i smanjenje sistemskog rizika.
The SFO sets out the duties and requirements with which an RCH must comply.
SFO sadržava dužnosti i zahtjeve koje RCH-ovi moraju poštovati.
The SFC issued guidelines pursuant to Section 399(1) of the SFO (‘the Guidelines’), which implement the international standards set out under the Principles for Financial Market Infrastructures (‘PFMIs’) issued in April 2012 by the Committee on Payment and Settlement Systems [2] ( ‘CPSS’) and the International Organisation of Securities Commissions (‘IOSCO’).
SFC je objavio smjernice u skladu s odjeljkom 399. stavkom 1.
When assessing whether RCHs comply with their obligations under the SFO, the SFC takes into account the Guidelines.
SFO-a (Smjernice) za primjenu međunarodnih standarda utvrđenih na temelju načela za infrastrukture financijskih tržišta (Principles for Financial Market Infrastructures, PFMI), koja su u travnju 2012. objavili Odbor za platni sustav i sustav namire [2] (Committee on Payment and Settlement Systems, CPSS) i Međunarodna organizacija nadzornih tijela za vrijednosne papire (International Organization of Securities Commissions, IOSCO).
Where an RCH fails to comply with its obligations under the SFO as complemented by the Guidelines, the SFC may adopt measures to remedy that situation.
Kad ocjenjuje poštuju li RCH-ovi obveze na temelju SFO-a, SFC uzima u obzir Smjernice. Ako RCH ne poštuje obveze na temelju SFO-a kako je dopunjen Smjernicama, SFC može donijeti mjere za rješavanje te situacije.
The SFO also requires an RCH to adopt internal rules and procedures as are necessary for the proper regulation of its clearing and settlement facilities and for the proper regulation of its clearing members.
Na temelju SFO-a zahtijeva se od RCH-a da donese unutarnja pravila i postupke koji su potrebni za pravilnu regulaciju instrumenata poravnanja i namire te za pravilnu regulaciju njihovih članova sustava poravnanja.
Requirements of the SFO and the Guidelines are thus implemented in the internal rules and procedures of the RCHs.
Zahtjevi SFO-a i Smjernica stoga se primjenjuju u unutarnjim pravilima i postupcima RCH-a.
Under the SFO, any internal rules and procedures adopted by an RCH and amendments thereto must be approved by the SFC.
Na temelju SFO-a sva unutarnja pravila i postupke koje donese RCH te njihove izmjene mora odobriti SFC.
The legally binding requirements in Hong Kong therefore comprise a two-tiered structure.
Tako su pravno obvezujući zahtjevi Hong Konga raspoređeni na dvije razine.
The core principles for RCHs set out in the SFO (the ‘primary rules’), set out the high-level standards with which RCHs must comply in order to obtain authorisation to provide clearing services in Hong Kong.
Temeljna načela za RCH-ove utvrđena SFO-om („primarna pravila”) sastoje se od strogih standarda koje RCH-ovi moraju poštovati kako bi dobili odobrenje za pružanje usluga poravnanja u Hong Kongu.
Those primary rules comprise the first tier of the legally binding requirements in Hong Kong.
Ta su primarna pravila prva razina pravno obvezujućih zahtjeva u Hong Kongu.
In order to prove compliance with the primary rules, RCHs must submit their internal rules and procedures to the SFC for approval.
Da bi dokazali usklađenost s primarnim pravilima, RCH-ovi moraju dostaviti SFC-u svoja unutarnja pravila i propise te ih on mora odobriti.
Those internal rules and procedures comprise the second tier of the legally binding requirements in Hong Kong, which must provide prescriptive detail regarding the way in which the RCH will meet those standards in accordance with the Guidelines.
Ta unutarnja pravila i postupci čine drugu razinu pravno obvezujućih zahtjeva Hong Konga te moraju sadržavati iscrpne pojedinosti o tome kako će RCH ispuniti te standarde u skladu sa Smjernicama.
Once approved by the SFC, the internal rules and procedures become legally binding upon the RCH.
Kad ih SFC odobri, unutarnja pravila i postupci postaju pravno obvezujući za RCH.
The equivalence assessment of the legal and supervisory arrangements applicable to RCHs should also take account of the risk mitigation outcome that they ensure in terms of the level of risk to which clearing members and trading venues established in the Union are exposed to due to their participation in RCHs.
Pri ocjeni istovrijednosti pravnih i nadzornih sustava koji se primjenjuju na RCH-ove u obzir treba uzeti mjeru u kojoj se rizik kojem su izloženi članovi sustava poravnanja i mjesta trgovanja s poslovnim nastanom u Uniji smanjuje zbog njihova sudjelovanja u RCH-ovima.
The risk mitigation outcome is determined by both the level of risk inherent in the clearing activities carried out by the CCP concerned which depends on the size of financial market in which it operates, and the appropriateness of the legal and supervisory arrangements applicable to CCPs to mitigate that level of risk.
Smanjenje rizika ovisi o razini rizika svojstvenoj poslovima poravnanja koje obavlja predmetni CCP, što zatim ovisi o veličini financijskog tržišta na kojem posluje te o primjerenosti pravnih i nadzornih sustava koji se primjenjuju na CCP-ove radi smanjenja razine rizika.
The size of the financial market in which RCHs carry out their clearing activities is significantly smaller than that in which CCPs established in the Union carry out theirs.
Financijsko tržište na kojem RCH-ovi pružaju usluge poravnanja znatno je manje od onih na kojima posluju CCP-ovi s poslovnim nastanom u Uniji.
In particular, over the past three years, the annual notional value of listed derivative contracts traded in Hong Kong represented less than 1 % of the annual notional value of listed derivative contracts traded in the Union.
Tijekom zadnje tri godine godišnja je ugovorena vrijednost kotiranih izvedenica kojima se trgovalo u Hong Kongu činila manje od jedan posto godišnje ugovorene vrijednosti kotiranih izvedenica kojima se trgovalo u Uniji.
Over the same period, the market capitalisation of securities traded on exchange in Hong Kong represented on average less than 25 % of the Union's market capitalisation.
Tijekom tog razdoblja tržišna je kapitalizacija vrijednosnih papira kojima se trgovalo na burzi u Hong Kongu činila prosječno manje od 25 % tržišne kapitalizacije u Uniji.
The legal and supervisory arrangements applicable to RCHs may therefore be considered as equivalent where they are appropriate to mitigate that lower level of risk.
Pravni i nadzorni sustavi koji se primjenjuju na RCH-ove mogu se stoga smatrati istovrijednima ako su primjereni za smanjivanje te niže razine rizika.
The primary rules applicable to RCHs, complemented by their internal rules and procedures which implement the PFMIs, mitigate the lower level of risk existing in Hong Kong and achieve a risk mitigation outcome equivalent to that pursued by Regulation (EU) No 648/2012.
Primarnim se pravilima koja se primjenjuju na RCH-ove i dopunjena su njihovim unutarnjim pravilima i postupcima za primjenu načela za infrastrukture financijskih tržišta umanjuju niže razine rizika koje postoje u Hong Kongu i postiže se mjera smanjenja rizika koja je istovrijedna mjeri koja se nastoji postići Uredbom (EU) br. 648/2012.
The Commission therefore concludes that the legal and supervisory arrangements of Hong Kong ensure that RCHs authorised therein comply with legally binding requirements which are equivalent to the requirements laid down in Title IV of Regulation (EU) No 648/2012.
Komisija stoga zaključuje da se pravnim i nadzornim sustavima Hong Konga osigurava to da RCH-ovi koji ondje imaju odobrenje poštuju pravno obvezujuće zahtjeve koji su istovrijedni zahtjevima utvrđenima u glavi IV. Uredbe (EU) br. 648/2012.
According to the second condition under Article 25(6) of Regulation (EU) No 648/2012, the legal and supervisory arrangements of Hong Kong in respect of CCPs authorised therein must provide for effective supervision and enforcement of those CCPs on an ongoing basis.
U skladu s drugim uvjetom u članku 25. stavku 6. Uredbe (EU) br. 648/2012 pravni i nadzorni sustavi Hong Konga u odnosu na CCP-ove koji ondje imaju odobrenje moraju omogućiti učinkovit nadzor nad tim CCP-ovima i izvršenje na kontinuiranoj osnovi.
The SFC conducts ongoing monitoring of RCHs' compliance with risk management requirements through surveillance and risk-based examination procedures including testing of prudential requirements.
SFC kontinuirano prati usklađenost RCH-ova sa zahtjevima za upravljanje rizikom tako što provodi nadzorne i ispitne postupke utemeljene na procjeni rizika, uključujući testiranje bonitetnih zahtjeva.
The SFC has additional means to enforce compliance.
SFC raspolaže dodatnim sredstvima za postizanje usklađenosti.