natgillin/translations-raw huggingface dataset:
In order to specify the risk-retention requirement, as well as to further clarify the homogeneity criteria and the exposures to be deemed homogenous under the requirements on simplicity, while ensuring that the securitisation of SME loans is not negatively affected, the Commission should be empowered to adopt regulatory technical standards developed by the EBA with regard to the modalities for retaining risk, the measurement of the level of retention, certain prohibitions concerning the retained risk, the retention on a consolidated basis and the exemption for certain transactions, and the specification of homogeneity criteria and of which underlying exposures are deemed to be homogeneous.
EBA bi se trebala blisko savjetovati s druge dvije ESA-e.
The Commission should adopt those regulatory technical standards by means of delegated acts pursuant to Article 290 TFEU and in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
Kako bi se ulagateljima omogućio kontinuiran, jednostavan i slobodan pristup pouzdanim informacijama o sekuritizacijama, te kako bi se precizirali uvjeti obveze suradnje i razmjene informacija nadležnih tijela, Komisiji bi se trebala dodijeliti ovlast za donošenje s regulatornih tehničkih standarda, koje je razvila ESMA, u vezi s: usporedivim informacijama o odnosnim izloženostima i redovitim izvješćima ulagatelja; popisom zakonitih svrha za koje su sekuritizacije dopuštene; postupcima koji omogućuju sekuritizacijskim repozitorijima provjeru potpunosti i dosljednosti pojedinosti koje im se prijavljuju, zahtjeva za registraciju i pojednostavljenog zahtjeva za proširenje registracije; pojedinostima o sekuritizaciji koje treba pružiti iz razloga transparentnosti, operativnih standarda potrebnih radi prikupljanja agregiranja i usporedbe podataka među sekuritizacijskim repozitorijima, informacija kojima određeni subjekti imaju pristup i uvjetima za izravan pristup; informacijama koje se pružaju u slučaju STS obavijesti; informacijama koje se trebaju dostaviti nadležnim tijelima u zahtjevu za odobrenje treće strane za provjeru; te informacijama koje se trebaju razmjenjivati te sadržajem i opsegom obveza izvješćivanja.
The EBA should consult closely with the other two ESAs.
Komisija bi trebala donijeti taj nacrt regulatornih tehničkih standarda u obliku delegiranog akta u skladu s člankom 290.
In order to facilitate investors continuous, easy and free access to reliable information on securitisations, as well as to specify the terms of the cooperation and exchange of information obligation of competent authorities, the Commission should be empowered to adopt regulatory technical standards developed by ESMA with regard to: comparable information on underlying exposures and regular investor reports; the list of legitimate purposes under which resecuritisations are permitted; the procedures enabling securitisation repositories to verify the completeness and consistency of the details reported, the application for registration and simplified application for an extension of registration; the details of the securitisation to be provided for transparency reasons, the operational standards required for the collection, aggregation and comparison of data across securitisation repositories, the information to which designated entities have access and the terms and conditions for direct access; the information to be provided in the case of STS notification; the information to be provided to the competent authorities in the application for the authorisation of a third-party verifier; and the information to be exchanged and the content and scope of the notification obligations.
TFEU-a te u skladu s člancima od 10. do 14.
The Commission should adopt those regulatory technical standards by means of delegated acts pursuant to Article 290 TFEU and in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Uredbe (EU) br. 1095/2010.
The Commission should adopt those implementing technical standards by means of implementing acts pursuant to Article 291 TFEU and in accordance with Article 15 of Regulation (EU) No 1095/2010.
Komisija bi trebala donijeti taj nacrt regulatornih tehničkih standarda u obliku delegiranog akta u skladu s člankom 291.
Since the objectives of this Regulation, namely laying down a general framework for securitisation and creating a specific framework for STS securitisation, cannot be sufficiently achieved by the Member States given that securitisation markets operate globally and that a level playing field in the internal market for all institutional investors and entities involved in securitisation should be ensured but can rather, by reason of their scale and effects, be better achieved at Union level, the Union may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union.
TFEU-a te u skladu s člankom 15.
In accordance with the principle of proportionality, as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve those objectives.
Uredbe (EU) br. 1095/2010.
This Regulation should apply to securitisations the securities of which are issued on or after 1 January 2019.
S obzirom na to da ciljeve ove Uredbe, odnosno utvrđivanje općeg okvira za sekuritizaciju i uspostavi specifičnog okvira za STS sekuritizaciju, ne mogu dostatno ostvariti države članice s obzirom na to da sekuritizacijska tržišta djeluju na globalnoj razini i da je potrebno osigurati ravnopravne uvjete na unutarnjem tržištu za sve institucionalne ulagatelje i subjekte uključene u sekuritizaciju, nego se zbog njihova opsega i učinaka oni na bolji način mogu ostvariti na razini Unije, Unija može donijeti mjere u skladu s načelom supsidijarnosti utvrđenim u članku 5.
For securitisation positions outstanding as of 1 January 2019, originators, sponsors and SSPEs should be able to use the designation ‘STS’ provided that the securitisation complies with the STS requirements, for certain requirements at the time of notification and for other requirements at the time of origination.
Ugovora o Europskoj uniji.
Therefore, originators, sponsors and SSPEs should be able to submit an STS notification to ESMA pursuant to this Regulation.
U skladu s načelom proporcionalnosti utvrđenim u tom članku, ova Uredba ne prelazi ono što je potrebno za ostvarivanje tih ciljeva.
Any subsequent modification to the securitisation should be accepted provided that the securitisation continues to meet all of the applicable STS requirements.
Ova bi se Uredba trebala primjenjivati na sekuritizacije čiji su vrijednosni papiri izdani na dan ili nakon 1. siječnja 2019.
The due-diligence requirements that are applied in accordance with existing Union law before the date of application of this Regulation should continue to apply to securitisations issued on or after 1 January 2011, and to securitisations issued before 1 January 2011 where new underlying exposures have been added or substituted after 31 December 2014.
Za sekuritizacijske pozicije koje su neotplaćene na dan 1. siječnja 2019., inicijatori, sponzori i SSPN-i bi trebali moći upotrijebiti oznaku STS pod uvjetom da je sekuritizacija u skladu sa STS zahtjevima, za određene zahtjeve u razdoblju obavještavanja, a za druge u razdoblju iniciranja.
The relevant provisions of Commission Delegated Regulation (EU) No 625/2014 [19] that specify the risk-retention requirements for credit institutions and investments firms within the meaning of Regulation (EU) No 575/2013 of the European Parliament and of the Council [20] should remain applicable until the moment that the regulatory technical standards on risk retention pursuant to this Regulation apply.
Stoga bi inicijatori, sponzori i SSPN-i trebali biti u mogućnosti ESMA-i podnijeti STS obavijest u skladu s ovom Uredbom.
For reasons of legal certainty, credit institutions or investment firms, insurance undertakings, reinsurance undertakings and alternative investment fund managers should, for securitisation positions outstanding as of the date of application of this Regulation, continue to be subject to Article 405 of Regulation (EU) No 575/2013 and to Chapters I, II and III and Article 22 of Delegated Regulation (EU) No 625/2014, Articles 254 and 255 of Delegated Regulation (EU) 2015/35 and Article 51 of Commission Delegated Regulation (EU) No 231/2013 [21] respectively.
Sve naknadne izmjene sekuritizacije trebale bi se prihvatiti pod uvjetom da sekuritizacija i dalje ispunjava sve primjenjive STS zahtjeve.
In order to ensure that originators, sponsors and SSPEs comply with their transparency obligations, until the regulatory technical standards to be adopted by the Commission pursuant to this Regulation apply, the information referred to in Annexes I to VIII of Commission Delegated Regulation (EU) 2015/3 [22] should be made publicly available,HAVE ADOPTED THIS REGULATION:
Zahtjeve u vezi s dubinskom analizom koji se primjenjuju u skladu s postojećim zakonodavstvom Unije prije datuma početka primjene ove Uredbe trebalo bi nastaviti primjenjivati na sekuritizacije izdane 1. siječnja 2011. ili nakon tog datuma i na sekuritizacije izdane prije 1. siječnja 2011. ako su nakon 31. prosinca 2014. dodane ili zamijenjene nove odnosne izloženosti.
CHAPTER 1
Odgovarajuće odredbe Delegirane uredbe Komisije (EU) br. 625/2014 [19] kojima se preciziraju zahtjevi za zadržavanje rizika za kreditne institucije i investicijska u smislu Uredbe (EU) br. 575/2013 Europskog parlamenta i Vijeća [20] trebali bi ostati primjenjivi do trenutka početka primjene regulatornih tehničkih standarda o zadržavanju rizika na temelju ove Uredbe.
GENERAL PROVISIONS
Radi pravne sigurnosti kreditne institucije ili investicijska društva, društva za osiguranje, društva za reosiguranje i upravitelji alternativnih investicijskih fondova trebali bi, za neotplaćene sekuritizacijske pozicije od datuma početka primjene ove Uredbe i dalje podlijegati članku 405.
Article 1
Uredbe (EU) br. 575/2013 i poglavljima I., II. i III. te članku 22.
Subject matter and scope
Delegirane uredbe Komisije (EU) br. 625/2014, člancima 254. i 255.
This Regulation lays down a general framework for securitisation.
Delegirane uredbe (EU) 2015/35 odnosno članku 51.
It defines securitisation and establishes due-diligence, risk-retention and transparency requirements for parties involved in securitisations, criteria for credit granting, requirements for selling securitisations to retail clients, a ban on re-securitisation, requirements for SSPEs as well as conditions and procedures for securitisation repositories.
Delegirane uredbe Komisije (EU) br. 231/2013 [21].
It also creates a specific framework for simple, transparent and standardised (‘STS’) securitisation.
Kako bi se osiguralo da se inicijatori, sponzori i SSPN-i pridržavaju svojih obveza u pogledu transparentnosti, do početka primjene regulatornih tehničkih standarda koje Komisija donosi na temelju ove Uredbe, informacije iz priloga od I. do VIII.
This Regulation applies to institutional investors and to originators, sponsors, original lenders and securitisation special purpose entities.
Delegirane uredbe (EU) 2015/3/ [22] trebale bi biti javno dostupne,DONIJELI SU OVU UREDBU:
Article 2
POGLAVLJE 1.
Definitions
OPĆE ODREDBE
‘securitisation’ means a transaction or scheme, whereby the credit risk associated with an exposure or a pool of exposures is tranched, having all of the following characteristics:
Predmet i područje primjene
payments in the transaction or scheme are dependent upon the performance of the exposure or of the pool of exposures;
Ovom se Uredbom utvrđuje opći okvir za sekuritizaciju.
the subordination of tranches determines the distribution of losses during the ongoing life of the transaction or scheme;
Definira se sekuritizacija i utvrđuju zahtjevi za dubinsku analizu, zadržavanje rizika i transparentnost za stranke uključene u sekuritizacije, kriteriji za odobravanje kredita, zahtjevi za prodaju sekuritizacija malim ulagateljima, zabrana resekuritizacije, zahtjev za SSPN-e kao i uvjeti i postupci za sekuritizacijske repozitorije.
the transaction or scheme does not create exposures which possess all of the characteristics listed in Article 147(8) of Regulation (EU) No 575/2013.
Utvrđuje se i okvir za jednostavnu, transparentnu i standardiziranu („STS”) sekuritizaciju.
‘securitisation special purpose entity’ or ‘SSPE’ means a corporation, trust or other entity, other than an originator or sponsor, established for the purpose of carrying out one or more securitisations, the activities of which are limited to those appropriate to accomplishing that objective, the structure of which is intended to isolate the obligations of the SSPE from those of the originator;
Ova se Uredba primjenjuje na institucionalne ulagatelje te na inicijatore, sponzore, izvorne zajmodavce i sekuritizacijske subjekte posebne namjene.
‘originator’ means an entity which:
Članak 2.
itself or through related entities, directly or indirectly, was involved in the original agreement which created the obligations or potential obligations of the debtor or potential debtor giving rise to the exposures being securitised; or
Definicije
purchases a third party’s exposures on its own account and then securitises them;
Za potrebe ove Uredbe, primjenjuju se sljedeće definicije:
‘resecuritisation’ means securitisation where at least one of the underlying exposures is a securitisation position;
„sekuritizacija” znači transakcija ili shema u kojoj se kreditni rizik povezan s izloženošću ili skupom izloženosti tranšira te ima sve sljedeće karakteristike:
‘sponsor’ means a credit institution, whether located in the Union or not, as defined in point (1) of Article 4(1) of Regulation (EU) No 575/2013, or an investment firm as defined in point (1) of Article 4(1) of Directive 2014/65/EU other than an originator, that:
plaćanja u transakciji ili shemi ovise o uspješnosti izloženosti ili skupa izloženosti;
establishes and manages an asset-backed commercial paper programme or other securitisation that purchases exposures from third-party entities, or
podređenost tranši određuje razdiobu gubitaka tijekom trajanja transakcije ili sheme;
establishes an asset-backed commercial paper programme or other securitisation that purchases exposures from third-party entities and delegates the day-to-day active portfolio management involved in that securitisation to an entity authorised to perform such activity in accordance with Directive 2009/65/EC, Directive 2011/61/EU or Directive 2014/65/EU;
transakcija ili shema ne stvara izloženosti koje imaju sve karakteristike navedene u članku 147. stavku 8.
‘tranche’ means a contractually established segment of the credit risk associated with an exposure or a pool of exposures, where a position in the segment entails a risk of credit loss greater than or less than a position of the same amount in another segment, without taking account of credit protection provided by third parties directly to the holders of positions in the segment or in other segments;
Uredbe (EU) br. 575/2013;
‘asset-backed commercial paper programme’ or ‘ABCP programme’ means a programme of securitisations the securities issued by which predominantly take the form of asset-backed commercial paper with an original maturity of one year or less;
„sekuritizacijski subjekt posebne namjene” ili „SSPN” znači trgovačko društvo, zaklada ili drugi subjekt, osim inicijatora ili sponzora, osnovan radi provođenja jedne sekuritizacije ili više njih, čije su djelatnosti ograničene na djelatnosti koje su prikladne za postizanje tog cilja, čija je struktura namijenjena izdvajanju obveza SSPN-a od obveza inicijatora;
‘asset-backed commercial paper transaction’ or ‘ABCP transaction’ means a securitisation within an ABCP programme;
„inicijator” znači sljedeće:
‘traditional securitisation’ means a securitisation involving the transfer of the economic interest in the exposures being securitised through the transfer of ownership of those exposures from the originator to an SSPE or through sub-participation by an SSPE, where the securities issued do not represent payment obligations of the originator;
subjekt koji je sam ili preko povezanih subjekata izravno ili neizravno sudjelovao u izvornom ugovoru na temelju kojeg su nastale obveze ili potencijalne obveze dužnika ili potencijalnog dužnika, zbog kojih nastaju izloženosti koje se sekuritiziraju; ili
‘synthetic securitisation’ means a securitisation where the transfer of risk is achieved by the use of credit derivatives or guarantees, and the exposures being securitised remain exposures of the originator;
subjekt koji kupuje izloženosti treće strane za svoj račun, a zatim ih sekuritizira;
‘investor’ means a natural or legal person holding a securitisation position;
„resekuritizacija” znači sekuritizacija u kojoj je barem jedna od odnosnih izloženosti sekuritizacijska pozicija;
‘institutional investor’ means an investor which is one of the following:
„sponzor” znači kreditna institucija, bilo da ima poslovni nastan u Uniji ili da nema, kako je definirana u članku 4. stavku 1. točki 1.
an insurance undertaking as defined in point (1) of Article 13 of Directive 2009/138/EC;
Uredbe (EU) br. 575/2013, ili investicijsko društvo, kako je definirano u članku 4. stavku 1. točki 1.
a reinsurance undertaking as defined in point (4) of Article 13 of Directive 2009/138/EC;
Direktive 2014/65/EU, osim inicijatora, koje:
an institution for occupational retirement provision falling within the scope of Directive (EU) 2016/2341 of the European Parliament and of the Council [23] in accordance with Article 2 thereof, unless a Member States has chosen not to apply that Directive in whole or in parts to that institution in accordance with Article 5 of that Directive; or an investment manager or an authorised entity appointed by an institution for occupational retirement provision pursuant to Article 32 of Directive (EU) 2016/2341;
uspostavlja i upravlja programom komercijalnih zapisa osiguranih imovinom ili nekom drugom sekuritizacijom koja otkupljuje izloženosti od subjekata trećih strana; ili
an alternative investment fund manager (AIFM) as defined in point (b) of Article 4(1) of Directive 2011/61/EU that manages and/or markets alternative investment funds in the Union;
uspostavlja program komercijalnih zapisa osiguranih imovinom ili neku drugu sekuritizaciju koja otkupljuje izloženosti od subjekata trećih strana i delegira svakodnevno aktivno upravljanje portfeljem koji je uključen u tu sekuritizaciju subjektu koji je ovlašten za obavljanje takve aktivnosti u skladu s Direktivom 2009/65/EZ, Direktivom 2011/61/EU ili Direktivom 2014/65/EU;
an undertaking for the collective investment in transferable securities (UCITS) management company, as defined in point (b) of Article 2(1) of Directive 2009/65/EC;
„tranša” znači ugovorno utvrđen segment kreditnog rizika povezanog s izloženosti ili skupom izloženosti, pri čemu pozicija u segmentu uključuje rizik gubitka po kreditu koji je veći ili manji od pozicije istog iznosa u drugom segmentu, pri čemu se ne uzima u obzir kreditna zaštita koju treće strane izravno pružaju imateljima pozicija u tom segmentu ili u drugim segmentima;
an internally managed UCITS, which is an investment company authorised in accordance with Directive 2009/65/EC and which has not designated a management company authorised under that Directive for its management;
„program komercijalnih zapisa osiguranih imovinom” ili „program ABCP” znači program sekuritizacije u kojem se izdaju vrijednosni papiri uglavnom u obliku komercijalnih zapisa osiguranih imovinom s izvornim rokom dospijeća od najviše godinu dana;
a credit institution as defined in point (1) of Article 4(1) of Regulation (EU) No 575/2013 for the purposes of that Regulation or an investment firm as defined in point (2) of Article 4(1) of that Regulation;
„transakcija komercijalnim zapisima osiguranima imovinom” ili „transakcija ABCP” znači sekuritizacija u okviru programa ABCP;
‘servicer’ means an entity that manages a pool of purchased receivables or the underlying credit exposures on a day-to-day basis;
„tradicionalna sekuritizacija” znači sekuritizacija kojom se obuhvaća prijenos ekonomskih udjela u izloženosti koje se sekuritiziraju prijenosom vlasništva nad tim izloženostima s inicijatora na SSPN ili podsudjelovanjem SSPN-a ako izdani vrijednosni papiri ne predstavljaju obvezu plaćanja inicijatora;
‘liquidity facility’ means the securitisation position arising from a contractual agreement to provide funding to ensure timeliness of cash flows to investors;
„sintetska sekuritizacija” znači sekuritizacija u kojoj se prijenos rizika postiže uporabom kreditnih izvedenica ili jamstava, a izloženosti koje se sekuritiziraju ostaju izloženosti inicijatora;
‘revolving exposure’ means an exposure whereby borrowers’ outstanding balances are permitted to fluctuate based on their decisions to borrow and repay, up to an agreed limit;
„ulagatelj” znači fizička ili pravna osoba koja drži sekuritizacijsku poziciju;
‘revolving securitisation’ means a securitisation where the securitisation structure itself revolves by exposures being added to or removed from the pool of exposures irrespective of whether the exposures revolve or not;
„institucionalni ulagatelj” znači ulagatelj koji je jedno od sljedećeg:
‘early amortisation provision’ means a contractual clause in a securitisation of revolving exposures or a revolving securitisation which requires, on the occurrence of defined events, investors’ securitisation positions to be redeemed before the originally stated maturity of those positions;
društvo za osiguranje kako je definirano u članku 13. točki 1.
‘first loss tranche’ means the most subordinated tranche in a securitisation that is the first tranche to bear losses incurred on the securitised exposures and thereby provides protection to the second loss and, where relevant, higher ranking tranches.
Direktive 2009/138/EZ;
‘securitisation position’ means an exposure to a securitisation;
društvo za reosiguranje kako je definirano u članku 13. točki 4.
‘original lender’ means an entity which, itself or through related entities, directly or indirectly, concluded the original agreement which created the obligations or potential obligations of the debtor or potential debtor giving rise to the exposures being securitised;
Direktive 2009/138/EZ;
‘fully- supported ABCP programme’ means an ABCP programme that its sponsor directly and fully supports by providing to the SSPE(s) one or more liquidity facilities covering at least all of the following:
institucija za strukovno mirovinsko osiguranje obuhvaćena područjem primjene Direktive (EU) 2016/2341 Europskog parlamenta i Vijeća [23] u skladu s njezinim člankom 2., osim ako je država članica odlučila da neće primjenjivati navedenu direktivu u cijelosti ili djelomično na tu instituciju u skladu s člankom 5. te direktive; ili upravitelj ulaganjima ili subjekt koji ima odobrenje za rad kojeg je imenovala institucija za strukovno mirovinsko osiguranje u skladu s člankom 32.
all liquidity and credit risks of the ABCP programme;
Direktive (EU) 2016/2341;
any material dilution risks of the exposures being securitised;
upravitelj alternativnih investicijskih fondova (UAIF) kako je definiran u članku 4. stavku 1. točki (b) Direktive 2011/61/EU koji upravlja i/ili trguje alternativnim investicijskim fondovima u Uniji;
any other ABCP transaction-level and ABCP programme-level costs if necessary to guarantee to the investor the full payment of any amount under the ABCP;
društvo za upravljanje subjektom za zajednička ulaganja u prenosive vrijednosne papire (UCITS), kako je definirano u članku 2. stavku 1. točki (b) Direktive 2009/65/EZ;
‘fully supported ABCP transaction’ means an ABCP transaction supported by a liquidity facility, at transaction level or at ABCP programme level, that covers at least all of the following:
UCITS s internim upravljanjem, koji je društvo za investicije ovlašteno u skladu s Direktivom 2009/65/EZ i koji nije odredio društvo za upravljanje koje u skladu s navedenom Direktivom ima odobrenje za upravljanje njime;
all liquidity and credit risks of the ABCP transaction;
kreditna institucija kako je definirana u članku 4. stavku 1. točki 1.