natgillin/translations-raw huggingface dataset:
Upon notification to the competent authority, institutions should be allowed to use the SEC-ERBA in respect of all rated securitisations they hold when they cannot use the SEC-IRBA.
U okviru pristupa SEC-ERBA, sekuritizacijskim tranšama trebali bi se dodijeliti kapitalni zahtjevi na temelju njihova eksternog rejtinga.
Agency and model risks are more prevalent for securitisations than for other financial assets and give rise to some degree of uncertainty in the calculation of capital requirements for securitisations even after all appropriate risk drivers have been taken into account.
Institucije bi, međutim, trebale uvijek primjenjivati SEC-ERBA-u kao alternativni pristup ako SEC-IRBA nije primjenjiv za tranše s niskim rejtingom i za neke tranše sa srednjim rejtingom STS sekuritizacija koje su utvrđene odgovarajućim parametrima.
In order to capture those risks adequately, Regulation (EU) No 575/2013 should be amended to provide for a minimum 15 % risk-weight floor for all securitisation positions.
Za sekuritizacije koje nisu obuhvaćene kategorijom STS, primjenu pristupa SEC-SA nakon SEC-IRBA-a trebalo bi dodatno ograničiti.
Resecuritisations, however, exhibit greater complexity and riskiness and, accordingly, only certain forms of resecuritisations are permitted under Regulation (EU) 2017/2402.
Nadalje, nadležna tijela trebala bi moći zabraniti primjenu pristupa SEC-SA ako njime nije moguće na odgovarajući način otkloniti rizike koje sekuritizacija predstavlja za mogućnost sanacije institucije ili financijsku stabilnost.
In addition, positions in resecuritisations should be subject to a more conservative regulatory capital calculation and a 100 % risk-weight floor.
Institucijama bi trebalo dozvoliti da, nakon obavijesti nadležnom tijelu, primjenjuju pristup SEC-ERBA u pogledu svih svojih sekuritizacija s rejtingom ako ne mogu primijeniti pristup SEC-IRBA.
An institution should not be required to apply a higher risk weight to a senior position than that which would apply if it held the underlying exposures directly, thus reflecting the benefit of credit enhancement that senior positions receive from junior tranches in the securitisation structure.
Rizici agencije i modela češći su kod sekuritizacija nego kod druge financijske imovine i uzrokuju određenu razinu nesigurnosti u izračunu kapitalnih zahtjeva za sekuritizacije, čak i nakon što se u obzir uzmu svi odgovarajući činitelji rizika.
Regulation (EU) No 575/2013 should therefore provide for a ‘look-through’ approach according to which a senior securitisation position should be assigned a maximum risk weight equal to the exposure-weighted-average risk weight applicable to the underlying exposures, and such approach should be available irrespective of whether the relevant position is rated or unrated and the approach used for the underlying pool (Standardised Approach or IRB Approach), subject to certain conditions.
Kako bi se ti rizici primjereno obuhvatili, Uredbu (EU) br.
An overall cap in terms of maximum risk-weighted exposure amounts is available under the current framework for institutions that can calculate the capital requirements for the underlying exposures in accordance with the IRB Approach as if those exposures had not been securitised (KIRB).
575/2013 trebalo bi izmijeniti da bi se za sve sekuritizacijske pozicije utvrdila donja granica pondera rizika od najmanje 15 %.
Insofar as the securitisation process reduces the risk attached to the underlying exposures, this cap should be available to all originator and sponsor institutions, regardless of the approach they use for the calculation of regulatory capital requirements for the positions in the securitisation.
Resekuritizacije, međutim, podrazumijevaju veću složenost i rizičnost te su u skladu s tim u okviru [Uredbe (EU) 2017/2402 dopušteni samo određeni oblici resekuritizacije.
As pointed out by the European Supervisory Authority (European Banking Authority) (‘EBA’), established by Regulation (EU) No 1093/2010 of the European Parliament and of the Council [6], in its report on qualifying securitisation of July 2015, empirical evidence on defaults and losses shows that STS securitisations exhibited better performance than other securitisations during the financial crisis, reflecting the use of simple and transparent structures and robust execution practices in STS securitisation which deliver lower credit, operational and agency risks.
Osim toga, na pozicije u resekuritizacijama trebao bi se primjenjivati konzervativniji izračun kapitalnih zahtjeva i donja granica pondera rizika od 100 %.
It is therefore appropriate to amend Regulation (EU) No 575/2013 to provide for an appropriately risk-sensitive calibration for STS securitisations, provided that they also meet additional requirements to minimise risk, in the manner recommended by the EBA in that report which involves, in particular, a lower risk-weight floor of 10 % for senior positions.
Od institucije se ne bi smjelo zahtijevati da primjenjuje viši ponder rizika na nadređenu poziciju od onoga koji bi se primjenjivao da odnosne izloženosti drže izravno, čime se odražava korist od kreditnog poboljšanja koju podređene tranše donose nadređenim pozicijama u sekuritizacijskoj strukturi.
Lower capital requirements applicable to STS securitisations should be limited to securitisations where the ownership of the underlying exposures is transferred to a securitisation special purpose entity or SSPE (‘traditional securitisations’).
Stoga bi se Uredbom (EU) br.
However, institutions retaining senior positions in synthetic securitisations backed by an underlying pool of loans to small and medium-size enterprises (‘SMEs’) should also be allowed to apply to these positions the lower capital requirements available for STS securitisations where such transactions are regarded as of high quality in accordance with certain strict criteria, including on the eligible investors.
575/2013 trebao omogućiti pristup odnosnih izloženosti na temelju kojeg bi se nadređenoj sekuritizacijskoj poziciji trebao dodijeliti maksimalni ponder rizika koji je jednak prosječnom ponderu rizika ponderiranom izloženošću primjenjivom na odnosne izloženosti, a takav pristup trebao bi biti na raspolaganju bez obzira na to ima li relevantna pozicija svoj rejting ili ne i bez obzira na pristup koji se primjenjuje na odnosni skup (standardizirani pristup ili pristup IRB), podložno određenim uvjetima.
In particular, such subset of synthetic securitisations should benefit from the guarantee or counterguarantee either by the central government or central bank of a Member State or a promotional entity, or by an institutional investor provided that the guarantee or counterguarantee provided by the latter is fully collateralised by cash on deposit with the originator institutions.
U trenutačnom je okviru ukupna gornja granica u smislu iznosa izloženosti ponderiranih rizikom na raspolaganju institucijama koje mogu izračunati kapitalne zahtjeve za odnosne izloženosti u skladu s pristupom IRB kao da te izloženosti nisu bile sekuritizirane (KIRB).
The preferential regulatory capital treatment for STS securitisations that would be available to those transactions under Regulation (EU) No 575/2013 is without prejudice to compliance with the Union State aid framework, as set out in Directive 2014/59/EU of the European Parliament and of the Council [7].
U mjeri u kojoj se sekuritizacijskim postupkom smanjuje rizik povezan s odnosnim izloženostima, ta bi gornja granica trebala biti na raspolaganju svim institucijama inicijatorima i sponzorima, bez obzira na pristup koji primjenjuju za izračun regulatornih kapitalnih zahtjeva za pozicije u sekuritizaciji.
In order to harmonise supervisory practices throughout the Union, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union (TFEU) should be delegated to the Commission, having taken account of the report by the EBA, in respect of further specifying the conditions for the transfer of credit risk to third parties, the notion of commensurate transfer of credit risk to third parties and the requirements for competent authorities assessment of transfer of credit risk, both with regard to traditional and synthetic securitisations.
Kao što je europsko nadzorno tijelo (Europsko nadzorno tijelo za bankarstvo) („EBA”) osnovano Uredbom (EU) br.
In particular, to ensure equal participation in the preparation of delegated acts, the European Parliament and the Council receive all documents at the same time as Member States’ experts, and their experts systematically have access to meetings of Commission expert groups dealing with the preparation of delegated acts.
Stoga je Uredbu (EU) br.
Technical standards in financial services should ensure adequate protection of investors and consumers across the Union.
575/2013 primjereno izmijeniti kako bi se omogućila kalibracija za STS sekuritizacije koja je primjereno osjetljiva na rizik, pod uvjetom da one ispunjavaju i dodatne zahtjeve za umanjivanje rizika, na način koji je EBA preporučila u tom izvješću, što osobito uključuje nižu donju granicu pondera rizika od 10 % za nadređene pozicije.
As a body with highly specialised expertise, it would be efficient and appropriate to entrust the EBA with the elaboration of draft regulatory technical standards which do not involve policy choices, for submission to the Commission.
Niže kapitalne zahtjeve koji se primjenjuju na STS sekuritizacije trebalo bi ograničiti na sekuritizacije u kojima se vlasništvo nad odnosnim izloženostima prenosi na sekuritizacijski subjekt posebne namjene odnosno „SSPN” („tradicionalne sekuritizacije”).
The Commission should be empowered to adopt regulatory technical standards developed by the EBA, with regard to what constitutes an appropriately conservative method for measuring the amount of the undrawn portion of the cash advance facilities in the context of calculating the exposure value of a securitisation and with regard to further specifying the conditions to allow institutions to calculate KIRB for the pool of underlying exposures of a securitisation like in the case of purchased receivables.
Međutim, institucije koje zadržavaju nadređene pozicije u sintetskim sekuritizacijama osigurane odnosnim skupom kredita malim i srednjim poduzećima („MSP”) trebale bi također imati mogućnost na te pozicije primjenjivati niže kapitalne zahtjeve koji su na raspolaganju za STS sekuritizacije ako se smatra da su te transakcije visoke kvalitete u skladu s određenim strogim kriterijima, među ostalim i za prihvatljive ulagatelje.
The Commission should adopt those draft 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.
Osobito bi takva podgrupa sintetskih sekuritizacija trebala ostvarivati korist od jamstva ili protujamstva središnje vlasti ili središnje banke države članice ili razvojnog subjekta, ili institucionalnog ulagatelja pod uvjetom da su jamstvo ili protujamstvo koje su pružili potonji potpuno osigurani gotovinskim pologom kod institucija inicijatora.
Only consequential changes should be made to the remaining regulatory capital requirements for securitisations laid down in Regulation (EU) No 575/2013 insofar as necessary to reflect the new hierarchy of approaches and the specific provisions for STS securitisations.
Povlaštenim tretmanom regulatornog kapitala za STS sekuritizacije koji bi bio na raspolaganju za te transakcije na temelju Uredbe (EU) br.
In particular, the provisions related to the recognition of significant risk transfer and the requirements on external credit assessments should continue to apply in broadly the same terms as they do currently.
575/2013 ne dovodi se u pitanje usklađenost s okvirom Unije za državne potpore, kako je određen u Direktivi 2014/59/EU Europskog parlamenta i Vijeća [7].
However, Part Five of Regulation (EU) No 575/2013 should be deleted in its entirety with the exception of the requirement to hold additional risk weights which should be imposed on institutions found in breach of the provisions in Chapter 2 of Regulation (EU) 2017/2402.
Kako bi se harmonizirala nadzorna praksa širom Unije, Komisiji bi trebalo delegirati ovlast za donošenje akata u skladu s člankom 290.
It is appropriate for the amendments to Regulation (EU) No 575/2013 provided for in this Regulation to apply to all securitisation positions held by an institution.
Ugovora o funkcioniranju Europske unije (UFEU), uzimajući u obzir izvješće EBA-e, u vezi s detaljnijim utvrđivanjem uvjeta za prijenos kreditnog rizika na treće strane, pojma razmjernog prijenosa kreditnog rizika na treće strane te zahtjeva u pogledu procjene sekuritizacijskih transakcija koju provode nadležna tijela, u vezi s tradicionalnim i sintetskim sekuritizacijama.
However, in order to mitigate transitional costs insofar as possible and to allow for a smooth migration to the new framework, institutions should continue to apply, until 31 December 2019, the previous framework, namely the relevant provisions of Regulation (EU) No 575/2013 that applied prior to the date of application of this Regulation, to all outstanding securitisation positions that they hold on the date of application of this Regulation,
Tehničkim standardima u pogledu financijskih usluga trebalo bi osigurati primjerenu zaštitu ulagateljâ i potrošačâ u Uniji.
HAVE ADOPTED THIS REGULATION:
Bilo bi učinkovito i primjereno EBA-i, kao tijelu s visoko specijaliziranim stručnim znanjem, povjeriti izradu nacrta regulatornih tehničkih standarda koji ne uključuju donošenje političkih odluka, kao i njihovu dostavu Komisiji.
Article 1
Komisija bi trebala biti ovlaštena donijeti regulatorne tehničke standarde koje izradi EBA u pogledu toga što sačinjava primjereno konzervativne metode za mjerenje iznosa neiskorištenog dijela gotovinskih predujmova u kontekstu izračunavanja vrijednosti izloženosti sekuritizacije te u pogledu detaljnijeg utvrđivanja uvjeta za dopuštanje institucijama da izračunaju vrijednost KIRB za skup odnosnih izloženosti sekuritizacije kao u slučaju otkupljenih potraživanja.
Amendment of Regulation (EU) No 575/2013
Komisija bi trebala donijeti te nacrte regulatornih tehničkih standarda putem delegiranih akata na temelju članka 290.
Regulation (EU) No 575/2013 is amended as follows:
UFEU-a i u skladu s člancima od 10. do 14.
Article 4(1) is amended as follows:
Uredbe (EU) br.
points (13) and (14) are replaced by the following:
1093/2010.
“originator” means an originator as defined in point (3) of Article 2 of Regulation (EU) 2017/2402;
U ostatak regulatornih kapitalnih zahtjeva za sekuritizacije utvrđenih u Uredbi (EU) br.
“sponsor” means a sponsor as defined in point (5) of Article 2 of Regulation (EU) 2017/2402;
575/2013 trebalo bi unijeti samo posljedične izmjene, u mjeri u kojoj je to potrebno kako bi se u obzir uzela nova hijerarhija pristupâ i posebne odredbe za STS sekuritizacije.
the following point is inserted:
Osobito bi se trebale i dalje primjenjivati odredbe povezane s priznavanjem prijenosa značajnog rizika i zahtjevima za vanjske kreditne procjene, u osnovi pod istim uvjetima kao i dosad.
“original lender” means an original lender as defined in point (20) of Article 2 of Regulation (EU) 2017/2402’;
Međutim, peti dio Uredbe (EU) br.
points (61), (62) and (63) are replaced by the following:
575/2013 trebalo bi u cijelosti izbrisati, uz izuzetak zahtjeva za držanje dodatnih pondera rizika koji bi se trebali nametnuti institucijama za koje se ustanovi da su prekršile odredbe poglavlja 2.
“securitisation” means a securitisation as defined in point (1) of Article 2 of Regulation (EU) 2017/2402;
Uredbe (EU) 2017/2402 .
“securitisation position” means a securitisation position as defined in point (19) of Article 2 of Regulation (EU) 2017/2402;
Primjereno je da se izmjene Uredbe (EU) br.
“resecuritisation” means a resecuritisation as defined in point (4) of Article 2 of Regulation (EU) 2017/2402;’;
575/2013 predviđene u ovoj Uredbi primjenjuju na sve sekuritizacijske pozicije koje neka institucija drži.
points (66) and (67) are replaced by the following:
Međutim, kako bi se što je više moguće smanjili prijelazni troškovi te kako bi se omogućio nesmetan prijelaz na novi okvir, institucije bi trebale do 31. prosinca 2019. nastaviti primjenjivati prethodni okvir, odnosno relevantne odredbe Uredbe (EU) br.
“securitisation special purpose entity” or “SSPE” means a securitisation special purpose entity or SSPE as defined in point (2) of Article 2 of Regulation (EU) 2017/2402;
575/2013 koje su se primjenjivale prije datuma početka primjene ove Uredbe, na sve neotplaćene sekuritizacijske pozicije koje drže na dan početka primjene ove Uredbe,
“tranche” means a tranche as defined in point (6) of Article 2 of Regulation (EU) 2017/2402;’;
DONIJELI SU OVU UREDBU:
the following point is added:
Članak 1.
“servicer” means a servicer as defined in point (13) of Article 2 of Regulation (EU) 2017/2402.’.
Izmjena Uredbe (EU) br.
In point (k) of Article 36(1), point (ii) is replaced by the following:
575/2013
securitisation positions, in accordance with point (b) of Article 244(1), point (b) of Article 245(1) and Article 253;’.
Uredba (EU) br.
Article 109 is replaced by the following:
575/2013 mijenja se kako slijedi:
‘Article 109
1.
Treatment of securitisation positions
Članak 4. stavak 1. mijenja se kako slijedi:
Institutions shall calculate the risk-weighted exposure amount for a position they hold in a securitisation in accordance with Chapter 5.’.
Točke 13. i 14. zamjenjuju se sljedećim:
In Article 134, paragraph 6 is replaced by the following:
‚inicijator’ znači inicijator kako je definiran u članku 2. točki 3.
Where an institution provides credit protection for a number of exposures subject to the condition that the nth default among the exposures shall trigger payment and that this credit event shall terminate the contract, the risk weights of the exposures included in the basket will be aggregated, excluding n-1 exposures, up to a maximum of 1250 % and multiplied by the nominal amount of the protection provided by the credit derivative to obtain the risk-weighted exposure amount.
Uredbe (EU) 2017/2402;
The n-1 exposures to be excluded from the aggregation shall be determined on the basis that they shall include those exposures each of which produces a lower risk-weighted exposure amount than the risk-weighted exposure amount of any of the exposures included in the aggregation.’.
‚sponzor’ znači sponzor kako je definiran u članku 2. točki 5.
In Article 142(1), point (8) is deleted.
Uredbe (EU) 2017/2402;
In Article 153, paragraphs 7 and 8 are replaced by the following:
umeće se sljedeća točka:
For purchased corporate receivables, refundable purchase price discounts, collaterals or partial guarantees that provide first loss protection for default losses, dilution losses, or both, may be treated as a first loss protection by the purchaser of the receivables or by the beneficiary of the collateral or of the partial guarantee in accordance with Subsections 2 and 3 of Section 3 of Chapter 5.
‚izvorni zajmodavac’ znači izvorni zajmodavac kako je definiran u članku 2. točki 20.
The seller providing the refundable purchase price discount and the provider of a collateral or a partial guarantee shall treat those as an exposure to a first loss position in accordance with Subsections 2 and 3 of Section 3 of Chapter 5.
Uredbe (EU) 2017/2402”;
Where an institution provides credit protection for a number of exposures subject to the condition that the nth default among the exposures shall trigger payment and that this credit event shall terminate the contract, the risk weights of the exposures included in the basket will be aggregated, excluding n-1 exposures, where the sum of the expected loss amount multiplied by 12,5 and the risk-weighted exposure amount shall not exceed the nominal amount of the protection provided by the credit derivative multiplied by 12,5.
Točke 61., 62. i 63. zamjenjuju se sljedećim:
The n-1 exposures to be excluded from the aggregation shall be determined on the basis that they shall include those exposures each of which produces a lower risk-weighted exposure amount than the risk-weighted exposure amount of any of the exposures included in the aggregation.
‚sekuritizacija’ znači sekuritizacija kako je definirana u članku 2. točki 1.
A 1250 % risk weight shall apply to positions in a basket for which an institution cannot determine the risk-weight under the IRB Approach.’.
Uredbe (EU) 2017/2402;
In Article 154, paragraph 6 is replaced by the following:
‚sekuritizacijska pozicija’ znači sekuritizacijska pozicija kako je definirana u članku 2. točki 19.
For purchased retail receivables, refundable purchase price discounts, collaterals or partial guarantees that provide first loss protection for default losses, dilution losses, or both, may be treated as a first loss protection by the purchaser of the receivables or by the beneficiary of the collateral or of the partial guarantee in accordance with Subsections 2 and 3 of Section 3 of Chapter 5.
Uredbe (EU) 2017/2402;
The seller providing the refundable purchase price discount and the provider of a collateral or a partial guarantee shall treat those as an exposure to a first loss position in accordance with Subsections 2 and 3 of Section 3 of Chapter 5.’.
‚resekuritizacija’ znači resekuritizacija kako je definirana u članku 2. točki 4.
In Article 197(1), point (h) is replaced by the following:
Uredbe (EU) 2017/2402;”;
securitisation positions that are not resecuritisation positions and which are subject to a 100 % risk weight or lower in accordance with Article 261 to Article 264;’.
Točke 66. i 67. zamjenjuju se sljedećim:
Chapter 5 of Title II, Part Three is replaced by the following:
‚sekuritizacijski subjekt posebne namjene’ ili ‚SSPN’ znači sekuritizacijski subjekt posebne namjene ili SSPN kako je definiran u članku 2. točki 2.
‘CHAPTER 5
Uredbe (EU) 2017/2402;
Securitisation
‚tranša’ znači tranša kako je definirana u članku 2. točki 6.
Section 1
Uredbe (EU) 2017/2402;”;
Definitions and criteria for simple, transparent and standardised securitisations
Dodaje se sljedeća točka:
Article 242
‚serviser’ znači serviser kako je definiran u članku 2. točki 13.
Definitions
Uredbe (EU) 2017/2402”.
For the purposes of this Chapter, the following definitions apply:
U članku 36. stavku 1. točki (k) podtočka ii. zamjenjuje se sljedećim:
“clean-up call option” means a contractual option that entitles the originator to call the securitisation positions before all of the securitised exposures have been repaid, either by repurchasing the underlying exposures remaining in the pool in the case of traditional securitisations or by terminating the credit protection in the case of synthetic securitisations, in both cases when the amount of outstanding underlying exposures falls to or below certain pre-specified level;
sekuritizacijske pozicije u skladu s člankom 244. stavkom 1. točkom (b), člankom 245. stavkom 1. točkom (b) i člankom 253.;”.
“credit-enhancing interest-only strip” means an on-balance sheet asset that represents a valuation of cash flows related to future margin income and is a subordinated tranche in the securitisation;
3. članak 109. zamjenjuje se sljedećim:
“liquidity facility” means a liquidity facility as defined in point (14) of Article 2 of Regulation (EU) 2017/2402;
„Članak 109.
“unrated position” means a securitisation position which does not have an eligible credit assessment in accordance with Section 4;
Tretman sekuritizacijskih pozicija
“rated position” means a securitisation position which has an eligible credit assessment in accordance with Section 4;
Institucije izračunavaju iznos izloženosti ponderiran rizikom za poziciju koju drže u sekuritizaciji u skladu s poglavljem 5.”.
“senior securitisation position” means a position backed or secured by a first claim on the whole of the underlying exposures, disregarding for these purposes amounts due under interest rate or currency derivative contracts, fees or other similar payments, and irrespective of any difference in maturity with one or more other senior tranches with which that position shares losses on a pro-rata basis;
U članku 134. stavak 6. zamjenjuje se sljedećim: