natgillin/translations-raw huggingface dataset:
It is therefore necessary to specify a methodology to determine whether there is a liquid market for the package order as a whole, including where one or more of the components of a package order are not considered as having a liquid market, or are large in scale compared to normal market size.
Transakcije paketima naloga koji se sastoje od kamatnih ugovora o razmjeni većinom su koncentrirane na pakete naloga čiji elementi imaju određene referentne rokove dospijeća.
However, package orders where none of the components have a liquid market, where all components are large in scale compared to normal market size, or which are a combination of components that do not have a liquid market and components that are large in scale compared to normal market size, are not considered as standardised or frequently traded and therefore should be determined as not having a liquid market for the package order as a whole.
Stoga je primjereno smatrati da su samo ti paketi naloga likvidni u cjelini.
For package orders consisting of interest rate swaps, most transactions are concentrated in package orders where the components have certain benchmark tenors.
Kako bi se uzele u obzir značajke različitih kamatnih ugovora o razmjeni, važno je razlikovati ugovore koji počinju odmah nakon izvršenja trgovine od ugovora koji počinju od unaprijed određenog datuma u budućnosti.
It is therefore appropriate to consider only those package orders as being liquid as a whole.
Rok dospijeća ugovora trebalo bi izračunati na temelju datuma na koji obveze u okviru ugovora stupaju na snagu, odnosno na datum stupanja na snagu.
To reflect the characteristics of the different interest rate swaps, it is important to differentiate contracts starting immediately after the execution of the trade from contracts starting at a predetermined date in the future.
Međutim, kako bi se uzela u obzir likvidnosna struktura tih ugovora i kako bi se izbjeglo zaobilaženje pravila, te rokove dospijeća ne bi trebalo tumačiti suviše strogo, nego kao ciljane intervale oko referentnog roka dospijeća.
The tenor of a contract should be calculated based on the date at which the obligations under the contract come into effect, that is, on the effective date.
Mnogi sudionici na tržištu trguju paketima naloga koji sadržavaju dva ugovora s različitim datumima isteka.
However, to take into account the liquidity pattern of those contracts as well as to avoid circumvention, those tenors should not be interpreted too strictly, but rather as targeted intervals around a benchmark tenor.
Konkretno, obnovljivi terminski ugovori (roll forwards) visoko su standardizirani i njima se često trguje.
Many market participants trade package orders consisting of two contracts with a different expiry date.
Ti paketi naloga upotrebljavaju se kao zamjena za poziciju u ugovoru koji je najbliži isteku pozicijom u ugovoru koji istječe na sljedeći datum dospijeća, zahvaljujući čemu sudionici na tržištu mogu zadržati poziciju ulaganja nakon prvotnog isteka ugovora.
In particular, roll forwards are highly standardised and frequently traded.
Stoga je primjereno smatrati da za te pakete naloga u cjelini postoji likvidno tržište.
Those package orders are used to replace a position in a contract that is nearest to expiry with a position in a contract expiring at the next maturity date, thereby allowing market participants to maintain an investment position beyond the initial expiration of a contract.
Radi dosljednosti i kako bi se osiguralo nesmetano funkcioniranje financijskih tržišta, potrebno je da se odredbe ove Uredbe i odredbe utvrđene u Uredbi (EU) br. 600/2014 primjenjuju od istog datuma.
It is therefore appropriate to consider that there is a liquid market for those package orders as a whole.
Ova se Uredba temelji na nacrtu regulatornih tehničkih standarda koji je Europsko nadzorno tijelo za vrijednosne papire i tržišta kapitala (ESMA) dostavilo Komisiji.
For reasons of consistency and in order to ensure the smooth functioning of the financial markets, it is necessary that this Regulation and the provisions laid down in Regulation (EU) No 600/2014 apply from the same date.
ESMA je provela otvorena javna savjetovanja o nacrtu regulatornih tehničkih standarda na kojem se temelji ova Uredba, analizirala je moguće povezane troškove i koristi te zatražila mišljenje Interesne skupine za vrijednosne papire i tržišta kapitala osnovane člankom 37.
This Regulation is based on the draft regulatory technical standards submitted by the European Securities and Markets Authority (ESMA) to the Commission.
Uredbe (EU) br. 1095/2010 Europskog parlamenta i Vijeća [2],
ESMA has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the opinion of the Securities and Markets Stakeholder Group established by Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council [2],
DONIJELA JE OVU UREDBU:
Article 1
Paketi naloga u cjelini za koje postoji likvidno tržište
Package orders for which there is a liquid market as a whole
Za paket naloga u cjelini postoji likvidno tržište ako je ispunjen jedan od sljedećih uvjeta:
There shall be a liquid market for a package order as a whole where either of the following conditions is satisfied:
paket naloga sastoji se od najviše četiri elementa koji pripadaju vrstama izvedenica za koje je određeno da podliježu obvezi trgovanja za izvedenice u skladu s postupkom opisanim u članku 32.
the package order consists of no more than four components that belong to classes of derivative that have been declared subject to the trading obligation for derivatives in accordance with the procedure described in Article 32 of Regulation (EU) No 600/2014, unless one of the following applies:
Uredbe (EU) br. 600/2014 osim ako se primjenjuje jedno od sljedećeg:
the components of the package order do not exclusively belong to one of the asset classes as referred to Annex III to Commission Delegated Regulation (EU) 2017/583 [3];
elementi paketa naloga ne pripadaju isključivo jednom od razreda imovine iz Priloga III.
the package order meets all of the following conditions:
Delegiranoj uredbi Komisije (EU) 2017/583 [3];
all components of the package order are available for trading on the same trading venue;
paket naloga ispunjava sve sljedeće uvjete:
all components of the package order are subject to the clearing obligation in accordance with Article 5 of Regulation (EU) No 648/2012 of the European Parliament and of the Council [4] or the clearing obligation in accordance with Article 29(1) of Regulation (EU) No 600/2014;
i. svi elementi paketa naloga dostupni su za trgovanje na mjestu trgovanja;
at least one of the components of the package order has a liquid market or is not large in scale compared to normal market size;
svi elementi paketa naloga podliježu obvezi poravnanja u skladu s člankom 5.
the package order meets the criteria applicable to the relevant asset class and laid down in Articles 2, 3, 4 or 5.
Uredbe (EU) br. 648/2012 Europskog parlamenta i Vijeća [4] ili obvezi poravnanja u skladu s člankom 29. stavkom 1.
Article 2
Uredbe (EU) br. 600/2014;
Asset-class specific criteria for package orders consisting exclusively of interest rate derivatives
barem jedan element paketa naloga ima likvidno tržište ili ne prelazi uobičajenu veličinu tržišta;
The asset-class specific criteria referred to in Article 1(b)(iv) for package orders consisting exclusively of interest rates derivatives as referred to in Section 5 of Annex III to Delegated Regulation (EU) 2017/583 shall be the following:
paket naloga ispunjava kriterije koji se primjenjuju na relevantni razred imovine i koji su utvrđeni u člancima 2., 3., 4. ili 5.
the package order has no more than three components;
Članak 2.
all components of the package order belong to the same sub-asset class as referred to in in Section 5 of Annex III to Delegated Regulation (EU) 2017/583;
Kriteriji povezani s razredom imovine za pakete naloga koji se sastoje isključivo od kamatnih izvedenica
all components of the package order are denominated in the same notional currency of either EUR, USD or GBP;
Kriteriji povezani s razredom imovine iz članka 1. točke (b) podtočke iv. za pakete naloga koji se sastoje isključivo od kamatnih izvedenica kako je navedeno u odjeljku 5.
where the package order consists of interest rate swaps, the components of that package order have a tenor of 2, 3, 4, 5, 6, 7, 8, 9, 10, 12, 15, 20 or 30 years;
Priloga III.
where the package order consists of interest rate future components, those components are either of the following:
Delegiranoj uredbi (EU) 2017/583 jesu sljedeći:
contracts with a maturity not exceeding 6 months for interest rate futures based on 3 months interest rate;
paket naloga ima najviše tri elementa;
contracts with the expiration date closest to the current date for interest rate futures based on 2, 5 and 10 year interest rates;
svi elementi paketa naloga pripadaju istom podrazredu imovine kako je navedeno u odjeljku 5.
where the package order consists of bond futures, the package order replaces a position in a contract that is nearest to expiry with a position in a contract with the same underlying expiring at the next maturity date.
Priloga III.
For the purpose of point (d), a component of a package order shall be deemed to have a tenor of 2, 3, 4, 5, 6, 7, 8, 9, 10, 12, 15, 20 or 30 years where the period of time between the effective date of the contract and the termination date of the contract equals one of the time periods mentioned in point (d), plus or minus 5 days.
Delegiranoj uredbi (EU) 2017/583;
Article 3
svi elementi paketa naloga denominirani su u istoj valuti zamišljenog iznosa u EUR, USD ili GBP;
Asset-class specific criteria for package orders consisting exclusively of equity derivatives
ako se paket naloga sastoji od kamatnih ugovora o razmjeni, elementi tog paketa naloga imaju rok dospijeća od 2, 3, 4, 5, 6, 7, 8, 9, 10, 12, 15, 20 ili 30 godina;
The asset-class specific criteria referred to in Article 1(b)(iv) for package orders consisting exclusively of equity derivatives, as referred to in Section 6 of Annex III to Delegated Regulation (EU) 2017/583, shall be the following:
ako se paket naloga sastoji od elemenata budućnosnica koje se odnose na kamatne stope, ti su elementi su jedno od sljedećeg:
the package order has no more than two components;
i. ugovori s dospijećem koje ne prelazi 6 mjeseci za budućnosnice koje se odnose na kamatne stope na temelju tromjesečne kamatne stope;
all components of the package order belong to the same sub-asset class as referred to in Section 6 of Annex III to Delegated Regulation (EU) 2017/583;
ugovori s datumom isteka koji je najbliži trenutačnom datumu za budućnosnice koje se odnose na kamatne stope na temelju dvogodišnjih, petogodišnjih i desetogodišnjih kamatnih stopa;
all components of the package order have the same underlying index;
ako se paket naloga sastoji od budućnosnica koje se odnose na obveznice, paketom naloga zamjenjuje se pozicija u ugovoru koji je najbliži isteku pozicijom u ugovoru s istim odnosnim istekom na sljedeći datum dospijeća.
the expiry date of all components of the package order does not exceed 6 months;
Za potrebe točke (d) smatra se da element paketa naloga ima rok dospijeća od 2, 3, 4, 5, 6, 7, 8, 9, 10, 12, 15, 20 ili 30 godina ako je razdoblje između datuma stupanja na snagu ugovora i datuma prekida ugovora jednako jednom od razdoblja koja se navode u točki (d), plus ili minus pet dana.
where the package order contains options, all options have the same expiry date.
Članak 3.
Article 4
Kriteriji povezani s razredom imovine za pakete naloga koji se sastoje isključivo od vlasničkih izvedenica
Asset-class specific criteria for package orders consisting exclusively of credit derivatives
Kriteriji povezani s razredom imovine iz članka 1. točke (b) podtočke iv. za pakete naloga koji se sastoje isključivo od vlasničkih izvedenica kako je navedeno u odjeljku 6.
The asset-class specific criteria referred to in Article 1(b)(iv) for package orders consisting exclusively of credit derivatives as referred to in in Section 9 of Annex III to Delegated Regulation (EU) 2017/583 shall be the following:
Priloga III.
all components of the package order are index credit default swaps as referred to in Section 9 of Annex III to Delegated Regulation (EU) 2017/583;
Delegiranoj uredbi (EU) 2017/583 jesu sljedeći:
all components of the package order are denominated in the same notional currency of either EUR or USD;
paket naloga ima najviše dva elementa;
all components of the package order have a tenor of 5 years;
svi elementi paketa naloga pripadaju istom podrazredu imovine kako je navedeno u odjeljku 6.
the package order replaces a position in a next-to-recent version of an index series (latest off-the-run) with a position in the most recent version (on-the-run).
Priloga III.
Article 5
Delegiranoj uredbi (EU) 2017/583;
Asset-class specific criteria for package orders consisting exclusively of commodity derivatives
svi elementi paketa naloga imaju isti odnosni indeks;
The asset-class specific criteria referred to in Article 1(b)(iv) for package orders consisting exclusively of commodity derivative as referred to in Section 7 of Annex III to Delegated Regulation (EU) 2017/583 shall be the following:
datum isteka svih elemenata paketa naloga ne premašuje 6 mjeseci;
all components of the package order are commodity derivative futures as referred to in Section 7 of Annex III to Delegated Regulation (EU) 2017/583;
ako paket sadržava opcije, sve opcije imaju isti datum isteka.
all components of the package order have the same underlying commodity defined at the most granular level as specified in Table 2 of the Annex to Commission Delegated Regulation (EU) 2017/585 [5];
Članak 4.
the package order replaces a position in a contract that is nearest to expiry with a position in a contract expiring at the next maturity date.
Kriteriji povezani s razredom imovine za pakete naloga koji se sastoje isključivo od kreditnih izvedenica
Article 6
Kriteriji povezani s razredom imovine iz članka 1. točke (b) podtočke iv. za pakete naloga koji se sastoje isključivo od kreditnih izvedenica kako je navedeno u odjeljku 9.
Entry into force and application
Priloga III.
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
Delegiranoj uredbi (EU) 2017/583 jesu sljedeći:
It shall apply from 3 January 2018.
svi su elementi paketa naloga indeksni ugovori o razmjeni na osnovi nastanka statusa neispunjavanja obveza kako je navedeno u odjeljku 9.
Done at Brussels, 14 August 2017.
Delegiranoj uredbi (EU) 2017/583;
For the Commission
svi elementi paketa naloga denominirani su u istoj valuti zamišljenog iznosa u EUR ili USD;
The President
svi elementi paketa naloga imaju rok dospijeća od pet godina;
OJ L 173, 12.6.2014, p. 84.
paketom naloga zamjenjuje se pozicija u verziji serije indeksa koja je najbliža najnovijoj (posljednji off-the-run) pozicijom u najnovijoj verziji (on-the-run).
Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84).
Članak 5.
Commission Delegated Regulation (EU) 2017/583 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and derivatives (OJ L 87, 31.3.2017, p. 229).
Kriteriji povezani s razredom imovine za pakete naloga koji se sastoje isključivo od robnih izvedenica
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 (OJ L 201, 27.7.2012, p. 1).
Kriteriji povezani s razredom imovine iz članka 1. točke (b) podtočke iv. za pakete naloga koji se sastoje isključivo od robnih izvedenica kako je navedeno u odjeljku 7.
Commission Delegated Regulation (EU) 2017/585 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the data standards and formats for financial instrument reference data and technical measures in relation to arrangements to be made by the European Securities and Markets Authority and competent authorities (OJ L 87, 31.3.2017, p. 368).
Priloga III.
While it is possible to trade package orders with many different components, liquidity is concentrated in packages consisting exclusively of components from the same asset class, such as interest rate derivatives, equityderivatives, credit derivatives or commodity derivatives.
Delegiranoj uredbi (EU) 2017/583 jesu sljedeći:
Having regard to Regulation (EC) No 714/2009 of the European Parliament and of the Council of 13 July 2009 on conditions for access to the network for cross-border exchanges in electricity and repealing Regulation (EC) No 1228/2003 [1] and in particular Articles 18(3)(b), 18(3)(d) and 18(5) thereof,
uzimajući u obzir Uredbu (EZ) br. 714/2009 Europskog parlamenta i Vijeća od 13. srpnja 2009. o uvjetima za pristup mreži za prekograničnu razmjenu električne energije i stavljanju izvan snage Uredbe (EZ) br. 1228/2003 [1], a posebno članak 18. stavak 3. točke (b) i (d) te članak 18. stavak 5.,
Regulation (EC) No 714/2009 sets out non-discriminatory rules on conditions for access to the network for cross-border exchanges in electricity and, in particular, rules on capacity allocation for interconnections and transmission systems affecting cross-border electricity flows.
Uredbom (EZ) br. 714/2009 utvrđena su pravila za uvjete pristupa mreži za prekograničnu razmjenu električne energije koja nisu diskriminirajuća i, posebno, pravila za dodjelu kapaciteta za interkonekcije i prijenosne sustave koji utječu na prekogranične tokove električne energije.
Commission Regulation (EU) 2017/1485 [2] sets out harmonised rules on system operation applicable to transmission system operators (‘TSOs’), regional security coordinators, distribution system operators (‘DSOs’) and significant grid users.
Uredbom Komisije (EU) 2017/1485 [2] utvrđuju se usklađena pravila o pogonu sustava primjenjiva na operatore prijenosnih sustava (OPS-ovi), regionalne koordinatore sigurnosti, operatore distribucijskih sustava (ODS-ovi) i značajne korisnike mreže.
Such assignment should be limited to tasks and obligations executed at national level (such as imbalance settlement).
Ta bi dodjela trebala biti ograničena na dužnosti i obveze koje se izvršavaju na nacionalnoj razini (poput obračuna odstupanja).
In accordance with Article 8 of Regulation (EC) No 713/2009 of the European Parliament and of the Council [4], the Agency for the Cooperation of Energy Regulators (‘the Agency’) should take a decision where the relevant regulatory authorities are not able to reach an agreement on common terms and conditions or methodologies.
U skladu s člankom 8.
This Regulation has been developed in close cooperation with the Agency, the ENTSO for Electricity (‘ENTSO-E’) and stakeholders, in order to adopt effective, balanced and proportionate rules in a transparent and participative manner.
Uredbe (EZ) br. 713/2009 Europskog parlamenta i Vijeća [4] Agencija za suradnju energetskih regulatora („Agencija”) trebala bi donijeti odluku ako mjerodavna regulatorna tijela ne mogu postići dogovor o zajedničkim uvjetima ili metodologijama.
In accordance with Article 18(3) of Regulation (EC) No 714/2009, the Commission will consult the Agency, ENTSO-E and other relevant stakeholders before proposing any amendment to this Regulation.
Ova je Uredba pripremljena u uskoj suradnji s Agencijom, ENTSO-om za električnu energiju (ENTSO-E) i dionicima u cilju transparentnog i participativnog donošenja djelotvornih, uravnoteženih i razmjernih pravila.
HAS ADOPTED THIS REGULATION:
Uredbe (EZ) 714/2009, prije predlaganja bilo kakve izmjene ove Uredbe Komisija će se savjetovati s Agencijom, ENTSO-E-om i drugim relevantnim dionicima.
TITLE I
Mjere predviđene ovom Uredbom u skladu su s mišljenjem Odbora iz članka 23. stavka 1.
Subject matter and scope
GLAVA I.
This Regulation lays down a detailed guideline on electricity balancing including the establishment of common principles for the procurement and the settlement of frequency containment reserves, frequency restoration reserves and replacement reserves and a common methodology for the activation of frequency restoration reserves and replacement reserves.
OPĆE ODREDBE
This Regulation shall apply to transmission system operators (‘TSOs’), distribution system operators (‘DSOs’) including closed distribution systems, regulatory authorities, the Agency for the Cooperation of Energy Regulators (‘the Agency’), the European Network of Transmission System Operators for Electricity (‘ENTSO-E’), third parties to whom responsibilities have been delegated or assigned and other market participants.
Članak 1.
This Regulation shall apply to all transmission systems and interconnections in the Union except the transmission systems on islands that are not connected with other transmission systems via interconnections.
Predmet i područje primjene
Where more than one TSO exists in a Member State, this Regulation shall apply to all TSOs in a Member State.
Ovom se Uredbom utvrđuju detaljne smjernice za uravnoteženje električne energije, uključujući uspostavljanje zajedničkih načela za nabavu i obračun rezervi za održavanje frekvencije, rezervi za ponovnu uspostavu frekvencije i zamjenskih rezervi te zajedničke metodologije za aktivaciju rezervi za ponovnu uspostavu frekvencije i zamjenskih rezervi.
Where a TSO does not have a function relevant to one or more obligations under this Regulation, Member States may provide that the responsibility to comply with those obligations is assigned to one or more specific TSOs.
Ova se Uredba primjenjuje na operatore prijenosnog sustava (OPS-ovi), operatore distribucijskog sustava (ODS-ovi) i zatvorenog distribucijskog sustava, regulatorna tijela, Agenciju za suradnju energetskih regulatora (dalje u tekstu: Agencija), Europsku mrežu operatora prijenosnih sustava za električnu energiju (ENTSO-E), treće strane s delegiranim ili dodijeljenim ovlastima i druge sudionike na tržištu.
Where a load-frequency control (‘LFC’) area consists of two or more TSOs, all TSOs of that LFC area may decide, subject to the approval by the relevant regulatory authorities, to exercise one or more obligations under this Regulation in a coordinated manner for all scheduling areas of the LFC area.
Ova se Uredba primjenjuje na sve prijenosne sustave i interkonekcije u Uniji, osim na otočne prijenosne sustave koji s drugim prijenosnim sustavima nisu povezani interkonekcijama.
The European platforms for the exchange of standard products for balancing energy may be opened to TSOs operating in Switzerland on the condition that its national law implements the main provisions of Union electricity market legislation and that there is an intergovernmental agreement on electricity cooperation between the Union and Switzerland, or if the exclusion of Switzerland may lead to unscheduled physical power flows via Switzerland endangering the system security of the region.
Ako u državi članici postoji više OPS-ova, ova se Uredba primjenjuje na sve OPS-ove u državi članici.
Subject to the conditions of paragraph 6, the participation of Switzerland in the European platforms for the exchange of standard products for balancing energy shall be decided by the Commission based on an opinion given by the Agency and all TSOs in accordance with the procedures set out in paragraph 3 of Article 4.
Ako neki OPS nema funkciju relevantnu za neku od obveza na temelju ove Uredbe, države članice mogu propisati mogućnost da se odgovornost za ispunjavanje tih obveza prenese na jednog ili više specifičnih OPS-ova.