natgillin/translations-raw huggingface dataset:
To avoid circumvention of the requirement in Regulation (EU) 2017/1131 that the managers of MMFs only invest in instruments that have received a favourable credit quality assessment, managers of MMF should clearly establish, as part of the credit quality methodology, the criteria for a favourable assessment of instruments eligible for MMF investment, before carrying out the actual credit quality assessment.
Osim toga, trebalo bi se osigurati da su makroekonomski i mikroekonomski čimbenici koje upravitelji novčanih fondova uzimaju u obzir pri procjeni kreditne kvalitete relevantni za određivanje kreditne kvalitete izdavatelja ili instrumenta prihvatljivog za ulaganje.
The methodology and criteria used for credit quality assessments should be consistent, except where there is an objective reason for diverging from the methodology or the criteria.
Kako bi se osiguralo da su instrumenti u koje upravitelji novčanih fondova namjeravaju ulagati dovoljno kvalitetni, upravitelji novčanih fondova trebali bi provoditi procjenu kreditne kvalitete svaki put kad namjeravaju ulagati.
The criteria and the methodology should be developed for recurrent use, not solely for a particular case at a specific moment in time.
Kako bi se izbjeglo zaobilaženje zahtjeva iz Uredbe (EU) 2017/1131 u skladu s kojim upravitelji novčanih fondova ulažu jedino u instrumente koji su dobili pozitivnu ocjenu kreditne kvalitete, upravitelji novčanih fondova trebali bi, prije provedbe same procjene kreditne kvalitete, u okviru metodologije za kreditnu kvalitetu jasno utvrditi kriterije za pozitivnu ocjenu instrumenata prihvatljivih za ulaganje novčanih fondova.
The consistent use of the criteria and of the methodology should make it easier to monitor the credit quality assessment.
Metodologija i kriteriji koji se upotrebljavaju za procjene kreditne kvalitete trebali bi se dosljedno primjenjivati osim ako postoji objektivan razlog za odstupanje od njih.
To ensure the correct quantification of the credit risk of the issuer, and the relative risk of default of the issuer and of the instrument, as required under Article 20(2)(a) of Regulation (EU) 2017/1131, managers of MMFs should use the relevant quantitative criteria that are available on the market.
Trebali bi se utvrditi kriteriji i metodologija za višekratnu upotrebu, ne samo za pojedinačni slučaj u određenom trenutku.
However, they should not be prevented from using additional factors, if relevant.
Dosljednom primjenom kriterija i metodologije trebalo bi se olakšati praćenje procjene kreditne kvalitete.
The credit quality assessment of the issuer is one of the most important assessments to carry out, as it provides the first layer of guarantee of the quality of assets.
Kako bi se osigurala ispravna kvantifikacija kreditnog rizika izdavatelja i relativnog rizika neispunjavanja obveza izdavatelja i instrumenta, kako se zahtijeva člankom 20. stavkom 2. točkom (a) Uredbe (EU) 2017/1131, upravitelji novčanih fondova trebali bi primjenjivati relevantne kvantitativne kriterije koji su dostupni na tržištu.
Insofar as is possible, managers of MMFs should therefore take into account all factors that are relevant for assessing qualitative and quantitative credit risk criteria for an issuer of an instrument.
Međutim, trebali bi moći primjenjivati i dodatne čimbenike ako su oni relevantni.
In exceptional circumstances, in particular under stressed market conditions, managers of MMFs should be able to take investment decisions that override the result of a credit quality assessment if such investment decisions are in the interests of investors, provided those decisions are justified and properly documented.
Procjena kreditne kvalitete izdavatelja jedna je od najvažnijih procjena koja se treba provesti jer se njome osigurava prva razina jamstva kvalitete imovine.
As the quality of instruments may vary over time, the credit quality assessment should not be a once-off assessment, rather it should be carried out continually.
Stoga bi upravitelji novčanih fondova u mjeri u kojoj je to moguće trebali uzimati u obzir sve čimbenike koji su relevantni za procjenu kvalitativnih i kvantitativnih kriterija kreditnog rizika za izdavatelja instrumenta.
In addition, it should be revised, in particular, when there is a material change, as referred to in Article 19(4)(d) of Regulation (EU) 2017/1131, in the macroeconomic or microeconomic environment that could have an impact on the existing credit quality assessment of the instrument.
U iznimnim okolnostima, posebno u uvjetima tržišnog stresa, upravitelji novčanih fondova trebali bi moći donijeti odluke o ulaganju kojima se odstupa od rezultata procjene kreditne kvalitete ako su takve odluke o ulaganju u interesu ulagatelja i pod uvjetom da su obrazložene i pravilno dokumentirane.
Managers of MMFs should not mechanistically over-rely on external credit ratings.
Budući da kvaliteta instrumenata može varirati tijekom vremena, procjena kreditne kvalitete ne bi trebala biti jednokratna, već bi se trebala provoditi kontinuirano.
The downgrading by a credit rating agency of the credit rating or rating outlook given to an issuer or an the instrument should therefore only be considered a material change if it has been assessed and put in the balance with other criteria.
Nadalje, procjene bi se trebale revidirati, posebno u slučaju bitne promjene, kako se navodi u članku 19. stavku 4. točki (d) Uredbe (EU) 2017/1131, makroekonomskog ili mikroekonomskog okruženja koja bi mogla utjecati na postojeću procjenu kreditne kvalitete instrumenta.
For this reason, managers should still be required to carry out their own assessment even where such downgrading takes place.
Upravitelji novčanih fondova ne bi se trebali automatski pretjerano oslanjati na vanjski kreditni rejting.
The collateral provided as part of reverse repurchase agreements should be of high quality and not display a high correlation with the performance of the counterparty.
Stoga bi se činjenica da je agencija za kreditni rejting smanjila kreditni rejting ili izglede povezane s rejtingom koje je dodijelila izdavatelju ili instrumentu trebala smatrati bitnom promjenom samo ako se procijeni i stavi u odnos s drugim kriterijima.
Its credit quality assessment should therefore be favourable.
Zbog toga bi upravitelji novčanih fondova i dalje trebali biti obvezni provesti vlastitu procjenu čak i ako je došlo do navedenog smanjenja.
As there is no reason to differentiate between the assessments managers of MMFs carry out when investing directly in eligible assets and the assessment they carry out when they receive an asset as collateral, the credit quality assessment should be based on the same criteria in both cases.
Kolateral u okviru obratnih repo ugovora trebao bi biti visoke kvalitete i ne biti u visokoj korelaciji s ispunjavanjem obveza druge ugovorne strane.
Regulation (EU) 2017/1131 contains three empowerments for the Commission to specify and amend certain provisions laid down in that Regulation.
Stoga bi procjena njegove kreditne kvalitete trebala biti pozitivna.
Those empowerments have the same aim of ensuring that MMFs are invested in appropriate eligible assets.
Budući da nema razloga za razlikovanje procjena koje upravitelji novčanih fondova provode kad ulažu izravno u prihvatljivu imovinu i procjena koje provode kad primaju imovinu kao kolateral, u oba bi se slučaja procjena kreditne kvalitete trebala temeljiti na istim kriterijima.
To ensure the coherence and consistency of those requirements and to give the people subject to them an overview and a single point of access to them, those requirements should be put in a single regulation.
Uredba (EU) 2017/1131 sadržava tri ovlaštenja u skladu s kojima Komisija može pobliže odrediti ili izmijeniti određene odredbe utvrđene u toj uredbi.
The date of application of this delegated Regulation should be aligned with the date of application of Regulation (EU) 2017/1131 to ensure that all rules and requirements apply to MMFs from the same date.
Cilj je tih ovlaštenja isti: osigurati da se novčani fondovi ulažu u odgovarajuću prihvatljivu imovinu.
The date of application of the amending provision cross-referring to the criteria for STS securitisations and ABCPS should be the same as the date of application of Regulation (EU) 2017/2402,
Kako bi se osigurala usklađenost i dosljednost tih zahtjeva i osobama na koje se ti zahtjevi primjenjuju dao njihov pregled na jednom mjestu, ti bi se zahtjevi trebali uvrstiti u jednu uredbu.
HAS ADOPTED THIS REGULATION:
Datum primjene ove Delegirane uredbe trebao bi biti usklađen s datumom primjene Uredbe (EU) 2017/1131 kako bi se osiguralo da se sva pravila i zahtjevi primjenjuju na novčane fondove od istog datuma.
CHAPTER 1
Datum primjene odredbe o izmjeni u kojoj se upućuje na kriterije za STS sekuritizacije i ABCP-ove trebao bi biti jednak datumu primjene Uredbe (EU) 2017/2402,
CRITERIA FOR ESTABLISHING A SIMPLE, TRANSPARENT AND STANDARDISED (STS) SECURITISATION OR ASSET-BACKED COMMERCIAL PAPER (ABCP)
DONIJELA JE OVU UREDBU:
(Article 15(7) of Regulation (EU) 2017/1131)
POGLAVLJE 1.
Article 1
KRITERIJI ZA UTVRĐIVANJE JEDNOSTAVNE, TRANSPARENTNE I STANDARDIZIRANE (STS) SEKURITIZACIJE ILI JEDNOSTAVNOG, TRANSPARENTNOG I STANDARDIZIRANOG KOMERCIJALNOG ZAPISA OSIGURANOG IMOVINOM (ABCP)
Amendment to Regulation (EU) 2017/1131
(članak 15. stavak 7.
In Article 11(1) of Regulation (EU) 2017/1131, point (c) is replaced by the following:
Uredbe (EU) 2017/1131)
a simple, transparent and standardised (STS) securitisation, as determined in accordance with the criteria and conditions laid down in Articles 20, 21 and 22 of Regulation (EU) 2017/2402 of the European Parliament and of the Council, or an STS ABCP, as determined in accordance with the criteria and conditions laid down in Articles 24, 25 and 26 of that Regulation.
Članak 1.
CHAPTER 2
Izmjena Uredbe (EU) 2017/1131
QUANTITATIVE AND QUALITATIVE CREDIT QUALITY REQUIREMENTS FOR ASSETS RECEIVED AS PART OF REVERSE REPURCHASE AGREEMENTS
U članku 11. stavku 1.
Article 2
Uredbe (EU) 2017/1131 točka (c) zamjenjuje se sljedećim:
Quantitative and qualitative liquidity requirements for the assets referred to in Article 15(6) of Regulation (EU) 2017/1131
jednostavna, transparentna i standardizirana (STS) sekuritizacija, kako je utvrđena u skladu s kriterijima i uvjetima iz članaka 20., 21. i 22.
Reverse repurchase agreements as referred to in Article 15(6) of Regulation (EU) 2017/1131 shall meet established market standards and their terms and conditions shall enable managers of MMFs to fully enforce their rights in case of default of the counterparty to such agreements, or their early termination and give managers of MMFs the unrestricted right to sell any assets received as collateral,
Uredbe (EU) 2017/2402 Europskog parlamenta i Vijeća, ili STS ABCP, kako je utvrđen u skladu s kriterijima i uvjetima iz članaka 24., 25. i 26. te uredbe.
The assets referred to in Article 15(6) of Regulation (EU) 2017/1131 shall be subject to a haircut, that is equal to the volatility adjustment figures referred to in tables 1 and 2 of Article 224(1) of Regulation (EU) No 575/2013 for a given residual maturity, in respect of a 5-day liquidation period and the highest assessment in terms of credit quality step.
POGLAVLJE 2.
Where necessary, managers of MMFs shall apply an additional haircut to the one referred to in paragraph 2.
KVANTITATIVNI I KVALITATIVNI ZAHTJEVI ZA KREDITNU KVALITETU ZA IMOVINU PRIMLJENU U OKVIRU OBRATNIH REPO UGOVORA
To assess whether such an additional haircut is necessary, they shall take into account all of the following factors:
Članak 2.
the credit quality assessment of the counterparty to the reverse repurchase agreement;
Kvantitativni i kvalitativni zahtjevi za likvidnost za imovinu iz članka 15. stavka 6.
the margin period of risk, as defined in Article 272(9) of Regulation (EU) No 575/2013;
Uredbe (EU) 2017/1131
the credit quality assessment of the issuer or of the asset that is used as collateral;
Obratni repo ugovori kako su navedeni u članku 15. stavku 6.
the remaining maturity of the assets used as collateral;
Uredbe (EU) 2017/1131 zadovoljavaju utvrđene tržišne standarde i njihovi uvjeti omogućuju upraviteljima novčanih fondova da u potpunosti ostvare svoja prava u slučaju neispunjavanja obveza druge ugovorne strane u takvim ugovorima ili u slučaju njihova prijevremenog raskida te daju upraviteljima novčanih fondova neograničeno pravo na prodaju sve imovine koju su primili kao kolateral.
the volatility of the price of the assets used as collateral.
Imovina iz članka 15. stavka 6.
For the purpose of paragraph 3, managers of MMFs shall put in place a clear haircut policy adapted to each asset, referred to in Article 15(6) of Regulation (EU) 2017/1131, received as collateral.
Uredbe (EU) 2017/1131 podliježe primjeni korektivnog faktora koji je jednak korektivnim faktorima iz članka 224. stavka 1. tablica 1. i 2.
That policy shall be documented and shall substantiate each decision to apply a specific haircut to the value of an asset.
Uredbe (EU) br. 575/2013 za predmetni preostali rok do dospijeća, u odnosu na petodnevno razdoblje likvidacije i najveću procjenu u smislu stupnja kreditne kvalitete.
Managers of MMFs shall regularly revise the haircut referred to in paragraph 2, taking into account changes in the residual maturity of the assets used as collateral.
Upravitelji novčanih fondova prema potrebi primjenjuju dodatni korektivni faktor uz onaj iz stavka 2.
They shall also revise the additional haircut referred to in paragraph 3, whenever the factors referred to in that paragraph change.
Kako bi procijenili je li takav dodatni korektivni faktor potreban, uzimaju u obzir sve sljedeće čimbenike:
Paragraphs 1 to 5 shall not apply if the counterparty to the reverse repurchase agreement is any of the following:
procjena kreditne kvalitete druge ugovorne strane u obratnom repo ugovoru;
a credit institution supervised under Directive 2013/36/EU of the European Parliament and of the Council, or a credit institution authorised in a third country, provided that the prudential supervisory and regulatory requirements are equivalent to those applied in the Union;
razdoblje marže za rizik, kako je definirano u članku 272. točki 9.
an investment firm supervised under Directive 2014/65/EU of the European Parliament and of the Council, or a third country investment firm, provided that the prudential supervisory and regulatory requirements are equivalent to those applied in the Union;
Uredbe (EU) br. 575/2013;
an insurance undertaking supervised under Directive 2009/138/EC of the European Parliament and of the Council, or a third country insurance undertaking, provided that the prudential supervisory and regulatory requirements are equivalent to those applied in the Union;
procjena kreditne kvalitete izdavatelja ili imovine koja se upotrebljava kao kolateral;
a central counterparty authorised under Regulation (EU) No 648/2012 of the European Parliament and of the Council;
preostali rok do dospijeća imovine koja se upotrebljava kao kolateral;
the European Central Bank;
volatilnost cijene imovine koja se upotrebljava kao kolateral.
a national central bank;
Za potrebe stavka 3. upravitelji novčanih fondova utvrđuju jasnu politiku u pogledu korektivnih faktora prilagođenu svakoj imovini iz članka 15. stavka 6.
a third country central bank, provided that the prudential supervisory and regulatory requirements applied in that country have been recognised as equivalent to those applied in the Union in accordance with Article 114(7) of Regulation (EU) No 575/2013.
Uredbe (EU) 2017/1131 koja je primljena kao kolateral.
CHAPTER 3
Ta se politika dokumentira i na njoj se temelji svaka odluka o primjeni određenog korektivnog faktora na vrijednost imovine.
CREDIT QUALITY ASSESSMENT CRITERIA
Upravitelji novčanih fondova redovito revidiraju korektivni faktor iz stavka 2. uzimajući u obzir promjene u preostalom roku do dospijeća imovine koja se upotrebljava kao kolateral.
(Article 22 of Regulation (EU) 2017/1131)
Revidiraju i dodatni korektivni faktor iz stavka 3. kad god se promijene čimbenici navedeni u tom stavku.
Article 3
Stavci od 1. do 5. ne primjenjuju se ako je druga ugovorna strana u obratnom repo ugovoru jedno od sljedećeg:
Criteria for validating the internal credit quality assessment methodologies referred to in Article 19(3) of Regulation (EU) 2017/1131
kreditna institucija nad kojom se provodi nadzor na temelju Direktive 2013/36/EU Europskog parlamenta i Vijeća ili kreditna institucija kojoj je izdano odobrenje za rad u trećoj zemlji ako se u njoj primjenjuju bonitetni nadzorni i regulatorni zahtjevi koji su istovrijedni onima koji se primjenjuju u Uniji;
Managers of MMFs shall validate the credit quality assessment methodologies referred to in Article 19(3) of Regulation (EU) 2017/1131 provided they fulfil all of the following criteria:
investicijsko društvo nad kojim se provodi nadzor na temelju Direktive 2014/65/EU Europskog parlamenta i Vijeća ili investicijsko društvo iz treće zemlje ako se u njoj primjenjuju bonitetni nadzorni i regulatorni zahtjevi koji su istovrijedni onima koji se primjenjuju u Uniji;
the internal credit quality assessment methodologies are applied in a systematic way with respect to different issuers and instruments;
društvo za osiguranje nad kojim se provodi nadzor na temelju Direktive 2009/138/EZ Europskog parlamenta i Vijeća ili društvo za osiguranje iz treće zemlje ako se u njoj primjenjuju bonitetni nadzorni i regulatorni zahtjevi koji su istovrijedni onima koji se primjenjuju u Uniji;
the internal credit quality assessment methodologies are supported by a sufficient number of relevant qualitative and quantitative criteria;
središnja druga ugovorna strana kojoj je izdano odobrenje za rad na temelju Uredbe (EU) br. 648/2012 Europskog parlamenta i Vijeća;
the internal credit quality assessment methodologies' qualitative and quantitative inputs are reliable, using data samples of an appropriate size;
Europska središnja banka;
past internal credit quality assessments produced using the internal credit quality assessment methodologies have been properly reviewed by the managers of the MMFs in question to determine whether the credit quality assessment methodologies are a suitable indicator of credit quality;
nacionalna središnja banka;
the internal credit quality assessment methodologies contain controls and processes for their development and related approvals that allow for suitable challenge;
središnja banka treće zemlje ako se u toj zemlji primjenjuju bonitetni nadzorni i regulatorni zahtjevi koji su priznati kao istovrijedni onima koji se primjenjuju u Uniji u skladu s člankom 114. stavkom 7.
the internal credit quality assessment methodologies incorporate factors that managers of MMFs deem relevant to determine the credit quality of an issuer or an instrument;
Uredbe (EU) br. 575/2013.
the internal credit quality assessment methodologies systematically apply key credit quality assumptions and supporting criteria to produce all credit quality assessments, unless there is an objective reason for diverging from this requirement;
POGLAVLJE 3.
the internal credit quality assessment methodologies contain procedures to ensure that the criteria referred to in points (b), (c) and (g) supporting the relevant factors in the internal credit quality assessment methodologies are of a reliable quality and relevant to the issuer or instrument being assessed.
KRITERIJI ZA PROCJENU KREDITNE KVALITETE
As part of the validation process of the internal credit quality assessment methodologies, managers of MMFs shall assess the sensitivity of the methodologies to changes in any of their underlying credit quality assumptions and criteria.
(članak 22.
Managers of MMFs shall have processes in place to ensure that any anomalies or deficiencies highlighted by the back testing referred to in Article 19(3) of Regulation (EU) 2017/1131 are identified and appropriately addressed.
Uredbe (EU) 2017/1131)
The internal credit quality assessment methodologies referred to in Article 19(3) of Regulation (EU) 2017/1131 shall:
Članak 3.
continue to be used, unless there are objective reasons to conclude that the internal credit quality assessment methodologies have to be changed or to be discontinued;
Kriteriji za validaciju metodologija unutarnje procjene kreditne kvalitete iz članka 19. stavka 3.
be capable of promptly incorporating any finding from ongoing monitoring or a review, in particular where changes in structural macroeconomic or financial market conditions would potentially affect a credit assessment produced using those internal credit quality assessment methodologies;
Uredbe (EU) 2017/1131
make it possible to compare past internal credit quality assessments.
Upravitelji novčanih fondova validiraju metodologije procjene kreditne kvalitete iz članka 19. stavka 3.
The internal credit quality assessment methodology referred to in Article 19(3) of Regulation (EU) 2017/1131 shall be promptly improved if any review, including validation, shows that it is not appropriate to ensure systematic credit quality assessment.
Uredbe (EU) 2017/1131 ako one ispunjavaju sve sljedeće kriterije:
The internal credit quality assessment procedure shall specify in advance the situations where the internal credit quality assessment is deemed to be favourable.
metodologije unutarnje procjene kreditne kvalitete primjenjuju se na sustavan način za različite izdavatelje i instrumente;
Article 4
metodologije unutarnje procjene kreditne kvalitete temelje se na dostatnom broju relevantnih kvalitativnih i kvantitativnih kriterija;
Criteria for quantifying credit risk, and the relative risk of default of the issuer and of the instrument, as referred to in Article 20(2)(a) of Regulation (EU) 2017/1131
kvalitativni i kvantitativni ulazni podaci za metodologije unutarnje procjene kreditne kvalitete pouzdani su i temelje se na uzorcima podataka primjerene veličine;
The criteria for quantifying the credit risk of an issuer, and the relative risk of default of an issuer and of the instrument, referred to in Article 20(2)(a) of Regulation (EU) 2017/1131, shall be the following:
prethodne unutarnje procjene kreditne kvalitete dobivene primjenom metodologija unutarnje procjene kreditne kvalitete propisno su preispitali upravitelji predmetnih novčanih fondova kako bi utvrdili jesu li metodologije procjene kreditne kvalitete prikladan pokazatelj kreditne kvalitete;
bond pricing information, including credit spreads and the pricing of comparable fixed income instruments and related securities;
metodologije unutarnje procjene kreditne kvalitete sadržavaju kontrole i postupke za svoj razvoj i s time povezana odobravanja koji omogućuju odgovarajuće provjere;
pricing of money market instruments relating to the issuer, the instrument or the industry sector;
metodologije unutarnje procjene kreditne kvalitete uključuju čimbenike koje upravitelji novčanih fondova smatraju relevantnima za utvrđivanje kreditne kvalitete izdavatelja ili instrumenta;
credit default-swap pricing information, including credit default-swap spreads for comparable instruments;
u metodologijama unutarnje procjene kreditne kvalitete sustavno se za izradu svih procjena kreditne kvalitete primjenjuju ključne pretpostavke kreditne kvalitete i potporni kriteriji osim ako postoji objektivan razlog za odstupanje od tog zahtjeva;
default statistics relating to the issuer, the instrument or the industry sector;
metodologije unutarnje procjene kreditne kvalitete sadržavaju postupke kojima se osigurava da su kriteriji iz točaka (b), (c) i (g) kojima se podupiru relevantni čimbenici u metodologijama unutarnje procjene kreditne kvalitete pouzdani i relevantni za izdavatelja ili instrument koji se ocjenjuje.
financial indices relating to the geographic location, the industry sector or the asset class of the issuer or instrument;
U okviru postupka validacije metodologija unutarnje procjene kreditne kvalitete upravitelji novčanih fondova procjenjuju osjetljivost metodologija na promjene pretpostavki odnosno kriterija kreditne kvalitete na kojima se one temelje.