natgillin/translations-raw huggingface dataset:
Therefore, ESMA's measure improves the ability of national competent authorities to deal with the threats identified and to overall monitor and manage threats to the orderly functioning of markets and to financial stability at times of market stress.
Ukrep organa ESMA torej krepi zmožnost pristojnih nacionalnih organov, da se spopadajo z ugotovljenimi grožnjami in v celoti spremljajo ter upravljajo z grožnje k pravilnemu delovanju trgov in finančni stabilnosti ob stresnih razmerah na trgu.
The threats to market integrity, orderly functioning and financial stability described above have a pan-EU character.
Zgoraj opisane grožnje integriteti trga, pravilnemu delovanju trga in finančni stabilnosti se nanašajo na celotno EU.
Having regard to Commission Delegated Regulation (EU) No 918/2012 of 5 July 2012 supplementing Regulation (EU) No 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps with regards to definitions, the calculation of net short positions, covered sovereign credit default swaps, notification thresholds, liquidity thresholds for suspending restrictions, significant falls in the value of financial instruments and adverse events (3) , and in particular Article 24 thereof,
ob upoštevanju Delegirane uredbe Komisije (EU) št. 918/2012 z dne 5. julija 2012 o dopolnitvi Uredbe (EU) št. 236/2012 Evropskega parlamenta in Sveta o prodaji na kratko in določenih vidikih poslov kreditnih zamenjav v zvezi z opredelitvami pojmov, izračunom neto kratkih pozicij, kritimi posli kreditnih zamenjav državnih vrednostnih papirjev, pragovi za priglasitev, pragovi likvidnosti za odložitev omejitev, znatnimi padci vrednosti finančnih instrumentov in neugodnimi dogodki (3) , zlasti člena 24 Delegirane uredbe,
In ordinary market conditions national competent authorities monitor any threat that may derive from short selling and the building up of net short positions with supervisory tools established in Union legislation, in particular the reporting obligations concerning net short positions established in Regulation (EU) No 236/2012 (9) .
V običajnih razmerah na trgu pristojni nacionalni organi spremljajo vsako ogroženost zaradi prodaje na kratko in naraščanja neto kratkih pozicij z nadzornimi orodji na podlagi zakonodaje Unije, zlasti z obveznostjo poročanja glede neto kratkih pozicij iz Uredbe (EU) št. 236/2012 (9) .
As evidenced above, engaging in short selling and building up significant net short positions can amplify selling pressure and downward trends which at the present time poses a threat which can have highly detrimental effects on the financial stability of financial institutions and companies from other sectors.
Kot izhaja iz zgoraj navedenega, prodaja na kratko in naraščanje pomembnih neto kratkih pozicij lahko okrepi pritisk na prodajo in trend zmanjševanja, ki trenutno ogroža trge, to pa ima lahko izredno negativne učinke na finančno stabilnost finančnih institucij in družb iz drugih sektorjev.
(a) Threat to the orderly functioning and integrity of the financial markets
(a) Ogroženost pravilnega delovanja in integritete finančnih trgov
ESMA considers that lowering the reporting thresholds should ensure that all national competent authorities across the EU and ESMA have the best possible data set available to monitor the market trends and enable themselves and ESMA to take, if necessary, further measures.
Organ ESMA meni, da bi z znižanjem praga za poročanje vsem pristojnim nacionalnim organom v EU in organu ESMA zagotovili dostop do najustreznejšega možnega nabora podatkov, da lahko spremljajo tržna gibanja ter da lahko po potrebi sprejmejo nadaljnje ukrepe.
Therefore, national competent authorities and ESMA need to be aware as soon as possible of market participants engaging in short sales and building up significant net short positions to prevent, if necessary, that those positions become signals leading to a cascade of selling orders causing a further significant fall in value.
Zato morajo biti pristojni nacionalni organi in organ ESMA takoj, ko je to mogoče, obveščeni, da udeleženci na trgu sklepajo prodaje na kratko in da naraščajo neto kratke pozicije, da se po potrebi prepreči, da bi navedene pozicije sprožile kaskado naročil za prodajo, s čimer bi se vrednost nadalje znatno zmanjšala.
A decrease of the latter threatens the orderly functioning and integrity of the markets, as it may result in further volatility and downward price spirals.
Zaradi manjšega zaupanja sta ogrožena pravilno delovanje in integriteta trgov, saj lahko pride do nadaljnje nestanovitnosti in strmega padca cen.
This should improve the capacity of national competent authorities and ESMA to assess the situation adequately and react if the integrity, orderly functioning and stability of the markets require more stringent actions.
Tako bodo lahko pristojni nacionalni organi in organ ESMA lažje ustrezno ocenili okoliščine in se odzvali, če bi bilo zaradi integritete, pravilnega delovanja in stabilnosti trgov potrebno strožje ukrepanje.
NO COMPETENT AUTHORITY HAS TAKEN MEASURES TO ADDRESS THE THREAT OR ONE OR MORE OF THE COMPETENT AUTHORITIES HAVE TAKEN MEASURES THAT DO NOT ADEQUATELY ADDRESS THE THREAT (ARTICLE 28(2)(B) OF REGULATION (EU) NO 236/2012)
NOBEN PRISTOJNI ORGAN NI SPREJEL UKREPOV ZA OBVLADOVANJE OGROŽENOSTI ALI PA JE EDEN ALI VEČ PRISTOJNIH ORGANOV SPREJELO UKREPE, KI NE OBVLADUJEJO OGROŽENOSTI V ZADOSTNI MERI (ČLEN 28(2)(B) UREDBE (EU) ŠT. 236/2012).
Substantial selling pressure and unusual volatility in the price of shares is already ongoing and could continue to occur.
Precejšen pritisk na prodajo in nenavadna nestanovitnost cen delnic sta že dve dejstvi, ki si ju lahko nadejamo tudi v prihodnje.
ESMA considers that, without such a measure being taken at this point in time, national competent authorities and ESMA would not have the capacity to monitor adequately the market in the current market environment, where the substantial selling pressure and unusual volatility [Figure 1] in the price of Union shares admitted to trading on a regulated market could further be amplified by the taking of short positions.
Organ ESMA meni, da pristojni nacionalni organi in organ ESMA brez takega ukrepa trenutno ne bi mogli ustrezno spremljati trga v sedanjem tržnem okolju, v katerem bi lahko sklepanje kratkih pozicij še okrepilo znaten pritisk na prodajo in neobičajno nestanovitnost (slika 1) cen delnic Unije, ki so bile uvrščene v trgovanje na reguliranih trgih.
This ESMA Decision requires natural or legal persons who have net short positions in relation to a share admitted to trading on a regulated market to notify to a competent authority details of any such position if the position reaches or exceeds 0,1 % of the issued share capital.
Na podlagi tega sklepa organ ESMA od fizičnih in pravnih oseb, ki imajo neto kratke pozicije v zvezi z delnicami, ki so bile uvrščene v trgovanje na reguliranem trgu, zahteva, da pristojnim organom priglasijo podrobnosti o vseh takih pozicijah, če pozicija doseže ali preseže 0,1 % izdanega kapitala.
to require natural or legal persons who have net short positions to temporarily lower the notification thresholds of net short positions in relation to the issued shares capital of companies whose shares are admitted to trading on a regulated market above a certain threshold to notify the competent authorties in accordance with point (a) of Article 28(1) of Regulation (EU) No 236/2012 of the European Parliament and of the Council
da morajo fizične ali pravne osebe, ki imajo neto kratke pozicije, začasno znižati pragove za priglasitev neto kratkih pozicij v zvezi z izdanim kapitalom družb, katerih delnice so bile uvrščene v trgovanje na reguliranem trgu, in če presegajo določen prag, obvestiti pristojne organe v skladu s točko (a) člena 28(1) Uredbe (EU) št. 236/2012 Evropskega parlamenta in Sveta
ESMA considers that this adverse situation constitutes a serious threat to the orderly functioning and integrity of the financial markets.
Organ ESMA meni, da te škodljive okoliščine resno ogrožajo pravilno delovanje in integriteto finančnih trgov.
The prohibition was adopted pursuant to Article 23 of Regulation (EU) n. 236/2012, considering the price drop, higher than 10 %, recorded by the shares on 12 March 2020.
Prepoved je bila sprejeta na podlagi člena 23 Uredbe (EU) št. 236/2012 in se nanaša na padec cen, ki presega 10 %, kot so jih zadevne delnice dosegle 12. marca 2020.
At times of extreme selling pressure and market volatility engaging in short selling and the building up of short positions can amplify downward trends already present in financial markets.
V okoliščinah hudih pritiskov na prodajo in nestanovitnosti trgov lahko prodaja na kratko in naraščanje kratkih pozicij okrepi gibanje zniževanja, ki so že prisotni na finančnih trgih.
(b) Threat to the stability of the whole or part of the financial system in the Union
(b) Grožnja stabilnosti celotnega finančnega sistema Unije ali njegovega dela
Within the limit of ESMA's mandate, the proposed measure obliges natural or legal persons who have a net short position in shares admitted to trading on a regulated market to report to national competent authorities at a lower thresholds than the one established in Article 5 of Regulation (EU) No 236/2012.
V okviru pristojnosti organa ESMA se s predlaganim ukrepom od fizičnih ali pravnih oseb, ki imajo neto kratke pozicije v delnicah, ki so bile uvrščene v trgovanje na reguliranem trgu, zahteva, da pristojnim nacionalnim organom poročajo ob nižjem pragu, kot je bil določen s členom 5 Uredbe (EU) št. 236/2012.
(a) The measure significantly addresses the threat to the orderly functioning and integrity of financial markets
(a) Ukrep pomembno obvladuje grožnjo pravilnemu delovanju in integriteti finančnih trgov
(b) The measure significantly addresses the threat to the stability of the whole or part of the financial system in the Union
(b) Ukrep znatno obvladuje grožnjo stabilnosti celotnega finančnega sistema Unije ali njegovega dela
CONSULTATION AND NOTICE (ARTICLE 28(4) AND (5) OF REGULATION (EU) NO 236/2012)
POSVETOVANJE IN PRIGLASITEV (ČLEN 28(4) IN (5) UREDBE (EU) ŠT. 236/2012)
THE MEASURES DO NOT CREATE A RISK OF REGULATORY ARBITRAGE (ARTICLE 28(3)(B) OF REGULATION (EU) NO 236/2012)
TI UKREPI NE POVZROČAJO TVEGANJA REGULATORNE ARBITRAŽE (ČLEN 28(3)(B) UREDBE (EU) ŠT. 236/2012)
The prohibition was adopted pursuant to Article 23 of Regulation (EU) No 236/2012, considering the price drop, higher than 10 % and, for illiquid shares, higher than 20 %, recorded by the relevant shares on 12 March 2020.
Omejitev je bila uvedena na podlagi člena 23 Uredbe (EU) št. 236/2012 in se nanaša na padec cen, ki presega 10 %, za nelikvidne delnice pa, ki presega 20 %, kot so jih te delnice dosegle 12. marca 2020.
The measure imposed by the ESMA Decision addresses the necessity for national competent authorities and ESMA to be aware of the net short positions that market participants have entered into in relation to shares admitted to trading on a regulated market, given the recent exceptional developments in financial markets.
Ukrep, ki izhaja iz sklepa organa ESMA, se nanaša na to, da morajo pristojni nacionalni organi in organ ESMA zaradi nedavnih izjemnih dogodkov na finančnih trgih poznati neto kratke pozicije, ki so jih sklenili udeleženci na trgu v zvezi z delnicami, ki so bile uvrščene v trgovanje na reguliranem trgu.
ABILITY OF THE MEASURE TO ADDRESS RELEVANT THREATS AND CROSS-BORDER IMPLICATIONS (ARTICLE 28(2)(A) OF REGULATION (EU) NO 236/2012)
ZMOŽNOST UKREPA OBVLADATI ZADEVNE GROŽNJE IN ČEZMEJNI UČINKI (ČLEN 28(2)(A) UREDBE (EU) ŠT. 236/2012)
However, the existing market conditions render it necessary to intensify the monitoring activity of national competent authorities and ESMA of the aggregated net short positions in shares admitted to trading on regulated markets.
Vendar pa morajo pristojni nacionalni organi in organ ESMA zaradi trenutnih razmer na trgu okrepiti dejavnosti spremljanja skupnih neto kratkih pozicij delnic, ki so uvrščene v trgovanje na reguliranih trgih.
EFFICIENCY OF THE MEASURE (ARTICLE 28(3)(A) OF REGULATION (EU) NO 236/2012)
UČINKOVITOST UKREPA (ČLEN 28(3)(A) UREDBA (EU) ŠT. 236/2012)
of 6 May 2020
z dne 6. maja 2020
on liquidity risks in investment funds
o likvidnostnem tveganju v investicijskih skladih
The ESRB recognises that the investment funds sector in the Union is large and diverse.
ESRB priznava, da je sektor investicijskih skladov v Uniji velik in raznolik.
RECOMMENDATION OF THE EUROPEAN SYSTEMIC RISK BOARD
PRIPOROČILO EVROPSKEGA ODBORA ZA SISTEMSKA TVEGANJA
Recommendations of the ESRB are published after the addressees have been informed, and after the General Board has informed the Council of the European Union of its intention to do so and provided the Council with an opportunity to react,
Priporočila ESRB se objavijo potem, ko so o njih obveščeni naslovniki ter je splošni odbor obvestil Svet Evropske unije o nameri, da jih objavi, in mu dal možnost, da se odzove -
One of the five priority areas relates to financial market liquidity and implications for asset managers and insurers.
Eno od petih prednostnih področij se nanaša na likvidnost na finančnem trgu ter posledice za upravitelje premoženja in zavarovalnice.
While market conditions have subsequently stabilised, largely due to decisive actions taken by central banks, supervisory authorities and governments in the Union and globally, significant uncertainty remains concerning the macrofinancial outlook.
Čeprav so se razmere na trgu pozneje stabilizirale, predvsem zaradi odločnih ukrepov, ki so jih sprejele centralne banke, nadzorni organi in vlade v Uniji in po vsem svetu, ostaja precejšnja negotovost glede makrofinančnih obetov.
This is particularly the case for capital markets activities, including those carried out by investment funds, where cross-border flows are large and the smooth functioning of such activities relies on a number of actors across the financial system.
To velja zlasti za dejavnosti na kapitalskih trgih, vključno s tistimi, ki jih izvajajo investicijski skladi, kjer so čezmejni tokovi veliki, nemoteno delovanje teh dejavnosti pa je odvisno od številnih akterjev v finančnem sistemu.
The first of these segments is investment funds with significant exposures to corporate debt.
Prvi od teh segmentov so investicijski skladi z znatnimi izpostavljenostmi do podjetniškega dolga.
Against this backdrop, at its meeting on 2 April 2020 the General Board of the European Systemic Risk Board (ESRB) announced that it would focus its attention on five priority areas where coordination between authorities in the Union was likely to be particularly important to safeguard financial stability in the Union (3) .
Glede na to je splošni odbor Evropskega odbora za sistemska tveganja (ESRB) na seji 2. aprila 2020 napovedal, da bo svojo pozornost usmeril na pet prednostnih področij, na katerih je usklajevanje med organi v Uniji verjetno posebej pomembno za zaščito finančne stabilnosti v Uniji (3) .
This Recommendation is without prejudice to the monetary policy mandates of the central banks in the Union.
To priporočilo ne posega v pooblastila centralnih bank v Uniji v zvezi z denarno politiko.
Real estate investment funds are estimated to hold approximately one-third of the Union's commercial real estate market.
Ocenjuje se, da imajo nepremičninski investicijski skladi približno tretjinski delež na trgu poslovnih nepremičnin v Uniji.
In addition, investment funds hold a significant proportion of the stock of non-financial corporate bonds outstanding in the Union.
Poleg tega imajo investicijski skladi znaten delež stanja obveznic nefinančnih družb v Uniji.
Existing Union rules include specific obligations on fund management companies with respect to liquidity risk management in relation to the funds that they manage (5) .
Veljavna pravila Unije vključujejo posebne obveznosti za družbe za upravljanje skladov glede upravljanja likvidnostnega tveganja, povezanega s skladi, ki jih upravljajo (5) .
THE GENERAL BOARD OF THE EUROPEAN SYSTEMIC RISK BOARD,
SPLOŠNI ODBOR EVROPSKEGA ODBORA ZA SISTEMSKA TVEGANJA JE -
Ensuring that the financial system in the Union helps to absorb, rather than amplify, the COVID-19 shock requires significant coordination both between supervisory authorities responsible for different segments of the financial markets and across borders.
Za zagotavljanje, da bo finančni sistem Unije pomagal ublažiti pretres zaradi COVID-19, ne pa ga okrepiti, je potrebno obsežno usklajevanje med nadzornimi organi, ki so odgovorni za različne segmente finančnih trgov, in čezmejno usklajevanje.
This Recommendation is designed to enhance preparedness to respond to potential future adverse shocks that could lead to a deterioration in financial market liquidity, resulting in potential adverse implications for financial stability conditions in the Union.
Namen tega priporočila je izboljšati pripravljenost za odzivanje na morebitne prihodnje škodljive pretrese, ki bi lahko povzročili poslabšanje likvidnosti na finančnem trgu, kar bi lahko negativno vplivalo na pogoje za finančno stabilnost v Uniji.
Having regard to Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macroprudential oversight of the financial system and establishing a European Systemic Risk Board (1) , and in particular Article 3(2)(b), (d) and (f) and Articles 16 to 18 thereof,
ob upoštevanju Uredbe (EU) št. 1092/2010 Evropskega parlamenta in Sveta z dne 24. novembra 2010 o makrobonitetnem nadzoru nad finančnim sistemom Evropske unije in ustanovitvi Evropskega odbora za sistemska tveganja (1) ter zlasti člena 3(2)(b), (d) in (f) in členov 16 do 18 Uredbe,
The ESRB acknowledges the high-priority work currently being done by ESMA on enhancing supervisory convergence on fund managers' liquidity risk management.
ESRB je seznanjen s prednostnim delom, ki ga trenutno opravlja ESMA za povečanje konvergence nadzora nad upravljanjem likvidnostnega tveganja pri upraviteljih skladov.
Taking this into account, the ESRB has identified two segments as particularly high priority areas for enhanced scrutiny from a financial stability perspective.
Ob upoštevanju tega je ESRB opredelil dva segmenta kot posebej pomembni prednostni področji za okrepljen nadzor z vidika finančne stabilnosti.
This includes the Common Supervisory Action on UCITS' managers liquidity risk management announced in 2020 (8) and ESMA's ongoing coordination of supervisory actions in the face of COVID-19.
To vključuje skupno nadzorniško ukrepanje v zvezi z upravljanjem likvidnostnega tveganja pri upraviteljih KNPVP, ki je bilo napovedano leta 2020 (8) , in stalno usklajevanje nadzornih ukrepov v povezavi s COVID-19 s strani ESMA.
This could have adverse spillover effects on other financial institutions that have exposures to these assets - such as insurance companies, pension funds or banks - or an adverse impact on the cost and availability of market-based financing for non-financial corporations.
To bi lahko imelo negativne učinke prelivanja na druge finančne institucije, ki imajo izpostavljenosti do teh sredstev - kot so zavarovalnice, pokojninski skladi ali banke -, ali negativen vpliv na stroške in razpoložljivost tržnega financiranja za nefinančne družbe.
Similarly, for alternative investment funds (AIFs) the investment strategy, liquidity profile and the redemption policy must be consistent (6) .
Podobno morajo biti pri alternativnih investicijskih skladih (AIS) usklajeni naložbena strategija, profil likvidnosti in politika glede zahteve po izplačilu (6) .
The coronavirus disease 2019 (COVID-19) pandemic and the associated and necessary containment measures represent a severe and unprecedented shock to European economies.
Pandemija koronavirusne bolezni 2019 (COVID-19) ter potrebni ukrepi za njeno zajezitev predstavljajo velik pretres za evropska gospodarstva, ki je brez primere.
The public health restrictions necessary to contain the spread of COVID-19 could result in a reduction in the volume of real estate market transactions and an increase in valuation uncertainty.
Omejitve na področju javnega zdravja, ki so potrebne za zajezitev širjenja COVID-19, bi lahko povzročile zmanjšanje obsega transakcij na nepremičninskih trgih in povečanje negotovosti pri vrednotenju.
These rules are complemented by European Securities and Markets Authority (ESMA) guidelines on liquidity stress testing in UCITS and AIFs for fund managers to regularly test the resilience of their funds to liquidity risk under normal and exceptional liquidity conditions (7) .
Ta pravila dopolnjujejo smernice Evropskega organa za vrednostne papirje in trge (ESMA) o stresnem testiranju likvidnosti v KNPVP in AIS, da upravitelji skladov redno preverjajo odpornost svojih skladov na likvidnostno tveganje v običajnih in izjemnih likvidnostnih razmerah (7) .
Having regard to Decision ESRB/2011/1 of the European Systemic Risk Board of 20 January 2011 adopting the Rules of Procedure of the European Systemic Risk Board (2) , and in particular Article 15(3)(e) and Articles 18 to 20 thereof,
ob upoštevanju Sklepa ESRB/2011/1 Evropskega odbora za sistemska tveganja z dne 20. januarja 2011 o sprejetju Poslovnika Evropskega odbora za sistemska tveganja (2) ter zlasti člena 15(3)(e) in členov 18 do 20 Sklepa,
The second segment identified by the ESRB as a particularly high priority area for enhanced scrutiny from a financial stability perspective is investment funds with significant exposures to real estate.
Drugi segment, ki ga je ESRB opredelil kot posebej pomembno prednostno področje za okrepljen nadzor z vidika finančne stabilnosti, so investicijski skladi z znatnimi izpostavljenostmi do nepremičnin.
Previous ESRB assessments (4) of non-bank financial intermediation have highlighted potential vulnerabilities stemming from investment funds that have short redemption periods, but invest in less liquid assets.
Prejšnje ocene ESRB (4) o nebančnem finančnem posredništvu so opozorile na morebitne ranljivosti, ki izhajajo iz investicijskih skladov, ki imajo kratka obdobja za izplačilo, vlagajo pa v manj likvidna sredstva.
This could have adverse implications for other financial institutions that have exposures to real estate, including those that use real estate as collateral for lending.
To bi lahko imelo negativne posledice za druge finančne institucije, ki imajo izpostavljenosti do nepremičnin, vključno s tistimi, ki uporabljajo nepremičnine kot zavarovanje za posojila.
For undertakings for collective investment in transferable securities (UCITS), the liquidity profile of the investments of the UCITS must be appropriate to the redemption policy laid down in the fund rules or the instruments of incorporation or the prospectus.
Pri kolektivnih naložbenih podjemih za vlaganja v prenosljive vrednostne papirje (KNPVP) mora profil likvidnosti naložb KNPVP ustrezati politiki odkupov, določeni v pravilih upravljanja sklada ali ustanovnih listinah investicijske družbe ali prospektu.
This could lead to higher mark-to-market losses by other financial institutions with exposures to the same or correlated assets, or to an abrupt tightening in financial conditions.
To bi lahko privedlo do višjih izgub iz vrednotenja po tekočih tržnih cenah pri drugih finančnih institucijah z izpostavljenostmi do enakih ali povezanih sredstev ali do nenadne zaostritve finančnih razmer.
Such liquidity mismatches increase the risk of further pressures on asset valuations in times of stress, if investment funds seek to sell less liquid assets over a short period of time to meet redemptions.
Taka neusklajenost likvidnosti povečuje tveganje nadaljnjih pritiskov na vrednotenje sredstev v stresnih razmerah, če investicijski skladi poskušajo prodati manj likvidna sredstva v kratkem časovnem obdobju, da bi lahko izpolnili zahteve za izplačilo.
Shortly following the onset of COVID-19 pandemic, there were significant redemptions from investment funds investing in corporate debt.
Kmalu po začetku pandemije COVID-19 je prišlo do obsežnih izplačil iz investicijskih skladov, ki vlagajo v podjetniški dolg.