natgillin/translations-raw huggingface dataset:
The CCP shall demonstrate to the competent authority that haircuts are calculated in a conservative manner to limit as far as possible procyclical effects.
CNS pristojnemu organu dokaže, da so odbitki izračunani na konzervativen način, da bi se čim bolj omejili prociklični učinki.
For each collateral asset, the haircut shall be determined taking in consideration the relevant criteria, including:
Za vsako sredstvo zavarovanja s premoženjem se odbitek določi ob upoštevanju ustreznih meril, vključno z:
the type of asset and level of credit risk associated with the financial instrument based upon internal assessment by the CCP.
vrsto sredstva in stopnjo kreditnega tveganja, povezanega s finančnim instrumentom na podlagi notranje ocene CNS.
In performing such assessment the CCP shall employ a defined and objective methodology that shall not fully rely on external opinions and that takes into consideration the risk arising from the establishment of the issuer in a particular country;
Pri pripravi ocene CNS uporabi opredeljeno in objektivno metodologijo, ki se ne zanaša v celoti na zunanja mnenja in ki upošteva tveganje, ki izhaja iz ustanovitve sedeža izdajatelja v določeni državi;
the maturity of the asset;
zapadlostjo sredstva;
the historical and hypothetical future price volatility of the asset in stressed market conditions;
preteklo in hipotetično prihodnjo nestanovitnostjo cen sredstva v izjemnih tržnih razmerah;
the liquidity of the underlying market, including bid/ask spreads;
likvidnostjo osnovnega trga ter razmiki med ponudbeno in nakupno ceno;
the foreign exchange risk, if any;
valutnim tveganjem, če obstaja;
wrong-way risk.
tveganjem zaradi neugodnih gibanj.
A CCP shall monitor on a regular basis the adequacy of the haircuts.
CNS redno spremlja primernost odbitkov.
A CCP shall review the haircut policies and procedures at least annually and whenever a material change occurs that affects the CCP risk exposure, but should avoid as far as possible disruptive or big step changes in haircuts that could introduce procyclicality.
CNS politike in postopke v zvezi z odbitki pregleda vsaj enkrat letno in ob vsaki pomembni spremembi, ki vpliva na njeno izpostavljenost tveganjem, vendar bi se morala čim bolj izogibati motečim ali velikim spremembam v odbitkih, ki bi lahko privedle do procikličnosti.
The haircut policies and procedures shall be independently validated at least annually.
Politike in postopki v zvezi z odbitki se neodvisno potrdijo vsaj enkrat letno.
Concentration limits
Omejitve koncentracije
A CCP shall establish and implement policies and procedures to ensure that the collateral remains sufficiently diversified to allow its liquidation within a defined holding period without a significant market impact.
CNS vzpostavi ter izvaja politike in postopke za zagotovitev zadostne razpršenosti zavarovanja s premoženjem, da se omogoči njegovo unovčenje v okviru določenega obdobja držanja brez pomembnejšega tržnega učinka.
The policies and the procedures shall determine the risk mitigation measures to be applied when the concentration limits specified in paragraph 2 are exceeded.
Politike in postopki določajo ukrepe za zmanjšanje tveganja, ki se uporabijo, kadar se omejitve koncentracije iz odstavka 2 prekoračijo.
A CCP shall determine concentration limits at the level of:
CNS določi omejitve koncentracije na ravni:
individual issuers;
posameznih izdajateljev;
type of issuer;
vrste izdajatelja;
type of asset;
vrste sredstva;
each clearing member;
posameznega klirinškega člana;
all clearing members.
vseh klirinških članov.
Concentration limits shall be determined in a conservative manner taking into account all relevant criteria, including:
Omejitve koncentracije se določijo na konzervativen način ob upoštevanju vseh ustreznih meril, vključno s:
financial instruments issued by issuers of the same type in terms of economic sector, activity, geographic region;
finančnimi instrumenti, ki jih izdajo izdajatelji iste vrste glede na gospodarski sektor, dejavnost ali geografsko območje;
the level of credit risk of the financial instrument or of the issuer based upon an internal assessment by the CCP.
ravnjo kreditnega tveganja finančnega instrumenta ali izdajatelja na podlagi notranje ocene CNS.
the liquidity and the price volatility of the financial instruments.
likvidnostjo in nestanovitnostjo cen finančnih instrumentov.
A CCP shall ensure that no more than 10 % of its collateral is guaranteed by a single credit institution, or equivalent third country financial institution, or by an entity that is part of the same group as the credit institution or third country financial institution.
CNS zagotovi, da posamezna kreditna institucija, enakovredna finančna institucija iz tretje države ali subjekt, ki je del iste skupine kot kreditna institucija ali finančna institucija iz tretje države, jamči za največ 10 % njenega zavarovanja s premoženjem.
Where the collateral received by the CCP in the form of commercial bank guarantees is higher than 50 % of the total collateral, this limit may be set up to 25 %.
Če je zavarovanje s premoženjem, ki ga CNS prejme v obliki bančnih garancij poslovnih bank, višje od 50 % skupnega zavarovanja s premoženjem, se lahko ta omejitev zviša na 25 %.
In calculating the limits provided for in paragraph 2, a CCP shall include the total exposure of a CCP to an issuer, including the amount of the cumulative credit lines, certificates of deposit, time deposits, savings accounts, deposit accounts, current accounts, money-market instruments, and reverse repurchase facilities utilised by the CCP.
Pri izračunu omejitev iz odstavka 2 CNS upošteva svojo izpostavljenost izdajatelju, vključno s skupnim zneskom kreditnih linij, potrdil o vlogah, vezanih vlog, varčevalnih računov, depozitnih računov, tekočih računov, instrumentov denarnega trga in instrumentov za obratne repo posle, ki jih uporablja CNS.
These limits shall not apply to collateral held by the CCP in excess of the minimum requirements for margins, default fund or other financial resources.
Te omejitve se ne uporabljajo za zavarovanje s premoženjem, ki ga drži CNS in ki presega minimalne zahteve za kritja, jamstveni sklad ali druga finančna sredstva.
When determining the concentration limit for a CCP’s exposure to an individual issuer, a CCP shall aggregate and treat as a single risk its exposure to all financial instruments issued by the issuer or by a group entity, explicitly guaranteed by the issuer or by a group entity, and to financial instruments issued by undertakings whose exclusive purpose is to own means of production that are essential for the issuer’s business.
Pri določanju omejitve koncentracije za izpostavljenost posameznemu izdajatelju CNS združi in obravnava kot eno samo tveganje svojo izpostavljenost vsem finančnim instrumentom, ki jih izda izdajatelj ali subjekt iz skupine, za katere izrecno jamči izdajatelj ali subjekt iz skupine, in finančnim instrumentom, ki jih izdajo podjetja, katerih izključni namen je posedovati proizvajalna sredstva, ki so bistvena za poslovanje izdajatelja.
A CCP shall monitor on a regular basis the adequacy of its concentration limit policies and procedures.
CNS redno spremlja ustreznost svojih politik in postopkov v zvezi z omejitvami koncentracije.
A CCP shall review its concentration limit policy and procedure at least annually and whenever a material change occurs that affects the risk exposure of the CCP.
CNS politike in postopke v zvezi z omejitvami koncentracije pregleda vsaj enkrat letno in kadar koli nastopijo bistvene spremembe, ki vplivajo na njeno izpostavljenost tveganju.
A CCP shall inform the competent authority and the clearing members of the applicable concentration limits and of any amendment to these limits.
CNS pristojni organ in klirinške člane obvesti o omejitvah koncentracije, ki jih uporablja, in o vsaki spremembi teh omejitev.
If the CCP materially breaches a concentration limit set out in its policies and procedures, it shall inform the competent authority immediately.
Če CNS bistveno prekrši omejitev koncentracije, ki je določena v njenih politikah in postopkih, o tem takoj obvesti pristojni organ.
The CCP shall rectify the breach as soon as possible.
CNS kršitev odpravi takoj, ko je mogoče.
INVESTMENT POLICY
NALOŽBENA POLITIKA
(Article 47 of Regulation (EU) No 648/2012)
(člen 47 Uredbe (EU) št. 648/2012)
Highly liquid financial instruments
Visoko likvidni finančni instrumenti
For the purposes of Article 47(1) of Regulation (EU) No 648/2012, debt instruments can be considered highly liquid, bearing minimal credit and market risk if they are debt instruments meeting each of the conditions set out in Annex II.
Za namene člena 47(1) Uredbe (EU) št. 648/2012 se lahko dolžniški instrumenti štejejo za visoko likvidne finančne instrumente z minimalnim kreditnim in tržnim tveganjem, če so dolžniški instrumenti, ki izpolnjujejo vse pogoje iz Priloge II.
Highly secured arrangements for the deposit of financial instruments
Zelo varne ureditve za deponiranje finančnih instrumentov
If a CCP is unable to deposit the financial instruments referred to in Article 45 or those posted to it as margins, default fund contributions or contributions to other financial resources, both by way of title transfer and security interest, with the operator of a securities settlement system that ensures the full protection of those instruments then such financial instruments shall be deposited with any of the following:
Če CNS ne more deponirati finančnih instrumentov iz člena 45 ali finančnih instrumentov, ki so ji bili dani kot kritje, prispevkov v jamstveni sklad ali prispevkov v druga finančna sredstva, tako v obliki prenosa lastništva kot pravice do zavarovanja, pri upravljavcu sistema poravnave vrednostnih papirjev, ki zagotavlja popolno zaščito navedenih instrumentov, se takšni finančni instrumenti deponirajo pri enemu od naslednjih subjektov:
a central bank that ensures the full protection of those instruments and that enables the CCP prompt access to the financial instruments when required;
centralni banki, ki zagotavlja popolno zaščito navedenih instrumentov in ki CNS po potrebi omogoča takojšen dostop do finančnih instrumentov;
an authorised credit institution as defined under Directive 2006/48/EC of the European Parliament and of the Council [9] that ensures the full segregation and protection of those instruments, enables the CCP prompt access to the financial instruments when required and that the CCP can demonstrate has low credit risk based upon an internal assessment by the CCP.
kreditni instituciji z dovoljenjem, kot je opredeljena v Direk tivi 2006/48/ES Evropskega parlamenta in Sveta [9], ki zagotavlja popolno ločitev in zaščito navedenih instrumentov, CNS po potrebi omogoča takojšen dostop do finančnih instrumentov in za katero lahko CNS na podlagi notranje ocene dokaže, da ima nizko kreditno tveganje.
In performing such an assessment, the CCP shall employ a defined and objective methodology that shall not fully rely on external opinions and that takes into consideration the risk arising from the establishment of the issuer in a particular country;
Pri pripravi ocene CNS uporabi opredeljeno in objektivno metodologijo, ki se ne zanaša v celoti na zunanja mnenja in ki upošteva tveganje, ki izhaja iz ustanovitve sedeža izdajatelja v določeni državi;
a third country financial institution that is subject to and complies with prudential rules considered by the relevant competent authorities to be at least as stringent as those laid down in Directive 2006/48/EC and which has robust accounting practices, safekeeping procedures, and internal controls and that ensures the full segregation and protection of those instruments, enables the CCP prompt access to the financial instruments when required and that the CCP can demonstrate to have low credit risk based upon an internal assessment by the CCP.
finančni instituciji iz tretje države, za katero veljajo pravila varnega in skrbnega poslovanja in ki ta pravila spoštuje, ki so po mnenju ustreznih pristojnih organov vsaj tako stroga kot tista, določena v Direktivi 2006/48/ES, in ki uporablja zanesljive računovodske prakse, postopke hrambe in notranje kontrole ter zagotavlja popolno ločitev in zaščito navedenih instrumentov, CNS po potrebi omogoča takojšen dostop do finančnih instrumentov, CNS pa lahko na podlagi notranje ocene zanjo dokaže, da ima nizko kreditno tveganje.
In performing such an assessment, the CCP shall employ a defined and objective methodology that shall not fully rely on external opinions and that takes into consideration the risk arising from the establishment of the issuer in a particular country.
Pri pripravi ocene CNS uporabi opredeljeno in objektivno metodologijo, ki se ne zanaša v celoti na zunanja mnenja in ki upošteva tveganje, ki izhaja iz ustanovitve sedeža izdajatelja v določeni državi.
Where financial instruments are deposited in accordance with letter (b) or (c) of paragraph 1, they shall be held under arrangements that prevent any losses to the CCP due to the default or insolvency of the authorised financial institution.
Kadar se finančni instrumenti deponirajo v skladu s točko (b) ali (c) odstavka 1, se držijo v ureditvah, ki preprečujejo kakršne koli izgube CNS zaradi neplačila ali insolventnosti finančne institucije z dovoljenjem.
Highly secured arrangements for the deposit of financial instruments posted as margins, default fund contributions or contributions to other financial resources shall only allow the CCP to re-use these financial instruments where the conditions in Article 39(8) of Regulation (EU) No 648/2012 are met and where the purpose of the reuse is for making payments, managing the default of a clearing member or in the execution of an interoperable arrangement.
Zelo varne ureditve za deponiranje finančnih instrumentov, danih kot kritje, prispevkov v jamstveni sklad ali prispevkov v druga finančna sredstva, CNS dovolijo ponovno uporabo teh finančnih instrumentov samo, če so izpolnjeni pogoji iz člena 39(8) Uredbe (EU) št. 648/2012 in če je ponovna uporaba namenjena plačilom, upravljanju dogodka neplačila na strani klirinškega člana ali izvajanju ureditve o interoperabilnosti.
Highly secured arrangements maintaining cash
Zelo varne ureditve za hrambo denarnih sredstev
For the purposes of Article 47(4) of Regulation (EU) No 648/2012, where cash is deposited other than with a central bank then such deposit shall meet each of the following conditions:
Za namene člena 47(4) Uredbe (EU) št. 648/2012 so pri deponiranju denarnih sredstev pri drugem subjektu, kot je centralna banka, izpolnjeni vsi od naslednjih pogojev:
the deposit is in one of the following currencies:
denarna sredstva se deponirajo v eni od naslednjih valut:
a currency the risks of which the CCP can demonstrate with a high level of confidence that it is able to manage;
valuta, za katero lahko CNS z visoko ravnjo zanesljivosti dokaže, da je sposobna upravljati njena tveganja;
a currency in which the CCP clears transactions, in the limit of the collateral received in that currency;
valuta, v kateri CNS opravlja kliring transakcij, v mejah zavarovanja s premoženjem v tej valuti;
the deposit shall be placed with one of the following entities:
denarna sredstva se deponirajo pri enem od naslednjih subjektov:
an authorised credit institution as defined under Directive 2006/48/EC that the CCP can demonstrate to have low credit risk based upon an internal assessment by the CCP.
kreditni instituciji z dovoljenjem, kakor je opredeljena v Direktivi 2006/48/ES, za katero lahko CNS na podlagi notranje ocene dokaže, da ima nizko kreditno tveganje.
a third country financial institution that is subject to and complies with prudential rules considered by the competent authorities to be at least as stringent as those laid down in Directive 2006/48/EC and which has robust accounting practices, safekeeping procedures, and internal controls and that the CCP can demonstrate to have low credit risk based upon an internal based upon an internal assessment by the CCP.
finančni instituciji iz tretje države, za katero veljajo pravila varnega in skrbnega poslovanja in ki ta pravila spoštuje, ki so po mnenju ustreznih pristojnih organov vsaj tako stroga kot tista, določena v Direktivi 2006/48/ES, in ki uporablja zanesljive računovodske prakse, postopke hrambe in notranje kontrole, CNS pa lahko na podlagi notranje ocene zanjo dokaže, da ima nizko kreditno tveganje.
In performing such assessment the CCP shall employ a defined and objective methodology that shall not fully rely on external opinions and that takes into consideration the risk arising from the establishment of the issuer in a particular country.
Pri pripravi ocene CNS uporabi opredeljeno in objektivno metodologijo, ki se ne zanaša v celoti na zunanja mnenja in ki upošteva tveganje, ki izhaja iz ustanovitve sedeža izdajatelja v določeni državi.
Where cash is maintained overnight in accordance with paragraph 1 then not less than 95 % of such cash, calculated over an average period of one calendar month, shall be deposited through arrangements that ensure the collateralisation of the cash with highly liquid financial instruments meeting the requirements under Article 45, except the requirement at paragraph 1(c) of that Article.
Če se denarna sredstva hranijo čez noč v skladu z odstavkom 1, se najmanj 95 % teh denarnih sredstev, izračunanih v povprečnem obdobju enega koledarskega meseca, deponira v okviru ureditev, ki zagotavljajo zavarovanje denarnih sredstev z visoko likvidnimi finančnimi instrumenti, ki izpolnjujejo zahteve iz člena 45, razen zahteve iz odstavka 1(c) navedenega člena.
A CCP shall establish and implement policies and procedures to ensure that the financial instruments in which its financial resources are invested remain sufficiently diversified.
CNS vzpostavi in izvaja politike in postopke za zagotovitev, da finančni instrumenti, v katera investira finančna sredstva, ostanejo dovolj razpršeni.
A CCP shall determine concentration limits and monitor the concentration of its financial resources at the level of:
CNS določi omejitve koncentracije in spremlja koncentracijo finančnih sredstev na ravni:
individual financial instruments;
posameznih finančnih instrumentov;
types of financial instruments;
vrst finančnih instrumentov;
types of issuers;
vrst izdajateljev;
counterparties with which arrangements as provided for in points (b) and (c) of Article 44(1) or in Article 45(2) are established.
nasprotnih strank, s katerimi so vzpostavljene ureditve, kot so določene v točkah (b) in (c) člena 44(1) ali v členu 45(2).
When considering types of issuers a CCP shall take into account the following:
Pri obravnavanju vrste izdajateljev CNS upošteva naslednje:
geographic distribution;
geografsko porazdelitev;
interdependencies and multiple relationships that an entity may have with a CCP;
medsebojne odvisnosti in večkratna razmerja, ki jih lahko ima subjekt s CNS;
the level of credit risk;
raven kreditnega tveganja;
exposures the CCP have to the issuer through products cleared by the CCP.
izpostavljenosti, ki jih ima CNS do izdajatelja zaradi proizvodov, za katere opravlja kliring.
The policies and the procedures shall determine the risk mitigation measures to be applied when the concentration limits are exceeded.
Politike in postopki določajo ukrepe za zmanjšanje tveganja, ki se uporabijo, kadar se omejitve koncentracije prekoračijo.
When determining the concentration limit for a CCP’s exposure to an individual issuer or custodian, a CCP shall aggregate and treat as a single risk, the exposure to all financial instruments issued by, or explicitly guaranteed by, the issuer and all financial resources deposited with the custodian.
Pri določanju omejitev koncentracije za izpostavljenost posameznemu izdajatelju ali skrbniku CNS združi in obravnava kot eno samo tveganje izpostavljenost do vseh finančnih instrumentov, ki jih izda ali zanje izrecno jamči izdajatelj, in vseh finančnih sredstev, deponiranih pri skrbniku.
In addition, a CCP shall review its concentration limit policy and procedure at least annually and whenever a material change occurs that affects the risk exposure of the CCP.
CNS poleg tega politike in postopke v zvezi z omejitvami koncentracije pregleda vsaj enkrat letno in kadar koli nastopijo bistvene spremembe, ki vplivajo na izpostavljenost CNS tveganju.
If the CCP breaches a concentration limit set out in its policies and procedures, it shall inform the competent authority immediately.
Če CNS prekrši omejitev koncentracije, ki je določena v njenih politikah in postopkih, o tem takoj obvesti pristojni organ.
Non-cash collateral
Zavarovanje z nedenarnimi sredstvi
Where collateral is received in the form of financial instruments in accordance with the provisions of Chapter X, only Articles 44 and 45 shall apply.
Če je zavarovanje s premoženjem prejeto v obliki finančnih instrumentov v skladu z določbami poglavja X, se uporabljata samo člena 44 in 45.
REVIEW OF MODELS, STRESS TESTING AND BACK TESTING
PREGLED MODELOV, TESTIRANJE IZJEMNIH SITUACIJ IN TESTIRANJE ZA NAZAJ
(Article 49 Regulation (EU) No 648/2012)
(člen 49 Uredbe (EU) št. 648/2012)
Models and programmes
Modeli in programi
Model Validation
Vrednotenje modela
A CCP shall conduct a comprehensive validation of its models, their methodologies and the liquidity risk management framework used to quantify, aggregate, and manage its risks.
CNS opravi celovito vrednotenje modelov, njihovih metodologij in okvira za upravljanje likvidnostnega tveganja, ki jih uporablja za merjenje, združevanje in upravljanje tveganj.
Any material revisions or adjustments to its models, their methodologies and the liquidity risk management framework shall be subject to appropriate governance, including seeking advice from the risk committee, and validated by a qualified and independent party prior to application.
Kakršne koli pomembne spremembe ali prilagoditve modelov, njihove metodologije in okvira za upravljanje likvidnostnega tveganja so predmet ustreznega upravljanja, pri čemer se pridobi tudi nasvet odbora za tveganja, pred uporabo pa jih potrdi kvalificirana in neodvisna stranka.
A CCP’s validation process shall be documented and at least shall specify the policies used to test the CCP’s margin, default fund and other financial resources methodologies and framework for calculating liquid financial resources.
Postopek vrednotenja CNS se dokumentira in opredeli vsaj usmeritve, ki se uporabljajo za testiranje metodologij v zvezi s kritji, jamstvenim skladom in drugimi finančnimi sredstvi ter okvira za izračun likvidnih finančnih sredstev.
Any material revisions or adjustments to such policies shall be subject to appropriate governance, including seeking advice from the risk committee, and validated by a qualified and independent party prior to application.
Kakršne koli pomembne spremembe ali prilagoditve usmeritev so predmet ustreznega upravljanja, pri čemer se pridobi tudi nasvet odbora za tveganja, pred uporabo pa jih potrdi kvalificirana in neodvisna stranka.
A comprehensive validation shall, at least, include the following:
Celovit postopek vrednotenja vključuje vsaj naslednje:
an evaluation of the conceptual soundness of the models and framework, including developmental supporting evidence;
oceno vsebinske tehtnosti modelov in okvira, vključno s podpornim dokaznim gradivom o njihovem razvoju;
a review of the ongoing monitoring procedures, including verification of processes and benchmarking;
pregled tekočih postopkov spremljanja, vključno s preverjanjem procesov in primerjalnih analiz;
a review of the parameters and assumptions made in the development of its models, their methodologies and the framework;
pregled parametrov in predpostavk pri razvoju modelov, njihovih metodologij in okvira;
a review of the adequacy and appropriateness of the models, their methodologies and framework adopted in respect of the type of contracts they apply to;
pregled ustreznosti in primernosti modelov, njihovih metodologij in okvira, sprejetega v zvezi z vrsto pogodb, za katere se uporabljajo;
a review of the appropriateness of its stress testing scenarios in accordance with Chapter VII and Article 52;
pregled primernosti scenarijev za testiranje izjemnih situacij v skladu s poglavjem VII in členom 52;