natgillin/translations-raw huggingface dataset:
The position in the CIU will be treated as a direct holding in the assumed position;
Pozicija v KNP bo obravnavana kot neposredna naložba v hipotetični poziciji;
institutions shall take account of the maximum indirect exposure that they could achieve by taking leveraged positions through the CIU when calculating their own funds requirement for specific and general risk separately, by proportionally increasing the position in the CIU up to the maximum exposure to the underlying investment items resulting from the mandate;
institucije upoštevajo največjo posredno izpostavljenost, ki bi jo lahko dosegle s sprejetjem pozicij s finančnim vzvodom prek KNP, kadar izračunavajo svojo kapitalsko zahtevo za posebno in splošno tveganje ločeno, s sorazmernim povečanjem pozicije v KNP do največje izpostavljenosti v postavke osnovne naložbe, ki izhajajo iz mandata;
if the own funds requirement for specific and general risk together in accordance with this paragraph exceed that set out in Article 348(1) the own funds requirement shall be capped at that level.
če bi kapitalska zahteva sredstvih za posebno in splošno tveganje skupaj v skladu s tem odstavkom presegla višino iz člena 348 (1), se kapitalska zahteva omeji na tej višini.
Own funds requirements for foreign-exchange risk
Kapitalske zahteve za valutno tveganje
De minimis and weighting for foreign exchange risk
De minimis in utež za valutno tveganje
If the sum of an institution's overall net foreign-exchange position and its net gold position, calculated in accordance with the procedure set out in Article 352, including for any foreign exchange and gold positions for which own funds requirements are calculated using an internal model, exceeds 2 % of its total own funds, the institution shall calculate an own funds requirement for foreign exchange risk.
Če vsota skupne neto pozicije institucije v tuji valuti in njene neto pozicije v zlatu, izračunana v skladu s postopkom iz člena 352, vključno z vsemi pozicijami v tuji valuti in zlatu, za katere se kapitalske zahteve izračunajo z uporabo notranjega modela, presega 2 % njenega skupnega kapitala, institucija izračuna kapitalsko zahtevo za valutno tveganje.
The own funds requirement for foreign exchange risk shall be the sum of its overall net foreign-exchange position and its net gold position in the reporting currency, multiplied by 8 %.
Kapitalska zahteva za valutno tveganje je vsota njene skupne neto pozicije v tuji valuti in njene neto pozicije v zlatu v valuti poročanja, pomnožena z 8 %.
The institution's net open position in each currency (including the reporting currency) and in gold shall be calculated as the sum of the following elements (positive or negative):
Neto odprta pozicija institucije v vsaki posamezni valuti (vključno z valuto poročanja) in v zlatu se izračuna kot vsota naslednjih elementov (pozitivnih ali negativnih):
the net spot position (i.e. all asset items less all liability items, including accrued interest, in the currency in question or, for gold, the net spot position in gold);
neto promptne pozicije (tj. vseh aktivnih postavk, zmanjšanih za vse pasivne postavke, vključno z obračunanimi obrestmi, v zadevni valuti ali, za zlato, neto promptne pozicije v zlatu);
the net forward position, which are all amounts to be received less all amounts to be paid under forward exchange and gold transactions, including currency and gold futures and the principal on currency swaps not included in the spot position;
neto terminske pozicije, ki so vsi zneski, ki bodo predvidoma prejeti, zmanjšani za vse zneske, ki bodo predvidoma plačani, v okviru terminskih dogovorov na tuje valute in zlato, vključno s terminskimi pogodbami na valute in zlato ter glavnica pri valutnih zamenjavah, ki niso vključene v promptno pozicijo;
irrevocable guarantees and similar instruments that are certain to be called and likely to be irrecoverable;
nepreklicnih jamstev in podobnih instrumentov, ki bodo zagotovo unovčeni in za katere obstaja majhna verjetnost poplačila;
the net delta, or delta-based, equivalent of the total book of foreign-currency and gold options;
neto delta ekvivalenta ali ekvivalenta na osnovi delta vrednosti celotnega portfelja opcij na tuje valute in zlato;
the market value of other options.
tržne vrednosti drugih opcij.
The delta used for purposes of point (d) shall be that of the exchange concerned.
Delta, uporabljena za namene iz točke (d), je delta zadevne borze.
For OTC options, or where delta is not available from the exchange concerned, the institution may calculate delta itself using an appropriate model, subject to permission by the competent authorities.
Institucija lahko za opcije OTC ali kadar delta zadevne borze ni na voljo, sama izračuna delto z uporabo ustreznega modela, če ima za to dovoljenje pristojnih organov.
The institution may include net future income/expenses not yet accrued but already fully hedged if it does so consistently.
Institucija lahko vključi neto prihodnje prihodke/odhodke, ki še niso obračunani, a so že v celoti varovani, če to počne dosledno.
The institution may break down net positions in composite currencies into the component currencies according to the quotas in force.
Institucija lahko razdeli neto pozicije v sestavljenih valutah na valute, ki jih sestavljajo, na podlagi veljavnih kvot.
EBA shall develop draft regulatory technical standards defining a range of methods to reflect in the own funds requirements other risks, apart from delta risk, in a manner proportionate to the scale and complexity of institutions' activities in options.
EBA pripravi osnutke regulativnih tehničnih standardov, da se opredelijo različne metode za upoštevanje drugih tveganj, razen delta tveganja, v kapitalskih zahtevah na način, ki je sorazmeren z obsegom ter zapletenostjo dejavnosti institucije na področju opcij.
Foreign exchange risk of CIUs
Valutno tveganje KNP
For the purposes of Article 352, in respect of CIUs the actual foreign exchange positions of the CIU shall be taken into account.
Za namene člena 352 se v zvezi s KNP upoštevajo dejanske pozicije KNP v tujih valutah.
Institutions may provide lower own funds requirements against positions in relevant closely correlated currencies.
Institucije lahko zagotovijo nižje kapitalske zahteve za pozicije v zadevnih tesno koreliranih valutah.
A pair of currencies is deemed to be closely correlated only if the likelihood of a loss — calculated on the basis of daily exchange-rate data for the preceding three or five years — occurring on equal and opposite positions in such currencies over the following 10 working days, which is 4 % or less of the value of the matched position in question (valued in terms of the reporting currency) has a probability of at least 99 %, when an observation period of three years is used, and 95 %, when an observation period of five years is used.
Da sta dve valuti tesno korelirani, se šteje le, če je verjetnost izgube, izračunana na podlagi podatkov o dnevnih menjalnih tečajih za obdobje zadnjih treh ali petih let, pri enakih ali nasprotnih pozicijah v takšnih valutah v naslednjih 10 delovnih dneh, kar znaša 4 % ali manj vrednosti izravnane zadevne pozicije (vrednotene v valuti poročanja), vsaj 99 %, kadar se uporabi triletna opazovalna doba, in 95 %, kadar se uporabi petletna opazovalna doba.
In calculating the requirements of this Chapter, institutions may disregard positions in currencies, which are subject to a legally binding intergovernmental agreement to limit its variation relative to other currencies covered by the same agreement.
Pri izračunavanju zahtev iz tega poglavja lahko institucije izključijo pozicije v valutah, ki so predmet pravno zavezujočega medvladnega sporazuma, da omejijo odstopanje v razmerju do drugih valut, ki jih pokriva isti sporazum.
EBA shall develop draft implementing technical standards listing the currencies for which the treatment set out in paragraph 1 is available.
EBA pripravi osnutke izvedbenih tehničnih standardov z navedbo valut, za katere je na voljo obravnava iz odstavka 1.
Positions in commodities
Pozicije v blagu
Each position in commodities or commodity derivatives shall be expressed in terms of the standard unit of measurement.
Vsaka pozicija v blagu ali izvedenih finančnih instrumentih na blago se izrazi v standardni merski enoti.
Positions in gold or gold derivatives shall be considered as being subject to foreign-exchange risk and treated in accordance with Chapter 3 or 5, as appropriate, for the purpose of calculating commodities risk.
Za pozicije v zlatu ali izvedene finančne instrumente na zlato se šteje, da so predmet valutnega tveganja in se za namen izračunavanja blagovnega tveganja obravnavajo v skladu s poglavjem 3 ali 5, kakor je ustrezno.
For the purpose of Article 360(1), the excess of an institution's long positions over its short positions, or vice versa, in the same commodity and identical commodity futures, options and warrants shall be its net position in each commodity.
Za namen člena 360 (1) je neto pozicija institucije v vsakem blagu presežek njenih dolgih pozicij nad njenimi kratkimi pozicijami, ali obratno, v istem blagu ter identičnih terminskih pogodbah na blago, opcijah in nakupnih bonih.
Derivative instruments shall be treated, as laid down in Article 358, as positions in the underlying commodity.
Izvedeni finančni instrumenti se v skladu z določbami člena 358 obravnavajo kot pozicije v osnovnem blagu.
For the purposes of calculating a position in a commodity, the following positions shall be treated as positions in the same commodity:
Za namene izračuna pozicije v blagu se naslednje pozicije obravnavajo kot pozicije v istem blagu:
positions in different sub-categories of commodities in cases where the sub-categories are deliverable against each other;
pozicije v različnih podkategorijah blaga v primerih, ko so te podkategorije medsebojno zamenljive;
positions in similar commodities if they are close substitutes and where a minimum correlation of 0,9 between price movements can be clearly established over a minimum period of one year.
pozicije v podobnem blagu, če gre za skoraj enake nadomestke in kadar je minimalno korelacijo 0,9 med spremembami cene mogoče jasno ugotoviti v obdobju najmanj enega leta.
Commodity swaps where one side of the transaction is a fixed price and the other the current market price shall be treated, as a series of positions equal to the notional amount of the contract, with, where relevant, one position corresponding with each payment on the swap and slotted into the maturity bands in Article 359(1).
Blagovne zamenjave, pri katerih je ena stran posla fiksna cena in druga trenutna tržna cena, se obravnavajo kot serija pozicij, ki je enaka hipotetičnemu znesku pogodbe, pri čemer po potrebi ena pozicija ustreza posameznemu plačilu v okviru zamenjave ter se razporedi v razrede zapadlosti iz člena 359 (1).
The positions shall be long positions if the institution is paying a fixed price and receiving a floating price and short positions if the institution is receiving a fixed price and paying a floating price.
Pozicije so dolge pozicije, če institucija plačuje fiksno ceno in prejema spremenljivo ceno, ter kratke pozicije, če institucija prejema fiksno ceno in plačuje spremenljivo ceno.
Options and warrants on commodities or on commodity derivatives shall be treated as if they were positions equal in value to the amount of the underlying to which the option refers, multiplied by its delta for the purposes of this Chapter.
Opcije in nakupni boni za blago ali izvedene finančne instrumente na blago se obravnavajo, kot če bi bili pozicije, katerih vrednost je enaka znesku osnove, na katero se opcija nanaša, pomnoženemu z njegovo delto za namene tega poglavja.
The latter positions may be netted off against any offsetting positions in the identical underlying commodity or commodity derivative.
Slednje pozicije se lahko pobotajo s katerimi koli nasprotnimi pozicijami v identičnem osnovnem blagu ali izvedenem finančnem instrumentu na blago.
For OTC options, or where delta is not available from the exchange concerned the institution may calculate delta itself using an appropriate model, subject to permission by the competent authorities.
Institucija lahko za opcije OTC ali kadar delta zadevne borze ni na voljo, sama izračuna delto z uporabo ustreznega modela, če ima za to dovoljenje pristojnih organov.
Positions in the same commodity may be offset and assigned to the appropriate maturity bands on a net basis for the following:
Pozicije v istem blagu se lahko izravnajo in razporedijo v ustrezne razrede zapadlosti na neto podlagi, in sicer če gre za:
positions in contracts maturing on the same date;
pozicije v pogodbah z istim dnevom zapadlosti;
positions in contracts maturing within 10 days of each other if the contracts are traded on markets which have daily delivery dates.
pozicije v pogodbah, ki zapadejo v razmaku največ 10 dni, če se s pogodbami trguje na trgih z dnevnimi datumi izročitve.
The institution shall then calculate the sum of the long positions and the sum of the short positions in each maturity band.
Institucija nato izračuna vsoto dolgih pozicij in vsoto kratkih pozicij v vsakem razredu zapadlosti.
The amount of the former which are matched by the latter in a given maturity band shall be the matched positions in that band, while the residual long or short position shall be the unmatched position for the same band.
Znesek prvih, ki so izravnane s slednjimi v določenem razredu zapadlosti, so izravnane pozicije zadevnega razreda, medtem ko je preostala dolga ali kratka pozicija neizravnana pozicija tega razreda.
That part of the unmatched long position for a given maturity band that is matched by the unmatched short position, or vice versa, for a maturity band further out shall be the matched position between two maturity bands.
Tisti del neizravnane dolge pozicije za določen razred zapadlosti, ki se izravna z neizravnano kratko pozicijo, ali obratno, v naslednjem razredu zapadlosti, je izravnana pozicija med dvema razredoma zapadlosti.
That part of the unmatched long or unmatched short position that cannot be thus matched shall be the unmatched position.
Tisti del neizravnane dolge ali neizravnane kratke pozicije, ki ga ni mogoče tako izravnati, je neizravnana pozicija.
The institution's own funds requirement for each commodity shall be calculated on the basis of the relevant maturity ladder as the sum of the following:
Kapitalska zahteva institucije za vsako blago se izračuna na podlagi ustrezne lestvice zapadlosti kot vsota naslednjega:
the sum of the matched long and short positions, multiplied by the appropriate spread rate as indicated in the second column of Table 1 for each maturity band and by the spot price for the commodity;
vsote izravnanih dolgih in kratkih pozicij, pomnožene z ustrezno stopnjo razmika, kot je navedena v drugem stolpcu razpredelnice 1 za vsak razred zapadlosti, in s promptno ceno za blago;
the matched position between two maturity bands for each maturity band into which an unmatched position is carried forward, multiplied by 0,6 %, which is the carry rate and by the spot price for the commodity;
izravnane pozicije med dvema razredoma zapadlosti za vsak razred zapadlosti, v katerega se prenese neizravnan položaj, pomnožene z 0,6 %, ki je stopnja prenosa, in s promptno ceno za blago;
the residual unmatched positions, multiplied by 15 % which is the outright rate and by the spot price for the commodity.
preostalih neizravnanih pozicij, pomnoženih s 15 %, ki je končna stopnja, in s promptno ceno za blago.
The institution's overall own funds requirement for commodities risk shall be calculated as the sum of the own funds requirements calculated for each commodity in accordance with paragraph 5.
Skupna kapitalska zahteva institucije za blagovno tveganje se izračuna kot vsota kapitalskih zahtev, izračunanih za vsako blago v skladu z odstavkom 5.
Simplified approach
Poenostavljeni pristop
The institution's own funds requirement for each commodity shall be calculated as the sum of the following:
Kapitalska zahteva institucije za vsako blago se izračuna kot vsota naslednjega:
15 % of the net position, long or short, multiplied by the spot price for the commodity;
15 % neto pozicije, dolge ali kratke, pomnožene s promptno ceno za blago;
3 % of the gross position, long plus short, multiplied by the spot price for the commodity.
3 % bruto pozicije, vsota dolge in kratke, pomnožene s promptno ceno za blago.
The institution's overall own funds requirement for commodities risk shall be calculated as the sum of the own funds requirements calculated for each commodity in accordance with paragraph 1.
Skupna kapitalska zahteva institucije za blagovno tveganje se izračuna kot vsota kapitalskih zahtev, izračunanih za vsako blago v skladu z odstavkom 1.
Extended maturity ladder approach
Razširjeni pristop lestvice zapadlosti
Institutions may use the minimum spread, carry and outright rates set out in the following table 2 instead of those indicated in Article 359 provided that the institutions:
Institucije lahko namesto tistih iz člena 359 uporabijo najmanjšo stopnjo razmika, stopnjo prenosa in končno stopnjo, določene v naslednji razpredelnici 2, če institucije:
undertake significant commodities business;
v velikem obsegu poslujejo z blagom na debelo;
have an appropriately diversified commodities portfolio;
imajo ustrezno razpršen portfelj v blagu;
are not yet in a position to use internal models for the purpose of calculating the own funds requirement for commodities risk.
še ne morejo uporabljati notranjih modelov za namen izračuna kapitalske zahteve za blagovno tveganje.
Spread rate (%)
Stopnja razpona (v %)
Carry rate (%)
Stopnja prenosa (v %)
Outright rate (%)
Končna stopnja (v %)
Institutions shall notify the use they make of this Article to their competent authorities together with evidence of their efforts to implement an internal model for the purpose of calculating the own funds requirement for commodities risk.
Institucije svoje pristojne organe uradno obvestijo o uporabi tega člena skupaj z dokazom o svojih naporih za uvedbo notranjega modela za namen izračuna kapitalske zahteve za blagovno tveganje.
Use of internal models to calculate own funds requirements
Uporaba notranjih modelov za izračun kapitalskih zahtev
Permission and own funds requirements
Dovoljenje in kapitalske zahteve
Position risk on a traded debt instrument or equity instrument or derivative thereof may be divided into two components for purposes of this Chapter.
Pozicijsko tveganje za dolžniški instrument ali lastniški instrument ali iz njiju izveden finančni instrument, s katerimi se trguje na borzi, se lahko za namene tega poglavja razdeli na dva sestavna dela.
The first shall be its specific risk component and shall encompass the risk of a price change in the instrument concerned due to factors related to its issuer or, in the case of a derivative, the issuer of the underlying instrument.
Prvi je njegovo posebno tveganje in obsega tveganje spremembe cene zadevnega instrumenta zaradi dejavnikov, ki so povezani z njegovim izdajateljem ali, v primeru izvedenega finančnega instrumenta, z izdajateljem osnovnega instrumenta.
The general risk component shall encompass the risk of a price change in the instrument due in the case of a traded debt instrument or debt derivative to a change in the level of interest rates or in the case of an equity or equity derivative to a broad equity-market movement unrelated to any specific attributes of individual securities.
Sestavni del, ki predstavlja splošno tveganje, obsega tveganje spremembe cene instrumenta zaradi spremembe ravni obrestnih mer (v primeru dolžniškega instrumenta ali izvedenega dolžniškega finančnega instrumenta, s katerima se trguje na borzi) ali obsežen cenovni premik na trgu lastniških instrumentov, ki ni povezan z nobenimi posebnimi značilnostmi posameznih vrednostnih papirjev (v primeru lastniškega instrumenta ali izvedenega lastniškega finančnega instrumenta).
Permission to use internal models
Dovoljenje za uporabo notranjih modelov
After having verified an institution's compliance with the requirements of Sections 2, 3 and 4 as relevant, competent authorities shall grant permission to institutions to calculate their own funds requirements for one or more of the following risk categories by using their internal models instead of or in combination with the methods in Chapters 2 to 4:
Potem ko pristojni organi preverijo, ali institucija izpolnjuje zahteve iz oddelkov 2, 3 in 4, kakor je ustrezno, izdajo institucijam dovoljenje za izračun njihovih kapitalskih zahtev za eno ali več od naslednjih kategorij tveganja z uporabo njihovih notranjih modelov namesto metod iz poglavij od 2 do 4 ali v kombinaciji z njimi:
general risk of equity instruments;
splošno tveganje lastniških instrumentov;
specific risk of equity instruments;
posebno tveganje lastniških instrumentov;
general risk of debt instruments;
splošno tveganje dolžniških instrumentov;
specific risk of debt instruments;
posebno tveganje dolžniških instrumentov;
commodities risk.
blagovno tveganje.
For risk categories for which the institution has not been granted the permission referred to in paragraph 1 to use its internal models, that institution shall continue to calculate own funds requirements in accordance with those Chapters 2, 3 and 4 as relevant.
Za kategorije tveganja, za katere instituciji ni bilo izdano dovoljenje iz odstavka 1 za uporabo njenih notranjih modelov, institucija nadaljuje z izračunavanjem kapitalskih zahtev v skladu s poglavji 2, 3 in 4, kot je ustrezno.
Permission by the competent authorities for the use of internal models shall be required for each risk category and shall be granted only if the internal model covers a significant share of the positions of a certain risk category.
Dovoljenje pristojnih organov za uporabo notranjih modelov se zahteva za vsako kategorijo tveganja, izda pa se le, če notranji model zajema pomemben delež pozicij iz določenih kategorij tveganja.
the assessment methodology under which competent authorities permit institutions to use internal models;
metodologijo ocenjevanja, v skladu s katero pristojni organi institucijam dovolijo uporabo notranjih modelov;
the conditions under which the share of positions covered by the internal model within a risk category shall be considered significant as referred to in paragraph 2.
pogoje, pod katerimi se delež pozicij, zajetih v notranjem modelu znotraj kategorije tveganja, šteje za "pomembnega", kot je navedeno v odstavku 2.
its latest available stressed-value-at-risk number calculated in accordance with Article 365(2) (sVaRt-1); and
njene najnovejše razpoložljive stresne tvegane vrednosti, izračunane v skladu s členom 365(2) (sVaRt-1); in
an average of the stressed value-at-risk numbers calculated in the manner and frequency specified in Article 365(2) during the preceding sixty business days (sVaRavg), multiplied by the multiplication factor (ms) in accordance with Article 366;
povprečja stresnih tveganih vrednosti, izračunanih na način in v skladu s pogostostjo iz člena 365(2), v prejšnjih 60 delovnih dnevih (sVaRavg), pomnoženega z multiplikatorjem (ms) v skladu s členom 366.
The institutions shall count daily overshootings on the basis of back-testing on hypothetical and actual changes in the portfolio's value.
Institucije dnevno štejejo preseganja na podlagi testiranj za nazaj na podlagi hipotetičnih in dejanskih sprememb vrednosti portfelja.
An overshooting is a one-day change in the portfolio's value that exceeds the related one-day value-at-risk number generated by the institution's model.
Preseganje je enodnevna sprememba vrednosti portfelja, ki preseže ustrezno enodnevno tvegano vrednost, izračunano z modelom institucije.
For the purpose of determining the addend the number of overshootings shall be assessed at least quarterly and shall be equal to the higher of the number of overshootings under hypothetical and actual changes in the value of the portfolio.
Za namen določitve prištevka se število preseganj oceni vsaj četrtletno in je enako višjemu od števila preseganj na podlagi hipotetičnih in dejanskih sprememb vrednosti portfelja.