natgillin/translations-raw huggingface dataset:
Governance arrangements should take into account different regimes on corporate law in the Union, in order to ensure that CCPs operate within a sound legal framework.
Ureditve upravljanja bi morale upoštevati različne ureditve prava družb v Uniji za zagotovitev, da CNS delujejo znotraj trdnega pravnega okvira.
To ensure that a CCP implements the appropriate procedures to comply with this Regulation, Regulation (EU) No 648/2012 and Commission Implementing Regulation (EU) No 1249/2012 [3], the role and responsibilities of a compliance function of a CCP should be specified.
Za zagotovitev, da CNS izvaja ustrezne postopke za upoštevanje te uredbe, Uredbe (EU) št. 648/2012 in Izvedbene uredbe Komisije (EU) št. 1249/2012 [3], bi bilo treba določiti vlogo in odgovornosti funkcije za zagotavljanje skladnosti CNS.
It is necessary to clearly define the responsibilities of the board and the senior management as well as to specify minimum requirements for the functioning of the board in order to ensure that the organisational structure of a CCP enables it to perform its services and activities in a continuous and orderly manner.
Treba je jasno opredeliti odgovornosti organa upravljanja in višjega vodstva ter minimalne zahteve za delovanje organa upravljanja za zagotovitev, da organizacijska struktura CNS omogoča stalno in urejeno izvajanje njenih storitev in dejavnosti.
It is also necessary to set up clear and direct reporting lines to ensure accountability.
Poleg tega je treba tudi določiti jasne in neposredne zahteve glede poročanja, da se zagotovi odgovornost.
In order to ensure the sound and prudent management of a CCP, it is important that its remuneration policy discourages excessive risk taking.
Pomembno je, da politika prejemkov ne spodbuja čezmernega tveganja, da se zagotovi zanesljivo in preudarno upravljanje CNS.
For the remuneration policy to produce the intended effects, it should be adequately monitored and reviewed by the board that should set-up a specific committee to appropriately oversee the fulfilment of remuneration policy.
Da bi politika prejemkov dosegla nameravane učinke, bi jo moral ustrezno spremljati in pregledovati organ upravljanja, ki bi moral ustanoviti poseben odbor za ustrezno nadzorovanje izpolnjevanja politike prejemkov.
To ensure that CCPs operate with the necessary level of human resources to meet all of their obligations, they are accountable for the performance of their activities and competent authorities have the relevant contact points within the CCPs they supervise, CCPs should have at least a chief risk officer, a chief compliance officer and chief technology officer.
Za zagotavljanje, da CNS poslujejo s potrebno ravnjo človeških virov za izpolnjevanje vseh svojih obveznosti, da so odgovorne za izvajanje svojih dejavnosti in da imajo pristojni organi ustrezne kontakte znotraj CNS, ki jih nadzirajo, bi CNS morale imeti vsaj vodilnega za tveganja, vodilnega za zagotavljanje skladnosti s predpisi in vodilnega za tehnologijo.
CCPs should adequately assess and monitor the extent to which board members that sit on the boards of different entities have conflicts of interest, whether within or outside the group of the CCP.
CNS bi morale ustrezno ocenjevati in spremljati, v kolikšni meri imajo člani organov upravljanja različnih gospodarskih subjektov navzkrižja interesov bodisi znotraj bodisi zunaj skupine CNS.
Board members should not be prevented from sitting on different boards unless this gives rise to conflicts of interest.
Članom organa upravljanja se ne bi smelo preprečiti, da sedijo v različnih organih upravljanja, razen če to povzroča navzkrižja interesov.
In order to have an effective audit function, a CCP should define the responsibilities and reporting lines of its internal auditors, to ensure that relevant matters are brought before the board of the CCP and the competent authorities in a timely manner.
Za doseganje učinkovite revizijske funkcije, bi morala CNS opredeliti zahteve glede odgovornosti in poročanja svojih notranjih revizorjev, da bi lahko organ upravljanja CNS in pristojni organi pravočasno obravnavali zadevna vprašanja.
When establishing and maintaining an internal audit function, its mission, independence and objectivity, scope and responsibility, authority, accountability and standards of operation should be clearly defined.
Pri uvedbi in ohranjanju funkcije notranje revizije bi bilo treba jasno opredeliti njeno misijo, neodvisnost in objektivnost, področje dela in dolžnosti, pristojnost, odgovornost in standarde poslovanja.
To carry out its duties effectively, the relevant competent authority should be provided with access to all necessary information to determine whether the CCP is in compliance with its conditions of authorisation.
Da bi lahko zadevni pristojni organ učinkovito izvajal svoje dolžnosti, bi mu bilo treba zagotoviti dostop do vseh potrebnih informacij za ugotavljanje, ali CNS izpolnjuje pogoje za izdajo dovoljenja.
Such information should be made available by the CCP without undue delay.
Takšne informacije bi morala CNS dati takoj na voljo.
Records kept by CCPs should facilitate a thorough knowledge of CCPs’ credit exposure towards clearing members and allow monitoring of the implied systemic risk.
Evidence, ki jih hrani CNS, bi morale omogočiti temeljito poznavanje kreditne izpostavljenosti CNS do klirinških članov in spremljanje implicitnega sistemskega tveganja.
They should also enable competent authorities, ESMA and the relevant members of the European System of Central Banks (ESCB) to adequately re-construct the clearing process, in order to assess compliance with regulatory requirements including reporting requirements.
Prav tako bi morale omogočiti pristojnim organom, organu ESMA in zadevnim članom Evropskega sistema centralnih bank (ESCB) ustrezno rekonstrukcijo klirinškega procesa, da se oceni skladnost s predpisanimi zahtevami, vključno z zahtevami glede poročanja.
Once recorded, that data is also useful for CCPs in meeting regulatory requirements and obligations towards clearing members and in disputes.
Ko so ti podatki evidentirani, so koristni tudi za CNS pri izpolnjevanju regulativnih zahtev in obveznosti do klirinških članov in pri reševanju sporov.
Data reported by CCPs to trade repositories should be recorded so as to empower competent authorities to verify the compliance of CCPs with the reporting obligation set out in Regulation (EU) No 648/2012 and to easily access information in cases where this cannot be found in trade repositories.
Podatke, ki jih CNS sporočajo v repozitorije sklenjenih poslov, bi bilo treba evidentirati, tako da se pristojnim organom omogoči preverjanje, ali CNS spoštujejo obveznosti glede poročanja iz Uredbe (EU) št. 648/2012, in da se olajša dostop do informacij v primerih, ko jih ni mogoče najti v repozitorijih sklenjenih poslov.
The record-keeping requirements in relation to trades should make use of the same concepts used in the reporting obligation set out in Article 9 of Regulation (EU) No 648/2012, in order to ensure appropriate reporting by CCPs.
Pri zahtevah glede vodenja evidenc v zvezi s trgovino bi bilo treba uporabiti enake koncepte, kot se uporabljajo pri obveznostih poročanja iz člena 9 Uredbe (EU) št. 648/2012, da se zagotovi ustrezno poročanje s strani CNS.
To ensure business continuity in times of disruption, the secondary processing site of the CCP should be located sufficiently distant and in a sufficiently geographically distinct location from the primary site so that it would not be subject to the same disaster which may cause the unavailability of the primary site.
Da se zagotovi neprekinjeno poslovanje v času motenj, bi se morala sekundarna lokacija za obdelavo CNS nahajati dovolj daleč stran in na geografsko dovolj ločeni lokaciji od primarne lokacije, tako da ne bi bila podvržena istim motnjam, ki bi povzročile nerazpoložljivost primarne lokacije.
Scenarios should be created to analyse the impact of crisis events on critical services, including scenarios which envisage the unavailability of systems caused by a natural disaster.
Treba bi bilo pripraviti scenarije za analizo učinka krize na ključne storitve, vključno s scenariji, ki predvidevajo nerazpoložljivost sistemov zaradi naravne nesreče.
Those analyses should be reviewed periodically.
Te analize bi bilo treba redno pregledovati.
CCPs are systemically relevant financial market infrastructures and they should recover critical functions within two hours, with backup systems ideally starting processing immediately after an incident.
CNS so sistemsko pomembna infrastruktura finančnega trga in ključne funkcije bi se jim morale povrniti v dveh urah, rezervni sistemi pa naj bi v idealnem primeru začeli z obdelavo podatkov takoj po incidentu.
CCPs should also ensure with very high probability that no data will be lost.
CNS bi morale tudi z zelo visoko zanesljivostjo zagotoviti, da nobeni podatki ne bodo izgubljeni.
It is important that the default of a clearing member does not cause significant losses to other market participants.
Pomembno je, da v primeru neplačila klirinškega člana niso povzročene velike izgube za druge udeležence na trgu.
Therefore, CCPs are required to cover through margins posted by the defaulter, at least, a relevant proportion of the possible loss that during the close out process the CCP might have.
Zato se od CNS zahteva, da s kritji neplačnika pokrijejo vsaj ustrezen delež izgube, ki jo lahko ima CNS med postopkom zapiranja pozicije.
Rules should determine the minimum percentage the margins should cover for different classes of financial instruments.
Pravila bi morala določiti najnižji odstotek kritja za različne razrede finančnih instrumentov.
Furthermore, CCPs should follow principles to adequately tailor their margin levels to the characteristics of each financial instrument or portfolio they clear.
Poleg tega bi morale CNS upoštevati načela za ustrezno prilagoditev stopenj kritja značilnostim vsakega finančnega instrumenta ali portfelja, za katerega opravijo kliring.
CCPs should not reduce their margins to a level that compromises their safety as a result of the existence of a highly competitive environment.
CNS naj ne bi zmanjšale kritja na raven, ki zaradi zelo konkurenčnega okolja ogroža njihovo varnost.
For this reason, margin calculations should follow specific requirements in their basic components.
Zaradi tega bi se morale pri izračunu kritja v osnovnih komponentah upoštevati posebne zahteve.
In this sense, margins should take into account a full range of market conditions including periods of stress.
Kritja bi torej morala upoštevati celo vrsto tržnih pogojev, vključno z obdobji izjemnih situacij.
Rules should be established to specify the appropriate percentage and time horizons for the liquidation period and the calculation of historical volatility.
Treba bi bilo določiti pravila za opredelitev ustreznega odstotka in časovnih obdobij za obdobje unovčenja in izračun pretekle nestanovitnosti.
However, in order to ensure that CCPs duly manage the risk they face, it is desirable not to specify the approach which the CCP should take to calculating margin requirements from these parameters.
Vendar je za zagotovitev, da CNS ustrezno obvladujejo tveganja, s katerimi se soočajo, zaželeno, da ta uredba ne opredeljuje pristopa, ki bi ga morala izbrati CNS za izračun zahtev glede kritja iz teh parametrov.
For the same reasons, CCPs should not be prevented to rely on various reliable methodological approaches for the development of portfolio margining, they should be allowed to rely on methods based on correlations between price risk of the financial instrument or set of financial instruments they clear, as well as any appropriate methods based on equivalent statistical parameters of dependence.
Iz istih razlogov se CNS ne bi smelo preprečiti, da uporabijo različne zanesljive metodološke pristope za razvoj portfeljskega kritja, in bi jim bilo treba dovoliti, da uporabijo metode, ki temeljijo na korelacijah med različnimi cenovnimi tveganji finančnega instrumenta ali sklopa finančnih instrumentov, za katere se opravi kliring, ter ustrezne metode, ki temeljijo na enakovrednih statističnih parametrih odvisnosti.
To determine the period of time during which a CCP is exposed to market risk related to the management of a defaulter’s position, the CCP should consider the relevant characteristics of the financial instruments or portfolio cleared, such as their level of liquidity and the size of the position or its concentration.
CNS bi morala pri določitvi obdobja, v katerem je izpostavljena tržnemu tveganju v zvezi z upravljanjem pozicij neplačnika, upoštevati ustrezne značilnosti finančnih instrumentov ali portfelja, za katerega je bil opravljen kliring, kot so raven likvidnosti in velikost pozicije ali njena koncentracija.
CCPs should prudently evaluate the time required for the complete closure of a defaulter’s position since the latest collection of margins, the size of the position and its concentration.
CNS bi morala preudarno oceniti čas, ki je potreben za popolno zaprtje pozicije neplačnika od zadnjega zbiranja podatkov o kritju, velikosti pozicije in njeni koncentraciji.
In order to avoid causing or exacerbating financial instability, CCPs should, to the maximum extent practical, adopt forward-looking margin methodologies that limit the likelihood of procyclical changes in margin requirements, without undermining the resilience of the CCP.
Da bi se izognili povzročanju finančne nestabilnosti ali njenemu povečevanju, bi morale CNS, kolikor je to izvedljivo, sprejeti v prihodnost usmerjene metodologije za izračun kritja, ki omejujejo verjetnost procikličnih sprememb v zahtevah po kritju, ne da bi pri tem ogrozile prilagodljivost CNS.
A higher confidence interval for OTC derivatives is typically justified because those products can suffer from less reliable pricing and shorter runs of historical data on which to base exposure estimations.
Večji interval zaupanja za izvedene finančne instrumente OTC je običajno upravičen, ker je lahko določanje cen pri teh proizvodih manj zanesljivo in je na voljo manj preteklih podatkov, na podlagi katerih se oceni izpostavljenost.
CCPs might clear OTC derivatives that do not suffer from such phenomena and have the same risk characteristics as listed derivatives and they should be able to clear those products consistently irrespective of the execution method.
CNS lahko opravijo kliring izvedenih finančnih instrumentov OTC, ki jih to ne zadeva in imajo enake značilnosti tveganja, kakor finančni instrumenti, ki kotirajo na borzi, in bi morale biti sposobne opraviti kliring teh proizvodov dosledno, ne glede na metodo izvrševanja.
A suitable definition of extreme but plausible market conditions is a core component of CCP risk management.
Primerna opredelitev skrajnih, vendar možnih tržnih razmer, je temeljni sestavni del upravljanja tveganj CNS.
For the purposes of keeping the CCP risk management framework up to date, extreme but plausible market conditions should not be considered as a static concept, but rather as conditions that evolve over time and vary across markets.
Da se okvir upravljanja tveganj CNS posodablja, se skrajne, vendar možne tržne razmere, ne bi smele obravnavati kot statičen koncept, ampak kot pogoji, ki se sčasoma razvijajo in se po trgih razlikujejo.
One market scenario can be extreme but plausible for one CCP while not having great importance for another.
Neki tržen scenarij je lahko skrajen, vendar možen za eno CNS, za drugo CNS pa nima večjega pomena.
A CCP should establish a robust internal policy framework for identifying the markets to which it is exposed and employ a common minimum set of standards for defining extreme but plausible conditions in each identified market.
CNS bi morala vzpostaviti trden okvir notranje politike za opredelitev trgov, ki jim je izpostavljena, in uporabljati skupen minimalen sklop standardov za opredelitev skrajnih, vendar možnih razmer na vsakem opredeljenem trgu.
It should also consider objectively the potential for simultaneous pressures in multiple markets.
Objektivno bi morala tudi preučiti možnost hkratnih pritiskov na več trgih.
To ensure appropriate and robust governance arrangements are in place, the framework used by a CCP to identify extreme but plausible market conditions should be discussed by the risk committee and approved by the board.
Da bi se zagotovilo sprejetje primernih in zanesljivih ureditev upravljanja, bi moral odbor za tveganja razpravljati o okviru, ki ga uporablja CNS za opredelitev skrajnih, vendar možnih tržnih razmer, odobriti pa bi ga moral organ upravljanja.
It should be reviewed at least annually, with results discussed by the risk committee and then shared with the board.
Treba bi ga bilo pregledati vsaj enkrat letno, o rezultatih pa bi moral razpravljati odbor za tveganja in jih nato sporočiti organu upravljanja.
The review should ensure that changes to the scale and concentration of the CCP’s exposures as well as developments in the markets in which it operates are reflected in the definition of extreme but plausible market conditions.
Pregled bi moral zagotoviti, da se spremembe obsega in koncentracije izpostavljenosti CNS ter razvoj na trgih, na katerih deluje, odražajo v opredelitvi skrajnih, vendar možnih tržnih razmer.
That review should not, however, be a substitute for continuous judgment by the CCP on the adequacy of its default fund in light of evolving market conditions.
Ta pregled pa ne bi smel biti nadomestilo za stalno ocenjevanje ustreznosti jamstvenega sklada s strani CNS, in sicer glede na spreminjajoče se tržne razmere.
To ensure efficient management of their liquidity risk, CCPs should be required to establish a liquidity risk management framework.
Da bi zagotovili učinkovito upravljanje likvidnostnega tveganja, bi se moralo od CNS zahtevati, da vzpostavijo okvir za upravljanje likvidnostnega tveganja.
That framework should depend on the nature of its obligations and address the tools a CCP has available for assessing the liquidity risk it is facing, determining the liquidity pressures likely to occur and ensuring the adequacy of its liquid resources.
Ta okvir bi moral biti odvisen od narave njenih obveznosti in obravnavati orodja, ki jih ima CNS na voljo za oceno likvidnostnega tveganja, s katerim se sooča, določanje verjetnih likvidnostnih pritiskov in zagotavljanje ustreznosti njenih likvidnih sredstev.
In assessing the adequacy of its liquid resources, a CCP should be required to consider the size and liquidity of the resources it holds, as well as the possible concentration risk of those assets.
Od CNS bi bilo treba zahtevati, da pri ocenjevanju ustreznosti svojih likvidnih sredstev upošteva velikost in likvidnost sredstev, ki jih ima v lasti, ter morebitno koncentracijo tveganja teh sredstev.
It is important that CCPs are able to identify all major kinds of liquidity risk concentrations within their resources so that the CCP’s liquidity resources are immediately available when necessary.
Pomembno je, da lahko CNS identificirajo vse glavne vrste koncentracij likvidnostnega tveganja znotraj svojih sredstev, tako da so lahko likvidnostna sredstva CNS po potrebi takoj na voljo.
CCPs should also consider additional risks stemming from multiple relationships, interdependencies and concentrations.
CNS bi morala upoštevati tudi dodatna tveganja, ki izhajajo iz večkratnih razmerij, soodvisnosti in koncentracije.
As liquidity has to be readily available for same day transactions or even intraday transactions, a CCP might employ cash at the central bank, of issue, cash at creditworthy commercial banks, committed lines of credit, committed repos, highly marketable collateral held in custody and investments that are readily available and convertible into cash with prearranged and highly reliable funding arrangements, even in stressed market conditions.
Ker morajo biti likvidna sredstva takoj na voljo za transakcije, ki se poravnajo na isti dan, ali celo za enodnevne transakcije, lahko CNS uporablja denarna sredstva centralne banke izdajateljice, denarna sredstva posojilno sposobnih poslovnih bank, zavezujoče kreditne linije, zavezujoče repo posle, zelo tržljivo zavarovanje s premoženjem, ki se hrani pri CNS, in naložbe, ki so takoj na voljo in jih je mogoče pretvoriti v denarna sredstva z vnaprej določenimi in visoko zanesljivimi ureditvami financiranja, in sicer tudi v izjemnih tržnih razmerah.
Such cash and collateral should only be counted as part of prearranged liquid financial resources under certain conditions.
Takšna denarna sredstva in zavarovanje s premoženjem bi bilo pod določenimi pogoji mogoče šteti kot del vnaprej določenih likvidnih finančnih sredstev.
In order to provide the necessary incentive to the CCP to set prudent requirements and to keep that amount to an adequate level while avoiding regulatory arbitrage, it is important to establish a common methodology for the calculation and the maintenance of a specific amount of the dedicated own resources that a CCP should maintain to be used in the default waterfall.
Da bi se izognili regulatorni arbitraži in ustrezno spodbudili CNS, da določi bonitetne zahteve in ohranja ta znesek na ustrezni ravni, je pomembno določiti skupno metodologijo za izračun in ohranjanje določenega zneska namenskih lastnih sredstev, ki jih mora imeti CNS na voljo za uporabo pri kaskadnem pristopu k neplačilom.
It is essential to keep those resources covering default losses separate and with a distinct function from the CCP’s minimum capital requirements which cover different risks to which a CCP might be exposed.
Ključnega pomena je, da so ta sredstva, ki krijejo izgube iz naslova neplačil, ločena od minimalnih kapitalskih zahtev CNS, ki zajemajo drugačna tveganja, ki jim je lahko izpostavljena CNS, in imajo drugačno funkcijo od teh minimalnih kapitalskih zahtev.
It is important that CCPs apply a consistent methodology for the calculation of the own resources to be used in the default waterfall, in order to ensure equivalent conditions field between CCPs.
Pomembno je, da CNS uporabljajo usklajeno metodologijo za izračun lastnih sredstev, ki jo je treba uporabiti pri kaskadnem pristopu k neplačilom, da se zagotovijo enaki pogoji med CNS.
Allowing CCPs discretion to implement a methodology that is insufficiently clear would lead to very different results among CCPs, thus providing incentives for regulatory arbitrage.
Če se CNS dovoli lastna presoja pri izvajanju metodologije, ki ni dovolj jasna, bi to privedlo do zelo različnih rezultatov med CNS ter tako spodbudilo regulatorno arbitražo.
It is therefore essential that the methodology does not allow for discretion to CCPs.
Zato je bistvenega pomena, da metodologija ne omogoča lastne presoje CNS.
For this purpose, it would be appropriate to have a simple percentage based on a clearly identifiable measure and a clear methodology for ensuring a consistent calculation of CCPs’ own resources to be used in a default waterfall.
Zaradi tega bi bilo ustrezno uporabiti enostaven odstotek, ki temelji na jasno opredeljivi meri, in jasno metodologijo za zagotavljanje usklajenega izračuna lastnih sredstev CNS, ki se uporabijo pri kaskadnem pristopu k neplačilom.
A minimum set of criteria should be laid down to ensure that acceptable collateral is highly liquid and can be converted into cash rapidly and with minimal price impact.
Treba bi bilo določiti minimalen sklop meril za zagotovitev visoke likvidnosti sprejemljivega zavarovanja s premoženjem, ki se lahko hitro in z minimalnim učinkom na cene pretvori v denarna sredstva.
Those criteria should refer to the issuer of the collateral, the extent to which it can be liquidated in the market and whether its value is correlated with the credit standing of the member posting the collateral to cater for possible wrong-way risk.
Ta merila bi se morala nanašati na izdajatelja zavarovanja s premoženjem, obseg, v katerem se lahko unovči na trgu, in na to, ali je njegova vrednost povezana s kreditno sposobnostjo člana, ki nudi zavarovanje s premoženjem, da se poskrbi za morebitno tveganje zaradi neugodnih gibanj.
A CCP should have the option to apply additional criteria where necessary to achieve the desired level of robustness.
CNS bi morala imeti možnost, da po potrebi uporabi dodatna merila za doseganje želene ravni trdnosti.