natgillin/translations-raw huggingface dataset:
It is essential that counterparties confirm the terms of their transactions as soon as possible following the execution of the transaction, especially when the transaction is electronically executed or processed, in order to ensure common understanding and legal certainty of the terms of the transaction.
Bistveno je, da nasprotne stranke potrdijo pogoje svojih transakcij čim prej po izvedbi transakcije, zlasti kadar se transakcija izvede ali obdela elektronsko, da se zagotovita skupno razumevanje in pravna varnost pogojev transakcije.
Counterparties entering into non-standard or complex OTC derivative contracts, in particular, may need to implement tools in order to comply with the requirement to confirm their OTC derivative contracts in a timely manner.
Zlasti nasprotne stranke, ki sklepajo nestandardne ali zapletene pogodbe o izvedenih finančnih instrumentih OTC, bodo morda morale uvesti orodja za izpolnitev zahteve po pravočasni potrditvi svoje pogodbe o izvedenih finančnih instrumentih OTC.
The timely confirmation would also anticipate that relevant market practices would evolve in this area.
Pravočasna potrditev bi pomenila tudi, da bi se na tem področju razvile ustrezne tržne prakse.
To further mitigate risks, portfolio reconciliation enables each counterparty to undertake a comprehensive review of a portfolio of transactions as seen by its counterparty in order to promptly identify any misunderstandings of key transaction terms.
Da bi se tveganja še bolj zmanjšala, usklajevanje portfelja vsaki nasprotni stranki omogoča celovit pregled portfelja transakcij, kot jih vidi njena nasprotna stranka, da bi se nemudoma ugotovili morebitni nesporazumi glede ključnih pogojev transakcije.
Such terms should include the valuation of each transaction and may also include other relevant details such as the effective date, the scheduled maturity date, any payment or settlement dates, the notional value of the contract and currency of the transaction, the underlying instrument, the position of the counterparties, the business day convention and any relevant fixed or floating rates of the OTC derivative contract.
Taki pogoji bi morali vključevati vrednotenje vsake transakcije, lahko pa vključujejo tudi druge ustrezne podrobnosti, kot so datum začetka veljavnosti, predvideni datum zapadlosti, morebitni datumi plačila ali poravnave, nominalna vrednost pogodbe in valuta transakcije, osnovni instrument, pozicija nasprotnih strank, dogovor o delovnih dneh in vse ustrezne fiksne ali spremenljive obrestne mere pogodbe o izvedenih finančnih instrumentih OTC.
In view of the different risk profiles and in order for the portfolio reconciliation to be a proportionate risk mitigation technique, the frequency of the reconciliation and size of the portfolio to consider should be different depending on the nature of the counterparties.
Ob upoštevanju različnih profilov tveganja, in da bi bilo usklajevanje portfelja ustrezna tehnika zmanjševanja tveganja, bi morali biti pogostost usklajevanja in velikost zadevnega portfelja drugačni glede na naravo nasprotnih strank.
More demanding requirements should apply to both financial counterparties and non-financial counterparties that exceed the clearing threshold while lower reconciliation frequency should apply for non-financial counterparties that would not exceed the clearing threshold irrespective of the category of its counterparty who would also benefit from this less frequent reconciliation for that part of its portfolio.
Strožje zahteve bi morale veljati za finančne nasprotne stranke in nefinančne nasprotne stranke, ki presegajo prag kliringa, medtem ko bi morala za nefinančne nasprotne stranke, ki ne bi presegale praga kliringa, ne glede na kategorijo njihove nasprotne stranke, ki bi prav tako imela koristi od manj pogostega usklajevanja za zadevni del svojega portfelja, veljati manjša pogostost usklajevanja.
Portfolio compression may also be an efficient tool for risk mitigation purposes depending on circumstances such as the size of the portfolio with a counterparty, the maturity, purpose and degree of standardisation of OTC derivative contracts.
Tudi stiskanje portfelja je lahko učinkovito orodje za namene zmanjševanja tveganja, kar je odvisno od okoliščin, kot so velikost portfelja z nasprotno stranko, zapadlost, namen in stopnja standardizacije pogodb o izvedenih finančnih instrumentih OTC.
Financial counterparties and non-financial counterparties that have a portfolio of OTC derivative contracts not cleared by a CCP above the level determined in this Regulation should have procedures in place in order to analyse the possibility to use portfolio compression that would allow them to reduce their counterparty credit risk.
Finančne nasprotne stranke in nefinančne nasprotne stranke, ki imajo portfelj pogodb o izvedenih finančnih instrumentih OTC brez kliringa CNS nad ravnjo, določeno v tej uredbi, bi morale imeti vzpostavljene postopke za preučitev možnosti uporabe stiskanja portfelja, kar bi jim omogočilo zmanjšanje kreditnega tveganja nasprotne stranke.
Dispute resolution aims at mitigating risks stemming from contracts that are not centrally cleared.
Reševanje sporov je namenjeno zmanjševanju tveganj, ki izhajajo iz pogodb brez centralnega kliringa.
When entering into OTC derivative transactions with one another, counterparties should have an agreed framework for resolving any related dispute that may arise.
Pri sklepanju transakcij z izvedenimi finančnimi instrumenti OTC med sabo bi morale nasprotne stranke imeti dogovorjen okvir za reševanje vseh s tem povezanih sporov, ki se lahko pojavijo.
The framework should refer to resolution mechanisms such as third party arbitration or market polling mechanism.
Okvir bi se moral sklicevati na mehanizme reševanja sporov, kot je arbitraža z vključitvijo tretje strani ali mehanizem tržnih raziskav.
The framework intends to avoid unresolved disputes escalating and exposing counterparties to additional risks.
Cilj okvira je preprečiti, da se nerešeni spori stopnjujejo in nasprotne stranke izpostavijo dodatnim tveganjem.
Disputes should be identified, managed and appropriately disclosed.
Spore bi bilo treba ugotoviti, upravljati in ustrezno razkriti.
For the purpose of specifying market conditions that prevent marking-to-market, it is necessary to specify inactive markets.
Za določitev tržnih pogojev, ki preprečijo vrednotenje po tekočih tržnih cenah, je treba določiti nedejavne trge.
A market may be inactive for several reasons including when there are no regularly occurring market transactions on an arm’s length basis, where an arm’s length basis should have the same meaning as for accounting purposes.
Trg je lahko nedejaven iz več razlogov, vključno zaradi neobstoja rednih tržnih transakcij na strogo poslovni podlagi, pri čemer bi moral pojem na strogo poslovni podlagi imeti enak pomen kot v računovodstvu.
This Regulation applies to financial counterparties and non-financial counterparties above the clearing threshold and takes into consideration Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006 on capital adequacy of investment firms and credit institutions [4], which also sets requirements to be complied with when marking-to-model.
Ta uredba se uporablja za finančne nasprotne stranke in nefinančne nasprotne stranke nad pragom kliringa ter upošteva Direktivo 2006/49/ES Evropskega parlamenta in Sveta z dne 14. junija 2006 o kapitalski ustreznosti investicijskih podjetij in kreditnih institucij [4], ki določa tudi zahteve, ki morajo biti izpolnjene pri vrednotenju na podlagi notranjega modela.
Although the design of the model used for the marking-to-model may be developed internally or externally, in order to ensure appropriate accountability, the approval of the model is the responsibility of the board of directors or the delegated committee of such board.
Čeprav se lahko model, ki se uporablja za vrednotenje na podlagi notranjega modela, oblikuje znotraj podjetja ali zunaj njega, model odobri upravni odbor ali njegov pooblaščeni odbor, da se zagotovi ustrezna odgovornost.
When counterparties can apply the intragroup exemption following their notification to the competent authorities but without waiting for the end of the non-objection period by such competent authorities, it is important to ensure that the competent authorities get timely, appropriate and sufficient information in order to assess whether it should object to the use of the exemption.
Kadar lahko nasprotne stranke uporabijo izvzetje znotraj skupine po uradnem obvestilu pristojnim organom, vendar ne da bi počakale na konec obdobja za ugovor teh pristojnih organov, je pomembno zagotoviti, da pristojni organi pridobijo pravočasne, ustrezne in zadostne informacije, da bi lahko ocenili, ali bi morali uporabi izvzetja nasprotovati.
The anticipated size, volumes and frequency of intragroup OTC derivative contracts may be determined on the basis of the historical intragroup transactions of the counterparties as well as the anticipated model and activity expected for the future.
Pričakovani velikost, količina in pogostost pogodb o izvedenih finančnih instrumentih OTC znotraj skupine se lahko določijo glede na pretekle transakcije nasprotnih strank znotraj skupine, kakor tudi predvidenega modela in dejavnosti, ki se pričakuje v prihodnosti.
When counterparties apply an intragroup exemption, they should publicly disclose information in order to ensure transparency in respect of market participants and potential creditors.
Če nasprotne stranke uporabijo izvzetje znotraj skupine, bi morale javno razkriti informacije, da se zagotovi preglednost glede udeležencev na trgu in potencialnih upnikov.
This is particularly important for the potential creditors of the counterparties in terms of assessing risks.
To je zaradi ocene tveganja zlasti pomembno za potencialne upnike nasprotnih strank.
The disclosure aims at preventing misperception that OTC derivative contracts are centrally cleared or subject to risk mitigation techniques when it is not the case.
Cilj razkritja je preprečiti napačno predstavo, da je bil za pogodbe o izvedenih finančnih instrumentih OTC opravljen centralni kliring ali uporabljene tehnike zmanjševanja tveganja, če temu ni tako.
The timeframe to achieve timely confirmation requires adaptation efforts including changes of market practice and enhancement of IT systems.
Časovni okvir za pravočasno potrditev zahteva prizadevanja za prilagoditev, vključno s spremembami tržnih praks in okrepitvijo informacijskih sistemov.
Given that the pace of adaptation to compliance may differ depending on the category of counterparties and the asset class of OTC derivatives, setting progressive dates of application which cater for these differences would allow enhancing the timeframe of the confirmation for those counterparties and products that could be ready more rapidly.
Glede na to, da se lahko hitrost prilagajanja za dosego skladnosti razlikuje glede na kategorijo nasprotnih strank in razred sredstev izvedenih finančnih instrumentov OTC, bi določitev postopnih datumov uporabe, ki upoštevajo te razlike, omogočila pospešitev časovnega okvira za potrditev tistih nasprotnih strank in produktov, ki bi lahko bili pripravljeni hitreje.
The standards set for portfolio reconciliation, portfolio compression or dispute resolution would require counterparties to set up procedures, policies, processes, and amend documentation which would require time.
Standardi za stiskanje portfelja, usklajevanje portfelja ali reševanje sporov bi od nasprotnih strank zahtevali vzpostavitev postopkov, politik in procesov ter spremembo dokumentacije, za kar bi bil potreben določen čas.
The entry into force of the related requirements should be delayed in order to grant time for the counterparties to take the necessary steps for compliance purposes.
Začetek veljavnosti s tem povezanih zahtev bi bilo treba odložiti, da se nasprotnim strankam zagotovi čas za sprejetje potrebnih ukrepov za namene skladnosti.
This Regulation is based on the draft regulatory technical standards submitted by the European Securities and Markets Authority to the Commission.
Ta uredba temelji na osnutkih regulativnih tehničnih standardov, ki jih je Evropski organ za vrednostne papirje in trge predložil Komisiji.
In accordance with Article 10 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council [5], ESMA has conducted open public consultations on the draft regulatory technical standards, analysed the potential related costs and benefits and requested the opinion of the Securities and Markets Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1095/2010,
V skladu s členom 10 Uredbe (EU) št. 1095/2010 Evropskega parlamenta in Sveta [5] je organ ESMA o osnutku regulativnih tehničnih standardov opravil javna posvetovanja, analiziral morebitne s tem povezane stroške in koristi ter zahteval mnenje interesne skupine za vrednostne papirje in trge, ustanovljene v skladu s členom 37 Uredbe (EU) št. 1095/2010 –
‘indirect client’ means the client of a client of a clearing member;
„posredna stranka“ pomeni stranko stranke klirinškega člana;
‘indirect clearing arrangement’ means the set of contractual relationships between the central counterparty (CCP), the clearing member, the client of a clearing member and indirect client that allows the client of a clearing member to provide clearing services to an indirect client;
„posredna ureditev kliringa“ pomeni sklop pogodbenih razmerij med centralno nasprotno stranko (v nadaljnjem besedilu: CNS), klirinškim članom, stranko klirinškega člana in posredno stranko, ki stranki klirinškega člana omogoča opravljanje klirinških storitev za posredno stranko;
‘confirmation’ means the documentation of the agreement of the counterparties to all the terms of an over the counter (OTC) derivative contract.
„potrdilo“ pomeni dokumentacijo dogovora med nasprotnimi strankami o vseh določbah pogodbe o izvedenih finančnih instrumentih na prostem trgu (v nadaljnjem besedilu: OTC).
INDIRECT CLEARING ARRANGEMENTS
POSREDNA UREDITEV KLIRINGA
(Article 4(4) of Regulation (EU) No 648/2012)
(člen 4(4) Uredbe (EU) št. 648/2012)
Structure of indirect clearing arrangements
Struktura posrednih ureditev kliringa
Where a clearing member is prepared to facilitate indirect clearing, any client of such clearing member shall be permitted to provide indirect clearing services to one or more of its own clients, provided that the client of the clearing member is an authorised credit institution, investment firm or an equivalent third country credit institution or investment firm.
Če je klirinški član pripravljen omogočiti posredni kliring, lahko vsaka stranka takega klirinškega člana opravlja posredne klirinške storitve za eno ali več svojih strank, pod pogojem, da je stranka klirinškega člana kreditna institucija z dovoljenjem, investicijsko podjetje ali enakovredna kreditna institucija ali investicijsko podjetje tretje države.
The contractual terms of an indirect clearing arrangement shall be agreed between the client of a clearing member and the indirect client, after consultation with the clearing member on the aspects that can impact the operations of the clearing member.
O pogodbenih pogojih posredne ureditve kliringa se dogovorita stranka klirinškega člana in posredna stranka, in sicer po posvetovanju s klirinškim članom o vidikih, ki lahko vplivajo na delovanje klirinškega člana.
They shall include contractual requirements on the client to honour all obligations of the indirect client towards the clearing member.
Vključujejo pogodbene zahteve, da stranka spoštuje vse obveznosti posredne stranke do klirinškega člana.
These requirements shall refer only to transactions arising as part of the indirect clearing arrangement, the scope of which shall be clearly documented in the agreed contracts.
Te zahteve se nanašajo le na transakcije, ki nastanejo kot del posredne ureditve kliringa, katerega področje uporabe se jasno dokumentira v sklenjenih pogodbah.
Obligations of CCPs
Obveznosti CNS
Indirect clearing arrangements shall not be subject to business practices of the CCP which act as a barrier to their establishment on reasonable commercial terms.
Za posredne ureditve kliringa se poslovne prakse CNS, ki delujejo kot ovira za njihovo vzpostavitev ob razumnih poslovnih pogojih, ne uporabljajo.
At the request of a clearing member, the CCP shall maintain separate records and accounts enabling each client to distinguish in accounts held with the CCP the assets and positions of the client from those held for the accounts of the indirect clients of the client.
Na zahtevo klirinškega člana CNS vodi ločene evidence in račune, ki vsem strankam omogočajo, da v računih pri CNS sredstva in pozicije stranke ločijo od sredstev in pozicij posrednih strank stranke.
A CCP shall identify, monitor and manage any material risks arising from indirect clearing arrangements that could affect the resilience of the CCP.
CNS prepozna, spremlja in obvladuje vsa pomembna tveganja, ki izhajajo iz posrednih ureditev kliringa in bi lahko vplivala na odpornost CNS.
Obligations of clearing members
Obveznosti klirinških članov
A clearing member that offers to facilitate indirect clearing services shall do so on reasonable commercial terms.
Klirinški član, ki podpira posredne klirinške storitve, to stori pod razumnimi poslovnimi pogoji.
Without prejudice to the confidentiality of contractual arrangements with individual clients, the clearing member shall publicly disclose the general terms on which it is prepared to facilitate indirect clearing services.
Brez poseganja v zaupnost pogodbenih ureditev s posameznimi strankami klirinški član javno razkrije splošne pogoje, po katerih je pripravljen podpirati posredne klirinške storitve.
These terms may include minimum operational requirements for clients that provide indirect clearing services.
Ti pogoji lahko vključujejo minimalne operativne zahteve za stranke, ki opravljajo posredne klirinške storitve.
When facilitating indirect clearing arrangements, a clearing member shall implement any of the following segregation arrangements as indicated by the client:
Če klirinški član podpira posredno ureditev kliringa, izvede katero koli od naslednjih ureditev ločevanja, kot jo navede stranka:
keep separate records and accounts enabling each client to distinguish in accounts with the clearing member the assets and positions of the client from those held for the accounts of its indirect clients;
vodenje ločenih evidenc in računov, kar vsem strankam omogoča, da v računih pri klirinškem članu sredstva in pozicije stranke ločijo od sredstev in pozicij za račune svojih posrednih strank;
keep separate records and accounts enabling each client to distinguish in accounts with the clearing member the assets and positions held for the account of an indirect client from those held for the account of other indirect clients.
vodenje ločenih evidenc in računov, kar vsem strankam omogoča, da v računih pri klirinškem članu sredstva in pozicije stranke za račun posredne stranke ločijo od sredstev in pozicij za račun drugih posrednih strank.
The requirement to distinguish assets and positions with the clearing member shall be considered to be met if the conditions specified in Article 39(9) of Regulation (EU) No 648/2012 are satisfied.
Zahteva po ločevanju sredstev in pozicij pri klirinškem članu se šteje za izpolnjeno, če so izpolnjeni pogoji iz člena 39(9) Uredbe (EU) št. 648/2012.
A clearing member shall establish robust procedures to manage the default of a client that provides indirect clearing services.
Klirinški član vzpostavi zanesljive postopke za upravljanje v primeru neplačila stranke, ki opravlja posredne klirinške storitve.
These procedures shall include a credible mechanism for transferring the positions and assets to an alternative client or clearing member, subject to the agreement of the indirect clients affected.
Ti postopki vključujejo verodostojen mehanizem za prenos pozicij in sredstev na drugo stranko ali klirinškega člana, če se s tem strinjajo zadevne posredne stranke.
A client or clearing member shall not be obliged to accept these positions unless it has entered into a prior contractual agreement to do so.
Stranka ali klirinški član teh pozicij nista dolžna sprejeti, razen če sta se že pred tem v pogodbi zavezala, da bosta to storila.
The clearing member shall also ensure that its procedures allow for the prompt liquidation of the assets and positions of indirect clients and the clearing member to pay all monies due to the indirect clients following the default of the client.
Klirinški član prav tako zagotovi, da njegovi postopki dopuščajo takojšnjo unovčenje sredstev in pozicij posrednih strank ter da klirinški član plača vse zapadle denarne zneske, dolgovane posrednim strankam zaradi neplačila stranke.
A clearing member shall identify, monitor and manage any risks arising from facilitating indirect clearing arrangements, including using information provided by clients under Article 4(3).
Klirinški član prepozna, spremlja in obvladuje vsa tveganja, ki izhajajo iz omogočanja posrednih ureditev kliringa, vključno z uporabo informacij, ki jih zagotovijo stranke v skladu s členom 4(3).
The clearing member shall establish robust internal procedures to ensure this information cannot be used for commercial purposes.
Klirinški član vzpostavi zanesljive notranje postopke za zagotovitev, da teh informacij ni mogoče uporabiti v poslovne namene.
Obligations of clients
Obveznosti strank
A client that provides indirect clearing services shall keep separate records and accounts that enable it to distinguish between its own assets and positions and those held for the account of its indirect clients.
Stranka, ki opravlja posredne klirinške storitve, vodi ločene evidence in račune, ki ji omogočajo, da loči svoja sredstva in pozicije od sredstev in pozicij za račun svojih posrednih strank.
It shall offer indirect clients a choice between the alternative account segregation options provided for in Article 4(2) and shall ensure that indirect clients are fully informed of the risks associated with each segregation option.
Posrednim strankam ponudi, da lahko izbirajo med alternativnima možnostma ločevanja računov iz člena 4(2), in zagotovi, da so posredne stranke v celoti seznanjene s tveganji, povezanimi s posamezno možnostjo ločevanja.
The information provided by the client to indirect clients shall include details of arrangements for transferring positions and accounts to an alternative client.
Informacije, ki jih stranka zagotovi posrednim strankam, vključujejo podrobnosti o ureditvah za prenos pozicij in računov na drugo stranko.
A client that provides indirect clearing services shall request the clearing member to open a segregated account at the CCP.
Stranka, ki opravlja posredne klirinške storitve, od klirinškega člana zahteva, da odpre ločen račun pri CNS.
The account shall be for the exclusive purpose of holding the assets and positions of its indirect clients.
Račun se uporablja izključno za sredstva in pozicije njenih posrednih strank.
A client shall provide the clearing member with sufficient information to identify, monitor and manage any risks arising from facilitating indirect clearing arrangements.
Stranka klirinškemu članu zagotovi ustrezne informacije, da lahko prepozna, spremlja in obvladuje vsa tveganja, ki izhajajo iz podpiranja posrednih ureditev kliringa.
In the event of default of the client, all information held by the client in respect of its indirect clients shall be made immediately available to the clearing member.
V primeru neplačila stranke se vse informacije, ki jih ima stranka v zvezi s svojimi posrednimi strankami, nemudoma dajo na voljo klirinškemu članu.
NOTIFICATION TO ESMA FOR THE PURPOSE OF THE CLEARING OBLIGATION
URADNO OBVESTILO ORGANU ESMA ZA NAMEN OBVEZNOSTI KLIRINGA
(Article 5(1) of Regulation (EU) No 648/2012)
(člen 5(1) Uredbe (EU) št. 648/2012)
Details to be included in the notification
Podrobnosti, ki jih je treba vključiti v uradno obvestilo
The notification for the purpose of the clearing obligation shall include the following information:
Uradno obvestilo za namen obveznosti kliringa vključuje naslednje informacije: