natgillin/translations-raw huggingface dataset:
This Regulation lays down the rules to be used in the assessment of compliance of credit rating methodologies with the requirements set out in Article 8(3) of Regulation (EC) No 1060/2009.
Ta uredba določa pravila, ki se jih uporablja pri presoji skladnosti metodologij bonitetnega ocenjevanja z zahtevami iz člena 8(3) Uredbe (ES) št. 1060/2009.
Demonstration of compliance
Dokaz skladnosti
A credit rating agency shall at all times be able to demonstrate to ESMA its compliance with the requirements set out in Article 8(3) of Regulation (EC) No 1060/2009 relating to the use of credit rating methodologies.
Bonitetna agencija je ESMA vedno sposobna dokazati, da izpolnjuje zahteve iz člena 8(3) Uredbe (ES) št. 1060/2009 glede uporabe metodologij bonitetnega ocenjevanja.
Assessment of compliance by ESMA
Presoja skladnosti s strani ESMA
In addition to examining the compliance of credit rating agencies with the provision of Article 8(3) of Regulation (EC) No 1060/2009 in relation to an application for registration according to Article 15 of that Regulation, ESMA shall examine compliance by each credit rating agency with Article 8(3) of Regulation (EC) No 1060/2009 on an ongoing basis as ESMA considers appropriate.
Poleg preverjanja skladnosti bonitetnih agencij z določbo člena 8(3) Uredbe (ES) št. 1060/2009 glede vloge za registracijo v skladu s členom 15 navedene uredbe ESMA preveri, če se ji zdi primerno, trajno skladnost vsake bonitetne agencije s členom 8(3) Uredbe (ES) št. 1060/2009.
When examining the compliance of credit rating agencies with the provision of Article 8(3) of Regulation (EC) No 1060/2009 ESMA shall use all information relevant to assess the process of developing, approving, using and reviewing credit rating methodologies.
Pri preverjanju skladnosti bonitetne agencije z določbo člena 8(3) Uredbe (ES) št. 1060/2009 ESMA uporablja informacije, ki so relevantne za presojo postopka razvoja, potrditve, uporabe in pregleda metodologij bonitetnega ocenjevanja.
In determining the appropriate level of assessment, ESMA shall consider whether a credit rating methodology has a demonstrable history of consistency and accuracy in predicting credit worthiness and may have regard to methods of validation such as appropriate default or transition studies designed to test that specific methodology.
Pri določanju primerne ravni presoje ESMA upošteva, ali je metodologija bonitetnega ocenjevanja v preteklosti že dokazala doslednost in natančnost pri napovedovanju kreditne sposobnosti, pri čemer lahko uporabi metode vrednotenja, kot so ustrezne študije o dogodkih neplačila ali študije o spremembah bonitetne ocene, zasnovane za preizkušanje takšne metodologije.
Assessing that a credit rating methodology is rigorous
Presoja, ali je metodologija bonitetnega ocenjevanja rigorozna
A credit rating agency shall use and apply credit rating methodologies which:
Bonitetna agencija uporablja metodologije bonitetnega ocenjevanja, ki:
contain clear and robust controls and processes for their developments and related approvals that allow suitable challenge;
vsebujejo jasne in stroge kontrole in postopke za njihov razvoj ter s tem povezana potrjevanja, ki omogočajo ustrezno preverjanje;
incorporate all driving factors deemed relevant in determining creditworthiness of a rated entity or a financial instrument which shall be supported by statistical, historical experience or evidence;
vključujejo vse dejavnike, ki se štejejo za relevantne pri določanju kreditne sposobnosti ocenjevanega subjekta ali finančnega instrumenta, podprte s statističnimi in preteklimi izkušnjami ali dokazi;
consider the modelled relationship between rated entities or financial instruments of the same risk factor and risk factors to which the credit rating methodologies are sensitive;
upoštevajo z modelom izraženo razmerje med ocenjevanimi subjekti ali finančnimi instrumenti z istim dejavnikom tveganja in dejavniki tveganja, na katere so metodologije bonitetnega ocenjevanja občutljive;
incorporate reliable, relevant and quality related analytical models, key credit rating assumptions and criteria where these are in place.
vključujejo zanesljive in relevantne analitične modele ter analitične modele za kvalitativno ocenjevanje, ključne ocenjevalne predpostavke ter merila, če obstajajo.
A credit rating agency shall list and provide a detailed explanation of the following points with regard to the credit rating methodologies used regarding:
Bonitetna agencija pripravi seznam in podrobno obrazloži naslednje točke glede uporabljenih metodologij bonitetnega ocenjevanja za:
each qualitative factor, including the scope of qualitative judgement for that factor;
vsak kvalitativni dejavnik, vključno z obsegom kvalitativne ocene za tak dejavnik;
each quantitative factor, including key variables, data sources, key assumptions, modelling and quantitative techniques.
vsak kvantitativni dejavnik, vključno s ključnimi spremenljivkami, viri podatkov, ključnimi predpostavkami, modeli in kvantitativnimi tehnikami.
The detailed explanation referred to in paragraph 2 shall include the following:
Podrobna obrazložitev iz odstavka 2 vsebuje naslednje:
a statement of the importance of each qualitative or quantitative factor used within that credit rating methodology including, where relevant, a description of and justification for related weightings assigned to those factors and their impact on credit ratings;
navedbo pomembnosti vsakega kvalitativnega ali kvantitativnega dejavnika, ki se uporablja v metodologiji bonitetnega ocenjevanja, po potrebi vključno z opisom in utemeljitvijo povezanih meril za ponderiranje, dodeljenih tem dejavnikom, ter njihov učinek na bonitetne ocene;
an assessment of the relationship between the key assumptions used in that credit rating methodology and the critical risk factors derived from macroeconomic or financial data; and
oceno razmerja med ključnimi predpostavkami, uporabljenimi v metodologiji bonitetnega ocenjevanja, in kritičnimi dejavniki tveganja, izpeljanimi iz makroekonomskih ali finančnih podatkov, in
an assessment of the relationship between the key assumptions used in credit rating methodology and the volatility of credit ratings produced by that methodology over time.
oceno razmerja med ključnimi predpostavkami, uporabljenimi v metodologiji bonitetnega ocenjevanja, in volatilnost bonitetnih ocen, izdelanih s to metodologijo v daljšem časovnem obdobju.
A credit rating agency shall use credit rating methodologies and their associated analytical models, key credit rating assumptions and criteria that promptly incorporate findings or outcomes from an internal review or a monitoring review undertaken by one or more of the following:
Bonitetna agencija uporablja metodologije bonitetnega ocenjevanja in s tem povezane analitične modele, ključne ocenjevalne predpostavke in merila, pri katerih se nemudoma vključijo ugotovitve oz. rezultati notranjega ali nadzornega pregleda, ki ga opravijo eden ali več od naslednjih:
the credit rating agency’s independent members of the administrative or supervisory board;
neodvisni člani upravnega odbora ali nadzornega sveta bonitetne agencije;
the credit rating agency’s review function;
funkcija pregledovanja bonitetne agencije;
any other relevant person or committee involved in the monitoring and reviewing of credit rating methodologies.
katera koli druga ustrezna oseba ali odbor, vključena v spremljanje in pregledovanje metodologij bonitetnega ocenjevanja.
Assessing that a credit rating methodology is systematic
Presoja, ali je metodologija bonitetnega ocenjevanja sistematična
A credit rating agency shall use a credit rating methodology and its associated analytical models, key credit rating assumptions and criteria that are applied systematically in the formulation of all credit ratings in a given asset class or market segment unless there is an objective reason for diverging from it.
Bonitetna agencija uporablja metodologijo bonitetnega ocenjevanja in s tem povezane analitične modele, ključne ocenjevalne predpostavke in merila, ki se sistematično uporabljajo pri izdelavi vseh bonitetnih ocen v dani skupini naložb ali tržnem segmentu, razen če obstaja objektiven razlog za odstopanje od njih.
A credit rating agency shall use a credit rating methodology which is capable of promptly incorporating the findings from any review of its appropriateness.
Bonitetna agencija uporablja metodologijo bonitetnega ocenjevanja, pri kateri se nemudoma vključijo ugotovitve pregledov njene ustreznosti.
Assessing that a credit rating methodology is continuous
Presoja, ali je metodologija bonitetnega ocenjevanja ustaljena
A credit rating agency shall use credit rating methodologies shall that are designed and implemented in a way that enables them to:
Bonitetna agencija uporablja metodologije bonitetnega ocenjevanja, ki so zasnovane in se izvajajo na način, ki jim omogoča, da:
continue to be used unless there is an objective reason for the credit rating methodology to change or be discontinued;
se stalno uporabljajo, razen če obstaja objektiven razlog za spremembo ali prenehanje uporabe metodologije bonitetnega ocenjevanja;
be capable of promptly incorporating any finding from ongoing monitoring or a review, in particular where changes in structural macroeconomic or financial market conditions would be capable of affecting credit ratings produced by that methodology;
nemudoma vključijo vse ugotovitve potekajočega nadzora ali pregleda, še posebej, kadar bi spremenjeni strukturni makroekonomski ali finančni tržni pogoji lahko vplivale na bonitetne ocene, izdelane s to metodologijo;
compare credit ratings across different asset classes.
primerjajo bonitetne ocene različnih skupin naložb.
Assessing that a credit rating methodology is subject to validation based on historical experience including back testing
Presoja, ali je metodologijo bonitetnega ocenjevanja mogoče ovrednotiti glede na pretekle izkušnje, vključno s testiranjem za nazaj
A credit rating agency shall use credit ratings methodologies that are supported by quantitative evidence of the discriminatory power of the credit rating methodology.
Bonitetna agencija uporablja metodologije bonitetnega ocenjevanja, ki jih podpirajo kvantitativni dokazi o razlikovalni moči metodologije bonitetnega ocenjevanja.
A credit rating agency shall use credit rating methodologies that describe the following:
Bonitetna agencija uporablja metodologije bonitetnega ocenjevanja, ki opisujejo naslednje:
the historical robustness and predictive power of credit ratings issued using the relevant methodology over appropriate time horizons and across different asset classes;
preteklo strogost in napovedno moč bonitetnih ocen, izdanih z uporabo ustrezne metodologije v ustreznih časovnih obdobjih in v različnih skupinah naložb;
the degree to which the assumptions used in the rating model deviate from the actual default and loss rates.
raven, do katere predpostavke, uporabljene v modelu ocenjevanja, odstopajo od dejanskih stopenj dogodkov neplačil in izgub.
The validation of a credit rating methodology shall be designed to:
Vrednotenje metodologije bonitetnega ocenjevanja je zasnovano tako, da:
examine the sensitivity of a credit rating methodology to changes in any of its underlying assumptions, including qualitative or quantitative factors;
se preuči občutljivost metodologije bonitetnega ocenjevanja na spremembe v temeljnih predpostavkah, vključno s kvalitativnimi in kvantitativnimi dejavniki;
perform an adequate and appropriate assessment of historic credit ratings produced by means of that credit rating methodology;
se opravi zadostna in ustrezna presoja preteklih bonitetnih ocen, izdelanih z zadevno metodologijo bonitetnega ocenjevanja;
use reliable inputs, including appropriate size of the data samples;
se uporabijo zanesljivi vhodni podatki, vključno z ustrezno velikostjo vzorcev podatkov;
take appropriate account of the main geographical areas of the rated entities or financial instruments for each of the credit rating categories rated such as structured finance, sovereign, corporates, financial institutions, insurances, public finance.
se ustrezno upoštevajo glavna geografska območja ocenjevanih subjektov ali finančnih instrumentov za vsako od ocenjevanih bonitetnih kategorij, kot so strukturirani finančni instrumenti, države, gospodarske družbe, finančne institucije, zavarovalnice, javne finance.
A credit rating agency shall have processes in place to ensure that systemic credit rating anomalies highlighted by back-testing are identified and are appropriately addressed.
Bonitetna agencija ima vzpostavljene postopke, s katerimi zagotovi, da odkrije in ustrezno obravnava sistemske anomalije pri bonitetnem ocenjevanju, ki jih ugotovi pri testiranju za nazaj.
In the process of reviewing credit rating methodologies, a credit rating agency shall include:
V postopek za pregled metodologij bonitetnega ocenjevanja bonitetna agencija vključi:
regular credit rating and performance reviews on rated entities and financial instruments;
redne preglede bonitetne ocene in uspešnosti za ocenjevana podjetja in finančne instrumente;
in-sample and out-of-sample testing;
testiranje znotraj vzorca in izven njega;
historic information on validation or back-testing.
pretekle informacije o vrednotenju in testiranju za nazaj.
In cases where there is limited quantitative evidence to support the predictive power of a credit rating methodology, a credit rating agency shall be exempt from complying with Article 7 of this Regulation if it:
V primerih, ko so na voljo samo omejeni kvantitativni dokazi za potrditev napovedne moči metodologije bonitetnega ocenjevanja, je bonitetna agencija oproščena izpolnjevanja zahtev iz člena 7 te uredbe, če:
ensures that credit rating methodologies are sensible predictors of credit worthiness;
zagotovi, da metodologije bonitetnega ocenjevanja omogočajo razumno napovedovanje kreditne sposobnosti;
applies internal procedures in a consistent way and over time and across different market segments;
uporablja notranje postopke dosledno ter dlje časa in v vseh različnih tržnih segmentih;
has processes in place to ensure that systemic credit rating anomalies highlighted by back-testing are identified and are appropriately addressed.
ima vzpostavljene postopke, s katerimi zagotovi, da odkrije in ustrezno obravnava sistemske anomalije pri bonitetnem ocenjevanju, ki jih ugotovi pri testiranju za nazaj.
Commission Delegated Regulation (EU) No 448/2012
Delegirana uredba Komisije (EU) št. 448/2012
supplementing Regulation (EC) No 1060/2009 of the European Parliament and of the Council with regard to regulatory technical standards for the presentation of the information that credit rating agencies shall make available in a central repository established by the European Securities and Markets Authority
o dopolnitvi Uredbe (ES) št. 1060/2009 Evropskega parlamenta in Sveta glede regulativnih tehničnih standardov za predstavitev informacij, ki jih bonitetne agencije dajo na voljo v centralnem registru, ki ga je uvedel Evropski organ za vrednostne papirje in trge
Having regard to Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies [1] and in particular Article 21(4)(c) thereof,
ob upoštevanju Uredbe (ES) št. 1060/2009 Evropskega parlamenta in Sveta z dne 16. septembra 2009 o bonitetnih agencijah [1] in zlasti člena 21(4)(c) Uredbe,
Article 11(2) of Regulation (EC) No 1060/2009 requires credit rating agencies to make certain information on historical performance data available in the central repository established by the European Securities and Markets Authority (hereinafter ‘ESMA’).
V skladu s členom 11(2) Uredbe (ES) št. 1060/2009 morajo bonitetne agencije v centralnem registru, ki ga je vzpostavil Evropski organ za vrednostne papirje in trge (v nadaljnjem besedilu: ESMA), dati na voljo nekatere informacije o preteklih rezultatih.
This information is required to be provided in a standard form as provided for by ESMA and made available by ESMA to the public which shall also publish summary information on the main developments observed.
Te informacije morajo biti na voljo v standardizirani obliki, ki jo določi ESMA. ESMA omogoči javni dostop do teh informacij in objavi povzetek informacij glede bistvenih ugotovljenih sprememb.
These requirements need to be supplemented as regards the presentation of the information provided, including structure, format, method and period of reporting.
Te zahteve je treba dopolniti v zvezi s predstavitvijo zagotovljenih informacij, vključno s strukturo, obliko, metodo in obdobjem poročanja.
Credit rating agencies belonging to a group of credit rating agencies located in the Union may report separately to the central repository.
Bonitetne agencije, ki so del skupine bonitetnih agencij, ki se nahajajo v Uniji, lahko poročila v centralnem registru zagotovijo ločeno.
However, due to the credit rating agencies’ highly integrated functional organisation at Union level and in order to facilitate the understanding of statistics, credit rating agencies should be encouraged to report to the central repository on a global basis for the whole group.
Vendar pa bi bilo treba zaradi zelo integrirane funkcijske organizacije bonitetnih agencij na ravni Unije in lažjega razumevanja statističnih podatkov bonitetne agencije spodbujati, da v centralni register pošljejo skupna poročila za celo skupino.
The central repository system collects data on credit ratings and stores them centrally.
Sistem centralnega registra zbira podatke o kreditnih ocenah in jih hrani centralno.
In order to help market participants to better assess the reliability of credit ratings and thereby assist them in taking investment decisions, the central repository should also accept on a voluntary basis credit ratings issued by third country credit rating agencies belonging to the same group of credit rating agencies but not endorsed in the Union.
Da bi lahko udeleženci na trgu bolje ocenili zanesljivost bonitetnih ocen in se tako lažje odločali o naložbah, bi moral centralni register na prostovoljni osnovi sprejemati tudi bonitetne ocene, ki jih izdajo bonitetne agencije tretjih držav, ki pripadajo isti skupini bonitetnih agencij, niso pa potrjene v Uniji.
To further facilitate the understanding of the statistics produced, the reporting of data on credit ratings should include any data relating to at least the last 10 years before the entry into force of Regulation (EC) No 1060/2009.
Da bi bilo razumevanje pripravljenih statističnih podatkov lažje, bi se moralo v sporočanje podatkov o bonitetnih ocenah vključiti podatke izpred najmanj zadnjih deset let pred začetkom veljavnosti Uredbe (ES) št. 1060/2009.
A credit rating agency should not be required to report these data if it can demonstrate that this would not be proportionate in view of their scale and complexity.
Bonitetni agenciji ni treba sporočiti podatkov, če dokaže, da to zaradi njihovega obsega in kompleksnosti ne bi bilo sorazmerno.
This Regulation is based on the draft regulatory technical standards submitted by ESMA to the Commission for endorsement by the Commission pursuant to the procedure laid down in Article 10 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council [2].
Ta uredba temelji na osnutkih regulativnih tehničnih standardov, ki jih je ESMA predložila v potrditev Komisiji v skladu s postopkom iz člena 10 Uredbe (EU) št. 1095/2010 Evropskega parlamenta in Sveta [2].
ESMA has conducted an open public consultation on the draft regulatory technical standards on which this Regulation is based and requested the opinion of the Securities and Markets Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1095/2010.
ESMA je opravila javno posvetovanje o osnutkih regulativnih tehničnih standardov, na katerih temelji ta uredba, in zaprosila za mnenje Interesne skupine za vrednostne papirje in trge, ustanovljene v skladu s členom 37 Uredbe (EU) št. 1095/2010.
However, ESMA did not conduct a cost-benefit analysis since it considered this disproportionate to the impact of the draft regulatory technical standards given that the Committee of European Securities Regulators (CESR) had been establishing the central repository since 2010 and the draft technical standards reflected the operation of the existing system rather than applying material new requirements and was therefore not expected to impose significant additional costs on ESMA or credit rating agencies,
Vendar ESMA ni opravila analize stroškov in koristi, saj je menila, da ta ne bi bila sorazmerna z učinkom osnutkov regulativnih tehničnih standardov, ker Odbor evropskih zakonodajalcev za vrednostne papirje (CESR) od leta 2010 uvaja centralni register in osnutki regulativnih tehničnih standardov odražajo delovanje obstoječega sistema, ne vsebujejo pa novih zahtev, zaradi česar se ni pričakovalo, da bi ESMA ali bonitetne agencije zaradi tega imele večje dodatne stroške –
This Regulation specifies the rules for the presentation of the information, including structure, format, method and period of reporting, that credit rating agencies are required to make available in a central repository in accordance with:
Ta uredba določa pravila za predstavitev informacij, vključno s strukturo, obliko, metodo in obdobjem poročanja, ki jih morajo bonitetne agencije dati na voljo v centralnem registru v skladu s:
Article 11(2) of Regulation (EC) No 1060/2009;
členom 11(2) Uredbe (ES) št. 1060/2009;
point 1 of Part II of Section E of Annex I to Regulation (EC) No 1060/2009.
točko 1 dela II oddelka E Priloge I k Uredbi (ES) št. 1060/2009.
REPORTING STRUCTURE
STRUKTURA POROČANJA
A credit rating agency shall submit the following types of report to the central repository established by ESMA:
Bonitetna agencija v centralni register, ki ga je uvedla ESMA, pošlje naslednje vrste poročil:
qualitative data reports as set out in Article 7 and Article 9; and
kvalitativna poročila o podatkih, kot jih določata člena 7 in 9, in
rating data reports as set out in Article 8 and Article 10.
poročila o podatkih o bonitetnih ocenah, kot jih določata člena 8 in 10.
A credit rating agency shall be responsible for the accuracy, completeness and availability of its reported data.
Bonitetna agencija je odgovorna za točnost, popolnost in dostopnost sporočenih podatkov.
It shall ensure that the reports are provided in due time using the reporting channels in Article 11 and according to the reporting procedure in Article 13.
Agencija poročila zagotovi pravočasno po linijah poročanja iz člena 11 in v skladu s postopkom poročanja iz člena 13.
Where a credit rating agency belongs to a group of credit rating agencies the members of the group may mandate one of their members to report the required information on behalf of the group.
Če bonitetna agencija pripada skupini bonitetnih agencij, lahko članice skupine eno od članic pooblastijo za sporočanje zahtevanih informacij v imenu skupine.
When the mandated group member reports information on behalf of the group it shall identify both itself and the group members on whose behalf it is reporting the information.
Pooblaščena članica skupine pri sporočanju informacij v imenu skupine identificira sebe in članice skupine, v imenu katerih sporoča informacije.
Ratings to be reported
Bonitetne ocene, ki se sporočajo
A credit rating agency shall report data on a credit rating for each reporting period until this credit rating is withdrawn.
Bonitetna agencija sporoči podatke o bonitetnih ocenah za vsako obdobje poročanja, dokler bonitetne ocene ne prekliče.
A credit rating agency shall report both solicited and unsolicited ratings.
Bonitetna agencija poroča o naročenih in nenaročenih bonitetnih ocenah.
It shall indicate whether a rating is solicited or unsolicited.
Pri tem navede, ali je bonitetna ocena naročena ali nenaročena.
A credit rating agency reporting on behalf of a group of credit rating agencies may include data of third country credit rating agencies belonging to the same affiliated group which are not used in the Union by means of endorsement.
Bonitetna agencija, ki poroča v imenu skupine bonitetnih agencij, lahko vključi tudi podatke, ki jih sporočajo bonitetne agencije tretje države iz iste skupine in ki se v Uniji ne uporabljajo.