natgillin/translations-raw huggingface dataset:
The participation requirements for a CCP should be transparent, proportionate, and non-discriminatory and should allow for remote access to the extent that this does not expose the CCP to additional risks.
Zahteve glede sodelovanja za CNS bi morale biti pregledne, sorazmerne in nediskriminatorne ter bi morale omogočati oddaljeni dostop, če to CNS ne izpostavi dodatnim tveganjem.
Clients of clearing members that clear their OTC derivative contracts with CCPs should be granted a high level of protection.
Strankam klirinških članov, ki opravljajo kliring svojih pogodb o izvedenih finančnih instrumentih OTC s CNS, bi bilo treba zagotoviti visoko raven zaščite.
The actual level of protection depends on the level of segregation that those clients choose.
Dejanska raven zaščite je odvisna od ravni ločevanja, ki jo stranke izberejo.
Intermediaries should segregate their assets from those of their clients.
Posredniki bi morali ločiti svoja sredstva od sredstev svojih strank.
For this reason, CCPs should keep updated and easily identifiable records, in order to facilitate the transfer of the positions and assets of a defaulting clearing member’s clients to a solvent clearing member or, as the case may be, the orderly liquidation of the clients’ positions and the return of excess collateral to the clients.
Zato bi morali CNS voditi posodobljene in zlahka pregledne evidence, da bi olajšale prenos pozicij in sredstev, ki jih imajo stranke klirinškega člana, ki je v zaostanku z izpolnitvijo obveznosti, na solventnega klirinškega člana oziroma nadzorovano likvidacijo pozicij strank in vračilo odvečnega zavarovanja s premoženjem strankam.
The requirements laid down in this Regulation on the segregation and portability of clients’ positions and assets should therefore prevail over any conflicting laws, regulations and administrative provisions of the Member States that prevent the parties from fulfilling them.
Zahteve, določene v tej uredbi v zvezi z ločevanjem in prenosljivostjo strankinih pozicij in sredstev, bi morale imeti prednost pred katerim koli zakonom ali drugim predpisom države članice, ki je v nasprotju z njimi in ki strankam preprečuje njihovo izpolnitev.
A CCP should have a sound risk-management framework to manage credit risks, liquidity risks, operational and other risks, including the risks that it bears or poses to other entities as a result of interdependencies.
CNS bi moral imeti zanesljiv okvir upravljanja tveganja za upravljanje kreditnih tveganj, likvidnostnih tveganj, operativnih in drugih tveganj, vključno s tveganji, ki jih nosi ali predstavlja za druge subjekte zaradi soodvisnosti.
A CCP should have adequate procedures and mechanisms in place to deal with the default of a clearing member.
CNS bi moral imeti vzpostavljene postopke in mehanizme za obravnavanje neizpolnjevanja obveznosti klirinškega člana.
In order to minimise the contagion risk of such a default, the CCP should have in place stringent participation requirements, collect appropriate initial margins, maintain a default fund and other financial resources to cover potential losses.
Za zmanjševanje tveganja negativnega vpliva takšnega neizpolnjevanja obveznosti bi moral imeti CNS vzpostavljene stroge zahteve glede sodelovanja, zbrati primerna začetna kritja, vzdrževati jamstveni sklad in razpolagati z drugimi finančnimi sredstvi za pokrivanje morebitnih izgub.
In order to ensure that it benefits from sufficient resources on an ongoing basis, the CCP should establish a minimum amount below which the size of the default fund is not generally to fall.
Da se zagotovi CPP možnost stalnega izkoriščanja zadostnih virov, bi moral CNS določiti minimalni znesek, pod katerega jamstveni sklad nasplošno ne sme pasti.
This should not, however, limit the CCP’s ability to use the entirety of the default fund to cover the losses caused by a clearing member’s default.
Vendar to ne bi smelo omejevati zmožnosti CPP, da uporabi celoten jamstveni sklad za pokritje izgub, ki jih je povzročilo neizpolnjevanje obveznosti klirinškega člana.
When defining a sound risk-management framework, a CCP should take into account its potential risk and economic impact on the clearing members and their clients.
CNS bi moral pri opredelitvi zanesljivega okvira upravljanja tveganja upoštevati njegovo potencialno tveganje in gospodarski vpliv na klirinške člane ter njihove stranke.
Although the development of a highly robust risk management should remain its primary objective, a CCP may adapt its features to the specific activities and risk profiles of the clients of the clearing members, and if deemed appropriate on the basis of the criteria specified in the regulatory technical standards to be developed by ESMA, may include in the scope of the highly liquid assets accepted as collateral, at least cash, government bonds, covered bonds in accordance with Directive 2006/48/EC subject to adequate haircuts, guarantees callable on first demand granted by a member of the ESCB, commercial bank guarantees under strict conditions, in particular relating to the creditworthiness of the guarantor, and the guarantor’s capital links with CCP’s clearing members.
Čeprav naj bi bil glavni cilj CNS še naprej razvijati zelo trdno upravljanje tveganja, lahko CNS njegove lastnosti prilagodi posebnim dejavnostim in profilom tveganja strank klirinških članov, v nabor visoko likvidnih sredstev, sprejetih kot zavarovanje, pa po potrebi na podlagi meril, določenih regulativnih tehničnih standardih, ki jih razvije ESMA, uvrsti vsaj denarna sredstva, državne obveznice, ob ustreznih odbitkih krite obveznice v skladu z Direktivo 2006/48/ES, jamstva na vpoklic na prvi poziv, ki jih da članica ESCB, jamstva poslovnih bank pod strogimi pogoji, ki zadevajo zlasti kreditno sposobnost garanta in kapitalske povezave garanta s klirinškimi člani CNS.
Where appropriate, ESMA may also consider gold as an asset acceptable as collateral.
Po potrebi bi ESMA lahko razmislil tudi o zlatu kot sprejemljivem zavarovanju.
CCPs should be able to accept, under strict risk-management conditions, commercial bank guarantees from non-financial counterparties acting as clearing members.
CNS bi moral pod strogimi pogoji upravljanja tveganja imeti možnost sprejemati jamstva poslovnih bank od nefinančnih nasprotnih strank v vlogi klirinških članov.
CCPs’ risk-management strategies should be sufficiently sound so as to avoid risks for the taxpayer.
Upravljanje tveganj s strani CNS bi moralo biti dovolj zanesljivo, da bi preprečilo tveganje za davkoplačevalce.
Margin calls and haircuts on collateral may have procyclical effects.
Pozivi k doplačilu kritja in odbitki na zavarovanje s premoženjem imajo lahko prociklične učinke.
CCPs, competent authorities and ESMA should therefore adopt measures to prevent and control possible procyclical effects in risk-management practices adopted by CCPs, to the extent that a CCP’s soundness and financial security is not negatively affected.
CNS, pristojni organi in ESMA morajo zato sprejeti ukrepe za preprečevanje in nadzor morebitnih procikličnih učinkov v praksah upravljanja tveganja, ki so jih sprejele CNS, če to nima negativnega vpliva na zanesljivost in finančno varnost CNS.
Exposure management is an essential part of the clearing process.
Upravljanje izpostavljenosti je bistven del klirinškega procesa.
Access to, and use of, the relevant pricing sources should be granted to provide clearing services in general.
Za zagotavljanje klirinških storitev na splošno bi bilo treba omogočiti dostop do ustreznih virov za oblikovanje cen in njihovo uporabo.
Such pricing sources should include those relating to indices that are used as references to derivatives or other financial instruments.
Takšni viri oblikovanja cen bi morali vključevati vire, povezane z indeksi, ki se uporabljajo kot reference za izvedene finančne instrumente ali druge finančne instrumente.
Margins are the primary line of defence for a CCP.
Kritja so prva varovalka pri zaščiti CNS.
Although CCPs should invest the margins received in a safe and prudent manner, they should make particular efforts to ensure adequate protection of margins to guarantee that they are returned in a timely manner to the non-defaulting clearing members or to an interoperable CCP where the CCP collecting these margins defaults.
Čeprav bi morala CNS prejeta kritja vlagati varno in previdno, bi si morala posebno prizadevati za zagotovitev ustrezne zaščite kritij, da jih lahko pravočasno vrnejo klirinškim članom, ki izpolnjujejo obveznosti, ali interoperabilni CNS, kadar CNS, ki pobira ta kritja, ne more izpolniti svojih obveznosti.
Access to adequate liquidity resources is essential for a CCP.
Dostop do ustreznih virov likvidnosti je za CNS bistven.
It is possible for such liquidity to derive from access to central bank liquidity, creditworthy and reliable commercial bank liquidity, or a combination of both.
Taka likvidnost lahko izhaja iz dostopa do likvidnosti centralne banke ali posojilno sposobne in zanesljive poslovne banke ali kombinacije obojega.
Access to liquidity could result from an authorisation granted in accordance with Article 6 of Directive 2006/48/EC or other appropriate arrangements.
Dostop do likvidnosti lahko izhaja iz dovoljenja, podeljenega v skladu s členom 6 Direktive 2006/48/ES, ali drugih ustreznih ureditev.
In assessing the adequacy of liquidity resources, especially in stress situations, a CCP should take into consideration the risks of obtaining the liquidity by only relying on commercial banks credit lines.
CNS bi morala pri ocenjevanju ustreznosti likvidnostnih sredstev, zlasti v izjemnih situacijah, upoštevati tveganost zanašanja na zgolj kreditne linije poslovnih bank za pridobitev likvidnih sredstev.
The ‘European Code of Conduct for Clearing and Settlement’ of 7 November 2006 established a voluntary framework for establishing links between CCPs.
Z „Evropskim kodeksom ravnanja za kliring in poravnavo“ z dne 7. novembra 2006 je bil vzpostavljen prostovoljen okvir za vzpostavitev povezav med CNS.
However, the post-trade sector remains fragmented along national lines, making cross-border trades more costly and hindering harmonisation.
Vendar pa ostaja potrgovalni sektor razdrobljen glede na nacionalne meje, zaradi česar je čezmejno trgovanje dražje, usklajevanje pa ovirano.
It is therefore necessary to lay down the conditions for the establishment of interoperability arrangements between CCPs to the extent these do not expose the relevant CCPs to risks that are not appropriately managed.
Zato je treba določiti pogoje za dogovore o interoperabilnosti med CNS, v kolikor ti zadevnih CNS ne bodo izpostavili neustrezno upravljanim tveganjem.
Interoperability arrangements are important for greater integration of the post-trading market within the Union and regulation should be provided for.
Dogovori o interoperabilnosti so pomembni za večjo integracijo potrgovalnega trga v Uniji in morajo biti urejeni.
However, as interoperability arrangements may expose CCPs to additional risks, CCPs should have been, for three years, authorised to clear or recognised in accordance with this Regulation, or authorised under a pre-existing national authorisation regime, before competent authorities grant approval of such interoperability arrangements.
Ker pa dogovori o interoperabilnosti lahko izpostavijo CNS dodatnim tveganjem, bi morali CPP imeti za obdobje treh let dovoljenje za kliring ali biti priznani v skladu s to uredbo, ali imeti dovoljenje z že obstoječo nacionalno ureditvijo o izdajanju dovoljenj, preden pristojni organi dajo dovoljenje o takih dogovorih o interoperabilnosti.
In addition, given the additional complexities involved in an interoperability arrangement between CCPs clearing OTC derivative contracts, it is appropriate at this stage to restrict the scope of interoperability arrangements to transferable securities and money-market instruments.
Poleg tega glede na dodatno kompleksnost, povezano z dogovori o interoperabilnosti med CNS, ki opravljajo kliring pogodb o izvedenih finančnih instrumentih OTC, je na tej stopnji primerno omejiti področje uporabe dogovorov o interoperabilnosti na prenosljive vrednostne papirje in instrumente denarnega trga.
However, by 30 September 2014, ESMA should submit a report to the Commission on whether an extension of that scope to other financial instruments would be appropriate.
Vendar pa bi moral ESMA do 30. septembra 2014 Komisiji predložiti poročilo o tem, ali bi bila razširitev področja uporabe na druge finančne instrumente primerna.
Trade repositories collect data for regulatory purposes that are relevant to authorities in all Member States.
Repozitoriji sklenjenih poslov zbirajo podatke za regulativne namene, pomembne za organe v vseh državah članicah.
ESMA should assume responsibility for the registration, withdrawal of registration and supervision of trade repositories.
ESMA bi moral prevzeti odgovornost za registracijo repozitorijev sklenjenih poslov, razveljavitev njihove registracije in nadzor nad njimi.
Given that regulators, CCPs and other market participants rely on the data maintained by trade repositories, it is necessary to ensure that those trade repositories are subject to strict operational, record-keeping and data-management requirements.
Glede na to, da se nadzorniki, CNS in drugi udeleženci na trgu zanašajo na podatke, ki jih vsebujejo repozitoriji sklenjenih poslov, je treba zagotoviti, da za te repozitorije sklenjenih poslov veljajo stroge zahteve glede operativnih postopkov, vodenja evidenc in upravljanja podatkov.
Transparency of prices, fees and risk-management models associated with the services provided by CCPs, their members and trade repositories is necessary to enable market participants to make an informed choice.
Preglednost cen, pristojbin in modelov upravljanja tveganja, povezanih s storitvami, ki jih zagotavljajo CNS, njihovi člani in repozitoriji sklenjenih poslov, je nujna, da bodo lahko udeleženci na trgu sprejemali utemeljene odločitve.
In order to carry out its duties effectively, ESMA should be able to require, by simple request or by decision, all necessary information from trade repositories, related third parties and third parties to which the trade repositories have outsourced operational functions or activities.
ESMA bi moral imeti za učinkovito opravljanje svojih dolžnosti možnost, da z enostavnim zahtevkom ali sklepom zahteva vse potrebne informacije od repozitorijev sklenjenih poslov, povezanih tretjih strani in tretjih strani, ki so jim repozitoriji sklenjenih poslov v zunanje izvajanje oddali operativne funkcije ali dejavnosti.
Such information should be made available without delay.
Takšne informacije bi morale biti nemudoma na voljo.
Without prejudice to cases covered by criminal or tax law, the competent authorities, ESMA, bodies or natural or legal persons other than the competent authorities, which receive confidential information should use it only in the performance of their duties and for the exercise of their functions.
Ne glede na zadeve, za katere veljata kazenska ali davčna zakonodaja, pristojni organi, ESMA in drugi organi ter fizične in pravne osebe, ki niso pristojni organ, lahko uporabijo prejete zaupne informacije samo za opravljanje svojih dolžnosti in za opravljanje svojih funkcij.
However, this should not prevent the exercise, in accordance with national law, of the functions of national bodies responsible for the prevention, investigation or correction of cases of maladministration.
Vendar to ne bi smelo onemogočiti nacionalnim organom, ki so pristojni za preprečevanje, preiskovanje in odpravo primerov slabega upravljanja, da v skladu z nacionalno zakonodajo opravljajo svojo funkcijo.
In order to exercise its supervisory powers effectively, ESMA should be able to conduct investigations and on-site inspections.
ESMA bi moral imeti za učinkovito izvajanje svojih nadzornih pooblastil možnost, da opravlja preiskave in inšpekcijske preglede na kraju samem.
ESMA should be able to delegate specific supervisory tasks to the competent authority of a Member State, for instance where a supervisory task requires knowledge and experience with respect to local conditions, which are more easily available at national level.
ESMA bi moral imeti možnost, da določene nadzorne naloge prenese na pristojni organ države članice, če na primer nadzorna naloga zahteva znanje in izkušnje v zvezi z lokalnimi razmerami, ki so lažje dostopni na nacionalni ravni.
ESMA should be able to delegate the carrying out of specific investigatory tasks and on-site inspections.
ESMA bi moralo biti omogočeno, da prenese opravljanje določenih preiskovalnih nalog in inšpekcijskih pregledov na kraju samem.
Prior to the delegation of tasks, ESMA should consult the relevant competent authority about the detailed conditions relating to such delegation of tasks, including the scope of the task to be delegated, the timetable for the performance of the task, and the transmission of necessary information by and to ESMA.
Pred prenosom nalog bi se moral ESMA posvetovati z ustreznim pristojnim organom o podrobnih pogojih v zvezi s takšnim prenosom nalog, vključno z obsegom naloge, ki bo prenesena, časovnim okvirom za njeno izvedbo ter posredovanjem potrebnih informacij ESMA in z njegove strani.
ESMA should be able to impose periodic penalty payments to compel trade repositories to put an end to an infringement, to supply complete and correct information required by ESMA or to submit to an investigation or an on-site inspection.
ESMA bi moral imeti možnost naložiti periodične denarne kazni, s čimer bi repozitorije sklenjenih poslov prisilil k odpravi kršitve, k zagotoviti popolnih in pravilnih informacij, ki jih je zahteval, ali k privolitvi v preiskavo ali inšpekcijski pregled na kraju samem.
ESMA should also be able to impose fines on trade repositories where it finds that they have committed, intentionally or negligently, an infringement of this Regulation.
ESMA bi moral imeti tudi možnost, da repozitorijem sklenjenih poslov naloži globo, če ugotovi, da so namenoma ali iz malomarnosti kršili to uredbo.
Fines should be imposed according to the level of seriousness of the infringement.
Globe bi morale biti naložene v skladu z resnostjo kršitve.
Infringements should be divided into different groups for which specific fines should be allocated.
Kršitve bi bilo treba razdeliti v različne skupine, za katere bi morale biti natančno opredeljene globe.
In order to calculate the fine relating to a particular infringement, ESMA should use a two-step methodology consisting of setting a basic amount and adjusting that basic amount, if necessary, by certain coefficients.
Za določitev zneska globe za posamezno kršitev bi moral ESMA uporabiti dvostopenjsko metodologijo, namreč določitev osnovnega zneska globe in po potrebi prilagoditev tega zneska z nekaterimi koeficienti.
The basic amount should be established by taking into account the annual turnover of the trade repository concerned and the adjustments should be made by increasing or decreasing the basic amount through the application of the relevant coefficients in accordance with this Regulation.
Pri določitvi tega osnovnega zneska bi bilo treba upoštevati letni promet zadevnega repozitorija sklenjenih poslov, pri prilagoditvi pa bi bilo treba povečati ali zmanjšati osnovni znesek z uporabo zadevnih koeficientov v skladu s to uredbo.
This Regulation should establish coefficients linked to aggravating and mitigating circumstances in order to give the necessary tools to ESMA to decide on a fine which is proportionate to the seriousness of the infringement committed by a trade repository, taking into account the circumstances under which that infringement has been committed.
Ta uredba bi morala določiti koeficiente, povezane z oteževalnimi in olajševalnimi okoliščinami, da bi ESMA zagotovili potrebna orodja, s katerimi bi lahko odločil o globi, sorazmerni z resnostjo kršitve, ki jo je zakrivil repozitorij sklenjenih poslov, pri čemer bi se upoštevale okoliščine, v katerih je bila kršitev zakrivljena.
ESMA should refrain from imposing fines or periodic penalty payments where a prior acquittal or conviction arising from identical facts, or from facts which are substantially the same, has acquired the force of res judicata as a result of criminal proceedings under national law.
ESMA ne bi smel nalagati glob ali periodičnih denarnih kazni, kadar je predhodna oprostilna sodba ali obsodba, izhajajoča iz identičnega ali skoraj identičnega dejanskega stanja, postala pravnomočna v kazenskem postopku po nacionalnem pravu.
ESMA’s decisions imposing fines and periodic penalty payments should be enforceable and their enforcement should be subject to the rules of civil procedure which are in force in the State in the territory of which it is carried out.
Globe in periodične denarne kazni, ki jih naloži ESMA, bi morale biti izvršljive, njihovo izvršbo pa bi morala urejati pravila civilnega postopka, ki veljajo v državi, na ozemlju katere se opravi izvršba.
Rules of civil procedure should not include criminal procedural rules but could include administrative procedural rules.
Pravila civilnega postopka ne bi smela vključevati pravil kazenskega postopka, lahko pa bi vključevala pravila upravnega postopka.
In the case of an infringement committed by a trade repository, ESMA should be empowered to take a range of supervisory measures, including requiring the trade repository to bring the infringement to an end, and, as a last resort, withdrawing the registration where the trade repository has seriously or repeatedly infringed this Regulation.
V primeru, da repozitorij sklenjenih poslov zakrivi kršitev, bi moral biti ESMA pooblaščen, da sprejme več nadzornih ukrepov, da od repozitorija sklenjenih poslov zahteva odpravo kršitve in kot skrajni ukrep razveljavi registracijo, kadar repozitorij sklenjenih poslov resno ali večkrat krši določbe te uredbe.
The supervisory measures should be applied by ESMA taking into account the nature and seriousness of the infringement and should respect the principle of proportionality.
ESMA bi moral pri uporabi nadzornih ukrepov upoštevati naravo in resnost kršitve ter spoštovati načelo sorazmernosti.
Before taking a decision on supervisory measures, ESMA should give the persons subject to the proceedings an opportunity to be heard in order to comply with their rights of defence.
Pred sprejetjem sklepa o nadzornih ukrepih bi moral ESMA osebam, ki so v postopku, dati možnost zagovora, da se upoštevajo njihove pravice do obrambe.
It is essential that Member States and ESMA protect the right to privacy of natural persons when processing personal data, in accordance with Directive 95/46/EC of the European Parliament and of the Council of 24 October 1995 on the protection of individuals with regard to the processing of personal data and on the free movement of such data [22] and with Regulation (EC) No 45/2001 of the European Parliament and of the Council of 18 December 2000 on the protection of individuals with regard to the processing of personal data by the Community institutions and bodies and of the free movement of such data [23].
Nujno je, da države članice in ESMA ščitijo pravico fizičnih oseb do zasebnosti pri obdelavi osebnih podatkov v skladu z Direktivo 95/46/ES Evropskega parlamenta in Sveta z dne 24. oktobra 1995 o varstvu posameznikov pri obdelavi osebnih podatkov in o prostem pretoku takih podatkov [22] in z Uredbo (EU) št. 45/2001 Evropskega parlamenta in Sveta z dne 18. decembra 2000 o varstvu posameznikov pri obdelavi osebnih podatkov v institucijah in organih Skupnosti in o prostem pretoku takih podatkov [23].
It is important to ensure international convergence of requirements for CCPs and trade repositories.
Pomembno je zagotoviti mednarodno skladnost zahtev za CNS in repozitorije sklenjenih poslov.
ESMA should consider these existing standards and their future developments when drawing up or proposing to revise the regulatory technical standards as well as the guidelines and recommendations foreseen in this Regulation.
ESMA bi moral te veljavne standarde in njihov prihodnji razvoj upoštevati pri pripravljanju ali predlaganju pregleda regulativnih tehničnih standardov ter smernic in priporočil, predvidenih s to uredbo.