natgillin/translations-raw huggingface dataset:
At the same time, those restrictions do not go beyond what is necessary and should rather be seen as increasing the creditworthiness of re-securitisations towards other parties, and ultimately the market.
Obenem te omejitve ne presegajo potrebnih okvirov in jih je treba razumeti predvsem kot dejavnik, ki povečuje vrednost kreditne sposobnosti pozicij re-listinjenja v očeh drugih strank in navsezadnje trga.
Regulation (EC) No 1060/2009 addresses this type of situation only as regards the conflicts of interest caused by rating analysts, persons approving the credit ratings or other employees of the credit rating agency.
Uredba (ES) št. 1060/2009 tovrstne primere obravnava le z vidika nasprotij interesov, ki jih povzročijo bonitetni analitiki, osebe, odgovorne za odobritev bonitetnih ocen, ali drugi zaposleni v bonitetni agenciji.
That Regulation is, however, silent as regards potential conflicts of interest caused by shareholders or members of credit rating agencies.
Navedena uredba pa ne obravnava potencialnih nasprotij interesov, ki jih povzročijo delničarji ali družbeniki bonitetnih agencij.
With a view to enhancing the perception of independence of credit rating agencies vis-à-vis the rated entities, it is appropriate to extend the existing rules set out in that Regulation on conflicts of interest caused by employees of the credit rating agencies to those caused by shareholders or members holding a significant position within the credit rating agency.
Z namenom okrepiti videz neodvisnosti bonitetnih agencij v razmerju do ocenjevanih subjektov je primerno obstoječa pravila, določena v navedeni uredbi, glede nasprotij interesov, ki jih povzročijo zaposleni v bonitetnih agencijah, razširiti na nasprotja interesov, ki jih povzročijo delničarji ali družbeniki na pomembnih položajih v bonitetni agenciji.
Hence, the credit rating agency should abstain from issuing credit ratings, or should disclose that the credit rating may be affected, where a shareholder or member holding 10 % of the voting rights of that agency is also a member of the administrative or supervisory board of the rated entity or has invested in the rated entity when the investment reaches a certain size.
Zato bi se bonitetna agencija morala vzdržati izdajanja bonitetnih ocen ali razkriti morebitno ogroženost bonitetne ocene, kadar je delničar ali družbenik, ki ima v tej agenciji 10 % glasovalnih pravic, obenem član upravnega odbora ali nadzornega sveta ocenjevanega subjekta ali kadar ima naložbo v ocenjevanem subjektu, ko naložba doseže določen znesek.
Furthermore, the fact that a shareholder or member holding at least 5 % of the voting rights of that credit rating agency has invested in the rated entity or is a member of the administrative or supervisory board of the rated entity should be disclosed to the public, at least if the investment reaches a certain size.
Poleg tega bi bilo treba javnosti razkriti tudi dejstvo, da je delničar ali družbenik, ki ima v tej bonitetni agenciji vsaj 5 % glasovalnih pravic, vlagal v ocenjeni subjekt ali je član upravnega ali nadzornega odbora ocenjenega subjekta, vsaj takrat, ko naložba doseže določen znesek.
Moreover, where a shareholder or member is in a position to exercise significant influence on the business activity of the credit rating agency, that person should not provide consultancy or advisory services to the rated entity or a related third party regarding its corporate or legal structure, assets, liabilities or activities.
Razen tega oseba, ki je delničar ali družbenik s pomembnim vplivom na poslovno dejavnost bonitetne agencije, ne bi smela opravljati posvetovalnih ali svetovalnih storitev za ocenjevani subjekt ali povezano tretjo osebo glede njene podjetniške ali pravne strukture, sredstev, obveznosti ali dejavnosti.
In order to ensure a workable application of the rules on independence and prevention of conflicts of interest set out in Regulation (EC) No 1060/2009 and to prevent them from becoming ineffective, there is a need for a sufficiently high number of credit rating agencies, unconnected with both the outgoing credit rating agency in case of rotation and the credit rating agency providing credit rating services in parallel to the same issuer.
Da se zagotovi uspešna uveljavitev pravil o neodvisnosti in preprečevanju nasprotja interesov, določena v Uredbi (ES) št. 1060/2009, in da se prepreči, da postanejo neučinkovita, obstaja potreba po zadostnem številu bonitetnih agencij, ki niso povezane z odhajajočimi bonitetnimi agencijami v primeru rotacije niti z bonitetnimi agencijami, ki za istega izdajatelja vzporedno opravljajo storitve bonitetnega ocenjevanja.
It is appropriate to require a strict separation of the outgoing agency from the incoming credit rating agency in the case of rotation as well as of the two credit rating agencies providing credit rating services in parallel to the same issuer.
Primerno je zahtevati strogo ločitev med odhajajočo in prihajajočo bonitetno agencijo v primeru rotacije ter med bonitetnima agencijama, ki vzporedno opravljata storitve bonitetnega ocenjevanja za istega izdajatelja.
The credit rating agencies concerned should not be linked to each other by control, by being part of the same group of credit rating agencies, by being a shareholder or a member of or being able to exercise voting rights in any of the other credit rating agencies, or by being able to appoint members of the administrative or supervisory boards of any of the other credit rating agencies.
Zadevne bonitetne agencije ne bi smele biti medsebojno povezane prek nadzora, kot del iste skupine bonitetnih agencij, kot delničar ali družbenik v kateri koli drugi bonitetni agenciji ali prek možnosti izvrševanja glasovalnih pravic v njej, ali prek možnosti imenovanja članov upravnih odborov ali nadzornih svetov katere koli druge bonitetne agencije.
Credit rating agencies should establish, maintain, enforce and document an effective internal control structure governing the implementation of policies and procedures for the prevention and control of possible conflicts of interest and for ensuring the independence of credit ratings, rating analysts and rating teams regarding shareholders, administrative and management bodies and sales and marketing activities.
Bonitetne agencije bi morale vzpostaviti, ohranjati, izvajati in dokumentirati učinkovito strukturo notranjega nadzora, s katero bi izvajale politike in postopke za preprečevanje in nadziranje možnih nasprotij interesov ter zagotovile neodvisnost bonitetnih ocen, bonitetnih analitikov in ocenjevalnih ekip v zvezi z delničarji, upravnimi in poslovodnimi organi ter prodajnimi in tržnimi dejavnostmi.
Standard Operating Procedures (SOPs) should be put in place relating to corporate governance, organisational matters, and the management of conflicts of interest.
Uvesti bi bilo treba standardne delovne postopke za področje korporativnega upravljanja, organizacijskih zadev in obravnavanja nasprotij interesov.
SOPs should be periodically reviewed and monitored to evaluate their effectiveness and whether they should be updated.
Standardne delovne postopke bi bilo treba redno pregledovati in spremljati, da bi ocenili njihovo učinkovitost in ali bi jih bilo treba posodobiti.
The perception of independence of credit rating agencies would be particularly affected should the same shareholders or members be investing in different credit rating agencies not belonging to the same group of credit rating agencies, at least if such investment reaches a certain size that could allow those shareholders or members to exercise a certain influence on the credit rating agency’s business.
Poleg tega bi bil zlasti okrnjen videz neodvisnosti bonitetnih agencij, če bi isti delničarji ali družbeniki vlagali v različne bonitetne agencije, ki niso del iste skupine bonitetnih agencij, zlasti če bi takšne naložbe dosegle določeno raven, ki bi tem delničarjem ali družbenikom omogočila izvrševanje določenega vpliva na poslovanje bonitetne agencije.
Therefore, in order to ensure the independence (and the perception of independence) of credit rating agencies, it is appropriate to provide for stricter rules regarding the relations between the credit rating agencies and their shareholders or members.
Zato bi bilo z namenom zagotoviti neodvisnost (in videz neodvisnosti) bonitetnih agencij primerno določiti strožja pravila glede razmerij med bonitetnimi agencijami in njihovimi delničarji ali družbeniki.
For that reason, no person should simultaneously hold a participation of 5 % or more in more than one credit rating agency, unless the credit rating agencies concerned belong to the same group.
Iz tega razloga nobena oseba ne bi smela sočasno imeti pet- ali večodstotnega deleža v več bonitetnih agencijah, razen če zadevne bonitetne agencije niso del iste skupine.
The objective of ensuring sufficient independence of credit rating agencies requires that investors not hold simultaneously investments of 5 % or more in more than one credit rating agency.
Cilj, usmerjen v zagotovitev zadostne neodvisnosti bonitetnih agencij, zahteva preprečitev vlagateljem, da imajo v več bonitetnih agencijah sočasno 5 ali več odstotkov naložb.
Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market [10] provides that those persons controlling at least 5 % of the voting rights in a listed company disclose that fact to the public, because, inter alia, the investors have an interest in knowing about changes in the voting structure of such a company.
Direktiva 2004/109/ES Evropskega parlamenta in Sveta z dne 15. decembra 2004 o uskladitvi zahtev v zvezi s preglednostjo informacij o izdajateljih, katerih vrednostni papirji so sprejeti v trgovanje na reguliranem trgu [10], določa, da bi morale osebe, ki nadzorujejo vsaj 5 % glasovalnih pravic v kotirajoči družbi, to dejstvo javno razkriti, ker je med drugim v interesu vlagateljev, da so seznanjeni s spremembami v strukturi glasovalnih pravic take družbe.
The 5 % level is therefore considered to be a major holding capable of influencing the voting structure in a company.
Mejna vrednost 5 % velja tako za večinski delež, ki lahko vpliva na strukturo glasovalnih pravic v družbi.
It is therefore appropriate to use the 5 % level for the purposes of restricting the simultaneous investment in more than one credit rating agency.
Zato je primerno, da se mejna vrednost 5 % uporabi za omejitev sočasnega vlaganja v več kot eno bonitetno agencijo.
The measure cannot be considered to be disproportionate, given that all registered credit rating agencies in the Union are non-listed undertakings and, therefore, not subject to the transparency and procedural rules that apply to listed companies in the Union in accordance with Directive 2004/109/EC.
Ukrep ne more veljati za nesorazmernega, saj so vse registrirane bonitetne agencije v Uniji podjetja, ki ne kotirajo na borzi ter zato zanje ne veljajo pravila v zvezi s preglednostjo in postopkovna pravila, ki veljajo za kotirajoče družbe v Uniji v skladu z Direktivo 2004/109/ES.
Often unlisted undertakings are governed by shareholders’ protocols or agreements and the number of shareholders or members is usually low.
Delovanje nekotirajočih podjetij pogosto urejajo delničarski protokoli in sporazumi, število delničarjev ali družbenikov pa je običajno nizko.
Therefore, even a minority position in an unlisted credit rating agency could be influential.
Tako lahko tudi manjšinski položaj v nekotirajoči bonitetni agenciji omogoči vpliv.
Nevertheless, in order to ensure that purely economic investments in credit rating agencies are still possible, this limitation to simultaneous investments in more than one credit rating agency should not be extended to investments channelled through collective investment schemes managed by third parties independent from the investor and not subject to the investor’s influence.
Da pa bi se kljub temu zagotovila možnost čistih gospodarskih naložb v bonitetne agencije, omejitev sočasnih naložb v več bonitetnih agencij ne bi veljala za naložbe prek kolektivnih naložbenih shem, ki jih upravljajo tretje osebe, ki niso odvisne od vlagatelja in niso pod njegovim vplivom.
The provisions in this Regulation regarding conflicts of interest with regard to the shareholder structure should not only refer to direct but also to indirect shareholdings as otherwise those rules could be easily circumvented.
Določbe v tej uredbi glede nasprotij interesov v zvezi s strukturo delničarjev se ne bi smele nanašati le na neposredne, temveč tudi na posredne deleže, ker se je tem predpisom sicer zlahka izogniti.
Credit rating agencies should make all efforts to know their indirect shareholders so that they can avoid any potential conflicts of interest in this respect.
Bonitetne agencije bi morale storiti vse, da bi ugotovile, kdo so njihovi posredni delničarji, da bi se lahko izognile vsem morebitnim nasprotjem interesov.
The effectiveness of the rules on independence and prevention of conflicts of interest which require that credit rating agencies not provide credit rating services to the same issuer for a long period of time could be undermined if credit rating agencies were allowed to become significant shareholders or members of other credit rating agencies.
Učinkovitost pravil o neodvisnosti in preprečevanju nasprotja interesov, ki določajo, da bonitetne agencije ne smejo dolgo opravljati storitev bonitetnega ocenjevanja za istega izdajatelja, bi lahko bila ogrožena, če bi se bonitetnim agencijam dovolilo, da postanejo pomembni delničarji ali družbeniki drugih bonitetnih agencij.
It is important to ensure that modifications to the rating methodologies do not result in less rigorous methodologies.
Pomembno je poskrbeti, da se s spremembami metodologij bonitetnega ocenjevanja ne ustvarijo manj stroge metodologije.
For that purpose, issuers, investors and other interested parties should have the opportunity to comment on any intended change to rating methodologies.
V ta namen bi morali imeti izdajatelji, vlagatelji in druge zainteresirane strani možnosti podati svoje pripombe k vsaki nameravani spremembi metodologije bonitetnega ocenjevanja.
This will help them to understand the reasons behind new methodologies and for the change in question.
To jim bo pomagalo razumeti razloge za nove metodologije in razloge za zadevno spremembo.
Comments provided by issuers and investors on the draft methodologies may provide valuable input for the credit rating agencies in defining the methodologies.
Pripombe izdajateljev in vlagateljev, podane k osnutkom metodologij, lahko bonitetnim agencijam priskrbijo dragocene informacije za uporabo pri opredelitvi metodologij.
ESMA should also be notified of intended changes.
O načrtovanih spremembah bi bilo treba obvestiti tudi ESMA.
Although Regulation (EC) No 1060/2009 confers on ESMA the power to verify that methodologies used by credit rating agencies are rigorous, systematic, continuous and subject to validation based on historical experience, including back-testing, that verification process should not grant ESMA any power to judge the appropriateness of the proposed methodology or of the credit ratings issued following the application of the methodologies.
Čeprav Uredba (ES) št. 1060/2009 določa, da ima ESMA pristojnost preveriti, ali so metodologije, ki jih uporabljajo bonitetne agencije, rigorozne, sistematične in ustaljene ter ali jih je mogoče ovrednotiti na podlagi preteklih izkušenj, vključno s testiranjem za nazaj, ta postopek preverjanja ESMA ne bi smel pooblastiti za razsojanje o ustreznosti predlagane metodologije ali vsebine bonitetnih ocen, izdanih po uporabi metodologij.
Where appropriate, rating methodologies should take into account financial risks deriving from environmental hazards.
Metodologije bonitetnega ocenjevanja bi morale po potrebi upoštevati finančna tveganja, ki izhajajo iz nevarnosti za okolje.
Due to the complexity of structured finance instruments, credit rating agencies have not always succeeded in ensuring a sufficiently high quality of credit ratings issued on such instruments.
Zaradi zapletenosti strukturiranih finančnih instrumentov bonitetne agencije niso bile vedno uspešne pri zagotavljanju dovolj kakovostnih bonitetnih ocen takšnih instrumentov.
This has led to a loss of market confidence in this type of credit ratings.
To je vodilo k izgubi zaupanja trga v tovrstne bonitetne ocene.
In order to regain confidence it would be appropriate to require issuers or related third parties to engage at least two different credit rating agencies for the provision of credit ratings on structured finance instruments, which could lead to different and competing assessments.
Za povrnitev zaupanja bi bilo primerno od izdajateljev ali povezanih tretjih oseb zahtevati, naj za izdajo bonitetnih ocen strukturiranih finančnih instrumentov najamejo vsaj dve različni bonitetni agenciji, kar bi lahko vodilo k različnim in konkurenčnim presojam.
This could also reduce the over-reliance on a single credit rating.
S tem bi se lahko tudi zmanjšalo preveliko zanašanje na eno bonitetno oceno.
The proposal for a directive on the access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms and the proposal for a regulation on prudential requirements for credit institutions and investment firms, which are to replace Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions [11] and Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions [12], introduce a requirement for credit institutions and investment firms to assess the credit risk of entities and financial instruments in which they invest themselves and not simply to rely in this respect on credit ratings.
Predlog direktive o dostopu do dejavnosti kreditnih institucij in bonitetnega nadzora kreditnih institucij in investicijskih podjetij ter predlog uredbe o bonitetnih zahtevah za kreditne institucije in investicijska podjetja, ki naj bi nadomestili Direktivo 2006/48/ES Evropskega parlamenta in Sveta z dne 14. junija 2006 o začetku opravljanja in opravljanju dejavnosti kreditnih institucij [11] ter Direktivo 2006/49/ES Evropskega parlamenta in Svetu z dne 14. junija 2006 o kapitalski ustreznosti investicijskih podjetij in kreditnih institucij [12], sta uvedli zahtevo, ki kreditnim institucijam in investicijskim družbam nalaga, da ocenijo kreditno tveganje subjektov in finančnih instrumentov, v katere same vlagajo, ter se ob tem ne zanašajo le na bonitetne ocene.
That requirement should be extended to other financial market participants regulated under Union law, including investment managers.
Navedeno zahtevo bi bilo treba razširiti na druge udeležence na finančnih trgih, katerih delovanje ureja pravo Unije, vključno z upravljavci naložb.
For all financial market participants, however, that requirement should be enforced in a proportional manner taking into account the nature, scale, and complexity of the participant in question.
Vendar bi bilo treba za vse udeležence na finančnem trgu to zahtevo uveljavljati sorazmerno ob upoštevanju vrste, obsega in zapletenosti zadevnega udeleženca.
Member States should not be entitled to impose or maintain rules that allow stricter reliance by those investors on credit ratings.
Države članice ne bi smele imeti pravice predpisovati ali ohranjati pravila, ki dovoljujejo strožje zanašanje teh vlagateljev na bonitetne ocene.
Furthermore, the ability of investors to make an informed assessment of the creditworthiness of structured finance instruments would be improved if investors were provided with sufficient information on those instruments.
Poleg tega bi se izboljšale sposobnosti vlagateljev, da ocenijo kreditno kakovost strukturiranih finančnih instrumentov na podlagi informacij, če bi bile vlagateljem zagotovljene zadostne informacije o teh instrumentih.
For example, as the risk on structured finance instruments to a large extent depends on the quality and performance of the underlying assets, investors should be provided with more information on the underlying assets.
Na primer, ker je tveganje strukturiranih finančnih instrumentov v veliki meri odvisno od kakovosti in gibanja vrednosti sredstev, bi morali vlagatelji dobiti več informacij o teh sredstvih.
This would reduce investors’ dependence on credit ratings.
S tem bi se zmanjšala odvisnost vlagateljev od bonitetnih ocen.
Moreover, disclosing relevant information on structured finance instruments is likely to reinforce the competition between credit rating agencies, because it could lead to an increase in the number of unsolicited credit ratings.
Razen tega bo razkrivanje ustreznih informacij o strukturiranih finančnih instrumentih ob možnosti posledičnega povečanja števila nenaročenih ocen verjetno okrepilo konkurenco med bonitetnimi agencijami.
The Commission should, by January 2016, review and report on the appropriateness of extending the scope of that disclosure requirement to other financial products.
Komisija bi morala do januarja 2016 preučiti in poročati, ali bi bilo primerno področje uporabe te zahteve za razkritje razširiti na druge finančne produkte.
For example, there are other financial products, such as covered bonds and other secured debt, where the risk to a large extent depends on the characteristics of any underlying collateral and where it could be relevant to provide investors with more information about the collateral.
Tako na primer obstajajo drugi finančni produkti, kot so krite obveznice in drugi zavarovani dolg, pri katerih je tveganje v veliki meri odvisno od značilnosti osnovnega kritja in kjer je pomembno, da se vlagateljem posreduje več informacij o kritju.
Investors, issuers and other interested parties should have access to up-to-date rating information on a central website.
Vlagatelji, izdajatelji in druge zainteresirane strani bi morali imeti dostop do najnovejših informacij o ocenah na osrednji spletni strani.
A European rating platform should be established by ESMA and should allow investors to easily compare all credit ratings that exist with regard to a specific rated entity.
Evropska platforma bonitetnega ocenjevanja, ki bi jo morala vzpostaviti ESMA, bi morala vlagateljem omogočiti lažjo primerjavo vseh obstoječih bonitetnih ocen določenega ocenjevanega subjekta.
It is important that the European rating platform website shows all available credit ratings per instrument in order to allow investors to consider the whole variety of opinions before taking their own investment decision.
Pomembno je, da so na spletišču Evropske platforme bonitetnega ocenjevanja prikazane vse razpoložljive ocene za posamezne instrumente, s čimer bi se vlagateljem omogočilo upoštevanje celotnega spektra možnosti pred sprejetjem naložbene odločitve.
However, in order not to undermine the ability of credit rating agencies to operate under the investor-pays model, such credit ratings should not be included in the European rating platform.
Da pa se ne bi ogrozila sposobnost bonitetnih agencij, da delujejo v skladu z modelom vlagatelj plača, se take bonitetne ocene ne bi smele vključiti v Evropsko platformo bonitetnega ocenjevanja.
The European rating platform should help smaller and new credit rating agencies to gain visibility.
Evropska platforma bonitetnega ocenjevanja bi morala manjšim in novim bonitetnim agencijam pomagati izboljšati prepoznavnost.
The European rating platform should incorporate ESMA’s central repository with a view to creating a single platform for all available credit ratings per instrument and for information on historical performance data, published on the central repository.
Evropska platforma bonitetnega ocenjevanja bi morala zajemati centralni register ESMA, da bi vzpostavila enotno platformo za vse bonitetne ocene, ki so na voljo za instrument ter za informacije o preteklih rezultatih, objavljenih v centralnem registru.