natgillin/translations-raw huggingface dataset:
The testing of a CCP’s default management procedures is particularly important where it relies on non-defaulting clearing members or third parties to assist in the close-out process and where the default procedures have never been tested by an actual default.
Testiranje postopkov CNS v primeru neplačila je zlasti pomembno, če se opira na klirinške člane ali tretje stranke, ki izpolnjujejo obveznosti, za pomoč pri postopku zaprtja pozicij ali če se postopki v primeru neizpolnjevanja obveznosti niso nikoli testirali pri dejanskem dogodku neplačila.
This Regulation is based on the draft regulatory technical standards submitted by the European Securities and Markets Authority (ESMA) to the Commission.
Ta uredba temelji na osnutkih regulativnih tehničnih standardov, ki jih je Evropski organ za vrednostne papirje in trge predložil Komisiji.
ESMA has consulted, where relevant, the European Banking Authority (EBA), the European Systemic Risk Board and the members of the ESCB before submitting the draft technical standards on which this Regulation is based.
Organ ESMA se je pred predložitvijo osnutka tehničnih standardov, na katerih temelji ta uredba, po potrebi posvetoval z Evropskim bančnim organom (EBA), Evropskim odborom za sistemska tveganja in člani ESCB.
In accordance with Article 10 of Regulation (EU) No 1095/2010 of the European Parliament and the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority) [4], ESMA has conducted open public consultations on such 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 z dne 24. novembra 2010 o ustanovitvi Evropskega nadzornega organa (Evropski organ za vrednostne papirje in trge) [4] je organ ESMA opravil odprta javna posvetovanja o takšnem osnutku regulativnih tehničnih standardov, 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 –
‘basis risk’ means the risk arising from less than perfectly correlated movements between two or more assets or contracts cleared by the central counterparty (CCP);
„bazično tveganje“ pomeni tveganje, ki izhaja iz nepopolno soodvisnih gibanj dveh ali več sredstev ali pogodb, za katere CNS opravi kliring;
‘confidence interval’ means the percentage of exposures movements for each financial instrument cleared with reference to a specific lookback period that a CCP is required to cover over a certain liquidation period;
„interval zaupanja“ pomeni odstotek sprememb v izpostavljenostih za vsak finančni instrument, za katerega se opravi kliring, s sklicevanjem na posebno obdobje zajema podatkov, ki ga mora pokriti CNS v določenem obdobju unovčenja;
‘convenience yield’ means the benefits from direct ownership of the physical commodity and is affected both by market conditions and by factors such as physical storage costs;
„donosnost uporabnosti“ pomeni koristi iz neposrednega lastništva nad fizičnim blagom, nanj pa vplivajo tako tržne razmere kot tudi dejavniki, kot so stvarni stroški skladiščenja;
‘margins’ means margins as referred to in Article 41 of Regulation (EU) No 648/2012 which may include initial margins and variation margins;
„kritja“ pomenijo kritja iz člena 41 Uredbe (EU) št. 648/2012, ki lahko vključujejo začetna in gibljiva kritja;
‘initial margin’ means margins collected by the CCP to cover potential future exposure to clearing members providing the margin and, where relevant, interoperable CCPs in the interval between the last margin collection and the liquidation of positions following a default of a clearing member or of an interoperable CCP default;
„začetno kritje“ pomeni kritja, ki jih zbere CNS za pokritje potencialne prihodnje izpostavljenosti do klirinških članov, ki zagotavljajo kritje, in po potrebi interoperabilnih CNS v intervalu med zadnjim zbiranjem kritij in unovčenjem pozicij po neplačilu klirinškega člana ali interoperabilne CNS;
‘variation margin’ means margins collected or paid out to reflect current exposures resulting from actual changes in market price;
„gibljivo kritje“ pomeni kritja, ki so zbrana ali plačana, da odražajo sedanje izpostavljenosti, ki izhajajo iz dejanskih sprememb tržne cene;
‘jump to default risk’ means the risk that a counterparty or issuer defaults suddenly before the market has had time to factor in its increased default risk;
„skokovito naraščanje verjetnosti neplačila“ pomeni tveganje, da nasprotna stranka ali izdajatelj nenadoma začne zaostajati s plačili, preden je imel trg čas, da upošteva povečano tveganje neplačila;
‘liquidation period’ means the time period used for the calculation of the margins that the CCP estimates necessary to manage its exposure to a defaulting member and during which the CCP is exposed to market risk related to the management of the defaulter’s positions;
„obdobje unovčenja“ pomeni časovno obdobje, ki se uporablja za izračun kritja, za katerega CNS ocenjuje, da je potrebno za upravljanje izpostavljenosti neplačniku, in v katerem je CNS izpostavljena tržnemu tveganju v zvezi z upravljanjem pozicij neplačnika;
‘lookback period’ means the time horizon for the calculation of historical volatility;
„obdobje zajema podatkov“ pomeni časovno obdobje za izračun pretekle nestanovitnosti;
‘testing exception’ means the result of a test which shows that a CCP’s model or liquidity risk management framework did not result in the intended level of coverage;
„izjema pri testiranju“ pomeni rezultat testiranja, ki kaže, da model CNS ali okvir za upravljanje likvidnostnega tveganja ni privedel do nameravane ravni kritja;
‘wrong-way risk’ means the risk arising from exposure to a counterparty or issuer when the collateral provided by that counterparty or issued by that issuer is highly correlated with its credit risk.
„tveganje zaradi neugodnih gibanj“ pomeni tveganje, ki izhaja iz izpostavljenosti do nasprotne stranke ali izdajatelja, kadar je zavarovanje s premoženjem, ki ga zagotovi ta nasprotna stranka ali ga izda ta izdajatelj, močno povezano s kreditnim tveganjem.
RECOGNITION OF THIRD COUNTRY CCPs
PRIZNAVANJE CNS IZ TRETJIH DRŽAV
(Article 25 of Regulation (EU) No 648/2012)
(člen 25 Uredbe (EU) št. 648/2012)
Information to be provided to ESMA for the recognition of a CCP
Informacije, ki se predložijo organu ESMA za priznanje CNS
An application for recognition submitted by a CCP established in a third country shall contain at least the following information:
Vloga za priznanje, ki jo predloži CNS s sedežem v tretji državi, vsebuje vsaj naslednje informacije:
full name of the legal entity;
ime pravnega subjekta;
identities of the shareholders or members with qualifying holdings;
identitete delničarjev ali družbenikov s kvalificiranimi deleži;
a list of the Member States in which it intends to provide services;
seznam držav članic, v katerih namerava opravljati storitve;
classes of financial instruments cleared;
razrede finančnih instrumentov, za katere opravlja kliring;
details to be included in the ESMA website in accordance with Article 88(1)(e) of Regulation (EU) No 648/2012;
podrobnosti, ki se vključijo na spletno stran organa ESMA v skladu s členom 88(1)(e) Uredbe (EU) št. 648/2012;
details of its financial resources, the form and methods in which they are maintained and the arrangements to secure them including default management procedures;
podrobnosti o finančnih sredstvih, obliki in metodah, s katerimi se hranijo, in ureditvah za njihovo zaščito, skupaj s postopki v primeru neplačila;
details on the margin methodology and for the calculation of the default fund;
podrobnosti o metodologiji za izračun kritja in za izračun jamstvenega sklada;
a list of the eligible collateral;
seznam primernega zavarovanja s premoženjem;
a breakdown of values, in prospective form if needed, cleared by the applying CCP by each Union currency cleared;
razčlenitev vrednosti v obliki pričakovanih vrednosti, če je potrebno, za katere CNS vlagateljica opravlja kliring, po vsaki valuti EU, za katero opravlja kliring;
results of the stress tests and back tests performed during the year preceding the date of application;
rezultate testiranja izjemnih situacij in testiranja za nazaj, ki sta bila izvedena v letu pred datumom vloge;
its rules and internal procedures with evidences of full compliance with the requirements applicable in that third country;
pravila in notranje postopke z dokazi, da v celoti izpolnjuje zahteve, ki se uporabljajo v navedeni tretji državi;
details of any outsourcing arrangements;
podrobnosti o vseh ureditvah zunanjega izvajanja;
details on segregation arrangements and respective legal soundness and enforceability;
podrobnosti o ureditvah ločevanja in ustrezni pravni trdnosti in izvršljivosti;
details on the CCP’s access requirements and terms for suspension and termination of membership;
podrobnosti o zahtevah CNS glede dostopa ter pogojih za prekinitev in prenehanje članstva;
details of any interoperability arrangement, including the information provided to the third country competent authority for the purpose of assessing the arrangement.
podrobnosti o kakršnem koli dogovoru o interoperabilnosti, vključno s podatki, ki se posredujejo pristojnemu organu iz tretje države za namene ocenjevanja dogovora.
(Article 26 of Regulation (EU) No 648/2012)
(člen 26 Uredbe (EU) št. 648/2012)
The key components of the governance arrangements of the CCP that define its organisational structure as well as clearly specified and well-documented policies, procedures and processes by which its board and senior management operate shall include the following:
Ključne sestavine ureditev upravljanja CNS, ki opredeljujejo njeno organizacijsko strukturo, ter jasno določene in dobro dokumentirane politike, postopki in procesi, v skladu s katerimi delujeta njen organ upravljanja in višje vodstvo, vključujejo naslednje:
the composition, role and responsibilities of the board and any board committees;
sestavo, vlogo in odgovornosti organa upravljanja in vseh njegovih odborov;
the roles and responsibilities of the management;
vloge in odgovornosti vodstva;
the senior management structure;
strukturo višjega vodstva;
the reporting lines between the senior management and the board;
zahteve glede poročanja med višjim vodstvom in organom upravljanja;
the procedures for the appointment of board members and senior management;
postopke za imenovanje članov organa upravljanja in višjega vodstva;
the design of the risk management, compliance and internal control functions;
načrtovanje upravljanja tveganj, funkcije skladnosti in notranjega nadzora;
the processes for ensuring accountability to stakeholders.
postopke za zagotavljanje odgovornosti do zainteresiranih strani.
A CCP shall have adequate staff to meet all obligations arising from this Regulation and from Regulation (EU) No 648/2012.
CNS ima ustrezno osebje za izpolnjevanje vseh obveznosti, ki izhajajo iz te uredbe in Uredbe (EU) št. 648/2012.
A CCP shall not share its staff with other group entities, unless under the terms of an outsourcing arrangement in accordance with Article 35 of Regulation (EU) No 648/2012.
CNS ne deli svojega osebja z drugimi subjekti v skupini, razen v skladu s pogoji ureditve zunanjega izvajanja v skladu s členom 35 Uredbe (EU) št. 648/2012.
A CCP shall establish lines of responsibility which are clear, consistent and well-documented.
CNS določi odgovornosti, ki so jasne, dosledne in dobro dokumentirane.
A CCP shall ensure that the functions of the chief risk officer, chief compliance officer and chief technology officer are carried out by different individuals, who shall be employees of the CCP entrusted with the exclusive responsibility of performing these functions.
CNS zagotovi, da funkcije vodilnega za tveganja, vodilnega za zagotavljanje skladnosti s predpisi in vodilnega za tehnologijo izvajajo različni posamezniki, ki so zaposleni pri CNS in jim je zaupana izključna odgovornost za izvajanje teh funkcij.
A CCP that is part of a group shall take into account any implications of the group for its own governance arrangements including whether it has the necessary level of independence to meet its regulatory obligations as a distinct legal person and whether its independence could be compromised by the group structure or by any board member also being a member of the board of other entities of the same group.
CNS, ki je del skupine, upošteva morebitne učinke skupine na lastne ureditve upravljanja, vključno s tem, ali ima potrebno stopnjo neodvisnosti za izpolnitev regulativnih obveznosti kot ločena pravna oseba in ali bi bila njena neodvisnost lahko ogrožena zaradi strukture skupine ali katerega koli člana organa upravljanja, ki je tudi član organa upravljanja drugih subjektov iste skupine.
In particular, such a CCP shall consider specific procedures for preventing and managing conflicts of interest including with respect to outsourcing arrangements.
Takšna CNS zlasti upošteva posebne postopke za preprečevanje in obvladovanje nasprotij interesov tudi pri ureditvah zunanjega izvajanja.
Where a CCP maintains a two-tiered board system, the role and responsibilities of the board as established in this Regulation and in Regulation (EU) No 648/2012 shall be allocated to the supervisory board and the management board as appropriate.
Če ima CNS dvotirni sistem vodenja, se vloga in odgovornosti organa upravljanja iz te uredbe in Uredbe (EU) št. 648/2012 razdelijo med nadzorni svet in upravo, kakor je primerno.
The risk management policies, procedures, systems and controls shall be part of a coherent and consistent governance framework that is reviewed and updated regularly.
Politike, postopki, sistemi in kontrole upravljanja tveganj so del skladnega in doslednega okvira upravljanja, ki se redno pregleduje in posodablja.
Risk management and internal control mechanisms
Mehanizmi upravljanja tveganj in notranjega nadzora
A CCP shall have a sound framework for the comprehensive management of all material risks to which it is or may be exposed.
CNS ima zanesljiv okvir za celovito upravljanje vseh bistvenih tveganj, ki jim je ali jim je lahko izpostavljena.
A CCP shall establish documented policies, procedures and systems that identify, measure, monitor and manage such risks.
CNS določi dokumentirane politike, postopke in sisteme za ugotavljanje, merjenje, spremljanje in upravljanje takih tveganj.
In establishing risk-management policies, procedures and systems, a CCP shall structure them in a way as to ensure that clearing members properly manage and contain the risks they pose to the CCP.
Pri določanju politik, postopkov in sistemov za upravljanje tveganj jih CNS strukturira v obliki, ki zagotavlja, da klirinški člani pravilno upravljajo in omejujejo tveganja, ki jih predstavljajo za CNS.
A CCP shall take an integrated and comprehensive view of all relevant risks.
CNS celovito in izčrpno pregleda vsa zadevna tveganja.
These shall include the risks it bears from and poses to its clearing members and, to the extent practicable, clients as well as the risks it bears from and poses to other entities such as, but not limited to interoperable CCPs, securities settlement and payment systems, settlement banks, liquidity providers, central securities depositories, trading venues served by the CCP and other critical service providers.
To vključuje tveganja, ki jih nosi in predstavlja do svojih klirinških članov in, kolikor je to izvedljivo, do strank, ter tveganja, ki jih nosi in predstavlja za druge subjekte, med drugim interoperabilne CNS, sisteme poravnave vrednostnih papirjev in plačilne sisteme, poravnalne banke, ponudnike likvidnih sredstev, centralne registre vrednostnih papirjev, mesta trgovanja, za katere CNS opravljajo storitve, in druge pomembne ponudnike storitev.
A CCP shall develop appropriate risk management tools to be in a position to manage and report on all relevant risks.
CNS razvije ustrezna orodja za upravljanje tveganj, namenjena upravljanju in poročanju o vseh pomembnih tveganjih.
These shall include the identification and management of system, market or other interdependencies.
Ta zajemajo prepoznavanje in upravljanje sistemskih, tržnih ali drugih soodvisnosti.
If a CCP provides services linked to clearing that present a distinct risk profile from its functions and potentially pose significant additional risks to it, the CCP shall manage those additional risks adequately.
Če CNS opravlja storitve v zvezi s kliringom, ki predstavljajo drugačen profil tveganja od njenih funkcij in lahko predstavljajo znatna dodatna tveganja, ta dodatna tveganja ustrezno upravlja.
This may include separating legally the additional services that the CCP provides from its core functions.
To lahko vključuje pravno ločevanje dodatnih storitev, ki jih CNS opravlja poleg ključnih funkcij.
The governance arrangements shall ensure that the board of a CCP assumes final responsibility and accountability for managing the CCP’s risks.
Ureditve upravljanja zagotovijo, da organ upravljanja CNS nosi končno odgovornost za upravljanje tveganj CNS.
The board shall define, determine and document an appropriate level of risk tolerance and risk bearing capacity for the CCP.
Organ upravljanja opredeli, določi in dokumentira ustrezno raven dovoljenega tveganja in zmogljivost odzivanja na tveganja za CNS.
The board and senior management shall ensure that the CCP’s policies, procedures and controls are consistent with the CCP’s risk tolerance and risk bearing capacity and that they address how the CCP identifies, reports, monitors and manages risks.
Organ upravljanja in višje vodstvo zagotavljata, da so politike, postopki in kontrole CNS skladni z dovoljenim tveganjem CNS in zmogljivostjo prevzemanja tveganj CNS ter da obravnavajo, kako CNS opredeli, poroča, spremlja in upravlja tveganja.
A CCP shall employ robust information and risk-control systems to provide the CCP and, where appropriate, its clearing members and, where possible, clients with the capacity to obtain timely information and to apply risk management policies and procedures appropriately.
CNS uporabi zanesljive informacije in sisteme nadzora tveganj, ki omogočajo CNS in, kjer je to primerno, njenim klirinških članom in po možnosti strankam pravočasno pridobivanje informacij in ustrezno uporabo politik in postopkov upravljanja tveganj.
These systems shall ensure, at least that credit and liquidity exposures are monitored continuously at the CCP level as well as at the clearing member level and, to the extent practicable, at the client level.
Ti sistemi zagotovijo, da se vsaj kreditne in likvidnostne izpostavljenosti neprestano spremljajo na ravni CNS ter na ravni klirinškega člana in, kolikor je to izvedljivo, na ravni stranke.
A CCP shall ensure that the risk management function has the necessary authority, resources, expertise and access to all relevant information and that it is sufficiently independent from the other functions of the CCP.
CNS zagotovi, da ima funkcija upravljanja tveganj potrebno pristojnost, sredstva, strokovno znanje in dostop do vseh ustreznih informacij in da je dovolj neodvisna od drugih funkcij CNS.
The CCP chief risk officer shall implement the risk management framework including the policies and procedures established by the board.
Vodilni za tveganja CNS izvaja okvir za upravljanje tveganj, vključno s politikami in postopki, ki jih določi organ upravljanja.
A CCP shall have adequate internal control mechanisms to assist the board in monitoring and assessing the adequacy and effectiveness of a its risk management policies, procedures and systems.
CNS ima ustrezne mehanizme notranjega nadzora, ki pomagajo organu upravljanja pri spremljanju in ocenjevanju ustreznosti in učinkovitosti politik, postopkov in sistemov za upravljanje tveganj.
Such mechanisms shall include sound administrative and accounting procedures, a robust compliance function and an independent internal audit and validation or review function.
Taki mehanizmi vključujejo smotrne upravne in računovodske postopke, zanesljivo funkcijo za zagotavljanje skladnosti in neodvisno funkcijo za notranjo revizijo in vrednotenje ali pregled.
A CCP’s financial statement shall be prepared on an annual basis and be audited by statutory auditors or audit firms within the meaning of Directive 2006/43/EC of the European Parliament and of the Council [5].
Računovodski izkazi CNS se pripravijo na letni osnovi in jih revidirajo zakoniti revizorji ali revizijska podjetja v smislu Direktive 2006/43/ES Evropskega parlamenta in Sveta [5].
Compliance policy and procedures
Politika in postopki v zvezi s skladnostjo
A CCP shall establish, implement and maintain adequate policies and procedures designed to detect any risk of failure by the CCP and its employees to comply with the its obligations under this Regulation, Regulation (EU) No 648/2012 and Implementing Regulation (EU) No 1249/2012, as well as the associated risks, and put in place adequate measures and procedures designed to minimise such risk and to enable the competent authorities to exercise their powers effectively under these Regulations.
CNS vzpostavi, izvaja in vzdržuje ustrezne politike in postopke, namenjene odkrivanju tveganj, da CNS in njeni zaposleni ne bodo izpolnjevali obveznosti iz te uredbe, Uredbe (EU) št. 648/2012 in Izvedbene uredbe (EU) št. 1249/2012, in s tem povezanih tveganj, ter uvaja ustrezne ukrepe in postopke za zmanjšanje takega tveganja in omogočanje pristojnim organom, da učinkovito izvajajo svoje pristojnosti v skladu s temi uredbami.
A CCP shall ensure that its rules, procedures and contractual arrangements are clear and comprehensive and they ensure compliance with this Regulation, Regulation (EU) No 648/2012 and Implementing Regulation (EU) No 1249/2012 as well as all other applicable regulatory and supervisory requirements.
CNS zagotovi, da so njena pravila, postopki in pogodbene določbe jasni in izčrpni ter zagotavljajo spoštovanje te uredbe, Uredbe (EU) št. 648/2012 in Izvedbene uredbe (EU) št. 1249/2012 ter vseh drugih veljavnih regulativnih in nadzornih zahtev.
The rules, procedures and contractual arrangements of the CCP shall be recorded in writing or another durable medium.
Pravila, postopki in pogodbene ureditve CNS se evidentirajo v pisni obliki ali na drugem trajnem nosilcu podatkov.
These rules, procedures, and contractual arrangements and any accompanying material shall be accurate, up-to-date and readily available to the competent authority, clearing members and, where appropriate, clients.
Ta pravila, postopki in pogodbene ureditve ter priloženo gradivo so natančni, posodobljeni in zlahka na voljo pristojnemu organu, klirinškim članom in, kjer je to primerno, strankam.
A CCP shall identify and analyse the soundness of the rules, procedures and contractual arrangements of the CCP.
CNS opredeli pravila, postopke in pogodbene ureditve ter analizira njihovo trdnost.
If necessary, independent legal opinions shall be sought for the purpose of this analysis.
Če je treba, se za namene te analize zahtevajo neodvisna pravna mnenja.
The CCP shall have a process for proposing and implementing changes to its rules and procedures and prior to implementing any material changes to consult with all affected clearing members and submit the proposed changes to the competent authority.
CNS ima postopek za predlaganje in izvajanje sprememb pravil in postopkov ter se pred izvajanjem vseh bistvenih sprememb posvetuje z vsemi prizadetimi klirinškimi člani ter predloži predlagane spremembe pristojnemu organu.