natgillin/translations-raw huggingface dataset:
ESMA should act within the scope of this Regulation by safeguarding the stability of financial markets in emergency situations, ensuring the consistent application of Union rules by national supervisory authorities and settling disagreements between them.
ESMA bi moral delovati znotraj področja uporabe te uredbe, tako da varuje stabilnost finančnih trgov v izrednih razmerah, zagotavlja dosledno uporabo pravil Unije s strani nacionalnih nadzornih organov ter rešuje nesporazume med njimi.
It is also entrusted with developing draft regulatory and implementing technical standards and has a central role in the authorisation and monitoring of CCPs and trade repositories.
Zaupana mu je tudi priprava osnutka regulativnih in izvedbenih tehničnih standardov in ima osrednjo vlogo pri izdajanju dovoljenj za CNS in repozitorije sklenjenih poslov ter pri njihovem spremljanju.
One of the basic tasks to be carried out through the European System of Central Banks (ESCB) is to promote the smooth operation of payment systems.
Ena od temeljnih nalog Evropskega sistema centralnih bank (ESCB) je, da podpira nemoteno delovanje plačilnih sistemov.
In this respect, the members of the ESCB execute oversight by ensuring efficient and sound clearing and payment systems, including CCPs.
V zvezi s tem članice ESCB izvajajo nadzor, in sicer zagotavljajo učinkovite ter zanesljive klirinške in plačilne sisteme, vključno s CNS.
The members of the ESCB are thus closely involved in the authorisation and monitoring of CCPs, recognition of third-country CCPs and the approval of interoperability arrangements.
Članice ESCB so na ta način dejavno udeležene pri izdajanju dovoljenj in spremljanju CNS, priznanju CNS iz tretjih držav in odobritvi dogovorov o interoperabilnosti.
In addition, they are closely involved in respect of the setting of regulatory technical standards as well as guidelines and recommendations.
Poleg tega so dejavno udeležene pri določanju regulativnih tehničnih standardov ter smernic in priporočil.
This Regulation is without prejudice to the responsibilities of the European Central Bank (ECB) and the national central banks (NCBs) to ensure efficient and sound clearing and payment systems within the Union and with other countries.
Ta uredba ne posega v odgovornosti Evropske centralne banke (ECB) in nacionalnih centralnih bank, da zagotavljajo učinkovite ter zanesljive klirinške in plačilne sisteme v Uniji ter z drugimi državami.
Consequently, and in order to prevent the possible creation of parallel sets of rules, ESMA and the ESCB should cooperate closely when preparing the relevant draft technical standards.
Zaradi tega in za to, da bi preprečili morebitno nastajanje vzporednih pravil, bi morala ESMA in ESCB pri oblikovanju zadevnega osnutka tehničnih standardov tesno sodelovati.
Further, the access to information by the ECB and the NCBs is crucial when fulfilling their tasks relating to the oversight of clearing and payment systems as well as to the functions of a central bank of issue.
Nadalje je za ECB in nacionalne centralne banke zelo pomembno, da imajo pri opravljanju nalog v zvezi z nadzorom klirinških in plačilnih sistemov ter v zvezi s funkcijami centralne banke izdajateljice dostop do informacij.
Uniform rules are required for derivative contracts set out in Annex I, Section C, points (4) to (10) of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments [7].
Za pogodbe o izvedenih finančnih instrumentih iz točk (4) do (10) oddelka C Priloge I k Direktivi 2004/39/ES Evropskega parlamenta in Sveta z dne 21. aprila 2004 o trgih finančnih instrumentov [7] so potrebna enotna pravila.
Incentives to promote the use of CCPs have not proven to be sufficient to ensure that standardised OTC derivative contracts are in fact cleared centrally.
Pobude za spodbujanje uporabe CNS se niso izkazale za zadostne, da bi zagotovile dejanski centralni kliring vseh standardiziranih pogodb o izvedenih finančnih instrumentih OTC.
Mandatory CCP clearing requirements for those OTC derivative contracts that can be cleared centrally are therefore necessary.
Zato so potrebne zahteve za obvezni kliring prek CNS za tiste pogodbe o izvedenih finančnih instrumentih OTC, za katere se centralni kliring lahko opravi.
It is likely that Member States will adopt divergent national measures which could create obstacles to the smooth functioning of the internal market and be to the detriment of market participants and financial stability.
Države članice bodo verjetno sprejele različne nacionalne ukrepe, ki lahko povzročijo ovire za nemoteno delovanje notranjega trga in bi škodovale udeležencem na trgu ter finančni stabilnosti.
A uniform application of the clearing obligation in the Union is also necessary to ensure a high level of investor protection and to create a level playing field between market participants.
Enotna uporabe obveznosti kliringa v Uniji je potrebna tudi za zagotovitev visoke ravni zaščite vlagateljev in za oblikovanje enakih pogojev med udeleženci na trgu.
Ensuring that the clearing obligation reduces systemic risk requires a process of identification of classes of derivatives that should be subject to that obligation.
Da bi zagotovili, da obveznost kliringa zmanjša sistemsko tveganje, je potreben proces določanja razredov izvedenih finančnih instrumentov, za katere bi morala ta obveznost veljati.
That process should take into account the fact that not all CCP-cleared OTC derivative contracts can be considered suitable for mandatory CCP clearing.
Pri tem procesu bi bilo treba upoštevati dejstvo, da vse pogodbe o izvedenih finančnih instrumentih OTC, pri katerih se opravi kliring prek CNS, niso primerne za obvezni kliring prek CNS.
This Regulation sets out the criteria for determining whether or not different classes of OTC derivative contracts should be subject to a clearing obligation.
Ta uredba postavlja merila za določanje, ali bi morala za različne razrede pogodb o izvedenih finančnih instrumentih OTC veljati obveznost kliringa.
On the basis of draft regulatory technical standards developed by ESMA, the Commission should decide whether a class of OTC derivative contract is to be subject to a clearing obligation, and from when the clearing obligation takes effect including, where appropriate, phased-in implementation and the minimum remaining maturity of contracts entered into or novated before the date on which the clearing obligation takes effect, in accordance with this Regulation.
Komisija bi morala na podlagi osnutka izvedbenih tehničnih standardov, ki jih pripravi ESMA, odločiti o tem, ali bi morala za določen razred pogodbe o izvedenih finančnih instrumentih OTC veljati obveznost kliringa in kdaj naj bi začela veljati, po potrebi tudi o postopnem uvajanju in o minimalnem preostalem času do zapadlosti pogodbe, sklenjene ali prenovljene pred začetkom učinkovanja obveznosti kliringa v skladu s to uredbo.
A phased-in implementation of the clearing obligation could be in terms of the types of market participants that must comply with the clearing obligation.
Postopno izvajanje obveznosti kliringa bi lahko potekalo glede na vrsto udeležencev na trgu, ki morajo izpolnjevati obveznosti kliringa.
In determining which classes of OTC derivative contracts are to be subject to the clearing obligation, ESMA should take into account the specific nature of OTC derivative contracts which are concluded with covered bond issuers or with cover pools for covered bonds.
Pri določanju, za katere razrede pogodb o izvedenih finančnih instrumentih OTC velja obveznost kliringa, bi moral ESMA upoštevati posebno naravo pogodb o izvedenih finančnih instrumentih OTC, ki se sklenejo z izdajatelji kritih obveznic ali kritnim premoženjem za krite obveznice.
When determining which classes of OTC derivative contracts are to be subject to the clearing obligation, ESMA should also pay due regard to other relevant considerations, most importantly the interconnectedness between counterparties using the relevant classes of OTC derivative contracts and the impact on the levels of counterparty credit risk as well as promote equal conditions of competition within the internal market as referred to in Article 1(5)(d) of Regulation (EU) No 1095/2010.
ESMA bi moral pri določanju, za katere razrede pogodb o izvedenih finančnih instrumentih OTC velja obveznost kliringa, ustrezno upoštevati druge zadevne razmisleke, predvsem medsebojno povezanost med nasprotnimi strankami, ki uporabljajo zadevne razrede pogodb o izvedenih finančnih instrumentih OTC in učinek na stopnjo kreditnega tveganja nasprotnih strank, ter spodbujati enake konkurenčne pogoje na notranjem trgu iz člena 1(5)(d) Uredbe (EU) št. 1095/2010.
Where ESMA has identified that an OTC derivative product is standardised and suitable for clearing but no CCP is willing to clear that product, ESMA should investigate the reason for this.
Kadar ESMA ugotovi, da je izvedeni finančni instrument OTC standardiziran in primeren za kliring, da pa nobena CNS ni pripravljena opraviti kliringa navedenega instrumenta, bi moral ESMA raziskati razloge za to.
In determining which classes of OTC derivative contracts are to be subject to the clearing obligation, due account should be taken of the specific nature of the relevant classes of OTC derivative contracts.
Pri določanju, za katere razrede pogodb o izvedenih finančnih instrumentih OTC velja obveznost kliringa, bi bilo treba ustrezno upoštevati posebno naravo zadevnih razredov pogodb o izvedenih finančnih instrumentih OTC.
The predominant risk for transactions in some classes of OTC derivative contracts may relate to settlement risk, which is addressed through separate infrastructure arrangements, and may distinguish certain classes of OTC derivative contracts (such as foreign exchange) from other classes.
Glavno tveganje za transakcije z nekaterimi razredi pogodb o izvedenih finančnih instrumentih OTC je lahko povezano s tveganjem poravnave, ki se skuša obvladati z ločenimi infrastrukturnimi ureditvami in v okviru katerega so lahko nekateri razredi pogodb o izvedenih finančnih instrumentih OTC (kot so mednarodne menjave) ločeni od drugih razredov.
CCP clearing specifically addresses counterparty credit risk, and may not be the optimal solution for dealing with settlement risk.
Kliring prek CNS odpravlja zlasti kreditno tveganje nasprotne stranke in morebiti ni najugodnejša rešitev za odpravo tveganja poravnave.
The regime for such contracts should rely, in particular, on preliminary international convergence and mutual recognition of the relevant infrastructure.
Ureditev za te pogodbe bi morala temeljiti zlasti na predhodni mednarodni konvergenci in vzajemnem priznavanju ustrezne infrastrukture.
In order to ensure a uniform and coherent application of this Regulation and a level playing field for market participants when a class of OTC derivative contract is declared subject to the clearing obligation, this obligation should also apply to all contracts pertaining to that class of OTC derivative contract entered into on or after the date of notification of a CCP authorisation for the purpose of the clearing obligation received by ESMA but before the date from which the clearing obligation takes effect, provided that those contracts have a remaining maturity above the minimum determined by the Commission.
Da bi zagotovili enotno in dosledno uporabo te uredbe ter enake konkurenčne pogoje za udeležence na trgu, bi morala obveznost kliringa v primeru, da velja za določen razred pogodbe o izvedenih finančnih instrumentih OTC, veljati tudi za vse pogodbe v zvezi s tem razredom pogodbe o izvedenih finančnih instrumentih OTC, ki so bile sklenjene na datum izdaje dovoljenja CNS za namene obveznosti kliringa, prejetega od ESMA, vendar pred datumom, ko začne veljati obveznost kliringa, pod pogojem, da je preostal čas do zapadlosti navedenih pogodb daljši od minimalnega, ki ga določi Komisija.
In determining whether a class of OTC derivative contract is to be subject to clearing requirements, ESMA should aim for a reduction in systemic risk.
Pri ugotavljanju, ali za razred pogodbe o izvedenih finančnih instrumentih OTC veljajo zahteve za kliring, bi si moral ESMA prizadevati za zmanjšanje sistemskega tveganja.
This includes taking into account in the assessment factors such as the level of contractual and operational standardisation of contracts, the volume and the liquidity of the relevant class of OTC derivative contract as well as the availability of fair, reliable and generally accepted pricing information in the relevant class of OTC derivative contract.
To vključuje upoštevanje faktorjev ocenjevanja, kot so raven pogodbenih in operacijskih standardizacij pogodb, velikost in likvidnost zadevnega razreda pogodbe o izvedenih finančnih instrumentih OTC ter razpoložljivost pravičnih, zanesljivih in splošno sprejetih informacij o oblikovanju cen v zadevnem razredu pogodbe o izvedenih finančnih instrumentih OTC.
For an OTC derivative contract to be cleared, both parties to that contract must be subject to a clearing obligation or must consent.
Za kliring pogodbe o izvedenih finančnih instrumentih OTC mora za obe pogodbeni stranki veljati klirinška obveznost ali se morata strinjati obe pogodbeni stranki.
Exemptions to the clearing obligation should be narrowly tailored as they would reduce the effectiveness of the obligation and the benefits of CCP clearing and may lead to regulatory arbitrage between groups of market participants.
Izjeme od obveznosti kliringa bi bilo treba ozko omejiti, saj bi zmanjšale učinkovitost obveznosti in koristi kliringa prek CNS ter bi vodile do regulatorne arbitraže med skupinami udeležencev na trgu.
In order to foster financial stability within the Union, it might be necessary also to subject the transactions entered into by entities established in third countries to the clearing and risk-mitigation techniques obligations, provided that the transactions concerned have a direct, substantial and foreseeable effect within the Union or where such obligations are necessary or appropriate to prevent the evasion of any provisions of this Regulation.
Pri spodbujanju finančne stabilnosti v Uniji bi se lahko izkazalo za potrebno, da tudi za transakcije, ki jih sklenejo subjekti s sedežem v tretjih državah, veljata obveznost kliringa in obveznost tehnik zmanjševanja tveganja, pod pogojem, da imajo zadevne transakcije neposreden, znaten in predvidljiv učinek v Uniji, ali če so takšne obveznosti potrebne ali ustrezne za preprečevanje izogibanja kateri koli določbi te uredbe.
OTC derivative contracts that are not considered suitable for CCP clearing entail counterparty credit and operational risk and therefore, rules should be established to manage that risk.
Pogodbe o izvedenih finančnih instrumentih OTC, ki se ne štejejo za primerne za kliring prek CNS, povzročajo kreditno in operativno tveganje nasprotne stranke, zato bi bilo treba določiti pravila za upravljanje tega tveganja.
To mitigate counterparty credit risk, market participants that are subject to the clearing obligation should have risk-management procedures that require the timely, accurate and appropriately segregated exchange of collateral.
Da bi ublažili kreditno tveganje, bi morali imeti udeleženci na trgu, za katere velja obveznost kliringa, postopke upravljanja tveganja, ki zahtevajo pravočasno, natančno in primerno ločeno izmenjavo zavarovanja.
When preparing draft regulatory technical standards specifying those risk-management procedures, ESMA should take into account the proposals of the international standard setting bodies on margining requirements for non-centrally cleared derivatives.
Pri pripravi osnutka regulativnih tehničnih standardov, ki določajo navedene postopke upravljanja tveganja, bi moral ESMA upoštevati predloge mednarodnih organov za določanje standardov o zahtevah po kritju za izvedene finančne instrumente brez centralnega kliringa.
When developing draft regulatory technical standards to specify the arrangements required for the accurate and appropriate exchange of collateral to manage risks associated with uncleared trades, ESMA should take due account of impediments faced by covered bond issuers or cover pools in providing collateral in a number of Union jurisdictions.
ESMA bi moral pri razvijanju osnutkov regulativnih tehničnih standardov za določanje ureditev, ki so potrebne za natančno in ustrezno izmenjavo zavarovanja za obvladovanje tveganj, povezanih s trgovino brez kliringa, ustrezno upoštevati motnje, s katerimi se spoprijemajo izdajatelji kritih obveznosti ali kritno premoženje pri zagotavljanju zavarovanja v številnih jurisdikcijah v Uniji.
ESMA should also take into account the fact that preferential claims given to covered bond issuers counterparties on the covered bond issuer’s assets provides equivalent protection against counterparty credit risk.
ESMA bi moral upoštevati tudi dejstvo, da zagotavljajo prednostni zahtevki, ki se dajejo nasprotnim strankam izdajateljev kritih obveznic za sredstva izdajatelja kritih obveznosti, ustrezno varstvo pred kreditnim tveganjem nasprotne stranke.
Entities operating pension scheme arrangements, the primary purpose of which is to provide benefits upon retirement, usually in the form of payments for life, but also as payments made for a temporary period or as a lump sum, typically minimise their allocation to cash in order to maximise the efficiency and the return for their policy holders.
Subjekti, ki upravljajo pokojninsko shemo, katere primarni namen je zagotavljanje pokojnine, ki se običajno izplačuje vse življenje, pa tudi v obliki časovno omejenih plačil ali v enkratnem znesku, svoje denarne rezerve ponavadi zmanjšajo na najmanjši možni znesek, da bi s tem čim bolj povečali uspešnost ter izboljšali donos za zavarovance.
Hence, requiring such entities to clear OTC derivative contracts centrally would lead to divesting a significant proportion of their assets for cash in order for them to meet the ongoing margin requirements of CCPs.
Če bi torej od njih zahtevali, da izvajajo centralni kliring pogodb o izvedenih finančnih instrumentih OTC, bi to pomenilo, da bi morali znaten del svojih sredstev zamenjati v denar, da bi izpolnili zahteve CNS po kritju.
To avoid a likely negative impact of such a requirement on the retirement income of future pensioners, the clearing obligation should not apply to pension schemes until a suitable technical solution for the transfer of non-cash collateral as variation margins is developed by CCPs to address this problem.
Da bi preprečili verjeten negativni vpliv take zahteve na pokojninski prihodek bodočih upokojencev, za pokojninske sheme obveznost kliringa ne bi smela veljati, dokler CNS ne najdejo ustrezne tehnične rešitve glede prenosa negotovinskega zavarovanja kot gibljivega kritja za odpravo tega problema.
Such a technical solution should take into account the special role of pension scheme arrangements and avoid materially adverse effects on pensioners.
Pri takšni tehnični rešitvi bi bilo treba upoštevati posebno vlogo pokojninskih shem in preprečiti velik negativen vpliv na upokojence.
During a transitional period, OTC derivative contracts entered into with a view to decreasing investment risks directly relating to the financial solvency of pension scheme arrangements should be subject not only to the reporting obligation, but also to bilateral collateralisation requirements.
V prehodnem obdobju bi morale za pogodbe o izvedenih finančnih instrumentih OTC, ki so bile sklenjene zaradi zmanjšanja naložbenega tveganja, neposredno povezanega s finančno solventnostjo pokojninskih shem, veljati ne le obveznosti poročanja, ampak tudi zahteve glede dvostranskega zavarovanja.
The ultimate aim, however, is central clearing as soon as this is tenable.
Vendar je vzpostavitev centralnega kliringa temeljni cilj takoj ko je to mogoče.
It is important to ensure that only appropriate entities and arrangements receive special treatment as well as to take into account the diversity of pension systems across the Union, while also to provide for a level playing field for all pension scheme arrangements.
Treba je zagotoviti, da se posebna obravnava uporablja samo za ustrezne subjekte in sheme, ter upoštevati raznolikost pokojninskih sistemov v Uniji, hkrati pa poskrbeti, da bodo za vse pokojninske sheme veljali enaki pogoji.
Therefore, the temporary derogation should apply to institutions for occupational retirement provision registered in accordance with Directive 2003/41/EC, including any authorised entity responsible for managing such an institution and acting on its behalf as referred to in Article 2(1) of that Directive as well as any legal entity set up for the purpose of investment by such institutions, acting solely and exclusively in their interest, and to occupational retirement provision businesses of institutions referred to in Article 3 of Directive 2003/41/EC.
Začasno odstopanje bi torej moralo veljati za institucije za poklicno pokojninsko zavarovanje, registrirane v skladu z Direktivo 2003/41/ES, vključno z vsemi pooblaščenimi subjekti, ki so odgovorni za upravljanje teh institucij in delujejo v njihovem imenu, kakor je določeno v členu 2(1) navedene direktive, ter vsemi pravnimi subjekti, ki so ustanovljeni za naložbe teh institucij ter delujejo zgolj in izključno v njihovem interesu, in za dejavnosti poklicnega pokojninskega zavarovanja institucij iz člena 3 Direktive 2003/41/ES.
The temporary derogation should also apply to occupational retirement provision businesses of life insurance undertakings provided that all corresponding assets and liabilities are ring-fenced, managed and organised separately, without any possibility of transfer.
Začasno odstopanje bi se moralo uporabljati tudi za dejavnosti poklicnega pokojninskega zavarovanja zavarovalnic pod pogojem, da se za celotno premoženje in vse obveznosti, ki ustrezajo takšnim dejavnostim, vzpostavi ločena obračunska enota ter da se upravljajo in organizirajo ločeno, brez možnosti prenosa.
It should also apply to any other authorised and supervised entities operating on a national basis only or arrangements that are provided mainly in the territory of one Member State, only if both of them are recognised by national law and their primary purpose is to provide benefits upon retirement.
Prav tako bi se moralo uporabljati tudi za vse druge pooblaščene in nadzorovane subjekte, ki delujejo le na nacionalni ravni, ali sheme, ki so zagotovljene predvsem na ozemlju ene države članice, samo če so oboji priznani po nacionalnem pravu in je njihov glavni namen zagotavljati pokojnine.
The entities and arrangements referred to in this recital should be subject to the decision of the relevant competent authority and in order to ensure consistency, remove possible misalignments and avoid any abuse, the opinion of ESMA, after consulting EIOPA.
Subjekti in sheme iz te uvodne izjave bi morali biti določeni na podlagi odločitve zadevnega pristojnega organa in – zato da bi zagotovili skladnost, odpravili morebitna neskladja in preprečili vsakršno zlorabo – na podlagi mnenja ESMA po posvetovanju z EIOPA.
This could include entities and arrangements that are not necessarily linked to an employer pension programme but still have the primary purpose of providing income at retirement, either on a compulsory or on a voluntary basis.
To bi lahko vključevalo subjekte in sheme, ki niso nujno povezani s pokojninskim programom delodajalca, vendar pa je njihov glavni namen še vedno pokojninski prihodek, ki ga zagotavljajo v okviru obvezne ali prostovoljne sheme.
Examples could include legal entities operating pension schemes on a funded basis under national law, provided that they invest in accordance with the ‘prudent person’ principle, and pension arrangements taken up by individuals directly, which may also be provided by life insurers.
Kot primer bi bilo mogoče navesti pravne subjekte, ki pokojninske sheme izvajajo na podlagi kapitalskega kritja v skladu z nacionalno zakonodajo, pod pogojem, da investirajo ob upoštevanju načela preudarne osebe, ter pokojninske sheme, v katere se neposredno vključijo posamezniki in jih lahko zagotavljajo tudi ponudniki življenjskih zavarovanj.