natgillin/translations-raw huggingface dataset:
A CCP shall measure and assess its liquidity and credit exposures to each clearing member and, where relevant, to another CCP with which it has concluded an interoperability arrangement, on a near to real-time basis.
CNS čim bolj sproti meri in ocenjuje svojo likvidnost in kreditno izpostavljenost do vsakega klirinškega člana in, kjer je to primerno, do druge CNS, s katero ima sklenjen interoperabilni dogovor.
A CCP shall have access in a timely manner and on a non-discriminatory basis to the relevant pricing sources to effectively measure its exposures.
CNS ima pravočasen in nediskriminatoren dostop do ustreznih virov za oblikovanje cen za učinkovito merjenje svoje izpostavljenosti.
This shall be done on a reasonable cost basis.
To se stori na podlagi razumnih stroškov.
Margin requirements
Zahteve po kritju
A CCP shall impose, call and collect margins to limit its credit exposures from its clearing members and, where relevant, from CCPs with which it has interoperability arrangements.
CNS določi, terja in pobira kritja za omejitev svoje kreditne izpostavljenosti od svojih klirinških članov in, kjer je to primerno, od CNS, s katerimi ima sklenjen dogovor o interoperabilnosti.
Such margins shall be sufficient to cover potential exposures that the CCP estimates will occur until the liquidation of the relevant positions.
Takšna kritja zadostujejo za kritje morebitnih izpostavljenosti, ki se po ocenah CNS lahko pojavijo do unovčenja zadevnih pozicij.
They shall also be sufficient to cover losses that result from at least 99 % of the exposures movements over an appropriate time horizon and they shall ensure that a CCP fully collateralises its exposures with all its clearing members, and, where relevant, with CCPs with which it has interoperability arrangements, at least on a daily basis.
Kritja so tudi dovolj velika, da se lahko z njimi pokrijejo izgube v najmanj 99 % sprememb izpostavljenosti v ustreznem časovnem obdobju, in zagotovijo, da ima CNS v celoti zavarovane svoje izpostavljenosti nasproti vsem svojim klirinškim članom in po potrebi nasproti CNS, s katerimi imajo sklenjen dogovor o interoperabilnosti, vsaj na dnevni osnovi.
A CCP shall regularly monitor and, if necessary, revise the level of its margins to reflect current market conditions taking into account any potentially procyclical effects of such revisions.
CNS redno spremlja in po potrebi spreminja stopnjo svojih kritij, da odražajo tržne razmere, pri tem pa upošteva vse morebitne prociklične učinke takih sprememb.
A CCP shall adopt models and parameters in setting its margin requirements that capture the risk characteristics of the products cleared and take into account the interval between margin collections, market liquidity and the possibility of changes over the duration of the transaction.
CNS sprejme modele in parametre za določanje zahtev po kritju, ki zajemajo značilnosti tveganja produktov, pri katerih je bil opravljen kliring, in upoštevajo interval pobiranja kritja, likvidnost trga in možnost sprememb v času trajanja posla.
The models and parameters shall be validated by the competent authority and subject to an opinion in accordance with Article 19.
Modele in parametre potrdi pristojni organ ob upoštevanju mnenja v skladu s členom 19.
A CCP shall call and collect margins on an intraday basis, at least when predefined thresholds are exceeded.
CNS terja in pobira kritja čez dan, vsaj takrat, ko so preseženi vnaprej določeni pragi.
A CCP shall call and collect margins that are adequate to cover the risk stemming from the positions registered in each account kept in accordance with Article 39 with respect to specific financial instruments.
CNS za posebne finančne instrumente terja in pobira ustrezna kritja za kritje tveganj, ki izhajajo iz pozicij v posameznih računih, vodenih v skladu s členom 39.
A CCP may calculate margins with respect to a portfolio of financial instruments provided that the methodology used is prudent and robust.
CNS lahko izračuna kritja v zvezi s portfeljem finančnih instrumentov, če je uporabljena metodologija premišljena in zanesljiva.
In order to ensure consistent application of this Article, ESMA shall, after consulting EBA and the ESCB, develop draft regulatory technical standards specifying the appropriate percentage and time horizons for the liquidation period and the calculation of historical volatility, as referred to in paragraph 1, to be considered for the different classes of financial instruments, taking into account the objective to limit procyclicality, and the conditions under which portfolio margining practices referred to in paragraph 4 can be implemented.
Da se zagotovi dosledna uporaba tega člena, ESMA po posvetovanju z EBA in ESCB pripravi osnutke regulativnih tehničnih standardov, ki določajo ustrezni odstotek in časovna obdobja za unovčenje in izračun pretekle nestanovitnosti, kakor je navedeno v odstavku 1, ki ju je treba upoštevati za različne razrede finančnih instrumentov, pri tem pa upošteva cilj omejevanja procikličnosti in pogoje, pod katerimi se lahko izvajajo portfeljska kritja iz odstavka 4.
Default fund
Jamstveni sklad
To limit its credit exposures to its clearing members further, a CCP shall maintain a pre-funded default fund to cover losses that exceed the losses to be covered by margin requirements laid down in Article 41, arising from the default, including the opening of an insolvency procedure, of one or more clearing members.
CNS za dodatno omejitev svoje kreditne izpostavljenosti do klirinških članov vzdržuje predhodno financiran jamstveni sklad za kritje izgub, večjih od tistih, ki se krijejo z zahtevanimi kritji iz člena 41, in ki nastanejo zaradi neplačil, vključno z začetkom postopka zaradi nesolventnosti enega ali več klirinških članov.
The CCP shall establish a minimum amount below which the size of the default fund is not to fall under any circumstances.
CNS določi najnižji znesek, pod katerega se velikost jamstvenega sklada ne sme v nobenem primeru znižati.
A CCP shall establish the minimum size of contributions to the default fund and the criteria to calculate the contributions of the single clearing members.
CNS določi najnižji znesek prispevkov v jamstveni sklad in merila za izračun prispevkov za posameznega klirinškega člana.
The contributions shall be proportional to the exposures of each clearing member.
Prispevki so sorazmerni izpostavljenosti posameznega klirinškega člana.
The default fund shall at least enable the CCP to withstand, under extreme but plausible market conditions, the default of the clearing member to which it has the largest exposures or of the second and third largest clearing members, if the sum of their exposures is larger.
Jamstveni sklad omogoči vsaj to, da lahko CNS v skrajnih, vendar možnih tržnih razmerah vzdrži neplačila klirinškega člana, do katerega ima največjo izpostavljenost, ali neplačila drugega in tretjega največjega klirinškega člana, če je vsota njune izpostavljenosti večja.
A CCP shall develop scenarios of extreme but plausible market conditions.
CNS pripravi scenarije takšnih skrajnih, vendar možnih tržnih razmer.
The scenarios shall include the most volatile periods that have been experienced by the markets for which the CCP provides its services and a range of potential future scenarios.
Ti scenariji vključujejo najbolj nestanovitna obdobja, ki so jih doživeli trgi, za katere CNS opravlja storitve, ter vrsto možnih scenarijev v prihodnosti.
They shall take into account sudden sales of financial resources and rapid reductions in market liquidity.
Upoštevajo nenadno prodajo finančnih sredstev in hitro zmanjšanje tržne likvidnosti.
A CCP may establish more than one default fund for the different classes of instrument that it clears.
CNS lahko ustanovi več kot en jamstveni sklad za različne razrede instrumenta, pri katerem izvaja kliring.
In order to ensure consistent application of this Article, ESMA shall, in close cooperation with the ESCB and after consulting EBA, develop draft regulatory technical standards specifying the framework for defining extreme but plausible market conditions referred to in paragraph 3, that should be used when defining the size of the default fund and the other financial resources referred to in Article 43.
Da se zagotovi dosledna uporaba tega člena, ESMA v tesnem sodelovanju z ESCB in po posvetovanju z EBA pripravi osnutke regulativnih tehničnih standardov, ki določajo okvir za opredelitev skrajnih, vendar možnih tržnih razmer iz odstavka 3, ki bi ga bilo treba uporabiti pri določitvi velikosti jamstvenega sklada in drugih finančnih sredstev iz člena 43.
Other financial resources
Druga finančna sredstva
A CCP shall maintain sufficient pre-funded available financial resources to cover potential losses that exceed the losses to be covered by margin requirements laid down in Article 41 and the default fund as referred to in Article 42.
CNS zagotovi, da ima dovolj razpoložljivih predhodno namenjenih finančnih sredstev za kritje morebitnih izgub, večjih od tistih, ki se krijejo s kritji iz člena 41 in jamstvenim skladom iz člena 42.
Such pre-funded financial resources shall include dedicated resources of the CCP, shall be freely available to the CCP and shall not be used to meet the capital required under Article 16.
Takšna predhodno namenjena finančna sredstva vključujejo namenska sredstva CNS in so CNS prosto na voljo, ne uporabljajo pa se za izpolnjevanje kapitalskih zahtev iz člena 16.
The default fund referred to in Article 42 and the other financial resources referred to in paragraph 1 of this Article shall at all times enable the CCP to withstand the default of at least the two clearing members to which it has the largest exposures under extreme but plausible market conditions.
Jamstveni sklad iz člena 42 in druga finančna sredstva iz odstavka 1 tega člena morajo CNS kadar koli omogočiti, da vzdrži neplačila vsaj dveh klirinških članov, do katerih ima največjo izpostavljenost v skrajnih, vendar možnih tržnih razmerah.
A CCP may require non-defaulting clearing members to provide additional funds in the event of a default of another clearing member.
CNS lahko od klirinških članov, ki niso v zaostanku z izpolnjevanjem obveznosti, zahteva zagotovitev dodatnih sredstev v primeru neplačila drugega klirinškega člana.
The clearing members of a CCP shall have limited exposures toward the CCP.
Klirinški člani CNS imajo omejene izpostavljenosti do CNS.
Liquidity risk controls
Kontrole likvidnostnega tveganja
A CCP shall at all times have access to adequate liquidity to perform its services and activities.
CNS ima vedno dostop do ustrezne likvidnosti za opravljanje svojih storitev in dejavnosti.
To that end, it shall obtain the necessary credit lines or similar arrangements to cover its liquidity needs in case the financial resources at its disposal are not immediately available.
V ta namen pridobi potrebne kreditne linije ali podobne možnosti za kritje svojih likvidnostnih potreb, če finančna sredstva, ki jih ima na voljo, niso takoj na razpolago.
A clearing member, parent undertaking or subsidiary of that clearing member together shall not provide more than 25 % of the credit lines needed by the CCP.
Posamezen klirinški član, tj. nadrejeno ali podrejeno podjetje tega klirinškega člana, ne sme zagotavljati več kot skupno 25 % kreditnih linij, ki jih potrebuje CNS.
A CCP shall measure, on a daily basis, its potential liquidity needs.
CNS vsakodnevno meri svoje morebitne likvidnostne potrebe.
It shall take into account the liquidity risk generated by the default of at least the two clearing members to which it has the largest exposures.
Upošteva likvidnostno tveganje, ki nastane zaradi neplačila vsaj dveh klirinških članov, do katerih ima največjo izpostavljenost.
In order to ensure consistent application of this Article, ESMA shall, after consulting the relevant authorities and the members of the ESCB, develop draft regulatory technical standards specifying the framework for managing the liquidity risk that CCPs are to withstand in accordance with paragraph 1.
Da se zagotovi dosledna uporaba tega člena, ESMA po posvetovanju z ustreznimi organi in članicami ESCB pripravi osnutke regulativnih tehničnih standardov, ki določajo okvir za obvladovanje likvidnostnega tveganja, ki ga mora CNS vzdržati v skladu z odstavkom 1.
Default waterfall
Kaskadni pristop k neplačilom
A CCP shall use the margins posted by a defaulting clearing member prior to other financial resources in covering losses.
CNS za pokritje izgub uporabi kritja, nakazana s strani klirinškega člana, ki je v zaostanku s plačili, preden uporabi druga finančna sredstva.
Where the margins posted by the defaulting clearing member are not sufficient to cover the losses incurred by the CCP, the CCP shall use the default fund contribution of the defaulting member to cover those losses.
Kadar kritja, nakazana s strani klirinškega člana, ki je v zaostanku s plačili, ne zadostujejo za pokritje izgub, ki bremenijo CNS, ta za pokritje teh izgub uporabi v jamstveni sklad vplačani prispevek člana, ki je v zaostanku s plačili.
A CCP shall use contributions to the default fund of the non-defaulting clearing members and any other financial resources referred to in Article 43(1) only after having exhausted the contributions of the defaulting clearing member.
CNS uporabi prispevke iz jamstvenega sklada, ki jih zagotavljajo klirinški člani, ki niso v zaostanku s plačili, in druga finančna sredstva iz člena 43(1) šele potem, ko izčrpa prispevke članov, ki so v zaostanku s plačili.
A CCP shall use dedicated own resources before using the default fund contributions of non-defaulting clearing members.
CNS najprej uporabi lastna namenska sredstva, preden uporabi prispevke v jamstveni sklad, ki jih zagotavljajo klirinški člani, ki niso v zaostanku s plačili.
A CCP shall not use the margins posted by non-defaulting clearing members to cover the losses resulting from the default of another clearing member.
CNS ne uporabi kritij, nakazanih s strani klirinških članov, ki niso v zaostanku s plačili, za pokrivanje izgub, nastalih zaradi neplačila drugega klirinškega člana.
In order to ensure consistent application of this Article, ESMA, shall, after consulting the relevant competent authorities and the members of the ESCB, develop draft regulatory technical standards specifying the methodology for calculation and maintenance of the amount of the CCP’s own resources to be used in accordance with paragraph 4.
Da se zagotovi dosledna uporaba tega člena, ESMA po posvetovanju z ustreznimi pristojnimi organi in članicami ESCB pripravi osnutke regulativnih tehničnih standardov, ki določajo metodologijo za izračun in vzdrževanje zneska lastnih sredstev CNS, ki se uporabijo v skladu z odstavkom 4.
Collateral requirements
Zahteve glede zavarovanja s premoženjem
A CCP shall accept highly liquid collateral with minimal credit and market risk to cover its initial and ongoing exposure to its clearing members.
CNS sprejme za kritje začetne in nadaljnje izpostavljenosti do svojih klirinških članov visoko likvidno zavarovanje z minimalnim kreditnim in tržnim tveganjem.
For non-financial counterparties, a CCP may accept bank guarantees, taking such guarantees into account when calculating its exposure to a bank that is a clearing member.
CNS lahko za nefinančne nasprotne stranke sprejme bančne garancije, pri čemer takšne garancije upošteva pri izračunavanju svoje izpostavljenosti do banke, ki je klirinški član.
It shall apply adequate haircuts to asset values that reflect the potential for their value to decline over the interval between their last revaluation and the time by which they can reasonably be assumed to be liquidated.
Za vrednosti sredstev uporablja ustrezne odbitke, ki odražajo možnost, da se njihova vrednost zmanjša v obdobju med zadnjim prevrednotenjem in časom verjetne likvidacije.
It shall take into account the liquidity risk following the default of a market participant and the concentration risk on certain assets that may result in establishing the acceptable collateral and the relevant haircuts.
Pri določanju sprejemljivega zavarovanja in ustreznih odbitkov CNS upošteva likvidnostno tveganje zaradi neizpolnjevanja obveznosti udeleženca na trgu in tveganje koncentracije pri določenih sredstvih.
A CCP may accept, where appropriate and sufficiently prudent, the underlying of the derivative contract or the financial instrument that originates the CCP exposure as collateral to cover its margin requirements.
CNS lahko, kadar je to primerno in dovolj preudarno, kot zavarovanje za pokritje zahtev po kritju sprejme osnovno finančno sredstvo izvedenega finančnega instrumenta ali finančni instrument, iz katerega izhaja izpostavljenost CNS.
In order to ensure consistent application of this Article, ESMA shall, after consulting EBA, the ESRB and the ESCB, develop draft regulatory technical standards specifying:
Da se zagotovi dosledna uporaba tega člena, ESMA po posvetovanju z EBA, ESRB in ESCB pripravi osnutke regulativnih tehničnih standardov, ki določajo:
the type of collateral that could be considered highly liquid, such as cash, gold, government and high-quality corporate bonds and covered bonds;
vrsto zavarovanja, ki bi se lahko štelo za visoko likvidno, kot na primer denarna sredstva, zlato, državne in visokokakovostne podjetniške obveznice ter krite obveznice,;
the haircuts referred to in paragraph 1; and
odbitke iz odstavka 1 in
the conditions under which commercial bank guarantees may be accepted as collateral under paragraph 1.
pogoje, pod katerimi je jamstva poslovnih bank mogoče sprejeti kot zavarovanje iz odstavka 1.
A CCP shall invest its financial resources only in cash or in highly liquid financial instruments with minimal market and credit risk.
CNS svoja finančna sredstva vlaga samo v obliki denarnih sredstev ali visoko likvidnih finančnih instrumentov z minimalnim tržnim in kreditnim tveganjem.
A CCP’s investments shall be capable of being liquidated rapidly with minimal adverse price effect.
Naložbe CNS so takšne, da jih je mogoče hitro likvidirati z minimalnim negativnim cenovnim učinkom.
The amount of capital, including retained earnings and reserves of a CCP which are not invested in accordance with paragraph 1, shall not be taken into account for the purposes of Article 16(2) or Article 45(4).
Kapital, vključno z zadržanim dobičkom in rezervami CNS, ki se ne vlagajo v skladu z odstavkom 1, se ne upošteva za namene člena 16(2) ali člena 45(4).
Financial instruments posted as margins or as default fund contributions shall, where available, be deposited with operators of securities settlement systems that ensure the full protection of those financial instruments.
Finančni instrumenti, uporabljeni kot kritja ali kot prispevki v jamstveni sklad, se deponirajo pri upravljavcih sistemov poravnave vrednostnih papirjev – če so na voljo –, ki zagotavljajo popolno zaščito teh finančnih instrumentov.
Alternatively, other highly secure arrangements with authorised financial institutions may be used.
Uporabi pa se lahko tudi kakšna druga zelo varna ureditev s finančnimi institucijami, ki so pridobile dovoljenje.
Cash deposits of a CCP shall be performed through highly secure arrangements with authorised financial institutions or, alternatively, through the use of the standing deposit facilities of central banks or other comparable means provided for by central banks.
Gotovinske vloge CNS se izvedejo prek zelo varnih ureditev s finančnimi institucijami, ki so pridobile dovoljenje, ali prek odprte ponudbe mejnega depozita centralnih bank ali drugih primerljivih sredstev, ki jih te zagotavljajo.
Where a CCP deposits assets with a third party, it shall ensure that the assets belonging to the clearing members are identifiable separately from the assets belonging to the CCP and from assets belonging to that third party by means of differently titled accounts on the books of the third party or any other equivalent measures that achieve the same level of protection.
Če CNS sredstva vloži pri tretji stranki, zagotovi, da je sredstva v lasti klirinških članov mogoče razločevati od sredstev v lasti CNS in sredstev v lasti te tretje stranke, in sicer z različno naslovljenimi računi v knjigah tretje stranke ali drugimi enakovrednimi ukrepi, ki omogočajo enako raven zaščite.
A CCP shall have prompt access to the financial instruments when required.
CNS ima na zahtevo takojšen dostop do finančnih instrumentov.
A CCP shall not invest its capital or the sums arising from the requirements laid down in Article 41, 42, 43 or 44 in its own securities or those of its parent undertaking or its subsidiary.
CNS svojega kapitala ali zneskov, ki izhajajo iz zahtev iz členov 41, 42, 43 ali 44, ne vlaga v lastne vrednostne papirje ali vrednostne papirje svojega nadrejenega ali podrejenega podjetja.
A CCP shall take into account its overall credit risk exposures to individual obligors in making its investment decisions and shall ensure that its overall risk exposure to any individual obligor remains within acceptable concentration limits.
CNS pri svojih naložbenih odločitvah upošteva svojo celotno izpostavljenost iz naslova kreditnega tveganja do posameznih dolžnikov in zagotovi, da njena celotna izpostavljenost do posameznega dolžnika ostaja v sprejemljivih mejah koncentracije.
In order to ensure consistent application of this Article, ESMA shall, after consulting EBA and the ESCB, develop draft regulatory technical standards specifying the financial instruments that can be considered highly liquid, bearing minimal credit and market risk as referred to in paragraph 1, the highly secured arrangements referred to in paragraphs 3 and 4 and the concentration limits referred to in paragraph 7.
Da se zagotovi dosledna uporaba tega člena, ESMA po posvetovanju z EBA in ESCB pripravi osnutke regulativnih tehničnih standardov o finančnih instrumentih, ki se lahko štejejo za visoko likvidne in s katerimi je povezano minimalno kreditno in tržno tveganje iz odstavka 1, ter o zelo varni ureditvi iz odstavkov 3 in 4 in omejitvi koncentracije iz odstavka 7.
Default procedures
Postopki v primeru neplačil
A CCP shall have detailed procedures in place to be followed where a clearing member does not comply with the participation requirements of the CCP laid down in Article 37 within the time limit and in accordance with the procedures established by the CCP.
CNS ima vzpostavljene podrobne postopke za primer, ko klirinški član ne izpolnjuje zahtev glede sodelovanja CNS iz člena 37 v roku in v skladu s postopki, ki jih je določila CNS.
The CCP shall set out in detail the procedures to be followed in the event the default of a clearing member is not declared by the CCP.
CNS podrobno opredeli postopke, ki jih je treba uporabiti, če ne prijavi neizpolnjevanja obveznosti klirinškega člana.
Those procedures shall be reviewed annually.
Ti postopki se pregledujejo vsako leto.
A CCP shall take prompt action to contain losses and liquidity pressures resulting from defaults and shall ensure that the closing out of any clearing member’s positions does not disrupt its operations or expose the non-defaulting clearing members to losses that they cannot anticipate or control.
CNS sprejme takojšnje ukrepe za omejitev izgub in likvidnostnih pritiskov, ki so posledica neizpolnjevanja obveznosti, in zagotovi, da zaprtje katere koli pozicije klirinškega člana ne povzroči motenj v njenem delovanju ali ne izpostavi klirinških članov, ki niso v zaostanku z izpolnitvijo obveznosti, izgubam, ki jih ti ne morejo predvideti ali nadzorovati.
Where a CCP considers that the clearing member will not be able to meet its future obligations, it shall promptly inform the competent authority before the default procedure is declared or triggered.
Kadar CNS meni, da klirinški član ne bo mogel izpolniti svojih prihodnjih obveznosti, nemudoma obvesti pristojni organ preden se neizpolnjevanje obveznosti prijavi ali se sproži postopek.
The competent authority shall promptly communicate that information to ESMA, to the relevant members of the ESCB and to the authority responsible for the supervision of the defaulting clearing member.
Pristojni organ to informacijo nemudoma sporoči ESMA, zadevnim članicam ESCB in organu, odgovornemu za nadzor klirinškega člana, ki je v zaostanku z izpolnitvijo obveznosti.