natgillin/translations-raw huggingface dataset:
Changes in the value of collateral shall be reflected using the supervisory volatility adjustments in accordance with Section 3 of Chapter 4 or the own estimates of volatility adjustments of the Financial Collateral Comprehensive Method, but no collateral payments shall be assumed during the margin period of risk.
Spremembe vrednosti zavarovanja s premoženjem se odražajo z uporabo nadzorniških prilagoditev za nestanovitnost v skladu z oddelkom 3 poglavja 4 ali lastnih ocen prilagoditev za nestanovitnost razvite metode za izračun učinkov zavarovanja s finančnim premoženjem, vendar se v obdobju kritja za tveganje ne predvidevajo nobena plačila zavarovanja s premoženjem.
The margin period of risk is subject to the minimum periods set out in paragraphs 2 to 5.
Za obdobje kritja za tveganje veljajo minimalna časovna obdobja, določena v odstavkih 2 do 5.
For transactions subject to daily re-margining and mark-to-market valuation, the margin period of risk used for the purpose of modelling the exposure value with margin agreements shall not be less than:
Za posle, za katere velja dnevno vzdrževanje kritja in dnevno vrednotenje po tržnih cenah, obdobje kritja za tveganje, ki se uporablja za namen modeliranja vrednosti izpostavljenosti z dogovori o vzdrževanju kritja, ni krajše od:
5 business days for netting sets consisting only of repurchase transactions, securities or commodities lending or borrowing transactions and margin lending transactions;
5 delovnih dni za nize pobotov, ki zajemajo samo repo posle ali posle posoje/izposoje vrednostnih papirjev ali blaga in posle kreditiranja za povečanje trgovalnega portfelja;
10 business days for all other netting sets.
10 delovnih dni za vse druge nize pobotov.
Points (a) and (b) of paragraph 2 shall be subject to the following exceptions:
Za točki (a) in (b) veljata naslednji izjemi:
for all netting sets where the number of trades exceeds 5000 at any point during a quarter, the margin period of risk for the following quarter shall not be less than 20 business days.
za vse nize pobotov, kjer število poslov kadar koli v četrtletju presega 5000, obdobje kritja za tveganje za naslednje četrtletje ni krajše od 20 delovnih dni.
This exception shall not apply to institutions' trade exposures;
Ta izjema se ne uporablja za trgovalne izpostavljenosti institucij;
for netting sets containing one or more trades involving either illiquid collateral, or an OTC derivative that cannot be easily replaced, the margin period of risk shall not be less than 20 business days.
za nize pobotov, ki zajemajo enega ali več poslov, ki vključujejo nelikvidno zavarovanje s premoženjem ali izvedeni finančni instrument OTC, ki ga ni mogoče enostavno zamenjati, obdobje kritja za tveganje ni krajše od 20 delovnih dni.
An institution shall determine whether collateral is illiquid or whether OTC derivatives cannot be easily replaced in the context of stressed market conditions, characterised by the absence of continuously active markets where a counterparty would, within two days or fewer, obtain multiple price quotations that would not move the market or represent a price reflecting a market discount (in the case of collateral) or premium (in the case of an OTC derivative).
Institucija določi, ali je zavarovanje s premoženjem nelikvidno in ali izvedenih finančnih instrumentov OTC ni mogoče enostavno nadomestiti v stresnih tržnih pogojih, za katere je značilna odsotnost trajno aktivnih trgov, kjer bi nasprotna stranka v največ dveh dneh pridobila več cenovnih ponudb, ki ne bi vplivale na trg ali predstavljale cene, ki odraža popust na trgu (v primeru zavarovanja s premoženjem) ali premijo (v primeru izvedenih finančnih instrumentov OTC).
An institution shall consider whether trades or securities it holds as collateral are concentrated in a particular counterparty and if that counterparty exited the market precipitously whether the institution would be able to replace those trades or securities.
Institucija preuči, ali so posli ali vrednostni papirji, ki jih je prejela kot zavarovanje s premoženjem, koncentrirani v določeni nasprotni stranki in ali bi lahko te posle ali vrednostne papirje institucija nadomestila, če bi ta nasprotna stranka nenadoma zapustila trg.
If an institution has been involved in more than two margin call disputes on a particular netting set over the immediately preceding two quarters that have lasted longer than the applicable margin period of risk under paragraphs 2 and 3, the institution shall use a margin period of risk that is at least double the period specified in paragraphs 2 and 3 for that netting set for the subsequent two quarters.
Če je bila institucija vključena v več kot dva spora v zvezi s pozivi k vplačilu kritja v okviru določenega niza pobotov, in sicer v dveh zaporednih četrtletjih, ki sta trajali dlje od veljavnega obdobja kritja za tveganje iz odstavkov 2 in 3, institucija za ta niz pobotov za naslednji dve četrtletji uporabi obdobje kritja za tveganje, ki je dolgo vsaj dvakrat toliko kot obdobje iz odstavkov 2 in 3.
For re-margining with a periodicity of N days, the margin period of risk shall be at least equal to the period specified in paragraphs 2 and 3, F, plus N days minus one day.
Za določanje kritja s periodičnostjo N dni je obdobje kritja za tveganje vsaj enako obdobju F, določenem v odstavkih 2 in 3, kateremu se doda N dni in odvzame en dan.
Margin Period of Risk = F + N – 1
Obdobje kritja za tveganje = F + N – 1
If the internal model includes the effect of margining on changes in the market value of the netting set, an institution shall model collateral, other than cash of the same currency as the exposure itself, jointly with the exposure in its exposure value calculations for OTC derivatives and securities-financing transactions.
Če notranji model upošteva učinek vzdrževanja kritja na spremembe tržne vrednosti niza pobotov, institucija modelira v svojih izračunih vrednosti izpostavljenosti za izvedene finančne instrumente OTC in posle financiranja vrednostnih papirjev zavarovanja s premoženjem, razen denarja v isti valuti, kot je sama izpostavljenost, skupaj z izpostavljenostjo.
If an institution is not able to model collateral jointly with the exposure, it shall not recognise in its exposure value calculations for OTC derivatives and securities-financing transactions the effect of collateral other than cash of the same currency as the exposure itself, unless it uses either volatility adjustments that meet the standards of the financial collateral comprehensive method with own volatility adjustments estimates or the standard supervisory volatility adjustments in accordance with Chapter 4.
Če institucija ni zmožna modelirati zavarovanja s premoženjem skupaj z izpostavljenostjo, v svojih izračunih vrednosti izpostavljenosti za izvedene finančne instrumente OTC in posle financiranja vrednostnih papirjev ne prizna učinka zavarovanja s premoženjem, razen denarja v isti valuti, kot je sama izpostavljenost, razen če uporablja prilagoditve za nestanovitnost, ki izpolnjujejo standarde po razviti metodi za izračun učinkov zavarovanja s finančnim premoženjem z lastnimi ocenami prilagoditev za nestanovitnost ali standarde po pristopu nadzorniških prilagoditev za nestanovitnost v skladu s poglavjem 4.
An institution using the IMM shall ignore in its models the effect of a reduction of the exposure value due to any clause in a collateral agreement that requires receipt of collateral when counterparty credit quality deteriorates.
Institucija, ki uporablja IMM, v svojih modelih ne upošteva učinka zmanjšanja vrednosti izpostavljenosti zaradi kakršne koli klavzule v dogovoru o zavarovanju s premoženjem, ki zahteva prejetje zavarovanja s premoženjem, ko se poslabša kreditna kakovost nasprotne stranke.
Management of CCR – Policies, processes and systems
Upravljanje CCR – politike, postopki in sistemi
An institution shall establish and maintain a CCR management framework, consisting of:
Institucija vzpostavi in ohranja okvir upravljanja CCR, ki zajema:
policies, processes and systems to ensure the identification, measurement, management, approval and internal reporting of CCR;
politike, procese in sisteme za prepoznavanje, merjenje, upravljanje, odobritev in notranje poročanje o CCR;
procedures for ensuring that those policies, processes and systems are complied with.
postopke za zagotavljanje, da se te politike, procesi in sistemi upoštevajo.
Those polices, processes and systems shall be conceptually sound, implemented with integrity and documented.
Te politike, procesi in sistemi so konceptualno zanesljivi, se izvajajo celovito in so dokumentirani.
The documentation shall include an explanation of the empirical techniques used to measure CCR.
Dokumentacija vključuje razlago empiričnih tehnik, ki se uporabljajo za merjenje CCR.
The CCR management framework required by paragraph 1 shall take account of market, liquidity, and legal and operational risks that are associated with CCR.
Okvir upravljanja CCR iz odstavka 1 upošteva tržna, likvidnostna ter pravna in operativna tveganja, ki so povezana s CCR.
In particular, the framework shall ensure that the institution complies with the following principles:
Okvir zlasti zagotavlja, da institucija izpolnjuje naslednja načela:
it does not undertake business with a counterparty without assessing its creditworthiness;
ne posluje z nasprotno stranko, ne da bi ocenila njeno kreditno sposobnost;
it takes due account of settlement and pre-settlement credit risk;
primerno upošteva kreditno tveganje pri poravnavi in pred poravnavo posla;
it manages such risks as comprehensively as practicable at the counterparty level by aggregating CCR exposures with other credit exposures and at the firm-wide level.
upravlja takšna tveganja čim bolj celovito na ravni nasprotne stranke (s seštevanjem izpostavljenosti CCR z drugimi kreditnimi izpostavljenostmi) in na ravni celotnega podjetja.
An institution using the IMM shall ensure that its CCR management framework accounts to the satisfaction of the competent authority for the liquidity risks of all of the following:
Institucija, ki uporablja IMM, zagotovi, da njen okvir upravljanja CCR do ravni, ki jo zahteva pristojni organ, upošteva likvidnostna tveganja glede naslednjega:
potential incoming margin calls in the context of exchanges of variation margin or other margin types, such as initial or independent margin, under adverse market shocks;
potencialnih pozivov k vplačilu kritja v okviru izmenjav gibljivega ali drugih vrst kritja, kot je začetno ali neodvisno kritje, pri neugodnih razmerah na trgu;
potential incoming calls for the return of excess collateral posted by counterparties;
potencialnih pozivov k vračilu čezmernega zavarovanja s premoženjem, ki so ga dale nasprotne stranke;
calls resulting from a potential downgrade of its own external credit quality assessment.
pozivov, ki so posledica potencialnega poslabšanja lastnih ocen zunanje kreditne kakovosti.
An institution shall ensure that the nature and horizon of collateral re-use is consistent with its liquidity needs and does not jeopardise its ability to post or return collateral in a timely manner.
Institucija zagotovi, da sta narava in časovno obdobje ponovne uporabe zavarovanja s premoženjem skladna z njenimi potrebami glede likvidnosti in ne ogrozita njene sposobnosti pravočasne predložitve ali vrnitve zavarovanja s premoženjem.
An institution's management body and senior management shall be actively involved in, and ensure that adequate resources are allocated to, the management of CCR.
Upravljalni organ institucije in višje vodstvo dejavno sodelujeta pri upravljanju CCR in zagotovita, da so upravljanju CCR dodeljeni ustrezni viri.
Senior management shall be aware of the limitations and assumptions of the model used and the impact those limitations and assumptions can have on the reliability of the output through a formal process.
Višje vodstvo se preko formalnega procesa zaveda omejitev in predpostavk uporabljenega modela ter njihovega morebitnega vpliva na zanesljivost izhodnih podatkov,.
Senior management shall be also aware of the uncertainties of the market environment and operational issues and of how these are reflected in the model.
Višje vodstvo upošteva tudi negotovosti tržnega okolja in operativnih zadev ter kako se te odražajo v modelu.
The daily reports prepared on an institution's exposures to CCR in accordance with Article 287(2)(b) shall be reviewed by a level of management with sufficient seniority and authority to enforce both reductions of positions taken by individual credit managers or traders and reductions in the institution's overall CCR exposure.
Raven vodstva z dovolj visoko ravnijo pristojnosti pregleduje dnevna poročila o splošni izpostavljenosti institucije do CCR v skladu s členom 287(2)(b) za namen uveljavljanje tako zmanjšanj pozicij, ki jih ustvarijo posamezni upravljavci premoženja ali trgovci, kot tudi zmanjšanj celotne izpostavljenosti CCR institucije.
An institution's CCR management framework established in accordance with paragraph 1 shall be used in conjunction with internal credit and trading limits.
Okvir upravljanja CCR institucije, določen v skladu z odstavkom 1, se uporablja v povezavi z notranjimi kreditnimi limiti in trgovalnimi limiti.
Credit and trading limits shall be related to the institution's risk measurement model in a manner that is consistent over time and that is well understood by credit managers, traders and senior management.
Kreditni in trgovalni limiti so povezani z modelom merjenja tveganja institucije na način, ki je skladen skozi čas in ga osebe, ki odobravajo kredite in trgujejo, ter višje vodstvo dobro razumejo.
An institution shall have a formal process to report breaches of risk limits to the appropriate level of management.
Institucija ima uradni postopek za poročanje o kršitvah limitov tveganja ustrezni ravni vodstva.
An institution's measurement of CCR shall include measuring daily and intra-day use of credit lines.
Merjenje CCR institucije vključuje merjenje dnevne in meddnevne uporabe kreditnih linij.
The institution shall measure current exposure gross and net of collateral.
Institucija meri tekoče izpostavljenosti brez in z upoštevanjem zavarovanja s premoženjem.
At portfolio and counterparty level, the institution shall calculate and monitor peak exposure or potential future exposure at the confidence interval chosen by the institution.
Institucija na ravni portfelja in na ravni nasprotne stranke izračuna in spremlja konično izpostavljenost ali potencialno prihodnjo izpostavljenost v intervalu zaupanja, ki ga sama izbere.
The institution shall take account of large or concentrated positions, including by groups of related counterparties, by industry and by market.
Institucija upošteva velike pozicije ali koncentracije pozicij, ki jih ima po skupinah povezanih nasprotnih strank, po gospodarskih panogah in po trgih.
An institution shall establish and maintain a routine and rigorous program of stress testing.
Institucija vzpostavi in ohranja rutinski in natančen program stresnega testiranja.
The results of that stress testing shall be reviewed regularly and at least quarterly by senior management and shall be reflected in the CCR policies and limits set by the management body or senior management.
Višje vodstvo redno in vsaj na četrtletni osnovi pregleduje rezultate tega stresnega testiranja, ti pa se odražajo v politikah CCR in v limitih, ki jih določi upravljalni organ ali višje vodstvo.
Where stress tests reveal particular vulnerability to a given set of circumstances, the institution shall take prompt steps to manage those risks.
Če stresno testiranje pokaže posebno ranljivost v določenih okoliščinah, institucija takoj sprejme ukrepe za upravljanje teh tveganj.
Organisation structures for CCR management
Organizacijske strukture za upravljanje CCR
An institution using the IMM shall establish and maintain:
Institucija, ki uporablja IMM, vzpostavi in ohranja:
a risk control unit that complies with paragraph 2;
enoto za nadzor tveganja, ki je v skladu z odstavkom 2;
a collateral management unit that complies with paragraph 3.
enoto za upravljanje zavarovanja s premoženjem, ki je v skladu z odstavkom 3.
The risk control unit shall be responsible for the design and implementation of its CCR management, including the initial and on-going validation of the model, and shall carry out the following functions and meet the following requirements:
Enota za nadzor tveganja je odgovorna za oblikovanje in izvajanje upravljanja CCR, vključno z začetnim in sprotnim ovrednotenjem modela, ter izvaja naslednje funkcije in izpolnjuje naslednje zahteve:
it shall be responsible for the design and implementation of the CCR management system of the institution;
odgovorna je za oblikovanje in izvajanje sistema upravljanja CCR institucije;
it shall produce daily reports on and analyse the output of the institution's risk measurement model.
pripravlja dnevna poročila o rezultatih modela za merjenje tveganj institucije in jih analizira.
That analysis shall include an evaluation of the relationship between measures of CCR exposure values and trading limits;
Ta analiza vključuje oceno odnosa med meritvami vrednosti izpostavljenosti CCR in limiti trgovanja;
it shall control input data integrity and produce and analyse reports on the output of the institution's risk measurement model, including an evaluation of the relationship between measures of risk exposure and credit and trading limits;
nadzira celovitost vhodnih podatkov ter izdeluje in analizira poročila o rezultatih modela za merjenje tveganj institucije, vključno z ovrednotenjem odnosa med merami izpostavljenosti tveganjem ter kreditnimi limiti in trgovalnimi limiti;
it shall be independent from units responsible for originating, renewing or trading exposures and free from undue influence;
je neodvisna od enot za odobritev izpostavljenosti ali njeno obnavljanje ali za izpostavljenosti iz trgovanja in nanjo ni neprimernih vplivov;
it shall be adequately staffed;
ima ustrezno osebje;
it shall report directly to the senior management of the institution;
poroča neposredno višjemu vodstvu institucije;
its work shall be closely integrated into the day-to-day credit risk management process of the institution;
njeno delo je tesno vključeno v postopke vsakodnevnega upravljanja kreditnih tveganj institucije;
its output shall be an integral part of the process of planning, monitoring and controlling the institution's credit and overall risk profile.
njeni rezultati so sestavni del postopka načrtovanja, spremljanja in nadzorovanja kreditnega tveganja in splošnega profila tveganja institucije.
The collateral management unit shall carry out the following tasks and functions:
Enota za upravljanje zavarovanja s premoženjem izvaja naslednje naloge in funkcije:
calculating and making margin calls, managing margin call disputes and reporting levels of independent amounts, initial margins and variation margins accurately on a daily basis;
poziva k vplačilu kritja in ga izračunava, ureja spore glede poziva k vplačilu kritja in vsakodnevno natančno poroča o neodvisnih zneskih, začetnem kritju in gibljivem kritju;
controlling the integrity of the data used to make margin calls, and ensuring that it is consistent and reconciled regularly with all relevant sources of data within the institution;
nadzoruje celovitost podatkov, uporabljenih za določanje pozivov k vplačilu kritja in zagotavlja, da se ujemajo ter redno usklajujejo z vsemi zadevnimi viri podatkov znotraj institucije;
tracking the extent of re-use of collateral and any amendment of the rights of the institution to or in connection with the collateral that it posts;
spremlja obseg ponovne uporabe zavarovanja s premoženjem in vse spremembe pravic institucije do premoženja, danega v zavarovanje, ali v zvezi z njim;
reporting to the appropriate level of management the types of collateral assets that are reused, and the terms of such reuse including instrument, credit quality and maturity;
ustrezni ravni vodstva poroča o vrstah zavarovanja s premoženjem, ki se ponovno uporabi, ter o pogojih takšne ponovne uporabe, vključno z instrumentom, kreditno kakovostjo in zapadlostjo;
tracking concentration to individual types of collateral assets accepted by the institution;
spremlja koncentracijo na posamezne vrste sredstev zavarovanja s premoženjem, ki jih sprejme institucija;
reporting collateral management information on a regular basis, but at least quarterly, to senior management, including information on the type of collateral received and posted, the size, aging and cause for margin call disputes.
redno in vsaj na četrtletni osnovi sporoča višjemu vodstvu informacije o upravljanju zavarovanja s premoženjem, ki vključujejo informacije o vrsti zavarovanja s premoženjem, ki se prejme in da, velikosti, zastaranju in vzroku za spore glede pozivov k vplačilu kritja.
That internal reporting shall also reflect trends in these figures.
To notranje poročanje odraža tudi trende pri teh podatkih.
Senior management shall allocate sufficient resources to the collateral management unit required under paragraph 1(b) to ensure that its systems achieve an appropriate level of operational performance, as measured by the timeliness and accuracy of margin calls by the institution and the timeliness of the response of the institution to margin calls by its counterparties.
Višje vodstvo dodeli dovolj virov enoti za upravljanje zavarovanja s premoženjem iz odstavka 1(b), da njen sistem dosega ustrezno raven operativne kakovosti, kot se meri s pravočasnostjo in natančnostjo pozivov k vplačilu kritja institucij ter pravočasnostjo odgovora institucije na pozive k vplačilu kritja njenih nasprotnih strank.
Senior management shall ensure that the unit is adequately staffed to process calls and disputes in a timely manner even under severe market crisis, and to enable the institution to limit its number of large disputes caused by trade volumes.
Višje vodstvo zagotovi, da ima enota ustrezno osebje, da lahko pravočasno obravnava pozive k vplačilu kritja in spore tudi pri zelo slabih tržnih pogojih ter omogoči instituciji, da omeji število velikih sporov zaradi obsega trgovanja.
Article 288
člen 288
Review of CCR management system
Pregled sistema za upravljanje CCR
An institution shall regularly conduct an independent review of its CCR management system through its internal auditing process.
Institucija v okviru notranje revizijskegapostopka redno opravlja neodvisen pregled sistema za upravljanje CCR.
That review shall include both the activities of the control and collateral management units required by Article 287 and shall specifically address, as a minimum:
Ta pregled vključuje dejavnosti enote za nadzor in enote za upravljanje zavarovanja s premoženjem, ki jih zahteva člen 287, in posebej obravnava vsaj:
the adequacy of the documentation of the CCR management system and process required by Article 286;
primernost dokumentacije sistema in procesa upravljanja CCR, ki jo zahteva člen 286;
the organisation of the CCR control unit required by Article 287(1)(a);
organizacijo kontrolne enote CCR, ki jo zahteva člen 287(1)(a);
the organisation of the collateral management unit required by Article 287(1)(b);
organizacijo enote za upravljanje zavarovanja s premoženjem, ki jo zahteva člen 287(1)(b);
the integration of CCR measures into daily risk management;
vključevanje stopenj CCR v dnevno upravljanje tveganj;
the approval process for risk pricing models and valuation systems used by front and back-office personnel;
proces odobritve modelov za ocenjevanje tveganj in sisteme vrednotenja, ki jih uporabljajo zaposleni v enoti za trgovanje in zaledni službi;
the validation of any significant change in the CCR measurement process;
ovrednotenje vsake pomembne spremembe v postopku merjenja CCR;
the integrity of the management information system;
celovitost sistema obveščanja vodstva;
the accurate reflection of legal terms in collateral and netting agreements into exposure value measurements;
natančno uporabo pravnih terminov iz dogovorov o zavarovanju s premoženjem in o pobotu pri meritvah vrednosti izpostavljenosti;
the accuracy of valuation and risk transformation calculations;
natančnost izračunov vrednotenja in pretvorbe tveganja;