natgillin/translations-raw huggingface dataset:
A CCP shall verify that its default procedures are enforceable.
CNS preveri, da so njeni postopki v primeru neplačil izvršljivi.
It shall take all reasonable steps to ensure that it has the legal powers to liquidate the proprietary positions of the defaulting clearing member and to transfer or liquidate the clients’ positions of the defaulting clearing member.
Sprejme vse primerne ukrepe, da si zagotovi zakonska pooblastila za likvidacijo lastniških pozicij klirinškega člana, ki je v zaostanku z izpolnitvijo obveznosti, in za prenos ali likvidacijo pozicij strank klirinškega člana, ki je v zaostanku z izpolnitvijo obveznosti.
Where assets and positions are recorded in the records and accounts of a CCP as being held for the account of a defaulting clearing member’s clients in accordance with Article 39(2), the CCP shall, at least, contractually commit itself to trigger the procedures for the transfer of the assets and positions held by the defaulting clearing member for the account of its clients to another clearing member designated by all of those clients, on their request and without the consent of the defaulting clearing member.
Kadar so sredstva in pozicije v evidencah in na računih CNS zabeleženi, kot da se v skladu s členom 39(2) upravljajo v imenu strank klirinškega člana, ki je v zaostanku z izpolnitvijo obveznosti, se CNS vsaj pogodbeno zaveže, da bo na zahtevo strank in brez soglasja klirinškega člana, ki je v zaostanku z izpolnitvijo obveznosti, sprožila postopke za prenos sredstev in pozicij, ki jih klirinški član, ki je v zaostanku z izpolnitvijo obveznosti, upravlja v imenu svojih strank, na drugega klirinškega člana, ki ga določijo te stranke.
That other clearing member shall be obliged to accept those assets and positions only where it has previously entered into a contractual relationship with the clients by which it has committed itself to do so.
Navedeni drugi klirinški član bo dolžen ta sredstva in pozicije sprejeti le, če je že pred tem vstopil v pogodbeno razmerje s strankami in se tako zavezal, da bo to tudi storil.
If the transfer to that other clearing member has not taken place for any reason within a predefined transfer period specified in its operating rules, the CCP may take all steps permitted by its rules to actively manage its risks in relation to those positions, including liquidating the assets and positions held by the defaulting clearing member for the account of its clients.
Če do prenosa na tega drugega klirinškega člana iz kakršnega koli razloga ni prišlo v vnaprej določenem času prenosa, navedenem v operativnih pravilih CNS, lahko ta sprejme vse v svojih pravilih dovoljene ukrepe, da dejavno upravlja tveganja v zvezi s temi pozicijami, tudi da likvidira sredstva in pozicije, ki jih v imenu svojih strank upravlja klirinški član, ki je v zaostanku z izpolnitvijo obveznosti.
Where assets and positions are recorded in the records and accounts of a CCP as being held for the account of a defaulting clearing member’s client in accordance with Article 39(3), the CCP shall, at least, contractually commit itself to trigger the procedures for the transfer of the assets and positions held by the defaulting clearing member for the account of the client to another clearing member designated by the client, on the client’s request and without the consent of the defaulting clearing member.
Kadar so sredstva in pozicije v evidencah in na računih CNS zabeleženi, kot da se v skladu s členom 39(3) upravljajo v imenu stranke klirinškega člana, ki je v zaostanku z izpolnitvijo obveznosti, se CNS vsaj pogodbeno zaveže, da bo na zahtevo stranke in brez soglasja klirinškega člana, ki je v zaostanku z izpolnitvijo obveznosti, sprožila postopke za prenos sredstev in pozicij, ki jih klirinški član, ki je v zaostanku z izpolnitvijo obveznosti, upravlja v imenu svoje stranke, na drugega klirinškega člana, ki ga določi stranka.
That other clearing member shall be obliged to accept these assets and positions only where it has previously entered into a contractual relationship with the client by which it has committed itself to do so.
Navedeni drugi klirinški član bo dolžen ta sredstva in pozicije sprejeti le, če je že pred tem vstopil v pogodbeno razmerje s stranko in se tako zavezal, da bo to tudi storil.
If the transfer to that other clearing member has not taken place for any reason within a predefined transfer period specified in its operating rules, the CCP may take all steps permitted by its rules to actively manage its risks in relation to those positions, including liquidating the assets and positions held by the defaulting clearing member for the account of the client.
Če do prenosa na tega drugega klirinškega člana iz kakršnega koli razloga ni prišlo v vnaprej določenem času prenosa, navedenem v operativnih pravilih CNS, lahko ta sprejme vse v svojih pravilih dovoljene ukrepe, da dejavno upravlja tveganja v zvezi s temi pozicijami, tudi da likvidira sredstva in pozicije, ki jih v imenu stranke upravlja klirinški član, ki je v zaostanku z izpolnitvijo obveznosti.
Clients’ collateral distinguished in accordance with Article 39(2) and (3) shall be used exclusively to cover the positions held for their account.
Zavarovanja strank, ločena v skladu s členom 39(2) in (3), se uporabijo izključno za kritje pozicij, ki se upravljajo v njihovem imenu.
Any balance owed by the CCP after the completion of the clearing member’s default management process by the CCP shall be readily returned to those clients when they are known to the CCP or, if they are not, to the clearing member for the account of its clients.
Vsakršen saldo, ki ga CNS dolguje po tem, ko zaključi postopek upravljanja neizpolnjenih obveznosti klirinškega člana, se nemudoma vrne tem strankam, če jih CNS pozna; če jih ne pozna, se saldo nemudoma vrne klirinškemu članu za račune njegovih strank.
Review of models, stress testing and back testing
Pregled modelov, testiranje izjemnih situacij in testiranje za nazaj
A CCP shall regularly review the models and parameters adopted to calculate its margin requirements, default fund contributions, collateral requirements and other risk control mechanisms.
CNS redno pregleduje sprejete modele in parametre za izračun zahtev po kritju, prispevkov v jamstveni sklad, zahtev glede zavarovanja in drugih mehanizmov za obvladovanje tveganja.
It shall subject the models to rigorous and frequent stress tests to assess their resilience in extreme but plausible market conditions and shall perform back tests to assess the reliability of the methodology adopted.
Modele izredno natančno in pogosto testira v izjemnih situacijah, da oceni njihovo odpornost na izjemne, vendar verjetne tržne razmere, in izvaja testiranje za nazaj, da oceni zanesljivost sprejete metodologije.
The CCP shall obtain independent validation, shall inform its competent authority and ESMA of the results of the tests performed and shall obtain their validation before adopting any significant change to the models and parameters.
CNS pridobi neodvisno potrditev, o rezultatih opravljenih testov obvesti pristojni organ in ESMA ter pred sprejetjem kakršne koli bistvene spremembe modelov in parametrov pridobi njuno potrditev.
The adopted models and parameters, including any significant change thereto, shall be subject to an opinion of the college pursuant to Article 19.
Kolegij v skladu s členom 19 sprejme mnenje o sprejetih modelih in parametrih, vključno z vsakršno njihovo bistveno spremembo.
ESMA shall ensure that information on the results of the stress tests is passed on to the ESAs to enable them to assess the exposure of financial undertakings to the default of CCPs.
ESMA zagotovi, da se informacije o rezultatih testiranja izjemnih situacij posredujejo evropskim nadzornim organom, da bi lahko ocenili izpostavljenost finančnih podjetij neizpolnjevanju obveznosti CNS.
A CCP shall regularly test the key aspects of its default procedures and take all reasonable steps to ensure that all clearing members understand them and have appropriate arrangements in place to respond to a default event.
CNS redno testira ključne vidike svojih postopkov v primeru neplačil in sprejme vse primerne ukrepe, da postopke razumejo vsi klirinški člani in da ima vzpostavljene vse ustrezne mehanizme za odziv v primeru neplačila.
A CCP shall publicly disclose key information on its risk-management model and assumptions adopted to perform the stress tests referred to in paragraph 1.
CNS javno razkrije ključne informacije o modelu upravljanja tveganja in predpostavke, sprejete za izvajanje testiranj v izjemnih situacijah iz odstavka 1.
In order to ensure consistent application of this Article, ESMA shall, after consulting EBA, other relevant competent authorities and the members of the ESCB, develop draft regulatory technical standards specifying:
Da se zagotovi dosledna uporaba tega člena, ESMA po posvetovanju z EBA in drugimi zadevnimi pristojnimi organi ter članicami ESCB oblikuje osnutke regulativnih tehničnih standardov, ki določajo:
the type of tests to be undertaken for different classes of financial instruments and portfolios;
vrsto testov, ki jih je treba izvesti za različne razrede finančnih instrumentov in portfeljev;
the involvement of clearing members or other parties in the tests;
sodelovanje klirinških članov ali drugih strank pri testiranju;
the frequency of the tests;
pogostnost testiranj;
the time horizons of the tests;
časovna obdobja testiranj;
the key information referred to in paragraph 3.
ključne informacije iz odstavka 3.
A CCP shall, where practical and available, use central bank money to settle its transactions.
CNS za poravnavo svojih transakcij uporabi denar centralne banke, kadar je to izvedljivo in mogoče.
Where central bank money is not used, steps shall be taken to strictly limit cash settlement risks.
Kadar denar centralne banke ni uporabljen, se sprejmejo ukrepi za strogo omejitev tveganja denarne poravnave.
A CCP shall clearly state its obligations with respect to deliveries of financial instruments, including whether it has an obligation to make or receive delivery of a financial instrument or whether it indemnifies participants for losses incurred in the delivery process.
CNS jasno navede svoje obveznosti v zvezi z izročitvijo finančnih instrumentov, vključno s tem, ali mora finančni instrument izročiti ali sprejeti oziroma ali udeležencem povrne izgube, ki nastanejo pri dobavi.
Where a CCP has an obligation to make or receive deliveries of financial instruments, it shall eliminate principal risk through the use of delivery-versus-payment mechanisms to the extent possible.
Če mora CNS izročiti ali sprejeti finančne instrumente, z uporabo mehanizmov dostave proti plačilu v največji možni meri odpravi glavno tveganje.
INTEROPERABILITY ARRANGEMENTS
DOGOVORI O INTEROPERABILNOSTI
Interoperability arrangements
Dogovori o interoperabilnosti
A CCP may enter into an interoperability arrangement with another CCP where the requirements laid down in Articles 52, 53 and 54 are fulfilled.
CNS lahko sklene dogovor o interoperabilnosti z drugo CNS, kadar so izpolnjene zahteve iz členov 52, 53 in 54.
When establishing an interoperability arrangement with another CCP for the purpose of providing services to a particular trading venue, the CCP shall have non-discriminatory access, both to the data that it needs for the performance of its functions from that particular trading venue, to the extent that the CCP complies with the operational and technical requirements established by the trading venue, and to the relevant settlement system.
Pri sklepanju dogovora o interoperabilnosti z drugo CNS za namen zagotavljanja storitev za določeno mesto trgovanja ima CNS nediskriminatoren dostop tako do podatkov, ki jih potrebuje za opravljanje svojih funkcij s tega mesta trgovanja do mere, do katere je CNS skladen z operativnimi in tehničnimi zahtevami, ki jih določa mesto trgovanja, kot tudi do ustreznega sistema poravnave.
Entering into an interoperability arrangement or accessing a data feed or a settlement system referred to in paragraphs 1 and 2 shall be rejected or restricted, directly or indirectly, only in order to control any risk arising from that arrangement or access.
Sklepanje dogovora o interoperabilnosti ali dostopanje do vira podatkov ali sistema poravnave iz odstavkov 1 in 2 je lahko zavrnjeno ali omejeno, posredno ali neposredno, samo za namen nadzora tveganja, ki izhaja iz tega dogovora ali dostopa.
CCPs that enter into an interoperability arrangement shall:
CNS, ki sklenejo dogovor o interoperabilnosti:
put in place adequate policies, procedures and systems to effectively identify, monitor and manage the risks arising from the arrangement so that they can meet their obligations in a timely manner;
vzpostavijo ustrezne politike, postopke in sisteme za učinkovito ugotavljanje, spremljanje in upravljanje tveganj, ki izhajajo iz dogovora, da lahko pravočasno izpolnijo svoje obveznosti;
agree on their respective rights and obligations, including the applicable law governing their relationships;
se sporazumejo glede svojih pravic in obveznosti, vključno z veljavno zakonodajo, ki ureja njihove odnose;
identify, monitor and effectively manage credit and liquidity risks so that a default of a clearing member of one CCP does not affect an interoperable CCP;
ugotavljajo, spremljajo in učinkovito upravljajo kreditna in likvidnostna tveganja, tako da neizpolnjevanje obveznosti klirinškega člana ene CNS ne vpliva na interoperabilno CNS;
identify, monitor and address potential interdependences and correlations that arise from an interoperability arrangement that may affect credit and liquidity risks relating to clearing member concentrations, and pooled financial resources.
ugotavljajo, spremljajo in obravnavajo morebitne medsebojne odvisnosti in korelacije, ki izhajajo iz dogovora o interoperabilnosti ter lahko vplivajo na kreditna in likvidnostna tveganja, povezana s koncentracijami klirinških članov in združenimi finančnimi sredstvi.
For the purposes of point (b) of the first subparagraph, CCPs shall use the same rules concerning the moment of entry of transfer orders into their respective systems and the moment of irrevocability as set out in Directive 98/26/EC, where relevant.
CNS za namene točke (b) prvega pododstavka uporabljajo enaka pravila o trenutku vstopa nalogov za prenos v njihove sisteme in trenutku nepreklicnosti, kakor je določeno v Direktivi 98/26/ES, kjer je to ustrezno.
For the purposes of point (c) of the first subparagraph, the terms of the arrangement shall outline the process for managing the consequences of the default where one of the CCPs with which an interoperability arrangement has been concluded is in default.
Za namene točke (c) prvega pododstavka se v pogojih dogovora opredeli postopek za upravljanje posledic neizpolnjevanja obveznosti, kadar ena od CNS, s katero je sklenjen dogovor o interoperabilnosti, ne izpolni svojih obveznosti.
For the purposes of point (d) of the first subparagraph, CCPs shall have robust controls over the re-use of clearing members’ collateral under the arrangement, if permitted by their competent authorities.
Za namene točke (d) prvega pododstavka imajo CNS močan nadzor nad ponovno uporabo zavarovanja klirinških članov v okviru dogovora, če to dovoljujejo njihovi pristojni organi.
The arrangement shall outline how those risks have been addressed taking into account sufficient coverage and need to limit contagion.
Dogovor navaja, kako se obravnavajo ta tveganja ob upoštevanju zadostnega kritja in potrebe po omejitvi negativnih vplivov.
Where the risk-management models used by the CCPs to cover their exposure to their clearing members or their reciprocal exposures are different, the CCPs shall identify those differences, assess risks that may arise therefrom and take measures, including securing additional financial resources, that limit their impact on the interoperability arrangement as well as their potential consequences in terms of contagion risks and ensure that these differences do not affect each CCP’s ability to manage the consequences of the default of a clearing member.
Če se modeli upravljanja tveganja, ki jih CNS uporabljajo za kritje svoje izpostavljenosti do klirinških članov ali svojih medsebojnih izpostavljenosti, razlikujejo, CNS te razlike opredelijo, ocenijo tveganja, ki bi jih lahko povzročile, in sprejmejo ukrepe, vključno z zagotavljanjem dodatnih finančnih sredstev, ki omejijo vpliv teh razlik na dogovor o interoperabilnosti in njihove morebitne posledice v smislu tveganj negativnih vplivov, ter zagotovijo, da te razlike ne vplivajo na zmožnost posamezne CNS za obvladovanje posledic neizpolnjevanja obveznosti klirinškega člana.
Any associated costs that arise from paragraphs 1 and 2 shall be borne by the CCP requesting interoperability or access, unless otherwise agreed between the parties.
Vse povezane stroške, ki nastanejo zaradi odstavkov 1 in 2, nosi CNS, ki zahteva interoperabilnost ali dostop, razen če se stranki ne dogovorita drugače.
Provision of margins among CCPs
Zagotavljanje kritja med CNS
A CCP shall distinguish in accounts the assets and positions held for the account of CCPs with whom it has entered into an interoperability arrangement.
CNS pri računih loči sredstva in pozicije, ki jih upravlja v imenu CNS, s katerimi je sklenila dogovor o interoperabilnosti.
If a CCP that enters into an interoperability arrangement with another CCP only provides initial margins to that CCP under a security financial collateral arrangement, the receiving CCP shall have no right of use over the margins provided by the other CCP.
Če CNS drugi CNS, s katero sklene dogovor o interoperabilnosti, v okviru dogovora o finančnem zavarovanju z vrednostnimi papirji zagotovi samo začetna kritja, CNS prejemnica nima pravice do uporabe kritij, ki jih zagotovi druga CNS.
Collateral received in the form of financial instruments shall be deposited with operators of securities settlement systems notified under Directive 98/26/EC.
Zavarovanje, prejeto v obliki finančnih instrumentov, se deponira pri upravljavcih sistemov poravnave vrednostnih papirjev, ki se uradno obvestijo v skladu z Direktivo 98/26/ES.
The assets referred to in paragraphs 1 and 2 shall be available to the receiving CCP only in case of default of the CCP which has provided the collateral in the context of an interoperability arrangement.
Sredstva iz odstavkov 1 in 2 so CNS prejemnici na razpolago le, če CNS, ki je zagotovila zavarovanje v okviru dogovora o interoperabilnosti, ne izpolnjuje obveznosti.
In case of default of the CCP which has received the collateral in the context of an interoperability arrangement, the collateral referred to in paragraphs 1 and 2 shall be readily returned to the providing CCP.
Če CNS, ki je prejela zavarovanje v okviru dogovora o interoperabilnosti, ne izpolnjuje obveznosti, se zavarovanje iz odstavkov 1 in 2 nemudoma vrne CNS, ki ga je zagotovila.
Approval of interoperability arrangements
Odobritev dogovora o interoperabilnosti
An interoperability arrangement shall be subject to the prior approval of the competent authorities of the CCPs involved.
Dogovor o interoperabilnosti predhodno odobrijo pristojni organi vključenih CNS.
The procedure under Article 17 shall apply.
Uporablja se postopek iz člena 17.
The competent authorities shall grant approval of the interoperability arrangement only where the CCPs involved have been authorised to clear under Article 17 or recognised under Article 25 or authorised under a pre-existing national authorisation regime for a period of at least three years, the requirements laid down in Article 52 are met and the technical conditions for clearing transactions under the terms of the arrangement allow for a smooth and orderly functioning of financial markets and the arrangement does not undermine the effectiveness of supervision.
Pristojni organi odobrijo dogovor o interoperabilnosti le, če so sodelujoče CNS dobile dovoljenje za kliring v skladu s členom 17, če so bile priznane v skladu s členom 25 ali so dobile dovoljenje v skladu z že obstoječimi nacionalnimi ureditvami o izdajanju dovoljenj za obdobje najmanj treh let, če so zahteve iz člena 52 izpolnjene, če tehnični pogoji za kliring transakcij v skladu s pogoji dogovora omogočajo nemoteno in pravilno delovanje finančnih trgov in če dogovor ne zmanjša učinkovitosti nadzora.
Where a competent authority considers that the requirements laid down in paragraph 2 are not met, it shall provide explanations in writing regarding its risk considerations to the other competent authorities and the CCPs involved.
Kadar pristojni organ meni, da zahteve iz odstavka 2 niso izpolnjene, drugim pristojnim organom in zadevnim CNS posreduje pisno razlago s tveganji povezanih pomislekov.
It shall also notify ESMA, which shall issue an opinion on the effective validity of the risk considerations as grounds for denial of the interoperability arrangement.
Uradno obvesti tudi ESMA, ki izda mnenje o dejanski veljavnosti s tveganjem povezanih pomislekov kot razlogih za zavrnitev dogovora o interoperabilnosti.
ESMA’s opinion shall be made available to all the CCPs involved.
Mnenje ESMA se da na voljo vsem zadevnim CNS.
Where ESMA’s opinion differs from the assessment of the relevant competent authority, that competent authority shall reconsider its position, taking into account ESMA’s opinion.
Kadar se mnenje ESMA razlikuje od ocene zadevnega pristojnega organa, ta pristojni organ ob upoštevanju mnenja ESMA ponovno preuči svoje stališče.
By 31 December 2012, ESMA shall issue guidelines or recommendations with a view to establishing consistent, efficient and effective assessments of interoperability arrangements, in accordance with the procedure laid down in Article 16 of Regulation (EU) No 1095/2010.
ESMA do 31. decembra 2012 izda smernice ali priporočila za vzpostavitev doslednega, učinkovitega in uspešnega ocenjevanja dogovorov o interoperabilnosti v skladu s postopkom, določenim v členu 16 Uredbe (EU) št. 1095/2010.
ESMA shall develop drafts of those guidelines or recommendations after consulting the members of the ESCB.
ESMA po posvetovanju s članicami ESCB pripravi osnutke teh smernic ali priporočil.
REGISTRATION AND SUPERVISION OF TRADE REPOSITORIES
REGISTRACIJA IN NADZOR REPOZITORIJEV SKLENJENIH POSLOV
Conditions and procedures for registration of a trade repository
Pogoji in postopki za registracijo repozitorija sklenjenih poslov
Registration of a trade repository
Registracija repozitorija sklenjenih poslov
A trade repository shall register with ESMA for the purposes of Article 9.
Repozitorij sklenjenih poslov se registrira pri ESMA za namene člena 9.
To be eligible to be registered under this Article, a trade repository shall be a legal person established in the Union and meet the requirements laid down in Title VII.
Da se lahko registrira po tem členu, mora biti repozitorij sklenjenih poslov pravna oseba s sedežem v Uniji in izpolnjevati zahteve iz naslova VII.
The registration of a trade repository shall be effective for the entire territory of the Union.
Registracija repozitorija sklenjenih poslov velja za celotno ozemlje Unije.
A registered trade repository shall comply at all times with the conditions for registration.
Registriran repozitorij sklenjenih poslov ves čas izpolnjuje pogoje za registracijo.
A trade repository shall, without undue delay, notify ESMA of any material changes to the conditions for registration.
Repozitorij sklenjenih poslov brez nepotrebnega odlašanja ESMA sporoči vse pomembne spremembe pogojev za registracijo.
A trade repository shall submit an application for registration to ESMA.
Repozitorij sklenjenih poslov predloži svojo vlogo za registracijo ESMA.
ESMA shall assess whether the application is complete within 20 working days of receipt of the application.
ESMA v 20 delovnih dneh od prejema vloge oceni, ali je ta popolna.
Where the application is not complete, ESMA shall set a deadline by which the trade repository is to provide additional information.
Če vloga ni popolna, ESMA določi rok, v katerem mora repozitorij sklenjenih poslov predložiti dodatne informacije.
After assessing an application as complete, ESMA shall notify the trade repository accordingly.
Potem ko ESMA oceni, da je vloga popolna, o tem ustrezno uradno obvesti repozitorij sklenjenih poslov.