natgillin/translations-raw huggingface dataset:
LEVELS OF VALUATION HAIRCUTS
Finančno premoženje B je državna obveznica s plačili izplačil kuponov po variabilni obrestni meri in stopnjo kreditne kvalitete 1-2, za kar se uporablja 0,5-odstotni odbitek pri vrednotenju.
Levels of valuation haircuts applied to eligible marketable assets
Prilagojena tržna vrednost finančnega premoženja A in finančnega premoženja B na ta dan znaša 45130098 EUR, torej presega zahtevani znesek 45000000 EUR.
Haircut categories
V začetku mobilizirano zavarovanje se zato obravnava, kakor da krije tako začetni dani znesek zagotovljene likvidnosti kot tudi obračunane obresti, ki znašajo 208 EUR.
Credit quality
Dne 1. avgusta 2014 se osnovno finančno premoženje prevrednoti: tržna cena finančnega premoženja A je 99,50 % in tržna cena finančnega premoženja B je 97,95 %.
Residual maturity (years) [2] Category I Category II [1]
Poziv h kritju je potreben tudi za drugo transakcijo, ker je prilagojena tržna vrednost osnovnega finančnega premoženja, uporabljenega v tej transakciji (44737688 EUR), manjša od spodnje ravni poziva h kritju (44775187 EUR).
Category III [1]
Nasprotna stranka zato dostavi 270000 EUR finančnega premoženja B s prilagojeno tržno vrednostjo 263143 EUR.
Category IV [1]
Dne 4. in 5. avgusta 2014 se osnovno finančno premoženje prevrednoti, ne da bi to povzročilo poziv h kritju za transakcije, ki so se začele 30. in 31. julija 2014.
Category V [1]
Dne 6. avgusta 2014 nasprotna stranka odplača likvidnost, zagotovljeno v okviru operacije glavnega refinanciranja, ki se je začela 30. julija 2014, vključno z obračunanimi obrestmi v višini 1458 EUR.
fixed coupon
NCB vrne 51550000 EUR finančnega premoženja A v nominalni vrednosti.
zero coupon
Nasprotna stranka istega dne začne novo transakcijo začasne prodaje z NCB, ki odkupi 75 milijonov EUR finančnega premoženja C v nominalni vrednosti.
Steps 1 and 2
Ker je finančno premoženje C brezkuponska podjetniška obveznica s preostalo zapadlostjo več kakor deset let in stopnjo kreditne kvalitete 1-2, za kar se uporablja 13-odstotni odbitek pri vrednotenju, znaša tržna vrednost po odbitku na ta dan 35045775 EUR.
6,5 6,5
Če bi morala NCB plačati kritje nasprotni stranki v zvezi z drugo transakcijo, se lahko tako kritje v nekaterih primerih pobota s kritjem, ki ga je nasprotna stranka plačala NCB v zvezi s prvo transakcijo.
4,5
Kot posledica bi se izvedla samo ena poravnava kritja.
6,5 6,0
SISTEM S SKLADOM FINANČNEGA PREMOŽENJA
Residual maturity (years) [2]
Drugič, predpostavlja se, da se za transakcije z NCB uporablja sistem s skladom finančnega premoženja, kjer finančno premoženje, vključeno v sklad finančnega premoženja, ki ga bo uporabila nasprotna stranka, ni označeno za določene transakcije:
Category II [1]
v tem primeru se uporabi isto zaporedje transakcij kakor v zgornjem primeru, ki opisuje sistem označevanja finančnega premoženja kot zavarovanje.
Step 3
Glavna razlika je v tem, da mora prilagojena tržna vrednost celotnega finančnega premoženja v skladu na datum prevrednotenja pokriti celotni znesek iz vseh neporavnanih operacij, ki jih ima nasprotna stranka z NCB.
[0, 1)
Poziv h kritju v višini 1174592 EUR, ki nastopi dne 1. avgusta 2014, je v tem primeru enak tistemu, ki se zahteva v primeru sistema označevanja finančnega premoženja kot zavarovanje.
6,0 6,0
Nasprotna stranka dostavi 1300000 EUR finančnega premoženja A v nominalni vrednosti, s čimer se po zmanjšanju tržne vrednosti, izračunane na podlagi cene 99,50 %, za 2,5-odstotni odbitek, ponovno vzpostavi zadostno zavarovalno kritje;
Not eligible
poleg tega lahko nasprotna stranka dne 6. avgusta 2014, ko zapade operacija glavnega refinanciranja, ki se je začela 30. julija 2014, obdrži finančno premoženje na svojem zbirnem računu.
Levels of valuation haircuts applied to credit claims with fixed interest payments
Finančno premoženje se lahko tudi zamenja za drugo finančno premoženje, kot kaže primer, kjer se 51,9 milijona EUR finančnega premoženja A v nominalni vrednosti zamenja s 75,5 milijona EUR finančnega premoženja C v nominalni vrednosti, da se pokrijejo zagotovljena likvidnost in obračunane obresti iz vseh operacij refinanciranja;
Valuation methodology
okvir za obvladovanje tveganj, uporabljen pri sistemu s skladom finančnega premoženja, je opisan v tabeli 3.
Fixed interest payment and a valuation based on a theoretical price assigned by the national central bank (NCB)
Datum
Fixed interest payment and a valuation according to the outstanding amount assigned by the NCB
Neporavnane transakcije
Fixed interest payment and a valuation based on a theoretical price assigned by the NCB
Datum začetka
Note: asset-backed securities, covered bonds and unsecured debt instruments issued by credit institutions may be subject to an additional valuation haircut pursuant to the provisions laid down in Part Four.
Datum zaključka
‘[0, 1)’ is to be interpreted as residual maturity less than one year; ‘[1, 3)’ as residual maturity equal or greater than one year and less than three years; ‘[3, 5)’ as residual maturity equal or greater than three years and less than five years, etc.
Obrestna mera
ANNEX XI
Zagotovljena likvidnost
SECURITY FORMS
Obračunane obresti
On 13 June 2006 the European Central Bank (ECB) announced the new global notes (NGN) criteria for international global bearer form securities that would be eligible as collateral for Eurosystem credit operations from 1 January 2007.
Skupni znesek, ki zahteva kritje
On 22 October 2008 the ECB announced that international debt securities in global registered form issued after 30 September 2010, would only be eligible as collateral for Eurosystem credit operations when the new safekeeping structure for international debt securities (NSS) is used.
Spodnji znesek poziva h kritju
The following table summarises the eligibility rules for the different forms of securities with the introduction of the NGN criteria.
Zgornji znesek poziva h kritju
Eligibility rules for different security forms
Prilagojena tržna vrednost
Global/individual
Poziv h kritju
Bearer/registered
Glavno refinanciranje
NGN/classic global note (CGN)
Dolgoročnejše refinanciranje
In the case of NGN/NSS, is the common safekeeper (CSK) an ICSD [1]?
Sistem s skladom finančnega premoženja
Eligible?
Spodnji znesek poziva h kritju [2]
Global
Zgornji znesek poziva h kritju [3]
Bearer
Se ne uporablja
NGN
Cene, prikazane za določen datum vrednotenja, ustrezajo najbolj reprezentativni ceni na delovni dan pred tem datumom vrednotenja.
CGN
V sistemu s skladom finančnega premoženja je spodnji znesek poziva h kritju najnižji prag za poziv h kritju.
N/A
V praksi večina NCB zahteva dodatno zavarovanje, kadar prilagojena tržna vrednost sklada zavarovanja po odbitku pade pod skupni znesek, ki zahteva kritje.
No, but those securities issued before 1 January 2007 will be grandfathered until maturity, plus any tap issues from 1 January 2007 when the ISINs are fungible.
V sistemu s skladom finančnega premoženja pojem zgornjega zneska poziva h kritju ni relevanten, saj si bo nasprotna stranka nenehno prizadevala preseči znesek danega zavarovanja, da bi čim bolj zmanjšala transakcije v operaciji.
Registered
PRILOGA XIII
Bonds issued under this structure after 30 September 2010 are no longer eligible.
KORELACIJSKA TABELA
NSS
Ta smernica
Individual
Smernica ECB/2011/14
Individual bearer notes issued on or before 30 September 2010 are grandfathered until maturity
Sklep ECB/2013/6
Or, should it become applicable, in a positively assessed central securities depository.
Sklep ECB/2013/35
ANNEX XII
Sklep ECB/2014/23
EXAMPLES OF EUROSYSTEM MONETARY POLICY OPERATIONS AND PROCEDURES
Člen 1(1)
List of examples
Člen 1(2)
Example 1 Liquidity-providing reverse transaction by fixed rate tender
Člen 1(3)
Example 2 Liquidity-providing reverse transaction by variable rate tender
Uvod
Example 3 Issuance of European Central Bank (ECB) debt certificates by variable rate tender
Člen 1(4)
Example 4 Liquidity-absorbing foreign exchange swap by variable rate tender
Oddelek 1.6
Example 5 Liquidity-providing foreign exchange swap by variable rate tender
Člen 1(5)
Example 6 Risk control measures
Člen 2(1)
I. EXAMPLE 1: LIQUIDITY-PROVIDING REVERSE TRANSACTION BY FIXED RATE TENDER
Dodatek 2
The ECB decides to provide liquidity to the market by means of a reverse transaction organised with a fixed rate tender procedure.
Člen 2(2)
Three counterparties submit the following bids:
Člen 2(7)
Counterparty
Člen 2(8)
Bid (EUR million)
Oddelek 3.1.1.2
Bank 1
Člen 2(9)
Bank 2
Člen 2(10)
Bank 3
Člen 2(11)
Total
Člen 2(12)
The ECB decides to allot a total of EUR 105 million.
Člen 2(13)
The allotment to the counterparties is:
Oddelek 6.2.2.1
Allotment (EUR million)
Člen 2(14)
EXAMPLE 2: LIQUIDITY-PROVIDING REVERSE TRANSACTION BY VARIABLE RATE TENDER
Člen 2(15)
The ECB decides to provide liquidity to the market by means of a reverse transaction organised with a variable rate tender procedure.
Člen 2(16)
Amount (EUR million)
Oddelek 6.6
Total bids
Člen 2(18)
Cumulative bids
Člen 2(19)
The ECB decides to allot EUR 94 million, implying a marginal interest rate of 3,05 %.
Priloga II, točka 20
All bids above 3,05 % (for a cumulative amount of EUR 80 million) are fully satisfied.
Člen 2(20)
At 3,05 % the percentage of allotment is:
Člen 2(21)
The allotment to Bank 1 at the marginal interest rate is, for example:
Člen 2(22)
The total allotment to Bank 1 is:
Člen 2(23)
The allotment results can be summarised as follows:
Člen 2(24)
Counterparties
Člen 2(25)
Total allotment
Člen 2(26)
If the allotment procedure follows a single rate (Dutch) auction, the interest rate applied to the amounts allotted to the counterparties is 3,05 %.
Člen 2(27)
If the allotment procedure follows a multiple rate (American) auction, no single interest rate is applied to the amounts allotted to the counterparties; for example, Bank 1 receives EUR 5 million at 3,07 %, EUR 5 million at 3,06 % and EUR 4 million at 3,05 %.
Člen 3(2)(b)(ii)(d)
EXAMPLE 3: ISSUANCE OF ECB DEBT CERTIFICATES BY VARIABLE RATE TENDER
Člen 2(28)
The ECB decides to absorb liquidity from the market by issuing debt certificates using a variable rate tender procedure.
Člen 2(29)
The ECB decides to allot a nominal amount of EUR 124,5 million, implying a marginal interest rate of 3,05 %.
Člen 2(30)
All bids below 3,05 % (for a cumulative amount of EUR 65 million) are fully satisfied.
Oddelek 4.1.3, Dodatek 2
EXAMPLE 4: LIQUIDITY-ABSORBING FOREIGN EXCHANGE SWAP BY VARIABLE RATE TENDER
Člen 2(31)
The ECB decides to absorb liquidity from the market by executing a foreign exchange swap on the EUR/USD rate by means of a variable rate tender procedure.
Člen 2(32)
(Note: The euro is traded at a premium in this example.)
Člen 2(33)
Swap points (× 10000)
Člen 2(34)
6,84 00 6,80
Člen 2(35)
The ECB decides to allot EUR 158 million, implying 6,63 marginal swap points.
Člen 2(36)
All bids above 6,63 (for a cumulative amount of EUR 65 million) are fully satisfied.
Člen 2(37)
At 6,63 the percentage of allotment is:
Člen 2(38)
The allotment to Bank 1 at the marginal swap points is, for example:
Oddelek 5.1.1.3, Dodatek 2
The ECB fixes the spot EUR/USD exchange rate for the operation at 1,1300.
Člen 2(39)
If the allotment procedure follows a single rate (Dutch) auction, at the start date of the operation the Eurosystem buys EUR 158000000 and sells USD 178540000.
Oddelek 6.4.2
At the maturity date of the operation, the Eurosystem sells EUR 158000000 and buys USD 178644754 (the forward exchange rate is 1,130663 = 1,1300 + 0,000663).
Člen 2(40)
If the allotment procedure follows a multiple rate (American) auction, the Eurosystem exchanges the amounts of euro and US dollars shown in the following table:
Oddelek 3.4.1, 3.4.2, Dodatek 2
Spot transaction
Člen 2(41)
Forward transaction
Oddelek 6.6.1
Exchange rate
Člen 2(42)
Buy EUR
Člen 2(43)
Sell USD
Člen 2(44)
Sell EUR
Člen 2(45)
Buy USD
Člen 2(46)
V. EXAMPLE 5: LIQUIDITY-PROVIDING FOREIGN EXCHANGE SWAP BY VARIABLE RATE TENDER
Člen 2(47)
The ECB decides to provide liquidity to the market by executing a foreign exchange swap on the EUR/USD rate by means of a variable rate tender procedure.
Člen 2(48)
The ECB decides to allot EUR 197 million, implying 6,54 marginal swap points.
Člen 2(49)
All bids below 6,54 (for a cumulative amount of EUR 195 million) are fully satisfied.
Člen 2(50)
If the allotment procedure follows a single rate (Dutch) auction, at the start date of the operation the Eurosystem sells EUR 197000000 and buys USD 222610000.
Člen 2(52)
At the maturity date of the operation, the Eurosystem buys EUR 197000000 and sells USD 222738838 (the forward exchange rate is 1,130654 = 1,1300 + 0,000654).
Člen 2(53)
Forward transaction*
Člen 2(54)
EXAMPLE 6: RISK CONTROL MEASURES
Člen 2(55)
This example illustrates the risk control framework applied to assets mobilised as collateral in the Eurosystem credit operations.
Člen 2(56)
It is based on the assumption that, in the calculation of the need for a margin call, accrued interest on the liquidity provided is taken into account and a trigger point of 0,5 % of the liquidity provided is applied.
Člen 2(57)
The example is based on the assumption that a counterparty participates in the following Eurosystem monetary policy operations:
Člen 2(58)
a main refinancing operation starting on 30 July 2014 and ending on 6 August 2014 where the counterparty is allotted EUR 50 million at an interest rate of 0,15 %;
Člen 2(59)
a longer-term refinancing operation starting on 31 July 2014 and ending on 23 October 2014 where the counterparty is allotted EUR 45 million at an interest rate of 0,15 %;
Člen 2(60)
a main refinancing operation starting on 6 August 2014 and ending on 13 August 2014 where the counterparty is allotted EUR 35 million at an interest rate of 0,15 %.
Člen 2(61)
The characteristics of the marketable assets mobilised by the counterparty to cover these operations are specified in Table 1.
Člen 2(62)
Marketable assets mobilised in the transactions
Člen 2(63)
Characteristics
Člen 2(64)
Name
Oddelek 5.1.5.4, Dodatek 2
Asset class
Člen 2(65)
Maturity date
Člen 2(66)
Coupon definition
Člen 2(67)
Coupon frequency
Člen 2(68)
Residual maturity
Člen 2(69)
Fixed rate
Oddelek 6.2.2
6 months
Člen 2(71)
4 years
Člen 2(72)
Central government bond
Člen 2(73)
Variable rate
Člen 2(74)
Corporate bond
Člen 2(77)
Zero coupon rate
Oddelek 3.1.1.2, Dodatek 2
> 10 years
Člen 2(78)
Prices in percentages (including accrued interest) [1]30.7.2014
Člen 2(79)
EARMARKING SYSTEM
Člen 2(80)
First, it is assumed that the transactions are carried out with a national central bank (NCB) using a system where underlying assets are earmarked for each transaction.
Oddelek 3.1.1.1
The valuation of assets mobilised as collateral is carried out on a daily basis.
Člen 2(81)
The risk control framework can then be described as follows (see also Table 2 below):
Člen 2(82)
On 30 July 2014, the counterparty enters into a repurchase transaction with the NCB, which purchases EUR 50,6 million of Asset A. Asset A is a jumbo covered bond with a fixed coupon maturing on 30 August 2018 and allocated to credit quality step 1-2.
Člen 2(83)
It thus has a residual maturity of four years, therefore requiring a valuation haircut of 2,5 %.
Člen 2(84)
The market price of Asset A on its reference market on that day is 101,61 %, which includes the accrued interest on the coupon.
Člen 2(85)
The counterparty is required to provide an amount of Asset A, which, after deduction of the 2,5 % valuation haircut, exceeds the allotted amount of EUR 50 million.
Člen 2(86)
The counterparty therefore delivers Asset A for a nominal amount of EUR 50,6 million, the adjusted market value of which is EUR 50129294 on that day.
Člen 2(87)
On 31 July 2014, the counterparty enters into a repurchase transaction with the NCB, which purchases EUR 21 million of Asset A (market price 101,21 %, valuation haircut 2,5 %) and EUR 25 million of Asset B (market price 98,02 %).
Člen 2(88)
Asset B is a central government bond with variable rate coupon payments and allocated to credit quality step 1-2, to which a 0,5 % valuation haircut is applied.
Člen 2(89)
The adjusted market value of Asset A and Asset B on that day is EUR 45130098, thus exceeding the required amount of EUR 45000000.
Oddelek 3.4.3
On 31 July 2014, the assets underlying the main refinancing operation initiated on 30 July 2014 are revalued.
Člen 2(90)
With a market price of 101,21 %, the haircut-adjusted market value of Asset A is still within the lower and upper trigger amounts.
Člen 2(91)
The collateral that was mobilised initially is consequently considered to cater for both the initial amount of liquidity provided and the accrued interest amounting to EUR 208.
Člen 2(92)
On 1 August 2014, the underlying assets are revalued: the market price of Asset A is 99,50 % and the market price of Asset B is 97,95 %.
Člen 2(93)
Accrued interest amounts to EUR 417 on the main refinancing operation initiated on 30 July 2014 and EUR 188 on the longer-term refinancing operation initiated on 31 July 2014.
Člen 2(94)
As a result, the adjusted market value of Asset A in the first transaction falls below the transaction's amount to be covered, i.e. the liquidity provided plus the accrued interest, by EUR 912092, but also below the lower trigger level of EUR 49750415.
Člen 2(95)
The counterparty delivers EUR 950000 of Asset A in nominal value terms, which, after deducting a 2,5 % haircut from the market value based on a price of 99,50 %, restores sufficient collateral coverage.
Člen 2(96)
NCBs may perform margin calls in cash rather than securities.
Člen 2(97)
A margin call is also needed on the second transaction since the adjusted market value of the underlying assets used in this transaction (EUR 44737688) is below the lower trigger level (EUR 44775187).
Okvir 7, Dodatek 2
The counterparty therefore provides EUR 270000 of Asset B with an adjusted market value of EUR 263143.
Člen 2(98)
On 4 and 5 August 2014, the underlying assets are revalued, without resulting in any margin call for the transactions entered into on 30 and 31 July 2014.
Člen 2(99)
On 6 August 2014, the counterparty repays the liquidity provided under the main refinancing operation initiated on 30 July 2014, including the accrued interest of EUR 1458.
Člen 2(100)
The NCB returns EUR 51550000 of Asset A in nominal value.
Člen 3(1)
On the same day the counterparty enters into a new repurchase transaction with the NCB, which purchases EUR 75 million of Asset C in nominal value terms.
Oddelek 1.3
Since Asset C is a zero coupon corporate bond with a residual maturity of more than 10 years and allocated to credit quality step 1-2, requiring a valuation haircut of 13 %, the corresponding haircut-adjusted market value on that day is of EUR 35045775.
Člen 3(2)
The revaluation of assets underlying the long-term refinancing operation initiated on 31 July 2014 reveals that the adjusted market value of the assets provided exceeds the upper trigger level and leads to the NCB returning EUR 262000 of Asset B in nominal value to the counterparty.
Člen 5(1)
If a margin had to be paid to the counterparty by the NCB in relation to the second transaction, such a margin could, in certain cases, be netted out with the margin paid to the NCB by the counterparty in relation to the first transaction.
Preambula poglavja 3
As a result, there would only be one margin settlement.
Člen 5(2)
POOLING SYSTEM
Člen 5(3)
Second, it is assumed that the transactions are carried out with an NCB using a pooling system where assets included in the pool of assets used by the counterparty are not earmarked for specific transactions:
Preambula poglavja 3, Oddelek 1.3.3
The same sequence of transactions is used in this example as in the above example illustrating an earmarking system.
Člen 5(4)
The main difference is that, on the revaluation dates, the adjusted market value of all the assets in the pool has to cover the total amount of all of the counterparty's outstanding operations with the NCB.
Preambula poglavja 3, Oddelek 1.3.3, Oddelek 3.1.5
The margin call of EUR 1174592 occurring on 1 August 2014 is identical in this example to the one required in the earmarking system case.
Člen 5(5)
The counterparty delivers EUR 1300000 of Asset A in nominal value terms, which, after deducting a 2,5 % haircut from the market value based on a price of 99,50 %, restores sufficient collateral coverage.
Oddelek 1.3.1
Moreover, on 6 August 2014, when the main refinancing operation entered into on 30 July 2014 matures, the counterparty may keep the assets on its pool account.
Člen 6(1)
An asset can also be exchanged for another asset as shown in the example, where EUR 51,9 million of Asset A in nominal value are replaced with EUR 75,5 million of Asset C in nominal value to cover the liquidity provided and the accrued interest under all refinancing operations.
Člen 6(2)
The risk control framework in the pooling system is described in Table 3.
Oddelek 3.1.2
Earmarking System
Člen 6(3)
Date
Člen 6(4)
Outstanding transactions
Člen 6(5)
Start date
Člen 6(6)
End date
Člen 7(1)
Interest rate
Člen 7(2)
Liquidity provided
Oddelek 3.1.3
Accrued interest
Člen 7(3)
Total amount to be covered
Člen 7(4)
Lower trigger amount
Člen 7(5)
Upper trigger amount
Člen 7(6)
Adjusted market value
Člen 8(1)
Margin call
Oddelek 3.1.4
Main refinancing
Člen 8(2)
Lower trigger amount [2]
Člen 8(4)
Upper trigger amount [3]
Člen 9(1)
Not applicable
Oddelek 3.1.5
The prices shown for a specific valuation date correspond to the most representative price on the business day preceding this valuation date.
Člen 9(2)
In a pooling system, the lower trigger amount is the lowest threshold for margin calls.
Člen 9(3)
In practice most NCBs require additional collateral whenever the haircut adjusted market value of the collateral pool falls below the total amount to be covered.
Člen 10(1)
In a pooling system, the notion of upper trigger amount is not relevant, since the counterparty will constantly target an excess amount of collateral provided in order to minimise operational transactions.
Člen 10(2)
ANNEX XIII
Priloga II
CORRELATION TABLE
Člen 10(3)
This Guideline
Člen 10(4)
Guideline ECB/2011/14
Člen 10(5)
Decision ECB/2013/6
Oddelek 6.1
Decision ECB/2013/35
Člen 11(1)
Decision ECB/2014/23
Oddelek 3.4.1
Article 1(1)
Člen 11(2)
Article 1(2)
Člen 11(3)
Article 1(3)
Člen 11(4)
Introduction
Člen 11(5)
Article 1(4)
Oddelek 3.4.4
Section 1.6
Člen 11(6)
Article 1(5)
Člen 12(1)
Article 2(1)
Oddelek 3.5.1
Appendix 2
Člen 12(2)
Article 2(2)
Oddelek 3.5.2
Section 6.4.2 Article 2(3) Appendix 2
Člen 12(3)
Article 2(4) Section 5.2.1, Appendix 2 Article 2(5) Appendix 2 Article 2(6) Annex II, Section II
Člen 12(4)
Article 2(7)
Oddelek 3.5.3
Article 2(8)
Člen 12(5)
Section 3.1.1.2
Člen 12(6)
Article 2(9)
Oddelek 3.5
Article 2(10)
Člen 12(7)
Article 2(11)
Člen 13(1)
Article 2(12)
Oddelek 3.3.2
Article 2(13)
Člen 13(2)
Section 6.2.2.1
Člen 13(3)
Article 2(14)
Člen 13(4)
Article 2(15)
Oddelek 3.3.3
Article 2(16)
Člen 13(5)
Section 6.6
Oddelek 3.3.4
Article 2(17)
Člen 13(6)
Article 2(18)
Člen 14(1)
Article 2(19)
Oddelek 3.2.2
Annex II, Point 20
Člen 14(2)
Article 2(20)
Oddelek 3.2.3
Article 2(21)
Člen 14(3)
Article 2(22)
Oddelek 3.2.4
Article 2(23)
Člen 14(4)
Article 2(24)
Člen 15(1)
Article 2(25)
Oddelek 3.2, Oddelek 5.1.4
Article 2(26)
Člen 15(2)
Article 2(27)
Člen 15(3)
Article 3(2)(b)(ii)(d)
Člen 16(1)
Article 2(28)
Oddelek 2.3
Article 2(29)
Člen 16(2)
Article 2(30)
Člen 17(1)
Section 4.1.3, Appendix 2
Člen 17(2)
Article 2(31)
Člen 17(3)
Article 2(32)
Oddelek 4.1.1, Oddelek 4.2.1
Article 2(33)
Člen 17(4)
Article 2(34)
Oddelek 4.1.5, Oddelek 4.2.5
Article 2(35)
Člen 17(5)
Article 2(36)
Oddelek 4.1.5
Article 2(37)
Člen 17(6)
Article 2(38)
Oddelek 4.1.4
Section 5.1.1.3, Appendix 2
Člen 17(7)
Article 2(39)
Člen 18(1)
Section 6.4.2
Oddelek 4.1.1, Oddelek 4.1.2
Article 2(40)
Člen 18(2)
Section 3.4.1, 3.4.2, Appendix 2
Oddelek 4.1.2
Article 2(41)
Člen 18(3)
Section 6.6.1
Oddelek 4.1.3
Article 2(42)
Člen 18(4)
Article 2(43)
Člen 19(1)
Article 2(44)
Člen 19(2)
Article 2(45)
Člen 19(3)
Article 2(46)
Člen 19(4)
Article 2(47)
Člen 19(5)
Article 2(48)
Člen 19(6)
Article 2(49)
Člen 20(1)
Article 2(50)
Člen 20(2)
Article 2(51)
Člen 20(3)
Article 2(52)
Člen 21(1)
Article 2(53)
Oddelek 4.2.1
Article 2(54)
Člen 21(2)
Article 2(55)
Člen 21(3)
Article 2(56)
Oddelek 4.2.2
Article 2(57)
Člen 21(4)
Article 2(58)
Oddelek 4.2.3
Article 2(59)
Člen 22(1)