natgillin/translations-raw huggingface dataset:
That requirement ensures an equivalent degree of risk mitigation to that pursued by the requirements set out under Title IV of Regulation (EU) No 648/2012 and should therefore be considered equivalent.
Japonska agencija za finančne storitve stalno spremlja, ali klirinške organizacije upoštevajo zahteve v zvezi z upravljanjem s tveganji, in sicer prek postopkov nadzora in pregledov na podlagi tveganja, vključno s preverjanjem zahtev po skrbnosti.
Finally, the legally binding requirements applicable to all COs regarding business continuity, collateral requirements, investment policy, settlement risk, segregation and portability, calculation of initial margins and governance, including organisational requirements, requirements relating to senior management, risk committee, record keeping, qualifying holdings, information transmitted to the competent authority, conflict of interests, outsourcing and conduct of business deliver substantial results equivalent to those laid down in Regulation (EU) No 648/2012 and therefore should be considered equivalent.
Japonska agencija za finančne storitve lahko zlasti od klirinških organizacij zahteva, da zagotovijo informacije, poročila in drugo dokumentacijo, ki zadeva njihovo poslovanje, ter lahko pregleda poslovanje, evidence in poslovne knjige klirinških organizacij.
The Commission therefore concludes that the legal and supervisory arrangements of Japan ensure that COs authorised therein comply with legally binding requirements which are equivalent to the requirements laid down in Title IV of Regulation (EU) No 648/2012.
Prav tako ocenjuje izpolnjevanje obveznosti klirinških organizacij.
According to the second condition under Article 25(6), the legal and supervisory arrangements of Japan in respect of CCPs authorised therein must provide for effective supervision and enforcement of those CCPs on an ongoing basis.
Po pregledu se objavi poročilo, v katerem so navedene vse opažene pomanjkljivosti.
The JFSA is responsible for the supervision of financial market infrastructures.
Japonska agencija za finančne storitve ima na voljo različne ukrepe, s katerimi lahko zagotovi, da klirinške organizacije ustrezno odpravijo kakršne koli ugotovljene težave, vključno z zahtevo, da klirinške organizacije pisno dokažejo pravočasno odpravo takšnih težav.
The JFSA conducts ongoing monitoring of COs' compliance with risk management requirements through surveillance and risk-based examination procedures including testing of prudential requirements.
Japonska agencija za finančne storitve ima dodatna sredstva za zagotavljanje skladnosti, vključno s pristojnostjo, da izda odredbe za izboljšanje poslovnih operacij, in izvrševanjem takšnih odredb.
In particular, the JFSA can request COs to provide information, reports and other materials concerning their business and can inspect the business, records and books of COs.
Japonska agencija za finančne storitve lahko tudi v celoti ali delno odvzame licenco klirinški organizaciji.
It also assess COs' compliance with their obligations.
Komisija zato meni, da pravne in nadzorne ureditve Japonske v zvezi s CNS, ki so jim bila tam izdana dovoljenja, omogočajo učinkovit stalen nadzor in izvrševanje predpisov CNS.
Those examination exercises result in a report which identifies any deficiencies perceived.
V skladu s tretjim pogojem iz člena 25(6) Uredbe (EU) št. 648/2012 morajo pravne in nadzorne ureditve Japonske vključevati učinkovit enakovreden sistem za priznanje CNS z dovoljenjem v skladu s pravno ureditvijo tretje države (v nadaljevanju besedila: CNS z dovoljenjem tretje države).
Various measures are available to the JFSA to ensure that COs appropriately address any identified issues, including requiring COs to demonstrate, in writing, timely correction of such issues.
CNS z dovoljenjem tretje države lahko zaprosijo za licenco „tuje CNS“, s katero lahko na Japonskem ponujajo enake storitve kot v tretji državi.
The JFSA has additional means to enforce compliance, including the ability to issue orders to improve business operations and the enforcement of such orders.
Merila, ki veljajo za CNS z dovoljenjem tretje države, ki zaprosijo za licenco, so podobna merilom, ki veljajo za licenciranje japonskih klirinških organizacij.
The JFSA can also rescind all or part of the CO's licence.
Zlasti bi morale CNS z dovoljenjem tretje države, ki na Japonskem zaprosijo za licenco, na podlagi pravnih in nadzornih ureditev, ki veljajo v tretji državi, imeti primerno finančno podlago, primerno znanje in izkušeno osebje ter ustrezen sistem in strukturo za ustrezno in zanesljivo opravljanje klirinških dejavnosti.
The Commission therefore concludes that the legal and supervisory arrangements of Japan in respect of CCPs authorised therein provide for effective supervision and enforcement of CCPs on an ongoing basis.
Poleg tega so CNS z dovoljenjem tretje države izvzete iz nekaterih zahtev, ki se uporabljajo za domače CNS, odobrene na Japonskem, če jim je bila izdana enakovredna licenca tujih organov, s katerimi je Japonska agencija za finančne storitve sklenila sporazume o sodelovanju.
According to the third condition under Article 25(6) of Regulation (EU) No 648/2012, the legal and supervisory arrangements of Japan must include an effective equivalent system for the recognition of CCPs authorised under third country legal regimes (‘third-country CCPs’).
Zato bi bilo treba šteti, da pravne in nadzorne ureditve Japonske omogočajo učinkovit enakovreden sistem za priznavanje CNS z dovoljenjem tretje države.
Third-country CCPs may apply for a ‘foreign CCP’ licence enabling them to provide the same services in Japan as they are authorised to provide in that third country.
Za pogoje iz člena 25(6) Uredbe (EU) št. 648/2012 se lahko šteje, da so izpolnjeni na podlagi pravnih in nadzornih ureditev Japonske glede klirinških organizacij, ki jim je bilo tam izdano dovoljenje, hkrati pa bi bilo treba te pravne in nadzorne ureditve šteti za enakovredne zahtevam iz Uredbe (EU) št. 648/2012.
The criteria applied to a third-country CCP applying for a licence are similar to the criteria applied to the licensing of Japanese clearing organisations.
Komisija bi morala na podlagi informacij ESMA še naprej spremljati razvoj japonskega pravnega in nadzornega okvira za CNS ter izpolnjevanje pogojev, na podlagi katerih je bil ta sklep sprejet.
In particular, the applicant third-country CCP, on the basis of the legal and supervisory arrangements applicable in the third country, should have sufficient financial basis, sufficient knowledge and experienced personnel as well as a sufficient system and structure for carrying out clearing activities appropriately and with certainty.
Ukrepi iz tega sklepa so v skladu z mnenjem Evropskega odbora za vrednostne papirje –
Moreover, third-country CCPs are exempted from certain requirements applicable to domestic CCPs authorised in Japan where they have been granted an equivalent licence from foreign authorities with whom the JFSA has concluded cooperative agreements.
SPREJELA NASLEDNJI SKLEP:
It should therefore be considered that the legal and supervisory arrangements of Japan provide for an effective equivalent system for the recognition of third-country CCPs.
Člen 1
The conditions laid down in Article 25(6) of Regulation (EU) No 648/2012 can therefore be considered to be met by the legal and supervisory arrangements of Japan regarding COs and those legal and supervisory arrangements should be considered to be equivalent to the requirements laid down in Regulation (EU) No 648/2012.
Za namene člena 25(6) Uredbe (EU) št. 648/2012 se pravne in nadzorne ureditve Japonske, ki so sestavljene iz zakona o finančnih instrumentih in borzah iz leta 2006, kakor ga dopolnjujejo celovite smernice za nadzor infrastruktur finančnih trgov, in ki se uporabljajo za klirinške organizacije, ki jim je bilo na Japonskem izdano dovoljenje, štejejo za enakovredne zahtevam iz Uredbe (EU) št. 648/2012.
The Commission, informed by ESMA, should continue monitoring the evolution of the Japanese legal and supervisory framework for CCPs and the fulfilment of the conditions on the basis of which this decision has been taken.
Člen 2
The measures provided for in this Decision are in accordance with the opinion of the European Securities Committee,
Ta sklep začne veljati dvajseti dan po objavi v Uradnem listu Evropske unije.
HAS ADOPTED THIS DECISION:
V Bruslju, 30. oktobra 2014
Article 1
Za Komisijo
For the purposes of Article 25(6) of Regulation (EU) No 648/2012, the legal and supervisory arrangements of Japan consisting of the Financial Instruments and Exchange Act 2006 (FIEA) as complemented by the Comprehensive Guidelines for Supervision of Financial Market Infrastructures and applicable to clearing organisations (‘COs’) authorised therein shall be considered to be equivalent to the requirements laid down in Regulation (EU) No 648/2012.
Predsednik
Article 2
UL L 201, 27.7.2012, str. 1.
This Decision shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
Zakon o finančnih instrumentih in borzah določa, da se mora pred izdajo licence za opravljanje klirinških dejavnosti predsednik japonske vlade prepričati, da ima klirinška organizacija poslovna pravila (notranja pravila in postopki klirinške organizacije), ki so skladna z veljavnimi zakoni in drugimi predpisi, da je finančni položaj klirinške organizacije primeren za izvajanje kliringa finančnih instrumentov, da so pričakovani prihodki in odhodki iz poslovanja klirinške organizacije pozitivni, da ima osebje klirinške organizacije dovolj znanja in izkušenj za ustrezno in zanesljivo izvedbo kliringa finančnih instrumentov ter da sta struktura in sistem klirinške organizacije ustrezno razvita, da je omogočeno ustrezno delovanje sistema poravnav.
on the equivalence of the regulatory framework of Singapore for central counterparties to the requirements of Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories
o enakovrednosti regulativnega okvira Singapurja za centralne nasprotne stranke zahtevam iz Uredbe (EU) št. 648/2012 Evropskega parlamenta in Sveta o izvedenih finančnih instrumentih OTC, centralnih nasprotnih strankah in repozitorijih sklenjenih poslov
Having regard to Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories [1], and in particular Article 25(6) thereof,
ob upoštevanju Uredbe (EU) št. 648/2012 Evropskega parlamenta in Sveta z dne 4. julija 2012 o izvedenih finančnih instrumentih OTC, centralnih nasprotnih strankah in repozitorijih sklenjenih poslov [1], ter zlasti člena 25(6) Uredbe,
That recognition procedure and the equivalence decision provided for therein thus contribute to the achievement of the overarching aim of Regulation (EU) No 648/2012 to reduce systemic risk by extending the use of safe and sound CCPs to clear over-the-counter (‘OTC’) derivative contracts, including where those CCPs are established and authorised in a third country.
Postopek priznanja in v tem okviru predvidena odločitev o enakovrednosti tako prispevata k doseganju poglavitnega cilja Uredbe (EU) št. 648/2012, tj. zmanjšanja sistemskega tveganja z razširjanjem uporabe varnih in stabilnih CNS za kliring pogodb o izvedenih finančnih instrumentih, s katerimi se trguje na prostem trgu (pogodbe OTC), vključno s primeri, kadar imajo navedene CNS sedež in dovoljenje v tretji državi.
In order for a third country legal regime to be considered equivalent to the legal regime of the Union in respect of CCPs, the substantial outcome of the applicable legal and supervisory arrangements should be equivalent to Union requirements in respect of the regulatory objectives they achieve.
Da bi se pravne ureditve tretjih držav v zvezi s CNS obravnavale kot enakovredne pravni ureditvi Unije, bi morale v smislu rezultatov pri doseganju regulativnih ciljev veljavne pravne in nadzorne ureditve v veliki meri biti enakovredne zahtevam Unije.
The purpose of this equivalence assessment is therefore to verify that the legal and supervisory arrangements of Singapore ensure that CCPs established and authorised therein do not expose clearing members and trading venues established in the Union to a higher level of risk than the latter could be exposed to by CCPs authorised in the Union and, consequently, do not pose unacceptable levels of systemic risk in the Union.
Namen te ocene enakovrednosti je torej preveriti, ali pravne in nadzorne ureditve Singapurja omogočajo, da CNS, ki imajo sedež in dovoljenje v tej državi, klirinških članov ali mest trgovanja s sedežem v Uniji ne izpostavljajo višji stopnji tveganja kot CNS, ki imajo dovoljenje v Uniji, posledično pa ne pomenijo nesprejemljivih stopenj sistemskega tveganja v Uniji.
On 1 September 2013, the Commission received the technical advice of the European Securities and Markets Authority (‘ESMA’) on the legal and supervisory arrangements applicable to CCPs authorised in Singapore.
Komisija je 1. septembra 2013 prejela tehnične nasvete Evropskega organa za vrednostne papirje in trge (v nadaljnjem besedilu: ESMA) glede pravnih in nadzornih ureditev, ki se uporabljajo za CNS z dovoljenjem v Singapurju.
The technical advice identified a number of differences between the legally binding requirements applicable, at a jurisdictional level, to CCPs in Singapore and the legally binding requirements applicable to CCPs under Regulation (EU) No 648/2012.
Tehnični nasveti so izpostavili številne razlike med pravno zavezujočimi zahtevami, ki na nacionalni ravni veljajo za CNS v Singapurju, in pravno zavezujočimi zahtevami, ki veljajo za CNS na podlagi Uredbe (EU) št. 648/2012.
This Decision is not only based, however, on a comparative analysis of the legally binding requirements applicable to CCPs in Singapore, but also on an assessment of the outcome of those requirements, and their adequacy to mitigate the risks that clearing members and trading venues established in the Union may be exposed to in a manner considered equivalent to the outcome of the requirements laid down in Regulation (EU) No 648/2012.
Vendar ta sklep ne temelji samo na primerjalni analizi pravno zavezujočih zahtev, ki se uporabljajo za CNS v Singapurju, ampak tudi na oceni učinkov teh zahtev in njihove primernosti za zmanjševanje tveganj, ki so jim lahko izpostavljeni klirinški člani in mesta trgovanja s sedežem v Uniji, in sicer na način, ki je enakovreden učinkom zahtev iz Uredbe (EU) št. 648/2012.
The significantly lower risks inherent in clearing activities carried out in financial markets that are smaller than the Union financial market should thereby, in particular, be taken into account.
Zato bi bilo zlasti treba upoštevati bistveno manjša tveganja, ki so značilna za klirinške dejavnosti, ki se izvajajo na finančnih trgih, manjših od finančnega trga v Uniji.
In accordance with Article 25(6) of Regulation (EU) No 648/2012, three conditions need to be fulfilled in order to determine that the legal and supervisory arrangements of a third country regarding CCPs authorised therein are equivalent to those laid down in that Regulation.
V skladu s členom 25(6) Uredbe (EU) št. 648/2012 morajo biti izpolnjeni trije pogoji, v skladu s katerimi se ugotovi, da so pravne in nadzorne ureditve v tretji državi v zvezi s CNS, ki jim je v tej tretji državi bilo izdano dovoljenje, enakovredna tistim, določenim v navedeni uredbi.
The legally binding requirements of Singapore for CCPs authorised therein consist of Chapter 289 of the Securities and Futures Act (‘SFA’) and the Securities and Futures (Clearing Facilities) Regulations 2013 (‘SFA Regulations’).
Pravno zavezujoče zahteve Singapurja za CNS, ki jim je bilo tam izdano dovoljenje, sestavljajo poglavje 289 zakona o vrednostnih papirjih in standardiziranih terminskih poslih ter predpisi o vrednostnih papirjih in standardiziranih terminskih poslih (sistemi kliringa) iz leta 2013.
The SFA aims at promoting safe and efficient clearing facilities and reducing systemic risk.
Zakon o vrednostnih papirjih in standardiziranih terminskih poslih je namenjen spodbujanju varnih in učinkovitih sistemov kliringa ter zmanjšanju sistemskega tveganja.
The SFA Regulations develop and implement the SFA requirements.
Predpisi o vrednostnih papirjih in standardiziranih terminskih poslih razvijajo in izvajajo zahteve zakona o vrednostnih papirjih in standardiziranih terminskih poslih.
The SFA introduces an authorisation regime for all systemically important clearing facilities performing the role of CCPs, which have to be authorised by the Monetary Authority of Singapore (‘MAS’) as Approved Clearing Houses (‘ACHs’).
Zakon o vrednostnih papirjih in standardiziranih terminskih poslih uvaja režim dovoljenj za vse sistemsko pomembne sisteme kliringa, ki opravljajo vlogo CNS, kar pomeni, da jim centralna banka Singapurja izda dovoljenje, s katerim postanejo odobrene klirinške hiše.
Other clearing facilities, including overseas CCPs, are authorised by MAS as Recognised Clearing Houses (‘RCHs’).
Drugim sistemom kliringa, vključno s čezmorskimi CNS, centralna banka Singapurja izda dovoljenje, s katerim postanejo priznane klirinške hiše.
In particular, the Monograph explains how MAS expects ACHs to comply with their obligations under the SFA, and it is taken into account by MAS in assessing compliance with the SFA obligations by ACHs.
Centralna banka Singapurja lahko določi pogoje ali omejitve za izdajo dovoljenja za odobrene klirinške hiše ter lahko kadar koli doda ali spremeni oziroma prekliče kakršen koli pogoj ali omejitev, ki za te hiše veljajo.
To be authorised as ACHs, clearing houses have to fulfil specific requirements set out in the SFA and in the SFA Regulations.
Odobrene klirinške hiše varno in učinkovito upravljajo klirinške sisteme, poleg tega pa morajo skrbno obvladovati tveganja, povezana z njihovim poslovanjem in operacijami.
MAS may impose conditions or restrictions for the authorisation of ACHs and may at any time add or vary or revoke any condition or restriction imposed on them.
Imeti morajo tudi zadostne finančne, človeške in sistemske vire.
ACHs have to operate clearing facilities safely and effectively, and they have to manage prudently the risks associated with their business and operations.
Poleg tega mora v skladu z zakonom o vrednostnih papirjih in standardiziranih terminskih poslih vsaka posamezno sprejeti interna pravila in postopke, ki zagotavljajo pravilno in učinkovito upravljanje klirinških sistemov ter pravilno regulacijo in nadzor svojih članov.
They also must have sufficient financial, human and system resources.
Notranja pravila in postopki odobrenih klirinških hiš morajo vsebovati posebna vprašanja, ki jih predpiše centralna banka Singapurja, vključno z zahtevami, povezanimi s tveganji pri delovanju klirinških sistemov, obravnavanjem neizpolnjevanja plačilnih obveznosti ter merili in pogoji, ki jih morajo izpolnjevati njihovi člani.
Moreover, under the SFA, ACHs have to adopt, on an individual basis, internal rules and procedures ensuring the proper and efficient operation of the clearing facility and the proper regulation and supervision of its members.
V tem smislu je treba monografijo vključiti v notranja pravila in postopke odobrenih klirinških hiš.
ACHs' internal rules and procedures must contain specific issues prescribed by MAS including requirements related to the risks in the operation of clearing facilities, the handling of defaults and the criteria and conditions to be fulfilled by their members.
Notranja pravila in postopke je treba skupaj z vsemi spremembami predložiti centralni banki Singapurja pred njihovo izvedbo.
In this respect, the Monograph is implemented in the internal rules and procedures of ACHs.
Centralna banka lahko zavrne, spremeni ali dopolni notranja pravila in postopke ali kakršen koli del predlaganih sprememb.
ACHs' internal rules and procedures, as well as any amendment, have to be submitted to MAS prior to their implementation.
Poleg tega je na podlagi predpisov o vrednostnih papirjih in standardiziranih terminskih poslih izrecno potrebna predhodna odobritev centralne banke Singapurja za kakršno koli spremembo okvirov upravljanja s tveganji odobrenih klirinških hiš, vključno z vrstami sprejetega zavarovanja, metodologijami za vrednotenje zavarovanja in določanjem kritja za upravljanje z izpostavljenostjo tveganju v razmerju do udeležencev odobrenih klirinških hiš ter obsegom finančnih virov, ki so na voljo za kritje neizpolnjevanja plačilnih obveznosti s strani njenih članov (brez kritja pri odobrenih klirinških hišah).
MAS can disallow, alter or supplement the internal rules and procedures or any part of the proposed amendment.
Zakon o vrednostnih papirjih in standardiziranih terminskih poslih določa kazni, če se notranja pravila in postopki odobrenih klirinških hiš spremenijo tako, da ne izpolnjujejo več zahtev, ki jih določa centralna banka Singapurja.
In addition, under the SFA Regulations, prior approval by MAS is explicitly required for any change to the ACHs' risk management frameworks, including the type of collaterals accepted, the methodologies for collateral valuation and the determination of margins to manage ACHs' risk exposure to its participants, as well as the size of the financial resources available to cover a default of their members (excluding margins held with the ACH).
Zato so v skladu z zakonom o vrednostnih papirjih in standardiziranih terminskih poslih notranja pravila in postopki za odobrene klirinške hiše zavezujoči.
The SFA provides for penalties where ACHs' internal rules and procedures are amended in a way no longer compliant with the requirements set out by MAS.
Pravno zavezujoče zahteve Singapurja torej sestavlja dvotirni sistem.
Under the SFA, internal rules and procedures of ACHs are therefore binding upon ACHs.
Temeljne zahteve za odobrene klirinške hiše, določene v zakonu o vrednostnih papirjih in standardiziranih terminskih poslih ter predpisih o vrednostnih papirjih in standardiziranih terminskih poslih (v nadaljnjem besedilu: osnovna pravila) določajo visoke standarde, ki jih morajo izpolnjevati odobrene klirinške hiše, da pridobijo dovoljenje za opravljanje storitev kliringa v Singapurju.
The legally binding requirements of Singapore therefore comprise a two-tiered structure.
Ta osnovna pravila predstavljajo prvi tir pravno zavezujočih zahtev v Singapurju.
The core requirements for ACHs laid down in the SFA and the SFA Regulations (‘the primary rules’), set out the high-level standards with which ACHs must comply in order to obtain authorisation to provide clearing services in Singapore.
Da bi odobrene klirinške hiše dokazale skladnost z osnovnimi pravili, morajo svoja notranja pravila in postopke pred njihovo uvedbo predložiti centralni banki Singapurja, centralna banka pa jih lahko zavrne, spremeni ali dopolni.
Those primary rules comprise the first tier of the legally binding requirements in Singapore.
Ta interna pravila in postopki so drugi tir pravno zavezujočih zahtev Singapurja, ki mora določati preskriptivne podrobnosti o tem, kako odobrena klirinška hiša, ki prosi za dovoljenje, izpolnjuje te visoke standarde v skladu z monografijo.
In order to prove compliance with the primary rules, ACHs must submit their internal rules and procedures to MAS prior to their implementation and MAS can disallow, alter or supplement them.
Poleg tega notranja pravila in postopki odobrenih klirinških hiš vsebujejo dodatne določbe, ki dopolnjujejo osnovna pravila.
Those internal rules and procedures comprise the second tier of the legally binding requirements of Singapore, which must provide prescriptive detail regarding the way in which the applicant ACH meets those high-level standards in accordance with the Monograph.
Ocena enakovrednosti pravnih in nadzornih ureditev, ki veljajo za odobrene klirinške hiše, bi morala tudi upoštevati rezultate pri zmanjševanju tveganja, ki jih zagotavljajo v smislu stopnje tveganja, ki so jim izpostavljeni klirinški člani in mesta trgovanja s sedežem v Uniji zaradi svoje udeležbe v potrjenih klirinških hišah.