natgillin/translations-raw huggingface dataset:
the sum of any write-up amounts and payments of coupons on the reduced amount of the principal shall be treated as a payment that results in a reduction of Common Equity Tier 1 and shall be subject, together with other distributions on Common Equity Tier 1 instruments, to the restrictions relating to the Maximum Distributable Amount as laid down in Article 141(2) of Directive 2013/36/EU.
Člen 6
For the purposes of point (d) of paragraph 13, the calculation shall be made at the moment when the write-up is operated.
Ta uredba začne veljati dvajseti dan po objavi v Uradnem listu Evropske unije.
Article 6
Ta uredba je v celoti zavezujoča in se neposredno uporablja v vseh državah članicah.
For the Commission
UL L 176, 27.6.2013, str. 338.
The President
Uredba (EU) št. 575/2013 Evropskega parlamenta in Sveta z dne 26. junija 2013 o bonitetnih zahtevah za kreditne institucije in investicijska podjetja ter o spremembi Uredbe (EU) št. 648/2012 (UL L 176, 27.6.2013, str. 1).
OJ L 176, 27.6.2013, p. 338.
Odbor evropskih bančnih nadzornikov: Smernice o politikah in praksah glede prejemkov z dne 10. decembra 2010.
Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1).
Uredba (EU) št. 1093/2010 Evropskega parlamenta in Sveta z dne 24. novembra 2010 o ustanovitvi Evropskega nadzornega organa (Evropski bančni organ) in o spremembi Sklepa št. 716/2009/ES ter razveljavitvi Sklepa Komisije 2009/78/ES (UL L 331, 15.12.2010, str. 12).
Committee of European Banking Supervisors: Guidelines on Remuneration Policies and Practices of 10 December 2010.
Uredba Sveta (ES) št. 2494/95 z dne 23. oktobra 1995 o harmoniziranih indeksih cen življenjskih potrebščin (UL L 257, 27.10.1995, str. 1).
Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331, 15.12.2010, p. 12).
Člen 54 Uredbe (EU) št. 575/2013 določa mehanizme za odpis in konverzijo instrumentov dodatnega temeljnega kapitala.
Council Regulation (EC) No 2494/95 of 23 October 1995 concerning harmonized indices of consumer prices (OJ L 257, 27.10.1995, p. 1).
Poleg tega točka (l)(ii) člena 94(1) Direktive 2013/36/EU zahteva, da je mogoče druge instrumente v celoti konvertirati v instrumente navadnega lastniškega temeljnega kapitala ali odpisati.
Commission Delegated Regulation (EU) No 528/2014
Delegirana uredba Komisije (EU) št. 528/2014
supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards for non-delta risk of options in the standardised market risk approach
o dopolnitvi Uredbe (EU) št. 575/2013 Evropskega parlamenta in Sveta v zvezi z regulativnimi tehničnimi standardi za ne-delta tveganja, povezana z opcijami, pri standardiziranem pristopu za tržna tveganja
Having regard to Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 [1], and in particular the third subparagraph of Article 329(3), the third subparagraph of Article 352(6) and the third subparagraph of Article 358(4) thereof.
ob upoštevanju Uredbe (EU) št. 575/2013 Evropskega parlamenta in Sveta z dne 26. junija 2013 o bonitetnih zahtevah za kreditne institucije in investicijska podjetja ter o spremembi Uredbe (EU) št. 648/2012 [1], ter zlasti tretjega pododstavka člena 329(3), tretjega pododstavka člena 352(6) in tretjega pododstavka člena 358(4) Uredbe,
In light of the mandate contained in Regulation (EU) No 575/2013 to develop a range of methods to reflect other risks, apart from delta risk, in the own funds requirements of institutions, ‘in a manner proportionate to the scale and complexity of institutions’ activities in options and warrants', it is appropriate to design approaches with different levels of sophistication and risk sensitivity which may be suitable for different profiles of institutions.
Na podlagi določbe Uredbe (EU) št. 575/2013 o opredelitvi različnih metod za upoštevanje drugih tveganj, razen delta tveganja, v kapitalskih zahtevah institucij „na način, ki je sorazmeren z obsegom ter zapletenostjo dejavnosti institucije na področju opcij in nakupnih bonov“, je primerno oblikovati pristope različnih stopenj izpopolnjenosti in občutljivosti na tveganja, ki bi lahko bili ustrezni za različne profile institucij.
It is, therefore, appropriate to provide for the following three approaches in order of increasing complexity to measure non-delta risks of options and warrants: (i) the simplified approach; (ii) the delta-plus approach; and (iii) the scenario approach.
Zato je primerno določiti naslednje tri pristope za merjenje ne-delta tveganj, povezanih za opcijami in nakupnimi boni, pri čemer njihova zapletenost narašča: (i) poenostavljeni pristop; (ii) delta-plus pristop; ter (iii) pristop na podlagi scenarijev.
This framework based on three approaches largely implements the non-delta-risk framework provided for by the Basel Committee for Banking Supervision (BCBS), with the necessary adjustments to take into account Regulation (EU) No 575/2013.
Ta okvir, ki temelji na treh pristopih, večinoma ustreza okviru Baselskega odbora za bančni nadzor (BCBS) v zvezi z ne-delta tveganji, z nekaterimi prilagoditvami, ki so potrebne zaradi upoštevanja Uredbe (EU) št. 575/2013.
That has the added benefit of ensuring consistency between Union rules and internationally agreed minimum standards.
S tem je zagotovljena skladnost med pravili Unije in mednarodno dogovorjenimi minimalnimi standardi.
Given it is necessary to provide institutions that apply the delta-plus approach the possibility of treating non-continuous options in a more risk-sensitive way, institutions should be able to combine the approaches provided for the measurement of the risk of options and warrants under certain conditions, not only within groups but also within single legal entities.
Ker je treba institucijam, ki uporabljajo delta-plus pristop, omogočiti, da nezvezne opcije obravnavajo na način, ki je bolj občutljiv na tveganja, bi morale institucije imeti možnost, da pod določenimi pogoji kombinirajo pristope, določene za merjenje tveganj na področju opcij in nakupnih bonov, in sicer ne le znotraj skupine, temveč tudi v okviru posameznih pravnih subjektov.
Nevertheless, in order to avoid the possibility of selective application of approaches by institutions with the view to minimizing their own funds requirements, the combination of approaches on an individual basis should only be allowed on the condition that institutions specify the scope of application of each approach before beginning to use it, so as to apply it consistently over time.
Vendar bi bilo treba zaradi preprečevanja selektivne uporabe pristopov s strani institucij, da bi tako čim bolj zmanjšale svoje kapitalske zahteve, kombiniranje pristopov na posamični podlagi dovoliti le pod pogojem, da institucije opredelijo področje uporabe vsakega pristopa, preden ga začnejo uporabljati, z namenom njegove dosledne uporabe skozi čas.
Non-delta risks related to options and warrants can include, but are not limited to, risks arising from changes in the instrument's gamma referred to as ‘gamma risk’ or ‘convexity risk’ as set out in Article 4(1)(a) of this Regulation, risks arising from changes in its vega referred to as ‘vega risk’ or ‘volatility risk’ as set out in Article 4(1)(b) of this Regulation, risks arising from changes in interest rates referred to as ‘interest rate risk’ or ‘rho risk’, nonlinearities which cannot be captured by gamma risk and the risk of implied correlation on basket options or warrants.
Ne-delta tveganja, povezana z opcijami in nakupnimi boni, lahko vključujejo, a niso omejena na: tveganja, ki izvirajo iz spremembe game instrumenta, tj. „gama tveganja“ ali „tveganja v zvezi s konveksnostjo“ iz člena 4(1)(a) te uredbe; tveganja, ki izvirajo iz spremembe vege instrumenta, oziroma „vega tveganja“ ali „tveganja v zvezi z nestanovitnostjo“ iz člena 4(1)(b) te uredbe; tveganja, ki izvirajo iz sprememb obrestnih mer, oziroma „obrestna tveganja“ ali „ro tveganja“; nelinearnosti, ki jih ni mogoče zajeti v gama tveganja; ter tveganja implicirane korelacije na košarico opcij ali nakupnih bonov.
Of those risks, only the gamma and vega risks are of such materiality that justify the imposition of own funds capital requirements, even for the more complex institutions and, therefore, only those types of risks should be covered in the calculation of own funds requirements.
Med temi tveganji so samo gama in vega tveganja tako pomembna, da upravičujejo naložitev kapitalskih zahtev, kar velja celo za kompleksnejše institucije, zato bi bilo treba pri izračunu kapitalskih zahtev upoštevati samo navedeni vrsti tveganj.
Regulation (EU) No 575/2013 requires institutions to obtain prior permission from their competent authority to use an internal model to calculate delta.
V skladu z Uredbo (EU) št. 575/2013 morajo institucije od pristojnega organa pridobiti predhodno dovoljenje za uporabo notranjega modela za izračun delte.
However, the use of non-delta risk approaches is to be monitored and assessed under the supervisory review and evaluation process of institutions set out by the provisions of Directive 2013/36/EU of the European Parliament and of the Council [2].
Vendar je treba uporabo pristopov za merjenje ne-delta tveganj spremljati in oceniti v okviru procesa nadzorniškega pregledovanja in ovrednotenja institucij v skladu z določbami Direktive 2013/36/EU Evropskega parlamenta in Sveta [2].
Furthermore, the greater complexity of the scenario approach necessitates closer monitoring by competent authorities and hence, its use by institutions should be subject to specified conditions of application, both prior to its first use and on an on-going basis.
Poleg tega večja zapletenost pristopa na podlagi scenarijev zahteva natančnejše spremljanje s strani pristojnih organov, zato bi morale institucije za njegovo uporabo izpolnjevati določene pogoje, in sicer preden se pristop prvič uporabi in ob njegovi nadaljnji uporabi.
Given that Article 330 of Regulation (EU) No 575/2013 concerning the treatment of fixed-to-floating interest-rate swaps applies only for interest rate risk purposes, it should not be taken into consideration for certain financial instruments such as swaptions.
Glede na to, da se člen 330 Uredbe (EU) št. 575/2013 v zvezi z obravnavo zamenjav, po katerih institucija prejema spremenljivo obrestno mero in plačuje fiksno obrestno mero, uporablja le za namene obrestnega tveganja, se pri nekaterih finančnih instrumentih, kot so opcije na zamenjavo obrestnih mer (swaptions), ne bi smel upoštevati.
The provisions in this Regulation are closely linked, since they all deal with the measurement of non-delta risks of options and warrants related to different underlyings.
Določbe te uredbe so tesno medsebojno povezane, saj se vse nanašajo na merjenje ne-delta tveganj v zvezi z opcijami in nakupnimi boni, povezanimi z različnimi osnovnimi instrumenti.
To ensure coherence between those provisions, which should enter into force at the same time, and to facilitate a comprehensive view and compact access to them by persons subject to those obligations, it is desirable to include all the regulatory technical standards required by Regulation (EU) No 575/2013 on this matter in a single Regulation.
Za zagotovitev skladnosti med navedenimi določbami, ki bi morale začeti veljati hkrati, in da se omogoči celovit pregled nad določbami in enoten dostop do njih za osebe, za katere veljajo navedene obveznosti, je zaželeno vse regulativne tehnične standarde v zvezi s tem področjem, ki se zahtevajo z Uredbo (EU) št. 575/2013, vključiti v eno uredbo.
The European Banking Authority has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the opinion of the Banking Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council [3],
Evropski bančni organ je opravil odprta javna posvetovanja o osnutkih regulativnih tehničnih standardov, na katerih temelji ta uredba, analiziral morebitne z njimi povezane stroške in koristi ter zaprosil za mnenje interesno skupino za bančništvo, ustanovljeno v skladu s členom 37 Uredbe (EU) št. 1093/2010 Evropskega parlamenta in Sveta [3] –
Determination of the Own funds requirements for the non-delta risk of options and warrants
Določitev kapitalskih zahtev za ne-delta tveganja v zvezi z opcijami in nakupnimi boni
Institutions shall calculate their own funds requirements for market risk in relation to the non-delta risk of options or warrants as required by Article 329(3), Article 352(6) and Article 358(4) of Regulation (EU) No 575/2013, according to one of the following approaches:
Institucije izračunajo svoje kapitalske zahteve za tržna tveganja v zvezi z ne-delta tveganjem na področju opcij in nakupnih bonov, kot je določeno v členu 329(3), členu 352(6) in členu 358(4) Uredbe (EU) št. 575/2013, v skladu z enim od naslednjih pristopov:
the simplified approach as set out in Articles 2 and 3 of this Regulation;
poenostavljenim pristopom, kot je določeno v členih 2 in 3 te uredbe;
the delta plus approach as set out in Articles 4, 5 and 6 of this Regulation;
delta-plus pristopom, kot je določeno v členih 4, 5, in 6 te uredbe;
the scenario approach as set out in Articles 7, 8 and 9 of this Regulation.
pristopom na podlagi scenarijev, kot je določeno v členih 7, 8 in 9 te uredbe.
When calculating own funds requirements on a consolidated basis institutions may combine the use of different approaches.On an individual basis, institutions may only combine the scenario approach and the delta plus approach subject to the conditions established in Articles 4 to 9.
Pri izračunu kapitalskih zahtev na konsolidirani podlagi lahko institucije uporabljajo kombinacijo različnih pristopov.
For the purposes of the calculation referred to in paragraph 1, institutions shall take the following steps:
Na posamični podlagi lahko institucije kombinirajo pristop na podlagi scenarijev in delta-plus pristop le pod pogoji, določenimi v členih 4 do 9.
break down baskets of options or warrants into their fundamental components;
Za namene izračuna iz odstavka 1 institucije izvedejo naslednje korake:
break down caps and floors or other options which relate to interest rates at various dates, into a chain of independent options referring to different time periods (‘caplet’ and ‘floorlets’);
razčlenijo košarice opcij ali nakupnih bonov na njihove temeljne sestavine;
treat options or warrants on fixed-to-floating interest rates swaps into options or warrants on the fixed interest leg of the swap;
razčlenijo zgornje in spodnje meje ali druge opcije, ki se nanašajo na obrestne mere na različne datume, v verigo neodvisnih opcij, ki se nanašajo na različna časovna obdobja („nakupna opcija v kapici“ in „prodajne opcije v kapici“);
treat options or warrants that relate to more than one underlying among those described in Article 5(3), as a basket of options or warrants where each option has a single distinct underlying.
obravnavajo opcije ali nakupne bone kot zamenjave, po katerih institucija prejema spremenljivo obrestno mero in plačuje fiksno obrestno mero, kot opcije ali nakupne bone na del zamenjave s fiksno obrestno mero;
Article 2
obravnavajo opcije ali nakupne bone, ki se nanašajo na več kot eno osnovo iz člena 5(3), kot košarico opcij ali nakupnih bonov, v kateri ima vsaka opcija ali nakupni bon svojo ločeno osnovo.
Conditions for application of the simplified approach
Člen 2
Institutions that only purchase options and warrants may only use the simplified approach
Pogoji za uporabo poenostavljenega pristopa
Article 3
Institucije, ki kupujejo samo opcije in nakupne bone, lahko uporabljajo samo poenostavljeni pristop.
Determination of own funds requirements according to the simplified approach
Člen 3
Institutions applying the simplified approach shall calculate the own funds requirements relative to non-delta risks of call and put options or warrants as the higher amount between zero and the difference between the following values:
Določitev kapitalskih zahtev v skladu s poenostavljenim pristopom
the gross amount, as described in paragraphs 2 to 5;
Institucije, ki uporabljajo poenostavljeni pristop, izračunajo svoje kapitalske zahteve glede na ne-delta tveganja v zvezi z nakupnimi in prodajnimi opcijami ali nakupnimi boni kot višjega od zneskov med nič in razliko med naslednjimi vrednostmi:
the risk weighted delta equivalent amount, which shall be calculated as the market value of the underlying instrument, multiplied by the delta and then multiplied by one of the following relevant weightings:
bruto zneskom, kot je opisan v odstavkih 2 do 5;
for specific and general equity risk or interest rate risk, according to of Part Three, Title IV, Chapter 2 of Regulation (EU) No 575/2013;
zneskom delta tehtanega ekvivalenta tveganja, ki se izračuna kot tržna vrednost osnovnega instrumenta, pomnožena z delto in nato pomnožena z eno od naslednjih ustreznih uteži:
for commodity risk, according to Part Three, Title IV, Chapter 4 of Regulation (EU) No 575/2013; and
za posebno ali splošno tveganje lastniških instrumentov ali obrestno tveganje v skladu s poglavjem 2 naslova IV dela 3 Uredbe (EU) št. 575/2013;
for foreign exchange risk, according to Part Three, Title IV, Chapter 3 of Regulation (EU) No 575/2013.
za blagovno tveganje v skladu s poglavjem 4 naslova IV dela 3 Uredbe (EU) št. 575/2013; ter
For options or warrants which fall under one of the following two categories, the gross amount referred to in paragraph 1 shall be determined according to paragraphs 3 to 4:
za valutno tveganje v skladu s poglavjem 3 naslova IV dela 3 Uredbe (EU) št. 575/2013.
where the buyer has the unconditional right to buy the underlying asset at a predetermined price at the expiration date or at any time before the expiration date, and where the seller has the obligation to fulfil the buyer's demand (‘simple call options or warrants’);
Za opcije in nakupne bone, ki spadajo v eno od naslednjih dveh kategorij, se bruto znesek iz odstavka 1 določi v skladu z odstavkoma 3 in 4:
where the buyer has the unconditional right to sell the underlying asset in the same manner as described in point (a) (‘simple put options or warrants’).
kadar ima kupec brezpogojno pravico do nakupa osnovnega instrumenta po vnaprej določeni ceni na datum poravnave ali kadar koli pred datumom zapadlosti in kadar se prodajalec zaveže, da bo zadovoljil povpraševanje kupca („preproste nakupne opcije ali nakupni boni“);
The gross amount referred to in paragraph 1 shall be calculated as the maximum between zero and the market value of the underlying security multiplied by the sum of specific and general market risk own funds requirements for the underlying minus the amount of the profit, if any, resulting from the instant execution of the option (‘in the money’), where one of the following conditions is met:
kadar ima kupec brezpogojno pravico do prodaje osnovnega instrumenta na enak način, kot je opisano v točki (a) („preproste prodajne opcije ali nakupni boni“).
the option or warrant incorporates a right to sell the underlying asset (‘long put’) and is combined with holdings in the underlying asset (‘long position in the underlying instrument’);
Bruto znesek iz odstavka 1 se izračuna kot najvišja vrednost med nič in tržno ceno osnovnega vrednostnega papirja, pomnožena z vsoto kapitalskih zahtev za splošno in posebno tržno tveganje osnovnega instrumenta minus znesek morebitnega dobička, ki izvira iz takojšnje izvršitve opcije („v denarju“), če je izpolnjen eden od naslednjih pogojev:
the option or warrant incorporates a right to buy the underlying asset (‘long call’) and is combined with the promise to sell holdings in the underlying instrument (‘short position in the underlying asset’).
opcija ali nakupni bon vključuje pravico do prodaje osnovnega instrumenta („nakup prodajne opcije“) in je kombinirana z deleži v osnovnem sredstvu („dolga pozicija v osnovnem instrumentu“);
Where the option or warrant incorporates a right to buy the underlying asset (‘long call’) or a right to sell the underlying asset (‘long put’), the gross amount referred to in paragraph 1 shall be the lesser of the following two amounts:
opcija ali nakupni bon vključuje pravico do nakupa osnovnega instrumenta („nakup nakupne opcije“) in je kombinirana z obljubo prodaje deležev v osnovnem instrumentu („kratka pozicija v osnovnem instrumentu“).
the market value of the underlying security multiplied by the sum of specific and general market risk requirements for the underlying asset;
Če opcija ali nakupni bon vključuje pravico do nakupa osnovnega instrumenta („nakup nakupne opcije“) ali pravico do prodaje osnovnega sredstva („nakup prodajne opcije“), je bruto znesek iz odstavka 1 manjši od naslednjih dveh zneskov:
the value of the position determined by the mark-to-market method or the mark-to-model method as provided in points (b) and (c) of Article 104(2) of Regulation (EU) No 575/2013 (‘market value of the option or warrant’).
tržne vrednosti osnovnega vrednostnega papirja, pomnožene z vsoto kapitalskih zahtev za posebno in splošno tržno tveganje za osnovni instrument;
For all types of options or warrants which do not have the characteristics referred to in paragraph 2, the gross amount referred to in paragraph 1 shall be the market value of the option or warrant.
vrednosti pozicije, določene z metodo vrednotenja po tekočih tržnih cenah ali metodo vrednotenja z uporabo notranjega modela, kot je določeno v členu 104(2)(b) in (c) Uredbe (EU) št. 575/2013 („tržna cena opcije ali nakupnega bona“).
Article 4
Za vse vrste opcij ali nakupnih bonov, ki nimajo značilnosti iz odstavka 2, je bruto znesek iz odstavka 1 enak tržni vrednosti opcije ali nakupnega bona.
Overview of determination of own funds requirements according to the Delta-plus approach
Člen 4
Where institutions opt to apply the Delta-plus approach, for options and warrants whose gamma is a continuous function in the price of the underlying and whose vega is a continuous function in the implied volatility (‘continuous options and warrants’), the own funds requirements for non-delta risks on options or warrants shall be calculated as the sum of the following requirements:
Pregled določitve kapitalskih zahtev v skladu z delta-plus pristopom
the own funds requirements relating to the partial derivative of delta with reference to the price of the underlying which, for bond options or warrants is the partial derivative of delta with reference to the yield-to-maturity of the underlying bond, and for swaptions is the partial derivative of the delta with reference to the swap rate;
Če se institucije odločijo uporabljati delta-plus pristop, se pri opcijah in nakupnih bonih, katerih gama je zvezna funkcija v ceni osnovnega instrumenta in katerih vega je zvezna funkcija v implicirani nestanovitnosti („zvezne opcije in nakupni boni“), kapitalske zahteve za ne-delta tveganja v zvezi z opcijami in nakupnimi boni izračunajo kot vsota naslednjih zahtev:
the requirement relating to the first partial derivative of the value of an option or warrant, with reference to the implied volatility.
kapitalskih zahtev, povezanih s parcialnim odvodom delte glede na referenčno ceno osnovnega instrumenta, kar je pri opcijah na obveznice ali nakupne bone parcialni odvod delte glede na donosnost do dospetja osnovne obveznice, pri opcijah na zamenjavo obrestnih mer pa parcialni odvod delte glede na obrestno mero za zamenjavo;