natgillin/translations-raw huggingface dataset:
Unlike OTC derivatives whose counterparties are non-financial counterparties, where counterparties to OTC derivative contracts are financial counterparties, Regulation (EU) No 648/2012 requires the application of the clearing obligation to contracts concluded after the notification to ESMA that follows the authorisation of a CCP to clear a certain class of OTC derivatives, but before the date on which the clearing obligation takes effect, provided the remaining maturity of such contracts at the date on which the obligation takes effect justifies it.
Za razliko od izvedenih finančnih instrumentov OTC, pri katerih so nasprotne stranke nefinančne nasprotne stranke, Uredba (EU) št. 648/2012 zahteva, da se v primeru nasprotnih strank pri pogodbah o izvedenih finančnih instrumentih OTC, ki so finančne nasprotne stranke, obveznost kliringa uporablja za pogodbe, sklenjene po uradnem obvestilu ESMA, ki sledi izdaji dovoljenja CNS za opravljanje kliringa določenega razreda izvedenih finančnih instrumentov OTC, vendar pred datumom, na katerega začne veljati obveznost kliringa, če preostala zapadlost takih pogodb na datum, na katerega začne veljati obveznost, to opravičuje.
The application of the clearing obligation to those contracts should pursue the objective of ensuring the uniform and coherent application of Regulation (EU) No 648/2012.
Uporaba obveznosti kliringa za navedene pogodbe bi morala biti skladna s ciljem zagotavljanja enotne in dosledne uporabe Uredbe (EU) št. 648/2012.
It should serve to seek financial stability and the reduction of systemic risk, as well as ensuring a level playing field for market participants when a class of OTC derivative contracts is declared subject to the clearing obligation.
Usmerjena bi morala biti v zagotavljanje finančne stabilnosti in zmanjševanje sistemskega tveganja, pa tudi enakih konkurenčnih pogojev za udeležence na trgu, kadar se za razred pogodb o izvedenih finančnih instrumentih OTC razglasi, da zanj velja obveznost kliringa.
The minimum remaining maturity should therefore be set at a level that ensures the achievement of those objectives.
Minimalno preostalo zapadlost bi bilo zato treba določiti na ravni, ki zagotavlja dosego navedenih ciljev.
Before regulatory technical standards adopted pursuant to Article 5(2) of Regulation (EU) No 648/2012 enter into force, counterparties cannot foresee whether the OTC derivative contracts they conclude would be subject to the clearing obligation on the date that obligation takes effect.
Preden začnejo veljati regulativni tehnični standardi, sprejeti v skladu s členom 5(2) Uredbe (EU) št. 648/2012, nasprotne stranke ne morejo predvideti, ali bo za pogodbe o izvedenih finančnih instrumentih OTC, ki jih sklenejo, veljala obveznost kliringa na datum, ko začne navedena obveznost veljati.
This uncertainty has a significant impact on the capacity of market participants to accurately price the OTC derivative contracts they enter into since centrally cleared contracts are subject to a different collateral regime than non-centrally cleared contracts.
Ta negotovost pomembno vpliva na zmožnost udeležencev na trgu, da natančno določijo ceno pogodb o izvedenih finančnih instrumentih OTC, ki jih sklenejo, saj za pogodbe, za katere se izvaja centralni kliring, veljajo drugačni predpisi glede zavarovanja s premoženjem, kot za pogodbe, za katere se ne izvaja centralni kliring.
Imposing forward-clearing to OTC derivative contracts concluded before the entry into force of this Regulation, irrespective of their remaining maturity on the date on which the clearing obligation takes effect, could limit counterparties' ability to hedge their market risks adequately and either impact the functioning of the market and financial stability, or prevent them from exercising their usual activities by hedging them by other appropriate means.
Zahteva, da se opravlja retrospektivni kliring za pogodbe o izvedenih finančnih instrumentih OTC, sklenjene pred začetkom veljavnosti te uredbe, ne glede na njihovo preostalo zapadlost na datum, na katerega začne veljati obveznost kliringa, bi lahko omejila zmožnost nasprotnih strank, da se ustrezno zavarujejo pred tržnimi tveganji, in vplivala na delovanje trga in finančno stabilnost ali jim preprečila izvajanje običajnih aktivnosti z varovanjem pred navedenimi tveganji na druge ustrezne načine.
Moreover, OTC derivative contracts concluded after this Regulation enters into force and before the clearing obligation takes effect should not be subject to the clearing obligation until counterparties to those contracts can determine the category they are comprised in, whether they are subject to the clearing obligation for a particular contract, including their intragroup transactions, and before they can implement the necessary arrangements to conclude those contracts taking into account the clearing obligation.
Poleg tega za pogodbe o izvedenih finančnih instrumentih OTC, sklenjene po začetku veljavnosti te uredbe in pred začetkom veljavnosti obveznosti kliringa, ne bi smela veljati obveznost kliringa, dokler nasprotne stranke v navedenih pogodbah ne bodo sposobne določiti kategorije, v katero spadajo, ter ali zanje velja obveznost kliringa pri določeni pogodbi, vključno s transakcijami znotraj skupine, in preden lahko vzpostavijo potrebne ureditve za sklenitev navedenih pogodb ob upoštevanju obveznosti kliringa.
Therefore, in order to preserve the orderly functioning and the stability of the market, as well as a level playing field between counterparties, it is appropriate to consider that those contracts should not be subject to the clearing obligation, irrespective of their remaining maturities.
Zato je zaradi ohranitve pravilnega delovanja in stabilnosti trga ter enakih konkurenčnih pogojev med nasprotnimi strankami ustrezno upoštevati, da za navedene pogodbe ne bi smela veljati obveznost kliringa ne glede na njihovo preostalo zapadlost.
OTC derivative contracts concluded after the notification to ESMA that follows the authorisation of a CCP to clear a certain class of OTC derivatives, but before the date on which the clearing obligation takes effect should not be subject to the clearing obligation when they are not significantly relevant for systemic risk, or when subjecting those contracts to the clearing obligation could otherwise jeopardise the uniform and coherent application of Regulation (EU) No 648/2012.
Za pogodbe o izvedenih finančnih instrumentih OTC, sklenjene po uradnem obvestilu ESMA, ki sledi izdaji dovoljenja CNS za opravljanje kliringa določenega razreda izvedenih finančnih instrumentov OTC, vendar pred datumom, na katerega začne veljati obveznost kliringa, ne bi smela veljati obveznost kliringa, kadar te pogodbe niso zelo pomembne za sistemsko tveganje ali kadar bi zahteva po obveznosti kliringa zanje kako drugače ovirala enotno in dosledno uporabo Uredbe (EU) št. 648/2012.
Counterparty credit risk associated to interest rate OTC derivative contracts with longer maturities remains in the market for a longer period than that associated to interest rate OTC derivatives with low remaining maturities.
Kreditno tveganje nasprotne stranke, povezano s pogodbami o obrestnih izvedenih finančnih instrumentih OTC z daljšimi zapadlostmi, ostane na trgu dlje časa kot kreditno tveganje obrestnih izvedenih finančnih instrumentov OTC s kratkimi preostalimi zapadlostmi.
Imposing the clearing obligation on contracts with short remaining maturities would imply a burden on counterparties disproportionate to the level of risk mitigated.
Naložitev obveznosti kliringa za pogodbe s kratkimi preostalimi zapadlostmi bi predstavljala breme za nasprotne stranke, ki ne bi bilo sorazmerno s stopnjo tveganja, ki naj bi se s tem zmanjšalo.
In addition, interest rate OTC derivatives with low remaining maturities represent a relatively small portion of the total market and thus a relatively small portion of the total systemic risk associated to this market.
Poleg tega obrestni izvedeni finančni instrumenti OTC s kratkimi preostalimi zapadlostmi predstavljajo samo majhen del celotnega trga in s tem razmeroma majhen delež skupnega sistemskega tveganja, povezanega s tem trgom.
The minimum remaining maturities should therefore be set at a level ensuring that contracts with remaining maturities of no more than a few months are not subject to the clearing obligation.
Minimalne preostale zapadlosti bi morale zato biti določene na ravni, ki zagotavlja, da obveznost kliringa ne velja za pogodbe s preostalo zapadlostjo samo nekaj mesecev.
Counterparties in the third category bear a relatively limited share of overall systemic risk and have a lower degree of legal and operational capacity regarding OTC derivatives than counterparties in the first and second categories.
Nasprotne stranke v tretji kategoriji nosijo razmeroma majhen delež skupnega sistemskega tveganja in imajo manjšo pravno in operativno zmogljivost v zvezi z izvedenimi finančnimi instrumenti OTC kot nasprotne stranke v prvi in drugi kategoriji.
Essential elements of the OTC derivative contracts, including the pricing of interest rate OTC derivatives subject to the clearing obligation and concluded before that obligation takes effect, will have to be adapted within short timeframes in order to incorporate the clearing that will only take place several months after the contract is concluded.
Bistveni elementi pogodb o izvedenih finančnih instrumentih OTC, vključno z oblikovanjem cen obrestnih izvedenih finančnih instrumentov OTC, za katere velja obveznost kliringa in ki se sklenejo, preden začne navedena obveznost veljati, se bodo morali razmeroma hitro prilagoditi, da se bo lahko vključil kliring, ki bo opravljen šele nekaj mesecev po sklenitvi pogodbe.
This process of forward-clearing involves important adaptations to the pricing model and amendments to the documentation of those OTC derivatives contracts.
Ta postopek retrospektivnega kliringa (forward-clearing) vključuje pomembne prilagoditve modela za oblikovanje cen in spremembe dokumentacije navedenih pogodb o izvedenih finančnih instrumentih OTC.
Counterparties in the third category have a very limited ability to incorporate forward-clearing in their OTC derivative contracts.
Nasprotne stranke v tretji kategoriji imajo zelo omejeno zmožnost za vključitev retrospektivnega kliringa v svoje pogodbe o izvedenih finančnih instrumentih OTC.
Thus, imposing the clearing of OTC derivative contracts concluded before the clearing obligation takes effect for those counterparties could limit their ability to hedge their risks adequately and either impact the functioning and the stability of the market or prevent them from exercising their usual activities if they cannot continue to hedge.
Zato bi zahteva, da navedene nasprotne stranke opravljajo kliring za pogodbe o izvedenih finančnih instrumentih OTC, sklenjene pred začetkom veljavnosti obveznosti kliringa, omejila njihovo zmožnost zadostnega varovanja pred tveganji ter vplivala na delovanje in stabilnost trga ali jim preprečila izvajanje običajnih dejavnosti, če se ne bodo sposobne še naprej varovati pred tveganji.
Therefore, OTC derivative contracts concluded by counterparties in the third category before the date on which the clearing obligation takes effect should not be subject to the clearing obligation.
Zato obveznost kliringa ne bi smela veljati za pogodbe o izvedenih finančnih instrumentih OTC, ki jih nasprotne stranke v tretji kategoriji sklenejo pred začetkom veljavnosti obveznosti kliringa.
In addition, OTC derivative contracts concluded between counterparties belonging to the same group can be exempted from clearing, provided certain conditions are met, in order to avoid limiting the efficiency of intragroup-risk management processes and therefore, undermine the achievement of the overarching goal of Regulation (EU) No 648/2012.
Poleg tega se lahko pogodbe o izvedenih finančnih instrumentih OTC, sklenjene med nasprotnimi strankami, ki pripadajo isti skupini, izvzamejo iz kliringa, če so izpolnjeni določeni pogoji, da bi se preprečilo omejevanje učinkovitosti postopkov za upravljanje tveganj znotraj skupin in s tem ogrozilo doseganje poglavitnega cilja Uredbe (EU) št. 648/2012.
Therefore, intragroup transactions which fulfil certain conditions and which are concluded before the date on which the clearing obligation takes effect for those transactions should not be subject to the clearing obligation.
Zato obveznost kliringa ne bi smela veljati za transakcije znotraj skupine, ki izpolnjujejo določene pogoje in ki so sklenjene pred datumom, ko zanje začne veljati obveznost kliringa.
This Regulation is based on draft regulatory technical standards submitted by ESMA to the Commission.
Ta uredba temelji na osnutkih regulativnih tehničnih standardov, ki jih je ESMA predložila Komisiji.
The Commission informed ESMA of its intention to endorse with amendments the draft regulatory technical standards proposed by ESMA, in accordance with the procedure set out in the fifth and sixth subparagraphs of Article 10(1) of Regulation (EU) No 1095/2010 of the European Parliament and of the Council [2].
Komisija je v skladu s postopkom iz petega in šestega pododstavka člena 10(1) Uredbe (EU) št. 1095/2010 Evropskega parlamenta in Sveta [2] obvestila ESMA, da namerava sprejeti osnutke regulativnih tehničnih standardov, ki jih je predlagala ESMA, z nekaterimi spremembami.
ESMA adopted a formal opinion as to those amendments which it submitted to the Commission.
ESMA je sprejela uradno mnenje v zvezi z navedenimi spremembami, ki ga je predložila Komisiji.
ESMA has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits, requested the opinion of the Security and Markets Stakeholder Group established by Article 37 of Regulation (EU) No 1095/2010, and consulted the European Systemic Risk Board,
Poleg tega je ESMA izvedla odprta javna posvetovanja o osnutkih regulativnih tehničnih standardov, na katerih temelji ta uredba, analizirala morebitne povezane stroške in koristi, zaprosila za mnenje interesno skupino za vrednostne papirje in trge, ustanovljeno v skladu s členom 37 Uredbe (EU) št. 1095/2010 ter se posvetovala z Evropskim odborom za sistemska tveganja –
Classes of OTC derivatives subject to the clearing obligation
Razredi izvedenih finančnih instrumentov OTC, za katere velja obveznost kliringa
The classes of over-the-counter (OTC) derivatives set out in the Annex shall be subject to the clearing obligation.
Obveznost kliringa velja za razrede izvedenih finančnih instrumentov, s katerimi se trguje na prostem trgu (v nadaljnjem besedilu: izvedeni finančni instrumenti OTC), ki so določeni v Prilogi.
The classes of OTC derivatives set out in the Annex shall not include contracts concluded with covered bond issuers or with cover pools for covered bonds, provided those contracts satisfy all of the following conditions:
Razredi izvedenih finančnih instrumentov OTC iz Priloge ne vključujejo pogodb, sklenjenih z izdajatelji kritih obveznic ali s skladi kritnega premoženja za krite obveznice, če navedene pogodbe izpolnjujejo vse naslednje pogoje:
they are used only to hedge the interest rate or currency mismatches of the cover pool in relation with the covered bond;
uporabljajo se samo za varovanje pred neusklajenostjo obrestnih mer ali valutnih tečajev kritnega premoženja glede na krito obveznico;
they are registered or recorded in the cover pool of the covered bond in accordance with national covered bond legislation;
registrirane ali evidentirane so v kritnem premoženju krite obveznice v skladu z nacionalno zakonodajo o kritih obveznicah;
they are not terminated in case of resolution or insolvency of the covered bond issuer or the cover pool;
v primeru reševanja ali insolventnosti izdajatelja kritih obveznic ali sklada kritnega premoženja se ne prekinejo;
the counterparty to the OTC derivative concluded with covered bond issuers or with cover pools for covered bonds ranks at least pari passu with the covered bond holders except where the counterparty to the OTC derivative concluded with covered bond issuers or with cover pools for covered bonds is the defaulting or the affected party, or waives the pari passu rank;
nasprotna stranka v izvedenem finančnem instrumentu OTC, sklenjenem z izdajatelji kritih obveznic ali s skladi kritnega premoženja za krite obveznice, je uvrščena vsaj enakovredno z imetniki kritih obveznic, razen če je nasprotna stranka v izvedenem finančnem instrumentu OTC, sklenjenem z izdajatelji kritih obveznic ali s skladi kritnega premoženja za krite obveznice, stranka, ki je v zaostanku z izpolnjevanjem finančnih obveznosti, ali prizadeta stranka ali se odpove enakovredni uvrstitvi;
the covered bond meets the requirements of Article 129 of Regulation (EU) No 575/2013 of the European Parliament and of the Council [3] and is subject to a regulatory collateralisation requirement of at least 102 %.
krita obveznica izpolnjuje zahteve iz člena 129 Uredbe (EU) št. 575/2013 Evropskega parlamenta in Sveta [3] in zanjo velja regulativna zahteva glede zavarovanja s premoženjem v višini vsaj 102 %.
For the purposes of Articles 3 and 4, the counterparties subject to the clearing obligation shall be divided in the following categories:
Za namene členov 3 in 4 se nasprotne stranke, za katere velja obveznost kliringa, razdelijo na naslednje kategorije:
Category 1, comprising counterparties which, on the date of entry into force of this Regulation, are clearing members, within the meaning of Article 2(14) of Regulation (EU) No 648/2012, for at least one of the classes of OTC derivatives set out in the Annex to this Regulation, of at least one of the CCPs authorised or recognised before that date to clear at least one of those classes;
prva kategorija, v kateri so nasprotne stranke, ki so na datum začetka veljavnosti te uredbe klirinški člani v smislu člena 2(14) Uredbe (EU) št. 648/2012 za vsaj enega od razredov izvedenih finančnih instrumentov OTC iz Priloge k tej uredbi vsaj ene od CNS z dovoljenjem ali priznanih pred navedenim datumom za opravljanje kliringa za vsaj enega od navedenih razredov;
Category 2, comprising counterparties not belonging to Category 1 which belong to a group whose aggregate month-end average of outstanding gross notional amount of non-centrally cleared derivatives for January, February and March 2016 is above EUR 8 billion and which are any of the following:
druga kategorija, v kateri so nasprotne stranke, ki ne spadajo v prvo kategorijo in ki spadajo v skupino, pri kateri znaša skupna povprečna vrednost ob koncu meseca za neporavnani bruto osnovni znesek izvedenih finančnih instrumentov, za katere se ne izvaja centralni kliring za mesec januar, februar in marec 2016, več kot 8 milijard EUR in ki so kar koli od naslednjega:
financial counterparties;
finančne nasprotne stranke;
alternative investment funds as defined in Article 4(1)(a) of Directive 2011/61/EU of the European Parliament and of the Council [4] that are non-financial counterparties;
alternativni investicijski skladi, kot so opredeljeni v členu 4(1)(a) Direktive 2011/61/EU Evropskega parlamenta in Sveta [4], ki so nefinančne nasprotne stranke;
Category 3, comprising counterparties not belonging to Category 1 or Category 2 which are any of the following:
tretja kategorija, v kateri so nasprotne stranke, ki ne spadajo v prvo ali drugo kategorijo in ki so kar koli od naslednjega:
alternative investment funds as defined in Article 4(1)(a) of Directive 2011/61/EU that are non-financial counterparties;
alternativni investicijski skladi, kot so opredeljeni v členu 4(1)(a) Direktive 2011/61/EU, ki so nefinančne nasprotne stranke;
Category 4, comprising non-financial counterparties that do not belong to Category 1, Category 2 or Category 3.
četrta kategorija, v kateri so nefinančne nasprotne stranke, ki ne spadajo v prvo, drugo ali tretjo kategorijo.
For the purposes of calculating the group aggregate month-end average of outstanding gross notional amount referred to in point (b) of paragraph 1, all of the group's non-centrally cleared derivatives, including foreign exchange forwards, swaps and currency swaps, shall be included.
Za namene izračuna povprečne vrednosti neporavnanega bruto osnovnega zneska ob koncu meseca iz točke (b) odstavka 1 za skupino se upoštevajo vsi izvedeni finančni instrumenti, za katere se ne izvaja centralni kliring, vključno z valutnimi terminskimi posli, zamenjavami in valutnimi zamenjavami.
Where counterparties are alternative investment funds as defined in Article 4(1)(a) of Directive 2011/61/EU or undertakings for collective investment in transferable securities as defined in Article 1(2) of Directive 2009/65/EC of the European Parliament and of the Council [5], the EUR 8 billion threshold referred to in point (b) of paragraph 1 of this Article shall apply individually at fund level.
Če so nasprotne stranke alternativni investicijski skladi, kot so opredeljeni v členu 4(1)(a) Direktive 2011/61/EU, ali podjemi za kolektivno vlaganje v prenosljive vrednostne papirje, kot so opredeljeni v členu 1(2) Direktive 2009/65/ES Evropskega parlamenta in Sveta [5], se prag v višini 8 milijard EUR iz točke (b) odstavka 1 tega člena uporablja posamično na ravni sklada.
Dates from which the clearing obligation takes effect
Datumi, na katere začne veljati obveznost kliringa
In respect of contracts pertaining to a class of OTC derivatives set out in the Annex, the clearing obligation shall take effect on:
V zvezi s pogodbami, ki se nanašajo na razred izvedenih finančnih instrumentov OTC iz Priloge I, obveznost kliringa začne veljati:
21 June 2016 for counterparties in Category 1;
21. junija 2016 za nasprotne stranke iz prve kategorije;
21 December 2016 for counterparties in Category 2;
21. decembra 2016 za nasprotne stranke iz druge kategorije;
21 June 2017 for counterparties in Category 3;
21. junija 2017 za nasprotne stranke iz tretje kategorije;
21 December 2018 for counterparties in Category 4.
21. decembra 2018 za nasprotne stranke iz četrte kategorije.
Where a contract is concluded between two counterparties included in different categories of counterparties, the date from which the clearing obligation takes effect for that contract shall be the later date.
Če se sklene pogodba med nasprotnima strankama iz različnih kategorij nasprotnih strank, je datum, na katerega začne veljati obveznost kliringa za navedeno pogodbo, poznejši od zadevnih datumov.
By way of derogation from points (a), (b) and (c) of paragraph 1, in respect of contracts pertaining to a class of OTC derivatives set out in the Annex and concluded between counterparties other than counterparties in Category 4 which are part of the same group and where one counterparty is established in a third country and the other counterparty is established in the Union, the clearing obligation shall take effect on:
Z odstopanjem od točk (a), (b) in (c) odstavka 1 v zvezi s pogodbami, ki se nanašajo na razred izvedenih finančnih instrumentov OTC iz Priloge in se sklenejo med nasprotnima strankama, ki nista nasprotni stranki iz četrte kategorije in ki spadata v isto skupino, pri katerih je ena od nasprotnih strank iz tretje države, druga pa iz Unije, obveznost kliringa začne veljati:
21 December 2018 in case no equivalence decision has been adopted pursuant to Article 13(2) of Regulation (EU) No 648/2012 for the purposes of Article 4 of that Regulation covering the OTC derivative contracts referred to the Annex to this Regulation in respect of the relevant third country; or
21. decembra 2018, če se ni sprejel sklep o enakovrednosti v skladu s členom 13(2) Uredbe (EU) št. 648/2012 za namene člena 4 navedene uredbe, ki zajema pogodbe o izvedenih finančnih instrumentih OTC iz Priloge k tej uredbi, v zvezi z zadevno tretjo državo; ali