natgillin/translations-raw huggingface dataset:
threat to the economic viability of the trading venue or its ability to meet minimum capital requirements under Article 47(1)(f) of Directive 2014/65/EU of the European Parliament and of the Council [4];
ogrožena bi bila sposobnost uspešnega poslovanja mesta trgovanja ali njegova sposobnost izpolnjevanja zahtev glede minimalnega kapitala iz člena 47(1)(f) Direktive 2014/65/EU Evropskega parlamenta in Sveta [4];
incompatibility of trading venue rules and CCP rules that the trading venue cannot remedy in cooperation with the CCP.
nezdružljivost pravil mesta trgovanja in pravil CNS, ki je mesto trgovanja ne more odpraviti v sodelovanju s CNS.
Conditions under which access is deemed to threaten the smooth and orderly functioning of markets or adversely affect systemic risk
Pogoji, pod katerimi bi dostop ogrozil nemoteno in pravilno delovanje trgov ali negativno vplival na sistemsko tveganje
In addition to liquidity fragmentation, as defined in Article 2(1)(45) of Regulation (EU) No 600/2014, for the purposes of Articles 35(4)(b) and 36(4)(b) of that Regulation, granting access shall be deemed to threaten the smooth and orderly functioning of the markets, or adversely affect systemic risk, where the competent authority can provide reasons for the denial, including evidence that the risk management procedures of one or both of the parties to the access request are insufficient to prevent the granting of access from creating significant undue risks to third parties, and there is no remedial action that would sufficiently mitigate those risks.
Poleg drobitve likvidnosti, kot je opredeljena v členu 2(1)(45) Uredbe (EU) št. 600/2014, se za namene členov 35(4)(b) in 36(4)(b) navedene uredbe za odobritev dostopa šteje, da ogroža nemoteno in pravilno delovanje trgov ali negativno vpliva na sistemsko tveganje, če lahko pristojni organ poda razloge za zavrnitev, vključno z dokazi, da postopki za obvladovanje tveganj ene ali obeh strank v zahtevi po dostopu ne zadostujejo za preprečitev, da bi odobritev dostopa povzročila znatna nepotrebna tveganja za tretje osebe, in da ni na voljo nobenih ukrepov, s katerimi bi se lahko navedena tveganja v zadostnem obsegu omejila.
CONDITIONS UNDER WHICH ACCESS MUST BE PERMITTED
POGOJI, POD KATERIMI SE MORA DOVOLITI DOSTOP
Conditions under which access must be permitted
Pogoji, pod katerimi se mora dovoliti dostop
The parties shall agree on their respective rights and obligations arising from the access granted, including the applicable law governing their relationships.
Stranki se dogovorita o ustreznih pravicah in obveznostih, ki izhajajo iz odobrenega dostopa, vključno z veljavno zakonodajo, ki ureja njuno razmerje.
The terms of the access agreement shall:
Pogoji sporazuma o dostopu:
be clearly defined, transparent, valid and enforceable;
so jasno opredeljeni, pregledni, veljavni in izvršljivi;
where two or more CCPs have access to the trading venue specify the way in which transactions on the trading venue will be allocated to the CCP that is party to the agreement;
kadar imajo do mesta trgovanja dostop dve ali več CNS, določajo način, na katerega se bodo posli na mestu trgovanja razporejali CNS, ki je stranka v sporazumu;
contain clear rules concerning the moment of entry of transfer orders, construed pursuant to Directive 98/26/EC of the European Parliament and of the Council [5], into relevant systems and the moment of irrevocability;
vsebujejo jasna pravila v zvezi s trenutkom vnosa naročil za prenos, kot se razlagajo v skladu z Direktivo 98/26/ES Evropskega parlamenta in Sveta [5], v relevantne sisteme in trenutkom nepreklicnosti;
contain rules regarding the termination of the access agreement by any of the parties, which shall:
vsebujejo pravila v zvezi z odpovedjo sporazuma o dostopu s strani katere koli stranke, ki:
provide for termination in an orderly manner that does not unduly expose other entities to additional risks, including clear and transparent arrangements for the management and orderly run-off of contracts and positions made under the access agreement that were open at the point of termination;
zagotavljajo urejeno odpoved, ki drugih subjektov ne izpostavlja po nepotrebnem dodatnim tveganjem, kar vključuje jasne in pregledne ureditve za upravljanje in urejeno iztekanje pogodb in pozicij, prevzetih v okviru sporazuma o dostopu, ki so bile odprte v trenutku odpovedi;
ensure that the relevant party is given a reasonable amount of time to remedy any breach that does not give rise to immediate termination;
zagotavljajo, da se zadevni stranki določi razumen rok za odpravo vseh kršitev, ki nimajo za posledico takojšnje odpovedi;
allow the termination, if risks increase in a way that would have justified denial of access in the first instance;
omogočajo odpoved, če se tveganja povečajo tako, da bi bila zavrnitev dostopa utemeljena že na začetku;
specify the financial instruments being subject to the access agreement;
določajo finančne instrumente, ki jih zajema sporazum o dostopu;
specify the cover of the one-off and ongoing costs caused by the access request;
določajo kritje enkratnih in rednih stroškov, ki nastanejo zaradi zahteve po dostopu;
contain provisions for claims and liabilities stemming from the access agreement.
vsebujejo določbe za terjatve in obveznosti, ki izhajajo iz sporazuma o dostopu.
The terms of the access agreement shall require that the parties to the agreement put in place adequate policies, procedures and systems to ensure the following:
Pogoji sporazuma o dostopu zahtevajo, da stranki v sporazumu vzpostavita ustrezne politike, postopke in sisteme za zagotovitev naslednjega:
timely, reliable and secure communication between the parties;
pravočasno, zanesljivo in varno komunikacijo med strankama;
prior consultation to the other party where changes to either party's operations are likely to have a material impact on the access agreement or on the risks to which the other party is exposed;
predhodno posvetovanje z drugo stranko, kadar je verjetno, da bodo spremembe v poslovanju katere od strank pomembno vplivale na sporazum o dostopu ali na tveganja, ki jim je izpostavljena druga stranka;
timely notification to the other party before a change is implemented, in the cases not covered by point (b);
pravočasno obveščanje druge stranke pred uvedbo spremembe v primerih, ki niso zajeti v točki (b);
resolution of disputes;
reševanje sporov;
identification, monitoring and management of the potential risks arising from the access agreement;
ugotavljanje, spremljanje in obvladovanje potencialnih tveganj, ki izhajajo iz sporazuma o dostopu;
reception by the trading venue of all necessary information to fulfil its obligations regarding the monitoring of open interest;
mesto trgovanja prejme vse potrebne informacije za izpolnjevanje svojih obveznosti v zvezi s spremljanjem odprtih pogodb;
acceptance by the CCP of delivery of physically settled commodities.
sprejem dobave fizično poravnanega blaga s strani CNS.
The relevant parties to the access agreement shall ensure the following:
Zadevni stranki v sporazumu o dostopu zagotovita naslednje:
that proper risk management standards are maintained when granting access;
da se pri odobritvi dostopa ohranjajo ustrezni standardi obvladovanja tveganj;
that information provided in the request for access is kept up-to-date throughout the duration of the access agreement, including information about material changes;
da so informacije, zagotovljene v zahtevi po dostopu, vključno z informacijami o pomembnih spremembah, redno posodobljene med celotnim trajanjem sporazuma o dostopu;
that non-public and commercially sensitive information including information provided during the development phase of a financial instrument may only be used for the specific purpose for which it is conveyed and may only be acted upon for the specific purpose agreed by the parties.
da se lahko nejavne in poslovno občutljive informacije, vključno z informacijami, zagotovljenimi v fazi razvoja finančnega instrumenta, uporabijo samo za specifični namen, za katerega so bile sporočene, in da se lahko na podlagi takih informacij ravna samo za specifični namen, dogovorjen med strankama.
Non-discriminatory and transparent clearing fees charged by CCPs
Nediskriminatorne in pregledne pristojbine za kliring, ki jih zaračuna CNS
A CCP shall only charge fees for clearing transactions executed on a trading venue to which it has granted access on the basis of objective criteria, applicable to all clearing members and, where relevant, clients.
CNS zaračuna pristojbine za posle kliringa, izvršene na mestu trgovanja, do katerega je odobrila dostop, na podlagi objektivnih meril, ki se uporabljajo za vse klirinške člane in, kadar je relevantno, stranke.
For this purpose, a CCP shall make all clearing members and, where relevant, clients subject to the same schedule of fees and rebates and its fees shall not depend on the trading venue where the transaction takes place.
Za ta namen CNS za vse klirinške člane in, kadar je relevantno, stranke uporablja enak cenik pristojbin in popustov, njene pristojbine pa niso odvisne od mesta trgovanja, na katerem se izvede posel.
A CCP shall only charge fees to a trading venue in relation to access on the basis of objective criteria.
CNS zaračuna pristojbine mestu trgovanja v zvezi z dostopom samo na podlagi objektivnih meril.
For this purpose, the same fees and rebates shall apply to all trading venues accessing the CCP with regard to the same or similar financial instruments, unless a different fee schedule can be objectively justified.
Za ta namen se za vsa mesta trgovanja, ki dostopajo do CNS v zvezi z istimi ali podobnimi finančnimi instrumenti, uporabljajo enake pristojbine in popusti, razen če se lahko objektivno utemelji drugačen cenik.
In accordance with Article 38 of Regulation (EU) No 648/2012 a CCP shall ensure that the fee schedules referred to in paragraphs 1 and 2 of this Article are easily accessible, adequately identified per service provided and sufficiently granular in order to ensure that fees charged are predictable.
V skladu s členom 38 Uredbe (EU) št. 648/2012 CNS zagotovi, da so ceniki iz odstavkov 1 in 2 tega člena lahko dostopni, ustrezno opredeljeni za posamezne zagotovljene storitve in dovolj natančno razčlenjeni, da so zaračunane pristojbine predvidljive.
Paragraphs 1 to 3 shall apply to fees charged to cover one-off and ongoing costs.
Odstavki od 1 do 3 se uporabljajo za pristojbine, ki se zaračunajo za kritje enkratnih in rednih stroškov.
Non-discriminatory and transparent fees charged by trading venues
Nediskriminatorne in pregledne pristojbine, ki jih zaračunajo mesta trgovanja
A trading venue shall only charge fees in relation to access on the basis of objective criteria.
Mesto trgovanja zaračuna pristojbine v zvezi z dostopom samo na podlagi objektivnih meril.
For this purpose, the same schedule of fees and rebates shall apply to all CCPs accessing the trading venue with regard to the same or similar financial instruments, unless a different fee schedule can be objectively justified.
Za ta namen se za vse CNS, ki dostopajo do mesta trgovanja v zvezi z istimi ali podobnimi finančnimi instrumenti, uporablja enak cenik pristojbin in popustov, razen če se lahko objektivno utemelji drugačen cenik.
A trading venue shall ensure that the fee schedules referred to in paragraph 1 are easily accessible, that the fees are adequately identified per service provided and sufficiently granular in order to ensure that the arising fees are predictable.
Mesto trgovanja zagotovi, da so ceniki iz odstavka 1 lahko dostopni ter da so pristojbine ustrezno opredeljene za posamezne zagotovljene storitve in dovolj natančno razčlenjene, tako da je zagotovljeno, da so pristojbine predvidljive.
Paragraphs 1 and 2 shall apply to all fees related to access, including those that are charged to cover one-off and ongoing costs.
Odstavka 1 in 2 se uporabljata za vse pristojbine, povezane z dostopom, vključno s tistimi, ki se zaračunajo za kritje enkratnih in rednih stroškov.
CONDITIONS FOR NON-DISCRIMINATORY TREATMENT OF CONTRACTS
POGOJI ZA NEDISKRIMINATORNO OBRAVNAVO POGODB
Collateral and margining requirements of economically equivalent contracts
Zahteve glede zavarovanja s premoženjem in kritja pri gospodarsko enakovrednih pogodbah
The CCP shall determine whether contracts traded on the trading venue to which it has granted access are economically equivalent to contracts with similar risk characteristics already cleared by the CCP.
CNS določi, ali so pogodbe, s katerimi se trguje na mestu trgovanja, do katerega je odobrila dostop, gospodarsko enakovredne pogodbam s podobnimi značilnostmi glede tveganj, za katere CNS že opravlja kliring.
For the purposes of this article, a CCP shall consider all contracts traded on the trading venue to which it has granted access, which are in the class of financial instruments covered by the CCP's authorisation referred to in Article 14 of Regulation (EU) No 648/2012, or by any subsequent extension of authorisation referred to in Article 15 of that Regulation, as economically equivalent to the contracts in the respective class of financial instruments already cleared by the CCP.
Za namene tega člena CNS šteje vse pogodbe, s katerimi se trguje na mestu trgovanja, do katerega je odobrila dostop, iz razreda finančnih instrumentov, ki ga zajema dovoljenje CNS iz člena 14 Uredbe (EU) št. 648/2012 ali morebitna naknadna razširitev dovoljenja iz člena 15 navedene uredbe, kot gospodarsko enakovredne pogodbam v zadevnem razredu finančnih instrumentov, za katerega CNS že opravlja kliring.
A CCP may consider a contract traded on the trading venue to which it has granted access, which presents a significantly different risk profile or material differences from the contracts already cleared by the CCP in the respective class of financial instruments, as non-economically equivalent where the CCP had obtained an extension of the authorisation pursuant to Article 15 of Regulation (EU) No 648/2012 with respect to that contract and in connection with that trading venue's access request.
CNS lahko šteje pogodbo, s katero se trguje na mestu trgovanja, do katerega je odobrila dostop, ki ima precej drugačen profil tveganja ali se pomembno razlikuje od pogodb, za katere CNS že opravlja kliring v zadevnem razredu finančnih instrumentov, za gospodarsko neenakovredno, če je CNS pridobila razširitev dovoljenja v skladu s členom 15 Uredbe (EU) št. 648/2012 v zvezi z navedeno pogodbo in v povezavi z zahtevo po dostopu navedenega mesta trgovanja.
A CCP shall apply to economically equivalent contracts referred to in paragraph 1 the same margin and collateral methodologies, irrespective of where the contracts are traded.
CNS za gospodarsko enakovredne pogodbe iz odstavka 1 uporablja iste metodologije za kritje in zavarovanje s premoženjem ne glede na to, kje se trguje s pogodbami.
A CCP shall subject the clearing of an economically equivalent contract referred to in paragraph 1 to the adoption of changes to the CCP's risk models and parameters, only if necessary in order to mitigate the risk factors in relation to that trading venue or the contracts traded thereon.
CNS za namene kliringa gospodarsko enakovredne pogodbe iz odstavka 1 spremeni svoje modele in parametre tveganja samo, če je to potrebno za zmanjšanje dejavnikov tveganja v zvezi z navedenim mestom trgovanja ali pogodbami, s katerimi se na njem trguje.
Such changes shall be considered as significant changes to the CCP's models and parameters referred to in Articles 28 and 49 of Regulation (EU) No 648/2012.
Take spremembe se štejejo za pomembne spremembe modelov in parametrov CNS iz členov 28 in 49 Uredbe (EU) št. 648/2012.
Netting of economically equivalent contracts
Netiranje gospodarsko enakovrednih pogodb
A CCP shall apply to economically equivalent contracts referred to in Article 12(1) of this Regulation the same netting procedures irrespective of where the contracts were traded, provided that any netting procedure it applies is valid and enforceable in accordance with Directive 98/26/EC and applicable insolvency law.
CNS za gospodarsko enakovredne pogodbe iz člena 12(1) te uredbe uporablja iste postopke netiranja ne glede na to, kje se je trgovalo s pogodbami, pod pogojem, da je kateri koli postopek netiranja, ki ga uporablja, veljaven in izvršljiv v skladu z Direktivo 98/26/ES ter veljavno insolvenčno zakonodajo.
A CCP considering that the legal risk or the basis risk related to a netting procedure it applies to an economically equivalent contract is not sufficiently mitigated, shall subject the clearing of such a contract to the adoption of changes to that netting procedure excluding the netting of such contract.
CNS, ki meni, da pravno tveganje ali bazično tveganje v zvezi s postopkom netiranja, ki ga uporablja za gospodarsko enakovredno pogodbo, ni dovolj omejeno, za namene kliringa take pogodbe spremeni navedeni postopek netiranja, tako da se taka pogodba izključi iz netiranja.
Such changes shall be considered as significant changes to the CCP's risk models and parameters referred to in Article 28 and 49 of Regulation (EU) No 648/2012.
Take spremembe se štejejo za pomembne spremembe modelov in parametrov CNS iz členov 28 in 49 Uredbe (EU) št. 648/2012.
For the purpose of paragraph 2, ‘basis risk’ shall mean the risk arising from less than perfectly correlated movements between two or more assets or contracts cleared by the CCP.
Za namene odstavka 2 „bazično tveganje“ pomeni tveganje, ki izhaja iz nepopolno koreliranih gibanj med dvema ali več sredstvi ali pogodbami, za katere CNS opravlja kliring.
Cross-margining of correlated contracts cleared by the same CCP
Navzkrižno kritje povezanih pogodb, za katere opravlja kliring ista CNS
Where a CCP calculates margins with respect to cross-margining of correlated contracts cleared by the same CCP (portfolio margining) in accordance with Article 41 of Regulation (EU) No 648/2012 and Article 27 of Commission Delegated Regulation (EU) No 153/2013 [6], the CCP shall apply its portfolio margining approach to all relevant correlated contracts irrespective of where the contracts are traded.
Kadar CNS izračunava kritja v zvezi z navzkrižnim kritjem povezanih pogodb, za katere opravlja kliring ista CNS (portfeljsko kritje) v skladu s členom 41 Uredbe (EU) št. 648/2012 in členom 27 Delegirane uredbe Komisije (EU) št. 153/2013 [6], CNS svoj pristop za portfeljsko kritje uporablja za vse relevantne povezane pogodbe ne glede na to, kje se s pogodbami trguje.
Contracts with a significant and reliable correlation, or an equivalent statistical parameter of dependence, shall benefit from the same offsets or reductions.CHAPTER IV
Za pogodbe, ki izkazujejo pomembno in zanesljivo korelacijo ali enakovreden statistični parameter odvisnosti, se uporabljajo isti poboti in zmanjšanja.POGLAVJE IV
TRANSITIONAL ARRANGEMENTS AND FINAL PROVISIONS
PREHODNE UREDITVE IN KONČNE DOLOČBE
Notification procedure from the CCP to its competent authority
Postopek obveščanja pristojnega organa s strani CNS
Where a CCP applies for permission to avail itself of transitional arrangements referred to in Article 35(5) of Regulation (EU) No 600/2014, it shall submit a notification to its competent authority in written form, using Form 1 set out in the Annex to this Regulation.
Če CNS zaprosi za dovoljenje, da izkoristi prehodne ureditve iz člena 35(5) Uredbe (EU) št. 600/2014, svojemu pristojnemu organu predloži obvestilo v pisni obliki z uporabo obrazca 1 iz Priloge k tej uredbi.
Notification procedure from the competent authority to ESMA and the CCP college
Postopek obveščanja ESMA in kolegija za CNS s strani pristojnega organa
Relevant competent authorities shall notify ESMA and the CCP college of every decision to approve a transitional arrangement in accordance with Article 35(5) of Regulation (EU) No 600/2014 in writing without undue delay and no later than one month from the decision, using Form 2 set out in the Annex to this Regulation.
Zadevni pristojni organi obvestijo ESMA in kolegij za CNS o vsaki odločitvi o odobritvi prehodne ureditve v skladu s členom 35(5) Uredbe (EU) št. 600/2014, in sicer v pisni obliki ter brez nepotrebnih zamud, najpozneje pa v enem mesecu po sprejetju odločitve, z uporabo obrazca 2 iz Priloge k tej uredbi.
Notification procedure from the trading venue to its competent authority regarding the initial transitional period
Postopek obveščanja pristojnega organa s strani mesta trgovanja glede začetnega prehodnega obdobja
Where a trading venue does not wish to be bound by Article 36 of Regulation (EU) No 600/2014, it shall submit a notification to its competent authority and ESMA in written form, using Forms 3.1 and 3.2 set out in the Annex to this Regulation.
Če mesto trgovanja ne želi biti zavezano s členom 36 Uredbe (EU) št. 600/2014, svojemu pristojnemu organu in ESMA predloži obvestilo v pisni obliki z uporabo obrazcev 3.1 in 3.2 iz Priloge k tej uredbi.
Notification procedure from the trading venue to its competent authority regarding an extension of the transitional period
Postopek obveščanja pristojnega organa s strani mesta trgovanja glede podaljšanja prehodnega obdobja
Where a trading venue wishes to continue not to be bound by Article 36 of Regulation (EU) No 600/2014 for a further thirty months, it shall submit a notification to its competent authority and ESMA in written form, using Forms 4.1 and 4.2 set out in the Annex to this Regulation.
Če mesto trgovanja še nadaljnjih 30 mesecev ne želi biti zavezano s členom 36 Uredbe (EU) št. 600/2014, svojemu pristojnemu organu in ESMA predloži obvestilo v pisni obliki z uporabo obrazcev 4.1 in 4.2 iz Priloge k tej uredbi.
Further specifications for the calculation of notional amount
Dodatne podrobnosti za izračun nominalnega zneska
In accordance with Article 36(5) of Regulation (EU) No 600/2014, a trading venue that does not wish to be bound by Article 36 of that Regulation for a period of thirty months from the date of application of Regulation (EU) No 600/2014 shall include in its calculation of its annual notional amount all transactions in exchange-traded derivatives concluded in the calendar year preceding the application under its rules.
V skladu s členom 36(5) Uredbe (EU) št. 600/2014 mesto trgovanja, ki ne želi biti zavezano s členom 36 navedene uredbe za obdobje 30 mesecev od datuma začetka uporabe Uredbe (EU) št. 600/2014, v izračun letnega nominalnega zneska vključi vse posle z izvedenimi finančnimi instrumenti, s katerimi se trguje na borzi, sklenjene v skladu s pravili mesta trgovanja v koledarskem letu pred začetkom uporabe te uredbe.
For the purposes of calculating its annual notional amount in accordance with Article 36(5) of Regulation (EU) No 600/2014 for the year preceding the year of entry into application, a trading venue shall use actual figures for the period for which they are available.
Za namene izračuna nominalnega zneska v skladu s členom 36(5) Uredbe (EU) št. 600/2014 za leto pred letom začetka uporabe mesto trgovanja uporablja dejanske zneske za obdobje, za katerega so bili na voljo.
Where, in respect of the year preceding the year of entry into application of Regulation (EU) No 600/2014, a trading venue has available data for less than 12 months, it shall produce an estimated figure for that year using the following three inputs:
Če ima mesto trgovanja za leto pred letom začetka uporabe Uredbe (EU) št. 600/2014 na voljo podatke za manj kot 12 mesecev, za oceno zneska za tisto leto uporabi naslednje tri sklope vhodnih podatkov:
actual data for the longest possible period commencing at the beginning of the year preceding the year of entry into application of Regulation (EU) No 600/2014, including at least the first eight months;
dejanske podatke za najdaljše možno obdobje, ki se je začelo na začetku leta pred letom začetka uporabe Uredbe (EU) št. 600/2014, kar vključuje vsaj prvih osem mesecev;
actual data for the equivalent period during the year before the year referred to in point (a) of this paragraph;
dejanske podatke za enakovredno obdobje v letu pred letom iz točke (a) tega odstavka;
actual data for the entire year before the year referred to in point (a) of this paragraph.
dejanske podatke za celotno leto pred letom iz točke (a) tega odstavka.