natgillin/translations-raw huggingface dataset:
The VEV for the component of the PRIIP shall be the result of the combination of the bootstrap methodology and robust and well recognised industry and regulatory standards for determining relevant expectations as to the future contribution of these factors that are unobserved in the market.
Pri ponderiranju elementov se upoštevajo značilnosti produkta.
The VEV of each component of the PRIIP shall be weighted proportionally in order to arrive at an overall VEV of the PRIIP.
Kadar je to ustrezno, se upoštevajo algoritmi produkta za zmanjšanje tržnih tveganj ter posebnosti elementov s soudeležbo pri dobičku.
When weighing the components, product features shall be taken into account.
Za PRIIP kategorije 4, za katere je značilna neomejena zaščita kapitala, lahko proizvajalec PRIIP domneva, da je VaR pri 97,5-odstotni stopnji zaupanja enaka ravni neomejene zaščite kapitala na koncu priporočenega obdobja razpolaganja, diskontirana na sedanji datum z uporabo pričakovanega netveganega diskontnega faktorja.
Where relevant, product algorithms mitigating the market risk as well as specificities of the with-profit component shall be considered.
DEL 2
For Category 4 PRIIPs that are characterized by an unconditional protection of capital, the PRIIP manufacturer may assume that VaR at a confidence level of 97,5 % is equal to the level of unconditional capital protection at the end of the recommended holding period, discounted to the present date using the expected risk-free discount factor.
Metodologija za ocenjevanje kreditnega tveganja
PART 2
I. SPLOŠNE ZAHTEVE
Methodology for assessing credit risk
Za PRIIP ali njegove osnovne naložbe ali izpostavljenosti se šteje, da vključujejo kreditno tveganje, če je donos PRIIP ali osnovnih naložb ali izpostavljenosti odvisen od kreditne sposobnosti proizvajalca ali osebe, ki je zavezana plačevati ustrezna neposredna ali posredna plačila vlagatelju.
I. GENERAL REQUIREMENTS
Za PRIIP z MRM 7 ni potrebna ocena kreditnega tveganja.
A PRIIP or its underlying investments or exposures shall be taken to entail credit risk where the return of the PRIIP or its underlying investments or exposures depends on the creditworthiness of a manufacturer or party bound to make, directly or indirectly, relevant payments to the investor.
Če se oseba neposredno zaveže, da bo izvedla plačilo malemu vlagatelju za PRIIP, se kreditno tveganje oceni za osebo, ki je neposredni dolžnik.
A PRIIP with a MRM of 7 is not required to assess credit risk.
Če so vse plačilne obveznosti dolžnika ali enega ali več posrednih dolžnikov brezpogojno in nepreklicno zajamčene s strani druge osebe (poroka), se lahko uporabi ocena kreditnega tveganja za poroka, če je ta ugodnejša od ocene kreditnega tveganja za zadevnega dolžnika ali dolžnike.
Where an entity directly engages to make a payment to a retail investor for a PRIIP, credit risk shall be assessed for the entity that is the direct obligor.
Za PRIIP, ki so izpostavljeni osnovnim naložbam ali tehnikam, vključno s PRIIP, ki sami vključujejo kreditno tveganje ali so povezani z osnovnimi naložbami, ki vključujejo kreditno tveganje, se to tveganje oceni v zvezi s kreditnim tveganjem, ki ga vključujejo sam PRIIP in povezane naložbe ali izpostavljenosti (vključno z izpostavljenostmi drugim PRIIP), po potrebi z uporabo metode vpogleda in kaskadne ocene.
If all payment obligations of an obligor or one or more indirect obligors are unconditionally and irrevocably guaranteed by another entity (the guarantor), the credit risk assessment of the guarantor can be used if it is more favourable than the credit risk assessment of the respective obligor or obligors.
Kadar je kreditno tveganje prisotno samo na ravni osnovnih naložb ali izpostavljenosti (vključno z izpostavljenostmi drugim PRIIP), se kreditno tveganje ne oceni na ravni samega PRIIP, temveč na ravni teh osnovnih naložb ali izpostavljenosti z uporabo metode vpogleda.
For PRIIPs which are exposed to underlying investments or techniques, including PRIIPs which themselves entail credit risk or in turn make underlying investments that entail credit risk, the credit risk shall be assessed in relation to the credit risk entailed both by the PRIIP itself and the underlying investments or exposures (including exposures to other PRIIPs), on a look-through basis and adopting a cascade assessment where necessary.
Kadar je PRIIP kolektivni naložbeni podjem za vlaganja v prenosljive vrednostne papirje (KNPVP) ali alternativni investicijski sklad (AIS), se za sam KNPVP ali AIS šteje, da ne vključuje kreditnega tveganja, po potrebi pa se ocenijo osnovne naložbe ali izpostavljenosti KNPVP ali AIS.
Where the credit risk is entailed solely at the level of underlying investments or exposures (including to other PRIIPs), the credit risk shall not be assessed at the level of the PRIIP itself but instead at the level of these underlying investments or exposures on a look-through basis.
Kadar je PRIIP izpostavljen več osnovnim naložbam, ki vključujejo izpostavljenost kreditnemu tveganju, se ločeno oceni kreditno tveganje za vsako osnovno naložbo, ki predstavlja 10- ali večodstotno izpostavljenost skupnih sredstev ali vrednosti PRIIP.
Where the PRIIP is an Undertaking for Collective Investment in Transferable Securities (UCITS) or an Alternative Investment Fund (AIF), the UCITS or AIF itself shall be taken to entail no credit risk, whereas the underlying investments or exposures of the UCITS or AIF shall be assessed where necessary.
Za namene ocene kreditnega tveganja se za osnovne naložbe ali izpostavljenosti do izvedenih finančnih instrumentov, s katerimi se trguje na borzi, ali izvedenih finančnih instrumentov OTC, za katere je izveden kliring, šteje, da nimajo kreditnega tveganja.
Where a PRIIP is exposed to multiple underlying investments entailing a credit risk exposure, the credit risk entailed by each underlying investment representing an exposure of 10 % or more of the total assets or value of the PRIIP shall be separately assessed.
Šteje se, da ni kreditnega tveganja, če je izpostavljenost v celoti in ustrezno zavarovana s premoženjem ali če nezavarovane izpostavljenosti, ki vključujejo kreditno tveganje, zajemajo manj kot 10 % skupnih sredstev ali vrednosti PRIIP.
Underlying investments or exposures to exchange-traded derivatives or cleared OTC derivatives shall be assumed for the purposes of the credit risk assessment to carry no credit risk.
OCENA KREDITNEGA TVEGANJA
No credit risk shall be taken to be entailed where an exposure is fully and appropriately collateralised, or where uncollateralised exposures that entail credit risk amount to less than 10 % of the total assets or value of the PRIIP.
Bonitetna ocena dolžnikov
CREDIT RISK ASSESSMENT
Kadar je to na voljo, proizvajalec PRIIP predhodno opredeli eno ali več zunanjih bonitetnih institucij (ECAI), certificiranih ali registriranih pri Evropskem organu za vrednostne papirje in trge (ESMA) v skladu z Uredbo (ES) št. 1060/2009 Evropskega parlamenta in Sveta [2], tako da se za namene ocene kreditnega tveganja dosledno sklicuje na njihove bonitetne ocene.
Credit assessment of obligors
Kadar je v skladu s to politiko na voljo več bonitetnih ocen, se uporabi mediana, pri čemer se v primeru enakega števila ocen samodejno uporabi nižja od dveh srednjih vrednosti.
Where available, a PRIIP manufacturer shall define ex-ante one or more external credit assessment institutions (ECAI) certified or registered with the European Securities and Markets Authority (ESMA) in accordance with Regulation (EC) No 1060/2009 of the European Parliament and the Council [2] whose credit assessments will consistently be referred to for the purpose of the credit risk assessment.
Stopnja kreditnega tveganja PRIIP in vsakega zadevnega dolžnika se oceni na podlagi naslednjega, kakor je primerno:
Where multiple credit assessments are available according to that policy, the median rating shall be used, defaulting to the lower of the two middle values in case of an even number of assessments.
bonitetne ocene, ki jo za PRIIP dodeli ECAI;
The level of credit risk of the PRIIP and each relevant obligor shall be assessed on the basis of, as applicable:
bonitetne ocene, ki jo zadevnemu dolžniku dodeli ECAI;
the credit assessment assigned to the PRIIP by an ECAI;
če bonitetna ocena iz točke (a) ali (b) ni na voljo, privzete bonitetne ocene iz točke 43 te priloge.
the credit assessment assigned to the relevant obligor by an ECAI;
Vezanje bonitetnih ocen na stopnje kreditne kakovosti
in the absence of a credit assessment under either (a) or (b) or both, a default credit assessment as set out in point 43 of this Annex.
Dodelitev bonitetnih ocen ECAI v objektivno lestvico stopenj kreditne kakovosti temelji na Izvedbeni uredbi Komisije (EU) 2016/1800 [3].
Allocation of credit assessments to credit quality steps
Če je kreditno tveganje ocenjeno z uporabo metode vpogleda, dodeljena stopnja kreditne kakovosti ustreza tehtanim povprečnim stopnjam kreditne kakovosti vsakega zadevnega dolžnika, za katerega je treba izračunati bonitetno oceno, sorazmerno s skupnimi sredstvi, ki jih te vključujejo.
The allocation of credit assessments of ECAIs to an objective scale of credit quality steps shall be based on Commission Implementing Regulation (EU) 2016/1800 [3].
Če je kreditno tveganje ocenjeno z uporabo kaskadne metode, se ločeno ocenijo vse izpostavljenosti kreditnemu tveganju po plasteh, dodeljena stopnja kreditne kakovosti pa je najvišja stopnja kreditne kakovosti, pri čemer se šteje, da je pri stopnjah kreditne kakovosti 1 in 3 višja tista stopnja kreditne kakovosti, ocenjena s 3.
In the case of credit risks assessed on a look-through basis, the credit quality step assigned shall correspond to the weighted average credit quality steps of each relevant obligor for which a credit assessment needs to be undertaken, in proportion to the total assets they respectively represent.
Stopnja kreditne kakovosti iz točke 38 te priloge se prilagodi dospelosti ali priporočenemu obdobju razpolaganja PRIIP v skladu z naslednjo preglednico, razen če je dodeljena bonitetna ocena, ki izraža tako dospelost ali priporočeno obdobje razpolaganja:
In the case of credit risks assessed on a cascade basis, all credit risk exposures shall be separately assessed, per layer, and the credit quality step assigned shall be the highest credit quality step, being understood that between a credit quality step set at 1 and a credit quality step set at 3, the higher of the two is 3.
Stopnja kreditne kakovosti v skladu s točko 38 te priloge
The credit quality step pursuant to point 38 of this Annex shall be adjusted to the maturity or recommended holding period of the PRIIP, according to the following table, except where a credit assessment has been assigned that reflects that maturity or recommended holding period):
Prilagojena stopnja kreditne kakovosti, kadar dospelost PRIIP ali njegovo priporočeno obdobje razpolaganja, če PRIIP nima dospelosti, traja največ eno leto
Credit quality step pursuant to point 38 of this Annex
Prilagojena stopnja kreditne kakovosti, kadar dospelost PRIIP ali njegovo priporočeno obdobje razpolaganja, če PRIIP nima dospelosti, traja od enega leta do dvanajst let
Adjusted credit quality step, in the case where the maturity of the PRIIP, or its recommended holding period where a PRIIP does not have a maturity, is up to one year
Prilagojena stopnja kreditne kakovosti, kadar dospelost PRIIP ali njegovo priporočeno obdobje razpolaganja, če PRIIP nima dospelosti, traja več kot dvanajst let
Adjusted credit quality step, in the case where the maturity of the PRIIP, or its recommended holding period where a PRIIP does not have a maturity, ranges from one year up to 12 years
Če dolžnik nima zunanjih bonitetnih ocen, je privzeta bonitetna ocena iz točke 38 te priloge:
Adjusted credit quality step, in the case where the maturity of the PRIIP, or its recommended holding period where a PRIIP does not have a maturity, exceeds 12 years
stopnja kreditne kakovosti 3, če se dolžnik obravnava kot kreditna institucija ali zavarovalnica v skladu z veljavnim pravom Unije ali zakonodajnim okvirom, ki se po pravu Unije šteje za enakovrednega, in če bi bila ocena države članice, v kateri ima dolžnik stalno prebivališče oziroma sedež, stopnja kreditne kakovosti 3;
If the obligor has no external credit assessments, the default credit assessment as referred to in point 38 of this Annex shall be:
stopnja kreditne kakovosti 5 za vse druge dolžnike.
credit quality step 3, if the obligor is regulated as a credit institution or an insurance undertaking under the applicable Union law or the legal framework deemed equivalent under Union law and if the rating of the Member State where the obligor is domiciled would be credit quality step 3;
MERA KREDITNEGA TVEGANJA
credit quality step 5, for any other obligor.
Posameznemu PRIIP se dodeli mera kreditnega tveganja (CRM – credit risk measure) na lestvici od 1 do 6 na podlagi preglednice za dodelitev iz točke 45 te priloge in z uporabo dejavnikov zmanjševanja kreditnega tveganja iz točk 46, 47, 48 in 49 te priloge ali dejavnikov povečevanja kreditnega tveganja iz točk 50 in 51 te priloge, kakor je primerno.
CREDIT RISK MEASURE
Preglednica za dodelitev stopenj kreditne kakovosti meram kreditnega tveganja:
A PRIIP shall be allocated to a credit risk measure (CRM) on a scale ranging from 1 to 6 on the basis of the mapping table laid down in point 45 of this Annex and by applying the credit risk mitigating factors under points 46, 47, 48 and 49 of this Annex, or the credit risk escalating factors under points 50 and 51 of this Annex, as appropriate.
Prilagojena stopnja kreditne kakovosti
Table on the mapping of credit quality steps into a CRM:
Mera kreditnega tveganja
Adjusted credit quality step
CRM 1 se dodeli, če so sredstva PRIIP oziroma ustrezno zavarovanje ali sredstva za pokritje plačilne obveznosti PRIIP:
Credit risk measure
ves čas do dospelosti enaka plačilnim obveznostim PRIIP do vlagateljev;
The CRM may be assigned as 1 where the assets of a PRIIP or appropriate collateral, or assets backing the payment obligation of the PRIIP, are:
v lastništvu tretje osebe na ločenem računu pod enakimi pogoji, kot so določeni v Direktivi 2011/61/EU Evropskega parlamenta in Sveta [4] in Direktivi Sveta 2014/91/EU [5], ter
at all times until maturity equivalent to the payment obligations of the PRIIP to its investors;
v nobenih okoliščinah niso dosegljiva drugim upnikom proizvajalca v skladu z veljavnim pravom.
held with a third party on a segregated account under equivalent terms and conditions as those laid down in Directive 2011/61/EU of the European Parliament and of the Council [4] or Directive 2014/91/EU [5]; and
CRM 2 se dodeli, če so sredstva PRIIP oziroma ustrezno zavarovanje ali sredstva za pokritje plačilne obveznosti PRIIP:
not, under any circumstances, accessible to any other creditors of the manufacturer under applicable law.
identificirana in vodena na računih ali v registrih v skladu z veljavnim pravom, vključno s členoma 275 in 276 Direktive 2009/138/ES Evropskega parlamenta in Sveta [6], ter
The CRM may be assigned as 2 where the assets of a PRIIP or appropriate collateral, or assets backing the payment obligation of the PRIIP, are:
taka, da imajo zahtevki malih vlagateljev prednost pred zahtevki drugih upnikov proizvajalca PRIIP ali osebe, ki je zavezana plačevati ustrezna neposredna ali posredna plačila vlagatelju.
identified and held on accounts or registers, based on applicable law, including Articles 275 and 276 of Directive 2009/138/EC of the European Parliament and of the Council [6]; and
Če se kreditno tveganje oceni na podlagi metode vpogleda ali kaskadne metode, se lahko dejavniki zmanjševanja tveganja iz točk 46 in 47 te priloge uporabijo tudi za ocenjevanje kreditnega tveganja v zvezi z vsakim osnovnim dolžnikom.
such that the claims of retail investors have priority over the claims of other creditors of the PRIIP manufacturer or party bound to make, directly or indirectly, relevant payments to the investor.
Če PRIIP ne more izpolniti meril iz točke 47 te priloge, se lahko CRM iz točke 45 te priloge zniža za en razred, če imajo zahtevki malih vlagateljev prednost pred zahtevki navadnih upnikov, kot je določeno v členu 108 Direktive 2014/59/EU, proizvajalca PRIIP ali osebe, ki je zavezana plačevati ustrezna neposredna ali posredna plačila vlagatelju, če za dolžnika veljajo ustrezne bonitetne zahteve glede zagotavljanja ustrezne usklajenosti sredstev in obveznosti.
Where credit risk is to be assessed on a look-through or cascade basis, the mitigation factors under point 46 and 47 of this Annex may also be applied when assessing credit risk in relation to each underlying obligor.
CRM iz točke 45 te priloge se poviša za dva razreda, če je zahtevek malega vlagatelja podrejen zahtevkom prednostnih upnikov.
Where a PRIIP is not able to satisfy the criteria under point 47 of this Annex, the CRM pursuant to point 45 of this Annex may be reduced by one class where the claims of retail investors have priority over the claims of ordinary creditors, as set out in Article 108 of Directive 2014/59/EU, of the PRIIP manufacturer or party bound to make, directly or indirectly, relevant payments to the investor, in so far as the obligor is subject to relevant prudential requirements in respect of ensuring an appropriate matching of assets and liabilities.
CRM iz točke 45 te priloge se poviša za tri razrede, če je PRIIP del dolžnikovega kapitala, kot je določeno v členu 4(1)(118) Uredbe (EU) št. 575/2013 Evropskega parlamenta in Sveta [7] ali v členu 93 Direktive 2009/138/EU.
The CRM pursuant to point 45 of this Annex shall be increased by two classes where the claim of a retail investor is subordinate to the claims of senior creditors.
DEL 3
The CRM pursuant to point 45 of this Annex shall be increased by three classes where a PRIIP is part of the own funds of the PRIIP obligor, as defined in Article 4(1)(118) of Regulation (EU) No 575/2013 of the European Parliament and of the Council [7] or in Article 93 of Directive 2009/138/EU.
Združevanje tržnega in kreditnega tveganja v zbirni kazalnik tveganja
PART 3
Splošni zbirni kazalnik tveganja (summary risk indicator – SRI) se dodeli glede na kombinacijo razredov CRM in MRM v skladu z naslednjo preglednico:
Aggregation of market and credit risk into the summary risk indicator
Razred CRM
The overall summary risk indicator (SRI) is assigned according to the combination of the CRM and the MRM classes, in accordance with the following table:
Spremljanje podatkov, pomembnih za zbirni kazalnik tveganja
CRM class
Proizvajalec PRIIP spremlja tržne podatke, ki so pomembni za izračun razreda MRM, in če se razred MRM spremeni v drug razred MRM, proizvajalec PRIIP ustrezen razred MRM dodeli v razred MRM, ki mu je PRIIP ustrezal glede večine referenčnih točk v predhodnih štirih mesecih.
Monitoring data with relevance for the summary risk indicator
Proizvajalec PRIIP spremlja tudi merila kreditnega tveganja, ki so pomembna za izračun CRM, in če bi se v skladu s temi merili CRM spremenil v drug razred CRM, se za PRIIP CRM ponovno dodeli v ustrezni razred CRM.
The PRIIP manufacturer shall monitor market data relevant to the calculation of the MRM class and, if the MRM class changes to a different MRM class, the PRIIP manufacturer shall attribute the corresponding MRM class to the MRM class which the PRIIP has matched for the majority of the reference points over the preceding four months.
Po odločitvi proizvajalca PRIIP v zvezi z naložbeno politiko in/ali strategijo za PRIIP se vedno opravi revizija razreda MRM.
The PRIIP manufacturer shall also monitor credit risk criteria relevant to the calculation of the CRM and, if according to these criteria the CRM would change to a different CRM class, the PRIIP shall re-attribute the CRM to the relevant CRM class.
V teh okoliščinah se vse spremembe MRM štejejo za novo določitev razreda MRM za PRIIP in se zato izvedejo v skladu s splošnimi pravili za določitev razreda MRM za kategorijo PRIIP.
A review of the MRM class shall always be carried out following a decision by the PRIIP manufacturer in respect of the PRIIP's investment policy and/or strategy.
DEL 4
In those circumstances, any changes to the MRM shall be understood as a new determination of the PRIIP's MRM class, and consequently, be carried out according to the general rules concerning the determination of an MRM class for the PRIIP category.
Likvidnostno tveganje
PART 4
Za PRIIP se šteje, da ima pomembno likvidnostno tveganje, če je izpolnjeno katero od naslednjih meril:
Liquidity risk
PRIIP je sprejet v trgovanje na sekundarnem trgu ali za alternativno likvidnostno posojilo in ni zavezane likvidnosti (committed liquidity), ki bi jo ponujali vzdrževalci trga ali proizvajalec PRIIP, zato je likvidnost odvisna samo od razpoložljivosti kupcev in prodajalcev na sekundarnem trgu ali za alternativno likvidnostno posojilo, ob upoštevanju, da redno trgovanje s produktom v nekem trenutku ne zagotavlja rednega trgovanja z istim produktom v katerem koli drugem trenutku;
A PRIIP shall be considered as having a materially relevant liquidity risk where either of the following criteria are fulfilled:
povprečni likvidnostni profil osnovnih naložb je znatno nižji od redne pogostosti povračil za PRIIP, če je likvidnost, ki jo ponuja PRIIP, odvisna od likvidacije osnovnih sredstev PRIIP;
the PRIIP is admitted to trading on a secondary market or alternative liquidity facility and there is no committed liquidity offered by market makers or the PRIIP manufacturer, so that the liquidity depends only on the availability of buyers and sellers on the secondary market or alternative liquidity facility, taking into account that regular trading of a product at one point in time does not guarantee the regular trading of the same product at any other point in time;
proizvajalec PRIIP oceni, da lahko ima mali vlagatelj glede na posebne tržne pogoje znatne časovne ali stroškovne težave za likvidacijo med življenjsko dobo produkta.
the average liquidity profile of the underlying investments is significantly lower than the regular reimbursement frequency for the PRIIP, when and to the extent liquidity offered by the PRIIP is conditional to the liquidation of its underlying assets;
Za PRIIP se šteje, da je pogodbeno ali nepogodbeno nelikviden, če je izpolnjeno katero od naslednjih meril:
the PRIIP manufacturer estimates that the retail investor may face significant difficulties in terms of time or costs for disinvesting during the life of the product, subject to specific market conditions.
PRIIP ni sprejet v trgovanje na sekundarnem trgu, proizvajalec PRIIP ali tretja oseba pa ne podpira alternativnega likvidnostnega posojila ali pa je to bistveno omejeno s pogoji, vključno z znatnimi kaznimi za predčasen izstop ali diskrecijskimi odkupnimi cenami, ali če ni likvidnostnih ureditev;
A PRIIP shall be considered illiquid, whether contractually or not, if either of the following criteria are fulfilled:
PRIIP ponuja možnost predčasnega izstopa ali odkupa pred veljavno dospelostjo, vendar je to bistveno omejeno s pogoji, vključno z znatnimi kaznimi za izstop ali diskrecijskimi odkupnimi cenami, ali pa sta potrebna predhodno soglasje in presoja proizvajalca PRIIP;
the PRIIP is not admitted to trading on a secondary market, and no alternative liquidity facility is promoted by the PRIIP manufacturer or a third party, or the alternative liquidity facility is subject to significant limiting conditions, including significant early exit penalties or discretionary redemption prices, or where there is an absence of liquidity arrangements;
PRIIP ne ponuja možnosti predčasnega izstopa ali odkupa pred veljavno dospelostjo.
the PRIIP offers potential early exit or redemption possibilities prior to the applicable maturity, but these are subject to significant limiting conditions, including significant exist penalties or discretionary redemption prices, or to the prior consent and discretion of the PRIIP manufacturer;
V vseh drugih primerih se šteje, da je PRIIP likviden.
the PRIIP does not offer potential early exit or redemption possibilities prior to the applicable maturity.
Uredba (ES) št. 1060/2009 Evropskega parlamenta in Sveta z dne 16. septembra 2009 o bonitetnih agencijah (UL L 302, 17.11.2009, str. 1).