natgillin/translations-raw huggingface dataset:
Such a coordination mechanism would be particularly important in the period leading up to the implementation of this Regulation.
Treba bi bilo priznati napredek, ki ga je dosegel EBA v svojem poročilu iz decembra 2015, v katerem je predstavil morebiten sklop meril za STS za sintetično listinjenje ter opredelil „bilančno sintetično listinjenje“ in „arbitražno sintetično listinjenje“.
This Regulation only allows for ‘true-sale’ securitisations to be designated as STS.
Ko bo EBA jasno določil niz meril za STS, ki se bodo posebej uporabljala za bilančna sintetična listinjenja, in za spodbujanje financiranja realnega gospodarstva, zlasti malih in srednjih podjetij, ki imajo od takšnih listinjenj največ koristi, bi morala Komisija pripraviti poročilo in po potrebi sprejeti zakonodajni predlog, da bi okvir STS razširili na ta listinjenja.
In a true-sale securitisation, the ownership of the underlying exposures is transferred or effectively assigned to an issuer entity which is a SSPE.
Takšno razširjenje pa Komisija ne bi smela predlagati za arbitražna sintetična listinjenja.
The transfer or assignment of the underlying exposures to the SSPE should not be subject to clawback provisions in the event of the seller’s insolvency, without prejudice to provisions of national insolvency laws under which the sale of underlying exposures concluded within a certain period before the declaration of the seller’s insolvency can, under strict conditions, be invalidated.
Osnovne izpostavljenosti, prenesene s prodajalca na SSPE, bi morale izpolnjevati vnaprej določena in jasno opredeljena merila primernosti, ki ne dopuščajo diskrecijskega aktivnega upravljanja portfeljev teh izpostavljenosti.
A legal opinion provided by a qualified legal counsel could confirm the true sale or assignment or transfer with the same legal effect of the underlying exposures and the enforceability of that true sale, assignment or transfer with the same legal effect under the applicable law.
Zamenjava izpostavljenosti, pri katerih so kršena zastopanja in jamstva, se načeloma ne bi smela šteti za aktivno upravljanje portfeljev.
In securitisations which are not true-sale, the underlying exposures are not transferred to an issuer entity which is a SSPE, but rather the credit risk related to the underlying exposures is transferred by means of a derivative contract or guarantees.
Osnovne izpostavljenosti ne bi smele vključevati neplačanih izpostavljenosti ali izpostavljenosti do dolžnikov ali izdajateljev, ki so po najboljši vednosti originatorja ali prvotnega kreditodajalca v opredeljenih primerih kreditne nesposobnosti (na primer dolžniki, ki so bili razglašeni za plačilno nesposobne).
This introduces an additional counterparty credit risk and potential complexity related in particular to the content of the derivative contract.
Merilo „po najboljši vednosti“ naj bi bilo izpolnjeno na podlagi informacij v zvezi z nastankom izpostavljenosti, ki jih posredujejo dolžniki, informacij, pridobljenih s strani originatorja med njegovim servisiranjem izpostavljenosti ali informacij o njegovem postopku upravljanja tveganja ali informacij, ki jih originatorju sporoči tretja oseba.
For those reasons, the STS criteria should not allow synthetic securitisation.
Za izpostavljenosti, ki so bile nedonosne in so bile pozneje prestrukturirane, bi bilo treba uporabljati preudaren pristop.
The progress made by the EBA in its report of December 2015, identifying a possible set of STS criteria for synthetic securitisation and defining ‘balance-sheet synthetic securitisation’ and ‘arbitrage synthetic securitisation’, should be acknowledged.
Kljub temu ne bi smeli izključiti vključitve slednjih v skupino osnovnih izpostavljenosti v primerih, kadar te izpostavljenosti niso povzročile novih zaostalih plačil od datuma prestrukturiranja, ki mora biti izvedeno vsaj eno leto pred datumom prenosa ali odstopa osnovnih izpostavljenosti SSPE.
Once the EBA has clearly determined a set of STS criteria specifically applicable to balance-sheet synthetic securitisations, and with a view to promoting the financing of the real economy and in particular of SMEs, which benefit the most from such securitisations, the Commission should draft a report and, if appropriate, adopt a legislative proposal in order to extend the STS framework to such securitisations.
V takšnih primerih bi ustrezno razkritje zagotovilo popolno preglednost.
However, no such extension should be proposed by the Commission in respect of arbitrage synthetic securitisations.
Da bi zagotovili, da investitorji izvajajo zanesljiv skrbni pregled, in za lažjo oceno povezanih tveganj je pomembno, da so posli listinjenja podprti s skupinami izpostavljenosti, ki so homogene po vrsti sredstev, kot so na primer skupine stanovanjskih kreditov ali skupine kreditov za podjetja, skupine kreditov za poslovne nepremičnine, zakupi in programi kreditiranja za podjetja iz iste kategorije ali skupine kreditov za nakup avtomobilov in zakup avtomobilov ali skupine programov kreditiranja za posameznike za osebno, družinsko ali gospodinjsko potrošnjo.
The underlying exposures transferred from the seller to the SSPE should meet predetermined and clearly defined eligibility criteria which do not allow for active portfolio management of those exposures on a discretionary basis.
Osnovne izpostavljenosti ne bi smele vključevati prenosljivih vrednostnih papirjev, kot so opredeljeni v točki (44) člena 4(1) Direktive 2014/65/EU.
Substitution of exposures that are in breach of representations and warranties should in principle not be considered active portfolio management.
Da se upošteva, da je v nekaterih državah članicah običajna praksa, da kreditne institucije za kredite nefinančnim podjetjem uporabljajo obveznice namesto posojilnih pogodb, bi moralo biti mogoče vključiti takšne obveznice, če ne kotirajo na mestih trgovanja.
Underlying exposures should not include exposures in default or exposures to obligors or guarantors that, to the best of the originator’s or original lender’s knowledge, are in specified situations of credit-impairedness (for example, obligors that have been declared insolvent).
Treba je preprečiti ponovno pojavljanje modelov „odobritev in prodaja“.
The ‘best knowledge’ standard should be considered to be fulfilled on the basis of information obtained from debtors on origination of the exposures, information obtained from the originator in the course of its servicing of the exposures or in the course of its risk-management procedure or information notified to the originator by a third party.
V teh primerih kreditodajalci odobrijo kredite na podlagi slabih in šibkih politik za izdajo komercialnih zapisov, saj vnaprej vedo, da bodo s tem povezana tveganja sčasoma prodana tretjim osebam.
A prudent approach should apply to exposures which have been non-performing and have subsequently been restructured.
Zato bi bilo treba izpostavljenosti, ki se listinijo, izdati med običajnim potekom poslovanja originatorja ali prvotnega kreditodajalca v skladu s standardi za izdajo komercialnih zapisov, ki bi morali biti najmanj enako strogi kot tisti, ki jih originator ali prvotni kreditodajalec uporablja ob nastanku podobnih izpostavljenosti, ki niso listinjene.
However, the inclusion of the latter in the pool of underlying exposure should not be excluded where such exposures have not presented new arrears since the date of the restructuring, which should have taken place at least one year prior to the date of transfer or assignment of the underlying exposures to the SSPE.
Pomembne spremembe v privzetih standardih bi morale biti v celoti razkrite potencialnim investitorjem ali, v primeru v celoti podprtih programov ABCP, sponzorju in drugim stranem, ki so neposredno izpostavljeni poslom ABCP.
In such cases, adequate disclosure should ensure full transparency.
Originator ali prvotni kreditodajalec bi moral imeti dovolj izkušenj z odobritvijo izpostavljenosti, ki so po svoji naravi podobne listinjenim.
To ensure that investors perform robust due diligence and to facilitate the assessment of underlying risks, it is important that securitisation transactions are backed by pools of exposures that are homogenous in asset type, such as pools of residential loans, or pools of corporate loans, business property loans, leases and credit facilities to undertakings of the same category, or pools of auto loans and leases, or pools of credit facilities to individuals for personal, family or household consumption purposes.
V primeru listinjenj, pri katerih so osnovne izpostavljenosti stanovanjski krediti, skupina kreditov ne bi smela zajemati kreditov, ki so bili trženi in sklenjeni ob predpostavki, da je bil prosilec za kredit, ali po potrebi posrednik, seznanjen s tem, da kreditodajalec morda ni preveril predloženih informacij.
The underlying exposures should not include transferable securities, as defined in point (44) of Article 4(1) of Directive 2014/65/EU.
Ocena kreditne sposobnosti kreditojemalca bi morala po potrebi izpolnjevati tudi zahteve iz Direktive 2008/48/ES [10] ali 2014/17/EU [11] Evropskega parlamenta in Sveta ali enakovredne zahteve v tretjih državah.
To cater for those Member States where it is common practice for credit institutions to use bonds instead of loan agreements to provide credit to non-financial corporations, it should be possible to include such bonds, provided that they are not listed on a trading venue.
Močna odvisnost odplačila pozicij v listinjenju od prodaje sredstev, s katerimi so zavarovana osnovna sredstva, povzroča pomanjkljivosti, kot je slaba uspešnost delov trga vrednostnih papirjev, zavarovanih s hipotekami na poslovnih nepremičninah (CMBS), med finančno krizo.
It is essential to prevent the recurrence of ‘originate to distribute’ models.
Zato CMBS ne bi smeli obravnavati kot STS listinjenje.
In those situations lenders grant credits applying poor and weak underwriting policies as they know in advance that related risks are eventually sold to third parties.
Kadar so na voljo podatki o okoljskem vplivu osnovnih sredstev listinjenj, bi morala originator in sponzor takšnih listinjenj te podatke objaviti.
Thus, the exposures to be securitised should be originated in the ordinary course of the originator’s or original lender’s business pursuant to underwriting standards that should not be less stringent than those the originator or original lender applies at the time of origination to similar exposures which are not securitised.
Originator, sponzor in SSPE v listinjenjih STS, pri katerih so osnovne izpostavljenosti stanovanjski krediti ali krediti za nakup avtomobilov ali zakupi avtomobilov, bi moral zato objaviti razpoložljive informacije v zvezi z okoljsko učinkovitostjo sredstev, ki se financirajo s takšnimi stanovanjskimi krediti ali krediti za nakup avtomobilov ali zakupi avtomobilov.
Material changes in underwriting standards should be fully disclosed to potential investors or, in the case of fully supported ABCP programmes, to the sponsor and other parties directly exposed to the ABCP transaction.
Če želijo originatorji, sponzorji in SSPE pri svojih listinjenjih uporabljati oznako STS, bi morali biti investitorji, pristojni organi in ESMA obveščeni, da listinjenje izpolnjuje zahteve za STS.
The originator or original lender should have sufficient experience in originating exposures of a similar nature to those which have been securitised.
Obvestilo bi moralo vključevati tudi pojasnilo, na kakšen način so bila upoštevana posamezna merila za STS.
In the case of securitisations where the underlying exposures are residential loans, the pool of loans should not include any loan that was marketed and underwritten on the premise that the loan applicant or, where applicable intermediaries, were made aware that the information provided might not be verified by the lender.
ESMA bi moral nato to objaviti na seznamu uradno sporočenih listinjenj STS, ki je na voljo na njegovem spletnem mestu v informativne namene.
The assessment of the borrower’s creditworthiness should also meet where applicable, the requirements set out in Directive 2008/48/EC [10] or 2014/17/EU [11] of the European Parliament and of the Council or equivalent requirements in third countries.
Vključitev izdaj listninjenja na seznam uradno sporočenih listinjenj STS, ki ga vodi ESMA, ne pomeni, da so ESMA ali drugi pristojni organi potrdili, da listinjenje izpolnjuje zahteve za STS.
A strong reliance of the repayment of securitisation positions on the sale of assets securing the underlying assets creates vulnerabilities, as illustrated by the poor performance of parts of the market for commercial mortgage-backed securities (CMBS) during the financial crisis.
Skladnost z zahtevami za STS je še vedno izključna odgovornost originatorjev, sponzorjev in SSPE.
Therefore, CMBS should not be considered to be STS securitisations.
To bi moralo zagotoviti, da originatorji, sponzorji in SSPE prevzamejo odgovornost za svojo trditev, da je listinjenje STS in da je trg pregleden.
Where data on the environmental impact of assets underlying securitisations are available, the originator and sponsor of such securitisations should publish them.
Kadar listinjenje ne izpolnjuje več zahtev za STS, bi morali originator in sponzor o tem nemudoma uradno obvestiti ESMA in ustrezni pristojni organ.
Therefore, the originator, the sponsor and the SSPE of an STS securitisation where the underlying exposures are residential loans or auto loans or leases should publish the available information related to the environmental performance of the assets financed by such residential loans or auto loans or leases.
Poleg tega bi moral pristojni organ, kadar je naložil upravne sankcije v zvezi z listinjenjem, uradno sporočenim kot STS, nemudoma obvestiti ESMA, da jih vključi na seznam uradnih obvestil o STS, kar bi investitorjem omogočilo, da so obveščeni o takih sankcijah in o zanesljivosti uradnih obvestil o STS.
Where originators, sponsors and SSPEs would like their securitisations to use the STS designation, investors, competent authorities and ESMA should be notified that the securitisation meets the STS requirements.
Zato je v interesu originatorjev in sponzorjev, da zaradi posledic za ugled pošljejo dobro premišljena obvestila.
The notification should include an explanation on how each of the STS criteria has been complied with.
Investitorji bi morali izvesti svoj skrbni pregled naložb, sorazmeren s tveganji, vendar bi jim moralo biti omogočeno, da se lahko zanesejo na obvestila o STS in na informacije, ki jih razkrijejo originator, sponzor in SSPE o tem, ali listinjenje izpolnjuje zahteve za STS.
ESMA should then publish it on a list of notified STS securitisations made available on its website for information purposes.
Vendar pa se ne bi smeli izključno in sistematično zanašati na takšna obvestila in informacije.
The inclusion of a securitisation issuance in ESMA’s list of notified STS securitisations does not imply that ESMA or other competent authorities have certified that the securitisation meets the STS requirements.
Udeležba tretjih oseb kot pomoč pri preverjanju skladnosti listinjenja z zahtevami za STS bi lahko bila koristna za investitorje, originatorje, sponzorje in SSPE ter bi lahko pripomogla k povečanju zaupanja v trg za listinjenja STS.
Compliance with the STS requirements remains solely the responsibility of the originators, sponsors and SSPEs.
Originatorji, sponzorji in SSPE bi lahko za oceno skladnosti svojih listinjenj z merili za STS uporabljali tudi storitve tretjih oseb, odobrenih v skladu s to uredbo.
This should ensure that originators, sponsors and SSPEs take responsibility for their claim that the securitisation is STS and that there is transparency on the market.
Te tretje osebe bi morali odobriti pristojni organi.
Where a securitisation no longer meets the STS requirements, the originator and sponsor should immediately notify ESMA and the relevant competent authority.
V uradnem obvestilu ESMA in poznejši objavi na spletnem mestu ESMA bi moralo biti navedeno, ali je skladnost s STS potrdila odobrena tretja oseba.
Moreover, where a competent authority has imposed administrative sanctions with regard to a securitisation notified as being STS, that competent authority should immediately notify ESMA for their inclusion on the STS notifications list allowing investors to be informed about such sanctions and about the reliability of STS notifications.
Vendar je bistveno, da investitorji izvedejo svojo oceno, prevzamejo odgovornost za svoje naložbene odločitve in se ne zanašajo sistematično na take tretje osebe.
It is therefore in the interest of originators and sponsors to make well-considered notifications in order to avoid reputational consequences.
Udeležba tretje osebe v nobenem primeru ne bi smela pomeniti, da originatorji, sponzorji in institucionalni investitorji niso več pravno obvezani obveščati in obravnavati posle listinjenja kot STS.
Investors should perform their own due diligence on investments commensurate with the risks involved but they should be able to rely on the STS notification and on the information disclosed by the originator, sponsor and SSPE on whether a securitisation meets the STS requirements.
Države članice bi morale določiti pristojne organe in jim zagotoviti potrebna nadzorna, preiskovalna in sankcijska pooblastila.
However, they should not rely solely and mechanistically on such notifications and information.
Upravne sankcije bi načeloma morale biti objavljene.
The involvement of third parties in helping to check compliance of a securitisation with the STS requirements could be useful for investors, originators, sponsors and SSPEs and contribute to increasing confidence in the market for STS securitisations.
Ker so lahko investitorji, originatorji, sponzorji, prvotni kreditodajalci in SSPE ustanovljeni v različnih državah članicah in jih nadzirajo različni sektorski pristojni organi, bi bilo treba zagotoviti tesno sodelovanje med zadevnimi pristojnimi organi, vključno z Evropsko centralno banko (ECB) v zvezi s posebnimi nalogami, ki so nanjo prenesene v Uredbi Sveta (EU) št. 1024/2013 [12], in ESA z izmenjavo informacij ter pomočjo pri nadzornih dejavnostih.
Originators, sponsors and SSPEs could also use the services of a third party authorised in accordance with this Regulation to assess whether their securitisation complies with the STS criteria.
Pristojni organi bi morali uporabiti sankcije samo v primeru namernih kršitev ali kršitev iz malomarnosti.
Those third parties should be subject to authorisation by competent authorities.
Izvajanje popravnih ukrepov ne bi smelo biti odvisno od dokazov o nameri ali malomarnosti.
The notification to ESMA and the subsequent publication on ESMA’s website should mention whether STS compliance was confirmed by an authorised third party.
Pri določanju ustrezne vrste in stopnje sankcij ali popravnih ukrepov bi morali pristojni organi upoštevati finančno trdnost odgovorne fizične ali pravne osebe in zlasti celotne prihodke odgovorne pravne osebe ali letni prihodek in neto sredstva odgovorne fizične osebe.
However, it is essential that investors make their own assessment, take responsibility for their investment decisions and do not mechanistically rely on such third parties.
Pristojni organi bi morali tesno usklajevati svoj nadzor in zagotoviti, da so odločitve dosledne, zlasti v primeru kršitev te uredbe.
The involvement of a third party should not in any way shift away from originators, sponsors and institutional investors the ultimate legal responsibility for notifying and treating a securitisation transaction as STS.
Če takšna kršitev zadeva netočno ali zavajajoče uradno obvestilo, bi moral pristojni organ, ki je ugotovil kršitev, o tem tudi obvestiti ESA in ustrezne pristojne organe zadevnih držav članic.
Member States should designate competent authorities and provide them with the necessary supervisory, investigative and sanctioning powers.
V primeru nesoglasja med pristojnimi organi bi morala ESMA in po potrebi skupni odbor evropskih nadzornih organov izvajati svoja pooblastila glede zavezujočega posredovanja.
Administrative sanctions should, in principle, be published.
Zahteve za uporabo opredelitve „enostavno, pregledno in standardizirano (STS)“ listinjenje) so nove in bodo podrobneje določene pozneje v smernicah EBA in nadzorni praksi.
Since investors, originators, sponsors, original lenders and SSPEs can be established in different Member States and supervised by different sectoral competent authorities, close cooperation between relevant competent authorities, including the European Central Bank (ECB) with regard to specific tasks conferred on it by Council Regulation (EU) No 1024/2013 [12], and with the ESAs should be ensured by the mutual exchange of information and assistance in supervisory activities.
Da bi preprečili nadaljnje odvračanje udeležencev na trgu od uporabe te opredelitve, bi morali imeti pristojni organi možnost, da originatorju, sponzorju in SSPE dovolijo trimesečno obdobje odloga za odpravo vseh morebitnih napačnih uporab te opredelitve, ki so jih storili v dobri veri.
Competent authorities should apply sanctions only in the case of intentional or negligent infringements.
Dobra vera bi se morala predpostavljati, kadar originator, sponzor in SSPE niso mogli vedeti, da listinjenje ne izpolnjuje vseh meril za STS, da bi bilo lahko opredeljeno kot STS.
The application of remedial measures should not depend on evidence of intention or negligence.
V tem obdobju odloga bi moralo biti zadevno listinjenje še naprej obravnavano kot listinjenje skladno s STS in ne bi smelo biti izbrisano s seznama, ki ga pripravi ESMA v skladu s to uredbo.
In determining the appropriate type and level of sanction or remedial measure, when taking into account the financial strength of the responsible natural or legal person, competent authorities should in particular take into consideration the total turnover of the responsible legal person or the annual income and net assets of the responsible natural person.
Ta uredba spodbuja harmonizacijo več ključnih elementov na trgu listinjenja brez poseganja v dodatno dopolnilno harmonizacijo postopkov in praks na trgih listinjenja, ki upošteva potrebe trga.
Competent authorities should closely coordinate their supervision and ensure consistent decisions, especially in the event of infringements of this Regulation.
Zato je ključnega pomena, da si udeleženci na trgu in njihova strokovna združenja še naprej prizadevajo za nadaljnjo standardizacijo tržnih praks, zlasti za standardizacijo dokumentacije o listinjenjih.
Where such an infringement concerns an incorrect or misleading notification, the competent authority identifying that infringement should also inform the ESAs and the relevant competent authorities of the Member States concerned.
Komisija bi morala skrbno spremljati prizadevanja udeležencev na trgu za standardizacijo in o tem poročati.
In the event of disagreement between the competent authorities, ESMA, and, where appropriate, the Joint-Committee of the European Supervisory Authorities, should exercise their binding mediation powers.
Direktive 2009/65/ES [13], 2009/138/ES [14] in 2011/61/EU [15] Evropskega parlamenta in Sveta ter uredbi (ES) št. 1060/2009 [16] in (EU) št. 648/2012 [17] Evropskega parlamenta in Sveta se ustrezno spremenijo, da se zagotovi skladnost pravnega okvira Unije s to uredbo pri določbah, ki se nanašajo na listinjenje, katerih glavni namen je vzpostavitev in delovanje notranjega trga, zlasti z zagotavljanjem enakih konkurenčnih pogojev na notranjem trgu za vse institucionalne investitorje.
The requirements for using the designation ‘simple, transparent and standardised’ (STS) securitisation are new and will be further specified by EBA guidelines and supervisory practice over time.
Kar zadeva spremembe Uredbe (EU) št. 648/2012, za pogodbe o izvedenih finančnih instrumentih, s katerimi se trguje na prostem trgu (OTC), ki so jih sklenili SSPE, ne bi smela veljati obveznost kliringa, če so izpolnjeni določeni pogoji.