natgillin/translations-raw huggingface dataset:
Investments in or exposures to securitisations not only expose the investor to credit risks of the underlying loans or exposures, but the structuring process of securitisations could also lead to other risks such as agency risk, model risk, legal and operational risk, counterparty risk, servicing risk, liquidity risk and concentration risk.
Seznanijo se lahko z informacijami, ki jih razkrijejo stranke, udeležene v listinjenju, zlasti z uradnim obvestilom o STS in povezanimi informacijami, razkritimi v okviru tega, kar bi moralo investitorjem zagotoviti vse potrebne informacije o tem, kako so izpolnjena merila za STS.
Therefore, it is essential that institutional investors be subject to proportionate due-diligence requirements ensuring that they properly assess the risks arising from all types of securitisations, to the benefit of end investors.
Institucionalnim investitorjem bi moralo biti omogočeno, da se ustrezno zanesejo na obvestilo o STS in informacije, ki jih razkrijejo originator, sponzor in subjekt s posebnim namenom pri listinjenju (SSPE) o tem, ali listinjenje izpolnjuje zahteve za STS.
Due diligence can thus also enhance confidence in the market and between individual originators, sponsors and investors.
Vendar pa se ne bi smeli izključno in sistematično zanašati na takšno obvestilo in takšne informacije.
It is necessary that investors also exercise appropriate due diligence with regard to STS securitisations.
Bistveno je, da so interesi originatorjev, sponzorjev in prvotnih kreditodajalcev, vključenih v listinjenje, usklajeni z interesi investitorjev.
They can inform themselves with the information disclosed by the securitising parties, in particular the STS notification and the related information disclosed in this context, which should provide investors with all the relevant information on the way STS criteria are met.
Da bi to dosegli, bi morali originator, sponzor ali prvotni kreditodajalec zadržati pomemben delež v osnovnih izpostavljenostih v listinjenju.
Institutional investors should be able to place appropriate reliance on the STS notification and the information disclosed by the originator, sponsor and securitisation special purpose entity (SSPE) on whether a securitisation meets the STS requirements.
Zato je pomembno, da originatorji, sponzorji ali prvotni kreditodajalci zadržijo pomembno neto ekonomsko izpostavljenost zadevnim povezanim tveganjem.
However, they should not rely solely and mechanistically on such a notification and such information.
Na splošno posli listinjenja ne bi smeli biti strukturirani tako, da bi se izogibali uporabi zahteve po zadržanju.
It is essential that the interests of originators, sponsors, original lenders that are involved in a securitisation and investors be aligned.
Takšno zahtevo bi bilo treba uporabiti v vseh okoliščinah, kjer obstaja ekonomska vsebina listinjenja, ne glede na to, kakšne pravne strukture ali instrumenti bi se uporabili.
To achieve this, the originator, sponsor or original lender should retain a significant interest in the underlying exposures of the securitisation.
Večkratna uporaba zahteve po zadržanju ni potrebna.
It is therefore important for the originator, sponsor or original lender to retain a material net economic exposure to the underlying risks in question.
Za vsako listinjenje zadošča, da zahteva velja le za originatorja, sponzorja ali prvotnega kreditodajalca.
More generally, securitisation transactions should not be structured in such a way so as to avoid the application of the retention requirement.
Podobno bi se morala zahteva po zadržanju uporabljati le za listinjenje, ki je predmet investicije, če posli listinjenja vsebujejo druge pozicije v listinjenju kot osnovne izpostavljenosti.
That requirement should be applicable in all situations where the economic substance of a securitisation is applicable, whatever legal structures or instruments are used.
Iz obvestila o STS bi moralo biti investitorjem razvidno, da originatorji, sponzorji ali prvotni kreditodajalci zadržijo pomembno neto ekonomsko izpostavljenost do povezanih tveganj.
There is no need for multiple applications of the retention requirement.
Treba bi bilo sprejeti določene izjeme za primere, ko za listinjene izpostavljenosti v celoti, brezpogojno in nepreklicno jamčijo zlasti javni organi.
For any given securitisation, it suffices that only the originator, the sponsor or the original lender is subject to the requirement.
Kadar je zagotovljena podpora iz javnih sredstev v obliki jamstev ali drugih sredstev, ta uredba ne posega v pravila o državni pomoči.
Similarly, where securitisation transactions contain other securitisations positions as underlying exposures, the retention requirement should be applied only to the securitisation which is subject to the investment.
Pristojni organi bi morali nadzorovati izpolnjevanje te obveznosti s primerjavo sredstev, ki so podlaga za listinjenje, in primerljivih sredstev v bilanci stanja originatorja.
The STS notification should indicate to investors that the originator, sponsor or original lender is retaining a material net economic exposure to the underlying risks.
Primerjavo uspešnosti sredstev bi bilo treba narediti med sredstvi, za katere se predhodno pričakuje, da bodo podobno uspešna, na primer med slabimi hipotekami na stanovanjske nepremičnine, ki se prenesejo na SSPE, in slabimi hipotekami na stanovanjske nepremičnine v bilanci stanja originatorja.
Certain exceptions should be made for cases in which securitised exposures are fully, unconditionally and irrevocably guaranteed in particular by public authorities.
Ne predvideva se, da bi morala biti sredstva, ki so podlaga za listinjenje, podobno uspešna kot povprečna sredstva v bilanci stanja originatorja.
Any breach of that obligation should be subject to sanctions to be imposed by competent authorities, though only when such a breach is intentional.
Da bi povečali preglednost trga, bi bilo treba oblikovati okvir za repozitorije listinjenj za zbiranje zadevnih poročil, predvsem o osnovnih izpostavljenostih v listinjenju.
Negligence alone should not be subject to sanctions in that regard.
Takšne repozitorije listinjenj bi moral odobriti in nadzorovati Evropski nadzorni organ (Evropski organ za vrednostne papirje in trge) (ESMA), ustanovljen z Uredbo (EU) št. 1095/2010 Evropskega parlamenta in Sveta [6].
However, that obligation should not prejudice in any way the right of originators or sponsors to select assets to be transferred to the SSPE that ex ante have a higher-than-average credit-risk profile compared to the average credit-risk profile of comparable assets that remain on the balance sheet of the originator, as long as the higher credit-risk profile of the assets transferred to the SSPE is clearly communicated to the investors or potential investors.
ESMA bi moral pri določanju podrobnosti takšnih nalog poročanja zagotoviti, da informacije, ki se posredujejo tem repozitorijem, čim bolj natančno odražajo obstoječe predloge za razkritje takšnih informacij.
Competent authorities should supervise compliance with this obligation by comparing the assets underlying a securitisation and comparable assets held on the originator’s balance sheet.
Glavni namen splošne obveznosti originatorja, sponzorja in SSPE, da morajo dati na voljo informacije o listinjenju prek repozitorija listinjenj, je zagotoviti investitorjem enoten in nadzorovan vir podatkov, potrebnih za izvajanje skrbnega pregleda.
The comparison of performance should be made between assets that are ex ante expected to have similar performances, for example between non-performing residential mortgages transferred to the SSPE and non-performing residential mortgages held on the balance sheet of the originator.
Zasebna listinjenja so pogosto prilagojena.
There is no presumption that the assets underlying a securitisation should perform similarly to the average assets held on the originator’s balance sheet.
Pomembna so, ker omogočajo strankam sklepanje poslov listinjenja brez razkritja občutljivih poslovnih informacij o poslu (npr. razkritje dejstva, da določeno podjetje potrebuje finančna sredstva za razširitev proizvodnje ali da investicijsko podjetje vstopi na nov trg v okviru svoje strategije) in/ali informacij v zvezi z osnovnimi sredstvi (npr. o vrsti denarnih terjatev iz trgovanja, ki jih ustvari industrijsko podjetje) na trgu in konkurenci.
The ability of investors and potential investors to exercise due diligence and thus make an informed assessment of the creditworthiness of a given securitisation instrument depends on their access to information on those instruments.
V teh primerih so investitorji v neposrednem stiku z originatorjem in/ali sponzorjem in od njih neposredno prejmejo informacije, potrebne za izvajanje skrbnega pregleda.
Based on the existing acquis, it is important to create a comprehensive system under which investors and potential investors will have access to all the relevant information over the entire life of the transactions, to reduce originators’, sponsors’ and SSPEs’ reporting tasks and to facilitate investors’ continuous, easy and free access to reliable information on securitisations.
Zato bi bilo primerno, da bi zasebna listinjenja izvzeli iz zahteve, da morajo sporočiti informacije o poslu repozitoriju listinjenj.
To enhance market transparency, a framework for securitisation repositories to collect relevant reports, primarily on underlying exposures in securitisations, should be established.
Originatorji, sponzorji in prvotni kreditodajalci bi morali za izpostavljenosti, ki se listinijo, uporabljati ista zanesljiva in jasno opredeljena merila za odobritev kreditov, kot jih uporabljajo za nelistinjene izpostavljenosti.
Such securitisation repositories should be authorised and supervised by the European Supervisory Authority (European Securities and Markets Authority) (‘ESMA’), established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council [6].
Vendar pa ni treba izpolnjevati meril za odobritev kreditov za denarne terjatve iz trgovanja, če denarne terjatve iz trgovanja niso v obliki posojila.
In specifying the details of such reporting tasks, ESMA should ensure that the information required to be reported to such repositories reflects as closely as possible existing templates for disclosures of such information.
Instrumenti listinjenja na splošno niso primerni za neprofesionalne stranke v smislu Direktive 2014/65/EU.
The main purpose of the general obligation for the originator, sponsor and the SSPE to make available information on securitisations via the securitisation repository is to provide the investors with a single and supervised source of the data necessary for performing their due diligence.
Originatorji, sponzorji in SSPE bi morali poskrbeti, da so v poročilu investitorjem na voljo vsi pomembni podatki o kreditni kakovosti in uspešnosti osnovnih izpostavljenosti, vključno s podatki, ki investitorjem omogočajo, da jasno ugotovijo nerednost plačil in neplačila prvotnih dolžnikov, prestrukturiranje dolga, oprostitev dolga, restrukturiranje, ponovni odkup, moratorije na odplačevanje dolga, izgube, prerazvrstitve med neplačane izpostavljenosti (charge off), izterjave in druge postopke za povečanje uspešnosti sredstev v skupini osnovnih izpostavljenosti.
Private securitisations are often bespoke.
Poročilo investitorjem bi moralo vključevati, v primeru listinjenja, ki ni posel ABCP, tudi podatke o denarnih tokovih iz naslova osnovnih izpostavljenosti in iz obveznosti listinjenja, vključno z ločenim razkritjem prihodkov in izplačil iz pozicij v listinjenju, zlasti o načrtovani glavnici, načrtovanih obrestih, predčasno odplačani glavnici, zapadlih obrestih, pristojbinah in dajatvah, ter podatke, ki se nanašajo na vse sprožilne dogodke, ki povzročajo spremembe v vrstnem redu plačil ali zamenjavo katere koli nasprotne stranke, ter podatke o višini in obliki kreditne izboljšave, ki je na voljo za vsako tranšo.
They are important because they allow parties to enter into securitisation transactions without disclosing sensitive commercial information on the transaction (e.g. disclosing that a certain company needs funding to expand production or that an investment firm is entering a new market as part of its strategy) and/or related to the underlying assets (e.g. on the type of trade receivable generated by an industrial firm) to the market and competitors.
Čeprav so listinjenja, ki so enostavna, pregledna in standardizirana, v preteklosti dobro delovala, izpolnitev katere koli zahteve za STS ne pomeni, da je pozicija v listinjenju brez tveganja, niti to ne pove ničesar o kreditni kakovosti, na kateri temelji listinjenje.
In those cases, investors are in direct contact with the originator and/or sponsor and receive the information necessary to perform their due diligence directly from them.
Namesto tega je treba razumeti, da to kaže, da bo lahko preudaren in skrben investitor analiziral tveganja pri listinjenju.
Therefore, it is appropriate to exempt private securitisations from the requirement to notify the transaction information to a securitisation repository.
Da bi omogočili različne strukturne značilnosti dolgoročnih listinjenj in kratkoročnih listinjenj (zlasti programov ABCP in poslov ABCP), bi morali obstajati dve vrsti zahtev za STS, in sicer ena za dolgoročna in ena za kratkoročna listinjenja, ki bi ustrezala obema različno delujočima tržnima segmentoma.
Originators, sponsors and original lenders should apply to exposures to be securitised the same sound and well-defined criteria for credit-granting which they apply to non-securitised exposures.
Programi ABCP temeljijo na več poslih ABCP s kratkoročnimi izpostavljenostmi, ki jih je treba zamenjati, ko zapadejo.
However, to the extent that trade receivables are not originated in the form of a loan, credit-granting criteria need not be met with respect to trade receivables.
V poslu ABCP bi lahko listinjenje med drugim dosegli z dogovorom o različnih popustih pri odkupni ceni skupine osnovnih izpostavljenosti ali z izdajo nadrejenih in podrejenih dolžniških instrumentov s strani SSPE v strukturi sofinanciranja, pri čemer se nadrejeni dolžniški instrumenti potem prenesejo na odkupne subjekte enega ali več programov ABCP.
Securitisation instruments are generally not appropriate for retail clients within the meaning of Directive 2014/65/EU.
Posli ABCP, ki štejejo za STS, pa ne bi smeli vključevati nobenega relistinjenja.
Originators, sponsors and SSPEs should make available in the investor report all materially relevant data on the credit quality and performance of underlying exposures, including data allowing investors to clearly identify delinquency and default of underlying debtors, debt restructuring, debt forgiveness, forbearance, repurchases, payment holidays, losses, charge offs, recoveries and other asset performance remedies in the pool of underlying exposures.
Poleg tega bi morala merila za STS odražati tudi posebno vlogo sponzorja, ki zagotavlja likvidnostno podporo programu ABCP, zlasti za v celoti podprte programe ABCP.
The investor report should include in the case of a securitisation which is not an ABCP transaction data on the cash flows generated by underlying exposures and by the liabilities of the securitisation, including separate disclosure of the securitisation position’s income and disbursements, namely scheduled principal, scheduled interest, prepaid principal, past due interest and fees and charges, and data relating to the triggering of any event implying changes in the priority of payments or replacement of any counterparties, as well as data on the amount and form of credit enhancement available to each tranche.
Tako na mednarodni ravni kot na ravni Unije je bilo opravljenega že veliko dela za opredelitev listinjenja STS.
Although securitisations that are simple, transparent and standardised have in the past performed well, the satisfaction of any STS requirements does not mean that the securitisation position is free of risks, nor does it indicate anything about the credit quality underlying the securitisation.
V delegiranih uredbah Komisije (EU) 2015/35 [7] in (EU) 2015/61 [8] so bila že določena merila za STS listinjenje za posebne namene, za katero se uporablja bonitetna obravnava, ki bolj upošteva tveganja.
Instead, it should be understood to indicate that a prudent and diligent investor will be able to analyse the risks involved in the securitisation.
SSPE bi se lahko ustanovili samo v tistih tretjih državah, ki niso uvrščene na seznam držav in ozemelj z visokim tveganjem ter nekooperativnih jurisdikcij Projektne skupine za finančno ukrepanje(FATF).
In order to allow for the different structural features of long-term securitisations and of short-term securitisations (namely ABCP programmes and ABCP transactions), there should be two types of STS requirements: one for long-term securitisations and one for short-term securitisations corresponding to those two differently functioning market segments.
Če bo do začetka pregleda te uredbe Unija sprejela poseben seznam tretjih držav, ki ne izpolnjujejo standardov dobrega davčnega upravljanja, bi bilo treba ta seznam Unije upoštevati in bi lahko postal referenčni seznam tretjih držav, kjer ni dovoljeno ustanavljati SSPE.
ABCP programmes rely on a number of ABCP transactions consisting of short-term exposures which need to be replaced once matured.
Bistveno je, da se na podlagi obstoječih meril ter meril, ki sta jih sprejela Baselski odbor za bančni nadzor (BCBS) in Mednarodno združenja nadzornikov trga vrednostnih papirjev (IOSCO) 23. julija 2015, za opredelitev enostavnih, preglednih in primerljivih listinjenj v okviru kapitalske ustreznosti za listinjenje ter zlasti na podlagi mnenja o evropskem okviru za kvalificirano listinjenje, objavljenega 7. julija 2015, Evropskega nadzornega organa (Evropskega bančnega organa) (EBA), vzpostavljenega z Uredbo (EU) št. 1093/2010 Evropskega parlamenta in Sveta [9], oblikuje splošna opredelitev listinjenja STS, ki se uporablja za vse sektorje.
In an ABCP transaction, securitisation could be achieved, inter alia, through agreement on a variable purchase-price discount on the pool of underlying exposures, or the issuance of senior and junior notes by an SSPE in a co-funding structure where the senior notes are then transferred to the purchasing entities of one or more ABCP programmes.
Izvajanje meril za STS v vsej Uniji ne bi smelo privesti do različnih pristopov.
However, ABCP transactions qualifying as STS should not include any resecuritisations.
Različni pristopi bi ustvarili morebitne ovire za čezmejne investitorje, saj bi se le ti morali seznaniti s podrobnostmi okvirov posameznih držav članic, ter tako spodkopali zaupanje investitorjev v merila za STS.
In addition, STS criteria should reflect the specific role of the sponsor providing liquidity support to the ABCP programme, in particular for fully supported ABCP programmes.
EBA bi moral torej pripraviti smernice, da bi zagotovili skupno in usklajeno razumevanje zahtev za STS v vsej Uniji ter obravnavali morebitne težave pri razlagi.
At both the international and Union level, much work has already been done to identify STS securitisation.
Z enotnim tolmačenjem bi poenostavili sprejetje meril za STS s strani originatorjev, sponzorjev in investitorjev.
In Commission Delegated Regulations (EU) 2015/35 [7] and (EU) 2015/61 [8], criteria have already been set out for STS securitisation for specific purposes to which a more risk-sensitive prudential treatment is given.
Pri reševanju morebitnih težav pri tolmačenju bi moral imeti aktivno vlogo tudi ESMA.
SSPEs should only be established in third countries that are not listed as high-risk and non-cooperative jurisdictions by the Financial Action Task Force (FATF).
Da bi preprečili različne pristope pri izvajanju meril za STS, bi morali trije evropski nadzorni organi (ESA) usklajevati svoje delo in delo pristojnih organov v okviru skupnega odbora evropskih nadzornih organov, da se zagotovi usklajenost med sektorji in presojajo praktična vprašanja, ki bi se lahko pojavila v zvezi z listinjenji STS.
If a specific Union list of third-country jurisdictions that refuse to comply with tax good-governance standards has been adopted by the time a review of this Regulation is conducted, that Union list should be taken into account and could become the reference list for third countries where SSPEs are not allowed to be established.
Pri tem je treba zaprositi tudi za mnenja udeležencev na trgu in jih čim bolj upoštevati.
It is essential to establish a general and cross-sectorally applicable definition of STS securitisation based on the existing criteria, as well as on the criteria adopted by the Basel Committee on Banking Supervision (BCBS) and the International Organisation of Securities Commissions (IOSCO) on 23 July 2015 for identifying simple, transparent and comparable securitisations in the framework of capital sufficiency for securitisations, and in particular based on the opinion on a European framework for qualifying securitisation published on 7 July 2015 by the European Supervisory Authority (European Banking Authority) (EBA), established by Regulation (EU) No 1093/2010 of the European Parliament and of the Council [9].
Izid teh razprav bi moral biti javno dostopen na spletnih mestih ESA, da bi pomagal originatorjem, sponzorjem, SSPE in investitorjem pri oceni listinjenj STS pred izdajo ali vlaganjem v takšne pozicije.
Implementation of the STS criteria throughout the Union should not lead to divergent approaches.
Takšen usklajevalni mehanizem bi bil zlasti pomemben v obdobju do izvajanja te uredbe.
Divergent approaches would create potential barriers for cross-border investors by obliging them to familiarise themselves with the details of the Member State frameworks, thereby undermining investor confidence in the STS criteria.
V skladu s to uredbo se lahko le listinjenja s „pravo prodajo“ označijo kot STS.
The EBA should therefore develop guidelines to ensure a common and consistent understanding of the STS requirements throughout the Union, in order to address potential interpretation issues.
Pri listinjenju s pravo prodajo se lastništvo osnovnih izpostavljenosti prenese ali dejansko pripiše izdajateljskemu subjektu, ki je SSPE.
Such a single source of interpretation would facilitate the adoption of the STS criteria by originators, sponsors and investors.
Za prenos ali odstop osnovnih izpostavljenosti na SSPE ne bi smele veljati določbe o vračilu sredstev v primeru insolventnosti prodajalca, brez poseganja v določbe nacionalnega prava na področju insolventnosti, v skladu s katerimi je mogoče prodajo osnovnih izpostavljenosti, izvedeno v določenem obdobju pred razglasitvijo insolventnosti prodajalca, pod strogimi pogoji razveljaviti.
ESMA should also play an active role in addressing potential interpretation issues.
S pravnim mnenjem usposobljenega pravnega svetovalca bi lahko potrdili pravo prodajo, odstop ali prenos osnovnih izpostavljenosti z enakim pravnim učinkom in izvršljivost te prave prodaje, odstopa ali prenosa z enakim pravnim učinkom v skladu z veljavnim pravom.
In order to prevent divergent approaches in the implementation of the STS criteria, the three European Supervisory Authorities (ESAs) should, in the framework of the Joint Committee of the European Supervisory Authorities, coordinate their work and that of the competent authorities to ensure cross-sectoral consistency and assess practical issues which could arise with regard to STS securitisations.
Pri listinjenjih, ki niso „prava prodaja“, se na izdajateljski subjekt, ki je SSPE, ne prenesejo osnovne izpostavljenosti, ampak se s pogodbo o izvedenem finančnem instrumentu ali jamstvi prenese kreditno tveganje, povezano z osnovnimi izpostavljenostmi.
In doing so, the views of market participants should also be requested and taken into account to the extent possible.
S tem se uvedeta dodatno kreditno tveganje nasprotne stranke in morebitna kompleksnost, zlasti v zvezi z vsebino pogodbe o izvedenem finančnem instrumentu.
The outcome of those discussions should be made public on the websites of the ESAs so as to help originators, sponsors, SSPEs and investors assess STS securitisations before issuing or investing in such positions.
Zaradi tega merila za STS ne bi smela dovoljevati sintetičnega listinjenja.