natgillin/translations-raw huggingface dataset:
This in turn implies that counterparties may choose to adopt different models to calculate the amounts of initial margin to be exchanged between them, and that those amounts of initial margin may not be symmetrical.
Iz tega sledi, da se lahko nasprotne stranke odločijo sprejeti različne modele za izračun zneskov začetnega kritja, ki ga izmenjajo, in da ti zneski začetnega kritja morda ne bodo simetrični.
While there is a need for recalibrating an initial margin model with sufficient frequency, a new calibration might lead to unexpected levels of margin requirements.
Čeprav obstaja potreba po dovolj pogosti ponovni kalibraciji modela začetnega kritja, lahko nova kalibracija pripelje do nepričakovanih ravni zahtev za kritje.
For this reason, an appropriate time period should be established, during which margins may still be exchanged based on the previous calibration.
Zato bi bilo treba vzpostaviti primerna obdobja, v katerih se lahko kritja še vedno izmenjajo na podlagi predhodne kalibracije.
This should give counterparties enough time to comply with margin calls resulting from the recalibration.
To bi moralo dati nasprotnim strankam dovolj časa, da izpolnijo pozive k doplačilu kritja, ki so rezultat ponovne kalibracije.
Collateral should be considered as being freely transferable if, in the case of a default of the poster of collateral, there are no regulatory or legal impediments or third-party claims, including those of the third-party custodian.
Zavarovanje s premoženjem bi se moralo šteti kot prosto prenosljivo, če v primeru neplačila predložitelja zavarovanja s premoženjem ni regulativnih ali pravnih ovir ali terjatev tretjih oseb, vključno s terjatvami skrbnika, ki je tretja oseba.
However, certain claims, such as costs and expenses incurred for the transfer of the collateral, in the form of liens routinely imposed on all securities transfers, should not be considered an impediment as that would lead to a situation where an impediment would always be identified.
Vendar nekaterih terjatev, kot so stroški in odhodki, ki so nastali zaradi prenosa zavarovanja s premoženjem, v obliki zastavnih pravic, ki se rutinsko zaračunajo za vse prenosne vrednostne papirje, ne bi smeli šteti kot ovire, saj bi to privedlo do situacije, ko bi se vedno ugotovila ovira.
The collecting counterparty should have the operational capability to liquidate the collateral in the case of a default of the poster of collateral.
Nasprotna stranka prejemnica zavarovanja s premoženjem bi morala imeti operativno zmogljivost, da unovči zavarovanje s premoženjem v primeru neplačila predložitelja zavarovanja s premoženjem.
The collecting counterparty should also be able to use the cash proceeds of liquidation to enter into an equivalent contract with another counterparty or to hedge the resulting risk.
Nasprotna stranka prejemnica zavarovanja s premoženjem bi morala biti tudi sposobna uporabiti denarne prihodke od unovčenja za sklenitev enakovredne pogodbe z drugo nasprotno stranko ali za zavarovanje pred nastalim tveganjem.
Having access to the market should therefore be a pre-requisite for the collector of collateral to enable it to either sell the collateral or repo it within a reasonable amount of time.
Dostop do trga bi zato moral biti pogoj za prejemnika zavarovanja s premoženjem, ki bi mu omogočil, da zavarovanje s premoženjem proda ali ga začasno proda v razumnem času.
This capability should be independent of the poster of collateral.
Ta sposobnost bi morala biti neodvisna od predložitelja zavarovanja s premoženjem.
Collateral collected must be of sufficiently high liquidity and credit quality to allow the collecting counterparty to liquidate the positions without suffering a loss due to significant changes in value in case the other counterparty defaults.
Pobrano zavarovanje s premoženjem bi moralo imeti dovolj visoko likvidnost in kreditno kakovost, da bi nasprotni stranki prejemnici zavarovanja s premoženjem omogočilo unovčenje pozicij brez izgube zaradi bistvenih sprememb vrednosti v primeru, da druga nasprotna stranka preneha izpolnjevati finančne obveznosti.
The credit quality of the collateral should be assessed relying on recognised methodologies such as the ratings of external credit assessment institutions.
Kreditna kakovost zavarovanja s premoženjem bi se morala oceniti na podlagi priznanih metodologij, kot so ocene zunanjih bonitetnih agencij.
In order to mitigate the risk of mechanistic reliance on external ratings, however, a number of additional safeguards should be introduced.
Da bi zmanjšali tveganje samodejnega zanašanja na zunanje bonitetne ocene, bi bilo treba uvesti več dodatnih zaščitnih ukrepov.
Those safeguards should include the possibility to use an approved Internal Rating Based (‘IRB’) model and the possibility to delay the replacement of collateral that becomes ineligible due to a rating downgrade, with the view to efficiently mitigating potential cliff effects that may arise from excessive reliance on external credit assessments.
Navedeni zaščitni ukrepi bi morali vključevati možnost uporabe modela na podlagi notranjih bonitetnih ocen (v nadaljnjem besedilu: model IRB) in možnost odložitve nadomestitve zavarovanja s premoženjem, ki postane neprimerno zaradi znižanja bonitetne ocene, z namenom učinkovitega zmanjševanja nesorazmernih učinkov, do katerih lahko pride zaradi pretiranega zanašanja na zunanje bonitetne ocene.
While haircuts mitigate the risk that collected collateral is not sufficient to cover margin needs in a time of financial stress, other risk mitigants are also needed when accepting non-cash collateral in order to ensure that it can be effectively liquidated In particular, counterparties should ensure that the collateral collected is reasonably diversified in terms of individual issuers, issuer types and asset classes.
Čeprav odbitki zmanjšajo tveganje, da pobrano zavarovanje s premoženjem ne bo pokrilo potreb po kritju v času finančnih težav, so pri sprejemanju zavarovanja, ki ni v obliki denarnih sredstev, potrebni tudi drugi instrumenti za zmanjševanje tveganja za zagotavljanje, da je zavarovanje s premoženjem mogoče učinkovito unovčiti.
The impact on financial stability of liquidating the collateral posted by non-systemically important counterparties is limited.
Nasprotne stranke bi morale zlasti zagotoviti, da je pobrano zavarovanje s premoženjem ustrezno razpršeno v smislu posameznih izdajateljev, vrst izdajateljev in razredov sredstev.
Further, concentration limits on initial margin might be burdensome for counterparties with small OTC derivative portfolios as they might have only a limited range of eligible collateral available to post.
Učinek unovčenja zavarovanja s premoženjem, ki ga predložijo nasprotne stranke, ki niso sistemsko pomembne, je omejen.
Therefore, even though collateral diversification is a valid risk mitigant, non-systemically important counterparties should not be required to diversify collateral.
Poleg tega bi lahko meje koncentracije za začetno kritje obremenile nasprotne stranke z majhnimi portfelji izvedenih finančnih instrumentov OTC, saj lahko imajo na voljo le omejen obseg primernega zavarovanja s premoženjem, ki ga lahko predložijo.
On the other hand, systemically important financial institutions and other counterparties with large OTC derivative portfolios trading with each other should apply the concentration limits at least to initial margin including with respect to eligible collateral comprising Member States' sovereign debt securities.
Zato kljub temu, da je razpršitev zavarovanja s premoženjem veljaven instrument za zmanjševanje tveganja, nasprotnim strankam, ki niso sistemsko pomembne, ne bi bilo treba razpršiti zavarovanja s premoženjem.
Those counterparties are sophisticated enough to either transform collateral or to access multiple markets and issuers to sufficiently diversify the collateral posted.
Po drugi strani bi morale sistemsko pomembne finančne institucije in druge nasprotne stranke z velikimi portfelji izvedenih finančnih instrumentov OTC, ki medsebojno poslujejo, uporabiti meje koncentracije vsaj pri začetnem kritju, vključno v zvezi s primernim zavarovanjem s premoženjem, ki ga predstavljajo državni dolžniški vrednostni papirji držav članic.
Article 131 of Directive 2013/36/EU of the European Parliament and of the Council [4] provides for the identification of institutions as systemically important under Union law.
Navedene nasprotne stranke so dovolj razvite, da lahko pretvorijo zavarovanje s premoženjem ali dostopajo do več trgov in izdajateljev ter predloženo zavarovanje s premoženjem tako zadosti razpršijo.
However, given the broad scope of Regulation (EU) No 648/2012, a quantitative threshold should be introduced so that the requirements for concentration limits apply also to counterparties that might not fall under those existing classifications of systemically important institutions but which should nonetheless be subject to concentration limits because of the size of their OTC derivative portfolios.
Člen 131 Direktive 2013/36/EU Evropskega parlamenta in Sveta [4] zagotavlja opredelitev institucij kot sistemsko pomembnih v skladu s pravom Unije.
Pension scheme arrangements are subject to bilateral collateralisation requirements.
Vendar bi moral biti glede na široko področje uporabe Uredbe (EU) št. 648/2012 uveden kvantitativni prag, tako da bi zahteve za meje koncentracije veljale tudi za nasprotne stranke, ki morda ne spadajo v obstoječe razvrstitve sistemsko pomembnih institucij, vendar bi zanje kljub temu morale veljati meje koncentracije zaradi velikosti njihovih portfeljev izvedenih finančnih instrumentov OTC.
It is, however, important to avoid excessive burden from those requirements on the expected performance of those schemes and, consequently, on the retirement income of future pensioners.
Za pokojninske sheme veljajo zahteve po dvostranskem zavarovanju s premoženjem.
Pension scheme arrangements' liabilities to retirees are denominated in local currencies and their investments must therefore be denominated in the same currency in order to avoid the costs and risks of foreign currency mismatches.
Vendar se je pomembno izogniti pretiranim obremenitvam za pričakovane rezultate navedenih shem in posledično za pokojninske prihodke bodočih upokojencev, ki izhajajo iz takih zahtev.
It is therefore appropriate to provide that concentration limits do not apply to pension scheme arrangements in the same manner as for other counterparties.
Obveznosti pokojninskih shem do upokojencev so denominirane v lokalnih valutah, zato morajo biti njihove naložbe denominirane v isti valuti, da bi se izognili stroškom in tveganju valutnih neusklajenosti.
However, it is important that adequate risk management procedures are in place to monitor and address potential concentration risks arising from that special regime.
Zato je ustrezno določiti, da se meje koncentracije ne uporabljajo za pokojninske sheme na enak način kot za druge nasprotne stranke.
The application of these provisions with regard to pension scheme arrangements should be monitored and reviewed in light of market developments.
Vendar je pomembno, da so vzpostavljeni ustrezni postopki obvladovanja tveganja za spremljanje in obravnavo morebitnih tveganj koncentracije, ki nastanejo zaradi te posebne ureditve.
Difficulties in segregating cash collateral should be acknowledged by allowing counterparties to post a limited amount of initial margin in the form of cash and by allowing custodians to reinvest this cash collateral.
Uporabo teh določb v zvezi s pokojninskimi shemami bi bilo treba spremljati in pregledati glede na dogajanje na trgu.
However, cash held by a custodian is a liability that the custodian has towards the posting counterparty, which generates a credit risk for the posting counterparty.
Težave pri ločevanju zavarovanja z denarnimi sredstvi bi bilo treba priznati tako, da se nasprotnim strankam dovoli predložitev omejenega zneska začetnega kritja v obliki denarnih sredstev in tako, da se skrbnikom dovoli ponovno investiranje tega zavarovanja z denarnimi sredstvi.
Therefore, in order to reduce systemic risk, the use of cash as initial margin should be subject to diversification requirements at least for systemically important institutions.
Vendar so denarna sredstva, ki jih poseduje skrbnik, obveznost, ki jo ima skrbnik do nasprotne stranke predložiteljice zavarovanja s premoženjem, kar ustvari kreditno tveganje za nasprotno stranko predložiteljico zavarovanja s premoženjem.
Systemically important institutions should be required to either limit the amount of initial margin collected in cash or to diversify the exposures by using more than one custodian.
Da bi zmanjšali sistemsko tveganje, bi morale za uporabo denarnih sredstev kot začetnega kritja veljati zahteve po razpršitvi vsaj za sistemsko pomembne institucije.
The value of collateral should not exhibit a significant positive correlation with the creditworthiness of the poster of collateral or the value of the underlying non-centrally cleared derivatives portfolio since this would undermine the effectiveness of the protection offered by the collateral collected.
Od sistemsko pomembnih institucij bi se moralo zahtevati, da omejijo znesek pobranega začetnega kritja v obliki denarnih sredstev ali da razpršijo izpostavljenosti tako, da uporabijo več kot enega skrbnika.
Accordingly, securities issued by the poster of collateral or its related entities should not be accepted as collateral.
Vrednost zavarovanja s premoženjem ne bi smela kazati pomembne pozitivne korelacije s kreditno sposobnostjo predložitelja zavarovanja s premoženjem ali vrednostjo osnovnega portfelja izvedenih finančnih instrumentov brez opravljenega centralnega kliringa, saj bi to ogrozilo učinkovitost zaščite, ki jo ponuja pobrano zavarovanje s premoženjem.
Counterparties should also be required to monitor that collateral collected is not subject to other forms of wrong way risk.
Zato se vrednostni papirji, ki jih izda predložitelj zavarovanja s premoženjem ali njegovi povezani subjekti, ne bi smeli sprejeti kot zavarovanje s premoženjem.
It should be possible for the non-defaulting counterparty to liquidate assets collected as collateral as initial or variation margin in a sufficiently short time in order to protect against losses on non-centrally cleared OTC derivative contracts in the event of a counterparty default.
Nasprotne stranke bi morale tudi spremljati, ali za pobrano zavarovanje s premoženjem ne veljajo druge oblike tveganja neugodnih gibanj.
These assets should therefore be highly liquid and should not be exposed to excessive credit, market or foreign exchange risk.
Nasprotna stranka, ki izpolnjuje obveznosti, bi morala imeti možnost, da sredstva, pobrana kot zavarovanje s premoženjem za začetno ali gibljivo kritje, unovči v dovolj kratkem času, da se zaščiti pred izgubami iz pogodb o izvedenih finančnih instrumentih OTC brez opravljenega centralnega kliringa v primeru neplačila nasprotne stranke.
To the extent that the value of the collateral is exposed to these risks, appropriately risk-sensitive haircuts should be applied.
Navedena sredstva bi zato morala biti visoko likvidna in ne bi smela biti izpostavljena prevelikemu kreditnemu, tržnemu ali valutnemu tveganju.
In order to ensure the timely transfer of collateral, counterparties should have efficient operational processes in place.
V obsegu, v katerem je vrednost zavarovanja s premoženjem izpostavljena navedenim tveganjem, bi bilo treba uporabiti ustrezne odbitke, ki upoštevajo tveganja.
This requires that the processes for the bilateral exchange of collateral are sufficiently detailed, transparent and robust.
Da bi zagotovili pravočasen prenos zavarovanja s premoženjem, bi morale nasprotne stranke imeti vzpostavljene učinkovite operativne postopke.
A failure by counterparties to agree upon and establish an operational framework for efficient calculation, notification and finalisation of margin calls can lead to disputes and failed exchanges of collateral that result in uncollateralised exposures under OTC derivative contracts.
To zahteva, da so postopki za dvostransko izmenjavo zavarovanja s premoženjem dovolj podrobni, pregledni in trdni.
As a result, it is essential that counterparties set clear internal policies and standards in respect of collateral transfers.
Če se nasprotni stranki ne uspeta dogovoriti o operativnem okviru za učinkovit izračun, obveščanje in zaključevanje pozivov k vplačilu kritja ter ga vzpostaviti, lahko to pripelje do sporov in neuspešnih izmenjav zavarovanja s premoženjem, ki privedejo do nezavarovanih izpostavljenosti v pogodbah o izvedenih finančnih instrumentih OTC.
Any deviation from those policies should be rigorously reviewed by all relevant internal stakeholders that are required to authorise those deviations.
Zato je bistveno, da nasprotne stranke določijo jasne notranje politike in standarde v zvezi s prenosi zavarovanja s premoženjem.
Furthermore, all applicable terms in respect of operational exchange of collateral should be accurately recorded in detail in a robust, prompt and systematic way.
Vsako odstopanje od teh politik bi morali natančno pregledati vsi zadevni notranji deležniki, ki morajo odobriti ta odstopanja.
An exchange of collateral agreement should be concluded between counterparties entering into non-centrally cleared OTC derivative contracts in order to provide legal certainty.
Poleg tega bi bilo treba zanesljivo, takoj in sistematično pravilno evidentirati vse veljavne pogoje v zvezi z operativno izmenjavo zavarovanja s premoženjem.
As a result, the exchange of collateral agreement should include all material rights and obligations of the counterparties applicable to non-centrally cleared OTC derivative contracts.
Nasprotni stranki, ki sklepata pogodbo o izvedenih finančnih instrumentih OTC brez opravljenega centralnega kliringa, bi morali skleniti pogodbo o izmenjavi zavarovanja s premoženjem, da se zagotovi pravna varnost.
Collateral protects the collecting counterparty in the event of the default of the posting counterparty.
Posledično bi morala pogodba o izmenjavi zavarovanja s premoženjem vključevati vse glavne pravice in obveznosti nasprotnih strank, ki veljajo za pogodbe o izvedenih finančnih instrumentih OTC brez opravljenega centralnega kliringa.
However, both counterparties are also responsible for ensuring that the manner in which collateral collected is held does not increase the risk of a loss of excess posted collateral for the posting counterparty in case the collecting counterparty defaults.
Zavarovanje s premoženjem ščiti nasprotno stranko prejemnico zavarovanja s premoženjem v primeru neplačila nasprotne stranke predložiteljice zavarovanja s premoženjem.
For this reason, the bilateral agreement between the counterparties should allow both counterparties to access the collateral in a timely manner when they have the right to do so, hence the need for rules on segregation and for rules providing for an assessment of the effectiveness of the agreement in this respect, taking into account the legal constraints and the market practices of each jurisdiction.
Vendar sta obe nasprotni stranki odgovorni tudi za to, da zagotovita, da način, na katerega se pobrano zavarovanje s premoženjem poseduje, ne poveča tveganja izgube presežnega predloženega zavarovanja s premoženjem za nasprotno stranko predložiteljico v primeru, da nasprotna stranka prejemnica preneha izpolnjevati finančne obveznosti.
The re-hypothecation, re-pledge or re-use of collateral collected as initial margins would create new risks for counterparties due to claims of third parties over the assets in the event of a default.
Zaradi tega bi morali dvostranski sporazumi med nasprotnimi strankami obema nasprotnima strankama dovoljevati pravočasen dostop do zavarovanja s premoženjem, kadar imajo pravico do tega, zato so potrebna pravila o ločevanju in pravila, ki zagotavljajo oceno učinkovitosti tega vidika pogodbe, ob upoštevanju pravnih ovir in tržnih praks vsake jurisdikcije.
Legal and operational complications could delay the return of the collateral in the event of a default of the initial collateral collector or the third party or even make it impossible.
Ponovna zastava ali ponovna uporaba zavarovanja s premoženjem, pobranega kot začetno kritje, bi v primeru neplačila povzročila nova tveganja za nasprotne stranke zaradi terjatev tretjih oseb, ki obremenjujejo sredstva.
In order to preserve the efficiency of the framework and ensure a proper mitigation of counterparty credit risks, the re-hypothecation, re-pledge or re-use of collateral collected as initial margin should therefore not be permitted.
Pravni in operativni zapleti bi lahko zadržali vračilo zavarovanja s premoženjem v primeru neplačila prvotnega prejemnika zavarovanja s premoženjem ali tretje osebe ali ga onemogočili.
Given the difficulties in segregating cash, the current practices for the exchange of cash collateral in certain jurisdictions and the need for reliance on cash instead of securities in certain circumstances where transferring securities may be impeded by operational constraints, cash collateral collected as initial margin should always be held by a central bank or third-party credit institution, since this ensures the separation from the two counterparties to the contract.
Da bi ohranili učinkovitost okvira in zagotovili ustrezno zmanjševanje kreditnega tveganja nasprotne stranke, bi morala biti ponovna zastava ali ponovna uporaba zavarovanja s premoženjem, pobranega kot začetno kritje, prepovedana.
To ensure such separation, the third-party credit institution should not belong to the same group as either of the counterparties.
Zaradi težav pri ločevanju denarnih sredstev, trenutnih praks pri izmenjavi zavarovanja z denarnimi sredstvi v nekaterih jurisdikcijah in potrebe po zanašanju na denarna sredstva namesto na vrednostne papirje v nekaterih okoliščinah, v katerih lahko prenos vrednostnih papirjev omejujejo operativne ovire, bi morala zavarovanje z denarnimi sredstvi, pobrano kot začetno kritje, vedno posedovati centralna banka ali kreditna institucija tretje osebe, saj to zagotavlja ločitev od dveh nasprotnih strank v pogodbi.
When a counterparty notifies the relevant competent authority regarding its intention to take advantage of the exemption of intragroup transactions, in order for the competent authority to decide whether the conditions for the exemption are met, the counterparty should provide a complete file including all relevant information necessary for the competent authority to complete its assessment.
Da bi zagotovili takšno ločitev, kreditna institucija tretje osebe ne bi smela pripadati isti skupini kot katera koli od nasprotnih strank.
For a group to be deemed to have adequately sound and robust risk management procedures, a number of conditions have to be met.
Kadar nasprotna stranka zadevni pristojni organ obvesti, da namerava izkoristiti izjemo za transakcije znotraj skupine, mora za to, da lahko pristojni organ odloči, ali so izpolnjeni pogoji za izvzetje, predložiti popoln spis, vključno z vsemi relevantnimi informacijami, ki so potrebne, da lahko pristojni organ zaključi oceno.
The group should ensure a regular monitoring of the intragroup exposures, and the timely settlement of the obligations resulting from the intragroup OTC derivative contracts should be guaranteed based on the monitoring and liquidity tools at group level that are consistent with the complexity of the intragroup transactions.
Da se lahko za skupino smatra, da ima dovolj zanesljive in trdne postopke obvladovanja tveganja, mora biti izpolnjenih več pogojev.
In order for the exemption for intragroup transactions to be applicable, it must be certain that no legislative, regulatory, administrative or other mandatory provisions of applicable law could legally prevent the intragroup counterparties from meeting their obligations to transfer monies or repay liabilities or securities under the terms of the intragroup transactions.
Skupina mora zagotoviti redno spremljanje izpostavljenosti znotraj skupine in zajamčiti pravočasno poravnavo obveznosti, ki izhajajo iz pogodb o izvedenih finančnih instrumentih OTC znotraj skupine, na podlagi orodij za spremljanje in zagotavljanje likvidnosti na ravni skupine, ki so skladna s kompleksnostjo transakcij znotraj skupine.