natgillin/translations-raw huggingface dataset:
an initial validation of the model by suitably qualified persons who are independent from the persons developing the model;
Nasprotni stranki vzpostavita postopek notranjega upravljanja za stalno ocenjevanje primernosti modela začetnega kritja, ki vključuje vse naslednje:
a follow up validation whenever a significant change is made to the initial margin model and at least annually;
notranjo začetno validacijo modela, ki jo opravijo ustrezno kvalificirane osebe, neodvisne od oseb, ki so oblikovale model;
a regular audit process to assess the following:
naknadno validacijo, kadar pride do pomembne spremembe modela začetnega kritja in vsaj enkrat na leto;
the integrity and reliability of the data sources;
postopek redne revizije za ocenjevanje:
the management information system used to run the model;
celovitosti in zanesljivosti virov podatkov;
the accuracy and completeness of data used;
sistema upravljanja informacij, ki se uporablja za vodenje modela;
the accuracy and appropriateness of volatility and correlation assumptions.
natančnosti in popolnosti uporabljenih podatkov;
The documentation of the risk management procedures referred to in point (b) of Article 2(2) relating to the initial margin model shall meet all of the following conditions:
natančnosti in ustreznosti predpostavk v zvezi z nestanovitnostjo in korelacijo.
it shall allow a knowledgeable third party to understand the design and operational detail of the initial margin model;
Dokumentacija postopkov obvladovanja tveganja iz točke (b) člena 2(2) v zvezi z modelom začetnega kritja izpolnjuje vse naslednje pogoje:
it shall contain the key assumptions and the limitations of the initial margin model;
dobro obveščeni tretji stranki omogoča razumevanje oblike in operativnih podrobnosti modela začetnega kritja;
it shall define the circumstances under which the assumptions of the initial margin model are no longer valid.
vsebuje ključne predpostavke in omejitve modela začetnega kritja;
Counterparties shall document all changes to the initial margin model.
opredeljuje okoliščine, v katerih predpostavke modela začetnega kritja niso več veljavne.
That documentation shall also detail the results of the validations, referred to in paragraph 1, carried out after those changes.
Nasprotne stranke dokumentirajo vse spremembe modela začetnega kritja.
SECTION 5
V navedeni dokumentaciji so navedeni tudi rezultati validacij iz odstavka 1, opravljenih po navedenih spremembah.
Collateral management and segregation
ODDELEK 5
Article 19
Upravljanje in ločevanje zavarovanja s premoženjem
The procedures referred to in Article 2(2)(c) shall include the following:
Člen 19
a daily valuation of the collateral held in accordance with Section 6;
Postopki iz člena 2(2) vključujejo naslednje:
the legal arrangements and a collateral holding structure that allow access to the received collateral where it is being held by a third party;
dnevno vrednotenje zavarovanja s premoženjem, ki se poseduje v skladu z oddelkom 6;
where initial margin is held by the collateral provider, that the collateral is held in insolvency-remote custody accounts;
pravne ureditve in holdinško strukturo zavarovanja s premoženjem, ki dovoljujejo dostop do prejetega zavarovanja s premoženjem, kadar ga poseduje tretja oseba;
that non-cash initial margin is maintained in accordance with paragraphs 3 and 4;
kadar začetno kritje poseduje ponudnik zavarovanja s premoženjem, da se zavarovanje s premoženjem hrani na skrbniških računih, ki so varovani pred insolventnostjo;
that cash collected as initial margin is maintained in cash accounts at central banks or credit institutions which fulfil all of the following conditions:
da se začetno kritje, ki ni v obliki denarnih sredstev, vzdržuje v skladu z odstavkoma 3 in 4;
they are authorised in accordance with Directive 2013/36/EU or are authorised in a third country whose supervisory and regulatory arrangements have been found to be equivalent in accordance with Article 142(2) of Regulation (EU) No 575/2013;
da so denarna sredstva, pobrana kot začetno kritje, na denarnih računih v centralnih bankah ali kreditnih institucijah, ki izpolnjujejo naslednja pogoja:
they are neither the posting nor the collecting counterparties, nor part of the same group as either of the counterparties;
imajo dovoljenje v skladu z Direktivo 2013/36/EU ali dovoljenje v tretji državi, za katero je bilo ugotovljeno, da so njene nadzorne in regulativne ureditve enakovredne v skladu s členom 142(2) Uredbe (EU) št. 575/2013;
the availability of unused collateral to the liquidator or other insolvency official of the defaulting counterparty;
niso nasprotne stranke predložiteljice ali prejemnice zavarovanja s premoženjem niti del iste skupine kot katera koli od nasprotnih strank;
the initial margin is freely transferable to the posting counterparty in a timely manner in case of the default of the collecting counterparty;
dostopnost neuporabljenega zavarovanja s premoženjem upravitelju ali drugemu stečajnemu uradniku nasprotne stranke, ki ne izpolnjuje obveznosti;
that non-cash collateral is transferable without any regulatory or legal constraints or third-party claims, including those of the liquidator of the collecting counterparty or third-party custodian, other than liens for fees and expenses incurred in providing the custodial accounts and other than liens routinely imposed on all securities in a clearing system in which such collateral may be held;
da je mogoče začetno kritje pravočasno prosto prenesti nasprotni stranki predložiteljici zavarovanja s premoženjem v primeru neplačila nasprotne stranke prejemnice zavarovanja s premoženjem;
that any unused collateral is returned to the posting counterparty in full, excluding costs and expenses incurred for the process of collecting and holding the collateral.
da je mogoče zavarovanje, ki ni v obliki denarnih sredstev, prenesti brez regulativnih ali pravnih ovir ali terjatev tretjih oseb, vključno z zahtevami upravitelja nasprotne stranke prejemnice zavarovanja s premoženjem ali skrbnika, ki je tretja oseba, razen zastavnih pravic za pristojbine in stroške, nastale zaradi zagotavljanja skrbniških računov, in razen vseh drugih zastavnih pravic, ki se rutinsko zaračunajo za vse vrednostne papirje v klirinškem sistemu, v katerem se takšno zavarovanje s premoženjem lahko poseduje;
Any collateral posted as initial or variation margin may be substituted by alternative collateral where all of the following conditions are met:
da se vsako neuporabljeno zavarovanje s premoženjem v celoti vrne nasprotni stranki predložiteljici brez stroškov in odhodkov, nastalih v postopku pobiranja in držanja zavarovanja s premoženjem.
the substitution is made in accordance with the terms of the agreement between the counterparties referred to in Article 3;
Vsako zavarovanje s premoženjem, predloženo kot začetno ali gibljivo kritje, se lahko nadomesti z alternativnim zavarovanjem s premoženjem, kadar so izpolnjeni vsi naslednji pogoji:
the alternative collateral is eligible in accordance with Section 2;
nadomestitev se izvede v skladu s pogoji pogodbe med nasprotnima strankama iz člena 3;
the value of the alternative collateral is sufficient to meet all margin requirements after applying any relevant haircut.
alternativno zavarovanje s premoženjem je primerno v skladu z oddelkom 2;
Initial margin shall be protected from the default or insolvency of the collecting counterparty by segregating it in either or both of the following ways:
vrednost alternativnega zavarovanja s premoženjem je zadostna, da izpolnjuje vse zahteve po kritju po uporabi vseh zadevnih odbitkov.
on the books and records of a third-party holder or custodian;
Začetno kritje je zavarovano pred neplačilom ali insolventnostjo nasprotne stranke prejemnice zavarovanja s premoženjem tako, da je ločeno na enega ali oba naslednja načina:
via other legally binding arrangements;
v poslovnih knjigah in evidencah imetnika ali skrbnika, ki je tretja oseba;
Counterparties shall ensure that non-cash collateral exchanged as initial margin is segregated as follows:
prek drugih pravno zavezujočih ureditev.
where collateral is held by the collecting counterparty on a proprietary basis, it shall be segregated from the rest of the proprietary assets of the collecting counterparty;
Nasprotni stranki zagotovita, da je zavarovanje, ki ni v obliki denarnih sredstev, izmenjano kot začetno kritje, ločeno na naslednji način:
where collateral is held by the posting counterparty on a non-proprietary basis, it shall be segregated from the rest of the proprietary assets of the posting counterparty;
kadar nasprotna stranka prejemnica zavarovanja s premoženjem poseduje zavarovanje s premoženjem za lasten račun, se to loči od preostalih lastniških sredstev nasprotne stranke prejemnice zavarovanja s premoženjem;
where collateral is held on the books and records of a custodian or other third-party holder, it shall be segregated from the proprietary assets of that third-party holder or custodian.
kadar nasprotna stranka predložiteljica zavarovanja s premoženjem poseduje zavarovanje s premoženjem za tuj račun, se to loči od preostalih lastniških sredstev nasprotne stranke predložiteljice zavarovanja s premoženjem;
Where non-cash collateral is held by the collecting party or by a third-party holder or custodian, the collecting counterparty shall always provide the posting counterparty with the option to segregate its collateral from the assets of other posting counterparties.
kadar zavarovanje s premoženjem v knjigah in evidencah vodi skrbnik ali imetnik, ki je tretja oseba, se to loči od lastniških sredstev navedenega imetnika ali skrbnika, ki je tretja oseba.
Counterparties shall perform an independent legal review in order to verify that the segregation arrangements meet the requirements referred to in paragraph 1(g) and paragraphs 3, 4 and 5.
Kadar zavarovanje, ki ni v obliki denarnih sredstev, poseduje nasprotna stranka prejemnica zavarovanja s premoženjem ali imetnik ali skrbnik, ki je tretja oseba, nasprotna stranka prejemnica nasprotni stranki predložiteljici zavarovanja s premoženjem vedno omogoči, da svoje zavarovanje s premoženjem loči od sredstev drugih nasprotnih strank predložiteljic.
That legal review may be conducted by an independent internal unit, or by an independent third party.
Nasprotne stranke opravijo neodvisen pravni pregled za preverjanje, da ureditve ločevanja izpolnjujejo zahteve iz odstavka 1(g) in odstavkov 3, 4 in 5.
Counterparties shall provide evidence to their competent authorities of compliance with paragraph 6 in relation to each relevant jurisdiction and, upon request by a competent authority, shall establish policies ensuring the continuous assessment of compliance.
Ta pravni pregled lahko opravi notranja neodvisna služba ali neodvisna tretja oseba.
For the purposes of paragraph 1(e), the counterparties shall assess the credit quality of the credit institution referred to therein by using a methodology that does not solely or mechanistically rely on external credit quality assessments.
Nasprotne stranke svojim pristojnim organom predložijo dokazila o skladnosti z odstavkom 6 v zvezi z vsako zadevno jurisdikcijo in na zahtevo pristojnega organa vzpostavijo politike, ki zagotavljajo stalno ocenjevanje skladnosti.
Article 20
Za namene odstavka 1(e) nasprotni stranki ocenita kreditno kakovost kreditne institucije iz navedenega odstavka, pri čemer uporabita metodologijo, ki se ne opira samo ali mehanično na zunanje ocene kreditne kakovosti.
Treatment of collected initial margins
Člen 20
The collecting counterparty shall not rehypothecate, repledge nor otherwise reuse the collateral collected as initial margin.
Obravnava pobranih začetnih kritij
Notwithstanding paragraph 1, a third-party holder may use the initial margin received in cash for reinvestment purposes.
Nasprotna stranka prejemnica zavarovanja s premoženjem, pobranega kot začetno kritje, ne zastavi ponovno ali drugače ponovno uporabi.
SECTION 6
Ne glede na odstavek 1 lahko imetnik, ki je tretja oseba, začetno kritje, ki ga je prejel v denarnih sredstvih, uporabi za reinvestiranje.
Valuation of collateral
ODDELEK 6
Article 21
Vrednotenje zavarovanja s premoženjem
Calculation of the adjusted value of collateral
Člen 21
Counterparties shall adjust the value of collected collateral in accordance with either the methodology set out in Annex II or a methodology using own volatility estimates accordance with Article 22.
Izračun prilagojene vrednosti zavarovanja s premoženjem
When adjusting the value of collateral pursuant to paragraph 1, counterparties may disregard the foreign exchange risk arising from positions in currencies which are subject to a legally binding intergovernmental agreement limiting the variation of those positions relative to other currencies covered by the same agreement.
Nasprotne stranke prilagodijo vrednost pobranega zavarovanja s premoženjem v skladu z metodologijo iz Priloge II ali metodologijo, pri kateri uporabijo lastne ocene nestanovitnosti v skladu s členom 22.
Article 22
Pri prilagajanju vrednosti zavarovanja s premoženjem v skladu z odstavkom 1 lahko nasprotne stranke ignorirajo valutno tveganje, ki izhaja iz pozicij v valutah, ki so predmet pravno zavezujočega medvladnega sporazuma, ki omejuje nihanje teh pozicij v razmerju do drugih valut, ki jih zajema isti sporazum.
Own estimates of the adjusted value of collateral
Člen 22
Counterparties shall adjust the value of collected collateral using own volatility estimates in accordance with Annex III.
Lastne ocene prilagojene vrednosti zavarovanja s premoženjem
Counterparties shall update their data sets and calculate the own volatility estimates referred to in Article 21 whenever the level of market prices' volatility changes materially and at least quarterly.
Nasprotne stranke prilagodijo vrednost pobranega zavarovanja s premoženjem, pri čemer uporabijo lastne ocene nestanovitnosti v skladu s Prilogo III.
For the purposes of paragraph 2, counterparties shall pre-determine the levels of volatility that trigger a recalculation of the haircuts as referred to in Annex III.
Nasprotne stranke posodobijo svoje nabore podatkov in izračunajo lastne ocene nestanovitnosti iz člena 21 vsakič, ko se raven nestanovitnosti tržnih cen bistveno spremeni, in vsaj četrtletno.
The procedures referred to in Article 2(2)(d) shall include policies to monitor the calculation of the own volatility estimates and the integration of those estimates into the risk management process of that counterparty.
Za namene odstavka 2 nasprotne stranke vnaprej določijo ravni nestanovitnosti, ki sprožijo ponoven izračun navedenih odbitkov, kot je navedeno v Prilogi III.
The policies referred to in paragraph 4 shall be subject to an internal review that includes all of the following:
Postopki iz člena 2(2)(d) vključujejo politike za spremljanje izračuna lastnih ocen nestanovitnosti in vključevanje navedenih ocen v postopek obvladovanja tveganja navedene nasprotne stranke.
the integration of the estimates into the risk management process of the counterparty, which shall take place at least annually;
Politike iz odstavka 4 se notranje pregledujejo, kar vključuje vse naslednje:
the integration of estimated haircuts into daily risk management;
vključevanje ocen v postopek obvladovanja tveganja nasprotne stranke, kar se izvede vsaj enkrat letno;
the validation of any significant change in the process for the calculation of the estimates;
vključevanje ocenjenih odbitkov v dnevno obvladovanja tveganja;
the verification of the consistency, timeliness and reliability of data sources used to calculate the estimates;
validacijo vseh pomembnih sprememb postopka za izračun ocen;
the accuracy and appropriateness of the volatility assumptions.
preverjanje doslednosti, pravočasnosti in zanesljivosti virov podatkov, uporabljenih za izračun ocen;
The review referred to in paragraph 5 shall be carried out regularly within the internal auditing process of the counterparty.
točnost in ustreznost predpostavk v zvezi z nestanovitnostjo.
CHAPTER II
Pregled iz odstavka 5 se izvaja redno v okviru postopka notranje revizije nasprotne stranke.
SPECIFIC PROVISIONS ON RISK MANAGEMENT PROCEDURES
POGLAVJE II
Exemptions
POSEBNE DOLOČBE O POSTOPKIH OBVLADOVANJA TVEGANJA
Article 23
Izvzetja
CCPs authorised as credit institutions
Člen 23
By way of derogation from Article 2(2), counterparties may provide in their risk management procedures that no collateral is exchanged in relation to non-centrally cleared OTC derivative contracts entered into with CCPs authorised as credit institutions in accordance with Directive 2013/36/EU.
CNS z dovoljenjem za opravljanje dejavnosti kot kreditne institucije
Article 24
Z odstopanjem od člena 2(2) lahko nasprotne stranke v svojih postopkih obvladovanja tveganja navedejo, da zavarovanje s premoženjem ni izmenjano pri pogodbah o izvedenih finančnih instrumentih OTC brez opravljenega centralnega kliringa, sklenjenih s CNS z dovoljenjem za opravljanje dejavnosti kot kreditne institucije v skladu z Direktivo 2013/36/EU.
Non-financial counterparties and third-country counterparties
Člen 24
By way of derogation from Article 2(2), counterparties may provide in their risk management procedures that no collateral is exchanged in relation to non-centrally cleared OTC derivative contracts entered into with non-financial counterparties that do not meet the conditions of Article 10(1)(b) of Regulation (EU) No 648/2012, or with non-financial entities established in a third country that would not meet the conditions of Article 10(1)(b) of Regulation (EU) No 648/2012 if they were established in the Union.
Nefinančne nasprotne stranke in nasprotne stranke iz tretjih držav
Article 25
Z odstopanjem od člena 2(2) lahko nasprotne stranke v svojih postopkih obvladovanja tveganja navedejo, da zavarovanje s premoženjem ni bilo izmenjano pri pogodbah o izvedenih finančnih instrumentih OTC brez opravljenega centralnega kliringa, sklenjenih z nefinančnimi nasprotnimi strankami, ki ne izpolnjujejo pogojev iz člena 10(1)(b) Uredbe (EU) št. 648/2012, ali z nefinančnimi subjekti s sedežem v tretji državi, ki ne bi izpolnjevali pogojev iz člena 10(1)(b) Uredbe (EU) št. 648/2012, če bi imeli sedež v Uniji.
Minimum transfer amount
Člen 25
By way of derogation from Article 2(2), counterparties may provide in their risk management procedures that no collateral is collected from a counterparty where the amount due from the last collection of collateral is equal to or lower than the amount agreed by the counterparties (‘minimum transfer amount’).
Najnižji znesek prenosa
The minimum transfer amount shall not exceed EUR 500000 or the equivalent amount in another currency.
Z odstopanjem od člena 2(2) lahko nasprotne stranke v svojih postopkih obvladovanja tveganja navedejo, da zavarovanje s premoženjem ni bilo pobrano od nasprotne stranke, kadar je dolgovani znesek od zadnjega pobiranja zavarovanja s premoženjem enak ali nižji od zneska, o katerem so se dogovorile nasprotne stranke (v nadaljnjem besedilu: najnižji znesek prenosa).
Where counterparties agree on a minimum transfer amount, the amount of collateral due shall be calculated as the sum of:
Najnižji znesek prenosa ne presega 500000 EUR ali enakovrednega zneska v drugi valuti.
the variation margin due from its last collection calculated in accordance with Article 10, including any excess collateral;
Kadar se nasprotne stranke dogovorijo o najnižjem znesku prenosa, se znesek zavarovanja s premoženjem izračuna kot vsota:
the initial margin due from its last collection calculated in accordance with Article 11, including any excess collateral.
gibljivega kritja, dolgovanega od zadnjega pobiranja, izračunanega v skladu s členom 10, vključno z vsem presežnim zavarovanjem s premoženjem;
Where the amount of collateral due exceeds the minimum transfer amount agreed by the counterparties, the collecting counterparty shall collect the full amount of collateral due without deduction of the minimum transfer amount.
začetnega kritja, dolgovanega od zadnjega pobiranja, izračunanega v skladu s členom 11, vključno z vsem presežnim zavarovanjem s premoženjem.
Counterparties may agree on separate minimum transfer amounts for initial and variation margins, provided that the sum of those minimum transfer amounts is equal to or lower than EUR 500000 or the equivalent amount in another currency.
Kadar znesek dolgovanega zavarovanja s premoženjem presega najnižji znesek prenosa, o katerem so se dogovorile nasprotne stranke, nasprotna stranka prejemnica zavarovanja s premoženjem pobere polni znesek dolgovanega zavarovanja s premoženjem brez odbitka najnižjega zneska prenosa.
Where counterparties agree on separate minimum transfer amounts in accordance with paragraph 4, the collecting counterparty shall collect the full amount of initial or variation margin due without any deduction of those minimum transfer amounts where the amount of initial or variation collateral due exceeds the minimum transfer amount.
Nasprotne stranke se lahko dogovorijo o ločenih najnižjih zneskih prenosa za začetna in gibljiva kritja pod pogojem, da je vsota najnižjih zneskov prenosa enaka ali nižja od 500000 EUR ali enakovrednega zneska v drugi valuti.
Article 26
Kadar se nasprotne stranke dogovorijo o ločenih najnižjih zneskih prenosa v skladu z odstavkom 4, nasprotna stranka prejemnica zavarovanja s premoženjem pobere polni znesek dolgovanega začetnega ali gibljivega kritja brez odbitka navedenih najnižjih zneskov prenosa, če znesek začetnega ali gibljivega kritja presega najnižji znesek prenosa.
Margin calculation with third-country counterparties
Člen 26
Where a counterparty is domiciled in a third country, counterparties may calculate margins on the basis of a netting set that includes the following types of contracts:
Izračun kritja pri nasprotnih strankah iz tretjih držav
non-centrally cleared OTC derivatives subject to margin requirements under this Regulation;
Kadar ima nasprotna stranka sedež v tretji državi, lahko nasprotne stranke izračunajo kritja na podlagi niza pobotov, ki vključuje naslednje vrste pogodb:
contracts that meet both of the following conditions:
izvedene finančne instrumente OTC brez opravljenega centralnega kliringa, za katere veljajo zahteve po kritju v skladu s to uredbo;
they are identified as non-centrally cleared OTC derivatives by the regulatory regime applicable to the counterparty domiciled in the third country;
pogodbe, ki izpolnjujejo oba naslednja pogoja:
they are subject to margin rules in the regulatory regime applicable to the counterparty domiciled in the third country.
regulativni režim, ki velja za nasprotno stranko s sedežem v tretji državi, jih opredeljuje kot izvedene finančne instrumente OTC brez opravljenega centralnega kliringa;
Exemptions in calculating levels of initial margin
v okviru regulativnega režima, ki velja za nasprotno stranko s sedežem v tretji državi, zanje veljajo pravila o kritju.
Article 27
Izvzetja pri izračunu ravni začetnega kritja
Foreign exchange contracts
Člen 27
By way of derogation from Article 2(2), counterparties may provide in their risk management procedures that initial margins are not collected with respect to:
Pogodbe na tujo valuto
physically settled OTC derivative contracts that solely involve the exchange of two different currencies on a specific future date at a fixed rate agreed on the trade date of the contract covering the exchange (‘foreign exchange forwards’);
Z odstopanjem od člena 2(2) lahko nasprotne stranke v svojih postopkih obvladovanja tveganja določijo, da se začetno kritje ne pobere za:
physically settled OTC derivative contracts that solely involve an exchange of two different currencies on a specific date at a fixed rate that is agreed on the trade date of the contract covering the exchange, and a reverse exchange of the two currencies at a later date and at a fixed rate that is also agreed on the trade date of the contract covering the exchange (‘foreign exchange swaps’);
fizično poravnane pogodbe o izvedenih finančnih instrumentih OTC, ki vključujejo samo izmenjavo ene ali več tujih valut na določen datum v prihodnosti po fiksni obrestni meri, dogovorjeni na datum sklenitve pogodbe o izmenjavi (valutni terminski posli);