natgillin/translations-raw huggingface dataset:
However, the sum of the separate minimum transfer amounts should not exceed the maximum level of the minimum transfer amount.
Vendar vsota ločenih najnižjih zneskov prenosov ne bi smela preseči najvišje ravni za najnižji znesek prenosa.
For practical reasons, it should be possible to define the minimum transfer amount in the currency in which margins are normally exchanged, which may not be the euro.
Iz praktičnih razlogov bi moralo biti mogoče opredeliti najnižji znesek prenosa v valuti, v kateri se kritja običajno izmenjujejo, tudi kadar ta ni euro.
Some third-country jurisdictions may determine a different scope to Regulation (EU) No 648/2012 for the purposes of their requirements for the exchange of collateral in relation to OTC derivative contracts that are not centrally cleared.
Nekatere jurisdikcije tretjih držav lahko opredelijo drugačno področje uporabe Uredbe (EU) št. 648/2012 za namene svojih zahtev o izmenjavi zavarovanja s premoženjem v zvezi s pogodbami o izvedenih finančnih instrumentih OTC brez opravljenega centralnega kliringa.
Therefore, were this Regulation to require that only non-centrally cleared OTC derivative contracts governed by Regulation (EU) No 648/2012 are included in the margin calculations for cross-border netting sets, counterparties in different jurisdictions would potentially have to duplicate required calculations to take into account different definitions or different scopes of products under the respective margin requirements.
Kadar ta uredba zahteva, da se v izračune kritja za čezmejne nize pobotov vključijo samo pogodbe o izvedenih finančnih instrumentih OTC brez opravljenega centralnega kliringa, ki jih ureja Uredba (EU) št. 648/2012, bi tako nasprotne stranke v drugih jurisdikcijah morda morale podvojiti zahtevane izračune, da bi upoštevale različne opredelitve ali različna področja uporabe produktov v skladu s posameznimi zahtevami po kritju.
This could lead to distorted margin calculations.
To bi lahko privedlo do izkrivljanja pri izračunih kritja.
Furthermore, this would likely increase the risk of disputes.
Poleg tega bi verjetno povečalo tveganje sporov.
Therefore, allowing the use of a broader set of products in cross-border netting sets that includes all the OTC derivative contracts that are subject to exchange of collateral in one or the other jurisdiction would facilitate a smoother process of margin collection.
Zato bi dovolitev uporabe širšega sklopa produktov v čezmejnih nizih pobotov, ki vključuje vse pogodbe o izvedenih finančnih instrumentih OTC, za katere se uporablja izmenjava zavarovanja s premoženjem v eni ali drugi jurisdikciji, prispevala k nemotenemu postopku pobiranja kritij.
This approach is consistent with the systemic risk-reduction goal of Regulation (EU) No 648/2012, since a broader range of products would be subject to the margin requirements.
Ta pristop je skladen s ciljem zmanjševanja sistemskega tveganja iz Uredbe (EU) št. 648/2012, saj bi zahteve po kritju veljale za širši nabor produktov.
Counterparties may choose to collect initial margins in cash, in which case the collateral should not be subject to any haircut, provided that the currency of the collateral matches the currency in which the contract is expressed.
Nasprotne stranke se lahko odločijo za pobiranje začetnega kritja v obliki denarnih sredstev, v tem primeru za zavarovanje s premoženjem ne bi smel veljati noben odbitek pod pogojem, da se valuta zavarovanja s premoženjem ujema z valuto, v kateri je izražena pogodba.
However, where initial margins are collected in cash in a currency different than the currency in which the contract is expressed, currency mismatch may generate foreign exchange risk.
Vendar če se začetno kritje pobere v obliki denarnih sredstev v valuti, ki se razlikuje od valute, v kateri je izražena pogodba, lahko valutna neusklajenost povzroči valutno tveganje.
For this reason, a currency mismatch haircut should apply to initial margins collected in cash in another currency.
Zato bi se moral za začetna kritja, pobrana v obliki denarnih sredstev v drugi valuti, uporabljati odbitek za valutno neusklajenost.
For variation margins collected in cash no haircut is necessary in line with the BCBS-IOSCO framework, even where the payment is executed in a different currency than the currency of the contract.
Za gibljivo kritje, pobrano v obliki denarnih sredstev, odbitek v skladu z okvirom BCBS-IOSCO ni potreben, niti takrat, kadar je plačilo izvedeno v valuti, ki se razlikuje od valute pogodbe.
When setting the level of initial margin requirements, the Basel Committee on Banking Supervision and the Board of the International Organization of Securities Commissions have explicitly considered two aspects, as reflected in their framework, ‘Margin requirements for non-centrally cleared derivatives’ of March 2015 (‘BCBS-IOSCO framework’).
Pri določanju ravni zahtev po začetnem kritju sta Baselski odbor za bančni nadzor in odbor Mednarodnega združenja nadzornikov trga vrednostnih papirjev izrecno upoštevala dva vidika, ki sta razvidna iz njunega okvira „Zahteve po kritju za izvedene finančne instrumente brez centralnega kliringa“ iz marca 2015 (v nadaljnjem besedilu: okvir BCBS–IOSCO).
The first aspect is the availability of high credit quality and liquid assets covering the initial margin requirements.
Prvi vidik je razpoložljivost visoko kreditno kakovostnih in likvidnih sredstev, ki krijejo zahteve po začetnem kritju.
The second is the proportionality principle, as smaller financial and non-financial counterparties might be hit in a disproportionate manner from the initial margin requirements.
Drugi je načelo sorazmernosti, saj lahko zahteve po začetnem kritju nesorazmerno prizadenejo manjše finančne in nefinančne nasprotne stranke.
In order to maintain a level playing field, this Regulation should introduce a threshold that is exactly the same as in the BCBS-IOSCO framework below which two counterparties are not required to exchange initial margin.
Da bi ohranili enake konkurenčne pogoje, bi ta uredba morala uvesti prag, pod katerim dvema nasprotnima strankama ni treba izmenjati začetnega kritja in ki je popolnoma enak kot v okviru BCBS-IOSCO.
This should substantially alleviate costs and operational burden for smaller participants and address the concern about the availability of high credit quality and liquid assets without undermining the general objectives of Regulation (EU) No 648/2012.
To bi bistveno zmanjšalo stroške in operativno breme za manjše udeležence ter odpravilo pomislek o dostopnosti visoko kreditno kakovostnih in likvidnih sredstev, ne da bi se s tem ogrozili splošni cilji Uredbe (EU) št. 648/2012.
While the thresholds should always be calculated at group level, investment funds should be treated as a special case as they can be managed by a single investment manager and captured as a single group.
Medtem ko bi bilo treba pragove na ravni skupine vedno izračunati, bi bilo treba investicijske sklade obravnavati kot poseben primer, saj jih lahko upravlja en upravljavec naložb in se lahko zajamejo kot ena skupina.
However, where the funds are distinct pools of assets and they are not collateralised, guaranteed or supported by other investment funds or the investment manager itself, they are relatively risk remote in relation to the rest of the group.
Kadar pa so skladi ločene skupine sredstev in niso zavarovani s premoženjem, zajamčeni ali podprti z drugimi investicijskimi skladi ali s strani upravljavca naložb, so glede tveganja relativno različni od preostanka skupine.
Such investment funds should therefore be treated as separate entities when calculating the thresholds, in line with the BCBS-IOSCO framework.
Takšne investicijske sklade bi bilo zato treba v skladu z okvirom BCBS-IOSCO pri izračunu pragov obravnavati kot ločene subjekte.
With regard to initial margin, the requirements of this Regulation are likely to have a measurable impact on market liquidity, as assets provided as collateral cannot be liquidated or otherwise reused for the duration of the non-centrally cleared OTC derivative contract.
V zvezi z začetnim kritjem bodo zahteve iz te uredbe verjetno imele merljiv učinek na likvidnost trga, saj sredstev, ki se zagotovijo kot zavarovanje s premoženjem, v času trajanja pogodbe o izvedenih finančnih instrumentih OTC brez opravljenega centralnega kliringa ni mogoče unovčiti ali drugače ponovno uporabiti.
Such requirements represent a significant change in market practice and present certain operational and practical challenges that will need to be managed as the new requirements come into effect.
Takšne zahteve predstavljajo znatno spremembo tržne prakse in postavljajo določene operativne in praktične izzive, s katerimi se bo treba soočiti, ko bodo nove zahteve začele veljati.
Taking into account that the variation margin already covers realised fluctuations in the value of non-centrally cleared OTC derivatives contracts up to the point of default, it is considered proportionate to apply a threshold of EUR 8 billion in gross notional amounts of outstanding contracts to the application of the initial margin requirements.
Ob upoštevanju tega, da gibljivo kritje že krije realizirana nihanja vrednosti pogodb o izvedenih finančnih instrumentih OTC brez opravljenega centralnega kliringa vse do neplačila, se šteje, da je sorazmerno uporabiti prag 8 milijard EUR v bruto nominalnih zneskih neporavnanih pogodb za uporabo zahtev po začetnem kritju.
This threshold applies at the group level or, where the counterparty is not part of a group, at the level of the single entity.
Ta prag velja na ravni skupine ali, kadar nasprotna stranka ni del skupine, na ravni posameznega subjekta.
The aggregated gross notional amount of outstanding contracts should be used as an adequate reference given that it is an appropriate metric for measuring the size and complexity of a portfolio of non-centrally cleared OTC derivative contracts.
Skupni bruto nominalni znesek neporavnanih pogodb bi se moral uporabljati kot zadostna referenca glede na to, da je primerna metrika za merjenje velikosti in kompleksnosti portfelja pogodb o izvedenih finančnih instrumentih OTC brez opravljenega centralnega kliringa.
It is also a reference that is easy to monitor and report.
Je tudi referenca, ki jo je mogoče preprosto spremljati in poročati.
These thresholds are also in line with the BCBS-IOSCO framework for non-centrally cleared OTC derivative contracts and are therefore consistent with international standards.
Navedeni pragovi so skladni tudi z okvirom BCBS-IOSCO za pogodbe o izvedenih finančnih instrumentih OTC brez opravljenega centralnega kliringa in tako skladni z mednarodnimi standardi.
Exposures arising either from contracts or counterparties that are permanently or temporarily exempted or partially exempted from margins, should also be included in the calculation of the aggregated gross notional amount.
Izpostavljenosti, ki izhajajo iz pogodb ali nasprotnih strank, ki so stalno ali začasno izvzete ali delno izvzete iz kritja, bi prav tako morale biti vključene v izračun skupnega bruto nominalnega zneska.
This is due to the fact that all the contracts contribute to the determination of the size and complexity of a counterparty's portfolio.
To je posledica dejstva, da vse pogodbe prispevajo k določitvi velikosti in kompleksnosti portfelja nasprotne stranke.
Therefore, non-centrally cleared OTC derivative contracts that may be exempted from the requirements of this Regulation are also relevant for determining the size, scale and complexity of the counterparty's portfolio and should therefore also be included in the calculation of the thresholds.
Zato so pogodbe o izvedenih finančnih instrumentih OTC brez opravljenega centralnega kliringa, ki so lahko izvzete iz zahtev te uredbe, prav tako relevantne za določitev velikosti, obsega in kompleksnosti portfelja nasprotne stranke in bi zato morali biti vključene v izračun pragov.
It is appropriate to set out special risk management procedures for certain types of non-centrally cleared OTC derivative contracts that show particular risk profiles.
Primerno je določiti posebne postopke obvladovanja tveganja za določene vrste pogodb o izvedenih finančnih instrumentih OTC brez opravljenega centralnega kliringa, ki kažejo posebne profile tveganja.
In particular, the exchange of variation margin without initial margin should, consistent with the BCBS-IOSCO framework, be considered an appropriate exchange of collateral for physically-settled foreign exchange contracts.
Predvsem izmenjava gibljivega kritja brez začetnega kritja bi morala skladno z okvirom BCBS-IOSCO šteti kot ustrezna izmenjava zavarovanja s premoženjem za fizično poravnane valutne pogodbe.
Similarly, as cross-currency swaps can be decomposed into a sequence of foreign exchange forwards, only the interest rate component should be covered by initial margin.
Ker je mogoče medvalutne zamenjave obrestnih mer razstaviti na zaporedje valutnih terminskih poslov, bi moralo začetno kritje zajemati samo komponento obrestne mere.
Account should be taken of the impediments faced by covered bonds issuers or cover pools in providing collateral.
Upoštevati bi bilo treba motnje, s katerimi se spoprijemajo izdajatelji kritih obveznic ali skladi kritnega premoženja pri zagotavljanju zavarovanja.
Under a specific set of conditions, covered bonds issuers or cover pools should therefore not be required to post collateral.
Pod določenimi pogoji zato izdajateljem kritih obveznic ali skladom kritnega premoženja ne bi bilo treba predložiti zavarovanja.
This should allow for some flexibility for covered bonds issuers or cover pools while ensuring that the risks for their counterparties are limited.
To bi izdajateljem kritih obveznic ali skladom kritnega premoženja omogočilo prožnost, hkrati pa zagotovilo, da so tveganja za njihove nasprotne stranke omejena.
Covered bond issuers or cover pools may face legal impediments to posting and collecting non-cash collateral for initial or variation margin or posting variation margin in cash since variation margin payment could be considered a claim that ranks senior to the bond holder claims, which could result in a legal impediment.
Izdajatelji kritih obveznic ali skladi kritnega premoženja se lahko soočajo s pravnimi ovirami pri predložitvi ali pobiranju zavarovanja, ki ni v obliki denarnih sredstev, za začetno ali gibljivo kritje ali pri predložitvi gibljivega kritja v obliki denarnih sredstev, saj je mogoče plačilo gibljivega kritja obravnavati kot terjatev, ki je nadrejena terjatvam imetnikov obveznic, kar lahko povzroči pravno oviro.
Similarly, the possibility to substitute or withdraw initial margin could be considered a claim that ranks senior to the bond holder claims facing the same type of constraints.
Podobno je možnost nadomestitve ali umika začetnega kritja mogoče obravnavati kot terjatev, ki je nadrejena terjatvam imetnikov obveznic, kar pomeni enake omejitve.
However, there are no constraints on a covered bond issuer or cover pool to return cash previously collected as variation margin.
Vendar ni omejitev za izdajatelja kritih obveznic ali sklade kritnega premoženja pri vračilu denarnih sredstev, ki so se predhodno pobrala kot gibljivo kritje.
Counterparties of covered bond issuers or cover pools should therefore be required to post variation margin in cash and should have the right to get back part or all of it, but the covered bond issuers or cover pools should only be required to post variation margin for the amount in cash that was previously received.
Nasprotne stranke izdajateljev kritih obveznic ali skladov kritnega premoženja bi zato morale predložiti gibljivo kritje v obliki denarnih sredstev in imeti pravico do delnega ali popolnega povračila, izdajatelji kritih obveznic ali skladi kritnega premoženja pa bi morali predložiti gibljivo kritje samo za znesek denarnih sredstev, ki so ga pred tem prejeli.
Counterparties should always assess the legal enforceability of their netting and segregation agreements.
Nasprotne stranke bi morale vedno oceniti pravno izvršljivost svojih pogodb o pobotu in ločevanju.
Where, with respect to the legal framework of a third country, these assessments turn out to be negative, counterparties should rely on arrangements different from the two-way exchange of margins.
Kadar so navedene ocene glede na pravni okvir tretje države negativne, bi morale nasprotne stranke uporabiti druge ureditve, ki se razlikujejo od obojestranske izmenjave kritij.
With a view to ensuring consistency with international standards, to avoid that it becomes impossible for Union counterparties to trade with counterparties in those jurisdictions, and to ensure a level playing field for Union counterparties, it is appropriate to set out a minimum threshold below which counterparties can trade with counterparties established in those jurisdictions without exchanging initial or variation margins.
Za zagotovitev skladnosti z mednarodnimi standardi, da bi se izognili temu, da za nasprotne stranke v Uniji trgovanje z nasprotnimi strankami v navedenih jurisdikcijah postane nemogoče, in za zagotovitev enakih konkurenčnih pogojev za nasprotne stranke v Uniji je primerno določiti najnižji prag, pod katerim lahko nasprotne stranke trgujejo z nasprotnimi strankami s sedeži v navedenih jurisdikcijah brez izmenjave začetnih ali gibljivih kritij.
Where the counterparties have the possibility to collect margins and can ensure that for collected collateral, as opposed to posted collateral, the provisions of this Regulation can be met, Union counterparties should always be required to collect collateral.
Kadar imajo nasprotne stranke možnost pobrati kritje in lahko zagotovijo, da je za razliko od pobranega zavarovanja s premoženjem pri predloženem zavarovanju s premoženjem mogoče izpolniti določbe te uredbe, bi se moralo od nasprotne stranke iz Unije vedno zahtevati, da pobere zavarovanje s premoženjem.
Exposures from contracts with counterparties established in third-country jurisdictions that are not covered by any exchange of collateral because of the legal impediments in those jurisdictions should be constrained by setting a limit, as capital is not considered equivalent to margin exchange in relation to the exposures arising from non-centrally cleared OTC derivative contracts and not all counterparties subject to the margin requirements under this Regulation are also subject to capital requirements.
Izpostavljenosti iz pogodb z nasprotnimi strankami s sedežem v jurisdikcijah tretjih držav, ki niso krite z izmenjavo zavarovanja s premoženjem zaradi pravnih ovir v navedenih jurisdikcijah, bi bilo treba omejiti z določitvijo meje, saj se kapital ne šteje za enakovrednega izmenjavi kritij pri izpostavljenostih, ki izhajajo iz pogodb o izvedenih finančnih instrumentih OTC brez opravljenega centralnega kliringa, in kapitalske zahteve ne veljajo za vse nasprotne stranke, za katere veljajo zahteve po kritju iz te uredbe.
This limit should be set in such a way that it is simple to calculate and verify.
To mejo bi bilo treba postaviti tako, da jo je mogoče enostavno izračunati in preveriti.
To avoid the build-up of systemic risk and to avoid that such specific treatment creates the possibility to circumvent the provisions of this Regulation, the limit should be set at a conservative level.
Da bi preprečili nastanek sistemskega tveganja in da bi se izognili temu, da takšna posebna obravnava ustvari možnost izogibanja določbam te uredbe, bi bilo treba mejo določiti na konzervativni ravni.
These treatments would be considered sufficiently prudent, because there are also other risk mitigation techniques as an alternative to margins.
Navedena obravnava bi se štela kot dovolj preudarna, saj obstajajo tudi druge tehnike zmanjševanja tveganja, ki so alternativa kritjem.
In order to safeguard against the case where collateral cannot be liquidated immediately after the default of a counterparty, it is necessary, when calculating initial margin to take into account the time period from the most recent exchange of collateral covering a netting set of contracts with a defaulting counterparty until the contracts are closed out and the resulting market risk is re-hedged.
Da bi se zavarovali za primer, ko zavarovanja s premoženjem ni mogoče unovčiti takoj po neplačilu nasprotne stranke, je treba pri izračunu začetnega kritja upoštevati obdobje od zadnje izmenjave zavarovanja s premoženjem za kritje niza pobotov pogodb z nasprotno stranko, ki ne izpolnjuje finančnih obveznosti, do zaključka pogodb in ponovnega zavarovanja pred nastalim tržnim tveganjem.
This time period is known as the ‘margin period of risk’ (‘MPOR’) and is the same tool as that used in Article 272(9) of Regulation (EU) No 575/2013 of the European Parliament and of the Council [3], with respect to counterparty credit risk of credit institutions.
To obdobje je znano kot „obdobje kritja za tveganje“ in je enako orodju iz člena 272(9) Uredbe (EU) št. 575/2013 Evropskega parlamenta in Sveta [3] v zvezi s kreditnim tveganjem nasprotne stranke kreditnih institucij.
Nevertheless, as the objectives of the two Regulations differ, and Regulation (EU) No 575/2013 sets out rules for calculating the MPOR for the purpose of own funds requirements only, this Regulation should include specific rules on the MPOR that are required in the context of the risk management procedures for non-centrally cleared OTC derivative contracts.
Ker pa se cilji obeh uredb razlikujejo in ker Uredba (EU) št. 575/2013 določa pravila za izračun obdobja kritja za tveganje samo za namen kapitalskih zahtev, bi ta uredba morala vključiti posebna pravila o obdobju kritja za tveganje, ki se zahtevajo v kontekstu postopkov obvladovanja tveganja za pogodbe o izvedenih finančnih instrumentih OTC brez opravljenega centralnega kliringa.
The MPOR should take into account the processes required by this Regulation for the exchange of margins.
Obdobje kritja za tveganje bi moralo upoštevati postopke, ki jih ta uredba zahteva za izmenjavo kritja.
Initial and variation margin should generally be exchanged no later than the end of the business day following the day of execution.
Začetno in gibljivo kritje bi bilo treba na splošno izmenjati najpozneje do konca delovnega dneva po dnevu izvršitve.
However, an extension of the time for the exchange of variation margin is permitted where compensated by an adequate calculation of the MPOR.
Vendar je podaljšanje obdobja za izmenjavo gibljivega kritja dovoljeno, kadar se to izravna z ustreznim izračunom obdobja kritja za tveganje.
Alternatively, where no initial margin requirements apply, an extension should be allowed if an appropriate amount of additional variation margin is collected.
Kadar se zahteve po začetnem kritju ne uporabljajo, se podaljšanje lahko dovoli, če je pobran ustrezen znesek dodatnega gibljivega kritja.
When developing initial margin models and when calculating the appropriate MPOR, counterparties should take into account the need to have models that capture the liquidity of the market, the number of participants in that market and the volume of the relevant OTC derivative contracts.
Pri oblikovanju modelov začetnega kritja in pri izračunu ustreznega obdobja kritja za tveganje bi morale nasprotne stranke upoštevati potrebo po modelih, ki zajamejo likvidnost trga, število udeležencev na tem trgu in obseg zadevnih pogodb o izvedenih finančnih instrumentih OTC.
At the same time there is the need to develop a model that both parties can understand, reproduce and on which they can rely to resolve disputes.
Hkrati obstaja potreba po oblikovanju modela, ki ga lahko obe stranki razumeta ter poustvarita in na katerega se lahko opreta pri reševanju sporov.
Therefore counterparties should be allowed to calibrate the model and calculate MPOR dependent only on market conditions, without the need to adjust their estimates to the characteristics of specific counterparties.
Zato bi bilo treba nasprotnim strankam omogočiti, da kalibrirajo model in izračunajo obdobje kritja za tveganje samo na podlagi tržnih razmer, ne da bi morale prilagoditi svojo oceno značilnostim določenih nasprotnih strank.