natgillin/translations-raw huggingface dataset:
In order to avoid discouraging market participants from using that designation, competent authorities should have the ability to grant the originator, sponsor and SSPE a grace period of three months to rectify any erroneous use of the designation that they have used in good faith.
Razlog za to je, da so nasprotne stranke za pogodbe o izvedenih finančnih instrumentih OTC, sklenjene s SSPE, zavarovani upniki v okviru ureditev listinjenja in je običajno poskrbljeno za ustrezno zaščito pred tveganjem nasprotne stranke.
Good faith should be presumed where the originator, sponsor and SSPE could not know that a securitisation did not meet all the STS criteria to be designated as STS.
Pri izvedenih finančnih instrumentih brez centralnega kliringa bi morale zahtevane ravni zavarovanja s premoženjem upoštevati tudi specifično strukturo ureditev listinjenja in zaščite, ki so že določene v njej.
During that grace period, the securitisation in question should continue to be considered STS-compliant and should not be deleted from the list drawn up by ESMA in accordance with this Regulation.
Med kritimi obveznicami in listinjenji obstaja določena stopnja zamenljivosti.
This Regulation promotes the harmonisation of a number of key elements in the securitisation market without prejudice to further complementary market-led harmonisation of processes and practices in securitisation markets.
Zato bi bilo treba, da bi preprečili možnost izkrivljanja ali arbitraže med uporabo listinjenj in kritih obveznic zaradi različnega obravnavanja pogodb o izvedenih finančnih instrumentih OTC, ki jih sklenejo subjekti kritih obveznic ali SSPE, spremeniti Uredbo (EU) št. 648/2012, da bi zagotovili dosledno obravnavanje izvedenih finančnih instrumentov, povezanih s kritimi obveznicami, in izvedenih finančnih instrumentov, povezanih z listinjenjem, v zvezi z obveznostjo kliringa in zahtevami za kritje za izvedene finančne instrumente OTC brez opravljenega centralnega kliringa.
For that reason, it is essential that market participants and their professional associations continue working on further standardising market practices, and in particular the standardisation of documentation of securitisations.
Da bi se harmonizirale pristojbine za nadzor, ki jih zaračuna ESMA, bi bilo treba na Komisijo prenesti pooblastilo, da v skladu s členom 290 Pogodbe o delovanju Evropske unije (PDEU) sprejme akte v zvezi podrobnejšo opredelitvijo vrste pristojbin, zadevami, za katere jih je treba plačati, višino pristojbin in načinom njihovega plačila.
The Commission should carefully monitor and report on the standardisation efforts made by market participants.
Zlasti je pomembno, da se Komisija pri svojem pripravljalnem delu ustrezno posvetuje, vključno na ravni strokovnjakov, in da se ta posvetovanja izvedejo v skladu z načeli, določenimi v Medinstitucionalnem sporazumu z dne 13. aprila 2016 o boljši pripravi zakonodaje [18].
Directives 2009/65/EC [13], 2009/138/EC [14] and 2011/61/EU [15] of the European Parliament and of the Council and Regulations (EC) No 1060/2009 [16] and (EU) No 648/2012 [17] of the European Parliament and of the Council are amended accordingly to ensure consistency of the Union legal framework with this Regulation on provisions related to securitisation the main object of which is the establishment and functioning of the internal market, in particular by ensuring a level playing field in the internal market for all institutional investors.
Za zagotovitev enakopravnega sodelovanja pri pripravi delegiranih aktov Evropski parlament in Svet zlasti prejmeta vse dokumente sočasno s strokovnjaki iz držav članic, njuni strokovnjaki pa se sistematično lahko udeležujejo sestankov strokovnih skupin Komisije, ki zadevajo pripravo delegiranih aktov.
As regards the amendments to Regulation (EU) No 648/2012, over-the-counter (‘OTC’) derivative contracts entered into by SSPEs should not be subject to the clearing obligation provided that certain conditions are met.
Za določitev zahteve glede zadržanja tveganja ter za podrobnejšo pojasnitev meril za homogenost in katere izpostavljenosti se štejejo za homogene na podlagi zahtev glede enostavnosti, ob hkratni zagotovitvi, da ni negativnega vpliva na listinjenje kreditov za mala in srednja podjetja, bi bilo treba na Komisijo prenesti pooblastilo, da sprejme regulativne tehnične standarde, ki jih pripravi EBA, v zvezi z načini zadržanja tveganja, merjenjem ravni zadržanja, določenimi prepovedi v zvezi z zadržanim tveganjem, zadržanjem na konsolidirani podlagi in izjemo za določene posle ter opredelitvijo meril za homogenost ter izpostavljenostmi, ki se štejejo za homogene.
This is because counterparties to OTC derivative contracts entered into with SSPEs are secured creditors under the securitisation arrangements and adequate protection against counterparty credit risk is usually provided for.
Komisija bi morala sprejeti te regulativne tehnične standarde z delegiranimi akti na podlagi člena 290 PDEU in v skladu s členi 10 do 14 Uredbe (EU) št. 1093/2010.
With respect to non-centrally cleared derivatives, the levels of collateral required should also take into account the specific structure of securitisation arrangements and the protections already provided for therein.
EBA bi se moral podrobno posvetovati z drugima dvema ESA.
There is a degree of substitutability between covered bonds and securitisations.
Da se investitorjem olajša neprekinjen, preprost in brezplačen dostop do zanesljivih informacij o listinjenjih ter da se določijo pogoji v zvezi z obveznostjo sodelovanja in obveznostjo izmenjave informacij med pristojnimi organi, bi bilo treba na Komisijo prenesti pooblastilo za sprejemanje regulativnih tehničnih standardov, ki jih pripravi ESMA, v zvezi s: primerljivimi informacijami o osnovnih izpostavljenostih in rednih poročilih investitorjem, seznamom zakonitih namenov za katere se dovoli prelistinjenje; postopki, ki jih uporabljajo repozitoriji listinjenj, da preverijo celovitost in točnost sporočenih podrobnosti; vlogo za registracijo in poenostavljeno vlogo za razširitev obsega registracije; podrobnostmi listinjenja, ki se zagotovi iz razlogov preglednosti; potrebnimi operativnimi standardi za zbiranje, združevanje in primerjanje podatkov med repozitoriji listinjenj; informacijami do katerih imajo imenovani subjekti dostop ter pogoje tega neposrednega dostopa; informacijami, ki se jih zagotovi v primeru uradnega obvestila o STS; informacijami, ki se jih zagotovi pristojnim organom ob predložitvi vloge tretje osebe za dovoljenje za preverjanje; ter obveznostjo izmenjave informacij in ter vsebino in področjem uporabe obveznosti obveščanja.
Therefore, in order to prevent the possibility of distortion or arbitrage between the use of securitisations and covered bonds because of the different treatment of OTC derivative contracts entered into by covered bond entities or by SSPEs, Regulation (EU) No 648/2012 should be amended to ensure consistency of treatment between derivatives associated with covered bonds and derivatives associated with securitisations, with regard to the clearing obligation and to the margin requirements on non-centrally cleared OTC derivatives.
Komisija bi morala sprejeti te regulativne tehnične standarde z delegiranimi akti na podlagi člena 290 PDEU in v skladu s členi 10 do 14 Uredbe (EU) št. 1095/2010.
In order to harmonise the supervisory fees that are to be charged by ESMA, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union (TFEU) should be delegated to the Commission in respect of further specifying the type of fees, the matters for which fees are due, the amount of the fees and the manner in which they are to be paid.
ESMA bi se moral podrobno posvetovati z drugima dvema ESA.
It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level, and that those consultations be conducted in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making [18].
Da bi olajšali proces za investitorje, originatorje, sponzorje in SSPE, bi bilo treba na Komisijo prenesti tudi pooblastilo za sprejemanje izvedbenih tehničnih standardov, ki jih pripravi ESMA, v zvezi s: predlogo, ki se uporablja za dajanje informacij na voljo imetnikom pozicij v listinjenju; obliko v kateri se predloži vloga za registracijo in vloga za razširitev obsega registracije repozitorija listinjenj; predlogo za zagotovitev informacij; predlogo, ki se uporabi za zagotovitev informacij repozitoriju listinjenj ob upoštevanju rešitev, ki so jih pripravili zbiratelji podatkov o listinjenjih; ter predlogo za uradna obvestila o STS, ki bo investitorjem in pristojnim organom zagotovila zadostne informacije za njihovo oceno skladnosti z zahtevami za STS.
In particular, to ensure equal participation in the preparation of delegated acts, the European Parliament and the Council receive all documents at the same time as Member States’ experts, and their experts systematically have access to meetings of Commission expert groups dealing with the preparation of delegated acts.
Komisija bi morala sprejeti te izvedbene tehnične standarde z izvedbenimi akti na podlagi člena 291 PDEU in v skladu s členom 15 Uredbe (EU) št. 1095/2010.
In order to specify the risk-retention requirement, as well as to further clarify the homogeneity criteria and the exposures to be deemed homogenous under the requirements on simplicity, while ensuring that the securitisation of SME loans is not negatively affected, the Commission should be empowered to adopt regulatory technical standards developed by the EBA with regard to the modalities for retaining risk, the measurement of the level of retention, certain prohibitions concerning the retained risk, the retention on a consolidated basis and the exemption for certain transactions, and the specification of homogeneity criteria and of which underlying exposures are deemed to be homogeneous.
Ker ciljev te uredbe, in sicer določitve splošnega okvira za listinjenje in vzpostavitve posebnega okvira za STS listinjenja, države članice ne morejo zadovoljivo doseči, glede na to, da trgi listinjenja delujejo na svetovni ravni in da bi bilo treba na notranjem trgu zagotoviti enake konkurenčne pogoje za vse institucionalne investitorje in subjekte, vključene v listinjenje, temveč se zaradi njihovega obsega in učinkov lažje dosežejo na ravni Unije, lahko Unija sprejme ukrepe v skladu z načelom subsidiarnosti iz člena 5 Pogodbe o Evropski uniji.
The Commission should adopt those regulatory technical standards by means of delegated acts pursuant to Article 290 TFEU and in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
V skladu z načelom sorazmernosti iz navedenega člena ta uredba ne presega tistega, kar je potrebno za doseganje navedenih ciljev.
The EBA should consult closely with the other two ESAs.
Ta uredba bi se morala uporabljati za listinjenja, katerih vrednostni papirji so izdani na 1. januar 2019 ali po njem.
In order to facilitate investors continuous, easy and free access to reliable information on securitisations, as well as to specify the terms of the cooperation and exchange of information obligation of competent authorities, the Commission should be empowered to adopt regulatory technical standards developed by ESMA with regard to: comparable information on underlying exposures and regular investor reports; the list of legitimate purposes under which resecuritisations are permitted; the procedures enabling securitisation repositories to verify the completeness and consistency of the details reported, the application for registration and simplified application for an extension of registration; the details of the securitisation to be provided for transparency reasons, the operational standards required for the collection, aggregation and comparison of data across securitisation repositories, the information to which designated entities have access and the terms and conditions for direct access; the information to be provided in the case of STS notification; the information to be provided to the competent authorities in the application for the authorisation of a third-party verifier; and the information to be exchanged and the content and scope of the notification obligations.
Za pozicije v listinjenju, ki so 1. januarja 2019 neporavnane, bi originatorji, sponzorji in SSPE lahko uporabljali oznako „STS“ pod pogojem, da listinjenje izpolnjuje zahteve za STS, in sicer za določene zahteve hkrati z obvestilom in za druge zahteve ob izvedbi listinjenja.
The Commission should adopt those regulatory technical standards by means of delegated acts pursuant to Article 290 TFEU and in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Zato bi originatorji, sponzorji in SSPE lahko ESMA predložili obvestilo o STS v skladu s to uredbo.
ESMA should consult closely with the other two ESAs.
Vse poznejše spremembe listinjenja bi se morale sprejeti pod pogojem, da listinjenje še vedno izpolnjuje vse veljavne zahteve za STS.
In order to facilitate the process for investors, originators, sponsors and SSPEs, the Commission should also be empowered to adopt implementing technical standards developed by ESMA, with regard to: the templates to be used when making information available to holders of a securitisation position; the format of the application for registration and of the application for an extension of registration of securitisation repositories; template for the provision of information; the templates to be used to provide information to the securitisation repository, taking into account solutions developed by existing securitisation data collectors; and the template for STS notifications that will provide investors and competent authorities with sufficient information for their assessment of compliance with the STS requirements.
Zahteve glede skrbnega pregleda, ki se uporabljajo v skladu z veljavnim pravom Unije pred datumom začetka uporabe te uredbe, bi se morale še naprej uporabljati za listinjenja, izdana 1. januarja 2011 ali pozneje, in za listinjenja, izdana pred 1. januarjem 2011, če so bile po 31. decembru 2014 osnovne izpostavljenosti zamenjane ali so bile dodane nove.
The Commission should adopt those implementing technical standards by means of implementing acts pursuant to Article 291 TFEU and in accordance with Article 15 of Regulation (EU) No 1095/2010.
Ustrezne določbe Delegirane uredbe Komisije (EU) št. 625/2014 [19], ki določajo zahteve glede zadržanja tveganja za kreditne institucije in investicijska podjetja v smislu Uredbe (EU) št. 575/2013 Evropskega parlamenta in Sveta [20], bi se morali še naprej uporabljati do začetka uporabe regulativnih tehničnih standardov glede zadržanja tveganja v skladu s to uredbo.
Since the objectives of this Regulation, namely laying down a general framework for securitisation and creating a specific framework for STS securitisation, cannot be sufficiently achieved by the Member States given that securitisation markets operate globally and that a level playing field in the internal market for all institutional investors and entities involved in securitisation should be ensured but can rather, by reason of their scale and effects, be better achieved at Union level, the Union may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union.
Zaradi pravne varnosti bi morali za kreditne institucije ali investicijska podjetja, zavarovalnice, pozavarovalnice in upravitelje alternativnih investicijskih skladov za pozicije v listinjenju, ki so na datum začetka uporabe te uredbe neporavnane, še naprej veljati člen 405 Uredbe (EU) št. 575/2013, poglavja I, II in III ter člen 22 Delegirane uredbe (EU) št. 625/2014, člena 254 in 255 Delegirane uredbe (EU) 2015/35 oziroma člen 51 Delegirane uredbe Komisije (EU) št. 231/2013 [21].
In accordance with the principle of proportionality, as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve those objectives.
Da se zagotovi, da originatorji, sponzorji in SSPE izpolnjujejo svoje zahteve glede preglednosti, do začetka uporabe regulativnih tehničnih standardov, ki jih sprejme Komisija v skladu s to uredbo, bi bilo treba javno objaviti informacije, navedene v prilogah I do VIII k Delegirani uredbi Komisije (EU) 2015/3 [22], –SPREJELA NASLEDNJO UREDBO:
This Regulation should apply to securitisations the securities of which are issued on or after 1 January 2019.
POGLAVJE 1
For securitisation positions outstanding as of 1 January 2019, originators, sponsors and SSPEs should be able to use the designation ‘STS’ provided that the securitisation complies with the STS requirements, for certain requirements at the time of notification and for other requirements at the time of origination.
SPLOŠNE DOLOČBE
Therefore, originators, sponsors and SSPEs should be able to submit an STS notification to ESMA pursuant to this Regulation.
Člen 1
Any subsequent modification to the securitisation should be accepted provided that the securitisation continues to meet all of the applicable STS requirements.
Predmet urejanja in področje uporabe
The due-diligence requirements that are applied in accordance with existing Union law before the date of application of this Regulation should continue to apply to securitisations issued on or after 1 January 2011, and to securitisations issued before 1 January 2011 where new underlying exposures have been added or substituted after 31 December 2014.
V tej uredbi je določen splošni okvir za listinjenje.
The relevant provisions of Commission Delegated Regulation (EU) No 625/2014 [19] that specify the risk-retention requirements for credit institutions and investments firms within the meaning of Regulation (EU) No 575/2013 of the European Parliament and of the Council [20] should remain applicable until the moment that the regulatory technical standards on risk retention pursuant to this Regulation apply.
V njej je opredeljeno listinjenje in so določene zahteve v zvezi s skrbnim pregledom, zadržanjem tveganja in preglednostjo za stranke, udeležene v listinjenjih, določena so merila za odobritev kreditov, zahteve za prodajo listinjenj neprofesionalnim strankam, prepoved relistinjenja, zahteva za SSPE ter pogoji in postopki za repozitorije listinjenj.
For reasons of legal certainty, credit institutions or investment firms, insurance undertakings, reinsurance undertakings and alternative investment fund managers should, for securitisation positions outstanding as of the date of application of this Regulation, continue to be subject to Article 405 of Regulation (EU) No 575/2013 and to Chapters I, II and III and Article 22 of Delegated Regulation (EU) No 625/2014, Articles 254 and 255 of Delegated Regulation (EU) 2015/35 and Article 51 of Commission Delegated Regulation (EU) No 231/2013 [21] respectively.
V njej je vzpostavljen tudi poseben okvir za enostavno, pregledno in standardizirano (STS) listinjenje.
In order to ensure that originators, sponsors and SSPEs comply with their transparency obligations, until the regulatory technical standards to be adopted by the Commission pursuant to this Regulation apply, the information referred to in Annexes I to VIII of Commission Delegated Regulation (EU) 2015/3 [22] should be made publicly available,HAVE ADOPTED THIS REGULATION:
Ta uredba se uporablja za institucionalne investitorje ter za originatorje, sponzorje, prvotne kreditodajalce in subjekte s posebnim namenom pri listinjenju.
CHAPTER 1
Člen 2
Subject matter and scope
„listinjenje“ pomeni posel ali shemo, pri katerem se tranšira kreditno tveganje, povezano z izpostavljenostjo ali skupino izpostavljenosti, z vsemi naslednjimi značilnostmi:
This Regulation lays down a general framework for securitisation.
plačila v poslu ali shemi so odvisna od kakovosti izpostavljenosti ali skupine izpostavljenosti;
It defines securitisation and establishes due-diligence, risk-retention and transparency requirements for parties involved in securitisations, criteria for credit granting, requirements for selling securitisations to retail clients, a ban on re-securitisation, requirements for SSPEs as well as conditions and procedures for securitisation repositories.
podrejenost tranš določa razporeditev izgub med trajanjem posla ali sheme;
It also creates a specific framework for simple, transparent and standardised (‘STS’) securitisation.
posel ali shema ne ustvarja izpostavljenosti, ki imajo vse značilnosti navedene v členu 147(8) Uredbe (EU) št. 575/2013.
This Regulation applies to institutional investors and to originators, sponsors, original lenders and securitisation special purpose entities.
„subjekt s posebnim namenom pri listinjenju“ ali „ SSPE“ pomeni korporacijo, trust ali drug subjekt, ki ni originator ali sponzor, ustanovljen za izvajanje enega ali več listinjenj, katerega dejavnosti so omejene na tiste, ki so primerne za doseganje navedenega cilja, katerega struktura je namenjena ločevanju obveznosti SSPE od obveznosti originatorja;
Article 2
„originator“ pomeni subjekt, ki:
Definitions
je sam ali prek povezanih subjektov neposredno ali posredno sodeloval pri prvotni pogodbi, s katero so nastale obveznosti ali pogojne obveznosti dolžnika ali morebitnega dolžnika, ki predstavljajo izpostavljenosti, ki se listinijo, ali
For the purposes of this Regulation, the following definitions apply:
za lastni račun odkupi izpostavljenosti tretje osebe, nato pa jih olistini;
‘securitisation’ means a transaction or scheme, whereby the credit risk associated with an exposure or a pool of exposures is tranched, having all of the following characteristics:
„relistinjenje“ pomeni listinjenje, kadar je vsaj ena od osnovnih izpostavljenosti pozicija v listinjenju;
payments in the transaction or scheme are dependent upon the performance of the exposure or of the pool of exposures;
„sponzor“ pomeni kreditno institucijo, v Uniji ali zunaj nje, kakor je opredeljena v točki (1) člena 4(1) Uredbe (EU) št. 575/2013, ali investicijsko podjetje, kakor je opredeljeno v točki (1) člena 4(1) Direktive 2014/65/EU, ki ni originator in:
the subordination of tranches determines the distribution of losses during the ongoing life of the transaction or scheme;
ki ustanovi in upravlja program komercialnih zapisov s premoženjskim kritjem ali drugo listinjenje, ki odkupuje izpostavljenosti od subjektov tretjih oseb, ali
the transaction or scheme does not create exposures which possess all of the characteristics listed in Article 147(8) of Regulation (EU) No 575/2013.
ki ustanovi program komercialnih zapisov s premoženjskim kritjem ali drugo listinjenje, ki vključuje odkup izpostavljenosti od subjektov tretjih oseb, in za vsakodnevno aktivno upravljanje portfeljev, vključenih v to listinjenje, pooblasti subjekt, ki ima dovoljenje za opravljanje takšne dejavnosti v skladu z Direktivo 2009/65/ES, Direktivo 2011/61/EU ali Direktivo 2014/65/EU;
‘securitisation special purpose entity’ or ‘SSPE’ means a corporation, trust or other entity, other than an originator or sponsor, established for the purpose of carrying out one or more securitisations, the activities of which are limited to those appropriate to accomplishing that objective, the structure of which is intended to isolate the obligations of the SSPE from those of the originator;
„tranša“ pomeni pogodbeno določen segment kreditnega tveganja, povezan z izpostavljenostjo ali skupino izpostavljenosti, kjer pozicija v segmentu prevzema tveganje kreditne izgube, ki je večje ali manjše kot pri poziciji istega zneska v drugem segmentu, brez upoštevanja kreditnega zavarovanja, ki ga zagotavljajo tretje osebe neposredno imetnikom pozicij v segmentu ali drugih segmentih;
‘originator’ means an entity which:
„program komercialnih zapisov s premoženjskim kritjem“ ali „program ABCP“ pomeni program listinjenj, v katerem so vrednostni papirji pretežno izdani v obliki komercialnih zapisov s premoženjskim kritjem z originalno zapadlostjo enega leta ali manj;