natgillin/translations-raw huggingface dataset:
The seller shall provide representations and warranties that, to the best of its knowledge, the underlying exposures included in the securitisation are not encumbered or otherwise in a condition that can be foreseen to adversely affect the enforceability of the true sale or assignment or transfer with the same legal effect.
Potencialnim investitorjem se brez nepotrebnega odlašanja v celoti razkrijejo standardi za izdajo komercialnih zapisov, na podlagi katerih se odobrijo osnovne izpostavljenosti, in vse pomembne spremembe predhodnih standardov za izdajo komercialnih zapisov.
The underlying exposures transferred from, or assigned by, the seller to the SSPE shall meet predetermined, clear and documented eligibility criteria which do not allow for active portfolio management of those exposures on a discretionary basis.
V primeru listinjenj, pri katerih so osnovne izpostavljenosti stanovanjski krediti, skupina kreditov ne zajema kreditov, ki so se tržili in bili sklenjeni ob predpostavki, da je bil prosilec za kredit ali po potrebi posrednik seznanjen s tem, da kreditodajalec morda ni preveril predloženih informacij.
For the purpose of this paragraph, substitution of exposures that are in breach of representations and warranties shall not be considered active portfolio management.
Ocena kreditojemalčeve kreditne sposobnosti izpolnjuje zahteve iz člena 8 Direktive 2008/48/ES ali odstavkov 1 do 4, točke (a) odstavka 5 in odstavka 6 člena 18 Direktive 2014/17/EU ali, kadar je to ustrezno, enakovredne zahteve v tretjih državah.
Exposures transferred to the SSPE after the closing of the transaction shall meet the eligibility criteria applied to the initial underlying exposures.
Originator ali prvotni kreditodajalec razpolaga s strokovnim znanjem na področju odobritve izpostavljenosti, ki so po svoji naravi podobne listinjenim.
The securitisation shall be backed by a pool of underlying exposures that are homogeneous in terms of asset type, taking into account the specific characteristics relating to the cash flows of the asset type including their contractual, credit-risk and prepayment characteristics.
Osnovne izpostavljenosti se takoj po izbiri brez nepotrebnega odlašanja prenesejo na SSPE in v času izbire ne zajemajo neplačanih izpostavljenosti v smislu člena 178(1) Uredbe (EU) št. 575/2013 ali izpostavljenosti do dolžnika oziroma izdajatelja jamstva s slabo kreditno kakovostjo, ki je po najboljši vednosti originatorja ali prvotnega kreditodajalca:
A pool of underlying exposures shall comprise only one asset type.
bil razglašen za insolventnega ali je sodišče njegovim upnikom dodelilo pravnomočno pravico, zoper katero se ni mogoče pritožiti, do izvršbe ali odškodnine za premoženjsko škodo zaradi zamujenega plačila v treh letih pred datumom izdaje listinjenja ali pa je v treh letih pred datumom prenosa ali odstopa osnovnih izpostavljenosti na SSPE opravil postopek prestrukturiranja dolga v zvezi z njegovimi nedonosnimi izpostavljenostmi, razen če:
The underlying exposures shall contain obligations that are contractually binding and enforceable, with full recourse to debtors and, where applicable, guarantors.
prestrukturirana osnovna izpostavljenost ni predstavljala novih zaostalih plačil od datuma prestrukturiranja, ki je moralo biti opravljeno najpozneje eno leto pred datumom prenosa ali odstopa osnovnih izpostavljenosti na SSPE, in
The underlying exposures shall have defined periodic payment streams, the instalments of which may differ in their amounts, relating to rental, principal, or interest payments, or to any other right to receive income from assets supporting such payments.
so v informacijah, ki jih je zagotovil originator, sponzor in subjekt SSPE v skladu s točkama (a) in (e)(i) prvega pododstavka člena 7(1), izrecno določeni delež prestrukturiranih osnovnih izpostavljenosti, časovni okvir in podrobnosti prestrukturiranja ter njihova uspešnost po datumu prestrukturiranja;
The underlying exposures may also generate proceeds from the sale of any financed or leased assets.
je bil ob izdaji listinjenja, kadar je to ustrezno, v javnem registru kreditov oseb z negativno zgodovino preteklega plačevanja kreditov ali, kadar ni takšnega javnega registra kreditov, drugem registru kreditov, ki je dostopen originatorju ali prvotnemu kreditodajalcu; ali
The underlying exposures shall not include transferable securities, as defined in point (44) of Article 4(1) of Directive 2014/65/EU, other than corporate bonds that are not listed on a trading venue.
njegova bonitetna ocena ali kreditna ocena kaže, da je tveganje, da pogodbeno dogovorjena plačila ne bodo izvedena, občutno višje kot za primerljive izpostavljenosti v lasti originatorja, ki niso listinjene.
The underlying exposures shall not include any securitisation position.
V času prenosa izpostavljenosti so dolžniki izvedli najmanj eno plačilo, razen v primeru obnavljajočih se listinjenj na podlagi izpostavljenosti, plačljivih v enem obroku ali z zapadlostjo, ki je krajša od enega leta, vključno z neomejenimi mesečnimi plačili za obnavljajoče se kredite.
The underlying exposures shall be originated in the ordinary course of the originator’s or original lender’s business pursuant to underwriting standards that are no less stringent than those that the originator or original lender applied at the time of origination to similar exposures that are not securitised.
Poravnava obveznosti do imetnikov pozicij v listinjenju ne sme biti strukturirana tako, da bi bila pretežno odvisna od prodaje sredstev, s katerimi so zavarovane osnovne izpostavljenosti.
The underwriting standards pursuant to which the underlying exposures are originated and any material changes from prior underwriting standards shall be fully disclosed to potential investors without undue delay.
Ta določba ne preprečuje, da bi se taka sredstva pozneje obnovila ali refinancirala.
In the case of securitisations where the underlying exposures are residential loans, the pool of loans shall not include any loan that was marketed and underwritten on the premise that the loan applicant or, where applicable, intermediaries were made aware that the information provided might not be verified by the lender.
Za poravnavo obveznosti do imetnikov pozicij v listinjenju, katerih osnovne izpostavljenosti so zavarovane s sredstvi, katerih vrednost je zajamčena ali v celoti varovana z obveznostjo povratnega odkupa s strani prodajalca sredstev, s katerimi so zavarovane osnovne izpostavljenosti, ali s strani tretje osebe, se ne šteje, da je odvisna od prodaje sredstev, s katerimi so zavarovane navedene osnovne izpostavljenosti.
The assessment of the borrower’s creditworthiness shall meet the requirements set out in Article 8 of Directive 2008/48/EC or paragraphs 1 to 4, point (a) of paragraph 5, and paragraph 6 of Article 18 of Directive 2014/17/EU or, where applicable, equivalent requirements in third countries.
EBA v tesnem sodelovanju z ESMA in EIOPA pripravi osnutke regulativnih tehničnih standardov, ki podrobneje opredeljujejo, katere osnovne izpostavljenosti iz odstavka 8 štejejo za homogene.
The originator or original lender shall have expertise in originating exposures of a similar nature to those securitised.
Člen 21
The underlying exposures shall be transferred to the SSPE after selection without undue delay and shall not include, at the time of selection, exposures in default within the meaning of Article 178(1) of Regulation (EU) No 575/2013 or exposures to a credit-impaired debtor or guarantor, who, to the best of the originator’s or original lender’s knowledge:
Zahteve glede standardiziranosti
has been declared insolvent or had a court grant his creditors a final non-appealable right of enforcement or material damages as a result of a missed payment within three years prior to the date of origination or has undergone a debt-restructuring process with regard to his non-performing exposures within three years prior to the date of transfer or assignment of the underlying exposures to the SSPE, except if:
Originator, sponzor ali prvotni kreditodajalec izpolni zahteve po zadržanju tveganja v skladu s členom 6.
a restructured underlying exposure has not presented new arrears since the date of the restructuring, which must have taken place at least one year prior to the date of transfer or assignment of the underlying exposures to the SSPE; and
Obrestno in valutno tveganje iz listinjenja se ustrezno zmanjšata, kakršni koli ukrepi, sprejeti v ta namen, pa se razkrijejo.
the information provided by the originator, sponsor and SSPE in accordance with points (a) and (e)(i) of the first subparagraph of Article 7(1) explicitly sets out the proportion of restructured underlying exposures, the time and details of the restructuring as well as their performance since the date of the restructuring;
SSPE ne sklepa pogodb o izvedenih finančnih instrumentih in zagotovi, da skupina osnovnih izpostavljenosti ne vključuje izvedenih finančnih instrumentov, razen za varovanje pred obrestnim tveganjem ali valutnim tveganjem.
was, at the time of origination, where applicable, on a public credit registry of persons with adverse credit history or, where there is no such public credit registry, another credit registry that is available to the originator or original lender; or
Navedeni izvedeni finančni instrumenti se sklenejo in dokumentirajo v skladu s splošno sprejetimi standardi v mednarodnih financah.
has a credit assessment or a credit score indicating that the risk of contractually agreed payments not being made is significantly higher than for comparable exposures held by the originator which are not securitised.
Pri kakršnih koli plačilih obresti z referenčno obrestno mero na podlagi sredstev in obveznosti iz listinjenja se upoštevajo splošno uporabljene tržne obrestne mere ali splošno uporabljene sektorske obrestne mere, ki odražajo stroške financiranja, vendar brez sklicevanja na kompleksne formule ali izvedene finančne instrumente.
The debtors shall, at the time of transfer of the exposures, have made at least one payment, except in the case of revolving securitisations backed by exposures payable in a single instalment or having a maturity of less than one year, including without limitation monthly payments on revolving credits.
Kadar je bilo izdano obvestilo o izvršbi ali zahtevek o takojšnjem plačilu:
The repayment of the holders of the securitisation positions shall not have been structured to depend predominantly on the sale of assets securing the underlying exposures.
SSPE ne smejo zadrževati nobenih denarnih sredstev, ki presegajo sredstva, potrebna za operativno delovanje SSPE ali redna odplačila investitorjev v skladu s pogodbenimi pogoji listinjenja, razen če je treba zaradi posebnih okoliščin znesek zadržati, da se v najboljšem interesu investitorjev porabi za stroške z namenom preprečiti poslabšanje kreditne kakovosti osnovnih izpostavljenosti;
This shall not prevent such assets from being subsequently rolled-over or refinanced.
se plačane glavnice iz osnovnih izpostavljenosti prenesejo na investitorje prek zaporednega odplačevanja pozicij v listinjenju v skladu z nadrejenostjo pozicij v listinjenju;
The repayment of the holders of the securitisation positions whose underlying exposures are secured by assets the value of which is guaranteed or fully mitigated by a repurchase obligation by the seller of the assets securing the underlying exposures or by another third party shall not be considered to depend on the sale of assets securing those underlying exposures.
odplačilo obveznosti iz naslova pozicij v listinjenju ne sme biti izvedena v obratnem vrstnem redu glede na njihovo nadrejenost in
The EBA, in close cooperation with ESMA and EIOPA, shall develop draft regulatory technical standards further specifying which underlying exposures referred to in paragraph 8 are deemed to be homogeneous.
ni določb, ki bi zahtevale samodejno likvidacijo osnovnih izpostavljenosti po tržni ceni.
Article 21
V poslih, za katere je značilen nezaporedni vrstni red plačil, se uporabljajo sprožilci, povezani z uspešnostjo osnovnih izpostavljenosti, s katerimi se vrstni red plačil povrne v zaporedno odplačevanje glede na nadrejenost.
Requirements relating to standardisation
Takšni sprožilci, povezani z uspešnostjo, vključujejo vsaj poslabšanje kreditne kakovosti osnovnih izpostavljenosti pod vnaprej določeni prag.
The originator, sponsor or original lender shall satisfy the risk-retention requirement in accordance with Article 6.
V dokumentaciji posla so zajete ustrezne določbe predčasnega odplačila oziroma, če je listinjenje obnavljajoče se listinjenje, sprožilci prekinitve obdobja obnovitve, med njimi vsaj:
The interest-rate and currency risks arising from the securitisation shall be appropriately mitigated and any measures taken to that effect shall be disclosed.
poslabšanje kreditne kakovosti osnovnih izpostavljenosti do vnaprej določenega praga ali pod ta prag;
Except for the purpose of hedging interest-rate or currency risk, the SSPE shall not enter into derivative contracts and shall ensure that the pool of underlying exposures does not include derivatives.
pojav dogodka, povezanega z insolventnostjo, v zvezi z originatorjem ali serviserjem;
Those derivatives shall be underwritten and documented according to common standards in international finance.
vrednost osnovnih izpostavljenosti, ki jih ima SSPE, pade pod vnaprej določen prag (dogodek predčasnega odplačila); in
Any referenced interest payments under the securitisation assets and liabilities shall be based on generally used market interest rates, or generally used sectoral rates reflective of the cost of funds, and shall not reference complex formulae or derivatives.
nesposobnost ustvarjanja zadostne količine novih osnovnih izpostavljenosti, ki dosegajo vnaprej določeno kreditno kakovost (sprožilec prekinitve obdobja obnovitve).
Where an enforcement or an acceleration notice has been delivered:
V dokumentaciji posla so jasno določeni:
no amount of cash shall be trapped in the SSPE beyond what is necessary to ensure the operational functioning of the SSPE or the orderly repayment of investors in accordance with the contractual terms of the securitisation, unless exceptional circumstances require that an amount be trapped to be used, in the best interests of investors, for expenses in order to avoid the deterioration in the credit quality of the underlying exposures;
pogodbene obveznosti, dolžnosti in odgovornosti serviserja in skrbnika, če obstaja, ter drugih ponudnikov pomožnih storitev;
principal receipts from the underlying exposures shall be passed to investors via sequential amortisation of the securitisation positions, as determined by the seniority of the securitisation position;
postopki in odgovornosti, ki so potrebni za zagotovitev, da neizpolnjevanje obveznosti s strani serviserja ali insolventnost serviserja ne privede do prenehanja servisiranja, kot je pogodbena določba, ki omogoča nadomestitev serviserja v takšnih primerih; in
repayment of the securitisation positions shall not be reversed with regard to their seniority; and
določbe, s katerimi se zagotovi nadomestitev nasprotnih strank pri izvedenih finančnih instrumentih, ponudnikov likvidnosti in banke, pri kateri je odprt račun, v primeru njihovega neizpolnjevanja obveznosti, insolventnosti in, če je to ustrezno, drugih določenih dogodkov.
no provisions shall require automatic liquidation of the underlying exposures at market value.
Serviser mora imeti strokovno znanje na področju servisiranja izpostavljenosti, ki so po svoji naravi podobne listinjenim, ter dobro dokumentirane in ustrezne politike, postopke in kontrole za upravljanje tveganja v zvezi s servisiranjem izpostavljenosti.
Transactions which feature non-sequential priority of payments shall include triggers relating to the performance of the underlying exposures resulting in the priority of payments reverting to sequential payments in order of seniority.
V dokumentaciji posla so jasno in dosledno navedene opredelitve, pravna sredstva in ukrepi v zvezi z nerednostjo plačil in neplačili dolžnikov, prestrukturiranjem dolga, odpisom dolga, dopuščanjem neplačevanja, moratorijem na odplačevanje, izgubami, prerazvrstitvami, izterjavami in drugimi ukrepi za izboljšanje uspešnosti sredstev.
Such performance-related triggers shall include at least the deterioration in the credit quality of the underlying exposures below a predetermined threshold.
V dokumentaciji posla so jasno določeni vrstni red plačil, dogodki, zaradi katerih se spremeni ta vrstni red plačil, in obveznost poročanja o takih dogodkih.
The transaction documentation shall include appropriate early amortisation provisions or triggers for termination of the revolving period where the securitisation is a revolving securitisation, including at least the following:
Vsaka sprememba vrstnega reda plačil, ki bistveno negativno vpliva na odplačilo obveznosti pozicije v listinjenju, se nemudoma sporoči investitorjem.
a deterioration in the credit quality of the underlying exposures to or below a predetermined threshold;
Dokumentacija posla mora vključevati jasne določbe, ki omogočajo pravočasno reševanje sporov med različnimi razredi investitorjev, glasovalne pravice so jasno opredeljene in dodeljene imetnikom vrednostnih papirjev, jasno pa so določene tudi odgovornosti skrbnika in drugih subjektov s fiduciarnimi dolžnostmi do investitorjev.
the occurrence of an insolvency-related event with regard to the originator or the servicer;
Člen 22
the value of the underlying exposures held by the SSPE falls below a predetermined threshold (early amortisation event); and
Zahteve glede preglednosti
a failure to generate sufficient new underlying exposures that meet the predetermined credit quality (trigger for termination of the revolving period).
Originator in sponzor potencialnim investitorjem pred oblikovanjem cen dasta na voljo statične in dinamične podatke o preteklih gibanjih neplačil in izgub, kot so podatki o nerednih plačilih in neplačilih, za bistveno podobne izpostavljenosti, kot so predmet listinjenja, ter vire teh podatkov in podlago za določitev podobnosti.
The transaction documentation shall clearly specify:
Ti podatki zajemajo obdobje vsaj petih let.
the contractual obligations, duties and responsibilities of the servicer and the trustee, if any, and other ancillary service providers;
Vzorec osnovnih izpostavljenosti je predmet zunanjega preverjanja pred izdajo vrednostnih papirjev, ki izhajajo iz listinjenja, s strani ustrezne in neodvisne osebe, vključno s preverjanjem, ali so razkriti podatki v zvezi z osnovnimi izpostavljenostmi točni.
the processes and responsibilities necessary to ensure that a default by or an insolvency of the servicer does not result in a termination of servicing, such as a contractual provision which enables the replacement of the servicer in such cases; and
Originator ali sponzor pred oblikovanjem cen v listinjenju potencialnim investitorjem da na razpolago model denarnega toka iz naslova obveznosti, ki natančno predstavlja pogodbeno razmerje med osnovnimi izpostavljenostmi in plačili, ki se izvajajo med originatorjem, sponzorjem, investitorji, drugimi tretjimi osebami in SSPE, ter po oblikovanju cen takšen model investitorjem da na razpolago redno, potencialnim investitorjem pa na zahtevo.
provisions that ensure the replacement of derivative counterparties, liquidity providers and the account bank in the case of their default, insolvency, and other specified events, where applicable.
V primeru listinjenja, pri katerem so osnovne izpostavljenosti stanovanjski krediti ali krediti za nakup avtomobilov ali zakupi avtomobilov, originator, sponzor in SSPE objavijo razpoložljive informacije v zvezi z okoljsko učinkovitostjo sredstev, financiranih s takšnimi stanovanjskimi krediti, krediti za nakup avtomobilov ali zakup avtomobilov, kot del informacij, ki so razkrite v skladu s točko (a) prvega pododstavka člena 7(1).
The servicer shall have expertise in servicing exposures of a similar nature to those securitised and shall have well-documented and adequate policies, procedures and risk-management controls relating to the servicing of exposures.
Originator in sponzor sta odgovorna za skladnost s členom 7.
The transaction documentation shall set out in clear and consistent terms definitions, remedies and actions relating to delinquency and default of debtors, debt restructuring, debt forgiveness, forbearance, payment holidays, losses, charge offs, recoveries and other asset performance remedies.
Informacije, zahtevane na podlagi točke (a) prvega pododstavka člena 7(1), se dajo potencialnim investitorjem na zahtevo na razpolago pred oblikovanjem cen.
The transaction documentation shall clearly specify the priorities of payment, events which trigger changes in such priorities of payment as well as the obligation to report such events.
Informacije, zahtevane na podlagi točk (b) do (d) prvega pododstavka člena 7(1), se dajo na razpolago pred oblikovanjem cen vsaj kot osnutki ali kot začetna različica.
Any change in the priorities of payments which will materially adversely affect the repayment of the securitisation position shall be reported to investors without undue delay.
Končna dokumentacija se da na razpolago investitorjem najpozneje 15 dni po sklenitvi posla.
The transaction documentation shall include clear provisions that facilitate the timely resolution of conflicts between different classes of investors, voting rights shall be clearly defined and allocated to bondholders and the responsibilities of the trustee and other entities with fiduciary duties to investors shall be clearly identified.
ODDELEK 2
Article 22
Zahteve za enostavno, pregledno in standardizirano listinjenje ABCP
Requirements relating to transparency
Člen 23
The originator and the sponsor shall make available data on static and dynamic historical default and loss performance, such as delinquency and default data, for substantially similar exposures to those being securitised, and the sources of those data and the basis for claiming similarity, to potential investors before pricing.
Enostavno, pregledno in standardizirano listinjenje ABCP
Those data shall cover a period of at least five years.
Posel ABCP šteje za STS, kadar izpolnjuje zahteve na ravni poslov iz člena 24.
A sample of the underlying exposures shall be subject to external verification prior to issuance of the securities resulting from the securitisation by an appropriate and independent party, including verification that the data disclosed in respect of the underlying exposures is accurate.
Program ABCP šteje za STS, kadar izpolnjuje zahteve iz člena 26 in sponzor programa ABCP izpolnjuje zahteve iz člena 25.
The originator or the sponsor shall, before the pricing of the securitisation, make available to potential investors a liability cash flow model which precisely represents the contractual relationship between the underlying exposures and the payments flowing between the originator, sponsor, investors, other third parties and the SSPE, and shall, after pricing, make that model available to investors on an ongoing basis and to potential investors upon request.
Za namene tega oddelka „prodajalec“ pomeni „originatorja“ ali „prvotnega kreditodajalca“.
In the case of a securitisation where the underlying exposures are residential loans or auto loans or leases, the originator and sponsor shall publish the available information related to the environmental performance of the assets financed by such residential loans or auto loans or leases, as part of the information disclosed pursuant to point (a) of the first subparagraph of Article 7(1).
Do 18. oktobra 2018 EBA v tesnem sodelovanju z ESMA in EIOPA v skladu s členom 16 Uredbe (EU) št. 1093/2010 sprejme smernice in priporočila o usklajeni razlagi in uporabi zahtev iz členov 24 in 26 te uredbe.
The originator and the sponsor shall be responsible for compliance with Article 7.
Člen 24
The information required by point (a) of the first subparagraph of Article 7(1) shall be made available to potential investors before pricing upon request.
Zahteve na ravni poslov