natgillin/translations-raw huggingface dataset:
At the same time, paragraph (iv) does not allow Members to impose countervailing measures to products ‘whenever the government is merely exercising its general regulatory powers’ or where government intervention ‘may or may not have a particular result simply based on the given factual circumstances and the exercise of free choice by the actors in that market’.
Poleg tega je skupina Hankook Group trdila, da bi morala Komisija analizirati dejanske okoliščine za vsako finančno institucijo posebej, namesto da se je sklicevala na normativni okvir kot celoto.
Rather, entrustment and direction implies ‘a more active role of the government than mere acts of encouragement’.
Komisija je te trditve zavrnila, saj nadzor in odobritve, ki jih izvaja komisija bančnih regulatorjev Kitajske, presega temeljna načela bančnega nadzora, ki ga priporoča Baselski odbor za bančni nadzor.
The Commission noted that the normative framework concerning the tyres industry mentioned above in recitals (188) to (201) applies to all financial institutions in the PRC, including privately owned financial institutions.
Dejansko normativni okvir Baselskega odbora za bančni nadzor glavno odgovornost za spremljanje ustreznosti ravni kapitala glede na tveganja jasno nalaga samemu vodstvu banke.
To illustrate this, the Bank Law and the various orders of the CBRC cover all Chinese-funded and foreign-invested banks under the management of the CBRC.
Naloga nadzornih organov je, da pregledujejo in ocenjujejo notranje postopke, kontrole in obvladovanje tveganja, ki jih vzpostavijo banke.
Furthermore, the verification visits in the sampled companies revealed that the majority of loan contracts which the Commission had obtained from the sampled companies had similar conditions, and that the lending rates provided by the private financial institutions were similar and partly overlapped with the rates provided by the publicly owned financial institutions.
V temeljnih načelih za učinkovit bančni nadzor Baselskega odbora za bančni nadzor je jasno navedeno, da „bi moral biti pri pregledu bančnih organov poudarek na kakovosti obvladovanja tveganja in kontrol ter da ne bi smel privesti do tega, da nadzorniki delujejo kot vodstvo banke“.
In the absence of any divergent information received from the private financial institutions, the Commission concluded that, in so far as the tyres industry is concerned, all financial institutions (including private financial institutions) operating in China under the supervision of the CBRC have been entrusted or directed by the State in the sense of Article 3(1)(a)(iv), first indent of the basic Regulation to pursue governmental policies and provide loans at preferential rates to the tyres industry.
Vendar, kot je že bilo pojasnjeno v uvodni izjavi 199, se odobritev komisije bančnih regulatorjev Kitajske zahteva za zaposlitev ne le višjega vodstva na sedežu banke, ampak tudi vodilnega osebja na vseh ravneh, celo vodstvenih delavcev, imenovanih v podružnicah v tujini, pa tudi tistih, ki so pristojni za podporne funkcije (npr. upravljavcev IT); upravne odobritve so potrebne celo za manjše spremembe, kot je prodaja več kot 5 % delnic banke ali sprememba sedeža.
In line with this finding, the Commission found with respect to the Hankook Group that the normative framework did not apply to some foreign-owned financial institutions which had provided loans to the Hankook Group.
Dejansko Baselski odbor za bančni nadzor le zagotavlja, da ima nadzornik pooblastila za pregled, zavrnitev in uvedbo bonitetnih pogojev glede predlogov za prenos pomembnega lastniškega ali obvladujočega deleža.
Indeed, they were not under the supervision of the CBRC, since they were located outside the PRC, and were providing overseas loans in foreign currency.
Po mnenju Komisije bi morale take dejavnosti spadati v pristojnost vodstva banke, pri čemer ne bi bila potrebna odobritev nadzornega organa na podlagi temeljnih načel za učinkovit bančni nadzor Baselskega odbora za bančni nadzor.
Therefore, the Commission concluded that these financial institutions were not entrusted or directed by the State in the sense of Article 3(1)(a)(iv), first indent of the basic Regulation.
Poleg tega je normativni okvir, ki se uporablja za vse banke na Kitajskem, veliko širši od ureditev, ki se uporabljata za komisijo bančnih regulatorjev, kot je navedeno v uvodni izjavi 188, celoten sklop regulativnih dokumentov pa je pravno zavezujoč, kot je pojasnjeno v uvodni izjavi 200, tako da ne gre le za dejanja spodbujanja.
Following the disclosure of the Information Document, both the GOC and the Hankook Group alleged that private financial institutions, among which JPMorgan Chase Bank (China), could not be considered to have been entrusted and directed by the GOC within the meaning of Article 3(1)(a)(iv) of the basic Regulation to provide loans at preferential rates.
Preveritveni obiski v vzorčenih družbah niso razkrili bistvenih razlik med posojilnimi pogoji ali obrestnimi merami posojil, ki jih zagotavljajo zasebne finančne institucije, in tistimi, ki jih zagotavljajo javne finančne institucije.
They submitted that the two regulations governing the CBRC mentioned in recitals (188) and (199) above are common to all regulatory banking authorities, and reflect the core principles for effective banking supervision recommended by the Basel Committee on Banking Supervision.
Na koncu je Komisija opozorila, da se je banka JPMorgan Chase Bank (Kitajska) kljub njeni izrecni zahtevi odločila, da ne bo sodelovala v tej preiskavi.
Moreover, the Hankook Group alleged that the Commission should have analysed factual circumstances on a case-by-case basis for each financial institution instead of referring to the normative framework as a whole.
Zato Komisija ni mogla preiskati dejanskih okoliščin za vsak primer posebej, kar zadeva banko JPMorgan Chase Bank (Kitajska).
The Commission rejected these allegations because the supervision and approvals exercised by the CBRC go beyond the core principles of banking supervision recommended by the Basel Committee on Banking Supervision.
Skupina Hankook Group je po dokončnem razkritju ponovila svoje pripombe v zvezi z zaupanjem in ukazovanjem banki JPMorgan Chase (Kitajska), pri čemer je opozorila zlasti na dejstvo, da bi lahko, če bi vedela, da mora banka sodelovati v preiskavi, od banke to zahtevala.
Indeed, the normative framework of the Basel Committee on Banking Supervision puts the primary responsibility for monitoring the adequacy of capital levels in relation to risks clearly on the bank management itself.
V zvezi s tem je Komisija opozorila, da je vprašalnik za proizvajalce izvoznike od družbe že zahteval, naj predloži pooblastilo banke, da bi Komisiji omogočila pregled informacij, ki so jih morale predložiti finančne institucije.
The supervisory authorities' role is to review and evaluate the internal processes, controls and risk management put in place by the banks.
Korespondenca med kitajsko vlado in Komisijo o sodelovanju finančnih institucij je bila na voljo v javni dokumentaciji, nesodelovanje banke JPMorgan Chase (Kitajska) pa je bilo družbi razkrito v informativnem dokumentu.
The core principles for effective banking supervision of the Basel Committee on Banking Supervision clearly state that ‘the emphasis of the banking authorities' review should be on the quality of the bank's risk management and controls and should not result in supervisors functioning as bank management’.
Zato Komisija meni, da je ta trditev neutemeljena.
However, as already explained in recital (199) above, the approval of the CBRC is required for the recruitment not only of senior management at the headquarters of a bank, but all levels of management, even managers appointed in overseas branches as well as managers responsible for support functions (e.g. the IT managers); and administrative approvals are required even for minor changes, such as selling more than 5 % of the shares of a bank, or changing domicile.
Specifičnost
In fact, the Basel Committee on Banking Supervision only provides that the supervisor has the power to review, reject and impose prudential conditions on proposals to transfer significant ownership or controlling interests.
Kot je ponazorjeno v uvodnih izjavah od 188 do 201, več pravnih dokumentov, namenjenih zlasti družbam v industriji pnevmatik, usmerja finančne institucije, naj industriji pnevmatik zagotavljajo posojila po preferenčnih obrestnih merah.
According to the Commission, such activities would rather fall under the responsibility of the bank management, without any need for the approval of the supervisory authority following the core principles for effective banking supervision of the Basel Committee on Banking Supervision.
Na podlagi teh dokumentov je bilo dokazano, da finančne institucije zagotavljajo preferenčna posojila le omejenemu številu panog/družb, ki delujejo v skladu z ustreznimi politikami kitajske vlade.
In addition, the normative framework applying to all banks in China is much wider than only the two regulations governing the CBRC, as shown in recital (188) above, and the entire set of regulatory documents is legally binding, as explained in recital (200) above, so that they amount to more than acts of mere encouragement.
Komisija je zato sklenila, da subvencije v obliki preferenčnih posojil niso splošno dostopne, ampak so specifične v smislu člena 4(2)(a) osnovne uredbe.
Moreover, verification visits in the sampled companies did not reveal any significant differences between loan conditions or rates provided by the private financial institutions, and those provided by publicly owned financial institutions.
Poleg tega ni nobena od zainteresiranih strani predložila dokazov o tem, da preferenčna posojila temeljijo na objektivnih merilih ali pogojih v smislu člena 4(2)(b) osnovne uredbe.
Finally, the Commission noted that despite its explicit request, the JPMorgan Chase Bank (China) decided not to cooperate during this investigation.
Ugodnost in izračun zneska subvencije
As a result, the Commission was not in a position to investigate factual circumstances on an individual basis as far as the JPMorgan Chase Bank (China) is concerned.
Komisija je nato izračunala znesek subvencije, proti kateri se lahko uvedejo izravnalni ukrepi.
After final disclosure, the Hankook Group reiterated its comments regarding the entrustment and direction of the JPMorgan Chase Bank (China), pointing in particular to the fact that if the Hankook Group had known that the bank needed to cooperate in the investigation, they could have requested the bank to do so.
Pri tem izračunu je ocenila ugodnost za prejemnike v obdobju preiskave.
In this respect, the Commission noted that the questionnaire to the exporting producers already requested the company to provide a bank authorization, to allow the Commission to review information to be provided by the financial institutions.
V skladu s členom 6(b) osnovne uredbe je ugodnost za prejemnike razlika med zneskom obresti, ki ga družba plača za vladno posojilo, in zneskom, ki bi ga družba plačala za primerljivo komercialno posojilo, ki bi ga dobila na trgu.
The exchanges between the GOC and the Commission on the cooperation of financial institutions were available in the open file, and the non-cooperation of JPMorgan Chase Bank (China) was disclosed to the company in the Information Document.
Komisija je v zvezi s tem opozorila, da so na kitajskem trgu pnevmatik številne posebnosti.
Therefore, the Commission considered this argument to be unfounded.
Kot je pojasnjeno v oddelkih od 3.4.1 do 3.4.3, posojila, ki jih zagotavljajo kitajske finančne institucije, izražajo znatno poseganje vlade in ne izražajo obrestnih mer, ki bi bile običajne na delujočem trgu.
Specificity
Vzorčene skupine družb se razlikujejo glede na svoj splošni finančni položaj.
As demonstrated in recitals (188) to (201), several legal documents which are specifically targeted at companies in the tyres sector, direct the financial institutions to provide loans at preferential rates to the tyres industry.
Vsaka od njih je imela v obdobju preiskave ugodnosti od drugih vrst posojil, pri čemer razlike vključujejo zapadlost, zavarovanje, jamstva in druge povezane pogoje.
On the basis of these documents it is demonstrated that the financial institutions only provide preferential lending to a limited number of industries/companies which comply with the relevant policies of the GOC.
Iz navedenih dveh razlogov je imela vsaka družba drugačno povprečno obrestno mero na podlagi sklopa posojil, ki jih je prejela.
The Commission therefore concluded that subsidies in the form of preferential lending are not generally available but are specific within the meaning of Article 4(2)(a) of the basic Regulation.
Komisija je ocenila finančni položaj vsake vzorčene skupine proizvajalcev izvoznikov posebej, da bi upoštevala te posebnosti.
Moreover there was no evidence submitted by any of the interested parties suggesting that the preferential lending is based on objective criteria or conditions in the sense of Article 4(2)(b) of the basic Regulation.
V zvezi s tem je Komisija uporabila metodologijo izračuna za preferenčna posojila, uvedeno v protisubvencijski preiskavi o vroče valjanih ploščatih izdelkih iz jekla s poreklom iz LRK, ki je pojasnjena v uvodnih izjavah v nadaljevanju.
Benefit and calculation of the subsidy amount
Na podlagi tega je za vsako vzorčeno skupino proizvajalcev izvoznikov posebej izračunala ugodnost, ki jo je ta prejela zaradi preferenčnih posojil, in tako ugodnost dodelila zadevnemu izdelku.
The Commission then calculated the amount of the countervailable subsidy.
Bonitetne ocene
For this calculation it assessed the benefit conferred on the recipients during the investigation period.
Komisija je v protisubvencijski preiskavi o vroče valjanih ploščatih izdelkih iz jekla s poreklom iz LRK na podlagi študije, ki jo je objavil Mednarodni denarni sklad ter ki je pokazala neskladje med mednarodnimi in kitajskimi bonitetnimi ocenami, skupaj z ugotovitvami preiskave v zvezi z vzorčenimi družbami, že ugotovila, da domače bonitetne ocene, dodeljene kitajskim družbam, niso zanesljive.
According to Article 6(b) of the basic Regulation, the benefit conferred on the recipients is the difference between the amount of interest that the company pays on the government loan and the amount that the company would pay for a comparable commercial loan obtainable on the market.
Dejansko so po navedbah MDS lokalne bonitetne agencije več kot 90 % kitajskih obveznic ocenile z oceno od AA do AAA.
In this regard, the Commission noted a number of specificities on the Chinese tyre market.
To ni primerljivo z drugimi trgi, kot so EU ali ZDA.
As explained in sections 3.4.1 to 3.4.3 above, the loans provided by Chinese financial institutions reflect substantial government intervention and do not reflect rates that would normally be found in a functioning market.
Na primer, na trgu ZDA ima tako visoko oceno manj kot 2 % družb.
The sampled groups of companies differ in terms of their general financial situation.
Kitajske bonitetne agencije se torej močno nagibajo k dodeljevanju najvišjih ocen na bonitetni lestvici.
Each of them benefitted from different types of loans during the investigation period with variances in respect of e.g. maturity, collateral, guarantees and other attached conditions.
Imajo bonitetne lestvice z zelo širokim razponom in običajno združijo obveznice z zelo različnimi tveganji zaradi neplačila obveznosti v eno obsežno bonitetno kategorijo .
For those two reasons, each company had a different average interest rate based on its own set of loans received.
Poleg tega tuje bonitetne agencije, kot sta bonitetni agenciji Standard and Poor's in Moody's, pri ocenjevanju kitajskih obveznic, izdanih v tujini, običajno zvišajo izhodiščno bonitetno oceno izdajatelja na podlagi ocene strateškega pomena družbe za kitajsko vlado in trdnosti morebitnega implicitnega jamstva.
The Commission assessed individually the financial situation of each sampled group of exporting producers in order to reflect these particularities.
Bonitetna agencija Fitch na primer jasno navaja, da so, kadar je to ustrezno, taka jamstva ključni dejavnik, na katerem temeljijo njihove bonitetne ocene kitajskih družb.
In this respect, the Commission followed the calculation methodology for preferential lending established in the anti-subsidy investigation on hot rolled flat steel products originating in the PRC and explained in the recitals below.
Komisija je med preiskavo pridobila dodatne informacije, s katerimi je dopolnila to analizo.
As a result, the Commission calculated the benefit from the preferential lending practices for each sampled group of exporting producers on an individual basis, and allocated such benefit to the product concerned.
Prvič, Komisija je odločila, da lahko država izvaja določen vpliv na trg bonitetnega ocenjevanja.
Credit ratings
Glede na dve študiji, objavljeni leta 2016, je bilo na kitajskem trgu dejavnih približno 12 bonitetnih agencij, od katerih je bila večina v državni lasti.
In the anti-subsidy investigation on hot rolled flat steel products originating in the PRC, the Commission already determined that domestic credit ratings awarded to Chinese companies were not reliable, based on a study published by the International Monetary Fund, showing a discrepancy between international and Chinese credit ratings, combined with the findings of the investigation concerning the sampled companies.
Skupaj so 60 % vseh ocenjenih podjetniških obveznic na Kitajskem ocenile bonitetne agencije v državni lasti.
Indeed, according to the IMF, over 90 % of Chinese bonds are rated AA to AAA by local rating agencies.
Kitajska vlada je potrdila, da je bilo v obdobju preiskave na kitajskem trgu obveznic dejavnih 12 bonitetnih agencij, med katerimi je bilo 10 domačih bonitetnih agencij, vključno z Global Credit Rating Co., Ltd., Shanghai Brilliance Credit Rating & Investors Service Co., Ltd., Golden Credit Rating International Co., Ltd., China Chengxin Securities Rating Co., Ltd., Pengyuan Credit Rating Co., Ltd., Shanghai Fareast Credit Rating Co., Ltd., China Bond Rating Co., Ltd., China Securities Index Co., Ltd. in Shanghai Credit Information Services Co., Ltd.
This is not comparable to other markets, such as the EU or the US.
Poleg tega sta obstajali dve bonitetni agenciji, ki sta bili skupni podjetji s kitajskimi in drugimi tujimi vlagatelji, in sicer China Lianhe Credit Rating Co., Ltd. in China Chengxin International Credit Rating Co., Ltd.
For example, less than 2 % of firms enjoy such top-notch ratings in the US market.
Drugič, na kitajski trg bonitetnega ocenjevanja ni mogoče prosto vstopati.
Chinese credit rating agencies are thus heavily skewed towards the highest end of the rating scale.
V bistvu gre za zaprt trg, saj mora bonitetne agencije pred začetkom njihovega delovanja odobriti kitajska nadzorna komisija za vrednostne papirje ali Ljudska banka Kitajske.
They have very broad rating scales and tend to pool bonds with significantly different default risks into one broad rating category.
V obdobju preiskave tuje bonitetne agencije kot take niso smele delovati na kitajskem domačem trgu, saj je bil trg bonitetnega ocenjevanja vključen v „omejeno“ kategorijo kataloga kitajske vlade za usmerjanje tujih naložb v sektorjih, ter niso smele izdajati domačih bonitetnih ocen obveznic.
In addition, foreign rating agencies, such as Standard and Poor's and Moody's, typically apply an uplift over the issuer's baseline credit rating based on an estimate of the firm's strategic importance to the Chinese government and the strength of any implicit guarantee when they rate Chinese bonds issued overseas.
Ljudska banka Kitajske je sredi leta 2017 naznanila, da bodo tuje bonitetne agencije pod določenimi pogoji lahko izvajale kreditno ocenjevanje na delu domačega trga obveznic, vendar to v obdobju preiskave še ni veljalo.
Fitch for example clearly indicates, where applicable, that such guarantees are a key driver underlying its credit ratings of Chinese companies.
Vendar pa so med tem časom tuje agencije ustanovile skupna podjetja z nekaterimi lokalnimi bonitetnimi agencijami, ki zagotavljajo bonitetne ocene za domače izdaje obveznic.
During the investigation, the Commission found further information to complement this analysis.
Vendar te ocene temeljijo na kitajskih bonitetnih lestvicah, zato niso povsem primerljive z mednarodnimi bonitetnimi ocenami, kot je pojasnjeno zgoraj.
First, the Commission determined that the State can exercise a certain influence over the credit rating market.
Glede na stanje, opisano v uvodnih izjavah od 237 do 241, je Komisija sklenila, da kitajske bonitetne ocene ne zagotavljajo zanesljive ocene kreditnega tveganja temeljnega sredstva.
According to two studies published in 2016, there were around 12 credit rating agencies active on the Chinese market, a majority of which are state-owned.
Na tej podlagi je Komisija sklenila, da četudi je kitajska bonitetna agencija nekaterim vzorčenim družbam dodelila dobro bonitetno oceno, ta ocena ni zanesljiva.
In total, 60 % of all rated corporate bonds in China had been rated by a state-owned ratings agency.
Posojila revolving
The GOC confirmed that, during the investigation period, there were 12 credit rating agencies active on China's bond market, among which 10 domestic rating agencies, including Global Credit Rating Co. Ltd, Shanghai Brilliance Credit Rating & Investors Service Co. Ltd, Golden Credit Rating International Co. Ltd, China Chengxin Securities Rating Co. Ltd, Pengyuan Credit Rating Co. Ltd, Shanghai Fareast Credit Rating Co., Ltd, China Bond Rating Co. Ltd, China Securities Index Co. Ltd, Shanghai Credit Information Services Co. Ltd There were also 2 Sino-foreign joint venture credit rating agencies, namely China Lianhe Credit Rating Co. Ltd, and China Chengxin International Credit Rating Co.,Ltd
Na podlagi ugotovitev protisubvencijske preiskave o vroče valjanih ploščatih izdelkih iz jekla s poreklom iz LRK, opisanih v oddelku 3.4.4, so posojila revolving, ki družbi omogočajo, da kapital, s katerim je odplačala posojila na datum zapadlosti, nadomesti s svežim kapitalom od novih posojil.
Second, there is no free entrance on the Chinese credit rating market.
Posojila revolving so običajno kazalnik težav s kratkoročno likvidnostjo posojilojemalca in vključujejo večjo izpostavljenost tveganju za banke, ki jim taka posojila zagotavljajo.
It is essentially a closed market, since rating agencies need to be approved by the China Securities Regulatory Commission (‘CSRC’) or the PBOC before they can start operations.
Obstoj posojil revolving v dani družbi je bil zato znak, da je bila družba v slabšem finančnem položaju, kot so na prvi pogled kazali računovodski izkazi, dodatno tveganje pa je bilo povezano s kratkoročnimi likvidnostnimi težavami.
During the investigation period, foreign rating agencies were not allowed as such to operate on the Chinese domestic market, since the credit rating market was included in the ‘restricted’ category of the GOC's Catalogue of Industries for Guiding Foreign Investment, and foreign credit rating agencies were prohibited from issuing domestic bond ratings.
Za namene sedanje preiskave skupino Hankook Group na Kitajskem sestavljajo dva proizvajalca izvoznika, dve družbi, ki zagotavljata surovine proizvajalcem izvoznikom, in ena prodajna družba.
The PBOC announced mid-2017 that overseas credit rating agencies would be allowed to carry out credit ratings on part of the domestic bond market, under certain conditions, but this was not yet applicable during the investigation period.
Sedež skupine je zunaj Kitajske, in sicer v Koreji, na Kitajskem pa ni nobenega holdinga, ki bi izvajal nadzor nad vsemi družbami, ki delujejo v LRK.
Nevertheless, in the meantime, foreign agencies did establish joint ventures with some local credit rating agencies, which provide credit ratings for domestic bond issues.
V obdobju preiskave sta proizvajalca izvoznika večinoma pridobivala potrebna sredstva od mednarodnih bank zunaj Kitajske in korejske matične družbe ter na podlagi sporazuma med družbami o združevanju denarnih sredstev.