natgillin/translations-raw huggingface dataset:
To ensure compliance with the obligations set out in Regulation (EU) No 909/2014, all parties in the settlement chain should have contractual arrangements with their relevant counterparties which contain the buy-in process obligations and which are enforceable in all relevant jurisdictions.
Za zagotovitev skladnosti z obveznostmi, določenimi v Uredbi (EU) št. 909/2014, bi morale vse strani v verigi poravnave s svojimi ustreznimi nasprotnimi strankami vzpostaviti pogodbene dogovore, ki zajemajo obveznosti za postopek kritnega nakupa in so izvršljivi v vseh ustreznih jurisdikcijah.
In order to improve settlement efficiency, it should always first be verified whether a buy-in process is possible in respect of the relevant transactions and parties thereto.
Da bi se izboljšala učinkovitost poravnave, bi bilo vselej treba najprej preveriti, ali je postopek kritnega nakupa mogoč glede na zadevne posle in vključene strani.
All entities involved in the buy-in process need to be informed of the status of the buy-in process at key points in time.
Vse subjekte, vključene v postopek kritnega nakupa, je treba v ključnih trenutkih obveščati o statusu postopka.
That information should be exchanged by way of a notification in order for the entities involved to be alerted on the status of the actions to settle the transaction and take further action as need be.
Te informacije bi se morale izmenjevati z obvestili, da bi bili vključeni subjekti opozorjeni na status ukrepov za poravnavo posla in bi po potrebi sprejeli nadaljnje ukrepe.
For transactions that are not cleared by a CCP, in order to set up an efficient buy-in process and to avoid that other parties in the settlement chain or participants become liable for obligations contracted by the trading venue members or trading parties, and in order not to increase the risk profile of CSDs or trading venues, the parties that originally concluded the relevant transaction should be responsible for the execution of the buy-in.
Pri poslih, katerih obračuna ne opravi CNS, bi morale biti strani, ki so prvotno sklenile zadevni posel, odgovorne za izvršitev kritnega nakupa, da bi se vzpostavil učinkovit postopek kritnega nakupa, preprečila odgovornost drugih strani v verigi poravnave ali udeležencev za pogodbene obveznosti, ki so jih določili člani mesta trgovanja ali strani v poslu, ter preprečilo povečanje profila tveganja CDD ali mest trgovanja.
In respect of the settlement of a securities transaction, participants act for their own account or enter settlement instructions into the securities settlement system operated by a CSD upon request by their clients.
V zvezi s poravnavo poslov z vrednostnimi papirji udeleženci poslujejo za svoj račun ali na zahtevo svojih strank vnašajo navodila za poravnavo v sistem poravnave vrednostnih papirjev, ki ga upravlja CDD.
Those clients may be a CCP and its clearing members, trading venue members or, where the transaction is not executed on a trading venue, trading parties.
Navedene stranke so lahko CNS in njeni klirinški člani, člani mest trgovanja ali strani v poslu, kadar se posel ne izvrši na mestu trgovanja.
A buy-in should therefore be effected at the level where the contractual obligations to buy and sell securities have been created.
Zato bi bilo treba kritni nakup izvršiti na ravni, na kateri so bile določene pogodbene obveznosti nakupa in prodaje vrednostnih papirjev.
Given that the buy-in agent should act upon request of a party that does not bear the costs related to the buy-in agent's intervention, the buy-in agent should act according to best execution requirements and protect the interest of the failing clearing member, trading venue member or trading party.
Glede na to, da bi moral posrednik za kritni nakup ukrepati na zahtevo strani, ki ne krije stroškov, povezanih s posredovanjem posrednika za kritni nakup, bi moral ukrepati v skladu z zahtevami za najboljšo izvršitev ter zavarovati interes klirinškega člana, člana mesta trgovanja ali strani v poslu, ki ne izpolnjuje obveznosti.
To limit the number of buy-ins and to preserve the liquidity of the market for the relevant financial instruments, the failing clearing member, the failing trading venue member or the failing trading party, as applicable, should be allowed to deliver financial instruments to the CCP, the receiving trading venue members or the receiving trading parties through their participants up to the moment that they are informed that the buy-in agent has been appointed or that an auction has been launched.
Da bi se omejilo število kritnih nakupov in ohranila likvidnost trga za zadevne finančne instrumente, bi moral imeti klirinški član, član mesta trgovanja oziroma stran v poslu, ki ne izpolnjuje obveznosti, možnost, da dostavi finančne instrumente CNS, članom mesta trgovanja, ki so prejemniki, oziroma stranem v poslu, ki so prejemnice, prek njihovih udeležencev do trenutka, ko so obveščene o imenovanju posrednika za kritni nakup ali začetku dražbe.
From that point in time, those parties should only be able to take part in the auction of the financial instruments or to deliver them to the buy-in agent, subject to his prior approval, so as to avoid that the receiving clearing member, the receiving trading venue member or the receiving trading party receives the financial instruments twice.
Od navedenega trenutka bi morale imeti navedene strani samo možnost, da sodelujejo na dražbi finančnih instrumentov ali jih dostavijo posredniku za kritni nakup, če posrednik to predhodno dovoli, da bi se preprečilo, da bi klirinški član prejemnik, član mesta trgovanja, ki je prejemnik, ali stran v poslu, ki je prejemnica, finančne instrumente prejel(-a) dvakrat.
Parties involved in the buy-in process could also limit the number of buy-ins by coordinating their actions amongst themselves, and informing the CSD thereof, where a transaction is part of a chain of transactions and may result in different settlement instructions.
Strani, vključene v postopek kritnega nakupa, bi lahko število kritnih nakupov omejile tudi z medsebojnim usklajevanjem ukrepov in obveščanjem CDD o tem, kadar je posel del verige poslov in lahko zato povzroči različna navodila za poravnavo.
Transactions not cleared by a CCP are generally uncollateralised and therefore each trading venue member or trading party bears the counterparty risk.
Posli, katerih obračuna ne opravi CNS, praviloma niso zavarovani, zato tveganje nasprotne stranke nosi vsak član mesta trgovanja ali stran v poslu.
Moving this risk to other entities such as their participants would force the latter to cover their exposure to counterparty risk with collateral.
Če bi to tveganje prenesli na druge subjekte, kot so njihovi udeleženci, bi morali ti pokriti svojo izpostavljenost tveganju nasprotne stranke z zavarovanjem.
This could lead to increased costs of securities settlement in a disproportionate manner.
To bi lahko povzročilo nesorazmerno povišanje stroškov poravnave vrednostnih papirjev.
The failing clearing member, the failing trading venue member or the failing trading party, as applicable, should therefore bear responsibility for the payment of the buy-in costs, the price difference and the cash compensation in the first place.
Zato bi moral biti klirinški član, ki ne izpolnjuje obveznosti, član mesta trgovanja, ki ne izpolnjuje obveznosti, oziroma stran v poslu, ki ne izpolnjuje obveznosti, v osnovi odgovoren za plačilo stroškov kritnega nakupa, razlike v ceni in denarnega nadomestila.
Where the failing trading venue member or failing trading party do not comply with their obligation to pay those amounts, their participant, as the failing participant, should, however, cover the buy-in costs and the price difference but not the cash compensation.
Kadar pa član mesta trgovanja, ki ne izpolnjuje obveznosti, ali stran v poslu, ki ne izpolnjuje obveznosti, ne izpolni obveznosti plačila navedenih zneskov, bi moral njegov ali njen udeleženec kot udeleženec, ki ne izpolnjuje obveznosti, kriti stroške kritnega nakupa in razliko v ceni, ne pa tudi denarnega nadomestila.
Delivery obligations of bought-in financial instruments or the payment of cash compensation or of any price difference in the financial instruments subject to buy-in should ultimately be performed through the reception of the relevant financial instruments or cash by the CCP, the receiving trading venue members or the receiving trading parties through their participants.
Obveznosti dostave finančnih instrumentov, pridobljenih s kritnim nakupom, ali plačila denarnega nadomestila ali morebitne razlike v ceni finančnih instrumentov, ki so predmet kritnega nakupa, bi morale biti nazadnje izpolnjene tako, da CNS, člani mesta trgovanja, ki so prejemniki, ali strani v poslu, ki so prejemnice, zadevne finančne instrumente ali denar prejmejo prek svojih udeležencev.
Where the buy-in fails and in the absence of express communication on whether to extend the buy-in period within the prescribed timeframe, cash compensation should be paid so as to protect the interests of the parties and avoid any uncertainty resulting from the failed buy-in.
V primeru neuspešnega kritnega nakupa in neobstoja izrecnega obvestila o tem, ali se obdobje kritnega nakupa podaljša, v predpisanem časovnem okviru bi bilo treba plačati denarno nadomestilo, da se zavarujejo interesi strani in prepreči negotovost zaradi neuspešnega kritnega nakupa.
In order to avoid complexity and protect the CCP, the receiving trading venue member or the receiving trading party, the bought-in financial instruments should be delivered to the CCP, receiving trading venue member or receiving trading party through the relevant receiving participant rather than through the failing participant.
Finančni instrumenti, pridobljeni s kritnim nakupom, bi se morali dostaviti CNS, članu mesta trgovanja, ki je prejemnik, ali strani v poslu, ki je prejemnica, prek ustreznega udeleženca prejemnika, ne prek udeleženca, ki ne izpolnjuje obveznosti, da bi se izognili zapletenosti ter zavarovali CNS, člana mesta trgovanja, ki je prejemnik, ali stran v poslu, ki je prejemnica.
For the same reasons, the initial settlement instruction that triggered the buy-in process should be put on hold and eventually cancelled.
Iz teh razlogov bi bilo treba prvotno navodilo za poravnavo, zaradi katerega se je začel postopek kritnega nakupa, zadržati in nazadnje preklicati.
In order to calculate and apply penalties for settlement fails appropriately after the end of the extension period, relevant settlement instructions should be cancelled and substituted with new settlement instructions on each business day on which financial instruments are received by CCPs, trading venue members or trading parties, through their participants, as a result of the execution of a buy-in.
Za ustrezen izračun in uporabo kazni za neuspešne poravnave po koncu podaljšanega obdobja bi bilo treba zadevna navodila za poravnavo preklicati in nadomestiti z novimi navodili za poravnavo vsak delovni dan, ko CNS, člani mesta trgovanja ali strani v poslu prek svojih udeležencev na podlagi izvršitve kritnega nakupa prejmejo finančne instrumente.
Cash penalties should apply to each new settlement instruction from the day they are entered into the securities settlement system.
Denarne kazni bi se morale uporabiti za vsako novo navodilo za poravnavo od dne, ko se vnese v sistem poravnave vrednostnih papirjev.
To ensure a smooth functioning of the securities settlement systems operated by CSDs, and to ensure the certainty of the timeline for the buy-in process and for the payment of the cash penalties for settlement fails, failing settlement instructions should be cancelled upon delivery of the financial instruments or, if they are not delivered, upon the payment of the cash compensation, or at the latest on the second business day after the notification of the amount of cash compensation due.
Da bi se zagotovila nemoteno delovanje sistemov poravnave vrednostnih papirjev, ki jih upravljajo CDD, ter zanesljivost časovnega okvira za postopek kritnega nakupa in plačilo denarnih kazni za neuspešne poravnave, bi bilo treba neuspešna navodila za poravnavo preklicati po dostavi finančnih instrumentov ali – če se ne dostavijo – po plačilu denarnega nadomestila, najpozneje pa drugi delovni dan po obvestilu o dolgovanem znesku denarnega nadomestila.
Where the price of the financial instruments agreed at the time of the trade is lower than the price paid at the execution of the buy-in, the price difference should be paid by the failing clearing member, trading venue member or trading party, as applicable, to protect the interests of the receiving parties.
Kadar je cena finančnih instrumentov, dogovorjena ob sklenitvi posla, nižja od cene, plačane ob izvršitvi kritnega nakupa, bi moral razliko v ceni plačati klirinški član, član mesta trgovanja oziroma stran v poslu, ki ne izpolnjuje obveznosti, da se zavarujejo interesi strani prejemnic.
Where the price of the financial instruments agreed at the time of the trade is higher than the price paid at the execution of that buy-in, the failing participant's obligation referred to in Article 7(6) of Regulation (EU) No 909/2014 should be deemed fulfilled given that receiving clearing members, trading venue members or trading parties are effectively paying for the bought-in financial instruments.
Kadar je cena finančnih instrumentov, dogovorjena ob sklenitvi posla, višja od cene, plačane ob izvršitvi navedenega kritnega nakupa, bi se moralo šteti, da je obveznost udeleženca, ki ne izpolnjuje obveznosti, iz člena 7(6) Uredbe (EU) št. 909/2014 izpolnjena, glede na to, da za finančne instrumente, pridobljene s kritnim nakupom, dejansko plačajo klirinški člani, člani mesta trgovanja ali strani v poslu, ki so prejemniki.
An efficient settlement process requires that the extension period, which takes place before the launch of the buy-in process, is adapted to the asset types and to the liquidity of the financial instruments.
Za učinkovit postopek poravnave je treba podaljšano obdobje, ki je na vrsti pred začetkom postopka kritnega nakupa, prilagoditi vrstam sredstev in likvidnosti finančnih instrumentov.
Where the market for shares is sufficiently liquid to be easily sourced, the extension period before the launch of the buy-in process should not be extended so that the relevant parties are incentivised to settle failed transactions in a timely manner.
Kadar je trg za delnice dovolj likviden, da je delnice preprosto pridobiti, se podaljšano obdobje pred začetkom postopka kritnega nakupa ne bi smelo podaljšati, da bi bile tako zadevne strani spodbujene k pravočasni poravnavi neuspešnih poslov.
Shares that do not have a liquid market however should benefit from a longer extension period.
Za delnice, za katere ne obstaja likviden trg, bi se moralo uporabiti daljše podaljšano obdobje.
Debt instruments should also benefit from a longer extension period, given their greater cross-border dimension and their importance for the smooth and orderly functioning of the financial markets.
Daljše podaljšano obdobje bi se moralo zaradi večje čezmejne razsežnosti ter pomena za nemoteno in pravilno delovanje finančnih trgov uporabiti tudi za dolžniške instrumente.
The measures to address settlement fails related to buy-in and penalties may require significant IT system changes, market testing and adjustments to legal arrangements between the parties concerned, including CSDs and other market participants.
Za ukrepe za obravnavanje neuspešnih poravnav, povezane s kritnim nakupom in kaznimi, so lahko potrebni precejšnje spremembe informacijskih sistemov, testiranje trga in prilagoditve pravnih dogovorov med zadevnimi stranmi, vključno s CDD in drugimi udeleženci na trgu.
Sufficient time should therefore be allowed for the application of those measures, to ensure that the parties concerned can meet the necessary requirements.
Zato bi moralo biti na voljo dovolj časa za izvedbo navedenih ukrepov za zagotovitev, da lahko zadevne strani izpolnijo potrebne zahteve.
This Regulation is based on the draft regulatory technical standards submitted by ESMA to the European Commission pursuant to the procedure in Article 10 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council.
Ta uredba temelji na osnutkih regulativnih tehničnih standardov, ki jih je ESMA Evropski komisiji predložil v skladu s postopkom iz člena 10 Uredbe (EU) št. 1095/2010 Evropskega parlamenta in Sveta.
ESMA has conducted open public consultations on these draft regulatory technical standards, analysed the potential related costs and benefits and requested the opinion of the Securities and Markets Stakeholder Group established by Article 37 of Regulation (EU) No 1095/2010.
ESMA je o teh osnutkih regulativnih tehničnih standardov opravil odprta javna posvetovanja, analiziral morebitne povezane stroške in koristi ter zahteval mnenje interesne skupine za vrednostne papirje in trge, ustanovljene v skladu s členom 37 Uredbe (EU) št. 1095/2010.
In developing the draft regulatory technical standards, ESMA has also worked in close cooperation with the members of the European System of Central Banks,
Pri pripravi osnutkov regulativnih tehničnih standardov je tesno sodeloval s članicami Evropskega sistema centralnih bank –
‘clearing member’ means an undertaking as defined in point (14) of Article 2 of Regulation (EU) No 648/2012 of the European Parliament and of the Council;
„klirinški član“ pomeni podjetje, kot je opredeljeno v točki (14) člena 2 Uredbe (EU) št. 648/2012 Evropskega parlamenta in Sveta;
‘exchange-traded fund (ETF)’ means a fund as defined in point (46) of Article 4(1) of Directive 2014/65/EU of the European Parliament and of the Council;
„investicijski sklad, s katerim se trguje na borzi“ pomeni sklad, kot je opredeljen v točki (46) člena 4(1) Direktive 2014/65/EU Evropskega parlamenta in Sveta;
‘execution of orders’ means ‘execution of orders on behalf of clients’ as defined in point (5) of Article 4(1) of Directive 2014/65/EU;
„izvrševanje naročil“ pomeni „izvrševanje naročil v imenu strank“, kot je opredeljeno v točki (5) člena 4(1) Direktive 2014/65/EU;
‘retail client’ means a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU;
„neprofesionalna stranka“ pomeni neprofesionalno stranko, kot je opredeljena v točki (11) člena 4(1) Direktive 2014/65/EU;
‘settlement instruction’ means a transfer order as defined in point (i) of Article 2 of Directive 98/26/EC of the European Parliament and of the Council;
„navodilo za poravnavo“ pomeni prenosni nalog, kot je opredeljen v točki (i) člena 2 Direktive 98/26/ES Evropskega parlamenta in Sveta;
‘trading party’ means a party acting as principal in a securities transaction referred to in point (c) of the first subparagraph of Article 7(10) of Regulation (EU) No 909/2014;
„stran v poslu“ pomeni stran v poslu z vrednostnimi papirji, ki posluje v svojem imenu in za svoj račun, iz točke (c) prvega pododstavka člena 7(10) Uredbe (EU) št. 909/2014;
‘trading venue member’ means a member of, or a participant to, a trading venue.
„član mesta trgovanja“ pomeni člana mesta trgovanja ali udeleženca na njem.
Measures to prevent settlement fails
Ukrepi za preprečevanje neuspešnih poravnav
Measures concerning professional clients
Ukrepi v zvezi s profesionalnimi strankami
Investment firms shall require their professional clients to send them written allocations of securities or of cash to the transactions referred to in Article 5(1) of Regulation (EU) No 909/2014, identifying the accounts to be credited or debited.
Investicijska podjetja od svojih profesionalnih strank zahtevajo, naj jih pisno obvestijo o dodelitvah vrednostnih papirjev ali denarja v poslih iz člena 5(1) Uredbe (EU) št. 909/2014, pri čemer opredelijo račune, na katerih je treba izvesti knjiženje v dobro ali v breme.
Those written allocations shall specify the following:
V navedenih pisnih obvestilih o dodelitvah se navedejo:
one of the following types of transaction:
ena od naslednjih vrst poslov:
other transactions, which can be identified by more granular ISO codes;
drugi posli, ki jih je mogoče opredeliti z bolj razčlenjenimi kodami ISO;
the International Securities Identification Number (ISIN) of the financial instrument or where the ISIN is not available, some other identifier of the financial instrument;
mednarodna identifikacijska številka vrednostnega papirja (koda ISIN) ali drug identifikator finančnega instrumenta, če koda ISIN ni na voljo;
the delivery or the receipt of financial instruments or cash;
dostava ali prejem finančnih instrumentov ali denarja;
the nominal value for debt instruments, and the quantity for other financial instruments;
nominalna vrednost za dolžniške instrumente in količina za druge finančne instrumente;
the trade date;
datum sklenitve posla;
the trade price of the financial instrument;
cena finančnega instrumenta v poslu;
the currency in which the transaction is expressed;
valuta, v kateri je izražen posel;
the intended settlement date of the transaction;
načrtovani datum poravnave posla;
the total amount of cash that is to be delivered or received;
skupni znesek denarja, ki ga je treba dostaviti ali prejeti;
the identifier of the entity where the securities are held;
identifikator subjekta, pri katerem so vrednostni papirji;
the identifier of the entity where the cash is held;
identifikator subjekta, pri katerem je denar;
the names and numbers of the securities or cash accounts to be credited or debited.
nazivi in številke računov vrednostnih papirjev ali gotovinskih računov, na katerih je treba izvesti knjiženje v dobro ali v breme.
Written allocations shall include all other information required by the investment firm for facilitating the settlement of the transaction.
Pisna obvestila o dodelitvah vključujejo vse druge informacije, ki jih zahteva investicijsko podjetje za olajšanje poravnave posla.
Investment firms that have received confirmation of the execution of a transaction order placed by a professional client shall ensure through contractual arrangements that the professional client confirms its acceptance of the terms of the transaction in writing, within the timeframes set out in paragraph 2.
Investicijska podjetja, ki so prejela potrditev izvršitve naročila posla, ki ga je izdala profesionalna stranka, na podlagi pogodbenih dogovorov zagotovijo, da profesionalna stranka v časovnih okvirih iz odstavka 2 pisno potrdi sprejetje pogojev posla.
That written confirmation may also be included in the written allocation.
Pisna potrditev se lahko vključi tudi v pisno obvestilo o dodelitvah.
Investment firms shall provide their professional clients with the option of sending the written allocation and the written confirmation electronically, through the international open communication procedures and standards for messaging and reference data referred to in Article 35 of Regulation (EU) No 909/2014.
Investicijska podjetja svojim profesionalnim strankam omogočijo, da prek mednarodnih odprtih komunikacijskih postopkov in standardov za pošiljanje sporočil ter referenčne podatke iz člena 35 Uredbe (EU) št. 909/2014 elektronsko pošljejo pisno obvestilo o dodelitvah in pisno potrditev.
Professional clients shall ensure that written allocations and written confirmations referred to in paragraph 1 are received by the investment firm by one of the following deadlines:
Profesionalne stranke zagotovijo, da investicijsko podjetje prejme pisna obvestila o dodelitvah in pisne potrditve iz odstavka 1 v enem od naslednjih rokov:
by close of business on the business day on which the transaction has taken place where the investment firm and the relevant professional client are within the same time zone;
do zaključka poslovanja na delovni dan, ko je bil izvršen posel, če sta investicijsko podjetje in zadevna profesionalna stranka v istem časovnem pasu;
by 12.00 CET on the business day following that on which the transaction has taken place where one of the following occurs:
do 12.00 po srednjeevropskem času na delovni dan po delovnem dnevu, ko je bil izvršen posel, v enem od naslednjih primerov:
there is a difference of more than two hours between the time zone of the investment firm and the time zone of the relevant professional client;
med časovnim pasom investicijskega podjetja in časovnim pasom zadevne profesionalne stranke je več kot dve uri razlike;