natgillin/translations-raw huggingface dataset:
Insofar as is possible, managers of MMFs should therefore take into account all factors that are relevant for assessing qualitative and quantitative credit risk criteria for an issuer of an instrument.
Zato bi morali upravitelji skladov denarnega trga po možnosti upoštevati vse dejavnike, relevantne za oceno kvalitativnih in kvantitativnih meril kreditnega tveganja za izdajatelja instrumenta.
In exceptional circumstances, in particular under stressed market conditions, managers of MMFs should be able to take investment decisions that override the result of a credit quality assessment if such investment decisions are in the interests of investors, provided those decisions are justified and properly documented.
V izjemnih okoliščinah, zlasti v izjemnih tržnih razmerah, bi morali imeti upravitelji skladov denarnega trga možnost sprejeti odločitve o naložbah, ki prevladajo nad rezultati ocene kreditne kakovosti, če so take odločitve v interesu investitorjev ter so utemeljene in ustrezno dokumentirane.
As the quality of instruments may vary over time, the credit quality assessment should not be a once-off assessment, rather it should be carried out continually.
Ker se lahko kakovost instrumentov spreminja skozi čas, ocena kreditne kakovosti ne bi smela biti enkratna, ampak bi jo bilo treba izvajati stalno.
In addition, it should be revised, in particular, when there is a material change, as referred to in Article 19(4)(d) of Regulation (EU) 2017/1131, in the macroeconomic or microeconomic environment that could have an impact on the existing credit quality assessment of the instrument.
Poleg tega bi jo bilo treba spreminjati, zlasti če v makro- ali mikroekonomskem okolju, ki bi lahko vplivalo na obstoječo oceno kreditne kakovosti instrumenta, pride do pomembne spremembe iz člena 19(4)(d) Uredbe (EU) 2017/1131.
Managers of MMFs should not mechanistically over-rely on external credit ratings.
Upravitelji skladov denarnega trga se ne bi smeli sistematično preveč zanašati na zunanje bonitetne ocene.
The downgrading by a credit rating agency of the credit rating or rating outlook given to an issuer or an the instrument should therefore only be considered a material change if it has been assessed and put in the balance with other criteria.
Torej bi se moralo znižanje bonitetne ocene ali obetov bonitetne ocene za izdajatelja ali instrument s strani bonitetne agencije šteti za pomembno spremembo le, če je bilo ocenjeno in uravnoteženo z drugimi merili.
For this reason, managers should still be required to carry out their own assessment even where such downgrading takes place.
Zato bi bilo treba od upraviteljev še vedno zahtevati, da tudi v primeru takega znižanja izvedejo lastno oceno.
The collateral provided as part of reverse repurchase agreements should be of high quality and not display a high correlation with the performance of the counterparty.
Zavarovanje s premoženjem, ki se zagotovi v okviru pogodb o začasnem odkupu, bi moralo biti visoke kakovosti in ne bi smelo kazati močne povezave z uspešnostjo nasprotne stranke.
Its credit quality assessment should therefore be favourable.
Zato bi morala biti njegova ocena kreditne kakovosti ugodna.
As there is no reason to differentiate between the assessments managers of MMFs carry out when investing directly in eligible assets and the assessment they carry out when they receive an asset as collateral, the credit quality assessment should be based on the same criteria in both cases.
Ker ni razloga za razlikovanje med ocenami, ki jih upravitelji skladov denarnega trga izvedejo, kadar vlagajo neposredno v upravičena sredstva, in oceno, ki jo izvedejo, kadar sredstvo prejmejo kot zavarovanje s premoženjem, bi morala ocena kreditne kakovosti v obeh primerih temeljiti na istih merilih.
Regulation (EU) 2017/1131 contains three empowerments for the Commission to specify and amend certain provisions laid down in that Regulation.
Uredba (EU) 2017/1131 vsebuje tri pooblastila Komisije, da opredeli in spremeni nekatere določbe navedene uredbe.
Those empowerments have the same aim of ensuring that MMFs are invested in appropriate eligible assets.
Ta pooblastila imajo isti cilj, in sicer zagotoviti, da skladi denarnega trga vlagajo v ustrezna upravičena sredstva.
To ensure the coherence and consistency of those requirements and to give the people subject to them an overview and a single point of access to them, those requirements should be put in a single regulation.
Za zagotovitev doslednosti in skladnosti navedenih zahtev ter da bi se ljudem, za katere veljajo, zagotovila pregled nad njimi in enotna točka za dostop do njih, bi bilo treba te zahteve vključiti v enotno uredbo.
The date of application of this delegated Regulation should be aligned with the date of application of Regulation (EU) 2017/1131 to ensure that all rules and requirements apply to MMFs from the same date.
Datum začetka uporabe te delegirane uredbe bi bilo treba uskladiti z datumom začetka uporabe Uredbe (EU) 2017/1131, da se zagotovi, da se vsa pravila in zahteve za sklade denarnega trga uporabljajo od istega datuma.
The date of application of the amending provision cross-referring to the criteria for STS securitisations and ABCPS should be the same as the date of application of Regulation (EU) 2017/2402,
Določba o spremembi, ki vključuje sklic na merila za listinjenja STS in komercialne zapise s premoženjskim kritjem, bi se morala začeti uporabljati na isti dan kot Uredba (EU) 2017/2402 –
CRITERIA FOR ESTABLISHING A SIMPLE, TRANSPARENT AND STANDARDISED (STS) SECURITISATION OR ASSET-BACKED COMMERCIAL PAPER (ABCP)
MERILA ZA DOLOČITEV ENOSTAVNEGA, PREGLEDNEGA IN STANDARDIZIRANEGA LISTINJENJA (LISTINJENJE STS) ALI KOMERCIALNEGA ZAPISA S PREMOŽENJSKIM KRITJEM
(Article 15(7) of Regulation (EU) 2017/1131)
(Člen 15(7) Uredbe (EU) 2017/1131)
Amendment to Regulation (EU) 2017/1131
Sprememba Uredbe (EU) 2017/1131
In Article 11(1) of Regulation (EU) 2017/1131, point (c) is replaced by the following:
V členu 11(1) Uredbe (EU) 2017/1131 se točka (c) nadomesti z naslednjim:
a simple, transparent and standardised (STS) securitisation, as determined in accordance with the criteria and conditions laid down in Articles 20, 21 and 22 of Regulation (EU) 2017/2402 of the European Parliament and of the Council, or an STS ABCP, as determined in accordance with the criteria and conditions laid down in Articles 24, 25 and 26 of that Regulation.
preprosto, pregledno in standardizirano (STS) listinjenje, kot je določeno v skladu z merili in pogoji iz členov 20, 21 in 22 Uredbe (EU) 2017/2402 Evropskega parlamenta in Sveta, ali STS ABCP, kot je določen v skladu z merili in pogoji iz členov 24, 25 in 26 navedene uredbe.
QUANTITATIVE AND QUALITATIVE CREDIT QUALITY REQUIREMENTS FOR ASSETS RECEIVED AS PART OF REVERSE REPURCHASE AGREEMENTS
KVANTITATIVNE IN KVALITATIVNE ZAHTEVE GLEDE KREDITNE KAKOVOSTI ZA SREDSTVA, PREJETA V OKVIRU POGODB O ZAČASNEM ODKUPU
Quantitative and qualitative liquidity requirements for the assets referred to in Article 15(6) of Regulation (EU) 2017/1131
Kvantitativne in kvalitativne zahteve glede likvidnosti za sredstva iz člena 15(6) Uredbe (EU) 2017/1131
Reverse repurchase agreements as referred to in Article 15(6) of Regulation (EU) 2017/1131 shall meet established market standards and their terms and conditions shall enable managers of MMFs to fully enforce their rights in case of default of the counterparty to such agreements, or their early termination and give managers of MMFs the unrestricted right to sell any assets received as collateral,
Pogodbe o začasnem odkupu iz člena 15(6) Uredbe (EU) 2017/1131 dosegajo uveljavljene tržne standarde, njihovi pogoji pa upraviteljem skladov denarnega trga omogočajo, da v primeru neplačila nasprotne stranke teh pogodb ali predčasne prekinitve pogodb v celoti uveljavljajo svoje pravice, in jim dajejo neomejeno pravico, da prodajo katera koli sredstva, ki jih prejmejo kot zavarovanje s premoženjem.
The assets referred to in Article 15(6) of Regulation (EU) 2017/1131 shall be subject to a haircut, that is equal to the volatility adjustment figures referred to in tables 1 and 2 of Article 224(1) of Regulation (EU) No 575/2013 for a given residual maturity, in respect of a 5-day liquidation period and the highest assessment in terms of credit quality step.
Za sredstva iz člena 15(6) Uredbe (EU) 2017/1131 se uporablja odbitek, ki je enak vrednostim prilagoditev za nestanovitnost iz razpredelnic 1 in 2 v členu 224(1) Uredbe (EU) št. 575/2013 za določeno preostalo zapadlost v zvezi s petdnevnim obdobjem unovčenja in najvišjo oceno v smislu stopnje kreditne kakovosti.
Where necessary, managers of MMFs shall apply an additional haircut to the one referred to in paragraph 2.
Upravitelji skladov denarnega trga poleg odbitka iz odstavka 2 po potrebi uporabijo dodaten odbitek.
To assess whether such an additional haircut is necessary, they shall take into account all of the following factors:
Da bi ocenili, ali je tak dodatni odbitek potreben, upoštevajo vse naslednje dejavnike:
the credit quality assessment of the counterparty to the reverse repurchase agreement;
oceno kreditne kakovosti nasprotne stranke pogodbe o začasnem odkupu;
the margin period of risk, as defined in Article 272(9) of Regulation (EU) No 575/2013;
obdobje kritja za tveganje, kot je opredeljeno v členu 272(9) Uredbe (EU) št. 575/2013;
the credit quality assessment of the issuer or of the asset that is used as collateral;
oceno kreditne kakovosti izdajatelja ali sredstva, uporabljenega kot zavarovanje s premoženjem;
the remaining maturity of the assets used as collateral;
preostalo zapadlost sredstev, uporabljenih kot zavarovanje s premoženjem;
the volatility of the price of the assets used as collateral.
nestanovitnost cene sredstev, uporabljenih kot zavarovanje s premoženjem.
For the purpose of paragraph 3, managers of MMFs shall put in place a clear haircut policy adapted to each asset, referred to in Article 15(6) of Regulation (EU) 2017/1131, received as collateral.
Za namene odstavka 3 upravitelji skladov denarnega trga vzpostavijo jasno politiko odbitkov, prilagojeno vsakemu sredstvu iz člena 15(6) Uredbe (EU) 2017/1131, prejetemu kot zavarovanje s premoženjem.
That policy shall be documented and shall substantiate each decision to apply a specific haircut to the value of an asset.
Navedena politika se dokumentira in utemeljuje vsako odločitev o uporabi posebnega odbitka od vrednosti sredstva.
Managers of MMFs shall regularly revise the haircut referred to in paragraph 2, taking into account changes in the residual maturity of the assets used as collateral.
Upravitelji skladov denarnega trga redno pregledujejo odbitek iz odstavka 2, pri čemer upoštevajo spremembe preostale zapadlosti sredstev, uporabljenih kot zavarovanje s premoženjem.
They shall also revise the additional haircut referred to in paragraph 3, whenever the factors referred to in that paragraph change.
Pregledujejo tudi dodatni odbitek iz odstavka 3, kadar se spremenijo dejavniki iz navedenega odstavka.
Paragraphs 1 to 5 shall not apply if the counterparty to the reverse repurchase agreement is any of the following:
Odstavki od 1 do 5 se ne uporabljajo, če je nasprotna stranka pogodbe o začasnem odkupu:
a credit institution supervised under Directive 2013/36/EU of the European Parliament and of the Council, or a credit institution authorised in a third country, provided that the prudential supervisory and regulatory requirements are equivalent to those applied in the Union;
kreditna institucija, nadzorovana v skladu z Direktivo 2013/36/EU Evropskega parlamenta in Sveta, ali kreditna institucija, ki je pridobila dovoljenje za opravljanje dejavnosti v tretji državi, če so zahteve glede bonitetnega nadzora in regulativne zahteve enakovredne tistim, ki se uporabljajo v Uniji;
an investment firm supervised under Directive 2014/65/EU of the European Parliament and of the Council, or a third country investment firm, provided that the prudential supervisory and regulatory requirements are equivalent to those applied in the Union;
investicijsko podjetje, nadzorovano v skladu z Direktivo 2014/65/EU Evropskega parlamenta in Sveta, ali investicijsko podjetje iz tretje države, če so zahteve glede bonitetnega nadzora in regulativne zahteve enakovredne tistim, ki se uporabljajo v Uniji;
an insurance undertaking supervised under Directive 2009/138/EC of the European Parliament and of the Council, or a third country insurance undertaking, provided that the prudential supervisory and regulatory requirements are equivalent to those applied in the Union;
zavarovalnica, nadzorovana v skladu z Direktivo 2009/138/ES Evropskega parlamenta in Sveta, ali zavarovalnica iz tretje države, če so zahteve glede bonitetnega nadzora in regulativne zahteve enakovredne tistim, ki se uporabljajo v Uniji;
a central counterparty authorised under Regulation (EU) No 648/2012 of the European Parliament and of the Council;
centralna nasprotna stranka z dovoljenjem, pridobljenim v skladu z Uredbo (EU) št. 648/2012 Evropskega parlamenta in Sveta;
the European Central Bank;
Evropska centralna banka;
a national central bank;
nacionalna centralna banka;
a third country central bank, provided that the prudential supervisory and regulatory requirements applied in that country have been recognised as equivalent to those applied in the Union in accordance with Article 114(7) of Regulation (EU) No 575/2013.
centralna banka iz tretje države, če so bile zahteve glede bonitetnega nadzora in regulativne zahteve, ki se uporabljajo v navedeni državi, v skladu s členom 114(7) Uredbe (EU) št. 575/2013 priznane kot enakovredne tistim, ki se uporabljajo v Uniji.
CREDIT QUALITY ASSESSMENT CRITERIA
MERILA ZA OCENJEVANJE KREDITNE KAKOVOSTI
(Article 22 of Regulation (EU) 2017/1131)
(Člen 22 Uredbe (EU) 2017/1131)
Criteria for validating the internal credit quality assessment methodologies referred to in Article 19(3) of Regulation (EU) 2017/1131
Merila za potrjevanje metodologij notranjega ocenjevanja kreditne kakovosti iz člena 19(3) Uredbe (EU) 2017/1131
Managers of MMFs shall validate the credit quality assessment methodologies referred to in Article 19(3) of Regulation (EU) 2017/1131 provided they fulfil all of the following criteria:
Upravitelji skladov denarnega trga potrdijo metodologije ocenjevanja kreditne kakovosti iz člena 19(3) Uredbe (EU) 2017/1131, če izpolnjujejo vsa naslednja merila:
the internal credit quality assessment methodologies are applied in a systematic way with respect to different issuers and instruments;
metodologije notranjega ocenjevanja kreditne kakovosti se sistematično uporabljajo za različne izdajatelje in instrumente;
the internal credit quality assessment methodologies are supported by a sufficient number of relevant qualitative and quantitative criteria;
metodologije notranjega ocenjevanja kreditne kakovosti so podprte z zadostnim številom relevantnih kvalitativnih in kvantitativnih meril;
the internal credit quality assessment methodologies' qualitative and quantitative inputs are reliable, using data samples of an appropriate size;
kvalitativni in kvantitativni vhodni podatki, ki se upoštevajo pri uporabi metodologij notranjega ocenjevanja kreditne kakovosti, so zanesljivi, vzorci podatkov pa ustrezno veliki;
past internal credit quality assessments produced using the internal credit quality assessment methodologies have been properly reviewed by the managers of the MMFs in question to determine whether the credit quality assessment methodologies are a suitable indicator of credit quality;
upravitelji zadevnih skladov denarnega trga so ustrezno pregledali pretekle notranje ocene kreditne kakovosti, pripravljene z metodologijami notranjega ocenjevanja kreditne kakovosti, da bi ugotovili, ali so te metodologije ustrezen kazalnik kreditne kakovosti;
the internal credit quality assessment methodologies contain controls and processes for their development and related approvals that allow for suitable challenge;
metodologije notranjega ocenjevanja kreditne kakovosti vsebujejo kontrole in postopke za njihov razvoj ter s tem povezana potrjevanja, ki omogočajo ustrezno preverjanje;
the internal credit quality assessment methodologies incorporate factors that managers of MMFs deem relevant to determine the credit quality of an issuer or an instrument;
metodologije notranjega ocenjevanja kreditne kakovosti vključujejo dejavnike, ki jih upravitelji skladov denarnega trga štejejo za relevantne za določitev kreditne kakovosti izdajatelja ali instrumenta;
the internal credit quality assessment methodologies systematically apply key credit quality assumptions and supporting criteria to produce all credit quality assessments, unless there is an objective reason for diverging from this requirement;
metodologije notranjega ocenjevanja kreditne kakovosti pri pripravi vseh ocen kreditne kakovosti vključujejo sistematično uporabo ključnih predpostavk o kreditni kakovosti in podpornih meril, razen če ne obstaja objektiven razlog za odstopanje od te zahteve;
the internal credit quality assessment methodologies contain procedures to ensure that the criteria referred to in points (b), (c) and (g) supporting the relevant factors in the internal credit quality assessment methodologies are of a reliable quality and relevant to the issuer or instrument being assessed.
metodologije notranjega ocenjevanja kreditne kakovosti vključujejo postopke za zagotovitev, da so merila iz točk (b), (c) in (g), ki podpirajo relevantne dejavnike v metodologijah notranjega ocenjevanja kreditne kakovosti, dovolj kakovostna in relevantna za izdajatelja ali instrument, ki se ocenjuje.
As part of the validation process of the internal credit quality assessment methodologies, managers of MMFs shall assess the sensitivity of the methodologies to changes in any of their underlying credit quality assumptions and criteria.
Upravitelji skladov denarnega trga v okviru postopka potrjevanja metodologij notranjega ocenjevanja kreditne kakovosti ocenijo občutljivost metodologij za spremembe njihovih temeljnih predpostavk o kreditni kakovosti in meril.
Managers of MMFs shall have processes in place to ensure that any anomalies or deficiencies highlighted by the back testing referred to in Article 19(3) of Regulation (EU) 2017/1131 are identified and appropriately addressed.
Upravitelji skladov denarnega trga imajo vzpostavljene postopke za zagotovitev, da se vse nepravilnosti ali pomanjkljivosti, odkrite s testiranjem za nazaj iz člena 19(3) Uredbe (EU) 2017/1131, opredelijo in ustrezno obravnavajo.
The internal credit quality assessment methodologies referred to in Article 19(3) of Regulation (EU) 2017/1131 shall:
Metodologije notranjega ocenjevanja kreditne kakovosti iz člena 19(3) Uredbe (EU) 2017/1131:
continue to be used, unless there are objective reasons to conclude that the internal credit quality assessment methodologies have to be changed or to be discontinued;
se uporabljajo še naprej, razen če ne obstajajo objektivni razlogi za sklep, da jih je treba spremeniti ali prenehati uporabljati;
be capable of promptly incorporating any finding from ongoing monitoring or a review, in particular where changes in structural macroeconomic or financial market conditions would potentially affect a credit assessment produced using those internal credit quality assessment methodologies;
omogočajo takojšnjo vključitev vseh ugotovitev stalnega spremljanja ali pregleda, zlasti če bi lahko spremembe strukturnih makroekonomskih razmer ali razmer na finančnih trgih vplivale na bonitetno oceno, pripravljeno z navedenimi metodologijami notranjega ocenjevanja kreditne kakovosti;
make it possible to compare past internal credit quality assessments.
omogočajo primerjavo preteklih notranjih ocen kreditne kakovosti.
The internal credit quality assessment methodology referred to in Article 19(3) of Regulation (EU) 2017/1131 shall be promptly improved if any review, including validation, shows that it is not appropriate to ensure systematic credit quality assessment.
Metodologija notranjega ocenjevanja kreditne kakovosti iz člena 19(3) Uredbe (EU) 2017/1131 se takoj izboljša, če kateri koli pregled, vključno s postopkom potrjevanja, pokaže, da ta metodologija ni ustrezna za zagotovitev sistematičnega ocenjevanja kreditne kakovosti.
The internal credit quality assessment procedure shall specify in advance the situations where the internal credit quality assessment is deemed to be favourable.
V okviru postopka notranjega ocenjevanja kreditne kakovosti se vnaprej opredelijo primeri, v katerih se notranja ocena kreditne kakovosti šteje za ugodno.
Criteria for quantifying credit risk, and the relative risk of default of the issuer and of the instrument, as referred to in Article 20(2)(a) of Regulation (EU) 2017/1131
Merila za kvantitativno opredelitev kreditnega tveganja in relativnega tveganja neplačila izdajatelja in instrumenta iz člena 20(2)(a) Uredbe (EU) 2017/1131
The criteria for quantifying the credit risk of an issuer, and the relative risk of default of an issuer and of the instrument, referred to in Article 20(2)(a) of Regulation (EU) 2017/1131, shall be the following:
Merila za kvantitativno opredelitev kreditnega tveganja izdajatelja ter relativnega tveganja neplačila izdajatelja in instrumenta iz člena 20(2)(a) Uredbe (EU) 2017/1131 so:
bond pricing information, including credit spreads and the pricing of comparable fixed income instruments and related securities;
informacije o oblikovanju cen obveznic, vključno s kreditnimi razmiki ter oblikovanjem cen primerljivih instrumentov s fiksnim donosom in z njimi povezanih vrednostnih papirjev;
pricing of money market instruments relating to the issuer, the instrument or the industry sector;
oblikovanje cen instrumentov denarnega trga v zvezi z izdajateljem, instrumentom ali panogo;
credit default-swap pricing information, including credit default-swap spreads for comparable instruments;
informacije o oblikovanju cen poslov kreditnih zamenjav, vključno z razmiki kreditnih zamenjav za primerljive instrumente;
default statistics relating to the issuer, the instrument or the industry sector;
statistični podatki o neplačilih v zvezi z izdajateljem, instrumentom ali panogo;
financial indices relating to the geographic location, the industry sector or the asset class of the issuer or instrument;
finančni indeksi v zvezi z geografsko lokacijo, panogo ali razredom sredstev izdajatelja ali instrumenta;
financial information relating to the issuer, including profitability ratios, interest coverage ratio, leverage metrics and the pricing of new issues, including the existence of more junior securities.
finančne informacije v zvezi z izdajateljem, vključno s stopnjami donosnosti, stopnjo pokritosti obresti, metrikami vzvoda in oblikovanjem cen novih izdaj, vključno z obstojem podrejenih vrednostnih papirjev.
Where necessary and relevant, managers of MMFs shall apply additional criteria to the ones referred to in paragraph 1.
Upravitelji skladov denarnega trga poleg meril iz odstavka 1 uporabljajo dodatna merila, če je to potrebno in ustrezno.
Criteria for establishing qualitative indicators in relation to the issuer of the instrument, referred to in Article 20(2)(b) of Regulation (EU) 2017/1131
Merila za vzpostavitev kvalitativnih kazalnikov v zvezi z izdajateljem instrumenta iz člena 20(2)(b) Uredbe (EU) 2017/1131
The criteria for establishing qualitative indicators in relation to the issuer of the instrument, referred to in Article 20(2)(b) of Regulation (EU) 2017/1131, shall be the following:
Merila za vzpostavitev kvalitativnih kazalnikov v zvezi z izdajateljem instrumenta iz člena 20(2)(b) Uredbe (EU) 2017/1131 so:
an analysis of any underlying assets, which for exposure to securitisation shall include the credit risk of the issuer and the credit risk of the underlying assets;
analiza vseh osnovnih sredstev, ki pri izpostavljenosti iz naslova listinjenja vključujejo kreditno tveganje izdajatelja in kreditno tveganje osnovnih sredstev;