natgillin/translations-raw huggingface dataset:
Opinion of 31 May 2017 (OJ C 288, 31.8.2017, p. 52).
Mnenje z dne 31. maja 2017 (UL C 288, 31.8.2017, str. 52).
Guideline (EU) 2018/570 of the European Central Bank
Smernica Evropske centralne banke (EU) 2018/570
amending Guideline (EU) 2015/510 on the implementation of the Eurosystem monetary policy framework (ECB/2018/3)
o spremembi Smernice (EU) 2015/510 o izvajanju okvira denarne politike Eurosistema (ECB/2018/3)
Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular the first indent of Article 3.1, Articles 9.2, 12.1, 14.3 and 18.2 and the first paragraph of Article 20 thereof,
ob upoštevanju Statuta Evropskega sistema centralnih bank in Evropske centralne banke ter zlasti prve alinee člena 3.1, členov 9.2, 12.1, 14.3 in 18.2 in prvega odstavka člena 20 Statuta,
Achieving a single monetary policy entails defining the tools, instruments and procedures to be used by the Eurosystem in order to implement such a policy in a uniform manner throughout the Member States whose currency is the euro.
Enotna denarna politika zahteva opredelitev orodij, instrumentov in postopkov, ki jih uporablja Eurosistem, da bi se ta politika izvajala na enoten način v vseh državah članicah, katerih valuta je euro.
With respect to monetary policy operations, Guideline (EU) 2015/510 of the European Central Bank (ECB/2014/60) should be amended to incorporate some necessary technical and editorial refinements relating to operational aspects.
V zvezi z operacijami denarne politike je treba Smernico Evropske centralne banke (EU) 2015/510 (ECB/2014/60) spremeniti, da se vključi nekaj potrebnih tehničnih in redakcijskih izpopolnitev v zvezi z operativnimi vidiki.
Some technical and editorial refinements relating to the counterparty framework need to be made.
Potrebnih je nekaj tehničnih in redakcijskih izpopolnitev v zvezi z okvirom za nasprotne stranke.
In addition, the Governing Council considers it necessary to introduce an automatic limitation of counterparties' access to monetary policy operations following a determination by a competent authority that they are ‘failing or likely to fail’.
Poleg tega Svet ECB meni, da je treba uvesti avtomatično omejitev dostopa do operacij denarne politike nasprotnim strankam, za katere pristojni organ ugotovi, da „propadajo ali bodo verjetno propadle“.
The Eurosystem has developed a single framework for assets eligible as collateral so that all Eurosystem credit operations are carried out in a harmonised manner by means of the implementation of Guideline (EU) 2015/510 (ECB/2014/60) in all Member States whose currency is the euro.
Eurosistem je razvil enoten okvir za finančno premoženje, ki je primerno kot zavarovanje, tako da se vsi kreditni posli Eurosistema opravljajo na harmoniziran način z izvajanjem Smernice (EU) 2015/510 (ECB/2014/60) v vseh državah članicah, katerih valuta je euro.
The Governing Council considers it necessary to introduce some changes to the Eurosystem's collateral framework including excluding investment funds as eligible issuers or guarantors due to specific risks arising from the instability of investment fund's financing arrangements, and changing the rules on exceptions to the prohibition of own-use of eligible assets, on the use of guaranteed unsecured debt instruments issued by a counterparty or a closely-linked entity, on the use of guaranteed unsecured debt instruments issued by a credit institution or a closely-linked entity and on the covered bond rating transparency requirements.
Svet ECB meni, da je treba v okvir Eurosistema za zavarovanje uvesti nekatere spremembe, ki vključujejo izvzetje investicijskih skladov iz okvira primernih izdajateljev ali garantov zaradi posebnih tveganj, ki izhajajo iz nestabilnosti ureditev financiranja investicijskih skladov, ter spremembo pravil o izjemah od prepovedi lastne uporabe primernega finančnega premoženja, uporabi nezavarovanih dolžniških instrumentov z jamstvom, ki jih je izdala nasprotna stranka ali subjekt, ki je z njo v tesni povezavi, uporabi nezavarovanih dolžniških instrumentov z jamstvom, ki jih izda kreditna institucija ali subjekt, ki je z njo v tesni povezavi, in zahtevah glede transparentnosti bonitetnih ocen za krite obveznice.
Commercial mortgage-backed securities (CMBS) should be made ineligible as collateral under the Eurosystem collateral framework as the risks and complexity of CMBS are substantially different, both in terms of underlying assets and structural features, from other asset-backed securities (ABS) accepted by the Eurosystem as collateral.
Vrednostni papirji, zavarovani s hipotekami na poslovnih nepremičninah, ne bi smeli biti več primerni kot zavarovanje v okviru Eurosistema za zavarovanje, saj se tveganja in kompleksnost teh vrednostnih papirjev bistveno razlikujejo od drugih listinjenih vrednostnih papirjev, ki jih Eurosistem sprejema kot zavarovanje tako z vidika finančnega premoženja, ki služi kot zavarovanje listinjenemu vrednostnemu papirju, kot z vidika strukturnih značilnosti.
The Eurosystem requires the provision of comprehensive and standardised loan-level data on the pool of cash-flow generating assets backing ABS. Loan-level data must be submitted by the relevant parties to a loan-level data repository designated by the Eurosystem.
Eurosistem zahteva zagotavljanje celovitih in standardiziranih podatkov na ravni posameznega posojila o skladu finančnega premoženja, ki ustvarja denarni tok in s katerim so zavarovani listinjeni vrednostni papirji.
Eurosystem requirements for designating loan-level data repositories, as well as the actual designation process, need to be further clarified in the interest of transparency.
Zadevne stranke morajo predložiti podatke na ravni posameznega posojila v repozitorij podatkov na ravni posameznega posojila, ki ga imenuje Eurosistem.
Eligible assets are required to meet the Eurosystem's credit quality requirements specified in the Eurosystem credit assessment framework (ECAF), which lays down the procedures, rules and techniques to ensure that the Eurosystem's requirement for high credit standards for eligible assets is maintained.
Zahteve Eurosistema za imenovanje repozitorijev podatkov na ravni posameznega posojila in dejanski postopek imenovanja je treba zaradi preglednosti dodatno pojasniti.
Some necessary technical and editorial refinements relating to the ECAF need to be made.
Primerno finančno premoženje mora izpolnjevati zahteve Eurosistema glede kreditne kvalitete, določene v bonitetnem okviru Eurosistema, ki določa postopke, pravila in načine izvedbe, ki zagotavljajo, da primerno finančno premoženje izpolnjuje zahtevo Eurosistema glede visokih bonitetnih standardov.
The rules on penalties to be applied by the Eurosystem in the case of breaches of counterparties' obligations need to be clarified.
V zvezi z bonitetnim okvirom Eurosistema je potrebnih nekaj tehničnih in redakcijskih izpopolnitev.
Eurosystem counterparties make use of securities settlement systems (SSSs) and links between SSSs operated by central securities depositories (CSDs) in order to mobilise adequate collateral for Eurosystem credit operations.
Pojasniti je treba pravila o kaznih, ki jih Eurosistem uporabi v primeru kršitev obveznosti nasprotnih strank.
Under Article 18.2 of the Statute of the European System of Central Banks and of the European Central Bank, the European Central Bank (ECB) must establish general principles for open market and credit operations carried out by the ECB or by the national central banks (NCBs), including for the announcement of the conditions under which they stand ready to enter into such transactions.
Nasprotne stranke Eurosistema uporabljajo sisteme poravnave vrednostnih papirjev (SPVP) in povezave med SPVP, ki jih upravljajo centralne depotne družbe (CDD), da mobilizirajo ustrezno zavarovanje pri kreditnih poslih Eurosistema.
The Eurosystem has developed a single framework for marketable and non-marketable assets eligible as collateral, which may be mobilised on a domestic or cross-border basis.
V skladu s členom 18.2 Statuta Evropskega sistema centralnih bank in Evropske centralne banke mora Evropska centralna banka (ECB) določiti splošna načela za operacije odprtega trga in kreditne posle, ki jih izvaja ECB ali nacionalne centralne banke, ter načela glede objave pogojev, pod katerimi so pripravljene sklepati posle.
For mobilising marketable assets within the Eurosystem, SSSs and links between SSSs may only be used if they are assessed as eligible by the Eurosystem.
Eurosistem je razvil enoten okvir za tržno in netržno finančno premoženje, ki je primerno kot zavarovanje, ki se lahko mobilizira doma ali čezmejno.
Since 1998 the Eurosystem has applied user standards for assessing SSSs and links between SSSs to determine their eligibility for use in Eurosystem credit operations.
Za mobilizacijo tržnega finančnega premoženja znotraj Eurosistema se lahko SPVP in povezave med SPVP uporabijo samo, če jih Eurosistem oceni kot primerne.
With the adoption of Regulation (EU) No 909/2014 of the European Parliament and of the Council and related technical standards comprising regulatory technical standards and implementing technical standards, and given the substantial overlap between the requirements of Regulation (EU) No 909/2014 and the Eurosystem user standards, the Eurosystem has decided to streamline the procedure for assessing SSSs and links between SSSs.
Eurosistem od leta 1998 uporablja uporabniške standarde za ocenjevanje SPVP in povezav med SPVP, da ugotovi njihovo primernost za uporabo pri kreditnih poslih Eurosistema.
The requirements specific to the Eurosystem not covered by the requirements laid down in Regulation (EU) No 909/2014 in respect of CSDs should be defined.
S sprejetjem Uredbe (EU) št. 909/2014 Evropskega parlamenta in Sveta in povezanih tehničnih standardov, ki obsegajo regulativne tehnične standarde in izvedbene tehnične standarde, ter zaradi bistvenega prekrivanja med zahtevami Uredbe (EU) št. 909/2014 in uporabniškimi standardi Eurosistema se je Eurosistem odločil poenostaviti postopek za ocenjevanje SPVP in povezav med SPVP.
The Eurosystem has developed standards for the use of tri-party agents (TPAs) in Eurosystem credit operations.
Opredeliti je treba zahteve, ki so specifične za Eurosistem in niso zajete med zahtevami v zvezi s CDD, določenimi v Uredbi (EU) št. 909/2014.
All TPAs, offering either cross-border or domestic services, should be subject to similar assessment processes.
Eurosistem je razvil standarde za uporabo tripartitnih agentov pri kreditnih poslih Eurosistema.
Several amendments need to be made to reflect the changes decided upon by the Governing Council with respect to the collateral eligibility criteria applicable to unsecured bank bonds for Eurosystem credit operations.
Za vse tripartitne agente, ki ponujajo čezmejne ali domače storitve, bi moral veljati podoben postopek ocenjevanja.
Several minor technical amendments need to be made in the interests of clarity, including with regard to multi-issuer securities, the implicit credit assessment rule and the non-compliance framework.
Potrebnih je več sprememb, da se upoštevajo spremembe, o katerih je odločil Svet ECB, v zvezi s kriteriji primernosti zavarovanja pri kreditnih poslih Eurosistema, ki se uporabljajo za nezavarovane bančne obveznice.
Therefore, Guideline (EU) 2015/510 (ECB/2014/60) should be amended accordingly,
Zaradi jasnosti je potrebnih več manjših tehničnih sprememb, vključno v zvezi z vrednostnimi papirji več izdajateljev, pravilom implicitne bonitetne ocene in okvirom o neizpolnjevanju obveznosti.
HAS ADOPTED THIS GUIDELINE:
Zato je treba Smernico (EU) 2015/510 (ECB/2014/60) ustrezno spremeniti –
Article 1
SPREJEL NASLEDNJO SMERNICO:
Guideline (EU) 2015/510 (ECB/2014/60) is amended as follows:
Spremembe
Article 2 is amended as follows:
Smernica (EU) 2015/510 (ECB/2014/60) se spremeni:
point (7) is replaced by the following:
člen 2 se spremeni:
“central securities depository” (CSD) means a central securities depository as defined in point (1) of Article 2(1) of Regulation (EU) No 909/2014 of the European Parliament and of the Council;
točka 7 se nadomesti z naslednjim:
the following point (22a) is inserted:
‚centralna depotna družba‘ (CDD) pomeni centralno depotno družbo, kakor je opredeljena v točki (1) člena 2(1) Uredbe (EU) št. 909/2014 Evropskega parlamenta in Sveta;
“direct link” means an arrangement between two SSSs operated by CSDs, whereby one CSD becomes a direct participant in the SSS operated by the other CSD by opening a securities account, in order to allow the transfer of securities through a book-entry process;’;
vstavi se naslednja točka 22a:
the following points (25a) and (25b) are inserted:
‚neposredna povezava‘ pomeni ureditev med dvema SPVP, ki ju upravljata CDD, pri čemer ena CDD z odprtjem računa vrednostnih papirjev postane neposredni udeleženec SPVP, ki ga upravlja druga CDD, kar omogoča prenos vrednostnih papirjev v nematerializirani obliki;“;
“eligible link” means a direct or relayed link that the Eurosystem has assessed as compliant with the eligibility criteria laid down in Annex VIa for use in Eurosystem credit operations and is published on the Eurosystem list of eligible links on the ECB's website.
vstavita se naslednji točki 25a in 25b:
An eligible relayed link is composed of underlying eligible direct links;
‚primerna povezava‘ pomeni neposredno ali posredno povezavo, za katero je Eurosistem ocenil, da je skladna s kriteriji primernosti, določenimi v Prilogi VIa, za uporabo pri kreditnih poslih Eurosistema, in ki je objavljena na Eurosistemovem seznamu primernih povezav na spletni strani ECB.
“eligible SSS” means an SSS operated by a CSD that the Eurosystem has assessed as compliant with the eligibility criteria laid down in Annex VIa for use in Eurosystem credit operations and is published on the Eurosystem list of eligible SSSs on the ECB's website;’;
Primerno posredno povezavo sestavljajo osnovne primerne neposredne povezave;
point (33) is deleted;
‚primerni SPVP‘ pomeni SPVP, ki ga upravlja CDD, za katerega je Eurosistem ocenil, da je skladen s kriteriji primernosti, določenimi v Prilogi VIa, za uporabo pri kreditnih poslih Eurosistema, in ki je objavljen na Eurosistemovemu seznamu primernih SPVP na spletni strani ECB;“;
point (35) is replaced by the following:
točka 33 se črta;
“financial corporation” means a financial corporation as defined in Annex A to Regulation (EU) No 549/2013 of the European Parliament and of the Council;
točka 35 se nadomesti z naslednjim:
point (46) is replaced by the following:
‚finančna družba‘ pomeni finančno družbo, kakor je opredeljena v Prilogi A k Uredbi (EU) št. 549/2013 Evropskega parlamenta in Sveta;
“intraday credit” means intraday credit as defined in point (26) of Article 2 of Guideline ECB/2012/27;
točka 46 se nadomesti z naslednjim:
the following point (46b) is inserted:
‚posojilo čez dan‘ pomeni posojilo čez dan, kakor je opredeljeno v točki 26 člena 2 Smernice ECB/2012/27;
“investment fund” means money market funds (MMFs) or non-money market funds (non-MMFs) as defined in Annex A to Regulation (EU) No 549/2013;’;
vstavi se naslednja točka 46b:
the following point (76a) is inserted:
‚investicijski sklad‘ pomeni sklade denarnega trga ali sklade, ki niso skladi denarnega trga, kakor so opredeljeni v Prilogi A k Uredbi (EU) št. 549/2013;“;
“relayed link” means a link established between SSSs operated by two different CSDs which exchange securities transactions or transfers through a third SSS operated by a CSD acting as an intermediary or, in the case of SSSs operated by CSDs participating in TARGET2-Securities, through several SSSs operated by CSDs acting as intermediaries;’;
vstavi se naslednja točka 76a:
point (82) is replaced by the following:
‚posredna povezava‘ pomeni vzpostavljeno povezavo med SPVP, ki ju upravljata dve različni CDD, ki jima omogoča, da izmenjata transakcije ali prenose vrednostnih papirjev prek tretjega SPVP, ki ga upravlja CDD, ki deluje kot posrednik, ali, v primeru SPVP, ki ga upravljajo CDD, udeležene v TARGET2-Securities, prek več SPVP, ki jih upravljajo CDD, ki delujejo kot posredniki;“;
“securities settlement system” (SSS) means a securities settlement system as defined in point (10) of Article 2(1) of Regulation (EU) No 909/2014, which allows the transfer of securities, either free of payment (FOP), or against payment (delivery versus payment (DVP));’;
točka 82 se nadomesti z naslednjim:
point (95) is replaced by the following:
‚sistem poravnave vrednostnih papirjev‘ (SPVP) pomeni sistem poravnave vrednostnih papirjev, kakor je opredeljen v točki 10 člena 2(1) Uredbe (EU) št. 909/2014, ki omogoča prenos vrednostnih papirjev brez plačila ali proti plačilu (dostava proti plačilu);“;
“tri-party agent” (TPA) means a CSD operating an eligible SSS that has entered into a contract with an NCB whereby such CSD is to provide certain collateral management services as an agent of that NCB;’;
točka 95 se nadomesti z naslednjim:
in Article 4, Table 1 is replaced by the following:
‚tripartitni agent‘ pomeni CDD, ki upravlja primerni SPVP in je sklenila pogodbo z NCB, po kateri ta CDD zagotavlja določene storitve upravljanja z zavarovanjem kot agent navedene NCB;“;
‘Table 1
v členu 4 se tabela 1 nadomesti z naslednjim:
Overview of characteristics of the Eurosystem monetary policy operations
„Tabela 1
Categories of the monetary policy operations
Pregled značilnosti operacij denarne politike Eurosistema
Types of instruments
Kategorije operacij denarne politike
Maturity
Vrste instrumentov
Frequency
Zapadlost
Procedure
Pogostost
Provision of liquidity
Postopek
Absorption of liquidity
Povečevanje likvidnosti
Open market operations
Umikanje likvidnosti
Main refinancing operations
Operacije odprtega trga
Reverse transactions
Operacije glavnega refinanciranja
One week
Povratne transakcije
Weekly
En teden
Standard tender procedures
Tedensko
Longer-term refinancing operations
Standardne avkcije
Three months
Operacije dolgoročnejšega refinanciranja
Monthly
Tri mesece
Fine-tuning operations
Mesečno
Non-standardised
Operacije finega uravnavanja
Tender procedures
Nestandardizirana
Bilateral procedures
Avkcijski postopki
Foreign exchange swaps
Dvostranski postopki
Collection of fixed-term deposits
Valutne zamenjave
Structural operations
Zbiranje vezanih depozitov
Issuance of ECB debt certificates
Strukturne operacije
Less than 12 months
Izdaja dolžniških certifikatov ECB
Outright purchases
Krajša od 12 mesecev
Outright sales
Dokončni nakupi
Bilateral procedures Tender procedures
Dokončne prodaje
Standing facilities
Dvostranski postopki Avkcijski postopki
Marginal lending facility
Odprti ponudbi
Overnight
Mejno posojilo
Access at the discretion of counterparties
Čez noč
Deposit facility
Dostop po prostem preudarku nasprotnih strank
Deposits
Mejni depozit
in Article 6(2), point (f) is replaced by the following:
Depoziti
are subject to the eligibility criteria laid down in Part Three, which must be fulfilled by all counterparties submitting bids for such operations;’;
v členu 6(2) se točka (f) nadomesti z naslednjim:
in Article 7(2), point (f) is replaced by the following:
zanje veljajo kriteriji primernosti, določeni v delu 3, ki jih morajo izpolnjevati vse nasprotne stranke, ki predložijo protiponudbe pri teh operacijah;“;
the applicable procedure for that specific type of instrument;’;
lahko se izvajajo kot operacije za povečevanje likvidnosti ali kot operacije za umikanje likvidnosti;
In Article 10, paragraph 4 is replaced by the following:
tiste, ki spadajo v kategorijo mejnega posojila, se izvajajo, kakor je opisano v členu 18;
As regards their operational features, reverse transactions for monetary policy purposes:
decentralizirano jih izvajajo NCB, pri čemer to ne sme posegati v člen 45(3).“;
may be conducted either as liquidity-providing or liquidity-absorbing operations;
v členu 11 se odstavek 6 nadomesti z naslednjim:
have a frequency and maturity that depends on the category of open market operation for which they are used;
Za nasprotne stranke, ki sodelujejo pri valutnih zamenjavah za namene denarne politike, veljajo kriteriji primernosti, kakor so določeni v delu 3, odvisno od postopka, ki se uporabi za zadevno operacijo.“;
that fall into the category open market operations are executed by means of standard tender procedures, with the exception of fine-tuning operations, where they are executed by means of tender or bilateral procedures;
v členu 12 se odstavek 7 nadomesti z naslednjim:
that fall into the category marginal lending facility are executed as described in Article 18;
Za nasprotne stranke, ki sodelujejo pri zbiranju vezanih depozitov, veljajo kriteriji primernosti, kakor so določeni v delu 3, odvisno od postopka, ki se uporabi za zadevno operacijo.“;
are executed in a decentralised manner by the NCBs, without prejudice to Article 45(3).’;
v členu 13 se odstavek 6 nadomesti z naslednjim:
in Article 11, paragraph 6 is replaced by the following:
Za nasprotne stranke, ki sodelujejo pri standardni avkciji za izdajo dolžniških certifikatov ECB, veljajo kriteriji primernosti, kakor so določeni v delu 3.“;
Counterparties participating in foreign exchange swaps for monetary policy purposes shall be subject to the eligibility criteria as laid down in Part Three, depending on the applicable procedure for the relevant operation.’;
v členu 14 se odstavek 4 nadomesti z naslednjim:
in Article 12, paragraph 7 is replaced by the following:
Za nasprotne stranke, ki sodelujejo pri dokončnih transakcijah, veljajo kriteriji primernosti, kakor so določeni v delu 3.“;
Counterparties participating in the collection of fixed term deposits shall be subject to the eligibility criteria as laid down in Part Three, depending on the applicable procedure for the relevant operation.’;
v členu 25(2) se tabeli 5 in 6 nadomestita z naslednjim:
in Article 13, paragraph 6 is replaced by the following:
„Tabela 5
Counterparties participating in the standard tender procedure for the issuance of ECB debt certificates shall be subject to the eligibility criteria as laid down in Part Three.’;
Približen časovni okvir za operativne korake pri standardnih avkcijah (naveden je srednjeevropski čas (1))
in Article 14, paragraph 4 is replaced by the following:
Rok za predložitev protiponudb nasprotnih strank
Counterparties participating in outright transactions shall be subject to the eligibility criteria as laid down in Part Three.’;
Objava rezultatov avkcije
in Article 25(2), Tables 5 and 6 are replaced by the following:
Najava avkcije
‘Table 5
Trgovalni dan (T)
Indicative time frame for the operational steps in standard tender procedures (times are stated in Central European Time (1))
Srednjeevropski čas upošteva spremembo na srednjeevropski poletni čas.
Deadline for counterparties' submission of bids
Tabela 6
Announcement of tender results
Približen časovni okvir za operativne korake pri hitrih avkcijah (naveden je srednjeevropski čas (1))
Central European Time (CET) takes account of the change to Central European Summer Time.
ura
Table 6
4.ura
Indicative time frame for the operational steps in quick tender procedures (times are stated in CET (1))
Srednjeevropski čas upošteva spremembo na srednjeevropski poletni čas.“;
3rd hour
člen 55 se nadomesti z naslednjim:
2nd hour
„Člen 55
1st hour
Kriteriji primernosti za sodelovanje pri operacijah denarne politike Eurosistema
4th hour
Ob upoštevanju člena 57 Eurosistem dovoli sodelovanje pri operacijah denarne politike Eurosistema samo institucijam, ki izpolnjujejo naslednje kriterije:
Central European Time (CET) takes account of the change to Central European Summer Time.’;
so obvezniki v sistemu obveznih rezerv Eurosistema v skladu s členom 19.1 Statuta ESCB in niso izvzete iz obveznosti v okviru sistema obveznih rezerv Eurosistema v skladu z Uredbo (ES) št. 2531/98 in Uredbo (ES) št. 1745/2003 (ECB/2003/9);
Article 55 is replaced by the following:
so eno od naslednjega:
‘Article 55
pod najmanj eno obliko harmoniziranega nadzora Unije/EGP s strani pristojnih organov v skladu z Direktivo 2013/36/EU in Uredbo (EU) št. 575/2013;