natgillin/translations-raw huggingface dataset:
Further , more than 60 other systems , including those of non-euro area countries , are connected to TARGET2 either by way of participation or through bilateral arrangements through the ancillary system interface .
Poleg tega je več kot 60 drugih sistemov , vključno s sistemi držav zunaj euroobmočja , priključenih k sistemu TARGET2 bodisi na podlagi udeležbe bodisi na podlagi dvostranskih dogovorov preko vmesnika za podsisteme .
( 1 ) Guideline ECB / 2007/2 of 26 April 2007 on a Trans-European Automated Real-time Gross settlement Express Transfer system ( TARGET2 ) ( OJ L 237 , 8.9.2007 , p. 1 ) .
( 1 ) Smernica ECB / 2007/2 z dne 26 . aprila 2007 o transevropskem sistemu bruto poravnave v realnem času ( TARGET2 ) ( UL L 237 , 8.9.2007 , str .
C 216/4 6 . EN
1 ) . C 216/4 6 .
Notif ication of system operators and oversight The ECB welcomes the definition of system operator in the new Article 2 ( o ) although it considers that this definition should be slightly amended to ensure that it also covers systems that consist of several participants without any single system operator .
Sporočanje upravljavcev sistemov in pregled nad delovanjem ECB pozdravlja opredelitev upravljavca sistema v novem členu 2 ( o ) , čeprav meni , da bi bilo treba to opredelitev nekoliko spremeniti , da bi se zagotovila tudi vključitev sistemov , sestavljenih iz več udeležencev , ki nimajo skupnega upravljavca sistema .
For the same reason , the second subparagraph of Article 3 ( 1 ) of the Directive should also be slightly amended to ensure that the burden of proof regarding knowledge of insolvency is laid on the relevant system operator .
Iz istega razloga bi bilo treba nekoliko spremeniti tudi drugi pododstavek člena 3 ( 1 ) direktive , da bi se zagotovilo , da je dokazno breme glede seznanjenosti z nesolventnostjo na zadevnem upravljavcu sistema .
Moreover , the ECB also agrees to the proposal to amend Article 10 of Directive 98/26 / EC so that Member States , in addition to notifying systems to the Commission , will also indicate the operator of the system .
Poleg tega se ECB strinja tudi s predlogom za spremembo člena 10 Direktive 98/26 / ES , tako da bodo države članice poleg sporočanja sistemov Komisiji navedle tudi upravljavca sistema .
However , in line with the ECB 's suggestion in paragraph 4.3 above , proposing that the definition of system should include systems established by an ECB legal instrument , paragraph 1 of Article 10 should be amended to allow Member States or the ECB , as appropriate , to notify systems and system operators to the Commission .
Vendar bi bilo treba v skladu s predlogom ECB iz odstavka 4.3 zgoraj , po katerem bi morala opredelitev sistema vključevati sisteme , vzpostavljene s pravnimi instrumenti ECB , spremeniti odstavek 1 člena 10 tako , da bi lahko sisteme in upravljavce sistema Komisiji sporočile države članice ali ECB , kjer je primerno .
The ECB considers that Article 10 ( 3 ) and ( 4 ) , which are omitted from the Commission proposal , should be reinstated .
ECB meni , da bi bilo treba člen 10 ( 3 ) in ( 4 ) , ki ga predlog Komisije opušča , ponovno navesti .
In addition , Article 10 ( 3 ) , which recognises the powers of competent national authorities to authorise and supervise systems , should state that the oversight competence of central banks , based on their financial stability tasks , should be respected .
Poleg tega bi moral člen 10 ( 3 ) , ki pristojnim nacionalnim organom priznava pooblastilo , da sistemom izdajajo dovoljenja in jih nadzorujejo , določati , da je treba upoštevati pooblastila centralnih bank za pregled nad delovanjem , ki temeljijo na njihovih nalogah v zvezi s finančno stabilnostjo .
E-money institutions as par ticipants of systems The definition of « credit institution » in amended Article 2 ( b ) of Directive 98/26 / EC , which cross-refers to the definition contained in Directive 2006/48 / EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions ( recast ) ( 1 ) , has the effect of enabling e-money institutions to become participants in systems designated in accordance with Directive 98/26 / EC , provided the e-money institutions are regulated as credit institutions .
Institucije za izdajo elektronskega denar ja kot udeleženci v sistemih Opredelitev „kreditne institucije » v spremenjenem členu 2 ( b ) Direktive 98/26 / ES , ki se sklicuje na opredelitev , vsebovano v Direktivi 2006/48 / ES Evropskega parlamenta in Sveta z dne 14 . junija 2006 o začetku opravljanja in opravljanju dejavnosti kreditnih institucij ( preoblikovano ) ( 1 ) , institucijam za izdajo elektronskega denarja omogoča , da postanejo udeleženci v sistemih , določenih v skladu z Direktivo 98/26 / ES , pod pogojem , da so institucije za izdajo elektronskega denarja urejene kot kreditne institucije .
The ECB regards this as a positive legislative amendment that will enhance the stability of systems .
ECB šteje to za pozitivno zakonodajno spremembo , ki bo povečala stabilnost sistemov .
A change in the status of e-money institutions as credit institutions would require a further review of Directive 98/26 / EC .
Sprememba statusa institucij za izdajo elektronskega denarja kot kreditnih institucij bi zahtevala nadaljnji pregled Direktive 98/26 / ES .
Conf lict of laws A clear and simple conflict of laws rule for all aspects of book entry securities is important for the efficient and secure cross-border holding and transfer of financial instruments .
Kolizija zakonov Jasno in enostavno kolizijsko pravilo za vse vidike nematerializiranih vrednostnih papirjev je pomembno za učinkovito in varno čezmejno imetništvo in prenos finančnih instrumentov .
The ECB shares the Commission 's view that the current conflict of laws rules contained in Directive 98/26 / EC , Directive 2001/24 / EC of the European Parliament and of the Council of 4 April 2001 on the reorganisation and winding up of credit institutions ( 2 ) and Directive 2002/47 / EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements ( 3 ) have increased legal certainty with regard to determining the applicable law .
ECB deli mnenje Komisije , da so obstoječa kolizijska pravila , vsebovana v Direktivi 98/26 / ES , Direktivi 2001/24 / ES Evropskega parlamenta in Sveta z dne 4 . aprila 2001 o reorganizaciji in prenehanju kreditnih institucij ( 2 ) ter Direktivi 2002/47 / ES Evropskega parlamenta in Sveta z dne 6 .
The ECB also notes the observations made by the Commission in its paper « Conflict of laws : modernisation of the PRIMA-rule for intermediated securities » that the practical application of a single conflict of laws regime for cross-border securities clearing and settlement in the Community continues to reveal differences between Member States on the interpretation of « location of an account » .
ECB upošteva tudi ugotovitve , ki jih navaja Komisija v svojem dokumentu „Conflict of laws : modernisation of the PRIMA-rule for intermediated securities » ( Kolizija zakonov : modernizacija pravila PRIMA za vrednostne papirje , ki se nahajajo pri posredniku ) , da praktična uporaba enotne kolizijske ureditve za čezmejna obračun in poravnavo vrednostnih papirjev v Skupnosti še naprej razkriva razlike med državami članicami pri razlagi „lokacije računa » .
Thus , the Community regime still does not deliver the highest possible degree of predictability and certainty as to which laws apply .
Ureditev Skupnosti tako še vedno ne prinaša najvišje možne stopnje predvidljivosti in gotovosti glede tega , katero pravo se uporablja .
Accordingly , the ECB is following with great interest the Commission 's initiative to improve the clarity of the existing Community regime .
ECB zato z velikim zanimanjem spremlja pobudo Komisije za povečanje jasnosti obstoječe ureditve Skupnosti .
Given the complexity of this matter , the ECB considers that such a general review should not take place in the context of the proposed directive .
Glede na kompleksnost tega vprašanja ECB meni , da se tak splošni pregled ne bi smel opraviti v kontekstu predlagane direktive .
Amendments to Directive 2002/47 / EC 9 .
Spremembe Direktive 2002/47 / ES 9 .
Credit claims
Kreditni zahtevki
9.1 . The ECB strongly welcomes the proposed amendments to Directive 2002/47 / EC , where they are aimed at facilitating the use of credit claims as collateral by central banks .
9.1 ECB močno pozdravlja predlagane spremembe Direktive 2002/47 / ES , katerih namen je centralnim bankam olajšati uporabo kreditnih zahtevkov kot zavarovanja .
These changes make the legal position of central banks in the European Union more secure when taking credit claims as collateral , given the otherwise non-harmonised sets of rules on credit claims in the different EU jurisdictions .
Glede na siceršnja neharmonizirana pravila o kreditnih zahtevkih v različnih jurisdikcijah EU postaja s temi spremembami pravni položaj centralnih bank v Evropski uniji pri sprejemanju kreditnih zahtevkov v zavarovanje varnejši .
The ( 1 ) OJ L 177 , 30.6.2006 , p. 1 .
Možnost ( 1 ) UL L 177 , 30.6.2006 , str . 1 .
( 2 ) OJ L 125 , 5.5.2001 , p. 15 .
( 2 ) UL L 125 , 5.5.2001 , str . 15 .
( 3 ) OJ L 168 , 27.6.2002 , p. 43 .
( 3 ) UL L 168 , 27.6.2002 , str . 43 .
possibility of using credit claims as collateral in central bank operations is of great significance to credit institutions in the euro area , which have large amounts of credit claims on their balance sheets .
uporabe kreditnih zahtevkov kot zavarovanja pri centralnobančnih operacijah je zelo pomembna za kreditne institucije v euroobmočju , ki imajo v svojih bilancah stanja veliko število kreditnih zahtevkov .
It would be of great importance for the Eurosystem to be able to use credit claims as collateral under the regime established by Directive 2002/47 / EC , thereby facilitating an informal and efficient operational handling of that kind of asset , in particular through electronic means and including in cross-border constellations .
Za Eurosistem bi bilo velikega pomena , če bi lahko uporabil kreditne zahtevke kot zavarovanje na podlagi sistema , vzpostavljenega z Direktivo 2002/47 / ES , s čimer bi se omogočilo neformalno in učinkovito operativno upravljanje tovrstnih sredstev , zlasti preko elektronskih sredstev in vključno s čezmejnimi konstelacijami .
Therefore , in this respect , the ECB advocates the adoption of the text as proposed by the Commission without granting the Member States any options for implementation , which would undermine the validity and legal certainty of such collateral taking .
Zato se ECB v tej zvezi zavzema za sprejetje besedila , kot ga predlaga Komisija , brez vsakršnih možnosti držav članic za implementacijo , ki bi izničila veljavnost in pravno varnost takega prejetega zavarovanja .
9.2 . The changes proposed to Article 1 ( 4 )( a ) of Directive 2002/47 / EC restrict its applicability to credit claims eligible for the collateralisation of central bank credit operations .
9.2 Predlagane spremembe člena 1 ( 4 )( a ) Direktive 2002/47 / ES omejujejo uporabo tega člena na kreditne zahtevke , ki so primerne za zavarovanje centralnobančnih kreditnih operacij .
For the purposes of the ECB and the Eurosystem this is sufficient .
Za namene ECB in Eurosistema to zadostuje .
However , the proposed amendment goes beyond the use of credit claims solely for central bank operations , proposing to make the rules of Directive 2002/47 / EC apply to any credit claim that could be eligible for the collateralisation of central bank credit operations in the EU .
Vendar pa predlagana sprememba sega dlje od uporabe kreditnih zahtevkov izključno za centralnobančne operacije , s tem ko predlaga uporabo pravil Direktive 2002/47 / ES za vse kreditne zahtevke , ki bi lahko bili primerni za zavarovanje centralnobančnih kreditnih operacij v EU .
An issue of transparency arises about the extent to which the proposed change would also allow non-central bank collateral takers to use such central bank eligible credit claims for collateral purposes .
Postavlja se vprašanje preglednosti glede obsega , do katerega bi predlagana sprememba omogočala , da za centralne banke primerne kreditne zahtevke v namene zavarovanja uporabijo tudi uporabniki zavarovanja , ki niso centralna banka .
In particular , not all EU central banks may have easily accessible eligibility criteria for accepting credit claims as collateral , which would make it difficult for a non-central bank collateral taker to determine efficiently whether the credit claim it intends to collateralise is in fact eligible .
Zlasti vse centralne banke v EU nimajo enostavno dostopnih meril primernosti za sprejemanje kreditnih zahtevkov v zavarovanje , kar bi uporabniku zavarovanja , ki ni centralna banka , oteževalo , da bi uspešno ugotovil , ali je kreditni zahtevek , ki ga namerava uporabiti kot zavarovanje , dejansko primeren .
Furthermore , the eligibility criteria used by the Eurosystem and the central banks located outside the euro area could differ and such criteria could also be amended over time .
Poleg tega bi se lahko merila primernosti , ki jih uporabljajo Eurosistem in centralne banke zunaj euroobmočja , razlikovala in sčasoma tudi spremenila .
Accordingly , to ensure legal certainty and a level playing field across the EU , the ECB recommends that a simple and uniform definition for credit claims covered by Directive 2002/47 / EC should be established , which does not link such credit claims to eligibility criteria used by the central banks .
Zaradi zagotovitve pravne varnosti in enotnih pogojev delovanja v EU zato ECB priporoča uvedbo enostavne in enotne opredelitve kreditnih zahtevkov , zajetih z Direktivo 2002/47 / ES , ki teh kreditnih zahtevkov ne veže na merila primernosti , ki jih uporabljajo centralne banke .
Such a definition of credit claims for the purposes of defining the scope of Directive 2002/47 / EC should be broad enough to include credit claims made eligible by the Eurosystem .
Taka opredelitev kreditnih zahtevkov za namene opredelitve področja uporabe Direktive 2002/47 / ES bi morala biti dovolj široka , da bi vključila kreditne zahtevke , ki jih za primerne šteje Eurosistem .
If no such uniform definition can be adopted , it is at least important to ensure that credit claims actually mobilised as collateral to the Eurosystem fall under the new definition in Directive 2002/47 / EC .
Če take enotne opredelitve ni mogoče sprejeti , je pomembno zagotoviti vsaj to , da kreditni zahtevki , ki so dejansko mobilizirani kot zavarovanje do Eurosistema , sodijo v okvir nove opredelitve v Direktivi 2002/47 / ES .
9.3 . The proposed amendments do not include a clarification of the conflict of laws rules applying to the cross-border use of credit claims as collateral .
9.3 Predlagane spremembe ne vključujejo razjasnitve glede kolizijskih pravil , ki se uporabljajo za čezmejno uporabo kreditnih zahtevkov kot zavarovanja .
The current text of Article 9 of Directive 2002/47 / EC on conflict of laws rules only relates to book entry securities and clearly does not apply to credit claims .
Obstoječe besedilo člena 9 Direktive 2002/47 / ES o kolizijskih pravilih se nanaša samo na nematerializirane vrednostne papirje in očitno ne velja za kreditne zahtevke .
For the cross-border mobilisation of credit claims as collateral it is extremely important to harmonise the applicable conflict of laws rules .
Harmonizacija veljavnih kolizijskih pravil je za čezmejno mobilizacijo kreditnih zahtevkov kot zavarovanja izjemno pomembna .
Credit claims used as collateral may involve several jurisdictions , e.g. that of the debtor , the creditor , the agreement , etc ., and for legal certainty the parties need to know exactly which law applies for the purposes of validity and priority of mobilising credit claims as collateral .
jurisdikcija dolžnika , upnika , dogovora itd . , zaradi pravne varnosti pa morajo stranke točno vedeti , katero pravo se uporablja glede veljavnosti in vrstnega reda mobilizacije kreditnih zahtevkov kot zavarovanja .
Presently , the conflict of laws rules on the third party effects of assignments of claims in the EU are not harmonised ;
Trenutno kolizijska pravila o učinkih odstopov terjatev na tretje osebe v EU niso harmonizirana ;
uncertainty exists as to the applicable laws and the parties may need to comply with the requirements of more than one jurisdiction in order to achieve some certainty about the legal soundness of their collateral taking .
negotovost obstaja glede veljavnega prava in stranke bodo morda morale izpolniti zahteve več jurisdikcij , da bi dosegle nekaj gotovosti glede pravne trdnosti prejetega zavarovanja .
This is a significant obstacle and it would greatly facilitate the cross-border EU-wide use of credit claims as collateral if there were a uniform set of conflict of laws rules agreed for such third party effects .
Gre za znatno oviro in enoten sklop kolizijskih pravil , dogovorjen za take učinke na tretje osebe , bi močno olajšal čezmejno uporabo kreditnih zahtevkov kot zavarovanja po celotni EU .
As there was no such change in the Rome I Regulation ( 1 ) , it is particularly important to include such rules in Directive 2002/47 / EC .
Ker Uredba Rim I ( 1 ) take spremembe ne vsebuje , je še posebej pomembno , da se taka pravila vključijo v Direktivo 2002/47 / ES .
To have such common rules would bring significant benefits .
Obstoj takih skupnih pravil bi prinesel znatne koristi .
9.4 . The ECB also makes the following technical suggestions to ensure consistency within the proposed directive as regards the inclusion of credit claims under Directive 2002/47 / EC .
9.4 ECB podaja tudi naslednje tehnične predloge , da bi se zagotovila skladnost med predlagano direktivo glede vključitve kreditnih zahtevkov v Direktivo 2002/47 / ES .
To ensure that not only the assignment of credit claims but also the pledge of credit claims is covered by the scope of application of Directive 2002/47 / EC , Article 2 ( 1 )( c ) should be amended to refer to full entitlement to financial collateral in order to clarify that the pledge or charging of credit claims is also covered by the term « security financial collateral arrangement » . Furthermore , a reference to credit claims in Article 2 ( 1 )( e ) should be added to the definition of financial instruments .
Z namenom zagotovitve , da bi področje uporabe Direktive 2002/47 / ES poleg odstopa kreditnih zahtevkov zajemalo tudi zastavo kreditnih zahtevkov , bi bilo treba člen 2 ( 1 )( c ) spremeniti tako , da bi se nanašal na polno upravičenje do finančnega zavarovanja in bi se tako razjasnilo , da je s pojmom „dogovor o finančnem zavarovanju z vrednostnimi papirji » zajeta tudi zastava ali obremenitev kreditnih zahtevkov .
Finally , Article 3 should be amended in ( 1 ) COM ( 2005 ) 650 final .
Poleg tega bi bilo treba v ( 1 ) COM ( 2005 ) 650 konč .
order to refer to « transfer of possession » in addition to registration and notification in connection with the condition of validity of a financial collateral arrangement .
opredelitev finančnih instrumentov v členu 2 ( 1 )( e ) dodati sklic na kreditne zahtevke . Končno bi bilo treba člen 3 spremeniti tako , da se poleg registracije in obveščanja v povezavi s pogojem veljavnosti dogovora o finančnem zavarovanju navedel tudi „prenos posesti » .
Netting The proposed directive does not include any amendment of the provisions on insolvency netting in either Directive 2002/47 / EC or Directive 98/26 / EC .
Neto izravnava Predlagana direktiva niti v Direktivi 2002/47 / ES niti v Direktivi 98/26 / ES ne vključuje spremembe določb o neto izravnavi zaradi nesolventnosti .
It remains true , however , that the ability to close out on a counterparty 's insolvency is of critical importance in the financial markets .
Sicer je res , da je možnost izravnave v primeru nesolventnosti nasprotne stranke na finančnih trgih ključnega pomena .
The issue of the enforceability of close-out netting is therefore not restricted to individual financial collateral arrangements , but is relevant to all kinds of arrangements aimed at reducing credit risk and exposure .
Vprašanje izvršljivosti realizacije neto izravnave zato ni omejeno na posamezne dogovore o finančnem zavarovanju , temveč se nanaša na vse vrste dogovorov , katerih namen je zmanjšanje kreditnega tveganja in izpostavljenosti .
There is a need for further progress on the treatment of netting , not just in Directive 2002/47 / EC , but also generally across the EU financial acquis .
Potreben je nadaljnji napredek pri obravnavi neto izravnave , ne samo v Direktivi 2002/47 / ES , temveč na splošno v finančni zakonodaji EU .
It would be beneficial , for instance , if greater consistency could be achieved between the various definitions of netting and set-off across different EU legal acts .
Koristno bi bilo , na primer , če bi bilo mogoče doseči večjo skladnost med različnimi opredelitvami neto izravnave in pobota v različnih pravnih aktih EU .
At the same time , in view of the systemic significance of the exercise of automatic close-out rights against systemically significant credit and financial institutions operating in international financial markets , there needs to be a wider discussion at EU level on the application of close-out netting provisions to financial institutions in the over-the-counter derivatives market , and not only in the context of financial collateral arrangements .
Hkrati je glede na sistemsko pomembnost izvršitve avtomatičnih pravic izravnave proti sistemsko pomembnim kreditnim in finančnim institucijam , ki poslujejo na mednarodnih finančnih trgih , potrebna širša razprava na ravni EU o uporabi določb o realizaciji neto izravnave za finančne institucije na prostem trgu izvedenih finančnih instrumentov in ne samo v kontekstu dogovorov o finančnem zavarovanju .
Draf ting proposals Where the above advice would lead to changes in the proposed directive , drafting proposals are set out in the Annex .
Predlagane spremembe besedila V primeru , ko bi zgornji nasvet vodil v spremembe predlagane direktive , so predlagane spremembe besedila navedene v prilogi .
Done at Frankfurt am Main , 7 August 2008 .
V Frankfurtu na Majni , 7 .
The President of the ECB Jean-Claude TRICHET
avgusta 2008 Predsednik ECB Jean-Claude TRICHET
Official Journal of the European Union ANNEX DRAFTING PROPOSALS ( 1 )
Uradni list Evropske unije PRILOGA PREDLAGANE SPREMEMBE BESEDILA ( 1 )
Text proposed by the Commission ( 1 )
Besedilo , ki ga predlaga Komisija ( 1 )
Amendment 1 Article 1 of the proposed directive Amendment to Directive 98/26 / EC , Article 2 ( a )
Sprememba 1 Člen 1 predlagane direktive Sprememba Direktive 98/26 / ES , člen 2 ( a )
Article 2 For the purpose of this Directive : ( a ) « system » shall mean a formal arrangement : --- between three or more participants , without counting a possible settlement agent , a possible central counterparty , a possible clearing house or a possible indirect participant , with common rules and standardised arrangements for the execution of transfer orders between the participants ,
Člen 2 Za namene te direktive : ( a ) „sistem » pomeni formalni dogovor : --- med tremi ali več udeleženci , pri čemer se ne štejejo morebitni posrednik za poravnavo , morebitna centralna nasprotna stranka , morebitna klirinška hiša ali morebitni posredni udeleženec , s skupnimi pravili in standardiziranimi dogovori za izvedbo prenosnih nalogov med udeleženci ,