natgillin/translations-raw huggingface dataset:
Secondly , this is done by broadening the scope of the protection provided by both directives to include new types of assets ( i.e. credit claims eligible for the collateralisation of central bank credit operations ) in order to facilitate their use throughout the Community .
Ta cilj je mogoče doseči s širitvijo področja uporabe zaščite , ki jo določata obe direktivi , z vključitvijo novih vrst sredstev ( tj .
Lastly , this proposal seeks to introduce a number of simplifications and clarifications to facilitate the application of the FCD and SFD .
s kreditnimi zahtevki , ki izpolnjujejo pogoje za zavarovanje pri kreditnih poslih centralne banke ) z namenom olajšanja uporabe po vsej Skupnosti . Ta predlog vsebuje tudi nekaj novih poenostavitev in pojasnitev za lažjo uporabo FCD in SFD .
The recent , and still ongoing , financial turmoil provided an additional argument in favour of the proposal , since the solutions that it puts forward would make an important contribution to strengthening the tools for managing instability and turmoil in financial markets .
Trenutni finančni nered je dodatni argument za predlog , saj bi predlagane rešitve pomembno vplivale na krepitev orodij za upravljanje nestabilnosti in nereda na finančnih trgih .
For example , the establishment of a harmonised legal framework for the use of credit claims as collateral in cross-border transactions would help enhancing market liquidity , which has been severely hit in recent months .
Na primer vzpostavitev usklajenega pravnega okvira za uporabo kreditnih zahtevkov kot zavarovanja pri čezmejnih transakcijah bi pripomogla k povečanju tržne likvidnosti , ki se je v zadnjih mesecih zelo poslabšala .
Furthermore , ensuring the proper functioning of settlement systems in rapidly evolving markets is indispensable for the stability of financial markets , even more so in times of market turmoil .
Nadalje je zagotavljanje pravilnega delovanja sistemov poravnave na hitro rastočih trgih nujno potrebno za stabilnost finančnih trgov , še zlasti v časih , ko vlada finančni nered .
General context In recent years new types of assets , such as bank loans or « credit claims » , have become an important source for the continuously growing collateral operations on financial markets .
Splošno ozadje V zadnjih letih so nove vrste sredstev , kot so bančna posojila ali „kreditni zahtevki » , postale pomemben vir za nenehno rastoče operacije zavarovanja na finančnih trgih .
In August 2004 , the European Central Bank Governing Council decided to include credit claims as an eligible type of collateral for Eurosystem credit operations as of 1 January 2007 .
Avgusta leta 2004 je Svet ECB odločil , da vključi kreditne zahtevke med upravičeno vrsto zavarovanja pri kreditnih operacijah Eurosistema od 1 . januarjem 2007 dalje .
However , some Member States , i.e. France , Germany , Spain , Austria and the Netherlands already accepted credit claims , although operating under different legal regimes .
Francija , Nemčija , Španija , Avstrija in Nizozemska pa so že sprejele kreditne zahtevke , čeprav v okviru različnih pravnih ureditev . Da bi se vzpostavili enaki konkurenčni pogoji med centralnimi bankami in spodbudila čezmejna raba zavarovanja , je treba uskladiti ustrezni pravni okvir2 .
In order to create a level playing field among central banks and to stimulate the cross-border use of collateral , the relevant legal framework2 needs to be harmonised . Another important development in financial markets is the increasing number of linkages between systems .
Drug pomemben razvoj na finančnih trgih je naraščajoče število povezav med sistemi . Razvoj v tej smeri se bo najbrž nadaljeval in tudi pospeševal zaradi uveljavitve kodeksa , ki so ga izvajalci storitev osrednje tržne infrastrukture sprejeli 7 .
This trend is expected to continue and possibly even to accelerate due to the introduction of the Code , adopted by providers of central
Namen kodeksa je izboljšanje učinkovitosti evropskega klirinškega sistema in sistema poravnav tako , da izbire uporabnikov , ki so navedene v členih 34 in 46 MiFID predstavljajo resnično možnost in ne samo teoretične .
OJ L ...
UL L ...
Directive 2002/47 / EC on Financial Collateral Arrangements , OJ L 168 , 27.6.2002 , p. 43 , and Directive 98/26 / EC on Settlement Finality , OJ L 166 , 11.6.1998 , p. 45 . EN
Direktiva 2002/47 / ES o dogovorih o finančnem zavarovanju , UL L 168 , 27.6.2002 , str . 43 , in Direktiva 98/26 / ES o dokončnosti poravnave , UL L 166 , 11.6.1998 , str .
market infrastructure services on 7 November 2006.3 The aim of the Code is to improve the efficiency of European clearing and settlement systems by making the user choices enshrined by Articles 34 and 46 of MiFID a genuine option rather than just a theoretical possibility .
45 . Kodeks ravnanja lahko najdete na spletni strani Evropske komisije : http://ec.europa.eu/internal_market/financial-markets/docs/code/code_en.pdf
The general principles contained in Chapter IV of the Code and the detailed rules featured in the Access and Interoperability Guideline4 presented by providers of infrastructure services in June 2007 enable user choice of service provider by making it easier for systems to set up links , i.e. gain access to and become interoperable with systems in foreign markets .
ki so navedena v Poglavju IV kodeksa in natančna navodila , ki jih določajo Smernice o dostopu in interoperabilnosti4 in so jih podali izvajalci infrastrukturnih storitev junija 2007 , uporabniku omogočajo izbiro izvajalca storitev , tako da sistemom lajšajo povezovanje oz . dostop do sistemov na tujih trgih in interoperabilnost s temi sistemi .
To ensure that the objectives of the SFD are upheld in this new situation , the proposal adapts the SFD to this new market place which is characterised by an increased number of links .
Za zagotavljanje , da se v tem novem položaju še naprej upoštevajo cilji SFD , je v predlogu predvidena prilagoditev SFD novemu trgu , za katerega je značilno povečano število povezav .
Consistency with other policies and objectives of the Union The two Directives on Settlement Finality and Financial Collateral Arrangements are the main Community instruments in the area of financial collateral , clearing and settlement .
Usklajenost z drugimi politikami in cilji Unije Direktivi o dokončnosti poravnave in dogovorih o finančnem zavarovanju sta poglavitna instrumenta Skupnosti na področju finančnega zavarovanja , kliringa in poravnav .
The proposed changes are consistent with provisions which can be found in the MiFID and , to some extent , with specific provisions on solvency ratios in the Capital Requirements Directives 2006/48 / EC and 2006/49 / EC5 .
Predlagane spremembe so v skladu z določbami MiFID in do neke mere s posebnimi določbami o stopnjah solventnosti v Direktivah o kapitalskih zahtevah 2006/48 / ES in 2006/49 / ES5 .
Some provisions of Directive 2001/24 / EC6 on the winding-up of credit institutions and Regulation 1346/20007 on insolvency also have a bearing on collateral arrangements .
Nekatere določbe iz Direktive 2001/24 / ES6 o prenehanju kreditnih institucij in Uredbe 1346/20007 o nesolventnosti tudi vplivajo na dogovore o zavarovanju .
There is , however , no EU-wide framework for dealing with interests in securities held by an intermediary .
Vendar trenutno ni nobene ureditve , ki bi veljala za celotno EU in bi obravnavala interese na področju vrednostnih papirjev , ki jih ima posrednik .
Recognising that this may constitute a potential legal risk in cross-border transactions , the Commission created the Legal Certainty Group in January 2005 to advise on the appropriate legal framework .
Ob ugotovitvi , da bi to lahko predstavljalo možno pravno tveganje pri čezmejnih transakcijah , je Komisija januarja 2005 ustanovila skupino za pravno gotovost za svetovanje glede ustreznega pravnega okvira .
The final report of the Group is due by the end of 2008 and will be complementary to the Financial Collateral Arrangements Directive and Settlement Finality Directive and to the changes envisaged in this proposal .
Končno poročilo , ki ga mora skupina oddati do konca leta 2008 , bo dopolnjevalo Direktivo o dogovorih o finančnem zavarovanju in Direktivo o dokončnosti poravnave ter spremembe , predvidene v tem predlogu .
Simultaneously , at the international level , UNIDROIT -- the International Institute for the Unification of Private Law -- intends to convene a Diplomatic Conference in September 2008 with a view to arriving at a convention on substantive rules regarding intermediated securities .
Hkrati namerava na mednarodni ravni UNIDROIT -- Mednarodni inštitut za poenotenje zasebnega prava -- septembra 2008 organizirati diplomatsko konferenco z namenom doseči konvencijo o pomembnih pravilih glede vrednostnih papirjev pri posrednikih .
The provisions in the draft convention are in part modelled on the Financial Collateral Arrangements Directive and Settlement Finality Directive and should not give rise to any problems of incompatibility .
Določbe v osnutku konvencije , ki so delno zasnovane po zgledu Direktive o dogovorih o finančnem zavarovanju in Direktive o dokončnosti poravnave , naj ne bi povzročale težav na področju skladnosti .
Furthermore , the provisions relating to credit claims do not seek to encroach on the rights of consumers , and in particular the rights under the recently agreed Consumer Credit Directive [...
Določbe , ki se nanašajo na kreditne zahtevke , ne posegajo v pravice potrošnikov in še zlasti ne v pravice , nedavno dogovorjene v Direktivi o potrošniškem kreditu [...
The scope of this proposal is limited to credit claims that are eligible for the collateralisation of central bank credit operations , which in principle excludes credit claims by individual consumers .
Področje uporabe tega predloga je omejeno na kreditne zahtevke , ki izpolnjujejo pogoje za zavarovanje pri kreditnih operacijah centralne banke , kar načeloma izključuje kreditne zahtevke individualnih potrošnikov .
For instance , according to the eligibility criteria applied by the Eurosystem , debtors or guarantors either belong to the public sector or are non-financial or international / supranational institutions .
Glede na merila o izpolnjevanju pogojev , ki jih uporablja Eurosistem , tako npr . dolžniki ali garanti prihajajo iz javnega sektorja ali pa so nefinančne ali mednarodne / nadnacionalne institucije .
Furthermore , the threshold for all domestic operations will be fixed at Euros 500.000 from
Od leta 2012 naprej bo prag za vse domače operacije 500 000 EUR , zgornja meja za potrošniške kredite pa naj bi bila 50 000 -- 100 000 EUR .
The Code of Conduct can be found on the European Commission 's webpage : http://ec.europa.eu/internal_market/financial-markets/docs/code/code_en.pdf The Guideline is published on the Commission 's website : http://ec.europa.eu/internal_market/financial-markets/docs/code/guideline_en.pdf OJ L ...
Smernice so objavljene na spletni strani Komisije : http://ec.europa.eu/internal_market/financial-markets/docs/code/guideline_en.pdf UL L ...
For these few instances where consumers » credit claims might be involved , which at present does not seem to be the case as far as the Eurosystem is concerned , a specific provision is added that gives precedence to the Consumer Credit Directive .
POSVETOVANJE Z ZAINTERESIRANIMI STRANMI Posvetovanje z zainteresiranimi stranmi Na podlagi odgovorov iz vprašalnika , ki je bil naslovljen na države članice , je Komisija dne 15 .
CONSULTATION OF INTERESTED PARTIES Consultation of interested parties Based on the responses to a questionnaire addressed to Member States , the Commission adopted its Evaluation Report on the application and transposition of the Settlement Finality Directive on 15 December 20058 .
Decembra 2005 sprejela Ocenjevalno poročilo o izvajanju in prenosu Direktive o dokončnosti poravnave8 .
The report found that generally the SFD was working well , but it also highlighted ten issues concerning application and transposition that merited further analysis .
Poročilo navaja , da na splošno SFD sicer uspešno deluje , a hkrati navaja deset težav , ki se nanašajo na izvajanje in prenos in zahtevajo nadaljnjo analizo .
Following reactions from the Member States and the European Central Bank , the Commission also invited industry , consumers and other stakeholders to submit further views .
Po odzivih držav članic in Evropske centralne banke , je Komisija povabila tudi industrijo , potrošnike in ostale interesne skupine , da predložijo svoje mnenje .
By 30 June 2006 , seven further reactions had been received .
Do 30 . junija 2006 je mnenje poslalo še sedem strank .
To prepare its Evaluation Report on the Financial Collateral Arrangements Directive of 20 December 20069 the Commission asked the Member States , the European Central Bank and the EEA States at the beginning of 2006 to reply to a questionnaire on the implementation and application of this Directive . A less extensive questionnaire was created for the private sector .
Ob pripravi Ocenjevalnega poročila o Direktivi o dogovorih o finančnem zavarovanju z dne 20 . decembra 20069 , je Komisija na začetku leta 2006 zaprosila države članice , Evropsko centralno banko in države EGS , da izpolnijo vprašalnik o izvajanju in uporabi te direktive .
In addition to the reactions from Member States and the ECB , the Commission received 27 replies directly from a broad spectrum of key financial market players and organisations .
Poleg mnenj držav članic in Evropske centralne banke je Komisija prejela 27 neposrednih odgovorov iz širokega spektra ključnih akterjev in organizacij na finančnem trgu .
The FCD report likewise concluded that the Directive was working well and suggested extending its scope to include credit claims .
Poročilo o FCD navaja , da direktiva uspešno deluje in predlaga , da se njeno področje uporabe razširi še na kreditne zahtevke .
Information on the two Directives , the consultations and the reports are published on the DG MARKT website10 .
Informacije o obeh direktivah , posvetovanjih in poročilih so objavljene na spletni strani DG MARKT 10 .
Both reports were then thoroughly discussed with Member States and the ECB in the European Securities Committee ( ESC ) and with industry in the various stakeholders » groups ( e.g. CESAME11 ) .
Obe poročili sta bili natančno obravnavani z državami članicami in Evropsko centralno banko v Evropskem odboru za vrednostne papirje ( ESC ) in z industrijo v raznih interesnih skupinah ( npr . CESAME11 ) .
A working group with ECB and national central banks was also activated , to specifically consider legislative amendments in relation to credit claims .
Hkrati je bila aktivirana tudi delovna skupina z ECB in nacionalnimi centralnimi bankami , da bi preučila pravne spremembe glede kreditnih zahtevkov .
IMPACT ASSESSMENT The Commission has carried out an Impact Assessment12 of the various options to facilitate the use of credit claims as collateral , to ensure the stability of settlement systems and to enhance legal certainty .
OCENA UČINKA Komisija je izvedla oceno učinka12 različnih možnosti za uporabe kreditnih zahtevkov kot zavarovanja , da bi zagotovila stabilnost sistemov poravnave in izboljšala pravno gotovost . Meni , da je najbolj logična in učinkovita pot za dosego teh ciljev sprememba omenjenih direktiv z drugo direktivo .
It considers that the most logical and efficient way to achieve these goals is to change these Directives by way of another amending directive .
PRAVNI ELEMENTI PREDLOGA Pravna podlaga Pravna podlaga predloga za spremembo Direktive 1998/26 / ES o dokončnosti poravnave in Direktive 2002/47 / ES o dogovorih o finančnem zavarovanju je enaka kot za obe direktivi , ki se spreminjata , tj .
COM ( 2005 ) 657 COM ( 2006 ) 833 http://europa.eu.int/comm/internal_market/financial-markets Clearing and Settlement Advisory and Monitoring Expert Group See attached annex .
COM ( 2005 ) 657 COM ( 2006 ) 833 http://europa.eu.int/comm/internal_market/financial-markets Strokovna skupina za svetovanje in nadzorovanje kliringa in poravnave .
EN
Glej priloženo prilogo .
LEGAL ELEMENTS OF THE PROPOSAL Legal basis The legal basis of the proposal to amend Directive 1998/26 / EC on Settlement Finality and Directive 2002/47 / EC on Financial Collateral Arrangements is the same as for the two directives that are being amended , namely Article 95 of the Treaty . 4.2 .
4.2 . Načelo subsidiarnosti V skladu s tem načelom se pravni ukrep na ravni Skupnosti izvaja samo v primeru , če države članice navedenih ciljev same ne morejo zadovoljivo doseči .
Subsidiarity principle According to this principle , there should only be legislative action at Community level when the aims envisaged cannot be sufficiently achieved by Member States alone .
Direktiva o dokončnosti poravnave je že dokazala pomen omejevanja sistemskih tveganj takih sistemov s skupnimi pravili .
The Settlement Finality Directive has already demonstrated the importance of limiting the systemic risk inherent in such systems through common rules . As regards the FCD , the proposed changes do not impinge on the Member States » decision whether or not to allow credit claims as collateral ;
Kar zadeva FCD pa predlagane spremembe ne vplivajo na odločitev držav članic glede dovoljevanja kreditnih zahtevkov kot zavarovanja ; glede tega se države članice odločijo popolnoma same .
this decision is left entirely to Member States . What the proposal does is to grant to credit claims used as collateral the same level of protection enjoyed by other types of financial collateral .
Predlog pa daje kreditnim zahtevkom , ki se uporabljajo kot zavarovanje , enako raven zaščite , kot jo imajo druge vrste finančnih zavarovanj .
Furthermore , by applying a harmonised set or rules to credit claims used as collateral it facilitates their use in cross-border transactions .
Poleg tega pa uporaba svežnja usklajenih pravil glede kreditnih zahtevkov , ki se uporabljajo kot zavarovanje , omogoča njihovo lažjo uporabo pri čezmejnih transakcijah .
In view of the above the proposal complies with the subsidiarity principle .
Glede na zgoraj navedeno je predlog v skladu z načelom subsidiarnosti .
Proportionality principle The proposal complies with the proportionality principle , as it is strictly limited to the changes necessary to allow for the cross-border use of credit claims as collateral , interoperability of systems and some minor simplification measures .
Načelo sorazmernosti Predlog je v skladu z načelom sorazmernosti , saj se omejuje zgolj na spremembe , ki so nujno potrebne za omogočanje čezmejne uporabe kreditnih zahtevkov kot zavarovanja , interoperabilnosti sistemov in manjših ukrepov za poenostavitev .
Simplification and clarification The proposal brings some useful elements of simplification and clarification to the two directives .
Poenostavitev in pojasnitev Predlog vsebuje nekaj uporabnih elementov poenostavitve in pojasnitve obeh direktiv .
For example , the proposal seeks to facilitate the use of credit claims as collateral by suggesting a light regime for the evidencing of the provision of credit claims as collateral instead of a lengthy ( and thus costly ) procedure whereby proof of each individual credit claim would be required .
Predlog želi olajšati uporabo kreditnih zahtevkov kot zavarovanja s pomočjo enostavne ureditve za evidentiranje zagotavljanja kreditnih zahtevkov kot zavarovanja namesto dolgotrajnega ( in torej dragega ) postopka , kjer bi bil za vsak posamezni kreditni zahtevek potreben dokaz .
The proposal also suggests to delete the unused opt-out provision in Article 4 ( 3 ) FCD and seeks to eliminate the outdated references in the two directives .
Predlog tudi predlaga izbris neuporabljene določbe o izvzetju iz člena 4 ( 3 ) FCD in skuša izločiti zastarela sklicevanja v obeh direktivah .
As regards the SFD , clarifying its provisions will simplify its application .
Kar zadeva SFD , bo pojasnitev njenih določb poenostavila njeno izvajanje .
For example , the proposal clarifies the personal scope of the SFD by clearly including Electronic Money Institutions in Article 2 .
Na primer predlog pojasnjuje osebno področje uporabe SFD tako , da nedvoumno vključi institucije za izdajo elektronskega denarja v člen 2 .
Choice of instruments The proposed instrument is a Directive because the purpose of the measure is to amend two existing Directives .
Izbira instrumentov Predlagani instrument je direktiva , ker je namen ukrepa sprememba dveh že obstoječih direktiv .
Only this instrument can achieve the desired legal effect .
Samo ta instrument lahko doseže želen pravni učinek .
BUDGETARY IMPLICATION The proposal has no implications for the Community budget and no additional human and administrative resources are required .
PRORAČUNSKE POSLEDICE Predlog nima posledic za proračun Skupnosti ter ne zahteva dodatnih človeških in administrativnih virov .
COMMENTS ON THE ARTICLES OF THE PROPOSAL This proposal for an amending Directive relates first of all to the provision of credit claims .
OPOMBE GLEDE ČLENOV PREDLOGA Predlog za spremembo direktive najprej obravnava uvedbo kreditnih zahtevkov .
Secondly , apart from technical changes , it seeks to extend the benefits of the Settlement Finality Directive to systems that are increasingly operating on a crossborder basis .
Poleg tehničnih sprememb želi prenesti koristi Direktive o dokončnosti poravnave tudi na sisteme , ki vedno bolj delujejo čezmejno .
Article 1 : Changes to the Settlement Finality Directive (" SFD ") Article 1 SFD Point ( a ) replaces « ecu » by « euro » and point ( c ) now includes a reference to the European Central Bank in order also to cover its respective operations as well .
Člen 1 : Spremembe Direktive o dokončnosti poravnave ( „SFD ") Člen 1 SFD Pri točki ( a ) se „ekujem » spremeni v „eurom » , točka ( c ) pa zdaj vključuje sklicevanje na Evropsko centralno banko z namenom vključevanja njenih zadevnih operacij .
Article 2 SFD Point ( b ) contains several references to Community directives that have become out of date and replaced by other directives .
Člen 2 SFD Točka ( b ) vsebuje več sklicevanj na direktive Skupnosti , ki so zastarele in so jih nadomestile druge direktive .
The changes suggested for this paragraph are mainly editorial , but they also include two substantive changes .
Predlagane spremembe za ta odstavek so sicer uredniške narave , a vsebujejo dve vsebinski spremembi .
First , it clarifies the position of Electronic Money Institutions .
Prvič , pojasnjen je položaj institucij za izdajo elektronskega denarja .
As highlighted in the Commission 's evaluation , there have been divergent interpretations by Member States in the past on whether to consider Electronic Money Institutions as credit institutions .
Kot že poudarja ocena Komisije , je v preteklosti v državah članicah prihajalo do razhajanja mnenj glede vključevanja institucij za izdajo elektronskega denarja med kreditne institucije .
By replacing the reference to Directive 77/780 / EEC in Article 2 ( b ) with a reference to Article 4 ( 1 ) of Directive 2006/48 / EC -- the consolidated recast that succeeded the 1977 Directive -- it is now made clear that Electronic Money Institutions fall within the scope of the Directive .
Z zamenjavo sklicevanja na Direktivo 77/780 / EGS v členu 2 ( b ) s sklicevanjem na člen 4 ( 1 ) Direktive 2006/48 / ES -- temeljita prenova , ki je nasledila Direktivo iz leta 1977 -- je zdaj postalo jasno , da institucije za izdajo elektronskega denarja spadajo na področje uporabe Direktive .
The Code foresees a number of ways that systems can be linked to each other .
Kodeks predvideva več načinov za medsebojno povezavo sistemov .
Three of these are relevant for the SFD : standard access , customised access and interoperability .
Trije izmed njih so pomembni za SFD : standardni dostop , prilagojeni dostop in interoperabilnost .
Systems that are linked by means of access , i.e. one system becoming a participant of the other , are not covered by the SFD , as a « system » currently cannot be a participant .
en sistem postane udeleženec drugega , niso vključeni v SFD , saj „sistem » trenutno ne more biti udeleženec .