natgillin/translations-raw huggingface dataset:
The contractual arrangements shall : ( e ) refer to the fact that the fees that Eurosystem members charge to their customers for the provision of Eurosystem reserve management services are subject to reviews by the Eurosystem and that the customers shall , in accordance with applicable law , be bound by the fee revisions that might result from such reviews .
Pogodbeni dogovor mora : ( a ) določati , da je sopogodbenik stranke član Eurosistema , s katerim je stranka sklenila dogovor o opravljanju storitev Eurosistema na področju upravljanja rezerv ali dela teh storitev , in da ta dogovor sam po sebi ne ustvarja pravic ali upravičenj stranke do katerega koli drugega člana Eurosistema .
Article 8 Role of the ECB
Kljub tej določbi lahko stranka sklene dogovor z več člani Eurosistema ;
( a ) state that the counterparty of the customer is the Eurosystem member with whom that customer has concluded an arrangement for the provision of Eurosystem reserve management services or any part thereof , and that such arrangement does not in itself create customer rights or entitlements vis-à-vis any other Eurosystem members .
( d ) vsebovati določilo , da član Eurosistema lahko daje strankam predloge v zvezi s časom in izvrševanjem posla v izogib navzkrižju z denarno politiko in politiko deviznega tečaja Eurosistema in da v tem primeru ta član ne odgovarja za posledice , ki bi jih taki predlogi imeli za stranko ;
This provision does not prevent a customer from having an arrangement with several Eurosystem members ;
( e ) vsebovati določilo , da Eurosistem pregleduje nadomestila , ki jih člani Eurosistema zaračunavajo svojim strankam za
The ECB will coordinate the general provision of Eurosystem reserve management services and the related information framework . Any Eurosystem member that becomes an ESP or that terminates its status as an ESP shall inform the ECB thereof .
opravljanje storitev Eurosistema na področju upravljanja rezerv , in da za stranke , v skladu z veljavnim pravom , veljajo spremembe nadomestil , ki bi izhajale iz teh pregledov . Člen 8 Vloga ECB ECB bo koordinirala splošno opravljanje storitev Eurosistema na področju upravljanja rezerv in s tem povezani informacijski okvir .
( b ) refer to the links that may be used for the settlement of securities held by customers » counterparties and the relevant risks of using links not eligible for monetary policy operations ; 1 .
Vsak član Eurosistema , ki postane ali preneha biti ponudnik storitev Eurosistema , mora o tem obvestiti ECB . Člen 9 Končne določbe 1 .
Done at Frankfurt am Main , 7 April 2006 .
V Frankfurtu na Majni , 7 . aprila 2006
EUROPEAN CENTRAL BANK OPINION OF THE EUROPEAN CENTRAL BANK of 7 August 2008 on a proposal for a directive amending Directive 98/26 / EC and Directive 2002/47 / EC ( CON / 2008/37 ) ( 2008 / C 216/01 ) Introduction and legal basis On 22 May 2008 the European Central Bank ( ECB ) received a request from the Council of the European Union for an opinion on a proposal for a Directive of the European Parliament and of the Council amending Directive 98/26 / EC on settlement finality in payment and securities settlement systems and Directive 2002/47 / EC on financial collateral arrangements as regards linked systems and credit claims ( 1 ) ( hereinafter the « proposed directive ') .
avgusta 2008 o predlogu direktive o spremembi Direktive 98/26 / ES in Direktive 2002/47 / ES ( CON / 2008/37 ) ( 2008 / C 216/01 ) Uvod in pravna podlaga Evropska centralna banka ( ECB ) je dne 22 . maja 2008 prejela zahtevo Sveta Evropske unije za mnenje o predlogu direktive Evropskega parlamenta in Sveta o spremembi Direktive 98/26 / ES o dokončnosti poravnave pri plačilih in sistemih poravnave vrednostnih papirjev in Direktive 2002/47 / ES o dogovorih o finančnem zavarovanju glede povezanih sistemov in kreditnih zahtevkov ( 1 ) ( v nadaljevanju : „predlagana direktiva ") .
Amendments to Directive 98/26 / EC 1 .
Spremembe Direktive 98/26 / ES 1 .
Night-time settlement The ECB supports extending the protection of Article 3 ( 1 ) of Directive 98/26 / EC ( 2 ) to night-time settlement services , which is essential given that the night-time settlement procedure is used more and more frequently by systems to facilitate the settlement of bulk and retail transfers .
Nočna poravnava ECB podpira razširitev zaščite iz člena 3 ( 1 ) Direktive 98/26 / ES ( 2 ) na storitve nočne poravnave , ki je bistvenega pomena , saj sistemi vedno pogosteje uporabljajo postopek nočne poravnave , da bi olajšali poravnavo poslovnih in osebnih prenosov .
Protection of collateral from the effects of insolvency
Zaščita zavarovanja pred učinki nesolventnosti
2.1 . The ECB proposes further amending Article 9 ( 1 ) of Directive 98/26 / EC for the following reasons .
2.1 ECB predlaga nadaljnjo spremembo člena 9 ( 1 ) Direktive 98/26 / ES iz naslednjih razlogov .
Under Article 9 ( 1 ) , the rights of the ECB and the Member State central banks to collateral security provided to them are not affected by insolvency proceedings brought against the participant or counterparty that has provided the collateral security .
V skladu s členom 9 ( 1 ) postopek zaradi nesolventnosti proti udeležencu ali nasprotni stranki , ki je zagotovila dodatno jamstvo , ne vpliva na pravice ECB in centralnih bank držav članic do dodatnega jamstva , ki jim je zagotovljeno .
Such collateral security may be realised for the satisfaction of these claims .
Tako dodatno jamstvo se lahko uporabi za poplačilo teh terjatev .
Some ambiguity would arise if Article 9 ( 1 ) were to be interpreted as meaning that the collateral security provided in connection with central bank operations , including emergency ( 1 ) COM ( 2008 ) 213 final .
Nastalo bi nekaj nejasnosti , če bi bilo treba člen 9 ( 1 ) razlagati v smislu , da je dodatno jamstvo , zagotovljeno v povezavi s centralnobančnimi operacijami , vključno s transakcijami v nujnih primerih , izvzeto samo iz učinkov ( 1 ) COM ( 2008 ) 213 konč .
( 2 ) Directive 98/26 / EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems ( OJ L 166 , 11.6.1998 , p. 45 ) .
( 2 ) Direktiva 98/26 / ES Evropskega parlamenta in Sveta z dne 19 . maja 1998 o dokončnosti poravnave pri plačilih in sistemih poravnave vrednostnih papirjev ( UL L 166 , 11.6.1998 , str .
C 216/2 EN
45 ) . C 216/2
transactions , is only insulated from the effects of insolvency proceedings brought against a central bank 's participant or counterparty which has provided the central bank with the collateral security .
postopkov zaradi nesolventnosti proti udeležencu v sistemu , ki ga upravlja centralna banka , ali nasprotni stranki , ki je centralni banki zagotovila dodatno jamstvo .
When assessing the protection of collateral provided to central banks for central bank credit operations under Directive 98/26 / EC , uncertainty arises as to whether the protection accorded to central banks covers the provision of collateral security originating from a third party which is not a participant in a central bank operated system or a central bank counterparty .
Pri presoji zaščite zavarovanja , zagotovljenega centralnim bankam za centralnobančne kreditne operacije po Direktivi 98/26 / ES , ni jasno , ali zaščita , dodeljena centralnim bankam , zajema zagotavljanje dodatnega jamstva , ki izhaja od tretje osebe , ki ni udeleženec v sistemu , ki ga upravlja centralna banka , ali nasprotna stranka centralne banke .
2.2 . Currently , it seems that some Member States have transposed Article 9 ( 1 ) of Directive 98/26 / EC in a manner which does not protect collateral provided to central banks by a third party which is not one of the central bank 's participants or counterparties , while most Member States have transposed Article 9 ( 1 ) so as to explicitly protect collateral security provided to central banks by such third parties .
2.2 Trenutno kaže , da so nekatere države članice prenesle člen 9 ( 1 ) Direktive 98/26 / ES na način , ki ne ščiti zavarovanja , ki ga centralnim bankam zagotovi tretja oseba , ki ni eden izmed udeležencev v sistemih , ki jih upravljajo centralne banke , ali ena izmed nasprotnih strank , medtem ko je večina držav članic prenesla člen 9 ( 1 ) tako , da so izrecno zaščitile dodatno jamstvo , ki ga centralnim bankam zagotovijo take tretje osebe .
In addition , some Member States have transposed the wording of the provision in question literally , and in these jurisdictions , the question of whether collateral provided to central banks by such third parties is protected is subject to interpretation .
Poleg tega so nekatere države članice prenesle besedilo zadevne določbe dobesedno , zato je vprašanje , ali je zaščiteno zavarovanje , ki ga centralnim bankam zagotovijo take tretje osebe , v teh jurisdikcijah predmet razlage .
2.3 . In view of the above , clarifying the wording of Article 9 ( 1 ) of Directive 98/26 / EC would ensure the harmonised insulation of collateral security provided to central banks by any third party including , but not limited to , affiliates of the participants in a central bank operated system or central bank counterparties .
2.3 Glede na zgoraj navedeno bi razjasnitev besedila člena 9 ( 1 ) Direktive 98/26 / ES zagotovila harmonizirano izločitev dodatnega jamstva , ki ga centralnim bankam zagotovi katera koli tretja oseba , kar med drugim vključuje povezane družbe udeležencev v sistemih , ki jih upravljajo centralne banke , ali nasprotnih strank centralnih bank .
This would ensure legal certainty with respect to collateralised credit provided by central banks and , more specifically , protect modern liquidity pooling services , for example in TARGET2 , against the insolvency of any third party providing collateral security on behalf of a participant in a central bank system .
S tem bi se zagotovila pravna varnost v zvezi s zavarovanimi krediti , ki jih odobrijo centralne banke , in , natančneje , zaščitile nove storitve združevanja likvidnosti , na primer v sistemu TARGET2 , pred nesolventnostjo tretjih oseb , ki zagotovijo dodatno jamstvo v imenu udeleženca v sistemu , ki ga upravlja centralna banka .
This reform could be of particular relevance to central bank liquidity operations during times of financial difficulty , where it can be expected that liquidity extended to a counterparty might be collateralised by a third party on behalf of the counterparty .
Ta reforma bi bila še posebej pomembna za likvidnostne operacije centralnih bank v obdobju finančnih težav , ko je mogoče pričakovati , da bi lahko likvidnost , dodeljeno nasprotni stranki , zavarovala tretja oseba v imenu nasprotne stranke .
Par ticipation in a system
Udeležba v sistemu
3.1 . Article 2 ( f ) of Directive 98/26 / EC allows Member States to treat an « indirect participant » as a « participant » , if warranted due to systemic risk and on condition that the indirect participant is known to the system .
3.1 Člen 2 ( f ) Direktive 98/26 / ES državam članicam omogoča , da „posrednega udeleženca » štejejo za „udeleženca » , če je to utemeljeno zaradi sistemskega tveganja in pod pogojem , da je posredni udeleženec sistemu poznan .
Being « known to the system » is a useful requirement , as the system would not otherwise be able to identify which indirect participants fall within the scope of protection accorded to the system .
Biti „poznan sistemu » je koristna zahteva , ker sistem v nasprotnem primeru ne bi mogel ugotoviti , kateri posredni udeleženci spadajo pod zaščito , priznano sistemu .
A proviso should therefore be introduced into the definition of « indirect participant » requiring that indirect participants should be known to the system operator .
Zato bi bilo treba v opredelitev „posrednega udeleženca » vključiti pogoj , da morajo biti posredni udeleženci poznani upravljavcu sistema .
This will also facilitate the system operator 's obligation , under the second paragraph of Article 10 , to disclose to the Member State whose law is applicable the participants in the relevant system , including any possible indirect participants , as well as any change in them .
To bo upravljavcu sistema tudi olajšalo izpolnjevanje obveznosti po drugem odstavku člena 10 , da državi članici , katere zakonodaja se uporablja , razkrije udeležence v zadevnem sistemu , vključno z vsemi morebitnimi posrednimi udeleženci , pa tudi vse spremembe med njimi .
3.2 . For the avoidance of doubt , the definitions of both participant and indirect participant should be amended to clarify that these definitions are exhaustive and include only the specific kinds of entities enumerated by the defined terms .
3.2 V izogib dvomu bi bilo treba opredelitvi pojmov udeleženec in posredni udeleženec spremeniti tako , da bi se razjasnilo , da sta ti opredelitvi izčrpni in vključujeta samo posebne vrste subjektov , naštetih v obeh opredeljenih pojmih .
Any differences in application could put at risk the protection afforded by Directive 98/26 / EC to systems that operate cross border .
Kakršne koli razlike v uporabi bi lahko ogrozile zaščito , ki jo Direktiva 98/26 / ES daje sistemom , vključenim v čezmejne operacije .
3.3 . Also , the term « system » in the definitions of participant and indirect participant should be replaced , where appropriate , by the newly defined term « system operator » , since systems usually lack legal personality and it is the system operator that acts as a participant in another system thus ensuring cross-participation between systems .
3.3 Prav tako bi bilo treba v opredelitvah pojmov udeleženec in posredni udeleženec pojem „sistem » nadomestiti , kjer je primerno , z novo opredeljenim pojmom „upravljavec sistema » , ker sistemi običajno nimajo pravne osebnosti in je upravljavec sistema tisti , ki deluje kot udeleženec v drugem sistemu in tako zagotavlja medsebojno udeležbo med sistemi .
The definiti on of a system
Opredelitev sistema
4.1 . The definition of a system under Article 2 ( a ) of Directive 98/26 / EC should be amended .
4.1 Opredelitev sistema po členu 2 ( a ) Direktive 98/26 / ES bi bilo treba spremeniti .
The term « system » should adequately reflect the full range of existing arrangements , so that the protection afforded by Directive 98/26 / EC will apply to the widest possible range of systems , thereby minimising systemic risk .
Pojem „sistem » bi moral ustrezno odražati vse obstoječe ureditve , tako da bo zaščita , ki jo daje Direktiva 98/26 / ES , veljala za kar največ sistemov in na ta način zmanjšala sistemsko tveganje na najmanjšo možno mero .
In particular , the current definition in the first and second indents of Article 2 ( a ) does not accurately reflect the way in which a majority of systems are established .
Zlasti trenutna opredelitev iz prve in druge alinee člena 2 ( a ) ne odraža ustrezno načina , po katerem je vzpostavljena večina sistemov .
In most systems , the arrangement establishing the system is not simply a contract between participants , but a set of rules
Pri večini sistemov ureditev , na podlagi katere je sistem vzpostavljen , ni samo pogodba med udeleženci , temveč sklop pravil in predpisov za delovanje sistema , ki jih sprejme upravljavec
and regulations for the system 's operation as adopted by the system operator or through legal acts .
sistema ali so sprejeti s pravnimi akti .
The participants are expected to adhere to these rules .
Od udeležencev se pričakuje , da ta pravila spoštujejo .
Systems based on a multilateral contractual arrangement are the exception , not the norm , as assumed under the current wording of Article 2 ( a ) .
Sistemi , ki temeljijo na večstranskem pogodbenem dogovoru , so izjema in ne pravilo , kot se domneva po obstoječem besedilu člena 2 ( a ) .
A system operator , such as a central securities depository , stock exchange or central bank , generally sets up a system unilaterally .
Upravljavec sistema , kot je centralni register vrednostnih papirjev , borza ali centralna banka , praviloma vzpostavi sistem enostransko .
In this context , Article 2 ( a ) should be drafted so that a formal arrangement can be established either by contract , by standard business conditions or by legislation , i.e. statute or implementing regulation .
V tem kontekstu bi bilo treba člen 2 ( a ) oblikovati tako , da lahko formalna ureditev nastane na podlagi pogodbe , standardnih pogojev poslovanja ali zakonodaje , tj . na podlagi statuta ali izvedbenega predpisa .
Therefore , the definition of a system should refer to a formal arrangement « comprising » , instead of « between » , three or more participants and this change necessitates a consequential amendment to the second indent of Article 2 ( a ) .
Zato bi se morala opredelitev sistema sklicevati na formalno ureditev , „ki vključuje » tri ali več udeležencev , in ne na formalni dogovor „med » tremi ali več udeleženci , kar pa posledično terja spremembo druge alinee člena 2 ( a ) .
4.2 . Under the current definition of a system it is unclear whether clearing systems such as central counterparties or clearing houses are protected against systemic risk under Directive 98/26 / EC .
4.2 Po obstoječi opredelitvi sistema ni jasno , ali so klirinški sistemi , kot so centralne nasprotne stranke ali klirinške hiše , zaščiteni pred sistemskim tveganjem po Direktivi 98/26 / ES .
Although , in order to avoid uncertainty , a number of Member States have notified clearing systems to the Commission as provided for under the third indent of Article 2 ( a ) , the words « clearing or » should be added before « execution of transfer orders » in the first indent of Article 2 ( a ) , so that these types of entities can also be clearly considered as systems in their own right .
Čeprav so številne države članice , da bi se izognile negotovosti , Komisiji sporočile klirinške sisteme , kakor je predvideno v tretji alinei člena 2 ( a ) , bi bilo treba v prvi alinei člena 2 ( a ) pred besedami „izvedbo prenosnih nalogov » dodati „obračun ali » , tako da se lahko tudi te vrste subjektov jasno štejejo kot samostojni sistemi .
4.3 . Furthermore , the term system should be defined flexibly in order to cover any future developments in the organisation of systems .
4.3 Nadalje bi bilo treba pojem sistem opredeliti prožno , da bi zajeli prihodnji razvoj v organizaciji sistemov .
In particular , it should be sufficiently widely defined as to cover any future system that may be developed by the Eurosystem or designated by the ECB when established by an ECB legal instrument which is binding on participants by virtue of an arrangement entered into with the ECB and governed by the law of a Member State .
Zlasti bi ga bilo treba opredeliti dovolj široko , da bi zajel vse bodoče sisteme , ki bi jih lahko razvil Eurosistem ali določila ECB , kadar bi bili vzpostavljeni na podlagi pravnega instrumenta ECB , ki udeležence zavezuje na podlagi dogovora , ki so ga sklenili z ECB in ga ureja pravo države članice .
In any event , a system established by an ECB legal instrument should also fall within the definition of the term system in Article 2 ( a ) of Directive 98/26 / EC .
V vsakem primeru bi moral sistem , vzpostavljen s pravnim instrumentom ECB , tudi soditi v okvir opredelitve pojma sistem iz člena 2 ( a ) Direktive 98/26 / ES .
Moment of entr y , ir revocability and interoperable systems
Trenutek vstopa , nepreklicnost in interoperabilni sistemi
5.1 . The ECB considers that the concept of the « moment of entry » into a system for the purposes of Article 3 ( 3 ) of Directive 98/26 / EC requires clarification .
5.1 ECB meni , da je treba koncept „trenutek vstopa » v sistem za potrebe člena 3 ( 3 ) Direktive 98/26 / ES razjasniti .
More specifically , Article 3 ( 3 ) states that the moment of entry of a transfer order into a system is defined by the rules of that system .
Natančneje , člen 3 ( 3 ) določa , da se trenutek vstopa prenosnega naloga v sistem opredeli po pravilih tega sistema .
The moment of entry itself is not defined and therefore varies between systems both in relation to its definition and the actual moment of entry .
Sam trenutek vstopa ni opredeljen in se zato med sistemi razlikuje tako glede opredelitve kot glede dejanskega trenutka vstopa .
Where national law governing the system defines the moment of entry , the system 's rules must be in line with such definitions .
Kadar nacionalno pravo , ki ureja sistem , opredeljuje trenutek vstopa , morajo biti pravila sistema v skladu s temi opredelitvami .
However , national law should allow sufficient flexibility for system rules on the moment of entry to be adjustable to take account of the specific nature of a particular system 's operations and to protect sophisticated settlement / optimisation procedures .
Vendar pa bi moralo nacionalno pravo omogočati dovolj prožnosti za prilagoditev pravil sistema o trenutku vstopa , da bi se upoštevala posebna narava operacij konkretnega sistema in zaščitili sofisticirani postopki poravnave in optimizacije .
Furthermore , it is important that between interoperable systems , the rules of all the systems that are involved should be allowed to define the moment of entry with sufficient flexibility in order to protect cross-system settlement and hence ensure interoperability .
Poleg tega je pomembno , da bi moralo biti , v razmerjih med interoperabilnimi sistemi , pravilom vseh udeleženih sistemov dovoljeno , da opredelijo trenutek vstopa z zadostno prožnostjo , da bi zaščitili poravnavo med sistemi in tako zagotovili interoperabilnost .
The ECB recommends clarifying Article 3 ( 4 ) accordingly to remove any ambiguity surrounding the fact that systems do have a certain degree of discretion in specifying the appropriate moment of entry , without being constrained in this respect by national law , which may be rigid and difficult to change .
ECB predlaga ustrezno razjasnitev člena 3 ( 4 ) , da se odpravi vsak dvom glede dejstva , da imajo sistemi pri določanju primernega trenutka vstopa določeno stopnjo diskrecije , ne da bi jih v tem smislu omejevalo nacionalno pravo , ki je lahko togo in težko spremenljivo .
Similar considerations apply to the concept of irrevocability for the purposes of Article 5 of Directive 98/26 / EC .
Podobni preudarki veljajo za koncept nepreklicnosti za potrebe člena 5 Direktive 98/26 / ES .
5.2 . The ECB supports the amendments relating to interoperable systems , given that the number and importance of such systems has increased significantly since the adoption of Directive 98/26 / EC .
5.2 ECB podpira spremembe v zvezi z interoperabilnimi sistemi , saj sta se število in pomembnost teh sistemov od sprejetja Direktive 98/26 / ES znatno povečala .
In particular , systems have established links and even relayed links between each other and they access other systems as participants or through other interfaces .
Zlasti so sistemi vzpostavili povezave in celo relejske povezave med seboj ter imajo dostop do drugih sistemov kot udeleženci ali preko drugih vmesnikov .
However , the ECB suggests replacing the term « system » in the definition of « interoperable system » with « arrangements » between two or more systems to cater for all possible types of connections while at the same time avoiding giving the impression that a new category of systems is created .
Vendar pa ECB predlaga , da se v opredelitvi pojma „interoperabilni sistemi » pojem „sistem » nadomesti z „ureditve » med dvema ali več sistemi , da bi zajeli vse možne vrste povezav in se hkrati izognili dajanju vtisa , da je ustvarjena nova kategorija sistemov .
To give a practical example , the TARGET2 payment infrastructure ( 1 ) of the Eurosystem consists of a multiplicity of legally separate payment systems that are interconnected by a single technical platform based on an ECB guideline .
Če navedemo praktični primer , plačilno infrastrukturo Eurosistema v sistemu TARGET2 ( 1 ) sestavljajo številni pravno ločeni plačilni sistemi , ki so med seboj povezani preko enotne tehnične platforme na podlagi smernice ECB .