natgillin/translations-raw huggingface dataset:
As well as closely following the progress of work at CESR and ESME , the Commission has held discussions with credit rating agencies , and sought comments from other interested parties including industry associations from the insurance , securities and banking sector and information providers .
Poleg skrbnega spremljanja napredka pri delu CESR in ESME je Komisija organizirala razprave z bonitetnimi agencijami in se za pripombe obračala na druge zainteresirane strani , vključno s panožnimi združenji iz sektorjev zavarovalništva , vrednostnih papirjev in bančništva ter s ponudniki informacij .
An open consultation was conducted on the internet between 31 July 2008 and 5 September 200815 .
julijem in 5 . septembrom 2008 je na spletu potekalo odprto posvetovanje .
Credit rating agencies , banks , investment firms , insurance companies , fund managers , supervisory and regulatory authorities , ministries of finance , central banks and other interested parties were represented in the survey answers , through either individual or grouped responses16 .
15 Odgovore za anketo so bodisi samostojno bodisi skupinsko podali bonitetne agencije , banke , investicijska podjetja , zavarovalniške družbe , upravitelji skladov , nadzorni in regulativni organi , finančna ministrstva , centralne banke in druge zainteresirane strani .
In line with its « Better Regulation » policy , the Commission conducted an impact assessment of policy alternatives .
V skladu s svojo politiko „boljših predpisov » je Komisija izvedla oceno učinka za možnosti politike .
Four options were considered : -- Option 1 : keeping the status quo ( self-regulatory approach based on the IOSCO code coupled with individual initiatives by credit rating agencies ) ;
Preučene so bile štiri možnosti : -- možnost 1 : ohranitev sedanjega stanja ( pristop samourejanja na podlagi Kodeksa IOSCO in ob pomoči posameznih pobud bonitetnih agencij ) ;
-- Option 2 : drafting a European code of conduct and setting up a body to monitor credit rating agencies » compliance with the code , albeit with no enforcement powers ;
-- možnost 2 : priprava osnutka evropskega kodeksa ravnanja in ustanovitev organa , ki bi brez izvršilnih pristojnosti nadzoroval , ali bonitetne agencije upoštevajo kodeks ;
-- Option 3 : issuing a ( non-binding ) Commission recommendation ;
-- možnost 3 : izdaja ( nezavezujočega ) priporočila Komisije ;
-- Option 4 : legislating to set up a registration and surveillance framework for credit rating agencies .
-- možnost 4 : sprejetje zakonodaje za vzpostavitev registracijskega in nadzornega pravnega okvira za bonitetne agencije .
Each of these four policy options was assessed against four criteria : effectiveness17 , certainty18 , common framework19 and flexibility20 .
Vsaka od teh štirih možnosti politike je bila ocenjena glede na štiri merila : učinkovitost17 , zanesljivost18 , skupni okvir19 in prilagodljivost20 .
The legislative option had clear advantages over the other policy options especially with regard to its effectiveness and certainty , because the other options ( self-regulatory approaches or a recommendation ) cannot produce legally binding rules and an enforcement mechanism . Furthermore , legislation is the best option to ensure a common framework throughout the EU and an efficient counterbalance to other important jurisdictions , notably the US .
Možnost sprejetja zakonodaje je imela očitne prednosti pred drugimi možnostmi politike , zlasti kar zadeva njeno učinkovitost in zanesljivost , ker z drugimi možnostmi politike ( pristop samourejanja oziroma priporočilo ) ni mogoče ustvariti pravno zavezujočih pravil in izvršilnega mehanizma . Poleg tega je
A total number of 82 replies were received .
Skupno je bilo prejetih 82 odgovorov .
The answers were published at : http://circa.europa.eu/Public/irc/markt/markt_consultations/library ?
Odgovori so bili objavljeni na : http://circa.europa.eu/Public/irc/markt/markt_consultations/library ?
The extent to which the measure fulfils the objectives referred to in section 1.1 .
Koliko ukrep izpolnjuje cilje iz oddelka 1.1 .
Stakeholders » confidence in the rules .
Zaupanje zainteresiranih strani v pravila .
The extent to which the framework for operation of credit rating agencies is governed by the same requirements in all Member States .
Koliko je okvir za delovanje bonitetnih agencij urejen z enakimi zahtevami v vseh državah članicah .
The extent to which the respective policy option facilitates the operation of CRAs across the Member States .
Koliko zadevna možnost politike olajšuje delovanje bonitetnih agencij v državah članicah .
Flexibility also affects the costs incurred by credit rating agencies . EN
Prilagodljivost vpliva tudi na stroške bonitetnih agencij .
LEGAL ELEMENTS OF THE PROPOSAL Legal basis
PRAVNI ELEMENTI PREDLOGA Pravna podlaga
The proposal is based on Article 95 of the EC Treaty .
Pravna podlaga predloga je člen 95 Pogodbe ES .
Subsidiarity and proportionality
Subsidiarnost in sorazmernost
The Commission proposal to regulate Credit Rating Agencies is in line with the principle of subsidiary as laid down in Article 5 ( 2 ) of the EC Treaty , which requires the Community to take action only if and in so far as the objectives of the proposed action cannot be sufficiently achieved by the Member States and can therefore , by reason of the scale of effects of the proposed action , be better achieved by the Community .
Predlog Komisije za zakonodajno ureditev bonitetnih agencij je skladen z načelom subsidiarnosti , kot je to določeno v členu 5 ( 2 ) Pogodbe ES , s katerim se zahteva , da Skupnost ukrepa le , če in kolikor države članice ne morejo zadovoljivo doseči ciljev predlaganih ukrepov in jih torej zaradi obsega ali učinkov predlaganih ukrepov laže doseže Skupnost .
The business of credit rating agencies is global .
Dejavnost bonitetnih agencij poteka na svetovni ravni .
Ratings issued by a credit rating agency based in one Member State are used and relied upon by market participants throughout the EU .
Bonitetne ocene , ki jih izda bonitetna agencija s sedežem v eni državi članici , uporabljajo in se nanje opirajo udeleženci na trgu v celotni EU .
Failures or the lack of a regulatory framework for credit rating agencies in one specific Member State could adversely affect market participants and financial markets EU-wide .
Neustrezen regulativni okvir za bonitetne agencije ali njegov neobstoj v posamezni državi članici lahko škodljivo vpliva na finančne trge in njihove udeležence na ravni EU .
Therefore , sound regulatory rules applicable throughout the EU are necessary to protect investors and markets from possible shortcomings .
Zato je ustrezna zakonodaja , ki velja za celotno EU , nujna za zaščito vlagateljev in trgov pred morebitnimi pomanjkljivostmi .
It is necessary to lay down a common framework of rules regarding the quality of credit ratings to be used by financial institutions regulated by harmonised rules in the Community .
Določiti je treba skupni okvir pravil v zvezi s kakovostjo bonitetnih ocen , ki jih uporabljajo finančne institucije , urejene z usklajenimi pravili v Skupnosti .
Otherwise , there would be a risk that Member States would take diverging measures at national level .
V nasprotnem primeru bi obstajalo tveganje , da bi države članice sprejemale različne ukrepe na nacionalni ravni .
This would have a direct negative impact on and create obstacles to the good functioning of the internal market , since the credit rating agencies issuing credit ratings for the use of financial institutions in the Community , would be subject to different rules in different Member States .
To bi imelo neposreden negativni učinek na dobro delovanje notranjega trga in bi ga oviralo , saj bi za bonitetne agencije , ki izdajajo bonitetne ocene , namenjene , da jih uporabljajo finančne institucije v Skupnosti , v različnih državah članicah veljala različna pravila .
Finally , given the global nature and worldwide effects of the rating business , convergence of the rules regulating the issuance of credit ratings on a global scale ensuring a equally high level of investor confidence and consumer protection is important .
Nazadnje , glede na globalni značaj in svetovne učinke bonitetne dejavnosti je pomembna konvergenca pravil , s katero se ureja izdaja bonitetnih ocen na svetovni ravni , s tem pa se zagotovi enako visoka raven zaupanja vlagateljev in zaščite potrošnikov .
Different national regulations in the EU would complicate this convergence process and could weaken the position of the EU compared to important regimes elsewhere .
Različni nacionalni predpisi v EU bi otežili ta proces konvergence in bi lahko oslabili položaj EU v primerjavi z drugimi pomembnimi sistemi po svetu .
The proposed regulation is also proportionate , as required by Article 5 ( 3 ) of the EC Treaty .
Predlagana uredba je tudi sorazmerna , kot je zahtevano v členu 5 ( 3 ) Pogodbe ES .
It targets not all credit rating agencies but only those whose ratings are used for regulatory purposes by financial institutions , i.e. those with a potentially high impact on the financial system .
Ne nanaša se na vse bonitetne agencije , temveč samo na tiste , katerih bonitetne ocene uporabljajo finančne institucije za regulativne namene , tj . tiste , ki bi lahko močno vplivale na finančni sistem .
Many of its substantive provisions are inspired by the IOSCO code .
Številne bistvene določbe uredbe izhajajo iz Kodeksa IOSCO .
This will limit adaptation costs considerably , since many credit rating agencies already comply voluntarily with the code .
To bo precej zmanjšalo stroške prilagajanja , saj številne bonitetne agencije kodeks že upoštevajo prostovoljno .
The proposal takes into account regulation in place in major non-EU countries , to accommodate the business model of globally operating credit rating agencies , but also considers smaller agencies that follow a less complex business model21 .
V predlogu je upoštevana veljavna pravna ureditev v večjih državah zunaj EU zaradi prilagajanja poslovnemu modelu bonitetnih agencij , ki so dejavne na svetovni ravni , upoštevane pa so tudi manjše agencije , ki uporabljajo manj zapleten poslovni model21 .
EU legislation appears to be the only option that could sufficiently protect investors and European financial markets against the risk of malpractice by credit rating agencies . A uniform approach is necessary in order to create a framework where Member States competent authorities can ensure that credit rating agencies apply the new set of requirements 21
Zdi se , da je zakonodaja EU edina možnost , s katero je mogoče dovolj zaščititi vlagatelje in evropske finančne trge pred tveganjem nepravilnega poslovanja bonitetnih agencij . Potreben
See Article 6 ( 5 ) . EN
Glej člen 6 ( 5 ) .
consistently across the Community .
je enoten pristop , da se vzpostavi okvir , s katerim bodo lahko pristojni organi držav članic zagotovili , da bodo bonitetne agencije dosledno uporabljale novi niz zahtev v celotni Skupnosti .
A Regulation is the best instrument to ensure a consistent and uniform approach throughout the European Union because of its direct effect .
Uredba je zaradi svojega neposrednega učinka najboljši instrument za zagotovitev doslednega in enotnega pristopa v celotni Evropski uniji .
No comprehensive registration and surveillance regime for the issuance of credit ratings currently exists in any of the Member States .
Nobena država članica danes nima celovitega registracijskega in nadzornega sistema za izdajo bonitetnih ocen .
A Directive , which leaves the Member States a degree of flexibility in deciding how to adapt their national legal orders to the new framework , is therefore not efficient .
Direktiva , ki državam članicam dopušča določeno prilagodljivost pri odločanju , kako prilagoditi pravne rede novemu okviru , torej ni učinkovita .
Since it does not need transposition by Member States , a Regulation can immediately put in place the uniform framework needed to quickly restore the market 's confidence in the credit rating activity .
Ker državam članicam uredbe ni treba prenesti v nacionalno zakonodajo , je mogoče z njo takoj vzpostaviti enoten okvir , ki je potreben za povrnitev zaupanja trga v dejavnost bonitetnega ocenjevanja .
It is also less burdensome for the industry , as a single set of Community rules will apply throughout the European Union .
Tudi za panogo uredba pomeni manjše breme , saj se en niz pravil Skupnosti uporablja za celotno Evropsko unijo .
The proposal is based on the Lamfalussy process for regulating financial services .
Predlog temelji na Lamfalussyjevem postopku za urejanje finančnih storitev .
The main part of the proposed regulation introduces principles in order to ensure that ( i ) the issuance of credit ratings is not affected by conflicts of interest , ( ii ) that credit rating issued are of high quality , and ( iii ) that credit rating agencies act in a transparent manner .
V glavnem delu predlagane uredbe so predstavljena načela , ki zagotavljajo , ( i ) da na izdajo bonitetnih ocen ne vplivajo nasprotja interesov , ( ii ) da je kakovost izdanih bonitetnih ocen visoka in ( iii ) da bonitetne agencije poslujejo pregledno .
The technical details necessary to specify the principles of the Regulation are laid down in Annex I and II of the Regulation .
Tehnične podrobnosti , potrebne za opredelitev načel Uredbe , so določene v prilogah I in II Uredbe .
In order to allow a fast adaptation of the Regulation to any new developments affecting the rating activity the technical provisions contained in the Annexes can be amended by the Commission in accordance with Council Decision 1999/468 / EC of 28 June 199922s .
Da bi bilo mogoče Uredbo hitro prilagoditi morebitnim novim dogajanjem , ki bi vplivala na dejavnost bonitetnega ocenjevanja , lahko Komisija spremeni tehnične določbe v prilogah v skladu z Sklepom Sveta 1999/468 / ES z dne 28 .
Since those measures are of general scope and are designed to amend non-essential elements of this Regulation , they must be adopted in accordance with the regulatory procedure with scrutiny provided for in Article 5a of Decision 1999/468 / EC .
junija 199922 . Ker so navedeni ukrepi splošnega obsega in so namenjeni spreminjanju nebistvenih elementov te uredbe , jih je treba sprejeti v skladu z regulativnim postopkom s pregledom iz člena 5a Sklepa 1999/468 / ES .
Content of the Proposal Scope ( Article 2 )
Vsebina predloga Področje uporabe ( člen 2 )
The proposal introduces a legally binding registration and surveillance regime for credit rating agencies issuing credit ratings mainly intended for use for regulatory purposes by credit institutions , investments firms , insurance , assurance and reinsurance undertakings , collective investment schemes and pension funds .
Predlog vsebuje pravno zavezujoč registracijski in nadzorni sistem za bonitetne agencije , ki izdajajo bonitetne ocene predvsem za regulativne namene kreditnih institucij , investicijskih podjetij , zavarovalnic in pozavarovalnic , kolektivnih naložbenih shem in pokojninskih skladov .
Independence and avoidance of conflicts of interest ( Articles 5-6 and Annex I Section A , B , C )
Neodvisnost in izogibanje nasprotjem interesov ( člena 5 in 6 ter oddelki A , B in C Priloge I )
Further improvements in dealing with organisational requirements and conflicts of interest are crucial if credit rating agencies want to regain markets » confidence .
Nadaljnje izboljšave pri obravnavi organizacijskih zahtev in nasprotij interesov so odločilne , če želijo bonitetne agencije spet pridobiti zaupanje trga .
This calls for reforms to their internal governance structure , introducing sound internal controls and sound reporting lines , clearly separating the rating function from business incentives .
To zahteva reforme njihove notranje strukture upravljanja , ki bodo vnesle učinkovit notranji nadzor in učinkovite poti poročanja , s katerimi bo bonitetna dejavnost jasno ločena od poslovnih spodbud .
External surveillance is strengthened by internal discipline by giving the independent , non-executive members of the administrative or supervisory board of the credit rating agency specific tasks to ensure efficient control ( Article 5 and Annex I , Section A , Point 2 ) .
Zunanji nadzor se okrepi z notranjo disciplino , tako da se neodvisnim , neizvršnim članom upravnega odbora ali
Council Decision 1999/468 / EC of 28 June 1999 laying down the procedures for the exercise of implementing powers conferred on the Commission ( OJ L 184 , 17.7.1999 , p. 23 ) as amended by Council Decision 2006/512 / EC of 17 July 2006 ( OJ L 200 , 22.7.2006 , p. 11 ) .
junija 1999 o določitvi postopkov za uresničevanje Komisiji podeljenih izvedbenih pooblastil ( UL L 184 , 17.7.1999 , str . 23 ) , kakor je bil spremenjen s Sklepom Sveta 2006/512 / ES z dne 17 .
EN
julija 2006 ( UL L 200 , 22.7.2006 , str .
To ensure the independence of ratings , credit rating agencies are required to prevent conflicts of interest and / or to manage these conflicts adequately where they are unavoidable .
nadzornega sveta bonitetne agencije dodelijo posebne naloge za zagotavljanje učinkovitega nadzora ( člen 5 in točka 2 oddelka A Priloge I ) . Da se zagotovi neodvisnost bonitetnih ocen , morajo bonitetne agencije preprečevati nasprotja interesov in / ali jih ustrezno obvladovati , kadar se jim ni mogoče izogniti .
They must disclose conflicts of interest in a complete , timely , clear , concise , specific and prominent manner and record all significant threats to the rating agency 's independence or that of its employees involved in the credit rating process , together with the safeguards applied to mitigate those threats . They must limit their activity to credit rating and related operations , excluding consultancy or advisory services ( Article 5 and Annex I , Section B ) .
Evidentirati morajo vse pomembne nevarnosti za neodvisnost bonitetne agencije ali njenih zaposlenih , ki so vključeni v bonitetni postopek , skupaj z uporabljenimi zaščitnimi ukrepi za zmanjševanje teh nevarnosti . Svoje poslovanje morajo omejiti na bonitetno ocenjevanje in s tem povezane dejavnosti ter iz njega izključiti svetovalne storitve ( člen 5 in oddelek B Priloge I ) .
Agencies must have adequate internal policies and procedures to insulate employees involved in credit rating from conflicts of interest and ensure the quality , integrity and thoroughness of the rating and review process at all times .
Agencije morajo imeti ustrezne notranje politike in postopke , da zaposlene , ki so vključeni v bonitetno ocenjevanje , izolirajo od nasprotij interesov in v vsakem trenutku zagotovijo kakovost , neoporečnost in temeljitost bonitetnega postopka in postopka pregledovanja .
Linked to this , agencies must allocate sufficient employees with appropriate knowledge and experience to their credit rating activity and make appropriate rotation arrangements for analysts and persons approving credit ratings . ( Article 6 and Annex I , Section C ) .
V povezavi s tem morajo agencije svoji dejavnosti bonitetnega ocenjevanja dodeliti dovolj zaposlenih s primernim znanjem in izkušnjami ter urediti primerno izmenjavanje za analitike in osebe , odgovorne za odobritev bonitetnih ocen ( člen 6 in oddelek C Priloge I ) .
The compensation arrangements of employees involved in the rating process must be determined primarily by the quality , accuracy , thoroughness and integrity of their work ( Article 6 ( 6 )) .
Ureditev plačil za zaposlene , vključene v bonitetni postopek , mora biti določena predvsem na podlagi kakovosti , točnosti , temeljitosti in neoporečnosti njihovega dela ( člen 6 ( 6 )) .
Quality of ratings ( Article 7 )
Kakovost bonitetnih ocen ( člen 7 )
The purpose of credit rating is to provide a credible and sound analysis of the credit risk of a borrower or issuer based on the available information and economic analysis .
Namen bonitetne ocene je zagotoviti verodostojno in ustrezno analizo kreditnega tveganja kreditojemalca ali izdajatelja na podlagi razpoložljivih informacij in ekonomske analize .
Many investors rely on credit rating agencies because they lack the expertise and / or resources ( in time and money ) to undertake their own analysis of the credit risk .
Številni vlagatelji se zanašajo na bonitetne agencije , ker nimajo strokovnega znanja in / ali sredstev ( v smislu časa in denarja ) , da bi sami izdelali svojo analizo kreditnega tveganja .
Moreover , credit rating agencies often possess information that is not widely available to market participants .
Poleg tega imajo bonitetne agencije pogosto informacije , ki udeležencem na trgu na splošno niso dostopne .
So , in theory , the ratings issued by credit rating agencies are an efficient means for investors to measure and manage credit risk , but only if they are sound and of good quality .
Zato so teoretično bonitetne ocene , ki jih izdajo bonitetne agencije , učinkovito sredstvo vlagateljev za merjenje in obvladovanje kreditnega tveganja , vendar le , če so zanesljive in kakovostne .
The proposed Regulation aims to improve the quality of credit ratings , but it does not relieve investors of the need to exercise judgment and due diligence in relying on ratings when making investment decisions ;
Cilj predlagane uredbe je izboljšati kakovost bonitetnih ocen , ne pa tudi razbremeniti vlagateljev potrebe , da so pri opiranju na bonitetne ocene preudarni in skrbni , kadar se odločajo za naložbe .
nor does it jeopardise the independence of the rating process or of the ratings themselves , for which the credit rating agency retains full responsibility .
Uredba tudi ne pomeni nevarnosti za bonitetni postopek ali same bonitetne ocene , za katere bonitetna agencija obdrži polno odgovornost .
To allow sophisticated market participants ( banks and other institutional investors ) to check the soundness of the methodologies used and to verify the rating issued by the credit rating agency , but also to increase market discipline , credit rating agencies must disclose the methodologies , models and key assumptions they use in the rating process .
Da bi zahtevnejši udeleženci na trgu ( banke in drugi institucionalni vlagatelji ) lahko preverili ustreznost uporabljenih metodologij in bonitetne ocene , ki jo izda bonitetna agencija , vendar tudi zato , da se poveča tržna disciplina , morajo bonitetne agencije razkrivati metodologije , modele in ključne predpostavke , ki jih uporabljajo v bonitetnem postopku .
Methods must be kept up-to-date and subject to review .
Metode je treba posodabljati in revidirati .
If the agency changes its rating methodology it must immediately disclose which ratings are likely to be affected by this change and re-rate them promptly .
Če agencija spremeni svojo ocenjevalno metodologijo , mora nemudoma razkriti , na katere bonitetne ocene bo ta sprememba verjetno vplivala , in pri njih ocenjevanje takoj ponoviti .
Credit rating agencies must also continually review ratings .
Bonitetne agencije morajo ocene tudi stalno revidirati .
This is important to keep the ratings up-to-date and responsive to changes in financial conditions .
To je pomembno , da bonitetne ocene ostanejo posodobljene in dovzetne za spremembe finančnih razmer .
This provision should prevent credit rating agencies from concentrating their efforts and resources on the initial rating and neglecting subsequent monitoring , which can be detrimental to the ongoing quality of the ratings .
S to določbo je treba bonitetnim agencijam preprečiti , da bi svoj trud in sredstva usmerjale le v začetne ocene in zanemarjale poznejše spremljanje , kar lahko škodi ohranjanju kakovosti bonitetnih ocen .
Disclosure and transparency obligations ( Articles 8-11 and Annex I , Sections B , D , and E )
Obveznosti razkrivanja in preglednosti ( členi od 8 do 11 ter oddelki B , D in E Priloge I )