natgillin/translations-raw huggingface dataset:
The current crisis revealed weaknesses in the methods and models used by the agencies to rate structured finance instruments that were financially engineered to give high confidence to investors , and in the agencies » communication with the markets and investors both about the
Sedanja kriza je razkrila slabosti metod in modelov , ki jih uporabljajo agencije za ocenjevanje strukturiranih finančnih instrumentov , finančno zasnovanih tako , da vzbujajo visoko raven zaupanja vlagateljev , ter slabosti komuniciranja agencij s trgi in vlagatelji o značilnostih in omejitvah ocenjevanja strukturiranih finančnih instrumentov ter o kritičnih predpostavkah modelov .
characteristics and limitation of the rating of structured finance instruments and about critical model assumptions . The proposal obliges credit rating agencies to disclose ratings on a non-selective basis and in a timely manner , unless the ratings are only distributed by subscription .
S predlogom se bonitetnim agencijam nalaga obveznost , da neselektivno in pravočasno razkrivajo bonitetne ocene , razen če se te razširjajo samo na podlagi naročniškega razmerja .
It seeks to enable investors to distinguish between ratings for structured products and for traditional products ( corporate , sovereign ) by requiring the use of a different rating category for structured finance instruments or the provision of additional information on their risk characteristics .
S predlogom se želi vlagateljem omogočiti razlikovanje med bonitetnimi ocenami za strukturirane produkte in tistimi za tradicionalne produkte ( podjetniške , državne ) , tako da vsebuje zahtevo , da je treba uporabljati drugačno bonitetno kategorijo za strukturirane finančne instrumente ali zagotoviti dodatne informacije o njihovih značilnostih tveganja .
Specific disclosure requirements apply to unsolicited credit ratings ( Article 8 ) .
Za nenaročene bonitetne ocene veljajo posebne zahteve glede razkrivanja ( člen 8 ) .
To ensure that internal processes and procedures are sufficiently transparent , credit rating agencies must publicly disclose some important information , e.g. on conflicts of interest , methodologies and key rating assumptions and the general nature of their compensation policy .
Da se zagotovi zadostna preglednost notranjih procesov in postopkov , morajo bonitetne agencije javno razkrivati nekatere pomembne informacije , npr . glede nasprotij interesov , metodologij in ključnih ocenjevalnih predpostavk ter splošnega značaja svoje plačilne politike .
They must also periodically disclose data on the historical default rates of rating categories and give competent authorities certain elements such as the list of the largest 20 clients by revenue ( Article 9 and Annex I , Section E ) .
V rednih časovnih presledkih morajo tudi razkrivati podatke o preteklih stopnjah neplačil bonitetnih kategorij in pristojnim organom posredovati nekatere elemente , kot je seznam 20 največjih strank glede na prihodek ( člen 9 in oddelek E Priloge I ) .
To ensure that relevant , standardised data on credit rating agencies » performance is available to allow market participants to make industry-wide comparisons , CESR is to create a publicly available central repository for such data ( Article 9 ( 2 )) .
Za zagotovitev dostopnosti ustreznih in standardiziranih podatkov o rezultatih bonitetnih agencij , na podlagi katerih lahko udeleženci na trgu primerjajo agencije v celotni panogi , mora CESR vzpostaviti javno dostopen osrednji register za te podatke ( člen 9 ( 2 )) .
To restore public confidence in the rating business , credit rating agencies must publish an annual transparency report ( Article 10 and Annex I , Section E , Part III ) , and keep records of their activities ( Articles 5-7 and Annex I , Section B , Points 7-9 ) .
Da bi bonitetna dejavnost spet pridobila zaupanje javnosti , morajo bonitetne agencije vsako leto objaviti poročilo o preglednosti ( člen 10 in del III oddelka E Priloge I ) in voditi evidence svojih dejavnosti ( členi od 5 do 7 in točke od 7 do 9 oddelka B Priloge I ) .
Registration ( Articles 12-17 ) and surveillance ( Articles 19-31 )
Registracija ( členi od 12 do 17 ) in nadzor ( členi od 19 do 31 )
The activity of credit rating agencies whose credit ratings are intended to be used for regulatory purpose by financial institutions to comply with Community legislation will be subject to prior registration .
Dejavnost bonitetnih agencij , katerih bonitetne ocene uporabljajo finančne institucije za regulativne namene , da bi upoštevale zakonodajo Skupnosti , je treba predhodno registrirati .
The proposal lays down the conditions and the procedure for granting or withdrawing that registration . ( Articles 12-17 ) A credit rating activity performed by a credit rating agency in the European Union has consequences for all EU markets ;
V predlogu so določeni pogoji in postopek za odobritev ali razveljavitev te registracije ( členi od 12 do 17 ) . Dejavnost bonitetnega ocenjevanja , ki jo opravlja bonitetna agencija v Evropski uniji , ima posledice za vse trge EU , zato morajo biti v registracijski postopek vključeni vsi zakonodajalci v Evropski uniji .
thus all regulators in the European Union should be involved in the registration process . The proposal introduces a single entry point for the registration , the CESR , which is best placed to provide a one-stop-shop for applications and a central point for informing and coordinating all EU national regulators .
Predlog vsebuje enotno vstopno točko za registracijo , in sicer CESR , ki lahko najbolje zagotovi izvajanje vsega , kar je povezano z vlogami , na enem mestu in osrednjo točko za obveščanje in usklajevanje vseh nacionalnih zakonodajalcev EU .
Responsibility for registration and surveillance of the credit rating agency rests with the competent authority of the home Member State , i.e. that in which the credit rating agency has its registered office .
Odgovornost za registracijo in nadzor bonitetne agencije pripade pristojnim organom matične države članice , tj . države , v kateri ima bonitetna agencija svoj registrirani sedež .
That competent authority is best placed in terms of physical presence to closely supervise the credit rating agency .
Ta pristojni organ lahko v smislu fizične prisotnosti najbolje podrobno nadzira bonitetno agencijo .
Specific provisions are also proposed for groups of credit rating agencies ;
Predlagane so tudi posebne določbe za skupine bonitetnih agencij .
when examining the applications for registration submitted by a group of credit rating agencies , the competent authorities concerned must consider the group structure and agree on a facilitator who will be responsible for coordinating the registration process ( Article 14 ) .
Pri pregledovanju vlog za registracijo , ki jih predloži skupina bonitetnih agencij , morajo zadevni pristojni organi upoštevati strukturo skupine in se dogovoriti glede povezovalca , ki bo odgovoren za usklajevanje registracijskega postopka ( člen 14 ) .
To function as a single entry point , CESR should be closely involved in the registration process from the outset and be entitled to give its advice on the granting or withdrawal of the registration by the competent authority of the home Member Stated and may request reexamination of draft decisions ( Article 17 ) .
Da bi CESR lahko deloval kot enotna vstopna točka , mora biti od začetka tesno vključen v registracijski postopek in imeti pravico , da pristojnim organom matične države članice svetuje pri odobritvi ali razveljavitvi registracije ; poleg tega lahko CESR zahteva vnovični pregled osnutkov sklepov ( člen 17 ) .
The registration will become effective after publication by the Commission in the Official Journal of the European Union ( Article 14 ) .
Registracija začne veljati po objavi s strani Komisije v Uradnem listu Evropske unije ( člen 14 ) .
The Commission shall publish regularly an updated list of the credit rating agencies registered .
Komisija redno objavlja posodobljen seznam registriranih bonitetnih agencij .
The proposal creates a mechanism to ensure effective enforcement of the Regulation .
V predlogu je predviden mehanizem za zagotavljanje učinkovitega izvrševanja Uredbe .
It gives competent authorities the necessary powers to ensure that credit rating agencies comply with the Regulation throughout the Community .
Z njim se pristojnim organom podeljujejo potrebna pooblastila za zagotovitev , da bonitetne agencije v celotni Skupnosti poslujejo v skladu z Uredbo .
In carrying out their duties , competent authorities shall not interfere with the content of credit ratings ( Article 20 ( 1 )) .
Pri opravljanju svojih dolžnosti pristojni organi ne posegajo v vsebino bonitetnih ocen ( člen 20 ( 1 )) .
To ensure effective surveillance , the proposal requires specific forms of cooperation between Member States competent authorities , to promote a common supervisory culture .
Da bi se zagotovil učinkovit nadzor in spodbudila skupna nadzorna kultura , se v predlogu zahtevajo posebne oblike sodelovanja med pristojnimi organi držav članic .
It also provides for enhanced cooperation in case of a group of credit rating agencies , through the coordination of supervisory activities by the facilitator ( Articles 25 ) .
V njem je predvideno tudi okrepljeno sodelovanje v primeru skupine bonitetnih agencij , s pomočjo povezovalca , ki usklajuje nadzorne dejavnosti ( člen 25 ) .
Given the international scale of the credit rating business , it is also necessary to provide for the exchange of information with non-EU countries ( Article 29 ) .
Glede na mednarodni obseg dejavnosti bonitetnega ocenjevanja je treba zagotoviti tudi izmenjavo informacij z državami zunaj EU ( člen 29 ) .
Budgetary implications
Proračunske posledice
The proposal has no implications for the Community budget .
Predlog ne vpliva na proračun Skupnosti .
2008/0217 ( COD ) Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on Credit Rating Agencies ( Text with EEA relevance )
2008/0217 ( COD ) Predlog UREDBA EVROPSKEGA PARLAMENTA IN SVETA o bonitetnih agencijah ( Besedilo velja za EGP )
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION , Having regard to the Treaty establishing the European Community , and in particular Article 95 thereof , Having regard to the proposal from the Commission , Having regard to the opinion of the European Economic and Social Committee23 , Acting in accordance with the procedure laid down in Article 251 of the Treaty24 , Whereas : ( 1 ) Credit rating agencies play an important role in global securities and banking markets , as their ratings are used by investors , borrowers , issuers and governments to make informed investment and financing decisions .
EVROPSKI PARLAMENT IN SVET EVROPSKE UNIJE STA -- ob upoštevanju Pogodbe o ustanovitvi Evropske skupnosti in zlasti člena 95 Pogodbe , ob upoštevanju predloga Komisije , ob upoštevanju mnenja Evropskega ekonomsko-socialnega odbora23 , v skladu s postopkom , določenim v členu 251 Pogodbe24 , ob upoštevanju naslednjega : ( 1 ) Bonitetne agencije imajo pomembno vlogo na svetovnih trgih vrednostnih papirjev in bančništva , saj njihove bonitetne ocene uporabljajo vlagatelji , kreditojemalci , izdajatelji in vlade pri sprejemanju z informacijami podprtih naložbenih in finančnih odločitev .
Credit institutions , investments firms , insurance undertakings , assurance undertakings , reinsurance undertakings , undertakings for collective investment in transferable securities ( UCITS ) and institutions for occupational retirement provision , may use those ratings as the reference for the calculation of their capital requirements for solvency purposes or for calculating risks in their investment activity .
Kreditne institucije , investicijska podjetja , zavarovalnice , pozavarovalnice , kolektivni naložbeni podjemi za vlaganja v prenosljive vrednostne papirje ( KNPVP ) in institucije za poklicno pokojninsko zavarovanje lahko te bonitetne ocene uporabljajo kot pomoč za izračun svojih kapitalskih zahtev za namene plačilne sposobnosti ali za izračunavanje tveganj svoje naložbene dejavnosti .
Consequently , credit ratings have a significant impact on the trust and confidence of investors and consumers .
Zato bonitetne ocene pomembno vplivajo na zaupanje vlagateljev in potrošnikov .
It is essential , therefore , that credit ratings used in the Community are independent , objective and of the highest quality .
Torej je bistvenega pomena , da so bonitetne ocene , ki se uporabljajo v Skupnosti , neodvisne , objektivne in visoko kakovostne .
Currently , most credit rating agencies have their headquarters outside the Community .
Danes ima večina bonitetnih agencij sedež zunaj Skupnosti .
Most Member States do not regulate the activities of credit rating agencies or the conditions for the issuance of credit ratings .
Večina držav članic s predpisi ne ureja dejavnosti bonitetnih agencij ali pogojev za izdajo bonitetnih ocen .
Despite their significant importance for the functioning of the financial markets , credit rating agencies are only to a limited extent subject to Community legislation , notably Directive 2003/6 / EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation25 .
Kljub njihovemu ključnemu pomenu za delovanje finančnih trgov je poslovanje bonitetnih agencij le v omejenem obsegu urejeno z zakonodajo Skupnosti , zlasti z Direktivo 2003/6 / ES Evropskega parlamenta in Sveta z dne 28 . januarja 2003 o trgovanju z notranjimi informacijami in tržni manipulaciji25 .
Moreover , 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
Poleg tega se na bonitetne agencije nanašata Direktiva 2006/48 / ES Evropskega parlamenta in Sveta z dne 14 . junija 2006 o začetku opravljanja in opravljanju dejavnosti kreditnih institucij ter Direktiva 2006/49 / ES Evropskega parlamenta in Sveta z dne 14 .
OJ C , , p. .
UL C , str .
OJ L 96 , 12.4.2003 , p. 16 .
UL L 96 , 12.4.2003 , str .
credit institutions and Directive 2006/49 / EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions26 refer to credit rating agencies .
kapitalski ustreznosti investicijskih podjetij in kreditnih institucij26 .
It is therefore important to lay down rules ensuring that all ratings used by financial institutions governed by Community legislation are of high quality and issued by credit rating agencies subject to stringent requirements .
Zato je pomembno določiti pravila za zagotovitev , da so vse bonitetne ocene , ki jih uporabljajo finančne institucije , na katere se nanaša zakonodaja Skupnosti , visoko kakovostne in da jih izdajajo bonitetne agencije , ki poslujejo v skladu s strogimi zahtevami .
The Commission will continue to work with its international partners to ensure convergence of the rules applying to credit rating agencies .
Komisija bo še naprej sodelovala s svojimi mednarodnimi partnerji , da zagotovi konvergenco pravil , ki se nanašajo na bonitetne agencije .
( 3 ) Credit rating agencies may apply on a voluntary basis the Code of Conduct Fundamentals for credit rating agencies issued by the International Organisation of Securities Commissions , hereinafter the « IOSCO code » .
( 3 ) Bonitetne agencije lahko prostovoljno upoštevajo Kodeks osnovnih načel ravnanja za bonitetne agencije , ki ga je izdalo Mednarodno združenje nadzornikov trga vrednostnih papirjev , v nadaljevanju „Kodeks IOSCO » .
In 2006 a Communication from the Commission on Credit Rating Agencies27 invited the Committee of European Securities Regulators , hereinafter « CESR » , to monitor compliance with the IOSCO Code and report back to the Commission on an annual basis .
Komisija je leta 2006 v Sporočilu o bonitetnih agencijah27 pozvala Odbor evropskih zakonodajalcev za vrednostne papirje , v nadaljevanju „CESR » , naj spremlja upoštevanje Kodeksa IOSCO in Komisiji o tem letno poroča .
The European Council of 13 and 14 March 2008 agreed to a set of conclusions to respond to the main weaknesses identified in the financial system .
in 14 . marca 2008 dogovoril za niz sklepov v odgovor na glavne slabosti , opredeljene v finančnem sistemu .
One of the objectives was to improve market functioning and incentive structures , including the role of credit rating agencies .
Eden od ciljev je bil izboljšati delovanje trga in strukture spodbud , vključno z vlogo bonitetnih agencij .
Credit rating agencies are considered to have failed to reflect early enough in their credit ratings the worsening market conditions .
Ocenjuje se , da bonitetnim agencijam v njihovih bonitetnih ocenah ni uspelo dovolj zgodaj pokazati poslabšanja tržnih pogojev .
This failure can be best corrected by measures related to conflicts of interest , the quality of the credit ratings , the transparency of the credit rating agencies , their internal governance and surveillance of the activities of the credit rating agencies .
Ta neuspeh je mogoče najbolje popraviti z ukrepi , povezanimi z nasprotji interesov , kakovostjo bonitetnih ocen , preglednostjo bonitetnih agencij , njihovo notranjo ureditvijo in nadzorom njihovih dejavnosti .
The users of credit ratings should not rely blindly on credit ratings .
Uporabniki bonitetnih ocen se ne bi smeli slepo zanašati le na bonitetne ocene .
They should take utmost care to perform own analysis and conduct due diligence regarding their reliance on such credit ratings .
Zelo skrbno bi morali opravljati tudi lastne analize in ravnati s skrbnostjo dobrega gospodarja , kadar se opirajo na take bonitetne ocene .
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 , na katere se nanašajo usklajena pravila v Skupnosti .
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 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 .
Moreover , diverging quality requirements on credit ratings could lead to different levels of investor and consumer protection .
Poleg tega bi lahko različne zahteve glede kakovosti bonitetnih ocen vodile k različnim ravnem zaščite vlagateljev in potrošnikov .
In order to avoid potential conflicts of interest credit rating agencies should limit their activity to the issuing of credit ratings .
Da se preprečijo morebitna nasprotja interesov , morajo bonitetne agencije omejiti svojo dejavnost na izdajo bonitetnih ocen .
A credit rating agency should not be allowed to carry out consultancy or advisory services .
Bonitetnim agencijam ne sme biti dovoljeno opravljati svetovalnih storitev .
In particular credit rating agency should not make proposals or recommendations regarding the design of a structured finance instrument .
Še zlasti ne smejo dajati predlogov ali priporočil glede zasnove strukturiranih finančnih instrumentov .
However , credit rating agencies should be able to provide ancillary services where this does not create potential conflicts of interest with the issuance of credit ratings .
Vendar pa jim mora biti dovoljeno opravljanje pomožnih storitev , kadar to ne povzroča potencialnih nasprotij interesov v zvezi z izdajo bonitetnih ocen . Bonitetne agencije morajo oblikovati ustrezne notranje politike in postopke glede zaposlenih , ki so vključeni v bonitetni postopek , da preprečijo nasprotja interesov in v vsakem trenutku zagotovijo kakovost , neoporečnost in temeljitost bonitetnega postopka in postopka revizije .
OJ L 177 , 30.6.2006 , p. 201 .
UL L 177 , 30.6.2006 , str . 201 .
OJ C 59 , 11.3.2006 , p. 2 .
UL C 59 , 11.3.2006 , str .
Credit rating agencies should establish appropriate internal policies and procedures in relation to employees involved in the credit rating process in order to prevent conflicts of interest and ensure at all times the quality , integrity and thoroughness of the rating and review process .
Bonitetne agencije se morajo izogibati nasprotjem interesov in jih obvladovati , kadar se jim ni mogoče izogniti , da zagotovijo svojo neodvisnost .
Credit rating agencies should avoid situations of conflicts of interest and manage those conflicts adequately when they are unavoidable in order to ensure their independence .
Bonitetne agencije morajo pravočasno razkrivati nasprotja interesov .
Credit rating agencies should disclose conflicts of interest in a timely manner . They should also keep record of all significant threats to the independence of the credit rating agency and that of its employees involved in the credit rating process , as well as the safeguards applied to mitigate those threats .
Voditi morajo tudi evidence vseh pomembnih nevarnosti za neodvisnost bonitetne agencije in njenih zaposlenih , vključenih v bonitetni postopek , ter zaščitnih ukrepov za zmanjševanje teh nevarnosti .
In order to ensure the independence of the credit rating process from the business interest of the credit rating agency as a company , the credit rating agencies should ensure that the administrative or supervisory board shall include at least three nonexecutive members , who should be independent along the lines of point 13 in Section III of Commission Recommendation 2005/162 / EC on the role of non-executive or supervisory directors of listed companies and on the committees of the ( supervisory ) board28 .
Da se zagotovi neodvisnost bonitetnega postopka od poslovnega interesa bonitetne agencije kot podjetja , morajo bonitetne agencije poskrbeti , da ima upravni odbor oziroma nadzorni svet vsaj tri neizvršne člane , ki morajo biti neodvisni v smislu točke 13 oddelka III Priporočila Komisije 2005/162 / ES o vlogi neizvršnih direktorjev ali članov nadzornega sveta javnih družb in o komisijah upravnega odbora ali nadzornega sveta28 .
Moreover , it is necessary that the majority of members of the administrative or supervisory board , including all independent members have sufficient expertise in financial services .
Poleg tega mora imeti večina članov upravnega odbora ali nadzornega sveta , vključno z vsemi neodvisnimi člani , dovolj strokovnega znanja na področju finančnih storitev .
In order to avoid conflicts of interest the remuneration of independent members of the administrative or supervisory board should not depend on the business performance of the agency .
Da se preprečijo nasprotja interesov , plačilo za neodvisne člane upravnega odbora ali nadzornega sveta ne sme biti odvisno od poslovnih rezultatov agencije .
A credit rating agency should allocate a sufficient number of employees with appropriate knowledge and experience to its credit rating activity .
Bonitetna agencija mora svoji bonitetni dejavnosti dodeliti dovolj zaposlenih s primernim znanjem in izkušnjami .
In particular , the credit rating agency should ensure that adequate human and financial resources are allocated to the issuing of credit ratings as well as their monitoring and updating .
Zlasti mora poskrbeti , da se izdaji bonitetnih ocen ter njihovemu spremljanju in posodabljanju dodeli dovolj kadrovskih virov in finančnih sredstev .
Long lasting relationships with the same rated entities or its related third parties could compromise independence of analysts and persons approving credit ratings .
Dolgotrajna razmerja z istimi ocenjevanimi subjekti ali njihovimi povezanimi tretjimi stranmi bi lahko ogrozila neodvisnost analitikov in oseb , odgovornih za odobritev bonitetnih ocen .
Therefore those analysts and persons should be subject to a rotation mechanism .
Zato je treba za te analitike in osebe uporabljati sistem izmenjavanja .