natgillin/translations-raw huggingface dataset:
Existing Union rules include specific obligations on fund management companies with respect to liquidity risk management in relation to the funds that they manage (5) . 
Veljavna pravila Unije vključujejo posebne obveznosti za družbe za upravljanje skladov glede upravljanja likvidnostnega tveganja, povezanega s skladi, ki jih upravljajo (5) .
THE GENERAL BOARD OF THE EUROPEAN SYSTEMIC RISK BOARD, 
SPLOŠNI ODBOR EVROPSKEGA ODBORA ZA SISTEMSKA TVEGANJA JE -
Ensuring that the financial system in the Union helps to absorb, rather than amplify, the COVID-19 shock requires significant coordination both between supervisory authorities responsible for different segments of the financial markets and across borders. 
Za zagotavljanje, da bo finančni sistem Unije pomagal ublažiti pretres zaradi COVID-19, ne pa ga okrepiti, je potrebno obsežno usklajevanje med nadzornimi organi, ki so odgovorni za različne segmente finančnih trgov, in čezmejno usklajevanje.
This Recommendation is designed to enhance preparedness to respond to potential future adverse shocks that could lead to a deterioration in financial market liquidity, resulting in potential adverse implications for financial stability conditions in the Union. 
Namen tega priporočila je izboljšati pripravljenost za odzivanje na morebitne prihodnje škodljive pretrese, ki bi lahko povzročili poslabšanje likvidnosti na finančnem trgu, kar bi lahko negativno vplivalo na pogoje za finančno stabilnost v Uniji.
Having regard to Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macroprudential oversight of the financial system and establishing a European Systemic Risk Board (1) , and in particular Article 3(2)(b), (d) and (f) and Articles 16 to 18 thereof, 
ob upoštevanju Uredbe (EU) št. 1092/2010 Evropskega parlamenta in Sveta z dne 24. novembra 2010 o makrobonitetnem nadzoru nad finančnim sistemom Evropske unije in ustanovitvi Evropskega odbora za sistemska tveganja (1) ter zlasti člena 3(2)(b), (d) in (f) in členov 16 do 18 Uredbe,
The ESRB acknowledges the high-priority work currently being done by ESMA on enhancing supervisory convergence on fund managers' liquidity risk management. 
ESRB je seznanjen s prednostnim delom, ki ga trenutno opravlja ESMA za povečanje konvergence nadzora nad upravljanjem likvidnostnega tveganja pri upraviteljih skladov.
Taking this into account, the ESRB has identified two segments as particularly high priority areas for enhanced scrutiny from a financial stability perspective. 
Ob upoštevanju tega je ESRB opredelil dva segmenta kot posebej pomembni prednostni področji za okrepljen nadzor z vidika finančne stabilnosti.
This includes the Common Supervisory Action on UCITS' managers liquidity risk management announced in 2020 (8) and ESMA's ongoing coordination of supervisory actions in the face of COVID-19. 
To vključuje skupno nadzorniško ukrepanje v zvezi z upravljanjem likvidnostnega tveganja pri upraviteljih KNPVP, ki je bilo napovedano leta 2020 (8) , in stalno usklajevanje nadzornih ukrepov v povezavi s COVID-19 s strani ESMA.
This could have adverse spillover effects on other financial institutions that have exposures to these assets - such as insurance companies, pension funds or banks - or an adverse impact on the cost and availability of market-based financing for non-financial corporations. 
To bi lahko imelo negativne učinke prelivanja na druge finančne institucije, ki imajo izpostavljenosti do teh sredstev - kot so zavarovalnice, pokojninski skladi ali banke -, ali negativen vpliv na stroške in razpoložljivost tržnega financiranja za nefinančne družbe.
Similarly, for alternative investment funds (AIFs) the investment strategy, liquidity profile and the redemption policy must be consistent (6) . 
Podobno morajo biti pri alternativnih investicijskih skladih (AIS) usklajeni naložbena strategija, profil likvidnosti in politika glede zahteve po izplačilu (6) .
The coronavirus disease 2019 (COVID-19) pandemic and the associated and necessary containment measures represent a severe and unprecedented shock to European economies. 
Pandemija koronavirusne bolezni 2019 (COVID-19) ter potrebni ukrepi za njeno zajezitev predstavljajo velik pretres za evropska gospodarstva, ki je brez primere.
The public health restrictions necessary to contain the spread of COVID-19 could result in a reduction in the volume of real estate market transactions and an increase in valuation uncertainty. 
Omejitve na področju javnega zdravja, ki so potrebne za zajezitev širjenja COVID-19, bi lahko povzročile zmanjšanje obsega transakcij na nepremičninskih trgih in povečanje negotovosti pri vrednotenju.
These rules are complemented by European Securities and Markets Authority (ESMA) guidelines on liquidity stress testing in UCITS and AIFs for fund managers to regularly test the resilience of their funds to liquidity risk under normal and exceptional liquidity conditions (7) . 
Ta pravila dopolnjujejo smernice Evropskega organa za vrednostne papirje in trge (ESMA) o stresnem testiranju likvidnosti v KNPVP in AIS, da upravitelji skladov redno preverjajo odpornost svojih skladov na likvidnostno tveganje v običajnih in izjemnih likvidnostnih razmerah (7) .
Having regard to Decision ESRB/2011/1 of the European Systemic Risk Board of 20 January 2011 adopting the Rules of Procedure of the European Systemic Risk Board (2) , and in particular Article 15(3)(e) and Articles 18 to 20 thereof, 
ob upoštevanju Sklepa ESRB/2011/1 Evropskega odbora za sistemska tveganja z dne 20. januarja 2011 o sprejetju Poslovnika Evropskega odbora za sistemska tveganja (2) ter zlasti člena 15(3)(e) in členov 18 do 20 Sklepa,
The second segment identified by the ESRB as a particularly high priority area for enhanced scrutiny from a financial stability perspective is investment funds with significant exposures to real estate. 
Drugi segment, ki ga je ESRB opredelil kot posebej pomembno prednostno področje za okrepljen nadzor z vidika finančne stabilnosti, so investicijski skladi z znatnimi izpostavljenostmi do nepremičnin.
Previous ESRB assessments (4) of non-bank financial intermediation have highlighted potential vulnerabilities stemming from investment funds that have short redemption periods, but invest in less liquid assets. 
Prejšnje ocene ESRB (4) o nebančnem finančnem posredništvu so opozorile na morebitne ranljivosti, ki izhajajo iz investicijskih skladov, ki imajo kratka obdobja za izplačilo, vlagajo pa v manj likvidna sredstva.
This could have adverse implications for other financial institutions that have exposures to real estate, including those that use real estate as collateral for lending. 
To bi lahko imelo negativne posledice za druge finančne institucije, ki imajo izpostavljenosti do nepremičnin, vključno s tistimi, ki uporabljajo nepremičnine kot zavarovanje za posojila.
For undertakings for collective investment in transferable securities (UCITS), the liquidity profile of the investments of the UCITS must be appropriate to the redemption policy laid down in the fund rules or the instruments of incorporation or the prospectus. 
Pri kolektivnih naložbenih podjemih za vlaganja v prenosljive vrednostne papirje (KNPVP) mora profil likvidnosti naložb KNPVP ustrezati politiki odkupov, določeni v pravilih upravljanja sklada ali ustanovnih listinah investicijske družbe ali prospektu.
This could lead to higher mark-to-market losses by other financial institutions with exposures to the same or correlated assets, or to an abrupt tightening in financial conditions. 
To bi lahko privedlo do višjih izgub iz vrednotenja po tekočih tržnih cenah pri drugih finančnih institucijah z izpostavljenostmi do enakih ali povezanih sredstev ali do nenadne zaostritve finančnih razmer.
Such liquidity mismatches increase the risk of further pressures on asset valuations in times of stress, if investment funds seek to sell less liquid assets over a short period of time to meet redemptions. 
Taka neusklajenost likvidnosti povečuje tveganje nadaljnjih pritiskov na vrednotenje sredstev v stresnih razmerah, če investicijski skladi poskušajo prodati manj likvidna sredstva v kratkem časovnem obdobju, da bi lahko izpolnili zahteve za izplačilo.
Shortly following the onset of COVID-19 pandemic, there were significant redemptions from investment funds investing in corporate debt. 
Kmalu po začetku pandemije COVID-19 je prišlo do obsežnih izplačil iz investicijskih skladov, ki vlagajo v podjetniški dolg.
Any future redemptions pressures from open-ended funds with short redemption periods could result in fund managers selling less-liquid assets quickly, thereby contributing to a deterioration in liquidity conditions in corporate debt markets. 
Kakršni koli prihodnji pritiski za izplačila iz skladov odprtega tipa s kratkimi obdobji za izplačilo bi lahko povzročili to, da bi upravitelji skladov hitro prodajali manj likvidna sredstva, s čimer bi prispevali k poslabšanju likvidnostnih razmer na trgih podjetniškega dolga.
Future redemptions from investment funds that have significant real estate holdings could contribute to downward pressure on real estate valuations if accompanied by real estate asset sales in an environment of low transaction volumes. 
Prihodnja izplačila iz investicijskih skladov, ki imajo znatna imetja nepremičnin, bi lahko prispevala k negativnemu pritisku na vrednotenje nepremičnin, če bi jih spremljala prodaja nepremičnin v okolju z majhnim obsegom transakcij.
The sharp fall in asset prices observed at the onset of the COVID-19 pandemic was accompanied by significant redemptions from certain investment funds and a significant deterioration in financial market liquidity. 
Strm padec cen sredstev ob začetku pandemije COVID-19 so spremljala obsežna izplačila iz nekaterih investicijskih skladov in znatno poslabšanje likvidnosti na finančnem trgu.
of 27 May 2020 
z dne 27. maja 2020
It is neither certain for how long this crisis will last, nor how severe it may be. 
Ni gotovo, kako dolgo bo ta kriza trajala niti kako resna bi lahko bila.
The General Board will decide if and when this Recommendation needs to be amended. 
Splošni odbor bo odločil, če in kdaj je treba to priporočilo spremeniti.
The latter argument speaks in favour of broad-based, coordinated and mandatory action. 
Ta zadnji argument je v prid širokega, usklajenega in zavezujočega ukrepanja.
Communications must be sent by submitting the form in the Annex by 31 July 2020. 
Obvestila je treba poslati na obrazcu iz Priloge do 31. julija 2020.
Such amendments could include, in particular, extending the period during which Recommendation A applies. 
Take spremembe bi lahko zajemale zlasti podaljšanje obdobja, v katerem se uporablja priporočilo A.
Monitoring and assessment 
Spremljanje in ocenjevanje
Amendments to this Recommendation 
Spremembe tega priporočila
If a financial institution wanted to replace ordinary shares, this would be in compliance with this Recommendation. 
Če bi želela finančna institucija nadomestiti navadne delnice, bi bilo to skladno s tem priporočilom.
The Head of the ESRB Secretariat, 
Vodja sekretariata ESRB,
Done at Frankfurt am Main, 27 May 2020. 
V Frankfurtu na Majni, 27. maja 2020
on restriction of distributions during the COVID-19 pandemic 
o omejitvi razdelitev med pandemijo bolezni COVID-19
The methodology set out in the Handbook on the assessment of compliance with ESRB recommendations, which describes the procedure for assessing compliance with ESRB recommendations will not apply. 
Metodologija, določena v priročniku za ocenjevanje skladnosti s priporočili ESRB, ki opisuje postopek za ocenjevanje skladnosti s priporočili ESRB, se ne bo uporabljala.
It is recommended that at least until 1 January 2021 relevant authorities request financial institutions under their supervisory remit (6) to refrain from undertaking any of the following actions: 
Priporoča se, da ustrezni organi najmanj do 1. januarja 2021 od finančnih institucij pod svojim nadzorom (6) zahtevajo, naj se vzdržijo naslednjih dejanj:
Recommendation A - Restriction on distributions 
Priporočilo A - omejitev razdelitev
relevant authorities should regularly assess the impact of restrictions on distributions they have imposed in light of the objectives of this Recommendation. 
ustrezni organi bi morali redno ocenjevati posledice omejitev razdelitev, ki so jih predpisali, glede na cilje tega priporočila.
A number of European Systemic Risk Board (ESRB) member institutions, namely the European Banking Authority (3) (EBA), the European Insurance and Occupational Pensions Authority (4) (EIOPA), the European Central Bank (5) (ECB) and many national authorities have encouraged banks, insurers and reinsurers in the Union to refrain from making voluntary pay-outs (e.g. dividends, bonuses, and share buybacks aimed at remunerating shareholders). 
Več institucij, ki so članice Evropskega odbora za sistemska tveganja (ESRB), in sicer Evropski bančni organ (3) (EBA), Evropski organ za zavarovanja in poklicne pokojnine (4) (EIOPA), Evropska centralna banka (5) (ECB) in mnogi nacionalni organi so spodbudili banke, zavarovalnice in pozavarovalnice v Uniji, naj se vzdržijo prostovoljnih izplačil (npr. dividend, bonusov in odkupov delnic z namenom plačila delničarjem).
This includes payment of dividends, buy-backs of ordinary shares and paying variable remuneration. 
To vključuje izplačila dividend, odkupe navadnih delnic in izplačila variabilnih prejemkov.
The coronavirus disease 2019 (COVID-19) crisis has developed rapidly from a dramatic medical emergency into a severe economic shock, which has the potential to evolve into a systemic financial crisis. 
Kriza v zvezi s koronavirusno boleznijo 2019 (COVID-19) se je iz dramatičnih zdravstvenih izrednih razmer hitro razvila v močan gospodarski šok, ki bi se lahko razširil v sistemsko finančno krizo.
Principle 2: Relevant authorities should ensure that any restriction does not entail disproportionate adverse effects on the whole or parts of the financial system in other Member States or in the Union as a whole. 
Načelo 2: ustrezni organi bi morali zagotoviti, da nobena omejitev ne bo nesorazmerno negativno vplivala na celoten finančni sistem ali dele finančnega sistema v drugih državah članicah ali celotni Uniji.
Regulatory regimes vary across sectors and Member States and relevant authorities should consider using any supervisory tool available to them, both under Union and national law, such as recommendations or guidelines, to achieve the objectives of this Recommendation, to the extent permitted by law. 
Regulativne ureditve se po sektorjih in državah članicah razlikujejo, zato bi morali ustrezni organi uporabiti vsa razpoložljiva nadzorniška orodja po pravu Unije in nacionalnem pravu, na primer priporočila ali smernice, da bi dosegli cilje tega priporočila, kolikor je to pravno dovoljeno.
In accordance with Article 17(1) of Regulation (EU) No 1092/2010 addressees must communicate to the European Parliament, the Council, the Commission and to the ESRB the actions undertaken in response to this Recommendation or substantiate any inaction. 
V skladu s členom 17(1) Uredbe (EU) št. 1092/2010 morajo naslovniki Evropski parlament, Svet, Komisijo in ESRB obvestiti, katere ukrepe so sprejeli na podlagi tega priporočila, ali utemeljiti vsako neukrepanje.
Principle 3: Relevant authorities should closely cooperate with each other and with the relevant resolution authorities, including in colleges, where applicable. 
Načelo 3: ustrezni organi bi morali tesno sodelovati med seboj in z ustreznimi organi za reševanje, tudi v kolegijih, kadar to pride v poštev.
This Recommendation recognises the risk imposed by this crisis on the solvency of insurers and reinsurers. 
To priporočilo upošteva tveganje, ki ga ta kriza pomeni za solventnost zavarovalnic in pozavarovalnic.
It aims to account for risks of potential negative externalities arising from cross-border financial institution decisions during distressed times. 
Njegov cilj je upoštevati tveganje morebitnih negativnih zunanjih učinkov, ki izhajajo iz odločitev čezmejnih finančnih institucij v težavnem času.
This Recommendation is designed to support the previous initiatives of the ECB, EBA, EIOPA and national authorities and to strengthen the case for a uniform approach across the Union and across different segments of the financial sector, whilst taking into account the critical role of these segments for the real economy during crisis times. 
To priporočilo je zasnovano kot podpora prejšnjim pobudam ECB, EBA, EIOPA in nacionalnih organov ter kot okrepitev prizadevanj za enoten pristop po vsej Uniji in po različnih segmentih finančnega sektorja ob hkratnem upoštevanju ključne vloge teh segmentov za realno gospodarstvo v času krize.
Investment firms are included in the list of financial institutions under this Recommendation, as they play an important role in market functioning and may present similar risks to banks. 
Investicijska podjetja so uvrščena na seznam finančnih institucij po tem priporočilu, ker so pomembna za delovanje trga in lahko pomenijo podobno tveganje kot banke.
It is probable that there will be a reduction in cash flows from new business, combined with higher liabilities due to an extended period of very low interest rates and lower asset returns in the future. 
Verjetno bo prišlo do zmanjšanja denarnega toka iz novih poslov v kombinaciji z večjimi obveznostmi zaradi daljšega obdobja zelo nizkih obrestnih mer in manjšo donosnostjo sredstev v prihodnje.
The General Board will assess the actions and justifications communicated by the addressees and, where appropriate, may decide that this Recommendation has not been followed and that an addressee has failed to provide adequate justification for its inaction. 
Splošni odbor oceni ukrepe in utemeljitve, ki jih sporočijo naslovniki, ter lahko, kjer je primerno, presodi, da to priporočilo ni bilo upoštevano in naslovnik ni ustrezno utemeljil, zakaj ni ukrepal.
It also aims at reducing the risk that in instances where governments support banks during the crisis, shareholders and senior management shift capital allocation for their own benefit. 
Cilj je tudi zmanjšati tveganje, da bi takrat, kadar države podprejo banke med krizo, delničarji in višje vodstvo spremenili razporeditev kapitala v svojo korist.
Finally, it is envisaged that the maintenance of own funds in CCPs would reduce the likelihood of recourse to tax-payers money in case of losses (related or not to defaults) in a time where fiscal spending is already particularly under pressure. 
Nazadnje, predvideva se, da bi ohranjanje kapitala v CNS zmanjšalo verjetnost porabe davkoplačevalskega denarja ob izgubah (povezanih ali nepovezanih z neplačili) v času, ko je javnofinančna poraba že tako pod posebnim pritiskom.
Whilst the ESRB welcomes and fully supports the initiatives of its member institutions, it also considers it necessary to issue a recommendation to ensure that financial institutions across the financial sector that may pose a risk to financial stability maintain high levels of capital. 
ESRB pozdravlja in v celoti podpira pobude institucij, ki so njegove članice, meni pa tudi, da je treba izdati priporočilo, s katerim se zagotovi, da bodo finančne institucije v celotnem finančnem sektorju, ki lahko pomenijo tveganje za finančno stabilnost, ohranile visoko raven kapitala.
The following specific criteria apply to the implementation of Recommendation A(a) and (b): In assessing whether it is appropriate to apply the restrictions at sub-consolidated or at individual level, relevant authorities are recommended to adhere to the following principles: 
Za izvajanje priporočila A(a) in (b) se uporabljajo naslednja posebna merila: ustreznim organom se priporoča, da pri presoji, ali je omejitve primerno uporabiti na subkonsolidirani ravni ali na posamični ravni, upoštevajo naslednja načela:
In addition, if banks use dividend payments as a signal of strength to the market, such actions could undermine the relative position of more prudent financial institutions that may become stigmatised. 
Če bi poleg tega banke uporabile izplačila dividend kot znak moči na trgu, bi tako ravnanje lahko ogrozilo primerjalni položaj previdnejših finančnih institucij, ki lahko postanejo stigmatizirane.
The ESRB is responsible for the macroprudential oversight of the financial system within the Union and should contribute to the smooth functioning of the internal market thereby ensuring a sustainable contribution of the financial sector to economic growth. 
ESRB je odgovoren za makrobonitetni nadzor finančnega sistema v Uniji in bi moral prispevati k nemotenemu delovanju notranjega trga ter s tem zagotoviti trajnosten prispevek finančnega sektorja h gospodarski rasti.
Timeline for the follow-up 
Časovni okvir za nadaljnje ukrepanje
This Recommendation is designed to cover central counterparties (CCPs) given their systemically important role in clearing financial market transactions. 
To priporočilo je zasnovano tako, da zajema centralne nasprotne stranke (CNS), in sicer zaradi njihove sistemsko pomembne vloge pri kliringu transakcij na finančnem trgu.
It is clear that there is a need for financial institutions to maintain a sufficiently high amount of capital to mitigate systemic risk and contribute to economic recovery. 
Jasno je, da morajo imeti finančne institucije dovolj kapitala, da lahko ublažijo sistemsko tveganje in prispevajo h gospodarskemu okrevanju.
This Recommendation provides for a list of financial institutions which should, as a minimum, be subject to the restrictions. 
To priporočilo določa minimalni seznam finančnih institucij, za katere bi morale veljati omejitve.
This Recommendation acknowledges the principles governing the Single Market and the growth-enhancing role of free capital movement and risk sharing within the Union. 
To priporočilo priznava načela enotnega trga ter vlogo prostega pretoka kapitala in delitve tveganj v Uniji pri povečevanju rasti.
Authorities are free to impose the restrictions on other financial institutions that provide lending to the real economy, such as financial leasing companies. 
Organi lahko po prosti presoji predpišejo omejitve za druge finančne institucije, ki zagotavljajo kreditiranje realnega gospodarstva, na primer za družbe za finančni zakup.
By maintaining additional own resources, CCPs would be able to meet non-default losses, which is particularly relevant with regard to operational risk, which CCPs cover with their own resources rather than contributions from clearing members. 
CNS bi lahko z dodatnimi lastnimi sredstvi pokrile izgube, ki niso povezane z neizpolnjevanjem obveznosti, kar je posebej pomembno za operativno tveganje, ki ga CNS pokrivajo z lastnimi sredstvi in ne s prispevki klirinških članov.
This Recommendation acknowledges the procyclical behaviour of banks, as well as the fact that they play a critical function in the economy. 
To priporočilo priznava, da banke ravnajo prociklično in da je njihova vloga v gospodarstvu bistvena.
Principle 1: Whilst taking into account the need to prevent or mitigate systemic risk to financial stability in their Member State and in the Union, relevant authorities should support the smooth functioning of the internal market and recognise the need for the financial sector to provide a sustainable contribution to economic growth in Member States and the Union as a whole. 
Načelo 1: ustrezni organi bi morali ob upoštevanju potrebe po preprečevanju ali blažitvi sistemskega tveganja za finančno stabilnost v svoji državi članici in Uniji podpirati nemoteno delovanje notranjega trga in upoštevati potrebo po tem, da finančni sektor zagotavlja trajnostni prispevek h gospodarski rasti v državah članicah in celotni Uniji.
Given that insurers and reinsurers play a critical role in the financial sector there is also the risk of a common de-risking strategy, such as the sale of higher-yield corporate bonds, which would be amplified by large scale downgrades. 
Ker imajo zavarovalnice in pozavarovalnice bistveno vlogo v finančnem sektorju, obstaja tudi tveganje običajne strategije za zmanjševanje tveganja, kot je prodaja visoko donosnih podjetniških obveznic, ki bi bilo še bolj izrazito zaradi obsežnih znižanj bonitete.