natgillin/translations-raw huggingface dataset:
MNENJE ODBORA ZA PRAVNE ZADEVE.........................................................................103
OPINION of the Committee on Legal Affairs ....................................................106
– ob upoštevanju predloga Komisije Evropskemu parlamentu in Svetu ( KOM(2010)0484 ),
– having regard to the Commission proposal to Parliament and the Council ( COM(2010)0484 ),
– ob upoštevanju člena 294(2) in člena 114 Pogodbe o delovanju Evropske unije, na podlagi katerih je Komisija podala predlog Parlamentu ( C7‑0265/2010 ),
– having regard to Article 294(2) and Article 114 of the Treaty on the Functioning of the European Union, pursuant to which the Commission submitted the proposal to Parliament ( C7‑0265/2010 ),
– ob upoštevanju mnenja Evropskega ekonomsko-socialnega odbora z dne 8. decembra 2010,
– – having regard to the opinion of the European Economic and Social Committee of 8 December 2010,
UL C 57, 23.2.2011, str.
OJ C 57, 23,2.2011, p.
– ob upoštevanju poročila Odbora za ekonomske in monetarne zadeve in mnenj Odbora za industrijo, raziskave in energetiko ter Odbora za pravne zadeve ( A7-0223/2011 ),
– having regard to the report of the Committee on Economic and Monetary Affairs and the opinions of the Committee on Industry, Research and Energy and the Committee on Legal Affairs ( A7-0223/2011 ),
ob upoštevanju Pogodbe o delovanju Evropske unije in zlasti člena 114 Pogodbe,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 114 thereof,
(1) Poročilo, ki ga je 25. februarja 2009 na zahtevo Komisije objavila skupina strokovnjakov na visoki ravni, ki ji je predsedoval J. de Larosière, ugotavlja, da je treba okrepiti nadzorni okvir, da se zmanjšata tveganje in resnost prihodnjih finančnih kriz, ter priporoča daljnosežne reforme strukture nadzora finančnega sektorja v Uniji – vključno z vzpostavitvijo evropskega sistema finančnih nadzornikov, ki bi ga sestavljali trije evropski nadzorni organi, in sicer za sektor vrednostnih papirjev, za sektor zavarovanj in poklicnih pokojnin ter za bančni sektor – in ustanovitev evropskega odbora za sistemska tveganja.
(1) At the request of the Commission, a report published on 25 February 2009 by a high-level group of experts chaired by J. de Larosière concluded that the supervisory framework needed to be strengthened to reduce the risk and severity of future financial crisis and recommended far-reaching reforms to the structure of supervision of the financial sector in the Union, including the creation of a European System of Financial Supervisors, comprising three European Supervisory Authorities, one each for the banking, insurance and occupational pensions and the securities and markets sectors, and the creation of a European Systemic Risk Board.
(2) Komisija je v sporočilu z naslovom Spodbujanje okrevanja evropskega gospodarstva z dne 4. marca 2009 predlagala okrepitev regulativnega okvira za finančne storitve.
(2) The Commission Communication of 4 March 2009 entitled "Driving European Recovery" proposed to strengthen the Union's regulatory framework for financial services.
V sporočilu z naslovom Zagotavljanje učinkovitih, varnih in stabilnih trgov izvedenih finančnih instrumentov z dne 3. julija 2009 je Komisija ocenila vlogo izvedenih finančnih instrumentov v finančni krizi, v sporočilu z naslovom Zagotavljanje učinkovitih, varnih in stabilnih trgov izvedenih finančnih instrumentov: Prihodnji ukrepi politike z dne 20. oktobra 2009 pa je opredelila ukrepe, ki jih namerava sprejeti za zmanjševanje tveganj, povezanih z izvedenimi finančnimi instrumenti.
In its Communication of 3 July 2009 entitled “Ensuring efficient, safe and sound derivatives markets”, the Commission assessed the role of derivatives in the financial crisis, and, in its Communication of 20 October 2009 entitled “Ensuring efficient, safe and sound derivative markets: Future policy actions”, the Commission outlined the actions it intends to take to reduce the risks associated with derivatives.
(EBA), Evropski nadzorni organ (Evropski organ za zavarovanja in poklicne pokojnine), ustanovljen z Uredbo (EU) št. 1094/2010 Evropskega parlamenta in Sveta
(EBA), the European Supervisory Authority (European Insurance and Occupational Pensions Authority) established by Regulation (EU) No 1094/2010 of the European Parliament and of the Council
Zato je bistveno nenehno zagotavljati, da je razvoj njihovega dela prednostno politično vprašanje in da imajo na razpolago dovolj sredstev.
It is therefore essential to continuously en sure that the development of their work is a matter of high political priority and that they are adequately resourced.
(4) Izvedeni finančni instrumenti, s katerimi se trguje na prostem trgu (over-the-counter – OTC) niso pregledni, saj so zasebno izpogajane pogodbe in vse informacije v zvezi z njimi ponavadi na voljo samo pogodbenim strankam.
(4) Over-the-counter (OTC) derivatives lack transparency as they are privately negotiated contracts and any information concerning them is usually only available to the contracting parties.
Ustvarjajo zapleteno mrežo soodvisnosti, kar lahko oteži prepoznavanje narave in ravni povezanega tveganja.
They create a complex web of interdependence which can make it difficult to identify the nature and level of risks involved.
Finančna kriza je pokazala, da takšne značilnosti povečujejo negotovost v času pretresov na trgu in zato pomenijo tveganja za finančno stabilnost.
The financial crisis has demonstrated that such characteristics increase uncertainty in times of market stress and accordingly, pose risks to financial stability.
Ta uredba določa pogoje za zmanjšanje takšnih tveganj in izboljšanje preglednosti pogodb o izvedenih finančnih instrumentih.
This Regulation lays down conditions for mitigating those risks and improving the transparency of derivative contracts.
(5) Voditelji skupine G20 so se 26. septembra 2009 na vrhu v Pittsburghu dogovorili, da se mora do konca leta 2012 za vse standardizirane pogodbe o izvedenih finančnih instrumentih OTC opravljati kliring prek centralnih nasprotnih strank (CCP) in da je treba o pogodbah o izvedenih finančnih instrumentih poročati v repozitorij sklenjenih poslov.
(5) At the 26 September 2009 summit in Pittsburgh, the G20 Leaders agreed that all standardised over-the-counter (OTC) derivative contracts should be cleared through central counterparties (CCP) by the end of 2012 and that OTC derivative contracts should be reported to trade repositories.
Junija 2010 so voditelji skupine G20 ponovno potrdili svojo zavezo in se tudi zavezali k pospešitvi izvajanja strogih ukrepov za izboljšanje preglednosti in regulativnega nadzora nad izvedenimi finančnimi instrumenti OTC na mednarodno usklajen in nediskriminatoren način , zato da bi izboljšali trg izvedenih finančnih instrumentov OTC ter ustvarili močnejša sredstva, s katerimi bi zagotovili, da bi družbe odgovarjale za prevzeta tveganja.
In June 2010, the G20 Leaders in Toronto reaffirmed their commitment and also committed to accelerate the implementation of strong measures to improve transparency and regulatory oversight of OTC derivatives in an internationally consistent and non-discriminatory way with a view to improv ing the OTC derivatives market and creat ing more powerful tools to hold firms to account for the risks they take .
Komisija si bo prizadevala, da bodo naši mednarodni partnerji na podoben način uresničevali te zaveze.
The Commission will endeavour to ensure that those commitments are implemented in a similar way by our international partners.
(6) Evropski svet se je v sklepih z dne 2. decembra 2009 strinjal, da je treba bistveno izboljšati zmanjševanje kreditnega tveganja nasprotnih strank in da je pomembno izboljšati preglednost, učinkovitost in integriteto pri transakcijah z izvedenimi finančnimi instrumenti.
(6) The European Council, in its Conclusions of 2 December 2009, agreed that there was a need to substantially improve the mitigation of counterparty credit risk and that it was important to improve transparency, efficiency and integrity for derivative transactions.
Evropski parlament je v svoji resoluciji z dne 15. junija 2010 z naslovom „Trgi izvedenih finančnih instrumentov: prihodnji ukrepi politike“ pozval k obveznemu kliringu in poročanju o izvedenih finančnih instrumentih OTC.
The European Parliament resolution of 15 June 2010 on "Derivatives markets: future policy actions" called for mandatory clearing and reporting of OTC derivatives.
(7) Evropski organ za vrednostne papirje in trge (ESMA) deluje v okviru te uredbe, tako da varuje stabilnost finančnih trgov v izrednih razmerah in zagotavlja dosledno uporabo pravil Unije s strani nacionalnih nadzornih organov ter rešuje nesporazume med njimi.
(7) ESMA should act within the scope of this Regulation by safeguarding the stability of financial markets in emergency situations and ensuring the consistent application of Union rules by national supervisory authorities and settling disagreements between them.
Zaupana mu je tudi priprava pravno zavezujočih regulativnih tehničnih standardov in ima osrednjo vlogo pri odobritvah ter spremljanju centralnih nasprotnih strank in repozitorijev sklenjenih poslov.
It is also entrusted with developing legally binding regulatory technical standards and has a central role in the authorisation and monitoring of CCPs and trade repositories.
Ponovno je potrdila potrebo po večji preglednosti v trgovanju s surovinami, pa tudi pozitivni učinek pozicijskih omejitev pri trgovanju z izvedenimi blagovnimi instrumenti.
The Commission reaffirm ed the need for more transparency in the trading of raw materials as well as the positive potential effect of position limits in derivative trading in commodities.
Da bi dosegli učinkovito zmanjšanje neprimerno visokega obsega trgovanja na trgih s surovinami, bi morala Komisija zlasti oceniti učinke omejitve trgovanja s surovinami na borzah surovin zgolj na fizične borzne trgovalce, pri čemer bi bile finančne institucije izključene.
With a view to achiev ing an effective decrease of the unhealthily high trading volume in raw material markets, the Commission should , in particular , assess the effects of restricting admission to trade on raw materials stock exchanges to physical traders only, excluding financial institutions.
Komisija bi morala pri prihodnjih revizijah Direktive 2004/39/ES in Direktive 2003/6/ES Evropskega parlamenta in Sveta z dne 28. januarja 2003 o trgovanju z notranjimi informacijami in tržni manipulaciji (zloraba trga)
In the incoming reviews of Directive 2004/39/EC and Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse)
16. obravnavati zlasti problematiko nestanovitnosti cen na živilskih in kmetijskih trgih ter določiti ustrezne zahteve za preprečevanje sistemskih tveganj in manipulativne prakse, vključno z zahtevanimi kritji, pozicijskimi omejitvami in vrnitvijo nezakonito ustvarjenega dobička.
16. , the Commission sh ould , in particular , address the problem of price volatility on food and agricultural markets and provide for appropriate requirements to prevent systemic risks and manipulative practices, including margin requirements, position limits and punitive disgorgement of profit s .
(9) Pobude za spodbujanje uporabe CCP se niso izkazale za zadostne, da bi zagotovile dejanski kliring vseh standardiziranih izvedenih finančnih instrumentov OTC.
(9) Incentives to promote the use of CCPs have not proven to be sufficient to ensure that standardised OTC derivatives are in fact cleared.
Zato so potrebne zahteve za obvezni kliring prek CCP za tiste izvedene finančne instrumente, za katere se kliring lahko opravi.
Mandatory CCP clearing requirements for those OTC derivatives that can be cleared are therefore necessary.
(10) Države članice bodo verjetno sprejele različne nacionalne ukrepe, ki lahko povzročijo ovire za nemoteno delovanje notranjega trga in bi škodovale udeležencem na trgu ter finančni stabilnosti.
(10) It is likely that Member States will adopt divergent national measures which could create obstacles to the smooth functioning of the internal market and be to the detriment of market participants and financial stability.
Enotna uporaba obveznosti kliringa v Uniji je potrebna tudi za zagotovitev visoke ravni zaščite vlagateljev in za oblikovanje enakih pogojev med udeleženci na trgu.
A uniform application of the clearing obligation in the Union is also necessary to ensure a high level of investor protection and to create a level playing field between market participants.
(11) Da bi zagotovili, da obveznost kliringa zmanjša sistemsko tveganje, je potreben proces določanja primernih razredov izvedenih finančnih instrumentov, za katere bi morala ta obveznost veljati.
(11) Ensuring that the clearing obligation reduces systemic risk requires a process of identification of eligible classes of derivatives that should be subject to that obligation.
Pri tem procesu je treba upoštevati, da vsi izvedeni finančni instrumenti OTC, pri katerih se opravi kliring prek CCP, niso primerni za obvezni kliring prek CCP.
That process should take into account that not all CCP-cleared OTC derivatives can be considered suitable for mandatory CCP clearing.
(12) Ta uredba postavlja merila za določanje primernosti za obveznost kliringa.
(12) This Regulation sets out the criteria for determining the eligibility to the clearing obligation.
Zaradi svoje osrednje vloge se mora organ ESMA po posvetovanju s Komisijo in Evropskim odborom za sistemska tveganja (ESRB), ustanovljenim z Uredbo (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
In view of its pivotal role, ESMA should decide , after consulting the Commission and the European Systemic Risk Board established by Regulation (EU) No 1092/2010 of the European Parliament and the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board
Postopno izvajanje obveznosti kliringa bi lahko potekalo glede na razsežnost primernih razredov, pri katerih je nujen kliring, ali glede na vrste udeležencev na trgu, ki morajo izpolnjevati obveznosti kliringa.
A gradual implementation of the clearing obligation could be either in terms of proportion of the eligible classes that are to be cleared, or in terms of the types of market participants that are to comply with the clearing obligation .
Za nekatere kategorije izvedenih finančnih instrumentov znotraj razreda izvedenih finančnih instrumentov bi bilo treba še vedno dovoliti dvostranski kliring, tudi če niso izpolnjene zahteve za kliring, kar se lahko zgodi pri kritih obveznicah.
Bilateral clearing should continue to be authorised if the requirements for clearing are not met for certain categories of derivatives within a class of derivatives, as is sometimes the case for covered bonds.
(12a) Pri ugotavljanju, ali za razred izvedenih finančnih instrumentov veljajo zahteve za kliring, bi si moral organ ESMA prizadevati za zmanjšanje sistemskega tveganja in izogibanje sistemskim posledicam.
(12a) In determining whether a class of derivatives is to be subject to clearing requirement s , ESMA should aim for a reduction in systemic risk and avoidance of systemic repercussions.
To vključuje upoštevanje faktorjev ocenjevanja, kot so prihodnji datum, s katerim začne veljati obveznost kliringa, medsebojna povezanost zadevnega razreda izvedenih finančnih instrumentov na trgu, raven pogodbene in ekonomske standardizacije pogodb, učinek na uspešnost in konkurenčnost družb EU na globalnih trgih, operativna zmožnost CCP in njihova zmožnost upravljanja tveganja za obvladovanje obsega in obveznosti iz te direktive, stopnja tveganja poravnave in kreditnega tveganja nasprotne stranke ter vpliv stroškov na realno gospodarstvo in zlasti na naložbe.
This includes taking into account in the assessment factors such as the future date from which the clearing obligation takes effect, the interconnectedness of the relevant class of derivative in the market, the level of contractual and economic standardisation of contracts, the effect on the performance and competitiveness of EU companies in the global markets, the operational and risk management ability of CCPs to handle the volume and obligations of this directive, the degree of settlement risk and counterparty credit risk and the impact of cost on the real economy and investment in particular.
(12b) Pri nekaterih razredih izvedenih finančnih instrumentov, ki vključujejo zamenjavo glavnice, kot je devizna zamenjava, je lahko tveganje poravnave glavno tveganje, ki ga že obravnavajo obstoječe tržne infrastrukture.
(12b) For certain classes of derivatives involving exchange of principal, such as foreign exchange, settlement risk may be the predominant risk, which is already addressed through the existing market infrastructure.
To bi bilo treba upoštevati pri obravnavanju, za katere razrede izvedenih finančnih instrumentov bi moral veljati centralni kliring.
This should be taken into account when considering which classes of derivatives should be mandated for central clearing.
(12c) Zaradi značilnosti deviznega trga (dnevni obseg transakcij, valutni pari, pomen transakcij s tretjimi državami, tveganje poravnave, ki se obravnava prek zanesljivega obstoječega mehanizma) je nujen ustrezen režim, ki bi temeljil predvsem na predhodni mednarodni konvergenci in vzajemnem priznavanju ustrezne infrastrukture.
( 12c ) The characteristics of the foreign exchange market (daily volume of the transaction, currency pairs, importan ce of third country transactions, settlement risk addressed through a robust existing mechanism) call for an appropriate regime that would rely notably on preliminary international convergence and mutual recognition of the relevant infrastructure.
V zvezi s tem bi moral organ ESMA obravnavati izjeme za devizne zamenjave in terminske devizne posle.
In this respect exemption on foreign exchange swaps and forwards should be considered by ESMA.
(12d) Pri pripravi delegiranih aktov in tehničnih izvedbenih standardov bi bilo treba posebno pozornost nameniti potrebam institucij za dolgoročno varčevanje, da potrošnikom zagotovijo produkte dolgoročnega varčevanja.
( 12d ) In drafting delegated acts and technical implementing standards, special consideration sh ould be given to the needs of long - term savings institutions to provide long - term savings products to consumers.
Zato ta uredba ne bi smela povzročiti prekomernih stroškov za institucije za dolgoročno varčevanje.
To th at end th is Regulation should not result in excessive costs for long - term savings institutions.
To je mogoče med drugim doseči z ustrezno uporabo načela sorazmernosti.
One of the tools by which to achieve that objective is the proper application of the proportionality principle.
(12e) Pri institucijah za dolgoročno varčevanje bi bilo treba kot alternativo denarnim sredstvom dovoliti knjiženje državnih obveznic in kakovostnih obveznic delniških družb, da se zagotovi začetno in gibljivo kritje.
( 12e ) For long - term savings institutions, the posting of government and high - quality corporate bonds as an alternative to cash sh ould be permitted to cover initial and variation margins.
(13) O kliringu pogodbe o izvedenih finančnih instrumentih OTC se morata strinjati obe pogodbeni stranki.
(13) For an OTC derivative contract to be cleared, it is necessary for both parties to that contract to consent.
Zato je treba izjeme od obveznosti kliringa ozko omejiti, saj bi zmanjšale učinkovitost obveznosti in koristi kliringa prek CCP ter bi vodile do regulatorne arbitraže med skupinami udeležencev na trgu.
Therefore, exemptions to the clearing obligation should be narrowly tailored as they would reduce the effectiveness of the obligation and the benefits of CCP clearing and may lead to regulatory arbitrage between groups of market participants.
Kljub temu bi morala Komisija in organ ESMA zagotoviti, da ureditve obveznega kliringa ščitijo tudi vlagatelje.
Nevertheless, the Commission and ESMA should ensure that mandatory clearing arrangements also protect investors.
(13a) Na splošno bi se morale obveznosti iz te uredbe uporabljati samo za prihodnje transakcije, s čimer bi omogočili gladek prehod in izboljšali stabilnost sistema, obenem pa zmanjšali potrebo po naknadnih prilagoditvah.
(13a) In general, the obligations under this Regulation should apply only to future transactions, thereby making a smooth transition possible and enhancing the stability of the system whil e reducing the need for subsequent adjustments.
V zvezi s tem bi morali obveznosti kliringa in poročanja obravnavati na različne načine.
In that connection, clearing and reporting obligations should be dealt with in different ways.
Medtem ko retroaktivna obveznost kliringa iz pravnih razlogov praktično ni izvedljiva, če upoštevamo potrebo po naknadnem zavarovanju s premoženjem, to ne velja za retroaktivno obveznost poročanja.
Whilst a retrospective clearing obligation is hardly feasible on legal grounds, given the need for post-collateralisation, the same is not true of a retrospective reporting obligation.
V tem primeru bi bila lahko obvezna retroaktivna obveznost poročanja na podlagi rezultatov študije o učinkih in glede na skupine izvedenih finančnih instrumentov, tehničnih predpogojev in preostale zapadlosti.
In this case, on the basis of the results of an impact study, and using rules tailored to classes of derivatives, technical requirements and remaining periods to maturity, a retrospective reporting obligation could be laid down.
(14) Izvedeni finančni instrumenti OTC, ki se ne štejejo za primerne za kliring prek CCP, še vedno povzročajo kreditno tveganje nasprotne stranke, zato je treba določiti pravila za upravljanje tveganja.
(14) OTC derivatives that are not considered suitable for CCP clearing still entail counterparty credit risk and therefore, rules should be established to manage that risk.
Ta pravila morajo veljati le za udeležence na trgu, za katere velja obveznost kliringa.
Those rules should be only applicable to the market participants that are subject to the clearing obligation.
(14a) Pomembno je, da se obvezno različno obravnavanje nefinančnih nasprotnih strank s te uredbe razširi na Direktivo 2006/48/ES Evropskega parlamenta in Sveta z dne 14. junija 2006 o začetku opravljanja in opravljanju dejavnosti kreditnih institucij
(14a) It is important that necessarily different treatment of non-financial counterparties extends from this Regulation to 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 credit institutions
UL L in Direktivo 2006/49/ES o kapitalski ustreznosti investicijskih podjetij in kreditnih institucij
OJ L and Directive 2006/49/EC on the capital adequacy of investment firms and credit institutions
UL L .
OJ L .
Višji stroški kapitala, povezani z nadaljnjimi dvostranskimi ureditvami, ne bi smeli prizadeti nasprotnih strank, za katere ni predpisan centralni kliring.
Counterparties who are not mandated to clear centrally should not face higher capital charges on continued bilateral arrangements.
(14b) Regulativna kapitalska zahteva za finančne nasprotne stranke, ki se ukvarjajo z izvedenimi finančnimi instrumenti OTC, za katere se uporablja dvostranski kliring in ne kliring prek centralne klirinške hiše, bi se morala izračunati glede na stopnje morebitne izgube, povezane s tveganjem neplačila, izmerjenim za vsako nasprotno stranko.
( 14b ) The regulatory capital charge for financial counterparties dealing in OTC derivatives which are cleared bilaterally and not in a central clearing house should be able to be calculated in relation to the levels of potential loss associated with the risk of default, measured for each counterparty.