natgillin/translations-raw huggingface dataset:
49. poudarja, da te tržne spremembe vplivajo tudi na naravo, vir in prenos sistemskega tveganja ter s tem na učinkovitost sedanjih sredstev za predhodno zmanjšanje tveganja; poziva k pregledni opredelitvi in oceni virov sistemskega tveganja ter v tem smislu osnovne dinamike finančnih kriz;
49. p oints out that those market changes also affect the nature, source and transfer of systemic risk, and thus the effectiveness of existing ex-ante risk mitigation tools; thus calls for evidence-based identification and evaluation of the sources of systemic risks and the underlying dynamics of financial crises in this context;
50. izraža zaskrbljenost, da sedanji nadzorni okvir na nacionalni ali sektorski osnovi morebiti ne bi mogel slediti dinamiki finančnega trga, ter poudarja, da mora imeti dovolj sredstev in mora biti usklajen, da se lahko v primeru velike sistemske krize v več kot eni državi članici ustrezno in hitro odzove;
50. i s concerned that the current nationally and sectorally based supervisory framework may potentially fail to keep pace with the financial market dynamics and stresses that it must be sufficiently well resourced and coordinated to give adequate and quick responses in cases of major systemic crises that affect more than one Member State;
52. pozdravlja nedavno poročilo Evropske komisije, ki ocenjuje Direktivo 2002/47/ES
Welcomes the recent report from the European Commission evaluating Directive 2002/47/EC
UL L 168, 27.6.2002, str.
OJ L 168, 27.6.2002, p.
43. o dogovorih o finančnem zavarovanju (FCD); se seznanja s pripombami Komisije glede pomena zapiranja neto izravnav za zmanjšanje kreditnega tveganja in povečanje učinkovitosti na finančnih trgih, kot tudi za učinkovitejšo razporeditve regulatornega kapitala, ter spodbuja Komisijo, naj pripravi predlog za boljšo usklajenost pravnega reda Skupnosti glede na različne instrumente Skupnosti, vključno s FCD, ki vsebuje določbe o neto izravnavi in izravnavi, morebiti z razvijanjem enotnega instrumenta, ki bo vzpostavil skupna temeljna načela za vsak nacionalni pravni režim za zapiranje neto izravnav;
43. on financial collateral arrangements (FCD); notes the Commission’s comments on the importance of close‑out netting for reduction of credit risk and increasing efficiency in financial markets as well as more efficient allocation of regulatory capital, and encourages the Commission to formulate a proposal for improving the consistency of the acquis in relation to various Community instruments, including the FCD, which contains provisions on netting and set‑off, possibly by developing a single instrument setting out a set of common fundamental principles for each national legal regime for close‑out netting;
Struktura ureditve in nadzora
Architecture of regulation and supervision
54. poziva odbore na tretji stopnji, naj izboljšajo medsektorsko usklajenost bonitetne ureditve in pravil nadzora nad skupino za velike finančne skupine, ki se ukvarjajo z enakimi ali podobnimi produkti, in po posvetovanju z udeleženci ustrezno svetujejo zakonodajalcem, da po potrebi ustrezno revidirajo pravila; poziva jih tudi, naj zagotovijo, da se bodo v vseh državah članicah vse finančne institucije nadzirale na enaki funkcionalni osnovi;
54. u rges the three Level 3 committees to improve cross-sectoral consistency in prudential regulation and group supervision rules for large financial groups dealing with the same or similar products, and, following stakeholder consultation and due procedure give advice to the legislators as to where it is necessary to review the rules; urges them also to ensure that all financial institutions are equally supervised on a functional basis in all Member States;
55. poziva odbore na drugi in tretji stopnji, naj vključijo nacionalno diskrecijsko pravico in čezmerno urejanje tega področja v skladu z osnovno zakonodajo prve stopnje, upoštevajo pa naj nacionalne posebnosti in zlasti strukturne značilnosti posameznih trgov; v zvezi z delom medinstitucionalne skupine za spremljanje predlaga pregled, če bi bilo lahko koristno večje delovanje odborov na tretji stopnji na podlagi postopka odločanja s kvalificirano večino, kjer se morajo njegova načela še določiti; predlaga, naj Parlament odborom na tretji stopnji podeli letni mandat, Svet pa naj pripravi konkretne načrte sodelovanja in izvajanja dogovorjenih ukrepov, z morebitno uporabo proračunskih sredstev EU; priporoča, da se natančneje opredelijo pristojnosti in mandati Lamfalussyjevih odborov na drugi in tretji stopnji, da bodo odražali potrebo po napredku k večjemu približevanju njihovih praks ter jim omogočali zagotavljanje dejavnosti, zavezujoče sklepe do svojih članov ter da bo v postopku posvetovanja z industrijo bilo več vloženega dela malih in srednjih podjetij in vlagateljev;
55. c alls on the Level 2 and Level 3 committees to contain national discretion and gold-plating in line with the basic Level 1 legislation, but take into account national peculiarities and in particular the structural features of individual markets; suggests in the context of the work of the IIMG, a review of whether it may be helpful if Level 3 committees could operate increasingly on the basis of decision-making by some form of qualified majority voting where its principles still have to be defined; suggests that Level 3 committees be given an annual mandate by Parliament and the Council to come up with concrete plans for cooperation and implementation of agreed measures, possibly drawing on EU budgetary resources; recommends that Lamfalussy Level-2 and Level-3 committees' respective powers and mandates be defined more precisely in order to reflect the need to progress towards a greater convergence of their practices and to let them take, within the remit of their activities, binding decisions vis à vis their members, and that the consultation process with industry gets more input form small and medium-sized enterprises and investors;
56. poudarja pomen integriranega evropskega sistema za sodelovanje nacionalnih in sektorskih nadzornih organov, ki lahko zagotovi učinkovit nadzor nad velikimi finančnimi akterji in lokalnimi subjekti, ki so zakoreninjeni v nacionalne tradicije; poudarja, da morajo vsi nadzorniki ustrezno upoštevati tradicije izvajanja nadzora poslovanja na kraju samem; pozdravlja večje sodelovanje odborov na tretji stopnji Odbora evropskih bančnih nadzornikov (CEBS), Odbora evropskih regulativnih organov (CESR) ter Odbora evropskih zavarovalnih in pokojninskih nadzornikov (CEIOPS) ter dejstva, da sedaj izdajajo skupne letne delovne programe;.
56. u nderlines the importance of an integrated European system of cooperating national and sectoral supervisors, capable of securing the efficient supervision of both big financial players and local entities rooted in national traditions; emphasises that all supervisors must take due account of those traditions in the way they execute their conduct of business supervision on-the-spot; welcomes the increasing cooperation of the Level-3 committees CEBS, CESR and CEIOPS and the fact that they now publish joint annual working programmes;
58. razume, zakaj države članice želijo, da se da na voljo čas za uporabo novih ureditev in preskus pred upoštevanjem nadaljnjih korakov k približevanju; poudarja, da se lahko poveča pritisk za upoštevanje centralizirane ureditve nadzora, če ne bo doseženega napredka v tej smeri; zato v teh okoliščinah meni, da je še posebej pomembno tesnejše približevanje pri nadzoru in sodelovanju med domačimi nadzorniki in nadzorniki gostitelji;
Understands why Member States wish to give new arrangements time to be implemented and tested before considering any further moves towards convergence; points out that, if progress is not made in this direction, pressure for consideration of a centralised supervisory arrangement may be increased; therefore advocates that, in these circumstances, closer convergence in supervision and cooperation between home and host supervisors within the existing structures become matters of particular significance;
60. poudarja, da je domače sodelovanje pri nadzoru najpomembnejši sestavni del pri vzpostavljanju enotnega finančnega trga; ugotavlja zlasti, da je treba na področju nadzornih postopkov za odobritve združitve in prevzeme treba še veliko storiti za ustvarjanje učinkovito delujočih finančnih konglomeratov s širšo ekonomijo obsega; meni, da je treba upoštevati področje bančnega trga države, kjer ima sedež prevzeti finančni subjekt;
Emphasises that home-host supervisory cooperation is the most significant building- block in the set-up of the single financial market; notes in particular that in the field of the supervisory approval process for mergers and acquisitions there is much to do to facilitate the creation of efficiently functioning financial conglomerates with wider economies of scale; maintains that the banking market landscape of the country where the acquired financial entity is domiciled must be taken into due consideration;
61. meni, da je zaželena natančnejša porazdelitev vlog med Svetom, Komisijo in odbori na tretji stopnji; prav tako meni, da je za večji nadzor (zlasti v primerih jasne povezave z vprašanji konkurence) potrebna visoka raven neodvisnosti in nevtralnosti, ki ni najbolj združljiva s celotnim političnim profilom; poudarja, da je treba države članice spodbujati k združevanju pristojnosti nacionalnih nadzornikov, zlasti če zadevajo kazni; meni, da bi večje približevanje med nadzorniki olajšalo poslovanje podjetij, za katere sedaj velja več kot eden regulator; poudarja, da je največji izziv v smislu praktičnega sodelovanja pri odborih tretje stopnje; v ta namen predlaga vzpostavitev programov usposabljanja za nadzornike na finančnih trgih ter poziva Komisijo, naj preuči, v kakšnem obsegu se lahko za vso EU določijo standardi usposabljanja za nacionalne nadzornike ob upoštevanju in spodbujanju skupne evropske kulture nadzora;
61. c onsiders that a more precise allocation of roles is desirable between the Council, the Commission, and the Level 3 committees; considers also that for strong supervision (particularly where there is a clear link to competition issues) a high level of independence and neutrality is required, which cannot be well combined with an overly political profile; emphasises that Member States should be encouraged to converge the powers of national supervisors, especially where penalties are concerned; considers that greater convergence among supervisors should facilitate the business of companies now subject to more than one regulator; highlights that the biggest challenge in terms of practical cooperation reside in the Level 3 committees; suggests the creation of training programmes for financial market supervisors to this effect and calls on the Commission to consider to what extent EU-wide standards could be laid down for the training of national supervisors in keeping with, and to promote, a common European supervision culture;
62. pozdravlja odločitev Sveta za ekonomske in finančne zadeve, naj v okviru Odbora za finančne storitve ustanovi podskupino za vprašanja dolgoročnega nadzorstva, katere poročilo je predvideno oktobra 2007; pričakuje, da bo ta skupina pripravila pošteno oceno sedanjih razmer; skupaj s končnim poročilom Medinstitucionalne skupine za spremljanje (IIMG), ki se ga pričakuje jeseni 2007, poročilom Evropskega parlamenta in poročilom o spremljanju bo dana priložnost za oceno preostalih izzivov za vključitev in učinkovitost finančne ureditve in nadzorne strukture, ter zaveza za morebitna priporočila za nadaljnje korake;
62. w elcomes the decision of the Economic and Financial Affairs Council to set up an Financial Services Committee subgroup on long-term supervisory issues, which is due to report in October 2007; expects that group to give a fair assessment of the present situation; together with the final report of the Inter-institutional Monitoring Group (IIMG) that is also expected in autumn 2007, the report of the European Parliament and the expected follow-up report of the European Commission this may create momentum for an assessment of the remaining challenges to the integration and effectiveness of the financial regulation and supervision architecture, and provide commitment for possible recommendations for further steps;
64. poziva medinstitucionalno skupino za spremljanje, naj upošteva širok vidik izzivov in priložnosti, s katerimi se sooča evropski sistem nadzora ter prispeva k dodatni razpravi pri končnih sklepih;
64. i nvites the IIMG to take a broad perspective on the challenges and opportunities facing the European system of supervision and to contribute to a further forward-looking debate in its final conclusions;
Svetovni vpliv
Global impact
65. meni, da večje izenačenje Evropske unije z vodilnim položajem ZDA lahko, glede podrejenosti vrednostnim papirjem ZDA in menjalniškim provizijam, okrepi vpliv Evropske unije in držav članic v svetu; prepričan je, da je treba pojasniti model financiranja in okvir odgovornosti samoregulativnih organov, kot je Uprava za mednarodne računovodske standarde; prav tako upa, da bo Mednarodni denarni sklad ponovno pridobil položaj dejanske svetovne monetarne oblasti in akterja, ki preprečuje krize, zagotavlja finančno stabilnost in odpravlja svetovno neravnovesje;
65. b elieves that a greater counterbalance by the European Union to US leadership could reinforce the influence of the European Union and Member States globally as regards the authority of the US Securities and Exchange Commission; is convinced that the funding model and accountability framework of self-regulatory bodies such as the International Accounting Standards Board, should be clarified; hopes that it will also be possible to bring the International Monetary Fund back on track as a real global monetary authority and actor to prevent crises, guarantee financial stability, and restore global imbalances;
67. meni, da so pri soočanju z nekaterimi novimi globalnimi izzivi in tveganji primerljivi regulativni odzivi na glavnih finančnih trgih ustrezni; zaveda se, da zakonodaja Skupnosti vpliva na odnose s tretjimi državami; poziva Komisijo, naj ohrani intenziven dialog in tehnično sodelovanje med Evropsko unijo in državami v razvoju za zagotavljanje učinkovitosti in kakovosti globalnega pravnega in regulativnega okvira finančnih storitev;
Believes that comparable regulatory responses in the main financial marketplaces are appropriate in the face of some new global challenges and risks; is aware that Community regulation has an impact on relations with third countries; urges the Commission to maintain intense dialogue and technical cooperation between the European Union and developing countries for ensuring efficiency and quality of global legal and regulatory financial services frameworks;
68. opozarja na vodilno vlogo Evropske unije pri sedanjem delu projekta Solventnost II ter pričakuje, da bo ta vloga vplivala na svetovno regulativno strukturo in dejavnosti določanja standardov Mednarodne organizacije zavarovalnih nadzornikov;
68. p oints to the leading role of the European Union in the current work on the Solvency II framework and expects that role to influence the global regulatory architecture and the standard-setting activities of the International Association of Insurance Supervisors;
Akcijski načrt za finančne storitve je prispeval k oblikovanju integriranega in dobro delujočega evropskega kapitalskega trga, ki prevzema vodilno vlogo v svetu zlasti zaradi kakovosti in stabilnosti ureditve.
The Financial Services Action Plan has contributed to delivering an integrated and well functioning European capital market that is taking the lead in the world not least because of the quality and solidity of its regulations.
Postavlja se vprašanje: kdo ima koristi od tega uspeha?
The question is now: who is profiting from this success?
Ali imajo končni uporabniki enako velike koristi kot veliki večnacionalni akterji, ki so okrepili svoj mednarodni položaj z združevanjem, ki jim je omogočilo precej dominantne položaje na vrhu finančnih trgov?
Are end users profiting to the same extent as the large multinational players that strengthened their international position in a consolidation that led to pretty dominant positions in the top of the financial markets?
Združevanje na vrhu trga je močno, s 30 do 40 največjimi čezmejnimi finančnimi akterji in veliko koncentracijo v več državah članicah.
Consolidation at the top of the market is strong, with 30 - 40 major cross border financial players and a high concentration in several member states.
Dejavnosti združevanja in prevzemanja so bile pogoste, na nacionalnih trgih v novih državah članicah pa prevladujejo tuji akterji.
Merger and acquisition activity have been high and national markets in new member states are dominated by foreign players.
Meje med sektorji so vedno bolj zabrisane s pomočjo direktiv, kot sta direktiva o trgih finančnih instrumentov, ki je sprožila pobude, kot je projekt Turquoise na področju nadomestnih platform za trgovanje, in direktiva o kapitalskih zahtevah ter projekt Solventnost II, ki omogočajo zbliževanje bančnih in zavarovalniških dejavnosti z naprednimi sistemi za obvladovanje tveganja.
The borders between the sectors are becoming increasingly blurred, with the aid of directives such as MIFID, which has led to initiatives such as project Turquoise in the area of alternative trading platforms, and the CRD and Solvency 2 which offer the possibility of convergence of banking and insurance activity through advanced risk management systems.
Visoka raven združevanja lahko sproži vprašanja v zvezi z zakonodajo o konkurenci in tržno nepopolnost.
The high level of consolidation may lead to issues of competition law and market failure.
Ali lahko velika javna družba (ki kotira na eni večjih borz, ki so popolnoma vključene v takšen postopek združevanja), preživi brez bonitetne ocene ene ali več od 3 glavnih bonitetnih agencij, ne da bi prevzem ali združitev spremljale storitve vodilnih investicijskih bank, ali brez ene od 4 velikih revizijskih podjetij za pripravo finančnega izkaza?
Can a big listed company (listed on one of the bigger stock exchanges fully involved in such a consolidation process) survive without a rating of one or more of the 3 major rating agencies, without the services of top investment banks accompanying a major acquisition or merger, or without one of the 4 big audit firms for their financial statements?
Kaj se dogaja za in med kitajskimi zidovi Londona in drugih finančnih središč?
What happens behind and between the Chinese walls of the City of London and other financial centres?
Ali je povsem na vrhu trga dovolj konkurence?
Is there sufficient competition at the top end of the market?
To je prvo vprašanje, ki se postavlja v tem poročilu ter spodbuja predloge za bolj poglobljene študije gospodarskega vpliva in raziskave GD za konkurenco, s sodelovanjem z organi v ZDA in drugod po svetu, če je mogoče.
That is a first question raised in this report, leading up to suggestions for more in depth economic impact studies and DG Competition sector inquiries, where possible in cooperation with authorities in the US and elsewhere in the world.
Drug pomemben pojav v zvezi s tem je hitro pojavljanje nadomestnih naložbenih podjetij, ki imajo pogosto sedež v eksotičnih krajih zunaj EU.
Another important topical phenomenon is the rapid rise of the alternative investment business, often based in exotic places outside the EU.
Ali zasebna kapitalska podjetja in skladi za zavarovanje vlaganj v tvegane naložbe dejanskemu gospodarstvu prinašajo želene naložbe v inovacije, trajnostno rast, bolj kakovostna delovna mesta in socialno kohezijo?
Do private equity firms and hedge funds bring the real economy the desired investments in innovation, in sustainable growth, in a higher quality of jobs and social cohesion?
Ali pa so prinesla veliko večje finančne vzvode v breme dolgov družb, s čimer so oslabila status njihovih obveznic, ter večji obseg in soodvisnost tveganj, vključenih v obsežne finančne produkte, kot so izvedeni finančni instrumenti kreditnega tveganja?
Or have they brought a much higher leverage on companies’ debt burdens, degrading of their bonds’ status, and higher complexity and interdependency of risks involved in complex financial products like credit risk derivatives?
Ali lahko tehnike za zavarovanje pred tveganji, ki zmanjšujejo tveganja za posamezne vlagatelje, razširijo in zmanjšajo tveganja tudi na makro ravni ali le spodbujajo čredno obnašanje?
Are hedging techniques that diminish the risks for individual investors, also able to spread and diminish risks at the macro level or do they only lead to herd behaviour?
Komisar McCreevy zaenkrat očitno le spodbuja te nadomestne vlagatelje kot ponudnike likvidnosti in dejavne delničarje.
Commissioner McCreevy so far seems only to promote these alternative investors as providers of liquidity and as activist shareholders.
Zlasti si prizadeva za odpravo ovir za zasebno plasiranje in zavrača vse razprave o dodatni ureditvi.
His main concern is to take away barriers for private placement and he resists any discussion about further regulation.
Bonitetni nadzorni organi, centralne banke in ECB se tako kot primerljivi organi v ZDA vedno bolj zavedajo finančne stabilnosti in sistemskih tveganj.
Prudential supervisors, Central Banks and the ECB, like their counterparts in the USA are becoming more aware of the financial stability and systemic risks involved.
Izvajajo se nekatere raziskave o tržni manipulaciji in trgovanju z notranjimi informacijami.
Some inquiries have started on market manipulation and insider dealing.
Vedno večji finančni vzvodi in deleži dolga, s katerimi so obremenjena podjetja, vedno večja tveganja odkupnih bank ter vedno bolj obsežna struktura finančnih tehnik, namenjenih diverzifikaciji in razširjanju tveganj (kot so izvedeni finančni instrumenti kreditnega tveganja), so sprožili opozorila in preiskave.
The increasing leverage and debt ratios imposed on companies, the growing risks for underwriting banks, and the increasingly complex architecture of financial techniques meant to diversify and spread risks (such as credit risk derivatives) have led to warnings and investigations.
Drugi učinek večje diverzifikacije in likvidnosti je večja soodvisnost naložb in tveganj, ki lahko v primeru velikega neizpolnjevanja obveznosti povzroči nepredvidene verižne učinke na celotnem svetovnem finančnem trgu.
The obverse of greater diversification and liquidity is a greater interdependency between investments and risks, which in case of a major default might lead to unforeseen domino effects in the whole global financial market.
Poleg posameznih pregledov in spremljanja urejenih delov sistema ter boljše registracije in spremljanja neurejenih delov je potrebna splošna makrobonitetna ocena sistemskih in operativnih tveganj v sodelovanju vseh nadzornih organov in političnih akterjev.
Besides individual screening and monitoring of the regulated parts of the system, and better registering and monitoring of the unregulated parts, an overall macro-prudential assessment of systemic and operational risks is what is needed in cooperation between all supervisors and political actors.
Tretja tema poročila je veliko nižja stopnja vključitve v maloprodajne finančne trge.
A third theme of the report is the much lower degree of integration in the retail financial markets.
Odgovor na stalno prisotnost tradicionalnih domačih struktur maloprodajnega financiranja ni preprosto to, da je treba odpreti nacionalne trge s prisilnim sprejemanjem tujih produktov in načinov prodaje na podlagi ureditev nadzora in varstva potrošnikov iz države porekla.
The answer to the persistent prevalence of traditional domestic structures of retail financing is not simply to open up the national markets by forcing acceptance of foreign products and sales methods on the basis of supervisory and consumer protection regimes of their country of origin.