natgillin/translations-raw huggingface dataset:
– ob upoštevanju direktive Evropskega parlamenta in Sveta 2002/87/ES z dne 16. decembra 2002 o dopolnilnem nadzoru kreditnih institucij, zavarovalnic in investicijskih družb v finančnem konglomeratu
– having regard to Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate
UL L 35, 11.2.2003, str.
OJ L 35 , 11.2.2003, p.
UL L 145, 30.04.04, str.
OJ L 145, 30.4.2004, p.
– ob upoštevanju direktive Evropskega parlamenta in Sveta 2006/48/ES z dne 14. junija 2006 o začetku opravljanja in opravljanju dejavnosti kreditnih institucij (preoblikovano)
– having regard 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 (recast)
– ob upoštevanju direktive Evropskega parlamenta in Sveta 2006/49/ES z dne 14. junija 2006 o kapitalski ustreznosti investicijskih podjetij in kreditnih institucij (preoblikovano)
– having regard to 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 institutions (recast)
– ob upoštevanju predloga Komisije za direktivo Evropskega parlamenta in Sveta o življenjskem zavarovanju o začetku opravljanja in opravljanju dejavnosti zavarovanja in pozavarovanja (Solventnost II) (preoblikovano) ( KOM(2008)0119 ),
– having regard to the amended Commission proposal for a directive of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast) ( COM(2008)0119 ),
– ob upoštevanju sporočila Komisije Svetu in Evropskemu parlamentu z dne 27. septembra 2004 o preprečevanju korporacijske in finančne zlorabe ter boju proti njima ( KOM(2004)0611 ),
– having regard to the Commission Communication of 27 September 2004 on Preventing and Combating Corporate and Financial Malpractice ( COM(2004)0611 ),
– ob upoštevanju priporočila Komisije 2004/913/ES z dne 14. decembra 2004 o spodbujanju ustreznega sistema prejemkov direktorjev javnih družb
– having regard to the Commission Recommendation 2004/913/EC of 14 December 2004 fostering an appropriate regime for the remuneration of directors of listed companies
UL L 358, 29.12.2004, str.
OJ L 358, 29.12.2004, p.
– ob upoštevanju svojih resolucij z dne 11. julija 2007 o politiki finančnih storitev (2005–2010 – Bela knjiga
– having regard to its resolutions of 11 July 2007 on financial services policy (2005–2010) - White Paper
UL C 125E, 10.7.2008, str.
OJ C 175E, 10.7.2008, .p.
392. ), 4 julija 2006 o nadaljnji konsolidaciji na področju evropske industrije finančnih storitev
392. ), of 4 July 2006 on consolidation of financial services industry
UL C 303E, 13.12.2006, str.
OJ C 303E, 13.12.2006, p.
110. , 28. aprila 2005 o trenutnem stanju povezovanja finančnih trgov EU
110. , of 28 April 2005 on the current state of integration of EU financial markets
UL C 45E, 23.2.2006, str.
OJ C 45E, 23.2.2006, p.
140. in 21. novembra 2002 o pravilih bonitetnega nadzora v Evropski uniji
140. and of 21 November 2002 on prudential supervision rules in the European Union
– ob upoštevanju poročila foruma za finančno stabilnost o povečanju prožnosti trga in finančnih institucij z dne 7. aprila 2008,
– having regard to the Report of the Financial Stability Forum on Enhancing Market and Institutional Resilience of 7 April 2008,
– ob upoštevanju poročila Odbora za ekonomske in monetarne zadeve ( A6-0359/2008 ),
– having regard to the report of the Committee on Economic and Monetary Affairs ( A6‑0359/2008 ),
A. ker je v teku pregled direktiv 2006/48/ES in 2006/49/ES ter pričakovani predlog o bonitetnih agencijah,
A. whereas there is an ongoing review of Directives 2006/48/EC and 2006/49/EC and an expected proposal on Credit Rating Agencies,
B. ker Komisija ni obravnavala vrste zahtev Parlamenta, vključno s tistimi, ki so vključene v omenjene resolucije in ker je v prilogi določen seznam priporočil za izboljšanje učinkovitosti nadzora finančnih trgov,
B. whereas the Commission has not addressed a series of requests from Parliament, including those made in its above-mentioned resolutions and whereas a list of recommendations as to how the functioning of financial markets supervision might be improved is set out in the Annex,
C. ker finančni nadzor ni v koraku s procesom povezovanja trgov in svetovni razvoj finančnih trgov zahteva posodobitev obstoječih regulativnih in nadzornih sistemov za boljše reševanje sistemskih tveganj, zagotavljanje finančne stabilnosti, izpolnjevanje ciljev Evropske unije in prispevanje k boljšemu svetovnemu finančnemu upravljanju,
C. whereas financial supervision has not kept pace with market integration and the global evolution of financial markets demanding an update of the existing regulation and supervision systems in order to tackle systemic risks better, provide financial stability, attain the objectives of the European Union and contribute to an improved global financial governance,
D. ker naj bi zakonodajni predlogi Parlamenta temeljili na načelih, priporočila, določena v prilogi pa je treba pripraviti v posvetovanju z nadzornimi organi, udeleženci na finančnih trgih in drugimi ustreznimi organi,
D. whereas any suggestion made by Parliament for legislation should be principle based and the recommendations set out in the Annex should be developed in consultation with the supervisory authorities, financial markets participants and other relevant bodies,
E. ker se povečuje število vseevropskih subjektov, katerih dejavnost zajema več držav; ker je povezovanje številnih nacionalnih organov povečalo kompleksnost in je zabrisalo meje odgovornosti, zlasti za makrobonitetni nadzor in obvladovanje kriznih razmer,
E. whereas there is a growing number of pan-European entities, whose activities span several countries; whereas the interlocking of many national authorities has increased complexity and blurred the lines of responsibility, especially for macro-prudential supervision and crisis management,
F. ker se je sedanja finančna kriza, ki so jo sprožila drugorazredna hipotekarna posojila v Združenih državah in iz njih izvedeni instrumenti, razširila po celem svetu zaradi zelo integrirane in nalezljive narave trgov, kar utrjuje domneve, da obstoječa ureditev in nadzor finančnega trga nista dovolj usklajena niti na ravni EU niti na mednarodni ravni in ker je zato dobrodošla reforma ureditve in nadzora finančnega trga,
F. whereas the current financial crisis, which was triggered by US subprime mortgages and derived products, has spread worldwide due to the increasingly integrated nature of markets, reinforcing the indication that existing financial market regulation and supervision is not sufficiently convergent at either EU or international level; whereas a reform of financial market regulation and supervision is therefore welcome,
G. ker je kriza povzročila zaostritev kreditnih pogojev, kar zahteva višjo ceno kredita za številne udeležence na trgu in ker sta zaradi sedanjih pretresov na finančnih trgih oslabljena dolgoročna gospodarska rast in zaposlovanje,
G. whereas the crisis has led to a credit squeeze entailing a higher price of credit for many market players; whereas economic growth and employment are impaired by the current turmoil on the financial markets,
H. ker so posredništvo na kapitalskih trgih in nove vrste finančnih nosilcev prinesli koristi, vendar so tudi privedli do novih virov sistemskega tveganja na svetovni ravni,
H. whereas capital markets intermediation and new kinds of financial vehicles did bring about benefits, but have also given rise to new sources of systemic risk globally,
I. ker je model izdajanja in distribucije okrepil konkurenco in razširil tveganje, vendar tudi oslabil spodbude za vrednotenje in spremljanje tveganja in v nekaterih primerih privedel do oslabitve skrbnosti pri poslovanju,
I. whereas the "originate-to-distribute" model has enhanced competition and spread risk, but has also weakened incentives to evaluate and monitor risk and has led to a breakdown in due diligence in some cases,
J. ker so neustrezne prakse, kot je neustrezno obvladovanje tveganja, neodgovorno posojanje, prevelika zadolženost (finančni vzvod), nezadostna skrbnost ter nenaden pojav nelikvidnosti, veliko tveganje za finančne institucije in lahko ogrozijo finančno stabilnost,
J. whereas improper practices such as inadequate risk management, irresponsible lending, excessive debt (leverage), weak due diligence and sudden withdrawal of liquidity pose significant risks to financial institutions and may threaten financial stability,
K. ker inovativne tehnike, namenjene zmanjševanju tveganja na mikro ravni in so same po sebi v skladu s sedanjo uredbo, lahko povzročijo koncentracijo tveganja in sistemsko tveganje,
K. whereas innovative techniques, which were designed to diminish risk at the micro level, and were in themselves compliant with current regulation, could lead to risk concentration and systemic risk,
L. ker je treba preprečiti škodljivo regulativno arbitražo,
L. whereas harmful regulatory arbitrage should be prevented,
M. ker je treba zagotoviti ustrezno raven preglednosti za javnost, vlagatelje in nadzorne organe,
M. whereas adequate levels of transparency towards the public, investors and supervisory authorities must be ensured,
N. ker naj odškodninske sheme, ki odražajo uspešnost posameznikov in družb, ne bi nagrajevale pretiranega kratkoročnega tveganja na račun potrebne dolgoročne uspešnosti in varnega poslovanja,
N. whereas compensation schemes which reflect individual and corporate performance should not reward excessive risk-taking for short-term, at the expense of necessary long-term, performance and prudence,
O. ker je treba navzkrižja interesov, ki lahko nastanejo zaradi poslovnega modela finančnih institucij, bonitetnih agencij ter revizijskih podjetij in odvetniških pisarn, reševati in spremljati,
O. whereas conflicts of interest , which may arise from the business model used by financial institutions, credit rating agencies, and audit and law firms, must be addressed and monitored,
P. ker so neuspehi bonitetnih agencij pri kompleksno strukturiranih produktih ter napačno razumevanje bonitetnih ocen s strani udeležencev na trgu ustvarili veliko negativnih zunanjih dejavnikov in tržnih negotovosti in ker je treba proučiti postopke bonitetnih agencij,
P. whereas failures by credit rating agencies in respect of complex structured products and misconceptions of the meaning of ratings by market participants have generated substantial negative externalities and market uncertainties; whereas credit rating agencies' procedures need reviewing,
Q. ker samoregulativne rešitve, ki so jih predlagale bonitetne agencije, še niso preizkušene in so verjetno nezadostne, da bi izpolnile ključno vlogo, ki jo imajo v finančnih sistemih,
Q. whereas self-regulatory solutions, proposed by the credit rating agencies are as yet untested and probably insufficient to meet the pivotal role they play in the financial system,
R. ker mora povezovanje trgov, ki je na splošno koristno, spremljati ustrezno vključen pristop k nadzoru, ki tudi preprečuje nepotrebne birokratske postopke in je skladen s politikami boljše pravne ureditve,
R. whereas market integration, while generally beneficial, should be accompanied by an appropriately integrated approach to supervision, which also avoids unnecessary red tape and is consistent with better regulation policies,
S. ker mora Komisija opraviti celovito oceno vpliva zakonodajnega predloga,
S. whereas the Commission should carry out a comprehensive impact assessment of a legislative proposal,
T. ker Evropska unija potrebuje doslednejšo, učinkovitejšo ter ustrezno izvajano, vendar ne preveč obremenjujočo ureditev in nadzor, da se zmanjša tveganje za prihodnje finančne krize ter da se zagotovi enake čezmejne konkurenčne pogoje in konkurenčne pogoje med vsemi udeleženci na trgu in ker bi morala Evropska unija imeti vodilno vlogo na mednarodnem prizorišču, pa tudi okrepiti dosledno izvajanje in konvergenco svojih lastnih predpisov in nadzora,
T. whereas the European Union needs more consistent and effective, properly implemented, but not overly burdensome, regulation and supervision in order to mitigate the risk of future financial crises and ensure a level playing field across borders and among all market participants; whereas the European Union should play a leading international role as well as reinforce consistent implementation and convergence of its own regulation and supervision,
U. ker je potrebna obsežna proučitev sedanje regulativne in nadzorne ureditve EU, skupaj z ukrepi za izboljšanje svetovnega nadzornega sodelovanja, ki zajema okvir kapitalske ustreznosti, preglednost in upravljanje kot bistvene pogoje za izboljšano in učinkovito regulativno in nadzorno ureditev na usklajen način,
U. whereas a comprehensive review of current EU regulatory and supervisory arrangements is necessary together with measures to improve global supervisory cooperation covering the capital adequacy framework, transparency, and governance as key prerequisites for effective regulatory and supervisory arrangements in a coordinated manner,
V. ker bi moral biti nadzorni pristop prilagojen posebnostim dejavnosti in tistim njenim vidikom, ki so že regulirani in ker so cilji nadzora finančnih trgov in bonitetnega nadzora posameznih institucij različni,
V. whereas the supervisory approach should be adapted to specificities of the business and aspects of it that are already regulated; whereas the objectives of financial market supervision and the prudential supervision of particular institutions vary,
W. ker morajo prihodnji predlogi upoštevati pogajanja o predlogu za Solventnost II ter pregled direktiv 2006/48/ES in 2006/49/ES,
W. whereas future proposals should take account of negotiations on the Solvency II proposal and the review of Directives 2006/48/EC and 2006/49/EC,
X. ker mora sodelovanje pri nadzoru upoštevati tudi dimenzijo tretjih držav v nadzoru mednarodnih skupin, saj ima večina, če že ne vse večje finančne skupine v Evropski uniji, interese v tretjih državah,
X. whereas supervisory cooperation needs to take into account the third-country dimension of supervision of international groups as most, if not all, major financial groups in the European Union have third-country interests,
Y. ker se na podlagi sklepov Sveta 3. junija 2008, 4. decembra 2007 in 9. oktobra 2007 že izvaja obsežen delovni program za usmerjene izboljšave mehanizma sodelovanja pri nadzoru v EU in ker so v Evropski uniji in drugod po svetu v teku obsežni delovni programi, katerih namen je spoznati vzroke pretresov na trgih in se nanje ustrezno odzvati,
Y. whereas following the Council conclusions of 3 June 2008, 4 December 2007 and 9 October 2007, a major programme of work is already under way to make targeted improvements to the arrangements for EU supervisory cooperation; whereas extensive programmes of work are also under way in the European Union and worldwide with a view to understanding the causes of market turmoil and responding appropriately,
1. zahteva, naj Komisija Parlamentu do 30. novembra 2008 na podlagi členov 44, 47(2), 55, 95, 105(6), 202, 211 ali 308 Pogodbe ES predloži zakonodajni predlog ali več predlogov o zadevah, ki so obravnavane v podrobnih priporočilih v nadaljevanju;
Requests the Commission to submit to Parliament by 30 November 2008, on the basis of Article 44, Article 47(2), Article 55, Article 95, Article 105(6), Article 202, Article 211 or Article 308 of the EC Treaty, a legislative proposal or proposals covering the matters dealt with in the detailed recommendations below;
Priporočilo 1 – osnovni pogoji za učinkovito regulativno in nadzorno ureditev
Recommendation 1 - B asic prerequisites for effective regulatory and supervisory arrangements
Evropski parlament meni, da se mora(-jo) zakonodajni akt(-i), ki se bo(-do) sprejel(-i), osredotočiti na ureditev:
The European Parliament considers that the legislative act(s) to be adopted should aim to regulate:
Ukrepi za izboljšanje regulativnega okvira EU za finančne storitve:
Measures to improve the EU financial services regulatory framework:
Okvir kapitalske ustreznosti , zlasti:
Capital adequacy framework , in particular:
(a) revizija pravil o kapitalskih zahtevah z okrepitvijo določb o obvladovanju tveganja, likvidnosti, skladno in po potrebi proticiklično za vse subjekte, ki delujejo na finančnih trgih ter ob upoštevanju sistemskega tveganja;
(a) revise capital requirements rules by strengthening risk management, liquidity and exposure provisions in a consistent and, where appropriate, counter-cyclical manner for entities operating on financial markets, and ensure appropriate capital requirements for all entities operating on financial markets while taking into account systemic risk;
(b) povečanje prilagodljivosti okvira kapitalske ustreznosti, da bo lahko reševal motnje na finančnem trgu ter hkrati upošteval pristojnost nacionalnih organov;
(b) enhance the resilience of the capital adequacy framework to be able to deal with financial market disruption, whilst respecting the responsibilities of national authorities;
c) zagotovitev, kolikor je to mogoče, proticikličnost pravil;
(c) ensure that the rules are counter-cyclical as far as possible;
d) reforma okvira za boljše obvladovanje tveganja ter zagotovitev ustreznosti matematičnih modelov in po potrebi razširitev vrste scenarijev in pogostosti testiranja izjemnih situacij;
(d) reform the framework to improve risk management; ensure adequacy of mathematical models, and, as appropriate, expand the range of scenarios and frequency of stress testing;
(e) zagotovitev ustreznih kapitalskih zahtev za kompleksne finančne produkte in izvedene finančne instrumente;
(e) ensure appropriate capital requirements for complex financial products and derivatives;
f) zagotovitev razkritja zunajbilančnih postavk, nosilcev strukturiranih naložb in katerega koli sistema likvidnostne pomoči ter zahtevanje ustrezne ocene tveganj, ki jih povzročajo, tako da se udeleženci na trgu zavedajo njihovega obstoja in načina delovanja.
(f) ensure disclosure of off-balance-sheet items, structured investment vehicles (SIVs) and any liquidity assistance facility, and require proper assessment of the risks that they pose, so that market participants are aware of their existence and of how they operate.
Ukrepi za boljšo preglednost:
Measures to improve transparency:
(a) Listinjenje : spodbujanje preglednosti in jasnosti ter zagotavljanje podatkov o kompleksnih finančnih produktih in postopku listinjenja, upoštevajoč pobude, ki jih vodi industrija na tem področju ter zagotavljanje, da postopki listinjenja in ocenjevanja bonitete ne privedejo do neupravičenega porasta skupne vrednosti listinjenega produkta nad vrednost osnovnih sredstev;
(a) Securitisation: foster transparency, clarity and the provision of data on complex financial products and the securitisation process, taking into account industry-led initiatives in this area; ensure that the securitisation and credit rating process does not result in an unjustified increase in the total value of the securitised product beyond the value of the underlying assets,
(b) Kompleksni finančni produkti: zagotavljanje, da agencije za ocenjevanje bonitete uporabljajo skladno in ustrezno terminologijo v zvezi z ocenjevanjem bonitete, ki pojasnjuje, kako se ti produkti med seboj razlikujejo, predvsem glede volatilnosti ali kompleksnosti, upoštevajoč potrebo vlagateljev, da razvijejo postopke za ocenjevanje bonitete strukturiranih produktov, ne da bi se pri tem zanašali zgolj na bonitetne ocene;
(b) Complex Financial Products (CFS): ensure that credit rating agencies use consistent and appropriate rating terminology that clarifies how such products differ among themselves especially in terms of volatility, complexity and vulnerability to market stress, while taking account of the need for investors to develop procedures to assess the quality of structured products without relying solely on ratings;
c) Računovodska pravila, vrednotenje in oblikovanje cen:
(c) Accounting rules, valuation and pricing :
(i) zagotovitev ustrezne računovodske obravnave materialnih nosilcev listinjenja, tako da podjetja in finančne institucije ne morejo umetno izključevati materialnih družb s posebnim namenom ali nosilcev strukturiranih naložb itd. iz svoje bilance stanja;
(i) ensure an appropriate accounting treatment of material securitisation vehicles, so that companies and financial institutions cannot artificially keep material special purpose vehicles or SIVs, etc. off their balance sheets;
ii) zagotovitev pravil v zvezi s standardi vrednotenja in oblikovanja cen kompleksnih finančnih proizvodov, predvsem v okviru MRS 39, ki naj se oblikujejo v sodelovanju z odborom za mednarodne računovodske standarde in drugimi pristojnimi mednarodnimi organi;.
(ii) ensure that the rules on valuation and pricing standards for complex financial products are appropriate, in particular in the context of IAS 39, to be elaborated in cooperation with the IASB and other competent international bodies.
d) Neurejeni trgi: povečanje preglednosti prostih trgov z ozirom na njihovo likvidnost in obravnavanje glavnih virov sistemskega tveganja (tj. koncentracija tveganja nasprotne stranke), in kjer je to primerno, spodbujanje udeležencev na trgu, da kliring trgovine na prostem trgu izvajajo klirinške hiše.
(d) Unregulated markets: increase transparency of over-the-counter (OTC) markets with regard to their liquidity, address major sources of systemic risk (i.e. counterparty concentration risk), and, where appropriate, encourage market participants to clear OTC trades in clearing houses.
Ukrepi glede upravljanja:
G overnance measures :
(a) Listinjenje : zahteva, naj izvorne osebe ocenijo in spremljajo tveganje ter zagotovijo preglednost svojega dolga ali hipotekarno zavarovanih vrednostnih papirjev ter tako omogočijo vlagateljem potrebno skrbnost poslovanja;
(a) Securitisation: Require originators to assess and monitor risk and ensure transparency of the debt or mortgage backed securities in order to allow investors to perform adequate due diligence.
(b) Sistemi prejemkov : ter zagotavljanje, da finančne institucije razkrijejo politiko prejemkov, zlasti osebne prejemke in pakete kompenzacije posameznih direktorjev ter zagotavljanje, da so vsi posli glede upravljanja jasno razvidni iz računovodskih izkazov ter zahteva, da organi bonitetnega nadzora v oceno upravljanja tveganja vključijo vpliv sistemov prejemkov, dodatkov in obdavčevanja, da se zagotovi, da vključujejo uravnotežene spodbude in ne spodbujajo prevzemanja prevelikega tveganja;
(b) Remuneration schemes : ensure financial institutions disclose their remuneration policy, in particular the remuneration and compensation packages of directors; ensure that all transactions involving management can be clearly identified in the financial statements; ensure prudential supervisors include in their assessment of risk management the influence of remuneration, bonus schemes and taxation to ensure that they contain balanced incentives and do not encourage extreme risk taking.
c) Ureditev odgovornosti pravnih oseb: zagotavljanje ureditve odgovornosti, določitev primernih denarnih kazni in drugih kazni za neupoštevanje zakonodaje o finančnih storitvah, kar bo omogočalo, da se vodstvenim delavcem v finančnih institucijah v primeru opustitve dolžnosti ali nepravilnega trgovanja izreče suspenz ali prepove opravljanje dela v vseh ali v ustreznih segmentih finančnega sektorja;
(c) Corporate liability regime: ensure that liability regimes providing for appropriate fines and other penalties for failure to comply with financial services legislation are established, allowing executives in financial institutions to be suspended or disqualified from working in all or relevant parts of the financial sector in the event of a breach of duty or wrongful trading;