natgillin/translations-raw huggingface dataset:
V primeru pomanjkanja zanesljivih podatkov ali zapletenosti strukture nove vrste instrumenta ali nezadovoljive kakovosti razpoložljivih informacij ali ko se zaradi njih pojavljajo resni dvomi o tem, ali lahko bonitetna agencija zagotovi verodostojno bonitetno oceno, bonitetna agencija ne izda bonitetne ocene.
In case where the lack of reliable data or the complexity of the structure of a new type of instrument or the quality of information available is not satisfactory or raises serious questions as to whether a credit rating agency can provide a credible credit rating, the credit rating agency shall refrain from issuing a credit rating.
V primeru dvoma glede kakovosti informacij, ki podpirajo sedanje ocene, ali zapletenosti ustreznega razkritja finančnega instrumenta bi bilo pregledovanje bonitetnih ocen najustreznejši odgovor.
Where doubt emerges over the quality of information that supports the current rating or complexity of the financial instrument appropriate disclosure and rating review would be the most appropriate response .
Bonitetna agencija razlikuje med ocenami strukturiranih finančnih proizvodov in tradicionalnih obveznic.
A credit rating agency shall differentiate ratings of structured finance products from traditional bond ratings.
Prav tako navede, ali proizvod ocenjuje prvič oziroma ali ocenjuje nov proizvod.
A credit rating agency shall also indicate when they are rating a product for the first time and when they are rating a newly-created product.
Priloga I – oddelek D – del I – točka 3 – odstavek 2 b (novo)
Annex I – Section D – part I – point 3 – paragraph 2 b (new)
Spremembe kakovosti razpoložljivih informacij za spremljanje obstoječe bonitetne ocene se objavi in bonitetna ocena se pregleda ter po potrebi revidira.
Changes in the quality of information available for monitoring an existing credit rating shall be made public and the credit rating shall be reviewed and, if appropriate, revised.
Priloga I – oddelek D – del II – točka 1
Annex I – Section D – part II – point 1
Kadar bonitetna agencija oceni strukturiran finančni instrument, v bonitetni oceni navede informacije o analizi izgub in denarnih tokov, ki jo je izvedla.
Where a credit rating agency rates a structured finance instrument, it shall provide in the credit rating information about loss and cash-flow analysis it has performed.
Kadar bonitetna agencija oceni strukturiran finančni instrument, v bonitetni oceni navede informacije o analizi izgub in denarnih tokov, ki jo je izvedla ali se nanjo sklicuje, in tudi podatek o pričakovani spremembi bonitetne ocene ( kazalec stabilnosti bonitete) .
Where a credit rating agency rates a structured finance instrument, it shall provide in the credit rating all information about loss and cash-flow analysis it has performed or is relying upon a nd an indication of an y expected change of the credit rating (credit stability indicator) .
Priloga I – oddelek E – del II – točka 2
Annex I – Section E – part II – point 2
a) seznam 20 največjih strank bonitetne agencije glede na prihodek;
a) a list of the largest 20 clients of the credit rating agency by revenue;
b) seznam tistih strank bonitetne agencije, katerih prispevek k stopnji rasti prihodka bonitetne agencije je v prejšnjem finančnem letu več kot 1,5-kratno presegel stopnjo rasti skupnih prihodkov bonitetne agencije v tistem letu; vsaka taka stranka se v ta seznam vključi samo, če je v tistem letu bonitetna agencija na svetovni ravni z njo ustvarila več kot 0,25 % svojih skupnih prihodkov.
b) a list of those clients of the credit rating agency whose contribution to the growth rate in the revenue of the credit rating agency in the previous financial year exceeded the growth rate in the total revenues of the credit rating agency in that year by a factor of more than 1.5 times; each such client shall only be included on this list where in that year it accounted for more than 0.25 % of the worldwide total revenues of the credit rating agency at global level.
Za namene prvega pododstavka točke 2 „stranka” pomeni podjetje, njegova podrejena podjetja in povezana podjetja, v katerih ima podjetje delež, večji od 20 %, in vse druge subjekte, za katere je podjetje v imenu neke stranke izpogajalo strukturiranje izdaje dolžniških instrumentov, pri čemer je bila bonitetni agenciji posredno ali neposredno plačana provizija za bonitetno oceno izdaje teh dolžniških instrumentov.
For the purposes of the first subparagraph of point 2 "client" shall mean a company, its subsidiaries, and associated companies in which the company has holdings of more than 20 %, as well as any other entities in respect of which it has negotiated the structuring of a debt issue on behalf of a client and where a fee was paid, directly or indirectly, to the credit rating agency for the rating of that debt issue.
Priloga II – odstavek 2
Annex II – paragraph 2
2. ime in kontaktni podatki osebe za stik ;
2. name and contact details of a contact person ;
2. ime in kontaktni podatki nadzornika skladnosti, kot je opredeljeno v Prilogi I ;
2. name and contact details of the compliance officer as defined in Annex I ;
Uredba o bonitetnih agencijah je bila potrebna zaradi pomanjkljivosti in nepravilnosti pri izdajanju in spremljanju bonitetnih ocen, ki jih te agencije pripravljajo.
It has been made necessary to draw up a regulation on credit rating agencies because of the inadequacies and failures noted in the issuing and monitoring of credit ratings issued by credit rating agencies.
Jasno je tudi, da so te pomanjkljivosti in nepravilnosti prispevale k trenutni svetovni finančni krizi.
It is clear that these inadequacies and failures have partially contributed to the current global financial crisis.
Bonitetne agencije, ki so dejansko v oligopolnem položaju, so podcenjevale kreditno tveganje, značilno zlasti za strukturirane kreditne proizvode, in po sesutju trgov niso prilagodile bonitetnih ocen.
Credit rating agencies, which constitute a de facto oligopoly, have clearly underestimated the credit risk inherent particularly in structured credit products and have not adapted their ratings when the markets have fallen.
Razlogov za te nepravilnosti, ki so imele tako pomembne posledice, je veliko in so različni: neustrezni modeli, površnost, navzkrižje interesov, neusposobljenost analitikov, način vodenja, nezadosten nadzor kakovosti bonitetnih agencij.
The reasons for these failures, which have had such momentous consequences, are certainly many and varied: inadequate models, laxity, conflicts of interest, analysts' qualifications, method of governance, absence of real monitoring of credit ratings' quality.
Čeprav nekatere osrednje agencije trdijo nasprotno, finančniki in vlagatelji dodeljenih bonitetnih ocen ne razumejo le kot informativnih mnenj, temveč kot resna in pogosto tudi posebna priporočila, na katerih utemeljujejo svoje odločitve o naložbah.
Yet, in practice, whatever the main agencies try to argue, the credit ratings given are not regarded by finance professionals and investors as mere opinions intended to inform them, but as serious - and indeed often unique - references which for them are the most important information for investment decisions.
Povrhu tega imajo bonitetne ocene regulativno vlogo, ki jim jo priznava tudi Komisija v svojih besedilih o kreditnih ustanovah in zavarovalnicah.
In addition, credit ratings have a regulatory function, recognised by the Community texts applicable to credit and insurance institutions etc.
Glede na vse to je skrajni čas in upravičeno, da se za bonitetne agencije določijo stroga pravila, ne pa da zanje velja samo kodeks ravnanja.
Against this background, it is timely and justified that credit rating agencies should be subject to strict regulation and no longer simply to a code of conduct.
V splošnem je zadovoljiv, kar zadeva podrobnosti ureditve,
It is, on the whole, satisfactory as regards the detail of the regulation.
v eni od ključnih točk pa je vseeno pomanjkljiv, in sicer pri načinu registracije in nadzoru.
However, it appears unsatisfactory on one essential point: the choice of the method of registration and supervision.
Komisija je namreč predlagala precej zapleten postopek registracije in nadzora, in čeprav je razloge zanj na institucionalni ravni mogoče razumeti,
The Commission's proposal, the grounds for which can be understood on an institutional level, suggests a complicated procedure for registration and surveillance.
poročevalec dvomi o njegovi učinkovitosti glede na zastavljene cilje.
The rapporteur doubts its real effectiveness from the point of view of the objectives pursued.
Zato se je treba učiti iz izkušenj, tudi na področjih, ki doslej niso bila urejena s predpisi.
Today, it is a question of drawing lessons from experience, including in the areas which until now have not been regulated.
Zagotoviti je treba, kolikor je to mogoče, da bo uredba o bonitetnih agencijah res imela pričakovane pozitivne učinke.
As regards credit rating agencies, it is important to ensure, as far as possible, that the regulation will have the positive effects that are expected.
Število bonitetnih agencij je majhno, poslujejo po vsem svetu, njihovi sedeži pa so pogosto zunaj Skupnosti.
It cannot be denied that credit rating agencies are very few in number, that they have a global field of activity and that their head offices are mostly located outside of the Community.
Zaradi tega dejstva se zastavlja vprašanje, ali bo izključno evropska uredba sploh učinkovita.
This raises various questions, the first being that of the effectiveness of strictly European regulation.
Jasno je, da si je treba prizadevati za čim boljše sodelovanje med Skupnostjo in tretjimi državami, ki bo postavilo usklajen zakonodajni temelj.
It is clear that cooperation between the Community and third countries will have to be pursued and enhanced in order to lay down a harmonised regulatory foundation.
Uredba bi morala tudi natančno opredeliti različne obveznosti bonitetnih agencij, da se zagotovi njihova neodvisnost, preglednost, dobro vodenje ter preprečevanje in odpravljanje navzkrižja interesov.
For the rest, the regulation should clearly define the various obligations of the credit rating agencies to guarantee their independence, transparency, good governance and the prevention and handling of conflicts of interest.
V splošnem so ta vprašanja v predlogu uredbe zadovoljivo rešena,
On the whole, these points are addressed in a satisfactory way in the proposal for a regulation.
dve pa si vseeno zaslužita posebno pozornost.
However, two questions deserve particular attention.
Glede na pomembnost bonitetnih agencij se zdi koristno, da se ureditve ne omeji le na regulativne namene in da se opredeli splošna pravila za izdajo vseh bonitetnih ocen, pri čemer so edine izjeme v uredbi jasno navedene.
Bearing in mind the importance of credit ratings, it seems advantageous not to limit the regulation to regulatory purposes and to lay down general rules for all issuing of credit ratings with the only exception being the exclusions explicitly stated in the regulation.
Poleg tega je dobro načelo, da morajo bonitetne ocene, ki se izdajo in jih je dovoljeno uporabljati v Skupnosti, pripraviti agencije, ki so ustanovljene v Skupnosti in zato zanje velja evropska zakonodaja.
In addition, it is a good principle that credit ratings that are published and can be used in the Community must indeed be drawn up by agencies with a legal base in the Community and consequently subject to European regulation.
Kljub temu moramo biti realistični.
Nevertheless, we should be realistic.
Agencije, ki so ustanovljene v Skupnosti in za katere velja evropska zakonodaja, niso nujno tudi najbolj usposobljene za izdajo bonitetnih ocen subjektov, posojil in finančnih instrumentov iz tretjih držav.
Agencies established in the Community and subject to European regulation are not necessarily the best-equipped to issue credit ratings on entities or on financial credits or instruments in third countries.
Dokler ne bodo sprejeta pravila na svetovni ravni, bi lahko sprejeli pravilo, da se bonitetne ocene agencij, za katere evropska zakonodaja ne velja, uporabljajo samo, če jih odobri in upošteva agencija s sedežem v Evropski uniji, če sprejme odgovornost in potrdi, da agencijo, ki je oceno izdala, zavezuje zakonodaja, enakovredna tisti v Skupnosti.
Pending harmonised global rules, one could adopt the rule that ratings issued by credit agencies not subject to European regulation can be used as long as these ratings are confirmed and endorsed by an agency based within the European Union, in the sense of its assuming responsibility and certifying that the agency that issued the rating is bound by regulation equivalent to that which exists in the Community.
Zdaj je tudi primeren trenutek za pospeševanje zdrave konkurence na področju bonitetnih agencij, in sicer s spodbujanjem ustanavljanja bonitetnih agencij s sedežem v Evropi.
Finally, it seems an opportune moment to promote healthy competition in the field of credit rating agencies, by favouring the establishment of credit rating agencies with a head office in Europe.
V ta namen bi bilo morda dobro navesti, da bodo države članice spodbujale subjekte, ki bodo določen delež ocen pridobili od agencij z sedežem v Skupnosti.
To this end, it could be specified that the Member States will encourage entities to be rated to use agencies which have their head office located in the Community for a proportion of the ratings to be obtained.
o predlogu uredbe Evropskega parlamenta in Sveta o bonitetnih agencijah
on the proposal for a regulation of the European Parliament and of the Council on Credit Rating Agencies
Predlog komisije skuša vzpostaviti pravno zavezujoč sistem registracije in nadzora za bonitetne agencije, ki izdajajo bonitetne ocene za regulativne namene kreditnih institucij, investicijskih družb, zavarovalnic, pozavarovalnic, kolektivnih naložbenih shem in pokojninskih skladov.
The Commission proposal seeks to establish a legally binding registration and surveillance regime for credit rating agencies issuing credit ratings mainly intended for use for regulatory purposes by credit institutions, investment firms, insurance, assurance and reinsurance undertakings, collective investment schemes and pension funds.
Glavni namen predloga je zagotoviti neodvisnost, objektivnost in najvišjo kakovost bonitetnih ocen, ki se jih uporablja v Skupnosti.
The main objective of the proposal is to ensure that credit ratings used in the Community are independent, objective and of the highest quality.
Pripravljavka mnenja poudarja naslednje glavne točke, ki navadno sodijo med pristojnosti Odbora za pravne zadeve:
The draughtsperson raises the following main points within the JURI usual sphere of competences:
Ali je pravilno, da predlog temelji na členu 95 Pogodbe o ustanovitvi Evropske skupnosti, kot je predlagano, ali bi moral temeljiti na členu 47(2)?
Is it correct for the proposal be based on article 95 of the Treaty establishing the European Community as proposed, or should it be based on its article 47(2)?
Člen 95 se nanaša na vzpostavitev in delovanje notranjega trga.
Article 95 relates to the establishment and functioning of the internal market.
Člen 47 (2) Pogodbe, ki je del poglavja 2 o pravici do ustanavljanja, se nanaša na „prosti pretok ljudi, storitev in kapitala” in je bil pravna podlaga za sprejetje vseh usklajevalnih ukrepov za finančne storitve v Evropski uniji doslej.
Article 47(2) of the Treaty, which is part of Chapter 2 on Freedom of establishment, relates to 'Free circulation of persons, services and capital' and the entirety of the harmonising measures for financial services in the European Union have hitherto been adopted on the legal basis of article 47(2).
To še zlasti velja za kreditne institucije (direktiva 2006/48/ES), investicijske družbe (direktiva 2004/39/ES), zavarovalnice (direktiva 2002/83), pozavarovalnice (direktiva 2005/68/ES), kolektivne naložbene podjeme za vlaganja v prenosljive vrednostne papirje (KNPVP – v prenovitvi), institucije za poklicno pokojninsko zavarovanje (direktiva 2003/41/ES).
This is in particular the case for credit institutions (Directive 2006/48/EC), investment firms (Directive 2004/39/EC), assurance undertakings (Directive 2002/83), reinsurance undertakings (Directive 2005/68/EC), undertakings for collective investment in transferable securities (UCITS-under recast), institutions for occupational retirement (Directive 2003/41/EC).
Cilj obravnavanega predloga, določitev pogojev, pod katerimi se lahko ustanovijo in delujejo bonitetne agencije v Evropski uniji, bi moral zaradi doslednosti spadati pod člen 47(2).
For consistency, the objective of the current proposal, to set up the conditions under which credit rating agencies can establish and operate within the European Union, would also appear to fall under article 47(2).
Ali naj bo predlog v obliki uredbe ali direktive?
Should the proposal be in the form of a Regulation or a Directive?
V sedanjem okviru in finančnih razmerah ter glede na željo po doslednem in hitrem izvajanju so razlogi za izbiro uredbe in ne direktive razumljivi.
The reasons for preferring a Regulation to a Directive in the current context and financial climate, and in order to get a consistent and rapid implementation are understood.
Vendar pa člen 47(2) določa, da se usklajevanje o začetku in opravljanju predvidenih dejavnosti ali poklicev izvaja samo z direktivami in izključuje rabo uredb.
However article 47.2 prescribes that the coordination concerning the taking-up and pursuit of the stipulated activities or professions be enacted solely by way of Directives, and excludes the use of Regulations.
Če bi se v tem primeru odločili za uredbo, zaradi česar se za osnovo ohrani člen 95, je treba pretehtati njene posledice.
If the case for having a Regulation in this particular instance is thought compelling, and therefore Article 95 is maintained as the basis, its implications should be considered.
Merila za upravljanje
Governance Criteria
V merilih za upravljanje v oddelku A Priloge je predlagano, da neizvršni direktorji prevzamejo določene obveznosti, katerih cilj je zagotavljanje neodvisnosti bonitetnih ocen.
Within the governance criteria in Section A of the annex it is proposed that non-executive directors undertake certain responsibilities aimed at ensuring independence of ratings.
Bistvo te vloge je zaščititi tretjo stran: vlagatelje in trge.
This is a role in essence to protect external parties: investors and markets.
Ni jasno, ali je to v vseh okoliščinah primerna funkcija neizvršnega direktorja, ki zastopa tudi delničarje.
It is not clear whether this is in all circumstances a proper function for a non-executive director who also represents the shareholders.
V nekaterih državah članicah je morda možno, da imajo neizvršni direktorji takšno funkcijo, vendar ni potrebe, da bi bili tako predpisujoči; pripravljavka mnenja predlaga, da je nadzorni svet ali upravni odbor podvržen osebam, ki izvajajo neodvisno nadzorno funkcijo.
In some Member States it may be possible for non-executive directors to have such a function, but there is no need to be so prescriptive and the draughtsperson proposes that the administrative or supervisory board be subject to persons performing an independent monitoring function.
To so lahko tudi neizvršni direktorji, če je to primerno.
This could be non-executive directors if that is appropriate.
Za skupino bonitetnih agencij podvajanje ni potrebno, funkcija je lahko za celo skupino.
For a group of rating agencies there is no need for duplication, the function could be for the whole group.
Civilna odgovornost
Civil Liability
Sedanji predlog predvideva, da bo uredba olajšala pravne spore.
The present proposal suggests that the regulation will facilitate litigation.
Pripravljavka mnenja meni, da ni razloga za razširitev sedanje civilne odgovornosti, ki je na voljo v državah članicah, saj na splošno že pokriva primere hude malomarnosti in nepravilnega poslovanja.
The draughtsperson considers that there is no reason to extend the current civil liabilities available within Member States which in general already cover cases of gross negligence and malpractice.
Pravzaprav bi bilo nevarno spodbujati ali olajšati pravne spore, ki bi lahko vplivali na odločitve o bonitetnih ocenah in omogočili izsiljevanje ter ogrozili neodvisnost, ki se jo skuša zagotoviti in ohraniti.
Indeed it would be dangerous to encourage, or facilitate, litigation that might influence rating decisions and give rise to a route to blackmail and undermine the very independence that it is sought to ensure and maintain.
Na tem področju je potrebna previdnost, zato je podan predlog spremembe, ki naj bi pojasnil, da ni namena razširiti obstoječi režim odgovornosti.
Caution is urged in this area and amendment is proposed to clarify that there is no intention to extend the current regime of liability.
(13) Dolgotrajna razmerja z istimi ocenjevanimi subjekti ali njihovimi povezanimi tretjimi stranmi bi lahko ogrozila neodvisnost analitikov, ki so v neposrednem stiku z izdajatelji .
(13) Long lasting relationships with the same rated entities or related third parties could compromise the independence of analysts who are in direct contact with issuers .
Preprečiti je treba nasprotje interesov za analitike, ki so v pogostem stiku z izdajatelji.
Conflict of interests for analysts that are in frequent contact with issuers should be prevented.
Ocenjevalni odbori niso v neposrednem stiku in imajo dragoceno strokovno znanje o posameznih sektorjih.
The rating committees are not in direct contact and have valuable sectoral expertise.
(15) Da bi bonitetna agencija zagotovila kakovost bonitetnih ocen, mora sprejeti ukrepe, s katerimi poskrbi, da so informacije, uporabljene za dodelitev ocene, zanesljive.
(15) In order to ensure the quality of ratings, a credit rating agency should take measures to ensure that the information it use in assigning a rating is reliable.
V ta namen lahko med drugim predvidi opiranje na neodvisno revidirane računovodske izkaze in javna razkritja, preverjanje s storitvami uglednih tretjih strani, pregledovanje prejetih informacij z naključnim vzorčenjem (pri čemer to pregledovanje izvaja sama bonitetna agencija) ali pogodbene določbe, v katerih je jasno določena odgovornost za ocenjevani subjekt ali s slednjim povezane tretje strani, če so informacije, zagotovljene na podlagi pogodbe, zavedno bistveno napačne ali zavajajoče ali če ocenjevani subjekt ali z njim povezane tretje strani niso razumno skrbni glede točnosti informacij, kot je določeno v pogojih pogodbe.
For this purpose, a credit rating agency may envisage, among other elements reliance on independently audited financial statements and public disclosures; verification by reputable third party services; random sampling examination by the credit rating agency of the information received; or contractual provisions clearly stipulating liability for the rated entity or its related third parties, if the information provided under the contract is knowingly materially false or misleading or if the rated entity or its related third parties fail to conduct reasonable due diligence regarding the accuracy of the information as specified under the terms of the contract.
(15) Da bi bonitetna agencija zagotovila kakovost bonitetnih ocen, mora sprejeti ukrepe, s katerimi poskrbi, da so informacije, uporabljene za dodelitev ocene, zanesljive.
(15) In order to ensure the quality of ratings, a credit rating agency should take measures to ensure that the information it uses in assigning a rating is reliable.
Vloga bonitetne agencije ni revidirati podatke in razumno skrbnost izdajateljev in tretjih oseb, ampak se mora prepričati, da se zanaša na vire, ki upravičijo zaupanje, npr. s strokovno neodvisnostjo ali ugledom.
The role of a credit rating agency is not to audit data produced and due diligence conducted by issuers and third parties, but rather it must satisfy itself that the sources that it relies upon justify that trust, for example, due to their professional independence or reputation.