natgillin/translations-raw huggingface dataset:
To pogosto velja za družbe, ki delujejo v sektorju primarnih proizvodov ali v energetskem sektorju, saj so tovrstni instrumenti povezani z nekaterimi proizvodi.
This happens very often with commodities and energy sector companies, where such instruments are related to underlying commodities.
Druge družbe uporabljajo finančne instrumente za zavarovanje pozicij ali v druge namene finančnega upravljanja podjetij.
Others use financial instruments for hedging or other purposes of the corporate financial management.
Vsako ureditev je treba uveljaviti previdno in zmerno.
Any regulation should be attributed in a carefully measured dose.
Premajhna urejenost ustvarja tveganja za trg, prevelika pa povzroča prevelike stroške in včasih porast cen za končne uporabnike.
While under regulation creates risks to the market, overregulation leads to increased costs and, in some cases, to increased prices for the end consumers.
To na nekaterih prehrambenih in energetskih področjih ne bi bilo zaželeno.
This would not be a welcomed effect in the some fields of food commodities and energy products.
Večja urejenost bi nekaterim manjšim podjetjem na trgu tudi preprečila uspešno spopadanje s konkurenco, saj bi morala kriti dodatne stroške.
Increasing regulations would also prevent some of the smaller companies on the market to stand the competition covering the additional costs.
Poleg tega je sistemsko tveganje minimalno, če finančni instrumenti slonijo na ustreznih dobrinah.
Furthermore when financial instruments are backed with underlying commodities, the systemic risk is minimal.
Da bi se osredotočili na potrebo po zmanjšanju sistemskih tveganj, ki bi jih utegnili povzročiti izvedeni instrumenti na trgu OTC, želi pripravljavec mnenja uglasiti določbe, povezane z nefinančnimi družbami, in sicer tako, da bi zagotovili ustrezno ureditev za njihovo trgovanje z izvedenimi instrumenti OTR in omilili upravno obremenitev regulativnih organov in podjetniškega sektorja.
With a view to concentrate on the need to minimize the systemic risk that may be created by OTC derivatives, the rapporteur would suggest to fine tune the provisions, related to the non-financial companies trying to both assure an appropriate regulation of their OTR derivative trades and to moderate the administrative burden of the regulators and the corporate sector.
V predlaganih spremembah:
The suggested amendments:
• so nekatere opredelitve jasneje ubesedene;
• make some definitions more clear;
• so olajšani nekateri postopki;
• facilitate some procedures;
• se pomaga preprečevati "klirinške šoke" in druga nesorazmerna bremena podjetij;
• help avoiding "clearing shocks" and other disproportionate burdens to the businesses;
• se predlaga odprava informacijskega praga, saj klirinški prag daje zadostna zagotovila;
• suggest the cancellation of the information threshold, considering that the clearing threshold provides sufficient assurance;
• se uvajajo skladnejša in preglednejša merila, povezana z regulativnimi odločitvami;
• introduce more coherent and transparent criteria, related to regulatory decisions;
• so jasneje opredeljeni postopki za razvrščanje in izločanje izvedenih finančnih instrumentov OTC in centralnih nasprotnih strank, za katere velja kliring.
• make clear the procedures when classifying and declassifying OTC derivatives and counterparties as eligible for clearing.
(3) septembra 2009 je Komisija sprejela predloge za tri uredbe o ustanovitvi evropskega sistema finančnih nadzornikov, vključno z vzpostavitvijo treh evropskih nadzornih organov, ki bodo prispevali k dosledni uporabi zakonodaje Unije in k vzpostavitvi visokokakovostnih skupnih regulativnih ter nadzornih standardov in praks.
(3) On 23 September 2009, the Commission adopted proposals for three Regulations establishing the European System of Financial Supervisors, including the creation of three European Supervisory Authorities to contribute to a consistent application of Union legislation and to the establishment of high quality common regulatory and supervisory standards and practices.
To so Evropski bančni organ (EBA), ustanovljen z Uredbo …/…EU… , Evropski organ za vrednostne papirje in trge (ESMA), ustanovljen z Uredbo …/…EU…, in Evropski organ za zavarovanja in poklicne pokojnine (EIOPA), ustanovljen z Uredbo …/…EU… .
These are the European Banking Authority (EBA) established by Regulation …/…EU… , the European Securities and Markets Authority (ESMA) established by Regulation …/…EU… , and the European Insurance and Occupational Pensions Authority (EIOPA) established by Regulation …/…EU… .
Ti organi imajo osrednjo vlogo pri zagotavljanju stabilnosti finančnega sektorja.
Those authorities have a crucial role to play in safeguarding the stability of the financial sector.
Zato je bistveno nenehno zagotavljati, da je razvoj njihovega dela prednostno politično vprašanje in da imajo na razpolago dovolj sredstev.
It is therefore essential continuously to ensure that the development of their work is a matter of high political priority and that they are adequately resourced.
Bistveno je zagotoviti večjo preglednost in dostopnost finančnih instrumentov.
It is essential that those financial instruments will become more transparent and accessible.
Ta uredba določa pogoje za zmanjšanje takšnih tveganj z izboljšanjem preglednosti pogodb o izvedenih finančnih instrumentih.
This Regulation lays down conditions for mitigating those risks by improving the transparency of derivative contracts.
Večja preglednost OTC bo tudi spodbudila zaupanje med udeleženci na trgu, olajšala učinkovito oblikovanje cen, okrepila zaščito vlagateljev in zagotovila boljše zgodnje opozarjanje o nastajanju in obsegu pojavljajočih se težav.
Greater OTC transparency will also foster trust between market actors, facilitate efficient price formation, strengthen the protection of investors and provide improved early warning of the build-up and scale of developing problems.
(16) Kjer je primerno, morajo pravila, ki veljajo za finančne nasprotne stranke, veljati tudi za nefinančne nasprotne stranke.
(16) Where appropriate, rules applicable to financial counterparties, should also apply to non-financial counterparties.
Znano je, da nefinančne nasprotne stranke uporabljajo pogodbe OTC, da se zavarujejo pred poslovnimi tveganji, ki so neposredno povezana z njihovimi poslovnimi dejavnostmi.
It is recognised that non-financial counterparties use OTC-contracts in order to cover themselves against commercial risks directly linked to their commercial activities.
Posledično je treba pri ugotavljanju, ali naj za določeno nefinančno nasprotno stranko velja obveznost kliringa, upoštevati namen, s katerim nefinančna nasprotna stranka uporablja izvedene finančne instrumente OTC, in obseg izpostavljenosti pri teh instrumentih.
Consequently, in determining whether a non-financial counterparty should be subject to the clearing obligation, consideration should be given to the purpose for which that non-financial counterparty uses OTC derivatives and to the size of the exposures that it has in those instruments.
Pri določanju praga za obveznost kliringa bi se moral organ ESMA posvetovati z vsemi ustreznimi organi, kot so regulativni organi, odgovorni za blagovne trge, za zagotovitev, da so posebnosti teh sektorjev v celoti upoštevane.
When establishing the threshold for the clearing obligation, ESMA should consult all relevant authorities, as for example regulators responsible for commodity markets, in order to ensure that the particularities of these sectors are fully taken into account.
Poleg tega bo Komisija do 31. decembra 2013 ocenila sistemski pomen transakcij nefinančnih podjetij z izvedenimi finančnimi instrumenti OTC v različnih sektorjih, vključno z energetskim.
Moreover, by 31 December 2013, the Commission shall assess the systemic importance of the transactions of non-financial firms in OTC derivatives in different sectors, including the energy sector.
Pri določanju praga za obveznost kliringa bi se moral evropski nadzorni organ ( ESMA ) posvetovati z vsemi ustreznimi organi in zainteresiranimi stranmi , kot so regulativni organi, odgovorni za blagovne trge in energetski sektor , za zagotovitev, da so posebnosti teh sektorjev v celoti upoštevane.
When establishing the threshold for the clearing obligation, ESA (ESMA) should consult all relevant authorities and stakeholders , as for example regulators responsible for commodity markets and the energy sector , in order to ensure that the particularities of these sectors are fully taken into account.
(25) V zvezi z obveznostmi kliringa in poročanja morajo obstajati učinkovite, sorazmerne in odvračalne kazni.
(25) There should be effective, proportionate and dissuasive penalties with regard to the clearing and reporting obligations.
Države članice bi morale zagotoviti, da so naložene kazni javno objavljene ter da se redno objavljajo poročila o učinkovitosti veljavnih predpisov.
Member States should ensure that the penalties imposed are publicly disclosed and that assessment reports on the effectiveness of existing rules are published at regular intervals.
Za zmanjševanje tveganja negativnega vpliva takšnega neizpolnjevanja obveznosti mora imeti CCP vzpostavljene stroge zahteve glede sodelovanja, zbrati primerna začetna kritja, vzdrževati jamstveni sklad in razpolagati z drugimi finančnimi sredstvi za pokrivanje morebitnih izgub.
In order to minimise the contagion risk of such a default, the CCP should have in place stringent participation requirements, collect appropriate initial margins, maintain a default fund and other financial resources to cover potential losses.
CCP bi morala kot del svoje funkcije obvladovanja tveganja ter za kritje izpostavljenosti do svojih klirinških članov sprejeti le visoko likvidno zavarovanje z minimalnim kreditnim in tržnim tveganjem.
As part of its risk management function and to cover its exposure to its clearing members, a CCP should accept only highly liquid collateral with minimal credit and market risk.
Vrsta sredstev, ki jih lahko sprejme kot zavarovanje, se lahko v določeni meri prilagodi naravi nasprotne stranke.
The type of assets to be accepted as collateral could, to some extent, be adapted to the nature of the counterparty.
Za nefinančne nasprotne stranke bi lahko CCP kot zavarovanje po potrebi sprejela bančne garancije ali enakovredno premoženje.
Regarding non-financial counterparties, a CCP could, where appropriate, accept bank guarantees or equivalent assets as collateral.
(47) Organ ESMA mora imeti za učinkovito izvajanje nadzora nad repozitoriji sklenjenih poslov pravico , da opravlja preiskave in inšpekcijske preglede na kraju samem.
(47) In order to effectively survey trade repositories, ESMA should have the right to conduct investigations and on-site-inspections.
(47) Evropski nadzorni organ ( ESMA ) mora imeti za učinkovito izvajanje nadzora nad repozitoriji sklenjenih poslov pristojnost , da opravlja preiskave in inšpekcijske preglede na kraju samem.
(47) In order to effectively survey trade repositories, ESA (ESMA) should have the power to conduct investigations and on-site-inspections.
(4) „razred izvedenih finančnih instrumentov“ je število pogodb o izvedenih finančnih instrumentih OTC , ki imajo enake bistvene značilnosti;
(4) 'class of derivatives' means a number of OTC derivative contracts that share common, essential characteristics;
(4) „razred izvedenih finančnih instrumentov“ je več pogodb o izvedenih finančnih instrumentih, ki imajo enake bistvene značilnosti;
(4) 'class of derivatives' means a number of derivative contracts that share common, essential characteristics;
(5) „izvedeni finančni instrumenti, s katerimi se trguje na prostem trgu (OTC)“, so pogodbe o izvedenih finančnih instrumentih, s katerimi se ne trguje na reguliranem trgu, kot je opredeljen v točki 14 člena 4(1) Direktive 2004/39/ES;
(5) 'over the counter (OTC) derivatives' means derivative contracts whose execution does not take place on a regulated market as defined by Article 4 (1) point 14 of Directive 2004/39/EC;
(5) „izvedeni finančni instrumenti, s katerimi se trguje na prostem trgu (OTC)“, so pogodbe o izvedenih finančnih instrumentih, s katerimi se ne trguje na reguliranem trgu, kot je opredeljen v točki 14 člena 4(1) Direktive 2004/39/ES , ali na trgu tretje države, ki velja za enakovrednega urejenemu trgu v skladu s členom 19(6) te direktive ;
(5) 'over the counter (OTC) derivatives' means derivative contracts whose execution does not take place on a regulated market as defined by Article 4 (1) point 14 of Directive 2004/39/EC or on a third-country market considered as equivalent to a regulated market in accordance with Article 19(6) of that Directive;
(6) „finančna nasprotna stranka“ so investicijska podjetja, kot so opredeljena v Direktivi 2004/39/ES, kreditne institucije, kot so opredeljene v Direktivi 2006/48/ES, zavarovalnice, kot so opredeljene v Direktivi 73/239/EGS, zavarovalnice, kot so opredeljene v Direktivi 2002/83/ES, pozavarovalnice, kot so opredeljene v Direktivi 2005/68/ES, kolektivni naložbeni podjemi za vlaganja v prenosljive vrednostne papirje (KNPVP) , kot so opredeljeni v Direktivi 2009/65/ES, institucije za poklicno pokojninsko zavarovanje, kot so opredeljene v Direktivi 2003/41/ES, in upravitelji alternativnih investicijskih skladov , kot so opredeljeni v Direktivi 2010/.../EU;
(6) 'financial counterparty' means investment firms as set out in Directive 2004/39/EC, credit institutions as defined in Directive 2006/48/EC, insurance undertakings as defined in Directive 73/239/EEC, assurance undertakings as defined in Directive 2002/83/EC, reinsurance undertakings as defined in Directive 2005/68/EC, undertakings for collective investments in transferable securities (UCITS) as defined in Directive 2009/65/EC, institutions for occupational retirement provision as defined in Directive 2003/41/EC and alternative investment funds managers as defined in Directive 2010/.../EU;
(6) „finančna nasprotna stranka“ je podjetje s sedežem v Uniji kot investicijsko podjetje z dovoljenjem po Direktivi 2004/39/ES, kreditna institucija z dovoljenjem po Direktivi 2006/48/ES, zavarovalnica z dovoljenjem po Direktivi 73/239/EGS, zavarovalnica z dovoljenjem po Direktivi 2002/83/ES, pozavarovalnica z dovoljenjem po Direktivi 2005/68/ES, kolektivni naložbeni podjem z dovoljenjem za vlaganja v prenosljive vrednostne papirje (KNPVP) po Direktivi 2009/65/ES, institucija za poklicno pokojninsko zavarovanje, za katero veljajo zahteve Direktive 2003/41/ES, ali alternativni investicijski sklad, ki je evropski alternativni investicijski sklad, ki ga upravlja evropski upravitelj alternativnih investicijskih skladov v skladu z Direktivo 2010/.../EU;
(6) 'financial counterparty' means an undertaking established in the Union that is an investment firm authorised under Directive 2004/39/EC, a credit institution authorised under Directive 2006/48/EC, an insurance undertaking authorised under Directive 73/239/EEC, an assurance undertaking authorised under Directive 2002/83/EC, a reinsurance undertaking as authorised under Directive 2005/68/EC, an undertaking authorised for collective investments in transferable securities (UCITS) authorised under Directive 2009/65/EC, institutions for occupational retirement provision subject of the requirements of Directive 2003/41/EC , or an alternative investment fund that is an EU alternative investment fund managed by an EU manager of alternative investment funds, within the meaning of Directive 2010/.../EU;
Finančna nasprotna stranka izvaja kliring za vse pogodbe o izvedenih finančnih instrumentih OTC, ki se štejejo za primerne v skladu s členom 4 in so sklenjene z drugimi finančnimi nasprotnimi strankami pri ustreznih CCP, navedenih v registru, kot je določeno v členu 4(4).
A financial counterparty shall clear all OTC derivative contracts which are considered eligible pursuant to Article 4 and are concluded with other financial counterparties in the relevant CCPs listed in the register as referred to in Article 4(4).
Finančna in nefinančna nasprotna stranka izvajata kliring za vse pogodbe o izvedenih finančnih instrumentih OTC, ki se štejejo za primerne v skladu s členom 4 in so sklenjene z drugimi finančnimi nasprotnimi strankami pri ustreznih CCP, navedenih v registru, kot je določeno v členu 4(4).
A financial counterparty and a non-financial counterparty shall clear all OTC derivative contracts which are considered eligible pursuant to Article 4 and are concluded with other financial counterparties in the relevant CCPs listed in the register as referred to in Article 4(4).
Nobena od nasprotnih strank nima obveznosti kliringa, če je vsaj ena od njih nefinančna nasprotna stranka, ki ne dosega praga kliringa, določenega v členu 7(2).
There shall be no clearing obligation upon either of the counterparties if at least one of them is a non-financial counterparty which is below the clearing threshold as referred to in Article 7(2).
Obveznost kliringa velja tudi za finančne nasprotne stranke in nefinančne nasprotne stranke iz člena 7(2), ki sklenejo primerne pogodbe o izvedenih finančnih instrumentih OTC s subjekti v tretjih državah.
That clearing obligation shall also apply to financial counterparties and to the non-financial counterparties referred to in Article 7(2) which enter into eligible OTC derivative contracts with third country entities.
Obveznost kliringa velja tudi za finančne nasprotne stranke in nefinančne nasprotne stranke , ki presegajo klirinški prag iz člena 7(2), ki sklenejo primerne pogodbe o izvedenih finančnih instrumentih OTC s subjekti v tretjih državah , ki so (po analogiji) finančne nasprotne stranke ali nefinančne nasprotne stranke ali nefinančne nasprotne stranke, ki presegajo klirinški prag .
The clearing obligation shall also apply to financial counterparties and to the non-financial counterparties which exceed the clearing threshold referred to in Article 7(2) which enter into eligible OTC derivative contracts with third country entities which are similarly either financial counterparties or non-financial counterparties or non-financial counterparties exceeding the clearing threshold .
Obveznost kliringa iz prvega pododstavka ne velja za pogodbe o izvedenih finančnih instrumentih OTC, ki jih je sklenila finančna nasprotna stranka ali nefinančna nasprotna stranka iz člena 7(2) s svojim nadrejenim podjetjem, podružnico ali drugo podružnico svojega nadrejenega podjetja.
The clearing obligation referred to in the first subparagraph shall not apply to OTC derivative contracts concluded by a financial counterparty or a non-financial counterparty as referred to in Article 7(2) with its parent undertaking, subsidiary or another subsidiary of its parent undertaking.
Kadar centralno nasprotno stranko s sedežem v tretji državi prizna evropski nadzorni organ (ESMA) v skladu s členom 23, ga zadevni nadzorni organ te države z uporabo sporazuma o sodelovanju iz člena 23(4) obvesti o razredih pogodb o izvedenih finančnih instrumentih, za katere je bila tej centralni nasprotni stranki priznana pravica, da opravlja klirinške storitve za klirinške člane ali stranke s sedežem v Uniji.
Where a CCP established in a third country has been recognised by ESA (ESMA) in accordance with Article 23, the relevant supervisory authority of the third country shall inform ESA (ESMA), in application of the cooperative arrangements referred to in Article 23(4), of the classes of derivative contracts for which that CCP has been granted the right to provide clearing services to clearing members or clients established in the Union.
Organ ESMA po prejemu obvestila in zahteve iz odstavka 1 v šestih mesecih naslovi odločitev na pristojnega organa prosilca, v kateri navede naslednje :
ESMA , after receiving the notification and request referred to in paragraph 1, shall, within six months, address a decision to the requesting competent authority stating the following:
Evropski nadzorni organ ( ESMA ) po prejemu obvestila in zahteve iz odstavka 1 ter informacij iz odstavka 1a v šestih mesecih odloči o naslednjem :
ESA (ESMA) , after receiving the notification and request referred to in paragraph 1 and the information referred to in paragraph 1a , shall, within six months, decide on the following:
(a) ali je razred izvedenih finančnih instrumentov primeren za obveznost kliringa v skladu s členom 3;
(a) whether that class of derivatives is eligible for the clearing obligation pursuant to Article 3,
(b) datum, s katerim začne veljati obveznost kliringa.
(b) the date from which the clearing obligation takes effect.
(b) datum, s katerim začne veljati obveznost kliringa , ki ne sme biti pred datumom začetka veljavnosti te uredbe in časovnim okvirom, v katerem postanejo kategorije predmet obveznosti kliringa .
(b) the date from which the clearing obligation takes effect which shall be no earlier than the date of entry into force of this Regulation, and the timeframe in which categories become subject to the clearing obligation .
Evropski nadzorni organ ( ESMA ) svojo odločitev iz odstavka 2(a) utemelji po naslednjih merilih:
ESA (ESMA) shall base its decision under paragraph 2(a) on the following criteria:
Člen 4 – odstavek 3 – točka a a (novo)
Article 4 – paragraph 3 – point a a (new)
(aa) vpliv na višino tržnega kreditnega tveganja nasprotne stranke v okviru ustreznega razreda izvedenih instrumentov in med razredi zaradi obveznosti za zadevni razred izvedenih instrumentih;
(aa) the impact on the level of counterparty credit risk in the market, within the relevant class of derivatives and between classes of derivatives, as a result of applying an obligation to the relevant class of derivative contracts;
(b) obseg in likvidnost zadevnega razreda pogodb o izvedenih instrumentov ;
(b) the volume and the liquidity of the relevant class of derivative contracts;
Člen 4 – odstavek 3 – točka c
Article 4 – paragraph 3 – point c
(c) razpoložljivost podatkov o oblikovanju cen;
(c) availability of pricing information;
(c) razpoložljivost podatkov o oblikovanju cen v zadevnem razredu pogodb o izvedenih instrumentih ;
(c) the availability of pricing information in the relevant class of derivative contract ;
Člen 4 – odstavek 3 – točka d
Article 4 – paragraph 3 – point d
(d) zmožnost CCP za obravnavo določenega števila pogodb ;
(d) ability of the CCP to handle the volume of contracts ;
(d) zmožnost CCP za ponujanje produktov, ki spoštujejo potrebe vseh, tudi manjših udeležencev na trgu, na primer malih in srednjih podjetij ;
(d) the ability of the CCP to offer products that respect the needs of all, including smaller market participants such as small and medium-sized enterprises ;
(e) raven zaščite strank, ki jo zagotavlja CCP.
(e) level of client protection provided by the CCP .
Člen 4 – odstavek 3 – točka e a (novo)
Article 4 – paragraph 3 – point e a (new)
(ea) stroški kliringa za udeležence na trgu, zlasti v primeru nefinančnih nasprotnih strank, in za vse gospodarstvo;
(ea) the cost of clearing to market participants, in particular in the case of non-financial counterparties, and the whole economy;
Člen 4 – odstavek 3 – točka e b (novo)
Article 4 – paragraph 3 – point e b (new)
(eb) značilnosti fizičnih proizvodov, ki so podlaga instrumentov .
(eb) the characteristics of the underlying physical products .
Člen 4 – odstavek 3 – pododstavek 2
Article 4 – paragraph 3 – subparagraph 2
Pred odločitvijo evropski nadzorni organ ( ESMA ) opravi javno posvetovanje in se po potrebi posvetuje z evropskimi nadzornimi organi za specifične trge trgovanja oziroma z zadevnimi organi tretjih držav.
Before taking a decision, ESA (ESMA) shall conduct a public consultation and, where appropriate, consult with the European and third country supervisory authorities responsible for specific trading markets .
Kjer je to primerno, je treba strokovno oceno organov upoštevati pred odločitvijo o primernosti razreda izvedenih finančnih instrumentov za obveznost kliringa v skladu s členom 3.
Where appropriate their expert opinion shall be taken into account before taking the decision on the eligibility of a class of derivatives for the clearing obligation referred to in Article 3.
Evropski nadzorni organ (ESMA) svojo odločitev iz odstavka 2(b) utemelji po naslednjih merilih:
ESA (ESMA) shall base its decision under paragraph 2(b), on the following criteria: