natgillin/translations-raw huggingface dataset:
7. izraža mnenje, da udeleženci na trgu ne bi smeli vlagati v strukturirane ali druge produkte, če ne morejo sami oceniti osnovnega kreditnega tveganja, oziroma da bi morali uporabiti največjo utež tveganja;
Expresses the view that market participants should not invest in structured or other products if they cannot assess the underlying credit risk themselves, or alternatively that they should apply the highest risk weighting;
Povečana vloga nadzornikov
Increased capacity for supervisors
11. ugotavlja, da bi moral imeti Evropski nadzorni organ (Evropski organ za vrednostne papirje in trge) za učinkovito izvajanje svojih nadzornih pooblastil pravico do izvajanja nenapovedanih preiskav in pregledov na kraju samem ter da bi moral subjektom, ki jih preverja, pri izvajanju svojih nadzornih pooblastil dati možnost, da se zagovarjajo, zato da se upošteva njihova pravica do obrambe;
States that, in order to exercise its supervisory powers effectively, the European Supervisory Authority (European Securities and Markets Authority) should have the right to conduct unannounced investigations and on-site-inspections and that, when exercising its supervisory powers, the European Securities and Markets Authority should give the persons which are subject to proceedings an opportunity of being heard in order to respect their rights of defence;
12. poudarja globalni značaj panoge bonitetnega ocenjevanja ter poziva Komisijo in države članice, naj si skupaj z drugimi državami G20 prizadevajo za globalni pristop, ki bo temeljil na najvišjih standardih tako glede uredbe o bonitetnih agencijah kot uredbe o trgih, ob upoštevanju zmanjševanja prevelikega zanašanja za zunanje bonitetne ocene, da bi tako ohranili enake konkurenčne pogoje in preprečili regulativno arbitražo ter hkrati obdržali trge še naprej odprte;
Highlights the global nature of the credit rating industry and urges the Commission and Member States to work together with other G20 countries on a global approach, based on the highest standards, both in respect of CRA regulation and prudential and markets regulation with respect to reducing the over-reliance on external credit ratings, in order to preserve a level playing field and prevent regulatory arbitrage while keeping markets open;
Srednja raven: struktura panoge
Intermediate level : i ndustry s tructure
18. meni, da morajo biti za zagotovitev verodostojnosti nove ustanove ECRaF njeno vodstvo, osebje in upravljalna struktura popolnoma neodvisne in avtonomne, kar pomeni, da ne upoštevajo navodil držav članic, Komisije in vseh drugih javnih organov, pa tudi finančne industrije in bonitetnih agencij, ter da morajo delovati v skladu s spremenjeno uredbo (ES) št. 1060/2009;
Considers that, to ensure its credibility, the management, staff and governance structure of the new ECRaF need to be fully independent and autonomous, i.e. not bound by instructions vis-à-vis the Member States, the Commission and all other public bodies as well as the finance industry and other CRAs, and that they need to operate in accordance with amended Regulation (EC) No 1060/2009;
20. meni, da bo verjetno potrebna začetna podpora za vzpostavitev takega omrežja, a verjame, da bi moralo biti samozadostno in donosno iz lastnih prihodkov; poziva Komisijo, naj oceni potrebo in možne vire začetnega financiranja ter možne pravne strukture za ta projekt;
Sees a potential need to support the initial set-up of such a network but considers that the network ought to be self-sufficient and profitable from its own revenue; asks the Commission to assess the necessity and potential means of start-up financing and possible legal structures for this project;
Razkrivanje in dostop do informacij
Disclosure and access to information
24. poziva Komisijo, naj predlaga revizijo Direktive 2003/71/ES in Direktive 2004/109/ES, da bi tako zagotovila, da bodo širše na voljo dovolj točne in popolne informacije o strukturiranih finančnih instrumentih;
Asks the Commission to propose a revision of Directive 2003/71/EC and Directive 2004/109/EC in order to ensure that sufficient accurate and complete information on structured finance instruments is more widely available;
Dve obvezni oceni
Two o bligatory r atings
36. meni, da je treba za zmanjšanje negativnih mejnih učinkov v cenah in zamenjavah, ki jih pomenijo spremembe ocen, odpraviti ureditev, ki tesno povezuje odločitve za nakup ali prodajo;
Believes that, in order to reduce the negative ‘cliff effects’ in prices and spreads that rating changes imply, the regulation that hardwires buy or sell decisions to ratings should be eliminated;
39. podpira večje razkritje in razlago metodologij, modelov in ključnih predpostavk za ocene, ki jih sprejmejo bonitetne agencije, med drugim tudi z vidika sistemskega vpliva, ki bi ga imelo zmanjšanje državnega dolga;
Supports enhanced disclosure and explanation of methodologies, models and key rating assumptions adopted by credit rating agencies, also in light of the systemic impact that a downgrade on sovereign debt may produce;
Evropski indeks bonitetnega ocenjevanja (EURIX)
European Rating Index (EURIX)
Mikroraven: poslovni model
Micro level : b usiness m odel
Plačilni modeli
Payment models
44. poudarja, da je končna odgovornost za naložbeno odločitev na strani udeleženca na finančnem trgu, torej upravljavca premoženja, finančne institucije ali izkušenega vlagatelja; ugotavlja, da bi odgovornost nadalje podprl tudi osrednji register (CEREP), ustanovljenim s prvo uredbo o bonitetnih agencijah, ki bi v standardizirani obliki objavljal podatke o uspešnosti ocen bonitetnih agencij, registriranih v EU, s čimer bi vlagateljem omogočili lastno presojo nekaterih bonitetnih agencij in s tem izvajali pritisk na podlagi ugleda; poudarja, da bi morali imeti vlagatelji učinkovite zmogljivosti obvladovanja tveganja pod ustreznim upravnim nadzorom;
Points out that the ultimate responsibility for an investment decision lies with the financial market participant, i.e. the asset manager, financial institution or sophisticated investor; notes that accountability will also be further supported by the central repository (CEREP) established by CRA1, which publishes data in a standardised form on the performance of ratings issued by CRAs registered within the EU, allowing investors to make their own assessment about certain CRAs, and thereby exerting more reputational pressure; points out that investors should have effective risk management capabilities subject to adequate oversight by the administration;
Ocene bonitetnih agencij služijo več koristnim namenom: združujejo informacije o kreditni kakovosti izdajateljev v globalnem okolju z asimetrijo informacij med izdajatelji dolžniških instrumentov in vlagatelji, kar izdajateljem omogoča dostop do globalnih in domačih trgov, znižuje stroške informacij in širi skupino možnih vlagateljev ter tako zagotavljajo likvidnost na trgih in lajšajo določanje cen.
CRA ratings fulfil several useful purposes, they aggregate information about the credit quality of issuers in a global environment with asymmetric information between debt issuers and investors, allowing issuers to access global and domestic markets, reducing information costs and widening the potential pool of investors, thus providing liquidity to markets and helping find prices.
Vendar so z razvojem dogodkov v regulativnem okviru te „posrednice informacij“ postale de facto „izdajateljice regulativnih licenc“.
However, developments in the regulatory framework have made these "information intermediaries" to de facto "regulatory licensors".
Nedavna finančna kriza je pokazala, da so v panogi tri ključne težave: pomanjkanje konkurence, pretirano zanašanje na zunanje ocene v regulativnem okviru in odsotnost odgovornosti bonitetnih agencij za ocene.
The recent financial crisis has highlighted that there are three key problems in the industry: lack of competition , over-reliance on external ratings in the regulatory framework and no liability for ratings by CRAs.
Poročevalec želi poudariti, da je treba upoštevati, da bi bile potrebne ocene učinkov in nadzor možnih ukrepov in da se ti ne bi smeli sprejemati na hitro, da ne bi povečali vstopnih ovir in tveganja previdnejših ocen s posledicami za realno gospodarstvo in posojila.
Your rapporteur would like to stress that it is important to bear in mind that the potential measures to be taken should undergo the necessary impact assessments and scrutiny and should not be a shot from the hip that would increase the barriers to entry and the risk of more conservative ratings, with according effects on the real economy and lending.
Poročevalec zadevo obravnava po pristopu od zgoraj navzdol in najprej oceni makroekonomsko vlogo bonitetnih agencij v regulaciji globalnega finančnega trga, nato pa srednjo raven ter vprašanja konkurence in strukture panoge.
Your rapporteur looks at the matter using a top-down approach firstly assessing the macroeconomic role of CRA in the global financial market regulation and then looking at the intermediate level and questions of competition and the industry structure.
Nazadnje poročevalec oceni navzkrižja interesov v poslovnem modelu, torej mikroraven.
Finally your Rapporteur assesses conflicts of interest in the business model, i.e. the micro level.
Med razpravo bi morala biti uskladitev globalnega pristopa v ospredju naših zamisli, saj gre za resnično globalno panogo z globalnim kapitalskim trgom.
During this discussion the coordination of a global approach should be at the forefront of our ideas as this is a truly global industry with an underlying global capital market.
Zato je treba upoštevati razvoj dogodkov v ZDA.
It is thus important to be aware of the developments in the USA.
Pretirano zanašanje na zunanje bonitetne ocene in odvisnost od njih
Over-reliance and dependency on external credit ratings
Prvi cilj tega poročila je v čim večji meri in v realističnem časovnem okviru odpraviti odvisnost celotnega sistema od zunanjih bonitetnih ocen.
Eliminating as much as feasible and in a realistic timeframe the dependency on external credit ratings of the whole system is the first intention of this report.
Vloga zunanjih ocen kot trdih mejnikov (sprožilcev) igra posebej pomembno vlogo, kadar se zgodi padec z višje bonitete na nižjo.
The role of external ratings as hard triggers plays a particularly high role when downgrading from investment grade to sub investment grade occurs.
Poročevalec podpira načela, ki jih je izrazil Odbor za finančno stabilnost
Your Rapporteur supports the principles expressed by the Financial Stability Board
Odbor za finančno stabilnost, 27. oktober 2010: „Principles for Reducing Reliance on CRA Ratings“ (Načela za zmanjševanje zanašanja na ocene bonitetnih agencij) , in konkretnejše predloge, omenjene v javnem posvetovanju Evropske komisije
Financial Stability Board from 27 October 2010 " Principles for Reducing Reliance on CRA Ratings" and the more concrete proposals mentioned in the European Commission Public Consultation
Javno posvetovanje Evropske komisije dne 5. novembra 2010 z naslovom „Public Consultation on Credit Rating Agencies“ (Javni posvet o bonitetnih agencijah) , vendar meni tudi, da jih mora spremljati povečanje sposobnosti ocenjevanja tveganj s strani udeležencev na finančnem trgu in boljše razumevanje pomena bonitetnih ocen kot takih.
European Commission Public Consultation from 05 November 2010 "Public Consultation on Credit Rating Agencies" , however he also thinks that this needs to go hand in hand with increasing the ability of financial market participants to assess risks and a better understanding of the meaning of credit ratings as such.
V zvezi s tem je treba razlikovati med tremi tržnimi sektorji, ki jih bonitetne agencije ocenjujejo: podjetji, javnim sektorjem in strukturiranimi finančnimi instrumenti.
There is a need in this respect to differentiate between the three market sectors that a CRA rates: corporates, public sector and structured finance instruments.
Vprašanje pretiranega zanašanja je še posebej prisotno na področju strukturiranih finančnih instrumentov, kjer je bilo potrebnih največ popravkov, ki kažejo na napačno oceno.
The problem of overreliance is particularly present in the field of structured finance instruments, where the most corrections pointing to a rating failure had to be made.
Poročevalec zato meni, da morajo udeleženci na trgu v primeru strukturiranega finančnega instrumenta imeti možnost v tako premoženje vlagati le, če lahko dokažejo, da razumejo kreditno tveganje takega produkta in so ga sposobni oceniti, oziroma morajo za regulativne namene uporabiti največjo utež tveganja.
Your rapporteur is hence of the opinion that in case of a structured finance instrument, market participants should only be able to invest in such an asset if they can prove to have an understanding and ability to assess the credit risk involved in such a product or they alternatively have to use the highest capital risk weighing for regulatory purposes.
Zanašanje pri standardih, zakonih, uredbah, na primer povečana uporaba zunanjih bonitetnih ocen za določanje regulativnih kapitalskih zahtev, je treba v kar največji meri odpraviti ali zmanjšati.
Reliance in standards, laws, regulations, for example the increased use of external credit ratings for setting regulatory capital requirements, needs to be eliminated or decreased as much as possible.
Potrebno je razlikovanje v skladu z načelom sorazmernosti, da bi tako upoštevali različne velikosti in stopnje izkušenosti finančnih institucij.
Differentiation according to the principle of proportionality is necessary in order to account for the different sizes and levels of sophistication of financial institutions.
Ker manj izkušene institucije nimajo sposobnosti in gospodarske moči, da bi vzpostavile lastno bonitetno ocenjevanje, se bodo morale še naprej zanašati na zunanje ocene.
As less sophisticated institutions do not have ability and economic power to establish their own credit assessments, they will have to continue to rely on external ratings.
Majhni igralci lahko še vedno uporabljajo zunanje bonitetne ocene, vendar le, če razumejo povezana tveganja in lahko ravnajo s skrbnostjo dobrega gospodarja.
Small players may still use external credit ratings, but only if they understand the risks involved and can conduct proper due diligence.
Zmanjšati ni treba le regulativne odvisnosti od zunanjih bonitetnih ocen, ampak tudi zanašanje trga nanje na splošno.
Not only the regulatory dependence but market reliance on external credit ratings in general needs to be reduced.
Pomembnost ocen se povečuje v mehkih primerih, na primer politikah vlaganja in pravilih upravljanja skladov ali ustanovnih listinah, kar kaže na možnost pomanjkanja potrebne skrbnosti.
The importance of ratings is growing in soft cases, such as investment policies and fund rules or instruments of incorporation, suggesting a potential lack of due diligence.
Poročevalec zato meni, da moramo obnoviti ali povečati sposobnost vlagateljev za ravnanje s skrbnostjo dobrega gospodarja in izvajanje ocen tveganj.
Your Rapporteur hence believes that we need to restore or increase investors' ability to conduct own due diligence and risk assessment.
Zanašanje centralnih bank na zunanje bonitetne ocene je še en ključni del vprašanja odvisnosti.
Central Bank reliance on external credit ratings is another vital part of the dependency problem.
Odločitev Evropske centralne banke o tržnem premoženju, ki se uporablja kot zavarovanje v operacijah za povečevanje likvidnosti, v prvi vrsti temelji na uporabi zunanjih bonitetnih ocen.
The ECB decision on marketable assets for collateral regarding the liquidity providing operations is primarily based on the use of external credit ratings.
Jasno je, da bi bila tu potrebna revizija.
This should clearly be revised.
V tem kontekstu morajo biti regulatorji in nadzorniki sposobni oceniti uporabo lastniških notranjih modelov, ki jim omogočajo preverjanje ustreznosti postopka ocenjevanja tveganja, saj gre za notranje navzkrižje interesov, če finančni igralci lahko sami izdelajo lastne modele za določanje stopnje regulativnih kapitalskih zahtev, ki jih morajo izpolniti.
In this context, regulators and supervisors have to be able to assess the use of proprietary internal models, allowing them to check the adequacy of the risk assessment process, as there is an inherent conflict of interests if financial actors can make up their own models to determine the level of regulatory capital requirements they need to hold.
To je prvi korak k zmanjšanju potreb po ocenah; vendar bodo zunanje bonitetne ocene v določenih primerih še vedno potrebne in morda koristne.
This is a first step to reduce the need for ratings; however, in certain cases external credit ratings will still need to be used and may be useful.
Z namenom zmanjšanja prevlade treh velikih bonitetnih agencij bi bila potrebna razprava o možnosti uvedbe dveh obveznih ocen za strukturirane finančne produkte.
In order to reduce the dominance of the three big rating agencies we should discuss the possibility of making two ratings obligatory for structured finance products.
Vgraditi je treba varovalke, ki bodo preprečile, da bi ta sistem postal „zajamčeni trg“, ter skrbno razmisliti o vprašanju, kdo določi izvajalca druge ocene.
Safeguards need to be built-in in order to prevent this system from becoming a 'guaranteed market' and the issue of who assigns the second rating needs to be carefully considered.
Ta predlog je skladen s trenutnim predlogom v zakonodaji za reformo finančnega sektorja v ZDA.
This suggestion is in line with a current proposal in the US financial sector reform legislation.
Struktura panoge je glavna težava v zvezi s pomanjkanjem konkurence, saj so vstopne ovire zelo visoke.
The industry structure is the main problem for lacking competition, as barriers to entry are very high.
Težava se v manjši meri skriva v številu bonitetnih agencij, ki sicer delujejo, vendar njihov lokalni značaj in poudarek na specializiranih produktih vodita do nizkega sprejemanja ali nesprejemanja (oz. pomena) na globalnih kapitalskih trgih, zaradi česar ne morejo biti konkurenčne zlasti v primeru regulativnih standardov.
The problem lies less in the number of credit rating agencies that are active but their local nature and focus on niche-products leading to little or no acceptance (or importance) in the global capital markets, making them unable to compete particularly in the case of regulatory standards.
Evropska ustanova za ocenjevanje bonitete Poročevalec meni, da je potrebna razprava o možnosti ustanovitve popolnoma neodvisne in nejavne evropske ustanove za ocenjevanje bonitete.
Your Rapporteur thinks that the possibility of establishing a fully independent non-public European Credit Rating Foundation (ECRaF) should be discussed.
Potrebe po financiranju nove ustanove bi bilo treba natančno oceniti in poročevalec predlaga enkratno plačilo ustanovi z namenom zagotavljanja njene neodvisnosti.
The financing needs of the new ECRaF should be estimated carefully and your Rapporteur suggests a one-off lump-sum payment to the foundation in order to ensure independence.
To začetno financiranje bi moralo zadostovati za prva leta delovanja nove ustanove, ki bi po zaključku tega obdobju morala biti popolnoma samozadostna in se financirati na trgu s pristojbinami za ocenjevanje.
This start-up financing should be enough for the first years of the new ECRaF, which shall be fully self-reliant after that period and finance itself in the market from rating fees.
Nova ustanova bi ocenjevala premoženje vseh treh sektorjev, javnega sektorja, podjetij in strukturiranih finančnih instrumentov, zato bi morala imeti potrebno osebje in vire za zagotavljanje visoke kakovosti ocen.
The new ECRaF would rate assets from all three sectors, public, companies and structured finance instruments and would hence have to be equipped with the necessary staffing and resources in order to ensure a high quality of ratings.
Poročevalec se zaveda možnosti sporov in težav pri takem projektu.
Your Rapporteur is well aware of the potential conflicts and problems of such a project.
Ni jamstva, da bo nova ustanova lahko pridobila ugled in postala pravi novi udeleženec v panogi bonitetnega ocenjevanja; predpogoj je, da struktura in sistem upravljanja omogočata največjo verodostojnost in nesporno neodvisnost od vseh javnih oblasti, tako od držav članic kot tudi od Evropske komisije in vseh drugih javnih organov.
There is no guarantee that the new ECRaF will be able to establish a reputation and become a real new entrant in the CRA industry, as a prerequisite the governance structure and set-up have to allow for maximum credibility with unquestionable independence from any public authority, be it Member States, the European Commission or any other public body.
To je še posebej pomembno za zagotavljanje verodostojnosti na področju bonitetnega ocenjevanja državnih dolžniških instrumentov.
This is particular important to ensure credibility when it comes to sovereign debt ratings
Mreža bonitetnih agencij
Network of CRAs
Poleg tega poročevalec predlaga spodbujanje vzpostavitve mreže evropskih bonitetnih agencij.
In addition, your Rapporteur suggests fostering the establishment of a network of European CRAs.
Sodelovanje bonitetnih agencij, ki delujejo na nacionalni ravni, z namenom izkoriščanja razpoložljivega osebja in virov bi potencialno povečalo konkurenco v panogi s pokrivanjem širokega nabora premoženja in različnih trgov, kar bi omogočilo delovanje na ravni, na kateri delujejo velike bonitetne agencije, ki delujejo globalno.
The cooperation of nationally active CRAs to use the available staffing and resource capacities would potentially increase competition in the industry by covering a wide range of assets and different markets that allows being on a similar level as the big globally active CRAs.
O potrebi po oblikovanju spodbude ali okvira, ki bo spodbudil manjše in regionalne bonitetne agencije, da začnejo delovati v partnerski strukturi, bi bilo treba poglobljeno razpravljati.
A need to create an incentive or a framework that will encourage smaller and regional CRAs to move to a partnership structure should be carefully discussed.
Poročevalec meni, da je za zmanjšanje zanašanja na zunanje bonitetne ocene treba povečati obseg razkrivanja informacij vlagateljem, da bi jim omogočili ravnanje s skrbnostjo dobrega gospodarja, izpolnjevanje fiduciarnih obveznosti in izvajanje lastnih ocen tveganja, pa tudi da bi drugim bonitetnim agencijam omogočili ocenjevanje instrumenta, čeprav niso neposredno izbrane ali imenovane za njegovo ocenjevanje, torej nenaročeno ocenjevanje.
Your Rapporteur is of the opinion that in order to reduce the reliance on external credit ratings, it is necessary to increase the disclosure of information to investors in order to enable them to fulfil due diligence and fiduciary duties and to conduct own risk assessment as well as enabling other CRAs to rate an instrument even if not selected or nominated to rate it directly, i.e. an unsolicited rating.
To je splošna točka, ki bi jo bilo treba vključiti v prihodnje določbe pri revizijah direktive o kapitalskih zahtevah, a jo je treba vključiti tudi v revizijo direktive o prospektu in direktive o preglednosti.
This is a general point that should be addressed in the future provisions in the CRD reviews but needs to also be included in a revision of the Prospectus Directive and Transparency Directive.
Za strukturirane finančne instrumente bi bilo treba spremeniti zlasti direktivo o prospektu, saj je ta edini način, da se pridobi informacije na trgu in da se udeležencem omogoči manjše zanašanje na ocene.
In particular the Prospectus Directive would have to be changed for structured finance instruments, which is the only way to get information in the market and enable participants also to be less reliant on ratings.