natgillin/translations-raw huggingface dataset:
ker je model izdajanja in distribucije okrepil konkurenco in razširil tveganje; ker je ta model tudi oslabil spodbude za vrednotenje in spremljanje tveganja in v nekaterih primerih privedel do oslabitve skrbnosti pri poslovanju,
whereas the "originate-to-distribute" model has enhanced competition and spread risk; whereas that model has, however, weakened incentives to evaluate and monitor risk and led to a breakdown in due diligence in some cases,
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,
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,
ker inovativne tehnike, namenjene zmanjševanju tveganja na mikro ravni in same po sebi v skladu s sedanjo uredbo, lahko povzročijo koncentracijo tveganja in sistemsko tveganje,
whereas innovative techniques, which were designed to diminish risk at the micro level, and themselves complied with current regulation, could lead to risk concentration and systemic risk,
ker je treba preprečiti škodljivo regulativno arbitražo,
whereas harmful regulatory arbitrage should be prevented,
ker povečano čezmejno bančništvo v Evropi in potreba po organiziranemu odgovoru glede negativnih pretresov, kakor tudi potreba po ravnanju s sistematskimi navarnostmi na učinkovit način zahtevajo, da se razlike med nacionalnimi ureditvami držav članic kar najbolj zmanjšajo; ker je treba, da se onstran študij, ki jih je Komisija že izvedla v zvezi s tem, spremeni Direktiva 94/19/ES čim prej, da se zagotovi enaka raven zaščite bančnih vlog po vsej EU, da bi se ohranila finančna stabilnost in zaupanje vlagateljev ter preprečilo popačenje konkurence,
whereas the increasing cross-border nature of banking in Europe and the need to respond in a coordinated way to adverse shocks, as well as the need to deal with systemic risks effectively, require divergences between the national regimes of Member States to be reduced to the greatest extent possible; whereas there is a need to move beyond the studies that the Commission has already carried out in this regard and to amend Directive 94/19/EC as soon as possible to provide the same level of protection for bank deposits across the whole European Union in order to preserve financial stability and depositors' confidence and avoid distortions of competition,
ker je treba zagotoviti ustrezno raven preglednosti za javnost, vlagatelje in nadzorne organe,
whereas adequate levels of transparency towards the public, investors and supervisory authorities must be ensured,
ker naj odškodninske sheme, ki odražajo uspešnost posameznikov in družb, ne bi nagrajevale pretiranega kratkoročnega tveganja na račun potrebne dolgoročne uspešnosti in varnega poslovanja,
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,
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; ker je treba proučiti postopke bonitetnih agencij,
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,
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,
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,
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,
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,
ker mora Komisija opraviti celovito oceno vpliva zakonodajnega predloga,
whereas the Commission should carry out a comprehensive impact assessment of a legislative proposal,
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; ker bi morala Evropska unija imeti vodilno vlogo na mednarodnem prizorišču, pa tudi okrepiti dosledno izvajanje in konvergenco svojih lastnih predpisov in nadzora,
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 and should reinforce the consistent implementation and convergence of its own regulation and supervision,
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,
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,
ker bi moral biti nadzorni pristop prilagojen posebnostim dejavnosti in tistim njenim vidikom, ki so že regulirani; ker so cilji nadzora finančnih trgov in bonitetnega nadzora posameznih institucij različni,
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,
ker morajo prihodnji predlogi upoštevati pogajanja o predlogu za Solventnost II ter pregled direktiv 2006/48/ES in 2006/49/ES,
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,
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,
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,
ker se na podlagi sklepov Sveta z dne 3. junija 2008, 4. decembra 2007 in 9. oktobra 2007 že izvaja obsežen delovni program za usmerjene izboljšave mehanizma sodelovanja pri nadzoru v EU; 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,
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 work programmes are under way in the European Union and worldwide with a view to understanding the causes of market turmoil and responding appropriately,
ker je treba do jeseni 2008 sestaviti skupino modrecev, v kateri bodo zbrane posamezne zainteresirane strani, kot so predstavniki nadzornih in regulativnih organov ter industrije, in ki bo izdelala bolj dolgoročno vizijo nadzora; ker naj bi bila njena naloga izdelati načrt in časovni načrt za radikalnejšo dolgoročno reformo v smeri popolne integracije institucij; ker skupina lahko segajoč preko arhitekture finančnega nadzora obravnava tudi vprašanja, kot so enotni predpisi za finančni nadzor, sistem zajamčenih vlog in enotna ureditev plačilne nesposobnosti, ki so povezana z integriranim finančnim in nadzornim sistemom,
whereas a group of wise persons should be set up by autumn 2008, bringing together different stakeholders, such as supervisors, regulators and industry representatives, and elaborating a longer term supervisory vision; whereas that group should be tasked with developing a blueprint and a roadmap for a more radical long-term reform towards full institutional integration; whereas going beyond the architecture of financial supervision, the group could also address issues such as a single rulebook for financial supervision, a deposit guarantee scheme and a common insolvency regime, which are commensurate with an integrated financial and supervisory system,
zahteva, naj Komisija Parlamentu do 31. decembra 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 31 December 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;
meni, da morajo, kjer je to primerno, finančne posledice zahtevanega predloga ali zahtevanih predlogov kriti dodeljena proračunska sredstva EU;
Considers that, where appropriate, the financial implications of the requested proposal or proposals should be covered by EU budgetary allocations;
Priporočilo 1 – Osnovni pogoji za učinkovito regulativno in nadzorno ureditev
Recommendation 1 - Basic prerequisites for effective regulatory and supervisory arrangements
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:
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;
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;
povečanje prilagodljivosti okvira kapitalske ustreznosti, da bo lahko reševal motnje na finančnem trgu ter hkrati upošteval pristojnost nacionalnih organov;
enhance the resilience of the capital adequacy framework to be able to deal with financial market disruption, whilst respecting the responsibilities of national authorities;
zagotovitev, kolikor je to mogoče, proticikličnost pravil;
ensure that the rules are counter-cyclical as far as possible;
reforma okvira za boljše obvladovanje tveganja ter zagotovitev ustreznosti matematičnih modelov in po potrebi razširitev vrste scenarijev in pogostosti testiranja izjemnih situacij;
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;
zagotovitev ustreznih kapitalskih zahtev za kompleksne finančne produkte in izvedene finančne instrumente;
ensure appropriate capital requirements for complex financial products and derivatives;
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.
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
Listinjenje: spodbujanje preglednosti in jasnosti ter zagotavljanje podatkov o kompleksnih finančnih produktih in postopku listinjenja, upoštevajoč pobude, ki jih vodi industrija na tem področju; zagotavljanje, da postopki listinjenja in ocenjevanja bonitete ne privedejo do neupravičenega porasta skupne vrednosti listinjenega produkta nad vrednost osnovnih sredstev;
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.
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;
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.
Računovodska pravila, vrednotenje in oblikovanje cen:
Accounting rules, valuation and pricing:
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;
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;
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;
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.
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.
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
Governance measures
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;
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.
Sheme prejemkov: zagotavljanje, da finančne institucije razkrijejo politiko prejemkov, vključno z opcijami na delnice, zlasti osebne prejemke in pakete kompenzacije posameznih direktorjev; zagotavljanje, da so vsi posli glede upravljanja jasno razvidni iz računovodskih izkazov; 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;
Remuneration schemes: ensure financial institutions disclose their remuneration policy, including stock options, 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.
Ureditev odgovornosti pravnih oseb: zagotavljanje ureditve odgovornosti z določitvijo 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;
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.
Agencije za ocenjevanje bonitete: ukrepi, ki npr. navzkrižje interesov, sisteme za zagotavljanje kakovosti in pregled obravnavajo na način, skladen z obravnavanimi priporočili foruma za finančno stabilnost, mednarodne organizacije nadzornikov trga za vrednostne papirje, odbora evropskih zakonodajalcev za vrednostne papirje in strokovne skupine za evropske trge vrednostnih papirjev glede možnosti za krepitev postopkov ocenjevanja bonitete, tako da tam, kjer je to primerno, posnemajo nadzor nad revizorji; posebno pozornost naj se nameni preglednosti metodologij za določanje bonitete, predpostavk in preskusov glede na merilo izrednih razmer; da bodo nadzorniki lahko zahtevali "revizijsko sled" korespondence izvorne osebe/bonitetne agencije in da bodo obveščeni v primeru občutne zaskrbljenosti nad modeli; zagotavljanje, da agencije za ocenjevanje bonitete dajejo na voljo podrobne informacije o posebnostih zapletenih dolžniških proizvodov, hipotekarnih proizvodov in običajnega dolga ter da agencije za ocenjevanje bonitete uporabljajo različne simbole za bonitetno oceno zapletenih dolžniških proizvodov, hipotekarnih proizvodov in običajnega dolga; spodbujanje preglednosti agencij za ocenjevanje bonitete, skrb za večjo preglednost metodologij in meril, ki so pomembne za posamezne bonitetne ocene zapletenih dolžniških produktov, hipotekarnih produktov in običajnega dolga.
Credit rating agencies: measures addressing e.g. conflicts of interests, quality assurance systems and oversight in a manner consistent with the considered recommendations of the Financial Stability Forum, the International Organisation of Securities Commissions, the Committee of European Securities Regulators and the European Securities Markets Expert Group relating to potential enhancement of credit rating processes, drawing lessons where appropriate from the oversight of auditors; give particular consideration to: transparency on rating methodologies, assumptions and stress tests; for supervisors to be able to call for an 'audit trail' of the originator/credit rating agency correspondence and to be notified in the event of significant concerns over models; ensure that credit rating agencies provide enhanced information as to the particular characteristics of complex debt products, mortgage related products and traditional debt, and that the rating agencies apply differentiated symbols for the rating of complex debt products, mortgage related products and traditional debt; foster transparency of credit rating agencies, provide enhanced transparency as to the methodology and criteria relevant to particular ratings of complex debt products, mortgage related products and traditional debt.
Priporočilo 2 – Finančna stabilnost in ukrepi glede sistemskega tveganja
Recommendation 2 - Financial stability and systemic risk measures
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
Finančna stabilnost in sistemska tveganja: priprava zbirke podatkov ter v prihodnost usmerjene scenarije in politike o makrobonitetnem nadzoru in finančni stabilnosti, in tudi sistema zgodnjega opozarjanja ter zagotovitev, da bodo Evropska centralna banka (ECB), Evropski sistem centralnih bank (ESCB) ter odbor za bančni nadzor ESCB (BSC) dejavno sodelovali pri njihovem začetku, pripravi in izvajanju; zagotavljanje, da nadzorni organi EU in centralne banke preko odbora za bančni nadzor ustrezne nejavne in zaupne najnovejše skupne mikrobonitetne informacije/podatke predložijo Evropski centralni banki, da lahko opravi svojo nalogo in prepreči sistemsko tveganje;
Financial stability and systemic risks: establish databases, forward-looking scenarios, policies on macro prudential supervision and financial stability, as well as an early-warning system and ensure that the European Central Bank (ECB), the European System of Central Banks (ESCB) and the Banking Supervisory Committee of the ESCB (BSC) take an active role in their initiation, elaboration and operation; ensure that EU supervisors and central banks provide the ECB, via the BSC, with relevant non-public and confidential up-to-date aggregate micro-prudential information/data to allow it to fulfil this function and prevent systemic risk;
Ureditev EU za preprečevanje, upravljanje in odpravljanje kriz, še zlasti:
EU crisis prevention, management and resolution arrangements: In particular:
izboljšanje ureditve za preprečevanje in upravljanje kriz na ravni EU, kjer je to potrebno, ki vključuje:
enhancing crisis prevention and management arrangements at EU level, where necessary, including:
spremljanje in ocenjevanje sistemskih finančnih tveganj na ravni EU;
monitoring and assessing systemic financial risks at EU level;
vzpostavitev mehanizma EU za zgodnje opozarjanje in zgodnje posredovanje za obravnavo šibkih in neuspešnih subjektov, če je ogrožena stabilnost čezmejne finančne skupine ali finančna stabilnost EU; takšen mehanizem mora biti natančno opredeljen, jasen, omogočati mora hitro ukrepanje in biti v skladu s pravili državnih pomoči EU;
setting up an EU early-warning system and early-intervention mechanism for dealing with weak and failing entities, when an EU cross-border financial group is concerned or when the EU financial stability is threatened; such a mechanism should be well-defined, clear, able to prompt action and comply with EU State aid rules;
omogočanje lažjega čezmejnega prenosa sredstev znotraj skupine v izrednih okoliščinah ob upoštevanju interesov upnikov posameznih subjektov v skupini in ob upoštevanju Direktive 2001/24/ES;
facilitating the cross-border transfer of funds within a group in extreme situations by taking into account the interests of the creditors of the group's individual entities and having regard to Directive 2001/24/EC;