natgillin/translations-raw huggingface dataset:
KNPVP bi morali biti vključeni v področje uporabe te uredbe, saj v raznolike naložbene politike KNPVP spadajo tudi transakcije v pogodbah o izvedenih finančnih instrumentih.
UCITS should be within the scope of this Regulation, as the diversified investment policies of UCITS also include transactions in derivative contracts.
Za pokojninske sklade, kakor so opredeljeni v Direktivi 2003/41/ES Evropskega parlamenta in Sveta z dne 3. junija 2003 o dejavnostih in nadzoru institucij za poklicno pokojninsko zavarovanje
Pension funds as defined in Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision
s profilom tveganja, ki je nenaklonjen tveganju, in za katere se izvedeni finančni instrumenti uporabljajo za zavarovanje pred tveganji pokojninske obveznosti, bi bilo treba uveljaviti obveznost poročanja in tehnike za zmanjševanje tveganja za pogodbe o izvedenih finančnih instrumentih OTC, za katere se ne opravlja kliring prek CCP, kakor določa ta uredba.
with a risk-averse risk-profile and that use derivates to hedge their pension liability risks should be made subject to the reporting obligations and the risk-mitigation techniques for OTC derivative contracts not cleared by a CCP as laid down in this Regulation.
Za te pokojnine pa ne bo veljala obveznost kliringa, da se preprečijo nesorazmerni stroški za upokojence.
Those pensions should not, however, be subject to the clearing obligation in order to avoid disproportionate costs for pensioners.
Kjer je primerno, bi morala pravila, ki veljajo za finančne nasprotne stranke, veljati tudi za nefinančne nasprotne stranke.
Where appropriate, rules applicable to financial counterparties should also apply to non-financial counterparties.
Posledično je treba pri ugotavljanju, ali naj za določeno nefinančno nasprotno stranko velja obveznost kliringa, upoštevati namen, s katerim
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
nasprotna stranka uporablja izvedene finančne instrumente OTC, in obseg izpostavljenosti pri teh instrumentih.
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,
When establishing the threshold for the clearing obligation, ESMA should consult all relevant authorities, such as regulators responsible for commodity markets,
in nefinančnimi nasprotnimi strankami
and the non-financial counterparties,
za zagotovitev, da so posebnosti teh sektorjev v celoti upoštevane.
in order to ensure that the particularities of those sectors are fully taken into account.
Prag kliringa za nefinančne nasprotne stranke je zelo pomemben podatek za vse udeležence na trgu.
The clearing threshold for non-financial counterparties is a very important figure for all market participants.
Da bi mala in srednja podjetja izvzeli iz obveznosti kliringa, bi bilo treba upoštevati tudi prage kliringa OTC, specifične za posamezni sektor, ki temeljijo na skupnem obsegu pogodb, ki jih sklene podjetje.
With a view to exempting small and medium-sized enterprises (SMEs) from the clearing obligation, consideration should also be given to sector-specific OTC clearing thresholds based on the total volume of contracts concluded by an undertaking.
Poleg tega bi moral organ ESMA preučiti, ali bi lahko v zvezi z obveznostjo poročanja za mala in srednja podjetja uvedli pravilo de minimis.
In addition, ESMA should examine whether a de minimis rule might be introduced for SMEs in connection with the reporting obligation.
Komisija bi morala zagotoviti, da cene in prihodnji zakonodajni predlogi ne bodo spodkopali nujne ustrezne uporabe izvedenih finančnih instrumentov OTC s strani nefinančnih nasprotnih strank za zavarovanje pred tržnimi tveganji, ki nastajajo pri poslovnih operacijah.
The Commission should ensure that the necessary and appropriate use of OTC derivatives by non-financial counterparties to hedge market risks arising from business operations is not undermined in terms of pricing or availability by future legislative proposals.
Pogodbo, ki jo je sklenil sklad, ne glede na to, ali ima upravitelja ali ne, je treba obravnavati v okviru te uredbe.
A contract entered into by a fund, whether managed by a fund manager or not, should be considered within the scope of this Regulation.
Centralne banke in druge nacionalne organe, ki opravljajo podobne funkcije, druge javne organe, ki so zadolženi za upravljanje javnega dolga ali ki posredujejo pri upravljanju javnega dolga, in multilateralne razvojne banke, navedene v oddelku 4.2 dela 1 Priloge k VI Direktivi 2006/48/ES
Central banks and other national bodies performing similar functions, other public bodies charged with or intervening in the management of the public debt, and multilateral development banks listed in Section 4.2 of Part 1 of Annex VI to Directive 2006/48/EC
, Banko za mednarodne poravnave in nekatere osebe javnega sektorja, opredeljene v členu 4(18) Direktive 2006/48/ES
, the Bank for International Settlements and certain of the public sector entities defined in Article 4(18) of Directive 2006/48/EC
, je treba izključiti s področja uporabe te uredbe, da ne bi prišlo do omejevanja njihove pristojnosti pri posegih za stabilizacijo trga, če in ko je to potrebno.
should be excluded from the scope of this Regulation in order to avoid limiting their powers to intervene to stabilise the market, if and when required.
Ker vsi udeleženci na trgu, za katere velja obveznost kliringa, ne morejo postati klirinški člani CCP
As not all market participants that are subject to the clearing obligation are able to become clearing members of the CCP
(ali stranke klirinških članov),
(or clients of clearing members)
morajo imeti možnost, da do CCP dostopajo kot stranke
, they should have the possibility to access CCPs as clients
Uvedba obveznosti kliringa skupaj s postopkom določanja, katere CCP se lahko uporabljajo za namene te obveznosti, lahko privede do nenamernega izkrivljanja konkurence na trgu izvedenih finančnih instrumentov OTC.
The introduction of a clearing obligation along with a process to establish which CCPs can be used for the purpose of that obligation may lead to unintended competitive distortions of the OTC derivatives market.
Da bi se izognili takšni diskriminatorni praksi, morajo CCP sprejeti kliring transakcij, ki se izvajajo na različnih mestih, če so ta mesta v skladu z operativnimi in tehničnimi zahtevami CCP
In order to avoid such discriminatory practices, CCPs should clear transactions executed in different venues to the extent that those venues comply with the operational and technical requirements established by the CCP
Za določitev ustreznih razredov izvedenih finančnih instrumentov OTC, za katere mora veljati obveznost kliringa, pragov in sistemsko pomembnih nefinančnih nasprotnih strank so potrebni zanesljivi podatki.
In order to identify the relevant classes of OTC derivatives that should be subject to the clearing obligation, the thresholds and systemically relevant non-financial counterparties, reliable data is needed.
Če tako naknadno poročanje ni uresničljivo za noben razred izvedenih finančnih instrumentov OTC, je treba zadevnemu repozitoriju sklenjenih poslov posredovati ustrezno utemeljitev.
If such retrospective reporting is not feasible for any classes of OTC derivatives, an appropriate justification should be provided to the respective trade repository.
Pomembno je, da udeleženci na trgu o vseh podrobnostih v zvezi s pogodbami o izvedenih finančnih instrumentih OTC, ki so jih sklenili, poročajo v repozitorije sklenjenih poslov.
It is important that market participants report all details regarding OTC derivative contracts they have entered into to trade repositories.
Za institucije za poklicno pokojninsko zavarovanje, kot so opredeljene v členu 6(a) Direktive 2003/41/ES, ali ureditve, ki ponujajo podobno raven zmanjševanja tveganja in jih nacionalna zakonodaja priznava za namene pokojninskega zavarovanja z uporabo pogodb o izvedenih finančnih instrumentih, ki objektivno merljivo zmanjšujejo tveganje, neposredno povezano s solventnostjo institucije, ki upravlja pokojninski načrt, bi morale veljati določbe za dvostransko zavarovanje, kot je določeno v tej uredbi, ki bo revidirana leta 2014.
Institutions for occupational retirement provision as defined in Article 6(a) of Directive 2003/41/EC or arrangements offering similar level of risk mitigation and recognised under national law for the purpose of retirement provision using derivative contracts that are objectively measurable as reducing risks directly related to the solvency of the institution that operate a pension scheme should be subject to the provisions for bilateral collateralisation as set out in this Regulation to be reviewed in 2014.
Da bi omogočili celosten pregled trga
In order to allow for a comprehensive overview of the market
in za ocenjevanje sistemskega tveganja
and for assessing systemic risk,
, je treba v repozitorije sklenjenih poslov poročati o pogodbah, pri katerih je bil opravljen kliring, in o pogodbah, pri katerih kliring ni bil opravljen.
both cleared and non-cleared contracts should be reported to trade repositories.
Organom ESMA, EIOPA in EBA bi bilo treba zagotoviti ustrezna sredstva, da lahko učinkovito opravljajo naloge, ki so jim dodeljene s to uredbo.
ESMA, EIOPA and EBA should be provided with adequate resources in order to effectively perform the tasks they are given in this Regulation.
Obveznost poročanja o vseh spremembah ali prenehanju pogodb mora veljati za prvotne nasprotne stranke teh pogodb in za vse druge subjekte, ki poročajo v imenu prvotnih nasprotnih strank.
The obligation to report any amendment to or termination of a contract should apply to the original counterparties to that contract and to any other entities reporting on behalf of the original counterparties.
V zvezi z obveznostmi kliringa in poročanja morajo obstajati učinkovite, sorazmerne in odvračilne kazni.
There should be effective, proportionate and dissuasive penalties with regard to the clearing and reporting obligations.
Dovoljenje za CCP mora biti pogojeno z minimalnim začetnim kapitalom.
Authorisation of a CCP should be conditional on a minimum amount of initial capital.
Ker se s to uredbo za regulativne namene uvaja zakonska obveznost kliringa prek določenih CCP, je bistveno, da se zagotovijo varnost in stabilnost teh CCP ter njihova stalna skladnost s strogimi organizacijskimi, poslovnimi in bonitetnimi zahtevami, ki jih določa ta uredba.
As this Regulation introduces a legal obligation to clear through specific CCPs for regulatory purposes, it is essential to ensure that those CCPs are safe and sound and comply at all times with the stringent organisational, business conduct, and prudential requirements established by this Regulation.
Ustrezni pristojni organ bi se moral zadovoljiti s tem, da ima CCP dovolj finančnih sredstev na voljo (mednje je vključen tudi minimalni prispevek iz lastnih sredstev CCP) v skladu s smernicami, ki jih izda organ ESMA.
The relevant competent authority should satisfy itself that a CCP maintains sufficient available financial resources (which should include a minimum contribution of own funds of the CCP), in accordance with guidelines issued by ESMA.
V regulativne namene in zaradi uskladitve bi bilo zato treba zagotoviti, da finančne nasprotne stranke uporabljajo le CCP, ki izpolnjujejo zahteve iz te uredbe.
It is therefore necessary, for regulatory and harmonisation purposes, to ensure that financial counterparties only use CCPs which comply with the requirements laid down in this Regulation.
Neposredna pravila v zvezi z izdajo dovoljenja CCP in nadzorom CCP so bistven dodatek k obveznosti kliringa izvedenih finančnih instrumentov OTC.
Direct rules regarding the authorisation and supervision of CCPs are an essential corollary to the obligation to clear OTC derivatives.
Smiselno je, da pristojni organi ostanejo odgovorni za vse vidike izdajanja dovoljenj CCP in nadzora CCP, vključno z odgovornostjo za preverjanje, ali CCP vlagateljica izpolnjuje zahteve iz te uredbe ter Direktive 98/26/ES Evropskega parlamenta in Sveta z dne 19. maja 1998 o dokončnosti poravnave pri plačilih in sistemih poravnave vrednostnih papirjev UL L 166, 11.6.1998, str.
It is appropriate that competent authoritiesretain the responsibility for all aspects of the authorisation and the supervision of CCPs, including the responsibility to verify that the applicant CCP is compliant with this Regulation and with Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems OJ L 166, 11.6.1998, p.
, saj so najprimernejši za pregledovanje vsakodnevnega poslovanja CCP, izvajanje rednih pregledov in sprejemanje ustreznih ukrepov, če so potrebni.
, in view of the fact that those national competent authorities remain best placed to examine how the CCPs operate on a daily basis, to carry out regular reviews and to take appropriate action, where necessary.
Če pri CCP obstaja tveganje nesolventnosti, lahko fiskalno odgovornost nosi predvsem država članica, kjer ima CCP sedež.
Where a CCP risks insolvency, the fiscal responsibility may lie predominantly with the Member State in which it is established.
Treba je okrepiti določbe o izmenjavi podatkov med pristojnimi organi ter okrepiti njihove dolžnosti medsebojne pomoči in sodelovanja. █Pri izmenjavi informacij je potrebno strogo varovanje poslovnih skrivnosti.
It is necessary to reinforce provisions on exchange of information between competent authorities and to strengthen the duties of assistance and cooperation between them. █ For the exchange of information, strict professional secrecy is needed.
Zaradi širokega vpliva pogodb o izvedenih finančnih instrumentih OTC je nujno, da imajo drugi
It is essential, due to the wide impact of OTC derivative contracts, that other
organi █ dostop do informacij, ki so potrebne za izvajanje njihovih funkcij.
authorities █ have access to information necessary to the exercise of their functions.
Nič v tej uredbi ne bi smelo omejevati ali ovirati, da CCP v eni jurisdikciji izvede kliring produkta, izraženega v valuti druge države članice EU ali valuti tretje države, ali od CCP zahtevati dovoljenje za opravljanje bančnih storitev, da dobi dostop do dnevne likvidnosti centralne banke.
Nothing in this Regulation should attempt to restrict or impede a CCP in one jurisdiction from clearing a product denominated in the currency of another Member State or the currency of a third country, or to require a CCP to have a banking licence in order to have access to day-to-day central bank liquidity.
Zaradi globalne narave finančnih trgov
In view of the global nature of financial markets,
so potrebni dogovori za
agreements with
CCP s sedežem v tretjih državah
CCPs established in third countries
o opravljanju
on the provision of
klirinških storitev v Uniji.
clearing services within the Union
pod pogojem, da je Komisija priznala pravni in nadzorni okvir te tretje države kot enakovreden okviru Unije in da so izpolnjeni
, provided that the Commission has recognised the legal and supervisory framework of that third country as equivalent to the Union framework and that the
Evropski svet je 16. septembra 2010 soglašal, da mora Unija v zunanjih odnosih Unije odločneje ter v duhu vzajemnosti in obojestranskih koristi spodbujati svoje interese in vrednote ter ukrepati, da bi med drugim evropskim podjetjem zagotovila večji dostop do trga in poglobila regulativno sodelovanje z glavnimi trgovinskimi partnerji.
On 16 September 2010, the European Council agreed on the need for the Union to promote its interest and values more assertively and in a spirit of reciprocity and mutual benefit in the context of the Union's external relations and to take steps, inter alia, to secure greater market access for European business and deepen regulatory cooperation with major trading partners.
Ne glede na lastniško strukturo morajo CCP imeti zanesljivo ureditev upravljanja, višje vodstvo z dobrim ugledom in neodvisne člane upravnega odbora.
CCPs should have robust governance arrangements, senior management of good repute and independent members on its board, irrespective of its ownership structure.
Vsaj tretjina članov in najmanj dva člana odbora bi morala biti neodvisna.
At least one-third, and no less than two, members of the board should be independent members.
Ti neodvisni člani ne bi smeli biti neodvisni člani v več kot enem drugem CCP.
Those independent members should not act as independent members in more than one other CCP.
Njihovo plačilo nikakor ne bi smelo biti povezano z uspešnostjo CCP.
Their remuneration should not be linked in any way with the performance of the CCP.
CCP lahko odda v zunanje izvajanje vse funkcije razen funkcij upravljanja tveganja, vendar le, če v zunanje izvajanje oddane funkcije ne vplivajo na pravilno poslovanje CCP in njeno zmožnost upravljanja tveganja.
A CCP may outsource functions other than its risk management functions, but only where those outsourced functions do not impact on the proper operation of the CCP and on its ability to manage risks.
Zahteve glede sodelovanja za CCP morajo biti zato pregledne, sorazmerne in nediskriminatorne ter morajo omogočati oddaljeni dostop, če to CCP ne izpostavi dodatnim tveganjem.
The participation requirements for a CCP should therefore be transparent, proportionate, and non-discriminatory and should allow for remote access to the extent that this does not expose the CCP to additional risks.
Strankam klirinških članov, ki opravljajo kliring svojih izvedenih finančnih instrumentov OTC prek CCP, je treba zagotoviti visoko raven zaščite.
Clients of clearing members that clear their OTC derivatives with CCPs should be granted a high level of protection.
Vsaka pravna negotovost o učinkovitosti in možnosti uveljavljanja pravil in postopkov CCP glede razmejitve vrednosti premoženja in obveznosti klirinških članov in njihovih strank ter prenos postavk pri vstopu pred določenimi dogodki, bi spodkopalo stabilnost CCP.
Any form of legal uncertainty regarding the effectiveness and enforceability of a CCP's rules and procedures governing the demarcation of the assets and obligations of the clearing members and their clients and the transfer of positions in response to pre-determined events would undermine the stability of a CCP.
CCP mora imeti zanesljiv okvir upravljanja tveganja za upravljanje kreditnih tveganj, likvidnostnih tveganj, operativnih in drugih tveganj, vključno s tveganji, ki jih nosi ali predstavlja za druge subjekte zaradi soodvisnosti.
A CCP should have a sound risk management framework to manage credit risks, liquidity risks, operational and other risks, including the risks that it bears or poses to other entities as a result of interdependencies.
Upravljanje tveganj s strani CCP bi moralo biti zanesljivo in ne bi smelo prenašati tveganj na davkoplačevalca.
CCPs' risk management strategies should be sound, and should not transfer risk to the taxpayer.
Odbor za finančno stabilnost opredeljuje CCP kot sistemsko pomembne institucije.
The Financial Stability Board has identified CCPs as systemically important institutions.
Pozivi k doplačilu kritja in odbitki na zavarovanje s premoženjem imajo lahko prociklične učinke.
Margin calls and haircuts on collateral may have procyclical effects.
CCP, pristojni organi
CCPs, competent authorities
in organ ESMA
and ESMA
morajo zato sprejeti ukrepe za preprečevanje in nadzor morebitnih procikličnih učinkov v praksah upravljanja tveganja, ki so jih sprejele CCP, če to nima negativnega vpliva na zanesljivost in finančno varnost CCP.
should therefore adopt measures to prevent and control possible procyclical effects in risk management practices adopted by CCPs, to the extent that a CCP's soundness and financial security is not negatively affected.
Upravljanje izpostavljenosti je bistven del klirinškega procesa.
Exposure management is an essential part of the clearing process.
Kritja so prva varovalka pri zaščiti CCP.
Margins are the primary line of defence for a CCP.
Dostop do ustreznih virov likvidnosti je za CCP bistven.
Access to adequate liquidity resources is essential for a CCP.
Z „Evropskim kodeksom ravnanja za kliring in poravnavo“ z dne 7. novembra 2006 http://ec.europa.eu/internal_market/financial-markets/docs/code/code_en.pdf.
The ‘European Code of Conduct for Clearing and Settlement’ of 7 November 2006 http://ec.europa.eu/internal_market/financial-markets/docs/code/code_en.pdf
je bil vzpostavljen prostovoljni okvir za
established a voluntary framework for
povezav med CCP in repozitoriji sklenjenih poslov.
links between CCPs and trade repositories.
Dogovori o interoperabilnosti so
Interoperability arrangements
na splošno lahko
can, in general, be
pomembno orodje za večjo integracijo potrgovalnega trga v Uniji in morajo biti urejeni.
tools for greater integration of the post-trading market within the Union and regulation should be provided for.
Glede na dodatno kompleksnost, povezano z dogovori o interoperabilnosti med CCP, ki opravljajo kliring pogodb o izvedenih finančnih instrumentih OTC, je na tej stopnji primerno
Given the additional complexities involved in an interoperability arrangement between CCPs clearing OTC derivative contracts, it is appropriate at this stage to
zahtevati podaljšano obdobje treh let med prejetjem dovoljenja za kliring izvedenih finančnih instrumentov in preden se lahko zaprosi za dovoljenje za interoperabilnost, poleg tega pa tudi
require a grace period of three years between receiving clearing authorisation for derivatives and eligibility to apply for authorisation for interoperability as well as to
omejiti področje uporabe
restrict the scope of
dogovorov o interoperabilnosti na denarne instrumente.
interoperability arrangements to cash securities.
Repozitoriji sklenjenih poslov zbirajo podatke za regulativne namene, pomembne za organe v vseh državah članicah.
Trade repositories collect data for regulatory purposes that are relevant to authorities in all Member States.
prevzeti odgovornost za registracijo repozitorijev sklenjenih poslov, razveljavitev njihove registracije in nadzor nad njimi.
should assume responsibility for the registration, withdrawal and surveillance of trade repositories.
Glede na to, da se regulativni organi, CCP in drugi udeleženci na trgu zanašajo na podatke, ki jih vsebujejo repozitoriji sklenjenih poslov, je treba zagotoviti, da za te repozitorije sklenjenih poslov veljajo stroge zahteve glede vodenja evidenc in upravljanja podatkov.
Given that regulators, CCPs and other market participants rely on the data maintained by trade repositories, it is necessary to ensure that those trade repositories are subject to strict record-keeping and data management requirements.
Pri finančnih storitvah in trgovanju s pogodbami o izvedenih finančnih instrumentih so področja, kjer lahko obstajajo tudi trgovinske pravice in pravice intelektualne lastnine.
There are areas within financial services and trading of derivative contracts where commercial and intellectual property rights may also exist.
Kadar so te povezane s produkti ali storitvami, ki so postale industrijski standard ali nanje vplivajo, bi bilo treba zahtevati, da so dovoljenja na voljo pod sorazmernimi, sprejemljivimi in nediskriminacijskimi pogoji.
In instances where these relate to products or services which have become or impact upon industry standards there should be a requirement for licences to be available on proportionate FRAND (Fair, Reasonable and Non-Discriminatory) terms.
Organ ESMA lahko Komisiji predlaga nalaganje periodičnih denarnih kazni.
ESMA should be able to propose to the Commission to impose periodic penalty payments.