natgillin/translations-raw huggingface dataset:
ASSESSMENT OF SECURITIES SETTLEMENTSYSTEMSAll Eurosystem credit operations have to becovered by adequate collateral in the form ofeligible assets.
Standard 2: Potrditev poslov in uskladitev poravnave Potrditev poslov med neposrednimi udeleženci na trgu bi se morala opraviti čim prej po izvršitviposla, vendar najpozneje na datum trgovanja (T+0).
These include securities whichare provided to the Eurosystem via SSSs,i.e. service providers that specialise in the transferof legal ownership of, or equivalent rights in,eligible securities from one party to another.
Kadar je potrebna potrditev poslov medposrednimi udeleženci na trgu (kakor so institucionalni vlagatelji), bi se morala ta opraviti čimprej po izvršitvi posla, po možnosti na T+0, vendar najpozneje na T+1.Navodila za poravnavo bi se morala uskladiti čim prej, pri poravnalnih ciklih, ki segajo prek T+0, pa bi se to moralo zgoditi najpozneje na dan pred določenim datumom poravnave.
Toensure that it is not exposed to undue risk in thisprocess, the Eurosystem annually assesses the SSSs that it uses against the nine userstandards.10The 2004 assessment exercisecovered 18 SSSs.
Standard 3: Poravnalni cikli in obratovalni časi Na vseh trgih vrednostnih papirjev bi bilo treba uvesti sukcesivno poravnavo. Do dokončneporavnave bi moralo priti najpozneje na T+3.
Somesystems have increased their operationalreliability, and measures to improve thefinancial soundness of system operators havebeen taken. The Eurosystem monitors andwelcomes all efforts to improve the efficiencyand safety of the SSSs used in its creditoperations.
Oceniti bi bilo treba stroške in koristi poravnalnihciklov na ravni celotne EU, krajših od T+3.Centralni registri vrednostnih papirjev (CRVP) in po potrebi osrednje nasprotne stranke bimorali uskladiti svoje obratovalne čase in dneve ter biti odprti vsaj takrat, ko je sistem TARGETodprt za transakcije v evrih.
A working group was set up,composed of a representative from each centralbank of the ESCB and from each securitiesregulator in CESR.
Standard 4: Osrednja nasprotna stranka Oceniti bi bilo treba stroške in koristi ustanovitve osrednje nasprotne stranke.
This working group drewup a report on “Standards for securitiesclearing and settlement in the European
Če je uvedenataka osrednja nasprotna stranka, bi morala ta strogo nadzirati tveganja, ki jih prevzema.
9In the absence of harmonised EU oversight standards, the userstandards have been regarded as de facto common standards for EU SSSs and, therefore, are dealt with in this chapter.Nevertheless, the user standards are not intended to be acomprehensive set of standards for the oversight or supervisionof SSSs.10“Standards for the use of EU securities settlement systems in ESCB credit operations”, January 1998.
Standard 5: Posojanje in izposojanje vrednostnih papirjev Spodbujati bi bilo treba posojanje in izposojanje vrednostnih papirjev (ali pogodbe o povratnemodkupu in druge ekonomsko enakovredne posle) kot način za preprečevanje napak pri poravnaviin pospeševanje poravnave vrednostnih papirjev. Ovire za dejavnosti posojanja in izposojanjavrednostnih papirjev za to bi bilo treba odpraviti.
The Eurosystem plays two roles in the smoothfunctioning of securities clearing and settlementsystems and their oversight.
Ureditev posojanja in izposojanja vrednostnihpapirjev bi morala biti zanesljiva, varna in učinkovita.
First, the Governing Council assesses the compliance of EU securities settlement systems (SSSs) withnine specific user standards.9Second, the Eurosystem cooperates with other authoritiesresponsible for the regulation and oversight ofsecurities clearing and settlement systems at the EU level.
Standard 6: Centralni registri vrednostnih papirjev (CRVP)Vrednostne papirje bi bilo treba kar najbolj imobilizirati ali dematerializirati ter prenesti z vknjižbo v CRVP.
In this context, the ECB encourageddebate about the development of a pan-Europeanregulatory framework for clearing andsettlement through its participation in the Commission’s Clearing and Settlement Advisory and Monitoring Experts Group.
Da bi zavaroval celovitost izdaj vrednostnih papirjev in interese vlagateljev,bi moral CRVPzagotoviti, da se izdajanje, hramba in prenos vrednostnih papirjev izvajajo naprimeren in pravilen način.
The ESCB’s cooperation with the Committee of European Securities Regulators (CESR) hasbeen central to the development of panEuropean standards which will apply to clearingand settlement.
Standard 7: Dostava proti plačilu (DVP)Tveganje izgube glavnice bi bilo treba izločiti tako, da se prenosi vrednostnih papirjev povežejos prenosi denarnih sredstev, s čimer se doseže dostava proti plačilu.
Furthermore, the ECBcontributed to the Group of Thirty, aninternational think-tank, with a view to ensuringthat the Group’s recommendations concerningclearing and settlement, published in 2003, wereimplemented in such a way as to be consistentwith EU initiatives.
Standard 8: Čas dokončnosti poravnave Dokončnost poravnave v enem dnevu bi se morala zagotoviti z obdelavo v realnem času in/alivečpaketno obdelavo, da bi se zmanjšala tveganja in omogočila učinkovita medsistemska poravnava.
In comparison with the CPSS-IOSCO Recommendations, the ESCB-CESR standards seek to deepen and strengthenrequirements in some areas on account of thespecific features of the European markets.
Standard 9: Obvladovanje kreditnega in likvidnostnega tveganja Zaradi sistemske stabilnosti je pomembno, da CRVPposlujejo brez prekinitev.
Theoverall objective of the ESCB-CESR standardsis to promote the integration of EU capitalmarkets, and they thus place greater emphasison common solutions and interoperability.
Zato bi morali CRVP, ki jim nacionalna zakonodaja dovoljuje odobravanje posojil, svoje kreditne aktivnostiomejiti izključno na tiste, ki so nujne za nemoteno poravnavo vrednostnih papirjev inservisiranje sredstev.
The Commission’s work in this area has been takeninto account.
CRVP, ki odobravajo posojila (vključno s posojili čez dan in čez noč), bimorali svoja kreditna tveganja v celoti zavarovati, kadar koli je mogoče.
applicable once the methodology for assessingthe systems has been developed as a follow-upto the report.
Nezavarovana posojilabi morala biti omejena samo na nekatere, natančno določene primere ter ob izvajanju primernihukrepov za obvladovanje tveganj, vključno z omejitvami izpostavljenosti tveganjem, kakovostjonasprotne stranke in trajanjem posojila.Za večino skrbnikov veljajo bančni predpisi EU.
Since October 2004 the grouphas continued its work in the followingfour fields: (i) developing the assessmentmethodology for the standards for SSSs,(ii) developing standards and a methodologyfor the assessment of central counterparties,(iii) analysing issues relating to significantcustodians and (iv) analysing the topics ofinterest for cooperation among regulatory,supervisory and oversight authorities.
Pri skrbnikih, ki upravljajo pomembne sistemeza poravnavo poslov z vrednostnimi papirji, in z namenom omejevanja sistemskih tveganj,povezanih z njihovo dejavnostjo poravnave vrednostnih papirjev, bi morali nacionalniregulativni organi s področja vrednostnih papirjev, bančni nadzorniki in pregledniki preučitipolitike obvladovanja tveganj, ki jih izvajajo ti skrbniki, da bi se ocenilo, ali so ustrezne gledena tveganja za finančni sistem.
The working group has conducted its work in anopen and transparent manner. Interested partiesin the field of securities clearing and settlementwere invited to comment on the work on anumber of occasions.
Standard 10: Sredstva za gotovinsko poravnavo Sredstva, s katerimi se poravnajo plačilne obveznosti, ki izhajajo iz poslov z vrednostnimipapirji, bi morala vsebovati malo ali nič kreditnega ali likvidnostnega tveganja.
The contributionsreceived were considered carefully and theworking group has made every effort to ensurethat the views expressed have been addressedin the standards. The standards will become
Če se neuporablja centralnobančni denar, je treba sprejeti ukrepe za zaščito udeležencev v sistemu predpotencialnimi izgubami in likvidnostnimi pritiski, ki izhajajo iz neuspešnosti poravnalnegaagenta, katerega sredstva se uporabljajo za to.
11Available on the ECB’s website.
Standard 11: Zanesljivost poslovanja Določiti bi bilo treba vzroke za operativno tveganje, povezano s postopkom kliringa inporavnave, in jih spremljati in redno ocenjevati .
STANDARDS FOR SECURITIES CLEARING AND SETTLEMENT IN THE EUROPEAN UNION
To tveganje bi bilo treba zmanjšati na najnižjomožno raven z vzpostavitvijo primernih sistemov ter učinkovitega nadzora in postopkov.
Standard 1: Legal framework Securities clearing and settlement systems and links between them should have a wellfounded, clear and transparent legal basis in the relevant jurisdictions.
Sistemiin z njimi povezane funkcije bi morali (i) biti zanesljivi in varni, (ii) temeljiti na zanesljivihtehničnih rešitvah, (iii) biti oblikovani in vzdrževani v skladu s preverjenimi postopki, (iv) imeti primerno in razširljivo kapaciteto, (v) imeti vzpostavljene primerne rešitve zazagotavljanje nemotenosti poslovanja in okrevalne načrte ter (vi) biti podvrženi pogostim inneodvisnim pregledom, s katerimi se preverjajo postopki, ki omogočajo pravočasno obnovitevobratovanja in zaključek poravnalnega postopka.
Standard 2: Trade confirmation and settlement matching Confirmation of trades between direct market participants should occur as soon as possibleafter trade execution, but no later than trade date (T+0).
Standard 12: Varovanje vrednostnih papirjev strank Subjekti, ki hranijo vrednostne papirje, bi morali uporabljati računovodske prakse in postopkehrambe, ki v celoti varujejo vrednostne papirje strank.
Where confirmation of trades byindirect market participants (such as institutional investors) is required, it should occur as soonas possible after trade execution, preferably on T+0, but no later than T+1.Settlement instructions should be matched as soon as possible and, for settlement cycles thatextend beyond T+0, this should occur no later than the day before the specified settlement date.
Bistvenega pomena je, da so vrednostnipapirji strank varovani pred terjatvami upnikov vseh subjektov, vključenih v verigo skrbništvavrednostnih papirjev.
Standard 3: Settlement cycles and operating times Rolling settlement should be adopted in all securities markets. Final settlement should occur
Standard 13: Vodenje in upravljanje Strukture vodenja in upravljanja CRVPin osrednjih nasprotnih strank bi morale biti oblikovanetako, da izpolnjujejo zahteve javnega interesa in spodbujajo cilje lastnikov in udeležencev na trgu.
Standard 4: Central counterparties (CCPs)The benefits and costs of establishing a CCP should be evaluated. Where such a mechanism isintroduced, the CCP should rigorously control the risks it assumes.
Standard 15: Učinkovitost Sistemi kliringa in poravnave vrednostnih papirjev bi morali biti učinkoviti pri ohranjanjuzanesljivega in varnega poslovanja.
Standard 5: Securities lending Securities lending and borrowing (or repurchase agreements and other economicallyequivalent transactions) should be encouraged as a method for avoiding settlement failures andexpediting the settlement of securities.
Standard 16: Postopki obveščanja, standardi za poročanje in avtomatska obdelava plačil(straight-through processing – STP)Subjekti, ki izvajajo storitve kliringa in poravnave vrednostnih papirjev, in udeleženci v njihovihsistemih bi morali uporabljati ustrezne mednarodne postopke obveščanja in standarde zaporočanje in referenčne podatke ali omogočiti njihovo uporabo, da bi olajšali učinkovitmedsistemski kliring in poravnavo.
Barriers that inhibit the practice of lending securitiesfor this purpose should be removed. The arrangements for securities lending should be sound,safe and efficient.
To bo spodbujalo avtomatsko obdelavo plačil v celotnemtoku plačilnega prometa z vrednostnimi papirji.Ponudniki storitev bi morali začeti uporabljati STP, da bi omogočili pravočasno, varno instroškovno učinkovito obdelavo vrednostnih papirjev, vključno s potrjevanjem, usklajevanjem,medsebojnim poračunavanjem, poravnavo in skrbništvom.
Standard 6: Central securities depositories (CSDs)Securities should be immobilised or dematerialised and transferred by book entry in CSDs tothe greatest possible extent.
Standard 18: Regulacija, nadzor in pregled nad delovanjem Subjekti, ki izvajajo storitve kliringa in poravnave vrednostnih papirjev, bi morali biti podvrženivsaj pregledni, dosledni in učinkoviti regulaciji in nadzoru.
To safeguard the integrity of securities issues and the interests ofinvestors, the CSD should ensure that the issue, holding and transfer of securities areconducted in an adequate and proper manner.
Sistemi/ureditve kliringa inporavnave vrednostnih papirjev bi morali biti podvrženi vsaj preglednemu, doslednemu inučinkovitemu pregledu nad njihovim delovanjem, ki ga izvaja centralna banka.
Standard 7: Delivery versus payment (DVP)Principal risk should be eliminated by linking securities transfers to funds transfers in a waythat achieves delivery versus payment.
Centralne banke,regulativni organi s področja vrednostnih papirjev in bančni nadzorniki bi morali medsebojnosodelovati na učinkovit in pregleden način na nacionalni ravni in čezmejno (zlasti znotraj EU).
Standard 8: Timing of settlement finality Intraday settlement finality should be provided through real-time and/or multiple-batchprocessing in order to reduce risks and allow effective settlement across systems.
Standard 19: Tveganja pri medsistemskih povezavah1
Standard 9: Credit and liquidity risk controls For systemic stability reasons, it is important that CSDs operate without interruption.Therefore, when allowed by national legislation to grant credit, CSDs should limit their creditactivities exclusively to what is necessary for the smooth functioning of securities settlementand asset servicing.
CRVP, ki za poravnavo v medsistemskem poslovanju vzpostavljajo povezave, bi morali takepovezave oblikovati in upravljati tako, da učinkovito zmanjšujejo tveganja, povezana zmedsistemskimi poravnavami.
CSDs that extend credit (including intraday and overnight credit) shouldfully collateralise their credit exposures whenever practicable.
1 Ta standard ne omogoča povezav, ki jih vzpostavijo osrednje nasprotne stranke.
Inparticular, the possibility of increasing the level of collateralisation of credit exposures,including intraday credit, should be investigated.
To vprašanje bo obravnavano v prihodnjem delu ESCB in CESR o osrednjih nasprotnih strankah.
Operators of net settlement systems should institute risk controls that, as a minimum, ensuretimely settlement in the event that the participant with the largest payment obligation is unableto settle.
VPRAŠANJA GOSPODARSKE POLITIKE aktivno uporabo zgodnjih opozoril, ponovnoopredelitev srednjeročnih ciljev za proračunskebilance, da bi se upoštevale okoliščine,specifične za posamezno državo, ter močnejšepoudarjanje dolga in vzdržnosti pri nadzoruproračunskih stanj.
The most reliable set of controls is a combination of collateral requirements andlending limits.
Predlogi v zvezi skorektivnim delom pakta so vključevalispremembo opredelitve izjemnih okoliščin, v katerih stopnja primanjkljaja, višja odreferenčne vrednosti 3% BDP, ni čezmerna,spremembo procesa prilagajanja za odpravočezmernega primanjkljaja in pojasnitev kriterijadolga.
Standard 10: Cash settlement assets Assets used to settle payment obligations arising from securities transactions should carrylittle or no credit or liquidity risk.
PAKT O STABILNOSTI IN RASTILeta 2004 sta imeli dve državi evro območja, tj.
If central bank money is not used, steps must be taken toprotect the participants in the system from potential losses and liquidity pressures arising fromthe failure of the cash settlement agent whose assets are used for that purpose.
Grčija in Nizozemska, ter šest od desetihnovih držav članic EU, tj.
Standard 11: Operational reliability Sources of operational risk arising in the clearing and settlement process should be identified,monitored and regularly assessed.
Češka, Ciper,Madžarska, Malta, Poljska in Slovaška,čezmerni primanjkljaj (glej tudi oddelek 2.5 v poglavju 1).
This risk should be minimised through the development ofappropriate systems and effective controls and procedures.
Postopki v zvezi s čezmernimprimanjkljajem za Francijo in Nemčijo, ki sobili uvedeni leta 2003, so se uporabljali šenaprej, čeprav so dejansko mirovali na podlagisklepov Sveta ECOFIN z dne 25. novembra2003.
Systems and related functionsshould (i) be reliable and secure, (ii) be based on sound technical solutions, (iii) be developedand maintained in accordance with proven procedures, (iv) have adequate, scalable capacity,(v) have appropriate business continuity and disaster recovery arrangements, and (vi) besubject to frequent and independent audit of the procedures that allow for the timely recoveryof operations and the completion of the settlement process.
Ti sklepi so določali, da morata Francijain Nemčija svoje čezmerne primanjkljajeodpraviti do leta 2005 namesto do leta 2004,kakor je bilo predvideno v priporočilih zanavedeni državi, ki jih je izdal Svet ECOFINsam na podlagi člena 104(7) Pogodbe ES.Postopek v zvezi s čezmernim primanjkljajemza Portugalsko je bil odpravljen.
Standard 12: Protection of customers’ securities Entities holding securities in custody should employ accounting practices and safekeepingprocedures that fully protect customers’ securities.
Vrazpravi o reformi Pakta o stabilnosti in rastije Svet ECB izrazil stališče, da je izvajanje Pakta mogoče izboljšati in da bi to prineslopozitivne rezultate. Vzvezi s tem so bili koristnipredlogi Evropske komisije za boljše izvajanjepreventivnega dela pakta.
Standard 13: Governance Governance arrangements for CSDs and CCPs should be designed to fulfil public interestrequirements and to promote the objectives of owners and market participants.
Sodiščeje poudarilo, da je treba pravila in postopke,predvidene v Pogodbi ES in v Paktu o stabilnosti in rasti ter pravico Komisije dopobude vedno upoštevati.
Standard 14: Access CSDs and CCPs should have objective and publicly disclosed criteria for participation thatpermit fair and open access.
ECB je izrazil zadovoljstvo, da je razsodbapotrdila potrebo, da se pravila in postopki,predvideni v Pogodbi ES in paktu, uporabljajov celoti.
Rules and requirements that restrict access should be aimed atcontrolling risk.
Zadevne institucije je pozval, najsprejmejo potrebne ukrepe za zagotovitevpopolnega izvajanja navedenih pravil inpostopkov.
Standard 15: Efficiency While maintaining safe and secure operations, securities clearing and settlement systemsshould be efficient.
Prievidentiranju vseh vrst izdatkov in prihodkov jetreba v celoti upoštevati evropska računovodskapravila ter jih uporabljati dosledno, trajno inenotno v vseh državah članicah.
Standard 16: Communication procedures, messaging standards and straight-throughprocessing (STP)Entities providing securities clearing and settlement services, and participants in their systemsshould use or accommodate the relevant international communication procedures andstandards for messaging and reference data in order to facilitate efficient clearing andsettlement across systems.
Septembra 2004 je Komisija izdala obvestilo o krepitvi ekonomskega upravljanja in pojasnitviuresničevanja Pakta o stabilnosti in rasti.
This will promote straight-through processing (STP) across theentire securities transaction flow.
Toobvestilo je vsebovalo številne predloge zareformo pakta.
Standard 18: Regulation, supervision and oversight Entities providing securities clearing and settlement services should be subject to, as aminimum, transparent, consistent and effective regulation and supervision.
prihodnje rasti in možnosti zaposlovanja ter zapovečanje sposobnosti evro območja za boljšeprilagajanje ekonomskim šokom.
Securities clearingand settlement systems/arrangements should be subject to, as a minimum, transparent,consistent and effective central bank oversight.
Zlasti reformena trgih dela, kapitala, blaga in storitev lahkopospešijo vlaganja in s povečano konkurencozmanjšajo vztrajnost inflacije.
Central banks, securities regulators andbanking supervisors should cooperate with each other, both nationally and across borders (inparticular within the European Union), in an effective and transparent manner.
EU bi moralavmesni pregled izkoristiti za oživitev lizbonskestrategije in pospešitev strukturne reforme.
Standard 19: Risks in cross-system links1
INSTITUCIONALNA VPRAŠANJA
CSDs that establish links to settle cross-system trades should design and operate such links sothat they effectively reduce the risks associated with cross-system settlements.
Vporočilu je bila zatopodana sklepna ugotovitev, da bi bilo trebavisoko zastavljene cilje lizbonske strategije inrok za njihovo uresničitev, tj. leto 2010,ohraniti.
1This standard does not cover links established by CCPs.
Vnekaterih državah ratifikacijski postopkivključujejo izvedbo referenduma.
This issue will be covered by the future work of the ESCB-CESR on CCPs.
ECB je tesno spremljala medvladno konferencoter formalno in neformalno sodelovala pripogajanjih o vprašanjih, pomembnih za nalogein mandat ECB, Evrosistema in ESCB.
Artist An a Luísa Ribeiro Title Untitled, 2002 Material Oil on canvas Format 150 × 230 cm© European Central Bank
19. septembra 2003 sprejel mnenje o osnutku
EUROPEAN ANDINTERNATIONAL RELATIONS
Pogodbe o Ustavi za Evropo1
Theexcessive deficit procedures launched in 2003for France and Germany continued to apply,although they were de facto held in abeyancefollowing the ECOFIN Council conclusions of25 November 2003.
predsednik ECB novembra 2003 in aprila 2004poslal pismi predsedniku Sveta EU, v katerih jepodrobno razložil uradno mnenje.
These conclusions statedthat France and Germany should correct theirexcessive deficits by 2005, instead of 2004 asforeseen in the recommendations for thesecountries issued by the ECOFIN Council itselfunder Article 104(7) of the Treaty. Theexcessive deficit procedure for Portugal wasabrogated.
NOVI NAČIN DELA EVROSKUPINENa neformalnem zasedanjem Sveta ECOFIN, ki je potekalo od 10. do 11. septembra 2004 v Scheveningenu (Nizozemska), so segospodarski in finančni ministri evro območjadogovorili o novem načinu dela Evroskupine.Ta novi način dela je namenjen izboljšanjuučinkovitosti in uspešnosti Evroskupine.
In the debate on the reform of the Stabilityand Growth Pact, the Governing Councilexpressed the view that improvements in theimplementation of the Pact were possible andwould be beneficial.
ECB je pozdravil prizadevanja Evropskekonvencije o prihodnosti Evrope in poznejšemedvladne konference za poenostavitev,racionalizacijo in pojasnitev pravnega ininstitucionalnega okvira EU.
In this regard, the European Commission’s proposals for improving theimplementation of the preventive arm of the Pactwere useful.
Prav tako jepojasnil, da so trenutne določbe, ki urejajo EMU, učinkovite z vidika njihovih ciljev indodeljevanja pristojnosti.
At the same time, the Governing Council warned against changes to the Pact and,in particular, to the excessive deficit procedure.It considered the credibility of the 3% deficitlimit essential to anchoring expectations offiscal discipline.
Zlasti je po mnenju ECB bistvenega pomena to,da stabilnost cen ne ostane samo glavni cilj ECBin ESCB, temveč tudi zastavljeni cilj EU.Evropska ustava v celoti podpira to stališče.
In July 2004 the European Court of Justiceannulled the ECOFIN Council’s conclusions of25 November 2003 with regard to France and Germany in so far as they contained a decisionto hold the excessive deficit procedures inabeyance and to modify the earlierrecommendations for the two countries.
Novi način dela vključuje bolj v prihodnostusmerjene strateške razprave, zlasti o strukturnireformi, ter uvedbo trajnega predsedovanja Evroskupini za obdobje 2 let namesto 6 mesečnega rotirajočega predsedovanja.Predsednik Evroskupine je izvoljen z navadnovečino članov Evroskupine.